-----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, Sb8zToXNB1gB+RStSfPrfxJuTlPAshQ7Pvs6JQQo2DEEHgJ69nfUMzzYpJ/RLRdy DtES5mvNxwIJ+gRZd2nOkQ== 0001193125-04-038203.txt : 20040310 0001193125-04-038203.hdr.sgml : 20040310 20040310155457 ACCESSION NUMBER: 0001193125-04-038203 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040310 EFFECTIVENESS DATE: 20040310 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: 04660266 BUSINESS ADDRESS: STREET 1: NATIONWIDE LIFE INSURANCE CO STREET 2: ONE NATIONWIDE PLAZA CITY: COLUMBUS STATE: OH ZIP: 43215 BUSINESS PHONE: 614-249-7111 MAIL ADDRESS: STREET 1: NATIONWIDE LIFE INSURANCE CO STREET 2: ONE NATIONWIDE PLAZA CITY: COLUMBUS STATE: OH ZIP: 43215 N-30D 1 dn30d.txt VL SEPARATE ACCOUNT C (811-8351) Nationwide(R) VL Separate Account-C December 31, 2003 [LOGO] The BEST of AMERICA(R) America's FUTURE Life Series(SM) 2003 Annual Report - -------------------------------------------------------------------------------- [LOGO] Nationwide(R) Nationwide Life and Annuity Insurance Company Home Office: Columbus, Ohio VLOB-0173-12/03 [LOGO] Nationwide(R) NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220 [PHOTO] PRESIDENT'S MESSAGE Nationwide Life and Annuity Insurance Company is pleased to present the 2003 annual report of the Nationwide VL Separate Account-C. Equity investments turned-in an exemplary performance during 2003. Gains in the Dow Jones Industrial Average and the S&P 500 each surpassed 25% for the year. Meanwhile, the NASDAQ, with more ground to make-up, posted year-over-year performance of nearly 50%. Furthermore, this past year saw interest rates and inflation remain near historically low levels. And, the good news doesn't stop there; the last half of the year GDP growth chalked up statistics not seen in recent history. We believe the stage is set and should provide a rewarding 2004 for equity investors. During 2003, we have watched with interest and a good deal of dismay the ongoing revelations of ethical lapses in the mutual fund industry. This has caused us to take a hard look at longstanding relationships we have had with some of these fund groups and to make changes where we believe it's in the best interest of our contract owners and participants. Nationwide has been in the financial services business for more than a quarter of a century and during this time we have endeavored to maintain the highest standards of ethics and integrity in all aspects of our personal and business conduct. Thank you for your confidence and for selecting Nationwide to help you meet your retirement and financial planning objectives. /s/ Joseph J. Gasper -------------------------- Joseph J. Gasper, President February 12, 2004 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, 2003. The mutual funds are listed in alphabetical order. The fair value of the assets changes as the underlying mutual funds change in value. As contract owners make exchange transactions between the funds, the number of shares increases or decreases accordingly. When money is deposited or withdrawn by a contract owner, shares are correspondingly purchased or redeemed. The total fair value of the funds is equal to the Total investments of the variable account. Accounts receivable, if applicable, represents an asset of the variable account for fund shares purchased by contract owners and reinvested dividend shares added to contract owners' accounts, but not yet added to Total investments. Total investments plus Accounts receivable equal Total assets of the variable account. Accounts payable, if applicable, is a liability of the variable account for fund shares redeemed by contract owners but not yet deducted from Total investments. The Accounts receivable and Accounts payable balances are aggregated and presented as a net amount. Total assets minus Accounts payable equals Contract owners' equity. A summary of Contract owners' equity by fund series may be found on page 47.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 42, 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, 2003 Assets: Investments at fair value: AIM VIF Basic Value Fund - Series I (AIMBVF) 383 shares (cost $3,509) .......................................................... $ 4,086 Alliance VPS Growth & Income Portfolio - Class A (AllGroInc) 170,430 shares (cost $3,478,892) .................................................. 3,715,367 American Century VP Balanced Fund - Class I (ACVPBal) 52,995 shares (cost $308,674) ..................................................... 357,187 American Century VP Capital Appreciation Fund - Class I (ACVPCapAp) 74,228 shares (cost $444,744) ..................................................... 528,505 American Century VP Income & Growth Fund - Class I (ACVPIncGr) 1,365,860 shares (cost $8,434,415) ................................................ 8,973,701 American Century VP International Fund - Class I (ACVPInt) 1,061,776 shares (cost $6,081,317) ................................................ 6,827,219 American Century VP Ultra Fund - Class I (ACVPUltra) 1,244 shares (cost $10,242) ....................................................... 11,416 American Century VP Value Fund - Class I (ACVPVal) 597,791 shares (cost $3,818,258) .................................................. 4,656,790 Baron Capital Asset Trust (BCAT) 3,093 shares (cost $65,889) ....................................................... 66,601 Comstock GVIT Value Fund - Class I (ComGVITVal) 6,046 shares (cost $47,153) ....................................................... 60,096 Credit Suisse Trust - Global Post-Venture Capital Portfolio (CSGPVen) 32,012 shares (cost $256,886) ..................................................... 302,513 Credit Suisse Trust - International Focus Portfolio (CSIntEq) 9,837 shares (cost $75,015) ....................................................... 87,061 Credit Suisse Trust - Large Cap Value Portfolio (CSLCapV) 13,697 shares (cost $142,806) ..................................................... 165,730 Credit Suisse Trust - Small Cap Growth Portfolio (CSSmCapGr) 124,613 shares (cost $1,451,277) .................................................. 1,719,662 Dreyfus GVIT Mid Cap Index Fund - Class I (DryMidCapIx) 42,303 shares (cost $493,270) ..................................................... 624,822 Dreyfus IP - Mid Cap Stock Portfolio - Initial Shares (DryMidCapStk) 28,521 shares (cost $450,352) ..................................................... 451,196 Dreyfus IP - Small Cap Stock Index Portfolio - Service Class (DrySmCapIxS) 705 shares (cost $8,273) .......................................................... 9,236 Dreyfus Socially Responsible Growth Fund, Inc.- Initial Shares (DrySRGro) 14,382 shares (cost $272,481) ..................................................... 342,159 Dreyfus Stock Index Fund (DryStkIx) 1,491,710 shares (cost $40,425,461) ............................................... 42,394,391 Dreyfus VIF - Appreciation Portfolio - Initial Shares (DryVIFApp) 78,420 shares (cost $2,367,350) ................................................... 2,699,205 Dreyfus VIF - Growth and Income Portfolio - Initial Shares (DryVIFGrInc) 35,997 shares (cost $607,233) ..................................................... 725,695
(Continued) 5 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued Dreyfus VIF - International Value Portfolio - Initial Shares (DryIntVal) 19,379 shares (cost $217,019) ..................................................... $ 262,392 Federated GVIT High Income Bond Fund - Class I (FGVITHiInc) 214,161 shares (cost $1,605,935) .................................................. 1,717,574 Federated Quality Bond Fund II - Primary Shares (FedQualBd) 276,219 shares (cost $3,236,758) .................................................. 3,270,429 Fidelity(R)VIP - Equity-Income Portfolio: Initial Class (FidVIPEI) 11,075 shares (cost $193,876) ..................................................... 256,717 Fidelity(R)VIP - Equity-Income Portfolio: Service Class (FidVIPEIS) 278,910 shares (cost $5,364,081) .................................................. 6,445,603 Fidelity(R)VIP - Growth Portfolio: Initial Class (FidVIPGr) 148,916 shares (cost $4,172,265) .................................................. 4,622,359 Fidelity(R)VIP - Growth Portfolio: Service Class (FidVIPGrS) 572,926 shares (cost $20,430,658) ................................................. 17,714,870 Fidelity(R)VIP - High Income Portfolio: Initial Class (FidVIPHI) 362,372 shares (cost $2,226,157) .................................................. 2,518,482 Fidelity(R)VIP - High Income Portfolio: Service Class (FidVIPHIS) 333,852 shares (cost $2,033,974) .................................................. 2,310,253 Fidelity(R)VIP - Overseas Portfolio: Initial Class (FidVIPOv) 103,968 shares (cost $1,456,190) .................................................. 1,620,864 Fidelity(R)VIP - Overseas Portfolio: Service Class (FidVIPOvS) 175,139 shares (cost $2,169,464) .................................................. 2,719,906 Fidelity(R)VIP II - Asset Manager Portfolio: Initial Class (FidVIPAM) 238,872 shares (cost $3,126,689) .................................................. 3,454,089 Fidelity(R)VIP II - Contrafund Portfolio: Initial Class (FidVIPCon) 23,174 shares (cost $446,923) ..................................................... 536,016 Fidelity(R)VIP II - Contrafund Portfolio: Service Class (FidVIPConS) 330,417 shares (cost $6,466,955) .................................................. 7,619,419 Fidelity(R)VIP III - Growth Opportunities Portfolio: Initial Class (FidVIPGrOp) 55,844 shares (cost $760,590) ..................................................... 841,562 Fidelity(R)VIP III - Growth Opportunities Portfolio: Service Class (FidVIPGrOPS) 72,580 shares (cost $967,011) ..................................................... 1,093,054 Franklin Templeton VIT - Templeton Foreign Securities Fund - Class 2 (FTVIPFS) 92,119 shares (cost $975,432) ..................................................... 1,127,532 Gartmore GVIT Emerging Markets Fund - Class I (GVITEmMrkts) 123 shares (cost $1,147) .......................................................... 1,207 Gartmore GVIT Global Financial Services Fund - Class I (GVITGIFin) 53 shares (cost $623) ............................................................. 601 Gartmore GVIT Global Technology and Communications Fund - Class I (GVITGITech) 4,353 shares (cost $16,957) ....................................................... 16,149 Gartmore GVIT Government Bond Fund - Class I (GVITGvtBd) 1,800,582 shares (cost $22,130,555) ............................................... 21,841,062 Gartmore GVIT Growth Fund - Class I (GVITGrowth) 273,605 shares (cost $2,176,334) .................................................. 2,730,579 Gartmore GVIT ID Aggressive Fund (GVITIDAgg) 165 shares (cost $1,293) .......................................................... 1,730 Gartmore GVIT ID Conservative Fund (GVITIDCon) 30,173 shares (cost $295,969) ..................................................... 311,389 Gartmore GVIT ID Moderate Fund (GVITIDMod) 163 shares (cost $1,423) .......................................................... 1,713 Gartmore GVIT ID Moderately Aggressive Fund (GVITIDModAgg) 163 shares (cost $1,335) .......................................................... 1,723
6 Gartmore GVIT ID Moderately Conservative Fund (GVITIDModCon) 162 shares (cost $1,518) .......................................................... $ 1,702 Gartmore GVIT Money Market Fund - Class I (GVITMyMkt) 39,214,502 shares (cost $39,214,502) .............................................. 39,214,502 Gartmore GVIT Money Market Fund - Class V (GVITMyMkt5) 57,030,854 shares (cost $57,030,854) .............................................. 57,030,854 Gartmore GVIT Nationwide(R) Strategic Value Fund - Class I (NWGVITStrVal) 56,870 shares (cost $478,460) ..................................................... 568,126 Gartmore GVIT Small Cap Growth Fund - Class I (GVITSmCapGr) 250,147 shares (cost $2,550,296) .................................................. 3,244,404 Gartmore GVIT Small Cap Value Fund - Class I (GVITSmCapVal) 342,958 shares (cost $3,046,222) .................................................. 3,964,591 Gartmore GVIT Small Company Fund - Class I (GVITSmComp) 333,483 shares (cost $5,917,252) .................................................. 7,246,587 Gartmore GVIT Total Return Fund - Class I (GVITTotRt) 208,986 shares (cost $1,701,936) .................................................. 2,146,285 Gartmore GVIT U.S. Growth Leaders Fund - Class I (GVITUSGro) 111 shares (cost $1,162) .......................................................... 1,195 Gartmore GVIT Worldwide Leaders Fund - Class I (GVITWLead) 4,618 shares (cost $30,970) ....................................................... 43,039 Goldman Sachs VIT Mid Cap Value Fund (GSVITMidCap) 174,089 shares (cost $1,927,227) .................................................. 2,327,576 J. P. Morgan GVIT Balanced Fund - Class I (JPMorBal) 330,900 shares (cost $2,876,377) .................................................. 3,103,842 Janus AS - Balanced Portfolio - Service Shares (JanBal) 45,300 shares (cost $969,727) ..................................................... 1,079,035 Janus AS - Capital Appreciation Portfolio - Service Shares (JanCapAp) 70,342 shares (cost $1,298,100) ................................................... 1,454,675 Janus AS - Global Technology Portfolio - Service Shares (JanGITech) 243,629 shares (cost $702,543) .................................................... 860,011 Janus AS - International Growth Portfolio - Service Shares (JanIntGro) 27,280 shares (cost $506,359) ..................................................... 624,433 MAS GVIT Multi Sector Bond Fund - Class I (MGVITMultiSec) 227,999 shares (cost $2,112,531) .................................................. 2,248,069 Neuberger Berman AMT - Fasciano Portfolio - S Class (NBAMTFas) 15,034 shares (cost $164,562) ..................................................... 186,425 Neuberger Berman AMT - Growth Portfolio (NBAMTGro) 63,341 shares (cost $567,707) ..................................................... 660,016 Neuberger Berman AMT - Guardian Portfolio (NBAMTGuard) 137,769 shares (cost $1,880,930) .................................................. 1,926,015 Neuberger Berman AMT - Limited Maturity Bond Portfolio (NBAMTLMat) 620 shares (cost $8,154) .......................................................... 8,189 Neuberger Berman AMT - Mid-Cap Growth Portfolio (NBAMTMCGr) 338,361 shares (cost $4,617,803) .................................................. 5,187,072 Neuberger Berman AMT - Partners Portfolio (NBAMTPart) 357,688 shares (cost $5,057,733) .................................................. 5,508,400 One Group(R) IT Mid Cap Growth Portfolio (ONEMidCap) 44,609 shares (cost $570,066) ..................................................... 699,913 Oppenheimer Aggressive Growth Fund/VA - Initial Class (OppAggGro) 167,633 shares (cost $6,499,778) .................................................. 6,153,806 Oppenheimer Bond Fund/VA - Initial Class (OppBdFd) 82,774 shares (cost $919,913) ..................................................... 945,275 Oppenheimer Capital Appreciation Fund/VA - Initial Class (OppCapAp) 256,888 shares (cost $8,723,843) .................................................. 8,914,027
(Continued) 7 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued Oppenheimer Global Securities Fund/VA - Initial Class (OppGlSec) 65,363 shares (cost $1,193,899) ................................................... $ 1,639,309 Oppenheimer Main Street(R) Growth & Income Fund/VA - Initial Class (OppMSGrInc) 16,019 shares (cost $269,765) ..................................................... 307,560 Oppenheimer Multiple Strategies Fund/VA - Initial Class (OppMultStr) 44,720 shares (cost $604,124) ..................................................... 711,935 PIMCO VIT Low Duration Portfolio - Administrative Shares (PIMLowDur) 2,503,308 shares (cost $25,719,554) ............................................... 25,708,975 PIMCO VIT Real Return Portfolio - Administrative Shares (PIMRealRet) 75,167 shares (cost $931,453) ..................................................... 929,066 PIMCO VIT Total Return Portfolio - Administrative Shares (PIMTotRet) 1,732,835 shares (cost $18,072,202) ............................................... 17,952,173 Pioneer High Yield VCT Portfolio - Class I Shares (PionHY) 47,349 shares (cost $527,255) ..................................................... 542,147 Royce Capital Fund - Micro Cap (RoyMicro) 266,073 shares (cost $2,256,528) .................................................. 2,900,192 Strong GVIT Mid Cap Growth Fund - Class I (SGVITMdCpGr) 36,941 shares (cost $688,125) ..................................................... 792,382 Strong Opportunity Fund II, Inc. (StOpp2) 528,790 shares (cost $7,938,693) .................................................. 10,041,727 Strong VIF - Strong Discovery Fund II (StDisc2) 17,657 shares (cost $190,491) ..................................................... 223,543 T. Rowe Price Equity Income Portfolio - II (TRPEI2) 109,584 shares (cost $1,930,757) .................................................. 2,210,306 T. Rowe Price Mid Cap Growth Portfolio - II (TRPMCG2) 116,921 shares (cost $1,804,412) .................................................. 2,318,551 Turner GVIT Growth Focus Fund - Class I (TurnGVITGro) 192 shares (cost $565) ............................................................ 602 Van Eck WIT - Worldwide Bond Fund (VEWrldBd) 1,336 shares (cost $16,536) ....................................................... 17,785 Van Eck WIT - Worldwide Emerging Markets Fund (VEWrldEMkt) 23,990 shares (cost $197,994) ..................................................... 291,480 Van Eck WIT - Worldwide Hard Assets Fund (VEWrldHAs) 23,745 shares (cost $293,306) ..................................................... 353,084 Van Kampen UIF - Emerging Markets Debt Portfolio (VKEmMkt) 42,527 shares (cost $335,978) ..................................................... 384,442 Van Kampen UIF - Mid Cap Growth Portfolio (VKMidCapG) 12,565 shares (cost $90,655) ...................................................... 107,056 Van Kampen UIF - U.S.Real Estate Portfolio (VKUSRealEst) 171,490 shares (cost $2,186,757) .................................................. 2,671,814 ------------ Total Investments .............................................................. 383,212,105 Accounts Receivable ..................................................................... -- ------------ Total Assets ................................................................... 383,212,105 Accounts Payable .......................................................................... 3,461 ------------ Contract Owners Equity (note 7) ........................................................... $383,208,644 ============
See accompanying notes to financial statements. ================================================================================ 8 ================================================================================ NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS Year Ended December 31, 2003
Total AIMBVF AllGroInc ACVPBal ------------- ------ --------- ------- Investment activity: Reinvested dividends ......................... $ 4,518,477 1 -- 6,455 Mortality and expense risk charges (note 3)... (952,459) (4) (1,870) (667) ------------- ---- -------- ------- Net investment income (loss) .............. 3,566,018 (3) (1,870) 5,788 ------------- ---- -------- ------- Proceeds from mutual fund shares sold ........ 217,908,433 324 218,527 37,044 Cost of mutual fund shares sold .............. (230,401,912) (284) (208,285) (36,165) ------------- ---- -------- ------- Realized gain (loss) on investments ....... (12,493,479) 40 10,242 879 Change in unrealized gain (loss) on investments ............................ 60,899,618 577 236,542 39,911 ------------- ---- -------- ------- Net gain (loss) on investments ............ 48,406,139 617 246,784 40,790 ------------- ---- -------- ------- Reinvested capital gains ..................... 387,027 -- -- -- ------------- ---- -------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 52,359,184 614 244,914 46,578 ============= ==== ======== ======= ACVPCapAp ACVPIncGr ACVPInt ACVPUltra --------- ---------- ---------- --------- Investment activity: Reinvested dividends ......................... -- 101,782 66,063 -- Mortality and expense risk charges (note 3)... (1,092) (15,226) (26,990) (15) ------- ---------- --------- ----- Net investment income (loss) .............. (1,092) 86,556 39,073 (15) ------- ---------- --------- ----- Proceeds from mutual fund shares sold ........ 89,543 1,946,907 7,896,441 1,046 Cost of mutual fund shares sold .............. (97,901) (2,384,577) (9,433,415) (853) ------- ---------- ---------- ----- Realized gain (loss) on investments ....... (8,358) (437,670) (1,536,974) 193 Change in unrealized gain (loss) on investments ............................ 88,760 2,351,299 3,330,374 1,174 ------- ---------- ---------- ----- Net gain (loss) on investments ............ 80,402 1,913,629 1,793,400 1,367 ------- ---------- ---------- ----- Reinvested capital gains ..................... -- -- -- -- ------- ---------- ---------- ----- Net increase (decrease) in contract owners' equity resulting from operations ....... 79,310 2,000,185 1,832,473 1,352 ======= ========== ========== =====
ACVPVal BCAT CVSSEP ComGVITVal ----------- ----- --------- ---------- Investment activity: Reinvested dividends ......................... $ 76,805 -- -- 648 Mortality and expense risk charges (note 3)... (17,275) (13) (1,154) (132) ----------- ---- --------- ------ Net investment income (loss) .............. 59,530 (13) (1,154) 516 ----------- ---- --------- ------ Proceeds from mutual fund shares sold ........ 7,713,161 110 2,897,679 7,000 Cost of mutual fund shares sold .............. (7,972,327) (110) 3,125,496) (6,408) ----------- ---- --------- ------ Realized gain (loss) on investments ....... (259,166) -- (227,817) 592 Change in unrealized gain (loss) on investments ............................ 1,788,027 712 78,830 12,724 ----------- ---- --------- ------ Net gain (loss) on investments ............ 1,528,861 712 (148,987) 13,316 ----------- ---- --------- ------ Reinvested capital gains ..................... -- -- -- -- ----------- ---- --------- ------ Net increase (decrease) in contract owners' equity resulting from operations ....... $ 1,588,391 699 (150,141) 13,832 =========== ==== ========= ====== CSGPVen CSIntEq CSLCapV CSSmCapGr -------- -------- -------- --------- Investment activity: Reinvested dividends ......................... -- 246 1,114 -- Mortality and expense risk charges (note 3)... (1,061) (238) (423) (2,143) -------- -------- -------- -------- Net investment income (loss) .............. (1,061) 8 691 (2,143) -------- -------- -------- -------- Proceeds from mutual fund shares sold ........ 846,817 905,974 159,802 280,873 Cost of mutual fund shares sold .............. (734,421) (876,596) (206,387) (191,056) -------- -------- -------- -------- Realized gain (loss) on investments ....... 112,396 29,378 (46,585) 89,817 Change in unrealized gain (loss) on investments ............................ 69,511 9,837 75,199 244,757 -------- -------- -------- -------- Net gain (loss) on investments ............ 181,907 39,215 28,614 334,574 -------- -------- -------- -------- Reinvested capital gains ..................... -- -- -- -- -------- -------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations ....... 180,846 39,223 29,305 332,431 ======== ======== ======== ========
(Continued) 9 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2003
DryMidCapIx DryMidCapStk DrySmCapIxS DrySRGro ----------- ------------ ----------- -------- Investment activity: Reinvested dividends ......................... $ 3,421 1,062 14 348 Mortality and expense risk charges (note 3) .. (2,125) (114) (120) (782) ----------- -------- -------- ------- Net investment income (loss) .............. 1,296 948 (106) (434) ----------- -------- -------- ------- Proceeds from mutual fund shares sold ........ 1,039,566 115,370 423,603 60,171 Cost of mutual fund shares sold .............. (1,059,054) (108,666) (436,404) (63,452) ----------- -------- -------- ------- Realized gain (loss) on investments ....... (19,488) 6,704 (12,801) (3,281) Change in unrealized gain (loss) on investments ............................ 255,804 844 963 74,901 ----------- -------- -------- ------- Net gain (loss) on investments ............ 236,316 7,548 (11,838) 71,620 ----------- -------- -------- ------- Reinvested capital gains ..................... 4 -- 46 -- ----------- -------- -------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 237,616 8,496 (11,898) 71,186 =========== ======== ======== ======= DryStkIx DryVIFApp DryVIFGrInc DryIntVal ----------- ---------- ----------- --------- Investment activity: Reinvested dividends ......................... 507,327 34,843 4,248 2,102 Mortality and expense risk charges (note 3) .. (85,192) (12,716) (1,219) (340) ----------- ---------- -------- ------ Net investment income (loss) .............. 422,135 22,127 3,029 1,762 ----------- ---------- -------- ------ Proceeds from mutual fund shares sold ........ 7,614,065 4,830,181 111,292 4,126 Cost of mutual fund shares sold .............. (10,220,554) (5,272,478) (110,040) (3,491) ----------- ---------- -------- ------ Realized gain (loss) on investments ....... (2,606,489) (442,297) 1,252 635 Change in unrealized gain (loss) on investments ............................ 10,819,143 1,213,972 108,111 45,372 ----------- ---------- -------- ------ Net gain (loss) on investments ............ 8,212,654 771,675 109,363 46,007 ----------- ---------- -------- ------ Reinvested capital gains ..................... -- -- -- -- ----------- ---------- -------- ------ Net increase (decrease) in contract owners' equity resulting from operations ....... 8,634,789 793,802 112,392 47,769 =========== ========== ======== ======
FGVITHiInc FedQualBd FidVIPEI FidVIPEIS ---------- ---------- -------- ---------- Investment activity: Reinvested dividends ......................... $ 118,932 102,808 2,156 57,412 Mortality and expense risk charges (note 3) .. (4,606) (7,675) (500) (15,506) --------- ---------- ------- ---------- Net investment income (loss) .............. 114,326 95,133 1,656 41,906 --------- ---------- ------- ---------- Proceeds from mutual fund shares sold ........ 959,251 1,506,401 65,856 1,740,194 Cost of mutual fund shares sold .............. (931,706) (1,446,684) (57,454) (2,032,616) --------- ---------- ------- ---------- Realized gain (loss) on investments ....... 27,545 59,717 8,402 (292,422) --------- ---------- ------- ---------- Change in unrealized gain (loss) on investments ............................ 162,510 (26,158) 52,780 1,686,703 --------- ---------- ------- ---------- Net gain (loss) on investments ............ 190,055 33,559 61,182 1,394,281 --------- ---------- ------- ---------- Reinvested capital gains ..................... -- -- -- -- --------- ---------- ------- ---------- Net increase (decrease) in contract owners' equity resulting from operations .......... $ 304,381 128,692 62,838 1,436,187 ========= ========== ======= ========== FidVIPGr FidVIPGrS FidVIPHI FidVIPHIS ---------- ---------- -------- ---------- Investment activity: Reinvested dividends ......................... 11,556 30,410 104,321 204,410 Mortality and expense risk charges (note 3) .. (10,969) (30,711) (4,344) (7,246) ---------- ---------- -------- ---------- Net investment income (loss) .............. 587 (301) 99,977 197,164 ---------- ---------- -------- ---------- Proceeds from mutual fund shares sold ........ 2,338,836 1,949,800 763,527 2,560,155 Cost of mutual fund shares sold .............. (3,067,701) (3,809,198) (690,133) (2,467,605) ---------- ---------- -------- ---------- Realized gain (loss) on investments ....... (728,865) (1,859,398) 73,394 92,550 ---------- ---------- -------- ---------- Change in unrealized gain (loss) on investments ............................ 2,021,527 6,205,534 228,450 274,223 ---------- ---------- -------- ---------- Net gain (loss) on investments ............ 1,292,662 4,346,136 301,844 366,773 ---------- ---------- -------- ---------- Reinvested capital gains ..................... -- -- -- -- ---------- ---------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations .......... 1,293,249 4,345,835 401,821 563,937 ========== ========== ======== ==========
10 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2003
FidVIPOv FidVIPOvS FidVIPAM FidVIPCon -------- ---------- -------- --------- Investment activity: Reinvested dividends ......................... $ 3,512 21,306 106,015 1,262 Mortality and expense risk charges (note 3) .. (1,615) (7,456) (7,789) (928) -------- ---------- -------- -------- Net investment income (loss) .............. 1,897 13,850 98,226 334 -------- ---------- -------- -------- Proceeds from mutual fund shares sold ........ 47,494 2,283,033 253,207 245,997 Cost of mutual fund shares sold .............. (59,907) (3,019,599) (274,203) (234,736) -------- ---------- -------- -------- Realized gain (loss) on investments ....... (12,413) (736,566) (20,996) 11,261 Change in unrealized gain (loss) on investments ............................ 250,477 1,627,578 433,269 88,176 -------- ---------- -------- -------- Net gain (loss) on investments ............ 238,064 891,012 412,273 99,437 -------- ---------- -------- -------- Reinvested capital gains ..................... -- -- -- -- -------- ---------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations ....... $239,961 904,862 510,499 99,771 ======== ========== ======== ======== FidVIPConS FidVIPGrOp FidVIPGrOPS FidVIPValStS ---------- ---------- ----------- ------------ Investment activity: Reinvested dividends ......................... 20,255 8,599 6,804 -- Mortality and expense risk charges (note 3) .. (16,799) (2,458) (2,947) (135) ---------- ---------- -------- -------- Net investment income (loss) .............. 3,456 6,141 3,857 (135) ---------- ---------- -------- -------- Proceeds from mutual fund shares sold ........ 3,322,931 1,543,931 446,542 332,715 Cost of mutual fund shares sold .............. (4,079,578) (1,571,139) (580,315) (352,835) ---------- ---------- -------- -------- Realized gain (loss) on investments ....... (756,647) (27,208) (133,773) (20,120) Change in unrealized gain (loss) on investments ............................ 2,197,581 252,689 374,378 (1,822) ---------- ---------- -------- -------- Net gain (loss) on investments ............ 1,440,934 225,481 240,605 (21,942) ---------- ---------- -------- -------- Reinvested capital gains ..................... -- -- -- -- ---------- ---------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations ....... 1,444,390 231,622 244,462 (22,077) ========== ========== ======== ========
FTVIPFS GVITEmMrkts GVITGIFin GVITGITech -------- ----------- --------- ---------- Investment activity: Reinvested dividends ......................... $ 5,677 -- 2 -- Mortality and expense risk charges (note 3) .. (1,464) (19) -- (600) -------- -------- --- -------- Net investment income (loss) .............. 4,213 (19) 2 (600) -------- -------- --- -------- Proceeds from mutual fund shares sold ........ 18,780 107,954 8 495,749 Cost of mutual fund shares sold .............. (16,713) (105,304) (8) (402,821) -------- -------- --- -------- Realized gain (loss) on investments ....... 2,067 2,650 -- 92,928 Change in unrealized gain (loss) on investments ............................ 152,100 60 (22) 39,269 -------- -------- --- -------- Net gain (loss) on investments ............ 154,167 2,710 (22) 132,197 -------- -------- --- -------- Reinvested capital gains ..................... -- -- 54 -- -------- -------- --- -------- Net increase (decrease) in contract owners' equity resulting from operations ....... $158,380 2,691 34 131,597 ======== ======== === ======== GVITGlUtl GVITGvtBd GVITGrowth GVITIDAgg --------- ----------- ---------- --------- Investment activity: Reinvested dividends ......................... -- 1,315,120 403 21 Mortality and expense risk charges (note 3) .. -- (126,407) (6,628) (3) --- ----------- -------- ---- Net investment income (loss) .............. -- 1,188,713 (6,225) 18 --- ----------- -------- ---- Proceeds from mutual fund shares sold ........ 98 65,945,448 776,777 902 Cost of mutual fund shares sold .............. (97) (64,841,641) (855,730) (881) --- ----------- -------- ---- Realized gain (loss) on investments ....... 1 1,103,807 (78,953) 21 Change in unrealized gain (loss) on investments ............................ -- (1,480,356) 731,053 437 --- ----------- -------- ---- Net gain (loss) on investments ............ 1 (376,549) 652,100 458 --- ----------- -------- ---- Reinvested capital gains ..................... -- 64,400 -- 19 --- ----------- -------- ---- Net increase (decrease) in contract owners' equity resulting from operations ....... 1 876,564 645,875 495 === =========== ======== ====
(Continued) 11 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2003
GVITIDCon GVITIDMod GVITIDModAgg GVITIDModCon --------- --------- ------------ ------------ Investment activity: Reinvested dividends ................................ $ 7,145 28 22 33 Mortality and expense risk charges (note 3) ......... (594) (3) (3) (3) ------- ---- ---- ---- Net investment income (loss) ..................... 6,551 25 19 30 ------- ---- ---- ---- Proceeds from mutual fund shares sold ............... 4,446 794 847 853 Cost of mutual fund shares sold ..................... (4,321) (789) (836) (845) ------- ---- ---- ---- Realized gain (loss) on investments .............. 125 5 11 8 Change in unrealized gain (loss) on investments ..... 15,420 290 388 183 ------- ---- ---- ---- Net gain (loss) on investments ................... 15,545 295 399 191 ------- ---- ---- ---- Reinvested capital gains ............................ 1,172 1 -- 3 ------- ---- ---- ---- Net increase (decrease) in contract owners's equity resulting from operations .............. $23,268 321 418 224 ======= ==== ==== ==== GVITIntGro GVITMyMkt GVITMyMkt5 NWGVITStrVal ---------- ----------- ----------- ------------ Investment activity: Reinvested dividends ................................ -- 248,429 392,410 166 Mortality and expense risk charges (note 3) ......... (105) (93,485) (147,744) (1,192) -------- ---------- ----------- ------- Net investment income (loss) ..................... (105) 154,944 244,666 (1,026) -------- ---------- ----------- ------- Proceeds from mutual fund shares sold ............... 276,551 7,996,284 34,305,176 61,279 Cost of mutual fund shares sold ..................... (257,693) (7,996,284) (34,305,176) (79,418) -------- ---------- ----------- ------- Realized gain (loss) on investments .............. 18,858 -- -- (18,139) Change in unrealized gain (loss) on investments ..... -- -- -- 176,351 -------- ---------- ----------- ------- Net gain (loss) on investments ................... 18,858 -- -- 158,212 -------- ---------- ----------- ------- Reinvested capital gains ............................ -- -- -- -- -------- ---------- ----------- ------- Net increase (decrease) in contract owners' equity resulting from operations ..................... 18,753 154,944 244,666 157,186 ======== ========== =========== =======
GVITSmCapGr GVITSmCapVal GVITSmComp GVITTotRt ----------- ------------ ---------- ---------- Investment activity: Reinvested dividends ................................ $ -- 26 -- 24,161 Mortality and expense risk charges (note 3) ......... (6,895) (12,413) (22,437) (15,485) --------- ---------- ---------- ---------- Net investment income (loss) ..................... (6,895) (12,387) (22,437) 8,676 --------- ---------- ---------- ---------- Proceeds from mutual fund shares sold ............... 811,923 4,820,475 4,859,830 5,826,747 Cost of mutual fund shares sold ..................... (853,937) (5,212,037) (5,084,331) (5,827,561) --------- ---------- ---------- ---------- Realized gain (loss) on investments .............. (42,014) (391,562) (224,501) (814) Change in unrealized gain (loss) on investments ..... 855,697 2,488,398 2,796,515 867,733 --------- ---------- ---------- ---------- Net gain (loss) on investments ................... 813,683 2,096,836 2,572,014 866,919 --------- ---------- ---------- ---------- Reinvested capital gains ............................ -- -- -- -- --------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations .............. $ 806,788 2,084,449 2,549,577 875,595 ========= ========== ========== ========== GVITUSGro GVITWLead GSVITMidCap JPMorBal --------- --------- ----------- ---------- Investment activity: Reinvested dividends ................................ -- -- 17,921 33,583 Mortality and expense risk charges (note 3) ......... (1) (135) (6,198) (4,194) --- ------- ------- ---------- Net investment income (loss) ..................... (1) (135) 11,723 29,389 --- ------- ------- ---------- Proceeds from mutual fund shares sold ............... 54 84,351 46,025 955,632 Cost of mutual fund shares sold ..................... (53) (85,101) (42,871) (1,042,105) --- ------- ------- ---------- Realized gain (loss) on investments .............. 1 (750) 3,154 (86,473) Change in unrealized gain (loss) on investments ..... 34 15,082 400,349 342,500 --- ------- ------- ---------- Net gain (loss) on investments ................... 35 14,332 403,503 256,027 --- ------- ------- ---------- Reinvested capital gains ............................ 79 -- 23,524 -- --- ------- ------- ---------- Net increase (decrease) in contract owners' equity resulting from operations .............. 113 14,197 438,750 285,416 === ======= ======= ==========
12 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2003
JanBal JanCapAp JanGITech JanIntGro -------- ---------- --------- ---------- Investment activity: Reinvested dividends ................................ $ 18,449 2,562 -- 7,559 Mortality and expense risk charges (note 3) ......... (2,380) (3,195) (2,190) (2,447) -------- ---------- -------- ---------- Net investment income (loss) ..................... 16,069 (633) (2,190) 5,112 -------- ---------- -------- ---------- Proceeds from mutual fund shares sold ............... 21,221 1,839,859 526,714 1,048,449 Cost of mutual fund shares sold ..................... (20,426) (2,167,716) (618,577) (1,163,089) -------- ---------- -------- ---------- Realized gain (loss) on investments .............. 795 (327,857) (91,863) (114,640) Change in unrealized gain (loss) on investments ..... 113,758 446,779 419,523 299,723 -------- ---------- -------- ---------- Net gain (loss) on investments ................... 114,553 118,922 327,660 185,083 -------- ---------- -------- ---------- Reinvested capital gains ............................ -- -- -- -- -------- ---------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ........... $130,622 118,289 325,470 190,195 ======== ========== ======== ========== MGVITMultiSec NBAMTFas NBAMTGro NBAMTGuard ------------- -------- -------- ---------- Investment activity: Reinvested dividends ................................ 124,122 -- -- 13,831 Mortality and expense risk charges (note 3) ......... (6,680) (381) (840) (3,326) -------- -------- ------- -------- Net investment income (loss) ..................... 117,442 (381) (840) 10,505 -------- -------- ------- -------- Proceeds from mutual fund shares sold ............... 641,398 610,084 37,559 388,974 Cost of mutual fund shares sold ..................... (621,787) (603,909) (29,379) (494,700) -------- -------- ------- -------- Realized gain (loss) on investments .............. 19,611 6,175 8,180 (105,726) Change in unrealized gain (loss) on investments ..... 117,271 21,863 81,810 566,224 -------- -------- ------- -------- Net gain (loss) on investments ................... 136,882 28,038 89,990 460,498 -------- -------- ------- -------- Reinvested capital gains ............................ -- 87 -- -- -------- -------- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations ........... 254,324 27,744 89,150 471,003 ======== ======== ======= ========
NBAMTLMat NBAMTMCGr NBAMTPart ONEMidCap --------- ---------- --------- --------- Investment activity Reinvested dividends ................................ $ 11,903 -- -- -- Mortality and expense risk charges (note 3) ......... (749) (7,344) (9,352) (2,064) --------- ---------- --------- ------- Net investment income (loss) ..................... 11,154 (7,344) (9,352) (2,064) --------- ---------- --------- ------- Proceeds from mutual fund shares sold ............... 465,081 1,139,331 362,907 82,303 Cost of mutual fund shares sold ..................... (465,030) (1,328,542) (438,565) (80,888) --------- ---------- --------- ------- Realized gain (loss) on investments .............. 51 (189,211) (75,658) 1,415 Change in unrealized gain (loss) on investments ..... (4,668) 771,579 1,167,877 129,846 --------- ---------- --------- ------- Net gain (loss) on investments ................... (4,617) 582,368 1,092,219 131,261 --------- ---------- --------- ------- Reinvested capital gains ............................ -- -- -- -- --------- ---------- --------- ------- Net increase (decrease) in contract owners' equity resulting from operations ........... $ 6,537 575,024 1,082,867 129,197 ========= ========== ========= ======= OppAggGro OppBdFd OppCapAp OppGlSec ---------- --------- ---------- ---------- Investment activity: Reinvested dividends ................................ -- 70,184 36,003 12,820 Mortality and expense risk charges (note 3) ......... (12,256) (2,966) (21,969) (5,253) ---------- -------- ---------- ---------- Net investment income (loss) ..................... (12,256) 67,218 14,034 7,567 ---------- -------- ---------- ---------- Proceeds from mutual fund shares sold ............... 1,712,472 472,200 3,419,764 1,532,659 Cost of mutual fund shares sold ..................... (2,412,222) (461,445) (4,809,269) (1,350,520) ---------- -------- ---------- ---------- Realized gain (loss) on investments .............. (699,750) 10,755 (1,389,505) 182,139 Change in unrealized gain (loss) on investments ..... 2,021,578 (4,539) 3,798,618 488,131 ---------- -------- ---------- ---------- Net gain (loss) on investments ................... 1,321,828 6,216 2,409,113 670,270 ---------- -------- ---------- ---------- Reinvested capital gains ............................ -- -- -- -- ---------- -------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ........... 1,309,572 73,434 2,423,147 677,837 ========== ======== ========== ==========
(Continued) 13 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2003
OppMSGrInc OppMultStr PIMLowDur PIMRealRet ----------- ---------- --------- ---------- Investment activity: Reinvested dividends ......................... $ 2,111 12,675 109,322 21,254 Mortality and expense risk charges (note 3)... (830) (1,187) (20,108) (3,054) --------- -------- -------- ---------- Net investment income (loss) .............. 1,281 11,488 89,214 18,200 --------- -------- -------- ---------- Proceeds from mutual fund shares sold ........ 357,970 111,332 198,554 2,373,833 Cost of mutual fund shares sold .............. (401,418) (103,247) (197,838) (2,355,298) --------- -------- -------- ---------- Realized gain (loss) on investments ....... (43,448) 8,085 716 18,535 Change in unrealized gain (loss) on investments ............................ 93,699 86,162 (13,411) (2,386) --------- -------- -------- ---------- Net gain (loss) on investments ............ 50,251 94,247 (12,695) 16,149 --------- -------- -------- ---------- Reinvested capital gains ..................... -- -- 29,389 25,140 --------- -------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations .......................... $ 51,532 105,735 105,908 59,489 ========= ======== ======== ========== PIMTotRet PionHY RoyMicro SGVITMdCpGr ---------- ---------- -------- ----------- Investment activity: Reinvested dividends ......................... 356,959 37,086 -- -- Mortality and expense risk charges (note 3)... (52,196) (1,289) (4,756) (1,503) ---------- ---------- ------- -------- Net investment income (loss) .............. 304,763 35,797 (4,756) (1,503) ---------- ---------- ------- -------- Proceeds from mutual fund shares sold ........ 5,343,293 1,201,796 125,572 188,478 Cost of mutual fund shares sold .............. (5,324,805) (1,073,216) (95,307) (262,356) ---------- ---------- ------- -------- Realized gain (loss) on investments ....... 18,488 128,580 30,265 (73,878) Change in unrealized gain (loss) on investments ............................ (120,029) 14,892 637,808 251,221 ---------- ---------- ------- -------- Net gain (loss) on investments ............ (101,541) 143,472 668,073 177,343 ---------- ---------- ------- -------- Reinvested capital gains ..................... 135,468 -- 107,641 -- ---------- ---------- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations .......................... 338,690 179,269 770,958 175,840 ========== ========== ======= ========
StOpp2 StDisc2 StIntStk2 TRPEI2 ----------- ------- --------- -------- Investment activity: Reinvested dividends ......................... $ 6,714 -- 70 21,655 Mortality and expense risk charges (note 3)... (26,243) (291) (2) (4,816) ----------- ------- ------ -------- Net investment income (loss) .............. (19,529) (291) 68 16,839 ----------- ------- ------ -------- Proceeds from mutual fund shares sold ........ 4,386,683 19,619 4,138 375,681 Cost of mutual fund shares sold .............. (5,218,551) (14,645) (4,191) (341,938) ----------- ------- ------ -------- Realized gain (loss) on investments ....... (831,868) 4,974 (53) 33,743 Change in unrealized gain (loss) on investments ............................ 3,711,990 32,539 (192) 279,549 ----------- ------- ------ -------- Net gain (loss) on investments ............ 2,880,122 37,513 (245) 313,292 ----------- ------- ------ -------- Reinvested capital gains ..................... -- -- -- -- ----------- ------- ------ -------- Net increase (decrease) in contract owners' equity resulting from operations .......................... $ 2,860,593 37,222 (177) 330,131 =========== ======= ====== ======== TRPMCG2 TurnGVITGro VEWrldBd VEWrldEMkt -------- ----------- -------- ---------- Investment activity: Reinvested dividends ......................... -- -- 535 302 Mortality and expense risk charges (note 3)... (5,156) -- (97) (835) -------- --- ------- -------- Net investment income (loss) .............. (5,156) -- 438 (533) -------- --- ------- -------- Proceeds from mutual fund shares sold ........ 751,315 59 84,695 359,846 Cost of mutual fund shares sold .............. (570,903) (58) (81,779) (327,493) -------- --- ------- -------- Realized gain (loss) on investments ....... 180,412 1 2,916 32,353 Change in unrealized gain (loss) on investments ............................ 511,011 37 (314) 97,555 -------- --- ------- -------- Net gain (loss) on investments ............ 691,423 38 2,602 129,908 -------- --- ------- -------- Reinvested capital gains ..................... -- -- -- -- -------- --- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations .......................... 686,267 38 3,040 129,375 ======== === ======= ========
14 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2003
VEWrldHAs VKEmMkt VKMidCapG VKUSRealEst --------- -------- --------- ----------- Investment activity: Reinvested dividends ......................... $ 977 -- -- -- Mortality and expense risk charges (note 3)... (574) (1,597) (212) (5,718) --------- -------- -------- ---------- Net investment income (loss) .............. 403 (1,597) (212) (5,718) --------- -------- -------- ---------- Proceeds from mutual fund shares sold ........ 495,028 513,457 420,233 1,339,401 Cost of mutual fund shares sold .............. (487,201) (432,324) (412,534) (1,390,364) --------- -------- -------- ---------- Realized gain (loss) on investments ....... 7,827 81,133 7,699 (50,963) Change in unrealized gain (loss) on investments ............................ 55,668 55,823 29,885 666,018 --------- -------- -------- ---------- Net gain (loss) on investments ............ 63,495 136,956 37,584 615,055 --------- -------- -------- ---------- Reinvested capital gains ..................... -- -- -- -- --------- -------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations .......................... $ 63,898 135,359 37,372 609,337 ========= ======== ======== ==========
See accompanying notes to financial statements. ================================================================================ 15 ================================================================================ NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY Years Ended December 31, 2003 and 2002
Total AIMBVF AllVGroInc ACVPBal -------------------------- ------------ ----------------- ------------------ 2003 2002 2003 2002 2003 2002 2003 2002 ------------ ----------- ----- ---- --------- ----- ------- -------- Investment activity: Net investment income (loss) ............. $ 3,566,018 5,878,872 (3) -- (1,870) -- 5,788 14,933 Realized gain (loss) on investments ...... (12,493,479) (38,707,171) 40 -- 10,242 -- 879 (78,392) Change in unrealized gain (loss) on investments ........................ 60,899,618 (15,963,010) 577 -- 236,542 (67) 39,911 1,259 Reinvested capital gains ................. 387,027 1,540,964 -- -- -- -- -- -- ------------ ----------- ----- --- --------- ----- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations ......................... 52,359,184 (47,250,345) 614 -- 244,914 (67) 46,578 (62,200) ------------ ----------- ----- --- --------- ----- ------- -------- Equity transactions: Purchase payments received from contract owners (note 6) .............. 23,342,950 63,399,489 2,165 -- 188 -- (78) 162,137 Transfers between funds .................. -- -- 1,471 -- 3,479,771 1,956 92,670 (272,150) Surrenders (note 6) ...................... (38,769,687) (60,265,530) (67) -- -- -- -- (171,111) Death benefits (note 4) .................. (552,052) (509,893) -- -- (1,306) -- -- (3,335) Net policy repayments (loans) (note 5) ... (849) -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ..................... (7,846,978) (9,461,350) (104) -- (10,087) 4 (10,553) (16,887) ------------ ----------- ----- --- --------- ----- ------- -------- Net equity transactions ............ (23,826,616) (6,837,284) 3,465 -- 3,468,566 1,960 82,039 (301,346) ------------ ----------- ----- --- --------- ----- ------- -------- Net change in contract owners' equity ....... 28,532,568 (54,087,629) 4,079 -- 3,713,480 1,893 128,617 (363,546) Contract owners' equity beginning of period ................................ 354,676,076 408,763,705 -- -- 1,893 -- 228,561 592,107 ------------ ----------- ----- --- --------- ----- ------- -------- Contract owners' equity end of period ....... $383,208,644 354,676,076 4,079 -- 3,715,373 1,893 357,178 228,561 ============ =========== ===== === ========= ===== ======= ======== CHANGES IN UNITS: Beginning units .......................... 36,867,893 38,088,234 -- -- 189 -- 25,913 60,611 ------------ ----------- ----- --- --------- ----- ------- -------- Units purchased .......................... 22,247,075 36,704,181 383 -- 281,409 189 15,557 76,772 Units redeemed ........................... (23,104,462) (37,924,522) (72) -- (920) -- (7,510) (111,470) ------------ ----------- ----- --- --------- ----- ------- -------- Ending units ............................. 36,010,506 36,867,893 311 -- 280,678 189 33,960 25,913 ============ =========== ===== === ========= ===== ======= ========
16 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
ACVPCapAp ACVPIncGr ACVPInt ACVPUltra ------------------ --------------------- ----------------------- ------------ 2003 2002 2003 2002 2003 2002 2003 2002 -------- -------- --------- ---------- ---------- ----------- ------ ---- Investment activity: Net investment income (loss) ............. $ (1,092) (2,196) 86,556 45,094 39,073 74,676 (15) -- Realized gain (loss) on investments ...... (8,358) (249,251) (437,670) (482,990) (1,536,974) (6,325,256) 193 -- Change in unrealized gain (loss) on investments ........................ 88,760 72,172 2,351,299 (1,433,473) 3,330,374 2,100,932 1,174 -- Reinvested capital gains ................. -- -- -- -- -- -- -- -- -------- -------- --------- ---------- ---------- ----------- ------ --- Net increase (decrease) in contract owners' equity resulting from operations ......................... 79,310 (179,275) 2,000,185 (1,871,369) 1,832,473 (4,149,648) 1,352 -- -------- -------- --------- ---------- ---------- ----------- ------ --- Equity transactions: Purchase payments received from contract owners (note 6) .............. (72) 80,961 276,644 3,547,290 236,844 3,048,341 3,802 -- Transfers between funds .................. 88,018 142,544 (131,550) (969,228) (5,418,950) (7,515,482) 6,716 -- Surrenders (note 6) ...................... -- (438,246) (515,138) -- (193,479) (1,124,408) (231) -- Death benefits (note 4) .................. -- (2,448) (14,016) (11,949) (18,142) (11,216) -- -- Net policy repayments (loans) (note 5) ... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ..................... (13,248) (17,868) (124,319) (148,720) (147,068) (341,979) (227) -- -------- -------- --------- ---------- ---------- ----------- ------ --- Net equity transactions ............ 74,698 (235,057) (508,379) 2,417,393 (5,540,795) (5,944,744) 10,060 -- -------- -------- --------- ---------- ---------- ----------- ------ --- Net change in contract owners' equity ....... 154,008 (414,332) 1,491,806 546,024 (3,708,322) (10,094,392) 11,412 -- Contract owners' equity beginning of period ................................ 374,492 788,824 7,481,822 6,935,798 10,535,512 20,629,904 -- -- -------- -------- --------- ---------- ---------- ----------- ------ --- Contract owners' equity end of period ....... 528,500 374,492 8,973,628 7,481,822 6,827,190 10,535,512 11,412 -- ======== ======== ========= ========== ========== =========== ====== === CHANGES IN UNITS: Beginning units .......................... 42,060 71,775 933,307 690,257 1,419,968 2,210,557 -- -- -------- -------- --------- ---------- ---------- ----------- ------ --- Units purchased .......................... 24,759 81,803 357,333 567,796 287,800 695,821 1,415 -- Units redeemed ........................... (18,404) (111,518) (423,534) (324,746) (967,410) (1,486,410) (273) -- -------- -------- --------- ---------- ---------- ----------- ------ --- Ending units ............................. 48,415 42,060 867,106 933,307 740,358 1,419,968 1,142 -- ======== ======== ========= ========== ========== =========== ====== ===
(Continued) 17 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
ACVPVal BCAT CVSSEP ComGVITVal ------------------------ ------------- ---------------------- ----------------- 2003 2002 2003 2002 2003 2002 2003 2002 ----------- ---------- ------ ---- ---------- --------- ------ -------- Investment activity: Net investment income (loss)........... $ 59,530 43,050 (13) -- (1,154) (933) 516 1,745 Realized gain (loss) on investments.... (259,166) (129,120) -- -- (227,817) (48) 592 (98,434) Change in unrealized gain (loss) on investments...................... 1,788,027 (1,627,865) 712 -- 78,830 (78,830) 12,724 19,308 Reinvested capital gains............... -- 453,115 -- -- -- -- -- -- ----------- ---------- ------ --- ---------- --------- ------ -------- Net increase (decrease) in contract owners' equity resulting from operations........ 1,588,391 (1,260,820) 699 -- (150,141) (79,811) 13,832 (77,381) ----------- ---------- ------ --- ---------- --------- ------ -------- Equity transactions: Purchase payments received from contract owners (note 6)............ 195,237 849,176 -- -- 236,508 -- 2,645 13,865 Transfers between funds................ (4,381,462) 2,037,332 65,999 -- (3,088,584) 3,091,541 10,015 (158,523) Surrenders (note 6).................... (998,714) (330,249) (97) -- -- -- -- (67,507) Death benefits (note 4)................ -- (3,820) -- -- -- -- -- (1,019) Net policy repayments (loans) (note 5)............................ -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)................... (179,372) (240,457) 2 -- (269) (9,244) (1,705) (9,074) ----------- ---------- ------ --- ---------- --------- ------ -------- Net equity transactions.......... (5,364,311) 2,311,982 65,904 -- (2,852,345) 3,082,297 10,955 (222,258) ----------- ---------- ------ --- ---------- --------- ------ -------- Net change in contract owners' equity..... (3,775,920) 1,051,162 66,603 -- (3,002,486) 3,002,486 24,787 (299,639) Contract owners' equity beginning of period.............................. 8,432,581 7,381,419 -- -- 3,002,486 -- 35,308 334,947 ----------- ---------- ------ --- ---------- --------- ------ -------- Contract owners' equity end of period..... $ 4,656,661 8,432,581 66,603 -- -- 3,002,486 60,095 35,308 =========== ========== ====== === ========== ========= ====== ======== CHANGES IN UNITS: Beginning units........................ 787,711 602,664 -- -- 292,051 -- 4,863 34,435 ----------- ---------- ------ --- ---------- --------- ------ -------- Units purchased........................ 154,781 701,777 5,305 -- 749 292,051 5,731 3,567 Units redeemed......................... (604,976) (516,730) (10) -- (292,800) -- (4,310) (33,139) ----------- ---------- ------ --- ---------- --------- ------ -------- Ending units........................... 337,516 787,711 5,295 -- -- 292,051 6,284 4,863 =========== ========== ====== === ========== ========= ====== ========
18 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
CSGPVen CSIntEq CSLCapV CSSmCapGr -------------------- ----------------- ----------------- --------------------- 2003 2002 2003 2002 2003 2002 2003 2002 --------- --------- ------- -------- -------- ------- --------- ---------- Investment activity: Net investment income (loss) ............. $ (1,061) (1,818) 8 (924) 691 1,880 (2,143) (11,274) Realized gain (loss) on investments ...... 112,396 (215,307) 29,378 (18,477) (46,585) (8,880) 89,817 (1,767,511) Change in unrealized gain (loss) on investments ........................ 69,511 10,436 9,837 (330) 75,199 (54,098) 244,757 99,740 Reinvested capital gains ................. -- -- -- -- -- -- -- -- --------- --------- ------- -------- -------- ------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations .......... 180,846 (206,689) 39,223 (19,731) 29,305 (61,098) 332,431 (1,679,045) --------- --------- ------- -------- -------- ------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) .............. (5,005) 23,873 5,243 (89,065) 26,208 46,109 63,048 236,391 Transfers between funds .................. (132,271) 138,677 4,011 -- (50,777) 146,676 883,755 (42,410) Surrenders (note 6) ...................... (29,330) (153,184) (33,953) (30,981) (66,516) -- -- (3,566,304) Death benefits (note 4) .................. -- (1,709) -- (981) -- (172) -- (1,386) Net policy repayments (loans) (note 5) ... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ..................... (11,447) (12,816) (11,721) 43,477 (3,915) (4,798) (36,972) (83,720) --------- --------- ------- -------- -------- ------- --------- ---------- Net equity transactions ............ (178,053) (5,159) (36,420) (77,550) (95,000) 187,815 909,831 (3,457,429) --------- --------- ------- -------- -------- ------- --------- ---------- Net change in contract owners' equity ....... 2,793 (211,848) 2,803 (97,281) (65,695) 126,717 1,242,262 (5,136,474) Contract owners' equity beginning of period ................................ 299,720 511,568 84,164 181,445 231,423 104,706 477,398 5,613,872 --------- --------- ------- -------- -------- ------- --------- ---------- Contract owners' equity end of period ....... $ 302,513 299,720 86,967 84,164 165,728 231,423 1,719,660 477,398 ========= ========= ======= ======== ======== ======= ========= ========== CHANGES IN UNITS: Beginning units .......................... 53,748 60,385 13,536 23,360 26,190 9,126 80,161 623,977 --------- --------- ------- -------- -------- ------- --------- ---------- Units purchased .......................... 23,297 79,363 13,131 91,295 8,743 38,986 139,865 416,658 Units redeemed ........................... (40,335) (86,000) (16,169) (101,119) (19,934) (21,922) (25,297) (960,474) --------- --------- ------- -------- -------- ------- --------- ---------- Ending units ............................. 36,710 53,748 10,498 13,536 14,999 26,190 194,729 80,161 ========= ========= ======= ======== ======== ======= ========= ==========
(Continued) 19 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
DryMidCapIx DryEuroEq DryMidCapStk DrySmCapIxS --------------------- --------------- -------------- -------------- 2003 2002 2003 2002 2003 2002 2003 2002 --------- --------- ----- ------- ------- ---- ------- ---- Investment activity: Net investment income (loss) ............... $ 1,296 (341) -- (195) 948 -- (106) -- Realized gain (loss) on investments ........ (19,488) (92,155) -- (18,903) 6,704 -- (12,801) -- Change in unrealized gain (loss) on investments ............................. 255,804 (148,539) -- 194 844 -- 963 -- Reinvested capital gains ................... 4 7,781 -- -- -- -- 46 -- --------- --------- --- ------- ------- --- ------- --- Net increase (decrease) in contract owners' equity resulting from operations ........................... 237,616 (233,254) -- (18,904) 8,496 -- (11,898) -- --------- --------- --- ------- ------- --- ------- --- Equity transactions: Purchase payments received from contract owners (note 6) ......................... 135,989 77,813 -- 1,110 (6,420) -- (157) -- Transfers between funds .................... (353,438) (35,360) -- 15,568 449,258 -- 23,230 -- Surrenders (note 6) ........................ (51,607) (359,321) -- -- (98) -- -- -- Death benefits (note 4) .................... (399) (1,991) -- -- -- -- -- -- Net policy repayments (loans) (note 5)...... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ....................... (15,631) (29,094) -- (1,095) (35) -- (1,942) -- --------- --------- --- ------- ------- --- ------- --- Net equity transactions .............. (285,086) (347,953) -- 15,583 442,705 -- 21,131 -- --------- --------- --- ------- ------- --- ------- --- Net change in contract owners' equity ......... (47,470) (581,207) -- (3,321) 451,201 -- 9,233 -- Contract owners' equity beginning of period ... 672,291 1,253,498 -- 3,321 -- -- -- -- --------- --------- --- ------- ------- --- ------- --- Contract owners' equity end of period ......... $ 624,821 672,291 -- -- 451,201 -- 9,233 -- ========= ========= === ======= ======= === ======= === CHANGES IN UNITS: Beginning units ............................ 59,532 93,948 -- 368 -- -- -- -- --------- --------- --- ------- ------- --- ------- --- Units purchased ............................ 33,258 65,934 -- 16,124 34,450 -- 8,699 -- Units redeemed ............................. (51,743) (100,350) -- (16,492) (13) -- (7,820) -- --------- --------- --- ------- ------- --- ------- --- Ending units ............................... 41,047 59,532 -- -- 34,437 -- 879 -- ========= ========= === ======= ======= === ======= ===
20 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
DrySRGro DryStkIx DryVIFApp DryVIFGrInc ------------------ ----------------------- ---------------------- ----------------- 2003 2002 2003 2002 2003 2002 2003 2002 -------- -------- ---------- ----------- ---------- ---------- ------- -------- Investment activity: Net investment income (loss) .......... $ (434) (497) 422,135 376,422 22,127 33,097 3,029 1,711 Realized gain (loss) on investments ... (3,281) (165,654) (2,606,489) (9,331,760) (442,297) (2,232,103) 1,252 (183,493) Change in unrealized gain (loss) on investments ..................... 74,901 38,281 10,819,143 (2,037,905) 1,213,972 113,572 108,111 (2,931) Reinvested capital gains .............. -- -- -- -- -- -- -- -- -------- -------- ---------- ----------- ---------- ---------- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations ...................... 71,186 (127,870) 8,634,789 (10,993,243) 793,802 (2,085,434) 112,392 (184,713) -------- -------- ---------- ----------- ---------- ---------- ------- -------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 13,910 30,408 2,766,689 7,833,246 502,673 832,320 (951) 20,288 Transfers between funds ............... (2,950) (89,635) 4,944,020 (5,094,505) (3,460,833) 662,105 156,717 87,272 Surrenders (note 6) ................... (21,435) -- (1,890,428) (10,889,837) (592,692) (8,288,157) -- (252,773) Death benefits (note 4) ............... -- (933) (22,462) (60,450) (1,499) (4,202) -- (799) Net policy repayments (loans) (note 5) ........................... -- -- 183,582 -- -- -- 183,582 -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (7,770) (9,866) (818,996) (1,066,290) (119,590) (253,167) (16,066) (21,838) -------- -------- ---------- ----------- ---------- ---------- ------- -------- Net equity transactions ......... (18,245) (70,026) 5,162,405 (9,277,836) (3,671,941) (7,051,101) 323,282 (167,850) -------- -------- ---------- ----------- ---------- ---------- ------- -------- Net change in contract owners' equity .... 52,941 (197,896) 13,797,194 (20,271,079) (2,878,139) (9,136,535) 435,674 (352,563) Contract owners' equity beginning of period ................................ 289,222 487,118 28,602,045 48,873,124 5,577,208 14,713,743 290,019 642,582 -------- -------- ---------- ----------- ---------- ---------- ------- -------- Contract owners' equity end of period ............................. $342,163 289,222 42,399,239 28,602,045 2,699,069 5,577,208 725,693 290,019 ======== ======== ========== =========== ========== ========== ======= ======== CHANGES IN UNITS: Beginning units ....................... 41,194 49,368 3,662,912 4,709,891 611,476 1,344,510 40,612 67,090 -------- -------- ---------- ----------- ---------- ---------- ------- -------- Units purchased ....................... 11,494 38,713 1,865,324 3,517,549 156,383 1,005,374 51,438 119,588 Units redeemed ........................ (13,974) (46,887) (1,314,544) (4,564,528) (523,338) (1,738,408) (11,602) (146,066) -------- -------- ---------- ----------- ---------- ---------- ------- -------- Ending units .......................... 38,714 41,194 4,213,692 3,662,912 244,521 611,476 80,448 40,612 ======== ======== ========== =========== ========== ========== ======= ========
(Continued) 21 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
DryIntVal FGVITHiInc FedQualBd FidVIPEI --------------- ---------------------- --------------------- ------------------ 2003 2002 2003 2002 2003 2002 2003 2002 -------- ---- --------- ---------- --------- --------- ------- -------- Investment activity: Net investment income (loss) .......... $ 1,762 -- 114,326 93,366 95,133 38,932 1,656 3,624 Realized gain (loss) on investments ... 635 -- 27,545 (75,541) 59,717 59,225 8,402 (84,883) Change in unrealized gain (loss) on investments ..................... 45,372 -- 162,510 53,546 (26,158) 39,538 52,780 (5,615) Reinvested capital gains .............. -- -- -- -- -- 16,725 -- 6,307 -------- --- --------- ---------- --------- --------- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations ....... 47,769 -- 304,381 71,371 128,692 154,420 62,838 (80,567) -------- --- --------- ---------- --------- --------- ------- -------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 41 -- 188,261 413,881 215,633 45,279 28,918 17,731 Transfers between funds ............... 216,383 -- 396,251 (1,464,679) 1,353,803 758,200 78,787 (78,617) Surrenders (note 6) ................... -- -- (86,402) -- (219,125) (43,659) (10,255) (232,748) Death benefits (note 4) ............... -- -- (1,143) -- (1,788) (3,607) -- (708) Net policy repayments (loans) (note 5) ........................... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (1,801) -- (38,606) (46,066) (83,907) (55,391) (3,854) (8,660) -------- --- --------- ---------- --------- --------- ------- -------- Net equity transactions ......... 214,623 -- 458,361 (1,096,864) 1,264,616 700,822 93,596 (303,002) -------- --- --------- ---------- --------- --------- ------- -------- Net change in contract owners' equity .... 262,392 -- 762,742 (1,025,493) 1,393,308 855,242 156,434 (383,569) Contract owners' equity beginning of period ............................. -- -- 954,848 1,980,341 1,877,120 1,021,878 100,281 483,850 -------- --- --------- ---------- --------- --------- ------- -------- Contract owners' equity end of period .... $262,392 -- 1,717,590 954,848 3,270,428 1,877,120 256,715 100,281 ======== === ========= ========== ========= ========= ======= ======== CHANGES IN UNITS: Beginning units ....................... -- -- 94,589 202,186 147,567 87,721 12,619 50,510 -------- --- --------- ---------- --------- --------- ------- -------- Units purchased ....................... 40,914 -- 126,940 72,279 173,220 280,193 14,781 28,820 Units redeemed ........................ (20,461) -- (82,490) (179,876) (74,921) (220,347) (2,555) (66,711) -------- --- --------- ---------- --------- --------- ------- -------- Ending units .......................... 20,453 -- 139,039 94,589 245,866 147,567 24,845 12,619 ======== === ========= ========== ========= ========= ======= ========
22 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
FidVIPEIS FidVIPGr ----------------------- ---------------------- 2003 2002 2003 2002 ---------- ---------- --------- ---------- Investment activity: Net investment income (loss) .......... $ 41,906 45,690 587 (522) Realized gain (loss) on investments ... (292,422) (487,817) (728,865) (756,821) Change in unrealized gain (loss) on investments ..................... 1,686,703 (880,156) 2,021,527 (1,251,260) Reinvested capital gains .............. -- 89,393 -- -- ---------- ---------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 1,436,187 (1,232,890) 1,293,249 (2,008,603) ---------- ---------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 268,388 320,409 87,161 151,801 Transfers between funds ............... 1,189,281 1,156,512 (754,585) (252,396) Surrenders (note 6) ................... (143,559) -- (83,468) (449,922) Death benefits (note 4) ............... (8,548) (2,187) -- (1,809) Net policy repayments (loans) (note 5) ........................... -- -- 183,582 -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (129,202) (135,765) (110,729) (123,556) ---------- ---------- --------- ---------- Net equity transactions ......... 1,176,360 1,338,969 (678,039) (675,882) ---------- ---------- --------- ---------- Net change in contract owners' equity .... 2,612,547 106,079 615,210 (2,684,485) Contract owners' equity beginning of period ............................. 3,833,430 3,727,351 4,007,154 6,691,639 ---------- ---------- --------- ---------- Contract owners' equity end of period .... $6,445,977 3,833,430 4,622,364 4,007,154 ========== ========== ========= ========== CHANGES IN UNITS: Beginning units ....................... 432,799 348,625 670,852 782,177 ---------- ---------- --------- ---------- Units purchased ....................... 236,910 485,719 45,919 818,450 Units redeemed ........................ (109,412) (401,545) (132,845) (929,775) ---------- ---------- --------- ---------- Ending units .......................... 560,297 432,799 583,926 670,852 ========== ========== ========= ========== FidVIPGrS FidVIPHI ----------------------- ---------------------- 2003 2002 2003 2002 ---------- ---------- --------- ---------- Investment activity: Net investment income (loss) .......... (301) (21,355) 99,977 214,164 Realized gain (loss) on investments ... (1,859,398) (1,574,319) 73,394 (520,589) Change in unrealized gain (loss) on investments ..................... 6,205,534 (4,469,066) 228,450 281,904 Reinvested capital gains .............. -- -- -- -- ---------- ---------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 4,345,835 (6,064,740) 401,821 (24,521) ---------- ---------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 314,212 4,570,364 361 479 Transfers between funds ............... 41,352 (212,070) 629,499 705,473 Surrenders (note 6) ................... (955,955) (64,018) -- (1,313,120) Death benefits (note 4) ............... (8,685) (16,042) -- (370) Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (262,383) (305,842) (34,802) (34,872) ---------- ---------- --------- ---------- Net equity transactions ......... (871,459) 3,972,392 595,058 (642,410) ---------- ---------- --------- ---------- Net change in contract owners' equity .... 3,474,376 (2,092,348) 996,879 (666,931) Contract owners' equity beginning of period ............................. 14,240,330 16,332,678 1,521,604 2,188,535 ---------- ---------- --------- ---------- Contract owners' equity end of period .... 17,714,706 14,240,330 2,518,483 1,521,604 ========== ========== ========= ========== CHANGES IN UNITS: Beginning units ....................... 1,951,492 1,545,524 167,303 248,600 ---------- ---------- --------- ---------- Units purchased ....................... 693,111 602,369 63,730 242,204 Units redeemed ........................ (806,306) (196,401) (12,939) (323,501) ---------- ---------- --------- ---------- Ending units .......................... 1,838,297 1,951,492 218,094 167,303 ========== ========== ========= ==========
(Continued) 23 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
FidVIPHIS FidVIPOv ---------------------- ---------------------- 2003 2002 2003 2002 ---------- --------- --------- ---------- Investment activity: Net investment income (loss) .......... $ 197,164 147,221 1,897 12,307 Realized gain (loss) on investments ... 92,550 (196,970) (12,413) (619,027) Change in unrealized gain (loss) on investments ..................... 274,223 106,150 250,477 310,753 Reinvested capital gains .............. -- -- -- -- ---------- --------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 563,937 56,401 239,961 (295,967) ---------- --------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 306,510 509,475 35,428 91,928 Transfers between funds ............... (199,985) 1,250,961 999,283 240,325 Surrenders (note 6) ................... (993,747) (69,723) (28,727) (2,201,276) Death benefits (note 4) ............... (4,595) (1,298) -- (4,541) Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .......... (91,011) (102,176) (12,358) (38,746) ---------- --------- --------- ---------- Net equity transactions ......... (982,828) 1,587,239 993,626 (1,912,310) ---------- --------- --------- ---------- Net change in contract owners' equity .... (418,891) 1,643,640 1,233,587 (2,208,277) Contract owners' equity beginning of period ............................. 2,729,146 1,085,506 387,282 2,595,559 ---------- --------- --------- ---------- Contract owners' equity end of period .... $2,310,255 2,729,146 1,620,869 387,282 ========== ========= ========= ========== CHANGES IN UNITS: Beginning units ....................... 401,989 165,596 61,653 329,072 ---------- --------- --------- ---------- Units purchased ....................... 115,224 529,927 125,345 239,079 Units redeemed ........................ (249,103) (293,534) (6,569) (506,498) ---------- --------- --------- ---------- Ending units .......................... 268,110 401,989 180,429 61,653 ========== ========= ========= ========== FidVIPOvS FidVIPAM ---------------------- ---------------------- 2003 2002 2003 2002 ---------- --------- --------- ---------- Investment activity: Net investment income (loss) .......... 13,850 11,608 98,226 329,361 Realized gain (loss) on investments ... (736,566) (300,416) (20,996) (1,188,802) Change in unrealized gain (loss) on investments ..................... 1,627,578 (548,641) 433,269 (90,138) Reinvested capital gains .............. -- -- -- -- ---------- --------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 904,862 (837,449) 510,499 (949,579) ---------- --------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 336,075 804,162 12,049 127,676 Transfers between funds ............... (555,854) 175,112 459,568 620,125 Surrenders (note 6) ................... (957,734) (272,158) -- (6,124,837) Death benefits (note 4) ............... (2,049) (373) -- (3,587) Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .......... (85,728) (164,144) (95,961) (142,353) ---------- --------- --------- ---------- Net equity transactions ......... (1,265,290) 542,599 375,656 (5,522,976) ---------- --------- --------- ---------- Net change in contract owners' equity .... (360,428) (294,850) 886,155 (6,472,555) Contract owners' equity beginning of period ............................. 3,080,319 3,375,169 2,567,935 9,040,490 ---------- --------- --------- ---------- Contract owners' equity end of period .... 2,719,891 3,080,319 3,454,090 2,567,935 ========== ========= ========= ========== CHANGES IN UNITS: Beginning units ....................... 454,474 396,195 289,913 930,387 ---------- --------- --------- ---------- Units purchased ....................... 222,524 311,158 78,753 714,872 Units redeemed ........................ (396,836) (252,879) (37,382) (1,355,346) ---------- --------- --------- ---------- Ending units .......................... 280,162 454,474 331,284 289,913 ========== ========= ========= ==========
24 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
FidVIPCon FidVIPConS FidVIPGrOp FidVIPGrOPS ------------------- --------------------- ------------------ -------------------- 2003 2002 2003 2002 2003 2002 2003 2002 -------- --------- ---------- --------- -------- -------- --------- --------- Investment activity Net investment income (loss) .......... $ 334 5,462 3,456 20,503 6,141 7,666 3,857 5,119 Realized gain (loss) on investments ... 11,261 (103,877) (756,647) (420,783) (27,208) (48,878) (133,773) (190,391) Change in unrealized gain (loss) on investments ..................... 88,176 14,877 2,197,581 (182,776) 252,689 (137,098) 374,378 (62,429) Reinvested capital gains .............. -- -- -- -- -- -- -- -- -------- --------- ---------- --------- -------- -------- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations ....... 99,771 (83,538) 1,444,390 (583,056) 231,622 (178,310) 244,462 (247,701) -------- --------- ---------- --------- -------- -------- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 12,179 1,230 1,140,655 1,667,609 17,478 809 16,818 29,604 Transfers between funds ............... (34,160) (282,481) 755,522 (527,572) (231,580) 197,270 (178,650) (624,905) Surrenders (note 6) ................... -- (585,597) (1,160,274) (268,751) -- (59,919) (71,456) -- Death benefits (note 4) ............... -- (1,815) (4,605) (1,255) -- -- -- (22,530) Net policy repayments (loans) (note 5) ........................... 183,582 -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .. ............... (19,026) (35,329) (135,374) (236,329) (30,858) (20,986) (43,946) (44,468) -------- --------- ---------- --------- -------- -------- --------- --------- Net equity transactions ......... 142,575 (903,992) 595,924 633,702 (244,960) 117,174 (277,234) (662,299) -------- --------- ---------- --------- -------- -------- --------- --------- Net change in contract owners' equity .... 242,346 (987,530) 2,040,314 50,646 (13,338) (61,136) (32,772) (910,000) Contract owners' equity beginning of period ............................. 293,663 1,281,193 5,579,129 5,528,483 854,898 916,034 1,125,794 2,035,794 -------- --------- ---------- --------- -------- -------- --------- --------- Contract owners' equity end of period .... $536,009 293,663 7,619,443 5,579,129 841,560 854,898 1,093,022 1,125,794 ======== ========= ========== ========= ======== ======== ========= ========= CHANGES IN UNITS: Beginning units ....................... 35,930 141,885 542,502 486,210 123,821 103,589 176,094 248,120 -------- --------- ---------- --------- -------- -------- --------- --------- Units purchased ....................... 26,496 101,801 490,187 340,386 -- 147,319 100,135 51,462 Units redeemed ........................ (11,274) (207,756) (456,350) (284,094) (29,733) (127,087) (144,527) (123,488) -------- --------- ---------- --------- -------- -------- --------- --------- Ending units .......................... 51,152 35,930 576,339 542,502 94,088 123,821 131,702 176,094 ======== ========= ========== ========= ======== ======== ========= =========
(Continued) 25 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
FidVIPValStS FTVIPFS GVITEmMrkts GVITGIFin ----------------- ---------------- --------------- ----------- 2003 2002 2003 2002 2003 2002 2003 2002 -------- ------ --------- ---- ------ ------ ---- ---- Investment activity: Net investment income (loss) .......... $ (135) (47) 4,213 -- (19) -- 2 -- Realized gain (loss) on investments ... (20,120) 33 2,067 -- 2,650 67 -- -- Change in unrealized gain (loss) on investments ..................... (1,822) 1,822 152,100 -- 60 -- (22) -- Reinvested capital gains .............. -- -- -- -- -- -- 54 -- -------- ------ --------- --- ------ ------ --- --- Net increase (decrease) in contract owners' equity resulting from operations ....... (22,077) 1,808 158,380 -- 2,691 67 34 -- -------- ------ --------- --- ------ ------ --- --- Equity transactions: Purchase payments received from contract owners (note 6) ........... -- -- 1,846 -- -- 4,295 -- -- Transfers between funds ............... 35,327 27,136 975,631 -- (1,130) (4,355) 567 -- Surrenders (note 6) ................... (39,100) -- (1,023) -- (101) -- -- -- Death benefits (note 4) ............... -- -- -- -- -- -- -- -- Net policy repayments (loans) (note 5) ................... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (2,370) (724) (7,291) -- 950 (7) (3) -- -------- ------ --------- --- ------ ------ --- --- Net equity transactions ......... (6,143) 26,412 969,163 -- (281) (67) 564 -- -------- ------ --------- --- ------ ------ --- --- Net change in contract owners' equity .... (28,220) 28,220 1,127,543 -- 2,410 -- 598 -- Contract owners' equity beginning of period ............................. 28,220 -- -- -- -- -- -- -- -------- ------ --------- --- ------ ------ --- --- Contract owners' equity end of period .... $ -- 28,220 1,127,543 -- 2,410 -- 598 -- ======== ====== ========= === ====== ====== === === CHANGES IN UNITS: Beginning units ....................... 3,768 -- -- -- -- -- -- -- -------- ------ --------- --- ------ ------ --- --- Units purchased ....................... 19,439 3,867 109,276 -- 284 491 49 -- Units redeemed ........................ (23,207) (99) (18,983) -- (74) (491) -- -- -------- ------ --------- --- ------ ------ --- --- Ending units .......................... -- 3,768 90,293 -- 210 -- 49 -- ======== ====== ========= === ====== ====== === ===
26 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
GVITGITech GVITGlUtl GVITGvtBd GVITGrowth ------------------- ----------- ------------------------ ---------------------- 2003 2002 2003 2002 2003 2002 2003 2002 --------- ------- ---- ---- ----------- ---------- --------- ---------- Investment activity: Net investment income (loss) .......... $ (600) (51) -- -- 1,188,713 2,830,895 (6,225) (4,992) Realized gain (loss) on investments ... 92,928 (7) 1 -- 1,103,807 1,583,209 (78,953) (1,012,331) Change in unrealized gain (loss) on investments ..................... 39,269 (40,076) -- -- (1,480,356) 1,617,021 731,053 509,235 Reinvested capital gains .............. -- -- -- -- 64,400 596,999 -- -- --------- ------- --- --- ----------- ---------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 131,597 (40,134) 1 -- 876,564 6,628,124 645,875 (508,088) --------- ------- --- --- ----------- ---------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... (682) -- -- -- 1,650,107 7,416,403 175,148 352,369 Transfers between funds ............... (317,280) 248,357 97 -- (35,490,377) 4,445,216 1,274,964 (876,631) Surrenders (note 6) ................... -- -- (98) -- (20,809,450) (3,437,645) (52,314) (540,704) Death benefits (note 4) ............... -- -- -- -- (52,931) (91,823) (6,258) (1,205) Net policy repayments (loans) (note 5) -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (5,712) (1) -- -- (932,660) (1,443,726) (38,755) (58,392) --------- ------- --- --- ----------- ---------- --------- ---------- Net equity transactions ......... (323,674) 248,356 (1) -- (55,635,311) 6,888,425 1,352,785 (1,124,563) --------- ------- --- --- ----------- ---------- --------- ---------- Net change in contract owners' equity .... (192,077) 208,222 -- -- (54,758,747) 13,516,549 1,998,660 (1,632,651) Contract owners' equity beginning of period ............................. 208,222 -- -- -- 76,599,775 63,083,226 731,914 2,364,565 --------- ------- --- --- ----------- ---------- --------- ---------- Contract owners' equity end of period .... $ 16,145 208,222 -- -- 21,841,028 76,599,775 2,730,574 731,914 ========= ======= === === =========== ========== ========= ========== CHANGES IN UNITS: Beginning units ....................... 106,277 -- -- -- 5,570,936 5,107,172 168,510 388,409 --------- ------- --- --- ----------- ---------- --------- ---------- Units purchased ....................... 26,053 106,277 11 -- 965,811 3,658,602 412,787 175,108 Units redeemed ........................ (127,013) -- (11) -- (4,972,400) (3,194,838) (104,631) (395,007) --------- ------- --- --- ----------- ---------- --------- ---------- Ending units .......................... 5,317 106,277 -- -- 1,564,347 5,570,936 476,666 168,510 ========= ======= === === =========== ========== ========= ==========
(Continued) 27 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
GVITIDAgg GVITIDCon GVITIDMod GVITIDModAgg ------------- -------------- ------------ ------------ 2003 2002 2003 2002 2003 2002 2003 2002 ------ ---- ------- ---- ----- ---- ----- ---- Investment activity: Net investment income (loss) ............ $ 18 -- 6,551 -- 25 -- 19 -- Realized gain (loss) on investments ..... 21 -- 125 -- 5 -- 11 -- Change in unrealized gain (loss) on investments .......................... 437 -- 15,420 -- 290 -- 388 -- Reinvested capital gains ................... 19 -- 1,172 -- 1 -- -- -- ------ --- ------- --- ----- --- ----- --- Net increase (decrease) in contract owners' equity resulting from operations ........................... 495 -- 23,268 -- 321 -- 418 -- ------ --- ------- --- ----- --- ----- --- Equity transactions: Purchase payments received from contract owners (note 6) ...................... -- -- -- -- -- -- -- -- Transfers between funds ................. 1,278 -- 291,981 -- 1,434 -- 1,347 -- Surrenders (note 6) ..................... -- -- -- -- -- -- -- -- Death benefits (note 4) ................. -- -- -- -- -- -- -- -- Net policy repayments (loans) (note 5)... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................... (45) -- (3,866) -- (41) -- (46) -- ------ --- ------- --- ----- --- ----- --- Net equity transactions ........... 1,233 -- 288,115 -- 1,393 -- 1,301 -- ------ --- ------- --- ----- --- ----- --- Net change in contract owners' equity ...... 1,728 -- 311,383 -- 1,714 -- 1,719 -- Contract owners' equity beginning of period .................................. -- -- -- -- -- -- -- -- ------ --- ------- --- ----- --- ----- --- Contract owners' equity end of period ...... $1,728 -- 311,383 -- 1,714 -- 1,719 -- ====== === ======= === ===== === ===== === CHANGES IN UNITS: Beginning units ......................... -- -- -- -- -- -- -- -- ------ --- ------- --- ----- --- ----- --- Units purchased ......................... 163 -- 29,224 -- 161 -- 162 -- Units redeemed .......................... (5) -- (373) -- (4) -- (5) -- ------ --- ------- --- ----- --- ----- --- Ending units ............................ 158 -- 28,851 -- 157 -- 157 -- ====== === ======= === ===== === ===== ===
28 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
GVITIDModCon GVITIntGro GVITMyMkt GVITMyMkt5 ------------- -------------- ------------------------ ----------------------- 2003 2002 2003 2002 2003 2002 2003 2002 ------ ---- ------- ---- ---------- ----------- ---------- ---------- Investment activity: Net investment income (loss) ............ $ 30 -- (105) -- 154,944 843,984 244,666 57,950 Realized gain (loss) on investments ..... 8 -- 18,858 (3) -- -- -- -- Change in unrealized gain (loss) on investments ....................... 183 -- -- -- -- -- -- -- Reinvested capital gains 3 -- -- -- -- -- -- -- ------ --- ------- ---- ---------- ----------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ......... 224 -- 18,753 (3) 154,944 843,984 244,666 57,950 ------ --- ------- ---- ---------- ----------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ............. -- -- 727 320 (576) 19,040,490 9,758,317 2,634,850 Transfers between funds ................. 1,618 -- (18,477) (317) (7,016,759) (54,008,936) 237,302 51,764,533 Surrenders (note 6) ..................... (98) -- -- -- -- (7,507,154) (4,970,039) (13,537) Death benefits (note 4) ................. -- -- -- -- (252,523) (82,708) (38,566) -- Net policy repayments (loans) (note 5)... -- -- -- -- -- -- (918,759) -- Redemptions to pay cost of insurance .... charges and administration charges (notes 2b and 2c) .................... (42) -- (1,003) -- (634,360) (1,956,517) (1,519,136) (206,778) ------ --- ------- ---- ---------- ----------- ---------- ---------- Net equity transactions ........... 1,478 -- (18,753) 3 (7,904,218) (44,514,825) 2,549,119 54,179,068 ------ --- ------- ---- ---------- ----------- ---------- ---------- Net change in contract owners' equity ...... 1,702 -- -- -- (7,749,274) (43,670,841) 2,793,785 54,237,018 Contract owners' equity beginning of period ............................... -- -- -- -- 46,963,698 90,634,539 54,237,018 -- ------ --- ------- ---- ---------- ----------- ---------- ---------- Contract owners' equity end of period ...... $1,702 -- -- -- 39,214,424 46,963,698 57,030,803 54,237,018 ====== === ======= ==== ========== =========== ========== ========== CHANGES IN UNITS: Beginning units ......................... -- -- -- -- 4,001,994 7,739,335 5,414,758 -- ------ --- ------- ---- ---------- ----------- ---------- ---------- Units purchased ......................... 170 -- 910 60 2,351,718 6,489,634 3,476,011 5,632,296 Units redeemed .......................... (14) -- (910) (60) (2,869,639) (10,226,975) (3,223,077) (217,538) ------ --- ------- ---- ---------- ----------- ---------- ---------- Ending units ............................ 156 -- -- -- 3,484,073 4,001,994 5,667,692 5,414,758 ====== === ======= ==== ========== =========== ========== ==========
(Continued) 29 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
NWGVITStrVal GVITSmCapGr ------------------- --------------------- 2003 2002 2003 2002 -------- -------- --------- --------- Investment activity: Net investment income (loss) .......... $ (1,026) (1,959) (6,895) (2,571) Realized gain (loss) on investments ... (18,139) (56,976) (42,014) (104,224) Change in unrealized gain (loss) on investments ..................... 176,351 (84,016) 855,697 (172,109) Reinvested capital gains .............. -- -- -- -- -------- -------- --------- --------- Net increase (decrease) in contract owners' equity resulting from operations ...................... 157,186 (142,951) 806,788 (278,904) -------- -------- --------- --------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 411 9,081 250,420 2,734 Transfers between funds ............... 15,042 (231,660) 30,840 2,278,591 Surrenders (note 6) ................... (10,305) -- (786) -- Death benefits (note 4) ............... -- -- -- (491) Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (10,424) (13,747) (62,920) (14,314) -------- -------- --------- --------- Net equity transactions ......... (5,276) (236,326) 217,554 2,266,520 -------- -------- --------- --------- Net change in contract owners' equity .... 151,910 (379,277) 1,024,342 1,987,616 Contract owners' equity beginning of period ............................. 416,213 795,490 2,220,069 232,453 -------- -------- --------- --------- Contract owners' equity end of period .... $568,123 416,213 3,244,411 2,220,069 ======== ======== ========= ========= CHANGES IN UNITS: Beginning units ....................... 61,483 87,806 219,283 15,332 -------- -------- --------- --------- Units purchased ....................... 18,573 49,377 44,254 258,438 Units redeemed ........................ (19,561) (75,700) (24,363) (54,487) -------- -------- --------- --------- Ending units .......................... 60,495 61,483 239,174 219,283 ======== ======== ========= ========= GVITSmCapVal GVITSmComp ----------------------- ----------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Investment activity: Net investment income (loss) .......... (12,387) (21,445) (22,437) (30,389) Realized gain (loss) on investments ... (391,562) (913,461) (224,501) (302,191) Change in unrealized gain (loss) on investments ..................... 2,488,398 (1,633,978) 2,796,515 (1,358,922) Reinvested capital gains .............. -- 173,596 -- -- ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ...................... 2,084,449 (2,395,288) 2,549,577 (1,691,502) ---------- ---------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 332,884 500,247 408,230 691,300 Transfers between funds ............... (2,677,197) (179,027) (1,964,023) (862,079) Surrenders (note 6) ................... (685,950) (456,828) (807,963) (254,707) Death benefits (note 4) ............... (419) (4,457) (5,205) (23,372) Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (116,984) (202,701) (259,372) (290,638) ---------- ---------- ---------- ---------- Net equity transactions ......... (3,147,666) (342,766) (2,628,333) (739,496) ---------- ---------- ---------- ---------- Net change in contract owners' equity .... (1,063,217) (2,738,054) (78,756) (2,430,998) Contract owners' equity beginning of period ............................. 5,027,570 7,765,624 7,325,254 9,756,252 ---------- ---------- ---------- ---------- Contract owners' equity end of period .... 3,964,353 5,027,570 7,246,498 7,325,254 ========== ========== ========== ========== CHANGES IN UNITS: Beginning units ....................... 446,135 501,921 676,905 744,925 ---------- ---------- ---------- ---------- Units purchased ....................... 173,391 350,531 150,313 438,772 Units redeemed ........................ (395,049) (406,317) (351,439) (506,792) ---------- ---------- ---------- ---------- Ending units .......................... 224,477 446,135 475,779 676,905 ========== ========== ========== ==========
30 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
GVITTotRt GVITUSGro GVITWLead GSVITMidCap ----------------------- ------------ -------------------- ---------------- 2003 2002 2003 2002 2003 2002 2003 2002 ----------- --------- ----- ---- ------- ---------- --------- ---- Investment activity: Net investment income (loss) .......... $ 8,676 20,456 (1) -- (135) 8,956 11,723 -- Realized gain (loss) on investments ... (814) (16,623) 1 -- (750) (607,570) 3,154 -- Change in unrealized gain (loss) on investments ..................... 867,733 (434,761) 34 -- 15,082 309,207 400,349 -- Reinvested capital gains .............. -- -- 79 -- -- -- 23,524 -- ----------- --------- ----- --- ------- ---------- --------- --- Net increase (decrease) in contract owners' equity resulting from operations ....... 875,595 (430,928) 113 -- 14,197 (289,407) 438,750 -- ----------- --------- ----- --- ------- ---------- --------- --- Equity transactions: Purchase payments received from contract owners (note 6) ........... 88,949 94,538 -- -- 8,122 17,839 (17) -- Transfers between funds .................. (4,142,455) 4,004,455 1,089 -- (11,242) (31,708) 1,923,226 -- Surrenders (note 6) ................... (95,010) -- -- -- -- (828,977) (98) -- Death benefits (note 4) ............... (10,069) (104) -- -- -- (73) -- -- Net policy repayments (loans) (note 5) ........................... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (79,715) (62,732) (6) -- (1,909) (19,191) (34,296) -- ----------- --------- ----- --- ------- ---------- --------- --- Net equity transactions ......... (4,238,300) 4,036,157 1,083 -- (5,029) (862,110) 1,888,815 -- ----------- --------- ----- --- ------- ---------- --------- --- Net change in contract owners' equity .... (3,362,705) 3,605,229 1,196 -- 9,168 (1,151,517) 2,327,565 -- Contract owners' equity beginning of period ................................ 5,508,990 1,903,761 -- -- 33,870 1,185,387 -- -- ----------- --------- ----- --- ------- ---------- --------- --- Contract owners' equity end of period .... $ 2,146,285 5,508,990 1,196 -- 43,038 33,870 2,327,565 -- =========== ========= ===== === ======= ========== ========= === CHANGES IN UNITS: Beginning units ....................... 722,741 205,773 -- -- 5,059 132,145 -- -- ----------- --------- ----- --- ------- ---------- --------- --- Units purchased ....................... 42,230 616,758 97 -- 2,548 129,502 203,810 -- Units redeemed ........................ (543,920) (99,790) (1) -- (2,883) (256,588) (19,562) -- ----------- --------- ----- --- ------- ---------- --------- --- Ending units .......................... 221,051 722,741 96 -- 4,724 5,059 184,248 -- =========== ========= ===== === ======= ========== ========= ===
(Continued) 31 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
JPMorBal JanBal ----------------------- ------------------- 2003 2002 2003 2002 ---------- ---------- --------- ------- Investment activity: Net investment income (loss) .......... $ 29,389 28,618 16,069 6,370 Realized gain (loss) on investments ... (86,473) (235,398) 795 -- Change in unrealized gain (loss) on investments ..................... 342,500 (44,578) 113,758 (4,449) Reinvested capital gains .............. -- -- -- -- ---------- ---------- --------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... 285,416 (251,358) 130,622 1,921 ---------- ---------- --------- ------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 152,613 238,818 77,038 -- Transfers between funds ............... 1,521,861 17,044 291,794 598,617 Surrenders (note 6) ................... (116,612) (1,235,895) (262) -- Death benefits (note 4) ............... (374) (1,571) -- -- Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .......... (40,389) (59,081) (20,695) 3 ---------- ---------- --------- ------- Net equity transactions ......... 1,517,099 (1,040,685) 347,875 598,620 ---------- ---------- -------- ------- Net change in contract owners' equity .... 1,802,515 (1,292,043) 478,497 600,541 Contract owners' equity beginning of period ............................. 1,301,319 2,593,362 600,541 -- ---------- ---------- --------- ------- Contract owners' equity end of period .... $3,103,834 1,301,319 1,079,038 600,541 ========== ========= ========= ======= CHANGES IN UNITS: Beginning units ....................... 154,992 270,829 59,831 -- ---------- ---------- --------- ------- Units purchased ....................... 241,482 134,991 58,965 59,831 Units redeemed ........................ (84,384) (250,828) (24,043) -- ---------- ---------- --------- ------- Ending units .......................... 312,090 154,992 94,753 59,831 ========== ========== ========= ======= JanCapAp JanGITech --------------------- ------------------- 2003 2002 2003 2002 --------- --------- -------- -------- Investment activity: Net investment income (loss) .......... (633) (1,629) (2,190) (3,152) Realized gain (loss) on investments ... (327,857) (122,743) (91,863) (236,898) Change in unrealized gain (loss) on investments ..................... 446,779 (297,909) 419,523 (244,942) Reinvested capital gains .............. -- -- -- -- --------- --------- -------- ------- Net increase (decrease) in contract owners' equity resulting from operations .... 118,289 (422,281) 325,470 (484,992) --------- --------- -------- ------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 34,615 46,397 19,793 96,808 Transfers between funds ............... (422,939) (221,409) (200,670) 545,692 Surrenders (note 6) ................... (28,038) (103,378) (6,847) -- Death benefits (note 4) ............... -- (479) -- -- Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .......... (59,411) (166,665) (19,134) (20,088) --------- --------- -------- ------- Net equity transactions ......... (475,773) (445,534) (206,858) 622,412 --------- --------- -------- ------- Net change in contract owners' equity .... (357,484) (867,815) 118,612 137,420 Contract owners' equity beginning of period ............................. 1,812,145 2,679,960 741,390 603,970 --------- --------- -------- ------- Contract owners' equity end of period .... 1,454,661 1,812,145 860,002 741,390 ========= ========= ======= ======= CHANGES IN UNITS: Beginning units ....................... 337,673 419,473 306,909 147,511 --------- --------- -------- ------- Units purchased ....................... 143,254 328,659 102,145 370,434 Units redeemed ........................ (255,013) (410,459) (165,734) (211,036) --------- --------- -------- ------- Ending units .......................... 225,914 337,673 243,320 306,909 ========= ========= ======== =======
32 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
JanIntGro MGVITMultiSec NBAMTFas NBAMTGro ---------------------- --------------------- -------------- ------------------ 2003 2002 2003 2002 2003 2002 2003 2002 ---------- --------- --------- --------- ------- ---- ------- -------- Investment activity: Net investment income (loss) .......... $ 5,112 3,593 117,442 88,272 (381) -- (840) (1,932) Realized gain (loss) on investments ... (114,640) (198,622) 19,611 (1,760) 6,175 -- 8,180 (343,527) Change in unrealized gain (loss) on investments ..................... 299,723 (147,376) 117,271 35,103 21,863 -- 81,810 95,152 Reinvested capital gains .............. -- -- -- -- 87 -- -- -- ---------- --------- --------- --------- ------- --- ------- -------- Net increase (decrease) in contract owners' equity resulting from operations .......... 190,195 (342,405) 254,324 121,615 27,744 -- 89,150 (250,307) ---------- --------- --------- --------- ------- --- ------- -------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 121,679 225,966 90,037 513,043 7,439 -- 65,670 116,495 Transfers between funds ............... (490,714) 26,631 (220,921) 163,378 160,221 -- 287,360 (383,031) Surrenders (note 6) ................... (199,605) (44,690) (42,457) -- (5,655) -- -- (155,396) Death benefits (note 4) ............... -- (299) -- (537) -- -- -- (1,280) Net policy repayments (loans) (note 5) ........................... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (29,493) (44,623) (45,707) (41,289) (3,340) -- (23,641) (29,483) ---------- --------- --------- --------- ------- --- ------- -------- Net equity transactions ......... (598,133) 162,985 (219,048) 634,595 158,665 -- 329,389 (452,695) ---------- --------- --------- --------- ------- --- ------- -------- Net change in contract owners' equity .... (407,938) (179,420) 35,276 756,210 186,409 -- 418,539 (703,002) Contract owners' equity beginning of period ............................. 1,032,385 1,211,805 2,212,803 1,456,593 -- -- 241,390 944,392 ---------- --------- --------- --------- ------- --- ------- -------- Contract owners' equity end of period .... $ 624,447 1,032,385 2,248,079 2,212,803 186,409 -- 659,929 241,390 ========== ========= ========= ========= ======= === ======= ======= CHANGES IN UNITS: Beginning units ....................... 221,735 192,654 187,462 131,899 -- -- 46,182 124,202 ---------- --------- --------- --------- ------- --- ------- -------- Units purchased ....................... 55,055 149,246 155,202 89,362 29,243 -- 60,132 134,044 Units redeemed ........................ (176,870) (120,165) (173,337) (33,799) (14,393) -- (10,024) (212,064) ---------- --------- --------- --------- ------- --- ------- -------- Ending units .......................... 99,920 221,735 169,327 187,462 14,850 -- 96,290 46,182 ========== ========= ========= ========= ======= === ======= ========
(Continued) 33 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
NBAMTGuard NBAMTLMat ---------------------- --------------------- 2003 2002 2003 2002 ---------- --------- -------- ---------- Investment activity: Net investment income (loss) .......... $ 10,505 8,140 11,154 293,411 Realized gain (loss) on investments ... (105,726) (115,613) 51 (15,383) Change in unrealized gain (loss) on investments ..................... 566,224 (499,532) (4,668) (64,466) Reinvested capital gains .............. -- -- -- -- ---------- --------- -------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 471,003 (607,005) 6,537 213,562 ---------- --------- -------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 61,094 304,599 9,255 416,107 Transfers between funds ............... (125,755) (461,407) (388,658) (2,310,013) Surrenders (note 6) ................... (7,868) -- -- (4,253,669) Death benefits (note 4) ............... (423) (1,632) -- (27,402) Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .......... (26,818) (35,473) (10,187) (113,976) ---------- --------- -------- ---------- Net equity transactions ......... (99,770) (193,913) (389,590) (6,288,953) ---------- --------- -------- ---------- Net change in contract owners' equity .... 371,233 (800,918) (383,053) (6,075,391) Contract owners' equity beginning of period ............................. 1,554,771 2,355,689 391,240 6,466,631 ---------- --------- -------- ---------- Contract owners' equity end of period .... $1,926,004 1,554,771 8,187 391,240 ========== ========= ======== ========== CHANGES IN UNITS: Beginning units ....................... 197,760 220,317 34,509 599,545 ---------- --------- -------- ---------- Units purchased ....................... 89,107 64,809 15,698 626,866 Units redeemed ........................ (101,300) (87,366) (49,501) (1,191,902) ---------- --------- -------- ---------- Ending units .......................... 185,567 197,760 706 34,509 ========== ========= ======== ========== NBAMTMCGr NBAMTPart --------------------- ---------------------- 2003 2002 2003 2002 --------- --------- --------- ---------- Investment activity: Net investment income (loss) .......... (7,344) (3,998) (9,352) 13,089 Realized gain (loss) on investments ... (189,211) (240,535) (75,658) (1,420,213) Change in unrealized gain (loss) on investments ..................... 771,579 (128,189) 1,167,877 (391,869) Reinvested capital gains .............. -- -- -- -- --------- --------- --------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 575,024 (372,722) 1,082,867 (1,798,993) --------- --------- --------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 131,297 103,198 69,805 673,609 Transfers between funds ............... 3,501,104 451,523 1,687,998 (2,522,937) Surrenders (note 6) ................... (93,012) -- (50,757) (13,721) Death benefits (note 4) ............... (4,360) (2,492) (377) (24,429) Net policy repayments (loans) (note 5) ........................... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .......... (36,394) (32,702) (72,208) (140,729) --------- --------- --------- ---------- Net equity transactions ......... 3,498,635 519,527 1,634,461 (2,028,207) --------- --------- --------- ---------- Net change in contract owners' equity .... 4,073,659 146,805 2,717,328 (3,827,200) Contract owners' equity beginning of period ............................. 1,113,408 966,603 2,790,975 6,618,175 --------- --------- --------- ---------- Contract owners' equity end of period .... 5,187,067 1,113,408 5,508,303 2,790,975 ========= ========= ========= ========== CHANGES IN UNITS: Beginning units ....................... 131,620 80,698 378,874 682,432 --------- --------- --------- ---------- Units purchased ....................... 424,574 110,090 249,673 661,752 Units redeemed ........................ (74,758) (59,168) (74,231) (965,310) --------- --------- --------- ---------- Ending units .......................... 481,436 131,620 554,316 378,874 ========= ========= ========= ==========
34 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
ONEMidCap OppAggGro OppBdFd OppCapAp -------------- ---------------------- --------------------- ---------------------- 2003 2002 2003 2002 2003 2002 2003 2002 -------- ---- ---------- ---------- --------- ---------- ---------- ---------- Investment activity: Net investment income (loss) .......... $ (2,064) -- (12,256) 26,522 67,218 95,900 14,034 30,175 Realized gain (loss) on investments ... 1,415 -- (699,750) (1,389,470) 10,755 (37,364) (1,389,505) (1,724,296) Change in unrealized gain (loss) on investments ..................... 129,846 -- 2,021,578 (846,459) (4,539) 36,548 3,798,618 (1,743,381) Reinvested capital gains .............. -- -- -- -- -- -- -- -- -------- --- ---------- ---------- --------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity resulting from operations ....... 129,197 -- 1,309,572 (2,209,407) 73,434 95,084 2,423,147 (3,437,502) -------- --- ---------- ---------- --------- ---------- ---------- ---------- Equity transactions: Purchase payments received from contract owners (note 6) ........... (72) -- 289,809 810,671 (19) 237,078 244,421 1,692,506 Transfers between funds ............... 582,290 -- (1,036,315) (625,410) (240,431) 78,311 (2,159,802) (313,298) Surrenders (note 6) ................... -- -- (309,189) -- -- (1,255,762) (336,678) (619,430) Death benefits (note 4) ............... -- -- (11,861) (14,182) -- (5,295) (5,012) (11,802) Net policy repayments (loans) (note 5) ........................... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .......... (11,500) -- (113,247) (133,323) (44,585) (50,572) (198,788) (234,182) -------- --- ---------- ---------- --------- ---------- ---------- ---------- Net equity transactions ......... 570,718 -- (1,180,803) 37,756 (285,035) (996,240) (2,455,859) 513,794 -------- --- ---------- ---------- --------- ---------- ---------- ---------- Net change in contract owners' equity .... 699,915 -- 128,769 (2,171,651) (211,601) (901,156) (32,712) (2,923,708) Contract owners' equity beginning of period ............................. -- -- 6,024,983 8,196,634 1,156,951 2,058,107 8,946,612 11,870,320 -------- --- ---------- ---------- --------- ---------- ---------- ---------- Contract owners' equity end of period .... $699,915 -- 6,153,752 6,024,983 945,350 1,156,951 8,913,900 8,946,612 ======== === ========== ========== ========= ========== ========== ========== CHANGES IN UNITS: Beginning units ....................... -- -- 796,603 782,585 99,772 193,237 972,587 938,153 -------- --- ---------- ---------- --------- ---------- ---------- ---------- Units purchased ....................... 55,198 -- 345,863 237,113 32,263 170,339 278,761 477,726 Units redeemed ........................ (1,024) -- (492,066) (223,095) (55,562) (263,804) (503,364) (443,292) -------- --- ---------- ---------- --------- ---------- ---------- ---------- Ending units .......................... 54,174 -- 650,400 796,603 76,473 99,772 747,984 972,587 ======== === ========== ========== ========= ========== ========== ==========
(Continued) 35 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
OppGlSec OppMSGrInc ----------------------- ------------------- 2003 2002 2003 2002 ---------- ---------- -------- -------- Investment activity: Net investment income (loss) ............. $ 7,567 3,151 1,281 1,189 Realized gain (loss) on investments ...... 182,139 (485,096) (43,448) (31,594) Change in unrealized gain (loss) on investments ........................... 488,131 111,344 93,699 (75,553) Reinvested capital gains ................. -- -- -- -- ---------- ---------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations ......................... 677,837 (370,601) 51,532 (105,958) ---------- ---------- -------- -------- Equity transactions: Purchase payments received from contract owners (note 6) .............. 21,803 200,286 11,115 87,655 Transfers between funds .................. 463,116 (1,036,758) 12,020 (45,991) Surrenders (note 6) ...................... (55,463) (360,969) (121,431) (65,493) Death benefits (note 4) .................. (7,620) (1,419) -- (1,245) Net policy repayments (loans) (note 5) ... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ..................... (15,505) (41,884) (7,675) (15,373) ---------- ---------- -------- -------- Net equity transactions ............ 406,331 (1,240,744) (105,971) (40,447) ---------- ---------- -------- -------- Net change in contract owners' equity ....... 1,084,168 (1,611,345) (54,439) (146,405) Contract owners' equity beginning of period ................................... 555,149 2,166,494 361,998 508,403 ---------- ---------- -------- -------- Contract owners' equity end of period ....... $1,639,317 555,149 307,559 361,998 ========== ========== ======== ======== CHANGES IN UNITS: Beginning units .......................... 85,244 258,325 50,679 57,708 ---------- ---------- -------- -------- Units purchased .......................... 141,931 361,748 32,210 30,198 Units redeemed ........................... (50,268) (534,829) (48,972) (37,227) ---------- ---------- -------- -------- Ending units ............................. 176,907 85,244 33,917 50,679 ========== ========== ======== ======== OppMultStr PIMLowDur ------------------ ---------------------- 2003 2002 2003 2002 ------- -------- ---------- --------- Investment activity: Net investment income (loss) ............. 11,488 21,526 89,214 2,142 Realized gain (loss) on investments ...... 8,085 (124,256) 716 16 Change in unrealized gain (loss) on investments ........................... 86,162 (6,549) (13,411) 2,833 Reinvested capital gains ................. -- 9,872 29,389 -- ------- -------- ---------- --------- Net increase (decrease) in contract owners' equity resulting from operations ......................... 105,735 (99,407) 105,908 4,991 ------- -------- ---------- --------- Equity transactions: Purchase payments received from contract owners (note 6) .............. (108) 129,146 649,467 (15,669) Transfers between funds .................. 182,279 12,208 22,179,953 2,910,937 Surrenders (note 6) ...................... -- (535,567) -- -- Death benefits (note 4) .................. -- (3,008) -- -- Net policy repayments (loans) (note 5) ... -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ..................... (14,033) (18,654) (142,618) 15,429 ------- -------- ---------- --------- Net equity transactions ............ 168,138 (415,875) 22,686,802 2,910,697 ------- -------- ---------- --------- Net change in contract owners' equity ....... 273,873 (515,282) 22,792,710 2,915,688 Contract owners' equity beginning of period ................................ 438,057 953,339 2,915,688 -- ------- -------- ---------- --------- Contract owners' equity end of period ....... 711,930 438,057 25,708,398 2,915,688 ======= ======== ========== ========= CHANGES IN UNITS: Beginning units .......................... 47,775 92,958 286,221 -- ------- -------- ---------- --------- Units purchased .......................... 34,037 86,454 2,250,036 286,221 Units redeemed ........................... (19,591) (131,637) (64,399) -- ------- -------- ---------- --------- Ending units ............................. 62,221 47,775 2,471,858 286,221 ======= ======== ========== =========
36 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
PIMRealRet PIMTotRet PionHY RoyMicro --------------- ----------------- -------------- ------------------- 2003 2002 2003 2002 2003 2002 2003 2002 -------- ---- ---------- ---- ------- ---- --------- ------- Investment activity: Net investment income (loss) ............. $ 18,200 -- 304,763 -- 35,797 -- (4,756) (101) Realized gain (loss) on investments ...... 18,535 -- 18,488 -- 128,580 -- 30,265 -- Change in unrealized gain (loss) on investments ........................ (2,386) -- (120,029) -- 14,892 -- 637,808 5,856 Reinvested capital gains ................. 25,140 -- 135,468 -- -- -- 107,641 -- -------- --- ---------- --- ------- --- --------- ------- Net increase (decrease) in contract owners' equity resulting from operations ......................... 59,489 -- 338,690 -- 179,269 -- 770,958 5,755 -------- --- ---------- --- ------- --- --------- ------- Equity transactions: Purchase payments received from contract owners (note 6) .............. 6,202 -- 374,665 -- 90 -- 67,077 -- Transfers between funds .................. 903,099 -- 17,357,146 -- 377,250 -- 1,215,428 884,408 Surrenders (note 6) ...................... (19,422) -- (587) -- (197) -- (2,606) -- Death benefits (note 4) .................. -- -- (40,141) -- -- -- -- -- Net policy repayments (loans) (note 5) ... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ..................... (26,640) -- (78,888) -- (14,276) -- (40,828) 6 -------- --- ---------- --- ------- --- --------- ------- Net equity transactions ............ 863,239 -- 17,612,195 -- 362,867 -- 1,239,071 884,414 -------- --- ---------- --- ------- --- --------- ------- Net change in contract owners' equity ....... 922,728 -- 17,950,885 -- 542,136 -- 2,010,029 890,169 Contract owners' equity beginning of period ................................ -- -- -- -- -- -- 890,169 -- -------- --- ---------- --- ------- --- --------- ------- Contract owners' equity end of period ....... $922,728 -- 17,950,885 -- 542,136 -- 2,900,198 890,169 ======== === ========== === ======= === ========= ======= CHANGES IN UNITS: Beginning units .......................... -- -- -- -- -- -- 88,080 -- -------- --- ---------- --- ------- --- --------- ------- Units purchased .......................... 87,021 -- 1,723,841 -- 60,465 -- 178,323 88,080 Units redeemed ........................... (4,931) -- (62,450) -- (20,964) -- (73,561) -- -------- --- ---------- --- ------- --- --------- ------- Ending units ............................. 82,090 -- 1,661,391 -- 39,501 -- 192,842 88,080 ======== === ========== === ======= === ========= =======
(continued) 37 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
SGVITMdCpGr StOpp2 StDisc2 StIntStk2 ------------------- ----------------------- ----------------- ----------------- 2003 2002 2003 2002 2003 2002 2003 2002 -------- -------- ---------- ---------- ------- ------- ------ -------- Investment activity: Net investment income (loss) .......... $ (1,503) (2,276) (19,529) 293 (291) (191) 68 4,912 Realized gain (loss) on investments ... (73,878) (256,469) (831,868) (2,112,851) 4,974 (4,230) (53) (80,102) Change in unrealized gain (loss) on investments ..................... 251,221 (37,786) 3,711,990 (458,191) 32,539 (353) (192) (11,468) Reinvested capital gains .............. -- -- -- 136,162 -- -- -- -- -------- -------- ---------- ---------- ------- ------- ------ -------- Net increase (decrease) in contract owners' equity resulting from operations ....... 175,840 (296,531) 2,860,593 (2,434,587) 37,222 (4,774) (177) (86,658) -------- -------- ---------- ---------- ------- ------- ------ -------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 24,787 27,673 101,905 726,303 (65) 19,693 4 3,719 Transfers between funds ............... 201,313 (108,385) 2,387,529 (1,077,826) 133,103 79,948 (4,034) (34,820) Surrenders (note 6) ................... (61,831) -- (125,243) (494,022) -- (51,917) -- (148,836) Death benefits (note 4) ............... -- (497) (25,897) (25,947) -- (125) -- (733) Net policy repayments (loans) (note 5) ........................... -- -- 183,582 -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (20,260) (24,564) (131,807) (174,628) (3,249) (1,439) (21) (5,712) -------- -------- ---------- ---------- ------- ------- ------ -------- Net equity transactions ......... 144,009 (105,773) 2,390,069 (1,046,120) 129,789 46,160 (4,051) (186,382) -------- -------- ---------- ---------- ------- ------- ------ -------- Net change in contract owners' equity .... 319,849 (402,304) 5,250,662 (3,480,707) 167,011 41,386 (4,228) (273,040) Contract owners' equity beginning of period ............................. 472,510 874,814 4,790,913 8,271,620 56,537 15,151 4,228 277,268 -------- -------- ---------- ---------- ------- ------- ------ -------- Contract owners' equity end of period .... $792,359 472,510 10,041,575 4,790,913 223,548 56,537 -- 4,228 ======== ======== ========== ========== ======= ======= ====== ======== CHANGES IN UNITS: Beginning units ....................... 66,164 77,229 693,897 875,255 5,771 1,313 779 38,838 -------- -------- ---------- ---------- ------- ------- ------ -------- Units purchased ....................... 35,950 74,210 855,806 835,969 13,740 16,685 2 42,013 Units redeemed ........................ (22,838) (85,275) (482,241) (1,017,327) (2,790) (12,227) (781) (80,072) -------- -------- ---------- ---------- ------- ------- ------ -------- Ending units .......................... 79,276 66,164 1,067,462 693,897 16,721 5,771 -- 779 ======== ======== ========== ========== ======= ======= ====== ========
38 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
TRPEI2 TRPMCG2 TurnGVITGro VEWrldBd -------------------- --------------------- ----------- ----------------- 2003 2002 2003 2002 2003 2002 2003 2002 ---------- ------- --------- --------- ---- ---- ------- ------- Investment activity: Net investment income (loss) .......... $ 16,839 (39) (5,156) (124) -- -- 438 (38) Realized gain (loss) on investments ... 33,743 -- 180,412 1 1 -- 2,916 1,570 Change in unrealized gain (loss) on investments ..................... 279,549 -- 511,011 3,129 37 -- (314) 1,563 Reinvested capital gains .............. -- -- -- -- -- -- -- -- ---------- ------- --------- --------- --- --- ------- ------- Net increase (decrease) in contract owners' equity resulting from operations ....... 330,131 (39) 686,267 3,006 38 -- 3,040 3,095 ---------- ------- --------- --------- --- --- ------- ------- Equity transactions: Purchase payments received from contract owners (note 6) ........... 80,177 -- 53,365 -- -- -- 16,903 3 Transfers between funds ............... 1,479,562 355,394 149,998 1,494,646 568 -- (28,970) 37,106 Surrenders (note 6) ................... (3,718) -- (20,937) -- -- -- -- (11,785) Death benefits (note 4) ............... -- -- -- -- -- -- -- (158) Net policy repayments (loans) (note 5) ........................... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (31,204) (2) (47,787) 2 (7) -- (1,157) (283) ---------- ------- --------- --------- --- --- ------- ------- Net equity transactions ......... 1,524,817 355,392 134,639 1,494,648 561 -- (13,224) 24,883 ---------- ------- --------- --------- --- --- ------- ------- Net change in contract owners' equity .... 1,854,948 355,353 820,906 1,497,654 599 -- (10,184) 27,978 Contract owners' equity beginning of period ............................. 355,353 -- 1,497,654 -- -- -- 27,978 -- ---------- ------- --------- --------- --- --- ------- ------- Contract owners' equity end of period .... $2,210,301 355,353 2,318,560 1,497,654 599 -- 17,794 27,978 ========== ======= ========= ========= === === ======= ======= CHANGES IN UNITS: Beginning units ....................... 35,117 -- 146,130 -- -- -- 2,464 -- ---------- ------- --------- --------- --- --- ------- ------- Units purchased ....................... 163,839 35,117 40,115 146,130 183 -- 2,374 3,636 Units redeemed ........................ (23,835) -- (22,010) -- (2) -- (3,510) (1,172) ---------- ------- --------- --------- --- --- ------- ------- Ending units .......................... 175,121 35,117 164,235 146,130 181 -- 1,328 2,464 ========== ======= ========= ========= === === ======= =======
(Continued) 39 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002
VEWrldEMkt VEWrldHAs VKEmMkt VKMidCapG -------------------- ------------------ ----------------- ------------------- 2003 2002 2003 2002 2003 2002 2003 2002 --------- -------- -------- ------- ------- ------- -------- -------- Investment activity: Net investment income (loss) ............. $ (533) (688) 403 792 (1,597) 19,585 (212) (1,655) Realized gain (loss) on investments ...... 32,353 3,151 7,827 (17,324) 81,133 (1,321) 7,699 (136,255) Change in unrealized gain (loss) on investments ........................ 97,555 (8,330) 55,668 15,606 55,823 (5,223) 29,885 (25,015) Reinvested capital gains ................. -- -- -- -- -- -- -- -- --------- -------- -------- ------- ------- ------- -------- -------- Net increase (decrease) in contract owners' equity resulting from operations .......... 129,375 (5,867) 63,898 (926) 135,359 13,041 37,372 (162,925) --------- -------- -------- ------- ------- ------- -------- -------- Equity transactions: Purchase payments received from contract owners (note 6) .............. 78,249 38,092 74,640 29,156 67,787 7,336 80 187,878 Transfers between funds .................. (129,299) (133,712) 200,203 34,120 (77,379) 224,169 (358,906) 252,651 Surrenders (note 6) ...................... (54,535) (13,656) (185,920) -- (27,843) -- (1,644) (2,646) Death benefits (note 4) .................. -- (503) -- -- -- (1,362) -- (14) Net policy repayments (loans) (note 5) ... -- -- -- -- -- -- -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ..................... (7,226) (10,623) (6,525) (4,550) (16,264) (6,742) (2,159) (13,082) --------- -------- -------- ------- ------- ------- -------- -------- Net equity transactions ............ (112,811) (120,402) 82,398 58,726 (53,699) 223,401 (362,629) 424,787 --------- -------- -------- ------- ------- ------- -------- -------- Net change in contract owners' equity ....... 16,564 (126,269) 146,296 57,800 81,660 236,442 (325,257) 261,862 Contract owners' equity beginning of period ................................ 274,924 401,193 206,801 149,001 302,781 66,339 432,303 170,441 --------- -------- -------- ------- ------- ------- -------- -------- Contract owners' equity end of period ....... $ 291,488 274,924 353,097 206,801 384,441 302,781 107,046 432,303 ========= ======== ======== ======= ======= ======= ======== ======== CHANGES IN UNITS: Beginning units .......................... 39,671 56,168 26,033 18,257 26,187 6,255 103,307 27,935 --------- -------- -------- ------- ------- ------- -------- -------- Units purchased .......................... 30,301 38,155 39,448 29,197 25,451 28,579 11,847 146,215 Units redeemed ........................... (42,699) (54,652) (34,800) (21,421) (25,692) (8,647) (97,132) (70,843) --------- -------- -------- ------- ------- ------- -------- -------- Ending units ............................. 27,273 39,671 30,681 26,033 25,946 26,187 18,022 103,307 ========= ======== ======== ======= ======= ======= ======== ========
40 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2003 and 2002 VKUSRealEst ---------------------- 2003 2002 ---------- --------- Investment activity: Net investment income (loss) ............. $ (5,718) 58,652 Realized gain (loss) on investments ...... (50,963) (42,889) Change in unrealized gain (loss) on investments ........................ 666,018 (193,394) Reinvested capital gains ................. -- 51,014 ---------- --------- Net increase (decrease) in contract owners' equity resulting from operations .......... 609,337 (126,617) ---------- --------- Equity transactions: Purchase payments received from contract owners (note 6) .............. 231,170 251,757 Transfers between funds .................. 107,044 727,003 Surrenders (note 6) ...................... (314,508) (501,340) Death benefits (note 4) .................. (779) (12,717) Net policy repayments (loans) (note 5) -- -- Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................. (62,725) (69,485) ---------- --------- Net equity transactions ............ (39,798) 395,218 ---------- --------- Net change in contract owners' equity ....... 569,539 268,601 Contract owners' equity beginning of period ................................ 2,102,229 1,833,628 ---------- --------- Contract owners' equity end of period ....... $2,671,768 2,102,229 ========== ========= CHANGES IN UNITS: Beginning units .......................... 180,996 152,921 ---------- --------- Units purchased .......................... 120,602 155,201 Units redeemed ........................... (129,577) (127,126) ---------- --------- Ending units ............................. 172,021 180,996 ========== ========= See accompanying notes to financial statements. ================================================================================ 41 ================================================================================ NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS December 31, 2003 and 2002 (1) Background and 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 Gartmore GVIT Small Cap Growth Fund - Class II for which the Account was credited with 100,000 units of Gartmore GVIT Small Cap Growth Fund - Class II. The value of the units purchased by the Company on May 3, 1999 was $1,000,000. 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 Alliance Variable Product Series 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 (ComGVITVal) Portfolios of the Credit Suisse Trust; Credit Suisse Trust - Global Post-Venture Capital Portfolio (CSGPVen) Credit Suisse Trust - International Focus Portfolio (CSIntEq) Credit Suisse Trust - Large Cap Value Portfolio (CSLCapV) Credit Suisse Trust - Small Cap Growth Portfolio (CSSmCapGr) Portfolio of the Dreyfus GVIT; 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) 42 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 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 Portfolio: Initial 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); 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 (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) *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 (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 Balanced Fund - Class I (JPMorBal) (Continued) 43 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued Portfolios of the Janus Aspen Series (Janus AS); Janus AS - Balanced Portfolio - Service Shares (JanBal) Janus AS - Capital Appreciation Portfolio - Service Shares (JanCapAp) Janus AS - Global Technology Portfolio - Service Shares (JanGITech) Janus AS - International Growth Portfolio - Service Shares (JanIntGro) MAS GVIT 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(R) 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 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 Growth Focus Fund - Class I (TurnGVITGro) 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, 2003, 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). 44 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, 2003. The cost of investments sold is determined on the specific identification basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. (d) Federal Income Taxes Operations of the Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Account. Taxes are the responsibility of the contract owner upon termination or withdrawal. (e) Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (2) Policy Charges (a) Deductions from Premium The Company deducts a charge not to exceed 9.0% (reduced to 5.5% starting in the seventh policy year) 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. (b) Cost of Insurance A cost of insurance charge is assessed monthly against each contract by liquidating units. The amount of the charge varies widely and 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). (Continued) 45 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS, Continued (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 0.75%. Currently, this rate is 0.40% during the first through fourth policy years, 0.25% during the fifth through twentieth policy years, and 0.10% thereafter. For the reduced fee tier, the current rate for corporate flexible premium contracts is either 0.10%, 0.20% or 0.25% 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, share- holder 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 through fixed to variable or variable to fixed transactions (exchanges) or through loan transactions. The fixed account assets are not reflected in the accompanying financial statements. The Account portion of contract owner loans is transferred to the fixed account for administration and collection. Loan repayments are transferred from the fixed account to the Account and are allocated to the sub accounts at the discretion of the contract owner. Loans and loan repayments are included in net policy repayments (loans) on the accompanying Statements of Changes in Contract Owners' Equity. Exchanges are initiated, under certain restrictions, at the discretion of the contract owner. The contract owner may transfer assets between a fixed dollar contract of the Company and the sub accounts of the Account. Exchanges from the Account to the fixed account are included in surrenders, and exchanges 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. For the periods ended December 31, 2003 and 2002, total loan repayments and exchanges to the Account from the fixed account were $1,176,997 and $0, respectively, and total loans and exchanges from the Account to the fixed account were $17,578,681 and $0, respectively. 46 (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 five year period ended December 31, 2003.
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** ----------- --------- ---------- -------------- ---------- --------- Initial Funding by Depositor (see note 1a) Gartmore GVIT Small Cap Growth Fund - Class II 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 2003 ........................... 0.10% 416,830 9.802103 4,085,811 1.33% 29.22% 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 2003 ........................... 0.10% 99,202 9.303615 922,937 0.75% 24.39% 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 2003 ........................... 0.10% 659,883 9.037627 5,963,776 1.53% 28.23% 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 2003 ........................... 0.10% 19,757 11.496883 227,144 1.24% 30.09% 2002 ........................... 0.10% 20,224 8.837687 178,733 1.64% -17.08% Fidelity(R) VIP - Growth Portfolio: Service Class 2003 ........................... 0.10% 1,019,800 8.477377 8,645,229 0.20% 32.65% 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 2003 ........................... 0.10% 216,645 13.460973 2,916,252 2.97% 1.90% 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 2003 ........................... 0.10% 1,177,112 11.541477 13,585,611 0.62% 0.52% 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 Gartmore GVIT Money Market Fund - Class V 2003 ........................... 0.10% 199,733 10.081195 2,013,547 0.71% 0.61% 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
(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*** -------- --------- ---------- -------------- ---------- --------- MAS GVIT Multi Sector Bond Fund - Class I 2003 ........................... 0.10% 6,204 $13.400762 $ 83,138 5.42% 12.00% 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 2003 ........................... 0.10% 86,143 10.538218 907,794 0.83% 31.63% 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 2003 ........................... 0.10% 294,600 9.150815 2,695,830 0.00% 25.46% 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 2003 ........................... 0.10% 272,222 11.008811 2,996,841 0.40% 30.81% 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 2003 ........................... 0.20% 485,834 9.243500 4,490,807 1.53% 28.11% 2002 ........................... 0.20% 495,647 7.215457 3,576,320 1.31% -22.52% Gartmore GVIT Money Market Fund - Class I 2003 ........................... 0.20% 1,237,228 10.399136 12,866,102 0.62% 0.42% The BEST of AMERICA(R) America's FUTURE Life Series(SM) Reduced Fee Tier - (0.25%) AIM VIF Basic Value Fund - Series I 2003 ........................... 0.25% 237 13.121262 3,110 0.07% 33.29% Alliance VPS Growth & Income Portfolio - Class A 2003 ........................... 0.25% 268,363 13.238290 3,552,667 0.00% 32.17% 2002 ........................... 0.25% 189 10.015954 1,893 0.00% 0.16% 9/3/02 American Century VP Balanced Fund - Class I 2003 ........................... 0.25% 33,960 10.517618 357,178 2.44% 19.16% 2002 ........................... 0.25% 19,978 8.826373 176,333 4.06% -9.78% American Century VP Capital Appreciation Fund - Class I 2003 ........................... 0.25% 48,415 10.916046 528,500 0.00% 20.17% 2002 ........................... 0.25% 25,544 9.083587 232,031 0.00% -21.40% American Century VP Income & Growth Fund - Class I 2003 ........................... 0.25% 441,398 10.856971 4,792,245 1.33% 29.03% 2002 ........................... 0.25% 164,402 8.414316 1,383,330 0.92% -19.57% American Century VP International Fund - Class I 2003 ........................... 0.25% 287,903 9.251932 2,663,659 0.75% 24.20% 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 Ultra Fund - Class I 2003 ........................... 0.25% 921 9.998079 9,208 0.00% 24.59%
48
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- American Century VP Value Fund - Class I 2003 ........................... 0.25% 326,659 $13.800619 $ 4,508,096 1.15% 28.64% 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% Baron Capital Asset Trust 2003 ........................... 0.25% 5,295 12.578424 66,603 0.00% 29.69% Comstock GVIT Value Fund - Class I 2003 ........................... 0.25% 5,386 9.574848 51,570 1.37% 31.11% 2002 ........................... 0.25% 795 7.303175 5,806 1.49% -25.33% Credit Suisse Trust - Global Post-Venture Capital Portfolio 2003 ........................... 0.25% 36,710 8.240624 302,513 0.00% 47.29% 2002 ........................... 0.25% 28,304 5.594896 158,358 0.00% -34.32% Credit Suisse Trust - International Focus Portfolio 2003 ........................... 0.25% 10,498 8.284148 86,967 0.26% 32.76% 2002 ........................... 0.25% 6,627 6.240010 41,353 0.00% -20.10% Credit Suisse Trust - Large Cap Value Portfolio 2003 ........................... 0.25% 14,955 11.049535 165,246 0.68% 24.85% 2002 ........................... 0.25% 20,320 8.850153 179,835 1.58% -23.29% Credit Suisse Trust - Small Cap Growth Portfolio 2003 ........................... 0.25% 194,729 8.831040 1,719,660 0.00% 48.18% 2002 ........................... 0.25% 60,738 5.959804 361,987 0.00% -33.86% Dreyfus GVIT Mid Cap Index Fund - Class I 2003 ........................... 0.25% 40,399 15.224120 615,039 0.48% 34.31% 2002 ........................... 0.25% 28,162 11.334653 319,206 0.40% -15.51% Dreyfus IP - Mid Cap Stock Portfolio - Initial Shares 2003 ........................... 0.25% 34,437 13.102225 451,201 2.38% 31.39% Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares 2003 ........................... 0.25% 38,530 8.838565 340,550 0.11% 25.69% 2002 ........................... 0.25% 31,863 7.032114 224,064 0.20% -29.12% Dreyfus Stock Index Fund 2003 ........................... 0.25% 2,068,013 10.441111 21,592,353 1.53% 28.04% 2002 ........................... 0.25% 1,232,421 8.154376 10,049,624 1.31% -22.56% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2003 ........................... 0.25% 224,737 11.045756 2,482,390 0.76% 20.87% 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 2003 ........................... 0.25% 80,448 9.020649 725,693 0.90% 26.25% 2002 ........................... 0.25% 33,735 7.144829 241,031 0.79% -25.51% Dreyfus VIF - International Value Portfolio - Initial Shares 2003 ........................... 0.25% 20,411 12.829044 261,854 1.91% 36.02% Federated GVIT High Income Bond Fund - Class I 2003 ........................... 0.25% 118,799 12.368539 1,469,370 7.88% 21.97% 2002 ........................... 0.25% 32,758 10.140967 332,198 6.71% 2.97% Federated Quality Bond Fund II - Primary Shares 2003 ........................... 0.25% 219,801 13.311504 2,925,882 3.73% 4.38% 2002 ........................... 0.25% 80,161 12.752372 1,022,243 3.08% 9.03% Fidelity(R) VIP - Equity-Income Portfolio: Initial Class 2003 ........................... 0.25% 24,845 10.332655 256,715 1.09% 30.00% 2002 ........................... 0.25% 12,039 7.947917 95,685 1.59% -17.15% Fidelity(R) VIP - Equity-Income Portfolio: Service Class 2003 ........................... 0.25% 225,660 11.561882 2,609,054 1.24% 29.89% 2002 ........................... 0.25% 128,998 8.900967 1,148,207 1.64% -17.20% Fidelity(R) VIP - Growth Portfolio: Initial Class 2003 ........................... 0.25% 583,926 7.916010 4,622,364 0.27% 32.52% 2002 ........................... 0.25% 657,216 5.973595 3,925,942 0.27% -30.28%
(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*** -------- --------- ---------- -------------- ---------- --------- Fidelity(R) VIP - Growth Portfolio: Service Class 2003 .............................. 0.25% 744,778 $11.089106 $ 8,258,922 0.20% 32.45% 2002 .............................. 0.25% 105,881 8.372313 886,469 0.13% -30.37% Fidelity(R) VIP - High Income Portfolio: Initial Class 2003 .............................. 0.25% 218,094 11.547696 2,518,483 5.94% 26.95% 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 2003 .............................. 0.25% 225,045 8.628552 1,941,812 8.69% 26.65% 2002 .............................. 0.25% 202,059 6.812756 1,376,579 8.16% 3.36% Fidelity(R) VIP - Overseas Portfolio: Initial Class 2003 .............................. 0.25% 180,429 8.983417 1,620,869 0.53% 43.01% 2002 .............................. 0.25% 61,653 6.281639 387,282 1.22% -20.48% Fidelity(R) VIP - Overseas Portfolio: Service Class 2003 .............................. 0.25% 231,142 9.722686 2,247,321 0.85% 42.85% 2002 .............................. 0.25% 180,948 6.806371 1,231,599 0.80% -20.54% Fidelity(R) VIP II - Asset Manager Portfolio: Initial Class 2003 .............................. 0.25% 331,284 10.426372 3,454,090 3.44% 17.68% 2002 .............................. 0.25% 264,838 8.859897 2,346,437 6.02% -8.96% Fidelity(R) VIP II - Contrafund Portfolio: Initial Class 2003 .............................. 0.25% 51,152 10.478748 536,009 0.34% 28.14% 2002 .............................. 0.25% 29,791 8.177385 243,612 1.05% -9.58% Fidelity(R) VIP II - Contrafund Portfolio: Service Class 2003 .............................. 0.25% 549,404 13.225654 7,266,227 0.35% 28.03% 2002 .............................. 0.25% 197,400 10.329955 2,039,133 0.78% -9.65% Fidelity(R) VIP III - Growth Opportunities Portfolio: Initial Class 2003 .............................. 0.25% 94,088 8.944397 841,560 0.88% 29.55% 2002 .............................. 0.25% 123,821 6.904305 854,898 1.09% -22.04% Fidelity(R) VIP III - Growth Opportunities Portfolio: Service Class 2003 .............................. 0.25% 109,290 8.311178 908,329 0.68% 29.34% 2002 .............................. 0.25% 47,312 6.425970 304,025 0.59% -22.11% Franklin Templeton VIT - Templeton Foreign Securities Fund - Class 2 2003 .............................. 0.25% 42,677 12.500683 533,492 1.42% 31.88% Gartmore GVIT Emerging Markets Fund - Class I 2003 .............................. 0.25% 187 11.479519 2,147 0.00% 64.85% Gartmore GVIT Global Financial Services Fund - Class I 2003 .............................. 0.25% 44 12.204124 537 5.11% 41.10% Gartmore GVIT Global Technology and Communications Fund - Class I 2003 .............................. 0.25% 5,272 3.036698 16,009 0.00% 54.84% 2002 .............................. 0.25% 75,752 1.961141 148,560 0.00% -42.92% Gartmore GVIT Government Bond Fund - Class I 2003 .............................. 0.25% 1,071,165 14.066694 15,067,750 2.97% 1.75% 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 2003 .............................. 0.25% 140,404 5.762938 809,140 0.02% 32.41% 2002 .............................. 0.25% 118,799 4.352418 517,063 0.00% -28.90% Gartmore GVIT ID Aggressive Fund 2003 .............................. 0.25% 158 10.933839 1,728 1.49% 31.54% Gartmore GVIT ID Conservative Fund 2003 .............................. 0.25% 28,851 10.792806 311,383 3.07% 7.64% Gartmore GVIT ID Moderate Fund 2003 .............................. 0.25% 157 10.920096 1,714 2.03% 19.75%
50
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Gartmore GVIT ID Moderately Aggressive Fund 2003 .............................. 0.25% 157 $10.949354 $ 1,719 1.63% 26.33% Gartmore GVIT ID Moderately Conservative Fund 2003 .............................. 0.25% 156 10.910488 1,702 2.43% 13.41% Gartmore GVIT Money Market Fund - Class I 2003 .............................. 0.25% 694,925 11.966375 8,315,733 0.62% 0.37% 2002 .............................. 0.25% 194,096 11.921779 2,313,970 1.67% 0.96% Gartmore GVIT Money Market Fund - Class V 2003 .............................. 0.25% 5,055,493 10.063117 50,874,018 0.71% 0.45% 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 2003 .............................. 0.25% 60,484 9.391261 568,021 0.04% 38.46% 2002 .............................. 0.25% 44,591 6.782590 302,442 0.03% -25.55% Gartmore GVIT Small Cap Growth Fund - Class I 2003 .............................. 0.25% 235,314 13.566592 3,192,409 0.00% 33.93% 2002 .............................. 0.25% 198,097 10.129586 2,006,641 0.00% -33.45% Gartmore GVIT Small Cap Value Fund - Class I 2003 .............................. 0.25% 206,506 17.672379 3,649,452 0.00% 56.46% 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 2003 .............................. 0.25% 323,465 15.272205 4,940,024 0.00% 40.66% 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 2003 .............................. 0.25% 99,546 9.754873 971,059 0.58% 27.19% 2002 .............................. 0.25% 89,572 7.669285 686,953 0.75% -17.56% Gartmore GVIT U.S. Growth Leaders Fund - Class I 2003 .............................. 0.25% 85 12.463103 1,059 0.00% 51.76% Gartmore GVIT Worldwide Leaders Fund - Class I 2003 .............................. 0.25% 4,702 9.110845 42,839 0.00% 35.72% 2002 .............................. 0.25% 3,114 6.713015 20,904 1.98% -25.58% Goldman Sachs VIT Mid Cap Value Fund 2003 .............................. 0.25% 16,236 12.655709 205,478 1.17% 28.07% J. P. Morgan GVIT Balanced Fund - Class I 2003 .............................. 0.25% 302,735 9.947843 3,011,560 2.19% 18.12% 2002 .............................. 0.25% 86,784 8.421910 730,887 1.80% -12.53% Janus AS - Balanced Portfolio - Service Shares 2003 .............................. 0.25% 94,676 11.387925 1,078,163 2.00% 13.44% 2002 .............................. 0.25% 40,005 10.038914 401,607 2.14% 0.39% 9/3/02 Janus AS - Capital Appreciation Portfolio - Service Shares 2003 .............................. 0.25% 193,417 6.444456 1,246,467 0.21% 19.93% 2002 .............................. 0.25% 240,176 5.373376 1,290,556 0.32% -16.14% Janus AS - Global Technology Portfolio - Service Shares 2003 .............................. 0.25% 236,572 3.535026 836,288 0.00% 46.11% 2002 .............................. 0.25% 197,466 2.419456 477,760 0.00% -41.08% Janus AS - International Growth Portfolio - Service Shares 2003 .............................. 0.25% 56,008 6.265664 350,927 1.04% 34.20% 2002 .............................. 0.25% 42,104 4.668998 196,583 0.65% -25.94% MAS GVIT Multi Sector Bond Fund - Class I 2003 .............................. 0.25% 163,122 13.271836 2,164,928 5.42% 11.84% 2002 .............................. 0.25% 30,699 11.867197 364,311 5.16% 6.94% Neuberger Berman AMT - Fasciano Portfolio - S Class 2003 .............................. 0.25% 14,408 12.553503 180,871 0.00% 24.75%
(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*** -------- --------- ---------- -------------- ---------- --------- Neuberger Berman AMT - Growth Portfolio 2003 ................................. 0.25% 96,290 $ 6.853558 $ 659,929 0.00% 31.07% 2002 ................................. 0.25% 40,557 5.228846 212,066 0.00% -31.34% Neuberger Berman AMT - Guardian Portfolio 2003 ................................. 0.25% 97,420 10.242831 997,857 0.83% 31.43% 2002 ................................. 0.25% 18,457 7.793221 143,839 0.68% -26.63% Neuberger Berman AMT - Limited Maturity Bond Portfolio 2003 ................................. 0.25% 706 11.596366 8,187 3.97% 2.17% 2002 ................................. 0.25% 21,357 11.350244 242,407 9.00% 5.08% Neuberger Berman AMT - Mid-Cap Growth Portfolio 2003 ................................. 0.25% 109,829 10.845085 1,191,105 0.00% 27.75% 2002 ................................. 0.25% 65,076 8.489245 552,446 0.00% -29.52% Neuberger Berman AMT - Partners Portfolio 2003 ................................. 0.25% 548,969 9.937929 5,455,615 0.00% 34.75% 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 2003 ................................. 0.25% 320,894 9.726809 3,121,275 0.00% 25.28% 2002 ................................. 0.25% 149,104 7.764240 1,157,679 0.63% -27.97% Oppenheimer Bond Fund/VA - Initial Class 2003 ................................. 0.25% 76,473 12.361877 945,350 5.96% 6.51% 2002 ................................. 0.25% 70,841 11.605998 822,181 6.25% 8.81% Oppenheimer Capital Appreciation Fund/VA - Initial Class 2003 ................................. 0.25% 330,090 12.469347 4,116,007 0.40% 30.62% 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 2003 ................................. 0.25% 4,381 9.316393 40,815 0.99% 42.66% 2002 ................................. 0.25% 26,889 6.530337 175,594 0.59% -22.33% Oppenheimer Main Street(R) Growth & Income Fund/VA - Initial Class 2003 ................................. 0.25% 33,073 9.069907 299,969 0.75% 26.40% 2002 ................................. 0.25% 17,824 7.175431 127,895 0.69% -19.00% Oppenheimer Multiple Strategies Fund/VA - Initial Class 2003 ................................. 0.25% 62,221 11.441957 711,930 2.69% 24.65% 2002 ................................. 0.25% 29,567 9.179615 271,414 3.42% -10.63% PIMCO VIT Low Duration Portfolio - Administrative Shares 2003 ................................. 0.25% 2,471,858 10.400435 25,708,398 1.31% 2.09% 2002 ................................. 0.25% 241,735 10.187617 2,462,704 0.17% 1.88% 9/3/02 PIMCO VIT Real Return Portfolio - Administrative Shares 2003 ................................. 0.25% 34,984 11.253423 393,690 2.65% 8.58% PIMCO VIT Total Return Portfolio - Administrative Shares 2003 ................................. 0.25% 50,980 10.825824 551,901 2.81% 4.78% Pioneer High Yield VCT Portfolio - Class I Shares 2003 ................................. 0.25% 38,913 13.725038 534,082 7.87% 32.45% Royce Capital Fund - Micro Cap 2003 ................................. 0.25% 174,290 15.042113 2,621,690 0.00% 48.79% 2002 ................................. 0.25% 31,864 10.109520 322,130 0.00% 1.10% 9/3/02 Strong GVIT Mid Cap Growth Fund - Class I 2003 ................................. 0.25% 71,540 10.003212 715,630 0.00% 39.79% 2002 ................................. 0.25% 46,799 7.156130 334,900 0.00% -37.17% Strong Opportunity Fund II, Inc 2003 ................................. 0.25% 200,633 9.449055 1,895,792 0.09% 36.66% 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%
52
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- ---------- Strong VIF - Strong Discovery Fund II 2003 ................................. 0.25% 16,721 $13.369301 $ 223,548 0.00% 39.08% 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 2003 ................................. 0.25% 60,983 12.637920 770,698 1.61% 24.86% 2002 ................................. 0.25% 15,768 10.121829 159,601 0.00% 1.22% 9/3/02 T. Rowe Price Mid Cap Growth Portfolio - II 2003 ................................. 0.25% 163,581 14.117448 2,309,346 0.00% 37.75% 2002 ................................. 0.25% 146,130 10.248778 1,497,654 0.00% 2.49% 9/3/02 Turner GVIT Growth Focus Fund - Class I 2003 ................................. 0.25% 161 3.309832 533 0.00% 50.59% Van Eck WIT - Worldwide Bond Fund 2003 ................................. 0.25% 1,328 13.398966 17,794 1.41% 17.87% 2002 ................................. 0.25% 1,525 11.367774 17,336 0.00% 21.35% Van Eck WIT - Worldwide Emerging Markets Fund 2003 ................................. 0.25% 23,844 10.699174 255,111 0.11% 53.80% 2002 ................................. 0.25% 18,192 6.956422 126,551 0.21% -3.14% Van Eck WIT - Worldwide Hard Assets Fund 2003 ................................. 0.25% 30,097 11.510500 346,432 0.45% 44.72% 2002 ................................. 0.25% 21,336 7.953846 169,703 0.71% -3.08% Van Kampen UIF - Emerging Markets Debt Portfolio 2003 ................................. 0.25% 25,519 14.819043 378,167 0.00% 27.55% 2002 ................................. 0.25% 7,970 11.618658 92,601 11.04% 8.95% Van Kampen UIF - Mid Cap Growth Portfolio 2003 ................................. 0.25% 18,020 5.939719 107,034 0.00% 41.41% 2002 ................................. 0.25% 6,784 4.200344 28,495 0.00% -31.33% Van Kampen UIF - U.S.Real Estate Portfolio 2003 ................................. 0.25% 165,337 15.503467 2,563,297 0.00% 37.17% 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%) AIM VIF Basic Value Fund - Series I 2003 ................................. 0.40% 74 13.095200 969 0.07% 33.09% Alliance VPS Growth & Income Portfolio - Class A 2003 ................................. 0.40% 12,315 13.212012 162,706 0.00% 31.97% 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 2003 ................................. 0.40% 8,878 10.765053 95,572 1.33% 28.84% 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% American Century VP International Fund - Class I 2003 ................................. 0.40% 353,253 9.173579 3,240,594 0.75% 24.01% 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%
(Continued) 53 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*** -------- ------- ---------- -------------- ---------- --------- American Century VP Ultra Fund - Class I 2003 ................................ 0.40% 221 $ 9.973091 $ 2,204 0.00% 24.40% American Century VP Value Fund - Class I 2003 ................................ 0.40% 10,857 13.683795 148,565 1.15% 28.44% 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% 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 2003 ................................ 0.40% 898 9.493770 8,525 1.37% 30.91% 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% 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% Credit Suisse Trust - Large Cap Value Portfolio 2003 ................................ 0.40% 44 10.955988 482 0.68% 24.66% 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% 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 2003 ................................ 0.40% 648 15.095175 9,782 0.48% 34.11% 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% 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 IP - Small Cap Stock Index Portfolio - Service Class 2003 ................................ 0.40% 879 10.504526 9,233 0.04% 37.23% Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares 2003 ................................ 0.40% 184 8.763701 1,613 0.11% 25.50% 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%
54
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Dreyfus Stock Index Fund 2003 ................................ 0.40% 999,962 $10.352696 $10,352,303 1.53% 27.85% 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% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2003 ................................ 0.40% 19,784 10.952239 216,679 0.76% 20.69% 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% 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 Dreyfus VIF - International Value Portfolio - Initial Shares 2003 ................................ 0.40% 42 12.803571 538 1.91% 35.81% Federated GVIT High Income Bond Fund - Class I 2003 ................................ 0.40% 20,240 12.263819 248,220 7.88% 21.78% 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% Federated Quality Bond Fund II - Primary Shares 2003 ................................ 0.40% 26,065 13.218733 344,546 3.73% 4.23% 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 2003 ................................ 0.40% 314,880 11.463982 3,609,779 1.24% 29.70% 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% 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 2003 ................................ 0.40% 73,719 10.995198 810,555 0.20% 32.25% 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% 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 2003 ................................ 0.40% 43,065 8.555502 368,443 8.69% 26.46% 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% 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) 55 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 2003 ............................... 0.40% 49,020 $ 9.640353 $ 472,570 0.85% 42.63% 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% Fidelity(R) VIP II - Asset Manager Portfolio: Initial 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 2003 ............................... 0.40% 26,935 13.113640 353,216 0.35% 27.84% 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% 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 2003 ............................... 0.40% 22,412 8.240791 184,693 0.68% 29.14% 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% 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 Franklin Templeton VIT - Templeton Foreign Securities Fund - Class 2 2003 ............................... 0.40% 47,616 12.475864 594,051 1.42% 31.68% Gartmore GVIT Emerging Markets Fund - Class I 2003 ............................... 0.40% 23 11.423706 263 0.00% 64.60% Gartmore GVIT Global Financial Services Fund - Class I 2003 ............................... 0.40% 5 12.173639 61 5.11% 40.89% Gartmore GVIT Global Technology and Communications Fund - Class I 2003 ............................... 0.40% 45 3.021924 136 0.00% 54.61% 2002 ............................... 0.40% 30,525 1.954523 59,662 0.00% -43.01% Gartmore GVIT Government Bond Fund - Class I 2003 ............................... 0.40% 276,537 13.947593 3,857,026 2.97% 1.59% 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% Gartmore GVIT Growth Fund - Class I 2003 ............................... 0.40% 336,262 5.714099 1,921,434 0.02% 32.21% 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% Gartmore GVIT Money Market Fund - Class I 2003 ............................... 0.40% 374,808 11.864684 4,446,978 0.62% 0.22% 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%
56
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- --------- Gartmore GVIT Money Market Fund - Class V 2003 ............................... 0.40% 412,466 $10.045042 $ 4,143,238 0.71% 0.30% 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 2003 ............................... 0.40% 11 9.311693 102 0.04% 38.25% 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% Gartmore GVIT Small Cap Growth Fund - Class I 2003 ............................... 0.40% 3,860 13.471955 52,002 0.00% 33.73% 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 2003 ............................... 0.40% 17,971 17.522719 314,901 0.00% 56.23% 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% Gartmore GVIT Small Company Fund - Class I 2003 ............................... 0.40% 152,314 15.142892 2,306,474 0.00% 40.45% 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% Gartmore GVIT Total Return Fund - Class I 2003 ............................... 0.40% 121,505 9.672247 1,175,226 0.58% 27.00% 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% Gartmore GVIT U.S.Growth Leaders Fund - Class I 2003 ............................... 0.40% 11 12.431976 137 0.00% 51.53% Gartmore GVIT Worldwide Leaders Fund - Class I 2003 ............................... 0.40% 22 9.033664 199 0.00% 35.52% 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% Goldman Sachs VIT Mid Cap Value Fund 2003 ............................... 0.40% 168,012 12.630569 2,122,087 1.17% 27.88% J. P. Morgan GVIT Balanced Fund - Class I 2003 ............................... 0.40% 9,355 9.863609 92,274 2.19% 17.94% 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% Janus AS - Balanced Portfolio - Service Shares 2003 ............................... 0.40% 77 11.365300 875 2.00% 13.27% 2002 ............................... 0.40% 19,826 10.033996 198,934 2.14% 0.34% 9/3/02 Janus AS - Capital Appreciation Portfolio - Service Shares 2003 ............................... 0.40% 32,497 6.406568 208,194 0.21% 19.75% 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%
(Continued) 57 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*** -------- ------- ---------- -------------- ---------- --------------- Janus AS - Global Technology Portfolio - Service Shares 2003 ............................... 0.40% 6,748 $ 3.514240 $ 23,714 0.00% 45.89% 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 2003 ............................... 0.40% 43,912 6.228826 273,520 1.04% 34.00% 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 Multi Sector Bond Fund - Class I 2003 ............................... 0.40% 1 13.159481 13 5.42% 11.67% 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% Neuberger Berman AMT - Fasciano Portfolio - S Class 2003 ............................... 0.40% 442 12.528578 5,538 0.00% 24.56% 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 2003 ............................... 0.40% 2,004 10.156098 20,353 0.83% 31.24% 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% 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 2003 ............................... 0.40% 371,607 10.753194 3,995,962 0.00% 27.56% 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% Neuberger Berman AMT - Partners Portfolio 2003 ............................... 0.40% 5,347 9.853739 52,688 0.00% 34.55% 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% One Group(R) IT Mid Cap Growth Portfolio 2003 ............................... 0.40% 54,174 12.919754 699,915 0.00% 26.64% Oppenheimer Aggressive Growth Fund/VA - Initial Class 2003 ............................... 0.40% 34,906 9.644393 336,647 0.00% 25.09% 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% 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
58
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ---------- -------------- ---------- -------------- Oppenheimer Capital Appreciation Fund/VA - Initial Class 2003 ............................... 0.40% 145,672 $12.363752 $ 1,801,052 0.40% 30.42% 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% Oppenheimer Global Securities Fund/VA - Initial Class 2003 ............................... 0.40% 172,526 9.265284 1,598,502 0.99% 42.45% 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(R) Growth & Income Fund/VA - Initial Class 2003 ............................... 0.40% 844 8.993106 7,590 0.75% 26.21% 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% 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 PIMCO VIT Low Duration Portfolio - Administrative Shares 2002 ............................... 0.40% 44,486 10.182621 452,984 0.17% 1.83% 9/3/02 PIMCO VIT Real Return Portfolio - Administrative Shares 2003 ............................... 0.40% 47,106 11.230805 529,038 2.65% 8.42% PIMCO VIT Total Return Portfolio - Administrative Shares 2003 ............................... 0.40% 1,610,411 10.804064 17,398,984 2.81% 4.62% Pioneer High Yield VCT Portfolio - Class I Shares 2003 ............................... 0.40% 588 13.697677 8,054 7.87% 32.26% Royce Capital Fund - Micro Cap 2003 ............................... 0.40% 18,552 15.012271 278,508 0.00% 48.57% 2002 ............................... 0.40% 56,216 10.104573 568,039 0.00% 1.05% 9/3/02 Strong GVIT Mid Cap Growth Fund - Class I 2003 ............................... 0.40% 7,736 9.918443 76,729 0.00% 39.58% 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. 2003 ............................... 0.40% 866,829 9.397220 8,145,783 0.09% 36.46% 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 2003 ............................... 0.40% 114,138 12.612824 1,439,603 1.61% 24.67% 2002 ............................... 0.40% 19,349 10.116880 195,752 0.00% 1.17% 9/3/02 T. Rowe Price Mid Cap Growth Portfolio - II 2003 ............................... 0.40% 654 14.089414 9,214 0.00% 37.54% Turner GVIT Growth Focus Fund - Class I 2003 ............................... 0.40% 20 3.293722 66 0.00% 50.36% Van Eck WIT - Worldwide Bond Fund 2002 ............................... 0.40% 939 11.333817 10,642 0.00% 21.17%
(Continued) 59 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*** -------- ------- ---------- -------------- ----------- --------- Van Eck WIT - Worldwide Emerging Markets Fund 2003 ............ 0.40% 3,429 $10.608507 $ 36,377 0.11% 53.57% 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% Van Eck WIT - Worldwide Hard Assets Fund 2003 ............ 0.40% 584 11.413041 6,665 0.45% 44.50% 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% Van Kampen UIF - Emerging Markets Debt Portfolio 2003 ............ 0.40% 427 14.693571 6,274 0.00% 27.35% 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% Van Kampen UIF - Mid Cap Growth Portfolio 2003 ............ 0.40% 2 5.907110 12 0.00% 41.20% 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 2003 ............ 0.40% 6,684 16.228488 108,471 0.00% 36.96% 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% ------------ Contract Owners' Equity Total By Year 2003 .............................................. $383,208,644 ============ 2002 .............................................. $354,676,076 ============ 2001 .............................................. $408,763,705 ============ 2000 .............................................. $237,376,916 ============ 1999 .............................................. $122,181,811 ============
* This represents the 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 to the contractholder accounts either through reductions in unit values or redemption of units. 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. ================================================================================ 60 ================================================================================ 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, 2003, 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, 2003, 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, 2003, 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, 2004 ================================================================================ 61 [THIS PAGE LEFT BLANK INTENTIONALLY] 62 ------------ NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY PRSRT STD HOME OFFICE: ONE NATIONWIDE PLAZA . COLUMBUS, OHIO 43215-2220 U.S. POSTAGE PAID NATIONWIDE ------------ Nationwide(R) is a registered federal service mark of Nationwide Mutual Insurance Company -----END PRIVACY-ENHANCED MESSAGE-----