-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jn5+TaYrTjnP5foNWAdKYWKnJjd1v6TKniBI1g/YF0UGhJsV6dagDilOX2zDh6fJ C+a2/kyYc0Qf4tZC6xxa5w== 0001021408-03-004144.txt : 20030312 0001021408-03-004144.hdr.sgml : 20030312 20030312163855 ACCESSION NUMBER: 0001021408-03-004144 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021231 FILED AS OF DATE: 20030312 EFFECTIVENESS DATE: 20030312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONWIDE VL SEPARATE ACCOUNT C CENTRAL INDEX KEY: 0001044822 IRS NUMBER: 311000740 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-08351 FILM NUMBER: 03601221 BUSINESS ADDRESS: STREET 1: NATIONWIDE LIFE & ANNUTIY INSURANCE CO STREET 2: PO BOX 182008 CITY: COLUMBUS STATE: OH ZIP: 43218-2008 BUSINESS PHONE: 8008603946 MAIL ADDRESS: STREET 1: NATIONWIDE LIFE & ANNUITY INSURANCE CO STREET 2: PO BOX 182008 CITY: COLUMBUS STATE: OH ZIP: 43218-2008 N-30D 1 dn30d.txt VL SEPARATE ACCOUNT C (811-8351) Nationwide(R) VL Separate Account-C December 31, 2002 [LOGO] The BEST of AMERICA(R) America's FUTURE Life Series(SM) 2002 Annual Report - -------------------------------------------------------------------------------- [LOGO] Nationwide(R) Nationwide Life and Annuity Insurance Company Home Office: Columbus, Ohio VLOB-0173-12/02 [LOGO] NATIONWIDE(R) NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220 [PHOTO] PRESIDENT'S MESSAGE We are pleased to bring you the 2002 annual report of the Nationwide VL Separate Account-C. Despite coming off a third straight year of disappointment in the equity markets, we believe an optimistic outlook is not unfounded. To state the obvious, time should be in our favor; unbroken bear markets of this duration are highly unusual from a historical perspective. Equity valuations have come down mainly as a result of price contraction rather than earnings contraction. This is highly significant as earnings prospects brighten and comparisons to prior periods become easier. Corporate scandals took their toll in 2002, but the general absence of new revelations of wrongdoing is encouraging. The recent pullback in the U.S. dollar bodes well for export businesses and the improved profit picture this portends. With respect to international tensions and continued anxiety over unspecified terrorist threats, unfolding events and the passage of time are slowly eroding even that uncertain overhang. Finally, there are substantial assets on the sidelines waiting for the "right time" to reenter the equity markets. We don't know the date that will mark the "right time," but we do know that eventually the bull will resume his run. Despite tough market conditions and a tepid economic environment, Nationwide Life moves into 2003 a financially strong and viable company. We continue to invest in the development of new investment products and improved service delivery to help you meet your financial planning and retirement savings needs. We sincerely appreciate your business and look forward to a long and mutually rewarding association with you, our valued customer. /s/ Joseph J.Gasper -------------------------- Joseph J.Gasper, President February 24, 2003 3 How to Read the Annual Report This 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 VL Separate Account-C. 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 1-800-351-8808 if you have questions about your account, or you may access your account using our voice response unit. And, please visit our web-site at www.BestofAmerica.com for additional information about your contract and to learn more about other products and services offered by Nationwide Financial. The Annual Report has four major financial sections: Statement of Assets, Liabilities and Contract 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 December 31, 2002. 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 39. 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 9 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 sub-account during the period reported. Notes to Financial Statements, beginning on page 34, provide further disclosures about the variable account and its underlying contract provisions. 4 ================================================================================ NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY December 31, 2002 Assets: Investments at fair value: Alliance VPS Growth & Income Portfolio - Class A (AllGroInc) 114 shares (cost $1,956)..................................................... $ 1,889 American Century VP Balanced Fund - Class I (ACVPBal) 39,340 shares (cost $219,965)................................................ 228,566 American Century VP Capital Appreciation Fund - Class I (ACVPCapAp) 63,367 shares (cost $379,497)................................................ 374,498 American Century VP Income & Growth Fund - Class I (ACVPIncGr) 1,449,975 shares (cost $9,293,885)........................................... 7,481,872 American Century VP International Fund - Class I (ACVPInt) 2,022, 192 shares (cost $13,1200.94)......................................... 10,535,622 American Century VP Value Fund - Class I (ACVPVal) 1,377,888 shares (cost $9,382,168)........................................... 38,432,673 Calvert Social Equity Portfolio (CVSSEP) 231,852 shares (cost $3,081,318)............................................. 83,002,488 Comstock GVIT Value Fund - Class I (ComGVITVal) 4,610 shares (cost $35,091).................................................. 35,310 Credit Suisse Trust - Global Post-Venture Capital Portfolio (CSGPVen) 46,831 shares (cost $323,606)................................................ 299,721 Credit Suisse Trust - International Focus Portfolio (CSIntEq) 57,903 shares (cost $384,580)................................................ 386,790 Credit Suisse Trust - Large Cap Value Portfolio (CSLCapV) 23,760 shares (cost $283,698)................................................ 231,423 Credit Suisse Trust - Small Cap Growth Portfolio (CSSmCapGr) 51,392 shares (cost $453,801)................................................ 477,429 Dreyfus GVIT Mid Cap Index Fund - Class I (DryMidCapIx) 61,008 shares (cost $796,558)................................................ 672,306 Dreyfus Socially Responsible Growth Fund, Inc.- Initial Shares (DrySRGro) 15,303 shares (cost $294,453)................................................ 289,229 Dreyfus Stock Index Fund (DryStkIx) 1,272,919 shares (cost $37,452,693).......................................... 28,602,480 Dreyfus VIF - Appreciation Portfolio - Initial Shares (DryVIFApp) 193,792 shares (cost $6,459,457)............................................. 5,577,341 Dreyfus VIF - Growth and Income Portfolio - Initial Shares (DryVIFGrInc) 18,059 shares (cost $279,678)................................................ 290,029 Federated GVIT High Income Bond Fund - Class I (FGVITHiInc) 135,248 shares (cost $1,005,718)............................................. 954,848
(Continued) 5 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued Federated Quality Bond Fund II - Primary Shares (FedQualBd) 160,301 shares (cost $1,817,292)............................................. $ 1,877,120 Fidelity(R)VIP - Equity-Income Portfolio: Initial Class (FidVIPEI) 5,522 shares (cost $90,225).................................................. 100,287 Fidelity(R)VIP - Equity-Income Portfolio: Service Class (FidVIPEIS) 211,465 shares (cost $4,432,692)............................................. 3,827,511 Fidelity(R)VIP - Growth Portfolio: Initial Class (FidVIPGr) 170,957 shares (cost $5,578,667)............................................. 4,007,234 Fidelity(R)VIP - Growth Portfolio: Service Class (FidVIPGrS) 610,129 shares (cost $23,161,729)............................................ 14,240,406 Fidelity(R)VIP - High Income Portfolio: Initial Class (FidVIPHI) 256,597 shares (cost $1,457,745)............................................. 1,521,620 Fidelity(R)VIP - High Income Portfolio: Service Class (FidVIPHIS) 461,784 shares (cost $2,727,090)............................................. 2,729,146 Fidelity(R)VIP - Overseas Portfolio: Initial Class (FidVIPOv) 35,273 shares (cost $473,095)................................................ 387,292 Fidelity(R)VIP - Overseas Portfolio: Service Class (FidVIPOvS) 281,567 shares (cost $4,157,478)............................................. 3,080,341 Fidelity(R)VIP II - Asset Manager: Growth Portfolio: Service Class (FidVIPAM) 201,413 shares (cost $2,673,884)............................................. 2,568,015 Fidelity(R)VIP II - Contrafund Portfolio: Initial Class (FidVIPCon) 16,225 shares (cost $292,760)................................................ 293,677 Fidelity(R)VIP II - Contrafund Portfolio: Service Class (FidVIPConS) 309,266 shares (cost $6,624,284)............................................. 5,579,166 Fidelity(R)VIP III - Growth Opportunities Portfolio: Intial Class (FidVIPGrOp) 73,007 shares (cost $1,026,631............................................... 854,914 Fidelity(R)VIP III - Growth Opportunities Portfolio: Service Class (FidVIPGrOpS) 96,223 shares (cost $1,374,139).............................................. 1,125,804 Fidelity(R)VIP III - Value Strategies Portfolio: Service Class (FidVIPValStS) 3,572 shares (cost $26,399).................................................. 28,221 Gartmore GVIT Global Technology and Communications Fund - Class I (GVITGITech) 87,123 shares (cost $248,299)................................................ 208,223 Gartmore GVIT Government Bond Fund - Class I (GVITGvtBd) 6,237,773 shares (cost $75,408,984).......................................... 76,599,847 Gartmore GVIT Growth Fund - Class I (GVITGrowth) 97,331 shares (cost $908,735)................................................ 731,927 Gartmore GVIT Money Market Fund - Class I (GVITMyMkt) 46,959,372 shares (cost $46,959,372)......................................... 46,959,372 Gartmore GVIT Money Market Fund - Class V (GVITMyMkt5) 54,236,950 shares (cost $54,236,950)......................................... 54,236,950 Gartmore GVIT Nationwide(R)Strategic Value Fund - Class I (NWGVITStrVal) 57,807 shares (cost $502,898)................................................ 416,214
6 Gartmore GVIT Small Cap Growth Fund - Class I (GVITSmCapGr) 229,821 shares (cost $2,381,664)............................................. $ 2,220,075 Gartmore GVIT Small Cap Value Fund - Class I (GVITSmCapVal) 682,177 shares (cost $6,597,676)............................................. 5,027,648 Gartmore GVIT Small Company Fund - Class I (GVITSmComp) 475,361 shares (cost $8,792,499)............................................. 7,325,319 Gartmore GVIT Total Return Fund - Class I (GVITTotRt) 680,123 shares (cost $5,932,383)............................................. 5,508,999 Gartmore GVIT Worldwide Leaders Fund - Class I (GVITWLead) 4,946 shares (cost $36,896).................................................. 33,882 J.P. Morgan GVIT Balanced Fund - Class I (JPMorBal) 161,455 shares (cost $1,416,362)............................................. 1,301,327 Janus AS - Balanced Portfolio - Service Shares (JanBal) 28,168 shares (cost $604,987)................................................ 600,537 Janus AS - Capital Appreciation Portfolio - Service Shares (JanCapAp) 105,114 shares (cost $2,102,371)............................................. 1,812,168 Janus AS - Global Technology Portfolio - Service Shares (JanGITech) 307,637 shares (cost $1,003,461)............................................. 741,406 Janus AS - International Growth Portfolio - Service Shares (JanIntGro) 60,093 shares (cost $1,214,040).............................................. 1,032,390 MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I (MGVITMultiSec) 238,449 shares (cost $2,194,540)............................. 2,212,806 Neuberger Berman AMT - Growth Portfolio (NBAMTGro) 30,441 shares (cost $230,897)................................................ 241,396 Neuberger Berman AMT - Guardian Portfolio (NBAMTGuard) 145,306 shares (cost $2,075,917)............................................. 1,554,779 Neuberger Berman AMT - Limited Maturity Bond Portfolio (NBAMTLMat) 28,984 shares (cost $386,577)................................................ 391,281 Neuberger Berman AMT - Mid-Cap Growth Portfolio (NBAMTMCGr) 93,018 shares (cost $1,315,730).............................................. 1,113,420 Neuberger Berman AMT - Partners Portfolio (NBAMTPart) 244,829 shares (cost $3,508,261)............................................. 2,791,051 Oppenheimer Aggressive Growth Fund/VA - Initial Class (OppAggGro) 206,124 shares (cost $8,392,559)............................................. 6,025,009 Oppenheimer Bond Fund/VA - Initial Class (OppBdFd) 101,967 shares (cost $1,123,348)............................................. 1,153,248 Oppenheimer Capital Appreciation Fund/VA - Initial Class (OppCapAp) 336,089 shares (cost $12,555,137)............................................ 8,946,702 Oppenheimer Global Securities Fund/VA - Initial Class (OppGlSec) 31,366 shares (cost $597,895)................................................ 555,174 Oppenheimer Main Street Growth & Income Fund/VA - Initial Class (OppMSGrInc) 23,629 shares (cost $417,906)................................................ 362,001 Oppenheimer Multiple Strategies Fund/VA - Initial Class (OppMultStr) 33,287 shares (cost $416,407)................................................ 438,055
(Continued) 7 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued PIMCO VIT Low Duration Portfolio - Administrative Shares (PIMLowDur) 283,505 shares (cost $2,897,426)............................................. $ 2,900,259 Royce Capital Fund - Micro Cap (RoyMicro) 117,127 shares (cost $884,308)............................................... 890,164 Strong GVIT Mid Cap Growth Fund - Class I (SGVITMdCpGr) 64,729 shares (cost $619,488)................................................ 472,524 Strong Opportunity Fund II, Inc.(StOpp2) 345,421 shares (cost $6,399,943)............................................. 4,790,988 Strong VIF - Strong Discovery Fund II (StDisc2) 6,225 shares (cost $56,013).................................................. 56,526 Strong VIF - Strong International Stock Fund II (StIntStk2) 797 shares (cost $4,039)..................................................... 4,231 T. Rowe Price Equity Income Portfolio - II (TRPEI2) 21,734 shares (cost $355,355)................................................ 355,355 T. Rowe Price Mid Cap Growth Portfolio - II (TRPMCG2) 104,293 shares (cost $1,494,523)............................................. 1,497,652 Van Eck WIT - Worldwide Bond Fund (VEWrldBd) 2,442 shares (cost $26,418).................................................. 27,981 Van Eck WIT - Worldwide Emerging Markets Fund (VEWrldEMkt) 34,822 shares (cost $278,813)................................................ 274,744 Van Eck WIT - Worldwide Hard Assets Fund (VEWrldHAs) 20,071 shares (cost $202,622)................................................ 206,732 Van Kampen UIF - Emerging Markets Debt Portfolio (VKEmMkt) 42,826 shares (cost $310,136)................................................ 302,777 Van Kampen UIF - Mid Cap Growth Portfolio (VKMidCapG) 71,957 shares (cost $445,943)................................................ 432,459 Van Kampen UIF - U.S. Real Estate Portfolio (VKUSRealEst) 185,547 shares (cost $2,283,205)............................................. 2,102,244 ------------ Total Investments............................................................... 354,951,110 Accounts Receivable............................................................. -- ------------ Total Assets.................................................................... 354,951,110 Accounts Payable................................................................ 275,034 ------------ Contract Owners' Equity (note7)................................................. $354,676,076 ============
See accompanying notes to financial statements ================================================================================ 8 ================================================================================ NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS Year Ended December 31, 2002
Investment activity: Total AllGroInc ACVPBal ACVPCapAp ACVPIncGr ACVPInt ------------- --------- -------- ---------- ---------- ----------- Reinvested dividends........................... $ 7,159,038 -- 16,656 -- 66,042 132,963 Mortality and expense risk charges (note 3).... (1,280,166) -- (1,723) (2,196) (20,948) (58,287) ------------- --- -------- ---------- ---------- ----------- Net investment income (loss)................ 5,878,872 -- 14,933 (2,196) 45,094 74,676 ------------- --- -------- ---------- ---------- ----------- Proceeds from mutual fund shares sold.......... 277,323,501 -- 773,925 890,548 1,537,884 9,512,323 Cost of mutual fund shares sold................ (316,030,672) -- (852,317) (1,139,799) (2,020,874) (15,837,579) ------------- --- -------- ---------- ---------- ----------- Realized gain (loss) on investments......... (38,707,171) -- (78,392) (249,251) (482,990) (6,325,256) Change in unrealized gain (loss) on investments.............................. (15,963,010) (67) 1,259 72,172 (1,433,473) 2,100,932 ------------- --- -------- ---------- ---------- ----------- Net gain (loss) on investments.............. (54,670,181) (67) (77,133) (177,079) (1,916,463) (4,224,324) ------------- --- -------- ---------- ---------- ----------- Reinvested capital gains....................... 1,540,964 -- -- -- -- -- ------------- --- -------- ---------- ---------- ----------- Net increase (decrease) in contract owners' equity resulting from operations............. $ (47,250,345) (67) (62,200) (179,275) (1,871,369) (4,149,648) ============= === ======== ========== ========== =========== Investment activity: ACVPVal CVSSEP ---------- ------- Reinvested dividends........................... 70,030 -- Mortality and expense risk charges (note 3).... (26,980) (933) ---------- ------- Net investment income (loss)................ 43,050 (933) ---------- ------- Proceeds from mutual fund shares sold.......... 1,828,657 10,175 Cost of mutual fund shares sold................ (1,957,777) (10,223) ---------- ------- Realized gain (loss) on investments......... (129,120) (48) Change in unrealized gain (loss) on investments.............................. (1,627,865) (78,830) ---------- ------- Net gain (loss) on investments.............. (1,756,985) (78,878) ---------- ------- Reinvested capital gains....................... 453,115 -- ---------- ------- Net increase (decrease) in contract owners' equity resulting from operations............. (1,260,820) (79,811) ========== =======
Investment activity: ComGVITVal CSGPVen CSIntEq CSLCapV CSSmCapGr DryMidCapix ---------- -------- -------- ------- ---------- ----------- Reinvested dividends........................... $ 2,751 -- -- 2,652 -- 3,821 Mortality and expense risk charges (note 3).... (1,006) (1,818) (924) (772) (11,274) (4,162) --------- -------- -------- ------- --------- ---------- Net investment income (loss)................ 1,745 (1,818) (924) 1,880 (11,274) (341) --------- -------- -------- ------- --------- ---------- Proceeds from mutual fund shares sold.......... 546,986 668,096 646,715 45,160 6,680,513 1,152,122 Cost of mutual fund shares sold................ (645,420) (883,403) (665,192) (54,040) (8,448,024) (1,244,277) --------- -------- -------- ------- --------- ---------- Realized gain (loss) on investments......... (98,434) (215,307) (18,477) (8,880) (1,767,511) (92,155) Change in unrealized gain (loss) on investments.............................. 19,308 10,436 (330) (54,098) 99,740 (148,539) --------- -------- -------- ------- --------- ---------- Net gain (loss) on investments.............. (79,126) (204,871) (18,807) (62,978) (1,667,771) (240,694) --------- -------- -------- ------- --------- ---------- Reinvested capital gains....................... -- -- -- -- -- 7,781 --------- -------- -------- ------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations............. $ (77,381) (206,689) (19,731) (61,098) (1,679,045) (233,254) ========= ======== ======== ======= ========== ========== Investment activity: DryEuroEq DrySRGro --------- -------- Reinvested dividends........................... -- 779 Mortality and expense risk charges (note 3).... (195) (1,276) -------- -------- Net investment income (loss)................ (195) (497) -------- -------- Proceeds from mutual fund shares sold.......... 214,853 451,827 Cost of mutual fund shares sold................ (233,756) (617,481) -------- -------- Realized gain (loss) on investments......... (18,903) (165,654) Change in unrealized gain (loss) on investments.............................. 194 38,281 -------- -------- Net gain (loss) on investments.............. (18,709) (127,373) -------- -------- Reinvested capital gains....................... -- -- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations............. (18,904) (127,870) ======== ========
(Continued) 9 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2002
Investment activity: DryStkIx DryVIFApp DryVIFGrInc FGVITHiInc ------------ ----------- ----------- ----------- Reinvested dividends.......................... $ 507,386 69,212 3,669 98,410 Mortality and expense risk charges (note 3)... (130,964) (36,115) (1,958) (5,044) ------------ ----------- -------- ---------- Net investment income (loss)............... 376,422 33,097 1,711 93,366 ------------ ----------- -------- ---------- Proceeds from mutual fund shares sold......... 21,843,358 11,574,452 808,699 1,815,292 Cost of mutual fund shares sold............... (31,175,118) (13,806,555) (992,192) (1,890,833) ------------ ----------- -------- ---------- Realized gain (loss) on investments........ (9,331,760) (2,232,103) (183,493) (75,541) Change in unrealized gain (loss) on investments............................. (2,037,905) 113,572 (2,931) 53,546 ------------ ----------- -------- ---------- Net gain (loss) on investments............. (11,369,665) (2,118,531) (186,424) (21,995) ------------ ----------- -------- ---------- Reinvested capital gains...................... -- -- -- -- ------------ ----------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations........................... $(10,993,243) (2,085,434) (184,713) 71,371 ============ =========== ======== ========== Investment activity: FedQualBd FidVIPEI FidVIPEIS FidVIPGr ---------- ---------- ---------- ---------- Reinvested dividends.......................... 44,700 4,634 62,028 14,590 Mortality and expense risk charges (note 3)... (5,768) (1,010) (16,338) (15,112) ---------- ---------- ---------- ---------- Net investment income (loss)............... 38,932 3,624 45,690 (522) ---------- ---------- ---------- ---------- Proceeds from mutual fund shares sold......... 3,839,227 1,007,964 2,435,549 1,699,694 Cost of mutual fund shares sold............... (3,780,002) (1,092,847) (2,923,366) (2,456,515) ---------- ---------- ---------- ---------- Realized gain (loss) on investments........ 59,225 (84,883) (487,817) (756,821) Change in unrealized gain (loss) on investments............................. 39,538 (5,615) (880,156) (1,251,260) ---------- ---------- ---------- ---------- Net gain (loss) on investments............. 98,763 (90,498) (1,367,973) (2,008,081) ---------- ---------- ---------- ---------- Reinvested capital gains...................... 16,725 6,307 89,393 -- ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations........................... 154,420 (80,567) (1,232,890) (2,008,603) ========== ========== ========== ==========
Investment activity: FidVIPGrS FidVIPHI FidVIPHIS FidVIPOv ----------- ---------- --------- ---------- Reinvested dividends.......................... $ 20,510 219,668 155,555 18,164 Mortality and expense risk charges (note 3)... (41,865) (5,504) (8,334) (5,857) ----------- ---------- -------- ---------- Net investment income (loss)............... (21,355) 214,164 147,221 12,307 ----------- ---------- -------- ---------- Proceeds from mutual fund shares sold......... 1,975,702 2,068,932 692,109 3,081,305 Cost of mutual fund shares sold............... (3,550,021) (2,589,521) (889,079) (3,700,332) ----------- ---------- -------- ---------- Realized gain (loss) on investments........ (1,574,319) (520,589) (196,970) (619,027) Change in unrealized gain (loss) on investments............................. (4,469,066) 281,904 106,150 310,753 ----------- ---------- -------- ---------- Net gain (loss) on investments............. (6,043,385) (238,685) (90,820) (308,274) ----------- ---------- -------- ---------- Reinvested capital gains...................... -- -- -- -- ----------- ---------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations........................... $(6,064,740) (24,521) 56,401 (295,967) =========== ========== ======== ========== Investment activity: FidVIPOvS FidVIPAM FidVIPCon FidVIPConS ---------- ---------- ---------- ---------- Reinvested dividends.......................... 25,657 349,366 8,247 43,121 Mortality and expense risk charges (note 3)... (14,049) (20,005) (2,785) (22,618) ---------- ---------- ---------- ---------- Net investment income (loss)............... 11,608 329,361 5,462 20,503 ---------- ---------- ---------- ---------- Proceeds from mutual fund shares sold......... 824,975 8,213,579 1,264,787 1,243,207 Cost of mutual fund shares sold............... (1,125,391) (9,402,381) (1,368,664) (1,663,990) ---------- ---------- ---------- ---------- Realized gain (loss) on investments........ (300,416) (1,188,802) (103,877) (420,783) Change in unrealized gain (loss) on investments............................. (548,641) (90,138) 14,877 (182,776) ---------- ---------- ---------- ---------- Net gain (loss) on investments............. (849,057) (1,278,940) (89,000) (603,559) ---------- ---------- ---------- ---------- Reinvested capital gains...................... -- -- -- -- ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations........................... (837,449) (949,579) (83,538) (583,056) ========== ========== ========== ==========
10 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2002
Investment activity: FidVIPGrOp FidVIPGrOpS FidVIPValStS GVITEmMrkts ---------- ----------- ------------ ----------- Reinvested dividends.................... $ 9,635 9,283 -- -- Mortality and expense risk charges (note 3)............................. (1,969) (4,164) (47) -- Net investment income (loss)......... 7,666 5,119 (47) -- --------- ---------- ----- ------ Proceeds from mutual fund shares sold... 408,462 1,092,146 770 4,355 Cost of mutual fund shares sold......... (457,340) (1,282,537) (737) (4,288) --------- ---------- ----- ------ Realized gain (loss) on investments.. (48,878) (190,391) 33 67 Change in unrealized gain (loss) on investments....................... (137,098) (62,429) 1,822 -- --------- ---------- ----- ------ Net gain (loss) on investments....... (185,976) (252,820) 1,855 67 --------- ---------- ----- ------ Reinvested capital gains................ -- -- -- -- --------- ---------- ----- ------ Net increase (decrease) in contract owners' equity resulting from operations........................ $(178,310) (247,701) 1,808 67 ========= ========== ===== ====== Investment activity: GVITGITech GVITGvtBd GVITGrowth GVITIntGro ---------- ----------- ---------- ---------- Reinvested dividends.................... -- 3,064,637 -- -- Mortality and expense risk charges (note 3)............................. (51) (233,742) (4,992) -- Net investment income (loss)......... (51) 2,830,895 (4,992) -- ------- ----------- ---------- ---- Proceeds from mutual fund shares sold... 51 38,974,710 1,906,547 317 Cost of mutual fund shares sold......... (58) (37,391,501) 2,918,878) (320) ------- ----------- ---------- ---- Realized gain (loss) on investments.. (7) 1,583,209 (1,012,331) (3) Change in unrealized gain (loss) on investments....................... (40,076) 1,617,021 509,235 -- ------- ----------- ---------- ---- Net gain (loss) on investments....... (40,083) 3,200,230 (503,096) (3) ------- ----------- ---------- ---- Reinvested capital gains................ -- 596,999 -- -- ------- ----------- ---------- ---- Net increase (decrease) in contract owners' equity resulting from operations........................ (40,134) 6,628,124 (508,088) (3) ======= =========== ========== ====
Investment activity: GVITMyMkt GVITMyMkt5 NWGVITStrVal GVITSmCapGr ------------ ---------- ------------ ----------- Reinvested dividends.................... $ 1,151,734 78,947 167 -- Mortality and expense risk charges (note 3)............................. (307,750) (20,997) (2,126) (2,571) ------------ ---------- -------- -------- Net investment income (loss)......... 843,984 57,950 (1,959) (2,571) ------------ ---------- -------- -------- Proceeds from mutual fund shares sold... 93,442,118 3,334,741 428,288 387,453 Cost of mutual fund shares sold......... (93,442,118) (3,334,741) (485,264) (491,677) ------------ ---------- -------- -------- Realized gain (loss) on investments.. -- -- (56,976) (104,224) Change in unrealized gain (loss) on investments....................... -- -- (84,016) (172,109) ------------ ---------- -------- -------- Net gain (loss) on investments....... -- -- (140,992) (276,333) ------------ ---------- -------- -------- Reinvested capital gains................ -- -- -- -- Net increase (decrease) in contract owners' equity resulting from operations........................ $ 843,984 57,950 (142,951) (278,904) ============ ========== ======== ======== Investment activity: GVITSmCapVal GVITSmComp GVITTotRt GVITWLead ------------ ---------- --------- ---------- Reinvested dividends.................... 577 -- 27,710 12,048 Mortality and expense risk charges (note 3)............................. (22,022) (30,389) (7,254) (3,092) ---------- ---------- -------- ---------- Net investment income (loss)......... (21,445) (30,389) 20,456 8,956 ---------- ---------- -------- ---------- Proceeds from mutual fund shares sold... 2,892,395 1,984,550 93,934 957,458 Cost of mutual fund shares sold......... (3,805,856) (2,286,741) (110,557) (1,565,028) ---------- ---------- -------- ---------- Realized gain (loss) on investments.. (913,461) (302,191) (16,623) (607,570) Change in unrealized gain (loss) on investments....................... (1,633,978) (1,358,922) (434,761) 309,207 ---------- ---------- -------- ---------- Net gain (loss) on investments....... (2,547,439) (1,661,113) (451,384) (298,363) ---------- ---------- -------- ---------- Reinvested capital gains................ 173,596 -- -- -- Net increase (decrease) in contract owners' equity resulting from operations........................ (2,395,288) (1,691,502) (430,928) (289,407) ========== ========== ======== ==========
11 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2002
Investment activity: JPMorBal JanBal JanCapAp JanGITech ----------- ------ ---------- --------- Reinvested dividends.......................... $ 35,112 6,429 7,092 -- Mortality and expense risk charges (note 3)... (6,494) (59) (8,721) (3,152) ----------- ------ ---------- -------- Net investment income (loss)............... 28,618 6,370 (1,629) (3,152) ----------- ------ ---------- -------- Proceeds from mutual fund shares sold......... 2,042,285 59 1,290,260 740,965 Cost of mutual fund shares sold............... (2,277,683) (59) (1,413,003) (977,863) ----------- ------ ---------- -------- Realized gain (loss) on investments........ (235,398) -- (122,743) (236,898) Change in unrealized gain (loss) on investments............................. (44,578) (4,449) (297,909) (244,942) ----------- ------ ---------- -------- Net gain (loss) on investments............. (279,976) (4,449) (420,652) (481,840) ----------- ------ ---------- -------- Reinvested capital gains...................... -- -- -- -- ----------- ------ ---------- -------- Net increase (decrease) in contract owners' equity resulting from operations..... $ (251,358) 1,921 (422,281) (484,992) =========== ====== ========== ======== Investment activity: JanIntGro MGVITMultiSec NBAMTGro NBAMTGuard --------- ------------- ---------- ---------- Reinvested dividends.......................... 7,327 94,642 -- 13,275 Mortality and expense risk charges (note 3)... (3,734) (6,370) (1,932) (5,135) -------- -------- ---------- -------- Net investment income (loss)............... 3,593 88,272 (1,932) 8,140 -------- -------- ---------- -------- Proceeds from mutual fund shares sold......... 651,783 321,031 1,066,965 687,371 Cost of mutual fund shares sold............... (850,405) (322,791) (1,410,492) (802,984) -------- -------- ---------- -------- Realized gain (loss) on investments........ (198,622) (1,760) (343,527) (115,613) Change in unrealized gain (loss) on investments............................. (147,376) 35,103 95,152 (499,532) -------- -------- ---------- -------- Net gain (loss) on investments............. (345,998) 33,343 (248,375) (615,145) -------- -------- ---------- -------- Reinvested capital gains...................... -- -- -- -- -------- -------- ---------- -------- Net increase (decrease) in contract owners' equity resulting from operations........................... (342,405) 121,615 (250,307) (607,005) ======== ======== ========== ========
Investment activity: NBAMTLMat NBAMTMCGr NBAMTPart OppAggGro ------------ ---------- ---------- ---------- Reinvested dividends.......................... $ 308,420 -- 31,660 45,031 Mortality and expense risk charges (note 3)... (15,009) (3,998) (18,571) (18,509) ------------ ---------- ---------- ---------- Net investment income (loss)............... 293,411 (3,998) 13,089 26,522 ------------ ---------- ---------- ---------- Proceeds from mutual fund shares sold......... 10,496,798 778,485 3,801,539 1,872,991 Cost of mutual fund shares sold............... (10,512,181) (1,019,020) (5,221,752) (3,262,461) ------------ ---------- ---------- ---------- Realized gain (loss) on investments........ (15,383) (240,535) (1,420,213) (1,389,470) Change in unrealized gain (loss) on investments............................. (64,466) (128,189) (391,869) (846,459) ------------ ---------- ---------- ---------- Net gain (loss) on investments............. (79,849) (368,724) (1,812,082) (2,235,929) ------------ ---------- ---------- ---------- Reinvested capital gains...................... -- -- -- -- ------------ ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations........................... $ 213,562 (372,722) (1,798,993) (2,209,407) ============ ========== ========== ========== Investment activity: OppBdFd OppCapAp OppGlSec OppMSGrInc ---------- ---------- ---------- ---------- Reinvested dividends.......................... 100,484 60,196 8,020 3,014 Mortality and expense risk charges (note 3)... (4,584) (30,021) (4,869) (1,825) ---------- ---------- ---------- -------- Net investment income (loss)............... 95,900 30,175 3,151 1,189 ---------- ---------- ---------- -------- Proceeds from mutual fund shares sold......... 3,933,745 2,505,169 2,543,133 309,003 Cost of mutual fund shares sold............... (3,971,109) (4,229,465) (3,028,229) (340,597) ---------- ---------- ---------- -------- Realized gain (loss) on investments........ (37,364) (1,724,296) (485,096) (31,594) Change in unrealized gain (loss) on investments............................. 36,548 (1,743,381) 111,344 (75,553) ---------- ---------- ---------- -------- Net gain (loss) on investments............. (816) (3,467,677) (373,752) (107,147) ---------- ---------- ---------- -------- Reinvested capital gains...................... -- -- -- -- ---------- ---------- ---------- -------- Net increase (decrease) in contract owners' equity resulting from operations........................... 95,084 (3,437,502) (370,601) (105,958) ========== ========== ========== ========
12 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2002
Investment activity: OppMultStr PIMLowDur RoyMicro SGVITMdCpGr ----------- --------- -------- ----------- Reinvested dividends.......................... $ 23,786 2,404 -- -- Mortality and expense risk charges (note 3)... (2,260) (262) (101) (2,276) ----------- ------- ----- -------- Net investment income (loss)............... 21,526 2,142 (101) (2,276) ----------- ------- ----- -------- Proceeds from mutual fund shares sold......... 1,088,388 15,931 101 588,335 Cost of mutual fund shares sold............... (1,212,644) (15,915) (101) (844,804) ----------- ------- ----- -------- Realized gain (loss) on investments........ (124,256) 16 -- (256,469) Change in unrealized gain (loss) on investments............................. (6,549) 2,833 5,856 (37,786) ----------- ------- ----- -------- Net gain (loss) on investments............. (130,805) 2,849 5,856 (294,255) ----------- ------- ----- -------- Reinvested capital gains...................... 9,872 -- -- -- ----------- ------- ----- -------- Net increase (decrease) in contract owners' equity resulting from operations........................... $ (99,407) 4,991 5,755 (296,531) =========== ======= ===== ======== Investment activity: StOpp2 StDisc2 StIntStk2 TRPEI2 ---------- -------- --------- ------ Reinvested dividends.......................... 22,520 -- 5,600 -- Mortality and expense risk charges (note 3)... (22,227) (191) (688) (39) ---------- -------- -------- --- Net investment income (loss)............... 293 (191) 4,912 (39) ---------- -------- -------- --- Proceeds from mutual fund shares sold......... 3,353,567 426,542 544,461 39 Cost of mutual fund shares sold............... (5,466,418) (430,772) (624,563) (39) ---------- -------- -------- --- Realized gain (loss) on investments........ (2,112,851) (4,230) (80,102) -- Change in unrealized gain (loss) on investments............................. (458,191) (353) (11,468) -- ---------- -------- -------- --- Net gain (loss) on investments............. (2,571,042) (4,583) (91,570) -- ---------- -------- -------- --- Reinvested capital gains...................... 136,162 -- -- -- ---------- -------- -------- --- Net increase (decrease) in contract owners' equity resulting from operations........................... (2,434,587) (4,774) (86,658) (39) ========== ======== ======== ===
Investment activity: TRPMCG2 VEWrldBd VEWrldEMkt VEWrldHAs ------- -------- ---------- --------- Reinvested dividends.......................... $ -- -- 715 1,265 Mortality and expense risk charges (note 3) (124) (38) (1,403) (473) ------ ------- -------- -------- Net investment income (loss)............... (124) (38) (688) 792 ------ ------- -------- -------- Proceeds from mutual fund shares sold......... 124 72,047 229,789 181,695 Cost of mutual fund shares sold............... (123) (70,477) (226,638) (199,019) ------ ------- -------- -------- Realized gain (loss) on investments........... 1 1,570 3,151 (17,324) Change in unrealized gain (loss) on investments............................. 3,129 1,563 (8,330) 15,606 ------ ------- -------- -------- Net gain (loss) on investments............. 3,130 3,133 (5,179) (1,718) ------ ------- -------- -------- Reinvested capital gains...................... -- -- -- -- ------ ------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations........................... $3,006 3,095 (5,867) (926) ====== ======= ======== ======== Investment activity: VKEmMkt VKMidCapG VKUSRealEst -------- --------- ----------- Reinvested dividends.......................... 20,373 -- 66,324 Mortality and expense risk charges (note 3) (788) (1,655) (7,672) -------- -------- ---------- Net investment income (loss)............... 19,585 (1,655) 58,652 -------- -------- ---------- Proceeds from mutual fund shares sold......... 124,136 845,722 1,554,132 Cost of mutual fund shares sold............... (125,457) (981,977) (1,597,021) -------- -------- ---------- Realized gain (loss) on investments........... (1,321) (136,255) (42,889) Change in unrealized gain (loss) on investments............................. (5,223) (25,015) (193,394) -------- -------- ---------- Net gain (loss) on investments............. (6,544) (161,270) (236,283) -------- -------- ---------- Reinvested capital gains...................... -- -- 51,014 -------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations........................... 13,041 (162,925) (126,617) ======== ======== ==========
See accompanying notes to financial statements. ================================================================================ 13 ================================================================================ NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY Years Ended December 31, 2002 and 2001
Total AllGroInc ACVPBal ACVPCapAp -------------------------- ------------ ------------------ ------------------- Investment activity: 2002 2001 2002 2001 2002 2001 2002 2001 ------------ ----------- ----- ---- -------- ------- -------- -------- Net investment income (loss)............. $ 5,878,872 6,583,211 -- -- 14,933 12,384 (2,196) (2,959) Realized gain (loss) on investments...... (38,707,171) (32,501,709) -- -- (78,392) (31,785) (249,251) (471,436) Change in unrealized gain (loss) on investments........................ (15,963,010) (10,364,207) (67) -- 1,259 7,343 72,172 (77,171) Reinvested capital gains................. 1,540,964 10,672,065 -- -- -- 16,886 -- 357,574 ------------ ----------- ----- --- -------- ------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations.......... (47,250,345) (25,610,640) (67) -- (62,200) 4,828 (179,275) (193,992) ------------ ----------- ----- --- -------- ------- -------- -------- Equity transactions: Purchase payments received from contract owners (note 6).............. 63,399,489 95,820,876 -- -- 162,137 202,228 80,961 472,281 Transfer from Nationwide Variable Life Separate Account-A (note 1)........... -- 116,421,610 -- -- -- 343,713 -- 494,188 Transfers between funds.................. -- -- 1,956 -- (272,150) 52,239 142,544 34,377 Surrenders (note 6)...................... (60,265,530) (7,227,103) -- -- (171,111) -- (438,246) -- Death benefits (note 4).................. (509,893) (210,583) -- -- (3,335) -- (2,448) -- Policy loans (net of repayments) (note 5) -- 1,130,130 -- -- -- -- -- -- Deductions for surrender charges......... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)..................... (9,461,350) (8,937,501) 4 -- (16,887) (10,901) (17,868) (18,030) ------------ ----------- ----- --- -------- ------- -------- -------- Net equity transactions............ (6,837,284) 196,997,429 1,960 -- (301,346) 587,279 (235,057) 982,816 ------------ ----------- ----- --- -------- ------- -------- -------- Net change in contract owners' equity....... (54,087,629) 171,386,789 1,893 -- (363,546) 592,107 (414,332) 788,824 Contract owners' equity beginning of period............................. 408,763,705 237,376,916 -- -- 592,107 -- 788,824 -- ------------ ----------- ----- --- -------- ------- -------- -------- Contract owners' equity end of period....... $354,676,076 408,763,705 1,893 -- 228,561 592,107 374,492 788,824 ============ =========== ===== === ======== ======= ======== ======== CHANGES IN UNITS: Beginning units.......................... 38,088,234 20,181,570 -- -- 60,611 -- 71,775 -- ------------ ----------- ----- --- -------- ------- -------- -------- Units purchased.......................... 36,704,181 28,569,903 189 -- 76,772 87,889 81,803 74,609 Units redeemed........................... (37,924,522) (10,663,239) -- -- (111,470) (27,278) (111,518) (2,834) ------------ ----------- ----- --- -------- ------- -------- -------- Ending units............................. 36,867,893 38,088,234 189 -- 25,913 60,611 42,060 71,775 ============ =========== ===== === ======== ======= ======== ========
14 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
ACVPIncGr ACVPInt ------------------------ ------------------------ Investment activity: 2002 2001 2002 2001 ----------- ---------- ----------- ---------- Net investment income (loss)............. $ 45,094 33,460 74,676 (43,398) Realized gain (loss) on investments...... (482,990) (822,559) (6,325,256) (1,587,674) Change in unrealized gain (loss) on investments........................ (1,433,473) 248,115 2,100,932 (3,938,827) Reinvested capital gains................. -- -- -- 1,241,326 ----------- ---------- ----------- ---------- Net increase (decrease) in contract owners' equity resulting from operations............. (1,871,369) (540,984) (4,149,648) (4,328,573) ----------- ---------- ----------- ---------- Equity transactions: Purchase payments received from contract owners (note 6).............. 3,547,290 3,953,951 3,048,341 1,893,966 Transfer from Nationwide Variable Life Separate Account-A (note 1)........... -- 856,675 -- 3,778,678 Transfers between funds.................. (969,228) (3,794,046) (7,515,482) 10,354,279 Surrenders (note 6)...................... -- (65,786) (1,124,408) (55,095) Death benefits (note 4).................. (11,949) (2,077) (11,216) (7,969) Policy loans (net of repayments) (note 5) -- (4) -- 202 Deductions for surrender charges......... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)..................... (148,720) (161,688) (341,979) (317,057) ----------- ---------- ----------- ---------- Net equity transactions............ 2,417,393 787,025 (5,944,744) 15,647,004 ----------- ---------- ----------- ---------- Net change in contract owners' equity....... 546,024 246,041 (10,094,392) 11,318,431 Contract owners' equity beginning of period................................ 6,935,798 6,689,757 20,629,904 9,311,473 ----------- ---------- ----------- ---------- Contract owners' equity end of period....... $ 7,481,822 6,935,798 10,535,512 20,629,904 =========== ========== =========== ========== CHANGES IN UNITS: Beginning units.......................... 690,257 609,285 2,210,557 703,839 ----------- ---------- ----------- ---------- Units purchased.......................... 567,796 457,373 695,821 1,546,319 Units redeemed........................... (324,746) (376,401) (1,486,410) (39,601) ----------- ---------- ----------- ---------- Ending units............................. 933,307 690,257 (1,419,968) 2,210,557 =========== ========== =========== ========== ACVPVal CVSSEP ---------------------- ---------------- Investment activity: 2002 2001 2002 2001 ---------- --------- --------- ---- Net investment income (loss)............. 43,050 63,216 (933) -- Realized gain (loss) on investments...... (129,120) 236,443 (48) -- Change in unrealized gain (loss) on investments........................ (1,627,865) 519,108 (78,830) -- Reinvested capital gains................. 453,115 -- -- -- ---------- --------- --------- --- Net increase (decrease) in contract owners' equity resulting from operations............. (1,260,820) 818,767 (79,811) -- ---------- --------- --------- --- Equity transactions: Purchase payments received from contract owners (note 6).............. 849,176 382,420 -- -- Transfer from Nationwide Variable Life Separate Account-A (note 1)........... -- 2,205,842 -- -- Transfers between funds.................. 2,037,332 3,033,687 3,091,541 -- Surrenders (note 6)...................... (330,249) -- -- -- Death benefits (note 4).................. (3,820) (6,765) -- -- Policy loans (net of repayments) (note 5) -- -- -- -- Deductions for surrender charges......... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)..................... (240,457) (155,173) (9,244) -- ---------- --------- --------- --- Net equity transactions............ 2,311,982 5,460,011 3,082,297 -- ---------- --------- --------- --- Net change in contract owners' equity....... 1,051,162 6,278,778 3,002,486 -- Contract owners' equity beginning of period................................ 7,381,419 1,102,641 -- -- ---------- --------- --------- --- Contract owners' equity end of period....... 8,432,581 7,381,419 3,002,486 -- ========== ========= ========= === CHANGES IN UNITS: Beginning units.......................... 602,664 101,219 -- -- ---------- --------- --------- --- Units purchased.......................... 701,777 515,782 292,051 -- Units redeemed........................... (516,730) (14,337) -- -- ---------- --------- --------- --- Ending units............................. 787,711 602,664 292,051 -- ========== ========= ========= ===
(Continued) 15 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
ComGVITVal CSGPVen CSIntEq CSLCapV ------------------ ------------------- ------------------ ----------------- Investment activity: 2002 2001 2002 2001 2002 2001 2002 2001 -------- -------- -------- --------- -------- -------- ------- -------- Net investment income (loss)............. $ 1,745 31,839 (1,818) (3,169) (924) (1,150) 1,880 (1,099) Realized gain (loss) on investments...... (98,434) (441,358) (215,307) (687,421) (18,477) (174,618) (8,880) (6,421) Change in unrealized gain (loss) on investments........................ 19,308 11,840 10,436 334,138 (330) 88,134 (54,098) (24,223) Reinvested capital gains................. -- -- -- -- -- -- -- -- -------- -------- -------- --------- -------- -------- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations.......... (77,381) (397,679) (206,689) (356,452) (19,731) (87,634) (61,098) (31,743) -------- -------- -------- --------- -------- -------- ------- -------- Equity transactions: Purchase payments received from contract owners (note 6).............. 13,865 383,026 23,873 195,660 (89,065) 119,662 46,109 34,245 Transfer from Nationwide Variable Life Separate Account-A (note 1)........... -- -- -- 213,808 -- 164,306 -- -- Transfers between funds.................. (158,523) 109,167 138,677 (612,762) -- (147,711) 146,676 (155,610) Surrenders (note 6)...................... (67,507) -- (153,184) -- (30,981) (67,369) -- (14,457) Death benefits (note 4).................. (1,019) (866) (1,709) (98) (981) (826) (172) -- Policy loans (net of repayments) (note 5) -- -- -- -- -- (87,288) -- -- Deductions for surrender charges......... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)..................... (9,074) (10,927) (12,816) (20,102) (43,477) (12,903) (4,798) (8,241) -------- -------- -------- --------- -------- -------- ------- -------- Net equity transactions............ (222,258) 480,400 (5,159) (223,494) (77,550) (32,129) 187,815 (144,063) -------- -------- -------- --------- -------- -------- ------- -------- Net change in contract owners' equity....... (299,639) 82,721 (211,848) (579,946) (97,281) (119,763) 126,717 (175,806) Contract owners' equity beginning of period................................ 334,947 252,226 511,568 1,091,514 181,445 301,208 104,706 280,512 -------- -------- -------- --------- -------- -------- ------- -------- Contract owners' equity end of period....... $ 35,308 334,947 299,720 511,568 84,164 181,445 231,423 104,706 ======== ======== ======== ========= ======== ======== ======= ======== CHANGES IN UNITS: Beginning units.......................... 34,435 22,688 60,385 91,578 23,360 30,020 9,126 24,581 -------- -------- -------- --------- -------- -------- ------- -------- Units purchased.......................... 3,567 16,777 79,363 39,361 91,295 32,324 38,986 2,988 Units redeemed........................... (33,139) (5,030) (86,000) (70,554) (101,119) (38,984) (21,922) (18,443) -------- -------- -------- --------- -------- -------- ------- -------- Ending units............................. 4,863 34,435 53,748 60,385 13,536 23,360 26,190 9,126 ======== ======== ======== ========= ======== ======== ======= ========
16 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
CSSmCapGr DryMidCapIx ----------------------- ---------------------- Investment activity: 2002 2001 2002 2001 ----------- --------- --------- ---------- Net investment income (loss)............. $ (11,274) (16,398) (341) 2,368 Realized gain (loss) on investments...... (1,767,511) (79,794) (92,155) (59,087) Change in unrealized gain (loss) on investments........................ 99,740 (76,112) (148,539) 17,444 Reinvested capital gains................. -- -- 7,781 20,120 ----------- --------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations.......... (1,679,045) (172,304) (233,254) (19,155) ----------- --------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6).............. 236,391 326,252 77,813 603,025 Transfer from Nationwide Variable Life Separate Account-A (note 1)........... -- 3,919,803 -- 539,155 Transfers between funds.................. (42,410) 1,647,406 (35,360) (1,001,002) Surrenders (note 6)...................... (3,566,304) -- (359,321) -- Death benefits (note 4).................. (1,386) -- (1,991) -- Policy loans (net of repayments) (note 5) -- -- -- -- Deductions for surrender charges......... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)..................... (83,720) (107,285) (29,094) (40,731) ----------- --------- --------- ---------- Net equity transactions............ (3,457,429) 5,786,176 (347,953) 100,447 ----------- --------- --------- ---------- Net change in contract owners' equity....... (5,136,474) 5,613,872 (581,207) 81,292 Contract owners' equity beginning of period................................ 5,613,872 -- 1,253,498 1,172,206 ----------- --------- --------- ---------- Contract owners' equity end of period....... $ 477,398 5,613,872 672,291 1,253,498 =========== ========= ========= ========== CHANGES IN UNITS: Beginning units.......................... 623,977 -- 93,948 86,361 ----------- --------- --------- ---------- Units purchased.......................... 416,658 681,322 65,934 85,540 Units redeemed........................... (960,474) (57,345) (100,350) (77,953) ----------- --------- --------- ---------- Ending units............................. 80,161 623,977 59,532 93,948 =========== ========= ========= ========== DryEuroEq DrySRGro ----------------- ------------------- Investment activity: 2002 2001 2002 2001 ------- ------- -------- -------- Net investment income (loss)............. (195) (201) (497) (1,119) Realized gain (loss) on investments...... (18,903) (74,047) (165,654) (80,689) Change in unrealized gain (loss) on investments........................ 194 (209) 38,281 (4,629) Reinvested capital gains................. -- -- -- -- ------- ------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations.......... (18,904) (74,457) (127,870) (86,437) ------- ------- -------- -------- Equity transactions: Purchase payments received from contract owners (note 6).............. 1,110 162,131 30,408 376,791 Transfer from Nationwide Variable Life Separate Account-A (note 1)........... -- -- -- 211,705 Transfers between funds.................. 15,568 (84,339) (89,635) (303,365) Surrenders (note 6)...................... -- -- -- -- Death benefits (note 4).................. -- -- (933) (1,291) Policy loans (net of repayments) (note 5) -- -- -- (8) Deductions for surrender charges......... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)..................... (1,095) (846) (9,866) (10,226) ------- ------- -------- -------- Net equity transactions............ 15,583 76,946 (70,026) 273,606 ------- ------- -------- -------- Net change in contract owners' equity....... (3,321) 2,489 (197,896) 187,169 Contract owners' equity beginning of period................................ 3,321 832 487,118 299,949 ------- ------- -------- -------- Contract owners' equity end of period....... -- 3,321 289,222 487,118 ======= ======= ======== ======== CHANGES IN UNITS: Beginning units.......................... 368 66 49,368 23,442 ------- ------- -------- -------- Units purchased.......................... 16,124 14,944 38,713 54,969 Units redeemed........................... (16,492) (14,642) (46,887) (29,043) ------- ------- -------- -------- Ending units............................. -- 368 41,194 49,368 ======= ======= ======== ========
(Continued) 17 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
DryStkIx DryVIFApp -------------------------- ----------------------- Investment activity: 2002 2001 2002 2001 ------------ ----------- ---------- ---------- Net investment income (loss)....................... $ 376,422 364,717 33,097 76,920 Realized gain (loss) on investments................ (9,331,760) (3,920,795) (2,232,103) (141,412) Change in unrealized gain (loss) on investments.................................. (2,037,905) (2,548,204) 113,572 (931,436) Reinvested capital gains........................... -- 257,859 -- -- Net increase (decrease) in contract owners' ------------ ----------- ---------- ---------- equity resulting from operations............. (10,993,243) (5,846,423) (2,085,434) (995,928) ------------ ----------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6)................................. 7,833,246 13,232,101 832,320 1,103,111 Transfer from Nationwide Variable Life Separate Account-A (note 1)..................... -- 15,017,570 -- 10,751,709 Transfers between funds............................ (5,094,505) (18,598,359) 662,105 1,049,910 Surrenders (note 6)................................ (10,889,837) (421,068) (8,288,157) (40,685) Death benefits (note 4)............................ (60,450) (41,483) (4,202) (955) Policy loans (net of repayments) (note 5).......... -- (291,850) -- -- Deductions for surrender charges................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c).... (1,066,290) (1,338,952) (253,167) (298,327) ------------ ----------- ---------- ---------- Net equity transactions...................... (9,277,836) 7,557,959 (7,051,101) 12,564,763 ------------ ----------- ---------- ---------- Net change in contract owners' equity................. (20,271,079) 1,711,536 (9,136,535) 11,568,835 Contract owners' equity beginning of period........... 48,873,124 47,161,588 14,713,743 3,144,908 ------------ ----------- ---------- ---------- Contract owners' equity end of period................. $ 28,602,045 48,873,124 5,577,208 14,713,743 ============ =========== ========== ========== CHANGES IN UNITS: Beginning units.................................... 4,709,891 3,995,395 1,344,510 259,664 ------------ ----------- ---------- ---------- Units purchased.................................... 3,517,549 2,789,095 1,005,374 1,230,783 Units redeemed..................................... (4,564,528) (2,074,599) (1,738,408) (145,937) ------------ ----------- ---------- ---------- Ending units....................................... 3,662,912 4,709,891 611,476 1,344,510 ============ =========== ========== ========== DryVIFGrInc FGVITHiInc ------------------- ---------------------- Investment activity: 2002 2001 2002 2001 -------- -------- ---------- --------- Net investment income (loss)....................... 1,711 1,134 93,366 197,572 Realized gain (loss) on investments................ (183,493) (46,517) (75,541) (262,553) Change in unrealized gain (loss) on investments.................................. (2,931) 13,282 53,546 118,075 Reinvested capital gains........................... -- 11,527 -- -- Net increase (decrease) in contract owners' -------- -------- ---------- --------- equity resulting from operations............. (184,713) (20,574) 71,371 53,094 -------- -------- ---------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................................. 20,288 140,099 413,881 230,416 Transfer from Nationwide Variable Life Separate Account-A (note 1)..................... -- 875,283 -- -- Transfers between funds............................ 87,272 (13,452) (1,464,679) 396,173 Surrenders (note 6)................................ (252,773) (139,333) -- (15,042) Death benefits (note 4)............................ (799) -- -- -- Policy loans (net of repayments) (note 5).......... -- (171,256) -- -- Deductions for surrender charges................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c).... (21,838) (28,185) (46,066) (104,282) -------- -------- ---------- --------- Net equity transactions...................... (167,850) 663,156 (1,096,864) 507,265 -------- -------- ---------- --------- Net change in contract owners' equity................. (352,563) 642,582 (1,025,493) 560,359 Contract owners' equity beginning of period........... 642,582 -- 1,980,341 1,419,982 -------- -------- ---------- --------- Contract owners' equity end of period................. 290,019 642,582 954,848 1,980,341 ======== ======== ========== ========= CHANGES IN UNITS: Beginning units.................................... 67,090 -- 202,186 150,482 -------- -------- ---------- ---------- Units purchased.................................... 119,588 101,682 72,279 63,985 Units redeemed..................................... (146,066) (34,592) (179,876) (12,281) -------- -------- ---------- ---------- Ending units....................................... 40,612 67,090 94,589 202,186 ======== ======== ========== ==========
18 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
FedQualBd FidVIPEI ---------------------- --------------------- Investment activity: 2002 2001 2002 2001 ---------- --------- -------- ---------- Net investment income (loss)................ $ 38,932 5,418 3,624 (6,973) Realized gain (loss) on investments......... 59,225 10,031 (84,883) 25,942 Change in unrealized gain (loss) on investments........................... 39,538 11,973 (5,615) 15,677 Reinvested capital gains.................... 16,725 688 6,307 -- ---------- --------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations............. 154,420 28,110 (80,567) 34,646 ---------- --------- -------- ---------- Equity transactions: Purchase payments received from contract owners (note 6)................. 45,279 50,762 17,731 -- Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- -- -- 2,324,957 Transfers between funds..................... 758,200 707,816 (78,617) (1,363,138) Surrenders (note 6)......................... (43,659) -- (232,748) (196,492) Death benefits (note 4)..................... (3,607) (778) (708) -- Policy loans (net of repayments) (note 5)... -- 601 -- (240,716) Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (55,391) (18,719) (8,660) (75,407) ---------- --------- -------- ---------- Net equity transactions............... 700,822 739,682 (303,002) 449,204 ---------- --------- -------- ---------- Net change in contract owners' equity.......... 855,242 767,792 (383,569) 483,850 Contract owners' equity beginning of period................................... 1,021,878 254,086 483,850 -- ---------- --------- -------- ---------- Contract owners' equity end of period.......... $1,877,120 1,021,878 100,281 483,850 ========== ========= ======== ========== CHANGES IN UNITS: Beginning units............................. 87,721 23,465 50,510 -- ---------- --------- -------- ---------- Units purchased............................. 280,193 65,971 28,820 245,299 Units redeemed.............................. (220,347) (1,715) (66,711) (194,789) ---------- --------- -------- ---------- Ending units................................ 147,567 87,721 12,619 50,510 ========== ========= ======== ========== FidVIPEIS FidVIPGr ---------------------- ---------------------- Investment activity: 2002 2001 2002 2001 ---------- --------- ---------- --------- Net investment income (loss)................ 45,690 43,104 (522) (21,206) Realized gain (loss) on investments......... (487,817) (286,904) (756,821) (44,473) Change in unrealized gain (loss) on investments........................... (880,156) 121,115 (1,251,260) (320,173) Reinvested capital gains.................... 89,393 169,378 -- -- ---------- --------- ---------- --------- Net increase (decrease) in contract owners' equity resulting from operations............. (1,232,890) 46,693 (2,008,603) (385,852) ---------- --------- ---------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................. 320,409 1,168,811 151,801 161,294 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- -- -- 2,990,597 Transfers between funds..................... 1,156,512 66,701 (252,396) 4,054,865 Surrenders (note 6)......................... -- -- (449,922) -- Death benefits (note 4)..................... (2,187) (610) (1,809) -- Policy loans (net of repayments) (note 5)... -- 1,640 -- -- Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (135,765) (92,084) (123,556) (129,265) ---------- --------- ---------- --------- Net equity transactions............... 1,338,969 1,144,458 (675,882) 7,077,491 ---------- --------- ---------- --------- Net change in contract owners' equity.......... 106,079 1,191,151 (2,684,485) 6,691,639 Contract owners' equity beginning of period................................... 3,727,351 2,536,200 6,691,639 -- ---------- --------- ---------- --------- Contract owners' equity end of period.......... 3,833,430 3,727,351 4,007,154 6,691,639 ========== ========= ========== ========= CHANGES IN UNITS: Beginning units 348,625 224,240 782,177 -- ---------- --------- ---------- --------- Units purchased 485,719 132,997 818,450 943,977 Units redeemed (401,545) (8,612) (929,775) (161,800) ---------- --------- ---------- --------- Ending units 432,799 348,625 670,852 782,177 ========== ========= ========== =========
(Continued) 19 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
FidVIPGrS FidVIPHI ------------------------ ---------------------- Investment activity: 2002 2001 2002 2001 ----------- ---------- ---------- --------- Net investment income (loss)............. $ (21,355) (58,225) 214,164 (5,885) Realized gain (loss) on investments...... (1,574,319) (4,491,612) (520,589) (62,359) Change in unrealized gain (loss) on investments........................ (4,469,066) (1,407,400) 281,904 (218,029) Reinvested capital gains................. -- 1,482,587 -- -- ----------- ---------- ---------- --------- Net increase (decrease) in contract owners' equity resulting from operations............. (6,064,740) (4,474,650) (24,521) (286,273) ----------- ---------- ---------- --------- Equity transactions: Purchase payments received from contract owners (note 6).............. 4,570,364 5,250,151 479 9,168 Transfer from Nationwide Variable Life Separate Account-A (note 1)........... -- -- -- 1,301,973 Transfers between funds.................. (212,070) (7,939,499) 705,473 1,195,650 Surrenders (note 6)...................... (64,018) -- (1,313,120) -- Death benefits (note 4).................. (16,042) (3,184) (370) -- Policy loans (net of repayments) (note 5).............................. -- -- -- -- Deductions for surrender charges......... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)..................... (305,842) (391,443) (34,872) (31,983) ----------- ---------- ---------- --------- Net equity transactions............ 3,972,392 (3,083,975) (642,410) 2,474,808 ----------- ---------- ---------- --------- Net change in contract owners' equity....... (2,092,348) (7,558,625) (666,931) 2,188,535 Contract owners' equity beginning of period................................ 16,332,678 23,891,303 2,188,535 -- ----------- ---------- ---------- --------- Contract owners' equity end of period....... $14,240,330 16,332,678 1,521,604 2,188,535 =========== ========== ========== ========= CHANGES IN UNITS: Beginning units.......................... 1,545,524 1,796,938 248,600 -- ----------- ---------- ---------- --------- Units purchased.......................... 602,369 451,102 242,204 259,183 Units redeemed........................... (196,401) (702,516) (323,501) (10,583) ----------- ---------- ---------- --------- Ending units............................. 1,951,492 1,545,524 167,303 248,600 =========== ========== ========== ========= FidVIPHIS FidVIPOv ---------------------- ---------------------- Investment activity: 2002 2001 2002 2001 --------- ---------- ---------- --------- Net investment income (loss)............. 147,221 474,537 12,307 (9,332) Realized gain (loss) on investments...... (196,970) (1,087,510) (619,027) (102,825) Change in unrealized gain (loss) on investments........................ 106,150 363,540 310,753 (396,556) Reinvested capital gains................. -- -- -- -- --------- ---------- ---------- --------- Net increase (decrease) in contract owners' equity resulting from operations.......... 56,401 (249,433) (295,967) (508,713) --------- ---------- ---------- --------- Equity transactions: Purchase payments received from contract owners (note 6).............. 509,475 814,189 91,928 92,553 Transfer from Nationwide Variable Life Separate Account-A (note 1)........... -- -- -- 2,867,080 Transfers between funds.................. 1,250,961 (1,335,208) 240,325 338,393 Surrenders (note 6)...................... (69,723) (59,607) (2,201,276) (57,969) Death benefits (note 4).................. (1,298) (891) (4,541) -- Policy loans (net of repayments) (note 5).............................. -- -- -- (71,279) Deductions for surrender charges......... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)..................... (102,176) (76,151) (38,746) (64,506) --------- ---------- ---------- --------- Net equity transactions............ 1,587,239 (657,668) (1,912,310) 3,104,272 --------- ---------- ---------- --------- Net change in contract owners' equity....... 1,643,640 (907,101) (2,208,277) 2,595,559 Contract owners' equity beginning of period................................ 1,085,506 1,992,607 2,595,559 -- --------- ---------- ---------- --------- Contract owners' equity end of period....... 2,729,146 1,085,506 387,282 2,595,559 ========= ========== ========== ========= CHANGES IN UNITS: Beginning units.......................... 165,596 266,741 329,072 -- --------- ---------- ---------- --------- Units purchased.......................... 529,927 112,586 239,079 398,916 Units redeemed........................... (293,534) (213,731) (506,498) (69,844) --------- ---------- ---------- --------- Ending units............................. 401,989 165,596 61,653 329,072 ========= ========== ========== =========
20 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
FidVIPOvS FidVIPAM ----------------------- ---------------------- Investment activity: 2002 2001 2002 2001 ---------- ---------- ---------- --------- Net investment income (loss)................ $ 11,608 149,964 329,361 (30,956) Realized gain (loss) on investments......... (300,416) (1,513,483) (1,188,802) (131,908) Change in unrealized gain (loss) on investments........................... (548,641) (27,002) (90,138) (15,731) Reinvested capital gains.................... -- 264,927 -- -- ---------- ---------- ---------- --------- Net increase (decrease) in contract owners' equity resulting from operations............. (837,449) (1,125,594) (949,579) (178,595) ---------- ---------- ---------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................. 804,162 1,649,492 127,676 405,990 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- -- -- 7,508,670 Transfers between funds..................... 175,112 (365,953) 620,125 1,480,175 Surrenders (note 6)......................... (272,158) (36,473) (6,124,837) -- Death benefits (note 4)..................... (373) (6,028) (3,587) -- Policy loans (net of repayments) (note 5)... -- 202 -- -- Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (164,144) (155,082) (142,353) (175,750) ---------- ---------- ---------- --------- Net equity transactions............... 542,599 1,086,158 (5,522,976) 9,219,085 ---------- ---------- ---------- --------- Net change in contract owners' equity.......... (294,850) (39,436) (6,472,555) 9,040,490 Contract owners' equity beginning of period................................... 3,375,169 3,414,605 9,040,490 -- ---------- ---------- ---------- --------- Contract owners' equity end of period.......... $3,080,319 3,375,169 2,567,935 9,040,490 ========== ========== ========== ========= CHANGES IN UNITS: Beginning units............................. 396,195 314,294 930,387 -- ---------- ---------- ---------- --------- Units purchased............................. 311,158 170,719 714,872 950,697 Units redeemed.............................. (252,879) (88,818) (1,355,346) (20,310) ---------- ---------- ---------- --------- Ending units................................ 454,474 396,195 289,913 930,387 ========== ========== ========== ========= FidVIPCon FidVIPConS --------------------- --------------------- Investment activity: 2002 2001 2002 2001 --------- --------- --------- --------- Net investment income (loss)................ 5,462 (3,878) 20,503 13,459 Realized gain (loss) on investments......... (103,877) (20,961) (420,783) (636,098) Change in unrealized gain (loss) on investments........................... 14,877 (13,960) (182,776) (259,155) Reinvested capital gains.................... -- -- -- 142,864 --------- --------- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations............. (83,538) (38,799) (583,056) (738,930) --------- --------- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................. 1,230 145,149 1,667,609 1,981,769 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 1,343,784 -- -- Transfers between funds..................... (282,481) (132,446) (527,572) (968,767) Surrenders (note 6)......................... (585,597) -- (268,751) (185,002) Death benefits (note 4)..................... (1,815) -- (1,255) (6,373) Policy loans (net of repayments) (note 5)... -- -- -- -- Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (35,329) (36,495) (236,329) (247,718) --------- --------- --------- --------- Net equity transactions............... (903,992) 1,319,992 633,702 573,909 --------- --------- --------- --------- Net change in contract owners' equity.......... (987,530) 1,281,193 50,646 (165,021) Contract owners' equity beginning of period................................... 1,281,193 -- 5,528,483 5,693,504 --------- --------- --------- --------- Contract owners' equity end of period.......... 293,663 1,281,193 5,579,129 5,528,483 ========= ========= ========= ========= CHANGES IN UNITS: Beginning units............................. 141,885 -- 486,210 437,066 --------- --------- --------- --------- Units purchased............................. 101,801 157,160 340,386 171,757 Units redeemed.............................. (207,756) (15,275) (284,094) (122,613) --------- --------- --------- --------- Ending units................................ 35,930 141,885 542,502 486,210 ========= ========= ========= =========
(Continued) 21 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
FidVIPGrOp FidVIPGrOpS FidVIPValStS GVITEmMrkts --------------------- --------------------- ------------- ------------- Investment activity: 2002 2001 2002 2001 2002 2001 2002 2001 --------- --------- --------- --------- ------ ---- ------ ---- Net investment income (loss)................ $ 7,666 (3,302) 5,119 (2,650) (47) -- -- -- Realized gain (loss) on investments......... (48,878) (127,184) (190,391) (626,036) 33 -- 67 -- Change in unrealized gain (loss) on investments........................... (137,098) (34,618) (62,429) 158,300 1,822 -- -- -- Reinvested capital gains.................... -- -- -- -- -- -- -- -- --------- --------- --------- --------- ------ ---- ------ ---- Net increase (decrease) in contract owners' equity resulting from operations............. (178,310) (165,104) (247,701) (470,386) 1,808 -- 67 -- --------- --------- --------- --------- ------ ---- ------ ---- Equity transactions: Purchase payments received from contract owners (note 6)................. 809 63,071 29,604 720,861 -- -- 4,295 -- Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 480,327 -- -- -- -- -- -- Transfers between funds..................... 197,270 960,556 (624,905) (341,106) 27,136 -- (4,355) -- Surrenders (note 6)......................... (59,919) (174,839) -- -- -- -- -- -- Death benefits (note 4)..................... -- -- (22,530) (24,776) -- -- -- -- Policy loans (net of repayments) (note 5)... -- (218,509) -- -- -- -- -- -- Deductions for surrender charges............ -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (20,986) (29,468) (44,468) (79,677) (724) -- (7) -- --------- --------- --------- --------- ------ ---- ------ ---- Net equity transactions............... 117,174 1,081,138 (662,299) 275,302 26,412 -- (67) -- --------- --------- --------- --------- ------ ---- ------ ---- Net change in contract owners' equity.......... (61,136) 916,034 (910,000) (195,084) 28,220 -- -- -- Contract owners' equity beginning of period................................... 916,034 -- 2,035,794 2,230,878 -- -- -- -- --------- --------- --------- --------- ------ ---- ------ ---- Contract owners' equity end of period.......... $ 854,898 916,034 1,125,794 2,035,794 28,220 -- -- -- ========= ========= ========= ========= ====== ==== ====== ==== CHANGES IN UNITS: Beginning units............................. 103,589 -- 248,120 231,706 -- -- -- -- --------- --------- --------- --------- ------ ---- ------ ---- Units purchased............................. 147,319 149,754 51,462 85,852 3,867 -- 491 -- Units redeemed.............................. (127,087) (46,165) (123,488) (69,438) (99) -- (491) -- --------- --------- --------- --------- ------ ---- ------ ---- Ending units................................ 123,821 103,589 176,094 248,120 3,768 -- -- -- ========= ========= ========= ========= ====== ==== ====== ====
22 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
GVITGITech GVITGvtBd GVITGrowth GVITIntGro --------------- ----------------------- ----------------------- ----------- Investment activity: 2002 2001 2002 2001 2002 2001 2002 2001 -------- ---- ---------- ---------- ---------- ---------- ---- ---- Net investment income (loss)................ $ (51) -- 2,830,895 2,071,172 (4,992) (9,221) -- -- Realized gain (loss) on investments......... (7) -- 1,583,209 1,143,208 (1,012,331) (1,201,156) (3) -- Change in unrealized gain (loss) on investments........................... (40,076) -- 1,617,021 (1,179,115) 509,235 462,412 -- -- Reinvested capital gains.................... -- -- 596,999 84,887 -- -- -- -- -------- --- ---------- ---------- ---------- ---------- ---- --- Net increase (decrease) in contract owners' equity resulting from operations............. (40,134) -- 6,628,124 2,120,152 (508,088) (747,965) (3) -- -------- --- ---------- ---------- ---------- ---------- ---- --- Equity transactions: Purchase payments received from contract owners (note 6)................. -- -- 7,416,403 4,114,602 352,369 1,115,129 320 -- Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- -- -- 4,230,129 -- 493,585 -- -- Transfers between funds..................... 248,357 -- 4,445,216 38,315,114 (876,631) (486,078) (317) -- Surrenders (note 6)......................... -- -- (3,437,645) (20,209) (540,704) (69,524) -- -- Death benefits (note 4)..................... -- -- (91,823) (49,141) (1,205) (936) -- -- Policy loans (net of repayments) (note 5)... -- -- -- 1,219 -- -- -- -- Deductions for surrender charges............ -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (1) -- (1,443,726) (997,186) (58,392) (83,646) -- -- -------- --- ---------- ---------- ---------- ---------- ---- --- Net equity transactions............... 248,356 -- 6,888,425 45,594,528 (1,124,563) 968,530 3 -- -------- --- ---------- ---------- ---------- ---------- ---- --- Net change in contract owners' equity.......... 208,222 -- 13,516,549 47,714,680 (1,632,651) 220,565 -- -- Contract owners' equity beginning of period................................... -- -- 63,083,226 15,368,546 2,364,565 2,144,000 -- -- -------- --- ---------- ---------- ---------- ---------- ---- --- Contract owners' equity end of period.......... $208,222 -- 76,599,775 63,083,226 731,914 2,364,565 -- -- ======== === ========== ========== ========== ========== ==== === CHANGES IN UNITS: Beginning units............................. -- -- 5,107,172 1,340,109 388,409 252,079 -- -- -------- --- ---------- ---------- ---------- ---------- ---- --- Units purchased............................. 106,277 -- 3,658,602 3,854,836 175,108 226,417 60 -- Units redeemed.............................. -- -- (3,194,838) (87,773) (395,007) (90,087) (60) -- -------- --- ---------- ---------- ---------- ---------- ---- --- Ending units................................ 106,277 -- 5,570,936 5,107,172 168,510 388,409 -- -- ======== === ========== ========== ========== ========== ==== ===
(Continued) 23 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
GVITMyMkt GVITMyMkt5 -------------------------- ----------------- Investment activity: 2002 2001 2002 2001 ------------ ----------- ---------- ---- Net investment income (loss)................ $ 843,984 2,730,599 57,950 -- Realized gain (loss) on investments......... -- -- -- -- Change in unrealized gain (loss) on investments........................... -- -- -- -- Reinvested capital gains.................... -- -- -- -- ------------ ----------- ---------- --- Net increase (decrease) in contract owners' equity resulting from operations............. 843,984 2,730,599 57,950 -- ------------ ----------- ---------- --- Equity transactions: Purchase payments received from contract owners (note 6)................. 19,040,490 38,508,862 2,634,850 -- Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 21,745,483 -- -- Transfers between funds..................... (54,008,936) (37,474,089) 51,764,533 -- Surrenders (note 6)......................... (7,507,154) (3,218,996) (13,537) -- Death benefits (note 4)..................... (82,708) (8,884) -- -- Policy loans (net of repayments) (note 5)... -- 2,857,013 -- -- Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (1,956,517) (1,550,212) (206,778) -- ------------ ----------- ---------- --- Net equity transactions............... (44,514,825) 20,859,177 54,179,068 -- ------------ ----------- ---------- --- Net change in contract owners' equity.......... (43,670,841) 23,589,776 54,237,018 -- Contract owners' equity beginning of period................................... 90,634,539 67,044,763 -- -- ------------ ----------- ---------- --- Contract owners' equity end of period.......... $ 46,963,698 90,634,539 54,237,018 -- ============ =========== ========== === CHANGES IN UNITS: Beginning units............................. 7,739,335 5,904,882 -- -- ------------ ----------- ---------- --- Units purchased............................. 6,489,634 5,341,826 5,632,296 -- Units redeemed.............................. (10,226,975) (3,507,373) (217,538) -- ------------ ----------- ---------- --- Ending units................................ 4,001,994 7,739,335 5,414,758 -- ============ =========== ========== === NWGVITStrVal GVITSmCapGr ------------------ ---------------------- Investment activity: 2002 2001 2002 2001 -------- ------- --------- ---------- Net investment income (loss)................ (1,959) 678 (2,571) (4,099) Realized gain (loss) on investments......... (56,976) (32,653) (104,224) 270,982 Change in unrealized gain (loss) on investments........................... (84,016) (2,672) (172,109) (501,956) Reinvested capital gains.................... -- 783 -- -- -------- ------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations............. (142,951) (33,864) (278,904) (235,073) -------- ------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6)................. 9,081 114,266 2,734 43,044 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- -- -- -- Transfers between funds..................... (231,660) 728,388 2,278,591 (388,050) Surrenders (note 6)......................... -- -- -- (1,517,558) Death benefits (note 4)..................... -- -- (491) -- Policy loans (net of repayments) (note 5)... -- -- -- -- Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (13,747) (13,573) (14,314) (22,265) -------- ------- --------- ---------- Net equity transactions............... (236,326) 829,081 2,266,520 (1,884,829) -------- ------- --------- ---------- Net change in contract owners' equity.......... (379,277) 795,217 1,987,616 (2,119,902) Contract owners' equity beginning of period................................... 795,490 273 232,453 2,352,355 -------- ------- --------- ---------- Contract owners' equity end of period.......... 416,213 795,490 2,220,069 232,453 ======== ======= ========= ========== CHANGES IN UNITS: Beginning units............................. 87,806 29 15,332 137,119 -------- ------- --------- ---------- Units purchased............................. 49,377 89,305 258,438 7,259 Units redeemed.............................. (75,700) (1,528) (54,487) (129,046) -------- ------- --------- ---------- Ending units................................ 61,483 87,806 219,283 15,332 ======== ======= ========= ==========
24 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
GVITSmCapVal GVITSmComp ----------------------- ----------------------- Investment activity: 2002 2001 2002 2001 ----------- --------- ---------- ---------- Net investment income (loss)................ $ (21,445) (23,476) (30,389) (28,133) Realized gain (loss) on investments......... (913,461) 57,293 (302,191) (1,398,205) Change in unrealized gain (loss) on investments........................... (1,633,978) 470,568 (1,358,922) 656,917 Reinvested capital gains.................... 173,596 525,879 -- -- ----------- --------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations............. (2,395,288) 1,030,264 (1,691,502) (769,421) ----------- --------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6)................. 500,247 853,037 691,300 1,750,825 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 4,217,017 -- 1,864,063 Transfers between funds..................... (179,027) (554,439) (862,079) 1,465,195 Surrenders (note 6)......................... (456,828) (55,941) (254,707) (74,076) Death benefits (note 4)..................... (4,457) (6,301) (23,372) (17,438) Policy loans (net of repayments) (note 5)... -- -- -- 1,207 Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (202,701) (178,376) (290,638) (320,001) ----------- --------- ---------- ---------- Net equity transactions............... (342,766) 4,274,997 (739,496) 4,669,775 ----------- --------- ---------- ---------- Net change in contract owners' equity.......... (2,738,054) 5,305,261 (2,430,998) 3,900,354 Contract owners' equity beginning of period................................... 7,765,624 2,460,363 9,756,252 5,855,898 ----------- --------- ---------- ---------- Contract owners' equity end of period.......... $ 5,027,570 7,765,624 7,325,254 9,756,252 =========== ========= ========== ========== CHANGES IN UNITS: Beginning units............................. 501,921 203,318 744,925 415,566 ----------- --------- ---------- ---------- Units purchased............................. 350,531 339,817 438,772 602,791 Units redeemed.............................. (406,317) (41,214) (506,792) (273,432) ----------- --------- ---------- ---------- Ending units................................ 446,135 501,921 676,905 744,925 =========== ========= ========== ========== GVITTotRt GVITWLead --------------------- ---------------------- Investment activity: 2002 2001 2002 2001 --------- --------- ---------- --------- Net investment income (loss)................ 20,456 3,428 8,956 15,310 Realized gain (loss) on investments......... (16,623) (100,828) (607,570) (49,789) Change in unrealized gain (loss) on investments........................... (434,761) 88,629 309,207 (156,810) Reinvested capital gains.................... -- 9,429 -- -- --------- --------- ---------- --------- Net increase (decrease) in contract owners' equity resulting from operations............. (430,928) 658 (289,407) (191,289) --------- --------- ---------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................. 94,538 44,486 17,839 447,066 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 14,525 -- -- Transfers between funds..................... 4,004,455 1,674,384 (31,708) (75,776) Surrenders (note 6)......................... -- -- (828,977) -- Death benefits (note 4)..................... (104) -- (73) (127) Policy loans (net of repayments) (note 5)... -- -- -- 407 Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (62,732) (23,709) (19,191) (22,710) --------- --------- ---------- --------- Net equity transactions............... 4,036,157 1,709,686 (862,110) 348,860 --------- --------- ---------- --------- Net change in contract owners' equity.......... 3,605,229 1,710,344 (1,151,517) 157,571 Contract owners' equity beginning of period................................... 1,903,761 193,417 1,185,387 1,027,816 --------- --------- ---------- --------- Contract owners' equity end of period.......... 5,508,990 1,903,761 33,870 1,185,387 ========= ========= ========== ========= CHANGES IN UNITS: Beginning units............................. 205,773 18,361 132,145 92,654 --------- --------- ---------- --------- Units purchased............................. 616,758 188,503 129,502 49,546 Units redeemed.............................. (99,790) (1,091) (256,588) (10,055) --------- --------- ---------- --------- Ending units................................ 722,741 205,773 5,059 132,145 ========= ========= ========== =========
25 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
JPMorBal JanBal JanCapAp ----------------------- -------------- --------------------- Investment activity: 2002 2001 2002 2001 2002 2001 ----------- --------- ------- ---- --------- --------- Net investment income (loss)................ $ 28,618 43,614 6,370 -- (1,629) 5,366 Realized gain (loss) on investments......... (235,398) (70,153) -- -- (122,743) (38,013) Change in unrealized gain (loss) on investments........................... (44,578) (26,964) (4,449) -- (297,909) 7,705 Reinvested capital gains.................... -- -- -- -- -- -- ----------- --------- ------- --- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations............. (251,358) (53,503) 1,921 -- (422,281) (24,942) ----------- --------- ------- --- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................. 238,818 540,926 -- -- 46,397 209,706 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- -- -- -- -- 27,837 Transfers between funds..................... 17,044 857,113 598,617 -- (221,409) 2,483,554 Surrenders (note 6)......................... (1,235,895) (20,346) -- -- (103,378) -- Death benefits (note 4)..................... (1,571) (1,176) -- -- (479) -- Policy loans (net of repayments) (note 5)... -- 2,892 -- -- -- -- Deductions for surrender charges............ -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (59,081) (62,378) 3 -- (166,665) (16,195) ----------- --------- ------- --- --------- --------- Net equity transactions............... (1,040,685) 1,317,031 598,620 -- (445,534) 2,704,902 ----------- --------- ------- --- --------- --------- Net change in contract owners' equity.......... (1,292,043) 1,263,528 600,541 -- (867,815) 2,679,960 Contract owners' equity beginning of period................................... 2,593,362 1,329,834 -- -- 2,679,960 -- ----------- --------- ------- --- --------- --------- Contract owners' equity end of period.......... $ 1,301,319 2,593,362 600,541 -- 1,812,145 2,679,960 =========== ========= ======= === ========= ========= CHANGES IN UNITS: Beginning units............................. 270,829 133,237 -- -- 419,473 -- ----------- --------- ------- --- --------- --------- Units purchased............................. 134,991 146,106 59,831 -- 328,659 422,029 Units redeemed.............................. (250,828) (8,514) -- -- (410,459) (2,556) ----------- --------- ------- --- --------- --------- Ending units................................ 154,992 270,829 59,831 -- 337,673 419,473 =========== ========= ======= === ========= ========= JanGITech -------------------- Investment activity: 2002 2001 -------- --------- Net investment income (loss)................ (3,152) 2,728 Realized gain (loss) on investments......... (236,898) (728,043) Change in unrealized gain (loss) on investments........................... (244,942) 201,710 Reinvested capital gains.................... -- -- -------- --------- Net increase (decrease) in contract owners' equity resulting from operations............. (484,992) (523,605) -------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................. 96,808 664,239 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 134,095 Transfers between funds..................... 545,692 (847,096) Surrenders (note 6)......................... -- (19,130) Death benefits (note 4)..................... -- (177) Policy loans (net of repayments) (note 5)... -- (7) Deductions for surrender charges............ -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (20,088) (27,003) -------- --------- Net equity transactions............... 622,412 (95,079) -------- --------- Net change in contract owners' equity.......... 137,420 (618,684) Contract owners' equity beginning of period................................... 603,970 1,222,654 -------- --------- Contract owners' equity end of period.......... 741,390 603,970 ======== ========= CHANGES IN UNITS: Beginning units............................. 147,511 186,433 -------- --------- Units purchased............................. 370,434 151,175 Units redeemed.............................. (211,036) (190,097) -------- --------- Ending units................................ 306,909 147,511 ======== =========
26 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
JanIntGro MGVITMultiSec ---------------------- ---------------------- Investment activity: 2002 2001 2002 2001 ---------- --------- --------- ---------- Net investment income (loss)................ $ 3,593 2,972 88,272 79,791 Realized gain (loss) on investments......... (198,622) (187,315) (1,760) 19,399 Change in unrealized gain (loss) on investments.............................. (147,376) 27,365 35,103 5,798 Reinvested capital gains.................... -- -- -- -- ---------- --------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations............................ (342,405) (156,978) 121,615 104,988 ---------- --------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6)................. 225,966 463,895 513,043 175,452 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 21,704 -- -- Transfers between funds..................... 26,631 468,098 163,378 (2,104,545) Surrenders (note 6)......................... (44,690) -- -- -- Death benefits (note 4)..................... (299) -- (537) (782) Policy loans (net of repayments) (note 5)... -- -- -- -- Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (44,623) (29,862) (41,289) (60,176) ---------- --------- --------- ---------- Net equity transactions............... 162,985 923,835 634,595 (1,990,051) ---------- --------- --------- ---------- Net change in contract owners' equity.......... (179,420) 766,857 756,210 (1,885,063) Contract owners' equity beginning of period................................... 1,211,805 444,948 1,456,593 3,341,656 ---------- --------- --------- ---------- Contract owners' equity end of period.......... $1,032,385 1,211,805 2,212,803 1,456,593 ========== ========= ========= ========== CHANGES IN UNITS: Beginning units............................. 192,654 53,925 131,899 314,131 ---------- --------- --------- ---------- Units purchased............................. 149,246 143,271 89,362 28,173 Units redeemed.............................. (120,165) (4,542) (33,799) (210,405) ---------- --------- --------- ---------- Ending units................................ 221,735 192,654 187,462 131,899 ========== ========= ========= ========== NBAMTGro NBAMTGuard --------------------- --------------------- Investment activity: 2002 2001 2002 2001 -------- ---------- --------- --------- Net investment income (loss)................ (1,932) (8,148) 8,140 195 Realized gain (loss) on investments......... (343,527) (2,984,576) (115,613) (39,994) Change in unrealized gain (loss) on investments.............................. 95,152 (84,652) (499,532) (26,856) Reinvested capital gains.................... -- 1,683,860 -- 84,223 -------- ---------- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations............................ (250,307) (1,393,516) (607,005) 17,568 -------- ---------- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................. 116,495 495,179 304,599 406,165 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 3,453,400 -- 1,335 Transfers between funds..................... (383,031) (1,560,417) (461,407) 762,369 Surrenders (note 6)......................... (155,396) -- -- (30,225) Death benefits (note 4)..................... (1,280) -- (1,632) -- Policy loans (net of repayments) (note 5)... -- -- -- -- Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (29,483) (50,254) (35,473) (35,955) -------- ---------- --------- --------- Net equity transactions............... (452,695) 2,337,908 (193,913) 1,103,689 -------- ---------- --------- --------- Net change in contract owners' equity.......... (703,002) 944,392 (800,918) 1,121,257 Contract owners' equity beginning of period................................... 944,392 -- 2,355,689 1,234,432 -------- ---------- --------- --------- Contract owners' equity end of period.......... 241,390 944,392 1,554,771 2,355,689 ======== ========== ========= ========= CHANGES IN UNITS: Beginning units............................. 124,202 -- 220,317 113,427 -------- ---------- --------- --------- Units purchased............................. 134,044 421,919 64,809 113,278 Units redeemed.............................. (212,064) (297,717) (87,366) (6,388) -------- ---------- --------- --------- Ending units................................ 46,182 124,202 197,760 220,317 ======== ========== ========= =========
(Continued) 27 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
NBAMTLMat NBAMTMCGr ----------------------- --------------------- Investment activity: 2002 2001 2002 2001 ----------- --------- --------- --------- Net investment income (loss)................ $ 293,411 227,866 (3,998) (5,296) Realized gain (loss) on investments......... (15,383) (16,585) (240,535) (763,189) Change in unrealized gain (loss) on investments........................... (64,466) 69,170 (128,189) 267,241 Reinvested capital gains.................... -- -- -- -- ----------- --------- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations............. 213,562 280,451 (372,722) (501,244) ----------- --------- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6)................. 416,107 417,576 103,198 495,607 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 3,631,299 -- -- Transfers between funds..................... (2,310,013) 2,245,223 451,523 (661,100) Surrenders (note 6)......................... (4,253,669) -- -- (84,842) Death benefits (note 4)..................... (27,402) -- (2,492) (2,696) Policy loans (net of repayments) (note 5)... -- -- -- 1,822 Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (113,976) (107,918) (32,702) (41,522) ----------- --------- --------- --------- Net equity transactions............... (6,288,953) 6,186,180 519,527 (292,731) ----------- --------- --------- --------- Net change in contract owners' equity.......... (6,075,391) 6,466,631 146,805 (793,975) Contract owners' equity beginning of period................................... 6,466,631 -- 966,603 1,760,578 ----------- --------- --------- --------- Contract owners' equity end of period.......... $ 391,240 6,466,631 1,113,408 966,603 =========== ========= ========= ========= CHANGES IN UNITS: Beginning units............................. 599,545 -- 80,698 110,315 ----------- --------- --------- --------- Units purchased............................. 626,866 609,595 110,090 37,855 Units redeemed.............................. (1,191,902) (10,050) (59,168) (67,472) ----------- --------- --------- --------- Ending units................................ 34,509 599,545 131,620 80,698 =========== ========= ========= ========= NBAMTPart OppAggGro ---------------------- ----------------------- Investment activity: 2002 2001 2002 2001 ---------- --------- ---------- ---------- Net investment income (loss)................ 13,089 3,858 26,522 57,121 Realized gain (loss) on investments......... (1,420,213) (267,687) (1,389,470) (6,267,806) Change in unrealized gain (loss) on investments........................... (391,869) (288,262) (846,459) 319,133 Reinvested capital gains.................... -- 268,466 -- 1,380,419 ---------- --------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations............. (1,798,993) (283,625) (2,209,407) (4,511,133) ---------- --------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6)................. 673,609 888,633 810,671 2,217,562 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 4,056,255 -- 3 Transfers between funds..................... (2,522,937) 96,707 (625,410) 3,917,781 Surrenders (note 6)......................... (13,721) (7,757) -- (44,190) Death benefits (note 4)..................... (24,429) (865) (14,182) (4,105) Policy loans (net of repayments) (note 5)... -- -- -- (4) Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (140,729) (137,246) (133,323) (231,552) ---------- --------- ---------- ---------- Net equity transactions............... (2,028,207) 4,895,727 37,756 5,855,495 ---------- --------- ---------- ---------- Net change in contract owners' equity.......... (3,827,200) 4,612,102 (2,171,651) 1,344,362 Contract owners' equity beginning of period................................... 6,618,175 2,006,073 8,196,634 6,852,272 ---------- --------- ---------- ---------- Contract owners' equity end of period.......... 2,790,975 6,618,175 6,024,983 8,196,634 ========== ========= ========== ========== CHANGES IN UNITS: Beginning units............................. 682,432 200,302 782,585 445,302 ---------- --------- ---------- ---------- Units purchased............................. 661,752 592,003 237,113 667,153 Units redeemed.............................. (965,310) (109,873) (223,095) (329,870) ---------- --------- ---------- ---------- Ending units................................ 378,874 682,432 796,603 782,585 ========== ========= ========== ==========
28 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
OppBdFd OppCapAp ----------------------- ----------------------- Investment activity: 2002 2001 2002 2001 ----------- --------- ---------- ---------- Net investment income (loss)................ $ 95,900 19,264 30,175 21,623 Realized gain (loss) on investments......... (37,364) (246) (1,724,296) (329,215) Change in unrealized gain (loss) on investments........................... 36,548 (6,648) (1,743,381) (1,641,125) Reinvested capital gains.................... -- -- -- 796,090 ----------- --------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations............. 95,084 12,370 (3,437,502) (1,152,627) ----------- --------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6)................. 237,078 144,424 1,692,506 2,544,827 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 556,785 -- 3,177,029 Transfers between funds..................... 78,311 1,652,166 (313,298) 1,704,214 Surrenders (note 6)......................... (1,255,762) (123,934) (619,430) -- Death benefits (note 4)..................... (5,295) -- (11,802) (2,290) Policy loans (net of repayments) (note 5)... -- (148,802) -- (4) Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (50,572) (34,902) (234,182) (236,081) ----------- --------- ---------- ---------- Net equity transactions............... (996,240) 2,045,737 513,794 7,187,695 ----------- --------- ---------- ---------- Net change in contract owners' equity.......... (901,156) 2,058,107 (2,923,708) 6,035,068 Contract owners' equity beginning of period................................... 2,058,107 -- 11,870,320 5,835,252 ----------- --------- ---------- ---------- Contract owners' equity end of period.......... $ 1,156,951 2,058,107 8,946,612 11,870,320 =========== ========= ========== ========== CHANGES IN UNITS: Beginning units............................. 193,237 -- 938,153 407,726 ----------- --------- ---------- ---------- Units purchased............................. 170,339 223,576 477,726 548,416 Units redeemed.............................. (263,804) (30,339) (443,292) (17,989) ----------- --------- ---------- ---------- Ending units................................ 99,772 193,237 972,587 938,153 =========== ========= ========== ========== OppGlSec OppMSGrInc ---------------------- ------------------- Investment activity: 2002 2001 2002 2001 ---------- --------- -------- -------- Net investment income (loss)................ 3,151 22,179 1,189 (221) Realized gain (loss) on investments......... (485,096) (752,930) (31,594) (57,426) Change in unrealized gain (loss) on investments........................... 111,344 (154,066) (75,553) 60,694 Reinvested capital gains.................... -- 548,160 -- -- ---------- --------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations............. (370,601) (336,657) (105,958) 3,047 ---------- --------- -------- -------- Equity transactions: Purchase payments received from contract owners (note 6)................. 200,286 404,388 87,655 225,012 Transfer from Nationwide Variable Life Separate Account-A (note 1).............. -- 1,831,578 -- -- Transfers between funds..................... (1,036,758) 316,211 (45,991) (241,558) Surrenders (note 6)......................... (360,969) -- (65,493) -- Death benefits (note 4)..................... (1,419) -- (1,245) (1,053) Policy loans (net of repayments) (note 5)... -- -- -- -- Deductions for surrender charges............ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)........................ (41,884) (49,026) (15,373) (21,937) ---------- --------- -------- -------- Net equity transactions............... (1,240,744) 2,503,151 (40,447) (39,536) ---------- --------- -------- -------- Net change in contract owners' equity.......... (1,611,345) 2,166,494 (146,405) (36,489) Contract owners' equity beginning of period................................... 2,166,494 -- 508,403 544,892 ---------- --------- -------- -------- Contract owners' equity end of period.......... 555,149 2,166,494 361,998 508,403 ========== ========= ======== ======== CHANGES IN UNITS: Beginning units............................. 258,325 -- 57,708 55,343 ---------- --------- -------- -------- Units purchased............................. 361,748 264,136 30,198 23,935 Units redeemed.............................. (534,829) (5,811) (37,227) (21,570) ---------- --------- -------- -------- Ending units................................ 85,244 258,325 50,679 57,708 ========== ========= ======== ========
(Continued) 29 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
OppMultStr PIMLowDur -------------------- ---------------- Investment activity: 2002 2001 2002 2001 --------- -------- --------- ---- Net investment income (loss).................... $ 21,526 28,159 2,142 -- Realized gain (loss) on investments............. (124,256) (67,871) 16 -- Change in unrealized gain (loss) on investments............................... (6,549) 28,198 2,833 -- Reinvested capital gains........................ 9,872 42,267 -- -- --------- -------- --------- --- Net increase (decrease) in contract owners' equity resulting from operations................. (99,407) 30,753 4,991 -- --------- -------- --------- --- Equity transactions: Purchase payments received from contract owners (note 6)..................... 129,146 318,716 (15,669) -- Transfer from Nationwide Variable Life Separate Account-A (note 1)........................... -- 765,121 -- -- Transfers between funds......................... 12,208 (139,875) 2,910,937 -- Surrenders (note 6)............................. (535,567) -- -- -- Death benefits (note 4)......................... (3,008) -- -- -- Policy loans (net of repayments) (note 5)....... -- -- -- -- Deductions for surrender charges................ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)............................ (18,654) (21,376) 15,429 -- --------- -------- --------- --- Net equity transactions................... (415,875) 922,586 2,910,697 -- --------- -------- --------- --- Net change in contract owners' equity.............. (515,282) 953,339 2,915,688 -- Contract owners' equity beginning of period....................................... 953,339 -- -- -- --------- -------- --------- --- Contract owners' equity end of period.............. $ 438,057 953,339 2,915,688 -- ========= ======== ========= === CHANGES IN UNITS: Beginning units................................. 92,958 -- -- -- --------- -------- --------- --- Units purchased................................. 86,454 103,924 286,221 -- Units redeemed.................................. (131,637) (10,966) -- -- --------- -------- --------- --- Ending units.................................... 47,775 92,958 286,221 -- ========= ======== ========= === RoyMicro SGVITMdCpGr -------------- -------------------- Investment activity: 2002 2001 2002 2001 ------- ---- -------- --------- Net investment income (loss).................... (101) -- (2,276) (4,373) Realized gain (loss) on investments............. -- -- (256,469) (591,072) Change in unrealized gain (loss) on investments............................... 5,856 -- (37,786) 188,527 Reinvested capital gains........................ -- -- -- -- ------- --- -------- --------- Net increase (decrease) in contract owners' equity resulting from operations................. 5,755 -- (296,531) (406,918) ------- --- -------- --------- Equity transactions: Purchase payments received from contract owners (note 6)..................... -- -- 27,673 145,604 Transfer from Nationwide Variable Life Separate Account-A (note 1)........................... -- -- -- -- Transfers between funds......................... 884,408 -- (108,385) 17,455 Surrenders (note 6)............................. -- -- -- -- Death benefits (note 4)......................... -- -- (497) (958) Policy loans (net of repayments) (note 5)....... -- -- -- -- Deductions for surrender charges................ -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)............................ 6 -- (24,564) (39,865) ------- --- -------- --------- Net equity transactions................... 884,414 -- (105,773) 122,236 ------- --- -------- --------- Net change in contract owners' equity.............. 890,169 -- (402,304) (284,682) Contract owners' equity beginning of period....................................... -- -- 874,814 1,159,496 ------- --- -------- --------- Contract owners' equity end of period.............. 890,169 -- 472,510 874,814 ======= === ======== ========= CHANGES IN UNITS: Beginning units................................. -- -- 77,229 71,051 ------- --- -------- --------- Units purchased................................. 88,080 -- 74,210 32,041 Units redeemed.................................. -- -- (85,275) (25,863) ------- --- -------- --------- Ending units.................................... 88,080 -- 66,164 77,229 ======= === ======== =========
30 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
StOpp2 StDisc2 ------------------------ ----------------- Investment activity: 2002 2001 2002 2001 ----------- ---------- ------- ------- Net investment income (loss)................. $ 293 6,794 (191) (33) Realized gain (loss) on investments.......... (2,112,851) (54,394) (4,230) 2,442 Change in unrealized gain (loss) on investments............................ (458,191) (1,170,606) (353) 866 Reinvested capital gains..................... 136,162 1,267,648 -- -- ----------- ---------- ------- ------- Net increase (decrease) in contract owners' equity resulting from operations.............. (2,434,587) 49,442 (4,774) 3,275 ----------- ---------- ------- ------- Equity transactions: Purchase payments received from contract owners (note 6).................. 726,303 1,279,559 19,693 -- Transfer from Nationwide Variable Life Separate Account-A (note 1)............... -- 7,044,683 -- 64,554 Transfers between funds...................... (1,077,826) 335,088 79,948 (52,509) Surrenders (note 6).......................... (494,022) (340,475) (51,917) -- Death benefits (note 4)...................... (25,947) -- (125) -- Policy loans (net of repayments) (note 5).... -- (422,752) -- -- Deductions for surrender charges............. -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)......................... (174,628) (153,742) (1,439) (169) ----------- ---------- ------- ------- Net equity transactions................ (1,046,120) 7,742,361 46,160 11,876 ----------- ---------- ------- ------- Net change in contract owners' equity........... (3,480,707) 7,791,803 41,386 15,151 Contract owners' equity beginning of period.................................... 8,271,620 479,817 15,151 -- ----------- ---------- ------- ------- Contract owners' equity end of period........... $ 4,790,913 8,271,620 56,537 15,151 =========== ========== ======= ======= CHANGES IN UNITS: Beginning units.............................. 875,255 48,820 1,313 -- ----------- ---------- ------- ------- Units purchased.............................. 835,969 962,927 16,685 5,896 Units redeemed............................... (1,017,327) (136,492) (12,227) (4,583) ----------- ---------- ------- ------- Ending units................................. 693,897 875,255 5,771 1,313 =========== ========== ======= ======= StIntStk2 TRPEI2 ------------------ -------------- Investment activity: 2002 2001 2002 2001 -------- ------- ------- ---- Net investment income (loss)................. 4,912 (1,039) (39) -- Realized gain (loss) on investments.......... (80,102) (5,573) -- -- Change in unrealized gain (loss) on investments............................ (11,468) 11,660 -- -- Reinvested capital gains..................... -- 396 -- -- -------- ------- ------- --- Net increase (decrease) in contract owners' equity resulting from operations.............. (86,658) 5,444 (39) -- -------- ------- ------- --- Equity transactions: Purchase payments received from contract owners (note 6).................. 3,719 -- -- -- Transfer from Nationwide Variable Life Separate Account-A (note 1)............... -- 177,910 -- -- Transfers between funds...................... (34,820) 116,684 355,394 -- Surrenders (note 6).......................... (148,836) -- -- -- Death benefits (note 4)...................... (733) -- -- -- Policy loans (net of repayments) (note 5).... -- -- -- -- Deductions for surrender charges............. -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)......................... (5,712) (22,770) (2) -- -------- ------- ------- --- Net equity transactions................ (186,382) 271,824 355,392 -- -------- ------- ------- --- Net change in contract owners' equity........... (273,040) 277,268 355,353 -- Contract owners' equity beginning of period.................................... 277,268 -- -- -- -------- ------- ------- --- Contract owners' equity end of period........... 4,228 277,268 355,353 -- ======== ======= ======= === CHANGES IN UNITS: Beginning units.............................. 38,838 -- -- -- -------- ------- ------- --- Units purchased.............................. 42,013 40,335 35,117 -- Units redeemed............................... (80,072) (1,497) -- -- -------- ------- ------- --- Ending units................................. 779 38,838 35,117 -- ======== ======= ======= ===
(Continued) 31 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
TRPMCG2 VEWrldBd VEWrldEMkt VEWrldHAs ----------------- -------------- ------------------- ------------------ Investment activity: 2002 2001 2002 2001 2002 2001 2002 2001 ---------- ---- ------- ---- -------- -------- ------- -------- Net investment income (loss)................. $ (124) -- (38) -- (688) (2,360) 792 5,031 Realized gain (loss) on investments....... 1 -- 1,570 -- 3,151 (382,281) (17,324) 35,634 Change in unrealized gain (loss) on investments......................... 3,129 -- 1,563 -- (8,330) 314,598 15,606 (65,765) Reinvested capital gains..................... -- -- -- -- -- -- -- -- ---------- --- ------- --- -------- -------- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations.............. 3,006 -- 3,095 -- (5,867) (70,043) (926) (25,100) ---------- --- ------- --- -------- -------- ------- -------- Equity transactions: Purchase payments received from contract owners (note 6).................. -- -- 3 -- 38,092 236,359 29,156 33,617 Transfer from Nationwide Variable Life Separate Account-A (note 1)............... -- -- -- -- -- 256,847 -- 52,204 Transfers between funds...................... 1,494,646 -- 37,106 -- (133,712) (918,728) 34,120 (419,299) Surrenders (note 6).......................... -- -- (11,785) -- (13,656) -- -- -- Death benefits (note 4)...................... -- -- (158) -- (503) -- -- -- Policy loans (net of repayments) (note 5).... -- -- -- -- -- -- -- -- Deductions for surrender charges............. -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)......................... 2 -- (283) -- (10,623) (15,252) (4,550) (7,356) ---------- --- ------- --- -------- -------- ------- -------- Net equity transactions................ 1,494,648 -- 24,883 -- (120,402) (440,774) 58,726 (340,834) ---------- --- ------- --- -------- -------- ------- -------- Net change in contract owners' equity........... 1,497,654 -- 27,978 -- (126,269) (510,817) 57,800 (365,934) Contract owners' equity beginning of period.................................... -- -- -- -- 401,193 912,010 149,001 514,935 ---------- --- ------- --- -------- -------- ------- -------- Contract owners' equity end of period........... $1,497,654 -- 27,978 -- 274,924 401,193 206,801 149,001 ========== === ======= === ======== ======== ======= ======== CHANGES IN UNITS: Beginning units.............................. -- -- -- -- 56,168 124,869 18,257 56,278 ---------- --- ------- --- -------- -------- ------- -------- Units purchased.............................. 146,130 -- 3,636 -- 38,155 66,616 29,197 9,668 Units redeemed............................... -- -- (1,172) -- (54,652) (135,317) (21,421) (47,689) ---------- --- ------- --- -------- -------- ------- -------- Ending units................................. 146,130 -- 2,464 -- 39,671 56,168 26,033 18,257 ========== === ======= === ======== ======== ======= ========
32 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2002 and 2001
VKEmMkt VKMidCapG VKUSRealEst ------------------- ------------------ --------------------- Investment activity: 2002 2001 2002 2001 2002 2001 -------- -------- -------- ------- --------- --------- Net investment income (loss)................. $ 19,585 4,026 (1,655) (282) 58,652 59,926 Realized gain (loss) on investments.......... (1,321) 20,688 (136,255) (9,671) (42,889) 92,419 Change in unrealized gain (loss) on investments............................ (5,223) 9,695 (25,015) 11,531 (193,394) 4,224 Reinvested capital gains..................... -- -- -- -- 51,014 13,822 -------- -------- -------- ------- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations.............. 13,041 34,409 (162,925) 1,578 (126,617) 170,391 -------- -------- -------- ------- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6).................. 7,336 4,446 187,878 4,900 251,757 188,142 Transfer from Nationwide Variable Life Separate Account-A (note 1)............... -- -- -- -- -- 414,346 Transfers between funds...................... 224,169 (581,726) 252,651 165,341 727,003 859,569 Surrenders (note 6).......................... -- -- (2,646) -- (501,340) (70,683) Death benefits (note 4)...................... (1,362) (940) (14) -- (12,717) (7,744) Policy loans (net of repayments) (note 5).... -- 620 -- -- -- (85,216) Deductions for surrender charges............. -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)......................... (6,742) (11,225) (13,082) (1,378) (69,485) (63,079) -------- -------- -------- ------- --------- --------- Net equity transactions................ 223,401 (588,825) 424,787 168,863 395,218 1,235,335 -------- -------- -------- ------- --------- --------- Net change in contract owners' equity........... 236,442 (554,416) 261,862 170,441 268,601 1,405,726 Contract owners' equity beginning of period.................................... 66,339 620,755 170,441 -- 1,833,628 427,902 -------- -------- -------- ------- --------- --------- Contract owners' equity end of period........... $302,781 66,339 432,303 170,441 2,102,229 1,833,628 ======== ======== ======== ======= ========= ========= CHANGES IN UNITS: Beginning units.............................. 6,255 64,183 27,935 -- 152,921 39,041 -------- -------- -------- ------- --------- --------- Units purchased.............................. 28,579 887 146,215 28,170 155,201 134,807 Units redeemed............................... (8,647) (58,815) (70,843) (235) (127,126) (20,927) -------- -------- -------- ------- --------- --------- Ending units................................. 26,187 6,255 103,307 27,935 180,996 152,921 ======== ======== ======== ======= ========= =========
See accompanying notes to financial statements. 33 ================================================================================ NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS December 31, 2002 and 2001 (1) Summary of Significant Accounting Policies (a) Organization and Nature of Operations The Nationwide VL Separate Account-C (the Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life and Annuity 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 Nationwide(R) SAT - Small Cap Growth Fund Class I for which the Account was credited with 100,000 units of Nationwide(R) SAT - Small Cap Growth Fund Class I. The value of the units purchased by the Company on May 3, 1999 was $1,000,000. In February 2001, the Best of America(R) Corporate Variable Universal Life product assets totaling $116,421,610 in Nationwide VL Separate Account-A (Account A), were transferred to the Best of America(R) - America's Future Series(SM) in the Account. Both prior to and after the transfer the annuity unit values for each fund of Account A were exactly equivalent to the accumulation unit values for the corresponding fund values in the Account. Also, expenses deducted from the contract holder accounts in the Account are the same as or more favorable to the contract holders compared to the expenses previously incurred in Account A. The Company offers Corporate Flexible Premium Variable Life Insurance Policies through the Account. The primary distribution for the contracts is through wholesalers and brokers. (b) The Contracts Only contracts with a front-end 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 Basic Value Fund - Series 1 (AIMBVF) *AIM VIF Capital Development Fund - Series 1 (AIMCDF) Portfolios of AIM Variable Insurance Funds, Inc; Alliance VPS Growth & Income Portfolio - Class A (AllGroInc) Portfolios of the American Century Variable Portfolios, Inc. (American Century VP); American Century VP Balanced Fund - Class I (ACVPBal) American Century VP Capital Appreciation Fund - Class I (ACVPCapAp) American Century VP Income & Growth Fund - Class I (ACVPIncGr) American Century VP International Fund - Class I (ACVPInt) *American Century VP Ultra Fund - Class I (ACVPUltra) American Century VP Value Fund - Class I (ACVPVal) Portfolios of Bank One One Group(R) Investment Trust; *One Group(R) IT Mid Cap Growth Portfolio (ONEMidCap) *One Group(R) IT Mid Cap Value Portfolio (ONEMidCapV) 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) 34 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) Credit Suisse Trust - Small Cap Growth Portfolio (CSSmCapGr) Portfolio of the Dreyfus GVIT (formerly Nationwide(R) SAT); 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) Portfolios of the Dreyfus Variable Investment Fund (Dreyfus VIF); Dreyfus VIF - Appreciation Portfolio - Initial Shares (DryVIFApp) Dreyfus VIF - Growth and Income Portfolio - Initial Shares (DryVIFGrInc) *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 Quality Bond Fund II - Primary Shares (FedQualBd) Portfolios of the Fidelity(R) Variable Insurance Products (Fidelity(R) VIP); Fidelity(R) VIP - Equity-Income Portfolio: Initial Class (FidVIPEI) Fidelity(R) VIP - Equity-Income Portfolio: Service Class (FidVIPEIS) Fidelity(R) VIP - Growth Portfolio: Initial Class (FidVIPGr) Fidelity(R) VIP - Growth Portfolio: Service Class (FidVIPGrS) Fidelity(R) VIP - High Income Portfolio: Initial Class (FidVIPHI) Fidelity(R) VIP - High Income Portfolio: Service Class (FidVIPHIS) Fidelity(R) VIP - Overseas Portfolio: Initial Class (FidVIPOv) Fidelity(R) VIP - Overseas Portfolio: Service Class (FidVIPOvS) Portfolios of the Fidelity(R) Variable Insurance Products (Fidelity(R) VIP II); Fidelity(R) VIP II - Asset Manager: Growth Portfolio: Service Class (FidVIPAM) Fidelity(R) VIP II - Contrafund Portfolio: Initial Class (FidVIPCon) Fidelity(R) VIP II - Contrafund Portfolio: Service Class (FidVIPConS) Portfolios of the Fidelity(R) Variable Insurance Products (Fidelity(R) VIP III); Fidelity(R) VIP III - Growth Opportunities Portfolio: Initial Class (FidVIPGrOp) Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class (FidVIPGrOpS) Fidelity(R) VIP III - Value Strategies Portfolio: Service Class (FidVIPValStS) Franklin Templeton Variable Insurance Products Trust (Franklin Templeton VIT); *Franklin Templeton VIT - Templeton Foreign Securities Fund - Class 2 (FTVIPFS) 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 Investor Destinations Aggressive Fund (GVITIDAgg) *Gartmore GVIT Investor Destinations Conservative Fund (GVITIDCon) *Gartmore GVIT Investor Destinations Moderate Fund (GVITIDMod) *Gartmore GVIT Investor Destinations Moderately Aggressive Fund (GVITIDModAgg) *Gartmore GVIT 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) (Continued) 35 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued *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; *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) 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) MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I (MGVITMultiSec) Portfolios of the Neuberger Berman Advisers Management Trust (Neuberger Berman AMT); *Neuberger Berman AMT - Balanced Portfolio (NBAMTBal) *Neuberger Berman AMT - Fasciano Portfolio - S Class (NBAMTFas) Neuberger Berman AMT - Growth Portfolio (NBAMTGro) 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) Funds of the Oppenheimer Variable Account Funds; Oppenheimer Aggressive Growth Fund/VA - Initial Class (OppAggGro) Oppenheimer Bond Fund/VA - Initial Class (OppBdFd) Oppenheimer Capital Appreciation Fund/VA - Initial Class (OppCapAp) Oppenheimer Global Securities Fund/VA - Initial Class (OppGlSec) Oppenheimer Main Street Growth & Income Fund/VA - Initial Class (OppMSGrInc) Oppenheimer Multiple Strategies Fund/VA - Initial Class (OppMultStr) 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 1 Shares (PionHY) 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) Funds of the Strong Variable Insurance Funds, Inc. (Strong VIF); Strong VIF - Strong Discovery Fund II (StDisc2) Strong VIF - Strong International Stock Fund II (StIntStk2) Portfolios of T. Rowe Price; *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) 36 Funds of the Van Eck Worldwide Insurance Trust (Van Eck WIT); Van Eck WIT - Worldwide Bond Fund (VEWrldBd) Van Eck WIT - Worldwide Emerging Markets Fund (VEWrldEMkt) Van Eck WIT - Worldwide Hard Assets Fund (VEWrldHAs) Funds of the Van Kampen Universal Institutional Funds (Van Kampen UIF); 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 December 31, 2002, contract owners have invested in all of the above funds except for those indicated 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. Con- sequently, 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 December 31, 2002. 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 The Company deducts a charge not to exceed 9.0% on all premiums received to cover the payment of premium taxes. 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. (Continued) 37 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued (b) Cost of Insurance A cost of insurance charge is assessed monthly against each contract by liquidating units. The amount of the charge is based upon age, sex, rate class and net amount at risk (death benefit less total contract value). (c) Administrative Charges The Company deducts a monthly administrative expense charge to recover policy maintenance, accounting, record keeping and other administrative expenses and it is assessed against each contract by liquidating units. Currently, this charge is $5.00 per month in all policy years (not to exceed $10.00 per month). (3) Asset Charges For corporate flexible premium contracts, the Company deducts a charge from the contract to cover mortality and expense risk charges related to operations. This charge is guaranteed not to exceed an annual rate of .75%. Currently, this rate is .40% during the first through fourth policy years, .25% during the fifth through twentieth policy years, and .10% thereafter. For the reduced fee tier, the current rate for corporate flexible premium contracts is either .10%, 20% or .25% for all policy years. These charges are assessed through the daily unit value calculation. 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. 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 non-loaned cash value. Interest is charged on the outstanding loan and is due and payable in advance on the policy anniversary, or when the loan is repaid or a new loan is effective. 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. 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 years ended December 31, 2002 and 2001, total transfers to the Account from the fixed account were $0 and $3,276,565, respectively, and total transfers from the Account to the fixed account were $0 and $1,946,439, 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. 38 (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 period indicated, and the contract expense rate, investment income ratio and total return for each period in the four year period ended December 31, 2002 and the period May 1, 1998 (commencement of operations) through December 31, 1998.
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 2000............................... 0.00% 100,000 $17.186295 $ 1,718,630 0.00% -16.17% 1999............................... 0.00% 100,000 20.501257 2,050,126 0.00% 105.01% 5/3/99 The BEST of AMERICA(R) America's FUTURE Life Series(SM) Reduced Fee Tier - (0.10%) American Century VP Income & Growth Fund - Class I 2002............................... 0.10% 423,478 7.585400 3,212,250 0.92% -19.45% 2001............................... 0.10% 249,128 9.417116 2,346,067 0.80% -8.44% 2000............................... 0.10% 229,332 10.285709 2,358,842 0.52% -10.70% 1999............................... 0.10% 242,505 11.518727 2,793,349 0.01% 15.19% 4/1/99 American Century VP International Fund - Class I 2002............................... 0.10% 100,938 7.479659 754,982 0.85% -20.45% 2001............................... 0.10% 91,670 9.402604 861,937 0.08% -29.24% 2000............................... 0.10% 79,522 13.288939 1,056,763 0.08% -16.91% 1999............................... 0.10% 21,260 15.993145 340,014 0.00% 59.93% 4/1/99 Dreyfus Stock Index Fund 2002............................... 0.10% 658,445 7.047709 4,640,529 1.31% -22.44% 2001............................... 0.10% 322,825 9.086757 2,933,432 1.15% -12.27% 2000............................... 0.10% 415,946 10.357445 4,308,138 1.01% -9.37% 1999............................... 0.10% 244,230 11.428481 2,791,178 1.36% 14.28% 4/1/99 Fidelity(R)VIP - Equity-Income Portfolio: Service Class 2002............................... 0.10% 20,224 8.837687 178,733 1.64% -17.08% Fidelity(R) VIP - Growth Portfolio: Service Class 2002............................... 0.10% 1,034,993 6.390869 6,614,505 0.13% -30.27% 2001............................... 0.10% 769,450 9.164946 7,051,968 0.00% -17.81% 2000............................... 0.10% 677,472 11.150661 7,554,261 0.06% -11.16% 1999............................... 0.10% 208,919 12.550748 2,622,090 0.05% 25.51% 4/1/99 Gartmore GVIT Government Bond Fund - Class I 2002............................... 0.10% 219,638 13.210181 2,901,458 4.39% 10.87% 2001............................... 0.10% 701,232 11.914756 8,355,008 5.64% 7.15% 2000............................... 0.10% 418,843 11.120055 4,657,557 6.46% 12.43% 1999............................... 0.10% 705,360 9.890955 6,976,684 4.09% -1.09% 4/1/99 Gartmore GVIT Money Market Fund - Class I 2002............................... 0.10% 1,201,994 11.481201 13,800,335 1.67% 1.11% 2001............................... 0.10% 650,549 11.355131 7,387,069 3.90% 3.50% 2000............................... 0.10% 385,575 10.971228 4,230,231 6.02% 5.92% 1999............................... 0.10% 197,969 10.357933 2,050,550 4.02% 3.58% 3/31/99
(Continued) 39 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- ---------- Gartmore GVIT Money Market Fund - Class V 2002............................... 0.10% 204,291 $10.020530 $2,047,104 0.29% 0.21% 10/21/02 Janus AS - International Growth Portfolio - Service Shares 2002............................... 0.10% 19,156 4.689573 89,833 0.65% -25.83% 2001............................... 0.10% 19,353 6.322889 122,367 0.69% -23.51% 2000............................... 0.10% 19,437 8.265856 160,663 5.07% -17.34% 1/27/00 MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I 2002............................... 0.10% 6,306 11.964522 75,448 5.16% 7.10% 2001............................... 0.10% 6,853 11.171361 76,557 3.64% 4.08% 2000............................... 0.10% 8,206 10.733031 88,075 9.71% 5.55% 1999............................... 0.10% 1,287 10.168791 13,087 6.57% 1.69% 4/1/99 Neuberger Berman AMT - Guardian Portfolio 2002............................... 0.10% 87,360 8.005967 699,401 0.68% -26.52% 2001............................... 0.10% 85,302 10.895640 929,420 0.33% -1.61% 2000............................... 0.10% 42,555 11.073505 471,233 0.76% 1.03% 1999............................... 0.10% 26,597 10.960631 291,520 0.70% 9.61% 4/1/99 Oppenheimer Aggressive Growth Fund/VA - Initial Class 2002............................... 0.10% 299,938 7.293537 2,187,609 0.63% -27.86% 2001............................... 0.10% 316,324 10.110661 3,198,245 1.18% -31.34% 2000............................... 0.10% 129,500 14.724854 1,906,869 0.00% -11.33% 1999............................... 0.10% 44,061 16.605768 731,667 0.00% 63.57% 8/9/99 Oppenheimer Capital Appreciation Fund/VA - Initial Class 2002............................... 0.10% 276,368 8.415727 2,325,838 0.60% -26.93% 2001............................... 0.10% 228,318 11.517595 2,629,674 0.62% -12.66% 2000............................... 0.10% 146,936 13.187632 1,937,738 0.09% -0.33% 1999............................... 0.10% 68,065 13.231306 900,589 0.01% 32.31% 4/1/99 The BEST of AMERICA(R) America's FUTURE Life Series(SM) Reduced Fee Tier - (0.20%) Dreyfus Stock Index Fund 2002............................... 0.20% 495,647 7.215457 3,576,320 1.31% -22.52% The BEST of AMERICA(R) America's FUTURE Life Series(SM) Reduced Fee Tier - (0.25%) Alliance VPS Growth & Income Portfolio - Class A 2002............................... 0.25% 189 10.015954 1,893 0.00% 0.16% 9/3/02 American Century VP Balanced Fund - Class I 2002............................... 0.25% 19,978 8.826373 176,333 4.06% -9.78% American Century VP Capital Appreciation Fund - Class I 2002............................... 0.25% 25,544 9.083587 232,031 0.00% -21.40%
40
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- ----------- American Century VP Income & Growth Fund - Class I 2002................................. 0.25% 164,402 $ 8.414316 $ 1,383,330 0.92% -19.57% American Century VP International Fund - Class I 2002................................. 0.25% 448,747 7.449257 3,342,832 0.85% -20.57% 2001................................. 0.25% 99,643 9.378457 934,498 0.08% -29.35% American Century VP Value Fund - Class I 2002................................. 0.25% 543,488 10.728386 5,830,749 0.89% -12.84% 2001................................. 0.25% 61,779 12.308603 760,413 2.06% 12.54% Comstock GVIT Value Fund - Class I 2002................................. 0.25% 795 7.303175 5,806 1.49% -25.33% Credit Suisse Trust - Global Post-Venture Capital Portfolio 2002................................. 0.25% 28,304 5.594896 158,358 0.00% -34.32% Credit Suisse Trust - International Focus Portfolio 2002................................. 0.25% 6,627 6.240010 41,353 0.00% -20.10% Credit Suisse Trust - Large Cap Value Portfolio 2002................................. 0.25% 20,320 8.850153 179,835 1.58% -23.29% Credit Suisse Trust - Small Cap Growth Portfolio 2002................................. 0.25% 60,738 5.959804 361,987 0.00% -33.86% Dreyfus GVIT Mid Cap Index Fund - Class I 2002................................. 0.25% 28,162 11.334653 319,206 0.40% -15.51% Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares 2002................................. 0.25% 31,863 7.032114 224,064 0.20% -29.12% Dreyfus Stock Index Fund 2002................................. 0.25% 1,232,421 8.154376 10,049,624 1.31% -22.56% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2002................................. 0.25% 439,969 9.138785 4,020,782 0.68% -16.92% 2001................................. 0.25% 81,810 11.000259 899,931 1.41% -9.54% Dreyfus VIF- Growth and Income Portfolio - Initial Shares 2002................................. 0.25% 33,735 7.144829 241,031 0.79% -25.51% Federated GVIT High Income Bond Fund - Class I 2002................................. 0.25% 32,758 10.140967 332,198 6.71% 2.97% Federated Quality Bond Fund II - Primary Shares 2002................................. 0.25% 80,161 12.752372 1,022,243 3.08% 9.03% Fidelity(R) VIP - Equity-Income Portfolio: Initial Class 2002................................. 0.25% 12,039 7.947917 95,685 1.59% -17.15% Fidelity(R) VIP - Equity-Income Portfolio: Service Class 2002................................. 0.25% 128,998 8.900967 1,148,207 1.64% -17.20%
(Continued) 41 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS,Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Fidelity(R) VIP - Growth Portfolio: Initial Class 2002................................. 0.25% 657,216 $ 5.973595 $ 3,925,942 0.27% -30.28% Fidelity(R) VIP - Growth Portfolio: Service Class 2002................................. 0.25% 105,881 8.372313 886,469 0.13% -30.37% Fidelity(R) VIP - High Income Portfolio: Initial Class 2002................................. 0.25% 157,634 9.096470 1,433,913 11.84% 3.19% 2001................................. 0.25% 17,011 8.815683 149,964 0.00% -11.84% 1/2/01 Fidelity(R) VIP - High Income Portfolio: Service Class 2002................................. 0.25% 202,059 6.812756 1,376,579 8.16% 3.36% Fidelity(R) VIP - Overseas Portfolio: Initial Class 2002................................. 0.25% 61,653 6.281639 387,282 1.22% -20.48% Fidelity(R) VIP - Overseas Portfolio: Service Class 2002................................. 0.25% 180,948 6.806371 1,231,599 0.80% -20.54% Fidelity(R) VIP II - Asset Manager: Growth Portfolio: Service Class 2002................................. 0.25% 264,838 8.859897 2,346,437 6.02% -8.96% Fidelity(R) VIP II - Contrafund Portfolio: Initial Class 2002................................. 0.25% 29,791 8.177385 243,612 1.05% -9.58% Fidelity(R) VIP II - Contrafund Portfolio: Service Class 2002................................. 0.25% 197,400 10.329955 2,039,133 0.78% -9.65% Fidelity(R) VIP III - Growth Opportunities Portfolio: Initial Class 2002................................. 0.25% 123,821 6.904305 854,898 1.09% -22.04% Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class 2002................................. 0.25% 47,312 6.425970 304,025 0.59% -22.11% Gartmore GVIT Global Technology and Communications Fund - Class I 2002................................. 0.25% 75,752 1.961141 148,560 0.00% -42.92% Gartmore GVIT Government Bond Fund - Class I 2002................................. 0.25% 2,395,247 13.825336 33,115,095 4.39% 10.71% 2001................................. 0.25% 109,436 12.488292 1,366,669 5.64% 6.99% Gartmore GVIT Growth Fund - Class I 2002................................. 0.25% 118,799 4.352418 517,063 0.00% -28.90% Gartmore GVIT Money Market Fund - Class I 2002................................. 0.25% 194,096 11.921779 2,313,970 1.67% 0.96% Gartmore GVIT Money Market Fund - Class V 2002................................. 0.25% 3,005,382 10.017601 30,106,718 0.29% 0.18% 10/21/02 Gartmore GVIT Nationwide(R) Strategic Value Fund - Class I 2002................................. 0.25% 44,591 6.782590 302,442 0.03% -25.55%
42
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ------- ---------- -------------- ---------- --------- Gartmore GVIT Small Cap Growth Fund - Class I 2002................................. 0.25% 198,097 $10.129586 $2,006,641 0.00% -33.45% Gartmore GVIT Small Cap Value Fund - Class I 2002................................. 0.25% 300,189 11.294975 3,390,627 0.01% -27.34% 2001................................. 0.25% 65,785 15.545961 1,022,691 0.04% 27.96% Gartmore GVIT Small Company Fund - Class I 2002................................. 0.25% 357,379 10.857469 3,880,231 0.00% -17.54% 2001................................. 0.25% 31,468 13.166162 414,313 0.15% -6.94% Gartmore GVIT Total Return Fund - Class I 2002................................. 0.25% 89,572 7.669285 686,953 0.75% -17.56% Gartmore GVIT Worldwide Leaders Fund - Class I 2002................................. 0.25% 3,114 6.713015 20,904 1.98% -25.58% J.P.Morgan GVIT Balanced Fund - Class I 2002................................. 0.25% 86,784 8.421910 730,887 1.80% -12.53% Janus AS - Balanced Portfolio - Service Shares 2002................................. 0.25% 40,005 10.038914 401,607 2.14% 0.39% 9/3/02 Janus AS - Capital Appreciation Portfolio - Service Shares 2002................................. 0.25% 240,176 5.373376 1,290,556 0.32% -16.14% Janus AS - Global Technology Portfolio - Service Shares 2002................................. 0.25% 197,466 2.419456 477,760 0.00% -41.08% Janus AS - International Growth Portfolio - Service Shares 2002................................. 0.25% 42,104 4.668998 196,583 0.65% -25.94% MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I 2002................................. 0.25% 30,699 11.867197 364,311 5.16% 6.94% Neuberger Berman AMT - Growth Portfolio 2002................................. 0.25% 40,557 5.228846 212,066 0.00% -31.34% Neuberger Berman AMT - Guardian Portfolio 2002................................. 0.25% 18,457 7.793221 143,839 0.68% -26.63% Neuberger Berman AMT - Limited Maturity Bond Portfolio 2002................................. 0.25% 21,357 11.350244 242,407 9.00% 5.08% Neuberger Berman AMT - Mid-Cap Growth Portfolio 2002................................. 0.25% 65,076 8.489245 552,446 0.00% -29.52% Neuberger Berman AMT - Partners Portfolio 2002................................. 0.25% 316,104 7.375034 2,331,278 0.67% -24.33% 2001................................. 0.25% 62,408 9.746550 608,263 0.66% -3.07% Oppenheimer Aggressive Growth Fund/VA - Initial Class 2002................................. 0.25% 149,104 7.764240 1,157,679 0.63% -27.97%
(Continued) 43 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ------- ---------- -------------- ---------- --------- Oppenheimer Bond Fund/VA - Initial Class 2002................................ 0.25% 70,841 $11.605998 $ 822,181 6.25% 8.81% Oppenheimer Capital Appreciation Fund/VA - Initial Class 2002................................ 0.25% 310,569 9.546535 2,964,858 0.60% -27.04% 2001................................ 0.25% 49,259 13.084853 644,547 0.62% -12.80% Oppenheimer Global Securities Fund/VA - Initial Class 2002................................ 0.25% 26,889 6.530337 175,594 0.59% -22.33% Oppenheimer Main Street Growth & Income Fund/VA - Initial Class 2002................................ 0.25% 17,824 7.175431 127,895 0.69% -19.00% Oppenheimer Multiple Strategies Fund/VA - Initial Class 2002................................ 0.25% 29,567 9.179615 271,414 3.42% -10.63% PIMCO VIT Low Duration Portfolio - Administrative Shares 2002................................ 0.25% 241,735 10.187617 2,462,704 0.17% 1.88% 9/3/02 Royce Capital Fund - Micro Cap 2002................................ 0.25% 31,864 10.109520 322,130 0.00% 1.10% 9/3/02 Strong GVIT Mid Cap Growth Fund - Class I 2002................................ 0.25% 46,799 7.156130 334,900 0.00% -37.17% Strong Opportunity Fund II, Inc. 2002................................ 0.25% 449,933 6.914071 3,110,869 0.33% -27.00% 2001................................ 0.25% 98,866 9.471507 936,410 0.66% -3.94% Strong VIF - Strong Discovery Fund II 2002................................ 0.25% 3,644 9.612684 35,029 0.00% -12.24% Strong VIF - Strong International Stock Fund II 2002................................ 0.25% 779 5.427838 4,228 3.98% -26.73% T.Rowe Price Equity Income Portfolio - II 2002................................ 0.25% 15,768 10.121829 159,601 0.00% 1.22% 9/3/02 T.Rowe Price Mid Cap Growth Portfolio - II 2002................................ 0.25% 146,130 10.248778 1,497,654 0.00% 2.49% 9/3/02 Van Eck WIT - Worldwide Bond Fund 2002................................ 0.25% 1,525 11.367774 17,336 0.00% 21.35% Van Eck WIT - Worldwide Emerging Markets Fund 2002................................ 0.25% 18,192 6.956422 126,551 0.21% -3.14% Van Eck WIT - Worldwide Hard Assets Fund 2002................................ 0.25% 21,336 7.953846 169,703 0.71% -3.08% Van Kampen UIF - Emerging Markets Debt Portfolio 2002................................ 0.25% 7,970 11.618658 92,601 11.04% 8.95%
44
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Van Kampen UIF - Mid Cap Growth Portfolio 2002.................................... 0.25% 6,784 $ 4.200344 $ 28,495 0.00% -31.33% Van Kampen UIF - U.S. Real Estate Portfolio 2002.................................... 0.25% 77,541 11.302528 876,409 3.37% -1.03% The BEST of AMERICA(R) America's FUTURE Life Series(SM) Reduced Fee Tier - (0.40%) American Century VP Balanced Fund - Class I 2002.................................... 0.40% 5,935 8.799999 52,228 4.06% -9.92% 2001.................................... 0.40% 60,611 9.768970 592,107 4.81% -2.31% 1/2/01 American Century VP Capital Appreciation Fund - Class I 2002.................................... 0.40% 16,516 8.625662 142,461 0.00% -21.52% 2001.................................... 0.40% 71,775 10.990234 788,824 0.00% -22.88% 1/2/01 American Century VP Income & Growth Fund - Class I 2002.................................... 0.40% 345,427 8.355578 2,886,242 0.92% -19.69% 2001.................................... 0.40% 441,129 10.404509 4,589,731 0.80% -8.72% 2000.................................... 0.40% 379,953 11.398555 4,330,915 0.52% -10.97% 1999.................................... 0.40% 233,365 12.803106 2,987,797 0.01% 17.55% 1998.................................... 0.40% 42,170 10.891732 459,304 0.96% 8.92% 5/1/98 American Century VP International Fund - Class I 2002.................................... 0.40% 870,283 7.397247 6,437,698 0.85% -20.69% 2001.................................... 0.40% 2,019,244 9.326990 18,833,469 0.08% -29.46% 2000.................................... 0.40% 624,317 13.221985 8,254,710 0.08% -17.16% 1999.................................... 0.40% 181,283 15.960157 2,893,305 0.00% 63.39% 1998.................................... 0.40% 31,340 9.768200 306,135 0.00% -2.32% 5/1/98 American Century VP Value Fund - Class I 2002.................................... 0.40% 244,223 10.653510 2,601,832 0.89% -12.97% 2001.................................... 0.40% 540,885 12.241061 6,621,006 2.06% 12.37% 2000.................................... 0.40% 101,219 10.893612 1,102,641 0.08% 17.67% 1999.................................... 0.40% 34,114 9.257533 315,811 0.71% -1.25% 1998.................................... 0.40% 10,252 9.374321 96,106 0.00% -6.26% 5/1/98 Calvert Social Equity Portfolio 2002.................................... 0.40% 292,051 10.280692 3,002,486 0.00% 2.81% 9/3/02 Comstock GVIT Value Fund - Class I 2002.................................... 0.40% 4,068 7.252185 29,502 1.49% -25.44% 2001.................................... 0.40% 34,435 9.726929 334,947 13.29% -12.51% 2000.................................... 0.40% 22,688 11.117142 252,226 1.45% -10.98% 1999.................................... 0.40% 4,316 12.487973 53,898 1.38% 18.02% Credit Suisse Trust - Global Post-Venture Capital Portfolio 2002.................................... 0.40% 25,444 5.555805 141,362 0.00% -34.42% 2001.................................... 0.40% 60,385 8.471776 511,568 0.00% -28.92% 2000.................................... 0.40% 91,578 11.918959 1,091,514 0.00% -19.26% 1999.................................... 0.40% 44,018 14.762349 649,809 0.00% 62.85% 1998.................................... 0.40% 24,245 9.065227 219,786 0.00% -9.35% 5/1/98
(Continued) 45 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Credit Suisse Trust - International Focus Portfolio 2002....................... 0.40% 6,909 $ 6.196425 $ 42,811 0.00% -20.22% 2001....................... 0.40% 23,360 7.767318 181,445 0.00% -22.59% 2000....................... 0.40% 30,020 10.033586 301,208 0.44% -26.19% 1999....................... 0.40% 31,892 13.593893 433,536 1.08% 52.82% 1998....................... 0.40% 25,320 8.895388 225,231 0.90% -11.05% 5/1/98 Credit Suisse Trust - Large Cap Value Portfolio 2002....................... 0.40% 5,870 8.788383 51,588 1.58% -23.40% 2001....................... 0.40% 9,126 11.473418 104,706 0.00% 0.54% 2000....................... 0.40% 24,581 11.411760 280,512 0.77% 8.48% 1999....................... 0.40% 36,533 10.519954 384,325 0.77% 5.82% 1998....................... 0.40% 46,093 9.941469 458,232 1.30% -0.59% 5/1/98 Credit Suisse Trust - Small Cap Growth Portfolio 2002....................... 0.40% 19,423 5.941951 115,411 0.00% -33.96% 2001....................... 0.40% 623,977 8.996921 5,613,872 0.00% -10.03% 1/2/01 Dreyfus GVIT Mid Cap Index Fund - Class I 2002....................... 0.40% 31,370 11.255500 353,085 0.40% -15.64% 2001....................... 0.40% 93,948 13.342471 1,253,498 0.80% -1.70% 2000....................... 0.40% 86,361 13.573326 1,172,206 0.79% 14.75% 1999....................... 0.40% 49,740 11.828670 588,358 0.11% 20.44% 1998....................... 0.40% 259 9.821278 2,544 0.29% -1.79% 5/1/98 Dreyfus IP - European Equity Portfolio 2001....................... 0.40% 368 9.025727 3,321 0.96% -28.42% 2000....................... 0.40% 66 12.608842 832 0.00% -1.05% 1999....................... 0.40% 22,815 12.917253 294,707 0.41% 11.01% Dreyfus Socially Responsible Growth Fund, Inc.- Initial Shares 2002....................... 0.40% 9,331 6.983004 65,158 0.20% -29.23% 2001....................... 0.40% 49,368 9.867078 487,118 0.08% -22.89% 2000....................... 0.40% 23,442 12.795380 299,949 1.21% -11.39% 1999....................... 0.40% 7,538 14.439525 108,845 0.02% 29.56% 1998....................... 0.40% 742 11.144998 8,270 0.31% 11.45% 5/1/98 Dreyfus Stock Index Fund 2002....................... 0.40% 1,276,399 8.097446 10,335,572 1.31% -22.67% 2001....................... 0.40% 4,387,066 10.471621 45,939,692 1.15% -12.53% 2000....................... 0.40% 3,579,449 11.972080 42,853,450 1.01% -9.64% 1999....................... 0.40% 2,198,099 13.249543 29,123,807 1.36% 20.12% 1998....................... 0.40% 547,841 11.030001 6,042,687 0.54% 10.30% 5/1/98 Dreyfus VIF - Appreciation Portfolio - Initial Shares 2002....................... 0.40% 171,507 9.074997 1,556,426 0.68% -17.05% 2001....................... 0.40% 1,262,700 10.939900 13,813,812 1.41% -9.67% 2000....................... 0.40% 259,664 12.111451 3,144,908 0.89% -2.39% 1999....................... 0.40% 119,919 12.239522 1,467,751 0.90% 11.01% 1998....................... 0.40% 27,277 11.025485 300,742 0.95% 10.25% 5/1/98
46
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Dreyfus VIF- Growth and Income Portfolio - Initial Shares 2002....................... 0.40% 6,877 $ 7.123450 $ 48,988 0.79% -25.63% 2001....................... 0.40% 67,090 9.577914 642,582 1.11% -4.22% 1/2/01 Federated GVIT High Income Bond Fund - Class I 2002....................... 0.40% 61,831 10.070195 622,650 6.71% 2.81% 2001....................... 0.40% 202,186 9.794650 1,980,341 12.12% 3.80% 2000....................... 0.40% 150,482 9.436226 1,419,982 17.24% -8.64% 1999....................... 0.40% 16,667 10.328712 172,149 13.72% 2.78% 1998....................... 0.40% 14,446 10.049520 145,175 2.46% 0.50% 5/1/98 Federated Quality Bond Fund II - Primary Shares 2002....................... 0.40% 67,406 12.682507 854,877 3.08% 8.87% 2001....................... 0.40% 87,721 11.649181 1,021,878 1.06% 7.58% 2000....................... 0.40% 23,465 10.828312 254,086 0.15% 10.01% Fidelity(R)VIP - Equity-Income Portfolio:Initial Class 2002....................... 0.40% 580 7.924138 4,596 1.59% -17.28% 2001....................... 0.40% 50,510 9.579298 483,850 0.00% -4.21% 1/2/01 Fidelity(R)VIP - Equity-Income Portfolio:Service Class 2002....................... 0.40% 283,577 8.838834 2,506,490 1.64% -17.33% 2001....................... 0.40% 348,625 10.691577 3,727,351 1.83% -5.47% 2000....................... 0.40% 224,240 11.310203 2,536,200 0.52% 7.87% 1999....................... 0.40% 162,451 10.484615 1,703,236 0.02% 5.83% 1998....................... 0.40% 924 9.906965 9,154 0.00% -0.93% 5/1/98 Fidelity(R) VIP - Growth Portfolio:Initial Class 2002....................... 0.40% 13,636 5.955709 81,212 0.27% -30.38% 2001....................... 0.40% 782,177 8.555147 6,691,639 0.00% -14.45% 1/2/01 Fidelity(R) VIP - Growth Portfolio:Service Class 2002....................... 0.40% 810,618 8.313850 6,739,356 0.13% -30.48% 2001....................... 0.40% 776,074 11.958538 9,280,710 0.00% -18.06% 2000....................... 0.40% 1,119,466 14.593603 16,337,042 0.06% -11.42% 1999....................... 0.40% 444,364 16.475102 7,320,942 0.05% 36.74% 1998....................... 0.40% 130,876 12.048634 1,576,877 0.00% 20.49% 5/1/98 Fidelity(R)VIP - High Income Portfolio:Initial Class 2002....................... 0.40% 9,669 9.069304 87,691 11.84% 3.03% 2001....................... 0.40% 231,589 8.802536 2,038,571 0.00% -11.97% 1/2/01 Fidelity(R)VIP - High Income Portfolio:Service Class 2002....................... 0.40% 199,930 6.765203 1,352,567 8.16% 3.20% 2001....................... 0.40% 165,596 6.555148 1,085,506 31.36% -12.25% 2000....................... 0.40% 266,741 7.470194 1,992,607 7.76% -22.92% 1999....................... 0.40% 137,733 9.691447 1,334,832 8.40% 7.64% 1998....................... 0.40% 106,365 9.003329 957,639 0.00% -9.97% 5/1/98 Fidelity(R) VIP - Overseas Portfolio:Initial Class 2001....................... 0.40% 329,072 7.887510 2,595,559 0.00% -21.12% 1/2/01
(Continued) 47 NATIONWIDE VL SEPARATE ACCOUNT-C 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 2002................................... 0.40% 273,526 $ 6.758846 $ 1,848,720 0.80% -20.66% 2001................................... 0.40% 396,195 8.518959 3,375,169 4.88% -21.59% 2000................................... 0.40% 314,294 10.864367 3,414,605 0.89% -19.47% 1999................................... 0.40% 118,048 13.491426 1,592,636 0.95% 41.89% 1998................................... 0.40% 70,301 9.508092 668,428 0.00% -4.92% 5/1/98 Fidelity(R) VIP II - Asset Manager: Growth Portfolio:Service Class 2002................................... 0.40% 25,075 8.833425 221,498 6.02% -9.09% 2001................................... 0.40% 930,387 9.716913 9,040,490 0.00% -2.83% 1/2/01 Fidelity(R) VIP II - Contrafund Portfolio: Initial Class 2002................................... 0.40% 6,139 8.152920 50,051 1.05% -9.71% 2001................................... 0.40% 141,885 9.029797 1,281,193 0.00% -9.70% 1/2/01 Fidelity(R) VIP II - Contrafund Portfolio: Service Class 2002................................... 0.40% 345,102 10.257824 3,539,996 0.78% -9.79% 2001................................... 0.40% 486,210 11.370566 5,528,483 0.64% -12.71% 2000................................... 0.40% 437,066 13.026647 5,693,504 0.30% -7.09% 1999................................... 0.40% 240,062 14.020034 3,365,677 0.29% 23.65% 1998................................... 0.40% 112,018 11.338370 1,270,102 0.00% 13.38% 5/1/98 Fidelity(R) VIP III - Growth Opportunities Portfolio: Initial Class 2001................................... 0.40% 103,589 8.842970 916,034 0.00% -11.57% 1/2/01 Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class 2002................................... 0.40% 128,782 6.381088 821,769 0.59% -22.23% 2001................................... 0.40% 248,120 8.204875 2,035,794 0.35% -14.78% 2000................................... 0.40% 231,706 9.628054 2,230,878 1.33% -17.51% 1999................................... 0.40% 212,333 11.671298 2,478,202 0.27% 3.77% 1998................................... 0.40% 34,950 11.247664 393,106 0.00% 12.48% 5/1/98 Fidelity(R) VIP III - Value Strategies Portfolio: Service Class 2002................................... 0.40% 3,768 7.489405 28,220 0.00% -25.11% 5/1/02 Gartmore GVIT Global Technology and Communications Fund - Class I 2002................................... 0.40% 30,525 1.954523 59,662 0.00% -43.01% Gartmore GVIT Government Bond Fund - Class I 2002................................... 0.40% 2,956,051 13.728864 40,583,222 4.39% 10.54% 2001................................... 0.40% 4,296,504 12.419760 53,361,549 5.64% 6.82% 2000................................... 0.40% 921,266 11.626380 10,710,989 6.46% 12.09% 1999................................... 0.40% 755,102 10.372218 7,832,083 4.09% -2.74% 1998................................... 0.40% 47,339 10.664112 504,828 3.02% 6.64% 5/1/98
48
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Gartmore GVIT Growth Fund - Class I 2002................................... 0.40% 49,711 $ 4.322008 $ 214,851 0.00% -29.01% 2001................................... 0.40% 388,409 6.087822 2,364,565 0.00% -28.42% 2000................................... 0.40% 252,079 8.505270 2,144,000 0.20% -26.82% 1999................................... 0.40% 181,521 11.623180 2,109,851 0.88% 3.86% 1998................................... 0.40% 42,152 11.191056 471,725 0.37% 11.91% 5/1/98 Gartmore GVIT Money Market Fund - Class I 2002................................... 0.40% 2,605,904 11.838269 30,849,393 1.67% 0.81% 2001................................... 0.40% 7,088,786 11.743544 83,247,470 3.90% 3.19% 2000................................... 0.40% 5,519,307 11.380873 62,814,532 6.02% 5.60% 1999................................... 0.40% 1,550,267 10.776865 16,707,018 4.02% 4.43% 1998................................... 0.40% 695,771 10.319833 7,180,241 3.25% 3.20% 4/30/98 Gartmore GVIT Money Market Fund - Class V 2002................................... 0.40% 2,205,085 10.014669 22,083,196 0.29% 0.15% 10/21/02 Gartmore GVIT Nationwide(R)Strategic Value Fund - Class I 2002................................... 0.40% 16,892 6.735208 113,771 0.03% -25.66% 2001................................... 0.40% 87,806 9.059635 795,490 0.78% -3.64% 2000................................... 0.40% 29 9.402302 273 0.26% 7.18% 1999................................... 0.40% 79,877 8.772237 700,700 0.51% -3.46% 1998................................... 0.40% 31,219 9.086371 283,667 0.49% -9.14% 5/1/98 Gartmore GVIT Small Cap Growth Fund - Class I 2002................................... 0.40% 21,186 10.074004 213,428 0.00% -33.55% 2001................................... 0.40% 15,332 15.161271 232,453 0.00% -11.20% 2000................................... 0.40% 37,119 17.072794 633,725 0.00% -16.50% 1999................................... 0.40% 29,320 20.447188 599,512 0.00% 104.47% 5/3/99 Gartmore GVIT Small Cap Value Fund - Class I 2002................................... 0.40% 145,946 11.216089 1,636,943 0.01% -27.45% 2001................................... 0.40% 436,136 15.460620 6,742,933 0.04% 27.76% 2000................................... 0.40% 203,318 12.101060 2,460,363 0.00% 10.76% 1999................................... 0.40% 16,261 10.925665 177,662 0.00% 27.33% 1998................................... 0.40% 68,511 8.580808 587,880 0.00% -14.19% 5/1/98 Gartmore GVIT Small Company Fund - Class I 2002................................... 0.40% 319,526 10.781666 3,445,023 0.00% -17.66% 2001................................... 0.40% 713,457 13.093906 9,341,939 0.15% -7.08% 2000................................... 0.40% 415,566 14.091380 5,855,898 0.03% 8.47% 1999................................... 0.40% 202,708 12.991606 2,633,502 0.00% 43.45% 1998................................... 0.40% 50,558 9.056852 457,896 0.00% -9.43% 5/1/98 Gartmore GVIT Total Return Fund - Class I 2002................................... 0.40% 633,169 7.615719 4,822,037 0.75% -17.68% 2001................................... 0.40% 205,773 9.251754 1,903,761 0.49% -12.17% 2000................................... 0.40% 18,361 10.534111 193,417 0.90% -2.51% 1999................................... 0.40% 13,172 10.805244 142,327 0.21% 6.52% 1998................................... 0.40% 10,192 10.144232 103,390 0.51% 1.44% 5/1/98
(Continued) 49 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ------- ---------- -------------- ---------- --------- Gartmore GVIT Worldwide Leaders Fund - Class I 2002................................... 0.40% 1,945 $ 6.666122 $ 12,966 1.98% -25.69% 2001................................... 0.40% 132,145 8.970354 1,185,387 1.71% -19.14% 2000................................... 0.40% 92,654 11.093053 1,027,816 0.65% -12.67% 1999................................... 0.40% 87,461 12.702408 1,110,965 0.14% 22.43% 1998................................... 0.40% 239 10.374941 2,480 0.45% 3.75% 5/1/98 J.P.Morgan GVIT Balanced Fund - Class I 2002................................... 0.40% 68,208 8.363123 570,432 1.80% -12.66% 2001................................... 0.40% 270,829 9.575644 2,593,362 2.65% -4.06% 2000................................... 0.40% 133,237 9.980967 1,329,834 2.82% -0.75% 1999................................... 0.40% 74,582 10.056111 750,005 5.55% 0.47% 1998................................... 0.40% 8,085 10.009481 80,927 1.43% 0.09% 5/1/98 Janus AS - Balanced Portfolio - Service Shares 2002................................... 0.40% 19,826 10.033996 198,934 2.14% 0.34% 9/3/02 Janus AS - Capital Appreciation Portfolio - Service Shares 2002................................... 0.40% 97,497 5.349794 521,589 0.32% -16.26% 2001................................... 0.40% 419,473 6.388873 2,679,960 0.54% -22.14% Janus AS - Global Technology Portfolio - Service Shares 2002................................... 0.40% 109,443 2.408830 263,630 0.00% -41.17% 2001................................... 0.40% 147,511 4.094407 603,970 0.76% -37.57% 2000................................... 0.40% 186,433 6.558143 1,222,654 1.21% -34.42% 1/27/00 Janus AS - International Growth Portfolio - Service Shares 2002................................... 0.40% 160,475 4.648509 745,969 0.65% -26.05% 2001................................... 0.40% 173,301 6.286392 1,089,438 0.69% -23.74% 2000................................... 0.40% 34,488 8.243024 284,285 5.07% -17.57% 1/27/00 MAS GVIT (formerly Nationwide(R) SAT) Multi Sector Bond Fund - Class I 2002................................... 0.40% 150,457 11.784392 1,773,044 5.16% 6.78% 2001................................... 0.40% 125,046 11.036224 1,380,036 3.64% 3.77% 2000................................... 0.40% 305,925 10.635225 3,253,581 9.71% 5.23% 1999................................... 0.40% 41,704 10.106222 421,470 6.57% 1.15% 1998................................... 0.40% 32,607 9.991296 325,786 2.33% -0.09% 5/1/98 Neuberger Berman AMT - Growth Portfolio 2002................................... 0.40% 5,625 5.213178 29,324 0.00% -31.44% 2001................................... 0.40% 124,202 7.603675 944,392 0.00% -23.96% 1/2/01 Neuberger Berman AMT - Guardian Portfolio 2002................................... 0.40% 91,943 7.738827 711,531 0.68% -26.74% 2001................................... 0.40% 135,015 10.563782 1,426,269 0.33% -1.90% 2000................................... 0.40% 70,872 10.768698 763,199 0.76% 0.73% 1999................................... 0.40% 49,845 10.690765 532,881 0.70% 14.47% 1998................................... 0.40% 128,350 9.338993 1,198,660 0.00% -9.85% 5/1/98
50
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ------- ---------- -------------- ---------- --------- Neuberger Berman AMT - Limited Maturity Bond Portfolio 2002................................... 0.40% 13,152 $11.316350 $ 148,833 9.00% 4.92% 2001................................... 0.40% 599,545 10.785897 6,466,631 7.59% 7.86% 1/2/01 Neuberger Berman AMT - Mid-Cap Growth Portfolio 2002................................... 0.40% 66,544 8.429938 560,962 0.00% -29.62% 2001................................... 0.40% 80,698 11.978031 966,603 0.00% -24.95% 2000................................... 0.40% 110,315 15.959556 1,760,578 0.00% -7.83% 1999................................... 0.40% 43,280 17.314889 749,388 0.00% 53.28% 1998................................... 0.40% 95,708 11.296584 1,081,173 0.00% 12.97% 5/1/98 Neuberger Berman AMT - Partners Portfolio 2002................................... 0.40% 62,770 7.323519 459,697 0.67% -24.45% 2001................................... 0.40% 620,024 9.693032 6,009,912 0.66% -3.22% 2000................................... 0.40% 200,302 10.015242 2,006,073 0.46% 0.30% 1999................................... 0.40% 104,066 9.985118 1,039,111 0.67% 6.94% 1998................................... 0.40% 25,973 9.337008 242,510 0.00% -6.63% 5/1/98 Oppenheimer Aggressive Growth Fund/VA - Initial Class 2002................................... 0.40% 347,561 7.709999 2,679,695 0.63% -28.08% 2001................................... 0.40% 466,261 10.720152 4,998,389 1.18% -31.54% 2000................................... 0.40% 315,802 15.659821 4,945,403 0.00% -11.59% 1999................................... 0.40% 178,401 17.712996 3,160,016 0.00% 82.87% 1998................................... 0.40% 53,218 9.685930 515,466 0.00% -3.14% 5/1/98 Oppenheimer Bond Fund/VA - Initial Class 2002................................... 0.40% 28,931 11.571334 334,770 6.25% 8.64% 2001................................... 0.40% 193,237 10.650688 2,058,107 2.20% 6.51% 1/2/01 Oppenheimer Capital Appreciation Fund/VA - Initial Class 2002................................... 0.40% 385,650 9.479881 3,655,916 0.60% -27.15% 2001................................... 0.40% 660,576 13.013036 8,596,099 0.62% -12.93% 2000................................... 0.40% 260,790 14.945030 3,897,514 0.09% -0.63% 1999................................... 0.40% 127,994 15.039330 1,924,944 0.01% 41.09% 1998................................... 0.40% 11,744 10.659314 125,183 0.00% 6.59% 5/1/98 Oppenheimer Global Securities Fund/VA - Initial Class 2002................................... 0.40% 58,355 6.504237 379,555 0.59% -22.45% 2001................................... 0.40% 258,325 8.386697 2,166,494 2.73% -12.39% Oppenheimer Main Street Growth & Income Fund/VA - Initial Class 2002................................... 0.40% 32,855 7.125335 234,103 0.69% -19.12% 2001................................... 0.40% 57,708 8.809927 508,403 0.52% -10.52% 2000................................... 0.40% 55,343 9.845729 544,892 0.30% -9.14% 1999................................... 0.40% 48,784 10.835877 528,617 1.08% 21.22% 1998................................... 0.40% 30,977 8.938847 276,899 0.00% -10.61% 5/1/98 Oppenheimer Multiple Strategies Fund/VA - Initial Class 2002................................... 0.40% 18,208 9.152173 166,643 3.42% -10.76% 2001................................... 0.40% 92,958 10.255584 953,339 6.64% 2.56% 1/2/01
(Continued) 51 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ------- ---------- -------------- ----------- --------- PIMCO VIT Low Duration Portfolio - Administrative Shares 2002........................... 0.40% 44,486 $10.182621 $ 452,984 0.17% 1.83% 9/3/02 Royce Capital Fund - Micro Cap 2002........................... 0.40% 56,216 10.104573 568,039 0.00% 1.05% 9/3/02 Strong GVIT Mid Cap Growth Fund - Class I 2002........................... 0.40% 19,365 7.106122 137,610 0.00% -37.27% 2001........................... 0.40% 77,229 11.327538 874,814 0.00% -30.59% 2000........................... 0.40% 71,051 16.319202 1,159,496 0.00% -15.72% 1999........................... 0.40% 48,159 19.361969 932,453 0.00% 84.02% Strong Opportunity Fund II, Inc. 2002........................... 0.40% 243,964 6.886442 1,680,044 0.33% -27.11% 2001........................... 0.40% 776,389 9.447854 7,335,210 0.66% -4.09% 2000........................... 0.40% 48,820 9.828296 479,817 0.00% -1.49% 5/1/00 Strong VIF - Strong Discovery Fund II 2002........................... 0.40% 2,127 10.111953 21,508 0.00% -12.37% 2001........................... 0.40% 1,313 11.539004 15,151 0.00% 6.82% 1/2/01 Strong VIF - Strong International Stock Fund II 2001........................... 0.40% 38,838 7.139083 277,268 0.00% -21.09% 1/2/01 T.Rowe Price Equity Income Portfolio - II 2002........................... 0.40% 19,349 10.116880 195,752 0.00% 1.17% 9/3/02 Van Eck WIT - Worldwide Bond Fund 2002........................... 0.40% 939 11.333817 10,642 0.00% 21.17% Van Eck WIT - Worldwide Emerging Markets Fund 2002........................... 0.40% 21,479 6.907806 148,373 0.21% -3.29% 2001........................... 0.40% 56,168 7.142729 401,193 0.00% -2.20% 2000........................... 0.40% 124,869 7.303734 912,010 0.00% -42.10% 1999........................... 0.40% 38,228 12.613718 482,197 0.00% 99.48% 1998........................... 0.40% 21,058 6.323175 133,153 0.00% -36.77% 5/1/98 Van Eck WIT - Worldwide Hard Assets Fund 2002........................... 0.40% 4,697 7.898317 37,098 0.71% -3.22% 2001........................... 0.40% 18,257 8.161281 149,001 1.95% -10.80% 2000........................... 0.40% 56,278 9.149843 514,935 0.87% 10.96% 1999........................... 0.40% 38,220 8.246159 315,168 0.67% 20.52% 1998........................... 0.40% 12,094 6.842178 82,749 0.00% -31.58% 5/1/98 Van Kampen UIF - Emerging Markets Debt Portfolio 2002........................... 0.40% 18,217 11.537562 210,180 11.04% 8.79% 2001........................... 0.40% 6,255 10.605749 66,339 1.69% 9.66% 2000........................... 0.40% 64,183 9.671636 620,755 18.74% 10.94% 1999........................... 0.40% 7,107 8.717559 61,956 10.07% 28.86% 1998........................... 0.40% 13,412 6.765184 90,735 23.74% -32.35% 5/1/98
52
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- ------- ---------- -------------- ---------- --------- Van Kampen UIF - Mid Cap Growth Portfolio 2002................................... 0.40% 96,523 $ 4.183540 $ 403,808 0.00% -31.43% 2001................................... 0.40% 27,935 6.101338 170,441 0.00% -29.60% Van Kampen UIF - U.S.Real Estate Portfolio 2002................................... 0.40% 103,455 11.848822 1,225,820 3.37% -1.18% 2001................................... 0.40% 152,921 11.990690 1,833,628 5.91% 9.40% 2000................................... 0.40% 39,041 10.960329 427,902 8.70% 15.00% 1999................................... 0.40% 51,147 8.593033 439,508 3.24% -3.76% 1998................................... 0.40% 1,612 8.928571 14,393 0.00% -15.97% 9/21/00 ----------
Contract Owners' Equity Total By Year 2002.......................................................... $354,676,076 ============ 2001.......................................................... $408,763,705 ============ 2000.......................................................... $237,376,916 ============ 1999.......................................................... $122,181,811 ============ 1998.......................................................... $ 26,899,259 ============ * This represents the annualized contract expense rate of the variable account for the 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 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 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 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 period indicated or from the effective date through the end of the period. ================================================================================ 53 ================================================================================ Independent Auditors' Report The Board of Directors of Nationwide Life and Annuity Insurance Company and Contract Owners of Nationwide VL Separate Account-C: We have audited the accompanying statement of assets, liabilities and contract owners' equity of Nationwide VL Separate Account-C (comprised of the sub-accounts listed in note 1(b)) (collectively, "the Account") as of December 31, 2002, and the related statements of operations and changes in contract owners' equity, and the financial highlights for each of the periods indicated herein. These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2002, by correspondence with the transfer agents of the underlying mutual funds. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Account as of December 31, 2002, and the results of its operations, changes in contract owners' equity, and financial highlights for each of the periods indicated herein, in conformity with accounting principles generally accepted in the United States of America. KPMG LLP Columbus, Ohio February 20, 2003 ================================================================================ 54 [THIS PAGE LEFT BLANK INTENTIONALLY] 55 NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY HOME OFFICE: ONE NATIONWIDE PLAZA. COLUMBUS, OHIO 43215-2220 -------------- Bulk Rate U.S. Postage P A I D Columbus, Ohio Permit No. 521 -------------- Nationwide(R) is a registered federal service mark of Nationwide Mutual Insurance Company -----END PRIVACY-ENHANCED MESSAGE-----