N-30D 1 dn30d.txt VLI SEP ACCT 4 (811-8301) Nationwide(R) VLI Separate Account-4 June 30, 2003 The BEST of AMERICA [LOGO] America's FUTURE Life Series(SM) 2003 Semi-Annual Report -------------------------------------------------------------------------------- [LOGO] Nationwide(R) Nationwide Life Insurance Company Home Office: Columbus, Ohio VLOB-0161-6/03 [LOGO] Nationwide(R) NATIONWIDE LIFE INSURANCE COMPANY ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220 [PHOTO] PRESIDENT'S MESSAGE We at Nationwide Life Insurance Company are pleased to bring you the 2003 semi- annual report of the Nationwide VLI Separate Account-4. Equity investments began showing new life during the first half of 2003 after a long and frustrating three year hiatus. All of the major U.S. stock indices registered doubledigit gains during the most recent quarter and closed out the first six months of the year in solid positive territory. In addition, most of the major international markets also participated in this first-half equity rally. Fixed income investments held-up during the period, though not in as robust a fashion as earlier periods. Recent economic statistics herald an encouraging outlook for the U.S. economy. Second quarter GDP growth came in at 2.4% and worker employment statistics show improvement. Interest rates continue at historic low levels and inflation remains at an almost nonexistent level. And, the fiscal stimulus of recent tax cuts has yet to be fully reflected in the economy. We believe this creates an environment for continued improvement in corporate earnings and the extension of a favorable investment climate for financial assets. Your Nationwide variable annuity or variable life contract well positions you to further participate in this improving investment outlook. Thank you for choosing Nationwide; we sincerely appreciate the opportunity to help you meet your investment planning and retirement needs. /s/ Joseph J. Gasper -------------------------- Joseph J. Gasper, President August 12, 2003 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 from 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 VLI Separate Account-4. Rules and regulations of the U.S. Securities and Exchange Commission and recognized conventions of accounting principles generally accepted in the United States of America prescribe the format and content of this report. We also invite you to call our service center at 1-800-547-7548 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 Semi-Annual Report has four major financial sections: Statement of Assets, Liabilities and Contract Owners' Equity This statement begins on page 5 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 fair value as of the close of business on June 30, 2003. The mutual funds are listed in alphabetical order. The fair 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 fair 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 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 fund shares redeemed by contract owners but not yet deducted from Total investments. The Accounts receivable and Accounts payable balances are aggregated and presented as a net amount. Total assets minus Accounts payable equals Contract owners' equity. A summary of Contract owners' equity by fund series may be found on page 52. This summary also includes certain performance measures for each fund series for the periods indicated. Statements of Operations, Statements of Changes in Contract Owners' Equity These statements begin on page 11 and present the financial activity of each underlying mutual fund sub-account of the variable account, for the periods indicated. The Statements of Operations show income and expenses to the variable account from Investment activity for reinvested dividends and capital gain distributions paid by the underlying mutual funds; and expenses included are the mortality, expense and, if applicable, an administration charge, which are assessed through the daily unit value calculation and that represent an expense to the variable account and its contract owners. This statement 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 fair value of the underlying fund shares. The Statements of Changes in Contract Owners' Equity includes Investment activity for income and expenses shown on the Statements of Operations. In addition, the Equity transactions section of this statement illustrates the receipt of purchase payments, as new contracts are sold or additional payments are made to existing contracts. Also presented are deductions from the variable account when the contract owners withdraw money, as well as any contract level charges. 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. The Changes in Units section illustrates the number of units purchased and redeemed for each mutual fund subaccount during the period reported. Notes to Financial Statements, beginning on page 46, provide further disclosures about the variable account and its underlying contract provisions. 4 -------------------------------------------------------------------------------- NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY June 30, 2003 (UNAUDITED) Assets: Investments at fair value: AIM VIF - AIM V.I. Capital Appreciation Fund - Series I (AIMCapAp) 1,499 shares (cost $27,031) ....................................................... $ 27,426 AIM VIF Basic Value Fund - Series I (AIMBVF) 72,258 shares (cost $601,230) ..................................................... 652,492 AIM VIF Capital Development Fund - Series I (AIMCDF) 9,477 shares (cost $94,707) ....................................................... 101,970 Alliance Bernstein VPS Small Cap Value Portfolio - Class A (AllSmCpVal) 3,451 shares (cost $41,286) ....................................................... 39,960 Alliance VPS Growth & Income Portfolio - Class A (AllGroInc) 94,844 shares (cost $1,653,458) ................................................... 1,800,147 American Century VP Income & Growth Fund - Class I (ACVPIncGr) 5,146,041 shares (cost $29,604,987) ............................................... 29,280,976 American Century VP Inflation Protection Fund - Class II (ACVPInfPr) 14,626 shares (cost $152,578) ..................................................... 151,083 American Century VP International Fund - Class I (ACVPInt) 10,579,481 shares (cost $57,489,859) .............................................. 57,340,787 American Century VP Ultra Fund - Class I (ACVPUltra) 185,118 shares (cost $1,422,978) .................................................. 1,517,967 American Century VP Value Fund - Class I (ACVPVal) 7,678,946 shares (cost $49,803,007) ............................................... 50,757,830 Baron Capital Asset Trust (BCAT) 75,075 shares (cost $1,296,002) ................................................... 1,394,891 Calvert Social Equity Portfolio (CVSSEP) 817 shares (cost $11,028) ......................................................... 11,543 Comstock GVIT Value Fund - Class I (ComGVITVal) 675,339 shares (cost $5,439,200) .................................................. 5,821,422 Credit Suisse Trust - Global Post-Venture Capital Portfolio (CSGPVen) 93,171 shares (cost $875,543) ..................................................... 707,167 Credit Suisse Trust - International Focus Portfolio (CSIntEq) 213,578 shares (cost $1,691,988) .................................................. 1,552,710 Credit Suisse Trust - Large Cap Value Portfolio (CSLCapV) 162,199 shares (cost $1,827,097) .................................................. 1,719,312 Dreyfus GVIT International Value Fund - Class I (DryIntVal) 1,042 shares (cost $11,157) ....................................................... 10,804
(Continued) 5 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued Dreyfus GVIT Mid Cap Index Fund - Class I (DryMidCaplx) 3,010,097 shares (cost $37,139,974) ............................................... $ 37,054,293 Dreyfus IP - Mid Cap Stock Portfolio - Initial Shares (DryMidCapStk) 2,605 shares (cost $34,819) ....................................................... 35,060 Dreyfus IP - Small Cap Stock Index Portfolio - Service Class (DrySmCaplxS) 349,869 shares (cost $3,414,368) .................................................. 3,775,086 Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares (DrySRGro) 690,529 shares (cost $18,020,896) ................................................. 14,390,626 Dreyfus Stock Index Fund (DryStklx) 11,692,579 shares (cost $333,778,734) ............................................. 291,145,216 Dreyfus VIF - Appreciation Portfolio - Initial Shares (DryVIFApp) 1,270,175 shares (cost $42,074,476) ............................................... 39,654,874 Dreyfus VIF - Developing Leaders Portfolio - Initial Shares (DryDevLeadl) 44 shares (cost $1,376) ........................................................... 1,392 Dreyfus VIF - International Value Portfolio - Initial Shares (DryIntVal) 89,817 shares (cost $915,706) ..................................................... 965,537 Federated American Leaders Fund II - Primary Shares (FedAmLdII) 1,443 shares (cost $24,017) ....................................................... 23,819 Federated Capital Appreciation Fund II - Primary Shares (FedCpApII) 4,188 shares (cost $20,355) ....................................................... 20,188 Federated GVIT High Income Bond Fund - Class I (FGVITHiInc) 4,056,959 shares (cost $30,216,601) ............................................... 31,319,726 Federated Quality Bond Fund II - Primary Shares (FedQualBd) 7,966,240 shares (cost $89,699,546) ............................................... 94,479,605 Fidelity(R) VIP - Equity-Income Portfolio: Service Class (FidVIPEIS) 4,079,643 shares (cost $85,536,724) ............................................... 80,124,189 Fidelity(R) VIP - Growth Portfolio: Service Class (FidVIPGrS) 3,444,978 shares (cost $113,290,972) .............................................. 90,981,875 Fidelity(R) VIP - High Income Portfolio: Service Class (FidVIPHIS) 4,289,347 shares (cost $25,561,380) ............................................... 27,366,034 Fidelity(R) VIP - Overseas Portfolio: Service Class (FidVIPOvS) 2,781,440 shares (cost $33,534,469) ............................................... 33,266,025 Fidelity(R) VIP II - Contrafund Portfolio: Service Class (FidVIPConS) 3,824,314 shares (cost $75,693,802) ............................................... 75,262,494 Fidelity(R) VIP II - Investment Grade Bond Portfolio: Service Class (FidVIPInvGrB) 5,934 shares (cost $80,600) ....................................................... 80,341 Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class (FidVIPGrOPS) 1,021,466 shares (cost $15,540,619) ............................................... 13,391,416 Fidelity(R) VIP III - Mid Cap Portfolio: Service Class (FidVIPMCap) 1,881 shares (cost $36,424) ....................................................... 35,634
6 Fidelity(R) VIP III - Value Strategies Portfolio: Service Class (FidVIPValStS) 158,179 shares (cost $1,449,688) .................................................. $ 1,518,521 Franklin Templeton VIP - Franklin Rising Dividends Securities Fund - Class I (FTVIPFRDiv) 32,206 shares (cost $470,367) ..................................................... 449,270 Franklin Templeton VIP - Franklin Small Cap Value Securities Fund - Class I (FTVIPSmCpVal) 757 shares (cost $8,039) .......................................................... 8,019 Franklin Templeton VIP - Templeton Foreign Securities Fund - Class I (FTVIPFS) 16,759 shares (cost $173,405) ..................................................... 168,428 Franklin Templeton VIPT - Templeton Foreign Securities Fund - Class 2 (FTVIPFS2) 363,652 shares (cost $3,425,174) .................................................. 3,621,977 Gartmore GVIT Emerging Markets Fund - Class I (GVITEmMrkts) 255,760 shares (cost $1,664,868) .................................................. 1,774,978 Gartmore GVIT Global Financial Services Fund - Class I (GVITGlFin) 64,235 shares (cost $614,436) ..................................................... 653,909 Gartmore GVIT Global Health Sciences Fund - Class I (GVITGlHlth) 108,327 shares (cost $993,231) .................................................... 1,121,179 Gartmore GVIT Global Technology and Communications Fund - Class I (GVITGlTech) 828,359 shares (cost $2,205,475) .................................................. 2,493,361 Gartmore GVIT Global Utilities Fund - Class I (GVITGlUtl) 45,006 shares (cost $341,881) ..................................................... 369,951 Gartmore GVIT Government Bond Fund - Class I (GVITGvtBd) 19,299,955 shares (cost $231,538,522) ............................................. 239,319,447 Gartmore GVIT Growth Fund - Class I (GVITGrowth) 1,620,283 shares (cost $19,510,215) ............................................... 14,015,445 Gartmore GVIT ID Aggressive Fund (GVITIDAgg) 351,005 shares (cost $2,925,851) .................................................. 3,152,028 Gartmore GVIT ID Conservative Fund (GVITIDCon) 315,847 shares (cost $3,111,372) .................................................. 3,190,059 Gartmore GVIT ID Moderate Fund (GVITIDMod) 920,192 shares (cost $8,309,110) .................................................. 8,797,040 Gartmore GVIT ID Moderately Aggressive Fund (GVITIDModAgg) 934,563 shares (cost $7,991,981) .................................................. 8,626,019 Gartmore GVIT ID Moderately Conservative Fund (GVITIDModCon) 712,928 shares (cost $6,771,780) .................................................. 7,043,725 Gartmore GVIT International Growth Fund - Class I (GVITIntGro) 130,456 shares (cost $637,928) .................................................... 637,928 Gartmore GVIT Money Market Fund - Class I (GVITMyMkt) 200,254,497 shares (cost $200,254,497) ............................................ 200,254,497 Gartmore GVIT Money Market Fund - Class V (GVITMyMkt5) 304,054,012 shares (cost $304,054,012) ............................................ 304,054,012 Gartmore GVIT Nationwide(R) Leaders Fund - Class I (GVITLead) 26,365 shares (cost $249,711) ..................................................... 265,758 (Continued)
7 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued Gartmore GVIT Nationwide(R) Strategic Value Fund - Class I (NWGVITStrVal) 220,984 shares (cost $1,728,656) .................................................. $ 1,825,330 Gartmore GVIT Small Cap Growth Fund - Class I (GVITSmCapGr) 1,305,832 shares (cost $12,867,438) ............................................... 14,612,260 Gartmore GVIT Small Cap Value Fund - Class I (GVITSmCapVal) 6,492,935 shares (cost $60,250,988) ............................................... 57,072,899 Gartmore GVIT Small Company Fund - Class I (GVITSmComp) 3,638,481 shares (cost $63,110,530) ............................................... 64,583,046 Gartmore GVIT Total Return Fund - Class I (GVITTotRt) 21,872,663 shares (cost $201,565,254) ............................................. 198,166,327 Gartmore GVIT U.S. Growth Leaders Fund - Class I (GVITUSGro) 237,472 shares (cost $2,164,887) .................................................. 2,282,101 Gartmore GVIT Worldwide Leaders Fund - Class I (GVITWLead) 423,016 shares (cost $3,239,255) .................................................. 3,172,620 Goldman Sachs VIT Mid Cap Value Fund (GSVITMidCap) 485,281 shares (cost $5,058,851) .................................................. 5,585,585 J.P. Morgan GVIT Balanced Fund - Class I (JPMorBal) 2,401,736 shares (cost $20,896,321) ............................................... 20,871,086 Janus AS - Balanced Portfolio - Service Shares (JanBal) 98,552 shares (cost $2,181,046) ................................................... 2,209,526 Janus AS - Capital Appreciation Portfolio - Service Shares (JanCapAp) 1,782,899 shares (cost $34,027,497) ............................................... 33,340,210 Janus AS - Global Technology Portfolio - Service Shares (JanGlTech) 4,240,952 shares (cost $15,391,911) ............................................... 12,086,714 Janus AS - International Growth Portfolio - Service Shares (JanIntGro) 1,654,974 shares (cost $28,800,421) ............................................... 29,988,132 Janus AS - Risk-Managed Large Cap Core Portfolio - Service Shares (JanRsLgCpCr) 103 shares (cost $1,108) .......................................................... 1,108 MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I (MGVITMultiSec) 3,108,868 shares (cost $29,050,233) ............................................... 30,249,283 MFS VIT - MFS Investors Growth Stock Series - Initial Class (MFSVITInvGrwI) 643 shares (cost $5,238) .......................................................... 5,144 MFS VIT - MFS Value Series - Initial Class (MFSVITValIn) 8,825 shares (cost $83,400) ....................................................... 81,811 Neuberger Berman AMT - Fasciano Portfolio - S Class (NBAMTFas) 64,997 shares (cost $671,303) ..................................................... 693,514 Neuberger Berman AMT - Guardian Portfolio (NBAMTGuard) 1,072,197 shares (cost $12,880,671) ............................................... 13,080,807 Neuberger Berman AMT - Limited Maturity Bond Portfolio (NBAMTLMat) 12,153 shares (cost $167,014) ..................................................... 167,230
8 Neuberger Berman AMT - Mid-Cap Growth Portfolio (NBAMTMCGr) 2,921,564 shares (cost $40,900,931) ............................................... $ 39,236,605 Neuberger Berman AMT - Partners Portfolio (NBAMTPart) 933,212 shares (cost $11,929,304) ................................................. 12,523,708 Neuberger Berman AMT - Socially Responsive Portfolio (NBAMTSocRe) 588 shares (cost $6,338) .......................................................... 6,304 One Group(R) IT Mid Cap Growth Portfolio (ONEMidCap) 82,860 shares (cost $1,021,458) ................................................... 1,136,845 One Group(R) IT Mid Cap Value Portfolio (ONEMidCapV) 50,164 shares (cost $529,486) ..................................................... 568,856 Oppenheimer Aggressive Growth Fund/VA - Initial Class (OppAggGro) 1,673,934 shares (cost $59,753,289) ............................................... 55,641,555 Oppenheimer Capital Appreciation Fund/VA - Initial Class (OppCapAp) 3,231,891 shares (cost $108,342,766) .............................................. 96,245,700 Oppenheimer Global Securities Fund/VA - Initial Class (OppGlSec) 1,625,447 shares (cost $28,547,496) ............................................... 31,842,505 Oppenheimer High Income Fund/VA - Initial Class (OppHiIncInt) 888 shares (cost $7,105) .......................................................... 7,078 Oppenheimer Main Street(R) Growth & Income Fund/VA - Initial Class (OppMSGrInc) 2,092,146 shares (cost $37,418,531) ............................................... 34,980,686 Oppenheimer Main Street(R) Small Cap Fund/VA - Initial Class (OppMaStSmCpI) 18,237 shares (cost $195,717) ..................................................... 197,147 PIMCO VIT Low Duration Portfolio - Administrative Shares (PIMLowDur) 362,548 shares (cost $3,730,854) .................................................. 3,755,997 PIMCO VIT Real Return Portfolio - Administrative Shares (PIMRealRet) 500,402 shares (cost $6,097,676) .................................................. 6,214,995 PIMCO VIT Total Return Portfolio - Administrative Shares (PIMTotRet) 2,430,057 shares (cost $25,195,245) ............................................... 25,564,198 Pioneer High Yield VCT Portfolio - Class I Shares (PionHY) 132,592 shares (cost $1,413,014) .................................................. 1,431,996 Putnam VT Growth & Income Fund - IB Shares (PUTVTGrIncIB) 271 shares (cost $5,612) .......................................................... 5,518 Putnam VT International Equity Fund - IB Shares (PUTVTIntlEqIB) 1,411 shares (cost $15,094) ....................................................... 14,975 Putnam VT Voyager Fund - IB Shares (PUTVTVoyIB) 527 shares (cost $12,229) ......................................................... 12,149 Royce Capital Fund - Micro Cap (RoyMicro) 407,354 shares (cost $3,151,750) .................................................. 3,621,379 Strong GVIT Mid Cap Growth Fund - Class I (SGVITMdCpGr) 1,009,240 shares (cost $16,915,660) ............................................... 18,913,163 Strong Opportunity Fund II, Inc. (StOpp2) 1,913,029 shares (cost $31,150,416) ............................................... 30,818,904
(Continued) 9 NATIONWIDE VLI SEPARATE ACCOUNT - 4 STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued T. Rowe Price Equity Income Portfolio - II (TRPEI2) 452,933 shares (cost $7,255,927) .................................................. $ 8,053,142 T. Rowe Price Mid Cap Growth Portfolio - II (TRPMCG2) 115,911 shares (cost $1,786,660) .................................................. 1,964,699 Turner GVIT Growth Focus Fund - Class I (TurnGVITGro) 328,543 shares (cost $767,620) .................................................... 834,500 Van Eck WIT - Worldwide Emerging Markets Fund (VEWrldEMkt) 875,950 shares (cost $6,926,811) .................................................. 7,620,769 Van Eck WIT - Worldwide Hard Assets Fund (VEWrldHAs) 277,276 shares (cost $2,867,556) .................................................. 3,030,628 Van Kampen UIF - Core Plus Fixed Income Portfolio - Class A (VKoreFI) 3,123 shares (cost $35,839) ....................................................... 35,731 Van Kampen UIF - Emerging Markets Debt Portfolio (VKEmMkt) 905,514 shares (cost $6,629,001) .................................................. 7,524,823 Van Kampen UIF - Mid Cap Growth Portfolio (VKMidCapG) 429,771 shares (cost $2,835,406) .................................................. 3,064,265 Van Kampen UIF - U.S. Real Estate Portfolio (VKUSRealEst) 2,407,886 shares (cost $29,447,472) ............................................... 31,109,887 -------------- Total Investments .............................................................. 2,703,850,908 Accounts Receivable ..................................................................... 1,189,718 -------------- Total Assets ................................................................... 2,705,040,626 Accounts Payable ........................................................................... -- -------------- Contract Owners' Equity (note 7) ........................................................... $2,705,040,626 ==============
See accompanying notes to financial statements. -------------------------------------------------------------------------------- 10 -------------------------------------------------------------------------------- NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF OPERATIONS Six Month Period Ended June 30, 2003 (UNAUDITED)
Total AIMCapAp AIMBVF AIMCDF AIISmCpVal --------------- -------- ------- ------ ---------- Investment activity: Reinvested dividends ......................... $ 20,915,672 -- -- -- 239 Mortality and expense risk charges (note 3)... (2,161,477) -- (955) (52) -- --------------- ------ ------- ------ ------- Net investment income (loss) .............. 18,754,195 -- (955) (52) 239 --------------- ------ ------- ------ ------- Proceeds from mutual fund shares sold ........ 1,635,193,639 3,311 60,212 5,226 48,800 Cost of mutual fund shares sold .............. (1,725,622,360) (3,150) (60,175) (5,280) (48,785) --------------- ------ ------- ------ ------- Realized gain (loss) on investments ....... (90,428,721) 161 37 (54) 15 Change in unrealized gain (loss) on investments ............................ 277,866,202 395 68,008 7,263 (1,326) --------------- ------ ------- ------ ------- Net gain (loss) on investments ............ 187,437,481 556 68,045 7,209 (1,311) --------------- ------ ------- ------ ------- Reinvested capital gains ..................... 314,708 -- -- -- -- --------------- ------ ------- ------ ------- Net increase (decrease) in contract owners' equity resulting from operations .......................... $ 206,506,384 556 67,090 7,157 (1,072) =============== ====== ======= ====== ======= AIIGroInc ACVPIncGr ACVPInfPr --------- ----------- --------- Investment activity: Reinvested dividends 17,558 364,306 127 Mortality and expense risk charges (note 3)... (1,356) (24,482) (2) ------- ----------- -------- Net investment income (loss) .............. 16,202 339,824 125 ------- ----------- -------- Proceeds from mutual fund shares sold ........ 67,243 18,243,881 184,346 Cost of mutual fund shares sold .............. (65,745) (24,345,868) (185,859) ------- ----------- -------- Realized gain (loss) on investments ....... 1,498 (6,101,987) (1,513) Change in unrealized gain (loss) on investments ............................ 148,354 8,219,741 (1,495) ------- ----------- -------- Net gain (loss) on investments ............ 149,852 2,117,754 (3,008) ------- ----------- -------- Reinvested capital gains ..................... -- -- -- ------- ----------- -------- Net increase (decrease) in contract owners' equity resulting from operations .......................... 166,054 2,457,578 (2,883) ======= =========== ======== ACVPInt ACVPUltra ACVPVal BCAT CVSSEP ------------- ---------- ----------- -------- -------- Investment activity: Reinvested dividends ......................... $ 382,893 -- 491,839 -- -- Mortality and expense risk charges (note 3)... (53,013) (395) (23,607) (1,039) (19) ------------- ---------- ----------- -------- -------- Net investment income (loss) .............. 329,880 (395) 468,232 (1,039) (19) ------------- ---------- ----------- -------- -------- Proceeds from mutual fund shares sold ........ 214,358,111 1,365,685 15,604,360 318,961 114,637 Cost of mutual fund shares sold .............. (211,492,963) (1,401,116) (17,899,159) (292,005) (129,400) ------------- ---------- ----------- -------- -------- Realized gain (loss) on investments ....... 2,865,148 (35,431) (2,294,799) 26,956 (14,763) Change in unrealized gain (loss) on investments ............................ 517,076 123,510 5,855,594 98,937 515 ------------- ---------- ----------- -------- -------- Net gain (loss) on investments ............ 3,382,224 88,079 3,560,795 125,893 (14,248) ------------- ---------- ----------- -------- -------- Reinvested capital gains ..................... -- -- -- -- -- ------------- ---------- ----------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations .......................... $ 3,712,104 87,684 4,029,027 124,854 (14,267) ============= ========== =========== ======== ======== ComGVITVal CSGPVen CSIntEq ---------- -------- -------- Investment activity: Reinvested dividends ......................... 35,803 -- -- Mortality and expense risk charges (note 3)... (3,710) (266) (387) ---------- -------- -------- Net investment income (loss) .............. 32,093 (266) (387) ---------- -------- -------- Proceeds from mutual fund shares sold ........ 1,961,446 62,393 88,530 Cost of mutual fund shares sold .............. (2,651,893) (134,261) (107,888) ---------- -------- -------- Realized gain (loss) on investments ....... (690,447) (71,868) (19,358) Change in unrealized gain (loss) on investments ............................ 1,332,327 179,338 146,435 ---------- -------- -------- Net gain (loss) on investments ............ 641,880 107,470 127,077 ---------- -------- -------- Reinvested capital gains ..................... -- -- -- ---------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations .......................... 673,973 107,204 126,690 ========== ======== ========
(Continued) 11 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF OPERATIONS, Continued Six Month Period Ended June 30, 20O3 (UNAUDITED)
CSLCapV DryIntVal DryMidCapIx DryEuroEq --------- --------- ----------- --------- Investment activity: Reinvested dividends ......................... $ -- -- 76,146 -- Mortality and expense risk charges (note 3)... (908) (4) (26,838) -- --------- -------- ---------- ----- Net investment income (loss) .............. (908) (4) 49,308 -- --------- -------- ---------- ----- Proceeds from mutual fund shares sold ........ 593,841 740,376 4,334,685 -- Cost of mutual fund shares sold .............. (735,543) (733,870) (5,023,708) -- --------- -------- ---------- ----- Realized gain (loss) on investments ....... (141,702) 6,506 (689,023) -- Change in unrealized gain (loss) on investments ............................ 281,300 (354) 4,743,721 -- --------- -------- ---------- ----- Net gain (loss) on investments ............ 139,598 6,152 4,054,698 -- --------- -------- ---------- ----- Reinvested capital gains ..................... -- -- -- -- --------- -------- ---------- ----- Net increase (decrease) in contract owners' equity resulting from operations .......................... $ 138,690 6,148 4,104,006 -- ========= ======== ========== ===== DryMidCapStk DrySmCaplxS DrySRGro DryStklx ------------ ----------- ---------- ----------- Investment activity: Reinvested dividends ......................... -- 59 814 1,954,899 Mortality and expense risk charges (note 3)... (187) (1,221) (3,733) (233,721) ---------- ---------- ---------- ----------- Net investment income (loss) .............. (187) (1,162) (2,919) 1,721,178 ---------- ---------- ---------- ----------- Proceeds from mutual fund shares sold ........ 1,190,584 1,288,517 2,135,649 26,873,371 Cost of mutual fund shares sold .............. (1,248,392) (1,294,797) (3,999,230) (45,294,395) ---------- ---------- ---------- ----------- Realized gain (loss) on investments ....... (57,808) (6,280) (1,863,581) (18,421,024) Change in unrealized gain (loss) on investments ............................ 668 380,754 3,116,183 46,452,970 ---------- ---------- ---------- ----------- Net gain (loss) on investments ............ (57,140) 374,474 1,252,602 28,031,946 ---------- ---------- ---------- ----------- Reinvested capital gains ..................... -- -- -- -- ---------- ---------- ---------- ----------- Net increase (decrease) in contract owners' equity resulting from operations .......................... (57,327) 373,312 1,249,683 29,753,124 ========== ========== ========== =========== DryVIFApp DryDevLeadl DryIntVal FedAmLdll ---------- ----------- ---------- --------- Investment activity: Reinvested dividends ......................... 8,034 -- 543 -- Mortality and expense risk charges (note 3)... (33,826) (1) (501) -- ---------- ----- -------- ------ Net investment income (loss) .............. (25,792) (1) 42 -- ---------- ----- -------- ------ Proceeds from mutual fund shares sold ........ 2,884,623 21 354,120 -- Cost of mutual fund shares sold .............. (3,786,762) (20) (356,362) -- ---------- ----- -------- ------ Realized gain (loss) on investments ....... (902,139) 1 (2,242) -- Change in unrealized gain (loss) on investments ............................ 3,961,816 16 48,386 (198) ---------- ----- -------- ------ Net gain (loss) on investments ............ 3,059,677 17 46,144 (198) ---------- ----- -------- ------ Reinvested capital gains ..................... -- -- -- -- ---------- ----- -------- ------ Net increase (decrease) in contract owners' equity resulting from operations .......................... $3,033,885 16 46,186 (198) ========== ===== ======== ====== FedCpApll FGVITHiInc FedQualBd FidVIPEIS --------- ---------- ---------- ---------- Investment activity: Reinvested dividends.......................... -- 926,062 2,840,351 1,242,698 Mortality and expense risk charges (note 3)... -- (18,530) (84,552) (57,401) ------ ---------- ---------- ---------- Net investment income (loss)............... -- 907,532 2,755,799 1,185,297 ------ ---------- ---------- ---------- Proceeds from mutual fund shares sold......... -- 5,274,995 8,498,622 5,968,670 Cost of mutual fund shares sold............... -- (5,382,158) (7,789,217) (8,286,174) ------ ---------- ---------- ---------- Realized gain (loss) on investments........ -- (107,163) 709,405 (2,317,504) Change in unrealized gain (loss) on investments............................. (166) 1,987,029 588,620 8,759,457 ------ ---------- ---------- ---------- Net gain (loss) on investments............. (166) 1,879,866 1,298,025 6,441,953 ------ ---------- ---------- ---------- Reinvested capital gains...................... -- -- -- -- ------ ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations........................... (166) 2,787,398 4,053,824 7,627,250 ====== ========== ========== ==========
12 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF OPERATIONS, Continued Six Month Period Ended June 30, 2003 (UNAUDITED)
FidVIPGrS FidVIPHIS FidVIPOvS FidVIPConS ------------ ---------- ------------ ---------- Investment activity: Reinvested dividends ............................ $ 159,518 1,544,303 177,286 226,310 Mortality and expense risk charges (note 3) ..... (57,355) (14,273) (19,891) (44,464) ------------ ---------- ------------ ---------- Net investment income (loss) ................. 102,163 1,530,030 157,395 181,846 ------------ ---------- ------------ ---------- Proceeds from mutual fund shares sold ........... 6,742,487 5,415,552 241,525,684 6,048,212 Cost of mutual fund shares sold ................. (14,581,443) (6,900,724) (237,623,094) (8,442,125) ------------ ---------- ------------ ---------- Realized gain (loss) on investments .......... (7,838,956) (1,485,172) 3,902,590 (2,393,913) Change in unrealized gain (loss) on investments ............................... 17,899,465 3,416,292 458,600 8,953,163 ------------ ---------- ------------ ---------- Net gain (loss) on investments ............... 10,060,509 1,931,120 4,361,190 6,559,250 ------------ ---------- ------------ ---------- Reinvested capital gains ........................ -- -- -- -- ------------ ---------- ------------ ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 10,162,672 3,461,150 4,518,585 6,741,096 ============ ========== ============ ========== FidVIPInvGrB FidVIPGrOPS FidVIPMCap FidVIPValStS ------------ ----------- ---------- ------------ Investment activity: Reinvested dividends ............................ -- 77,532 -- -- Mortality and expense risk charges (note 3) ..... -- (5,314) (1) (218) -------- ---------- ------- ---------- Net investment income (loss) ................. -- 72,218 (1) (218) -------- ---------- ------- ---------- Proceeds from mutual fund shares sold ........... 143,152 871,234 56,063 2,002,279 Cost of mutual fund shares sold ................. (142,638) (1,500,037) (55,197) (1,962,598) -------- ---------- ------- ---------- Realized gain (loss) on investments .......... 514 (628,803) 866 39,681 Change in unrealized gain (loss) on investments ............................... (259) 2,073,091 (790) 76,065 -------- ---------- ------- ---------- Net gain (loss) on investments ............... 255 1,444,288 76 115,746 -------- ---------- ------- ---------- Reinvested capital gains ........................ -- -- -- -- -------- ---------- ------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 255 1,516,506 75 115,528 ======== ========== ======= ========== FTVIPFRDiv FTVIPSmCpVal FTVIPFS FTVIPFS2 ---------- ------------ -------- -------- Investment activity: Reinvested dividends ............................ $ 3,741 3 1,342 63,968 Mortality and expense risk charges (note 3) ..... (2) (1) (3) (2,612) -------- ------ -------- ------- Net investment income (loss) ................. 3,739 2 1,339 61,356 -------- ------ -------- ------- Proceeds from mutual fund shares sold ........... 5,977 3,763 710,558 75,728 Cost of mutual fund shares sold ................. (5,983) (3,583) (702,983) (76,298) -------- ------ -------- ------- Realized gain (loss) on investments .......... (6) 180 7,575 (570) Change in unrealized gain (loss) on investments ............................... (21,096) (20) (4,976) 195,767 -------- ------ -------- ------- Net gain (loss) on investments ............... (21,102) 160 2,599 195,197 -------- ------ -------- ------- Reinvested capital gains ........................ 11,381 -- -- -- -------- ------ -------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ (5,982) 162 3,938 256,553 ======== ====== ======== ======= GVITEmMrkts GVITGIFin GVITGIHlth GVITGITech ----------- --------- ---------- ---------- Investment activity: Reinvested dividends ............................ 4,888 -- -- -- Mortality and expense risk charges (note 3) ..... (379) (48) (194) (889) ---------- -------- -------- ---------- Net investment income (loss) ................. 4,509 (48) (194) (889) ---------- -------- -------- ---------- Proceeds from mutual fund shares sold ........... 3,491,027 159,410 312,841 841,994 Cost of mutual fund shares sold ................. (3,382,052) (162,900) (295,797) (1,003,062) ---------- -------- -------- ---------- Realized gain (loss) on investments .......... 108,975 (3,490) 17,044 (161,068) Change in unrealized gain (loss) on investments ............................... 148,163 42,243 132,749 558,574 ---------- -------- -------- ---------- Net gain (loss) on investments ............... 257,138 38,753 149,793 397,506 ---------- -------- -------- ---------- Reinvested capital gains ........................ -- -- -- -- ---------- -------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 261,647 38,705 149,599 396,617 ========== ======== ======== ==========
(Continued) 13 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF OPERATIONS, Continued Six Month Period Ended June 30, 2003 (UNAUDITED)
GVITGIUtl GVITGvtBd GVITGrowth GVITIDAgg --------- ----------- ---------- --------- Investment activity: Reinvested dividends ............................ $ 243 4,643,171 475 14,524 Mortality and expense risk charges (note 3) ..... (100) (293,847) (2,550) (244) --------- ----------- ---------- -------- Net investment income (loss) ................. 143 4,349,324 (2,075) 14,280 --------- ----------- ---------- -------- Proceeds from mutual fund shares sold ........... 449,919 28,780,911 1,514,473 140,069 Cost of mutual fund shares sold ................. (449,346) (26,875,140) (4,865,974) (144,122) --------- ----------- ---------- -------- Realized gain (loss) on investments .......... 573 1,905,771 (3,351,501) (4,053) Change in unrealized gain (loss) on investments .................................. 24,612 456,621 5,161,206 232,930 --------- ----------- ---------- -------- Net gain (loss) on investments ............... 25,185 2,362,392 1,809,705 228,877 --------- ----------- ---------- -------- Reinvested capital gains ........................ -- 303,327 -- -- --------- ----------- ---------- -------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 25,328 7,015,043 1,807,630 243,157 ========= =========== ========== ======== GVITIDCon GVITIDMod GVITIDModAgg GVITIDModCon --------- --------- ------------ ------------ Investment activity: Reinvested dividends ............................ 34,055 61,110 49,873 63,043 Mortality and expense risk charges (note 3) ..... (1,163) (3,192) (3,000) (2,884) -------- -------- -------- ---------- Net investment income (loss) ................. 32,892 57,918 46,873 60,159 -------- -------- -------- ---------- Proceeds from mutual fund shares sold ........... 576,401 754,849 493,404 371,432 Cost of mutual fund shares sold ................. (580,618) (760,462) (514,384) (386,902) -------- -------- -------- ---------- Realized gain (loss) on investments .......... (4,217) (5,613) (20,980) (15,470) Change in unrealized gain (loss) on investments .................................. 85,933 499,502 698,299 288,723 -------- -------- -------- ---------- Net gain (loss) on investments ............... 81,716 493,889 677,319 273,253 -------- -------- -------- ---------- Reinvested capital gains ........................ -- -- -- -- -------- -------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 114,608 551,807 724,192 333,412 ======== ======== ======== ========== GVITIntGro GVITMyMkt GVITMyMkt5 GVITLead ------------ ------------ ------------ --------- Investment activity: Reinvested dividends ............................ $ -- 867,842 1,193,971 456 Mortality and expense risk charges (note 3) ..... (508) (111,397) (383,866) (48) ------------ ------------ ------------ -------- Net investment income (loss) ................. (508) 756,445 810,105 408 ------------ ------------ ------------ -------- Proceeds from mutual fund shares sold ........... 17,733,637 647,365,281 111,522,202 147,209 Cost of mutual fund shares sold ................. (17,594,513) (647,365,281) (111,522,202) (150,285) ------------ ------------ ------------ -------- Realized gain (loss) on investments .......... 139,124 -- -- (3,076) Change in unrealized gain (loss) on investments .................................. (56) -- -- 21,937 ------------ ------------ ------------ -------- Net gain (loss) on investments ............... 139,068 -- -- 18,861 ------------ ------------ ------------ -------- Reinvested capital gains ........................ -- -- -- -- ------------ ------------ ------------ -------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 138,560 756,445 810,105 19,269 ============ ============ ============ ======== NWGVITStrVal GVITSmCapGr GVITSmCapVal GVITSmComp ------------ ----------- ------------ ------------ Investment activity: Reinvested dividends ............................ 605 -- 283 -- Mortality and expense risk charges (note 3) ..... (726) (7,442) (37,267) (62,893) -------- ----------- ---------- ---------- Net investment income (loss) ................. (121) (7,442) (36,984) (62,893) -------- ----------- ---------- ---------- Proceeds from mutual fund shares sold ........... 680,096 22,416,975 6,526,287 7,820,159 Cost of mutual fund shares sold ................. (854,841) (22,598,360) (9,763,969) (9,577,219) -------- ----------- ---------- ---------- Realized gain (loss) on investments .......... (174,745) (181,385) (3,237,682) (1,757,060) Change in unrealized gain (loss) on investment ................................... 435,044 2,070,666 12,226,640 10,401,651 -------- ----------- ---------- ---------- Net gain (loss) on investments ............... 260,299 1,889,281 8,988,958 8,644,591 -------- ----------- ---------- ---------- Reinvested capital gains ........................ -- -- -- -- -------- ----------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 260,178 1,881,839 8,951,974 8,581,698 ======== =========== ========== ==========
14 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF OPERATIONS, Continued Six Month Period Ended June 30, 2003 (UNAUDITED)
GVITTotRt GVITUSGro GVITWLead GSMCV ------------ ---------- ---------- ----- Investment activity: Reinvested dividends ............................ $ 735,041 -- -- -- Mortality and expense risk charges (note 3) ..... (76,447) (311) (1,256) -- ------------ ---------- ---------- ---- Net investment income (loss) ................. 658,594 (311) (1,256) -- ------------ ---------- ---------- ---- Proceeds from mutual fund shares sold ........... 26,175,984 1,742,329 1,540,033 715 Cost of mutual fund shares sold ................. (43,369,837) (1,659,055) (2,018,740) (709) ------------ ---------- ---------- ---- Realized gain (loss) on investments .......... (17,193,853) 83,274 (478,707) 6 Change in unrealized gain (loss) on investments ............................... 39,116,191 155,904 769,609 20 ------------ ---------- ---------- ---- Net gain (loss) on investments ............... 21,922,338 239,178 290,902 26 ------------ ---------- ---------- ---- Reinvested capital gains ........................ -- -- -- -- ------------ ---------- ---------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 22,580,932 238,867 289,646 26 ============ ========== ========== ==== GSVITMidCap JPMorBal JanBal JanCapAp ----------- ---------- -------- ---------- Investment activity: Reinvested dividends ............................ -- 167,860 19,767 48,484 Mortality and expense risk charges (note 3) ..... (6,407) (16,887) (1,441) (22,706) -------- ---------- -------- ---------- Net investment income (loss) ................. (6,407) 150,973 18,326 25,778 -------- ---------- -------- ---------- Proceeds from mutual fund shares sold ........... 396,935 3,882,354 162,380 4,606,549 Cost of mutual fund shares sold ................. (401,168) (4,571,780) (162,698) (6,084,431) -------- ---------- -------- ---------- Realized gain (loss) on investments .......... (4,233) (689,426) (318) (1,477,882) Change in unrealized gain (loss) on investments ............................... 526,460 2,256,082 28,676 4,079,766 -------- ---------- -------- ---------- Net gain (loss) on investments ............... 522,227 1,566,656 28,358 2,601,884 -------- ---------- -------- ---------- Reinvested capital gains ........................ -- -- -- -- -------- ---------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 515,820 1,717,629 46,684 2,627,662 ======== ========== ======== ========== JanGlTech JanIntGro JanRsLgCpCr MGVITMultiSec ----------- ----------- ----------- ------------- Investment activity: Reinvested dividends ............................ $ -- 256,226 -- 802,879 Mortality and expense risk charges (note 3) ..... (3,970) (24,361) -- (30,319) ----------- ----------- ------ ---------- Net investment income (loss) ................. (3,970) 231,865 -- 772,560 ----------- ----------- ------ ---------- Proceeds from mutual fund shares sold ........... 1,566,174 57,296,055 2,762 8,463,950 Cost of mutual fund shares sold ................. (3,026,569) (56,948,446) (2,746) (8,139,606) ----------- ----------- ------ ---------- Realized gain (loss) on investments .......... (1,460,395) 347,609 16 324,344 Change in unrealized gain (loss) on investments ............................... 3,332,600 1,389,516 -- 971,216 ----------- ----------- ------ ---------- Net gain (loss) on investments ............... 1,872,205 1,737,125 16 1,295,560 ----------- ----------- ------ ---------- Reinvested capital gains ........................ -- -- -- -- ----------- ----------- ------ ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 1,868,235 1,968,990 16 2,068,120 =========== =========== ====== ========== MFSVITInvGrwl MFSVITValin NBAMTFas NBAMTGuard ------------- ----------- -------- ----------- Investment activity: Reinvested dividends ............................ -- -- -- -- Mortality and expense risk charges (note 3) ..... (1) (3) (337) (9,858) ----- ------ ------- ----------- Net investment income (loss) ................. (1) (3) (337) (9,858) ----- ------ ------- ----------- Proceeds from mutual fund shares sold ........... -- 244 70,969 7,848,175 Cost of mutual fund shares sold ................. -- (247) (73,459) (10,379,901) ----- ------ ------- ----------- Realized gain (loss) on investments .......... -- (3) (2,490) (2,531,726) Change in unrealized gain (loss) on investments ............................... (94) (1,589) 21,240 4,256,030 ----- ------ ------- ----------- Net gain (loss) on investments .................. (94) (1,592) 18,750 1,724,304 ----- ------ ------- ----------- Reinvested capital gains ........................ -- -- -- -- ----- ------ ------- ----------- Net increase (decrease) in contract owners' equity resulting from operations ....... (95) (1,595) 18,413 1,714,446 ===== ====== ======= ===========
(Continued) 15 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF OPERATIONS, Continued Six Month Period Ended June 30, 2003 (UNAUDITED)
NBAMTLMat NBAMTMCGr NBAMTPart NBAMTSocRe --------- ----------- ---------- ---------- Investment activity: Reinvested dividends ............................ $ -- -- -- -- Mortality and expense risk charges (note 3) ..... 1 (27,586) (6,050) -- -------- ----------- ---------- --- Net investment income (loss) ................. 1 (27,586) (6,050) -- -------- ----------- ---------- --- Proceeds from mutual fund shares sold ........... 18,054 12,497,936 1,681,290 26 Cost of mutual fund shares sold ................. (17,949) (17,540,923) (2,152,324) (26) -------- ----------- ---------- --- Realized gain (loss) on investments .......... 105 (5,042,987) (471,034) -- Change in unrealized gain (loss) on investments ............................... 216 9,419,353 2,322,329 (34) -------- ----------- ---------- --- Net gain (loss) on investments ............... 321 4,376,366 1,851,295 (34) -------- ----------- ---------- --- Reinvested capital gains ........................ -- -- -- -- -------- ----------- ---------- --- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 322 4,348,780 1,845,245 (34) ======== =========== ========== === ONEMidCap ONEMidCapV OppAggGro OppCapAp --------- ---------- ----------- ----------- Investment activity: Reinvested dividends ............................ -- 2,786 -- 360,891 Mortality and expense risk charges (note 3) ..... (1,474) (846) (43,623) (92,960) -------- ------- ----------- ----------- Net investment income (loss) ................. (1,474) 1,940 (43,623) 267,931 -------- ------- ----------- ----------- Proceeds from mutual fund shares sold ........... 207,674 63,252 8,131,104 6,148,056 Cost of mutual fund shares sold ................. (211,107) (63,068) (13,673,838) (10,602,226) -------- ------- ----------- ----------- Realized gain (loss) on investments .......... (3,433) 184 (5,542,734) (4,454,170) Change in unrealized gain (loss) on investments ............................... 118,709 45,432 12,284,486 l4,526,624 -------- ------- ----------- ----------- Net gain (loss) on investments ............... 115,276 45,616 6,741,752 10,072,454 -------- ------- ----------- ----------- Reinvested capital gains ........................ -- -- -- -- -------- ------- ----------- ----------- Net increase (decrease) in contract owners' equity resulting from operations ....... 113,802 47,556 6,698,129 10,340,385 ======== ======= =========== =========== OppGlSec OppHiIncInt OppMSGrInc OppMaStSmCpl ------------ ----------- ---------- ------------ Investment activity: Reinvested dividends ............................ $ 236,600 -- 307,192 -- Mortality and expense risk charges (note 3) ..... (25,068) -- (15,619) 1 ------------ -------- ---------- ------- Net investment income (loss) ................. 211,532 -- 291,573 l ------------ -------- ---------- ------- Proceeds from mutual fund shares sold ........... 27,741,219 197,082 3,978,977 97,432 Cost of mutual fund shares sold ................. (31,728,600) (196,425) (5,792,774) (97,048) ------------ -------- ---------- ------- Realized gain (loss) on investments .......... (3,987,381) 657 (1,813,797) 384 Change in unrealized gain (loss) on investments ............................... 7,152,659 (26) 4,784,093 1,430 ------------ -------- ---------- ------- Net gain (loss) on investments ............... 3,165,278 631 2,970,296 1,814 ------------ -------- ---------- ------- Reinvested capital gains ........................ -- -- -- -- ------------ -------- ---------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ (3,376,810) 631 3,261,869 1,815 ============ ======== ========== ======= PIMLowDur PIMRealRet PIMTotRet PionHY --------- ---------- --------- ---------- Investment activity: Reinvested dividends............................. 20,003 111,156 204,679 45,102 Mortality and expense risk charges (note 3) ..... (3,743) (8,417) (26,208) (1,433) -------- ---------- -------- ---------- Net investment income (loss) ................. l6,260 102,739 l78,471 43,669 -------- ---------- -------- ---------- Proceeds from mutual fund shares sold ........... 277,329 1,896,172 997,447 1,903,987 Cost of mutual fund shares sold ................. (275,857) (1,823,209) (983,337) (1,723,945) -------- ---------- -------- ---------- Realized gain (loss) on investments .......... 1,472 72,963 14,110 180,042 Change in unrealized gain (loss) on investments ............................... 24,783 107,290 361,265 18,981 -------- ---------- -------- ---------- Net gain (loss) on investments ............... 26,255 180,253 375,375 199,023 -------- ---------- -------- ---------- Reinvested capital gains ........................ -- -- -- -- -------- ---------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 42,515 282,992 553,846 242,692 ======== ========== ======== ==========
16 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF OPERATIONS, Continued Six Month Period Ended June 30, 2003 (UNAUDITED)
PUTVTGrIncIB PUTVTIntlEqIB PUTVTVoyIB RoyMicro ------------ ------------- ---------- -------- Investment activity: Reinvested dividends .............................. $ -- -- -- -- Mortality and expense risk charges (note 3) ....... -- -- -- (3,347) ---- -------- --- -------- Net investment income (loss) ................... -- -- -- (3,347) ---- -------- --- -------- Proceeds from mutual fund shares sold ............. 1 514,256 -- 199,728 Cost of mutual fund shares sold ................... (1) (510,914) -- (201,843) ---- -------- --- -------- Realized gain (loss) on investments ............ -- 3,342 -- (2,115) Change in unrealized gain (loss) on investments ... (93) (119) (80) 467,846 ---- -------- --- -------- Net gain (loss) on investments ................. (93) 3,223 (80) 465,731 ---- -------- --- -------- Reinvested capital gains .......................... -- -- -- -- ---- -------- --- -------- Net increase (decrease) in contract owners' equity resulting from operations ......... $(93) 3,223 (80) 462,384 ==== ======== === ======== SGVITMdCpGr StOpp2 TRPEI2 TRPMCG2 ----------- ---------- -------- -------- Investment activity: Reinvested dividends .............................. -- -- 44,588 -- Mortality and expense risk charges (note 3) ....... (11,355) (29,115) (9,666) (1,505) --------- ---------- -------- -------- Net investment income (loss) ................... (11,355 (29,115) 34,922 (1,505) --------- ---------- -------- -------- Proceeds from mutual fund shares sold ............. 2,409,143 3,969,594 710,666 150,375 Cost of mutual fund shares sold ................... (993,934) (5,865,141) (724,931) (145,375) --------- ---------- -------- -------- Realized gain (loss) on investments ............ 1,415,209 (1,895,547) (14,265) 5,000 Change in unrealized gain (loss) on investments ... 1,997,503 6,256,475 796,904 180,520 --------- ---------- -------- -------- Net gain (loss) on investments ................. 3,412,712 4,360,928 782,639 185,520 --------- ---------- -------- -------- Reinvested capital gains .......................... -- -- -- -- --------- ---------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations ......... 3,401,357 4,331,813 817,561 184,015 ========= ========== ======== ======== TurnGVITGro VEWrldEMkt VEWrldHAs VKoreFI ----------- ---------- ---------- ------- Investment activity: Reinvested dividends .............................. $ -- 7,942 13,563 -- Mortality and expense risk charges (note 3) ....... (134) (3,180) (1,661) -- --------- ---------- ---------- ---- Net investment income (loss) ................... (134) 4,762 11,902 -- --------- ---------- ---------- ---- Proceeds from mutual fund shares sold ............. 471,840 4,824,918 6,942,293 -- Cost of mutual fund shares sold ................... (510,520) (4,675,305) (7,184,340) -- --------- ---------- ---------- ---- Realized gain (loss) on investments ............ (38,680) 149,613 (242,047) -- Change in unrealized gain (loss) on investments ... 130,958 572,365 300,626 (107) --------- ---------- ---------- ---- Net gain (loss) on investments ................. 92,278 721,978 58,579 (107) --------- ---------- ---------- ---- Reinvested capital gains .......................... -- -- -- -- --------- ---------- ---------- ---- Net increase (decrease) in contract owners' equity resulting from operations ......... $ 92,144 726,740 70,481 (107) ========= ========== ========== ==== VKEmMkt VKMidCapG VKUSRealEst ---------- ---------- ----------- Investment activity: Reinvested dividends .............................. -- -- -- Mortality and expense risk charges (note 3) ....... (4,824) (1,938) (19,946) ---------- ---------- ---------- Net investment income (loss) ................... (4,824) (1,938) (19,946) ---------- ---------- ---------- Proceeds from mutual fund shares sold ............. 2,071,516 747,170 4,265,013 Cost of mutual fund shares sold ................... (1,961,417) (1,015,985) (4,512,299) ---------- ---------- ---------- Realized gain (loss) on investments ............ 110,099 (268,815) (247,286) Change in unrealized gain (loss) on investments ... 911,805 713,855 3,922,914 ---------- ---------- ---------- Net gain (loss) on investments ................. 1,021,904 445,040 3,675,628 ---------- ---------- ---------- Reinvested capital gains .......................... -- -- -- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ......... 1,017,080 443,102 3,655,682 ========== ========== ==========
See accompanying notes to financial statements. -------------------------------------------------------------------------------- 17 -------------------------------------------------------------------------------- NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
Total AIMCapAp AIMBVF AIMCDF ------------------------------ ------------- -------------- -------------- 2003 2002 2003 2002 2003 2002 2003 2002 -------------- ------------- ------ ---- ------- ---- ------- ---- Investment activity: Net investment income (loss) ................ $ 18,754,195 16,381,830 -- -- (955) -- (52) -- Realized gain (loss) on investments ......... (90,428,721) (61,826,323) 161 -- 37 -- (54) -- Change in unrealized gain (loss) on investments ........................... 277,866,202 (127,771,847) 395 -- 68,008 -- 7,263 -- Reinvested capital gains .................... 314,708 5,302,420 -- -- -- -- -- -- -------------- ------------- ------ ---- ------- ---- ------- ---- Net increase (decrease) in contract owners' equity resulting from operations ............................ 206,506,384 (167,913,920) 556 -- 67,090 -- 7,157 -- -------------- ------------- ------ ---- ------- ---- ------- ---- Equity transactions: Purchase payments received from contract owners (note 6) ................. 359,859,559 446,736,963 10,048 -- 107,805 -- 8,508 -- Transfers between funds ..................... -- -- 16,972 -- 96,456 -- 86,358 -- Surrenders (note 6) ......................... (51,910,845) (49,380,297) -- -- -- -- -- -- Death benefits (note 4) ..................... (1,032,050) (1,444,600) -- -- -- -- -- -- Policy loans (net of repayments) (note 5) ... (8,256,578) (24,165,571) -- -- -- -- -- -- Deductions for surrender charges (note 2d) .. (5,895,614) (3,554,473) -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ........................ (68,477,330) (62,336,949) (138) -- (11,230) -- (275) -- Asset charges (note 3): FPVUL & VEL contracts .................... (1,727,218) (1,639,471) (15) -- (17) -- (1) -- MSP contracts ............................ (83,100) (92,503) -- -- -- -- -- -- SL contracts ............................. (383,292) (333,692) -- -- -- -- -- -- -------------- ------------- ------ ---- ------- ---- ------- ---- Net equity transactions ............... 222,093,532 303,789,407 26,867 -- 193,014 -- 94,590 -- -------------- ------------- ------ ---- ------- ---- ------- ---- Net change in contract owners' equity .......... 428,599,916 135,875,487 27,423 -- 260,104 -- 101,747 -- Contract owners' equity beginning of period ................................... 2,276,440,710 2,087,035,414 -- -- 392,394 -- 235 -- -------------- ------------- ------ ---- ------- ---- ------- ---- Contract owners' equity end of period .......... $2,705,040,626 2,222,910,901 27,423 -- 652,498 -- 101,982 -- ============== ============= ====== ==== ======= ==== ======= ==== CHANGES IN UNITS: Beginning units ............................. 245,162,666 191,173,282 -- -- 39,881 -- 24 -- -------------- ------------- ------ ---- ------- ---- ------- ---- Units purchased ............................. 78,732,879 67,525,628 2,587 -- 20,191 -- 9,103 -- Units redeemed .............................. (53,007,479) (39,872,779) (14) -- (1,369) -- (40) -- -------------- ------------- ------ ---- ------- ---- ------- ---- Ending units ................................ 270,888,066 218,826,131 2,573 -- 58,703 -- 9,087 -- ============== ============= ====== ==== ======= ==== ======= ====
18 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
AllSmCpVal AllGroInc ACVPIncGr ACVPInfPr -------------- ---------------- ------------------------ -------------- 2003 2002 2003 2002 2003 2002 2003 2002 ------- ---- --------- ---- ----------- ---------- ------- ---- Investment activity: Net investment income (loss) ................. $ 239 -- 16,202 -- 339,824 340,526 125 -- Realized gain (loss) on investments........... 15 -- 1,498 -- (6,101,987) (1,037,675) (1,513) -- Change in unrealized gain (loss) on investments ............................ (1,326) -- 148,354 -- 8,219,741 (3,800,637) (1,495) -- Reinvested capital gains ..................... -- -- -- -- -- -- -- -- ------- ---- --------- ---- ----------- ---------- ------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... (1,072) -- 166,054 -- 2,457,578 (4,497,786) (2,883) -- ------- ---- --------- ---- ----------- ---------- ------- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 54 -- 85,651 -- 2,273,084 5,520,757 8,740 -- Transfers between funds ...................... 41,279 -- 1,512,700 -- (12,064,103) 2,377,218 145,424 -- Surrenders (note 6) .......................... -- -- (5,164) -- (307,009) (305,840) -- -- Death benefits (note 4) ...................... -- -- -- -- (13,908) (63,106) -- -- Policy loans (net of repayments) (note 5)..... -- -- (28) -- (268,825) (1,092,859) -- -- Deductions for surrender charges (note 2d).... -- -- (587) -- (34,868) (22,015) -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (299) -- (12,819) -- (970,398) (1,036,653) (165) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (6) -- (39) -- (26,011) (26,604) (28) -- MSP contracts ............................. -- -- -- -- (1,950) (2,216) -- -- SL contracts .............................. -- -- -- -- (4,952) (4,794) (7) -- ------- ---- --------- ---- ----------- ---------- ------- ---- Net equity transactions................. 41,028 -- 1,579,714 -- (11,418,940) 5,343,888 153,964 -- ------- ---- --------- ---- ----------- ---------- ------- ---- Net change in contract owners' equity............ 39,956 -- 1,745,768 -- (8,961,362) 846,102 151,081 -- Contract owners' equity beginning of period .................................... -- -- 54,380 -- 38,241,888 38,884,917 -- -- ------- ---- --------- ---- ----------- ---------- ------- ---- Contract owners' equity end of period............ $39,956 -- 1,800,148 -- 29,280,526 39,731,019 151,081 -- ======= ==== ========= ==== =========== ========== ======= ==== CHANGES IN UNITS: Beginning units .............................. -- -- 5,432 -- 4,372,283 3,582,704 -- -- ------- ---- --------- ---- ----------- ---------- ------- ---- Units purchased .............................. 3,701 -- 152,674 -- 425,969 812,219 14,754 -- Units redeemed ............................... (27) -- (1,975) -- (1,870,421) (309,438) (20) -- ------- ---- --------- ---- ----------- ---------- ------- ---- Ending units.................................. 3,674 -- 156,131 -- 2,927,831 4,085,485 14,734 -- ======= ==== ========= ==== =========== ========== ======= ====
(Continued) 19 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
ACVPInt ACVPUltra ------------------------ ------------------ 2003 2002 2003 2002 ----------- ---------- --------- ------ Investment activity: Net investment income (loss) ................. $ 329,880 299,365 (395) -- Realized gain (loss) on investments........... 2,865,148 (499,286) (35,431) (594) Change in unrealized gain (loss) on investments ............................ 517,076 (1,206,749) 123,510 (66) Reinvested capital gains ..................... -- -- -- -- ----------- ---------- --------- ------ Net increase (decrease) in contract owners' equity resulting from operations ....... 3,712,104 (1,406,670) 87,684 (660) ----------- ---------- --------- ------ Equity transactions: Purchase payments received from contract owners (note 6) .................. 5,961,257 6,884,138 160,070 -- Transfers between funds ...................... 6,445,413 4,770,089 711,670 14,475 Surrenders (note 6) .......................... (611,604) (508,483) (31,755) -- Death benefits (note 4) ...................... (11,447) (20,442) -- -- Policy loans (net of repayments) (note 5)..... (188,062) (1,099,670) (18,735) -- Deductions for surrender charges (note 2d).... (69,461) (36,601) (3,606) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (2,491,376) (1,341,138) (50,658) (37) Asset charges (note 3): FPVUL & VEL contracts ..................... (31,335) (33,521) (1,274) (6) MSP contracts ............................. (1,525) (2,060) (2) -- SL contracts .............................. (4,381) (4,788) (85) -- ----------- ---------- --------- ------ Net equity transactions................. 8,997,479 8,607,524 765,625 14,432 ----------- ---------- --------- ------ Net change in contract owners' equity............ 12,709,583 7,200,854 853,309 13,772 Contract owners' equity beginning of period .................................... 44,595,057 44,844,821 664,351 -- ----------- ---------- --------- ------ Contract owners' equity end of period............ $57,304,640 52,045,675 1,517,660 13,772 =========== ========== ========= ====== CHANGES IN UNITS: Beginning units .............................. 5,642,120 4,459,878 82,661 -- ----------- ---------- --------- ------ Units purchased .............................. 1,802,965 1,451,245 97,805 1,514 Units redeemed ............................... (535,505) (456,680) (11,113) (5) ----------- ---------- --------- ------ Ending units.................................. 6,909,580 5,454,443 169,353 1,509 =========== ========== ========= ====== ACVPVal BCAT ----------------------- ---------------- 2003 2002 2003 2002 ---------- ---------- --------- ---- Investment activity: Net investment income (loss) ................. 468,232 251,326 (1,039) -- Realized gain (loss) on investments........... (2,294,799) 269,602 26,956 -- Change in unrealized gain (loss) on investments ............................ 5,855,594 (4,175,230) 98,937 -- Reinvested capital gains ..................... -- 1,740,826 -- -- ---------- ---------- --------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 4,029,027 (1,913,476) 124,854 -- ---------- ---------- --------- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 4,632,087 4,746,723 185,997 -- Transfers between funds ...................... 2,099,375 11,883,736 1,028,021 -- Surrenders (note 6) .......................... (1,123,652) (258,491) (4,061) -- Death benefits (note 4) ...................... (1,215) (10,413) -- -- Policy loans (net of repayments) (note 5)..... (25,390) (159,620) (2,679) -- Deductions for surrender charges (note 2d).... (127,615) (18,607) (461) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (1,348,373) (1,148,898) (5,939) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (48,052) (40,014) -- -- MSP contracts ............................. (1,424) (1,611) -- -- SL contracts .............................. (11,811) (6,885) -- -- ---------- ---------- --------- ---- Net equity transactions................. 4,043,930 14,985,920 1,200,878 -- ---------- ---------- --------- ---- Net change in contract owners' equity............ 8,072,957 13,072,444 1,325,732 -- Contract owners' equity beginning of period .................................... 42,688,553 29,186,372 69,159 -- ---------- ---------- --------- ---- Contract owners' equity end of period............ 50,761,510 42,258,816 1,394,891 -- ========== ========== ========= ==== CHANGES IN UNITS: Beginning units .............................. 3,650,314 2,161,177 7,134 -- ---------- ---------- --------- ---- Units purchased .............................. 692,428 1,243,061 123,700 -- Units redeemed ............................... (358,078) (122,425) (2,353) -- ---------- ---------- --------- ---- Ending units.................................. 3,984,664 3,281,813 128,481 -- ========== ========== ========= ====
20 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
CVSSEP ComGVITVal --------------- --------------------- 2003 2002 2003 2002 -------- ---- --------- --------- Investment activity: Net investment income (loss) ................. $ (19) -- 32,093 32,715 Realized gain (loss) on investments .......... (14,763) -- (690,447) (210,457) Change in unrealized gain (loss) on investments ............................... 515 -- 1,332,327 (672,254) Reinvested capital gains ..................... -- -- -- -- -------- ---- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations ....... (14,267) -- 673,973 (849,996) -------- ---- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... -- -- 283,777 872,997 Transfers between funds ...................... 26,508 -- (275,664) 241,764 Surrenders (note 6) .......................... -- -- (123,836) (102,343) Death benefits (note 4) ...................... -- -- (16,836) (11,514) Policy loans (net of repayments) (note 5) .... -- -- 927 (38,227) Deductions for surrender charges (note 2d) ... -- -- (14,064) (7,367) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (701) -- (203,442) (172,237) Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- (4,691) (4,583) MSP contracts ............................. -- -- (330) (438) SL contracts .............................. -- -- (904) (438) -------- ---- --------- --------- Net equity transactions ................ 25,807 -- (355,063) 777,614 -------- ---- --------- --------- Net change in contract owners' equity ........... 11,540 -- 318,910 (72,382) Contract owners' equity beginning of period ..... -- -- 5,500,567 5,200,213 -------- ---- --------- --------- Contract owners' equity end of period ........... $ 11,540 -- 5,819,477 5,127,831 ======== ==== ========= ========= CHANGES IN UNITS: Beginning units .............................. -- -- 743,874 528,392 -------- ---- --------- --------- Units purchased .............................. 1,100 -- 154,939 121,055 Units redeemed ............................... (71) -- (218,713) (43,361) -------- ---- --------- --------- Ending units ................................. 1,029 -- 680,100 606,086 ======== ==== ========= ========= CSGPVen CSIntEq ------------------ --------------------- 2003 2002 2003 2002 ------- -------- --------- --------- Investment activity: Net investment income (loss) ................. (266) (417) (387) (550) Realized gain (loss) on investments .......... (71,868) (227,327) (19,358) 26,219 Change in unrealized gain (loss) on investments ............................... 179,338 107,765 146,435 (51,211) Reinvested capital gains ..................... -- -- -- -- ------- -------- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations ....... 107,204 (119,979) 126,690 (25,542) ------- -------- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 54,657 70,922 113,604 147,270 Transfers between funds ...................... 44,116 (120,729) 21,330 (166,162) Surrenders (note 6) .......................... (6,251) (3,383) (33,318) (57,036) Death benefits (note 4) ...................... -- -- -- -- Policy loans (net of repayments) (note 5) .... (2,421) 1,014 (1,485) (443) Deductions for surrender charges (note 2d) ... (710) (244) (3,784) (4,106) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (18,650) (23,791) (48,007) (53,937) Asset charges (note 3): FPVUL & VEL contracts ..................... (867) (1,172) (2,380) (2,997) MSP contracts ............................. (106) (249) (152) (203) SL contracts .............................. (54) (141) (281) (385) ------- -------- --------- --------- Net equity transactions ................ 69,714 (77,773) 45,527 (137,999) ------- -------- --------- --------- Net change in contract owners' equity ........... 176,918 (197,752) 172,217 (163,541) Contract owners' equity beginning of period ..... 530,190 893,362 1,380,444 1,860,200 ------- -------- --------- --------- Contract owners' equity end of period ........... 707,108 695,610 1,552,661 1,696,659 ======= ======== ========= ========= CHANGES IN UNITS: Beginning units .............................. 84,647 92,656 190,594 206,416 ------- -------- --------- --------- Units purchased .............................. 31,961 9,134 36,735 16,848 Units redeemed ............................... (19,867) (17,008) (30,588) (32,750) ------- -------- --------- --------- Ending units ................................. 96,741 84,782 196,741 190,514 ======= ======== ========= =========
(Continued) 21 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
CSLCapV DryIntVal ----------------------- ------------- 2003 2002 2003 2002 ---------- ---------- ------ ---- Investment activity: Net investment income (loss) ................. $ (908) (2,653) (4) -- Realized gain (loss) on investments .......... (141,702) 5,356 6,506 -- Change in unrealized gain (loss) on investments ............................... 281,300 (258,784) (354) -- Reinvested capital gains ..................... -- -- -- -- ---------- ---------- ------ ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 138,690 (256,081) 6,148 -- ---------- ---------- ------ ---- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 135,428 307,482 65 -- Transfers between funds ...................... (66,241) (991,651) 4,614 -- Surrenders (note 6) .......................... (70,277) (9,945) -- -- Death benefits (note 4) ...................... (9,516) (7,975) -- -- Policy loans (net of repayments) (note 5) .... 14,286 (2,126) -- -- Deductions for surrender charges (note 2d) ... (7,981) (716) -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (92,793) (88,140) (21) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (2,132) (3,037) -- -- MSP contracts ............................. (213) (282) -- -- SL contracts .............................. (418) (347) -- -- ---------- ---------- ------ ---- Net equity transactions ................ (99,857) (796,737) 4,658 -- ---------- ---------- ------ ---- Net change in contract owners' equity ........... 38,833 (1,052,818) 10,806 -- Contract owners' equity beginning of period ..... 1,679,182 3,473,380 -- -- ---------- ---------- ------ ---- Contract owners' equity end of period ........... $1,718,015 2,420,562 10,806 -- ========== ========== ====== ==== CHANGES IN UNITS: Beginning units .............................. 175,080 285,384 -- -- ---------- ---------- ------ ---- Units purchased .............................. 19,998 38,004 991 -- Units redeemed ............................... (29,853) (108,004) -- -- ---------- ---------- ------ ---- Ending units ................................. 165,225 215,384 991 -- ========== ========== ====== ==== DryMidCapIx DryEuroEq ----------------------- ------------------ 2003 2002 2003 2002 ---------- ---------- ------ --------- Investment activity: Net investment income (loss) ................. 49,308 22,734 -- (757) Realized gain (loss) on investments .......... (689,023) 176,560 -- (164,757) Change in unrealized gain (loss) on investments ............................... 4,743,721 (2,061,846) -- 89,505 Reinvested capital gains ..................... -- 104,110 -- -- ---------- ---------- ------ --------- Net increase (decrease) in contract owners' equity resulting from operations ....... 4,104,006 (1,758,442) -- (76,009) ---------- ---------- ------ --------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 5,092,426 3,364,271 (880) 285,692 Transfers between funds ...................... 1,567,084 11,943,243 879 346,815 Surrenders (note 6) .......................... (1,319,132) (274,281) 173 (22,361) Death benefits (note 4) ...................... (347) (22,720) -- (3,137) Policy loans (net of repayments) (note 5) .... (55,711) (51,650) (193) 125 Deductions for surrender charges (note 2d) ... (149,816) (19,743) 20 (1,610) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (933,186) (790,327) (1,747) (60,211) Asset charges (note 3): FPVUL & VEL contracts ..................... (26,544) (24,437) 1 (1,663) MSP contracts ............................. (760) (781) -- (59) SL contracts .............................. (10,436) (7,103) -- (358) ---------- ---------- ------ --------- Net equity transactions ................ 4,163,578 14,116,472 (1,747) 543,233 ---------- ---------- ------ --------- Net change in contract owners' equity ............ 8,267,584 12,358,030 (1,747) 467,224 Contract owners' equity beginning of period ..... 28,785,471 17,437,758 1,987 1,585,069 ---------- ---------- ------ --------- Contract owners' equity end of period ........... 37,053,055 29,795,788 240 2,052,293 ========== ========== ====== ========= CHANGES IN UNITS: Beginning units .............................. 2,365,305 1,199,159 282 174,397 ---------- ---------- ------ --------- Units purchased .............................. 683,508 1,027,290 141 83,224 Units redeemed ............................... (277,506) (79,984) (141) (12,060) ---------- ---------- ------ --------- Ending units ................................. 2,771,307 2,146,465 282 245,561 ========== ========== ====== =========
22 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
DryMidCapStk DrySmCapIxS ---------------- ------------------- 2003 2002 2003 2002 --------- ---- --------- ------- Investment activity: Net investment income (loss) ................. $ (187) -- (1,162) -- Realized gain (loss) on investments .......... (57,808) -- (6,280) (4,264) Change in unrealized gain (loss) on investments ............................ 668 -- 380,754 82 Reinvested capital gains ..................... -- -- -- -- --------- ---- --------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... (57,327) -- 373,312 (4,182) --------- ---- --------- ------- Equity transactions: Purchase payments received from contract owners (note 6) .................. (230,381) -- 208,440 (7) Transfers between funds ...................... 120,970 -- 822,296 195,969 Surrenders (note 6) .......................... -- -- (21,237) -- Death benefits (note 4) ...................... -- -- (7,955) -- Policy loans (net of repayments) (note 5) .... -- -- (2,690) -- Deductions for surrender charges (note 2d) ... -- -- (2,412) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... 205,230 -- (57,214) 6 Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- (1,559) (7) MSP contracts ............................. -- -- -- -- SL contracts .............................. -- -- (337) -- --------- ---- --------- ------- Net equity transactions ................ 95,819 -- 937,332 195,961 --------- ---- --------- ------- Net change in contract owners' equity ........... 38,492 -- 1,310,644 191,779 Contract owners' equity beginning of period ..... 28,326 -- 2,464,449 -- --------- ---- --------- ------- Contract owners' equity end of period ........... $ 66,818 -- 3,775,093 191,779 ========= ==== ========= ======= CHANGES IN UNITS: Beginning units .............................. 2,842 -- 321,221 -- --------- ---- --------- ------- Units purchased .............................. 5,740 -- 126,228 21,125 Units redeemed ............................... (2,582) -- (10,402) (4) --------- ---- --------- ------- Ending units ................................. 6,000 -- 437,047 21,121 ========= ==== ========= ======= DrySRGro DryStkIx ----------------------- ------------------------- 2003 2002 2003 2002 ---------- ---------- ----------- ----------- Investment activity: Net investment income (loss) ................. (2,919) (9,278) 1,721,178 1,398,302 Realized gain (loss) on investments .......... (1,863,581) (1,690,463) (18,421,024) (7,614,389) Change in unrealized gain (loss) on investments ............................ 3,116,183 (1,970,676) 46,452,970 (32,804,980) Reinvested capital gains ..................... -- -- -- -- ---------- ---------- ----------- ----------- Net increase (decrease) in contract owners' equity resulting from operations ....... 1,249,683 (3,670,417) 29,753,124 (39,021,067) ---------- ---------- ----------- ----------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 1,793,741 3,324,732 31,560,605 40,351,954 Transfers between funds ...................... (1,345,007) (642,937) (6,639,411) 43,451,586 Surrenders (note 6) .......................... (359,079) (289,829) (4,343,871) (5,489,313) Death benefits (note 4) ...................... (8,230) (35,521) (153,646) (218,457) Policy loans (net of repayments) (note 5) .... (76,459) (865,207) (3,529,462) (6,579,931) Deductions for surrender charges (note 2d) ... (40,781) (20,862) (493,342) (395,129) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (808,122) (985,470) (7,357,257) (7,090,725) Asset charges (note 3): FPVUL & VEL contracts ..................... (25,427) (30,214) (184,206) (191,508) MSP contracts ............................. (1,081) (1,547) (8,703) (11,336) SL contracts .............................. (2,516) (3,018) (77,763) (47,741) ---------- ---------- ----------- ----------- Net equity transactions ................ (872,961) 450,127 8,772,944 63,779,400 ---------- ---------- ----------- ----------- Net change in contract owners' equity ........... 376,722 (3,220,290) 38,526,068 24,758,333 Contract owners' equity beginning of period ..... 14,014,403 20,765,389 252,617,859 235,803,734 ---------- ---------- ----------- ----------- Contract owners' equity end of period ........... 14,391,125 17,545,099 291,143,927 260,562,067 ========== ========== =========== =========== CHANGES IN UNITS: Beginning units .............................. 1,785,944 1,904,741 29,512,045 21,289,393 ---------- ---------- ----------- ----------- Units purchased .............................. 282,799 354,942 8,023,857 7,761,518 Units redeemed ............................... (413,819) (320,407) (6,297,731) (1,929,571) ---------- ---------- ----------- ----------- Ending units ................................. 1,654,924 1,939,276 31,238,171 27,121,340 ========== ========== =========== ===========
(Continued) 23 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
DryVIFApp DryDevLeadI DryIntVal FedAmLdII ------------------------ ------------ -------------- ------------- 2003 2002 2003 2002 2003 2002 2003 2002 ----------- ---------- ----- ---- ------- ---- ------ ---- Investment activity: Net investment income (loss) ................. $ (25,792) (39,001) (1) -- 42 -- -- -- Realized gain (loss) on investments .......... (902,139) (483,392) 1 -- (2,242) -- -- -- Change in unrealized gain (loss) on investments ............................ 3,961,816 (3,008,835) 16 -- 48,386 -- (198) -- Reinvested capital gains ..................... -- -- -- -- -- -- -- -- ----------- ---------- ----- ---- ------- ---- ------ ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 3,033,885 (3,531,228) 16 -- 46,186 -- (198) -- ----------- ---------- ----- ---- ------- ---- ------ ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 4,963,679 5,004,292 388 -- 54,165 -- 52 -- Transfers between funds ...................... (270,585) 1,247,385 1,008 -- 579,406 -- 23,978 -- Surrenders (note 6) .......................... (675,990) (545,686) -- -- -- -- -- -- Death benefits (note 4) ...................... (23,825) (63,494) -- -- -- -- -- -- Policy loans (net of repayments) (note 5) .... 110,008 (23,904) -- -- -- -- -- -- Deductions for surrender charges (note 2d) ... (76,773) (39,279) -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (969,563) (944,189) (19) -- (4,327) -- (13) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (24,511) (25,921) (0) -- (3) -- (1) -- MSP contracts ............................. (391) (787) -- -- (2) -- -- -- SL contracts .............................. (4,503) (4,715) -- -- -- -- -- -- ----------- ---------- ----- ---- ------- ---- ------ ---- Net equity transactions ................ 3,027,546 4,603,702 1,377 -- 629,239 -- 24,016 -- ----------- ---------- ----- ---- ------- ---- ------ ---- Net change in contract owners' equity ........... 6,061,431 1,072,474 1,393 -- 675,425 -- 23,818 -- Contract owners' equity beginning of period ..... 33,593,414 34,810,769 -- -- 290,117 -- -- -- ----------- ---------- ----- ---- ------- ---- ------ ---- Contract owners' equity end of period ........... $39,654,845 35,883,243 1,393 -- 965,542 -- 23,818 -- =========== ========== ===== ==== ======= ==== ====== ==== CHANGES IN UNITS: Beginning units .............................. 3,534,935 3,024,640 -- -- 30,751 -- -- -- ----------- ---------- ----- ---- ------- ---- ------ ---- Units purchased .............................. 1,576,779 590,862 130 -- 66,147 -- 2,188 -- Units redeemed ............................... (1,044,204) (203,133) (2) -- (1,479) -- (1) -- ----------- ---------- ----- ---- ------- ---- ------ ---- Ending units ................................. 4,067,510 3,412,369 128 -- 95,419 -- 2,187 -- =========== ========== ===== ==== ======= ==== ====== ====
24 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
FedCpApII FGVITHiInc -------------- ----------------------- 2003 2002 2003 2002 ------- ---- ---------- ---------- Investment activity: Net investment income (loss) .................. $ -- -- 907,532 611,960 Realized gain (loss) on investments ........... -- -- (107,163) (317,609) Change in unrealized gain (loss) on investments ............................. (166) -- 1,987,029 (556,725) Reinvested capital gains ...................... -- -- -- -- ------- ---- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ........ (166) -- 2,787,398 (262,374) ------- ---- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ................... 46 -- 2,866,291 1,845,361 Transfers between funds ....................... 20,313 -- 9,539,106 5,813,859 Surrenders (note 6) ........................... -- -- (166,885) (156,230) Death benefits (note 4) ....................... -- -- (860) (727) Policy loans (net of repayments) (note 5) ..... -- -- (67,041) (75,390) Deductions for surrender charges (note 2d) .... -- -- (18,953) (11,246) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) .......................... (9) -- (581,242) (376,617) Asset charges (note 3): FPVUL & VEL contracts ...................... (0) -- (17,584) (10,982) MSP contracts .............................. -- -- (560) (509) SL contracts ............................... -- -- (5,264) (2,117) ------- ---- ---------- ---------- Net equity transactions ................. 20,350 -- 11,547,008 7,025,402 ------- ---- ---------- ---------- Net change in contract owners' equity ............ 20,184 -- 14,334,406 6,763,028 Contract owners' equity beginning of period ..................................... -- -- 16,985,297 9,673,974 ------- ---- ---------- ---------- Contract owners' equity end of period ............ $20,184 -- 31,319,703 16,437,002 ======= ==== ========== ========== CHANGES IN UNITS: Beginning units ............................... -- -- 1,646,805 972,675 ------- ---- ---------- ---------- Units purchased ............................... 1,898 -- 1,129,525 758,451 Units redeemed ................................ (1) -- (109,226) (63,895) ------- ---- ---------- ---------- Ending units .................................. 1,897 -- 2,667,104 1,667,231 ======= ==== ========== ========== FedQualBd FidVIPEIS ----------------------- ----------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Investment activity: Net investment income (loss) .................. 2,755,799 1,938,557 1,185,297 858,509 Realized gain (loss) on investments ........... 709,405 238,941 (2,317,504) (467,298) Change in unrealized gain (loss) on investments ............................. 588,620 (1,330,121) 8,759,457 (6,430,923) Reinvested capital gains ...................... -- 749,114 -- 1,313,313 ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ........ 4,053,824 1,596,491 7,627,250 (4,726,399) ---------- ---------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ................... 10,827,242 7,987,339 7,926,747 8,443,750 Transfers between funds ....................... 5,551,070 21,241,915 976,259 14,403,019 Surrenders (note 6) ........................... (1,133,928) (174,005) (1,116,898) (3,158,781) Death benefits (note 4) ....................... (243,859) (3,737) (22,411) (24,199) Policy loans (net of repayments) (note 5) ..... (175,703) (104,950) (79,435) (857,720) Deductions for surrender charges (note 2d) .... (128,782) (12,525) (126,848) (227,374) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) .......................... (1,836,228) (1,280,345) (2,302,748) (2,063,299) Asset charges (note 3): FPVUL & VEL contracts ...................... (39,729) (21,609) (66,522) (64,900) MSP contracts .............................. (1,750) (885) (3,135) (3,974) SL contracts ............................... (27,522) (5,501) (9,740) (7,937) ---------- ---------- ---------- ---------- Net equity transactions ................. 12,790,811 27,625,697 5,175,269 16,438,585 ---------- ---------- ---------- ---------- Net change in contract owners' equity ............ 16,844,635 29,222,188 12,802,519 11,712,186 Contract owners' equity beginning of period ..................................... 77,643,757 47,341,920 67,324,279 54,407,435 ---------- ---------- ---------- ---------- Contract owners' equity end of period ............ 94,488,392 76,564,108 80,126,798 66,119,621 ========== ========== ========== ========== CHANGES IN UNITS: Beginning units ............................... 6,075,274 4,041,811 7,162,706 4,738,152 ---------- ---------- ---------- ---------- Units purchased ............................... 1,923,012 2,475,692 1,162,654 2,024,967 Units redeemed ................................ (936,203) (134,354) (593,366) (585,881) ---------- ---------- ---------- ---------- Ending units .................................. 7,062,083 6,383,149 7,731,994 6,177,238 ========== ========== ========== ==========
(Continued) 25 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
FidVIPGrS FidVIPHIS ------------------------- ----------------------- 2003 2002 2003 2002 ----------- ----------- ---------- ---------- Investment activity: Net investment income (loss) ................. $ 102,163 51,740 1,530,030 1,648,150 Realized gain (loss) on investments .......... (7,838,956) (9,037,735) (1,485,172) (829,690) Change in unrealized gain (loss) on investments ............................ 17,899,465 (10,894,768) 3,416,292 (1,572,330) Reinvested capital gains ..................... -- -- -- -- ----------- ----------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 10,162,672 (19,880,763) 3,461,150 (753,870) ----------- ----------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 9,154,017 12,390,438 1,561,853 1,224,394 Transfers between funds ...................... 1,352,629 (4,169,131) 3,382,545 981,059 Surrenders (note 6) .......................... (1,522,964) (3,025,210) (510,669) (106,232) Death benefits (note 4) ...................... (11,909) (35,136) (3,884) (10,846) Policy loans (net of repayments) (note 5) .... (237,255) (216,529) (269,875) (30,206) Deductions for surrender charges (note 2d) ... (172,966) (217,759) (57,998) (7,647) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (3,248,949) (3,689,089) (622,119) (480,745) Asset charges (note 3): FPVUL & VEL contracts ..................... (91,695) (108,752) (20,687) (14,084) MSP contracts ............................. (3,684) (5,403) (970) (1,026) SL contracts .............................. (13,234) (14,256) (2,910) (2,091) ----------- ----------- ---------- ---------- Net equity transactions ................ 5,203,990 909,173 3,455,286 1,552,576 ----------- ----------- ---------- ---------- Net change in contract owners' equity ........... 15,366,662 (18,971,590) 6,916,436 798,706 Contract owners' equity beginning of period .................................... 75,616,692 100,526,204 20,450,086 15,693,391 ----------- ----------- ---------- ---------- Contract owners' equity end of period ........... $90,983,354 81,554,614 27,366,522 16,492,097 =========== =========== ========== ========== CHANGES IN UNITS: Beginning units .............................. 8,611,026 8,121,573 2,864,859 2,276,487 ----------- ----------- ---------- ---------- Units purchased .............................. 2,074,681 1,407,835 800,328 344,792 Units redeemed ............................... (1,439,171) (1,586,961) (403,421) (121,684) ----------- ----------- ---------- ---------- Ending units ................................. 9,246,536 7,942,447 3,261,766 2,499,595 =========== =========== ========== ========== FidVIPOvS FidVIPConS ----------------------- ----------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Investment activity: Net investment income (loss) ................. 157,395 109,819 181,846 349,182 Realized gain (loss) on investments .......... 3,902,590 502,965 (2,393,913) (580,036) Change in unrealized gain (loss) on investments ............................ 458,600 (1,158,869) 8,953,163 (391,048) Reinvested capital gains ..................... -- -- -- -- ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 4,518,585 (546,085) 6,741,096 (621,902) ---------- ---------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 4,705,272 4,428,952 7,173,143 7,379,074 Transfers between funds ...................... 3,905,266 4,258,083 9,029,506 3,575,692 Surrenders (note 6) .......................... (433,382) (1,232,376) (1,685,314) (993,598) Death benefits (note 4) ...................... (3,422) (64,350) (27,905) (71,188) Policy loans (net of repayments) (note 5) .... (310,305) (24,891) 71,383 (177,233) Deductions for surrender charges (note 2d) ... (49,220) (88,708) (191,405) (71,521) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (1,006,044) (640,862) (2,644,286) (2,421,931) Asset charges (note 3): FPVUL & VEL contracts ..................... (17,806) (17,197) (86,470) (83,832) MSP contracts ............................. (552) (737) (2,136) (2,447) SL contracts .............................. (7,640) (4,180) (11,947) (10,343) ---------- ---------- ---------- ---------- Net equity transactions ................ 6,782,167 6,613,734 11,624,569 7,122,673 ---------- ---------- ---------- ---------- Net change in contract owners' equity ........... 11,300,752 6,067,649 18,365,665 6,500,771 Contract owners' equity beginning of period .................................... 21,945,750 20,544,702 56,889,026 53,489,472 ---------- ---------- ---------- ---------- Contract owners' equity end of period ........... 33,246,502 26,612,351 75,254,691 59,990,243 ========== ========== ========== ========== CHANGES IN UNITS: Beginning units .............................. 3,000,646 2,228,941 5,021,480 4,263,966 ---------- ---------- ---------- ---------- Units purchased .............................. 2,409,051 1,000,181 1,840,060 893,226 Units redeemed ............................... (1,203,462) (251,898) (662,692) (303,916) ---------- ---------- ---------- ---------- Ending units ................................. 4,206,235 2,977,224 6,198,848 4,853,276 ========== ========== ========== ==========
26 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
FidVIPInvGrB FidVIPGrOPS FidVIPMCap FidVIPValStS -------------- ----------------------- ------------- ------------------ 2003 2002 2003 2002 2003 2002 2003 2002 ------- ---- ---------- ---------- ------ ---- --------- ------ Investment activity: Net investment income (loss) ................. $ -- -- 72,218 113,312 (1) -- (218) -- Realized gain (loss) on investments .......... 514 -- (628,803) (431,420) 866 -- 39,681 (2,241) Change in unrealized gain (loss) on investments ............................ (259) -- 2,073,091 (1,815,967) (790) -- 76,065 (1,320) Reinvested capital gains ..................... -- -- -- -- -- -- -- -- ------- ---- ---------- ---------- ------ ---- --------- ------ Net increase (decrease) in contract owners' equity resulting from operations ....... 255 -- 1,516,506 (2,134,075) 75 -- 115,528 (3,561) ------- ---- ---------- ---------- ------ ---- --------- ------ Equity transactions: Purchase payments received from contract owners (note 6) .................. 1,381 -- 1,487,002 2,052,297 460 -- 97,164 50 Transfers between funds ...................... 80,019 -- 32,590 174,854 35,399 -- 1,260,904 14,696 Surrenders (note 6) .......................... -- -- (319,688) (254,120) -- -- (70,409) -- Death benefits (note 4) ...................... -- -- (17,510) (25,515) -- -- -- -- Policy loans (net of repayments) (note 5) .... -- -- (3,549) (42,165) -- -- (326) -- Deductions for surrender charges (note 2d) ... -- -- (36,308) (18,292) -- -- (7,997) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (1,272) -- (534,398) (650,884) (289) -- (29,340) (43) Asset charges (note 3): FPVUL & VEL contracts ..................... (38) -- (18,842) (21,101) (12) -- (834) (5) MSP contracts ............................. -- -- (802) (1,212) -- -- (14) -- SL contracts .............................. -- -- (2,779) (2,799) -- -- (31) -- ------- ---- ---------- ---------- ------ ---- --------- ------ Net equity transactions ................ 80,090 -- 585,716 1,211,063 35,558 -- 1,249,117 14,698 ------- ---- ---------- ---------- ------ ---- --------- ------ Net change in contract owners' equity ........... 80,345 -- 2,102,222 (923,012) 35,633 -- 1,364,645 11,137 Contract owners' equity beginning of period .................................... -- -- 11,288,845 14,897,225 -- -- 153,880 -- ------- ---- ---------- ---------- ------ ---- --------- ------ Contract owners' equity end of period ........... $80,345 -- 13,391,067 13,974,213 35,633 -- 1,518,525 11,137 ======= ==== ========== ========== ====== ==== ========= ====== CHANGES IN UNITS: Beginning units .............................. -- -- 1,624,590 1,683,078 -- -- 20,494 -- ------- ---- ---------- ---------- ------ ---- --------- ------ Units purchased .............................. 8,033 -- 352,589 307,647 3,246 -- 158,140 1,273 Units redeemed ............................... (129) -- (273,616) (160,769) (27) -- (12,119) (5) ------- ---- ---------- ---------- ------ ---- --------- ------ Ending units ................................. 7,904 -- 1,703,563 1,829,956 3,219 -- 166,515 1,268 ======= ==== ========== ========== ====== ==== ========= ======
(Continued) 27 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
FTVIPFRDiv FTVIPSmCpVal FTVIPFS FTVIPFS2 --------------- ------------ -------------- ---------------- 2003 2002 2003 2002 2003 2002 2003 2002 -------- ---- ----- ---- ------- ---- --------- ---- Investment activity: Net investment income (loss) ................. $ 3,739 -- 2 -- 1,339 -- 61,356 -- Realized gain (loss) on investments .......... (6) -- 180 -- 7,575 -- (570) -- Change in unrealized gain (loss) on investments ............................ (21,096) -- (20) -- (4,976) -- 195,767 -- Reinvested capital gains ..................... 11,381 -- -- -- -- -- -- -- -------- ---- ----- ---- ------- ---- --------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... (5,982) -- 162 -- 3,938 -- 256,553 -- -------- ---- ----- ---- ------- ---- --------- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 153 -- -- -- 994 -- 70,750 -- Transfers between funds ...................... 455,710 -- 7,875 -- 163,587 -- 3,172,299 -- Surrenders (note 6) .......................... -- -- -- -- -- -- (259) -- Death benefits (note 4) ...................... -- -- -- -- -- -- -- -- Policy loans (net of repayments) (note 5) .... -- -- -- -- -- -- (468) -- Deductions for surrender charges (note 2d) ... -- -- -- -- -- -- (29) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (546) -- (12) -- (79) -- (16,296) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (39) -- (1) -- (17) -- -- -- MSP contracts ............................. -- -- -- -- -- -- -- -- SL contracts .............................. (28) -- -- -- -- -- -- -- -------- ---- ----- ---- ------- ---- --------- ---- Net equity transactions ................ 455,250 -- 7,862 -- 164,485 -- 3,225,997 -- -------- ---- ----- ---- ------- ---- --------- ---- Net change in contract owners' equity ........... 449,268 -- 8,024 -- 168,423 -- 3,482,550 -- Contract owners' equity beginning of period .................................... -- -- -- -- -- -- 139,429 -- -------- ---- ----- ---- ------- ---- --------- ---- Contract owners' equity end of period ........... $449,268 -- 8,024 -- 168,423 -- 3,621,979 -- ======== ==== ===== ==== ======= ==== ========= ==== CHANGES IN UNITS: Beginning units .............................. -- -- -- -- -- -- 14,717 -- -------- ---- ----- ---- ------- ---- --------- ---- Units purchased .............................. 42,662 -- 728 -- 15,632 -- 345,738 -- Units redeemed ............................... (58) -- (2) -- (9) -- (4,416) -- -------- ---- ----- ---- ------- ---- --------- ---- Ending units ................................. 42,604 -- 726 -- 15,623 -- 356,039 -- ======== ==== ===== ==== ======= ==== ========= ====
28 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
GVITEmMrkts GVITGlFin ---------------------- --------------- 2003 2002 2003 2002 ---------- --------- ------- ----- Investment activity: Net investment income (loss) .................. $ 4,509 529 (48) -- Realized gain (loss) on investments ........... 108,975 5,323 (3,490) -- Change in unrealized gain (loss) on investments ............................. 148,163 (112,413) 42,243 (53) Reinvested capital gains ...................... -- -- -- -- ---------- --------- ------- ----- Net increase (decrease) in contract owners' equity resulting from operations ........ 261,647 (106,561) 38,705 (53) ---------- --------- ------- ----- Equity transactions: Purchase payments received from contract owners (note 6) ................... 228,359 179,325 122,592 83 Transfers between funds ....................... 129,808 827,240 397,175 5,987 Surrenders (note 6) ........................... (83,452) (31,251) (26,506) -- Death benefits (note 4) ....................... -- (26) -- -- Policy loans (net of repayments) (note 5) ..... (5,856) (1,765) 2,207 -- Deductions for surrender charges (note 2d) .... (9,478) (2,249) (3,010) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) .......................... (72,143) (51,125) (12,413) (21) Asset charges (note 3): FPVUL & VEL contracts ...................... (2,150) (1,643) (447) (1) MSP contracts .............................. -- (17) -- -- SL contracts ............................... (411) (413) (115) -- ---------- --------- ------- ----- Net equity transactions ................. 184,677 918,076 479,483 6,048 ---------- --------- ------- ----- Net change in contract owners' equity ............ 446,324 811,515 518,188 5,995 Contract owners' equity beginning of period ..................................... 1,328,658 1,032,206 135,719 -- ---------- --------- ------- ----- Contract owners' equity end of period ............ $1,774,982 1,843,721 653,907 5,995 ========== ========= ======= ===== CHANGES IN UNITS: Beginning units ............................... 189,897 124,968 15,666 -- ---------- --------- ------- ----- Units purchased ............................... 49,921 110,836 52,846 630 Units redeemed ................................ (21,401) (6,746) (2,070) (2) ---------- --------- ------- ----- Ending units .................................. 218,417 229,058 66,442 628 ========== ========= ======= ===== GVITGIHlth GVITGITech ------------------ --------------------- 2003 2002 2003 2002 --------- ------ --------- --------- Investment activity: Net investment income (loss) .................. (194) -- (889) 7,902 Realized gain (loss) on investments ........... 17,044 -- (161,068) (418,704) Change in unrealized gain (loss) on investments ............................. 132,749 (102) 558,574 (102,276) Reinvested capital gains ...................... -- -- -- -- --------- ------ --------- --------- Net increase (decrease) in contract owners' equity resulting from operations ........ 149,599 (102) 396,617 (513,078) --------- ------ --------- --------- Equity transactions: Purchase payments received from contract owners (note 6) ................... 158,073 116 229,679 238,381 Transfers between funds ....................... 643,584 12,319 773,939 230,793 Surrenders (note 6) ........................... (11,926) -- (34,303) (5,478) Death benefits (note 4) ....................... -- -- -- (49) Policy loans (net of repayments) (note 5) ..... (6,111) -- (19,729) (4,671) Deductions for surrender charges (note 2d) .... (1,354) -- (3,896) (394) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) .......................... (17,884) (37) (80,027) (63,031) Asset charges (note 3): FPVUL & VEL contracts ...................... (524) (1) (2,401) (1,943) MSP contracts .............................. (1) -- (117) (52) SL contracts ............................... (236) -- (206) (216) --------- ------ --------- --------- Net equity transactions ................. 763,621 12,397 862,939 393,340 --------- ------ --------- --------- Net change in contract owners' equity ............ 913,220 12,295 1,259,556 (119,738) Contract owners' equity beginning of period ..................................... 207,955 -- 1,233,804 1,183,866 --------- ------ --------- --------- Contract owners' equity end of period ............ 1,121,175 12,295 2,493,360 1,064,128 ========= ====== ========= ========= CHANGES IN UNITS: Beginning units ............................... 24,935 -- 626,247 343,645 --------- ------ --------- --------- Units purchased ............................... 85,069 1,387 502,676 171,117 Units redeemed ................................ (3,518) (4) (122,175) (60,393) --------- ------ --------- --------- Ending units .................................. 106,486 1,383 1,006,748 454,369 ========= ====== ========= =========
(Continued) 29 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
GVITGlUtl GVITGvtBd ---------------- ------------------------- 2003 2002 2003 2002 -------- ----- ----------- ----------- Investment activity: Net investment income (loss) .................. $ 143 13 4,349,324 3,196,257 Realized gain (loss) on investments ........... 573 1,861 1,905,771 996,421 Change in unrealized gain (loss) on investments ............................. 24,612 (38) 456,621 1,590,492 Reinvested capital gains ...................... -- -- 303,327 156,994 -------- ----- ----------- ----------- Net increase (decrease) in contract owners' equity resulting from operations ........ 25,328 1,836 7,015,043 5,940,164 -------- ----- ----------- ----------- Equity transactions: Purchase payments received from contract owners (note 6) ................... 32,753 6 25,859,680 23,044,305 Transfers between funds ....................... 227,308 3,692 1,166,302 23,569,678 Surrenders (note 6) ........................... (443) -- (5,424,250) (2,220,120) Death benefits (note 4) ....................... -- -- (57,154) (213,068) Policy loans (net of repayments) (note 5) ..... (29) -- (533,469) (1,600,622) Deductions for surrender charges (note 2d) .... (50) -- (616,043) (159,808) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) .......................... (9,369) (40) (4,216,125) (2,454,537) Asset charges (note 3): FPVUL & VEL contracts ...................... (283) (1) (68,636) (39,390) MSP contracts .............................. -- -- (11,332) (7,705) SL contracts ............................... (71) -- (34,460) (8,749) -------- ----- ----------- ----------- Net equity transactions ................. 249,816 3,657 16,064,513 39,909,984 -------- ----- ----------- ----------- Net change in contract owners' equity ............ 275,144 5,493 23,079,556 45,850,148 Contract owners' equity beginning of period ..................................... 94,799 -- 216,240,237 119,060,794 -------- ----- ----------- ----------- Contract owners' equity end of period ............ $369,943 5,493 239,319,793 164,910,942 ======== ===== =========== =========== CHANGES IN UNITS: Beginning units ............................... 10,923 -- 15,832,361 9,568,683 -------- ----- ----------- ----------- Units purchased ............................... 28,842 593 4,198,374 3,680,351 Units redeemed ................................ (1,318) (4) (2,743,487) (527,972) -------- ----- ----------- ----------- Ending units .................................. 38,447 589 17,287,248 12,721,062 ======== ===== =========== =========== GVITGrowth GVITIDAgg ----------------------- ------------------- 2003 2002 2003 2002 ---------- ---------- --------- ------- Investment activity: Net investment income (loss) .................. (2,075) (2,890) 14,280 1,163 Realized gain (loss) on investments ........... (3,351,501) (929,409) (4,053) 28 Change in unrealized gain (loss) on investments ............................. 5,161,206 (1,801,409) 232,930 (16,185) Reinvested capital gains ...................... -- -- -- 48 ---------- ---------- --------- ------- Net increase (decrease) in contract owners' equity resulting from operations ........ 1,807,630 (2,733,708) 243,157 (14,946) ---------- ---------- --------- ------- Equity transactions: Purchase payments received from contract owners (note 6) ................... 1,881,154 2,367,590 470,888 67,251 Transfers between funds ....................... (280,200) (241,091) 1,245,656 236,324 Surrenders (note 6) ........................... (460,442) (321,217) (11,648) -- Death benefits (note 4) ....................... (8,507) (12,752) (25) -- Policy loans (net of repayments) (note 5) ..... 34,924 (53,058) (1,477) 377 Deductions for surrender charges (note 2d) .... (52,293) (23,122) (1,323) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) .......................... (828,778) (903,396) (149,523) (9,726) Asset charges (note 3): FPVUL & VEL contracts ...................... (25,251) (28,795) (4,420) (303) MSP contracts .............................. (1,152) (1,636) (17) -- SL contracts ............................... (2,419) (2,756) (106) (42) ---------- ---------- --------- ------- Net equity transactions ................. 257,036 779,767 1,548,005 293,881 ---------- ---------- --------- ------- Net change in contract owners' equity ............ 2,064,666 (1,953,941) 1,791,162 278,935 Contract owners' equity beginning of period ..................................... 11,948,427 15,309,472 1,360,871 -- ---------- ---------- --------- ------- Contract owners' equity end of period ............ 14,013,093 13,355,531 3,152,033 278,935 ========== ========== ========= ======= CHANGES IN UNITS: Beginning units ............................... 2,437,525 2,226,501 163,357 -- ---------- ---------- --------- ------- Units purchased ............................... 405,461 398,686 197,880 30,489 Units redeemed ................................ (349,876) (275,747) (19,952) (1,117) ---------- ---------- --------- ------- Ending units .................................. 2,493,110 2,349,440 341,285 29,372 ========== ========== ========= =======
30 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
GVITIDCon GVITIDMod -------------------- ------------------- 2003 2002 2003 2002 ---------- ------- --------- ------- Investment activity: Net investment income (loss) ................. $ 32,892 1,412 57,918 3,634 Realized gain (loss) on investments .......... (4,217) 426 (5,613) 51 Change in unrealized gain (loss) on investments ............................ 85,933 (4,298) 499,502 (24,444) Reinvested capital gains ..................... -- 2 -- 2 ---------- ------- --------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... 114,608 (2,458) 551,807 (20,757) ---------- ------- --------- ------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 509,440 3,559 1,697,668 30,557 Transfers between funds ...................... 616,024 326,010 3,293,418 839,062 Surrenders (note 6) .......................... (10,081) -- (73,165) -- Death benefits (note 4) ...................... -- -- (15) -- Policy loans (net of repayments) (note 5) .... (13,485) -- (38,587) (7) Deductions for surrender charges (note 2d) ... (1,145) -- (8,309) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (123,752) (2,893) (336,360) (17,725) Asset charges (note 3): FPVUL & VEL contracts ..................... (3,078) (194) (10,295) (582) MSP contracts ............................. (725) -- (500) (17) SL contracts .............................. (712) -- (1,359) -- ---------- ------- --------- ------- Net equity transactions ................ 972,486 326,482 4,522,496 851,288 ---------- ------- --------- ------- Net change in contract owners' equity ........... 1,087,094 324,024 5,074,303 830,531 Contract owners' equity beginning of period ..... 2,102,970 -- 3,722,748 -- ---------- ------- --------- ------- Contract owners' equity end of period ........... $3,190,064 324,024 8,797,051 830,531 ========== ======= ========= ======= CHANGES IN UNITS: Beginning units .............................. 209,267 -- 407,326 -- ---------- ------- --------- ------- Units purchased .............................. 114,637 32,686 531,808 87,528 Units redeemed ............................... (18,434) (307) (46,861) (1,855) ---------- ------- --------- ------- Ending units ................................. 305,470 32,379 892,273 85,673 ========== ======= ========= ======= GVITIDModAgg GVITIDModCon ------------------- ------------------- 2003 2002 2003 2002 --------- ------- --------- ------- Investment activity: Net investment income (loss) ................. 46,873 2,466 60,159 2,652 Realized gain (loss) on investments .......... (20,980) 262 (15,470) (6) Change in unrealized gain (loss) on investments ............................ 698,299 (28,160) 288,723 (12,026) Reinvested capital gains ..................... -- 25 -- 4 --------- ------- --------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... 724,192 (25,407) 333,412 (9,376) --------- ------- --------- ------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 1,601,913 69,420 1,477,753 2,597 Transfers between funds ...................... 3,205,179 635,137 1,362,965 587,374 Surrenders (note 6) .......................... (10,479) -- (16,406) -- Death benefits (note 4) ...................... -- -- -- -- Policy loans (net of repayments) (note 5) .... 31,865 (658) 18,691 -- Deductions for surrender charges (note 2d) ... (1,190) -- (1,863) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (362,610) (17,180) (208,030) (3,075) Asset charges (note 3): FPVUL & VEL contracts ..................... (9,139) (340) (6,190) (76) MSP contracts ............................. (1,032) (26) (720) (46) SL contracts .............................. (848) (110) (2,679) (18) --------- ------- --------- ------- Net equity transactions ................ 4,453,659 686,243 2,623,521 586,756 --------- ------- --------- ------- Net change in contract owners' equity ........... 5,177,851 660,836 2,956,933 577,380 Contract owners' equity beginning of period ..... 3,448,176 -- 4,086,566 -- --------- ------- --------- ------- Contract owners' equity end of period ........... 8,626,027 660,836 7,043,499 577,380 ========= ======= ========= ======= CHANGES IN UNITS: Beginning units .............................. 396,964 -- 423,829 -- --------- ------- --------- ------- Units purchased .............................. 553,794 70,794 293,630 58,866 Units redeemed ............................... (43,936) (1,930) (27,521) (322) --------- ------- --------- ------- Ending units ................................. 906,822 68,864 689,938 58,544 ========= ======= ========= =======
(Continued) 31 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
GVITIntGro GVITMyMkt ------------------- -------------------------- 2003 2002 2003 2002 --------- ------- ----------- ------------ Investment activity: Net investment income (loss) ................. $ (508) (165) 756,445 2,473,243 Realized gain (loss) on investments .......... 139,124 (25,843) -- -- Change in unrealized gain (loss) on investments ............................ (56) 20,625 -- -- Reinvested capital gains ..................... -- -- -- -- --------- ------- ----------- ------------ Net increase (decrease) in contract owners' equity resulting from operations ....... 138,560 (5,383) 756,445 2,473,243 --------- ------- ----------- ------------ Equity transactions: Purchase payments received from contract owners (note 6) .................. 211,305 70,471 51,302,869 199,155,414 Transfers between funds ...................... 15,833 334,121 (73,934,776) (199,853,656) Surrenders (note 6) .......................... (40,769) (134) (16,121,417) (17,744,595) Death benefits (note 4) ...................... -- -- (209,214) (79,216) Policy loans (net of repayments) (note 5) .... (794) (162) (2,053,421) (7,377,601) Deductions for surrender charges (note 2d) ... (4,630) (10) (1,830,942) (1,277,284) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (340,529) (13,659) (5,838,971) (11,213,238) Asset charges (note 3): FPVUL & VEL contracts ..................... (942) (411) (250,180) (224,517) MSP contracts ............................. (7) (3) (11,118) (13,798) SL contracts .............................. (86) (35) (52,776) (45,413) --------- ------- ----------- ------------ Net equity transactions ................ (160,619) 390,178 (48,999,946) (38,673,904) --------- ------- ----------- ------------ Net change in contract owners' equity ........... (22,059) 384,795 (48,243,501) (36,200,661) Contract owners' equity beginning of period ..... 643,696 282,885 250,677,064 496,469,290 --------- ------- ----------- ------------ Contract owners' equity end of period ........... $ 621,637 667,680 202,433,563 460,268,629 ========= ======= =========== =========== CHANGES IN UNITS: Beginning units .............................. 128,905 42,921 20,878,155 42,392,789 --------- ------- ----------- ------------ Units purchased .............................. 52,715 68,776 6,296,521 16,979,015 Units redeemed ............................... (62,767) (2,233) (10,320,466) (20,432,381) --------- ------- ----------- ------------ Ending units ................................. 118,853 109,464 16,854,210 38,939,423 ========= ======= =========== ============ GVITMyMkt5 GVITLead ------------------ ---------------- 2003 2002 2003 2002 ----------- ---- ------- ------ Investment activity: Net investment income (loss) ................. 810,105 -- 408 -- Realized gain (loss) on investments .......... -- -- (3,076) (1) Change in unrealized gain (loss) on investments ............................ -- -- 21,937 (696) Reinvested capital gains ..................... -- -- -- -- ----------- ---- ------- ------ Net increase (decrease) in contract owners' equity resulting from operations ....... 810,105 -- 19,269 (697) ----------- ---- ------- ------ Equity transactions: Purchase payments received from contract owners (note 6) .................. 83,547,364 -- 40,026 1,401 Transfers between funds ...................... (39,320,923) -- 93,336 48,488 Surrenders (note 6) .......................... (1,201,899) -- (2,114) -- Death benefits (note 4) ...................... (8,527) -- -- -- Policy loans (net of repayments) (note 5) .... 751,319 -- (4,962) 67 Deductions for surrender charges (note 2d) ... (136,502) -- (240) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (3,952,382) -- (7,635) (366) Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- (320) (15) MSP contracts ............................. -- -- -- -- SL contracts .............................. -- -- (5) -- ----------- ---- ------- ------ Net equity transactions ................ 39,678,450 -- 118,086 49,575 ----------- ---- ------- ------ Net change in contract owners' equity ........... 40,488,555 -- 137,355 48,878 Contract owners' equity beginning of period ..... 263,553,933 -- 128,401 -- ----------- ---- ------- ------ Contract owners' equity end of period ........... 304,042,488 -- 265,756 48,878 =========== ==== ======= ====== CHANGES IN UNITS: Beginning units .............................. 26,310,238 -- 15,191 -- ----------- ---- ------- ------ Units purchased .............................. 14,825,566 -- 16,637 5,070 Units redeemed ............................... (10,865,108) -- (2,427) (39) ----------- ---- ------- ------ Ending units ................................. 30,270,696 -- 29,401 5,031 =========== ==== ======= ======
32 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
NWGVITStrVal GVITSmCapGr ---------------------- ----------------------- 2003 2002 2003 2002 ---------- --------- ---------- ---------- Investment activity: Net investment income (loss) ................. $ (121) (1,151) (7,442) (6,552) Realized gain (loss) on investments .......... (174,745) (49,160) (181,385) (1,156,072) Change in unrealized gain (loss) on investments ............................ 435,044 (308,931) 2,070,666 (1,472,098) Reinvested capital gains ..................... -- -- -- -- ---------- --------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 260,178 (359,242) 1,881,839 (2,634,722) ---------- --------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 74,708 104,190 1,835,205 1,785,127 Transfers between funds ...................... 32,739 371,358 356,644 4,795,321 Surrenders (note 6) .......................... (7,894) (72,797) (308,482) (112,649) Death benefits (note 4) ...................... -- (348) (65) (5,938) Policy loans (net of repayments) (note 5) .... (1,961) (21,191) (29,038) (52,641) Deductions for surrender charges (note 2d) ... (896) (5,240) (35,035) (8,109) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (44,658) (49,821) (1,320,155) (445,091) Asset charges (note 3): FPVUL & VEL contracts ..................... (1,424) (2,074) (14,145) (13,755) MSP contracts ............................. (198) (259) (238) (492) SL contracts .............................. (203) (286) (3,949) (2,110) ---------- --------- ---------- ---------- Net equity transactions ................ 50,213 323,532 480,742 5,939,663 ---------- --------- ---------- ---------- Net change in contract owners' equity ........... 310,391 (35,710) 2,362,581 3,304,941 Contract owners' equity beginning of period .................................... 1,514,852 2,052,897 11,395,584 10,404,942 ---------- --------- ---------- ---------- Contract owners' equity end of period ........... $1,825,243 2,017,187 13,758,165 13,709,883 ========== ========= ========== ========== CHANGES IN UNITS: Beginning units .............................. 202,694 205,945 1,119,506 680,832 ---------- --------- ---------- ---------- Units purchased .............................. 23,996 51,002 276,960 483,281 Units redeemed ............................... (13,516) (18,131) (228,658) (48,953) ---------- --------- ---------- ---------- Ending units ................................. 213,174 238,816 1,167,808 1,115,160 ========== ========= ========== ========== GVITSmCapVal GVITSmComp ----------------------- ----------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Investment activity: Net investment income (loss) ................. (36,984) (32,932) (62,893) (52,686) Realized gain (loss) on investments .......... (3,237,682) 26,397 (1,757,060) (1,168,029) Change in unrealized gain (loss) on investments ............................ 12,226,640 (8,875,669) 10,401,651 (1,493,315) Reinvested capital gains ..................... -- 1,237,982 -- -- ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 8,951,974 (7,644,222) 8,581,698 (2,714,030) ---------- ---------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 6,076,440 7,595,504 7,341,262 8,393,261 Transfers between funds ...................... 201,033 14,390,281 1,563,478 6,484,077 Surrenders (note 6) .......................... (1,214,350) (446,147) (502,895) (346,721) Death benefits (note 4) ...................... (2,961) (74,027) (10,725) (30,365) Policy loans (net of repayments) (note 5) .... 89,554 (1,157,358) (126,109) (451,075) Deductions for surrender charges (note 2d) ... (137,916) (32,114) (57,115) (24,957) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (1,539,937) (1,585,534) (1,463,617) (1,418,472) Asset charges (note 3): FPVUL & VEL contracts ..................... (48,408) (54,298) (38,682) (38,633) MSP contracts ............................. (1,600) (2,223) (1,317) (1,582) SL contracts .............................. (9,161) (7,872) (6,572) (6,643) ---------- ---------- ---------- ---------- Net equity transactions ................ 3,412,694 18,626,212 6,697,708 12,558,890 ---------- ---------- ---------- ---------- Net change in contract owners' equity ........... 12,364,668 10,981,990 15,279,406 9,844,860 Contract owners' equity beginning of period .................................... 44,710,049 42,061,592 49,304,733 43,707,056 ---------- ---------- ---------- ---------- Contract owners' equity end of period ........... 57,074,717 53,043,582 64,584,139 53,551,916 ========== ========== ========== ========== CHANGES IN UNITS: Beginning units .............................. 3,651,086 2,432,336 4,334,554 3,124,946 ---------- ---------- ---------- ---------- Units purchased .............................. 748,308 1,339,310 1,070,858 1,069,303 Units redeemed ............................... (468,588) (206,633) (383,433) (164,889) ---------- ---------- ---------- ---------- Ending units ................................. 3,930,806 3,565,013 5,021,979 4,029,360 ========== ========== ========== ==========
(Continued) 33 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
GVITTotRt GVITUSGro -------------------------- ------------------ 2003 2002 2003 2002 ------------ ----------- --------- ------ Investment activity: Net investment income (loss) ................. $ 658,594 404,397 (311) -- Realized gain (loss) on investments .......... (17,193,853) (1,719,802) 83,274 -- Change in unrealized gain (loss) on investments ............................ 39,116,191 (8,334,945) 155,904 (1,060) Reinvested capital gains ..................... -- -- -- -- ------------ ----------- --------- ------ Net increase (decrease) in contract owners' equity resulting from operations ....... 22,580,932 (9,650,350) 238,867 (1,060) ------------ ----------- --------- ------ Equity transactions: Purchase payments received from contract owners (note 6) .................. 4,183,451 4,919,043 88,142 1,152 Transfers between funds ...................... 23,521,820 32,391,644 1,607,869 39,702 Surrenders (note 6) .......................... (817,961) (665,298) (16,758) -- Death benefits (note 4) ...................... (19,643) (47,036) -- -- Policy loans (net of repayments) (note 5) .... (82,902) (193,545) 1,896 -- Deductions for surrender charges (note 2d) ... (92,897) (47,889) (1,903) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (3,031,157) (2,996,523) (36,202) (85) Asset charges (note 3): FPVUL & VEL contracts ..................... (69,104) (75,246) (1,544) (2) MSP contracts ............................. (5,203) (6,427) (22) -- SL contracts .............................. (5,905) (5,922) (52) -- ------------ ----------- --------- ------ Net equity transactions ................ 23,580,499 33,272,801 1,641,426 40,767 ------------ ----------- --------- ------ Net change in contract owners' equity ........... 46,161,431 23,622,451 1,880,293 39,707 Contract owners' equity beginning of period .................................... 152,004,356 120,541,130 401,922 -- ------------ ----------- --------- ------ Contract owners' equity end of period ........... $198,165,787 144,163,581 2,282,215 39,707 ============ =========== ========= ====== CHANGES IN UNITS: Beginning units .............................. 19,713,536 12,722,718 48,858 -- ------------ ----------- --------- ------ Units purchased .............................. 3,850,811 4,041,134 175,669 4,514 Units redeemed ............................... (566,680) (443,327) (6,076) (9) ------------ ----------- --------- ------ Ending units ................................. 22,997,667 16,320,525 218,451 4,505 ============ =========== ========= ====== GVITWLead GSMCV ----------------------- ----------- 2003 2002 2003 2002 --------- ----------- ---- ---- Investment activity: Net investment income (loss) ................. (1,256) 325,793 -- -- Realized gain (loss) on investments .......... (478,707) (8,129,244) 6 -- Change in unrealized gain (loss) on investments ............................ 769,609 7,929,242 20 -- Reinvested capital gains ..................... -- -- -- -- --------- ----------- ---- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 289,646 125,791 26 -- --------- ----------- ---- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 331,723 6,494,973 -- -- Transfers between funds ...................... (194,494) (34,349,065) (763) -- Surrenders (note 6) .......................... (101,811) (28,000) -- -- Death benefits (note 4) ...................... (177) (443) -- -- Policy loans (net of repayments) (note 5) .... (446) (1,264) -- -- Deductions for surrender charges (note 2d) ... (11,563) (2,015) -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (139,529) (285,274) 737 -- Asset charges (note 3): FPVUL & VEL contracts ..................... (4,842) (5,735) -- -- MSP contracts ............................. (133) (269) -- -- SL contracts .............................. (399) (34,986) -- -- --------- ----------- ---- ---- Net equity transactions ................ (121,671) (28,212,078) (26) -- --------- ----------- ---- ---- Net change in contract owners' equity ........... 167,975 (28,086,287) -- -- Contract owners' equity beginning of period .................................... 3,004,634 31,781,818 -- -- --------- ----------- ---- ---- Contract owners' equity end of period ........... 3,172,609 3,695,531 -- -- ========= =========== ==== ==== CHANGES IN UNITS: Beginning units .............................. 406,549 3,271,213 -- -- --------- ----------- ---- ---- Units purchased .............................. 62,011 707,326 77 -- Units redeemed ............................... (76,870) (3,581,830) (77) -- --------- ----------- ---- ---- Ending units ................................. 391,690 396,709 -- -- ========= =========== ==== ====
34 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
GSVITMidCap JPMorBal ----------------- ----------------------- 2003 2002 2003 2002 ---------- ---- ---------- ---------- Investment activity: Net investment income (loss) ................. $ (6,407) -- 150,973 148,004 Realized gain (loss) on investments .......... (4,233) -- (689,426) (119,029) Change in unrealized gain (loss) on investments ............................ 526,460 -- 2,256,082 (1,352,372) Reinvested capital gains ..................... -- -- -- -- ---------- ---- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 515,820 -- 1,717,629 (1,323,397) ---------- ---- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 1,075,998 -- 2,099,832 2,622,163 Transfers between funds ...................... 3,973,096 -- 236,914 3,036,759 Surrenders (note 6) .......................... (12,813) -- (1,276,360) (362,726) Death benefits (note 4) ...................... -- -- (11,641) (9,610) Policy loans (net of repayments) (note 5) .... (2,626) -- 2,211 (14,543) Deductions for surrender charges (note 2d) ... (1,455) -- (144,959) (26,110) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (34,520) -- (651,407) (492,724) Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- (16,374) (13,254) MSP contracts ............................. -- -- (1,398) (1,326) SL contracts .............................. -- -- (3,556) (2,664) ---------- ---- ---------- ---------- Net equity transactions ................ 4,997,680 -- 233,262 4,735,965 ---------- ---- ---------- ---------- Net change in contract owners' equity ........... 5,513,500 -- 1,950,891 3,412,568 Contract owners' equity beginning of period .................................... 72,774 -- 18,920,048 12,101,238 ---------- ---- ---------- ---------- Contract owners' equity end of period ........... $5,586,274 -- 20,870,939 15,513,806 ========== ==== ========== ========== CHANGES IN UNITS: Beginning units .............................. 7,368 -- 2,162,462 1,196,199 ---------- ---- ---------- ---------- Units purchased .............................. 521,380 -- 341,864 591,066 Units redeemed ............................... (6,384) -- (307,484) (96,783) ---------- ---- ---------- ---------- Ending units ................................. 522,364 -- 2,196,842 1,690,482 ========== ==== ========== ========== JanBal JanCapAp ---------------- ----------------------- 2003 2002 2003 2002 --------- ---- ---------- ---------- Investment activity: Net investment income (loss) ................. 18,326 -- 25,778 44,010 Realized gain (loss) on investments .......... (318) -- (1,477,882) (2,221,950) Change in unrealized gain (loss) on investments ............................ 28,676 -- 4,079,766 (202,669) Reinvested capital gains ..................... -- -- -- -- --------- ---- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 46,684 -- 2,627,662 (2,380,609) --------- ---- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 272,101 -- 3,542,719 5,209,924 Transfers between funds ...................... 1,913,197 -- 235,551 483,343 Surrenders (note 6) .......................... (19,923) -- (538,526) (556,941) Death benefits (note 4) ...................... -- -- (10,415) (3,268) Policy loans (net of repayments) (note 5) .... (3) -- (41,958) (133,568) Deductions for surrender charges (note 2d) ... (2,263) -- (61,162) (40,089) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (10,065) -- (1,287,359) (1,291,443) Asset charges (note 3): FPVUL & VEL contracts ..................... (11) -- (37,200) (37,899) MSP contracts ............................. -- -- (1,033) (1,337) SL contracts .............................. -- -- (5,259) (5,092) --------- ---- ---------- ---------- Net equity transactions ................ 2,153,033 -- 1,795,358 3,623,630 --------- ---- ---------- ---------- Net change in contract owners' equity ........... 2,199,717 -- 4,423,020 1,243,021 Contract owners' equity beginning of period .................................... 9,803 -- 28,913,142 30,630,149 --------- ---- ---------- ---------- Contract owners' equity end of period ........... 2,209,520 -- 33,336,162 31,873,170 ========= ==== ========== ========== CHANGES IN UNITS: Beginning units .............................. 977 -- 5,364,244 4,769,570 --------- ---- ---------- ---------- Units purchased .............................. 208,107 -- 847,173 1,010,908 Units redeemed ............................... (1,190) -- (512,487) (435,065) --------- ---- ---------- ---------- Ending units ................................. 207,894 -- 5,698,930 5,345,413 ========= ==== ========== ==========
(Continued) 35 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
JanGITech JanIntGro ------------------------ ----------------------- 2003 2002 2003 2002 ----------- ---------- ---------- ---------- Investment activity: Net investment income (loss) ................. $ (3,970) (6,055) 231,865 100,905 Realized gain (loss) on investments .......... (1,460,395) (3,218,745) 347,609 (759,789) Change in unrealized gain (loss) on investments ............................ 3,332,600 (1,786,501) 1,389,516 (3,501,754) Reinvested capital gains ..................... -- -- -- -- ----------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 1,868,235 (5,011,301) 1,968,990 (4,160,638) ----------- ---------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 1,914,324 2,476,558 3,531,865 5,302,795 Transfers between funds ...................... (1,068,281) (191,799) (5,844,641) 2,135,797 Surrenders (note 6) .......................... (249,265) (621,466) (430,229) (441,539) Death benefits (note 4) ...................... (3,379) (19,830) (8,143) (4,260) Policy loans (net of repayments) (note 5) .... (21,960) 76,592 (29,524) (47,785) Deductions for surrender charges (note 2d) ... (28,309) (44,734) (48,862) (31,783) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (594,238) (732,440) (1,064,487) (1,186,667) Asset charges (note 3): FPVUL & VEL contracts ..................... (17,205) (21,079) (27,599) (32,563) MSP contracts ............................. (348) (467) (676) (1,018) SL contracts .............................. (2,866) (3,406) (3,843) (4,073) ----------- ---------- ---------- ---------- Net equity transactions ................ (71,527) 917,929 (3,926,139) 5,688,904 ----------- ---------- ---------- ---------- Net change in contract owners' equity ........... 1,796,708 (4,093,372) (1,957,149) 1,528,266 Contract owners' equity beginning of period .................................... 10,287,472 15,892,415 31,942,807 33,830,428 ----------- ---------- ---------- ---------- Contract owners' equity end of period ........... $12,084,180 11,799,043 29,985,658 35,358,694 =========== ========== ========== ========== CHANGES IN UNITS: Beginning units .............................. 4,230,880 3,857,628 6,832,396 5,358,130 ----------- ---------- ---------- ---------- Units purchased .............................. 848,479 1,086,583 988,778 1,341,583 Units redeemed ............................... (876,605) (871,217) (1,791,408) (315,025) ----------- ---------- ---------- ---------- Ending units ................................. 4,202,754 4,072,994 6,029,766 6,384,688 =========== ========== ========== ========== JanRsLgCpCr MGVITMultiSec ------------ ------------------------ 2003 2002 2003 2002 ----- ---- ---------- ----------- Investment activity: Net investment income (loss) ................. -- -- 772,560 818,441 Realized gain (loss) on investments .......... 16 -- 324,344 (527,855) Change in unrealized gain (loss) on investments ............................ -- -- 971,216 453,363 Reinvested capital gains ..................... -- -- -- -- ----- ---- ---------- ----------- Net increase (decrease) in contract owners' equity resulting from operations ....... 16 -- 2,068,120 743,949 ----- ---- ---------- ----------- Equity transactions: Purchase payments received from contract owners (note 6) .................. -- -- 2,243,107 6,321,116 Transfers between funds ...................... 1,092 -- 4,490,598 (23,222,778) Surrenders (note 6) .......................... -- -- (397,409) (2,881,160) Death benefits (note 4) ...................... -- -- (8,076) (25,056) Policy loans (net of repayments) (note 5) .... -- -- (3,497) (46,094) Deductions for surrender charges (note 2d) ... -- -- (45,135) (207,390) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (4) -- (557,317) (549,676) Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- (12,906) (8,486) MSP contracts ............................. -- -- (1,735) (819) SL contracts .............................. -- -- (2,193) (31,724) ----- ---- ---------- ----------- Net equity transactions ................ 1,088 -- 5,705,437 (20,652,067) ----- ---- ---------- ----------- Net change in contract owners' equity ........... 1,104 -- 7,773,557 (19,908,118) Contract owners' equity beginning of period .................................... -- -- 22,443,888 39,215,767 ----- ---- ---------- ----------- Contract owners' equity end of period ........... 1,104 -- 30,217,445 19,307,649 ===== ==== ========== ========== CHANGES IN UNITS: Beginning units .............................. -- -- 1,873,291 3,491,194 ----- ---- ---------- ----------- Units purchased .............................. 104 -- 897,124 1,027,143 Units redeemed ............................... -- -- (422,207) (2,827,953) ----- ---- ---------- ----------- Ending units ................................. 104 -- 2,348,208 1,690,384 ===== ==== ========== ==========
36 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
MFSVITInvGrwl MFSVITValln NBAMTFas NBAMTGuard ------------- ------------- -------------- ----------------------- 2003 2002 2003 2002 2003 2002 2003 2002 ------ ---- ------ ---- ------- ---- ---------- ---------- Investment activity: Net investment income (loss) ................. $ (1) -- (3) -- (337) -- (9,858) 87,277 Realized gain (loss) on investments .......... -- -- (3) -- (2,490) -- (2,531,726) (372,257) Change in unrealized gain (loss) on investments ............................ (94) -- (1,589) -- 21,240 -- 4,256,030 (1,733,923) Reinvested capital gains ..................... -- -- -- -- -- -- -- -- ------ ---- ------ ---- ------- ---- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... (95) -- (1,595) -- 18,413 -- 1,714,446 (2,018,903) ------ ---- ------ ---- ------- ---- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 96 -- -- -- 25,662 -- 1,714,111 1,685,663 Transfers between funds ...................... 5,166 -- 83,453 -- 619,115 -- (4,628,677) 5,701,822 Surrenders (note 6) .......................... -- -- -- -- (1,895) -- (228,286) (58,123) Death benefits (note 4) ...................... -- -- -- -- -- -- (159) (14,924) Policy loans (net of repayments) (note 5) .... -- -- -- -- (7) -- 4,355 (42,609) Deductions for surrender charges (note 2d) ... -- -- -- -- (215) -- (25,927) (4,184) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (22) -- (35) -- (3,286) -- (375,088) (437,495) Asset charges (note 3): FPVUL & VEL contracts ..................... (0) -- (13) -- -- -- (12,445) (13,431) MSP contracts ............................. -- -- -- -- -- -- (544) (711) SL contracts .............................. -- -- -- -- -- -- (1,899) (1,854) ------ ---- ------ ---- ------- ---- ---------- ---------- Net equity transactions ................ 5,240 -- 83,405 -- 639,374 -- (3,554,559) 6,814,154 ------ ---- ------ ---- ------- ---- ---------- ---------- Net change in contract owners' equity ........... 5,145 -- 81,810 -- 657,787 -- (1,840,113) 4,795,251 Contract owners' equity beginning of period .................................... -- -- -- -- 35,726 -- 14,922,297 12,299,916 ------ ---- ------ ---- ------- ---- ---------- ---------- Contract owners' equity end of period ........... $5,145 -- 81,810 -- 693,513 -- 13,082,184 17,095,167 ====== ==== ====== ==== ======= ==== ========== ========== CHANGES IN UNITS: Beginning units .............................. -- -- -- -- 3,552 -- 1,679,893 934,874 ------ ---- ------ ---- ------- ---- ---------- ---------- Units purchased .............................. 485 -- 7,683 -- 63,270 -- 232,612 754,608 Units redeemed ............................... (2) -- (5) -- (2,667) -- (685,641) (102,994) ------ ---- ------ ---- ------- ---- ---------- ---------- Ending units ................................. 483 -- 7,678 -- 64,155 -- 1,226,864 1,586,488 ====== ==== ====== ==== ======= ==== ========== ==========
(Continued) 37 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
NBAMTLMat NBAMTMCGr --------------- ----------------------- 2003 2002 2003 2002 -------- ---- ---------- ---------- Investment activity: Net investment income (loss) ................. $ 1 -- (27,586) (41,840) Realized gain (loss) on investments .......... 105 -- (5,042,987) (1,852,062) Change in unrealized gain (loss) on investments ............................ 216 -- 9,419,353 (6,504,683) Reinvested capital gains ..................... -- -- -- -- -------- ---- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 322 -- 4,348,780 (8,398,585) -------- ---- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 11,940 -- 4,347,982 4,931,188 Transfers between funds ...................... 156,229 -- (3,339,172) 6,473,957 Surrenders (note 6) .......................... -- -- (1,175,149) (753,533) Death benefits (note 4) ...................... -- -- (5,081) (31,116) Policy loans (net of repayments) (note 5) .... -- -- (249,967) (1,236,033) Deductions for surrender charges (note 2d) ... -- -- (133,464) (54,241) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (1,182) -- (1,206,969) (1,313,514) Asset charges (note 3): FPVUL & VEL contracts ..................... (54) -- (31,380) (36,164) MSP contracts ............................. -- -- (811) (1,438) SL contracts .............................. (24) -- (4,442) (5,104) -------- ---- ---------- ---------- Net equity transactions ................ 166,909 -- (1,798,453) 7,974,002 -------- ---- ---------- ---------- Net change in contract owners' equity ........... 167,231 -- 2,550,327 (424,583) Contract owners' equity beginning of period .................................... -- -- 36,682,614 41,223,765 -------- ---- ---------- ---------- Contract owners' equity end of period ........... $167,231 -- 39,232,941 40,799,182 ======== ==== ========== ========== CHANGES IN UNITS: Beginning units .............................. -- -- 4,122,483 3,163,605 -------- ---- ---------- ---------- Units purchased .............................. 16,763 -- 1,032,110 998,007 Units redeemed ............................... (125) -- (1,099,656) (337,789) -------- ---- ---------- ---------- Ending units ................................. 16,638 -- 4,054,937 3,823,823 ======== ==== ========== ========== NBAMTPart NBAMTSocRe ----------------------- ------------ 2003 2002 2003 2002 ---------- ---------- ----- ---- Investment activity: Net investment income (loss) ................. (6,050) 54,309 -- -- Realized gain (loss) on investments .......... (471,034) (198,037) -- -- Change in unrealized gain (loss) on investments ............................ 2,322,329 (1,144,565) (34) -- Reinvested capital gains ..................... -- -- -- -- ---------- ---------- ----- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 1,845,245 (1,288,293) (34) -- ---------- ---------- ----- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 776,861 1,136,554 43 -- Transfers between funds ...................... 45,076 614,976 6,321 -- Surrenders (note 6) .......................... (247,948) (523,850) -- -- Death benefits (note 4) ...................... (8,680) (5,494) -- -- Policy loans (net of repayments) (note 5) .... 24,836 (32,666) -- -- Deductions for surrender charges (note 2d) ... (28,160) (37,708) -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (380,425) (390,745) (23) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (14,764) (16,385) (2) -- MSP contracts ............................. (706) (949) -- -- SL contracts .............................. (2,773) (3,531) -- -- ---------- ---------- ----- ---- Net equity transactions ................ 163,317 740,202 6,339 -- ---------- ---------- ----- ---- Net change in contract owners' equity ........... 2,008,562 (548,091) 6,305 -- Contract owners' equity beginning of period .................................... 10,515,078 12,166,991 -- -- ---------- ---------- ----- ---- Contract owners' equity end of period ........... 12,523,640 11,618,900 6,305 -- ========== ========== ===== ==== CHANGES IN UNITS: Beginning units .............................. 1,311,811 1,149,207 -- -- ---------- ---------- ----- ---- Units purchased .............................. 214,374 167,120 589 -- Units redeemed ............................... (199,615) (100,367) (2) -- ---------- ---------- ----- ---- Ending units ................................. 1,326,570 1,215,960 587 -- ========== ========== ===== ====
38 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
ONEMidCap ONEMidCapV ----------------------- ----------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Investment activity: Net investment income (loss) ................. $ (1,474) -- 1,940 -- Realized gain (loss) on investments .......... (3,433) -- 184 -- Change in unrealized gain (loss) on investments ............................ 118,709 -- 45,432 -- Reinvested capital gains ..................... -- -- -- -- ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 113,802 -- 47,556 -- ---------- ---------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 114,076 -- 48,258 -- Transfers between funds ...................... 721,678 -- 97,241 -- Surrenders (note 6) .......................... (1,222) -- (1,218) -- Death benefits (note 4) ...................... -- -- -- -- Policy loans (net of repayments) (note 5) .... (7) -- -- -- Deductions for surrender charges (note 2d) ... (139) -- (138) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (12,140) -- (9,803) -- Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- -- -- MSP contracts ............................. -- -- -- -- SL contracts .............................. -- -- -- -- ---------- ---------- ---------- ---------- Net equity transactions ................ 822,246 -- 134,340 -- ---------- ---------- ---------- ---------- Net change in contract owners' equity ........... 936,048 -- 181,896 -- Contract owners' equity beginning of period .................................... 200,800 -- 386,963 -- ---------- ---------- ---------- ---------- Contract owners' equity end of period ........... $1,136,848 -- 568,859 -- ========== ========== ========== ========== CHANGES IN UNITS: Beginning units .............................. 19,940 -- 39,000 -- ---------- --- ---------- ---------- Units purchased .............................. 85,040 -- 14,753 -- Units redeemed ............................... (3,244) -- (1,185) -- ---------- --- ---------- ---------- Ending units ................................. 101,736 -- 52,568 -- ========== ========== ========== ========== OppAggGro OppCapAp ------------------------ ------------------------ 2003 2002 2003 2002 ---------- ----------- ---------- ----------- Investment activity: Net investment income (loss) ................. (43,623) 288,505 267,931 355,319 Realized gain (loss) on investments .......... (5,542,734) (9,788,326) (4,454,170) (6,010,763) Change in unrealized gain (loss) on investments ............................ 12,284,486 (1,360,434) 14,526,624 (11,470,189) Reinvested capital gains ..................... -- -- -- -- ---------- ----------- ---------- ----------- Net increase (decrease) in contract owners' equity resulting from operations ....... 6,698,129 (10,860,255) 10,340,385 (17,125,633) ---------- ----------- ---------- ----------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 6,164,491 10,471,766 13,762,304 14,525,321 Transfers between funds ...................... (1,082,713) (5,107,376) 1,533,321 4,402,361 Surrenders (note 6) .......................... (899,798) (1,010,433) (996,404) (1,612,602) Death benefits (note 4) ...................... (19,136) (19,400) (28,196) (59,677) Policy loans (net of repayments) (note 5) .... (36,956) 144,926 (131,938) (99,952) Deductions for surrender charges (note 2d) ... (102,192) (72,733) (113,164) (116,078) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (1,812,345) (2,012,311) (2,557,734) (2,541,194) Asset charges (note 3): FPVUL & VEL contracts ..................... (45,613) (48,309) (66,616) (68,706) MSP contracts ............................. (1,535) (2,283) (1,966) (2,620) SL contracts .............................. (4,721) (5,316) (8,355) (8,052) ---------- ----------- ---------- ----------- Net equity transactions ................ 2,159,482 2,338,531 11,391,252 14,418,801 ---------- ----------- ---------- ----------- Net change in contract owners' equity ........... 8,857,611 (8,521,724) 21,731,637 (2,706,832) Contract owners' equity beginning of period .................................... 46,785,166 61,353,767 74,512,312 79,018,066 ---------- ----------- ---------- ----------- Contract owners' equity end of period ........... 55,642,777 52,832,043 96,243,949 76,311,234 ========== ========== ========== =========== CHANGES IN UNITS: Beginning units .............................. 5,745,655 5,473,091 7,585,502 5,810,866 ---------- ----------- ---------- ----------- Units purchased .............................. 1,104,797 1,090,041 1,962,002 1,680,397 Units redeemed ............................... (753,843) (889,909) (730,493) (573,367) ---------- ----------- ---------- ----------- Ending units ................................. 6,096,609 5,673,223 8,817,011 6,917,896 ========== ========== ========== ===========
(Continued) 39 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
OppGlSec OppHiIncInt ------------------------ ------------ 2003 2002 2003 2002 ----------- ---------- ----- ---- Investment activity: Net investment income (loss) ................. $ 211,532 92,019 -- -- Realized gain (loss) on investments .......... (3,987,381) 60,560 657 -- Change in unrealized gain (loss) on investments ............................ 7,152,659 (1,892,660) (26) -- Reinvested capital gains ..................... -- -- -- -- ----------- ---------- ----- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 3,376,810 (1,740,081) 631 -- ----------- ---------- ----- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 3,137,432 3,374,738 140 -- Transfers between funds ...................... 1,726,284 9,000,986 6,365 -- Surrenders (note 6) .......................... (810,723) (122,913) -- -- Death benefits (note 4) ...................... (8,685) (12,622) -- -- Policy loans (net of repayments) (note 5) .... (432,839) (43,548) -- -- Deductions for surrender charges (note 2d) ... (92,075) (8,848) -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (1,051,035) (590,624) (55) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (19,454) (14,408) (1) -- MSP contracts ............................. (412) (596) -- -- SL contracts .............................. (2,660) (1,985) -- -- ----------- ---------- ----- ---- Net equity transactions ................ 2,445,833 11,580,180 6,449 -- ----------- ---------- ----- ---- Net change in contract owners' equity ........... 5,822,643 9,840,099 7,080 -- Contract owners' equity beginning of period .................................... 26,000,774 15,433,352 -- -- ----------- ---------- ----- ---- Contract owners' equity end of period ........... $31,823,417 25,273,451 7,080 -- =========== ========== ===== ==== CHANGES IN UNITS: Beginning units .............................. 3,973,943 1,833,782 -- -- ----------- ---------- ----- ---- Units purchased .............................. 807,853 1,477,523 690 -- Units redeemed ............................... (422,894) (73,485) (6) -- ----------- ---------- ----- ---- Ending units ................................. 4,358,902 3,237,820 684 -- =========== ========== ===== ==== OppMSGrInc OppMaStSmCpI ----------------------- -------------- 2003 2002 2003 2002 ---------- ---------- ------- ---- Investment activity: Net investment income (loss) ................. 291,573 188,749 1 -- Realized gain (loss) on investments .......... (1,813,797) (423,748) 384 -- Change in unrealized gain (loss) on investments ............................ 4,784,093 (2,056,686) 1,430 -- Reinvested capital gains ..................... -- -- -- -- ---------- ---------- ------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 3,261,869 (2,291,685) 1,815 -- ---------- ---------- ------- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 3,850,458 4,164,031 -- -- Transfers between funds ...................... 2,557,871 3,968,870 195,635 -- Surrenders (note 6) .......................... (614,245) (495,561) -- -- Death benefits (note 4) ...................... (11,722) (56,453) -- -- Policy loans (net of repayments) (note 5) .... (35,074) (204,585) -- -- Deductions for surrender charges (note 2d) ... (69,761) (35,671) -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (1,359,941) (1,275,615) (273) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (42,671) (40,959) (11) -- MSP contracts ............................. (1,743) (2,174) -- -- SL contracts .............................. (5,718) (4,902) (20) -- ---------- ---------- ------- ---- Net equity transactions ................ 4,267,454 6,016,981 195,331 -- ---------- ---------- ------- ---- Net change in contract owners' equity ........... 7,529,323 3,725,296 197,146 -- Contract owners' equity beginning of period .................................... 27,448,873 26,137,983 -- -- ---------- ---------- ------- ---- Contract owners' equity end of period ........... 34,978,196 29,863,279 197,146 -- ========== ========== ======= ==== CHANGES IN UNITS: Beginning units .............................. 3,375,910 2,604,263 -- -- ---------- ---------- ------- ---- Units purchased .............................. 857,795 810,630 17,699 -- Units redeemed ............................... (290,502) (198,054) (27) -- ---------- ---------- ------- ---- Ending units ................................. 3,943,203 3,216,839 17,672 -- ========== ========== ======= ====
40 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
PIMLowDur PIMRealRet PIMTotRet PionHY ----------------- ---------------- ----------------- ---------------- 2003 2002 2003 2002 2003 2002 2003 2002 ---------- ---- --------- ---- ---------- ---- --------- ---- Investment activity: Net investment income (loss) ................. $ 16,260 -- 102,739 -- 178,471 -- 43,669 -- Realized gain (loss) on investments .......... 1,472 -- 72,963 -- 14,110 -- 180,042 -- Change in unrealized gain (loss) on investments ............................ 24,783 -- 107,290 -- 361,265 -- 18,981 -- Reinvested capital gains ..................... -- -- -- -- -- -- -- -- ---------- ---- --------- ---- ---------- ---- --------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 42,515 -- 282,992 -- 553,846 -- 242,692 -- ---------- ---- --------- ---- ---------- ---- --------- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 632,487 -- 1,651,180 -- 2,745,974 -- 65,157 -- Transfers between funds ...................... 2,656,041 -- 3,877,928 -- 20,708,266 -- 1,140,438 -- Surrenders (note 6) .......................... (5,777) -- (9,671) -- (170,340) -- (1,313) -- Death benefits (note 4) ...................... -- -- (83) -- (13) -- -- -- Policy loans (net of repayments) (note 5) .... (35) -- (13,643) -- (1,445) -- (189) -- Deductions for surrender charges (note 2d) ... (656) -- (1,098) -- (19,346) -- (149) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (27,061) -- (76,784) -- (166,945) -- (18,379) -- Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- -- -- -- -- -- -- MSP contracts ............................. -- -- -- -- -- -- -- -- SL contracts .............................. -- -- -- -- -- -- -- -- ---------- ---- --------- ---- ---------- ---- --------- ---- Net equity transactions ................ 3,254,999 -- 5,427,829 -- 23,096,151 -- 1,185,565 -- ---------- ---- --------- ---- ---------- ---- --------- ---- Net change in contract owners' equity ........... 3,297,514 -- 5,710,821 -- 23,649,997 -- 1,428,257 -- Contract owners' equity beginning of period .................................... 458,493 -- 504,168 -- 1,914,109 -- 3,864 -- ---------- ---- --------- ---- ---------- ---- --------- ---- Contract owners' equity end of period ........... $3,756,007 -- 6,214,989 -- 25,564,106 -- 1,432,121 -- ========== ==== ========= ==== ========== ==== ========= ==== CHANGES IN UNITS: Beginning units .............................. 45,027 -- 48,671 -- 185,355 -- 373 -- ---------- ---- --------- ---- ---------- ---- --------- ---- Units purchased .............................. 323,618 -- 543,227 -- 2,221,350 -- 116,233 -- Units redeemed ............................... (7,835) -- (29,129) -- (33,271) -- (2,375) -- ---------- ---- --------- ---- ---------- ---- --------- ---- Ending units ................................. 360,810 -- 562,769 -- 2,373,434 -- 114,231 -- ========== ==== ========= ==== ========== ==== ========= ====
(Continued) 41 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
PUTVTGrIncIB PUTVTIntlEqIB PUTVTVoyIB RoyMicro ------------- ------------- ------------- ---------------- 2003 2002 2003 2002 2003 2002 2003 2002 ------ ---- ------ ---- ------ ---- --------- ---- Investment activity: Net investment income (loss) ................. $ -- -- -- -- -- -- (3,347) -- Realized gain (loss) on investments .......... -- -- 3,342 -- -- -- (2,115) -- Change in unrealized gain (loss) on investments ............................ (93) -- (119) -- (80) -- 467,846 -- Reinvested capital gains ..................... -- -- -- -- -- -- -- -- ------ ---- ------ ---- ------ ---- --------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... (93) -- 3,223 -- (80) -- 462,384 -- ------ ---- ------ ---- ------ ---- --------- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 110 -- 28 -- -- -- 630,025 -- Transfers between funds ...................... 5,530 -- 11,731 -- 12,252 -- 2,116,911 -- Surrenders (note 6) .......................... -- -- -- -- -- -- (4,505) -- Death benefits (note 4) ...................... -- -- -- -- -- -- -- -- Policy loans (net of repayments) (note 5) .... -- -- -- -- -- -- (70) -- Deductions for surrender charges (note 2d) ... -- -- -- -- -- -- (512) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (25) -- (8) -- (20) -- (22,603) -- Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- -- -- (1) -- -- -- MSP contracts ............................. -- -- -- -- -- -- -- -- SL contracts .............................. -- -- -- -- -- -- -- -- ------ ---- ------ ---- ------ ---- --------- ---- Net equity transactions ................ 5,615 -- 11,751 -- 12,231 -- 2,719,246 -- ------ ---- ------ ---- ------ ---- --------- ---- Net change in contract owners' equity ........... 5,522 -- 14,974 -- 12,151 -- 3,181,630 -- Contract owners' equity beginning of period .................................... -- -- -- -- -- -- 440,620 -- ------ ---- ------ ---- ------ ---- --------- ---- Contract owners' equity end of period ........... $5,522 -- 14,974 -- 12,151 -- 3,622,250 -- ====== ==== ====== ==== ====== ==== ========= ==== CHANGES IN UNITS: Beginning units .............................. -- -- -- -- -- -- 43,606 -- ------ ---- ------ ---- ------ ---- --------- ---- Units purchased .............................. 511 -- 1,418 -- 1,156 -- 269,480 -- Units redeemed ............................... (3) -- (1) -- (2) -- (6,075) -- ------ ---- ------ ---- ------ ---- --------- ---- Ending units ................................. 508 -- 1,417 -- 1,154 -- 307,011 -- ====== ==== ====== ==== ====== ==== ========= ====
42 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
SGVITMdCpGr StOpp2 ------------------------ ----------------------- 2003 2002 2003 2002 ----------- ---------- ---------- ---------- Investment activity: Net investment income (loss) ................. $ (11,355) (22,406) (29,115) (27,934) Realized gain (loss) on investments .......... 1,415,209 (1,689,877) (1,895,547) (496,006) Change in unrealized gain (loss) on investments ............................ 1,997,503 (4,637,081) 6,256,475 (4,095,255) Reinvested capital gains ..................... -- -- -- -- ----------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 3,401,357 (6,349,364) 4,331,813 (4,619,195) ----------- ---------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 1,300,825 2,903,172 4,247,406 5,565,835 Transfers between funds ...................... (2,244,686) 656,464 (760,741) 5,959,160 Surrenders (note 6) .......................... (299,471) (344,418) (235,684) (269,106) Death benefits (note 4) ...................... (9,524) (4,535) (4,655) (16,183) Policy loans (net of repayments) (note 5) .... (9,710) 4,609 (26,711) (52,832) Deductions for surrender charges (note 2d) ... (34,011) (24,792) (26,767) (19,371) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (644,014) (758,133) (804,843) (683,939) Asset charges (note 3): FPVUL & VEL contracts ..................... (15,610) (17,778) (17,494) (15,332) MSP contracts ............................. (331) (583) (367) (399) SL contracts .............................. (1,991) (2,266) (4,515) (3,937) ----------- ---------- ---------- ---------- Net equity transactions ................ (1,958,523) 2,411,740 2,365,629 10,463,896 ----------- ---------- ---------- ---------- Net change in contract owners' equity ........... 1,442,834 (3,937,624) 6,697,442 5,844,701 Contract owners' equity beginning of period .................................... 17,470,890 24,803,371 24,109,124 20,466,749 ----------- ---------- ---------- ---------- Contract owners' equity end of period ........... $18,913,724 20,865,747 30,806,566 26,311,450 =========== ========== ========== ========== CHANGES IN UNITS: Beginning units .............................. 2,440,718 2,179,699 3,484,072 2,159,287 ----------- ---------- ---------- ---------- Units purchased .............................. 399,674 382,709 744,377 1,258,378 Units redeemed ............................... (665,926) (142,652) (391,500) (140,651) ----------- ---------- ---------- ---------- Ending units ................................. 2,174,466 2,419,756 3,836,949 3,277,014 =========== ========== ========== ========== TRPEI2 TRPMCG2 ---------------- ---------------- 2003 2002 2003 2002 --------- ---- --------- ---- Investment activity: Net investment income (loss) ................. 34,922 -- (1,505) -- Realized gain (loss) on investments .......... (14,265) -- 5,000 -- Change in unrealized gain (loss) on investments ............................ 796,904 -- 180,520 -- Reinvested capital gains ..................... -- -- -- -- --------- ---- --------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 817,561 -- 184,015 -- --------- ---- --------- ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 1,541,219 -- 285,614 -- Transfers between funds ...................... 5,580,982 -- 1,390,736 -- Surrenders (note 6) .......................... (6,054) -- (7,887) -- Death benefits (note 4) ...................... -- -- -- -- Policy loans (net of repayments) (note 5) .... (251) -- (2,480) -- Deductions for surrender charges (note 2d) ... (688) -- (896) -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (51,611) -- (9,822) -- Asset charges (note 3): FPVUL & VEL contracts ..................... -- -- -- -- MSP contracts ............................. -- -- -- -- SL contracts .............................. -- -- -- -- --------- ---- --------- ---- Net equity transactions ................ 7,063,597 -- 1,655,265 -- --------- ---- --------- ---- Net change in contract owners' equity ........... 7,881,158 -- 1,839,280 -- Contract owners' equity beginning of period .................................... 171,982 -- 125,412 -- --------- ---- --------- ---- Contract owners' equity end of period ........... 8,053,140 -- 1,964,692 -- ========= ==== ========= ==== CHANGES IN UNITS: Beginning units .............................. 16,999 -- 12,242 -- --------- ---- --------- ---- Units purchased .............................. 721,055 -- 154,560 -- Units redeemed ............................... (9,433) -- (4,018) -- --------- ---- --------- ---- Ending units ................................. 728,621 -- 162,784 -- ========= ==== ========= ====
(Continued) 43 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30,2003 and 2002 (UNAUDITED)
TurnGVITGro VEWrldEMkt ------------------- --------------------- 2003 2002 2003 2002 -------- -------- --------- --------- Investment activity: Net investment income (loss) ................. $ (134) (115) 4,762 9,315 Realized gain (loss) on investments .......... (38,680) (80,233) 149,613 694,956 Change in unrealized gain (loss) on investments ............................ 130,958 (129,496) 572,365 (473,828) Reinvested capital gains ..................... -- -- -- -- -------- -------- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations ....... 92,144 (209,844) 726,740 230,443 -------- -------- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6) .................. 67,053 141,338 927,529 907,072 Transfers between funds ...................... 269,583 31,940 259,235 1,501,012 Surrenders (note 6) .......................... (25,218) (1,577) (143,112) (103,144) Death benefits (note 4) ...................... -- (70) (38) (725) Policy loans (net of repayments) (note 5) .... (6) (2,706) (20,997) (21,627) Deductions for surrender charges (note 2d) ... (2,864) (113) (16,254) (7,424) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (24,612) (23,073) (278,517) (299,808) Asset charges (note 3): FPVUL & VEL contracts ..................... (887) (717) (9,097) (10,581) MSP contracts ............................. (10) (15) (238) (323) SL contracts .............................. (179) (124) (1,078) (1,123) -------- -------- --------- --------- Net equity transactions ................ 282,860 144,883 717,433 1,963,329 -------- -------- --------- --------- Net change in contract owners' equity ........... 375,004 (64,961) 1,444,173 2,193,772 Contract owners' equity beginning of period .................................... 459,519 456,743 6,176,511 5,193,772 -------- -------- --------- --------- Contract owners' equity end of period ........... $834,523 391,782 7,620,684 7,387,544 ======== ======== ========= ========= CHANGES IN UNITS: Beginning units .............................. 208,046 118,103 830,944 674,864 -------- -------- --------- --------- Units purchased .............................. 149,462 58,249 186,549 231,705 Units redeemed ............................... (47,971) (20,018) (105,672) (23,404) -------- -------- --------- --------- Ending units ................................. 309,537 156,334 911,821 883,165 ======== ======== ========= ========= VEWrldHAs VKoreFI --------------------- ------------- 2003 2002 2003 2002 --------- --------- ------ ---- Investment activity: Net investment income (loss) ................. 11,902 14,697 -- -- Realized gain (loss) on investments .......... (242,047) (27,590) -- -- Change in unrealized gain (loss) on investments ............................ 300,626 142,991 (107) -- Reinvested capital gains ..................... -- -- -- -- --------- --------- ------ ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 70,481 130,098 (107) -- --------- --------- ------ ---- Equity transactions: Purchase payments received from contract owners (note 6) .................. 253,607 309,723 -- -- Transfers between funds ...................... 481,792 1,504,881 35,839 -- Surrenders (note 6) .......................... (64,914) (36,906) -- -- Death benefits (note 4) ...................... 1,165 (106) -- -- Policy loans (net of repayments) (note 5) .... (6,881) (1,015) -- -- Deductions for surrender charges (note 2d) ... (7,372) (2,657) -- -- Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (99,267) (92,875) (3) -- Asset charges (note 3): FPVUL & VEL contracts ..................... (3,413) (3,510) -- -- MSP contracts ............................. (162) (98) -- -- SL contracts .............................. (491) (333) -- -- --------- --------- ------ ---- Net equity transactions ................ 554,064 1,677,104 35,836 -- --------- --------- ------ ---- Net change in contract owners' equity ........... 624,545 1,807,202 35,729 -- Contract owners' equity beginning of period .................................... 2,406,075 1,605,256 -- -- --------- --------- ------ ---- Contract owners' equity end of period ........... 3,030,620 3,412,458 35,729 -- ========= ========= ====== ==== CHANGES IN UNITS: Beginning units .............................. 293,707 190,667 -- -- --------- --------- ------ ---- Units purchased .............................. 79,312 188,514 3,551 -- Units redeemed ............................... (24,335) (14,657) -- -- --------- --------- ------ ---- Ending units ................................. 348,684 364,524 3,551 -- ========= ========= ====== ====
44 NATIONWIDE VLI SEPARATE ACCOUNT-4 STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Six Month Periods Ended June 30, 2003 and 2002 (UNAUDITED)
VKEmMkt VKMidCapG VKUSRealEst ---------------------- --------------------- ----------------------- 2003 2002 2003 2002 2003 2002 ---------- --------- --------- --------- ---------- ---------- Investment activity: Net investment income (loss) ................. $ (4,824) (2,411) (1,938) (2,608) (19,946) (12,977) Realized gain (loss) on investments .......... 110,099 60,858 (268,815) (37,477) (247,286) 125,538 Change in unrealized gain (loss) on investments ............................... 911,805 (135,582) 713,855 (608,924) 3,922,914 1,732,147 Reinvested capital gains ..................... -- -- -- -- -- -- ---------- --------- --------- --------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 1,017,080 (77,135) 443,102 (649,009) 3,655,682 1,844,708 ---------- --------- --------- --------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 776,858 555,032 339,297 525,709 3,123,361 2,450,661 Transfers between funds ...................... 1,323,579 1,380,096 (141,146) 1,100,798 212,134 8,039,088 Surrenders (note 6) .......................... (112,569) (45,554) (18,896) (15,608) (408,111) (161,187) Death benefits (note 4) ...................... (2) 12,004 (113) (4,513) 224 (13,017) Policy loans (net of repayments) (note 5) .... 8,414 (13,842) (16,827) (21,940) (103,380) (19,597) Deductions for surrender charges (note 2d) ... (12,785) (3,279) (2,146) (1,123) (46,350) (11,603) Redemptions to pay cost of insurance charges and administrative charges (notes 2b and 2c) ......................... (214,705) (118,562) (110,460) (110,052) (821,490) (565,648) Asset charges (note 3): FPVUL & VEL contracts ..................... (7,234) (4,030) (2,807) (2,729) (24,577) (17,050) MSP contracts ............................. (268) (174) (48) (52) (3,095) (2,807) SL contracts .............................. (872) (368) (375) (340) (3,189) (1,990) ---------- --------- --------- --------- ---------- ---------- Net equity transactions ................ 1,760,416 1,761,323 46,479 1,470,150 1,925,527 9,696,850 ---------- --------- --------- --------- ---------- ---------- Net change in contract owners' equity ........... 2,777,496 1,684,188 489,581 821,141 5,581,209 11,541,558 Contract owners' equity beginning of period .................................... 4,738,513 2,393,013 2,572,866 2,504,082 25,528,406 15,100,336 ---------- --------- --------- --------- ---------- ---------- Contract owners' equity end of period ........... $7,516,009 4,077,201 3,062,447 3,325,223 31,109,615 26,641,894 ========== ========= ========= ========= ========== ========== CHANGES IN UNITS: Beginning units .............................. 392,219 215,898 611,451 408,670 2,082,394 1,210,568 ---------- --------- --------- --------- ---------- ---------- Units purchased .............................. 186,252 150,293 137,181 287,144 380,227 794,228 Units redeemed ............................... (49,533) 422 (135,327) (29,464) (226,394) (61,330) ---------- --------- --------- --------- ---------- ---------- Ending units ................................. 528,938 366,613 613,305 666,350 2,236,227 1,943,466 ========== ========= ========= ========= ========== ==========
See accompanying notes to financial statements. -------------------------------------------------------------------------------- 45 -------------------------------------------------------------------------------- NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS June 30, 2003 and 2002 (UNAUDITED) (1) Summary of Significant Accounting Policies (a) Organization and Nature of Operations The Nationwide VLI Separate Account-4 (the Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on December 3, 1997. The Account is registered as a unit investment trust under the Investment Company Act of 1940. On May 3, 1999, the Company (Depositor) transferred to the Account 100,000 shares of the Nationwide SAT - Small Cap Growth Fund for which the Account was credited with 100,000 units of the Nationwide SAT - Small Cap Growth Fund. The value of the units purchased by the Company on May 3, 1999 was $1,000,000. The Company offers Flexible Premium, Modified Single Premium, Variable Executive Life and Survivorship Life Variable Life Insurance Policies through the Account. The primary distribution for contracts is through wholesalers and brokers. (b) The Contracts Only contracts with a front-end sales charge, a contingent deferred sales charge and certain other fees are offered for purchase. See note 2 for a discussion of policy charges and note 3 for asset charges. Contract owners may invest in the following: Portfolios of AIM Variable Insurance Funds, Inc.; AIM VIF - AIM V.I. Capital Appreciation Fund - Series I (AIMCapAp) AIM VIF Basic Value Fund - Series I (AIMBVF) AIM VIF Capital Development Fund - Series I (AIMCDF) Portfolios of Alliance Variable Products Series Funds; Alliance Bernstein VPS Small Cap Value Portfolio - Class A (AllSmCpVal) Alliance VPS Growth & Income Portfolio - Class A (AllGroInc) Portfolios of the American Century Variable Portfolios, Inc. (American Century VP); American Century VP Income & Growth Fund - Class I (ACVPIncGr) American Century VP Inflation Protection Fund - Class II (ACVPInfPr) American Century VP International Fund - Class I (ACVPInt) American Century VP Ultra Fund - Class I (ACVPUltra) American Century VP Value Fund - Class I (ACVPVal) Baron Capital Asset Trust - Insurance Series; Baron Capital Asset Trust (BCAT) Calvert Variable Series (CVS), Inc.; Calvert Social Equity Portfolio (CVSSEP) Comstock GVIT Value Fund - Class I (formerly Nationwide(R) SAT Federated Equity Income) (ComGVITVal) Portfolios of the Credit Suisse Trust; Credit Suisse Trust - Global Post-Venture Capital Portfolio (CSGPVen) Credit Suisse Trust - International Focus Portfolio (CSIntEq) Credit Suisse Trust - Large Cap Value Portfolio (CSLCapV) Portfolio of the Dreyfus GVIT (formerly Nationwide(R) SAT); Dreyfus GVIT International Value Fund - Class I (DryIntVal) Dreyfus GVIT Mid Cap Index Fund - Class I (DryMidCapIx) Portfolios of the Dreyfus Investment Portfolios (Dreyfus IP); *Dreyfus IP - European Equity Portfolio (DryEuroEq) Dreyfus IP - Mid Cap Stock Portfolio - Initial Shares (DryMidCapStk) Dreyfus IP - Small Cap Stock Index Portfolio - Service Class (DrySmCapIxS) Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares (DrySRGro) Dreyfus Stock Index Fund (DryStkIx) 46 Portfolios of the Dreyfus Variable Investment Fund (Dreyfus VIF); Dreyfus VIF - Appreciation Portfolio - Initial Shares (DryVIFApp) Dreyfus VIF - Developing Leaders Portfolio - Initial Shares (DryDevLeadI) Dreyfus VIF - International Value Portfolio - Initial Shares (DryIntVal) Federated GVIT (formerly Nationwide(R) SAT) High Income Bond Fund - Class I (FGVITHiInc) Portfolios of Federated Insurance Series; Federated American Leaders Fund II - Primary Shares (FedAmLdII) Federated Capital Appreciation Fund II - Primary Shares (FedCpApII) Federated Quality Bond Fund II - Primary Shares (FedQualBd) Portfolios of the Fidelity(R) Variable Insurance Products (Fidelity(R) VIP); Fidelity(R) VIP - Equity-Income Portfolio: Service Class (FidVIPEIS) Fidelity(R) VIP - Growth Portfolio: Service Class (FidVIPGrS) Fidelity(R) VIP - High Income Portfolio: Service Class (FidVIPHIS) Fidelity(R) VIP - Overseas Portfolio: Service Class (FidVIPOvS) Portfolios of the Fidelity(R) Variable Insurance Products (Fidelity VIP II); Fidelity(R) VIP II - Contrafund Portfolio: Service Class (FidVIPConS) Fidelity(R) VIP II - Investment Grade Bond Portfolio: Service Class (FidVIPInvGrB) Portfolios of the Fidelity(R) Variable Insurance Products (Fidelity VIP III); Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class (FidVIPGrOPS) Fidelity(R) VIP III - Mid Cap Portfolio: Service Class (FidVIPMCap) Fidelity(R) VIP III - Value Strategies Portfolio: Service Class (FidVIPValStS) Funds of the Franklin Templeton Variable Insurance Products (Franklin Templeton VIP); Franklin Templeton VIP - Franklin Rising Dividends Securities Fund - Class I (FTVIPFRDiv) Franklin Templeton VIP - Franklin Small Cap Value Securities Fund - Class I (FTVIPSmCpVal) Franklin Templeton VIP - Templeton Foreign Securities Fund - Class I (FTVIPFS) Franklin Templeton Variable Insurance Products Trust (Franklin Templeton VIPT); Franklin Templeton VIPT - Templeton Foreign Securities Fund - Class 2 (FTVIPFS2) Funds of the Gartmore Variable Insurance Trust (Gartmore GVIT) (formerly Nationwide(R) SAT); Gartmore GVIT Emerging Markets Fund - Class I (GVITEmMrkts) Gartmore GVIT Global Financial Services Fund - Class I (GVITGlFin) Gartmore GVIT Global Health Sciences Fund - Class I (GVITGlHlth) Gartmore GVIT Global Technology and Communications Fund - Class I (GVITGlTech) Gartmore GVIT Global Utilities Fund - Class I (GVITGlUtl) Gartmore GVIT Government Bond Fund - Class I (GVITGvtBd) Gartmore GVIT Growth Fund - Class I (formerly Nationwide(R) SAT Capital Appreciation Fund) (GVITGrowth) Gartmore GVIT ID (Investor Destinations) Aggressive Fund (GVITIDAgg) Gartmore GVIT ID (Investor Destinations) Conservative Fund (GVITIDCon) Gartmore GVIT ID (Investor Destinations) Moderate Fund (GVITIDMod) Gartmore GVIT ID (Investor Destinations) Moderately Aggressive Fund (GVITIDModAgg) Gartmore GVIT ID (Investor Destinations) Moderately Conservative Fund (GVITIDModCon) Gartmore GVIT International Growth Fund - Class I (GVITIntGro) Gartmore GVIT Money Market Fund - Class I (GVITMyMkt) Gartmore GVIT Money Market Fund - Class V (GVITMyMkt5) Gartmore GVIT Nationwide(R) Leaders Fund - Class I (GVITLead) Gartmore GVIT Nationwide(R) Strategic Value Fund - Class I (NWGVITStrVal) Gartmore GVIT Small Cap Growth Fund - Class I (GVITSmCapGr) Gartmore GVIT Small Cap Value Fund - Class I (GVITSmCapVal) Gartmore GVIT Small Company Fund - Class I (GVITSmComp) Gartmore GVIT Total Return Fund - Class I (GVITTotRt) Gartmore GVIT U.S. Growth Leaders Fund - Class I (GVITUSGro) Gartmore GVIT Worldwide Leaders Fund - Class I (formerly Nationwide(R) SAT Global 50 Fund) (GVITWLead) Portfolios of Goldman Sachs Funds; *Goldman Sachs Mid Cap Value Fund A (GSMCV) Goldman Sachs VIT Mid Cap Value Fund (GSVITMidCap) J.P. Morgan GVIT (formerly Nationwide(R) SAT) Balanced Fund - Class I (JPMorBal) (Continued) 47 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued Portfolios of the Janus Aspen Series (Janus AS); Janus AS - Balanced Portfolio - Service Shares (JanBal) Janus AS - Capital Appreciation Portfolio - Service Shares (JanCapAp) Janus AS - Global Technology Portfolio - Service Shares (JanGITech) Janus AS - International Growth Portfolio - Service Shares (JanIntGro) Janus AS - Risk-Managed Large Cap Core Portfolio - Service Shares (JanRsLgCpCr) MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I (MGVITMultiSec) Funds of Massachusetts Financial Services Variable Insurance Trust (MFS VIT); MFS VIT - MFS Investors Growth Stock Series - Initial Class (MFSVITInvGrwI) MFS VIT - MFS Value Series - Initial Class (MFSVITValIn) Portfolios of the Neuberger Berman Advisers Management Trust (Neuberger Berman AMT); Neuberger Berman AMT - Fasciano Portfolio - S Class (NBAMTFas) Neuberger Berman AMT - Guardian Portfolio (NBAMTGuard) Neuberger Berman AMT - Limited Maturity Bond Portfolio (NBAMTLMat) Neuberger Berman AMT - Mid-Cap Growth Portfolio (NBAMTMCGr) Neuberger Berman AMT - Partners Portfolio (NBAMTPart) Neuberger Berman AMT - Socially Responsive Portfolio (NBAMTSocRe) Portfolios of Bank One One Group(R) Investment Trust; *One Group(R) IT Balanced Portfolio (ONEBal) *One Group(R) IT Bond Portfolio (ONEBP) *One Group(R) IT Diversified Equity Portfolio (ONEDIVE) *One Group(R) IT Diversified Mid Cap Portfolio (ONEDivMid) *One Group(R) IT Equity Index Portfolio (ONEEqInd) *One Group(R) IT Government Bond Portfolio (ONEGovBd) *One Group(R) IT Large Cap Growth Portfolio (ONELgCap) One Group(R) IT Mid Cap Growth Portfolio (ONEMidCap) One Group(R) IT Mid Cap Value Portfolio (ONEMidCapV) Funds of the Oppenheimer Variable Account Funds; Oppenheimer Aggressive Growth Fund/VA - Initial Class (OppAggGro) Oppenheimer Capital Appreciation Fund/VA - Initial Class (OppCapAp) Oppenheimer Global Securities Fund/VA - Initial Class (OppGlSec) Oppenheimer High Income Fund/VA - Initial Class (OppHiIncInt) Oppenheimer Main Street(R) Growth & Income Fund/VA - Initial Class (OppMSGrInc) Oppenheimer Main Street(R) Small Cap Fund/VA - Initial Class (OppMaStSmCpI) Portfolios of PIMCO Variable Insurance Trust (PIMCO VIT); PIMCO VIT Low Duration Portfolio - Administrative Shares (PIMLowDur) PIMCO VIT Real Return Portfolio - Administrative Shares (PIMRealRet) PIMCO VIT Total Return Portfolio - Administrative Shares (PIMTotRet) Pioneer High Yield VCT Portfolio - Class I Shares (PionHY) Funds of the Putnam Variable Trust (Putnam VT); Putnam VT Growth & Income Fund - IB Shares (PUTVTGrIncIB) Putnam VT International Equity Fund - IB Shares (PUTVTIntlEqIB) Putnam VT Voyager Fund - IB Shares (PUTVTVoyIB) Royce Capital Fund - Micro Cap (RoyMicro) Strong GVIT (formerly Nationwide(R) SAT) Mid Cap Growth Fund - Class I (SGVITMdCpGr) *Strong Opportunity Fund Inc.(STROpp) Strong Opportunity Fund II, Inc.(StOpp2) Portfolios of T. Rowe Price Funds; *T. Rowe Price Equity Income Fund (TRPEI) T. Rowe Price Equity Income Portfolio - II (TRPEI2) *T. Rowe Price Mid Cap Growth Fund, Inc.(TRPMCG) T. Rowe Price Mid Cap Growth Portfolio - II (TRPMCG2) Turner GVIT (formerly Nationwide(R) SAT) Growth Focus Fund - Class I (TurnGVITGro) 48 Funds 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) Funds of the Van Kampen Universal Institutional Funds (Van Kampen UIF); Van Kampen UIF - Core Plus Fixed Income Portfolio - Class A (VKoreFI) Van Kampen UIF - Emerging Markets Debt Portfolio (VKEmMkt) Van Kampen UIF - Mid Cap Growth Portfolio (VKMidCapG) Van Kampen UIF - U.S. Real Estate Portfolio (VKUSRealEst) At June 30, 2003, contract owners have invested in all of the above funds except those noted with an asterisk (*). The contract owners' equity is affected by the investment results of each fund, equity transactions by contract owners and certain contract expenses (see notes 2 and 3). The accompanying financial statements include only contract owners' purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company. 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. A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Contract Owners' Equity if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and/or if a gain is realized by the contract owner during the free look period. 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 fair value of the underlying mutual funds is based on the closing net asset value per share at June 30, 2003. 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 accounting principles generally accepted in the United States of America 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 Premium On flexible premium and survivorship life variable life insurance contracts, the Company deducts a charge for state premium taxes not to exceed 3.5% of all premiums received to cover the payment of these premium taxes. For Protection(SM) flexible premium contracts, the Company deducts a premium load charge not to exceed 7.50% for policy years 1-15, currently 5.50% (for policy years 16 and after, the maximum premium load is guaranteed not to exceed 6.00%). The Company may at its sole discretion reduce this sales loading. (Continued) 49 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued For the Corporate Series, the Company deducts a front-end sales load not to exceed 9.0% from each premium payment received. The Company may reduce this charge where the size or nature of the group results in savings in sales, underwriting, or administrative costs. Variations due to differences in costs are determined in a manner not unfairly discriminatory to policy owners. (b) Cost of Insurance A cost of insurance charge is assessed monthly against each contract. The amount of the charge is based upon age, sex, rate class and net amount at risk (death benefit less total contract value). This charge is assessed against each contract by liquidating units. (c) Administrative Charges For flexible premium, modified single premium and survivorship life variable life insurance contracts, the Company currently deducts a monthly administrative charge of $10 during the first policy year to recover policy maintenance, accounting, record keeping and other administrative expenses. For all subsequent years, a monthly administrative charge is deducted (currently $5 per month not to exceed $7.50). For Protection(SM) flexible premium contracts, the Company deducts $5 per month (not to exceed $7.50) for all policy years. This charge is assessed against each contract by liquidating units. For Protection(SM) flexible premium contracts, the Company deducts a per $1,000 of specified amount charge for the first two policy years. This charge varies with the age of the insured and will not exceed $0.30 per $1,000 of specified amount. For Protection(SM) last survivor contracts, the Company deducts a per $1,000 of specified amount charge for the first 3 policy years. This charge varies with the age of the insured and will not exceed $0.40 per $1,000 of specified amount. These charges are assessed monthly against each contract by liquidating units. For the Corporate Series, the Company deducts a monthly administrative expense charge to recover policy maintenance, accounting, record keeping and other administrative expenses. These charges are assessed by liquidating units. Currently, this charge is $5 per month in all policy years (guaranteed not to exceed $10 per month). (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 amount of the charge is based upon a specified percentage of the initial surrender charge which varies by issue age, sex and rate class. For flexible premium and modified single premium life contracts, the charge is 100% of the initial surrender charge in the first year, declining to 30% of the initial surrender charge in the eighth year. For Protection(SM) flexible premium contracts and survivorship life contracts, the charge is 100% of the initial surrender charge in the first year, declining to 0% of the initial surrender charge in the 15th year. The Company may waive the surrender charge for certain contracts in which the sales expenses normally associated with the distribution of a contract are not incurred. No charges were deducted from the initial funding by the Depositor, or from earnings thereon. (3) Asset Charges For flexible premium variable universal life (FPVUL) and variable executive life (VEL) contracts, the Company deducts a charge equal to an annual effective rate multiplied by the Cash Value attributable to the Variable Account. The annual effective rate is 0.60% for the first $25,000 of Cash Value attributable to the Variable Account, 0.30% for the next $225,000 of Cash Value attributable to the Variable Account and 0.10% for all Cash Value attributable to the Variable Account in excess of $250,000. This charge is assessed monthly against each contract by liquidating units. For modified single premium contracts (MSP), the Company deducts an annual rate of 0.70% charged against the cash value of the contracts. This charge is assessed monthly against each contract by liquidating units. For surivorship life contracts (SL), the Company deducts an annual rate of 0.55% in policy years one through 50 ten. In policy years eleven and greater, the Company deducts an annual rate of 0.55% if the cash value of the contract is less than $25,000. If the cash value is greater than $25,000 but less than $100,000, the Company reduces the annual rate to 0.35%. If the cash value is greater than $100,000, the company reduces the annual rate to 0.20%. This charge is assessed monthly against each contract by liquidating units. For Corporate Variable Universal Life Series, the Company deducts on a daily basis from the assets of the Variable Account, a charge to provide for mortality and expense risks. This charge is guaranteed not to exceed an annual effective rate of 0.75% of the daily net assets of the Variable Account. Currently, this rate is 0.40% during the first through fourth Policy Years, 0.25% during the fifth through twentieth policy years, and 0.10% thereafter. This charge is assessed through the daily unit value calculation. For Protection(SM) flexible payment contracts, the Company deducts an annual rate of 0.80% for policy years 1-15. For policy years 16 and after the Company deducts an annual rate of 0.30%. This charge is assessed monthly against each contract by liquidating units. The Company may reduce or eliminate certain charges where the size or nature of the group results in savings in sales, underwriting, administrative or other costs to the Company. These charges may be reduced in certain group sponsored arrangements or special exchange programs made available by the Company. (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 90% of a policy's variable cash surrender value plus 100% of a policy's fixed cash surrender value less applicable value of surrender charge. Interest is charged on the outstanding loan and is due and payable in advance on the policy anniversary. 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. Interest credited is paid by the Company's general account to the Account. 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. Contract owners may, with certain restrictions, transfer their assets between the Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. The fixed account assets are not reflected in the accompanying financial statements. In addition, the Account portion of contract owner loans is transferred to the accounts of the Company for administration and collection. Loan repayments are transferred to the Account at the direction of the contract owner. For the periods ended June 30, 2003 and 2002, total transfers to the Account from the fixed account were $257,430 and $0, respectively, and total transfers from the Account to the fixed account were $17,567,542 and $0, respectively. Transfers from the Account to the fixed account are included in surrenders, and transfers to the Account from the fixed account are included in purchase payments received from contract owners, as applicable, on the accompanying Statements of Changes in Contract Owners' Equity. (Continued) 51 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued (7) Financial Highlights The following is a summary of units, unit fair values and contract owners' equity outstanding for variable life and annuity contracts as of the end of the six-month period indicated, and the contract expense rates, investment income ratio and total return for each period in the five year period ended June 30, 2003.
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- The BEST of AMERICA(R) America's FUTURE Life Series(SM) AIM VIF - AIM V.I. Capital Appreciation Fund - Series I 2003 .................................. 0.00% 2,573 $10.658123 $ 27,423 0.00% 6.58% 05/01/03 Aim VIF Basic Value Fund - Series I 2003 .................................. 0.00% 5,392 11.148283 60,112 0.00% 13.16% Aim VIF Capital Development Fund - Series I 2003 .................................. 0.00% 304 11.255239 3,422 0.00% 14.59% Alliance Bernstein VPS Small Cap Value Portfolio - Class A 2003 .................................. 0.00% 3,674 10.875345 39,956 4.15% 8.75% 05/01/03 Alliance VPS Growth & Income Portfolio - Class A 2003 .................................. 0.00% 12,591 11.564047 145,603 2.47% 15.36% American Century VP Income & Growth Fund - Class I 2003 .................................. 0.00% 1,427,662 11.078865 15,816,875 1.21% 12.03% 2002 .................................. 0.00% 1,253,223 11.001100 13,786,832 0.96% -0.10% 2001 .................................. 0.00% 1,019,586 12.872867 13,124,995 0.80% -3.81% 2000 .................................. 0.00% 608,317 14.437198 8,782,393 0.55% -3.58% 1999 .................................. 0.00% 222,761 13.924470 3,101,828 0.01% 9.76% American Century VP Inflation Protection Fund - Class II 2003 .................................. 0.00% 14,734 10.253921 151,081 0.52% 2.54% 04/30/03 American Century VP International Fund - Class I 2003 .................................. 0.00% 2,105,760 9.591057 20,196,464 0.77% 4.95% 2002 .................................. 0.00% 1,673,997 10.962671 18,351,478 0.67% -0.04% 2001 .................................. 0.00% 1,611,270 12.939244 20,848,616 0.08% -20.15% 2000 .................................. 0.00% 938,372 18.310155 17,181,737 0.11% -6.01% 1999 .................................. 0.00% 391,411 12.748666 4,989,964 0.00% 7.35% American Century VP Ultra Fund - Class I 2003 .................................. 0.00% 140,844 8.968086 1,263,101 0.00% 11.56% 2002 .................................. 0.00% 1,509 9.126639 13,772 0.00% -0.09% 05/01/02 American Century VP Value Fund - Class I 2003 .................................. 0.00% 2,304,396 13.244227 30,519,944 1.11% 9.42% 2002 .................................. 0.00% 2,051,025 13.309987 27,299,116 0.72% -0.04% 2001 .................................. 0.00% 829,124 13.162764 10,913,564 0.90% 7.21% 2000 .................................. 0.00% 221,649 9.976535 2,211,289 1.03% -4.00% 1999 .................................. 0.00% 86,763 11.859229 1,028,942 0.99% 13.15% Comstock GVIT Value Fund - Class I 2003 .................................. 0.00% 405,869 9.080252 3,685,393 0.65% 13.24% 2002 .................................. 0.00% 225,931 9.194367 2,077,293 0.66% -0.14% 2001 .................................. 0.00% 183,663 11.126027 2,043,439 0.67% -8.75% 2000 .................................. 0.00% 90,683 13.880909 1,258,762 0.39% 1.75% 1999 .................................. 0.00% 33,099 12.669477 419,347 0.26% 10.04%
52
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ---------- ---------- -------------- ---------- --------- Credit Suisse Trust - Global Post-Venture Capital Portfolio 2003 .................................. 0.00% 66,500 $ 7.866455 $ 523,119 0.00% 18.59% 2002 .................................. 0.00% 57,383 8.654139 496,600 0.00% -0.14% 2001 .................................. 0.00% 65,005 11.348844 737,732 0.00% -19.60% 2000 .................................. 0.00% 69,157 18.282108 1,264,336 0.00% 4.98% 1999 .................................. 0.00% 29,610 12.007240 355,534 0.00% 12.73% Credit Suisse Trust - International Focus Portfolio 2003 .................................. 0.00% 163,063 8.115438 1,323,328 0.00% 8.83% 2002 .................................. 0.00% 158,329 9.164759 1,451,047 0.00% -0.02% 2001 .................................. 0.00% 164,292 10.068951 1,654,248 0.00% -15.94% 2000 .................................. 0.00% 158,181 14.750371 2,333,228 0.00% -8.74% 1999 .................................. 0.00% 108,833 11.263216 1,225,810 0.00% 6.92% Credit Suisse Trust - Large Cap Value Portfolio 2003 .................................. 0.00% 100,714 10.961574 1,103,984 0.00% 8.83% 2002 .................................. 0.00% 123,811 11.829168 1,464,581 0.00% -0.10% 2001 .................................. 0.00% 124,219 13.403664 1,664,990 0.00% 3.31% 2000 .................................. 0.00% 92,844 11.622352 1,079,066 0.00% -2.44% 1999 .................................. 0.00% 36,933 12.922177 477,255 0.00% 15.24% Dreyfus GVIT International Value Fund - Class I 2003 .................................. 0.00% 991 10.904309 10,806 0.00% 9.04% 05/01/03 Dreyfus GVIT Mid Cap Index Fund - Class I 2003 .................................. 0.00% 1,322,033 14.447099 19,099,542 0.24% 11.96% 2002 .................................. 0.00% 1,155,926 14.671018 16,958,611 0.15% -0.04% 2001 .................................. 0.00% 540,924 15.538046 8,404,902 0.29% 0.66% 2000 .................................. 0.00% 113,791 14.500124 1,649,984 0.36% 8.22% 1999 .................................. 0.00% 36,209 12.272537 444,376 0.22% 10.75% Dreyfus IP - European Equity Portfolio 2003 .................................. 0.00% 282 0.851990 240 0.00% -87.91% 2002 .................................. 0.00% 159,102 8.375064 1,332,489 0.00% -0.08% 2001 .................................. 0.00% 92,586 10.086472 933,866 0.06% -20.41% 2000 .................................. 0.00% 44,659 13.247885 591,637 0.00% 2.45% Dreyfus IP - Small Cap Stock Index Portfolio - Service Class 2003 .................................. 0.00% 207,003 8.644856 1,789,511 0.00% 12.63% 2002 .................................. 0.00% 21,121 9.080000 191,779 0.00% -0.09% 05/01/02 Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares 2003 .................................. 0.00% 1,327,623 9.083467 12,059,420 0.01% 10.27% 2002 .................................. 0.00% 1,282,069 9.607048 12,316,898 0.01% -0.17% 2001 .................................. 0.00% 1,131,043 12.859282 14,544,401 0.01% -14.12% 2000 .................................. 0.00% 702,620 17.258836 12,126,403 0.01% 2.55% 1999 .................................. 0.00% 231,883 14.590723 3,383,341 0.00% 12.77% Dreyfus Stock Index Fund 2003 .................................. 0.00% 12,182,464 10.677440 130,077,528 0.76% 11.64% 2002 .................................. 0.00% 11,007,415 10.678027 117,537,475 0.63% -0.13% 2001 .................................. 0.00% 7,926,833 13.068871 103,594,758 0.51% -6.83% 2000 .................................. 0.00% 5,101,112 15.377685 78,443,293 0.51% -0.55% 1999 .................................. 0.00% 2,241,543 14.377543 32,227,884 0.67% 12.14%
(Continued) 53 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Dreyfus VIF - Appreciation Portfolio - Initial Shares 2003 .................................. 0.00% 1,138,197 $11.816957 $13,450,025 0.02% 8.50% 2002 .................................. 0.00% 1,139,431 11.940804 13,605,722 0.01% -0.09% 2001 .................................. 0.00% 892,690 13.516447 12,065,997 0.02% -6.26% 2000 .................................. 0.00% 585,117 14.918174 8,728,877 0.01% 2.79% 1999 .................................. 0.00% 308,665 13.999620 4,321,193 0.01% 7.51% Dreyfus VIF - Developing Leaders Portfolio - Initial Shares 2003 .................................. 0.00% 128 10.883062 1,393 0.00% 8.83% 05/01/03 Federated American Leaders Fund II - Primary Shares 2003 .................................. 0.00% 2,187 10.890498 23,818 0.00% 8.90% 05/01/03 Federated Capital Appreciation Fund II - Primary Shares 2003 .................................. 0.00% 1,897 10.640175 20,184 0.00% 6.40% 05/01/03 Federated GVIT High Income Bond Fund - Class I 2003 .................................. 0.00% 1,250,333 12.211624 15,268,596 4.05% 13.36% 2002 .................................. 0.00% 540,433 10.405049 5,623,232 4.57% 0.00% 2001 .................................. 0.00% 269,222 10.236513 2,755,895 4.83% 2.23% 2000 .................................. 0.00% 146,476 10.753549 1,575,137 5.18% -1.50% 1999 .................................. 0.00% 111,500 10.869909 1,211,995 4.25% 2.74% Federated Quality Bond Fund II - Primary Shares 2003 .................................. 0.00% 2,474,028 13.490334 33,375,464 3.28% 4.82% 2002 .................................. 0.00% 1,876,177 12.078364 22,661,149 3.22% 0.03% 2001 .................................. 0.00% 675,198 11.303798 7,632,302 2.33% 3.70% 2000 .................................. 0.00% 74,773 10.178410 761,070 1.20% 3.13% 1999 .................................. 0.00% 187 9.889224 1,849 0.00% -1.11% 05/03/99 Fidelity(R) VIP - Equity-Income Portfolio: Service Class 2003 .................................. 0.00% 3,451,634 11.190728 38,626,297 1.76% 10.67% 2002 .................................. 0.00% 3,020,618 11.430587 34,527,437 1.35% -0.06% 2001 .................................. 0.00% 2,106,607 12.709487 26,773,894 1.22% -0.99% 2000 .................................. 0.00% 1,422,008 11.524638 16,388,127 1.46% -2.76% 1999 .................................. 0.00% 815,819 12.567727 10,252,990 1.19% 12.67% Fidelity(R) VIP - Growth Portfolio: Service Class 2003 .................................. 0.00% 4,382,358 11.083471 48,571,738 0.20% 13.41% 2002 .................................. 0.00% 4,208,480 11.300904 47,559,628 0.13% -0.19% 2001 .................................. 0.00% 3,701,421 15.372208 56,899,014 0.00% -9.66% 2000 .................................. 0.00% 2,374,336 20.103361 47,732,134 0.07% 5.06% 1999 .................................. 0.00% 739,415 15.939560 11,785,956 0.11% 14.36% Fidelity(R) VIP - High Income Portfolio: Service Class 2003 .................................. 0.00% 1,550,028 8.542690 13,241,409 6.94% 17.06% 2002 .................................. 0.00% 1,154,904 6.741919 7,786,269 9.98% -0.04% 2001 .................................. 0.00% 958,958 7.418079 7,113,626 10.33% -7.20% 2000 .................................. 0.00% 693,311 9.817929 6,806,878 5.16% -4.95% 1999 .................................. 0.00% 550,777 10.310987 5,679,054 8.01% 7.88% Fidelity(R) VIP - Overseas Portfolio: Service Class 2003 .................................. 0.00% 1,737,729 8.972866 15,592,409 0.67% 10.28% 2002 .................................. 0.00% 1,139,004 9.958189 11,342,417 0.53% -0.03% 2001 .................................. 0.00% 893,195 11.484157 10,257,592 4.33% -11.48% 2000 .................................. 0.00% 585,003 15.237697 8,914,098 1.15% -5.04% 1999 .................................. 0.00% 208,112 12.172640 2,533,272 0.63% 8.07%
54
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Fidelity(R) VIP II - Contrafund Portfolio: Service Class 2003 .................................. 0.00% 3,507,306 $13.084582 $45,891,633 0.35% 9.54% 2002 .................................. 0.00% 3,157,587 13.077409 41,293,057 0.65% -0.01% 2001 .................................. 0.00% 2,754,784 13.543003 37,308,048 0.60% -10.00% 2000 .................................. 0.00% 1,858,452 15.912689 29,572,969 0.30% -1.36% 1999 .................................. 0.00% 776,953 14.446092 11,223,935 0.34% 11.18% Fidelity(R) VIP II - Investment Grade Bond Portfolio: Service Class 2003 .................................. 0.00% 7,904 10.165165 80,345 0.00% 1.65% 05/01/03 Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class 2003 .................................. 0.00% 1,220,888 8.101451 9,890,964 0.65% 12.87% 2002 .................................. 0.00% 1,186,344 7.968920 9,453,880 0.82% -0.13% 2001 .................................. 0.00% 1,065,554 9.800412 10,442,868 0.23% -8.77% 2000 .................................. 0.00% 814,000 12.491144 10,167,791 1.08% -3.70% 1999 .................................. 0.00% 410,372 13.251757 5,438,150 0.68% 6.44% Fidelity(R) VIP III - Mid Cap Portfolio: Service Class 2003 .................................. 0.00% 3,219 11.069550 35,633 0.00% 10.70% 05/01/03 Fidelity(R) VIP III - Value Strategies Portfolio: Service Class 2003 .................................. 0.00% 138,817 9.125472 1,266,771 0.00% 21.52% 2002 .................................. 0.00% 1,268 8.783270 11,137 0.00% -0.12% 05/01/02 Franklin Templeton VIP - Franklin Rising Dividends Securities Fund - Class I 2003 .................................. 0.00% 42,604 10.545198 449,268 5.08% 5.45% 05/01/03 Franklin Templeton VIP - Franklin Small Cap Value Securities Fund - Class I 2003 .................................. 0.00% 726 11.052891 8,024 0.26% 10.53% 05/01/03 Franklin Templeton VIP - Templeton Foreign Securities Fund - Class I 2003 .................................. 0.00% 15,623 10.780481 168,423 4.01% 7.80% 05/01/03 Gartmore GVIT Emerging Markets Fund - Class I 2003 .................................. 0.00% 168,198 8.136486 1,368,541 0.32% 16.19% 2002 .................................. 0.00% 174,301 8.054883 1,403,974 0.05% -0.02% 2001 .................................. 0.00% 39,736 8.887131 353,139 0.47% 2.01% Gartmore GVIT Global Financial Services Fund - Class I 2003 .................................. 0.00% 60,364 9.843572 594,197 0.00% 13.62% 2002 .................................. 0.00% 628 9.546330 5,995 0.00% -0.05% 05/01/02 Gartmore GVIT Global Health Sciences Fund - Class I 2003 .................................. 0.00% 75,910 10.539719 800,070 0.00% 26.37% 2002 .................................. 0.00% 1,383 8.890022 12,295 0.00% -0.11% 05/01/02 Gartmore GVIT Global Technology and Communications Fund - Class I 2003 .................................. 0.00% 649,675 2.483881 1,613,715 0.00% 25.94% 2002 .................................. 0.00% 365,386 2.343594 856,316 0.64% -0.32% 2001 .................................. 0.00% 209,961 4.265563 895,602 0.00% -29.12% Gartmore GVIT Global Utilities Fund - Class I 2003 .................................. 0.00% 32,616 9.626639 313,982 0.13% 10.86% 2002 .................................. 0.00% 589 9.325875 5,493 0.36% -0.07% 05/01/02 Gartmore GVIT Government Bond Fund - Class I 2003 .................................. 0.00% 3,600,231 14.692549 52,896,570 2.01% 3.13% 2002 .................................. 0.00% 2,750,942 13.373815 36,790,589 2.37% 0.04% 2001 .................................. 0.00% 1,106,057 12.259550 13,559,761 2.76% 2.43% 2000 .................................. 0.00% 640,699 11.063916 7,088,640 3.41% 4.03% 1999 .................................. 0.00% 370,021 10.653833 3,942,144 3.36% -2.18%
(Continued) 55 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Gartmore GVIT Growth Fund - Class I 2003 .................................. 0.00% 1,943,301 $ 5.866955 $11,401,260 0.00% 15.03% 2002 .................................. 0.00% 1,866,486 5.927802 11,064,159 0.00% -0.17% 2001 .................................. 0.00% 1,668,148 7.833651 13,067,689 0.00% -21.32% 2000 .................................. 0.00% 1,433,453 13.654695 19,573,364 0.17% 0.76% 1999 .................................. 0.00% 877,342 14.546773 12,762,495 0.31% 11.93% Gartmore GVIT ID Aggressive Fund 2003 .................................. 0.00% 309,102 9.238004 2,855,486 0.73% 10.88% 2002 .................................. 0.00% 29,370 9.496625 278,916 0.78% -0.05% 01/25/02 Gartmore GVIT ID Conservative Fund 2003 .................................. 0.00% 267,261 10.448478 2,792,471 1.25% 3.96% 2002 .................................. 0.00% 30,191 10.008384 302,163 0.94% 0.00% 01/25/02 Gartmore GVIT ID Moderate Fund 2003 .................................. 0.00% 866,394 9.860653 8,543,211 1.03% 7.88% 2002 .................................. 0.00% 85,120 9.694423 825,189 1.02% -0.03% 01/25/02 Gartmore GVIT ID Moderately Aggressive Fund 2003 .................................. 0.00% 859,401 9.514882 8,177,099 0.86% 9.52% 2002 .................................. 0.00% 68,864 9.596253 660,836 0.95% -0.04% 01/25/02 Gartmore GVIT ID Moderately Conservative Fund 2003 .................................. 0.00% 677,754 10.209725 6,919,682 1.19% 5.88% 2002 .................................. 0.00% 58,544 9.862329 577,380 1.73% -0.01% 01/25/02 Gartmore GVIT International Growth Fund - Class I 2003 .................................. 0.00% 34,420 5.256150 180,917 0.00% 4.94% 2002 .................................. 0.00% 84,109 6.105296 513,510 0.00% -0.07% 2001 .................................. 0.00% 8,865 7.438136 65,939 0.40% -19.59% Gartmore GVIT Money Market Fund - Class I 2003 .................................. 0.00% 12,489,458 12.316867 153,830,993 0.37% 0.37% 2002 .................................. 0.00% 11,636,104 12.199266 141,951,928 0.62% 0.01% 2001 .................................. 0.00% 8,262,747 11.973753 98,936,092 2.24% 2.32% 2000 .................................. 0.00% 5,035,811 11.348677 57,149,792 2.92% 2.82% 1999 .................................. 0.00% 2,998,912 10.769065 32,295,478 2.39% 2.30% Gartmore GVIT Nationwide(R) Leaders Fund - Class I 2003 .................................. 0.00% 18,347 9.045593 165,959 0.25% 7.02% 2002 .................................. 0.00% 5,031 9.715302 48,878 0.00% -0.03% 05/01/02 Gartmore GVIT Nationwide(R) Strategic Value Fund - Class I 2003 .................................. 0.00% 100,328 8.678258 870,672 0.04% 14.77% 2002 .................................. 0.00% 111,956 8.639671 967,263 0.00% -0.15% 2001 .................................. 0.00% 137,767 10.423272 1,435,983 0.29% -0.46% 2000 .................................. 0.00% 112,378 9.606117 1,079,516 0.47% -1.28% 1999 .................................. 0.00% 62,424 10.911118 681,116 0.49% 8.69% Gartmore GVIT Small Cap Growth Fund - Class I 2003 .................................. 0.00% 704,395 11.842023 8,341,462 0.00% 15.84% 2002 .................................. 0.00% 724,540 12.339414 8,940,399 0.00% -0.19% 2001 .................................. 0.00% 358,331 16.318509 5,847,428 0.00% -5.05% 2000 .................................. 0.00% 89,529 21.563281 1,930,539 0.00% 5.18%
56
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ---------- -------------- ---------- --------- Gartmore GVIT Small Cap Growth Fund - Class I (Initial funding by Depositor) 2001 .................................. 0.00% 100,000 $16.318510 $ 1,631,851 0.00% -5.05% 2000 .................................. 0.00% 100,000 21.563281 2,156,328 0.00% 5.18% 1999 .................................. 0.00% 100,000 11.270000 1,127,000 0.00% 12.70% 05/03/99 Gartmore GVIT Small Cap Value Fund - Class I 2003 .................................. 0.00% 2,011,217 15.355867 30,883,981 0.00% 19.27% 2002 .................................. 0.00% 1,886,459 15.493720 29,228,268 0.00% -0.12% 2001 .................................. 0.00% 1,194,883 18.056276 21,575,137 0.00% 31.03% 2000 .................................. 0.00% 488,020 13.756082 6,713,243 0.00% 11.01% 1999 .................................. 0.00% 224,171 11.987635 2,687,280 0.00% 23.67% Gartmore GVIT Small Company Fund - Class I 2003 .................................. 0.00% 1,592,029 14.074054 22,406,302 0.00% 15.18% 2002 .................................. 0.00% 1,418,830 14.137488 20,058,692 0.00% -0.04% 2001 .................................. 0.00% 1,101,746 15.628143 17,218,244 0.11% -1.35% 2000 .................................. 0.00% 650,505 15.656223 10,184,451 0.03% 7.62% 1999 .................................. 0.00% 278,534 10.870654 3,027,847 0.00% 7.62% Gartmore GVIT Total Return Fund - Class I 2003 .................................. 0.00% 3,296,917 10.113214 33,342,427 0.42% 12.28% 2002 .................................. 0.00% 3,195,577 10.247968 32,748,171 0.33% -0.06% 2001 .................................. 0.00% 2,751,648 11.384116 31,325,080 0.42% -7.89% 2000 .................................. 0.00% 2,081,682 13.051654 27,169,393 0.28% 3.36% 1999 .................................. 0.00% 1,174,786 13.076437 15,362,015 0.41% 10.75% Gartmore GVIT U.S. Growth Leaders Fund - Class I 2003 .................................. 0.00% 146,722 10.457006 1,534,273 0.00% 27.12% 2002 .................................. 0.00% 4,505 8.813925 39,707 0.00% -0.12% 05/01/02 Gartmore GVIT Worldwide Leaders Fund - Class I 2003 .................................. 0.00% 276,874 8.516620 2,358,031 0.00% 9.49% 2002 .................................. 0.00% 265,322 9.833865 2,609,141 1.50% -0.06% 2001 .................................. 0.00% 1,612,329 11.002686 17,739,950 1.07% -14.31% 2000 .................................. 0.00% 978,808 14.552072 14,243,684 1.01% -0.63% 1999 .................................. 0.00% 72,943 12.943855 944,164 0.53% 8.64% J. P. Morgan GVIT Balanced Fund - Class I 2003 .................................. 0.00% 1,025,644 9.976255 10,232,086 0.86% 8.73% 2002 .................................. 0.00% 880,418 9.574627 8,429,674 1.10% -0.08% 2001 .................................. 0.00% 574,645 10.682995 6,138,930 1.22% -1.65% 2000 .................................. 0.00% 293,650 11.193219 3,286,889 1.66% 2.68% 1999 .................................. 0.00% 144,724 11.450736 1,657,196 2.02% 5.96% Janus AS - Balanced Portfolio - Service Shares 2003 .................................. 0.00% 3,989 10.660622 42,525 2.35% 6.11% Janus AS - Capital Appreciation Portfolio - Service Shares 2003 .................................. 0.00% 3,386,773 5.879745 19,913,362 0.16% 8.62% 2002 .................................. 0.00% 3,137,504 5.984583 18,776,653 0.21% -0.07% 2001 .................................. 0.00% 2,759,055 7.116293 19,634,244 0.75% -13.60% 2000 .................................. 0.00% 855,652 9.677651 8,280,701 0.09% -3.22% 01/27/00 Janus AS - Global Technology Portfolio - Service Shares 2003 .................................. 0.00% 3,235,457 2.882270 9,325,461 0.00% 18.26% 2002 .................................. 0.00% 2,951,677 2.902492 8,567,219 0.00% -0.30% 2001 .................................. 0.00% 2,387,665 4.874572 11,638,845 0.64% -25.95% 2000 .................................. 0.00% 1,035,730 9.810188 10,160,706 0.00% -1.90% 01/27/00
(Continued) 57 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ---------- -------------- ---------- --------- Janus AS - International Growth Portfolio - Service Shares 2003 .................................. 0.00% 3,114,218 $ 5.001294 $15,575,120 0.90% 6.33% 2002 .................................. 0.00% 2,822,892 5.564663 15,708,443 0.36% -0.12% 2001 .................................. 0.00% 2,501,691 6.988531 17,483,145 0.62% -15.53% 2000 .................................. 0.00% 646,356 10.139137 6,553,492 0.00% 1.39% 01/27/00 Janus AS - Risk-Managed Large Cap Core Portfolio - Service Shares 2003 .................................. 0.00% 104 10.620076 1,104 0.00% 6.20% 05/01/03 MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I 2003 .................................. 0.00% 618,481 13.244767 8,191,637 2.90% 7.71% 2002 .................................. 0.00% 491,821 11.706208 5,757,359 2.29% 0.02% 2001 .................................. 0.00% 1,434,891 11.092691 15,916,802 3.02% 0.76% 2000 .................................. 0.00% 924,914 10.678794 9,876,966 3.53% 2.49% 1999 .................................. 0.00% 128,027 10.148365 1,299,260 4.00% -1.09% MFS VIT - MFS Investors Growth Stock Series - Initial Class 2003 .................................. 0.00% 483 10.652462 5,145 0.00% 6.52% 05/01/03 MFS VIT - MFS Value Series - Initial Class 2003 .................................. 0.00% 7,678 10.655171 81,810 0.00% 6.55% 05/01/03 Neuberger Berman AMT - Guardian Portfolio 2003 .................................. 0.00% 590,148 12.640962 7,460,038 0.00% 14.02% 2002 .................................. 0.00% 550,498 13.386986 7,369,509 0.62% -0.11% 2001 .................................. 0.00% 368,433 15.546904 5,727,992 0.34% 1.59% 2000 .................................. 0.00% 196,947 15.697826 3,091,640 0.53% 3.73% 1999 .................................. 0.00% 143,791 15.438418 2,219,906 0.26% 17.25% Neuberger Berman AMT - Limited Maturity Bond Portfolio 2003 .................................. 0.00% 16,638 10.051133 167,231 0.00% 0.51% 05/01/03 Neuberger Berman AMT - Mid-Cap Growth Portfolio 2003 .................................. 0.00% 1,430,544 11.850004 16,951,952 0.00% 12.20% 2002 .................................. 0.00% 1,369,960 12.379424 16,959,316 0.00% -0.17% 2001 .................................. 0.00% 1,143,194 17.179429 19,639,420 0.00% -13.39% 2000 .................................. 0.00% 559,009 24.176496 13,514,879 0.00% 12.79% 1999 .................................. 0.00% 171,832 14.642312 2,516,018 0.00% 5.13% Neuberger Berman AMT - Partners Portfolio 2003 .................................. 0.00% 893,364 9.777292 8,734,681 0.00% 17.72% 2002 .................................. 0.00% 860,974 9.872012 8,499,546 0.48% -0.10% 2001 .................................. 0.00% 731,439 11.195427 8,188,772 0.35% -0.64% 2000 .................................. 0.00% 594,246 11.128003 6,612,771 0.75% -0.54% 1999 .................................. 0.00% 496,471 11.804169 5,860,428 1.09% 13.27% Neuberger Berman AMT - Socially Responsive Portfolio 2003 .................................. 0.00% 587 10.741483 6,305 0.00% 7.41% 05/01/03 Oppenheimer Aggressive Growth Fund/VA - Initial Class 2003 .................................. 0.00% 2,217,544 10.335071 22,918,475 0.00% 13.72% 2002 .................................. 0.00% 2,013,395 10.415916 20,971,353 0.61% -0.17% 2001 .................................. 0.00% 1,764,752 13.367992 23,591,191 0.89% -27.00% 2000 .................................. 0.00% 998,586 25.005111 24,969,754 0.00% 21.21% 1999 .................................. 0.00% 179,872 13.597015 2,445,723 0.00% 21.01%
58
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ---------- -------------- ---------- --------- Oppenheimer Capital Appreciation Fund/VA - Initial Class 2003 .................................. 0.00% 2,718,576 $12.592916 $34,234,799 0.43% 12.38% 2002 .................................. 0.00% 2,509,938 12.380425 31,074,099 0.53% -0.19% 2001 .................................. 0.00% 1,833,232 16.669506 30,559,072 0.61% -4.88% 2000 .................................. 0.00% 908,894 19.219681 17,468,653 0.12% 9.42% 1999 .................................. 0.00% 352,668 14.361654 5,064,902 0.00% 15.82% Oppenheimer Global Securities Fund/VA - Initial Class 2003 .................................. 0.00% 1,612,293 7.344091 11,840,827 0.86% 11.71% 2002 .................................. 0.00% 1,258,098 7.836892 9,859,578 0.47% -0.07% 2001 .................................. 0.00% 495,665 8.794019 4,358,887 0.41% -8.38% 2000 .................................. 0.00% 12,389 10.110760 125,262 0.00% 1.11% 05/01/00 Oppenheimer High Income Fund/VA - Initial Class 2003 .................................. 0.00% 684 10.350649 7,080 0.00% 3.51% 05/01/03 Oppenheimer Main Street(R) Growth & Income Fund/VA - Initial Class 2003 .................................. 0.00% 2,515,084 9.358438 23,537,258 1.02% 10.35% 2002 .................................. 0.00% 2,110,307 9.709572 20,490,178 0.67% -0.07% 2001 .................................. 0.00% 1,636,469 10.933210 17,891,859 0.50% -5.95% 2000 .................................. 0.00% 822,367 12.767529 10,499,595 0.36% 0.19% 1999 .................................. 0.00% 220,137 12.003157 2,642,339 0.45% 14.64% Oppenheimer Main Street(R) Small Cap Fund/VA - Initial Class 2003 .................................. 0.00% 17,672 11.155836 197,146 0.00% 11.56% 05/01/03 Putnam VT Growth & Income Fund - IB Shares 2003 .................................. 0.00% 508 10.870727 5,522 0.00% 8.71% 05/01/03 Putnam VT International Equity Fund - IB Shares 2003 .................................. 0.00% 1,417 10.567728 14,974 0.00% 5.68% 05/01/03 Putnam VT Voyager Fund - IB Shares 2003 .................................. 0.00% 1,154 10.529678 12,151 0.00% 5.30% 05/01/03 Strong GVIT Mid Cap Growth Fund - Class I 2003 .................................. 0.00% 961,065 9.628273 9,253,396 0.00% 22.43% 2002 .................................. 0.00% 810,090 9.523351 7,714,771 0.00% -0.24% 2001 .................................. 0.00% 642,639 15.448511 9,927,816 0.00% -13.77% 2000 .................................. 0.00% 400,982 22.238241 8,917,134 0.00% 5.04% 1999 .................................. 0.00% 81,722 14.378067 1,175,004 0.00% 25.47% Strong Opportunity Fund II, Inc. 2003 .................................. 0.00% 1,500,279 8.084476 12,128,970 0.00% 16.15% 2002 .................................. 0.00% 1,192,102 8.068532 9,618,513 0.00% -0.15% 2001 .................................. 0.00% 480,885 9.880891 4,751,572 0.09% 0.04% 2000 .................................. 0.00% 11,293 9.643495 108,904 0.00% -3.57% 05/01/00 Turner GVIT Growth Focus Fund - Class I 2003 .................................. 0.00% 261,250 2.699253 705,180 0.00% 22.12% 2002 .................................. 0.00% 122,078 2.507967 306,168 0.00% -0.35% 2001 .................................. 0.00% 48,372 4.622739 223,611 0.00% -27.14% Van Eck WIT - Worldwide Emerging Markets Fund 2003 .................................. 0.00% 596,531 8.073069 4,815,836 0.12% 10.41% 2002 .................................. 0.00% 614,685 8.044348 4,944,740 0.16% 0.07% 2001 .................................. 0.00% 497,695 7.613899 3,789,399 0.00% -0.72% 2000 .................................. 0.00% 336,741 11.554996 3,891,041 0.00% -12.41% 1999 .................................. 0.00% 104,166 9.612197 1,001,264 0.00% 45.93%
(Continued) 59 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Van Eck WIT - Worldwide Hard Assets Fund 2003 .................................. 0.00% 270,519 $ 8.634803 $ 2,335,878 0.50% 6.64% 2002 .................................. 0.00% 315,019 9.111458 2,870,282 0.58% 0.09% 2001 .................................. 0.00% 165,752 8.988332 1,489,834 0.96% -3.41% 2000 .................................. 0.00% 69,047 8.680898 599,390 1.11% 3.92% 1999 .................................. 0.00% 36,447 8.162502 297,499 1.12% 18.24% Van Kampen UIF - Core Plus Fixed Income Portfolio - Class A 2003 .................................. 0.00% 3,551 10.061565 35,729 0.00% 0.62% 05/01/03 Van Kampen UIF - Emerging Markets Debt Portfolio 2003 .................................. 0.00% 305,067 14.588319 4,450,415 0.00% 17.54% 2002 .................................. 0.00% 214,480 11.379927 2,440,767 0.00% 0.00% 2001 .................................. 0.00% 118,236 10.814003 1,278,604 0.00% 4.78% 2000 .................................. 0.00% 79,056 9.869473 780,241 0.00% 6.51% 1999 .................................. 0.00% 56,712 8.089723 458,784 0.00% 12.95% Van Kampen UIF - Mid Cap Growth Portfolio 2003 .................................. 0.00% 330,767 5.016522 1,659,300 0.00% 18.64% 2002 .................................. 0.00% 273,686 5.009491 1,371,028 0.00% -0.18% 2001 .................................. 0.00% 112,000 7.190587 805,346 0.00% -17.25% 2000 .................................. 0.00% 2,269 9.905150 22,475 0.00% -0.95% 05/01/00 Van Kampen UIF - U.S. Real Estate Portfolio 2003 .................................. 0.00% 1,136,343 13.590158 15,443,081 0.00% 14.03% 2002 .................................. 0.00% 999,081 13.265142 13,252,951 0.00% 0.10% 2001 .................................. 0.00% 404,207 11.819520 4,777,533 0.00% 8.08% 2000 .................................. 0.00% 299,933 9.759014 2,927,050 4.24% 14.28% 1999 .................................. 0.00% 138,283 9.589236 1,326,028 5.72% 8.50% The BEST of AMERICA(R) Corporate Variable Universal Life Series(SM) Reduced Fee Tier (0.10%) Aim VIF Basic Value Fund - Series I 2003 .................................. 0.10% 173 11.139122 1,927 0.00% 13.10% Aim VIF Capital Development Fund - Series I 2003 .................................. 0.10% 1,049 11.245987 11,797 0.00% 14.53% Alliance VPS Growth & Income Portfolio - Class A 2003 .................................. 0.10% 2,318 11.554556 26,783 2.47% 15.31% American Century VP Income & Growth Fund - Class I 2003 .................................. 0.10% 483,940 8.493460 4,110,325 1.21% 11.97% 2002 .................................. 0.10% 499,032 8.442333 4,212,994 0.96% -0.10% 2001 .................................. 0.10% 298,794 9.888619 2,954,660 0.80% -3.86% 2000 .................................. 0.10% 243,801 11.101352 2,706,521 0.55% -3.62% American Century VP International Fund - Class I 2003 .................................. 0.10% 1,162,128 7.846190 9,118,277 0.77% 4.90% 2002 .................................. 0.10% 919,498 8.977297 8,254,607 0.67% -0.05% 2001 .................................. 0.10% 800,604 10.606504 8,491,610 0.08% -20.19% 2000 .................................. 0.10% 441,920 15.024102 6,639,451 0.11% -6.06% American Century VP Ultra Fund - Class I 2003 .................................. 0.10% 2,041 8.957641 18,283 0.00% 11.51%
60
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- American Century VP Value Fund - Class I 2003 .................................. 0.10% 535,044 $13.063751 $ 6,989,682 1.11% 9.37% 2002 .................................. 0.10% 364,405 13.141835 4,788,950 0.72% -0.04% 2001 .................................. 0.10% 198,566 13.009457 2,583,236 0.90% 7.16% 2000 .................................. 0.10% 85,064 9.870150 839,594 1.03% -4.05% Baron Capital Asset Trust 2003 .................................. 0.10% 6,649 10.882025 72,355 0.00% 12.14% Calvert Social Equity Portfolio 2003 .................................. 0.10% 1,029 11.214938 11,540 0.00% 8.98% Comstock GVIT Value Fund - Class I 2003 .................................. 0.10% 202,002 7.637384 1,542,767 0.65% 13.19% 2002 .................................. 0.10% 198,160 7.741156 1,533,987 0.66% -0.14% 2001 .................................. 0.10% 95,820 9.376870 898,492 0.67% -8.80% Credit Suisse Trust - Large Cap Value Portfolio 2003 .................................. 0.10% 17,124 9.785578 167,568 0.00% 8.78% 2002 .................................. 0.10% 38,947 10.570720 411,698 0.00% -0.10% Dreyfus GVIT Mid Cap Index Fund - Class I 2003 .................................. 0.10% 211,178 13.183680 2,784,103 0.24% 11.90% 2002 .................................. 0.10% 234,179 13.401505 3,138,351 0.15% -0.04% 2001 .................................. 0.10% 148,052 14.207693 2,103,477 0.29% 0.61% 2000 .................................. 0.10% 18,411 13.271857 244,348 0.36% 8.16% Dreyfus IP - European Equity Portfolio 2002 .................................. 0.10% 52,928 8.352031 442,056 0.00% -0.08% 2001 .................................. 0.10% 62,365 10.068788 627,940 0.06% -20.44% 2000 .................................. 0.10% 18,626 13.237862 246,568 0.00% 2.40% Dreyfus IP - Mid Cap Stock Portfolio - Initial Shares 2003 .................................. 0.10% 3,136 11.148783 34,963 0.00% 11.75% Dreyfus IP - Small Cap Stock Index Portfolio - Service Class 2003 .................................. 0.10% 203,194 8.634783 1,754,536 0.00% 12.58% Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares 2003 .................................. 0.10% 98,306 6.594185 648,248 0.01% 10.22% 2002 .................................. 0.10% 114,559 6.981310 799,772 0.01% -0.17% 2001 .................................. 0.10% 87,496 9.354003 818,438 0.01% -14.16% 2000 .................................. 0.10% 23,186 12.566828 291,374 0.01% 2.50% Dreyfus Stock Index Fund 2003 .................................. 0.10% 3,040,631 7.864072 23,911,741 0.76% 11.58% 2002 .................................. 0.10% 2,485,874 7.872437 19,569,886 0.63% -0.13% 2001 .................................. 0.10% 4,600,532 9.644728 44,370,880 0.51% -6.88% 2000 .................................. 0.10% 2,359,881 11.359939 26,808,104 0.51% -0.60% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2003 .................................. 0.10% 509,252 8.703331 4,432,189 0.02% 8.45% 2002 .................................. 0.10% 329,140 8.803391 2,897,548 0.01% -0.09% 2001 .................................. 0.10% 358,835 9.974982 3,579,373 0.02% -6.30% 2000 .................................. 0.10% 338,324 11.020408 3,728,469 0.01% 2.74% Dreyfus VIF - International Value Portfolio - Initial Shares 2003 .................................. 0.10% 65,352 10.126681 661,799 0.13% 7.31%
(Continued) 61 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Federated GVIT High Income Bond Fund - Class I 2003 .................................. 0.10% 546,088 $11.093732 $ 6,058,154 4.05% 13.30% 2002 .................................. 0.10% 592,780 9.462039 5,608,907 4.57% 0.00% 2001 .................................. 0.10% 1,215,947 9.318063 11,330,271 4.83% 2.18% 2000 .................................. 0.10% 787,968 9.798463 7,720,875 5.18% -1.55% Federated Quality Bond Fund II - Primary Shares 2003 .................................. 0.10% 1,012,564 13.434358 13,603,147 3.28% 4.77% 2002 .................................. 0.10% 1,308,770 12.040347 15,758,045 3.22% 0.03% 2001 .................................. 0.10% 4,108,659 11.279452 46,343,422 2.33% 3.65% 2000 .................................. 0.10% 2,729,023 10.166599 27,744,883 1.20% 3.08% Fidelity(R) VIP - Equity-Income Portfolio: Service Class 2003 .................................. 0.10% 1,039,444 9.775527 10,161,113 1.76% 10.61% 2002 .................................. 0.10% 664,335 9.995107 6,640,099 1.35% -0.06% 2001 .................................. 0.10% 347,891 11.124505 3,870,115 1.22% -1.03% 2000 .................................. 0.10% 194,193 10.097451 1,960,854 1.46% -2.81% Fidelity(R) VIP - Growth Portfolio: Service Class 2003 .................................. 0.10% 1,253,359 7.244508 9,079,969 0.20% 13.36% 2002 .................................. 0.10% 882,654 7.394071 6,526,406 0.13% -0.19% 2001 .................................. 0.10% 992,825 10.067935 9,995,698 0.00% -9.71% 2000 .................................. 0.10% 513,489 13.179722 6,767,642 0.07% 5.01% Fidelity(R) VIP - High Income Portfolio: Service Class 2003 .................................. 0.10% 865,569 8.475724 7,336,324 6.94% 17.00% 2002 .................................. 0.10% 656,498 6.695815 4,395,789 9.98% -0.04% 2001 .................................. 0.10% 750,474 7.374697 5,534,518 10.33% -7.25% 2000 .................................. 0.10% 507,660 9.770250 4,959,965 5.16% -5.00% Fidelity(R) VIP - Overseas Portfolio: Service Class 2003 .................................. 0.10% 250,389 7.676416 1,922,090 0.67% 10.23% 2002 .................................. 0.10% 134,878 8.527947 1,150,232 0.53% -0.03% 2001 .................................. 0.10% 198,126 9.844575 1,950,466 4.33% -11.52% 2000 .................................. 0.10% 104,231 13.075264 1,362,848 1.15% -5.09% Fidelity(R) VIP II - Contrafund Portfolio: Service Class 2003 .................................. 0.10% 187,649 9.465923 1,776,271 0.35% 9.48% 2002 .................................. 0.10% 215,713 9.470244 2,042,855 0.65% -0.01% 2001 .................................. 0.10% 233,427 9.817206 2,291,601 0.60% -10.05% 2000 .................................. 0.10% 152,581 11.546466 1,761,771 0.30% -1.40% Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class 2003 .................................. 0.10% 28,903 6.565673 189,768 0.65% 12.82% 2002 .................................. 0.10% 76,853 6.464770 496,837 0.82% -0.13% 2001 .................................. 0.10% 79,325 7.958505 631,308 0.23% -8.82% 2000 .................................. 0.10% 3,234 10.153660 32,837 1.08% -3.75% Fidelity(R) VIP III - Value Strategies Portfolio: Service Class 2003 .................................. 0.10% 5,355 9.114851 48,810 0.00% 21.46% Franklin Templeton VIPT - Templeton Foreign Securities Fund - Class 2 2003 .................................. 0.10% 7,116 10.197498 72,565 4.68% 7.53%
62
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ---------- -------------- ---------- --------- Gartmore GVIT Emerging Markets Fund - Class I 2003 ..................................... 0.10% 34,306 $ 8.114170 $ 278,365 0.32% 16.13% 2002 ..................................... 0.10% 41,685 8.040876 335,184 0.05% -0.03% 2001 ..................................... 0.10% 793 8.880551 7,042 0.47% 1.96% Gartmore GVIT Global Financial Services Fund - Class I 2003 ..................................... 0.10% 4,611 9.832118 45,336 0.00% 13.56% Gartmore GVIT Global Health Sciences Fund - Class I 2003 ..................................... 0.10% 9,287 10.527437 97,768 0.00% 26.31% Gartmore GVIT Global Technology and Communications Fund - Class I 2003 ..................................... 0.10% 104,492 2.477054 258,832 0.00% 25.88% 2002 ..................................... 0.10% 59,175 2.339509 138,440 0.64% -0.32% 2001 ..................................... 0.10% 6,837 4.262393 29,142 0.00% -29.15% Gartmore GVIT Global Utilities Fund - Class I 2003 ..................................... 0.10% 2,632 9.615431 25,308 0.13% 10.80% Gartmore GVIT Government Bond Fund - Class I 2003 ..................................... 0.10% 1,760,726 13.616730 23,975,331 2.01% 3.08% 2002 ..................................... 0.10% 1,248,085 12.407025 15,485,022 2.37% 0.04% 2001 ..................................... 0.10% 596,281 11.384642 6,788,446 2.76% 2.38% 2000 ..................................... 0.10% 108,503 10.284568 1,115,906 3.41% 3.98% Gartmore GVIT Growth Fund - Class I 2003 ..................................... 0.10% 311,503 4.452036 1,386,823 0.00% 14.97% 2002 ..................................... 0.10% 262,953 4.502725 1,184,005 0.00% -0.17% 2001 ..................................... 0.10% 338,747 5.956345 2,017,694 0.00% -21.36% 2000 ..................................... 0.10% 433,842 10.392776 4,508,823 0.17% 0.71% Gartmore GVIT ID Aggressive Fund 2003 ..................................... 0.10% 23,671 9.224824 218,361 0.73% 10.82% Gartmore GVIT ID Conservative Fund 2003 ..................................... 0.10% 14,194 10.433566 148,094 1.25% 3.91% Gartmore GVIT ID Moderate Fund 2003 ..................................... 0.10% 1,928 9.846589 18,984 1.03% 7.83% Gartmore GVIT ID Moderately Aggressive Fund 2003 ..................................... 0.10% 6,826 9.501293 64,856 0.86% 9.47% Gartmore GVIT ID Moderately Conservative Fund 2003 ..................................... 0.10% 2,026 10.195162 20,655 1.19% 5.83% Gartmore GVIT International Growth Fund - Class I 2003 ..................................... 0.10% 41,237 5.241722 216,153 0.00% 4.88% 2002 ..................................... 0.10% 14,021 6.094674 85,453 0.00% -0.08% 2001 ..................................... 0.10% 2,647 7.432628 19,674 0.40% -19.63% Gartmore GVIT Money Market Fund - Class I 2003 ..................................... 0.10% 1,178,285 11.518076 13,571,576 0.37% 0.32% 2002 ..................................... 0.10% 9,822,219 11.419584 112,165,655 0.62% 0.01% 2001 ..................................... 0.10% 3,927,377 11.219674 44,063,890 2.24% 2.26% 2000 ..................................... 0.10% 922,187 10.644566 9,816,280 2.92% 2.77% Gartmore GVIT Money Market Fund - Class V 2003 ..................................... 0.10% 7,264,051 10.056701 73,052,389 0.41% 0.36% Gartmore GVIT Nationwide(R) Leaders Fund - Class I 2003 ..................................... 0.10% 8,611 9.035056 77,801 0.25% 6.96%
(Continued) 63 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ---------- ---------- -------------- ---------- --------- Gartmore GVIT Nationwide(R) Strategic Value Fund - Class I 2003 .................................. 0.10% 73,988 $ 8.801007 $ 651,169 0.04% 14.71% 2002 .................................. 0.10% 67,648 8.770693 593,320 0.00% -0.15% 2001 .................................. 0.10% 28,973 10.591925 306,880 0.29% -0.51% Gartmore GVIT Small Cap Growth Fund - Class I 2003 .................................. 0.10% 80,320 11.792858 947,202 0.00% 15.78% 2002 .................................. 0.10% 85,789 12.300548 1,055,252 0.00% -0.20% 2001 .................................. 0.10% 53,609 16.283373 872,935 0.00% -5.10% 2000 .................................. 0.10% 13,483 21.538332 290,401 0.00% 5.13% Gartmore GVIT Small Cap Value Fund - Class I 2003 .................................. 0.10% 270,047 16.564174 4,473,105 0.00% 19.21% 2002 .................................. 0.10% 347,293 16.729709 5,810,111 0.00% -0.12% 2001 .................................. 0.10% 296,637 19.516190 5,789,224 0.00% 30.97% 2000 .................................. 0.10% 176,392 14.883105 2,625,261 0.00% 10.95% Gartmore GVIT Small Company Fund - Class I 2003 .................................. 0.10% 400,766 14.284741 5,724,839 0.00% 15.13% 2002 .................................. 0.10% 461,951 14.363575 6,635,268 0.00% -0.04% 2001 .................................. 0.10% 1,390,147 15.893958 22,094,938 0.11% -1.40% 2000 .................................. 0.10% 711,090 15.938399 11,333,636 0.03% 7.57% Gartmore GVIT Total Return Fund - Class I 2003 .................................. 0.10% 19,315,622 8.363230 161,540,989 0.42% 12.22% 2002 .................................. 0.10% 12,752,969 8.483182 108,185,757 0.33% -0.06% 2001 .................................. 0.10% 6,605,181 9.433092 62,307,280 0.42% -7.94% 2000 .................................. 0.10% 22,535 10.825627 243,956 0.28% 3.31% Gartmore GVIT U.S. Growth Leaders Fund - Class I 2003 .................................. 0.10% 37,251 10.444841 389,081 0.00% 27.05% Gartmore GVIT Worldwide Leaders Fund - Class I 2003 .................................. 0.10% 48,102 6.896551 331,738 0.00% 9.43% 2002 .................................. 0.10% 48,856 7.971237 389,443 1.50% -0.06% 2001 .................................. 0.10% 36,565 8.927589 326,437 1.07% -14.36% 2000 .................................. 0.10% 303 11.819344 3,581 1.01% -0.68% Goldman Sachs VIT Mid Cap Value Fund 2003 .................................. 0.10% 3,808 10.720029 40,822 0.00% 8.43% J. P. Morgan GVIT Balanced Fund - Class I 2003 .................................. 0.10% 237,333 9.102541 2,160,333 0.86% 8.68% 2002 .................................. 0.10% 185,497 8.744877 1,622,148 1.10% -0.09% 2001 .................................. 0.10% 95,718 9.766945 934,872 1.22% -1.70% 2000 .................................. 0.10% 84,072 10.243616 861,201 1.66% 2.63% Janus AS - Balanced Portfolio - Service Shares 2003 .................................. 0.10% 12,697 10.651870 135,247 2.35% 6.05% Janus AS - Capital Appreciation Portfolio - Service Shares 2003 .................................. 0.10% 180,677 5.859619 1,058,698 0.16% 8.57% 2002 .................................. 0.10% 241,233 5.970112 1,440,188 0.21% -0.07% 2001 .................................. 0.10% 262,121 7.106180 1,862,679 0.75% -13.64% 2000 .................................. 0.10% 21,117 9.673547 204,276 0.09% -3.26% 01/27/00
64
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ---------- -------------- ---------- --------- Janus AS - Global Technology Portfolio - Service Shares 2003 .................................. 0.10% 286,993 $ 2.872391 $ 824,356 0.00% 18.20% 2002 .................................. 0.10% 411,159 2.895460 1,190,494 0.00% -0.30% 2001 .................................. 0.10% 368,716 4.867626 1,794,772 0.64% -25.98% 2000 .................................. 0.10% 126,614 9.806028 1,241,580 0.00% -1.94% 01/27/00 Janus AS - International Growth Portfolio - Service Shares 2003 .................................. 0.10% 521,067 4.984189 2,597,096 0.90% 6.28% 2002 .................................. 0.10% 524,115 5.551206 2,909,470 0.36% -0.12% 2001 .................................. 0.10% 322,567 6.978600 2,251,066 0.62% -15.57% 2000 .................................. 0.10% 152,099 10.134840 1,541,499 0.00% 1.35% 01/27/00 MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I 2003 .................................. 0.10% 633,034 12.880734 8,153,943 2.90% 7.66% 2002 .................................. 0.10% 496,403 11.395901 5,656,959 2.29% 0.02% 2001 .................................. 0.10% 252,557 10.809424 2,729,996 3.02% 0.71% 2000 .................................. 0.10% 247,557 10.416467 2,578,669 3.53% 2.44% Neuberger Berman AMT - Fasciano Portfolio - S Class 2003 .................................. 0.10% 30,157 10.823582 326,407 0.00% 7.51% Neuberger Berman AMT - Guardian Portfolio 2003 .................................. 0.10% 67,652 9.123772 617,241 0.00% 13.96% 2002 .................................. 0.10% 81,377 9.671959 787,075 0.62% -0.11% 2001 .................................. 0.10% 59,737 11.243700 671,665 0.34% 1.54% Neuberger Berman AMT - Mid-Cap Growth Portfolio 2003 .................................. 0.10% 747,054 8.664090 6,472,543 0.00% 12.14% 2002 .................................. 0.10% 542,020 9.060281 4,910,854 0.00% -0.17% 2001 .................................. 0.10% 515,246 12.585904 6,484,837 0.00% -13.43% 2000 .................................. 0.10% 291,125 17.729749 5,161,573 0.00% 12.74% Neuberger Berman AMT - Partners Portfolio 2003 .................................. 0.10% 9,082 9.133830 82,953 0.00% 17.66% 2002 .................................. 0.10% 45,164 9.231601 416,936 0.48% -0.10% 2001 .................................. 0.10% 5,826 10.479635 61,054 0.35% -0.69% One Group(R) IT Mid Cap Value Portfolio 2003 .................................. 0.10% 6,556 10.843589 71,091 0.63% 9.19% Oppenheimer Aggressive Growth Fund/VA - Initial Class 2003 .................................. 0.10% 1,118,381 8.290011 9,271,391 0.00% 13.66% 2002 .................................. 0.10% 1,109,237 8.363264 9,276,842 0.61% -0.17% 2001 .................................. 0.10% 1,217,306 10.744305 13,079,107 0.89% -27.03% 2000 .................................. 0.10% 353,470 20.117568 7,110,957 0.00% 21.15% Oppenheimer Capital Appreciation Fund/VA - Initial Class 2003 .................................. 0.10% 989,329 9.452660 9,351,791 0.43% 12.32% 2002 .................................. 0.10% 858,636 9.302517 7,987,476 0.53% -0.19% 2001 .................................. 0.10% 795,963 12.537813 9,979,635 0.61% -4.93% 2000 .................................. 0.10% 320,077 14.470324 4,631,618 0.12% 9.36% Oppenheimer Global Securities Fund/VA - Initial Class 2003 .................................. 0.10% 808,159 7.320874 5,916,430 0.86% 11.66% 2002 .................................. 0.10% 642,156 7.819985 5,021,650 0.47% -0.07% 2001 .................................. 0.10% 192,101 8.783820 1,687,381 0.41% -8.42% 2000 .................................. 0.10% 74,231 10.109107 750,409 0.00% 1.09% 05/01/00
(Continued) 65 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Oppenheimer Main Street(R) Growth & Income Fund/VA - Initial Class 2003 .................................. 0.10% 301,583 $ 8.585095 $2,589,119 1.02% 10.30% 2002 .................................. 0.10% 441,864 8.916181 3,939,739 0.67% -0.07% 2001 .................................. 0.10% 181,818 10.049858 1,827,245 0.50% -6.00% 2000 .................................. 0.10% 148,244 11.747678 1,741,523 0.36% 0.14% PIMCO VIT Low Duration Portfolio - Administrative Shares 2003 .................................. 0.10% 15,412 10.434415 160,815 1.05% 2.37% PIMCO VIT Real Return Portfolio - Administrative Shares 2003 .................................. 0.10% 19,897 11.069693 220,254 2.67% 6.76% PIMCO VIT Total Return Portfolio - Administrative Shares 2003 .................................. 0.10% 56,228 10.797192 607,105 1.58% 4.45% Pioneer High Yield VCT Portfolio - Class I Shares 2003 .................................. 0.10% 21,750 12.561984 273,223 4.01% 21.17% Royce Capital Fund - Micro Cap 2003 .................................. 0.10% 20,317 11.825403 240,257 0.00% 16.92% Strong GVIT Mid Cap Growth Fund - Class I 2003 .................................. 0.10% 671,130 7.455230 5,003,429 0.00% 22.37% 2002 .................................. 0.10% 587,163 7.381425 4,334,100 0.00% -0.24% 2001 .................................. 0.10% 462,202 11.985923 5,539,918 0.00% -13.81% 2000 .................................. 0.10% 454,493 17.271082 7,849,586 0.00% 4.99% Strong Opportunity Fund II, Inc. 2003 .................................. 0.10% 224,510 8.058914 1,809,307 0.00% 16.09% 2002 .................................. 0.10% 296,413 8.051126 2,386,458 0.00% -0.15% 2001 .................................. 0.10% 291,735 9.869436 2,879,260 0.09% -0.01% 2000 .................................. 0.10% 149,401 9.641915 1,440,512 0.00% -3.58% 05/01/00 T. Rowe Price Equity Income Portfolio - II 2003 .................................. 0.10% 13,381 11.079232 148,251 0.96% 9.41% T. Rowe Price Mid Cap Growth Portfolio - II 2003 .................................. 0.10% 8,990 12.097196 108,754 0.00% 17.98% Turner GVIT Growth Focus Fund - Class I 2003 .................................. 0.10% 19,440 2.691837 52,329 0.00% 22.05% 2002 .................................. 0.10% 22,900 2.503594 57,332 0.00% -0.35% 2001 .................................. 0.10% 1,458 4.619300 6,735 0.00% -27.17% Van Eck WIT - Worldwide Emerging Markets Fund 2003 .................................. 0.10% 110,476 10.999126 1,215,139 0.12% 10.35% 2002 .................................. 0.10% 118,689 10.971041 1,302,142 0.16% 0.07% 2001 .................................. 0.10% 31,475 10.394360 327,162 0.00% -0.77% 2000 .................................. 0.10% 227 15.790423 3,584 0.00% -12.46% Van Eck WIT - Worldwide Hard Assets Fund 2003 .................................. 0.10% 8,938 12.078890 107,961 0.50% 6.58% 2002 .................................. 0.10% 26,290 12.758496 335,421 0.58% 0.09% 2001 .................................. 0.10% 2,658 12.598656 33,487 0.96% -3.46% Van Kampen UIF - Emerging Markets Debt Portfolio 2003 .................................. 0.10% 2,703 18.975828 51,292 0.00% 17.48% 2002 .................................. 0.10% 5,644 14.817371 83,629 0.00% 0.00% 2001 .................................. 0.10% 1,642 14.094542 23,143 0.00% 4.72% 2000 .................................. 0.10% 21,618 12.876285 278,360 0.00% 6.46%
66
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Van Kampen UIF - Mid Cap Growth Portfolio 2003 .................................. 0.10% 70,818 $ 5.000646 $ 354,136 0.00% 18.58% 2002 .................................. 0.10% 126,566 4.998672 632,662 0.00% -0.18% 2001 .................................. 0.10% 77,695 7.182236 558,024 0.00% -17.29% Van Kampen UIF - U.S. Real Estate Portfolio 2003 .................................. 0.10% 329,945 16.067147 5,301,275 0.00% 13.98% 2002 .................................. 0.10% 365,847 15.698665 5,743,309 0.00% 0.10% 2001 .................................. 0.10% 174,681 14.001808 2,445,850 0.00% 8.03% 2000 .................................. 0.10% 24,575 11.572376 284,391 4.24% 14.22% The BEST of AMERICA(R) Corporate Variable Universal Life Series(SM) Reduced Fee Tier (0.20%) American Century VP Value Fund - Class I 2003 .................................. 0.20% 124,037 11.344204 1,407,101 1.11% 9.32% Dreyfus GVIT Mid Cap Index Fund - Class I 2003 .................................. 0.20% 135,732 9.996122 1,356,794 0.24% 11.85% Dreyfus Stock Index Fund 2003 .................................. 0.20% 3,219,037 7.609700 24,495,906 0.76% 11.53% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2003 .................................. 0.20% 772,873 8.152937 6,301,185 0.02% 8.40% Federated Quality Bond Fund II - Primary Shares 2003 .................................. 0.20% 484,575 13.378598 6,482,934 3.28% 4.72% Fidelity(R) VIP - Overseas Portfolio:Service Class 2003 .................................. 0.20% 1,282,783 6.897948 8,848,570 0.67% 10.18% Gartmore GVIT Government Bond Fund - Class I 2003 .................................. 0.20% 2,256,055 12.444040 28,074,439 2.01% 3.03% Gartmore GVIT Money Market Fund - Class V 2003 .................................. 0.20% 5,838,849 10.049749 58,678,967 0.41% 0.31% Gartmore GVIT Small Cap Growth Fund - Class I 2003 .................................. 0.20% 66,492 11.743840 780,871 0.00% 15.72% Gartmore GVIT Small Cap Value Fund - Class I 2003 .................................. 0.20% 67,173 11.921046 800,772 0.00% 19.15% Gartmore GVIT Small Company Fund - Class I 2003 .................................. 0.20% 247,802 9.644959 2,390,040 0.00% 15.07% Neuberger Berman AMT - Mid-Cap Growth Portfolio 2003 .................................. 0.20% 286,811 6.347135 1,820,428 0.00% 12.09% The BEST of AMERICA(R) Corporate Variable Universal Life Series(SM) Reduced Fee Tier (0.25%) Aim VIF Basic Value Fund - Series I 2003 .................................. 0.25% 422 11.125403 4,695 0.00% 13.02% Aim VIF Capital Development Fund - Series I 2003 .................................. 0.25% 57 11.232126 640 0.00% 14.45% Alliance VPS Growth & Income Portfolio - Class A 2003 .................................. 0.25% 1,518 11.540318 17,518 2.47% 15.22% American Century VP Income & Growth Fund - Class I 2003 .................................. 0.25% 138,621 8.330391 1,154,767 1.21% 11.89%
(Continued) 67 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- American Century VP International Fund - Class I 2003 .................................. 0.25% 144,847 $ 6.183217 $ 895,620 0.77% 4.82% American Century VP Ultra Fund - Class I 2003 .................................. 0.25% 872 8.941986 7,797 0.00% 11.43% American Century VP Value Fund - Class I 2003 .................................. 0.25% 118,523 11.329580 1,342,816 1.11% 9.29% Baron Capital Asset Trust 2003 .................................. 0.25% 1,711 10.868620 18,596 0.00% 12.06% Comstock GVIT Value Fund - Class I 2003 .................................. 0.25% 1,135 7.575135 8,598 0.65% 13.10% Credit Suisse Trust - Global Post-Venture Capital Portfolio 2003 .................................. 0.25% 16,944 5.698248 96,551 0.00% 18.45% Credit Suisse Trust - International Focus Portfolio 2003 .................................. 0.25% 14,568 6.913541 100,716 0.00% 8.70% Credit Suisse Trust - Large Cap Value Portfolio 2003 .................................. 0.25% 10,303 8.976130 92,481 0.00% 8.69% Dreyfus GVIT Mid Cap Index Fund - Class I 2003 .................................. 0.25% 19,808 9.983219 197,748 0.24% 11.82% Dreyfus IP - Mid Cap Stock Portfolio - Initial Shares 2003 .................................. 0.25% 305 11.135041 3,396 0.00% 11.67% Dreyfus IP - Small Cap Stock Index Portfolio - Service Class 2003 .................................. 0.25% 755 8.619705 6,508 0.00% 12.49% Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares 2003 .................................. 0.25% 46,291 6.035175 279,374 0.01% 10.14% Dreyfus Stock Index Fund 2003 .................................. 0.25% 1,959,678 7.599870 14,893,298 0.76% 11.50% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2003 .................................. 0.25% 424,799 8.142416 3,458,890 0.02% 8.37% Dreyfus VIF - International Value Portfolio - Initial Shares 2003 .................................. 0.25% 1,064 10.114204 10,762 0.13% 7.23% Federated GVIT High Income Bond Fund - Class I 2003 .................................. 0.25% 67,369 12.481025 840,834 4.05% 13.22% Federated Quality Bond Fund II - Primary Shares 2003 .................................. 0.25% 207,024 13.350815 2,763,939 3.28% 4.69% Fidelity(R) VIP - Equity-Income Portfolio: Service Class 2003 .................................. 0.25% 409,416 9.031206 3,697,520 1.76% 10.53% Fidelity(R) VIP - Growth Portfolio: Service Class 2003 .................................. 0.25% 221,401 6.486180 1,436,047 0.20% 13.27% Fidelity(R) VIP - High Income Portfolio: Service Class 2003 .................................. 0.25% 34,297 10.844299 371,927 6.94% 16.92% Fidelity(R) VIP - Overseas Portfolio: Service Class 2003 .................................. 0.25% 135,773 6.889027 935,344 0.67% 10.15% Fidelity(R) VIP II - Contrafund Portfolio: Service Class 2003 .................................. 0.25% 215,393 8.929734 1,923,402 0.35% 9.40%
68
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class 2003 .................................. 0.25% 133,307 $ 7.552242 $ 1,006,767 0.65% 12.73% Fidelity(R) VIP III - Value Strategies Portfolio: Service Class 2003 .................................. 0.25% 133 9.098914 1,210 0.00% 21.37% Franklin Templeton VIPT - Templeton Foreign Securities Fund - Class 2 2003 .................................. 0.25% 2,947 10.184928 30,015 4.68% 7.45% Gartmore GVIT Emerging Markets Fund - Class I 2003 .................................. 0.25% 451 8.080806 3,644 0.32% 16.04% Gartmore GVIT Global Financial Services Fund - Class I 2003 .................................. 0.25% 42 9.814942 412 0.00% 13.48% Gartmore GVIT Global Technology and Communications Fund - Class I 2003 .................................. 0.25% 29,655 2.466833 73,154 0.00% 25.79% Gartmore GVIT Global Utilities Fund - Class I 2003 .................................. 0.25% 69 9.598646 662 0.13% 10.72% Gartmore GVIT Government Bond Fund - Class I 2003 .................................. 0.25% 1,333,649 12.428010 16,574,603 2.01% 3.00% Gartmore GVIT Growth Fund - Class I 2003 .................................. 0.25% 55,951 5.722954 320,205 0.00% 14.89% Gartmore GVIT ID Conservative Fund 2003 .................................. 0.25% 323 10.411268 3,363 1.25% 3.83% Gartmore GVIT ID Moderate Fund 2003 .................................. 0.25% 1,336 9.825506 13,127 1.03% 7.75% Gartmore GVIT ID Moderately Aggressive Fund 2003 .................................. 0.25% 760 9.480960 7,206 0.86% 9.39% Gartmore GVIT ID Moderately Conservative Fund 2003 .................................. 0.25% 1,964 10.173364 19,980 1.19% 5.75% Gartmore GVIT International Growth Fund - Class I 2003 .................................. 0.25% 197 5.220173 1,028 0.00% 4.81% Gartmore GVIT Money Market Fund - Class I 2003 .................................. 0.25% 2,045,630 10.511320 21,502,272 0.37% 0.25% Gartmore GVIT Money Market Fund - Class V 2003 .................................. 0.25% 1,715,072 10.046273 17,230,082 0.41% 0.29% Gartmore GVIT Nationwide(R) Strategic Value Fund - Class I 2003 .................................. 0.25% 3,506 8.748611 30,673 0.04% 14.63% Gartmore GVIT Small Cap Growth Fund - Class I 2003 .................................. 0.25% 18,422 11.719442 215,896 0.00% 15.70% Gartmore GVIT Small Cap Value Fund - Class I 2003 .................................. 0.25% 144,591 11.905679 1,721,454 0.00% 19.12% Gartmore GVIT Small Company Fund - Class I 2003 .................................. 0.25% 148,539 9.632513 1,430,804 0.00% 15.04% Gartmore GVIT Total Return Fund - Class I 2003 .................................. 0.25% 11,910 8.179571 97,419 0.42% 12.14% Gartmore GVIT Worldwide Leaders Fund - Class I 2003 .................................. 0.25% 6,456 6.801151 43,908 0.00% 9.35% Goldman Sachs VIT Mid Cap Value Fund 2003 .................................. 0.25% 15,781 10.706827 168,964 0.00% 8.35%
(Continued) 69 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- J. P. Morgan GVIT Balanced Fund - Class I 2003 .................................. 0.25% 19,487 $ 9.241919 $ 180,097 0.86% 8.60% Janus AS - Balanced Portfolio - Service Shares 2003 .................................. 0.25% 3,210 10.638746 34,150 2.35% 5.98% Janus AS - Capital Appreciation Portfolio - Service Shares 2003 .................................. 0.25% 73,075 5.829583 425,997 0.16% 8.49% Janus AS - Global Technology Portfolio - Service Shares 2003 .................................. 0.25% 18,592 2.857648 53,129 0.00% 18.11% Janus AS - International Growth Portfolio - Service Shares 2003 .................................. 0.25% 38,955 4.958623 193,163 0.90% 6.20% MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I 2003 .................................. 0.25% 68,489 12.361437 846,622 2.90% 7.58% Neuberger Berman AMT - Fasciano Portfolio - S Class 2003 .................................. 0.25% 2,382 10.810241 25,750 0.00% 7.43% Neuberger Berman AMT - Guardian Portfolio 2003 .................................. 0.25% 18,900 8.467232 160,031 0.00% 13.88% Neuberger Berman AMT - Mid-Cap Growth Portfolio 2003 .................................. 0.25% 330,800 6.338937 2,096,920 0.00% 12.06% Neuberger Berman AMT - Partners Portfolio 2003 .................................. 0.25% 108,029 9.129811 986,284 0.00% 17.57% One Group(R) IT Mid Cap Growth Portfolio 2003 .................................. 0.25% 2,256 11.187296 25,239 0.00% 11.05% One Group(R) IT Mid Cap Value Portfolio 2003 .................................. 0.25% 87 10.830892 942 0.63% 9.11% Oppenheimer Aggressive Growth Fund/VA - Initial Class 2003 .................................. 0.25% 235,235 5.757406 1,354,343 0.00% 13.58% Oppenheimer Capital Appreciation Fund/VA - Initial Class 2003 .................................. 0.25% 510,159 7.371915 3,760,849 0.43% 12.24% Oppenheimer Global Securities Fund/VA - Initial Class 2003 .................................. 0.25% 264,634 7.286192 1,928,174 0.86% 11.57% Oppenheimer Main Street(R) Growth & Income Fund/VA - Initial Class 2003 .................................. 0.25% 35,716 8.171591 291,857 1.02% 10.21% PIMCO VIT Low Duration Portfolio - Administrative Shares 2003 .................................. 0.25% 4,882 10.421535 50,878 1.05% 2.30% PIMCO VIT Real Return Portfolio - Administrative Shares 2003 .................................. 0.25% 24,703 11.055847 273,113 2.67% 6.68% PIMCO VIT Total Return Portfolio - Administrative Shares 2003 .................................. 0.25% 20,046 10.783687 216,170 1.58% 4.37% Pioneer High Yield VCT Portfolio - Class I Shares 2003 .................................. 0.25% 1,356 12.546477 17,013 4.01% 21.08% Royce Capital Fund - Micro Cap 2003 .................................. 0.25% 4,431 11.810842 52,334 0.00% 16.83%
70
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Strong GVIT Mid Cap Growth Fund - Class I 2003 .................................. 0.25% 19,626 $ 6.057135 $ 118,877 0.00% 22.28% Strong Opportunity Fund II, Inc. 2003 .................................. 0.25% 195,254 8.020747 1,566,083 0.00% 16.01% T. Rowe Price Equity Income Portfolio - II 2003 .................................. 0.25% 6,006 11.065596 66,460 0.96% 9.32% T. Rowe Price Mid Cap Growth Portfolio - II 2003 .................................. 0.25% 2,904 12.082293 35,087 0.00% 17.89% Turner GVIT Growth Focus Fund - Class I 2003 .................................. 0.25% 106 2.680749 284 0.00% 21.96% Van Eck WIT - Worldwide Emerging Markets Fund 2003 .................................. 0.25% 11,886 10.200134 121,239 0.12% 10.27% Van Eck WIT - Worldwide Hard Assets Fund 2003 .................................. 0.25% 2,538 10.322978 26,200 0.50% 6.51% Van Kampen UIF - Emerging Markets Debt Portfolio 2003 .................................. 0.25% 21,500 14.508820 311,940 0.00% 17.39% Van Kampen UIF - Mid Cap Growth Portfolio 2003 .................................. 0.25% 12,293 4.976934 61,181 0.00% 18.49% Van Kampen UIF - U.S. Real Estate Portfolio 2003 .................................. 0.25% 43,521 13.087920 569,599 0.00% 13.89% The BEST of AMERICA(R) Corporate Variable Universal Life Series(SM) Reduced Fee Tier (0.40%) Aim VIF Basic Value Fund - Series I 2003 .................................. 0.40% 52,716 11.111688 585,764 0.00% 12.93% Aim VIF Capital Development Fund - Series I 2003 .................................. 0.40% 7,677 11.218298 86,123 0.00% 14.36% Alliance VPS Growth & Income Portfolio - Class A 2003 .................................. 0.40% 139,704 11.526109 1,610,244 2.47% 15.13% American Century VP Income & Growth Fund - Class I 2003 .................................. 0.40% 877,608 9.341937 8,198,559 1.21% 11.80% 2002 .................................. 0.40% 2,333,231 9.313777 21,731,193 0.96% -0.10% 2001 .................................. 0.40% 1,794,162 10.942107 19,631,913 0.80% -4.00% 2000 .................................. 0.40% 596,604 12.320813 7,350,646 0.55% -3.77% 1999 .................................. 0.40% 64,734 11.930918 772,336 0.01% 9.54% American Century VP International Fund - Class I 2003 .................................. 0.40% 3,496,845 7.748207 27,094,279 0.77% 4.74% 2002 .................................. 0.40% 2,860,949 8.892011 25,439,590 0.67% -0.05% 2001 .................................. 0.40% 1,710,893 10.537256 18,028,118 0.08% -20.31% 2000 .................................. 0.40% 630,146 14.970741 9,433,753 0.11% -6.20% 1999 .................................. 0.40% 26,600 10.465323 278,378 0.00% 7.14% American Century VP Ultra Fund - Class I 2003 .................................. 0.40% 25,596 8.926375 228,479 0.00% 11.34%
(Continued) 71 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- American Century VP Value Fund - Class I 2003 .................................. 0.40% 902,664 $11.634414 $10,501,967 1.11% 9.21% 2002 .................................. 0.40% 866,383 11.739323 10,170,750 0.72% -0.04% 2001 .................................. 0.40% 246,737 11.655930 2,875,949 0.90% 7.00% 2000 .................................. 0.40% 42,132 8.869662 373,697 1.03% -4.19% 1999 .................................. 0.40% 16,436 10.585835 173,989 0.99% 12.92% Baron Capital Asset Trust 2003 .................................. 0.40% 120,121 10.855224 1,303,940 0.00% 11.98% Comstock GVIT Value Fund - Class I 2003 .................................. 0.40% 71,094 8.196458 582,719 0.65% 13.02% 2002 .................................. 0.40% 181,995 8.332926 1,516,551 0.66% -0.14% 2001 .................................. 0.40% 112,374 10.123978 1,137,672 0.67% -8.93% 2000 .................................. 0.40% 32,417 12.681211 411,087 0.39% 1.55% 1999 .................................. 0.40% 766 11.620929 8,902 0.26% 9.82% Credit Suisse Trust - Global Post-Venture Capital Portfolio 2003 .................................. 0.40% 13,297 6.575791 87,438 0.00% 18.36% 2002 .................................. 0.40% 27,399 7.263419 199,010 0.00% -0.14% 2001 .................................. 0.40% 22,770 9.563256 217,755 0.00% -19.76% 2000 .................................. 0.40% 20,057 15.467356 310,229 0.00% 4.78% 1999 .................................. 0.40% 2,114 10.199319 21,561 0.00% 12.51% Credit Suisse Trust - International Focus Portfolio 2003 .................................. 0.40% 19,110 6.730360 128,617 0.00% 8.62% 2002 .................................. 0.40% 32,185 7.631249 245,612 0.00% -0.02% 2001 .................................. 0.40% 26,813 8.417725 225,704 0.00% -16.10% 2000 .................................. 0.40% 26,290 12.380758 325,490 0.00% -8.92% 1999 .................................. 0.40% 3,068 9.491713 29,121 0.00% 6.70% Credit Suisse Trust - Large Cap Value Portfolio 2003 .................................. 0.40% 37,084 9.545414 353,982 0.00% 8.61% 2002 .................................. 0.40% 52,626 10.342464 544,283 0.00% -0.10% 2001 .................................. 0.40% 101,298 11.765980 1,191,870 0.00% 3.10% 2000 .................................. 0.40% 61,488 10.242976 629,820 0.00% -2.63% 1999 .................................. 0.40% 25,512 11.434266 291,711 0.00% 15.02% Dreyfus GVIT Mid Cap Index Fund - Class I 2003 .................................. 0.40% 1,082,556 12.576595 13,614,868 0.24% 11.74% 2002 .................................. 0.40% 756,360 12.823029 9,698,826 0.15% -0.04% 2001 .................................. 0.40% 244,995 13.635218 3,340,560 0.29% 0.46% 2000 .................................. 0.40% 52,391 12.775205 669,306 0.36% 8.00% Dreyfus IP - European Equity Portfolio 2002 .................................. 0.40% 33,531 8.283327 277,748 0.00% -0.08% 2001 .................................. 0.40% 18,320 10.015945 183,492 0.06% -20.56% 2000 .................................. 0.40% 7,017 13.207837 92,679 0.00% 2.25% Dreyfus IP - Mid Cap Stock Portfolio - Initial Shares 2003 .................................. 0.40% 2,559 11.121325 28,459 0.00% 11.58% Dreyfus IP - Small Cap Stock Index Portfolio - Service Class 2003 .................................. 0.40% 26,095 8.604644 224,538 0.00% 12.41%
72
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ---------- ---------- -------------- ---------- --------- Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares 2003 .................................. 0.40% 182,704 $ 7.685017 $ 1,404,083 0.01% 10.05% 2002 .................................. 0.40% 542,647 8.160791 4,428,429 0.01% -0.17% 2001 .................................. 0.40% 389,568 10.967194 4,272,468 0.01% -14.29% 2000 .................................. 0.40% 84,957 14.778256 1,255,516 0.01% 2.35% 1999 .................................. 0.40% 12,696 12.543738 159,255 0.00% 12.55% Dreyfus Stock Index Fund 2003 .................................. 0.40% 10,836,361 9.021982 97,765,454 0.76% 11.42% 2002 .................................. 0.40% 13,628,050 9.058868 123,454,706 0.63% -0.13% 2001 .................................. 0.40% 9,214,227 11.131574 102,568,850 0.51% -7.02% 2000 .................................. 0.40% 5,212,941 13.150463 68,552,588 0.51% -0.75% 1999 .................................. 0.40% 901,456 12.344504 11,128,027 0.67% 11.92% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2003 .................................. 0.40% 1,222,389 9.827114 12,012,556 0.02% 8.29% 2002 .................................. 0.40% 1,943,798 9.970158 19,379,973 0.01% -0.09% 2001 .................................. 0.40% 1,894,650 11.330924 21,468,135 0.02% -6.44% 2000 .................................. 0.40% 1,200,157 12.555931 15,069,088 0.01% 2.59% 1999 .................................. 0.40% 327,171 11.830098 3,870,465 0.01% 7.30% Dreyfus VIF - International Value Portfolio - Initial Shares 2003 .................................. 0.40% 29,003 10.101737 292,981 0.13% 7.15% Federated GVIT High Income Bond Fund - Class I 2003 .................................. 0.40% 803,314 11.392953 9,152,119 4.05% 13.14% 2002 .................................. 0.40% 534,019 9.746587 5,204,863 4.57% 0.00% 2001 .................................. 0.40% 200,490 9.627057 1,930,129 4.83% 2.02% 2000 .................................. 0.40% 51,294 10.153681 520,823 5.18% -1.69% 1999 .................................. 0.40% 20,327 10.304749 209,465 4.25% 2.54% Federated Quality Bond Fund II - Primary Shares 2003 .................................. 0.40% 2,883,892 13.267802 38,262,908 3.28% 4.61% 2002 .................................. 0.40% 3,198,202 11.926987 38,144,914 3.22% 0.02% 2001 .................................. 0.40% 1,432,608 11.206725 16,054,844 2.33% 3.49% 2000 .................................. 0.40% 188,968 10.131263 1,914,485 1.20% 2.93% Fidelity(R) VIP - Equity-Income Portfolio: Service Class 2003 .................................. 0.40% 2,831,500 9.762270 27,641,868 1.76% 10.45% 2002 .................................. 0.40% 2,492,285 10.011730 24,952,085 1.35% -0.06% 2001 .................................. 0.40% 1,411,905 11.176442 15,780,074 1.22% -1.18% 2000 .................................. 0.40% 284,061 10.174924 2,890,299 1.46% -2.95% 1999 .................................. 0.40% 53,083 11.140410 591,366 1.19% 12.45% Fidelity(R) VIP - Growth Portfolio: Service Class 2003 .................................. 0.40% 3,389,418 9.410347 31,895,600 0.20% 13.19% 2002 .................................. 0.40% 2,851,313 9.633660 27,468,580 0.13% -0.19% 2001 .................................. 0.40% 2,650,987 13.156825 34,878,572 0.00% -9.85% 2000 .................................. 0.40% 1,408,330 17.274959 24,328,843 0.07% 4.85% 1999 .................................. 0.40% 99,393 13.751919 1,366,844 0.11% 14.14% Fidelity(R) VIP - High Income Portfolio: Service Class 2003 .................................. 0.40% 811,872 7.903785 6,416,862 6.94% 16.83% 2002 .................................. 0.40% 688,193 6.262835 4,310,039 9.98% -0.04% 2001 .................................. 0.40% 899,155 6.918521 6,220,823 10.33% -7.38% 2000 .................................. 0.40% 532,889 9.193344 4,899,032 5.16% -5.14% 1999 .................................. 0.40% 5,423 9.693786 52,569 8.01% 7.67%
(Continued) 73 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Fidelity(R) VIP - Overseas Portfolio: Service Class 2003 .................................. 0.40% 799,561 $ 7.439194 $ 5,948,089 0.67% 10.07% 2002 .................................. 0.40% 1,703,342 8.289411 14,119,702 0.53% -0.03% 2001 .................................. 0.40% 1,737,775 9.597940 16,679,060 4.33% -11.66% 2000 .................................. 0.40% 1,031,409 12.785880 13,187,472 1.15% -5.23% 1999 .................................. 0.40% 244,020 10.254973 2,502,419 0.63% 7.86% Fidelity(R) VIP II - Contrafund Portfolio: Service Class 2003 .................................. 0.40% 2,288,500 11.214064 25,663,385 0.35% 9.32% 2002 .................................. 0.40% 1,479,976 11.253109 16,654,331 0.65% -0.01% 2001 .................................. 0.40% 1,221,263 11.700382 14,289,244 0.60% -10.18% 2000 .................................. 0.40% 483,458 13.802556 6,672,956 0.30% -1.55% 1999 .................................. 0.40% 51,585 12.580736 648,977 0.34% 10.96% Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class 2003 .................................. 0.40% 320,465 7.188206 2,303,568 0.65% 12.65% 2002 .................................. 0.40% 566,759 7.099131 4,023,496 0.82% -0.13% 2001 .................................. 0.40% 525,764 8.765663 4,608,670 0.23% -8.96% 2000 .................................. 0.40% 226,104 11.216967 2,536,201 1.08% -3.89% 1999 .................................. 0.40% 66,265 11.947796 791,721 0.68% 6.22% Fidelity(R) VIP III - Value Strategies Portfolio: Service Class 2003 .................................. 0.40% 22,210 9.083043 201,734 0.00% 21.28% Franklin Templeton VIPT - Templeton Foreign Securities Fund - Class 2 2003 .................................. 0.40% 345,976 10.172378 3,519,399 4.68% 7.37% Gartmore GVIT Emerging Markets Fund - Class I 2003 .................................. 0.40% 15,462 8.047586 124,432 0.32% 15.96% 2002 .................................. 0.40% 13,072 7.999007 104,563 0.05% -0.03% 2001 .................................. 0.40% 2,199 8.860843 19,485 0.47% 1.80% Gartmore GVIT Global Financial Services Fund - Class I 2003 .................................. 0.40% 1,425 9.797812 13,962 0.00% 13.39% Gartmore GVIT Global Health Sciences Fund - Class I 2003 .................................. 0.40% 21,289 10.490714 223,337 0.00% 26.12% Gartmore GVIT Global Technology and Communications Fund - Class I 2003 .................................. 0.40% 222,926 2.456684 547,659 0.00% 25.69% 2002 .................................. 0.40% 29,808 2.327280 69,372 0.64% -0.32% 2001 .................................. 0.40% 10,115 4.252874 43,018 0.00% -29.26% Gartmore GVIT Global Utilities Fund - Class I 2003 .................................. 0.40% 3,130 9.581880 29,991 0.13% 10.64% Gartmore GVIT Government Bond Fund - Class I 2003 .................................. 0.40% 8,336,587 14.130345 117,798,850 2.01% 2.92% 2002 .................................. 0.40% 8,722,035 12.913882 112,635,331 2.37% 0.04% 2001 .................................. 0.40% 5,610,019 11.885230 66,676,366 2.76% 2.23% 2000 .................................. 0.40% 2,307,496 10.768906 24,849,208 3.41% 3.82% 1999 .................................. 0.40% 857,872 10.411381 8,931,632 3.36% -2.37%
74
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- ---------- ---------- -------------- ---------- --------- Gartmore GVIT Growth Fund - Class I 2003 .................................. 0.40% 182,355 $ 4.961779 $ 904,805 0.00% 14.80% 2002 .................................. 0.40% 220,001 5.033462 1,107,367 0.00% -0.17% 2001 .................................. 0.40% 274,382 6.678422 1,832,439 0.00% -21.48% 2000 .................................. 0.40% 164,497 11.687690 1,922,590 0.17% 0.56% 1999 .................................. 0.40% 22,474 12.501259 280,953 0.31% 11.71% Gartmore GVIT ID Aggressive Fund 2003 .................................. 0.40% 8,512 9.185383 78,186 0.73% 10.66% 2002 .................................. 0.40% 2 9.480599 19 0.78% -0.05% 01/25/02 Gartmore GVIT ID Conservative Fund 2003 .................................. 0.40% 23,692 10.388984 246,136 1.25% 3.75% 2002 .................................. 0.40% 2,188 9.991503 21,861 0.94% 0.00% 01/25/02 Gartmore GVIT ID Moderate Fund 2003 .................................. 0.40% 22,615 9.804490 221,729 1.03% 7.67% 2002 .................................. 0.40% 552 9.678064 5,342 1.02% -0.03% 01/25/02 Gartmore GVIT ID Moderately Aggressive Fund 2003 .................................. 0.40% 39,835 9.460679 376,866 0.86% 9.30% Gartmore GVIT ID Moderately Conservative Fund 2003 .................................. 0.40% 8,194 10.151606 83,182 1.19% 5.67% Gartmore GVIT International Growth Fund - Class I 2003 .................................. 0.40% 42,999 5.198707 223,539 0.00% 4.73% 2002 .................................. 0.40% 11,334 6.062950 68,717 0.00% -0.08% 2001 .................................. 0.40% 7,336 7.416129 54,405 0.40% -19.75% Gartmore GVIT Money Market Fund - Class I 2003 .................................. 0.40% 1,140,837 11.858593 13,528,722 0.37% 0.17% 2002 .................................. 0.40% 17,481,100 11.792796 206,151,046 0.62% 0.00% 2001 .................................. 0.40% 11,769,331 11.621155 136,773,220 2.24% 2.11% 2000 .................................. 0.40% 6,089,902 11.058539 67,345,419 2.92% 2.61% 1999 .................................. 0.40% 2,471,604 10.535947 26,040,689 2.39% 2.09% Gartmore GVIT Money Market Fund - Class V 2003 .................................. 0.40% 15,452,724 10.035839 155,081,050 0.41% 0.21% Gartmore GVIT Nationwide(R) Leaders Fund - Class I 2003 .................................. 0.40% 2,443 9.003524 21,996 0.25% 6.81% Gartmore GVIT Nationwide(R) Strategic Value Fund - Class I 2003 .................................. 0.40% 35,352 7.714665 272,729 0.04% 14.54% 2002 .................................. 0.40% 59,212 7.711336 456,604 0.00% -0.15% 2001 .................................. 0.40% 40,192 9.340562 375,416 0.29% -0.66% Gartmore GVIT Small Cap Growth Fund - Class I 2003 .................................. 0.40% 298,179 11.646475 3,472,734 0.00% 15.61% 2002 .................................. 0.40% 304,830 12.184600 3,714,232 0.00% -0.20% 2001 .................................. 0.40% 144,088 16.178351 2,331,106 0.00% -5.24% 2000 .................................. 0.40% 11,805 21.463633 253,378 0.00% 4.97% Gartmore GVIT Small Cap Value Fund - Class I 2003 .................................. 0.40% 1,437,778 13.350743 19,195,405 0.00% 19.03% 2002 .................................. 0.40% 1,331,261 13.524923 18,005,203 0.00% -0.13% 2001 .................................. 0.40% 341,516 15.824999 5,404,490 0.00% 30.77% 2000 .................................. 0.40% 97,633 12.104291 1,181,778 0.00% 10.79% 1999 .................................. 0.40% 3,991 10.590528 42,267 0.00% 23.42%
(Continued) 75 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ---------- -------------- ---------- --------- Gartmore GVIT Small Company Fund - Class I 2003 .................................. 0.40% 2,632,843 $12.394265 $32,632,154 0.00% 14.96% 2002 .................................. 0.40% 2,148,578 12.500340 26,857,956 0.00% -0.05% 2001 .................................. 0.40% 1,184,106 13.873709 16,427,942 0.11% -1.54% 2000 .................................. 0.40% 225,026 13.954146 3,140,046 0.03% 7.41% 1999 .................................. 0.40% 63,764 9.727700 620,277 0.00% 7.41% Gartmore GVIT Total Return Fund - Class I 2003 .................................. 0.40% 373,218 8.533758 3,184,952 0.42% 12.05% 2002 .................................. 0.40% 371,980 8.682331 3,229,653 0.33% -0.06% 2001 .................................. 0.40% 322,587 9.683519 3,123,777 0.42% -8.07% 2000 .................................. 0.40% 135,343 11.146280 1,508,571 0.28% 3.16% 1999 .................................. 0.40% 3,009 11.212270 33,738 0.41% 10.53% Gartmore GVIT U.S. Growth Leaders Fund - Class I 2003 .................................. 0.40% 34,478 10.408403 358,861 0.00% 26.86% Gartmore GVIT Worldwide Leaders Fund - Class I 2003 .................................. 0.40% 60,258 7.284218 438,932 0.00% 9.27% 2002 .................................. 0.40% 82,530 8.444777 696,947 1.50% -0.06% 2001 .................................. 0.40% 1,390,096 9.486334 13,186,915 1.07% -14.48% 2000 .................................. 0.40% 862,139 12.596704 10,860,110 1.01% -0.83% 1999 .................................. 0.40% 232,985 11.249540 2,620,974 0.53% 8.43% Goldman Sachs VIT Mid Cap Value Fund 2003 .................................. 0.40% 502,775 10.693627 5,376,488 0.00% 8.27% J. P. Morgan GVIT Balanced Fund - Class I 2003 .................................. 0.40% 914,378 9.075484 8,298,423 0.86% 8.52% 2002 .................................. 0.40% 624,567 8.745233 5,461,984 1.10% -0.09% 2001 .................................. 0.40% 425,868 9.796636 4,172,074 1.22% -1.85% 2000 .................................. 0.40% 226,107 10.305507 2,330,147 1.66% 2.48% 1999 .................................. 0.40% 9,032 10.584906 95,603 2.02% 5.75% Janus AS - Balanced Portfolio - Service Shares 2003 .................................. 0.40% 187,998 10.625633 1,997,598 2.35% 5.90% Janus AS - Capital Appreciation Portfolio - Service Shares 2003 .................................. 0.40% 2,058,405 5.799687 11,938,105 0.16% 8.41% 2002 .................................. 0.40% 1,966,676 5.926919 11,656,329 0.21% -0.07% 2001 .................................. 0.40% 1,454,253 7.075945 10,290,214 0.75% -13.77% 2000 .................................. 0.40% 108,534 9.661261 1,048,575 0.09% -3.39% 01/27/00 Janus AS - Global Technology Portfolio - Service Shares 2003 .................................. 0.40% 661,712 2.842980 1,881,234 0.00% 18.02% 2002 .................................. 0.40% 710,158 2.874473 2,041,330 0.00% -0.30% 2001 .................................. 0.40% 536,089 4.846864 2,598,350 0.64% -26.09% 2000 .................................. 0.40% 169,582 9.793559 1,660,811 0.00% -2.06% 01/27/00 Janus AS - International Growth Portfolio - Service Shares 2003 .................................. 0.40% 2,355,526 4.933199 11,620,279 0.90% 6.12% 2002 .................................. 0.40% 3,037,681 5.511040 16,740,781 0.36% -0.12% 2001 .................................. 0.40% 1,655,786 6.948904 11,505,898 0.62% -15.70% 2000 .................................. 0.40% 93,205 10.121953 943,417 0.00% 1.22% 01/27/00
76
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ---------- -------------- ---------- --------- MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I 2003 .................................. 0.40% 1,028,204 $12.667956 $13,025,243 2.90% 7.50% 2002 .................................. 0.40% 702,160 11.241499 7,893,331 2.29% 0.02% 2001 .................................. 0.40% 1,590,910 10.694913 17,014,644 3.02% 0.56% 2000 .................................. 0.40% 934,744 10.336948 9,662,400 3.53% 2.28% 1999 .................................. 0.40% 212,826 9.862919 2,099,086 4.00% -1.28% Neuberger Berman AMT - Fasciano Portfolio - S Class 2003 .................................. 0.40% 31,616 10.796923 341,356 0.00% 7.35% Neuberger Berman AMT - Guardian Portfolio 2003 .................................. 0.40% 550,164 8.806236 4,844,874 0.00% 13.79% 2002 .................................. 0.40% 954,613 9.363567 8,938,583 0.62% -0.11% 2001 .................................. 0.40% 251,882 10.917855 2,750,011 0.34% 1.39% 2000 .................................. 0.40% 31,859 11.067843 352,610 0.53% 3.53% 1999 .................................. 0.40% 11,030 10.928637 120,543 0.26% 17.02% Neuberger Berman AMT - Mid-Cap Growth Portfolio 2003 .................................. 0.40% 1,259,728 9.439417 11,891,098 0.00% 11.97% 2002 .................................. 0.40% 1,911,843 9.900924 18,929,012 0.00% -0.17% 2001 .................................. 0.40% 1,413,734 13.794987 19,502,442 0.00% -13.56% 2000 .................................. 0.40% 444,906 19.491297 8,671,795 0.00% 12.57% 1999 .................................. 0.40% 48,717 11.852112 577,399 0.00% 4.92% Neuberger Berman AMT - Partners Portfolio 2003 .................................. 0.40% 316,095 8.604130 2,719,722 0.00% 17.49% 2002 .................................. 0.40% 309,821 8.722515 2,702,418 0.48% -0.10% 2001 .................................. 0.40% 278,967 9.931453 2,770,548 0.35% -0.84% 2000 .................................. 0.40% 106,476 9.911052 1,055,289 0.75% -0.74% 1999 .................................. 0.40% 53,288 10.555488 562,481 1.09% 13.05% One Group(R) IT Mid Cap Growth Portfolio 2003 .................................. 0.40% 99,480 11.174196 1,111,609 0.00% 10.96% One Group(R) IT Mid Cap Value Portfolio 2003 .................................. 0.40% 45,925 10.818213 496,826 0.63% 9.03% Oppenheimer Aggressive Growth Fund/VA - Initial Class 2003 .................................. 0.40% 2,525,449 8.750352 22,098,568 0.00% 13.49% 2002 .................................. 0.40% 2,550,591 8.854359 22,583,848 0.61% -0.17% 2001 .................................. 0.40% 2,065,019 11.409356 23,560,537 0.89% -27.14% 2000 .................................. 0.40% 557,988 21.426999 11,956,008 0.00% 20.97% 1999 .................................. 0.40% 31,562 11.698025 369,213 0.00% 20.77% Oppenheimer Capital Appreciation Fund/VA - Initial Class 2003 .................................. 0.40% 4,598,947 10.632110 48,896,510 0.43% 12.15% 2002 .................................. 0.40% 3,549,322 10.494866 37,249,659 0.53% -0.19% 2001 .................................. 0.40% 2,126,632 14.187344 30,171,260 0.61% -5.07% 2000 .................................. 0.40% 386,244 16.423157 6,343,346 0.12% 9.20% 1999 .................................. 0.40% 13,811 12.321204 170,168 0.29% 15.59% Oppenheimer Global Securities Fund/VA - Initial Class 2003 .................................. 0.40% 1,673,816 7.251685 12,137,986 0.86% 11.49% 2002 .................................. 0.40% 1,337,566 7.769503 10,392,223 0.47% -0.07% 2001 .................................. 0.40% 691,996 8.753305 6,057,252 0.41% -8.56%
(Continued) 77 NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Oppenheimer Main Street(R) Growth & Income Fund/VA - Initial Class 2003 .................................. 0.40% 1,090,820 $ 7.847273 $ 8,559,962 1.02% 10.13% 2002 .................................. 0.40% 664,669 8.174538 5,433,362 0.67% -0.07% 2001 .................................. 0.40% 512,455 9.241561 4,735,884 0.50% -6.14% 2000 .................................. 0.40% 183,442 10.835167 1,987,625 0.36% -0.01% 1999 .................................. 0.40% 41,479 10.227355 424,220 0.45% 14.41% PIMCO VIT Low Duration Portfolio - Administrative Shares 2003 .................................. 0.40% 340,516 10.408655 3,544,314 1.05% 2.22% PIMCO VIT Real Return Portfolio - Administrative Shares 2003 .................................. 0.40% 518,169 11.042000 5,721,622 2.67% 6.60% PIMCO VIT Total Return Portfolio - Administrative Shares 2003 .................................. 0.40% 2,297,160 10.770182 24,740,831 1.58% 4.29% Pioneer High Yield VCT Portfolio - Class I Shares 2003 .................................. 0.40% 91,125 12.530969 1,141,885 4.01% 20.99% Royce Capital Fund - Micro Cap 2003 .................................. 0.40% 282,263 11.796301 3,329,659 0.00% 16.74% Strong GVIT Mid Cap Growth Fund - Class I 2003 .................................. 0.40% 522,645 8.682800 4,538,022 0.00% 22.19% 2002 .................................. 0.40% 1,022,503 8.622836 8,816,876 0.00% -0.24% 2001 .................................. 0.40% 986,704 14.043826 13,857,099 0.00% -13.94% 2000 .................................. 0.40% 351,535 20.297188 7,135,172 0.00% 4.83% 1999 .................................. 0.40% 1,308 13.175713 17,234 0.00% 25.22% Strong Opportunity Fund II, Inc. 2003 .................................. 0.40% 1,916,906 7.982763 15,302,206 0.00% 15.92% 2002 .................................. 0.40% 1,788,499 7.999154 14,306,479 0.00% -0.15% 2001 .................................. 0.40% 743,632 9.835165 7,313,743 0.09% -0.16% T. Rowe Price Equity Income Portfolio - II 2003 .................................. 0.40% 709,234 11.051965 7,838,429 0.96% 9.24% T. Rowe Price Mid Cap Growth Portfolio - II 2003 .................................. 0.40% 150,890 12.067409 1,820,851 0.00% 17.80% Turner GVIT Growth Focus Fund - Class I 2003 .................................. 0.40% 28,741 2.669708 76,730 0.00% 21.87% 2002 .................................. 0.40% 11,356 2.490519 28,282 0.00% -0.35% Van Eck WIT - Worldwide Emerging Markets Fund 2003 .................................. 0.40% 192,928 7.611491 1,468,470 0.12% 10.19% 2002 .................................. 0.40% 149,791 7.615025 1,140,662 0.16% 0.07% 2001 .................................. 0.40% 87,569 7.236408 633,685 0.00% -0.92% 2000 .................................. 0.40% 54,197 11.026051 597,579 0.00% -12.59% 1999 .................................. 0.40% 2,683 9.209003 24,708 0.00% 45.64% Van Eck WIT - Worldwide Hard Assets Fund 2003 .................................. 0.40% 66,689 8.405896 560,581 0.50% 6.43% 2002 .................................. 0.40% 23,216 8.905692 206,755 0.58% 0.09% 2001 .................................. 0.40% 41,941 8.820502 369,941 0.96% -3.60% 2000 .................................. 0.40% 2,016 8.552782 17,242 1.11% 3.72% 1999 .................................. 0.40% 134 8.074329 1,082 1.12% 18.01%
78
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ------- ---------- -------------- ---------- --------- Van Kampen UIF - Emerging Markets Debt Portfolio 2003 .................................. 0.40% 199,668 $13.534279 $ 2,702,362 0.00% 17.31% 2002 .................................. 0.40% 146,488 10.600221 1,552,805 0.00% 0.00% 2001 .................................. 0.40% 69,006 10.113332 697,881 0.00% 4.57% 2000 .................................. 0.40% 26,949 9.266834 249,732 0.00% 6.30% 1999 .................................. 0.40% 158 7.626214 1,205 0.00% 12.73% Van Kampen UIF - Mid Cap Growth Portfolio 2003 .................................. 0.40% 199,427 4.953343 987,830 0.00% 18.40% 2002 .................................. 0.40% 266,098 4.966341 1,321,533 0.00% -0.19% 2001 .................................. 0.40% 74,898 7.157233 536,062 0.00% -17.41% Van Kampen UIF - U.S. Real Estate Portfolio 2003 .................................. 0.40% 726,418 13.484881 9,795,660 0.00% 13.81% 2002 .................................. 0.40% 578,538 13.215439 7,645,634 0.00% 0.10% 2001 .................................. 0.40% 290,549 11.822324 3,434,964 0.00% 7.86% 2000 .................................. 0.40% 31,026 9.800269 304,063 4.24% 14.05% 1999 .................................. 0.40% 1,068 9.668428 10,326 5.72% 8.29% -------------- Contract Owners' Equity Total By Year 2003 ....................................................................... $2,705,040,626 ============== 2002 ....................................................................... $2,222,910,901 ============== 2001 ....................................................................... $1,823,161,461 ============== 2000 ....................................................................... $1,022,780,309 ============== 1999 ....................................................................... $ 266,837,469 ==============
* This represents the contract expense rate of the variable account for the six-month period indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying fund portfolios and charges made directly to contract owner accounts through the redemption of units. ** This represents the dividends for the six-month period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by average monthly net assets. The ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. *** This represents the total return for the six-month period indicated and includes a deduction only for expenses assessed through the daily unit value calculation. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation indicate the effective date of that investment option in the Account. The total return is calculated for the six-month period indicated or from the effective date through the end of the six-month period. -------------------------------------------------------------------------------- 79 NATIONWIDE LIFE INSURANCE COMPANY HOME OFFICE: ONE NATIONWIDE PLAZA . COLUMBUS, OHIO 43215-2220 --------------- PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793 --------------- Nationwide(R) is a registered federal service mark of Nationwide Mutual Insurance Company