N-VPFS 1 d330768dnvpfs.htm VA SEPARATE ACCOUNT C (811-07908) VA Separate Account C (811-07908)

NATIONWIDE VA

SEPARATE

ACCOUNT-C

Annual Report

To

Contract Owners

December 31, 2021

 

 

 

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 Variable 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 Variable Account 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 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, 2021, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. 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 4, 2022

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, 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)

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 Allspring 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) 

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

 

3

NATIONWIDE VA SEPARATE ACCOUNT-C

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2021

 

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

     499,775     $ 11,350,204     $ 13,069,129     $ -         $ 13,069,129     $ 2,651     $ 13,066,478     $ 13,029,715     $ 36,763     $ 13,066,478  

FOP

     74,340       1,425,937       2,176,680       -           2,176,680       91       2,176,589       2,174,083       2,506       2,176,589  

JPMMV1

     297,447       3,261,830       3,967,938       9       3,967,947       -           3,967,947       3,967,947       -           3,967,947  

OGBDP

     1,702,568       18,942,158       19,307,117       -           19,307,117       283       19,306,834       19,277,670       29,164       19,306,834  

OGDEP

     483,063       13,426,784       22,153,276       203       22,153,479       -           22,153,479       22,114,956       38,523       22,153,479  

GVEX2

     117,276       2,408,204       3,253,233       -           3,253,233       10       3,253,223       3,253,223       -           3,253,223  

NVCCA2

     26,350       262,161       322,789       -           322,789       6       322,783       322,783       -           322,783  

NVCMA2

     104,739       982,368       1,174,123       -           1,174,123       4       1,174,119       1,174,119       -           1,174,119  

NVCMC2

     54,361       623,094       655,054       -           655,054       15       655,039       655,039       -           655,039  

NVCRB2

     114,318       1,305,044       1,416,400       -           1,416,400       12       1,416,388       1,416,388       -           1,416,388  

NVIE6

     34,222       384,228       432,224       -           432,224       6       432,218       432,218       -           432,218  

NVMMG2

     102,575       1,081,878       1,073,956       -           1,073,956       26       1,073,930       1,073,930       -           1,073,930  

NVMMV2

     30,645       239,034       293,882       -           293,882       14       293,868       293,868       -           293,868  

SAM

     25,492,643       25,492,643       25,492,643       120       25,492,763       -           25,492,763       25,460,233       32,530       25,492,763  

TRF

     461,882       7,869,258       12,572,429       -           12,572,429       597       12,571,832       12,554,655       17,177       12,571,832  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total (unaudited)

 

     $ 107,360,873     $ 332     $ 107,361,205     $ 3,715     $ 107,357,490     $ 107,200,827     $ 156,663     $ 107,357,490  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2021, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-C

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

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

Reinvested dividends

   $ 979,440       234,819       10,872       33,799       376,308       156,136       58,669       591  

Mortality and expense risk charges (note 2)

     (1,380,488 )      (162,552 )      (27,204 )      (48,335 )      (263,270 )      (276,050 )      (36,097 )      (4,662 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (401,048 )      72,267       (16,332 )      (14,536 )      113,038       (119,914 )      22,572       (4,071 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

     3,417,099       162,569       71,495       30,273       37,656       2,415,975       122,880       5,274  

Change in unrealized gain (loss) on investments

     4,552,620       938,864       135,165       672,594       (976,736 )      1,922,985       484,328       46,038  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

     7,969,719       1,101,433       206,660       702,867       (939,080 )      4,338,960       607,208       51,312  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

     3,654,337       1,374,368       153,943       186,186       274,208       930,511       19,824       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

   $ 11,223,008       2,548,068       344,271       874,517       (551,834 )      5,149,557       649,604       47,241  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:   NVCMA2     NVCMC2     NVCRB2     NVIE6     NVMMG2     NVMMV2     SAM     TRF  

Reinvested dividends

   $ 1,782       823       2,455       9,467       -           2,459       8       91,252  

Mortality and expense risk charges (note 2)

     (14,472 )      (8,061 )      (14,206 )      (5,064 )      (15,748 )      (3,969 )      (346,223 )      (154,575 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (12,690 )      (7,238 )      (11,751 )      4,403       (15,748 )      (1,510 )      (346,215 )      (63,323 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

     2,537       33,649       9,356       1,985       26,717       (38,018 )      -           534,751  

Change in unrealized gain (loss) on investments

     176,843       13,631       84,773       33,791       (250,004 )      95,978       -           1,174,370  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

     179,380       47,280       94,129       35,776       (223,287 )      57,960       -           1,709,121  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

     -           145       -           -           168,970       -           -           546,182  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

   $ 166,690       40,187       82,378       40,179       (70,065 )      56,450       (346,215 )      2,191,980  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2021, if applicable.

 

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    Total (unaudited)     FEIP     FOP     JPMMV1  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ (401,048 )      (231,318 )      72,267       51,320       (16,332 )      (15,269 )      (14,536 )      4,468  

Realized gain (loss) on investments

     3,417,099       2,238,450       162,569       30,411       71,495       78,949       30,273       (77,237 ) 

Change in unrealized gain (loss) on investments

     4,552,620       2,675,216       938,864       (137,378 )      135,165       149,117       672,594       (181,583 ) 

Reinvested capital gains

     3,654,337       2,821,243       1,374,368       488,554       153,943       8,283       186,186       172,327  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     11,223,008       7,503,591       2,548,068       432,907       344,271       221,080       874,517       (82,025)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from contract owners (note 4)

     1,383,934       854,693       116,616       19,659       125       13,612       38,505       (295 ) 

Transfers between funds

     -           -           (83,703 )      (141,011 )      (5,690 )      (14,420 )      108,218       (53,975 ) 

Redemptions (notes 2, 3, and 4)

     (8,306,175 )      (9,925,858 )      (748,721 )      (978,943 )      (93,182 )      (226,911 )      (164,076 )      (208,897 ) 

Adjustments to maintain reserves

     (3,620 )      (383 )      (2,390 )      (251 )      (120 )      (303 )      28       (18 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (6,925,861 )      (9,071,548 )      (718,198 )      (1,100,546 )      (98,867 )      (228,022 )      (17,325 )      (263,185 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     4,297,147       (1,567,957 )      1,829,870       (667,639 )      245,404       (6,942 )      857,192       (345,210 ) 

Contract owners’ equity at beginning 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  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 107,357,490       103,060,343       13,066,478       11,236,608       2,176,589       1,931,185       3,967,947       3,110,755  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

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

Units purchased

     492,629       419,178       1,717       570       71       449       5,163       3,180  

Units redeemed

     (703,645 )      (812,031 )      (11,580 )      (19,247 )      (2,797 )      (6,898 )      (5,581 )      (11,558 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     4,410,105       4,621,121       171,629       181,492       57,255       59,981       82,885       83,303  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    OGBDP     OGDEP     GVEX2     NVCCA2  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 113,038       152,457       (119,914 )      (95,127 )      22,572       7,848       (4,071 )      (1,235 ) 

Realized gain (loss) on investments

     37,656       163,677       2,415,975       1,654,578       122,880       14,287       5,274       (16,235 ) 

Change in unrealized gain (loss) on investments

     (976,736 )      1,065,896       1,922,985       1,285,487       484,328       233,047       46,038       32,408  

Reinvested capital gains

     274,208       -           930,511       1,131,555       19,824       43,043       -           14,263  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     (551,834 )      1,382,030       5,149,557       3,976,493       649,604       298,225       47,241       29,201  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from contract owners (note 4)

     78,240       331,209       172,037       85,019       150,896       30,000       35       -      

Transfers between funds

     (365,458 )      (441,580 )      (2,226,379 )      (858,337 )      245,478       326,504       (16,153 )      16,466  

Redemptions (notes 2, 3, and 4)

     (1,461,120 )      (1,897,063 )      (1,224,302 )      (1,371,953 )      (153,997 )      (6,633 )      (114,066 )      (9,226 ) 

Adjustments to maintain reserves

     (557 )      157       (51 )      156       (17 )      30       (4 )      13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (1,748,895 )      (2,007,277 )      (3,278,695 )      (2,145,115 )      242,360       349,901       (130,188 )      7,253  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (2,300,729 )      (625,247 )      1,870,862       1,831,378       891,964       648,126       (82,947 )      36,454  

Contract owners’ equity at beginning of period

     21,607,563       22,232,810       20,282,617       18,451,239       2,361,259       1,713,133       405,730       369,276  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Contract owners’ equity at end of period   $ 19,306,834       21,607,563       22,153,479       20,282,617       3,253,223       2,361,259       322,783       405,730  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
CHANGE IN UNITS:                

Beginning units

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

Units purchased

     31,009       33,053       8,165       8,209       33,792       75,724       1,507       5,408  

Units redeemed

     (110,540 )      (125,148 )      (92,234 )      (80,783 )      (22,048 )      (55,302 )      (10,640 )      (5,448 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     889,462       968,993       497,577       581,646       142,589       130,845       20,941       30,074  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    NVCMA2     NVCMC2     NVCRB2     NVIE6  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ (12,690 )      (1,768 )      (7,238 )      (918 )      (11,751 )      (5,088 )      4,403       (940 ) 

Realized gain (loss) on investments

     2,537       (9,160 )      33,649       (2,472 )      9,356       (35,380 )      1,985       (326 ) 

Change in unrealized gain (loss) on investments

     176,843       87,448       13,631       22,096       84,773       78,853       33,791       24,647  

Reinvested capital gains

     -           19,083       145       967       -           10,891       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     166,690       95,603       40,187       19,673       82,378       49,276       40,179       23,381  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from contract owners (note 4)

     -           -           -           -           -           15,694       -           -      

Transfers between funds

     39,183       27,954       444,391       85,467       714,995       15,852       42,669       14,042  

Redemptions (notes 2, 3, and 4)

     (17,821 )      (10,777 )      (9,342 )      (260 )      (206,917 )      (134,427 )      (3,317 )      (1,469 ) 

Adjustments to maintain reserves

     11       (13 )      (17 )      13       (9 )      17       5       (1 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     21,373       17,164       435,032       85,220       508,069       (102,864 )      39,357       12,572  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     188,063       112,767       475,219       104,893       590,447       (53,588 )      79,536       35,953  

Contract owners’ equity at beginning of period

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,174,119       986,056       655,039       179,820       1,416,388       825,941       432,218       352,682  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

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

Units purchased

     2,776       5,206       55,376       9,537       53,297       6,687       3,964       1,597  

Units redeemed

     (1,217 )      (3,871 )      (20,756 )      (1,532 )      (16,430 )      (16,651 )      (758 )      (202 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     72,927       71,368       49,135       14,515       102,079       65,212       33,844       30,638  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    NVMMG2     NVMMV2     SAM     TRF  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ (15,748 )      (12,437 )      (1,510 )      1,834       (346,215 )      (296,495 )      (63,323 )      (19,968 ) 

Realized gain (loss) on investments

     26,717       (14,334 )      (38,018 )      (67,905 )      -           -           534,751       519,597  

Change in unrealized gain (loss) on investments

     (250,004 )      356,201       95,978       52,005       -           -           1,174,370       (393,028 ) 

Reinvested capital gains

     168,970       149,101       -           -           -           -           546,182       783,176  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     (70,065 )      478,531       56,450       (14,066 )      (346,215 )      (296,495 )      2,191,980       889,777  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from contract owners (note 4)

     -           13,260       -           2,734       707,112       297,062       120,368       46,739  

Transfers between funds

     (91,606 )      75,385       (57,739 )      (29,684 )      1,567,816       1,504,682       (316,022 )      (527,345 ) 

Redemptions (notes 2, 3, and 4)

     (64,803 )      (101,281 )      (28,698 )      (11,863 )      (3,371,664 )      (4,305,905 )      (644,149 )      (660,250 ) 

Adjustments to maintain reserves

     (35 )      30       (18 )      24       52       163       (498 )      (400 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (156,444 )      (12,606 )      (86,455 )      (38,789 )      (1,096,684 )      (2,503,998 )      (840,301 )      (1,141,256 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (226,509 )      465,925       (30,005 )      (52,855 )      (1,442,899 )      (2,800,493 )      1,351,679       (251,479 ) 

Contract owners’ equity at beginning of period

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,073,930       1,300,439       293,868       323,873       25,492,763       26,935,662       12,571,832       11,220,153  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

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

Units purchased

     2,267       8,461       5,731       5,138       285,003       254,814       2,791       1,145  

Units redeemed

     (8,809 )      (9,366 )      (12,397 )      (8,616 )      (373,218 )      (448,389 )      (14,640 )      (19,020 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     48,045       54,587       19,102       25,768       2,060,302       2,148,517       162,333       174,182  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the two-year period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2021, if applicable.

 

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VA Separate Account-C (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life and Annuity 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 Allspring 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)

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, 2021.

There were no underlying mutual fund mergers for each of the years in the two-year period ending December 31, 2021.

NATIONWIDE VA SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

For the one-year period ended December 31, 2021, the following subaccount name changes occurred:

 

Subaccount
Abbreviation

  

Current Legal Name

  

Prior Legal Name

   Effective Date
NVMMG2   Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class II   Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class II   12/6/2021

(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, 2021 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%.

 

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

NATIONWIDE VA SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

(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, 2021 and 2020, total transfers to the Separate Account from the fixed account were $200,677 and $46,136, respectively, and total transfers from the Separate Account to the fixed account were $448,918 and $1,112,972, 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, quotes prices for identical or similar assets or liabilities in markets that are not active or inputs (other than quotes prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, London Interbank Offered Rate, Secures Overnight Financing Rate, prime rates, cash flows, maturity dates, callability, estimated prepayments and/or underlying collateral values.

 

  •  

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, 2021:

 

     Level 1      Level 2      Level 3      Total  

Separate Account Investments

    $ 107,360,873      $ -          $ -          $ 107,360,873  

NATIONWIDE VA SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2021 are as follows:

 

Subaccount

Abbreviation*

    Purchases of
Investments		      Sales of
Investments		  

FEIP

    $ 1,715,386      $ 984,457  

FOP

      183,301        144,432  

JPMMV1

      449,376        295,080  

OGBDP

      892,771        2,253,872  

OGDEP

      1,245,895        3,713,934  

GVEX2

      725,122        440,350  

NVCCA2

      21,587        155,840  

NVCMA2

      41,010        32,337  

NVCMC2

      705,099        277,143  

NVCRB2

      729,688        233,360  

NVIE6

      57,853        14,098  

NVMMG2

      224,458        227,646  

NVMMV2

      86,544        174,491  

SAM

      2,038,033        3,480,908  

TRF

      852,842        1,209,744  
  

 

 

     

 

 

  
   $ 9,968,965      $ 13,637,692  
  

 

 

     

 

 

  

 

*

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

NATIONWIDE VA SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

(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, 2021, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2021. 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 in Contract Owners’ Equity due to reserves for annuity contracts in payout.

NATIONWIDE VA SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

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

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

 

2021        1.30 %       171,629        $ 75.92        $ 13,029,715          1.89 %       23.27 % 
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 % 

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

 

2021        1.30 %       57,255          37.97          2,174,083          0.52 %       18.14 % 
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 % 

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

 

2021        1.30 %       82,885          47.87          3,967,947          0.91 %       28.20 % 
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 % 

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

 

2021        1.30 %       889,462          21.67          19,277,670          1.87 %       -2.64 % 
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 % 

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

 

2021        1.30 %       497,577          44.45          22,114,956          0.74 %       27.66 % 
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 % 

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

 

2021        1.30 %       142,589          22.82          3,253,223          2.12 %       26.43 % 
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 % 

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

 

2021        1.30 %       20,941          15.41          322,783          0.17 %       14.25 % 
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 % 

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

 

2021        1.30 %       72,927          16.10          1,174,119          0.16 %       16.53 % 
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 % 

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

 

2021        1.30 %       49,135          13.33          655,039          0.13 %       7.61 % 
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 % 

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

 

2021        1.30 %       102,079          13.88          1,416,388          0.22 %       9.55 % 
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 % 

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

 

2021        1.30 %       33,844          12.77          432,218          2.44 %       10.94 % 
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 % 

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

 

2021        1.30 %       48,045          22.35          1,073,930          0.00 %       -6.17 % 
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 % 

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

 

2021        1.30 %       19,102          15.38          293,868          0.81 %       22.41 % 
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 % 

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

 

2021        1.30 %       2,060,302          12.36          25,460,233          0.00 %       -1.30 % 
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 % 

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

 

2021        1.30 %       162,333          77.34          12,554,655          0.77 %       20.30 % 
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 % 

 

*

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.