N-VPFS 1 d150883dnvpfs.htm VA SEP ACCT C/FHL-474 (811-07908) VA Sep Acct C/FHL-474 (811-07908)

NATIONWIDE

VARIABLE

ACCOUNT-C

Annual Report

To

Contract Owners

December 31, 2020

 

 

 

LOGO

NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

Report of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life and Annuity Insurance Company and

Contract Owners of Nationwide VA Separate Account-C:

Opinion on the Financial Statements

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of the sub-accounts listed in the Appendix that comprise the Nationwide VA Separate Account-C (the Separate Account) as of the date listed in the Appendix, the related statements of operations for the year listed in the Appendix and changes in contract owners’ equity for the years listed in the Appendix, and the related notes including the financial highlights in Note 6 (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of the date listed in the Appendix, the results of its operations for the year listed in the Appendix and the changes in its contract owners’ equity for the years listed in the Appendix, and the financial highlights for each of the years indicated in Note 6, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2020, by correspondence with the transfer agent of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/    KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Nationwide Life Insurance Company separate account investment companies, however we are aware that we have served as the auditor of one or more Nationwide Life Insurance Company separate account investment companies since at least 1981.

Columbus, Ohio

April 2, 2021

 

2

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund – VIP Equity-Income Portfolio: Initial Class (FEIP)

Fidelity Variable Insurance Products Fund – VIP Overseas Portfolio: Initial Class (FOP)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

JPMorgan Insurance Trust – JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)

JPMorgan Insurance Trust – JPMorgan Insurance Trust Core Bond Portfolio: Class 1 (OGBDP)

JPMorgan Insurance Trust – JPMorgan Insurance Trust U.S. Equity Portfolio: Class 1 (OGDEP)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust – NVIT S&P 500 Index Fund: Class II (GVEX2)

Nationwide Variable Insurance Trust – NVIT Blueprint(SM) Capital Appreciation Fund: Class II (NVCCA2) (1)

Nationwide Variable Insurance Trust – NVIT Blueprint(SM) Moderately Aggressive Fund: Class II (NVCMA2) (1)

Nationwide Variable Insurance Trust – NVIT Blueprint(SM) Moderately Conservative Fund: Class II (NVCMC2) (1)

Nationwide Variable Insurance Trust – NVIT Blueprint(SM) Balanced Fund: Class II (NVCRB2) (1)

Nationwide Variable Insurance Trust – NVIT International Equity Fund: Class II (NVIE6)

Nationwide Variable Insurance Trust – NVIT Wells Fargo Discovery Fund: Class II (NVMMG2) (1)

Nationwide Variable Insurance Trust – NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust – NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust – NVIT AQR Large Cap Defensive Style Fund: Class I (TRF) (1)

 

(1) 

See Note 1 to the financial statements for the former name of the sub-account.

 

3

NATIONWIDE VARIABLE ACCOUNT-C

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

 

Subaccount*,**   Shares     Cost    

Investments, at

fair value

    

Accounts

Receivable

    

Total

Assets

    

Accounts

Payable

    

Contract

Owners’

Equity

    

Accumulation

Units

    

Contracts in

Payout

    

Contract

Owners’
Equity

  

FEIP

     470,158     $ 10,456,706     $ 11,236,767     $ -         $ 11,236,767     $ 159     $ 11,236,608     $ 11,177,423     $ 59,185     $ 11,236,608  

FOP

     72,819       1,315,573       1,931,151       34       1,931,185       -           1,931,185       1,927,820       3,365       1,931,185  

JPMMV1

     285,654       3,077,261       3,110,775       -           3,110,775       20       3,110,755       3,110,755       -           3,110,755  

OGBDP

     1,818,796       20,265,603       21,607,298       265       21,607,563       -           21,607,563       21,570,231       37,332       21,607,563  

OGDEP

     542,309       13,478,848       20,282,356       261       20,282,617       -           20,282,617       20,249,928       32,689       20,282,617  

GVEX2

     106,315       2,000,552       2,361,252       7       2,361,259       -           2,361,259       2,361,259       -           2,361,259  

NVCCA2

     38,276       391,140       405,730       -           405,730       -           405,730       405,730       -           405,730  

NVCMA2

     103,688       971,158       986,071       -           986,071       15       986,056       986,056       -           986,056  

NVCMC2

     16,244       161,489       179,819       1       179,820       -           179,820       179,820       -           179,820  

NVCRB2

     73,877       799,360       825,943       -           825,943       2       825,941       825,941       -           825,941  

NVIE6

     30,669       338,488       352,694       -           352,694       12       352,682       352,682       -           352,682  

NVMMG2

     102,235       1,058,349       1,300,431       8       1,300,439       -           1,300,439       1,300,439       -           1,300,439  

NVMMV2

     41,575       364,999       323,869       4       323,873       -           323,873       323,873       -           323,873  

SAM

     26,935,518       26,935,518       26,935,518       144       26,935,662       -           26,935,662       26,900,040       35,622       26,935,662  

TRF

     476,847       7,691,409       11,220,210       -           11,220,210       57       11,220,153       11,198,037       22,116       11,220,153  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total (unaudited)

 

     $ 103,059,884     $ 724     $ 103,060,608     $ 265     $ 103,060,343     $ 102,870,034     $ 190,309     $ 103,060,343  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

**

For all subaccounts not included herein but listed as an investment option in note 1(b), Total Assets and Contract Owners’ Equity at the end of the period are $0. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2020, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-C

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:   Total
(unaudited)		     FEIP     FOP     JPMMV1     OGBDP     OGDEP     GVEX2     NVCCA2  

Reinvested dividends

   $ 1,068,261       185,031       7,550       41,303       441,146       140,313       34,968       3,645  

Mortality and expense risk charges (note 2)

     (1,299,579 )      (133,711 )      (22,819 )      (36,835 )      (288,689 )      (235,440 )      (27,120 )      (4,880 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (231,318 )      51,320       (15,269 )      4,468       152,457       (95,127 )      7,848       (1,235 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

     2,238,450       30,411       78,949       (77,237 )      163,677       1,654,578       14,287       (16,235 ) 

Change in unrealized gain (loss) on investments

     2,675,216       (137,378 )      149,117       (181,583 )      1,065,896       1,285,487       233,047       32,408  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

     4,913,666       (106,967 )      228,066       (258,820 )      1,229,573       2,940,065       247,334       16,173  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

     2,821,243       488,554       8,283       172,327       -           1,131,555       43,043       14,263  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

   $ 7,503,591       432,907       221,080       (82,025 )      1,382,030       3,976,493       298,225       29,201  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:   NVCMA2     NVCMC2     NVCRB2     NVIE6     NVMMG2     NVMMV2     SAM     TRF  

Reinvested dividends

   $ 9,625       767       5,355       2,945       -           5,801       70,288       119,524  

Mortality and expense risk charges (note 2)

     (11,393 )      (1,685 )      (10,443 )      (3,885 )      (12,437 )      (3,967 )      (366,783 )      (139,492 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (1,768 )      (918 )      (5,088 )      (940 )      (12,437 )      1,834       (296,495 )      (19,968 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

     (9,160 )      (2,472 )      (35,380 )      (326 )      (14,334 )      (67,905 )      -           519,597  

Change in unrealized gain (loss) on investments

     87,448       22,096       78,853       24,647       356,201       52,005       -           (393,028 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

     78,288       19,624       43,473       24,321       341,867       (15,900 )      -           126,569  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

     19,083       967       10,891       -           149,101       -           -           783,176  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

   $ 95,603       19,673       49,276       23,381       478,531       (14,066 )      (296,495 )      889,777  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    Total (unaudited)     FEIP     FOP     JPMMV1  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ (231,318 )      464,066       51,320       77,376       (15,269 )      6,917       4,468       10,035  

Realized gain (loss) on investments

     2,238,450       2,341,140       30,411       153,445       78,949       100,694       (77,237 )      10,209  

Change in unrealized gain (loss) on investments

     2,675,216       7,651,142       (137,378 )      1,584,352       149,117       248,193       (181,583 )      494,531  

Reinvested capital gains

     2,821,243       3,289,300       488,554       715,762       8,283       67,268       172,327       225,772  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     7,503,591       13,745,648       432,907       2,530,935       221,080       423,072       (82,025)       740,547  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from contract owners (note 4)

     854,693       485,183       19,659       16,797       13,612       9,009       (295 )      2,727  

Transfers between funds

     -           -           (141,011 )      (117,228 )      (14,420 )      (31,552 )      (53,975 )      (16,449 ) 

Redemptions (notes 2, 3, and 4)

     (9,925,858 )      (11,696,483 )      (978,943 )      (709,424 )      (226,911 )      (152,996 )      (208,897 )      (376,214 ) 

Adjustments to maintain reserves

     (383 )      365       (251 )      54       (303 )      129       (18 )      8  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (9,071,548 )      (11,210,935 )      (1,100,546 )      (809,801 )      (228,022 )      (175,410 )      (263,185 )      (389,928 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (1,567,957 )      2,534,713       (667,639 )      1,721,134       (6,942 )      247,662       (345,210 )      350,619  

Contract owners’ equity at beginning of period

     104,628,300       102,093,587       11,904,247       10,183,113       1,938,127       1,690,465       3,455,965       3,105,346  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 103,060,343       104,628,300       11,236,608       11,904,247       1,931,185       1,938,127       3,110,755       3,455,965  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     5,013,974       5,600,525       200,169       214,956       66,430       73,064       91,681       103,068  

Units purchased

     419,178       254,070       570       186       449       642       3,180       2,732  

Units redeemed

     (812,031 )      (840,621 )      (19,247 )      (14,973 )      (6,898 )      (7,276 )      (11,558 )      (14,119 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     4,621,121       5,013,974       181,492       200,169       59,981       66,430       83,303       91,681  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    OGBDP     OGDEP     GVEX2     NVCCA2  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 152,457       288,320       (95,127 )      (79,808 )      7,848       7,467       (1,235 )      7,778  

Realized gain (loss) on investments

     163,677       125,064       1,654,578       1,352,912       14,287       85,197       (16,235 )      (49,590 ) 

Change in unrealized gain (loss) on investments

     1,065,896       1,135,022       1,285,487       2,070,005       233,047       270,695       32,408       90,794  

Reinvested capital gains

     -           -           1,131,555       1,235,614       43,043       63,952       14,263       68,623  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     1,382,030       1,548,406       3,976,493       4,578,723       298,225       427,311       29,201       117,605  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from contract owners (note 4)

     331,209       108,645       85,019       47,492       30,000       -           -           -      

Transfers between funds

     (441,580 )      (251,842 )      (858,337 )      (409,612 )      326,504       (310,652 )      16,466       (19,252 ) 

Redemptions (notes 2, 3, and 4)

     (1,897,063 )      (2,927,120 )      (1,371,953 )      (1,804,401 )      (6,633 )      (20,715 )      (9,226 )      (432,199 ) 

Adjustments to maintain reserves

     157       (4 )      156       29       30       (19 )      13       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (2,007,277 )      (3,070,321 )      (2,145,115 )      (2,166,492 )      349,901       (331,386 )      7,253       (451,451 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (625,247 )      (1,521,915 )      1,831,378       2,412,231       648,126       95,925       36,454       (333,846 ) 

Contract owners’ equity at beginning of period

     22,232,810       23,754,725       18,451,239       16,039,008       1,713,133       1,617,208       369,276       703,122  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Contract owners’ equity at end of period   $ 21,607,563       22,232,810       20,282,617       18,451,239       2,361,259       1,713,133       405,730       369,276  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
CHANGE IN UNITS:                

Beginning units

     1,061,088       1,210,393       654,220       739,582       110,423       134,613       30,114       68,049  

Units purchased

     33,053       14,832       8,209       9,507       75,724       25,870       5,408       -      

Units redeemed

     (125,148 )      (164,137 )      (80,783 )      (94,869 )      (55,302 )      (50,060 )      (5,448 )      (37,935 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     968,993       1,061,088       581,646       654,220       130,845       110,423       30,074       30,114  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    NVCMA2     NVCMC2     NVCRB2     NVIE6  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ (1,768 )      12,976       (918 )      969       (5,088 )      11,294       (940 )      2,728  

Realized gain (loss) on investments

     (9,160 )      (2,369 )      (2,472 )      (37 )      (35,380 )      (13,733 )      (326 )      1,101  

Change in unrealized gain (loss) on investments

     87,448       55,559       22,096       4,022       78,853       62,701       24,647       39,216  

Reinvested capital gains

     19,083       82,019       967       3,574       10,891       56,094       -           16,563  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     95,603       148,185       19,673       8,528       49,276       116,356       23,381       59,608  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from contract

owners (note 4)

     -           -           -           -           15,694       -           -           -      

Transfers between funds

     27,954       28,087       85,467       118       15,852       116,652       14,042       (109,456 ) 

Redemptions (notes 2, 3, and 4)

     (10,777 )      (18,383 )      (260 )      (196 )      (134,427 )      (110,189 )      (1,469 )      (42,337 ) 

Adjustments to maintain reserves

     (13 )      8       13       (10 )      17       (21 )      (1 )      (6 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     17,164       9,712       85,220       (88 )      (102,864 )      6,442       12,572       (151,799 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     112,767       157,897       104,893       8,440       (53,588 )      122,798       35,953       (92,191 ) 

Contract owners’ equity at beginning of period

     873,289       715,392       74,927       66,487       879,529       756,731       316,729       408,920  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 986,056       873,289       179,820       74,927       825,941       879,529       352,682       316,729  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     70,033       69,213       6,510       6,517       75,176       74,166       29,243       44,312  

Units purchased

     5,206       2,403       9,537       13       6,687       20,237       1,597       1,872  

Units redeemed

     (3,871 )      (1,583 )      (1,532 )      (20 )      (16,651 )      (19,227 )      (202 )      (16,941 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     71,368       70,033       14,515       6,510       65,212       75,176       30,638       29,243  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    NVMMG2     NVMMV2     SAM     TRF  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ (12,437 )      (10,643 )      1,834       3,430       (296,495 )      142,241       (19,968 )      (17,014 ) 

Realized gain (loss) on investments

     (14,334 )      (6,297 )      (67,905 )      (19,905 )      -           -           519,597       604,449  

Change in unrealized gain (loss) on investments

     356,201       30,300       52,005       18,056       -           -           (393,028 )      1,547,696  

Reinvested capital gains

     149,101       219,196       -           67,635       -           -           783,176       467,228  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     478,531       232,556       (14,066 )      69,216       (296,495 )      142,241       889,777       2,602,359  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from contract owners (note 4)

     13,260       2,330       2,734       -           297,062       276,411       46,739       21,772  

Transfers between funds

     75,385       (28,573 )      (29,684 )      48,291       1,504,682       1,060,678       (527,345 )      40,790  

Redemptions (notes 2, 3, and 4)

     (101,281 )      (33,060 )      (11,863 )      (56,898 )      (4,305,905 )      (4,190,983 )      (660,250 )      (821,368 ) 

Adjustments to maintain reserves

     30       (19 )      24       (14 )      163       (18 )      (400 )      248  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (12,606 )      (59,322 )      (38,789 )      (8,621 )      (2,503,998 )      (2,853,912 )      (1,141,256 )      (758,558 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     465,925       173,234       (52,855 )      60,595       (2,800,493 )      (2,711,671 )      (251,479 )      1,843,801  

Contract owners’ equity at beginning of period

     834,514       661,280       376,728       316,133       29,736,155       32,447,826       11,471,632       9,627,831  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,300,439       834,514       323,873       376,728       26,935,662       29,736,155       11,220,153       11,471,632  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     55,492       59,388       29,246       29,998       2,342,092       2,567,618       192,057       205,588  

Units purchased

     8,461       4,608       5,138       3,948       254,814       163,338       1,145       3,882  

Units redeemed

     (9,366 )      (8,504 )      (8,616 )      (4,700 )      (448,389 )      (388,864 )      (19,020 )      (17,413 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     54,587       55,492       25,768       29,246       2,148,517       2,342,092       174,182       192,057  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide Variable Account-C (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on July 24, 1991. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. The Company offers tax qualified and non-tax qualified Individual Deferred Variable Annuity Contracts through the Separate Account.

(b) The Contracts

The Separate Account offers variable annuity insurance benefits intended to serve the long-term saving needs of investors. The primary distribution for the contracts is through the brokerage community; however, other distributors are utilized. Contract features are described in the applicable prospectus.

With certain exceptions, contract owners in either the accumulation or payout phase may invest in any of the following:

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)

JPMorgan Insurance Trust - JPMorgan Insurance Trust Core Bond Portfolio: Class 1 (OGBDP)

JPMorgan Insurance Trust - JPMorgan Insurance Trust U.S. Equity Portfolio: Class 1 (OGDEP)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class II (GVEX2)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class II (NVCCA2)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class II (NVCMA2)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class II (NVCMC2)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class II (NVCRB2)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class II (NVMMG2)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)

 

  *

At December 31, 2020, contract owners were not invested in this fund.

The contract owners’ equity is affected by the investment results of each fund, equity transactions by contract owners and certain contract expenses (see note 2). The accompanying financial statements include only contract owners’ purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company.

A contract owner may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

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.

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.

The Company allocates purchase payments to subaccounts and/or the fixed account as instructed by the contract owner. Shares of the subaccounts are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the contract.

There were no subaccounts with inception or liquidation dates for each of the years in the two-year period ended December 31, 2020.

There were no subaccount mergers for the one-year period ending December 31, 2020.

NATIONWIDE VARIABLE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

For the one-year period ended December 31, 2020, the following subaccount name changes occurred:

 

Subaccount
Abbreviation

  

Current Legal Name

  

Prior Legal Name

   Effective Date
NVCCA2   Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class II   Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Capital Appreciation Fund: Class II   5/1/2020
NVCMA2   Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class II   Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Aggressive Fund: Class II   5/1/2020
NVCMC2   Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class II   Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Conservative Fund: Class II   5/1/2020
NVCRB2   Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class II   Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Balanced Fund: Class II   5/1/2020
NVMMG2   Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class II   Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Growth Fund: Class II   1/21/2020
TRF   Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I   Nationwide Variable Insurance Trust - NVIT Nationwide Fund: Class I   5/1/2020

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued at the closing Net Asset Value per share at December 31, 2020 of such funds. The cost of investments sold is determined on a first in - first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and 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 Separate Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Separate Account. Taxes are generally 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.

(f) Calculation of Annuity Reserves

At each financial reporting date, the Separate Account financial statements include an aggregate amount of net assets allocated to future contract benefits for the contracts in the payout (annuitization) period. The payout (annuitization) period begins when amounts accumulated under the contract (the contract value) are applied according to the payment method selected by the contract owner.

Annuity reserves are computed for contracts in the variable payout stage according to industry standard mortality tables. The assumed investment return is 3.5% unless the annuitant elects otherwise, in which case the rate may vary from 3.5% to 6%, as regulated by the laws of the respective states. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if reserves exceed amounts required, transfers may be made to the Company.

(g) COVID-19

Equity and financial markets have experienced significant volatility and interest rates have experienced significant declines primarily driven by the COVID-19 pandemic. These conditions have and may continue to impact the Company’s operations and financial condition. The extent to which the COVID-19 pandemic may impact the Company’s operations and financial condition will depend on future developments which are evolving and uncertain.

(h) Subsequent Events

The company evaluated subsequent events through the date the financial statements were available to be issued with the Securities and Exchange Commission, and no subsequent events have occurred requiring accrual or disclosures.

(2) Expenses

The Separate Account assesses charges associated with the contract. These charges are either assessed as a direct reduction in unit values or through a redemption of units from the subaccounts contained within the Separate Account. The assessment of charges varies based on the contract and any additional riders or benefits elected. The additional riders or benefits and related charges specific to each contract are described in detail in the applicable prospectus. The maximum variable account charge for contracts offered through the Separate Account is 1.30%.

NATIONWIDE VARIABLE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

Contract Charges
Recurring Variable Account Charges - assessed through a reduction in unit values   Equal, on an annualized basis, to 1.30% of the daily value of the allocations to the underlying fund options
Contingent Deferred Sales Charge - assessed on the amount of purchase payment surrendered   0.00% - 7.00%
Maximum Contingent Deferred Sales Charge Period   7 years

(3) Annuity Benefits

Annuity benefit proceeds result in a redemption of the policy value from the Separate Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. For last survivor flexible premium policies, the proceeds are payable on the death of the last surviving insured. In the event that the guaranteed death benefit exceeds the policy value on the date of death, the excess is paid by the Company’s general account.

(4) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Separate Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, 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 Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. The fixed account assets are not reflected in the accompanying financial statements. In addition, the Separate Account portion of contract owner loans is transferred to the accounts of the Company for administration and collection. Loan repayments are transferred to the Separate Account at the direction of the contract owner. For the years ended December 31, 2020 and 2019, total transfers to the Separate Account from the fixed account were $46,136 and $19,234, respectively, and total transfers from the Separate Account to the fixed account were $1,112,972 and $2,679,737, respectively. Transfers from the Separate Account to the fixed account are included in redemptions, and transfers to the Separate Account from the fixed account are included in purchase payments received from contract owners, as applicable, on the accompanying Statements of Changes in Contract Owners’ Equity.

(5) Fair Value Measurement

FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with FASB ASC 820, the Separate Account categorized its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Separate Account categorizes financial assets recorded at fair value as follows:

 

  •  

Level 1 – Unadjusted quoted prices accessible in active markets and mutual funds where the value per share (unit) is determined and published and is the basis for current transactions for identical assets or liabilities at the measurement date.

 

  •  

Level 2 – Unadjusted quoted prices for similar assets or liabilities in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means.

 

  •  

Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate about the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2020:

 

     Level 1      Level 2      Level 3      Total  

Separate Account Investments

    $ 103,059,884      $ -          $ -          $ 103,059,884  

NATIONWIDE VARIABLE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2020 are as follows:

 

Subaccount

Abbreviation*

    Purchases of
Investments		      Sales of
Investments		  

FEIP

    $ 693,031      $ 1,252,439  

FOP

      31,126        265,533  

JPMMV1

      307,913        394,285  

OGBDP

      953,411        2,808,395  

OGDEP

      1,336,302        2,445,138  

GVEX2

      1,134,636        733,876  

NVCCA2

      82,113        61,844  

NVCMA2

      90,549        56,057  

NVCMC2

      102,168        16,912  

NVCRB2

      91,945        189,023  

NVIE6

      17,420        5,787  

NVMMG2

      295,351        171,323  

NVMMV2

      54,983        91,962  

SAM

      1,673,724        4,473,741  

TRF

      993,747        1,370,717  
  

 

 

     

 

 

  
   $ 7,858,419      $ 14,337,032  
  

 

 

     

 

 

  

 

*

Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

NATIONWIDE VARIABLE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

(6) Financial Highlights

The Company offers several variable annuity products through the Separate Account that have unique combinations of features and fees that are assessed to the contract owner. Differences in fee structures result in a variety of contract expense rates, unit fair values and total returns. The following tabular presentation is a summary of units, unit fair values, contract owners’ equity outstanding and contract expense rates for variable annuity contracts as of December 31, 2020, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2020. The information is presented as a range of minimum to maximum values based upon product grouping. The range is determined by identifying the lowest and the highest contract expense rate for contracts with units outstanding as of the balance sheet date. The unit fair values and total returns related to these identified contract expense rates are also disclosed as a range below. Accordingly, some individual contract amounts may not be within the ranges presented. Total return and investment income ratio for periods with no ending Contract Owners’ Equity were considered to be irrelevant, and therefore are not presented. Contract Owners’ Equity presented below may not agree to the Contract Owners’ Equity presented in the Statements of Changes due to reserves for annuity contracts in payout.

NATIONWIDE VARIABLE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

       Contract
Expense
Rate*		        Units        Unit
Fair Value		        Contact
Owners’  Equity		        Investment
Income
Ratio**		        Total
Return***		  

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)

 

2020        1.30%          181,492        $ 61.59        $ 11,177,423          1.81%          5.31%  
2019        1.30%          200,169          58.48          11,706,382          2.01%          25.79%  
2018        1.30%          214,956          46.49          9,994,026          2.18%          -9.49%  
2017        1.30%          245,854          51.37          12,629,254          1.65%          11.43%  
2016        1.30%          273,654          46.10          12,615,255          2.28%          16.49%  

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)

 

2020        1.30%          59,981          32.14          1,927,820          0.43%          14.11%  
2019        1.30%          66,430          28.17          1,871,090          1.69%          26.11%  
2018        1.30%          73,064          22.34          1,631,904          1.45%          -15.92%  
2017        1.30%          84,940          26.56          2,256,421          1.41%          28.60%  
2016        1.30%          93,998          20.66          1,941,762          1.36%          -6.29%  

JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)

 

2020        1.30%          83,303          37.34          3,110,755          1.47%          -0.93%  
2019        1.30%          91,681          37.70          3,455,965          1.61%          25.11%  
2018        1.30%          103,068          30.13          3,105,346          0.97%          -12.99%  
2017        1.30%          114,554          34.63          3,966,634          0.86%          12.29%  
2016        1.30%          98,631          30.84          3,041,477          0.87%          13.21%  

JPMorgan Insurance Trust - JPMorgan Insurance Trust Core Bond Portfolio: Class 1 (OGBDP)

 

2020        1.30%          968,993          22.26          21,570,231          2.00%          6.44%  
2019        1.30%          1,061,088          20.91          22,190,470          2.54%          6.77%  
2018        1.30%          1,210,393          19.59          23,707,936          2.46%          -1.26%  
2017        1.30%          1,334,728          19.84          26,476,615          2.59%          2.23%  
2016        1.30%          1,559,708          19.40          30,264,792          2.71%          0.79%  

JPMorgan Insurance Trust - JPMorgan Insurance Trust U.S. Equity Portfolio: Class 1 (OGDEP)

 

2020        1.30%          581,646          34.81          20,249,928          0.78%          23.63%  
2019        1.30%          654,220          28.16          18,422,618          0.86%          30.04%  
2018        1.30%          739,582          21.65          16,015,203          0.83%          -7.39%  
2017        1.30%          827,192          23.38          19,341,984          0.89%          20.74%  
2016        1.30%          995,293          19.37          19,274,245          0.99%          9.50%  

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class II (GVEX2)

 

2020        1.30%          130,845          18.05          2,361,259          1.69%          16.32%  
2019        1.30%          110,423          15.51          1,713,133          1.76%          29.14%  
2018        1.30%          134,613          12.01          1,617,208          1.96%          -6.12%  
2017        1.30%          75,618          12.80          967,645          2.47%          19.65%  
2016        1.30%          14,872          10.69          159,051          2.06%          9.95%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class II (NVCCA2)

 

2020        1.30%          30,074          13.49          405,730          0.98%          10.02%  
2019        1.30%          30,114          12.26          369,276          2.46%          18.68%  
2018        1.30%          68,049          10.33          703,122          1.96%          -9.36%  
2017        1.30%          74,821          11.40          852,945          3.05%          14.30%  
2016        1.30%          12,910          9.97          128,754          2.76%          5.93%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class II (NVCMA2)

 

2020        1.30%          71,368          13.82          986,056          1.11%          10.80%  
2019        1.30%          70,033          12.47          873,289          2.91%          20.64%  
2018        1.30%          69,213          10.34          715,392          2.15%          -10.69%  
2017        1.30%          62,236          11.57          720,246          2.66%          16.54%  
2016        1.30%          148          9.93          1,470          2.65%          6.20%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class II (NVCMC2)

 

2020        1.30%          14,515          12.39          179,820          0.59%          7.64%  
2019        1.30%          6,510          11.51          74,927          2.66%          12.82%  
2018        1.30%          6,517          10.20          66,487          2.23%          -6.01%  
2017        1.30%          6,853          10.85          74,384          2.81%          8.46%  
2016        1.30%          859          10.01          8,596          2.93%          4.62%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class II (NVCRB2)

 

2020        1.30%          65,212          12.67          825,941          0.67%          8.25%  
2019        1.30%          75,176          11.70          879,529          2.63%          14.67%  
2018        1.30%          74,166          10.20          756,731          2.17%          -7.46%  
2017        1.30%          73,753          11.03          813,153          2.85%          10.60%  
2016        1.30%          16,433          9.97          163,819          4.42%          4.73%  

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)

 

2020        1.30%          30,638          11.51          352,682          0.99%          6.29%  
2019        1.30%          29,243          10.83          316,729          2.00%          17.37%  
2018        1.30%          44,312          9.23          408,920          1.98%          -15.92%  
2017        1.30%          32,604          10.98          357,819          2.26%          25.43%  
2016        1.30%          1,263          8.75          11,043          2.07%          -0.67%  

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class II (NVMMG2)

 

2020        1.30%          54,587          23.82          1,300,439          0.00%          58.41%  
2019        1.30%          55,492          15.04          834,514          0.00%          35.06%  
2018        1.30%          59,388          11.13          661,280          0.00%          -8.26%  
2017        1.30%          63,014          12.14          764,857          0.00%          25.87%  
2016        1.30%          1,290          9.64          12,440          0.00%          4.68%  

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

 

2020        1.30%          25,768          12.57          323,873          1.91%          -2.43%  
2019        1.30%          29,246          12.88          376,728          2.25%          22.24%  
2018        1.30%          29,998          10.54          316,133          1.10%          -14.29%  
2017        1.30%          32,192          12.30          395,832          1.62%          12.36%  
2016        1.30%          2,609          10.94          28,550          2.45%          16.07%  

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

 

2020        1.30%          2,148,517          12.52          26,900,040          0.25%          -1.06%  
2019        1.30%          2,342,092          12.65          29,637,732          1.77%          0.46%  
2018        1.30%          2,567,618          12.60          32,343,396          1.37%          0.07%  
2017        1.30%          2,911,701          12.59          36,653,691          0.43%          -0.88%  
2016        1.30%          2,683,139          12.70          34,076,530          0.01%          -1.29%  

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)

 

2020        1.30%          174,182          64.29          11,198,037          1.12%          8.92%  
2019        1.30%          192,057          59.02          11,336,102          1.16%          27.63%  
2018        1.30%          205,588          46.25          9,508,029          1.07%          -1.31%  
2017        1.30%          220,918          46.86          10,352,649          1.00%          18.96%  
2016        1.30%          244,928          39.39          9,648,366          1.39%          9.94%  

 

*

This represents the range of annual contract expense rates of the variable account at the period end 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 ratio of 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 monthly average net assets (excluding months where net assets are zero). The investment income ratio for subaccounts initially funded during the period presented has not been annualized. The ratios exclude those expenses that result in direct reductions to the contract owner accounts through reductions in unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

***

This represents the range of minimum and maximum total returns for the period indicated, including changes in the value of the underlying mutual fund, which reflects the reduction of unit values for expenses assessed. The total returns do 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. Total return is not annualized if the underlying mutual fund option was initially added and funded during the period presented. Minimum and maximum ranges are not shown for underlying mutual fund options for which a single contract expense rate (product option) exists. In such cases, the total return presented is representative of all units issued and outstanding at period end.