N-30D 1 dn30d.txt NATIONWIDE VL SEPARATE ACCOUNT C (811-8351) Nationwide/(R)/ VL Separate Account-C December 31, 2004 [LOGO OF THE BEST OF AMERICA/(R)/] America's FUTURE Life Series/SM/ 2004 Annual Report -------------------------------------------------------------------------------- [LOGO OF NATIONWIDE/(R)/] Nationwide Life and Annuity Insurance Company Home Office: Columbus, Ohio VLOB-0173-12/04 -------------------------------------------------------------------------------- NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY December 31, 2004 Assets: Investments at fair value: AIM VIF - Basic Value Fund - Series I Shares (AIMBValue) 580 shares (cost $6,159) ............................................................... $ 6,869 Alliance VPSF - Alliance Bernstein Growth & Income Portfolio - Class A (AlVPGrIncA) 41,154 shares (cost $949,417) .......................................................... 990,982 American Century VP - Balanced Fund - Class I (ACVPBal) 58,563 shares (cost $372,969) .......................................................... 426,340 American Century VP - Capital Appreciation Fund - Class I (ACVPCapAp) 158,851 shares (cost $1,118,150) ....................................................... 1,216,796 American Century VP - Income & Growth Fund - Class I (ACVPIncGr) 1,329,758 shares (cost $8,179,323) ..................................................... 9,733,831 American Century VP - International Fund - Class I (ACVPInt) 963,707 shares (cost $6,159,183) ....................................................... 7,083,248 American Century VP - Ultra/(R)/ Fund - Class I (ACVPUltra) 1,631 shares (cost $15,251) ............................................................ 16,570 American Century VP - Value Fund - Class I (ACVPVal) 559,274 shares (cost $4,111,166) ....................................................... 4,893,649 Baron Capital Funds Trust - Baron Capital Asset Fund: Insurance Shares (BCFTCpAsset) 14,182 shares (cost $326,553) .......................................................... 383,620 Credit Suisse Trust - Global Post-Venture Capital Portfolio (CSGPVen) 20,308 shares (cost $200,419) .......................................................... 226,438 Credit Suisse Trust - International Focus Portfolio (CSIntFoc) 2,848 shares (cost $24,705) ............................................................ 28,621 Credit Suisse Trust - Large Cap Value Portfolio (CSLCapV) 10,241 shares (cost $125,456) .......................................................... 137,227 Credit Suisse Trust - Small Cap Growth Portfolio (CSSmCapGr) 76,113 shares (cost $1,058,769) ........................................................ 1,164,523 Dreyfus IP - Small Cap Stock Index Portfolio - Service Class (DrySmCapIxS) 138,999 shares (cost $1,787,068) ....................................................... 2,166,997 Dreyfus Socially Responsible Growth Fund, Inc. The (DrySRGro) 7,257 shares (cost $175,130) ........................................................... 182,663 Dreyfus Stock Index Fund, Inc. - Initial Shares (DryStkIx) 1,344,656 shares (cost $35,237,209) .................................................... 41,536,435 Dreyfus VIF - Appreciation Portfolio - Initial Shares (DryVIFApp) 50,428 shares (cost $1,652,531) ........................................................ 1,793,217 Dreyfus VIF - Growth and Income Portfolio - Initial Shares (DryVIFGrInc) 26,246 shares (cost $489,548) .......................................................... 561,668 Dreyfus VIF - International Value Portfolio - Initial Shares (DryVIFIntVal) 30,101 shares (cost $420,356) .......................................................... 477,105 Federated IS - Quality Bond Fund II - Primary Shares (FedQualBd) 147,945 shares (cost $1,752,669) ....................................................... 1,726,522 Fidelity/(R)/ VIP - Equity-Income Portfolio - Service Class (FidVIPEIS) 173,674 shares (cost $4,014,426) ....................................................... 4,390,471 Fidelity/(R)/ VIP - Growth Portfolio - Initial Class (FidVIPGr) 17,734 shares (cost $558,359) .......................................................... 567,656
(Continued) 2 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued Fidelity/(R)/ VIP - Growth Portfolio - Service Class (FidVIPGrS) 546,005 shares (cost $18,498,989) ...................................................... $ 17,406,642 Fidelity/(R)/ VIP - High Income Portfolio - Initial Class (FidVIPHI) 19,592 shares (cost $135,187) .......................................................... 137,146 Fidelity/(R)/ VIP - High Income Portfolio - Service Class (FidVIPHIS) 284,569 shares (cost $1,879,560) ....................................................... 1,983,442 Fidelity/(R)/ VIP - Overseas Portfolio - Initial Class (FidVIPOv) 32,218 shares (cost $533,847) .......................................................... 564,454 Fidelity/(R)/ VIP - Overseas Portfolio - Service Class (FidVIPOvS) 183,892 shares (cost $2,474,170) ....................................................... 3,207,075 Fidelity/(R)/ VIP II - Asset Manager Portfolio - Initial Class (FidVIPAM) 632,611 shares (cost $8,910,166) ....................................................... 9,394,280 Fidelity/(R)/ VIP II - Contrafund/(R)/ Portfolio - Initial Class (FidVIPCon) 13,673 shares (cost $274,621) .......................................................... 363,979 Fidelity/(R)/ VIP II - Contrafund/(R)/ Portfolio - Service Class (FidVIPConS) 149,952 shares (cost $3,247,213) ....................................................... 3,978,239 Fidelity/(R)/ VIP III - Growth Opportunities Portfolio - Service Class (FidVIPGrOpS) 101,116 shares (cost $1,385,906) ....................................................... 1,622,912 Fidelity/(R)/ VIP III - Value Strategies Portfolio - Service Class (FidVIPValS) 14,545 shares (cost $179,576) .......................................................... 204,940 Franklin Templeton VIP - Templeton Foreign Securities Fund - Class 2 (FrVIPForSec2) 203,098 shares (cost $2,496,305) ....................................................... 2,914,453 Gartmore GVIT Comstock Value Fund - Class I (GVITCVal) 6,471 shares (cost $67,244) ............................................................ 74,614 Gartmore GVIT Dreyfus Mid Cap Index Fund - Class I (GVITDMidCapI) 194,546 shares (cost $2,926,703) ....................................................... 3,229,470 Gartmore GVIT Emerging Markets Fund - Class I (GVITEmMrkts) 7,792 shares (cost $80,250) ............................................................ 84,390 Gartmore GVIT Federated High Income Bond Fund - Class I (GVITFHiInc) 117,583 shares (cost $945,596) ......................................................... 964,182 Gartmore GVIT Global Financial Services Fund - Class I (GVITGlFin1) 445 shares (cost $5,485) ............................................................... 5,705 Gartmore GVIT Global Health Sciences Fund - Class I (GVITGlHlth) 266 shares (cost $2,763) ............................................................... 2,843 Gartmore GVIT Global Technology and Communications Fund - Class I (GVITGlTech) 6,799 shares (cost $23,458) ............................................................ 26,314 Gartmore GVIT Government Bond Fund - Class I (GVITGvtBd) 1,310,287 shares (cost $15,920,737) .................................................... 15,225,531 Gartmore GVIT Growth Fund - Class I (GVITGrowth) 18,017 shares (cost $175,543) .......................................................... 193,867 Gartmore GVIT ID Conservative Fund - Class II (GVITIDCon) 30,462 shares (cost $299,352) .......................................................... 318,324 Gartmore GVIT ID Moderate Fund - Class II (GVITIDMod) 92,150 shares (cost $992,414) .......................................................... 1,037,604 Gartmore GVIT J.P. Morgan Balanced Fund - Class I (GVITJPBal) 807,842 shares (cost $7,375,668) ....................................................... 8,062,265 Gartmore GVIT Mid Cap Growth Fund - Class I (GVITSMdCpGr) 35,139 shares (cost $801,152) .......................................................... 869,334 Gartmore GVIT Money Market Fund - Class I (GVITMyMkt) 23,658,259 shares (cost $23,658,259) ................................................... 23,658,259
(Continued) 3 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued Gartmore GVIT Money Market Fund: Class V (GVITMyMkt5) 46,253,283 shares (cost $46,253,283) ................................................... $ 46,253,283 Gartmore GVIT Nationwide/(R)/ Fund: Class I (GVITNWFund) 167,327 shares (cost $1,527,045) ....................................................... 1,862,353 Gartmore GVIT Small Cap Growth Fund - Class I (GVITSmCapGr) 285,454 shares (cost $3,128,002) ....................................................... 4,199,022 Gartmore GVIT Small Cap Value Fund - Class I (GVITSmCapVal) 471,292 shares (cost $5,706,951) ....................................................... 5,947,706 Gartmore GVIT Small Company Fund - Class I (GVITSmComp) 367,744 shares (cost $7,720,366) ....................................................... 8,443,407 Gartmore GVIT U.S. Growth Leaders Fund - Class I (GVITUSGro) 486 shares (cost $5,177) ............................................................... 5,624 Gartmore GVIT Van Kampen Multi Sector Bond Fund - Class I (GVITVKMultiSec) 230,785 shares (cost $2,300,131) ....................................................... 2,307,851 Gartmore GVIT Worldwide Leaders Fund - Class I (GVITWLead) 8,951 shares (cost $80,536) ............................................................ 96,496 Goldman Sachs VIT - Mid Cap Value Fund (GSVITMidCap) 172,532 shares (cost $2,190,466) ....................................................... 2,636,286 Janus AS - Balanced Portfolio - Service Shares (JanBal) 45,413 shares (cost $981,160) .......................................................... 1,146,213 Janus AS - Capital Appreciation Portfolio - Service Shares (JanCapAp) 11,131 shares (cost $238,061) .......................................................... 271,496 Janus AS - Global Technology Portfolio - Service Shares (JanGlTech) 197,715 shares (cost $623,762) ......................................................... 701,889 Janus AS - International Growth Portfolio - Service Shares (JanIntGro) 24,058 shares (cost $564,448) .......................................................... 648,134 Neuberger Berman AMT - Fasciano Portfolio - S Class Shares (NBAMTFasc) 169 shares (cost $2,143) ............................................................... 2,335 Neuberger Berman AMT - Growth Portfolio (NBAMTGro) 30,360 shares (cost $317,945) .......................................................... 368,877 Neuberger Berman AMT - Guardian Portfolio - I Class Shares (NBAMTGuard) 143,051 shares (cost $1,921,248) ....................................................... 2,313,136 Neuberger Berman AMT - Mid Cap Growth Portfolio/(R)/ - I Class (NBAMTMCGr) 72,733 shares (cost $1,127,076) ........................................................ 1,296,838 Neuberger Berman AMT - Partners Portfolio (NBAMTPart) 89,725 shares (cost $1,558,042) ........................................................ 1,643,760 One Group/(R)/ IT Mid Cap Growth Portfolio (OGMidCapGr) 43,834 shares (cost $612,712) .......................................................... 774,546 Oppenheimer Aggressive Growth Fund/VA - Initial Class (OppAggGro) 192,204 shares (cost $7,387,127) ....................................................... 8,451,219 Oppenheimer Bond Fund/VA - Initial Class (OppBdFd) 130,375 shares (cost $1,489,393) ....................................................... 1,499,312 Oppenheimer Capital Appreciation Fund/VA - Initial Class (OppCapAp) 300,672 shares (cost $9,841,182) ....................................................... 11,121,849 Oppenheimer Global Securities Fund/VA - Initial Class (OppGlSec) 25,000 shares (cost $615,637) .......................................................... 737,762 Oppenheimer Main Street/(R)/ Fund/VA - Initial Class (OppMSFund) 14,035 shares (cost $272,058) .......................................................... 292,499 Oppenheimer Multiple Strategies Fund/VA - Initial Class (OppMultStr) 67,364 shares (cost $1,097,586) ........................................................ 1,168,758
(Continued) 4 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, Continued PIMCO VIT - Low Duration Portfolio - Administrative Shares (PIMLowDur) 389,633 shares (cost $4,007,139) ....................................................... $ 4,013,223 PIMCO VIT - Real Return Portfolio - Administrative Shares (PIMRealRet) 97,978 shares (cost $1,274,937) ........................................................ 1,265,871 PIMCO VIT - Total Return Portfolio - Administrative Shares (PIMTotRet) 1,588,483 shares (cost $16,527,586) .................................................... 16,694,955 Pioneer High Yield VCT Portfolio - Class I Shares (PVCTHiYield) 15,802 shares (cost $180,222) .......................................................... 184,408 Royce Capital Fund - Royce Micro-Cap Portfolio (RCFMicroCap) 384,739 shares (cost $4,000,732) ....................................................... 4,424,503 Strong Opportunity Fund II, Inc. (StOpp2) 260,703 shares (cost $5,075,504) ....................................................... 5,852,785 Strong VIF - Strong Discovery Fund II (StDisc2) 12,468 shares (cost $156,498) .......................................................... 182,650 T. Rowe Price Equity Income Portfolio II (TRowEqInc2) 192,175 shares (cost $3,824,744) ....................................................... 4,287,418 T. Rowe Price Mid Cap Growth Fund II (TRowMidCap2) 267,627 shares (cost $4,853,260) ....................................................... 6,265,139 Van Eck WIT - Worldwide Emerging Markets Fund (VEWrldEMkt) 18,521 shares (cost $233,650) .......................................................... 281,708 Van Eck WIT - Worldwide Hard Assets Fund (VEWrldHAs) 4,337 shares (cost $67,329) ............................................................ 79,623 Van Kampen UIF - Emerging Markets Debt Portfolio (VKEmMkt) 14,565 shares (cost $128,905) .......................................................... 129,480 Van Kampen UIF - Mid Cap Growth Portfolio (VKMidCapG) 113,226 shares (cost $1,074,513) ....................................................... 1,173,019 Van Kampen UIF - U.S. Real Estate Portfolio - Class A (VKUSRealEst) 150,439 shares (cost $2,364,216) ....................................................... 3,080,982 -------------- Total Investments .................................................................... 327,348,127 Accounts Receivable ........................................................................ - -------------- Total Assets ......................................................................... 327,348,127 Accounts Payable ............................................................................. 15,555 -------------- Contract Owners Equity (note 7) .............................................................. $ 327,332,572 ==============
See accompanying notes to financial statements. 5 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS Year Ended December 31, 2004
Total AIMBValue AlVPGrIncA ACVPBal --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 4,728,458 - 33,818 3,958 Mortality and expense risk charges (note 3) ......... (881,718) (14) (9,392) (866) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 3,846,740 (14) 24,426 3,092 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 289,727,457 2,954 6,593,177 149,793 Cost of mutual fund shares sold ..................... (274,543,388) (2,469) (6,025,117) (119,605) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 15,184,069 485 568,060 30,188 Change in unrealized gain (loss) on investments ..................................... 5,129,892 134 (194,909) 4,859 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 20,313,961 619 373,151 35,047 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ 2,952,444 - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 27,113,145 605 397,577 38,139 =============== =============== =============== =============== ACVPCapAp ACVPIncGr ACVPInt ACVPUltra --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ - 128,036 34,256 - Mortality and expense risk charges (note 3) ......... (2,082) (16,390) (18,074) (38) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... (2,082) 111,646 16,182 (38) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 852,703 969,824 7,024,627 13,763 Cost of mutual fund shares sold ..................... (737,004) (987,473) (5,959,740) (12,388) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 115,699 (17,649) 1,064,887 1,375 Change in unrealized gain (loss) on investments ..................................... 14,885 1,015,223 178,163 146 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 130,584 997,574 1,243,050 1,521 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 128,502 1,109,220 1,259,232 1,483 =============== =============== =============== =============== ACVPVal BCFTCpAsset CSGPVen CSIntFoc --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 55,316 - - 262 Mortality and expense risk charges (note 3) ......... (13,246) (520) (612) (96) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 42,070 (520) (612) 166 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 2,554,356 109,304 338,808 75,334 Cost of mutual fund shares sold ..................... (1,879,514) (104,513) (276,092) (62,506) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 674,842 4,791 62,716 12,828 Change in unrealized gain (loss) on investments ..................................... (56,048) 56,356 (19,608) (8,128) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 618,794 61,147 43,108 4,700 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ 42,908 - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 703,772 60,627 42,496 4,866 =============== =============== =============== =============== CSLCapV CSSmCapGr DryMidCapStS DrySmCapIxS --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ 992 - - 7,712 Mortality and expense risk charges (note 3) ......... (422) (6,090) (96) (2,076) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 570 (6,090) (96) 5,636 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 206,463 3,445,643 460,856 1,534,199 Cost of mutual fund shares sold ..................... (179,223) (3,119,698) (450,352) (1,467,168) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 27,240 325,945 10,504 67,031 Change in unrealized gain (loss) on investments ..................................... (11,152) (162,631) (844) 378,967 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 16,088 163,314 9,660 445,998 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - 41,602 --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 16,658 157,224 9,564 493,236 =============== =============== =============== ===============
(Continued) 6 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2004
DrySRGro DryStkIx DryVIFApp DryVIFGrInc --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 702 692,324 29,728 6,362 Mortality and expense risk charges (note 3) ......... (444) (93,284) (5,104) (1,216) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 258 599,040 24,624 5,146 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 428,802 18,377,377 1,709,725 390,072 Cost of mutual fund shares sold ..................... (350,303) (19,176,478) (1,427,490) (304,189) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 78,499 (799,101) 282,235 85,883 Change in unrealized gain (loss) on investments ..................................... (62,145) 4,330,297 (191,169) (46,341) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 16,354 3,531,196 91,066 39,542 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ............... $ 16,612 4,130,236 115,690 44,688 =============== =============== =============== =============== DryVIFIntVal FedQualBd FidVIPEI FidVIPEIS --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ 4,718 97,384 2,984 112,242 Mortality and expense risk charges (note 3) ......... (1,386) (5,788) (618) (20,032) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 3,332 91,596 2,366 92,210 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 403,329 2,780,382 418,541 6,597,032 Cost of mutual fund shares sold ..................... (337,947) (2,759,192) (329,165) (5,704,696) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 65,382 21,190 89,376 892,336 Change in unrealized gain (loss) on investments ..................................... 11,378 (59,817) (62,841) (705,476) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 76,760 (38,627) 26,535 186,860 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ 6,656 21,374 712 28,390 --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 86,748 74,343 29,613 307,460 =============== =============== =============== =============== FidVIPGr FidVIPGrS FidVIPHI FidVIPHIS --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 15,386 28,550 226,632 215,240 Mortality and expense risk charges (note 3) ......... (15,210) (31,324) (6,416) (6,034) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 176 (2,774) 220,216 209,206 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 11,571,094 2,144,436 4,509,015 1,593,101 Cost of mutual fund shares sold ..................... (11,130,235) (3,219,819) (4,220,641) (1,457,166) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 440,859 (1,075,383) 288,374 135,935 Change in unrealized gain (loss) on investments ..................................... (435,907) 1,623,442 (290,366) (172,397) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 4,952 548,059 (1,992) (36,462) --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ............... $ 5,128 545,285 218,224 172,744 =============== =============== =============== =============== FidVIPOv FidVIPOvS FidVIPAM FidVIPCon --------------- --------------- --------------- --------------- Reinvested dividends ................................ 27,854 33,486 110,504 1,158 Mortality and expense risk charges (note 3) ......... (6,530) (7,954) (17,822) (872) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 21,324 25,532 92,682 286 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 4,828,755 1,079,239 2,588,410 224,412 Cost of mutual fund shares sold ..................... (4,596,754) (932,877) (2,403,088) (173,464) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 232,001 146,362 185,322 50,948 Change in unrealized gain (loss) on investments ..................................... (134,066) 182,463 156,715 266 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 97,935 328,825 342,037 51,214 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ............... 119,259 354,357 434,719 51,500 =============== =============== =============== ===============
(Continued) 7 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2004
FidVIPConS FidVIPGrOp FidVIPGrOpS FidVIPValS --------------- ---------------- -------------- --------------- Investment activity: Reinvested dividends ................................ $ 20,146 - 5,118 - Mortality and expense risk charges (note 3) ......... (14,260) (214) (3,734) (458) --------------- ---------------- -------------- --------------- Net investment income (loss) ...................... 5,886 (214) 1,384 (458) --------------- ---------------- -------------- --------------- Proceeds from mutual fund shares sold ............... 5,140,889 2,507,370 230,438 116,925 Cost of mutual fund shares sold ..................... (4,178,106) (2,413,846) (233,816) (127,727) --------------- ---------------- -------------- --------------- Realized gain (loss) on investments ............... 962,783 93,524 (3,378) (10,802) Change in unrealized gain (loss) on investments ..................................... (421,437) (80,972) 110,963 25,365 --------------- ---------------- -------------- --------------- Net gain (loss) on investments .................... 541,346 12,552 107,585 14,563 --------------- ---------------- -------------- --------------- Reinvested capital gains ............................ - - - 334 --------------- ---------------- -------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ............... $ 547,232 12,338 108,969 14,439 =============== ================ ============== =============== FrVIPForSec2 GVITCVal GVITDMidCapl GVITEmMrkts --------------- ---------------- -------------- --------------- Investment activity: Reinvested dividends ................................ 13,532 748 12,052 804 Mortality and expense risk charges (note 3) ......... (4,758) (140) (3,402) (414) --------------- ---------------- -------------- --------------- Net investment income (loss) ...................... 8,774 608 8,650 390 --------------- ---------------- -------------- --------------- Proceeds from mutual fund shares sold ............... 691,126 58,071 2,680,167 1,002,192 Cost of mutual fund shares sold ..................... (539,556) (43,495) (2,404,143) (1,032,688) --------------- ---------------- -------------- --------------- Realized gain (loss) on investments ............... 151,570 14,576 276,024 (30,496) Change in unrealized gain (loss) on investments ..................................... 266,049 (5,573) 171,216 4,080 --------------- ---------------- -------------- --------------- Net gain (loss) on investments .................... 417,619 9,003 447,240 (26,416) --------------- ---------------- -------------- --------------- Reinvested capital gains ............................ - - 76,202 7,038 --------------- ---------------- -------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ......... 426,393 9,611 532,092 (18,988) =============== ================ ============== =============== GVITFHiInc GVITGlFin1 GVITGlHlth GVITGlTech --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 83,616 52 - - Mortality and expense risk charges (note 3) ......... (3,154) (8) (36) (30) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 80,462 44 (36) (30) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 1,478,352 1,116 140,488 19,164 Cost of mutual fund shares sold ..................... (1,374,652) (1,090) (136,000) (20,037) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 103,700 26 4,488 (873) Change in unrealized gain (loss) on investments ..................................... (93,053) 243 80 3,664 --------------- --------------- --------------- --------------- Net gain (loss) on investments ..................... 10,647 269 4,568 2,791 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - 300 - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ......... $ 91,109 613 4,532 2,761 =============== =============== =============== =============== Investment activity: GVITGvtBd GVITGrowth GVITIDAgg GVITIDCon --------------- --------------- --------------- --------------- Reinvested dividends ................................ 928,278 2,316 - 7,224 Mortality and expense risk charges (note 3) ......... (38,628) (6,608) - (782) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 889,650 (4,292) - 6,442 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 12,839,722 4,754,386 1,785 7,326 Cost of mutual fund shares sold ..................... (13,255,895) (4,404,602) (1,294) (6,927) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... (416,173) 349,784 491 399 Change in unrealized gain (loss) on investments ..................................... (405,713) (535,921) (437) 3,553 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... (821,886) (186,137) 54 3,952 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ 374,338 - - 3,066 --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 442,102 (190,429) 54 13,460 =============== =============== =============== ===============
(Continued) 8 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2004
GVITIDMod GVITIDModAgg GVITIDModCon GVITJPBal --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 11,220 - - 110,308 Mortality and expense risk charges (note 3) ......... (596) - - (11,252) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 10,624 - - 99,056 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 7,661 1,771 1,735 908,944 Cost of mutual fund shares sold ..................... (7,178) (1,336) (1,522) (805,841) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 483 435 213 103,103 Change in unrealized gain (loss) on investments ..................................... 44,901 (388) (183) 459,132 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 45,384 47 30 562,235 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ 1,678 - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 57,686 47 30 661,291 =============== =============== =============== =============== Investment activity: GVITSMdCpGr GVITMyMkt GVITMyMkt5 GVITNWFund --------------- --------------- --------------- --------------- Reinvested dividends ................................ - 209,014 487,868 24,570 Mortality and expense risk charges (note 3) ......... (2,278) (48,554) (138,122) (5,926) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... (2,278) 160,460 349,746 18,644 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 3,420,718 15,765,259 50,824,421 1,163,821 Cost of mutual fund shares sold ..................... (3,355,518) (15,765,259) (50,824,421) (913,908) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 65,200 - - 249,913 Change in unrealized gain (loss) on investments ..................................... (36,074) - - (109,041) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 29,126 - - 140,872 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 26,848 160,460 349,746 159,516 =============== =============== =============== =============== Investment activity: GVITNStrVal GVITSmCapGr GVITSmCapVal GVITSmComp --------------- --------------- --------------- --------------- Reinvested dividends ................................ $ - - 12 - Mortality and expense risk charges (note 3) ......... (252) (9,228) (12,108) (19,672) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... (252) (9,228) (12,096) (19,672) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 603,060 453,482 4,899,028 4,213,036 Cost of mutual fund shares sold ..................... (484,491) (332,211) (3,851,486) (3,331,554) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 118,569 121,271 1,047,542 881,482 Change in unrealized gain (loss) on investments ..................................... (89,666) 376,912 (677,615) (606,293) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 28,903 498,183 369,927 275,189 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - 412,490 948,294 --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 28,651 488,955 770,321 1,203,811 =============== =============== =============== =============== Investment activity: GVITTGroFoc GVITUSGro GVITVKMultiSec GVITWLead --------------- --------------- --------------- --------------- Reinvested dividends ................................ - - 126,752 - Mortality and expense risk charges (note 3) ......... (2) (10) (6,396) (190) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... (2) (10) 120,356 (190) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 2,917 1,748 2,062,279 25,247 Cost of mutual fund shares sold ..................... (2,866) (1,696) (1,945,920) (17,378) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 51 52 116,359 7,869 Change in unrealized gain (loss) on investments ..................................... (36) 413 (127,817) 3,892 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 15 465 (11,458) 11,761 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - 186 - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 13 641 108,898 11,571 =============== =============== =============== ===============
(Continued) 9 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2004
GSVITMidCap JanBal JanCapAp JanGlTech --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 14,066 24,396 62 - Mortality and expense risk charges (note 3) ......... (8,124) (2,732) (2,424) (1,740) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 5,942 21,664 (2,362) (1,740) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 1,060,821 81,953 3,086,516 376,198 Cost of mutual fund shares sold ..................... (790,774) (74,659) (2,899,300) (287,662) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 270,047 7,294 187,216 88,536 Change in unrealized gain (loss) on investments ..................................... 45,472 55,745 (123,140) (79,340) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 315,519 63,039 64,076 9,196 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ 225,846 - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 547,307 84,703 61,714 7,456 =============== =============== =============== =============== Investment activity: JanIntGro NBAMTFasc NBAMTGro NBAMTGuard --------------- --------------- --------------- --------------- Reinvested dividends ................................ 5,390 - - 2,666 Mortality and expense risk charges (note 3) ......... (1,802) (352) (1,366) (3,660) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 3,588 (352) (1,366) (994) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 516,244 193,573 589,648 381,275 Cost of mutual fund shares sold ..................... (393,804) (165,345) (469,639) (392,689) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 122,440 28,228 120,009 (11,414) Change in unrealized gain (loss) on investments ..................................... (34,387) (21,671) (41,377) 346,803 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 88,053 6,557 78,632 335,389 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - 530 - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 91,641 6,735 77,266 334,395 =============== =============== =============== =============== Investment activity: NBAMTLMat NBAMTMCGr NBAMTPart OGMidCapGr --------------- --------------- --------------- --------------- Reinvested dividends ................................ $ - - 1,002 - Mortality and expense risk charges (note 3) ......... (2) (11,886) (17,226) (2,550) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... (2) (11,886) (16,224) (2,550) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 8,581 6,399,495 11,915,420 261,469 Cost of mutual fund shares sold ..................... (8,526) (6,035,237) (10,470,252) (200,285) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 55 364,258 1,445,168 61,184 Change in unrealized gain (loss) on investments ..................................... (35) (399,506) (364,948) 31,988 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 20 (35,248) 1,080,220 93,172 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 18 (47,134) 1,063,996 90,622 =============== =============== =============== =============== Investment activity: OGMidCapV OppAggGro OppBdFd OppCapAp --------------- --------------- --------------- --------------- Reinvested dividends ................................ 3,196 - 68,328 27,410 Mortality and expense risk charges (note 3) ......... (614) (12,802) (3,514) (20,066) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 2,582 (12,802) 64,814 7,344 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 1,489,596 797,805 677,884 1,663,219 Cost of mutual fund shares sold ..................... (1,485,625) (894,765) (672,895) (1,906,954) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 3,971 (96,960) 4,989 (243,735) Change in unrealized gain (loss) on investments ..................................... - 1,410,064 (15,441) 1,090,484 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 3,971 1,313,104 (10,452) 846,749 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 6,553 1,300,302 54,362 854,093 =============== =============== =============== ===============
(Continued) 10 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2004
OppGlSec OppMSFund OppMultStr PIMLowDur --------------- --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 31,532 3,064 14,924 151,738 Mortality and expense risk charges (note 3) ......... (5,644) (846) (3,078) (35,810) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 25,888 2,218 11,846 115,928 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 3,432,924 279,646 916,646 22,565,102 Cost of mutual fund shares sold ..................... (3,120,515) (238,327) (829,813) (22,498,752) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 312,409 41,319 86,833 66,350 Change in unrealized gain (loss) on investments ..................................... (323,285) (17,352) (36,638) 16,663 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... (10,876) 23,967 50,195 83,013 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - 12,206 --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 15,012 26,185 62,041 211,147 =============== =============== =============== =============== Investment activity: PIMRealRet PIMTotRet PVCTHiYield RCFMicroCap --------------- --------------- --------------- --------------- Reinvested dividends ................................ 8,508 338,208 17,366 - Mortality and expense risk charges (note 3) ......... (2,006) (56,194) (788) (8,604) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... 6,502 282,014 16,578 (8,604) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 2,244,217 13,665,275 785,056 1,669,969 Cost of mutual fund shares sold ..................... (2,200,177) (13,591,141) (765,442) (1,095,931) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 44,040 74,134 19,614 574,038 Change in unrealized gain (loss) on investments ..................................... (6,679) 287,399 (10,706) (219,893) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 37,361 361,533 8,908 354,145 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ 38,830 241,082 1,124 326,168 --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... 82,693 884,629 26,610 671,709 =============== =============== =============== =============== Investment activity: StOpp2 StDisc2 TRowEqInc2 TRowMidCap2 --------------- --------------- --------------- --------------- Reinvested dividends ................................ $ - - 41,102 - Mortality and expense risk charges (note 3) ......... (28,794) (1,102) (8,190) (8,860) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... (28,794) (1,102) 32,912 (8,860) --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 8,322,291 634,710 988,432 814,574 Cost of mutual fund shares sold ..................... (6,220,894) (654,146) (807,084) (562,851) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... 2,101,397 (19,436) 181,348 251,723 Change in unrealized gain (loss) on investments ..................................... (1,325,754) (6,901) 183,125 897,741 --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... 775,643 (26,337) 364,473 1,149,464 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - 85,082 - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 746,849 (27,439) 482,467 1,140,604 =============== =============== =============== =============== Investment activity: TRowNewAmG VEWrldBd VEWrldEMkt VEWrldHAs --------------- --------------- --------------- --------------- Reinvested dividends ................................ - - 4,442 1,562 Mortality and expense risk charges (note 3) ......... - (2) (1,364) (342) --------------- --------------- --------------- --------------- Net investment income (loss) ...................... - (2) 3,078 1,220 --------------- --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 298 18,960 781,382 410,437 Cost of mutual fund shares sold ..................... (312) (17,279) (659,636) (353,086) --------------- --------------- --------------- --------------- Realized gain (loss) on investments ............... (14) 1,681 121,746 57,351 Change in unrealized gain (loss) on investments ..................................... 1 (1,248) (45,427) (47,484) --------------- --------------- --------------- --------------- Net gain (loss) on investments .................... (13) 433 76,319 9,867 --------------- --------------- --------------- --------------- Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... (13) 431 79,397 11,087 =============== =============== =============== ===============
(Continued) 11 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF OPERATIONS, Continued Year Ended December 31, 2004
VKEmMkt VKMidCapG VKUSRealEst --------------- --------------- --------------- Investment activity: Reinvested dividends ................................ $ 13,620 - 42,642 Mortality and expense risk charges (note 3) ......... (452) (560) (6,962) --------------- --------------- --------------- Net investment income (loss) ...................... 13,168 (560) 35,680 --------------- --------------- --------------- Proceeds from mutual fund shares sold ............... 560,505 170,199 1,966,967 Cost of mutual fund shares sold ..................... (522,806) (145,440) (1,388,520) --------------- --------------- --------------- Realized gain (loss) on investments ............... 37,699 24,759 578,447 Change in unrealized gain (loss) on investments ..................................... (47,889) 82,106 231,709 --------------- --------------- --------------- Net gain (loss) on investments .................... (10,190) 106,865 810,156 --------------- --------------- --------------- Reinvested capital gains ............................ 6,366 - 49,642 --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....... $ 9,344 106,305 895,478 =============== =============== ===============
See accompanying notes to financial statements. 12 NATIONWIDE VL SEPARATE ACCOUNT- C STATEMENTS OF CHANGES IN CONTRACT OWNER'S EQUITY Year Ended December 31, 2004 and 2003
Total AIMBValue ---------------------------------- ---------------------------------- Investment activity: 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Net investment income (loss) ........................ $ 3,846,740 3,566,018 (14) (3) Realized gain (loss) on investments ................. 15,184,069 (12,493,479) 485 40 Change in unrealized gain (loss) on investments ..................................... 5,129,892 60,899,618 134 577 Reinvested capital gains ............................ 2,952,444 387,027 - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ........................ 27,113,145 52,359,184 605 614 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 12,125,820 23,342,950 9,702 2,165 Transfers between funds ............................. - - (4,638) 1,471 Surrenders (note 6) ................................. (87,587,776) (38,769,687) (2,642) (67) Death benefits (note 4) ............................. (335,216) (552,052) - - Net policy repayments (loans) (note 5) .............. (22) (849) - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ................................ (7,183,508) (7,805,652) (246) (96) Adjustments to maintain reserves .................... (8,515) (41,326) 23 (8) --------------- --------------- --------------- --------------- Net equity transactions ......................... (82,989,217) (23,826,616) 2,199 3,465 --------------- --------------- --------------- --------------- Net change in contract owners' equity ................. (55,876,072) 28,532,568 2,804 4,079 Contract owners' equity beginning of period ............................................ 383,208,644 354,676,076 4,079 - --------------- --------------- --------------- --------------- Contract owners' equity end of period ................. $ 327,332,572 383,208,644 6,883 4,079 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ..................................... 36,010,506 36,867,893 311 - --------------- --------------- --------------- --------------- Units purchased ..................................... 15,679,094 22,247,075 766 383 Units redeemed ...................................... (23,575,008) (23,104,462) (603) (72) --------------- --------------- --------------- --------------- Ending units ........................................ 28,114,592 36,010,506 474 311 =============== =============== =============== =============== AlVPGrIncA ACVPBal ---------------------------------- ---------------------------------- Investment activity: 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Net investment income (loss) ........................ 24,426 (1,870) 3,092 5,788 Realized gain (loss) on investments ................. 568,060 10,242 30,188 879 Change in unrealized gain (loss) on investments ..................................... (194,909) 236,542 4,859 39,911 Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ........................ 397,577 244,914 38,139 46,578 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 15,290 188 4 (78) Transfers between funds ............................. 1,159,974 3,479,771 76,764 92,670 Surrenders (note 6) ................................. (4,231,210) - (33,518) - Death benefits (note 4) ............................. - (1,306) - - Net policy repayments (loans) (note 5) .............. - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ................................ (66,044) (10,090) (12,234) (10,544) Adjustments to maintain reserves .................... 53 3 11 (9) --------------- --------------- --------------- --------------- Net equity transactions ......................... (3,121,937) 3,468,566 31,027 82,039 --------------- --------------- --------------- --------------- Net change in contract owners' equity ................. (2,724,360) 3,713,480 69,166 128,617 Contract owners' equity beginning of period ............................................ 3,715,373 1,893 357,178 228,561 --------------- --------------- --------------- --------------- Contract owners' equity end of period ................. 991,013 3,715,373 426,344 357,178 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ..................................... 280,678 189 33,960 25,913 --------------- --------------- --------------- --------------- Units purchased ..................................... 106,522 281,409 7,365 15,557 Units redeemed ...................................... (319,924) (920) (4,307) (7,510) --------------- --------------- --------------- --------------- Ending units ........................................ 67,276 280,678 37,018 33,960 =============== =============== =============== ===============
(Continued) 13 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
ACVPCapAp ACVPIncGr ---------------------------------- ---------------------------------- Investment activity: 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Net investment income (loss) ........................ $ (2,082) (1,092) 111,646 86,556 Realized gain (loss) on investments ................. 115,699 (8,358) (17,649) (437,670) Change in unrealized gain (loss) on investments ..................................... 14,885 88,760 1,015,223 2,351,299 Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ........................ 128,502 79,310 1,109,220 2,000,185 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 34 (72) 188,114 276,644 Transfers between funds ............................. 583,764 88,018 (294,220) (131,550) Surrenders (note 6) ................................. - - (82,952) (515,138) Death benefits (note 4) ............................. - - (24,922) (14,016) Net policy repayments (loans) (note 5) .............. - - 4 - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ................................ (24,006) (13,243) (135,054) (124,250) Adjustments to maintain reserves .................... 28 (5) 92 (69) --------------- --------------- --------------- --------------- Net equity transactions ......................... 559,820 74,698 (348,938) (508,379) --------------- --------------- --------------- --------------- Net change in contract owners' equity ................. 688,322 154,008 760,282 1,491,806 Contract owners' equity beginning of period ............................................ 528,500 374,492 8,973,628 7,481,822 --------------- --------------- --------------- --------------- Contract owners' equity end of period ................. $ 1,216,822 528,500 9,733,910 8,973,628 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ..................................... 48,415 42,060 867,106 933,307 --------------- --------------- --------------- --------------- Units purchased ..................................... 57,686 24,759 22,144 357,333 Units redeemed ...................................... (2,229) (18,404) (54,362) (423,534) --------------- --------------- --------------- --------------- Ending units ........................................ 103,872 48,415 834,888 867,106 =============== =============== =============== =============== ACVPInt ACVPUltra ---------------------------------- ---------------------------------- Investment activity: 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Net investment income (loss) ........................ 16,182 39,073 (38) (15) Realized gain (loss) on investments ................. 1,064,887 (1,536,974) 1,375 193 Change in unrealized gain (loss) on investments ..................................... 178,163 3,330,374 146 1,174 Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ........................ 1,259,232 1,832,473 1,483 1,352 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 85,788 236,844 10,878 3,802 Transfers between funds ............................. 2,149,580 (5,418,950) (2,338) 6,716 Surrenders (note 6) ................................. (3,115,972) (193,479) (4,392) (231) Death benefits (note 4) ............................. (11,610) (18,142) - - Net policy repayments (loans) (note 5) .............. (4) - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ................................ (110,994) (145,132) (478) (223) Adjustments to maintain reserves .................... 105 (1,936) 20 (4) --------------- --------------- --------------- --------------- Net equity transactions ......................... (1,003,107) (5,540,795) 3,690 10,060 --------------- --------------- --------------- --------------- Net change in contract owners' equity ................. 256,125 (3,708,322) 5,173 11,412 Contract owners' equity beginning of period ............................................ 6,827,190 10,535,512 11,412 - --------------- --------------- --------------- --------------- Contract owners' equity end of period ................. 7,083,315 6,827,190 16,585 11,412 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ..................................... 740,358 1,419,968 1,142 - --------------- --------------- --------------- --------------- Units purchased ..................................... 661,345 287,800 1,286 1,415 Units redeemed ...................................... (695,481) (967,410) (924) (273) --------------- --------------- --------------- --------------- Ending units ........................................ 706,222 740,358 1,504 1,142 =============== =============== =============== ===============
(Continued) 14 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
ACVPVal BCFTCpAsset ---------------------------------- ---------------------------------- Investment activity: 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Net investment income (loss) ........................ $ 42,070 59,530 (520) (13) Realized gain (loss) on investments ................. 674,842 (259,166) 4,791 - Change in unrealized gain (loss) on investments ..................................... (56,048) 1,788,027 56,356 712 Reinvested capital gains ............................ 42,908 - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....................... 703,772 1,588,391 60,627 699 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 319,546 195,237 44,198 - Transfers between funds ............................. 515,792 (4,381,462) 219,080 65,999 Surrenders (note 6) ................................. (1,164,208) (998,714) (1,014) (97) Death benefits (note 4) ............................. (5,864) - - - Net policy repayments (loans) (note 5) .............. - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ................................. (132,058) (177,462) (5,874) - Adjustments to maintain reserves .................... 47 (1,910) 22 2 --------------- --------------- --------------- --------------- Net equity transactions ......................... (466,745) (5,364,311) 256,412 65,904 --------------- --------------- --------------- --------------- Net change in contract owners' equity ................. 237,027 (3,775,920) 317,039 66,603 Contract owners' equity beginning of period ............................................ 4,656,661 8,432,581 66,603 - --------------- --------------- --------------- --------------- Contract owners' equity end of period ................. $ 4,893,688 4,656,661 383,642 66,603 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ..................................... 337,516 787,711 5,295 - --------------- --------------- --------------- --------------- Units purchased ..................................... 106,374 154,781 21,603 5,305 Units redeemed ...................................... (132,968) (604,976) (2,560) (10) --------------- --------------- --------------- --------------- Ending units ........................................ 310,922 337,516 24,338 5,295 =============== =============== =============== =============== CVSSoEq CSGPVen ---------------------------------- ---------------------------------- Investment activity: 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Net investment income (loss) ........................ - (1,154) (612) (1,061) Realized gain (loss) on investments ................. - (227,817) 62,716 112,396 Change in unrealized gain (loss) on investments ..................................... - 78,830 (19,608) 69,511 Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ....................... - (150,141) 42,496 180,846 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... - 236,508 23,300 (5,005) Transfers between funds ............................. - (3,088,584) (135,876) (132,271) Surrenders (note 6) ................................. - - - (29,330) Death benefits (note 4) ............................. - - - - Net policy repayments (loans) (note 5) .............. - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ................................ - (242) (6,000) (11,445) Adjustments to maintain reserves .................... - (27) 14 (2) --------------- --------------- --------------- --------------- Net equity transactions ......................... - (2,852,345) (118,562) (178,053) --------------- --------------- --------------- --------------- Net change in contract owners' equity ................. - (3,002,486) (76,066) 2,793 Contract owners' equity beginning of period ............................................ - 3,002,486 302,513 299,720 --------------- --------------- --------------- --------------- Contract owners' equity end of period ................. - - 226,447 302,513 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ..................................... - 292,051 36,710 53,748 --------------- --------------- --------------- --------------- Units purchased ..................................... - 749 2,675 23,297 Units redeemed ...................................... - (292,800) (16,037) (40,335) --------------- --------------- --------------- --------------- Ending units ........................................ - - 23,348 36,710 =============== =============== =============== ===============
(Continued) 15 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
CSIntFoc CSLCapV ---------------------------------- ---------------------------------- Investment activity: 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Net investment income (loss) ........................ $ 166 8 570 691 Realized gain (loss) on investments ................. 12,828 29,378 27,240 (46,585) Change in unrealized gain (loss) on investments ..................................... (8,128) 9,837 (11,152) 75,199 Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ........................ 4,866 39,223 16,658 29,305 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 844 5,243 12,072 26,208 Transfers between funds ............................. (62,672) 4,011 (51,046) (50,777) Surrenders (note 6) ................................. - (33,953) (2,174) (66,516) Death benefits (note 4) ............................. - - - - Net policy repayments (loans) (note 5) .............. - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................................. (1,386) (3,056) (4,012) (3,913) Adjustments to maintain reserves .................... 16 (8,665) 26 (2) --------------- --------------- --------------- --------------- Net equity transactions ......................... (63,198) (36,420) (45,134) (95,000) --------------- --------------- --------------- --------------- Net change in contract owners' equity ................. (58,332) 2,803 (28,476) (65,695) Contract owners' equity beginning of period ............................................ 86,967 84,164 165,728 231,423 --------------- --------------- --------------- --------------- Contract owners' equity end of period ................. $ 28,635 86,967 137,252 165,728 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ..................................... 10,498 13,536 14,999 26,190 --------------- --------------- --------------- --------------- Units purchased ..................................... 100 13,131 1,097 8,743 Units redeemed ...................................... (7,578) (16,169) (4,912) (19,934) --------------- --------------- --------------- --------------- Ending units ........................................ 3,020 10,498 11,184 14,999 =============== =============== =============== =============== CSSmCapGr DryMidCapStS ---------------------------------- ---------------------------------- 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Net investment income (loss) ........................ (6,090) (2,143) (96) 948 Realized gain (loss) on investments ................. 325,945 89,817 10,504 6,704 Change in unrealized gain (loss) on investments ..................................... (162,631) 244,757 (844) 844 Reinvested capital gains ............................ - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ........................ 157,224 332,431 9,564 8,496 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................... 49,442 63,048 - (6,420) Transfers between funds ............................. 1,288,072 883,755 (458,872) 449,258 Surrenders (note 6) ................................. - - - (98) Death benefits (note 4) ............................. - - - - Net policy repayments (loans) (note 5) .............. - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .................................. (69,288) (36,967) (1,890) (15,634) Adjustments to maintain reserves .................... 22 (5) (3) 15,599 --------------- --------------- --------------- --------------- Net equity transactions ........................... (712,346) 909,831 (460,765) 442,705 --------------- --------------- --------------- --------------- Net change in contract owners' equity ................. (555,122) 1,242,262 (451,201) 451,201 Contract owners' equity beginning of period ............................................ 1,719,660 477,398 451,201 - --------------- --------------- --------------- --------------- Contract owners' equity end of period ................. 1,164,538 1,719,660 - 451,201 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ..................................... 194,729 80,161 34,437 - --------------- --------------- --------------- --------------- Units purchased ..................................... 147,230 139,865 - 34,450 Units redeemed ...................................... (222,721) (25,297) (34,437) (13) --------------- --------------- --------------- --------------- Ending units ........................................ 119,238 194,729 - 34,437 =============== =============== =============== ===============
(Continued) 16 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31,2004 and 2003
DrySmCapIxS DrySRGro ------------------------------ ------------------------------ 2004 2003 2004 2003 ------------- ------------- ------------- ------------- Investment activity: Net investment income (loss) ............ $ 5,636 (106) 258 (434) Realized gain (loss) on investments ..... 67,031 (12,801) 78,499 (3,281) Change in unrealized gain (loss) On investments ............................ 378,967 963 (62,145) 74,901 Reinvested capital gains ................ 41,602 46 - - ------------- ------------- ------------- ------------- Net increase (decrease) in contract owners' equity resulting from operations ........................... 493,236 (11,898) 16,612 71,186 ------------- ------------- ------------- ------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................ 8,860 (157) 12,964 13,910 Transfers between funds ................. 1,672,218 23,230 28,604 (2,950) Surrenders (note 6) ..................... (6,582) - (212,382) (21,435) Death benefits (note 4) ................. - - - - Net policy repayments (loans) (note 5) .. - - 8 - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ...................... (9,974) (1,939) (5,302) (7,776) Adjustments to maintain reserves ........ 65 (3) 7 6 ------------- ------------- ------------- ------------- Net equity transactions ............... 1,664,587 21,131 (176,101) (18,245) ------------- ------------- ------------- ------------- Net change in contract owners' equity ..... 2,157,823 9,233 (159,489) 52,941 Contract owners' equity beginning of period 9,233 - 342,163 289,222 ------------- ------------- ------------- ------------- Contract owners' equity end of period ..... $ 2,167,056 9,233 182,674 342,163 ============= ============= ============= ============= CHANGES IN UNITS: Beginning units ......................... 879 - 38,714 41,194 ------------- ------------- ------------- ------------- Units purchased ......................... 170,921 8,699 5,126 11,494 Units redeemed .......................... (2,764) (7,820) (24,332) (13,974) ------------- ------------- ------------- ------------- Ending units ............................ 169,036 879 19,508 38,714 ============= ============= ============= ============= DryStkIx DryVIFApp ------------------------------ ------------------------------ 2004 2003 2004 2003 ------------- ------------- ------------- ------------- Investment activity: Net investment income (loss) ............ 599,040 422,135 24,624 22,127 Realized gain (loss) on investments ..... (799,101) (2,606,489) 282,235 (442,297) Change in unrealized gain (loss) On investments ............................ 4,330,297 10,819,143 (191,169) 1,213,972 Reinvested capital gains ................ - - - - ------------- ------------- ------------- ------------- Net increase (decrease) in contract owners' equity resulting from operations ........................... 4,130,236 8,634,789 115,690 793,802 ------------- ------------- ------------- ------------- Equity transactions: Purchase payments received from contract owners (note 6) ........................ 710,716 2,766,689 197,856 502,673 Transfers between funds ................. 3,018,944 4,944,020 (4,946) (3,460,833) Surrenders (note 6) ..................... (7,878,454) (1,890,428) (1,158,998) (592,692) Death benefits (note 4) ................. (39,094) (22,462) (6,038) (1,499) Net policy repayments (loans) (note 5) .. (280) 183,582 - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ...................... (804,960) (823,829) (49,430) (117,442) Adjustments to maintain reserves ........ 555 4,833 53 (2,148) ------------- ------------- ------------- ------------- Net equity transactions ............... (4,992,573) 5,162,405 (1,021,503) (3,671,941) ------------- ------------- ------------- ------------- Net change in contract owners' equity ..... (862,337) 13,797,194 (905,813) (2,878,139) Contract owners' equity beginning of period 42,399,239 28,602,045 2,699,069 5,577,208 ------------- ------------- ------------- ------------- Contract owners' equity end of period ..... 41,536,902 42,399,239 1,793,256 2,699,069 ============= ============= ============= ============= CHANGES IN UNITS: Beginning units ......................... 4,213,692 3,662,912 244,521 611,476 ------------- ------------- ------------- ------------- Units purchased ......................... 1,510,287 1,865,324 65,052 156,383 Units redeemed .......................... (1,933,213) (1,314,544) (149,491) (523,338) ------------- ------------- ------------- ------------- Ending units ............................ 3,790,766 4,213,692 160,082 244,521 ============= ============= ============= =============
(Continued) 17 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31,2004 and 2003
DryVIFGrInc DryVIFIntVal ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ $ 5,146 3,029 3,332 1,762 Realized gain (loss) on investments ......................... 85,883 1,252 65,382 635 Change in unrealized gain (loss) on investments ................................................ (46,341) 108,111 11,378 45,372 Reinvested capital gains .................................... - - 6,656 - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 44,688 112,392 86,748 47,769 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 6 (951) 92 41 Transfers between funds ..................................... 15,228 156,717 412,134 216,383 Surrenders (note 6) ......................................... (201,480) - (276,826) - Death benefits (note 4) ..................................... - - - - Net policy repayments (loans) (note 5) ...................... - 183,582 - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (22,466) (16,067) (7,438) - Adjustments to maintain reserves ............................ 8 1 25 (1,801) ------------ ------------ ------------ ------------ Net equity transactions ................................. (208,704) 323,282 127,987 214,623 ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... (164,016) 435,674 214,735 262,392 Contract owners' equity beginning of period ................... 725,693 290,019 262,392 - ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... $ 561,677 725,693 477,127 262,392 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 80,448 40,612 20,453 - ------------ ------------ ------------ ------------ Units purchased ............................................. 2,210 51,438 53,873 40,914 Units redeemed .............................................. (24,574) (11,602) (43,266) (20,461) ------------ ------------ ------------ ------------ Ending units ................................................ 58,084 80,448 31,060 20,453 ============ ============ ============ ============ FedQualBd FidVIPEI ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ 91,596 95,133 2,366 1,656 Realized gain (loss) on investments ......................... 21,190 59,717 89,376 8,402 Change in unrealized gain (loss) on investments ................................................ (59,817) (26,158) (62,841) 52,780 Reinvested capital gains .................................... 21,374 - 712 - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 74,343 128,692 29,613 62,838 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 98,256 215,633 (2) 28,918 Transfers between funds ..................................... (1,641,578) 1,353,803 112,570 78,787 Surrenders (note 6) ......................................... (20,456) (219,125) (394,010) (10,255) Death benefits (note 4) ..................................... - (1,788) - - Net policy repayments (loans) (note 5) ...................... 98 - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (54,578) (83,903) (4,894) (3,852) Adjustments to maintain reserves ............................ 27 (4) 8 (2) ------------ ------------ ------------ ------------ Net equity transactions ................................. (1,618,231) 1,264,616 (286,328) 93,596 ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... (1,543,888) 1,393,308 (256,715) 156,434 Contract owners' equity beginning of period ................... 3,270,428 1,877,120 256,715 100,281 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... 1,726,540 3,270,428 - 256,715 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 245,866 147,567 24,845 12,619 ------------ ------------ ------------ ------------ Units purchased ............................................. 35,925 173,220 10,866 14,781 Units redeemed .............................................. (156,287) (74,921) (35,711) (2,555) ------------ ------------ ------------ ------------ Ending units ................................................ 125,504 245,866 - 24,845 ============ ============ ============ ============
(Continued) 18 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31,2004 and 2003
FidVIPEIS FidVIPGr ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ $ 92,210 41,906 176 587 Realized gain (loss) on investments ......................... 892,336 (292,422) 440,859 (728,865) Change in unrealized gain (loss) on investments ............................................. (705,476) 1,686,703 (435,907) 2,021,527 Reinvested capital gains .................................... 28,390 - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 307,460 1,436,187 5,128 1,293,249 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 124,746 268,388 197,962 87,161 Transfers between funds ..................................... (1,517,404) 1,189,281 3,393,512 (754,585) Surrenders (note 6) ......................................... (816,622) (143,559) (7,516,486) (83,468) Death benefits (note 4) ..................................... (758) (8,548) - - Net policy repayments (loans) (note 5) ...................... 126 - (2) 183,582 Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (153,072) (129,730) (134,854) (110,732) Adjustments to maintain reserves ............................ 101 528 48 3 ------------ ------------ ------------ ------------ Net equity transactions ................................. (2,362,883) 1,176,360 (4,059,820) (678,039) ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... (2,055,423) 2,612,547 (4,054,692) 615,210 Contract owners' equity beginning of period ................... 6,445,977 3,833,430 4,622,364 4,007,154 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... $ 4,390,554 6,445,977 567,672 4,622,364 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 560,297 432,799 583,926 670,852 ------------ ------------ ------------ ------------ Units purchased ............................................. 814,629 236,910 454,987 45,919 Units redeemed .............................................. (1,021,576) (109,412) (969,371) (132,845) ------------ ------------ ------------ ------------ Ending units ................................................ 353,350 560,297 69,542 583,926 ============ ============ ============ ============ FidVIPGrS FidVIPHI ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ (2,774) (301) 220,216 99,977 Realized gain (loss) on investments ......................... (1,075,383) (1,859,398) 288,374 73,394 Change in unrealized gain (loss) on investments ............................................. 1,623,442 6,205,534 (290,366) 228,450 Reinvested capital gains .................................... - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 545,285 4,345,835 218,224 401,821 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 195,312 314,212 - 361 Transfers between funds ..................................... 63,688 41,352 468,560 629,499 Surrenders (note 6) ......................................... (787,564) (955,955) (3,019,360) - Death benefits (note 4) ..................................... (64,436) (8,685) (1,306) - Net policy repayments (loans) (note 5) ...................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (260,374) (262,218) (47,484) (34,340) Adjustments to maintain reserves ............................ 99 (165) 29 (462) ------------ ------------ ------------ ------------ Net equity transactions ................................. (853,275) (871,459) (2,599,561) 595,058 ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... (307,990) 3,474,376 (2,381,337) 996,879 Contract owners' equity beginning of period ................... 17,714,706 14,240,330 2,518,483 1,521,604 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... 17,406,716 17,714,706 137,146 2,518,483 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 1,838,297 1,951,492 218,094 167,303 ------------ ------------ ------------ ------------ Units purchased ............................................. 85,772 693,111 40,069 63,730 Units redeemed .............................................. (163,885) (806,306) (247,299) (12,939) ------------ ------------ ------------ ------------ Ending units ................................................ 1,760,184 1,838,297 10,864 218,094 ============ ============ ============ ============
(Continued) 19 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
FidVIPHIS FidVIPOv ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ $ 209,206 197,164 21,324 1,897 Realized gain (loss) on investments ......................... 135,935 92,550 232,001 (12,413) Change in unrealized gain (loss) on investments ................................................ (172,397) 274,223 (134,066) 250,477 Reinvested capital gains .................................... - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 172,744 563,937 119,259 239,961 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 140,732 306,510 40,136 35,428 Transfers between funds ..................................... (301,596) (199,985) 1,007,816 999,283 Surrenders (note 6) ......................................... (277,706) (993,747) (2,174,298) (28,727) Death benefits (note 4) ..................................... - (4,595) - - Net policy repayments (loans) (note 5) ...................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (60,994) (91,014) (49,332) (12,362) Adjustments to maintain reserves ............................ 36 3 27 4 ------------ ------------ ------------ ------------ Net equity transactions ................................. (499,528) (982,828) (1,175,651) 993,626 ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... (326,784) (418,891) (1,056,392) 1,233,587 Contract owners' equity beginning of period ................... 2,310,255 2,729,146 1,620,869 387,282 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... $ 1,983,471 2,310,255 564,477 1,620,869 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 268,110 401,989 180,429 61,653 ------------ ------------ ------------ ------------ Units purchased ............................................. 23,981 115,224 105,778 125,345 Units redeemed .............................................. (81,549) (249,103) (230,773) (6,569) ------------ ------------ ------------ ------------ Ending units ................................................ 210,542 268,110 55,434 180,429 ============ ============ ============ ============ FidVIPOvS FidVIPAM ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ 25,532 13,850 92,682 98,226 Realized gain (loss) on investments ......................... 146,362 (736,566) 185,322 (20,996) Change in unrealized gain (loss) on investments ................................................ 182,463 1,627,578 156,715 433,269 Reinvested capital gains .................................... - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 354,357 904,862 434,719 510,499 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 182,944 336,075 522 12,049 Transfers between funds ..................................... 223,452 (555,854) 5,708,986 459,568 Surrenders (note 6) ......................................... (198,880) (957,734) (12,552) - Death benefits (note 4) ..................................... - (2,049) - - Net policy repayments (loans) (note 5) ...................... (8) - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (74,696) (85,708) (191,492) (95,957) Adjustments to maintain reserves ............................ 59 (20) 73 (4) ------------ ------------ ------------ ------------ Net equity transactions ................................. 132,871 (1,265,290) 5,505,537 375,656 ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... 487,228 (360,428) 5,940,256 886,155 Contract owners' equity beginning of period ................... 2,719,891 3,080,319 3,454,090 2,567,935 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... 3,207,119 2,719,891 9,394,346 3,454,090 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 280,162 454,474 331,284 289,913 ------------ ------------ ------------ ------------ Units purchased ............................................. 85,399 222,524 544,572 78,753 Units redeemed .............................................. (73,841) (396,836) (19,420) (37,382) ------------ ------------ ------------ ------------ Ending units ................................................ 291,720 280,162 856,436 331,284 ============ ============ ============ ============
(Continued) 20 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
FidVIPCon FidVIPConS ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ $ 286 334 5,886 3,456 Realized gain (loss) on investments ......................... 50,948 11,261 962,783 (756,647) Change in unrealized gain (loss) on investments ............................................. 266 88,176 (421,437) 2,197,581 Reinvested capital gains .................................... - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 51,500 99,771 547,232 1,444,390 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 514 12,179 288,932 1,140,655 Transfers between funds ..................................... (123,264) (34,160) (48,704) 755,522 Surrenders (note 6) ......................................... (77,842) - (4,346,040) (1,160,274) Death benefits (note 4) ..................................... - - - (4,605) Net policy repayments (loans) (note 5) ...................... (2) 183,582 - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (22,944) (19,023) (82,644) (135,387) Adjustments to maintain reserves ............................ 21 (3) 65 13 ------------ ------------ ------------ ------------ Net equity transactions ................................. (223,517) 142,575 (4,188,391) 595,924 ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... (172,017) 242,346 (3,641,159) 2,040,314 Contract owners' equity beginning of period ................... 536,009 293,663 7,619,443 5,579,129 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... $ 363,992 536,009 3,978,284 7,619,443 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 51,152 35,930 576,339 542,502 ------------ ------------ ------------ ------------ Units purchased ............................................. 54 26,496 36,318 490,187 Units redeemed .............................................. (21,050) (11,274) (351,173) (456,350) ------------ ------------ ------------ ------------ Ending units ................................................ 30,156 51,152 261,484 576,339 ============ ============ ============ ============ FidVIPGrOp FidVIPGrOpS ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ (214) 6,141 1,384 3,857 Realized gain (loss) on investments ......................... 93,524 (27,208) (3,378) (133,773) Change in unrealized gain (loss) on investments ............................................. (80,972) 252,689 110,963 374,378 Reinvested capital gains .................................... - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 12,338 231,622 108,969 244,462 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 7,242 17,478 12,794 16,818 Transfers between funds ..................................... (857,598) (231,580) 536,428 (178,650) Surrenders (note 6) ......................................... (1,464) - (73,508) (71,456) Death benefits (note 4) ..................................... - - - - Net policy repayments (loans) (note 5) ...................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (2,082) (30,856) (54,802) (43,915) Adjustments to maintain reserves ............................ 4 (2) 39 (31) ------------ ------------ ------------ ------------ Net equity transactions ................................. (853,898) (244,960) 420,951 (277,234) ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... (841,560) (13,338) 529,920 (32,772) Contract owners' equity beginning of period ................... 841,560 854,898 1,093,022 1,125,794 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... - 841,560 1,622,942 1,093,022 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 94,088 123,821 131,702 176,094 ------------ ------------ ------------ ------------ Units purchased ............................................. - - 110,071 100,135 Units redeemed .............................................. (94,088) (29,733) (58,877) (144,527) ------------ ------------ ------------ ------------ Ending units ................................................ - 94,088 182,896 131,702 ============ ============ ============ ============
(Continued) 21 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
FidVIPValS FrVIPForSec2 ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ $ (458) (135) 8,774 4,213 Realized gain (loss) on investments ......................... (10,802) (20,120) 151,570 2,067 Change in unrealized gain (loss) on investments ............. 25,365 (1,822) 266,049 152,100 Reinvested capital gains .................................... 334 - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 14,439 (22,077) 426,393 158,380 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 10,520 - 78,272 1,846 Transfers between funds ..................................... 184,446 35,327 1,671,454 975,631 Surrenders (note 6) ......................................... (826) (39,100) (367,662) (1,023) Death benefits (note 4) ..................................... - - - - Net policy repayments (loans) (note 5) ...................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (3,640) (2,371) (21,548) - Adjustments to maintain reserves ............................ 32 1 51 (7,291) ------------ ------------ ------------ ------------ Net equity transactions ................................. 190,532 (6,143) 1,360,567 969,163 ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... 204,971 (28,220) 1,786,960 1,127,543 Contract owners' equity beginning of period ................... - 28,220 1,127,543 - ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... $ 204,971 - 2,914,503 1,127,543 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. - 3,768 90,293 - ------------ ------------ ------------ ------------ Units purchased ............................................. 16,330 19,439 190,389 109,276 Units redeemed .............................................. (1,052) (23,207) (83,600) (18,983) ------------ ------------ ------------ ------------ Ending units ................................................ 15,278 - 197,082 90,293 ============ ============ ============ ============ GVITCVal GVITDMidCapl ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ 608 516 8,650 1,296 Realized gain (loss) on investments ......................... 14,576 592 276,024 (19,488) Change in unrealized gain (loss) on investments ............. (5,573) 12,724 171,216 255,804 Reinvested capital gains .................................... - - 76,202 4 ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 9,611 13,832 532,092 237,616 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ............................................ 3,466 2,645 36,556 135,989 Transfers between funds ..................................... 13,644 10,015 2,161,708 (353,438) Surrenders (note 6) ......................................... (10,442) - (108,566) (51,607) Death benefits (note 4) ..................................... - - - (399) Net policy repayments (loans) (note 5) ...................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............... (1,762) (1,705) (17,140) - Adjustments to maintain reserves ............................ 16 - 45 (15,631) ------------ ------------ ------------ ------------ Net equity transactions ................................. 4,922 10,955 2,072,603 (285,086) ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... 14,533 24,787 2,604,695 (47,470) Contract owners' equity beginning of period ................... 60,095 35,308 624,821 672,291 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... 74,628 60,095 3,229,516 624,821 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 6,284 4,863 41,047 59,532 ------------ ------------ ------------ ------------ Units purchased ............................................. 2,514 5,731 178,667 33,258 Units redeemed .............................................. (2,148) (4,310) (9,144) (51,743) ------------ ------------ ------------ ------------ Ending units ................................................ 6,650 6,284 210,570 41,047 ============ ============ ============ ============
(Continued) 22 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
GVITEmMrkts GVITFHiInc ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ $ 390 (19) 80,462 114,326 Realized gain (loss) on investments ......................... (30,496) 2,650 103,700 27,545 Change in unrealized gain (loss) on investments ............. 4,080 60 (93,053) 162,510 Reinvested capital gains .................................... 7,038 - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ......................... (18,988) 2,691 91,109 304,381 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ................................................... - - 238,116 188,261 Transfers between funds ..................................... 105,680 (1,130) (868,264) 396,251 Surrenders (note 6) ......................................... - (101) (187,412) (86,402) Death benefits (note 4) ..................................... - - - (1,143) Net policy repayments (loans) (note 5) ...................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ................... (3,510) (253) (26,954) (38,624) Adjustments to maintain reserves ............................ (1,197) 1,203 16 18 ------------ ------------ ------------ ------------ Net equity transactions ................................. 100,973 (281) (844,498) 458,361 ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... 81,985 2,410 (753,389) 762,742 Contract owners' equity beginning of period ................... 2,410 - 1,717,590 954,848 ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... $ 84,395 2,410 964,201 1,717,590 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 210 - 139,039 94,589 ------------ ------------ ------------ ------------ Units purchased ............................................. 6,594 284 41,555 126,940 Units redeemed .............................................. (700) (74) (109,594) (82,490) ------------ ------------ ------------ ------------ Ending units ................................................ 6,104 210 71,000 139,039 ============ ============ ============ ============ GVITGlFin1 GVITGlHlth ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ................................ 44 2 (36) - Realized gain (loss) on investments ......................... 26 - 4,488 - Change in unrealized gain (loss) on investments ............. 243 (22) 80 - Reinvested capital gains .................................... 300 54 - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ......................... 613 34 4,532 - ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ................................................... 8 - - - Transfers between funds ..................................... 4,726 567 (1,332) - Surrenders (note 6) ......................................... (208) - - - Death benefits (note 4) ..................................... - - - - Net policy repayments (loans) (note 5) ...................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ................... (38) - (360) - Adjustments to maintain reserves ............................ 16 (3) 18 - ------------ ------------ ------------ ------------ Net equity transactions ................................. 4,504 564 (1,674) - ------------ ------------ ------------ ------------ Net change in contract owners' equity ......................... 5,117 598 2,858 - Contract owners' equity beginning of period ................... 598 - - - ------------ ------------ ------------ ------------ Contract owners' equity end of period ......................... 5,715 598 2,858 - ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ............................................. 49 - - - ------------ ------------ ------------ ------------ Units purchased ............................................. 374 49 271 - Units redeemed .............................................. (35) - (37) - ------------ ------------ ------------ ------------ Ending units ................................................ 388 49 234 - ============ ============ ============ ============
(Continued) 23 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
GVITGlTech GVITGlUtl1 ---------------------------- --------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ (30) (600) - - Realized gain (loss) on investments ...................... (873) 92,928 - 1 Change in unrealized gain (loss) on investments ............................................. 3,664 39,269 - - Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ...................... 2,761 131,597 - 1 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... - (682) - - Transfers between funds .................................. 7,666 (317,280) - 97 Surrenders (note 6) ...................................... - - - (98) Death benefits (note 4) .................................. - - - - Net policy repayments (loans) (note 5) ................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (258) (5,707) - - Adjustments to maintain reserves ......................... - (5) - - ------------ ------------ ------------ ------------ Net equity transactions .............................. 7,408 (323,674) - (1) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 10,169 (192,077) - - Contract owners' equity beginning of period ................ 16,145 208,222 - - ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ 26,314 16,145 - - ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 5,317 106,277 - - ------------ ------------ ------------ ------------ Units purchased .......................................... 3,141 26,053 - 11 Units redeemed ........................................... (130) (127,013) - (11) ------------ ------------ ------------ ------------ Ending units ............................................. 8,328 5,317 - - ============ ============ ============ ============ GVITGvtBd GVITGrowth ---------------------------- --------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. 889,650 1,188,713 (4,292) (6,225) Realized gain (loss) on investments ...................... (416,173) 1,103,807 349,784 (78,953) Change in unrealized gain (loss) on investments ............................................. (405,713) (1,480,356) (535,921) 731,053 Reinvested capital gains ................................. 374,338 64,400 - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ...................... 442,102 876,564 (190,429) 645,875 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 1,662,026 1,650,107 60,756 175,148 Transfers between funds .................................. (5,065,888) (35,490,377) (1,669,382) 1,274,964 Surrenders (note 6) ...................................... (3,175,720) (20,809,450) (703,494) (52,314) Death benefits (note 4) .................................. (30,848) (52,931) - (6,258) Net policy repayments (loans) (note 5) ................... 194 - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (447,392) (930,284) (34,164) (38,750) Adjustments to maintain reserves ......................... 219 (2,376) 29 (5) ------------ ------------ ------------ ------------ Net equity transactions .............................. (7,057,409) (55,635,311) (2,346,255) 1,352,785 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... (6,615,307) (54,758,747) (2,536,684) 1,998,660 Contract owners' equity beginning of period ................ 21,841,028 76,599,775 2,730,574 731,914 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 15,225,721 21,841,028 193,890 2,730,574 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 1,564,347 5,570,936 476,666 168,510 ------------ ------------ ------------ ------------ Units purchased .......................................... 274,764 965,811 307,117 412,787 Units redeemed ........................................... (759,357) (4,972,400) (752,575) (104,631) ------------ ------------ ------------ ------------ Ending units ............................................. 1,079,754 1,564,347 31,208 476,666 ============ ============ ============ ============
(Continued) 24 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
GVITIDAgg GVITIDCon ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ - 18 6,442 6,551 Realized gain (loss) on investments ...................... 491 21 399 125 Change in unrealized gain (loss) on investments .......... (437) 437 3,553 15,420 Reinvested capital gains ................................. - 19 3,066 1,172 ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ...................... 54 495 13,460 23,268 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... - - - - Transfers between funds .................................. (1,776) 1,278 (1,700) 291,981 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) ............ (8) (42) (4,828) (3,861) Adjustments to maintain reserves ......................... 2 (3) 15 (5) ------------ ------------ ------------ ------------ Net equity transactions .............................. (1,782) 1,233 (6,513) 288,115 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... (1,728) 1,728 6,947 311,383 Contract owners' equity beginning of period ................ 1,728 - 311,383 - ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ - 1,728 318,330 311,383 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 158 - 28,851 - ------------ ------------ ------------ ------------ Units purchased .......................................... - 163 - 29,224 Units redeemed ........................................... (158) (5) (597) (373) ------------ ------------ ------------ ------------ Ending units ............................................. - 158 28,254 28,851 ============ ============ ============ ============ GVITIDMod GVITIDModAgg ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. 10,624 25 - 19 Realized gain (loss) on investments ...................... 483 5 435 11 Change in unrealized gain (loss) on investments .......... 44,901 290 (388) 388 Reinvested capital gains ................................. 1,678 1 - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ...................... 57,686 321 47 418 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 8 - - - Transfers between funds .................................. 983,528 1,434 (1,762) 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) ............ (5,334) (42) (8) (42) Adjustments to maintain reserves ......................... 11 1 4 (4) ------------ ------------ ------------ ------------ Net equity transactions .............................. 978,213 1,393 (1,766) 1,301 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 1,035,899 1,714 (1,719) 1,719 Contract owners' equity beginning of period ................ 1,714 - 1,719 - ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 1,037,613 1,714 - 1,719 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 157 - 157 - ------------ ------------ ------------ ------------ Units purchased .......................................... 87,274 161 - 162 Units redeemed ........................................... (467) (4) (157) (5) ------------ ------------ ------------ ------------ Ending units ............................................. 86,964 157 - 157 ============ ============ ============ ============
(Continued) 25 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
GVITIDModCon GVITIntGro ---------------------------- --------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ - 30 - (105) Realized gain (loss) on investments ...................... 213 8 - 18,858 Change in unrealized gain (loss) on investments ............................................. (183) 183 - - Reinvested capital gains ................................. - 3 - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ...................... 30 224 - 18,753 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... - - - 727 Transfers between funds .................................. (1,722) 1,618 - (18,477) Surrenders (note 6) ...................................... - (98) - - Death benefits (note 4) .................................. - - - - Net policy repayments (loans) (note 5) ................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (8) (42) - (1,004) Adjustments to maintain reserves ......................... (2) - - 1 ------------ ------------ ------------ ------------ Net equity transactions .............................. (1,732) 1,478 - (18,753) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... (1,702) 1,702 - - Contract owners' equity beginning of period ................ 1,702 - - - ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ - 1,702 - - ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 156 - - - ------------ ------------ ------------ ------------ Units purchased .......................................... - 170 - 910 Units redeemed ........................................... (156) (14) - (910) ------------ ------------ ------------ ------------ Ending units ............................................. - 156 - - ============ ============ ============ ============ GVITJPBal GVITSMdCpGr ---------------------------- --------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. 99,056 29,389 (2,278) (1,503) Realized gain (loss) on investments ...................... 103,103 (86,473) 65,200 (73,878) Change in unrealized gain (loss) on investments ............................................. 459,132 342,500 (36,074) 251,221 Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ...................... 661,291 285,416 26,848 175,840 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 37,630 152,613 19,526 24,787 Transfers between funds .................................. 4,688,812 1,521,861 277,914 201,313 Surrenders (note 6) ...................................... (345,244) (116,612) (220,656) (61,831) Death benefits (note 4) .................................. - (374) - - Net policy repayments (loans) (note 5) ................... 44 - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (84,114) (40,377) (26,664) (20,252) Adjustments to maintain reserves ......................... 83 (12) 41 (8) ------------ ------------ ------------ ------------ Net equity transactions .............................. 4,297,211 1,517,099 50,161 144,009 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 4,958,502 1,802,515 77,009 319,849 Contract owners' equity beginning of period ................ 3,103,834 1,301,319 792,359 472,510 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 8,062,336 3,103,834 869,368 792,359 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 312,090 154,992 79,276 66,164 ------------ ------------ ------------ ------------ Units purchased .......................................... 478,746 241,482 28,298 35,950 Units redeemed ........................................... (50,360) (84,384) (32,034) (22,838) ------------ ------------ ------------ ------------ Ending units ............................................. 740,476 312,090 75,540 79,276 ============ ============ ============ ============
(Continued) 26 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
GVITMyMkt GVITMyMkt5 ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ 160,460 154,944 349,746 244,666 Realized gain (loss) on investments ...................... - - - - Change in unrealized gain (loss) on investments ............................................. - - - - Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ...................... 160,460 154,944 349,746 244,666 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... - (576) 4,037,598 9,758,317 Transfers between funds .................................. (2,445,158) (7,016,759) (350,048) 237,302 Surrenders (note 6) ...................................... (12,813,468) - (13,440,090) (4,970,039) Death benefits (note 4) .................................. (78,850) (252,523) - (38,566) Net policy repayments (loans) (note 5) ................... 96 - (12) (918,759) Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (379,208) (630,945) (1,374,784) (1,519,032) Adjustments to maintain reserves ......................... 66 (3,415) 229 (104) ------------ ------------ ------------ ------------ Net equity transactions .............................. (15,716,522) (7,904,218) (11,127,107) 2,549,119 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... (15,556,062) (7,749,274) (10,777,361) 2,793,785 Contract owners' equity beginning of period ................ 39,214,424 46,963,698 57,030,803 54,237,018 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ 23,658,362 39,214,424 46,253,442 57,030,803 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 3,484,073 4,001,994 5,667,692 5,414,758 ------------ ------------ ------------ ------------ Units purchased .......................................... 165,857 2,351,718 1,315,003 3,476,011 Units redeemed ........................................... (1,644,284) (2,869,639) (2,416,129) (3,223,077) ------------ ------------ ------------ ------------ Ending units ............................................. 2,005,646 3,484,073 4,566,566 5,667,692 ============ ============ ============ ============ GVITNWFund GVITNStrVal ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. 18,644 8,676 (252) (1,026) Realized gain (loss) on investments ...................... 249,913 (814) 118,569 (18,139) Change in unrealized gain (loss) on investments ............................................. (109,041) 867,733 (89,666) 176,351 Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ...................... 159,516 875,595 28,651 157,186 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 15,734 88,949 - 411 Transfers between funds .................................. (225,572) (4,142,455) (593,970) 15,042 Surrenders (note 6) ...................................... (161,234) (95,010) - (10,305) Death benefits (note 4) .................................. - (10,069) - - Net policy repayments (loans) (note 5) ................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (72,390) (79,714) (2,810) (10,417) Adjustments to maintain reserves ......................... 51 (1) 6 (7) ------------ ------------ ------------ ------------ Net equity transactions .............................. (443,411) (4,238,300) (596,774) (5,276) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... (283,895) (3,362,705) (568,123) 151,910 Contract owners' equity beginning of period ................ 2,146,285 5,508,990 568,123 416,213 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 1,862,390 2,146,285 - 568,123 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 221,051 722,741 60,495 61,483 ------------ ------------ ------------ ------------ Units purchased .......................................... 199,189 42,230 12 18,573 Units redeemed ........................................... (246,954) (543,920) (60,507) (19,561) ------------ ------------ ------------ ------------ Ending units ............................................. 173,286 221,051 - 60,495 ============ ============ ============ ============
(Continued) 27 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
GVITSmCapGr GVITSmCapVal ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ (9,228) (6,895) (12,096) (12,387) Realized gain (loss) on investments ...................... 121,271 (42,014) 1,047,542 (391,562) Change in unrealized gain (loss) on investments ............................................. 376,912 855,697 (677,615) 2,488,398 Reinvested capital gains ................................. - - 412,490 - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 488,955 806,788 770,321 2,084,449 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 21,078 250,420 576,948 332,884 Transfers between funds .................................. 521,006 30,840 2,951,044 (2,677,197) Surrenders (note 6) ...................................... - (786) (2,210,994) (685,950) Death benefits (note 4) .................................. - - (7,720) (419) Net policy repayments (loans) (note 5) ................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (76,442) (62,921) (96,262) (114,701) Adjustments to maintain reserves ......................... 70 1 85 (2,283) ------------ ------------ ------------ ------------ Net equity transactions .............................. 465,712 217,554 1,213,101 (3,147,666) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 954,667 1,024,342 1,983,422 (1,063,217) Contract owners' equity beginning of period ................ 3,244,411 2,220,069 3,964,353 5,027,570 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ 4,199,078 3,244,411 5,947,775 3,964,353 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 239,174 219,283 224,477 446,135 ------------ ------------ ------------ ------------ Units purchased .......................................... 53,401 44,254 223,918 173,391 Units redeemed ........................................... (18,985) (24,363) (160,747) (395,049) ------------ ------------ ------------ ------------ Ending units ............................................. 273,590 239,174 287,648 224,477 ============ ============ ============ ============ GVITSmComp GVITTGroFoc ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. (19,672) (22,437) (2) - Realized gain (loss) on investments ...................... 881,482 (224,501) 51 1 Change in unrealized gain (loss) on investments ............................................. (606,293) 2,796,515 (36) 37 Reinvested capital gains ................................. 948,294 - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 1,203,811 2,549,577 13 38 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 293,654 408,230 10 - Transfers between funds .................................. 812,368 (1,964,023) (418) 568 Surrenders (note 6) ...................................... (868,028) (807,963) (204) - Death benefits (note 4) .................................. (3,250) (5,205) - - Net policy repayments (loans) (note 5) ................... 30 - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (241,706) (258,343) (6) (4) Adjustments to maintain reserves ......................... 122 (1,029) 6 (3) ------------ ------------ ------------ ------------ Net equity transactions .............................. (6,810) (2,628,333) (612) 561 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 1,197,001 (78,756) (599) 599 Contract owners' equity beginning of period ................ 7,246,498 7,325,254 599 - ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 8,443,499 7,246,498 - 599 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 475,779 676,905 181 - ------------ ------------ ------------ ------------ Units purchased .......................................... 230,662 150,313 431 183 Units redeemed ........................................... (210,745) (351,439) (612) (2) ------------ ------------ ------------ ------------ Ending units ............................................. 495,696 475,779 - 181 ============ ============ ============ ============
(Continued) 28 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31,2004 and 2003
GVITUSGro GVITVKMultiSec ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ (10) (1) 120,356 117,442 Realized gain (loss) on investments ...................... 52 1 116,359 19,611 Change in unrealized gain (loss) on investments ............................................. 413 34 (127,817) 117,271 Reinvested capital gains ................................. 186 79 - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 641 113 108,898 254,324 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 12 - 8,544 90,037 Transfers between funds .................................. 4,238 1,089 35,600 (220,921) Surrenders (note 6) ...................................... (408) - (46,886) (42,457) Death benefits (note 4) .................................. - - - - Net policy repayments (loans) (note 5) ................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (58) (7) (46,380) (45,720) Adjustments to maintain reserves ......................... 25 1 54 13 ------------ ------------ ------------ ------------ Net equity transactions .............................. 3,809 1,083 (49,068) (219,048) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 4,450 1,196 59,830 35,276 Contract owners' equity beginning of period ................ 1,196 - 2,248,079 2,212,803 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ 5,646 1,196 2,307,909 2,248,079 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 96 - 169,327 187,462 ------------ ------------ ------------ ------------ Units purchased .......................................... 370 97 1,221 155,202 Units redeemed ........................................... (62) (1) (6,978) (173,337) ------------ ------------ ------------ ------------ Ending units ............................................. 404 96 163,570 169,327 ============ ============ ============ ============ GVITWLead GSVITMidCap ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. (190) (135) 5,942 11,723 Realized gain (loss) on investments ...................... 7,869 (750) 270,047 3,154 Change in unrealized gain (loss) on investments ............................................. 3,892 15,082 45,472 400,349 Reinvested capital gains ................................. - - 225,846 23,524 ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 11,571 14,197 547,307 438,750 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 10,736 8,122 - (17) Transfers between funds .................................. 45,262 (11,242) 26,850 1,923,226 Surrenders (note 6) ...................................... (11,644) - (230,202) (98) Death benefits (note 4) .................................. - - - - Net policy repayments (loans) (note 5) ................... (14) - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (2,456) (1,904) (35,244) (34,282) Adjustments to maintain reserves ......................... 5 (5) 56 (14) ------------ ------------ ------------ ------------ Net equity transactions .............................. 41,889 (5,029) (238,540) 1,888,815 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 53,460 9,168 308,767 2,327,565 Contract owners' equity beginning of period ................ 43,038 33,870 2,327,565 - ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 96,498 43,038 2,636,332 2,327,565 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 4,724 5,059 184,248 - ------------ ------------ ------------ ------------ Units purchased .......................................... 5,992 2,548 168,664 203,810 Units redeemed ........................................... (1,536) (2,883) (187,020) (19,562) ------------ ------------ ------------ ------------ Ending units ............................................. 9,180 4,724 165,892 184,248 ============ ============ ============ ============
(Continued) 29 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31,2004 and 2003
JanBal JanCapAp ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ 21,664 16,069 (2,362) (633) Realized gain (loss) on investments ...................... 7,294 795 187,216 (327,857) Change in unrealized gain (loss) on investments ............................................. 55,745 113,758 (123,140) 446,779 Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 84,703 130,622 61,714 118,289 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 4,932 77,038 8,332 34,615 Transfers between funds .................................. (98) 291,794 (681,538) (422,939) Surrenders (note 6) ...................................... (1,614) (262) (547,656) (28,038) Death benefits (note 4) .................................. - - - - Net policy repayments (loans) (note 5) ................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (20,748) (20,693) (24,024) (59,392) Adjustments to maintain reserves ......................... 38 (2) 21 (19) ------------ ------------ ------------ ------------ Net equity transactions .............................. (17,490) 347,875 (1,244,865) (475,773) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 67,213 478,497 (1,183,151) (357,484) Contract owners' equity beginning of period ................ 1,079,038 600,541 1,454,661 1,812,145 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ 1,146,251 1,079,038 271,510 1,454,661 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 94,753 59,831 225,914 337,673 ------------ ------------ ------------ ------------ Units purchased .......................................... 389 58,965 31,565 143,254 Units redeemed ........................................... (1,962) (24,043) (221,667) (255,013) ------------ ------------ ------------ ------------ Ending units ............................................. 93,180 94,753 35,812 225,914 ============ ============ ============ ============ JanGlTech JanIntGro ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. (1,740) (2,190) 3,588 5,112 Realized gain (loss) on investments ...................... 88,536 (91,863) 122,440 (114,640) Change in unrealized gain (loss) on investments ............................................. (79,340) 419,523 (34,387) 299,723 Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 7,456 325,470 91,641 190,195 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 22,124 19,793 205,222 121,679 Transfers between funds .................................. (166,764) (200,670) 87,384 (490,714) Surrenders (note 6) ...................................... (5,360) (6,847) (339,622) (199,605) Death benefits (note 4) .................................. - - - - Net policy repayments (loans) (note 5) ................... 6 - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (15,574) (19,127) (20,940) (29,506) Adjustments to maintain reserves ......................... 3 (7) 25 13 ------------ ------------ ------------ ------------ Net equity transactions .............................. (165,565) (206,858) (67,931) (598,133) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... (158,109) 118,612 23,710 (407,938) Contract owners' equity beginning of period ................ 860,002 741,390 624,447 1,032,385 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 701,893 860,002 648,157 624,447 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 243,320 306,909 99,920 221,735 ------------ ------------ ------------ ------------ Units purchased .......................................... 12,168 102,145 77,741 55,055 Units redeemed ........................................... (57,558) (165,734) (90,269) (176,870) ------------ ------------ ------------ ------------ Ending units ............................................. 197,930 243,320 87,392 99,920 ============ ============ ============ ============
(Continued) 30 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
NBAMTFasc NBAMTGro ------------------------------ ----------------------------- Investment activity: 2004 2003 2004 2003 ------------- ------------- ----------- -------------- Net investment income (loss) .............. $ (352) (381) (1,366) (840) Realized gain (loss) on investments ....... 28,228 6,175 120,009 8,180 Change in unrealized gain (loss) on investments ............................ (21,671) 21,863 (41,377) 81,810 Reinvested capital gains .................. 530 87 - - ------------- ------------- ----------- -------------- Net increase (decrease) in contract owners' equity resulting from operations 6,735 27,744 77,266 89,150 ------------- ------------- ----------- -------------- Equity transactions: Purchase payments received from contract owners (note 6) ................. 1,984 7,439 49,428 65,670 Transfers between funds ................... (19,262) 160,221 (68,232) 287,360 Surrenders (note 6) ....................... (171,312) (5,655) (324,798) - Death benefits (note 4) ................... - - - - Net policy repayments (loans) (note 5) .... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) .............................. (2,232) (3,323) (24,716) (22,155) Adjustments to maintain reserves .......... 60 (17) 11 (1,486) ------------- ------------- ----------- -------------- Net equity transactions ................. (190,762) 158,665 (368,307) 329,389 ------------- ------------- ----------- -------------- Net change in contract owners' equity ....... (184,027) 186,409 (291,041) 418,539 Contract owners' equity beginning of period . 186,409 - 659,929 241,390 ------------- ------------- ----------- -------------- Contract owners' equity end of period ....... $ 2,382 186,409 368,888 659,929 ============= ============= =========== ============= CHANGES IN UNITS: Beginning units ........................... 14,850 - 96,290 46,182 ------------- ------------- ----------- ------------- Units purchased ........................... 162 29,243 7,277 60,132 Units redeemed ............................ (14,842) (14,393) (57,291) (10,024) ------------- ------------- ----------- -------------- Ending units .............................. 170 14,850 46,276 96,290 ============= ============= =========== ============= NBAMTGuard NBAMTLMat ------------------------------ ---------------------------- 2004 2003 2004 2003 ------------- ------------- ----------- ------------- Investment activity: Net investment income (loss) .............. (994) 10,505 (2) 11,154 Realized gain (loss) on investments ....... (11,414) (105,726) 55 51 Change in unrealized gain (loss) on investments ........................... 346,803 566,224 (35) (4,668) Reinvested capital gains .................. - - - - ------------- ------------- ----------- -------------- Net increase (decrease) in contract owners' equity resulting from operations 334,395 471,003 18 6,537 ------------- ------------- ----------- -------------- Equity transactions: Purchase payments received from contract owners (note 6) ................. 2,672 61,094 386 9,255 Transfers between funds ................... 86,756 (125,755) - (388,658) Surrenders (note 6) ....................... - (7,868) (8,580) - Death benefits (note 4) ................... (7,424) (423) - - Net policy repayments (loans) (note 5) .... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) (29,280) (26,801) (14) (10,179) Adjustments to maintain reserves .......... 54 (17) 3 (8) ------------- ------------- ----------- -------------- Net equity transactions ................. 52,778 (99,770) (8,205) (389,590) ------------- ------------- ----------- -------------- Net change in contract owners' equity ....... 387,173 371,233 (8,187) (383,053) Contract owners' equity beginning of period . 1,926,004 1,554,771 8,187 391,240 ------------- ------------- ----------- -------------- Contract owners' equity end of period ....... 2,313,177 1,926,004 - 8,187 ============= ============= =========== ============== CHANGES IN UNITS: Beginning units ........................... 185,567 197,760 706 34,509 ------------- ------------- ----------- -------------- Units purchased ........................... 21,394 89,107 34 15,698 Units redeemed ............................ (12,643) (101,300) (740) (49,501) ------------- ------------- ----------- -------------- Ending units .............................. 194,318 185,567 - 706 ============= ============= =========== ==============
(Continued) 31 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
NBAMTMCGr NBAMTPart ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ (11,886) (7,344) (16,224) (9,352) Realized gain (loss) on investments ...................... 364,258 (189,211) 1,445,168 (75,658) Change in unrealized gain (loss) on investments ............................................. (399,506) 771,579 (364,948) 1,167,877 Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. (47,134) 575,024 1,063,996 1,082,867 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 74,676 131,297 61,068 69,805 Transfers between funds .................................. (3,605,114) 3,501,104 2,911,876 1,687,998 Surrenders (note 6) ...................................... (271,394) (93,012) (7,769,058) (50,757) Death benefits (note 4) .................................. - (4,360) (4,224) (377) Net policy repayments (loans) (note 5) ................... (360) - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (40,916) (36,389) (128,236) (70,807) Adjustments to maintain reserves ......................... 47 (5) 91 (1,401) ------------ ------------ ------------ ------------ Net equity transactions .............................. (3,843,061) 3,498,635 (4,928,483) 1,634,461 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... (3,890,195) 4,073,659 (3,864,487) 2,717,328 Contract owners' equity beginning of period ................ 5,187,067 1,113,408 5,508,303 2,790,975 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ 1,296,872 5,187,067 1,643,816 5,508,303 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 481,436 131,620 554,316 378,874 ------------ ------------ ------------ ------------ Units purchased .......................................... 460,082 424,574 296,407 249,673 Units redeemed ........................................... (838,446) (74,758) (711,345) (74,231) ------------ ------------ ------------ ------------ Ending units ............................................. 103,072 481,436 139,378 554,316 ============ ============ ============ ============ OGMidCapGr OGMidCapV ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. (2,550) (2,064) 2,582 - Realized gain (loss) on investments ...................... 61,184 1,415 3,971 - Change in unrealized gain (loss) on investments ............................................. 31,988 129,846 - - Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 90,622 129,197 6,553 - ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... - (72) - - Transfers between funds .................................. (5,190) 582,290 1,078 - 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) ............ (10,800) (11,503) (7,636) - Adjustments to maintain reserves ......................... 27 3 5 - ------------ ------------ ------------ ------------ Net equity transactions .............................. (15,963) 570,718 (6,553) - ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 74,659 699,915 - - Contract owners' equity beginning of period ................ 699,915 - - - ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 774,574 699,915 - - ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 54,174 - - - ------------ ------------ ------------ ------------ Units purchased .......................................... 59,578 55,198 573 - Units redeemed ........................................... (60,490) (1,024) (573) - ------------ ------------ ------------ ------------ Ending units ............................................. 53,262 54,174 - - ============ ============ ============ ============
(Continued) 32 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31,2004 and 2003
OppAggGro OppBdFd ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ (12,802) (12,256) 64,814 67,218 Realized gain (loss) on investments ...................... (96,960) (699,750) 4,989 10,755 Change in unrealized gain (loss) on investments ............................................. 1,410,064 2,021,578 (15,441) (4,539) Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 1,300,302 1,309,572 54,362 73,434 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 188,082 289,809 (2) (19) Transfers between funds .................................. 1,218,504 (1,036,315) 636,442 (240,431) Surrenders (note 6) ...................................... (277,456) (309,189) (90,274) - Death benefits (note 4) .................................. (17,506) (11,861) - - Net policy repayments (loans) (note 5) ................... 4 - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (114,472) (113,184) (46,566) (44,790) Adjustments to maintain reserves ......................... 76 (63) 23 205 ------------ ------------ ------------ ------------ Net equity transactions .............................. 997,232 (1,180,803) 499,623 (285,035) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 2,297,534 128,769 553,985 (211,601) Contract owners' equity beginning of period ................ 6,153,752 6,024,983 945,350 1,156,951 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ 8,451,286 6,153,752 1,499,335 945,350 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 650,400 796,603 76,473 99,772 ------------ ------------ ------------ ------------ Units purchased .......................................... 159,580 345,863 49,803 32,263 Units redeemed ........................................... (61,944) (492,066) (11,016) (55,562) ------------ ------------ ------------ ------------ Ending units ............................................. 748,036 650,400 115,260 76,473 ============ ============ ============ ============ OppCapAp OppGlSec ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. 7,344 14,034 25,888 7,567 Realized gain (loss) on investments ...................... (243,735) (1,389,505) 312,409 182,139 Change in unrealized gain (loss) on investments ............................................. 1,090,484 3,798,618 (323,285) 488,131 Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 854,093 2,423,147 15,012 677,837 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 117,816 244,421 2,590 21,803 Transfers between funds .................................. 1,854,208 (2,159,802) (898,966) 463,116 Surrenders (note 6) ...................................... (434,404) (336,678) (5,810) (55,463) Death benefits (note 4) .................................. (24,784) (5,012) - (7,620) Net policy repayments (loans) (note 5) ................... 4 - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (159,010) (197,362) (14,390) (15,515) Adjustments to maintain reserves ......................... 120 (1,426) 40 10 ------------ ------------ ------------ ------------ Net equity transactions .............................. 1,353,950 (2,455,859) (916,536) 406,331 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... 2,208,043 (32,712) (901,524) 1,084,168 Contract owners' equity beginning of period ................ 8,913,900 8,946,612 1,639,317 555,149 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 11,121,943 8,913,900 737,793 1,639,317 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 747,984 972,587 176,907 85,244 ------------ ------------ ------------ ------------ Units purchased .......................................... 412,266 278,761 254,357 141,931 Units redeemed ........................................... (207,382) (503,364) (364,640) (50,268) ------------ ------------ ------------ ------------ Ending units ............................................. 952,868 747,984 66,624 176,907 ============ ============ ============ ============
(Continued) 33 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31,2004 and 2003
OppMSFund OppMultStr ---------------------------------- ---------------------------------- 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Investment activity: Net investment income (loss) ................... $ 2,218 1,281 11,846 11,488 Realized gain (loss) on investments ............ 41,319 (43,448) 86,833 8,085 Change in unrealized gain (loss) on investments ................................ (17,352) 93,699 (36,638) 86,162 Reinvested capital gains ....................... - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ............ 26,185 51,532 62,041 105,735 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ...................... 2,422 11,115 10 (108) Transfers between funds ........................ (11,870) 12,020 430,968 182,279 Surrenders (note 6) ............................ (23,522) (121,431) - - Death benefits (note 4) ........................ - - - - Net policy repayments (loans) (note 5) ......... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............................. (8,276) (7,672) (36,198) (14,022) Adjustments to maintain reserves ............... 18 (3) 38 (11) --------------- --------------- --------------- --------------- Net equity transactions ...................... (41,228) (105,971) 394,818 168,138 --------------- --------------- --------------- --------------- Net change in contract owners' equity ............ (15,043) (54,439) 456,859 273,873 Contract owners' equity beginning of period ....................................... 307,559 361,998 711,930 438,057 --------------- --------------- --------------- --------------- Contract owners' equity end of period ............ $ 292,516 307,559 1,168,789 711,930 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ................................ 33,917 50,679 62,221 47,775 --------------- --------------- --------------- --------------- Units purchased ............................... 1,271 32,210 33,906 34,037 Units redeemed ................................ (5,650) (48,972) (3,117) (19,591) --------------- --------------- --------------- --------------- Ending units .................................. 29,538 33,917 93,010 62,221 =============== =============== =============== =============== PIMLowDur PIMRealRet ---------------------------------- ---------------------------------- 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Investment activity: Net investment income (loss) ................... 115,928 89,214 6,502 18,200 Realized gain (loss) on investments ............ 66,350 716 44,040 18,535 Change in unrealized gain (loss) on investments ................................ 16,663 (13,411) (6,679) (2,386) Reinvested capital gains ....................... 12,206 29,389 38,830 25,140 --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ............ 211,147 105,908 82,693 59,489 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ...................... 7,296 649,467 35,620 6,202 Transfers between funds ........................ (21,642,376) 22,179,953 241,774 903,099 Surrenders (note 6) ............................ (218) - - (19,422) Death benefits (note 4) ........................ - - - - Net policy repayments (loans) (note 5) ......... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............................. (271,622) (142,490) (16,586) (20,289) Adjustments to maintain reserves ............... 276 (128) (587) (6,351) --------------- --------------- --------------- --------------- Net equity transactions ...................... (21,906,644) 22,686,802 260,221 863,239 --------------- --------------- --------------- --------------- Net change in contract owners' equity ............ (21,695,497) 22,792,710 342,914 922,728 Contract owners' equity beginning of period ....................................... 25,708,398 2,915,688 922,728 - --------------- --------------- --------------- --------------- Contract owners' equity end of period ............ 4,012,901 25,708,398 1,265,642 922,728 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ............................... 2,471,858 286,221 82,090 - --------------- --------------- --------------- --------------- Units purchased ............................... 53,274 2,250,036 133,413 87,021 Units redeemed ................................ (2,145,310) (64,399) (111,959) (4,931) --------------- --------------- --------------- --------------- Ending units .................................. 379,822 2,471,858 103,544 82,090 =============== =============== =============== ===============
(Continued) 34 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
PIMTotRet PVCTHiYield ---------------------------------- ---------------------------------- 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Investment activity: Net investment income (loss) ................... $ 282,014 304,763 16,578 35,797 Realized gain (loss) on investments ............ 74,134 18,488 19,614 128,580 Change in unrealized gain (loss) on investments ................................ 287,399 (120,029) (10,706) 14,892 Reinvested capital gains ....................... 241,082 135,468 1,124 - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ................... 884,629 338,690 26,610 179,269 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ...................... 6,744 374,665 (36) 90 Transfers between funds ........................ (1,455,640) 17,357,146 (241,462) 377,250 Surrenders (note 6) ............................ (569,100) (587) (136,506) (197) 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) ............................. (123,506) (77,544) (6,402) (14,326) Adjustments to maintain reserves ............... (881) (1,344) 60 50 --------------- --------------- --------------- --------------- Net equity transactions ...................... (2,142,383) 17,612,195 (384,346) 362,867 --------------- --------------- --------------- --------------- Net change in contract owners' equity ............ (1,257,754) 17,950,885 (357,736) 542,136 Contract owners' equity beginning of period ....................................... 17,950,885 - 542,136 - --------------- --------------- --------------- --------------- Contract owners' equity end of period ............ $ 16,693,131 17,950,885 184,400 542,136 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ................................ 1,661,391 - 39,501 - --------------- --------------- --------------- --------------- Units purchased ................................ 2,147,417 1,723,841 10,000 60,465 Units redeemed ................................. (2,336,178) (62,450) (37,037) (20,964) --------------- --------------- --------------- --------------- Ending units ................................... 1,472,630 1,661,391 12,464 39,501 =============== =============== =============== =============== RCFMicroCap StOpp2 ---------------------------------- ---------------------------------- 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Investment activity: Net investment income (loss) ................... (8,604) (4,756) (28,794) (19,529) Realized gain (loss) on investments ............ 574,038 30,265 2,101,397 (831,868) Change in unrealized gain (loss) on investments ................................ (219,893) 637,808 (1,325,754) 3,711,990 Reinvested capital gains ....................... 326,168 107,641 - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ................... 671,709 770,958 746,849 2,860,593 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ...................... 198,666 67,077 42,936 101,905 Transfers between funds ........................ 932,184 1,215,428 (4,683,904) 2,387,529 Surrenders (note 6) ............................ (217,412) (2,606) (163,064) (125,243) Death benefits (note 4) ........................ - - (6,582) (25,897) Net policy repayments (loans) (note 5) ......... - - (2) 183,582 Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............................. (60,854) (40,828) (125,054) (129,779) Adjustments to maintain reserves ............... (9,555) - 133 (2,028) --------------- --------------- --------------- --------------- Net equity transactions ...................... 843,029 1,239,071 (4,935,537) 2,390,069 --------------- --------------- --------------- --------------- Net change in contract owners' equity ............ 1,514,738 2,010,029 (4,188,688) 5,250,662 Contract owners' equity beginning of period ....................................... 2,900,198 890,169 10,041,575 4,790,913 --------------- --------------- --------------- --------------- Contract owners' equity end of period ............ 4,414,936 2,900,198 5,852,887 10,041,575 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ................................ 192,842 88,080 1,067,462 693,897 --------------- --------------- --------------- --------------- Units purchased ................................ 174,946 178,323 1,286,827 855,806 Units redeemed ................................. (109,436) (73,561) (1,829,805) (482,241) --------------- --------------- --------------- --------------- Ending units ................................... 258,352 192,842 524,484 1,067,462 =============== =============== =============== ===============
(Continued) 35 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
StDisc2 StIntStk2 ---------------------------------- ---------------------------------- 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Investment activity: Net investment income (loss) ................... $ (1,102) (291) - 68 Realized gain (loss) on investments ............ (19,436) 4,974 - (53) Change in unrealized gain (loss) on investments ................................ (6,901) 32,539 - (192) Reinvested capital gains ....................... - - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ............ (27,439) 37,222 - (177) --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ...................... 4 (65) - 4 Transfers between funds ........................ 6 133,103 - (4,034) 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) ............................. (13,468) (3,245) - (17) Adjustments to maintain reserves ............... 4 (4) - (4) --------------- --------------- --------------- --------------- Net equity transactions ...................... (13,454) 129,789 - (4,051) --------------- --------------- --------------- --------------- Net change in contract owners' equity ............ (40,893) 167,011 - (4,228) Contract owners' equity beginning of period ....................................... 223,548 56,537 - 4,228 --------------- --------------- --------------- --------------- Contract owners' equity end of period ............ $ 182,655 223,548 - - =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ................................ 16,721 5,771 - 779 --------------- --------------- --------------- --------------- Units purchased ................................ - 13,740 - 2 Units redeemed ................................. (4,885) (2,790) - (781) --------------- --------------- --------------- --------------- Ending units ................................... 11,836 16,721 - - =============== =============== =============== =============== TRowEqInc2 TRowMidCap2 ---------------------------------- ---------------------------------- 2004 2003 2004 2003 --------------- --------------- --------------- --------------- Investment activity: Net investment income (loss) ................... 32,912 16,839 (8,860) (5,156) Realized gain (loss) on investments ............ 181,348 33,743 251,723 180,412 Change in unrealized gain (loss) on investments ................................ 183,125 279,549 897,741 511,011 Reinvested capital gains ....................... 85,082 - - - --------------- --------------- --------------- --------------- Net increase (decrease) in contract owners' equity resulting from operations ............ 482,467 330,131 1,140,604 686,267 --------------- --------------- --------------- --------------- Equity transactions: Purchase payments received from contract owners (note 6) ...................... 228,374 80,177 39,250 53,365 Transfers between funds ........................ 1,578,672 1,479,562 3,041,042 149,998 Surrenders (note 6) ............................ (170,194) (3,718) (220,822) (20,937) Death benefits (note 4) ........................ - - - - Net policy repayments (loans) (note 5) ......... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............................. (42,212) (31,201) (53,500) (47,793) Adjustments to maintain reserves ............... 67 (3) 94 6 --------------- --------------- --------------- --------------- Net equity transactions ...................... 1,594,707 1,524,817 2,806,064 134,639 --------------- --------------- --------------- --------------- Net change in contract owners' equity ............ 2,077,174 1,854,948 3,946,668 820,906 Contract owners' equity beginning of period ....................................... 2,210,301 355,353 2,318,560 1,497,654 --------------- --------------- --------------- --------------- Contract owners' equity end of period ............ 4,287,475 2,210,301 6,265,228 2,318,560 =============== =============== =============== =============== CHANGES IN UNITS: Beginning units ................................ 175,121 35,117 164,235 146,130 --------------- --------------- --------------- --------------- Units purchased ................................ 258,674 163,839 235,769 40,115 Units redeemed ................................. (137,181) (23,835) (23,396) (22,010) --------------- --------------- --------------- --------------- Ending units ................................... 296,614 175,121 376,608 164,235 =============== =============== =============== ===============
(Continued) 36 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
TRowNewAmG VEWrldBd ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. $ - - (2) 438 Realized gain (loss) on investments ...................... (14) - 1,681 2,916 Change in unrealized gain (loss) on investments ............................................. 1 - (1,248) (314) Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. (13) - 431 3,040 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 392 - 772 16,903 Transfers between funds .................................. (372) - - (28,970) Surrenders (note 6) ...................................... - - (18,966) - Death benefits (note 4) .................................. - - - - Net policy repayments (loans) (note 5) ................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (6) - (30) (1,171) Adjustments to maintain reserves ......................... (1) - (1) 14 ------------ ------------ ------------ ------------ Net equity transactions .............................. 13 - (18,225) (13,224) ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... - - (17,794) (10,184) Contract owners' equity beginning of period ................ - - 17,794 27,978 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... $ - - - 17,794 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... - - 1,328 2,464 ------------ ------------ ------------ ------------ Units purchased .......................................... 41 - 58 2,374 Units redeemed ........................................... (41) - (1,386) (3,510) ------------ ------------ ------------ ------------ Ending units ............................................. - - - 1,328 ============ ============ ============ ============ VEWrldEMkt VEWrldHAs ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ............................. 3,078 (533) 1,220 403 Realized gain (loss) on investments ...................... 121,746 32,353 57,351 7,827 Change in unrealized gain (loss) on investments ............................................. (45,427) 97,555 (47,484) 55,668 Reinvested capital gains ................................. - - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations .............. 79,397 129,375 11,087 63,898 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) ......................................... 353,782 78,249 69,996 74,640 Transfers between funds .................................. (150,708) (129,299) (333,196) 200,203 Surrenders (note 6) ...................................... (286,338) (54,535) (19,964) (185,920) Death benefits (note 4) .................................. - - - - Net policy repayments (loans) (note 5) ................... - - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ............ (10,482) (7,237) (3,000) (6,538) Adjustments to maintain reserves ......................... (687) 11 (241) 13 ------------ ------------ ------------ ------------ Net equity transactions .............................. (94,433) (112,811) (286,405) 82,398 ------------ ------------ ------------ ------------ Net change in contract owners' equity ...................... (15,036) 16,564 (275,318) 146,296 Contract owners' equity beginning of period ................ 291,488 274,924 353,097 206,801 ------------ ------------ ------------ ------------ Contract owners' equity end of period ...................... 276,452 291,488 77,779 353,097 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units .......................................... 27,273 39,671 30,681 26,033 ------------ ------------ ------------ ------------ Units purchased .......................................... 31,128 30,301 7,021 39,448 Units redeemed ........................................... (37,825) (42,699) (32,238) (34,800) ------------ ------------ ------------ ------------ Ending units ............................................. 20,576 27,273 5,464 30,681 ============ ============ ============ ============
(Continued) 37 NATIONWIDE VL SEPARATE ACCOUNT-C STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY, Continued Years Ended December 31, 2004 and 2003
VKEmMkt VKMidCapG ---------------------------- ---------------------------- 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Investment activity: Net investment income (loss) ........................ $ 13,168 (1,597) (560) (212) Realized gain (loss) on investments ................. 37,699 81,133 24,759 7,699 Change in unrealized gain (loss) on investments ........................................ (47,889) 55,823 82,106 29,885 Reinvested capital gains ............................ 6,366 - - - ------------ ------------ ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 9,344 135,359 106,305 37,372 ------------ ------------ ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) .................................... 64,734 67,787 - 80 Transfers between funds ............................. (303,682) (77,379) 963,004 (358,906) Surrenders (note 6) ................................. (19,526) (27,843) - (1,644) Death benefits (note 4) ............................. - - - - Net policy repayments (loans) (note 5) .............. 48 - - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ....... (5,880) (16,259) (3,334) (2,141) Adjustments to maintain reserves .................... 25 (5) 10 (18) ------------ ------------ ------------ ------------ Net equity transactions ......................... (264,281) (53,699) 959,680 (362,629) ------------ ------------ ------------ ------------ Net change in contract owners' equity ................. (254,937) 81,660 1,065,985 (325,257) Contract owners' equity beginning of period ........... 384,441 302,781 107,046 432,303 ------------ ------------ ------------ ------------ Contract owners' equity end of period ................. $ 129,504 384,441 1,173,031 107,046 ============ ============ ============ ============ CHANGES IN UNITS: Beginning units ..................................... 25,946 26,187 18,022 103,307 ------------ ------------ ------------ ------------ Units purchased ..................................... 4,781 25,451 153,759 11,847 Units redeemed ...................................... (22,767) (25,692) (8,961) (97,132) ------------ ------------ ------------ ------------ Ending units ........................................ 7,960 25,946 162,820 18,022 ============ ============ ============ ============ VKUSRealEst ---------------------------- 2004 2003 ------------ ------------ Investment activity: Net investment income (loss) ........................ 35,680 (5,718) Realized gain (loss) on investments ................. 578,447 (50,963) Change in unrealized gain (loss) on investments ........................................ 231,709 666,018 Reinvested capital gains ............................ 49,642 - ------------ ------------ Net increase (decrease) in contract owners' equity resulting from operations ................. 895,478 609,337 ------------ ------------ Equity transactions: Purchase payments received from contract owners (note 6) .................................... 244,554 231,170 Transfers between funds ............................. (134,892) 107,044 Surrenders (note 6) ................................. (521,232) (314,508) Death benefits (note 4) ............................. - (779) Net policy repayments (loans) (note 5) .............. - - Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c) ....... (74,692) (62,681) Adjustments to maintain reserves .................... 70 (44) ------------ ------------ Net equity transactions ......................... (486,192) (39,798) ------------ ------------ Net change in contract owners' equity ................. 409,286 569,539 Contract owners' equity beginning of period ........... 2,671,768 2,102,229 ------------ ------------ Contract owners' equity end of period ................. 3,081,054 2,671,768 ============ ============ CHANGES IN UNITS: Beginning units ..................................... 172,021 180,996 ------------ ------------ Units purchased ..................................... 30,596 120,602 Units redeemed ...................................... (56,585) (129,577) ------------ ------------ Ending units ........................................ 146,032 172,021 ============ ============
See accompanying notes to financial statements. 38 NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2004 AND 2003 (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 I for which the Account was credited with 100,000 units of Gartmore GVIT Small Cap Growth Fund - Class I. 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:
Funds of the AIM Variable Insurance Fund (AIM VIF); AIM VIF - Basic Value Fund - Series I Shares (AIMBValue) AIM VIF - Capital Development Fund - Series I Shares (AIMCapDev)* AIM VIF - International Growth Fund - Series I Shares (AIMIntGr)* Portfolios of Alliance Bernstein; Alliance Bernstein Growth and Income Fund - Class A (AlGrIncA)* Portfolios of Alliance Variable Product Series Funds, Inc. (Alliance VPSF); Alliance VPSF - Alliance Bernstein Growth & Income Portfolio - Class A (AlVPGrIncA) 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/(R)/ Fund - Class I (ACVPUltra) American Century VP - Value Fund - Class I (ACVPVal) Portfolios of Baron Capital Asset Trust Insurance Series; Baron Capital Funds Trust - Baron Capital Asset Fund: Insurance Shares (BCFTCpAsset) Portfolio of the Calvert Variable Series (Calvert VS); Calvert VS - Social Equity Portfolio (CVSSoEq)* Portfolios of the Credit Suisse Trust; Credit Suisse Trust - Global Post-Venture Capital Portfolio (CSGPVen) Credit Suisse Trust - International Focus Portfolio (CSIntFoc) Credit Suisse Trust - Large Cap Value Portfolio (CSLCapV) Credit Suisse Trust - Small Cap Growth Portfolio (CSSmCapGr) Portfolios of the Dreyfus Investment Portfolios (Dreyfus IP); Dreyfus IP - Mid Cap Stock Portfolio - Service Shares (DryMidCapStS)* Dreyfus IP - Small Cap Stock Index Portfolio - Service Class (DrySmCapIxS) Funds of Dreyfus Inc.; Dreyfus Socially Responsible Growth Fund, Inc., The (DrySRGro) Dreyfus Stock Index Fund, Inc. - Initial Shares (DryStkIx)
(Continued) 39 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued) 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 (DryVIFIntVal) Portfolios of Federated Insurance Series (Federated IS); Federated IS - 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/(R)/ Portfolio - Initial Class (FidVIPCon) Fidelity/(R)/ VIP II - Contrafund/(R)/ 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 (FidVIPValS) Funds of the Franklin Templeton Variable Insurance Products Trust (Franklin Templeton VIP); Franklin Templeton VIP - Templeton Foreign Securities Fund - Class 2 (FrVIPForSec2) Funds of the Gartmore Variable Insurance Trust (Gartmore GVIT) (Gartmore is an affiliate of the Company); Gartmore GVIT Comstock Value Fund - Class I (GVITCVal) Gartmore GVIT Dreyfus Mid Cap Index Fund - Class I (GVITDMidCapI) Gartmore GVIT Emerging Markets Fund - Class I (GVITEmMrkts) Gartmore GVIT Federated High Income Bond Fund - Class I (GVITFHiInc) Gartmore GVIT Global Financial Services Fund - Class I (GVITGlFin1) 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 (GVITGlUtl1)* Gartmore GVIT Government Bond Fund - Class I (GVITGvtBd) Gartmore GVIT Growth Fund - Class I (GVITGrowth) Gartmore GVIT ID Aggressive Fund - Class II (GVITIDAgg)* Gartmore GVIT ID Conservative Fund - Class II (GVITIDCon) Gartmore GVIT ID Moderate Fund - Class II (GVITIDMod) Gartmore GVIT ID Moderately Aggressive Fund - Class II (GVITIDModAgg)* Gartmore GVIT ID Moderately Conservative Fund - Class II (GVITIDModCon)* Gartmore GVIT International Growth Fund - Class I (GVITIntGro)* Gartmore GVIT J.P. Morgan Balanced Fund - Class I (GVITJPBal) Gartmore GVIT Mid Cap Growth Fund - Class I (GVITSMdCpGr) Gartmore GVIT Money Market Fund - Class I (GVITMyMkt) Gartmore GVIT Money Market Fund: Class V (GVITMyMkt5) Gartmore GVIT Nationwide/(R)/ Fund: Class I (GVITNWFund) Gartmore GVIT Nationwide/(R)/ Leaders Fund - Class I (GVITLead)* 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 U.S. Growth Leaders Fund - Class I (GVITUSGro) Gartmore GVIT Van Kampen Multi Sector Bond Fund - Class I (GVITVKMultiSec) Gartmore GVIT Worldwide Leaders Fund - Class I (GVITWLead)
(Continued) 40 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued) Portfolios of Goldman Sachs Asset Management Funds (Goldman Sachs VIT); Goldman Sachs VIT - Mid Cap Value Fund (GSVITMidCap) 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 (JanGlTech) Janus AS - International Growth Portfolio - Service Shares (JanIntGro) Portfolios of the Neuberger Berman Advisers Management Trust (Neuberger Berman AMT); Neuberger Berman AMT - Balanced Portfolio (NBAMTBal)* Neuberger Berman AMT - Fasciano Portfolio - S Class Shares (NBAMTFasc) Neuberger Berman AMT - Growth Portfolio (NBAMTGro) Neuberger Berman AMT - Guardian Portfolio - I Class Shares (NBAMTGuard) Neuberger Berman AMT - Limited Maturity Bond Portfolio (NBAMTLMat)* Neuberger Berman AMT - Mid Cap Growth Portfolio/(R)/ - I Class (NBAMTMCGr) Neuberger Berman AMT - Partners Portfolio (NBAMTPart) Portfolios of One Group/(R)/ Investment Trust (One Group/(R)/ IT); One Group/(R)/ IT Mid Cap Growth Portfolio (OGMidCapGr) One Group/(R)/ IT Mid Cap Value Portfolio (OGMidCapV)* Funds of the Oppenheimer Variable Account Funds (Oppenheimer VA); 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)/ Fund/VA - Initial Class (OppMSFund) Oppenheimer Multiple Strategies Fund/VA - Initial Class (OppMultStr) Portfolios of PIMCO Variable Insurance Trust (PIMCO VIT); PIMCO VIT - All Asset Portfolio - Administrative Shares (PVITAllAsset)* PIMCO VIT - Low Duration Portfolio - Administrative Shares (PIMLowDur) PIMCO VIT - Real Return Portfolio - Administrative Shares (PIMRealRet) PIMCO VIT - Total Return Portfolio - Administrative Shares (PIMTotRet) Portfolio of Pioneer Variable Contracts Trust Funds (Pioneer VCT); Pioneer High Yield VCT Portfolio - Class I Shares (PVCTHiYield) Portfolios of Royce Capital Funds; Royce Capital Fund - Royce Micro-Cap Portfolio (RCFMicroCap) Strong Funds, Inc.; Strong Opportunity Fund II, Inc. (StOpp2) Funds of the Strong Variable Insurance Funds, Inc. (Strong VIF); Strong VIF - Strong Discovery Fund II (StDisc2) Portfolios of T. Rowe Price Funds, Inc.; T. Rowe Price Equity Income Fund, Inc. (TRPEqInc)* T. Rowe Price Equity Income Portfolio II (TRowEqInc2) T. Rowe Price Mid Cap Growth Fund II (TRowMidCap2) T. Rowe Price Mid Cap Growth Fund (TRPMidCapGr)* T. Rowe Price New America Growth Portfolio (TRowNewAmG)* 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 Van Kampen Universal Institutional Funds, Inc. (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 - Class A (VKUSRealEst)
At December 31, 2004, contract owners were 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). (Continued) 41 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued) The accompanying financial statements include only contract owners' purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company. A contract owner may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans. A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Contract Owners' Equity if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and/or if a gain is realized by the contract owner during the free look period. Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially. (c) Security Valuation, Transactions and Related Investment Income Investments in underlying mutual funds are valued on the closing net asset value per share at December 31, 2004 of such funds, which value their investment securities at fair value. Fund purchases and sales are accounted for on the trade date (date the order to buy or sell is executed). The cost of investments sold is determined on a specific identification basis, and dividends (which include capital gain distributions) are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds. (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 provisions of 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 U.S generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (2) POLICY CHARGES (a) Deductions from 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 and some sale expenses. 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). (Continued) 42 NATIONWIDE VL SEPARATE ACCOUNT- C (NOTES TO FINANCIAL STATEMENTS, Continued) (c) Administrative Charges The Company deducts a monthly administrative expense charge to recover policy maintenance, accounting, record keeping and other administrative expenses and it is assessed against each contract by liquidating units. Currently, this charge is $5.00 per month in all policy years (not to exceed $10.00 per month). (3) Asset Charges For corporate flexible premium contracts, the Company deducts a charge from the contract to cover mortality and expense risk charges related to operations. This charge is guaranteed not to exceed an annualized rate of 0.75% of the policy's cash value. 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. A reduced fee tier rate for corporate flexible premium contracts may apply as 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 sub-account 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. The interest rate is guaranteed not to exceed 3.75%. At the time the loan is granted, the amount of the loan is transferred from the Account to the Company's general account as collateral for the outstanding loan. Collateral amounts in the general account are credited with the stated rate of interest in effect at the time the loan is made. Interest credited is paid by the Company's general account to the Account. Loan repayments result in a transfer of collateral including interest back to the Account. (6) Related Party Transactions The Company performs various services on behalf of the Mutual Fund Companies in which the Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, preparation, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company. Contract owners may, with certain restrictions, transfer their assets between the Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Account are included in purchase payments received from contact owners, as applicable, on the accompanying Statements of Change in Contract Owners' Equity. Policy loan transactions (note 5), executed at the direction of the contract owner, also result in transfers between the Account and the fixed account of the Company. The fixed account assets are not reflected in the accompanying financial statements. For the periods ended December 31, 2004 and 2003, total transfers into the Account from the fixed account were $1,384,477 and $1,176,997, respectively, and total transfers from the Account to the fixed account were $204 and $17,578,681, respectively. (Continued) 43 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued) (7) Financial Highlights The following is a summary of units, unit fair values and contract owners' equity outstanding for variable life and annuity contracts as of the end of the period indicated, and the contract expense rate, investment income ratio and total return for each period in the five year period ended December 31, 2004.
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 I 2000 0.00% 100,000 $ 17.186295 $ 1,718,630 0.00% -16.17% The BEST of AMERICA/(R)/ America's FUTURE Life Series/SM/ Reduced Fee Tier - (0.10%) American Century VP - Income & Growth Fund - Class I 2004 .............. 0.10% 411,278 11.064552 4,550,607 1.42% 12.88% 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% American Century VP - International Fund - Class I 2004 .............. 0.10% 97,792 10.681395 1,044,555 0.49% 14.81% 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% Dreyfus Stock Index Fund, Inc. - Initial Shares 2004 .............. 0.10% 649,438 9.989249 6,487,398 1.79% 10.53% 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% Fidelity/(R)/ VIP - Equity-Income Portfolio - Service Class 2004 .............. 0.10% 19,522 12.792683 249,739 1.66% 11.27% 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 2004 .............. 0.10% 1,004,222 8.745297 8,782,220 0.16% 3.16% 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% Gartmore GVIT Government Bond Fund - Class I 2004 .............. 0.10% 213,496 13.886189 2,964,646 5.44% 3.16% 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% Gartmore GVIT Money Market Fund - Class I 2004 .............. 0.10% 1,161,966 11.623489 13,506,099 0.76% 0.71% 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% Gartmore GVIT Money Market Fund: Class V 2004 .............. 0.10% 197,354 10.160839 2,005,282 0.88% 0.79% 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 Gartmore GVIT Van Kampen Multi Sector Bond Fund - Class I 2004 .............. 0.10% 6,132 14.262059 87,455 5.20% 6.43% 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%
(Continued) 44 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 - 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% 01/27/00 Neuberger Berman AMT - Guardian Portfolio - I Class Shares 2004 .............. 0.10% 84,814 12.192566 1,034,100 0.13% 15.70% 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% Oppenheimer Aggressive Growth Fund/VA - Initial Class 2004 .............. 0.10% 290,464 10.949589 3,180,461 0.00% 19.66% 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% Oppenheimer Capital Appreciation Fund/VA - Initial Class 2004 .............. 0.10% 267,980 11.760631 3,151,614 0.29% 6.83% 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% The BEST of AMERICA/(R)/ America's FUTURE Life Series/SM/ Reduced Fee Tier - (0.20%) Alliance VPSF - Alliance Bernstein Growth & Income Portfolio - Class A 2004 .............. 0.20% 47,746 14.735953 703,583 0.93% 11.24% American Century VP - International Fund - Class I 2004 .............. 0.20% 238,398 8.870661 2,114,748 0.49% 14.69% Dreyfus IP - Small Cap Stock Index Portfolio - Service Class 2004 .............. 0.20% 165,324 12.820499 2,119,536 0.79% 21.64% Dreyfus Stock Index Fund, Inc. - Initial Shares 2004 .............. 0.20% 871,294 10.206598 8,892,948 1.79% 10.42% 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% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2004 .............. 0.20% 35,860 9.936435 356,321 1.46% 4.84% Dreyfus VIF - International Value Portfolio - Initial Shares 2004 .............. 0.20% 3,798 15.377151 58,402 0.97% 19.78% Fidelity/(R)/ VIP - Equity-Income Portfolio - Service Class 2004 .............. 0.20% 116,278 11.579043 1,346,388 1.66% 11.16% Fidelity/(R)/ VIP - Growth Portfolio - Service Class 2004 .............. 0.20% 3,528 8.629025 30,443 0.16% 3.06% Fidelity/(R)/ VIP - Overseas Portfolio - Service Class 2004 .............. 0.20% 19,072 10.840230 206,745 1.10% 13.26% Franklin Templeton VIP - Templeton Foreign Securities Fund - Class 2 2004 .............. 0.20% 101,744 14.797053 1,505,511 0.77% 18.29% Gartmore GVIT Dreyfus Mid Cap Index Fund - Class I 2004 .............. 0.20% 114,906 13.473852 1,548,226 0.84% 15.50% Gartmore GVIT Government Bond Fund - Class I 2004 .............. 0.20% 123,652 12.144574 1,501,701 5.44% 3.06% Gartmore GVIT J.P. Morgan Balanced Fund - Class I 2004 .............. 0.20% 407,572 10.988290 4,478,519 2.29% 8.27% Gartmore GVIT Money Market Fund - Class I 2003 .............. 0.20% 1,237,228 10.399136 12,866,102 0.62% 0.42% Gartmore GVIT Nationwide/(R)/ Fund: Class I 2004 .............. 0.20% 85,042 10.818197 920,001 1.21% 9.53% Gartmore GVIT Small Company Fund - Class I 2004 .............. 0.20% 120,128 13.615456 1,635,597 0.00% 18.78% Neuberger Berman AMT - Guardian Portfolio - I Class Shares 2004 .............. 0.20% 18,614 10.936423 203,571 0.13% 15.58%
(Continued) 45 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ----------- -------------- ---------- ----------- Oppenheimer Aggressive Growth Fund/VA - Initial Class 2004 .............. 0.20% 15,354 $ 8.669461 $ 133,111 0.00% 19.54% Oppenheimer Capital Appreciation Fund/VA - Initial Class 2004 .............. 0.20% 284,034 9.289705 2,638,592 0.29% 6.72% PIMCO VIT - Total Return Portfolio - Administrative Shares 2004 .............. 0.20% 1,073,616 11.339186 12,173,932 1.88% 4.67% Royce Capital Fund - Royce Micro-Cap Portfolio 2004 .............. 0.20% 98,604 17.101898 1,686,316 0.00% 13.62% Strong Opportunity Fund II, Inc. 2004 .............. 0.20% 332,596 11.168856 3,714,717 0.00% 17.98% T. Rowe Price Equity Income Portfolio II 2004 .............. 0.20% 104,780 14.465784 1,515,725 1.43% 14.39% T. Rowe Price Mid Cap Growth Fund II 2004 .............. 0.20% 224,428 16.643864 3,735,349 0.00% 17.82% The BEST of AMERICA/(R)/ America's FUTURE Life Series/SM/ Reduced Fee Tier - (0.25%) AIM VIF - Basic Value Fund - Series I Shares 2004 .............. 0.25% 312 14.537319 4,536 0.00% 10.79% 2003 .............. 0.25% 237 13.121262 3,110 0.07% 33.29% Alliance VPSF - Alliance Bernstein Growth & Income Portfolio - Class A 2004 .............. 0.25% 18,980 14.718823 279,363 0.93% 11.18% 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% 09/03/02 American Century VP - Balanced Fund - Class I 2004 .............. 0.25% 37,018 11.517200 426,344 1.14% 9.50% 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 2004 .............. 0.25% 103,872 11.714626 1,216,822 0.00% 7.32% 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 2004 .............. 0.25% 420,484 12.236925 5,145,431 1.42% 12.71% 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 2004 .............. 0.25% 364,388 10.606131 3,864,747 0.49% 14.64% 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/(R)/ Fund - Class I 2004 .............. 0.25% 1,144 11.037791 12,627 0.00% 10.40% 2003 .............. 0.25% 921 9.998079 9,208 0.00% 24.59% American Century VP - Value Fund - Class I 2004 .............. 0.25% 310,922 15.739280 4,893,688 1.05% 14.05% 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 Funds Trust - Baron Capital Asset Fund: Insurance Shares 2004 .............. 0.25% 23,960 15.763932 377,704 0.00% 25.33% 2003 .............. 0.25% 5,295 12.578424 66,603 0.00% 29.69% Credit Suisse Trust - Global Post-Venture Capital Portfolio 2004 .............. 0.25% 23,348 9.698794 226,447 0.00% 17.69% 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 2004 .............. 0.25% 3,020 9.481681 28,635 0.65% 14.46% 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%
(Continued) 46 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ----------- -------------- ---------- ----------- Credit Suisse Trust - Large Cap Value Portfolio 2004 .............. 0.25% 11,184 $ 12.272183 $ 137,252 0.58% 11.07% 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 2004 .............. 0.25% 119,238 9.766503 1,164,538 0.00% 10.59% 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 IP - Mid Cap Stock Portfolio - Service Shares 2003 .............. 0.25% 34,437 13.102225 451,201 2.38% 31.39% Dreyfus IP - Small Cap Stock Index Portfolio - Service Class 2004 .............. 0.25% 3,590 12.803427 45,964 0.79% 21.58% Dreyfus Socially Responsible Growth Fund, Inc., The 2004 .............. 0.25% 19,508 9.364044 182,674 0.38% 5.95% 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, Inc. - Initial Shares 2004 .............. 0.25% 2,256,426 11.523227 26,001,309 1.79% 10.36% 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 2004 .............. 0.25% 117,040 11.574140 1,354,637 1.46% 4.78% 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 2004 .............. 0.25% 58,084 9.670082 561,677 1.28% 7.20% 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 2004 .............. 0.25% 27,262 15.359280 418,725 0.97% 19.72% 2003 .............. 0.25% 20,411 12.829044 261,854 1.91% 36.02% Federated IS - Quality Bond Fund II - Primary Shares 2004 .............. 0.25% 123,254 13.758938 1,695,844 4.32% 3.36% 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 2004 .............. 0.25% 216,278 12.845734 2,778,250 1.66% 11.10% 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 2004 .............. 0.25% 69,542 8.163013 567,672 0.26% 3.12% 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% Fidelity/(R)/ VIP - Growth Portfolio - Service Class 2004 .............. 0.25% 747,488 11.422418 8,538,120 0.16% 3.01% 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 2004 .............. 0.25% 10,864 12.623850 137,146 9.22% 9.32% 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% 01/02/01 Fidelity/(R)/ VIP - High Income Portfolio - Service Class 2004 .............. 0.25% 208,098 9.421875 1,960,673 9.51% 9.19% 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%
(Continued) 47 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ----------- -------------- ---------- ----------- Fidelity/(R)/ VIP - Overseas Portfolio - Initial Class 2004 .............. 0.25% 55,434 $ 10.182861 $ 564,477 1.12% 13.35% 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 2004 .............. 0.25% 267,844 11.006499 2,948,025 1.10% 13.20% 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 2004 .............. 0.25% 856,436 10.969116 9,394,346 1.56% 5.21% 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/(R)/ Portfolio - Initial Class 2004 .............. 0.25% 30,156 12.070285 363,992 0.32% 15.19% 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/(R)/ Portfolio - Service Class 2004 .............. 0.25% 257,976 15.216289 3,925,437 0.36% 15.05% 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 2004 .............. 0.25% 178,546 8.875680 1,584,717 0.37% 6.79% 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% Fidelity/(R)/ VIP III - Value Strategies Portfolio - Service Class 2004 .............. 0.25% 15,102 13.416717 202,619 0.00% 13.70% Franklin Templeton VIP - Templeton Foreign Securities Fund - Class 2 2004 .............. 0.25% 93,558 14.779865 1,382,775 0.77% 18.23% 2003 .............. 0.25% 42,677 12.500683 533,492 1.42% 31.88% Gartmore GVIT Comstock Value Fund - Class I 2004 .............. 0.25% 6,650 11.222233 74,628 1.34% 17.21% 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% Gartmore GVIT Dreyfus Mid Cap Index Fund - Class I 2004 .............. 0.25% 95,542 17.575168 1,679,167 0.84% 15.44% 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% Gartmore GVIT Emerging Markets Fund - Class I 2004 .............. 0.25% 6,104 13.826171 84,395 0.51% 20.44% 2003 .............. 0.25% 187 11.479519 2,147 0.00% 64.85% Gartmore GVIT Federated High Income Bond Fund - Class I 2004 .............. 0.25% 69,416 13.583306 942,899 6.72% 9.82% 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% Gartmore GVIT Global Financial Services Fund - Class I 2004 .............. 0.25% 388 14.729262 5,715 1.89% 20.69% 2003 .............. 0.25% 44 12.204124 537 5.11% 41.10% Gartmore GVIT Global Health Sciences Fund - Class I 2004 .............. 0.25% 234 12.214711 2,858 0.00% 7.59% Gartmore GVIT Global Technology and Communications Fund - Class I 2004 .............. 0.25% 8,328 3.159750 26,314 0.00% 4.05% 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 2004 .............. 0.25% 739,432 14.489288 10,713,843 5.44% 3.00% 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%
(Continued) 48 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ----------- -------------- ---------- ----------- Gartmore GVIT Growth Fund - Class I 2004 .............. 0.25% 28,898 $ 6.217435 $ 179,671 0.11% 7.89% 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 - Class II 2003 .............. 0.25% 158 10.933839 1,728 1.49% 31.54% Gartmore GVIT ID Conservative Fund - Class II 2004 .............. 0.25% 28,254 11.266714 318,330 2.32% 4.39% 2003 .............. 0.25% 28,851 10.792806 311,383 3.07% 7.64% Gartmore GVIT ID Moderate Fund - Class II 2004 .............. 0.25% 86,964 11.931529 1,037,613 4.67% 9.26% 2003 .............. 0.25% 157 10.920096 1,714 2.03% 19.75% Gartmore GVIT ID Moderately Aggressive Fund - Class II 2003 .............. 0.25% 157 10.949354 1,719 1.63% 26.33% Gartmore GVIT ID Moderately Conservative Fund - Class II 2003 .............. 0.25% 156 10.910488 1,702 2.43% 13.41% Gartmore GVIT J.P. Morgan Balanced Fund - Class I 2004 .............. 0.25% 332,060 10.765587 3,574,821 2.29% 8.22% 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% Gartmore GVIT Mid Cap Growth Fund - Class I 2004 .............. 0.25% 75,540 11.508706 869,368 0.00% 15.05% 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% Gartmore GVIT Money Market Fund - Class I 2004 .............. 0.25% 843,680 12.033310 10,152,263 0.76% 0.56% 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 2004 .............. 0.25% 4,352,894 10.127388 44,083,446 0.88% 0.64% 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)/ Fund: Class I 2004 .............. 0.25% 88,244 10.679350 942,389 1.21% 9.48% 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 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 2004 .............. 0.25% 273,266 15.348222 4,194,147 0.00% 13.13% 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 2004 .............. 0.25% 287,112 20.677651 5,936,802 0.00% 17.01% 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 2004 .............. 0.25% 365,202 18.131930 6,621,817 0.00% 18.73% 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 Turner Growth Focus Fund - Class I 2003 .............. 0.25% 161 3.309832 533 0.00% 50.59% Gartmore GVIT U.S. Growth Leaders Fund - Class I 2004 .............. 0.25% 404 13.974657 5,646 0.00% 12.13% 2003 .............. 0.25% 85 12.463103 1,059 0.00% 51.76%
(Continued) 49 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- --------- ----------- -------------- ---------- ----------- Gartmore GVIT Van Kampen Multi Sector Bond Fund - Class I 2004 .............. 0.25% 157,438 $ 14.103672 $ 2,220,454 5.20% 6.27% 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% Gartmore GVIT Worldwide Leaders Fund - Class I 2004 .............. 0.25% 9,180 10.511783 96,498 0.00% 15.38% 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 2004 .............. 0.25% 165,892 15.891856 2,636,332 0.58% 25.57% 2003 .............. 0.25% 16,236 12.655709 205,478 1.17% 28.07% Janus AS - Balanced Portfolio - Service Shares 2004 .............. 0.25% 93,022 12.301545 1,144,314 2.23% 8.02% 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% 09/03/02 Janus AS - Capital Appreciation Portfolio - Service Shares 2004 .............. 0.25% 34,622 7.583386 262,552 0.01% 17.67% 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 2004 .............. 0.25% 197,930 3.546168 701,893 0.00% 0.32% 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 2004 .............. 0.25% 85,384 7.417926 633,372 0.81% 18.39% 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% Neuberger Berman AMT - Fasciano Portfolio - S Class Shares 2004 .............. 0.25% 162 14.009370 2,270 0.00% 11.60% 2003 .............. 0.25% 14,408 12.553503 180,871 0.00% 24.75% Neuberger Berman AMT - Growth Portfolio 2004 .............. 0.25% 46,276 7.971477 368,888 0.00% 16.31% 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 - I Class Shares 2004 .............. 0.25% 90,890 11.833049 1,075,506 0.13% 15.53% 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/(R)/ - I Class 2004 .............. 0.25% 103,072 12.582197 1,296,872 0.00% 16.02% 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 2004 .............. 0.25% 139,126 11.794154 1,640,873 0.02% 18.68% 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% One Group/(R)/ IT Mid Cap Growth Portfolio 2004 .............. 0.25% 53,262 14.542707 774,574 0.00% 12.34% Oppenheimer Aggressive Growth Fund/VA - Initial Class 2004 .............. 0.25% 429,564 11.621370 4,992,122 0.00% 19.48% 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 2004 .............. 0.25% 115,260 13.008289 1,499,335 4.96% 5.23% 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%
(Continued) 50 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** -------- -------- ----------- -------------- ---------- ------------ Oppenheimer Capital Appreciation Fund/VA - Initial Class 2004 ............................. 0.25% 400,854 $ 13.300944 $ 5,331,737 0.29% 6.67% 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 2004 ............................. 0.25% 66,624 11.073978 737,793 1.96% 18.87% 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)/ Fund/VA - Initial Class 2004 ............................. 0.25% 29,538 9.903052 292,516 0.93% 9.19% 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 2004 ............................. 0.25% 93,010 12.566277 1,168,789 1.25% 9.83% 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 2004 ............................. 0.25% 379,246 10.565271 4,006,837 1.06% 1.58% 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% 09/03/02 PIMCO VIT - Real Return Portfolio - Administrative Shares 2004 ............................. 0.25% 103,544 12.223233 1,265,642 1.02% 8.62% 2003 ............................. 0.25% 34,984 11.253423 393,690 2.65% 8.58% PIMCO VIT - Total Return Portfolio - Administrative Shares 2004 ............................. 0.25% 398,986 11.325918 4,518,883 1.88% 4.62% 2003 ............................. 0.25% 50,980 10.825824 551,901 2.81% 4.78% Pioneer High Yield VCT Portfolio - Class I Shares 2004 ............................. 0.25% 12,464 14.794578 184,400 5.52% 7.79% 2003 ............................. 0.25% 38,913 13.725038 534,082 7.87% 32.45% Royce Capital Fund - Royce Micro-Cap Portfolio 2004 ............................. 0.25% 156,340 17.082044 2,670,607 0.00% 13.56% 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% 09/03/02 Strong Opportunity Fund II, Inc. 2004 ............................. 0.25% 191,888 11.142802 2,138,170 0.00% 17.93% 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% Strong VIF - Strong Discovery Fund II 2004 ............................. 0.25% 11,836 15.432167 182,655 0.00% 15.43% 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 2004 ............................. 0.25% 190,758 14.448971 2,756,257 1.43% 14.33% 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% 09/03/02 T.Rowe Price Mid Cap Growth Fund II 2004 ............................. 0.25% 151,418 16.624542 2,517,255 0.00% 17.76% 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% 09/03/02 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 2004 ............................. 0.25% 20,576 13.435652 276,452 0.85% 25.58% 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%
(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*** -------- --------- ----------- -------------- ---------- ------------ Van Eck WIT - Worldwide Hard Assets Fund 2004 ........................... 0.25% 5,464 $ 14.234866 $ 77,779 1.04% 23.92% 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 2004 ........................... 0.25% 7,960 16.269408 129,504 7.05% 9.79% 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 2004 ........................... 0.25% 162,820 7.204463 1,173,031 0.00% 21.29% 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 - Class A 2004 ........................... 0.25% 145,214 21.093147 3,063,020 1.54% 36.05% 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 America's FUTURE Life Series Fee Tier - (0.40%) AIM VIF - Basic Value Fund - Series I Shares 2004 ........................... 0.40% 162 14.486704 2,347 0.00% 10.63% 2003 ........................... 0.40% 74 13.095200 969 0.07% 33.09% Alliance VPSF - Alliance Bernstein Growth & Income Portfolio - Class A 2004 ........................... 0.40% 550 14.667608 8,067 0.93% 11.02% 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% 01/02/01 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% 01/02/01 American Century VP - Income & Growth Fund - Class I 2004 ........................... 0.40% 3,126 12.115153 37,872 1.42% 12.54% 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% American Century VP - International Fund - Class I 2004 ........................... 0.40% 5,644 10.500552 59,265 0.49% 14.47% 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% American Century VP - Ultra/(R)/ Fund - Class I 2004 ........................... 0.40% 360 10.993709 3,958 0.00% 10.23% 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% Baron Capital Funds Trust - Baron Capital Asset Fund: Insurance Shares 2004 ........................... 0.40% 378 15.709055 5,938 0.00% 25.14% Calvert VS - Social Equity Portfolio 2002 ........................... 0.40% 292,051 10.280692 3,002,486 0.00% 2.81% 09/03/02 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% 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%
(Continued) 52 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued) Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ----------- -------------- ---------- --------- Credit Suisse Trust - 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% 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% 01/02/01 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% Dreyfus IP - Small Cap Stock Index Portfolio - Service Class 2004 .......................... 0.40% 122 12.752292 1,556 0.79% 21.40% 2003 .......................... 0.40% 879 10.504526 9,233 0.04% 37.23% Dreyfus Socially Responsible Growth Fund, Inc., The 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% Dreyfus Stock Index Fund, Inc.- Initial Shares 2004 .......................... 0.40% 13,608 11.408542 155,247 1.79% 10.20% 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% Dreyfus VIF - Appreciation Portfolio - Initial Shares 2004 .......................... 0.40% 7,182 11.458946 82,298 1.46% 4.63% 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% 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% 01/02/01 Dreyfus VIF - International Value Portfolio - Initial Shares 2003 .......................... 0.40% 42 12.803571 538 1.91% 35.81% Federated IS - Quality Bond Fund II - Primary Shares 2004 .......................... 0.40% 2,250 13.642560 30,696 4.32% 3.21% 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% 01/02/01 Fidelity/(R)/ VIP - Equity-Income Portfolio - Service Class 2004 .......................... 0.40% 1,272 12.717880 16,177 1.66% 10.94% 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% 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% 01/02/01 Fidelity/(R)/ VIP - Growth Portfolio - Service Class 2004 .......................... 0.40% 4,946 11.308717 55,933 0.16% 2.85% 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%
(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*** --------- --------- ----------- -------------- ---------- --------- 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% 01/02/01 Fidelity/(R)/ VIP - High Income Portfolio - Service Class 2004 .......................... 0.40% 2,444 9.328110 22,798 9.51% 9.03% 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% Fidelity/(R)/ VIP - Overseas Portfolio - Initial Class 2001 .......................... 0.40% 329,072 7.887510 2,595,559 0.00% -21.12% 01/02/01 Fidelity/(R)/ VIP - Overseas Portfolio - Service Class 2004 .......................... 0.40% 4,804 10.896942 52,349 1.10% 13.03% 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% 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% 01/02/01 Fidelity/(R)/ VIP II - Contrafund/(R)/ 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% 01/02/01 Fidelity/(R)/ VIP II - Contrafund/(R)/ Portfolio - Service Class 2004 .......................... 0.40% 3,508 15.064815 52,847 0.36% 14.88% 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% Fidelity/(R)/ VIP III - Growth Opportunities Portfolio - Initial Class 2001 .......................... 0.40% 103,589 8.842970 916,034 0.00% -11.57% 01/02/01 Fidelity/(R)/ VIP III - Growth Opportunities Portfolio - Service Class 2004 .......................... 0.40% 4,350 8.787333 38,225 0.37% 6.63% 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% Fidelity/(R)/ VIP III - Value Strategies Portfolio - Service Class 2004 .......................... 0.40% 176 13.363171 2,352 0.00% 13.53% 2002 .......................... 0.40% 3,768 7.489405 28,220 0.00% -25.11% 05/01/02 Franklin Templeton VIP - Templeton Foreign Securities Fund - Class 2 2004 .......................... 0.40% 1,780 14.728417 26,217 0.77% 18.06% 2003 .......................... 0.40% 47,616 12.475864 594,051 1.42% 31.68% Gartmore GVIT Comstock 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% Gartmore GVIT Dreyfus Mid Cap Index Fund - Class I 2004 .......................... 0.40% 122 17.400194 2,123 0.84% 15.27% 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% Gartmore GVIT Emerging Markets Fund - Class I 2003 .......................... 0.40% 23 11.423706 263 0.00% 64.60% Gartmore GVIT Federated High Income Bond Fund - Class I 2004 .......................... 0.40% 1,584 13.448117 21,302 6.72% 9.66% 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%
(Continued) 54 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Investment Expense Unit Contract Income Total Rate* Units Fair Value Owners' Equity Ratio** Return*** --------- --------- ----------- -------------- ---------- --------- Gartmore GVIT 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 2004 .......................... 0.40% 3,174 14.345081 45,531 5.44% 2.85% 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% Gartmore GVIT Growth Fund - Class I 2004 .......................... 0.40% 2,310 6.155504 14,219 0.11% 7.72% 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% Gartmore GVIT J.P. Morgan Balanced Fund - Class I 2004 .......................... 0.40% 844 10.658428 8,996 2.29% 8.06% 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% Gartmore 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% 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% Gartmore GVIT Money Market Fund: Class V 2004 .......................... 0.40% 16,318 10.093995 164,714 0.88% 0.49% 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)/ 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% 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% Gartmore GVIT Small Cap Growth Fund - Class I 2004 .......................... 0.40% 324 15.218321 4,931 0.00% 12.96% 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% Gartmore GVIT Small Cap Value Fund - Class I 2004 .......................... 0.40% 536 20.471824 10,973 0.00% 16.83% 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%
(Continued) 55 NATIONWIDE VL SEPARATE ACCOUNT- C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Contract Investment Expense Unit Owners' Income Total Rate* Units Fair Value Equity Ratio** Return*** ---------- --------- ------------ -------------- -------------- -------------- Gartmore GVIT Small Company Fund - Class I 2004 ...................... 0.40% 10,366 $ 17.951460 $ 186,085 0.00% 18.55% 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% Gartmore GVIT Turner Growth Focus Fund - Class I 2003 ...................... 0.40% 20 3.293722 66 0.00% 50.36% Gartmore GVIT U.S. Growth Leaders Fund - Class I 2003 ...................... 0.40% 11 12.431976 137 0.00% 51.53% Gartmore GVIT Van Kampen 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% 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% Goldman Sachs VIT - Mid Cap Value Fund 2003 ...................... 0.40% 168,012 12.630569 2,122,087 1.17% 27.88% Janus AS - Balanced Portfolio - Service Shares 2004 ...................... 0.40% 158 12.258707 1,937 2.23% 7.86% 2003 ...................... 0.40% 77 11.365300 875 2.00% 13.27% 2002 ...................... 0.40% 19,826 10.033996 198,934 2.14% 0.34% 09/03/02 Janus AS - Capital Appreciation Portfolio - Service Shares 2004 ...................... 0.40% 1,190 7.527514 8,958 0.01% 17.50% 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% 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% 01/27/00 Janus AS - International Growth Portfolio - Service Shares 2004 ...................... 0.40% 2,008 7.363272 14,785 0.81% 18.21% 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% 01/27/00 Neuberger Berman AMT - Fasciano Portfolio - S Class Shares 2004 ...................... 0.40% 8 13.960609 112 0.00% 11.43% 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% 01/02/01 Neuberger Berman AMT - Guardian Portfolio - I Class Shares 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% 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% 01/02/01 Neuberger Berman AMT - Mid Cap Growth Portfolio/(R)/ - I Class 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%
(Continued) 56 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Contract Investment Expense Unit Owners' Income Total Rate Units Fair Value Equity Ratio** Return*** ---------- --------- ------------ -------------- -------------- -------------- Neuberger Berman AMT - Partners Portfolio 2004 ...................... 0.40% 252 $ 11.676716 $ 2,943 0.02% 18.50% 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% 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 2004 ...................... 0.40% 12,654 11.505640 145,592 0.00% 19.30% 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% 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% 01/02/01 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% 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)/ 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% 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% 01/02/01 PIMCO VIT - Low Duration Portfolio - Administrative Shares 2004 ...................... 0.40% 576 10.528355 6,064 1.06% 1.43% 2002 ...................... 0.40% 44,486 10.182621 452,984 0.17% 1.83% 09/03/02 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 2004 ...................... 0.40% 28 11.286156 316 1.88% 4.46% 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 - Royce Micro-Cap Portfolio 2004 ...................... 0.40% 3,408 17.022607 58,013 0.00% 13.39% 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% 09/03/02 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% 05/01/00 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% 01/02/01 Strong VIF - Strong International Stock Fund II 2001 ...................... 0.40% 38,838 7.139083 277,268 0.00% -21.09% 01/02/01
(Continued) 57 NATIONWIDE VL SEPARATE ACCOUNT-C (NOTES TO FINANCIAL STATEMENTS, Continued)
Contract Contract Investment Expense Unit Owners' Income Total Rate* Units Fair Value Equity Ratio** Return*** ---------- --------- ------------ -------------- -------------- -------------- T. Rowe Price Equity Income Portfolio II 2004 ...................... 0.40% 1,076 $ 14.398668 $ 15,493 1.43% 14.16% 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% 09/03/02 T. Rowe Price Mid Cap Growth Fund II 2004 ...................... 0.40% 762 16.566668 12,624 0.00% 17.58% 2003 ...................... 0.40% 654 14.089414 9,214 0.00% 37.54% Van Eck WIT - Worldwide Bond Fund 2002 ...................... 0.40% 939 11.333817 10,642 0.00% 21.17% Van Eck WIT - Worldwide Emerging Markets Fund 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% 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% 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% 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 - Class A 2004 ...................... 0.40% 818 22.046498 18,034 1.54% 35.85% 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% -------------- 2004 ............................................................ $ 327,332,572 ============== 2003 ............................................................ $ 383,208,644 ============== 2002 ............................................................ $ 354,676,076 ============== 2001 ............................................................ $ 408,763,705 ============== 2000 ............................................................ $ 237,376,916 ==============
* This represents the annual 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 mutual funds 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, including changes in the value of the underlying mutual fund, which reflects the reduction of unit value for expenses assessed. 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. 58 Report of Independent Registered Public Accounting Firm 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, 2004, 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 the standards of the Public Company Accounting Oversight Board (United States). 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, 2004, 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, 2004, and the results of its operations, changes in contract owners' equity, and financial highlights for each of the periods indicated herein, in conformity with U.S. generally accepted accounting principles. KPMG LLP Columbus, Ohio March 4, 2005 59 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