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Nationwide Va Separate Account-B – ‘N-30D/A’ for 12/31/14

On: Thursday, 3/26/15, at 2:06pm ET · Effective: 3/26/15 · For: 12/31/14 · Accession #: 1193125-15-106648 · File #: 811-06399

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/26/15  Nationwide Va Separate Account-B  N-30D/A    12/31/14    1:1.7M                                   Donnelley … Solutions/FA
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Amendment to Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents

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 1: N-30D/A     Nationwide Va Separate Account-B                    HTML   1.31M

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NATIONWIDE VA SEPARATE ACCOUNT-B

NATIONWIDE VA

SEPARATE

ACCOUNT-B

Annual Report

Contract Owners

December 31, 2014

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

Subsidiary and Contract Owners of Nationwide VA Separate Account-B:

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of Nationwide VA Separate Account-B (comprised of the sub-accounts listed in note 1(b), (collectively, “the Accounts”)) as of December 31, 2014, and the related statements of operations for the period then ended, the statements of changes in contract owners’ equity for each of the periods in the two-year period then ended, and the financial highlights for each of the periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agents of the underlying mutual funds or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2014, the results of their operations for the period then ended, the changes in contract owners’ equity for each of the periods in the two-year period then ended, and the financial highlights for each of the periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Columbus, Ohio

March 13, 2015

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014


Assets:
Investments at fair value:

Stock Index Fund, Inc. - Initial Shares (DSIF)
	160,617 shares (cost $4,843,497)	$	7,226,174
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)
	4,682 shares (cost $142,267)		215,243
Mid Cap Value Portfolio: Class 1 (JPMMV1)
	47,486 shares (cost $451,180)		541,813
Forty Portfolio: Service Shares (JACAS)
	10,765 shares (cost $384,442)		422,078
Global Technology Portfolio: Service Shares (JAGTS)
	8,447 shares (cost $68,007)		72,310
Overseas Portfolio: Service Shares (JAIGS)
	4,722 shares (cost $176,158)		148,965
Emerging Markets Debt Portfolio - Class I (MSEM)
	755 shares (cost $6,226)		6,006
U.S. Real Estate Portfolio - Class I (MSVRE)
	61,501 shares (cost $719,971)		1,238,015
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)
	102,776 shares (cost $1,552,249)		1,969,195
NVIT Emerging Markets Fund - Class I (GEM)
	112,745 shares (cost $1,292,964)		1,241,323
NVIT International Equity Fund - Class I (GIG)
	114,070 shares (cost $1,226,625)		1,174,923
Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)
	10,443 shares (cost $109,180)		105,999
NVIT Core Bond Fund - Class I (NVCBD1)
	156,083 shares (cost $1,716,060)		1,704,430
NVIT Nationwide Fund - Class I (TRF)
	300,090 shares (cost $3,610,692)		4,387,320
NVIT Government Bond Fund - Class I (GBF)
	154,973 shares (cost $1,811,103)		1,715,555
American Century NVIT Growth Fund - Class I (CAF)
	22,305 shares (cost $273,833)		497,617
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
	21,792 shares (cost $233,708)		281,768
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
	22,570 shares (cost $236,159)		235,405
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
	179,469 shares (cost $2,229,889)		2,397,702
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
	18,400 shares (cost $197,826)		255,208
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
	40,329 shares (cost $444,928)		479,916
NVIT Mid Cap Index Fund - Class I (MCIF)
	82,064 shares (cost $1,690,359)		2,058,983
NVIT Money Market Fund - Class I (SAM)
	3,233,957 shares (cost $3,233,957)		3,233,957
NVIT Multi-Manager International Growth Fund - Class I (NVMIG1)
	16,102 shares (cost $199,220)		178,575
NVIT Multi-Manager International Value Fund - Class I (GVDIVI)
	34,365 shares (cost $393,460)		346,403
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
	31,229 shares (cost $338,221)		419,408

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014


NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
	14,984 shares (cost $145,244)	176,667
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
	108,279 shares (cost $1,465,954)	1,362,152
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)
	29,256 shares (cost $355,713)	346,386
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
	13,615 shares (cost $275,943)	285,639
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
	138,388 shares (cost $1,601,732)	2,194,826
NVIT Multi-Manager Small Company Fund - Class I (SCF)
	75,184 shares (cost $1,154,043)	1,763,054
NVIT Multi-Sector Bond Fund - Class I (MSBF)
	249,163 shares (cost $2,324,896)	2,272,369
NVIT Large Cap Growth Fund - Class I (NVOLG1)
	297,517 shares (cost $4,855,672)	6,765,538
Invesco NVIT Comstock Value Fund - Class II (EIF2)
	33,480 shares (cost $411,886)	553,418
NVIT Real Estate Fund - Class I (NVRE1)
	31,377 shares (cost $279,419)	265,765
VP Balanced Fund - Class I (ACVB)
	115,637 shares (cost $802,521)	921,626
VP Capital Appreciation Fund - Class I (ACVCA)
	33,929 shares (cost $485,643)	533,371
VP Income & Growth Fund - Class I (ACVIG)
	50,618 shares (cost $378,581)	511,752
VP Inflation Protection Fund - Class II (ACVIP2)
	44,348 shares (cost $514,503)	460,776
VP International Fund - Class I (ACVI)
	33,359 shares (cost $291,523)	332,925
VP International Fund - Class III (ACVI3)
	22,191 shares (cost $177,471)	221,463
VP Ultra(R) Fund - Class I (ACVU1)
	3,735 shares (cost $41,366)	60,238
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
	9,009 shares (cost $162,672)	165,757
Appreciation Portfolio - Initial Shares (DCAP)
	21,490 shares (cost $868,980)	1,063,991
Growth and Income Portfolio - Initial Shares (DGI)
	6,661 shares (cost $149,222)	217,672
Quality Bond Fund II - Primary Shares (FQB)
	59,164 shares (cost $678,459)	675,655
Equity-Income Portfolio - Initial Class (FEIP)
	208,889 shares (cost $4,028,805)	5,069,737
High Income Portfolio - Initial Class (FHIP)
	741,027 shares (cost $4,383,749)	4,090,469
VIP Asset Manager Portfolio - Initial Class (FAMP)
	154,990 shares (cost $2,241,673)	2,658,073
VIP Growth Portfolio - Initial Class (FGP)
	47,912 shares (cost $1,940,648)	3,041,480
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)
	176,262 shares (cost $2,298,067)	2,231,482
VIP Overseas Portfolio - Initial Class (FOP)
	26,870 shares (cost $469,322)	502,476
VIP Overseas Portfolio - Initial Class R (FOPR)
	10,275 shares (cost $164,580)	191,632
VIP Value Strategies Portfolio - Service Class (FVSS)
	16,920 shares (cost $180,235)	256,500
Short Duration Bond Portfolio - I Class Shares (AMTB)
	92,471 shares (cost $997,825)	985,740

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014


Growth Portfolio - I Class Shares (AMTG)
	8,731 shares (cost $157,405)		257,312
Guardian Portfolio - I Class Shares (AMGP)
	7,604 shares (cost $160,203)		183,181
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)
	63,889 shares (cost $585,940)		1,047,146
Socially Responsive Portfolio - I Class Shares (AMSRS)
	2,298 shares (cost $39,467)		54,875
Capital Income Fund/VA - Non-Service Shares (OVMS)
	43,213 shares (cost $488,554)		633,938
Core Bond Fund/VA - Non-Service Shares (OVB)
	125,582 shares (cost $1,117,048)		999,630
Global Securities Fund/VA - Non-Service Shares (OVGS)
	64,340 shares (cost $2,330,789)		2,541,419
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
	6,109 shares (cost $138,794)		205,317
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)
	5,518 shares (cost $309,421)		434,911
Health Sciences Portfolio - II (TRHS2)
	11,670 shares (cost $376,209)		423,051
VIP Trust - Global Hard Assets Fund - Service Class (VWHAS)
	1,785 shares (cost $58,339)		43,984
VIP Trust - Unconstrained Emerging Markets Bond Fund - Initial Class (VWBF)
	17,162 shares (cost $189,773)		160,119
VIP Trust Emerging Markets Fund - Initial Class (VWEM)
	20,773 shares (cost $245,830)		269,005
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)
	21,251 shares (cost $639,217)		539,147
Advantage VT Discovery Fund (SVDF)
	8,908 shares (cost $245,446)		273,577
Advantage VT Opportunity Fund - Class 2 (SVOF)
	67,789 shares (cost $1,221,790)		1,956,402

Total Investments		$	82,755,934

Accounts Receivable-Emerging Markets Debt Portfolio - Class I (MSEM)			13
Other Accounts Payable			(67	)


		$	82,755,880

Contract Owners’ Equity:
Accumulation units			82,661,832
Contracts in payout (annuitization) period (note 1f)			94,048

Total Contract Owners’ Equity (note 5)		$	82,755,880

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENT OF OPERATIONS

Year Ended December 31, 2014


Investment Activity:	Total			DSIF			DSRG			JPMMV1			JACAS			JAGTS			JAIGS			MSEM
Reinvested dividends	$	1,366,625			118,885			2,300			4,905			128			-			9,650			1,133
Mortality and expense risk charges (note 2)		(1,233,853	)		(98,576	)		(3,198	)		(7,808	)		(6,127	)		(1,422	)		(2,666	)		(198	)

Net investment income (loss)		132,772			20,309			(898	)		(2,903	)		(5,999	)		(1,422	)		6,984			935

Realized gain (loss) on investments		3,403,137			337,367			21,841			66,361			13,785			16,826			(4,201	)		1,860
Change in unrealized gain (loss) on investments		(2,272,053	)		320,519			(12,345	)		(31,178	)		(107,079	)		(13,729	)		(39,323	)		(1,774	)

Net gain (loss) on investments		1,131,084			657,886			9,496			35,183			(93,294	)		3,097			(43,524	)		86

Reinvested capital gains		2,893,271			76,192			15,040			33,471			126,802			5,756			11,881			156

Net increase (decrease) in contract owners’ equity resulting from operations	$	4,157,127			754,387			23,638			65,751			27,509			7,431			(24,659	)		1,177


Investment Activity:	MSVRE			NVAMV1			GEM			GIG			NVNMO1			NVNSR1			NVCBD1			TRF
Reinvested dividends	$	16,699			38,541			11,963			21,847			949			-			48,242			49,670
Mortality and expense risk charges (note 2)		(16,835	)		(27,850	)		(13,931	)		(12,648	)		(1,550	)		(20	)		(25,380	)		(62,412	)

Net investment income (loss)		(136	)		10,691			(1,968	)		9,199			(601	)		(20	)		22,862			(12,742	)

Realized gain (loss) on investments		40,479			45,816			5,661			7,203			5,330			143			(10,368	)		100,523
Change in unrealized gain (loss) on investments		240,786			(63,632	)		(51,641	)		(51,702	)		(17,828	)		(838	)		37,935			343,913

Net gain (loss) on investments		281,265			(17,816	)		(45,980	)		(44,499	)		(12,498	)		(695	)		27,567			444,436

Reinvested capital gains		-			214,979			-			-			16,599			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations	$	281,129			207,854			(47,948	)		(35,300	)		3,500			(715	)		50,429			431,694

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENT OF OPERATIONS

Year Ended December 31, 2014


Investment Activity:	GBF			CAF			GVIDA			GVIDC			GVIDM			GVDMA			GVDMC			MCIF
Reinvested dividends	$	35,739			1,704			4,666			4,436			40,982			4,691			8,927			21,408
Mortality and expense risk charges (note 2)		(26,928	)		(7,031	)		(4,153	)		(3,920	)		(35,308	)		(5,322	)		(8,318	)		(28,063	)

Net investment income (loss)		8,811			(5,327	)		513			516			5,674			(631	)		609			(6,655	)

Realized gain (loss) on investments		(35,769	)		20,355			8,376			1,832			77,942			60,508			25,409			80,818
Change in unrealized gain (loss) on investments		81,777			29,857			788			(4,000	)		1,289			(46,931	)		(22,087	)		(37,752	)

Net gain (loss) on investments		46,008			50,212			9,164			(2,168	)		79,231			13,577			3,322			43,066

Reinvested capital gains		-			-			-			8,276			-			-			11,494			104,577

Net increase (decrease) in contract owners’ equity resulting from operations	$	54,819			44,885			9,677			6,624			84,905			12,946			15,425			140,988


Investment Activity:	SAM			NVMIG1			GVDIVI			NVMLG1			NVMLV1			NVMMG1			NVMMV2			SCGF
Reinvested dividends	$	(1	)		2,000			6,797			2,017			2,136			-			4,267			-
Mortality and expense risk charges (note 2)		(54,338	)		(1,595	)		(3,491	)		(6,210	)		(2,557	)		(20,056	)		(3,463	)		(4,106	)

Net investment income (loss)		(54,339	)		405			3,306			(4,193	)		(421	)		(20,056	)		804			(4,106	)

Realized gain (loss) on investments		-			(208	)		(37	)		28,844			9,717			8,116			21,086			38,954
Change in unrealized gain (loss) on investments		-			(20,645	)		(47,057	)		(18,590	)		(10,510	)		(126,244	)		(39,982	)		(70,197	)

Net gain (loss) on investments		-			(20,853	)		(47,094	)		10,254			(793	)		(118,128	)		(18,896	)		(31,243	)

Reinvested capital gains		-			9,829			-			29,170			16,510			164,004			54,273			39,520

Net increase (decrease) in contract owners’ equity resulting from operations	$	(54,339	)		(10,619	)		(43,788	)		35,231			15,296			25,820			36,181			4,171

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENT OF OPERATIONS

Year Ended December 31, 2014


Investment Activity:	SCVF			SCF			MSBF			NVOLG1			EIF2			NVRE1			ACVB			ACVCA
Reinvested dividends	$	11,295			2,983			74,365			48,220			6,879			7,090			13,888			-
Mortality and expense risk charges (note 2)		(31,630	)		(26,093	)		(35,715	)		(99,163	)		(8,680	)		(2,657	)		(13,117	)		(7,544	)

Net investment income (loss)		(20,335	)		(23,110	)		38,650			(50,943	)		(1,801	)		4,433			771			(7,544	)

Realized gain (loss) on investments		174,568			126,446			(9,235	)		314,053			42,374			(8,002	)		26,496			14,771
Change in unrealized gain (loss) on investments		(243,103	)		(389,482	)		30,078			(497,457	)		3,953			1,609			(39,717	)		(79,780	)

Net gain (loss) on investments		(68,535	)		(263,036	)		20,843			(183,404	)		46,327			(6,393	)		(13,221	)		(65,009	)

Reinvested capital gains		205,887			270,211			-			700,251			-			46,340			82,786			107,619

Net increase (decrease) in contract owners’ equity resulting from operations	$	117,017			(15,935	)		59,493			465,904			44,526			44,380			70,336			35,066


Investment Activity:	ACVIG			ACVIP2			ACVI			ACVI3			ACVU1			DVSCS			DCAP			DGI
Reinvested dividends	$	11,468			6,199			6,258			4,319			210			1,845			21,149			1,704
Mortality and expense risk charges (note 2)		(8,295	)		(7,244	)		(5,291	)		(3,659	)		(828	)		(3,368	)		(17,333	)		(3,201	)

Net investment income (loss)		3,173			(1,045	)		967			660			(618	)		(1,523	)		3,816			(1,497	)

Realized gain (loss) on investments		90,036			(6,371	)		17,889			22,413			256			49,702			85,650			34,634
Change in unrealized gain (loss) on investments		(36,274	)		5,499			(44,944	)		(40,121	)		5,034			(68,747	)		(49,370	)		(16,576	)

Net gain (loss) on investments		53,762			(872	)		(27,055	)		(17,708	)		5,290			(19,045	)		36,280			18,058

Reinvested capital gains		-			12,453			-			-			-			17,525			34,089			-

Net increase (decrease) in contract owners’ equity resulting from operations	$	56,935			10,536			(26,088	)		(17,048	)		4,672			(3,043	)		74,185			16,561

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENT OF OPERATIONS

Year Ended December 31, 2014


Investment Activity:	FQB			FEIP			FHIP			FAMP			FGP			FIGBS			FOP			FOPR
Reinvested dividends	$	16,478			142,527			242,042			40,319			5,598			47,960			7,215			2,756
Mortality and expense risk charges (note 2)		(7,624	)		(80,984	)		(56,113	)		(38,707	)		(44,966	)		(30,124	)		(8,270	)		(4,011	)

Net investment income (loss)		8,854			61,543			185,929			1,612			(39,368	)		17,836			(1,055	)		(1,255	)

Realized gain (loss) on investments		9,440			17,351			85,042			40,937			175,399			(8,868	)		20,866			38,661
Change in unrealized gain (loss) on investments		(10,600	)		232,163			(261,636	)		(53,246	)		153,298			75,343			(74,411	)		(61,677	)

Net gain (loss) on investments		(1,160	)		249,514			(176,594	)		(12,309	)		328,697			66,475			(53,545	)		(23,016	)

Reinvested capital gains		-			71,650			-			123,722			-			832			149			78

Net increase (decrease) in contract owners’ equity resulting from operations	$	7,694			382,707			9,335			113,025			289,329			85,143			(54,451	)		(24,193	)


Investment Activity:	FVSS			AMTB			AMTG			AMGP			AMTP			AMSRS			OVMS			OVB
Reinvested dividends	$	2,365			17,531			-			813			7,570			199			13,796			52,103
Mortality and expense risk charges (note 2)		(3,678	)		(24,185	)		(3,813	)		(3,242	)		(15,241	)		(783	)		(9,683	)		(14,820	)

Net investment income (loss)		(1,313	)		(6,654	)		(3,813	)		(2,429	)		(7,671	)		(584	)		4,113			37,283

Realized gain (loss) on investments		4,775			(20,936	)		35,789			71,578			62,573			3,938			(2,817	)		(40,555	)
Change in unrealized gain (loss) on investments		9,123			18,061			(21,096	)		(88,664	)		28,623			676			41,357			60,212

Net gain (loss) on investments		13,898			(2,875	)		14,693			(17,086	)		91,196			4,614			38,540			19,657

Reinvested capital gains		-			-			-			28,546			-			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations	$	12,585			(9,529	)		10,880			9,031			83,525			4,030			42,653			56,940

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENT OF OPERATIONS

Year Ended December 31, 2014


Investment Activity:	OVGS			OVGI			OVAG			TRHS2			VWHAS			VWBF			VWEM			VWHA
Reinvested dividends	$	31,039			1,434			-			-			-			9,771			1,474			672
Mortality and expense risk charges (note 2)		(33,158	)		(2,780	)		(6,577	)		(3,858	)		(861	)		(2,625	)		(4,157	)		(10,535	)

Net investment income (loss)		(2,119	)		(1,346	)		(6,577	)		(3,858	)		(861	)		7,146			(2,683	)		(9,863	)

Realized gain (loss) on investments		70,509			9,416			30,794			37,225			(6,365	)		(6,202	)		3,576			12,709
Change in unrealized gain (loss) on investments		(175,559	)		4,797			(13,684	)		5,118			(15,525	)		(13,909	)		(39,549	)		(131,387	)

Net gain (loss) on investments		(105,050	)		14,213			17,110			42,343			(21,890	)		(20,111	)		(35,973	)		(118,678	)

Reinvested capital gains		126,632			3,466			-			29,724			-			15,616			33,640			-

Net increase (decrease) in contract owners’ equity resulting from operations	$	19,463			16,333			10,533			68,209			(22,751	)		2,651			(5,016	)		(128,541	)


Investment Activity:	SVDF			SVOF			OVGS3			GEM3			GIG3			NVMIG3			GVDIV3
Reinvested dividends	$	-			1,076			-			5,980			29,004			-			4,350
Mortality and expense risk charges (note 2)		(4,980	)		(28,184	)		(7,462	)		(5,879	)		(6,327	)		(92	)		(836	)

Net investment income (loss)		(4,980	)		(27,108	)		(7,462	)		101			22,677			(92	)		3,514

Realized gain (loss) on investments		47,543			36,897			551,215			(59,843	)		190,645			5,017			16,579
Change in unrealized gain (loss) on investments		(98,849	)		152,898			(548,129	)		11,695			(193,028	)		(4,770	)		(22,100	)

Net gain (loss) on investments		(51,306	)		189,795			3,086			(48,148	)		(2,383	)		247			(5,521	)

Reinvested capital gains		43,526			-			-			-			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations	$	(12,760	)		162,687			(4,376	)		(48,047	)		20,294			155			(2,007	)

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	Total						DSIF						DSRG						JPMMV1
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	132,772			224,473			20,309			22,514			(898	)		(505	)		(2,903	)		(2,456	)
Realized gain (loss) on investments		3,403,137			3,781,143			337,367			137,433			21,841			5,101			66,361			483,144
Change in unrealized gain (loss) on investments		(2,272,053	)		8,812,426			320,519			1,310,777			(12,345	)		50,268			(31,178	)		(96,622	)
Reinvested capital gains		2,893,271			897,102			76,192			64,385			15,040			-			33,471			20,906

Net increase (decrease) in contract owners’ equity resulting from operations		4,157,127			13,715,144			754,387			1,535,109			23,638			54,864			65,751			404,972


Equity transactions:
Purchase payments received from contract owners (note 3)		814,612			800,376			23,902			7,340			-			-			427			170
Transfers between funds		-			-			343,254			142,255			(28,545	)		25,927			(4,980	)		(1,421,008	)
Redemptions (note 3)		(8,145,306	)		(10,524,503	)		(369,124	)		(221,933	)		(19,277	)		(9,432	)		(9,111	)		(120,761	)
Annuity benefits		(13,795	)		(12,234	)		(91	)		(80	)		-			-			-			-
Adjustments to maintain reserves		123			(462	)		28			(8	)		6			17			(3	)		(8	)

Net equity transactions		(7,344,366	)		(9,736,823	)		(2,031	)		(72,426	)		(47,816	)		16,512			(13,667	)		(1,541,607	)


Net change in contract owners’ equity		(3,187,239	)		3,978,321			752,356			1,462,683			(24,178	)		71,376			52,084			(1,136,635	)
Contract owners’ equity beginning of period		85,943,119			81,964,798			6,473,826			5,011,143			239,440			168,064			489,726			1,626,361

Contract owners’ equity end of period	$	82,755,880			85,943,119			7,226,182			6,473,826			215,262			239,440			541,810			489,726


CHANGES IN UNITS:
Beginning units		4,129,150			4,679,657			218,359			219,920			10,197			9,477			22,098			95,684
Units purchased		1,232,303			1,592,077			19,450			15,648			3			1,191			9,113			5,950
Units redeemed		(1,546,287	)		(2,142,584	)		(19,758	)		(17,209	)		(2,001	)		(471	)		(9,659	)		(79,536	)

Ending units		3,815,166			4,129,150			218,051			218,359			8,199			10,197			21,552			22,098

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	JACAS						JAGTS						JAIGS						MSEM
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(5,999	)		(3,997	)		(1,422	)		(951	)		6,984			2,539			935			425
Realized gain (loss) on investments		13,785			29,101			16,826			3,432			(4,201	)		(21,629	)		1,860			3,547
Change in unrealized gain (loss) on investments		(107,079	)		79,924			(13,729	)		16,653			(39,323	)		41,474			(1,774	)		(6,581	)
Reinvested capital gains		126,802			-			5,756			-			11,881			-			156			254

Net increase (decrease) in contract owners’ equity resulting from operations		27,509			105,028			7,431			19,134			(24,659	)		22,384			1,177			(2,355	)


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			-			-			4,716			-			-			-
Transfers between funds		(12,940	)		(71,654	)		(2,855	)		17,769			13,911			(83,825	)		-			-
Redemptions (note 3)		(38,847	)		(21,065	)		(4,857	)		(14,205	)		(48,445	)		(51,173	)		(15,059	)		(24,495	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		(9	)		(16	)		(3	)		(11	)		(3	)		2			(12	)		(10	)

Net equity transactions		(51,796	)		(92,735	)		(7,715	)		3,553			(29,821	)		(134,996	)		(15,071	)		(24,505	)


Net change in contract owners’ equity		(24,287	)		12,293			(284	)		22,687			(54,480	)		(112,612	)		(13,894	)		(26,860	)
Contract owners’ equity beginning of period		446,354			434,061			72,589			49,902			203,450			316,062			19,887			46,747

Contract owners’ equity end of period	$	422,067			446,354			72,305			72,589			148,970			203,450			5,993			19,887


CHANGES IN UNITS:
Beginning units		33,621			42,173			10,164			9,322			14,847			25,977			791			1,672
Units purchased		31			3,743			7,686			2,917			1,322			1,659			-			-
Units redeemed		(3,910	)		(12,295	)		(8,455	)		(2,075	)		(3,620	)		(12,789	)		(556	)		(881	)

Ending units		29,742			33,621			9,395			10,164			12,549			14,847			235			791

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	MSVRE						NVAMV1						GEM					GIG
	2014			2013			2014			2013			2014			2013		2014			2013
Investment activity:
Net investment income (loss)	$	(136	)		(4,487	)		10,691			6,803			(1,968	)		-		9,199			-
Realized gain (loss) on investments		40,479			34,106			45,816			29,930			5,661			-		7,203			-
Change in unrealized gain (loss) on investments		240,786			(18,890	)		(63,632	)		364,993			(51,641	)		-		(51,702	)		-
Reinvested capital gains		-			-			214,979			32,861			-			-		-			-

Net increase (decrease) in contract owners’ equity resulting from operations		281,129			10,729			207,854			434,587			(47,948	)		-		(35,300	)		-


Equity transactions:
Purchase payments received from contract owners (note 3)		10,872			143			1,314			274			-			-		-			-
Transfers between funds		4,001			313			52,306			20,202			1,381,131			-		1,259,928			-
Redemptions (note 3)		(104,211	)		(124,899	)		(114,837	)		(108,102	)		(91,859	)		-		(49,705	)		-
Annuity benefits		-			-			(4,238	)		(3,775	)		-			-		-			-
Adjustments to maintain reserves		67			(39	)		(3	)		(30	)		(4	)		-		(3	)		-

Net equity transactions		(89,271	)		(124,482	)		(65,458	)		(91,431	)		1,289,268			-		1,210,220			-


Net change in contract owners’ equity		191,858			(113,753	)		142,396			343,156			1,241,320			-		1,174,920			-
Contract owners’ equity beginning of period		1,046,172			1,159,925			1,826,752			1,483,596			-			-		-			-

Contract owners’ equity end of period	$	1,238,030			1,046,172			1,969,148			1,826,752			1,241,320			-		1,174,920			-


CHANGES IN UNITS:
Beginning units		20,853			23,252			88,677			93,488			-			-		-			-
Units purchased		421			104			3,345			1,288			66,860			-		103,571			-
Units redeemed		(1,972	)		(2,503	)		(6,124	)		(6,099	)		(7,170	)		-		(16,240	)		-

Ending units		19,302			20,853			85,898			88,677			59,690			-		87,331			-

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	NVNMO1						NVNSR1						NVCBD1						TRF
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(601	)		(84	)		(20	)		81			22,862			12,539			(12,742	)		23,346
Realized gain (loss) on investments		5,330			8,435			143			16			(10,368	)		54,626			100,523			83,454
Change in unrealized gain (loss) on investments		(17,828	)		14,837			(838	)		838			37,935			(128,624	)		343,913			361,200
Reinvested capital gains		16,599			3,754			-			-			-			12,406			-			-

Net increase (decrease) in contract owners’ equity resulting from operations		3,500			26,942			(715	)		935			50,429			(49,053	)		431,694			468,000


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			-			-			-			-			-			-
Transfers between funds		(41,742	)		101,553			(18,186	)		18,240			606,452			(623,937	)		(19,662	)		2,829,514
Redemptions (note 3)		(1,144	)		(7,057	)		(61	)		(214	)		(107,830	)		(119,317	)		(163,128	)		(177,147	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		6			(10	)		(10	)		11			3			(15	)		16			(19	)

Net equity transactions		(42,880	)		94,486			(18,257	)		18,037			498,625			(743,269	)		(182,774	)		2,652,348


Net change in contract owners’ equity		(39,380	)		121,428			(18,972	)		18,972			549,054			(792,322	)		248,920			3,120,348
Contract owners’ equity beginning of period		145,376			23,948			18,972			-			1,155,374			1,947,696			4,138,403			1,018,055

Contract owners’ equity end of period	$	105,996			145,376			-			18,972			1,704,428			1,155,374			4,387,323			4,138,403


CHANGES IN UNITS:
Beginning units		6,734			1,572			877			-			97,153			158,316			168,058			53,415
Units purchased		-			9,410			-			887			90,608			72,214			793			122,589
Units redeemed		(2,061	)		(4,248	)		(877	)		(10	)		(49,330	)		(133,377	)		(7,647	)		(7,946	)

Ending units		4,673			6,734			-			877			138,431			97,153			161,204			168,058

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	GBF						CAF						GVIDA						GVIDC
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	8,811			9,452			(5,327	)		(3,411	)		513			(758	)		516			(570	)
Realized gain (loss) on investments		(35,769	)		(27,140	)		20,355			15,542			8,376			10,015			1,832			32,194
Change in unrealized gain (loss) on investments		81,777			(112,040	)		29,857			94,763			788			58,443			(4,000	)		(23,818	)
Reinvested capital gains		-			21,812			-			-			-			-			8,276			3,714

Net increase (decrease) in contract owners’ equity resulting from operations		54,819			(107,916	)		44,885			106,894			9,677			67,700			6,624			11,520


Equity transactions:
Purchase payments received from contract owners (note 3)		615			818			6,613			-			-			-			-			3,000
Transfers between funds		14,612			(65,728	)		(2,694	)		(816	)		23,023			161,182			(767	)		(140,072	)
Redemptions (note 3)		(149,727	)		(219,029	)		(29,562	)		(28,633	)		(11,278	)		(152,729	)		(22,035	)		(268,503	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		9			(18	)		(26	)		4			12			(14	)		5			(13	)

Net equity transactions		(134,491	)		(283,957	)		(25,669	)		(29,445	)		11,757			8,439			(22,797	)		(405,588	)


Net change in contract owners’ equity		(79,672	)		(391,873	)		19,216			77,449			21,434			76,139			(16,173	)		(394,068	)
Contract owners’ equity beginning of period		1,795,228			2,187,101			478,383			400,934			260,339			184,200			251,576			645,644

Contract owners’ equity end of period	$	1,715,556			1,795,228			497,599			478,383			281,773			260,339			235,403			251,576


CHANGES IN UNITS:
Beginning units		98,020			112,912			27,013			28,947			14,185			12,586			18,532			49,133
Units purchased		19,840			5,509			353			20			1,748			10,318			2,525			2,912
Units redeemed		(26,965	)		(20,401	)		(1,755	)		(1,954	)		(1,094	)		(8,719	)		(4,121	)		(33,513	)

Ending units		90,895			98,020			25,611			27,013			14,839			14,185			16,936			18,532

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	GVIDM						GVDMA						GVDMC						MCIF
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	5,674			20,146			(631	)		714			609			1,949			(6,655	)		(7,225	)
Realized gain (loss) on investments		77,942			86,450			60,508			30,743			25,409			8,526			80,818			116,462
Change in unrealized gain (loss) on investments		1,289			85,098			(46,931	)		48,018			(22,087	)		27,855			(37,752	)		337,929
Reinvested capital gains		-			-			-			-			11,494			7,157			104,577			45,332

Net increase (decrease) in contract owners’ equity resulting from operations		84,905			191,694			12,946			79,475			15,425			45,487			140,988			492,498


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			-			-			-			3,000			-			71
Transfers between funds		(61,616	)		1,769,700			(185,856	)		(68,331	)		33,069			93,515			85,109			(99,279	)
Redemptions (note 3)		(113,817	)		(319,652	)		(9,281	)		(11,351	)		(139,894	)		(45,800	)		(112,048	)		(143,678	)
Annuity benefits		-			-			-			-			-			-			(56	)		(50	)
Adjustments to maintain reserves		(4	)		(15	)		(3	)		(8	)		5			(4	)		31			(20	)

Net equity transactions		(175,437	)		1,450,033			(195,140	)		(79,690	)		(106,820	)		50,711			(26,964	)		(242,956	)


Net change in contract owners’ equity		(90,532	)		1,641,727			(182,194	)		(215	)		(91,395	)		96,198			114,024			249,542
Contract owners’ equity beginning of period		2,488,230			846,503			437,405			437,620			571,312			475,114			1,944,968			1,695,426

Contract owners’ equity end of period	$	2,397,698			2,488,230			255,211			437,405			479,917			571,312			2,058,992			1,944,968


CHANGES IN UNITS:
Beginning units		151,653			59,298			24,716			29,822			37,511			33,969			78,303			89,498
Units purchased		8,529			112,813			-			-			2,743			6,669			11,001			7,466
Units redeemed		(19,201	)		(20,458	)		(10,774	)		(5,106	)		(9,727	)		(3,127	)		(12,432	)		(18,661	)

Ending units		140,981			151,653			13,942			24,716			30,527			37,511			76,872			78,303

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	SAM						NVMIG1					GVDIVI					NVMLG1
	2014			2013			2014			2013		2014			2013		2014			2013
Investment activity:
Net investment income (loss)	$	(54,339	)		(59,746	)		405			-		3,306			-		(4,193	)		(2,928	)
Realized gain (loss) on investments		-			-			(208	)		-		(37	)		-		28,844			26,645
Change in unrealized gain (loss) on investments		-			-			(20,645	)		-		(47,057	)		-		(18,590	)		68,187
Reinvested capital gains		-			-			9,829			-		-			-		29,170			28,458

Net increase (decrease) in contract owners’ equity resulting from operations		(54,339	)		(59,746	)		(10,619	)		-		(43,788	)		-		35,231			120,362


Equity transactions:
Purchase payments received from contract owners (note 3)		536,326			517,638			-			-		-			-		-			-
Transfers between funds		235,480			389,351			200,413			-		407,649			-		(45,014	)		(107,173	)
Redemptions (note 3)		(975,947	)		(2,165,822	)		(11,218	)		-		(17,459	)		-		(30,945	)		(27,055	)
Annuity benefits		(34	)		(36	)		-			-		-			-		(3,149	)		(2,763	)
Adjustments to maintain reserves		(4	)		9			3			-		(8	)		-		(32	)		(6	)

Net equity transactions		(204,179	)		(1,258,860	)		189,198			-		390,182			-		(79,140	)		(136,997	)


Net change in contract owners’ equity		(258,518	)		(1,318,606	)		178,579			-		346,394			-		(43,909	)		(16,635	)
Contract owners’ equity beginning of period		3,492,478			4,811,084			-			-		-			-		463,298			479,933

Contract owners’ equity end of period	$	3,233,960			3,492,478			178,579			-		346,394			-		419,389			463,298


CHANGES IN UNITS:
Beginning units		288,132			391,172			-			-		-			-		21,165			29,361
Units purchased		405,514			492,213			19,506			-		40,181			-		603			4,133
Units redeemed		(422,915	)		(595,253	)		(1,093	)		-		(1,765	)		-		(4,194	)		(12,329	)

Ending units		270,731			288,132			18,413			-		38,416			-		17,574			21,165

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	NVMLV1						NVMMG1						NVMMV2						SCGF
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(421	)		(124	)		(20,056	)		(7,681	)		804			(217	)		(4,106	)		(4,481	)
Realized gain (loss) on investments		9,717			3,585			8,116			17,880			21,086			1,169			38,954			20,019
Change in unrealized gain (loss) on investments		(10,510	)		34,069			(126,244	)		26,024			(39,982	)		26,080			(70,197	)		75,426
Reinvested capital gains		16,510			7,789			164,004			98,454			54,273			5,863			39,520			17,380

Net increase (decrease) in contract owners’ equity resulting from operations		15,296			45,319			25,820			134,677			36,181			32,895			4,171			108,344


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			-			-			427			170			-			-
Transfers between funds		20,823			(15,915	)		(60,335	)		1,276,330			193,990			27,144			(46,308	)		81,781
Redemptions (note 3)		(32,065	)		(8,748	)		(56,469	)		(62,727	)		(22,866	)		(2,994	)		(31,834	)		(48,955	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		14			(22	)		(29	)		2			(4	)		(13	)		(6	)		(3	)

Net equity transactions		(11,228	)		(24,685	)		(116,833	)		1,213,605			171,547			24,307			(78,148	)		32,823


Net change in contract owners’ equity		4,068			20,634			(91,013	)		1,348,282			207,728			57,202			(73,977	)		141,167
Contract owners’ equity beginning of period		172,599			151,965			1,453,150			104,868			138,651			81,449			359,612			218,445

Contract owners’ equity end of period	$	176,667			172,599			1,362,137			1,453,150			346,379			138,651			285,635			359,612


CHANGES IN UNITS:
Beginning units		11,526			13,544			64,633			6,387			6,195			4,866			35,003			30,235
Units purchased		1,377			-			2,778			63,452			10,248			1,467			7,561			23,357
Units redeemed		(2,072	)		(2,018	)		(8,317	)		(5,206	)		(3,023	)		(138	)		(15,124	)		(18,589	)

Ending units		10,831			11,526			59,094			64,633			13,420			6,195			27,440			35,003

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	SCVF						SCF						MSBF						NVOLG1
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(20,335	)		(20,068	)		(23,110	)		(23,458	)		38,650			50,807			(50,943	)		(42,255	)
Realized gain (loss) on investments		174,568			644,874			126,446			215,973			(9,235	)		35,848			314,053			201,012
Change in unrealized gain (loss) on investments		(243,103	)		175,979			(389,482	)		387,589			30,078			(149,813	)		(497,457	)		1,706,906
Reinvested capital gains		205,887			-			270,211			-			-			-			700,251			-

Net increase (decrease) in contract owners’ equity resulting from operations		117,017			800,785			(15,935	)		580,104			59,493			(63,158	)		465,904			1,865,663


Equity transactions:
Purchase payments received from contract owners (note 3)		-			100			9			32,847			-			-			41			36,234
Transfers between funds		21,785			(674,451	)		(32,260	)		(79,848	)		(139,711	)		(749,393	)		(23,594	)		52,760
Redemptions (note 3)		(131,529	)		(264,255	)		(125,682	)		(258,295	)		(89,921	)		(288,026	)		(645,011	)		(772,904	)
Annuity benefits		(48	)		(43	)		(49	)		(45	)		-			-			(138	)		(118	)
Adjustments to maintain reserves		(9	)		9			22			(9	)		10			(12	)		18			12

Net equity transactions		(109,801	)		(938,640	)		(157,960	)		(305,350	)		(229,622	)		(1,037,431	)		(668,684	)		(684,016	)


Net change in contract owners’ equity		7,216			(137,855	)		(173,895	)		274,754			(170,129	)		(1,100,589	)		(202,780	)		1,181,647
Contract owners’ equity beginning of period		2,187,617			2,325,472			1,936,953			1,662,199			2,442,510			3,543,099			6,968,341			5,786,694

Contract owners’ equity end of period	$	2,194,833			2,187,617			1,763,058			1,936,953			2,272,381			2,442,510			6,765,561			6,968,341


CHANGES IN UNITS:
Beginning units		66,754			98,191			41,179			49,073			142,618			201,588			330,908			370,210
Units purchased		4,690			5,431			396			1,839			24,430			91,277			5,874			8,371
Units redeemed		(7,943	)		(36,868	)		(3,849	)		(9,733	)		(37,446	)		(150,247	)		(37,145	)		(47,673	)

Ending units		63,501			66,754			37,726			41,179			129,602			142,618			299,637			330,908

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	EIF2						NVRE1						ACVB						ACVCA
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(1,801	)		(7,529	)		4,433			(368	)		771			1,067			(7,544	)		(7,169	)
Realized gain (loss) on investments		42,374			3,333			(8,002	)		7,266			26,496			101,455			14,771			34,363
Change in unrealized gain (loss) on investments		3,953			147,214			1,609			(13,340	)		(39,717	)		26,685			(79,780	)		75,496
Reinvested capital gains		-			-			46,340			10,019			82,786			21,472			107,619			22,117

Net increase (decrease) in contract owners’ equity resulting from operations		44,526			143,018			44,380			3,577			70,336			150,679			35,066			124,807


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			25,000			-			-			-			-			-
Transfers between funds		49,753			75,246			82,335			(48,088	)		(54,897	)		82,824			34,837			(14,422	)
Redemptions (note 3)		(137,266	)		(16,740	)		(17,494	)		(2,202	)		(35,710	)		(292,479	)		(22,581	)		(38,220	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		10			(18	)		9			(25	)		6			(14	)		15			(19	)

Net equity transactions		(87,503	)		58,488			89,850			(50,315	)		(90,601	)		(209,669	)		12,271			(52,661	)


Net change in contract owners’ equity		(42,977	)		201,506			134,230			(46,738	)		(20,265	)		(58,990	)		47,337			72,146
Contract owners’ equity beginning of period		596,395			394,889			131,533			178,271			941,899			1,000,889			486,035			413,889

Contract owners’ equity end of period	$	553,418			596,395			265,763			131,533			921,634			941,899			533,372			486,035


CHANGES IN UNITS:
Beginning units		35,621			31,448			5,743			7,903			39,417			48,472			18,578			20,411
Units purchased		6,501			5,568			6,053			1,775			1,079			4,376			1,651			5,498
Units redeemed		(11,331	)		(1,395	)		(2,662	)		(3,935	)		(4,870	)		(13,431	)		(1,100	)		(7,331	)

Ending units		30,791			35,621			9,134			5,743			35,626			39,417			19,129			18,578

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	ACVIG						ACVIP2						ACVI						ACVI3
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	3,173			4,174			(1,045	)		1,136			967			950			660			474
Realized gain (loss) on investments		90,036			106,394			(6,371	)		8,558			17,889			18,403			22,413			4,712
Change in unrealized gain (loss) on investments		(36,274	)		57,928			5,499			(104,839	)		(44,944	)		53,911			(40,121	)		40,154
Reinvested capital gains		-			-			12,453			25,739			-			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations		56,935			168,496			10,536			(69,406	)		(26,088	)		73,264			(17,048	)		45,340


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			-			-			-			-			-			-
Transfers between funds		(35,189	)		(99,010	)		(47,991	)		(164,955	)		(1,553	)		(10,338	)		(5,673	)		926
Redemptions (note 3)		(127,090	)		(134,685	)		(43,907	)		(171,184	)		(58,038	)		(21,054	)		(23,278	)		(5,344	)
Annuity benefits		(5,472	)		(4,800	)		(141	)		(150	)		-			-			-			-
Adjustments to maintain reserves		(17	)		(29	)		16			12			(15	)		-			2			(10	)

Net equity transactions		(167,768	)		(238,524	)		(92,023	)		(336,277	)		(59,606	)		(31,392	)		(28,949	)		(4,428	)


Net change in contract owners’ equity		(110,833	)		(70,028	)		(81,487	)		(405,683	)		(85,694	)		41,872			(45,997	)		40,912
Contract owners’ equity beginning of period		622,527			692,555			542,273			947,956			418,624			376,752			267,456			226,544

Contract owners’ equity end of period	$	511,694			622,527			460,786			542,273			332,930			418,624			221,459			267,456


CHANGES IN UNITS:
Beginning units		34,050			51,466			40,904			64,545			17,023			18,482			14,978			15,305
Units purchased		5,696			4,058			903			1,667			-			-			745			534
Units redeemed		(14,766	)		(21,474	)		(7,673	)		(25,308	)		(2,484	)		(1,459	)		(2,405	)		(861	)

Ending units		24,980			34,050			34,134			40,904			14,539			17,023			13,318			14,978

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	ACVU1						DVSCS						DCAP						DGI
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(618	)		(398	)		(1,523	)		(826	)		3,816			7,652			(1,497	)		(1,506	)
Realized gain (loss) on investments		256			6,565			49,702			19,624			85,650			611,232			34,634			58,152
Change in unrealized gain (loss) on investments		5,034			11,221			(68,747	)		59,829			(49,370	)		(95,462	)		(16,576	)		19,315
Reinvested capital gains		-			-			17,525			3,482			34,089			8,986			-			-

Net increase (decrease) in contract owners’ equity resulting from operations		4,672			17,388			(3,043	)		82,109			74,185			532,408			16,561			75,961


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			-			-			11,851			27			-			-
Transfers between funds		-			(2,980	)		(42,736	)		55,964			(245,516	)		(2,590,981	)		(1,738	)		82,878
Redemptions (note 3)		(39	)		(30	)		(61,915	)		(27,821	)		(198,623	)		(142,769	)		(44,631	)		(103,489	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		(15	)		7			19			(15	)		4			(28	)		16			(10	)

Net equity transactions		(54	)		(3,003	)		(104,632	)		28,128			(432,284	)		(2,733,751	)		(46,353	)		(20,621	)


Net change in contract owners’ equity		4,618			14,385			(107,675	)		110,237			(358,099	)		(2,201,343	)		(29,792	)		55,340
Contract owners’ equity beginning of period		55,612			41,227			273,437			163,200			1,422,085			3,623,428			247,471			192,131

Contract owners’ equity end of period	$	60,230			55,612			165,762			273,437			1,063,986			1,422,085			217,679			247,471


CHANGES IN UNITS:
Beginning units		3,442			3,448			11,596			9,597			67,300			204,655			12,393			12,970
Units purchased		-			3,229			7,422			5,926			568			3,744			806			5,151
Units redeemed		(3	)		(3,235	)		(12,233	)		(3,927	)		(20,599	)		(141,099	)		(3,150	)		(5,728	)

Ending units		3,439			3,442			6,785			11,596			47,269			67,300			10,049			12,393

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	FQB						FEIP						FHIP						FAMP
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	8,854			18,077			61,543			51,403			185,929			182,396			1,612			4,867
Realized gain (loss) on investments		9,440			8,581			17,351			(163,279	)		85,042			113,226			40,937			17,924
Change in unrealized gain (loss) on investments		(10,600	)		(29,882	)		232,163			1,005,319			(261,636	)		(97,531	)		(53,246	)		291,006
Reinvested capital gains		-			-			71,650			346,083			-			-			123,722			6,271

Net increase (decrease) in contract owners’ equity resulting from operations		7,694			(3,224	)		382,707			1,239,526			9,335			198,091			113,025			320,068


Equity transactions:
Purchase payments received from contract owners (note 3)		650			-			8,958			29,907			8,695			7,264			114,326			-
Transfers between funds		258,665			(94,828	)		61,034			(98,791	)		101,233			(42,960	)		4,485			340,519
Redemptions (note 3)		(28,016	)		(98,091	)		(957,765	)		(419,776	)		(205,403	)		(404,725	)		(243,155	)		(181,636	)
Annuity benefits		-			-			(106	)		(96	)		-			-			-			-
Adjustments to maintain reserves		1			(9	)		(3	)		30			20			(15	)		1			(16	)

Net equity transactions		231,300			(192,928	)		(887,882	)		(488,726	)		(95,455	)		(440,436	)		(124,343	)		158,867


Net change in contract owners’ equity		238,994			(196,152	)		(505,175	)		750,800			(86,120	)		(242,345	)		(11,318	)		478,935
Contract owners’ equity beginning of period		436,659			632,811			5,574,913			4,824,113			4,176,596			4,418,941			2,669,386			2,190,451

Contract owners’ equity end of period	$	675,653			436,659			5,069,738			5,574,913			4,090,476			4,176,596			2,658,068			2,669,386


CHANGES IN UNITS:
Beginning units		28,997			41,842			204,428			223,405			223,416			246,805			111,779			104,592
Units purchased		28,031			4,569			6,466			11,477			171,806			127,942			7,099			15,780
Units redeemed		(13,164	)		(17,414	)		(37,385	)		(30,454	)		(175,731	)		(151,331	)		(12,160	)		(8,593	)

Ending units		43,864			28,997			173,509			204,428			219,491			223,416			106,718			111,779

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	FGP						FIGBS						FOP						FOPR
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(39,368	)		(31,572	)		17,836			10,540			(1,055	)		(425	)		(1,255	)		(657	)
Realized gain (loss) on investments		175,399			107,911			(8,868	)		(34,234	)		20,866			11,243			38,661			29,451
Change in unrealized gain (loss) on investments		153,298			721,865			75,343			(101,152	)		(74,411	)		127,753			(61,677	)		50,892
Reinvested capital gains		-			1,861			832			25,322			149			2,093			78			1,086

Net increase (decrease) in contract owners’ equity resulting from operations		289,329			800,065			85,143			(99,524	)		(54,451	)		140,664			(24,193	)		80,772


Equity transactions:
Purchase payments received from contract owners (note 3)		17,980			42,479			-			-			-			-			-			-
Transfers between funds		32,272			(29,094	)		241,644			(1,091,677	)		-			-			(18,853	)		(69,716	)
Redemptions (note 3)		(339,272	)		(261,796	)		(110,862	)		(314,622	)		(60,479	)		(30,145	)		(85,418	)		(47,045	)
Annuity benefits		-			-			-			-			-			-			(62	)		(58	)
Adjustments to maintain reserves		(10	)		(19	)		(17	)		6			(7	)		7			29			12

Net equity transactions		(289,030	)		(248,430	)		130,765			(1,406,293	)		(60,486	)		(30,138	)		(104,304	)		(116,807	)


Net change in contract owners’ equity		299			551,635			215,908			(1,505,817	)		(114,937	)		110,526			(128,497	)		(36,035	)
Contract owners’ equity beginning of period		3,041,169			2,489,534			2,015,568			3,521,385			617,413			506,887			320,145			356,180

Contract owners’ equity end of period	$	3,041,468			3,041,169			2,231,476			2,015,568			502,476			617,413			191,648			320,145


CHANGES IN UNITS:
Beginning units		111,826			122,995			148,701			251,191			28,203			29,764			17,224			24,648
Units purchased		2,989			4,178			33,580			5,750			-			-			1,392			993
Units redeemed		(12,852	)		(15,347	)		(24,317	)		(108,240	)		(2,866	)		(1,561	)		(7,241	)		(8,417	)

Ending units		101,963			111,826			157,964			148,701			25,337			28,203			11,375			17,224

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	FVSS						AMTB						AMTG						AMGP
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(1,313	)		(1,458	)		(6,654	)		15,904			(3,813	)		(4,736	)		(2,429	)		(2,059	)
Realized gain (loss) on investments		4,775			43,347			(20,936	)		(24,136	)		35,789			23,759			71,578			6,272
Change in unrealized gain (loss) on investments		9,123			16,702			18,061			(5,780	)		(21,096	)		66,448			(88,664	)		78,528
Reinvested capital gains		-			-			-			-			-			-			28,546			16,686

Net increase (decrease) in contract owners’ equity resulting from operations		12,585			58,591			(9,529	)		(14,012	)		10,880			85,471			9,031			99,427


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			-			-			-			-			427			170
Transfers between funds		(1,444	)		(27,714	)		(1,519,276	)		1,969,770			(2,878	)		(721	)		(208,029	)		25,490
Redemptions (note 3)		(2,517	)		(38,287	)		(141,563	)		(284,227	)		(96,180	)		(58,510	)		(5,931	)		(7,472	)
Annuity benefits		-			-			(211	)		(220	)		-			-			-			-
Adjustments to maintain reserves		(8	)		2			48			23			(14	)		(4	)		(7	)		(10	)

Net equity transactions		(3,969	)		(65,999	)		(1,661,002	)		1,685,346			(99,072	)		(59,235	)		(213,540	)		18,178


Net change in contract owners’ equity		8,616			(7,408	)		(1,670,531	)		1,671,334			(88,192	)		26,236			(204,509	)		117,605
Contract owners’ equity beginning of period		247,880			255,288			2,656,307			984,973			345,497			319,261			387,678			270,073

Contract owners’ equity end of period	$	256,496			247,880			985,776			2,656,307			257,305			345,497			183,169			387,678


CHANGES IN UNITS:
Beginning units		11,776			15,591			193,231			70,934			12,818			15,391			20,865			19,885
Units purchased		310			2,136			6,906			182,487			-			291			23			1,516
Units redeemed		(497	)		(5,951	)		(127,901	)		(60,190	)		(3,756	)		(2,864	)		(11,713	)		(536	)

Ending units		11,589			11,776			72,236			193,231			9,062			12,818			9,175			20,865

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	AMTP						AMSRS						OVMS						OVB
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(7,671	)		(3,345	)		(584	)		(343	)		4,113			6,451			37,283			42,313
Realized gain (loss) on investments		62,573			72,942			3,938			618			(2,817	)		(20,879	)		(40,555	)		(87,342	)
Change in unrealized gain (loss) on investments		28,623			186,560			676			13,783			41,357			92,257			60,212			25,990
Reinvested capital gains		-			-			-			-			-			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations		83,525			256,157			4,030			14,058			42,653			77,829			56,940			(19,039	)


Equity transactions:
Purchase payments received from contract owners (note 3)		9			13			-			-			28			40			634			19,310
Transfers between funds		(13,597	)		(38,927	)		(10,756	)		15,718			(27,533	)		1,683			(16,407	)		(68,313	)
Redemptions (note 3)		(83,945	)		(109,946	)		(3,087	)		(2,611	)		(87,364	)		(88,614	)		(74,483	)		(136,295	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		(2	)		8			9			(15	)		15			(4	)		4			(6	)

Net equity transactions		(97,535	)		(148,852	)		(13,834	)		13,092			(114,854	)		(86,895	)		(90,252	)		(185,304	)


Net change in contract owners’ equity		(14,010	)		107,305			(9,804	)		27,150			(72,201	)		(9,066	)		(33,312	)		(204,343	)
Contract owners’ equity beginning of period		1,061,156			953,851			64,680			37,530			706,145			715,211			1,032,943			1,237,286

Contract owners’ equity end of period	$	1,047,146			1,061,156			54,876			64,680			633,944			706,145			999,631			1,032,943


CHANGES IN UNITS:
Beginning units		37,564			43,638			3,458			2,721			36,342			41,052			79,610			93,883
Units purchased		264			354			-			895			483			99			1,651			2,336
Units redeemed		(3,588	)		(6,428	)		(761	)		(158	)		(6,228	)		(4,809	)		(8,380	)		(16,609	)

Ending units		34,240			37,564			2,697			3,458			30,597			36,342			72,881			79,610

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	OVGS						OVGI						OVAG						TRHS2
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(2,119	)		(1,253	)		(1,346	)		(561	)		(6,577	)		(6,150	)		(3,858	)		(3,509	)
Realized gain (loss) on investments		70,509			34,729			9,416			1,993			30,794			4,917			37,225			40,483
Change in unrealized gain (loss) on investments		(175,559	)		247,725			4,797			38,802			(13,684	)		126,625			5,118			39,026
Reinvested capital gains		126,632			-			3,466			-			-			-			29,724			11,254

Net increase (decrease) in contract owners’ equity resulting from operations		19,463			281,201			16,333			40,234			10,533			125,392			68,209			87,254


Equity transactions:
Purchase payments received from contract owners (note 3)		6,256			-			-			-			15,000			30,000			-			-
Transfers between funds		1,513,016			-			27,593			8,389			310			2,268			139,156			98,858
Redemptions (note 3)		(323,016	)		(145,459	)		(10,235	)		(11,138	)		(102,883	)		(3,070	)		(43,729	)		(104,491	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		(11	)		19			(15	)		-			(2	)		(8	)		(19	)		(7	)

Net equity transactions		1,196,245			(145,440	)		17,343			(2,749	)		(87,575	)		29,190			95,408			(5,640	)


Net change in contract owners’ equity		1,215,708			135,761			33,676			37,485			(77,042	)		154,582			163,617			81,614
Contract owners’ equity beginning of period		1,325,745			1,189,984			171,631			134,146			511,945			357,363			259,423			177,809

Contract owners’ equity end of period	$	2,541,453			1,325,745			205,307			171,631			434,903			511,945			423,040			259,423


CHANGES IN UNITS:
Beginning units		28,388			31,970			12,732			12,923			63,142			59,068			11,822			12,018
Units purchased		34,761			-			2,810			1,021			1,909			5,908			7,934			13,875
Units redeemed		(9,165	)		(3,582	)		(1,581	)		(1,212	)		(13,598	)		(1,834	)		(4,849	)		(14,071	)

Ending units		53,984			28,388			13,961			12,732			51,453			63,142			14,907			11,822

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	VWHAS						VWBF						VWEM						VWHA
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(861	)		(464	)		7,146			14,828			(2,683	)		6,899			(9,863	)		(5,624	)
Realized gain (loss) on investments		(6,365	)		4,456			(6,202	)		(95,737	)		3,576			311,689			12,709			(4,582	)
Change in unrealized gain (loss) on investments		(15,525	)		(234	)		(13,909	)		(57,906	)		(39,549	)		(221,067	)		(131,387	)		56,547
Reinvested capital gains		-			625			15,616			233			33,640			-			-			14,605

Net increase (decrease) in contract owners’ equity resulting from operations		(22,751	)		4,383			2,651			(138,582	)		(5,016	)		97,521			(128,541	)		60,946


Equity transactions:
Purchase payments received from contract owners (note 3)		182			-			365			15,390			365			-			-			-
Transfers between funds		40,442			7,744			298			(987,269	)		747			(1,481,531	)		-			(14,548	)
Redemptions (note 3)		(7,466	)		(9,945	)		(29,414	)		(131,394	)		(16,892	)		(65,987	)		(86,998	)		(46,502	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		(8	)		3			(5	)		(5	)		23			(8	)		(28	)		11

Net equity transactions		33,150			(2,198	)		(28,756	)		(1,103,278	)		(15,757	)		(1,547,526	)		(87,026	)		(61,039	)


Net change in contract owners’ equity		10,399			2,185			(26,105	)		(1,241,860	)		(20,773	)		(1,450,005	)		(215,567	)		(93	)
Contract owners’ equity beginning of period		33,580			31,395			186,213			1,428,073			289,799			1,739,804			754,694			754,787

Contract owners’ equity end of period	$	43,979			33,580			160,108			186,213			269,026			289,799			539,127			754,694


CHANGES IN UNITS:
Beginning units		3,208			3,261			10,596			72,740			11,276			74,733			23,198			25,273
Units purchased		15,233			5,851			66			988			84			211			-			-
Units redeemed		(13,155	)		(5,904	)		(1,615	)		(63,132	)		(695	)		(63,668	)		(2,410	)		(2,075	)

Ending units		5,286			3,208			9,047			10,596			10,665			11,276			20,788			23,198

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	SVDF						SVOF						OVGS3						GEM3
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(4,980	)		(5,356	)		(27,108	)		(22,702	)		(7,462	)		(1,237	)		101			7,051
Realized gain (loss) on investments		47,543			66,873			36,897			10,201			551,215			18,212			(59,843	)		(7,423	)
Change in unrealized gain (loss) on investments		(98,849	)		57,045			152,898			462,307			(548,129	)		314,619			11,695			(22,621	)
Reinvested capital gains		43,526			8,643			-			-			-			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations		(12,760	)		127,205			162,687			449,806			(4,376	)		331,594			(48,047	)		(22,993	)


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			18,222			170			402			53,801			-			-
Transfers between funds		4,547			(4,751	)		(28,734	)		(3,504	)		(1,557,996	)		(1,226	)		(1,325,201	)		1,181,504
Redemptions (note 3)		(131,572	)		(12,521	)		(159,198	)		(95,256	)		(19,449	)		(134,917	)		(4,744	)		(96,064	)
Annuity benefits		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		(12	)		(17	)		41			(29	)		(5	)		3			(4	)		(3	)

Net equity transactions		(127,037	)		(17,289	)		(169,669	)		(98,619	)		(1,577,048	)		(82,339	)		(1,329,949	)		1,085,437


Net change in contract owners’ equity		(139,797	)		109,916			(6,982	)		351,187			(1,581,424	)		249,255			(1,377,996	)		1,062,444
Contract owners’ equity beginning of period		413,367			303,451			1,963,414			1,612,227			1,581,424			1,332,169			1,377,996			315,552

Contract owners’ equity end of period	$	273,570			413,367			1,956,432			1,963,414			-			1,581,424			-			1,377,996


CHANGES IN UNITS:
Beginning units		10,114			10,521			47,154			49,865			55,021			58,164			55,821			12,692
Units purchased		212			3,300			723			314			1,671			3,813			-			52,591
Units redeemed		(3,558	)		(3,707	)		(4,701	)		(3,025	)		(56,692	)		(6,956	)		(55,821	)		(9,462	)

Ending units		6,768			10,114			43,176			47,154			-			55,021			-			55,821

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013


	GIG3						NVMIG3						GVDIV3
	2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	22,677			(8,200	)		(92	)		(1,408	)		3,514			1,233
Realized gain (loss) on investments		190,645			11,662			5,017			15,621			16,579			(7,905	)
Change in unrealized gain (loss) on investments		(193,028	)		162,908			(4,770	)		(8,240	)		(22,100	)		39,078
Reinvested capital gains		-			-			-			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations		20,294			166,370			155			5,973			(2,007	)		32,406


Equity transactions:
Purchase payments received from contract owners (note 3)		-			-			-			-			-			-
Transfers between funds		(1,391,753	)		459,351			(23,310	)		(215,697	)		(181,178	)		(13,197	)
Redemptions (note 3)		(13,977	)		(110,672	)		(334	)		(6,774	)		(3,304	)		(21,542	)
Annuity benefits		-			-			-			-			-			-
Adjustments to maintain reserves		(20	)		7			(6	)		4			5			(16	)

Net equity transactions		(1,405,750	)		348,686			(23,650	)		(222,467	)		(184,477	)		(34,755	)


Net change in contract owners’ equity		(1,385,456	)		515,056			(23,495	)		(216,494	)		(186,484	)		(2,349	)
Contract owners’ equity beginning of period		1,385,456			870,400			23,495			239,989			186,484			188,833

Contract owners’ equity end of period	$	-			1,385,456			-			23,495			-			186,484


CHANGES IN UNITS:
Beginning units		63,223			46,117			1,276			15,586			10,421			12,627
Units purchased		1,370			26,662			-			367			6			-
Units redeemed		(64,593	)		(9,556	)		(1,276	)		(14,677	)		(10,427	)		(2,206	)

Ending units		-			63,223			-			1,276			-			10,421

See accompanying notes to financial statements.

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VA Separate Account-B (the Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life and Annuity Insurance Company (the Company) on March 6, 1991. The Account is registered as a unit investment trust under the Investment Company Act of 1940. The 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 Account. The primary distribution for the contracts is through the brokerage community; however, other distributors are utilized.

(b) The Contracts

Only contracts without a sales charge, but with certain other fees are offered for purchase. See note 2 for a discussion of contract expenses.

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

DREYFUS CORPORATION

Stock Index Fund, Inc. - Initial Shares (DSIF)

Socially Responsible Growth Fund Inc - Initial Shares (DSRG)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

Mid Cap Value Portfolio: Class 1 (JPMMV1)

JANUS FUNDS

Forty Portfolio: Service Shares (JACAS)

Global Technology Portfolio: Service Shares (JAGTS)

Overseas Portfolio: Service Shares (JAIGS)

MORGAN STANLEY

Emerging Markets Debt Portfolio - Class I (MSEM)

U.S. Real Estate Portfolio - Class I (MSVRE)

NATIONWIDE FUNDS GROUP

American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)

NVIT Emerging Markets Fund - Class I (GEM)

NVIT International Equity Fund - Class I (GIG)

Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)

Neuberger Berman NVIT Socially Responsible Fund - Class I (NVNSR1)*

NVIT Core Bond Fund - Class I (NVCBD1)

NVIT Nationwide Fund - Class I (TRF)

NVIT Government Bond Fund - Class I (GBF)

American Century NVIT Growth Fund - Class I (CAF)

NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)

NVIT Investor Destinations Conservative Fund - Class II (GVIDC)

NVIT Investor Destinations Moderate Fund - Class II (GVIDM)

NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)

NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)

NVIT Mid Cap Index Fund - Class I (MCIF)

NVIT Money Market Fund - Class I (SAM)

NVIT Multi-Manager International Growth Fund - Class I (NVMIG1)

NVIT Multi-Manager International Value Fund - Class I (GVDIVI)

NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)

NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)

NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)

NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)

NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)

NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)

NVIT Multi-Manager Small Company Fund - Class I (SCF)

NVIT Multi-Sector Bond Fund - Class I (MSBF)

NVIT Large Cap Growth Fund - Class I (NVOLG1)

Invesco NVIT Comstock Value Fund - Class II (EIF2)

NVIT Real Estate Fund - Class I (NVRE1)

PORTFOLIOS OF THE AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.

VP Balanced Fund - Class I (ACVB)

VP Capital Appreciation Fund - Class I (ACVCA)

VP Income & Growth Fund - Class I (ACVIG)

VP Inflation Protection Fund - Class II (ACVIP2)

VP International Fund - Class I (ACVI)

VP International Fund - Class III (ACVI3)

VP Ultra(R) Fund - Class I (ACVU1)

PORTFOLIOS OF THE DREYFUS INVESTMENT PORTFOLIOS

Small Cap Stock Index Portfolio - Service Shares (DVSCS)

PORTFOLIOS OF THE DREYFUS VARIABLE INVESTMENT FUND

Appreciation Portfolio - Initial Shares (DCAP)

Growth and Income Portfolio - Initial Shares (DGI)

PORTFOLIOS OF THE FEDERATED INSURANCE SERIES

Quality Bond Fund II - Primary Shares (FQB)

PORTFOLIOS OF THE FIDELITY(R) VARIABLE INSURANCE PRODUCTS

Equity-Income Portfolio - Initial Class (FEIP)

High Income Portfolio - Initial Class (FHIP)

VIP Asset Manager Portfolio - Initial Class (FAMP)

VIP Growth Portfolio - Initial Class (FGP)

VIP Investment Grade Bond Portfolio - Service Class (FIGBS)

VIP Overseas Portfolio - Initial Class (FOP)

VIP Overseas Portfolio - Initial Class R (FOPR)

VIP Value Strategies Portfolio - Service Class (FVSS)

PORTFOLIOS OF THE NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST

Short Duration Bond Portfolio - I Class Shares (AMTB)

Growth Portfolio - I Class Shares (AMTG)

Guardian Portfolio - I Class Shares (AMGP)

Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)

Socially Responsive Portfolio - I Class Shares (AMSRS)

PORTFOLIOS OF THE OPPENHEIMER VARIABLE ACCOUNT FUNDS

Capital Income Fund/VA - Non-Service Shares (OVMS)

Core Bond Fund/VA - Non-Service Shares (OVB)

Global Securities Fund/VA - Non-Service Shares (OVGS)

Main Street Fund(R)/VA - Non-Service Shares (OVGI)

Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)

T. ROWE PRICE

Health Sciences Portfolio - II (TRHS2)

VAN ECK ASSOCIATES CORPORATION

VIP Trust - Global Hard Assets Fund- Service Class (VWHAS)

VIP Trust - Unconstrained Emerging Markets Bond Fund - Initial Class (VWBF)

VIP Trust Emerging Markets Fund - Initial Class (VWEM)

VIP Trust Global Hard Assets Fund - Initial Class (VWHA)

WELLS FARGO FUNDS

Advantage VT Discovery Fund (SVDF)

Advantage VT Opportunity Fund - Class 2 (SVOF)

*At December 31, 2014 contract owners were not invested in this fund.

(Continued)

NATIONWIDE VARIABLE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS

December 31, 2014

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 sub-accounts and/or the fixed account as instructed by the contract owner. Shares of the sub-accounts 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.

(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, 2014 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 Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Account. Taxes are 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 statement includes 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 payment method selected by the contract holder.

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 7.0%, 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 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) Recently Issued Accounting Standards

On January 1, 2014, the Company adopted Accounting Standards Update (ASU) 2013-08, which amends existing guidance in ASC 946, Financial Services – Investment Companies. The amended guidance modifies the definition of investment companies and requires new disclosures around the status of investment companies. In addition, the guidance requires an investment company to measure its noncontrolling interests in another investment company at fair value rather than the equity method of accounting. The adoption of this guidance resulted in increased disclosures only and had no impact on the Account’s financial statements.

(h) Subsequent Events

The Company evaluated subsequent events through the date the financial statements were issued with the SEC.

(2) Expenses

The Company does not deduct a sales charge from purchase payments made for these contracts, nor is any sales charge deducted upon the surrender of the contract. The Company deducts a mortality and expense risk charge assessed through a reduction of the unit value equal to an annualized rate of 1.25% and an administrative charge of 0.20%, for a total variable account charge of 1.45%.

(3) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company.

Contract owners may, with certain restrictions, transfer their assets between the Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. The fixed account assets are not reflected in the accompanying financial statements. In addition, the Account portion of contract owner loans is transferred to the accounts of the Company for administration and collection. Loan repayments are transferred to the Account at the direction of the contract owner. For the years ended December 31, 2014 and 2013, total transfers to the Account from the fixed account were $5,335 and $231,168, respectively, and total transfers from the Account to the fixed account were $0 and $222,446, respectively. Transfers from the Account to the fixed account are included in redemptions, and transfers to the Account from the fixed account are included in purchase payments received from contract owners, as applicable, on the accompanying Statements of Changes in Contract Owners’ Equity.

For guaranteed minimum death benefits, the Company contributed $102,364 and $104,638 to the Account in the form of additional premium to contract owner accounts for the years ended December 31, 2014 and 2013, respectively. These amounts are included in purchase payments received from contract owners and are credited at time of annuitant death.

(4) 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 Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with FASB ASC 820, the 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 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 Account recognizes transfers between fair value hierarchy levels at the reporting period end. There were no transfers between Level 1 and 2 as of December 31, 2014.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014:


	Level 1	Level 2		Level 3		Total

Separate Account Investments	$82,755,934	$	-	$	-	$82,755,934

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS December 31, 2014

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2014 are as follows:


	Purchases of Investments		Sales of Investments
Stock Index Fund, Inc. - Initial Shares (DSIF)	$	763,370	$	668,925
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)		17,369		51,050
Mid Cap Value Portfolio: Class 1 (JPMMV1)		243,918		227,016
Forty Portfolio: Service Shares (JACAS)		127,280		58,266
Global Technology Portfolio: Service Shares (JAGTS)		61,391		64,771
Overseas Portfolio: Service Shares (JAIGS)		40,233		51,188
Emerging Markets Debt Portfolio - Class I (MSEM)		1,288		15,257
U.S. Real Estate Portfolio - Class I (MSVRE)		39,966		129,445
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)		321,327		161,088
NVIT Emerging Markets Fund - Class I (GEM)		1,430,633		143,329
NVIT International Equity Fund - Class I (GIG)		1,464,564		245,142
Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)		17,548		44,439
Neuberger Berman NVIT Socially Responsible Fund - Class I (NVNSR1)		-		18,267
NVIT Core Bond Fund - Class I (NVCBD1)		991,389		469,908
NVIT Nationwide Fund - Class I (TRF)		68,695		264,229
NVIT Government Bond Fund - Class I (GBF)		399,755		525,447
American Century NVIT Growth Fund - Class I (CAF)		8,157		39,130
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)		36,455		24,197
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)		47,107		61,118
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)		184,754		354,515
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)		4,691		200,461
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)		62,249		156,971
NVIT Mid Cap Index Fund - Class I (MCIF)		395,144		324,217
NVIT Money Market Fund - Class I (SAM)		4,722,766		4,981,281
NVIT Multi-Manager International Growth Fund - Class I (NVMIG1)		212,243		12,815
NVIT Multi-Manager International Value Fund - Class I (GVDIVI)		414,069		20,573
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)		44,475		98,609
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)		39,463		34,618
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)		225,909		198,768
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)		302,318		75,692
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)		110,291		153,021
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)		362,525		286,764
NVIT Multi-Manager Small Company Fund - Class I (SCF)		289,173		200,055
NVIT Multi-Sector Bond Fund - Class I (MSBF)		505,655		696,639
NVIT Large Cap Growth Fund - Class I (NVOLG1)		858,494		877,880
Invesco NVIT Comstock Value Fund - Class II (EIF2)		112,413		201,728
NVIT Real Estate Fund - Class I (NVRE1)		212,819		72,206
VP Balanced Fund - Class I (ACVB)		124,028		131,083
VP Capital Appreciation Fund - Class I (ACVCA)		149,513		37,185
VP Income & Growth Fund - Class I (ACVIG)		83,654		248,210
VP Inflation Protection Fund - Class II (ACVIP2)		21,389		102,010
VP International Fund - Class I (ACVI)		6,258		64,886
VP International Fund - Class III (ACVI3)		16,475		44,768
VP Ultra(R) Fund - Class I (ACVU1)		210		869
Small Cap Stock Index Portfolio - Service Shares (DVSCS)		194,460		283,112
Appreciation Portfolio - Initial Shares (DCAP)		67,254		461,639
Growth and Income Portfolio - Initial Shares (DGI)		17,709		65,577
Quality Bond Fund II - Primary Shares (FQB)		448,081		207,930
Equity-Income Portfolio - Initial Class (FEIP)		384,424		1,139,107
High Income Portfolio - Initial Class (FHIP)		3,487,617		3,397,164
VIP Asset Manager Portfolio - Initial Class (FAMP)		340,575		339,589
VIP Growth Portfolio - Initial Class (FGP)		84,145		412,534
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)		517,615		368,166
VIP Overseas Portfolio - Initial Class (FOP)		7,388		68,776
VIP Overseas Portfolio - Initial Class R (FOPR)		28,930		134,422
VIP Value Strategies Portfolio - Service Class (FVSS)		8,831		14,109
Short Duration Bond Portfolio - I Class Shares (AMTB)		107,171		1,774,859
Growth Portfolio - I Class Shares (AMTG)		-		102,873
Guardian Portfolio - I Class Shares (AMGP)		29,772		217,191
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)		15,130		120,336
Socially Responsive Portfolio - I Class Shares (AMSRS)		199		14,627
Capital Income Fund/VA - Non-Service Shares (OVMS)		13,910		124,669
Core Bond Fund/VA - Non-Service Shares (OVB)		72,454		125,429
Global Securities Fund/VA - Non-Service Shares (OVGS)		1,774,424		453,658
Main Street Fund(R)/VA - Non-Service Shares (OVGI)		44,703		25,226
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)		15,216		109,367
Health Sciences Portfolio - II (TRHS2)		240,808		119,516
VIP Trust - Global Hard Assets Fund- Service Class (VWHAS)		166,828		134,533
VIP Trust - Unconstrained Emerging Markets Bond Fund - Initial Class (VWBF)		26,184		32,176
VIP Trust Emerging Markets Fund - Initial Class (VWEM)		36,774		21,599
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)		672		97,535
Advantage VT Discovery Fund (SVDF)		51,816		140,297
Advantage VT Opportunity Fund - Class 2 (SVOF)		31,077		227,898
Global Securities Fund/VA - Class 3 (obsolete) (OVGS3)		47,354		1,631,861
NVIT Emerging Markets Fund - Class III (obsolete) (GEM3)		5,980		1,335,825
NVIT International Equity Fund - Class III (obsolete) (GIG3)		42,309		1,425,364
NVIT Multi-Manager International Growth Fund - Class III (obsolete) (NVMIG3)		-		23,737
NVIT Multi-Manager International Value Fund - Class III (obsolete) (GVDIV3)		4,490		185,460

Total	$	23,855,723	$	28,174,196

(5) Financial Highlights

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, 2014, and the investment income ratio and total return for each of the periods in the five year period ended December 31, 2014. 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 VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Stock Index Fund, Inc. - Initial Shares (DSIF)
2014		1.45%		218,051	$	33.135596	$	7,225,250		1.76%		11.78%
2013		1.45%		218,359		29.643618		6,472,921		1.86%		30.11%
2012		1.45%		219,920		22.782778		5,010,388		1.98%		14.06%
2011		1.45%		287,010		19.975105		5,733,055		1.78%		0.40%
2010		1.45%		329,697		19.894837		6,559,268		1.83%		13.17%
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)
2014		1.45%		8,199		26.251454		215,262		1.05%		11.81%
2013		1.45%		10,197		23.479112		239,440		1.21%		32.40%
2012		1.45%		9,477		17.733878		168,064		0.79%		10.35%
2011		1.45%		9,729		16.070945		156,338		0.89%		-0.56%
2010		1.45%		14,102		16.161247		227,906		1.03%		13.15%
Mid Cap Value Portfolio: Class 1 (JPMMV1)
2014		1.45%		21,552		25.139692		541,810		0.93%		13.44%
2013		1.45%		22,098		22.161571		489,726		1.35%		30.38%
2012		1.45%		95,684		16.997205		1,626,361		0.36%		18.63%
2011		1.45%		19,365		14.328229		277,466		1.32%		0.68%
2010		1.45%		20,589		14.231083		293,003		1.24%		21.67%
Forty Portfolio: Service Shares (JACAS)
2014		1.45%		29,742		14.191428		422,067		0.03%		6.90%
2013		1.45%		33,621		13.276040		446,354		0.53%		28.99%
2012		1.45%		42,173		10.292394		434,061		0.57%		22.06%
2011		1.45%		43,082		8.432327		363,281		0.31%		-8.29%
2010		1.45%		39,652		9.194406		364,577		0.23%		4.94%
Global Technology Portfolio: Service Shares (JAGTS)
2014		1.45%		9,395		7.696191		72,305		0.00%		7.76%
2013		1.45%		10,164		7.141837		72,589		0.00%		33.43%
2012		1.45%		9,322		5.352557		49,902		0.00%		17.42%
2011		1.45%		887		4.558562		4,048		0.00%		-9.98%
2010		1.45%		887		5.063929		4,497		0.00%		22.59%
Overseas Portfolio: Service Shares (JAIGS)
2014		1.45%		12,549		11.870110		148,970		5.30%		-13.38%
2013		1.45%		14,847		13.703076		203,450		2.54%		12.62%
2012		1.45%		25,977		12.167023		316,062		0.89%		11.54%
2011		1.45%		721		10.908627		7,865		0.38%		-33.32%
2010		1.45%		721		16.359247		11,795		0.58%		23.21%
Emerging Markets Debt Portfolio - Class I (MSEM)
2014		1.45%		235		25.502934		5,993		8.13%		1.43%
2013		1.45%		791		25.142151		19,887		2.94%		-10.07%
2012		1.45%		1,672		27.958439		46,747		2.85%		16.25%
2011		1.45%		1,672		24.050900		40,213		3.64%		5.49%
2010		1.45%		1,747		22.800296		39,855		4.30%		8.15%
U.S. Real Estate Portfolio - Class I (MSVRE)
2014		1.45%		19,302		64.140004		1,238,030		1.45%		27.84%
2013		1.45%		20,853		50.171267		1,046,172		1.08%		0.57%
2012		1.45%		23,252		49.884950		1,159,925		0.88%		14.15%
2011		1.45%		36,744		43.700250		1,605,722		0.82%		4.39%
2010		1.45%		44,615		41.863604		1,867,744		2.14%		28.08%
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)
2014		1.45%		85,898		22.597245		1,941,058		2.02%		11.48%
2013		1.45%		88,677		20.270506		1,797,507		1.87%		29.99%
2012		1.45%		93,488		15.594250		1,457,875		0.93%		13.00%
2011		1.45%		118,469		13.800679		1,634,953		1.64%		-0.81%
2010		1.45%		134,493		13.913344		1,871,248		0.15%		11.82%
NVIT Emerging Markets Fund - Class I (GEM)
2014		1.45%		59,690		20.796115		1,241,320		0.87%		-6.88%
NVIT International Equity Fund - Class I (GIG)
2014		1.45%		87,331		13.453640		1,174,920		1.71%		-1.89%

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)
2014		1.45%		4,673	$	22.682654	$	105,996		0.88%		5.05%
2013		1.45%		6,734		21.591456		145,376		1.36%		41.74%
2012		1.45%		1,572		15.233644		23,948		2.37%		15.24%
2011		1.45%		910		13.218769		12,029		0.57%		-12.90%
2010		1.45%		1,001		15.176199		15,191		0.12%		13.93%
Neuberger Berman NVIT Socially Responsible Fund - Class I (NVNSR1)
2013		1.45%		877		21.632424		18,972		1.41%		36.76%
2011		1.45%		80		14.396233		1,152		0.17%		-4.58%
2010		1.45%		80		15.087366		1,207		0.63%		21.79%
NVIT Core Bond Fund - Class I (NVCBD1)
2014		1.45%		138,431		12.312473		1,704,428		2.83%		3.53%
2013		1.45%		97,153		11.892438		1,155,374		2.43%		-3.33%
2012		1.45%		158,316		12.302589		1,947,696		2.01%		6.19%
2011		1.45%		320,015		11.585705		3,707,599		3.30%		5.05%
2010		1.45%		110,873		11.028405		1,222,752		3.70%		5.50%
NVIT Nationwide Fund - Class I (TRF)
2014		1.45%		161,204		27.215968		4,387,323		1.16%		10.52%
2013		1.45%		168,058		24.624995		4,138,403		2.56%		29.20%
2012		1.45%		53,415		19.059354		1,018,055		1.45%		12.55%
2011		1.45%		54,540		16.933430		923,549		1.13%		-0.93%
2010		1.45%		61,532		17.091687		1,051,686		1.03%		11.81%
NVIT Government Bond Fund - Class I (GBF)
2014		1.45%		90,895		18.874040		1,715,556		1.94%		3.05%
2013		1.45%		98,020		18.314916		1,795,228		1.94%		-5.45%
2012		1.45%		112,912		19.369961		2,187,101		2.18%		1.56%
2011		1.45%		138,936		19.072638		2,649,876		2.86%		5.70%
2010		1.45%		179,265		18.043409		3,234,570		2.89%		3.26%
American Century NVIT Growth Fund - Class I (CAF)
2014		1.45%		25,611		19.429888		497,599		0.35%		9.72%
2013		1.45%		27,013		17.709356		478,383		0.68%		27.86%
2012		1.45%		28,947		13.850632		400,934		0.56%		12.36%
2011		1.45%		31,340		12.326497		386,312		0.57%		-2.13%
2010		1.45%		36,619		12.594457		461,196		0.64%		17.52%
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
2014		1.45%		14,839		18.988707		281,773		1.65%		3.46%
2013		1.45%		14,185		18.353126		260,339		1.27%		25.40%
2012		1.45%		12,586		14.635334		184,200		1.58%		14.22%
2011		1.45%		12,654		12.813421		162,141		1.86%		-5.32%
2010		1.45%		11,283		13.533627		152,700		1.75%		12.97%
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
2014		1.45%		16,936		13.899593		235,403		1.67%		2.38%
2013		1.45%		18,532		13.575947		251,576		1.24%		3.31%
2012		1.45%		49,133		13.140760		645,644		1.95%		3.65%
2011		1.45%		30,898		12.678390		391,736		2.42%		1.44%
2010		1.45%		26,479		12.498208		330,940		2.21%		4.36%
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
2014		1.45%		140,981		17.007247		2,397,698		1.69%		3.66%
2013		1.45%		151,653		16.407390		2,488,230		2.81%		14.94%
2012		1.45%		59,298		14.275165		846,503		2.05%		9.20%
2011		1.45%		46,626		13.072309		609,496		2.18%		-1.49%
2010		1.45%		58,681		13.269596		778,674		2.00%		9.31%
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
2014		1.45%		13,942		18.305176		255,211		1.29%		3.44%
2013		1.45%		24,716		17.697242		437,405		1.63%		20.60%
2012		1.45%		29,822		14.673907		437,620		1.32%		12.11%
2011		1.45%		32,528		13.089201		425,779		2.07%		-3.54%
2010		1.45%		25,294		13.569976		343,239		1.99%		11.20%

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
2014		1.45%		30,527	$	15.721058	$	479,917		1.57%		3.22%
2013		1.45%		37,511		15.230521		571,312		1.84%		8.89%
2012		1.45%		33,969		13.986697		475,114		1.40%		6.47%
2011		1.45%		39,342		13.136785		516,827		2.31%		0.59%
2010		1.45%		42,830		13.060279		559,372		2.24%		6.94%
NVIT Mid Cap Index Fund - Class I (MCIF)
2014		1.45%		76,872		26.777452		2,058,436		1.11%		7.83%
2013		1.45%		78,303		24.832156		1,944,408		1.08%		31.12%
2012		1.45%		89,498		18.938549		1,694,962		0.76%		15.77%
2011		1.45%		173,022		16.359358		2,830,513		0.79%		-3.95%
2010		1.45%		155,826		17.032953		2,654,177		1.26%		24.37%
NVIT Money Market Fund - Class I (SAM)
2014		1.45%		270,731		11.944093		3,233,636		0.00%		-1.45%
2013		1.45%		288,132		12.119826		3,492,121		0.00%		-1.45%
2012		1.45%		391,172		12.298146		4,810,691		0.00%		-1.45%
2011		1.45%		343,369		12.479588		4,285,104		0.00%		-1.45%
2010		1.45%		304,018		12.662688		3,849,698		0.00%		-1.45%
NVIT Multi-Manager International Growth Fund - Class I (NVMIG1)
2014		1.45%		18,413		9.698009		178,579		1.07%		-3.02%		4/25/2014
NVIT Multi-Manager International Value Fund - Class I (GVDIVI)
2014		1.45%		38,416		9.017150		346,394		2.04%		-9.83%		4/25/2014
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
2014		1.45%		17,574		22.683532		398,640		0.47%		8.83%
2013		1.45%		21,165		20.842212		441,147		0.75%		32.79%
2012		1.45%		29,361		15.695866		460,847		0.52%		14.66%
2011		1.45%		32,386		13.688599		443,319		0.02%		-4.31%
2010		1.45%		17,536		14.305329		250,859		0.07%		13.84%
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
2014		1.45%		10,831		16.311232		176,667		1.22%		8.92%
2013		1.45%		11,526		14.976034		172,599		1.38%		33.48%
2012		1.45%		13,544		11.220043		151,965		1.44%		16.10%
2011		1.45%		13,432		9.664277		129,811		1.04%		-7.19%
2010		1.45%		20,420		10.413311		212,640		0.50%		4.13%		4/30/2010
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
2014		1.45%		59,094		23.050739		1,362,137		0.00%		2.53%
2013		1.45%		64,633		22.482740		1,453,150		0.00%		36.93%
2012		1.45%		6,387		16.419000		104,868		0.00%		13.23%
2011		1.45%		3,719		14.500051		53,926		0.00%		-5.62%
2010		1.45%		10,742		15.362751		165,027		0.00%		24.98%
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)
2014		1.45%		13,420		25.810644		346,379		1.79%		15.32%
2013		1.45%		6,195		22.381111		138,651		1.28%		33.71%
2012		1.45%		4,866		16.738418		81,449		1.04%		14.65%
2011		1.45%		6,479		14.598954		94,586		0.78%		-3.73%
2010		1.45%		7,332		15.165362		111,192		1.50%		17.90%
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
2014		1.45%		27,440		10.409420		285,635		0.00%		1.32%
2013		1.45%		35,003		10.273743		359,612		0.00%		42.20%
2012		1.45%		30,235		7.224906		218,445		0.00%		11.79%
2011		1.45%		36,821		6.462969		237,973		0.00%		-2.09%
2010		1.45%		116,392		6.600666		768,265		0.00%		23.63%
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
2014		1.45%		63,501		34.556148		2,194,351		0.52%		5.47%
2013		1.45%		66,754		32.763881		2,187,121		0.67%		38.37%
2012		1.45%		98,191		23.679176		2,325,082		0.80%		18.70%
2011		1.45%		118,865		19.949586		2,371,308		0.45%		-6.44%
2010		1.45%		107,164		21.323760		2,285,139		0.60%		24.77%

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
NVIT Multi-Manager Small Company Fund - Class I (SCF)
2014		1.45%		37,726	$	46.720500	$	1,762,578		0.17%		-0.65%
2013		1.45%		41,179		47.024639		1,936,428		0.13%		38.86%
2012		1.45%		49,073		33.863621		1,661,789		0.15%		13.82%
2011		1.45%		52,530		29.750857		1,562,813		0.51%		-6.93%
2010		1.45%		83,294		31.964655		2,662,432		0.28%		23.50%
NVIT Multi-Sector Bond Fund - Class I (MSBF)
2014		1.45%		129,602		17.533394		2,272,381		3.04%		2.38%
2013		1.45%		142,618		17.126245		2,442,510		3.14%		-2.56%
2012		1.45%		201,588		17.575852		3,543,099		3.76%		10.62%
2011		1.45%		92,347		15.888731		1,467,277		4.25%		4.02%
2010		1.45%		101,187		15.274505		1,545,581		7.10%		8.98%
NVIT Large Cap Growth Fund - Class I (NVOLG1)
2014		1.45%		299,637		22.574603		6,764,186		0.71%		7.22%
2013		1.45%		330,908		21.054033		6,966,948		0.78%		34.72%
2012		1.45%		370,210		15.627770		5,785,572		0.67%		16.96%
2011		1.45%		458,774		13.361565		6,129,938		0.65%		-3.65%
2010		1.45%		642,030		13.867515		8,903,346		0.06%		7.22%
Invesco NVIT Comstock Value Fund - Class II (EIF2)
2014		1.45%		30,791		17.973361		553,418		1.15%		7.35%
2013		1.45%		35,621		16.743255		596,395		0.00%		33.34%
2012		1.45%		31,448		12.556894		394,889		1.04%		16.45%
2011		1.45%		31,560		10.782740		340,304		1.10%		-3.96%
2010		1.45%		34,477		11.227301		387,084		1.22%		13.77%
NVIT Real Estate Fund - Class I (NVRE1)
2014		1.45%		9,134		29.096088		265,763		3.84%		27.02%
2013		1.45%		5,743		22.907254		131,533		1.25%		1.55%
2012		1.45%		7,903		22.557386		178,271		1.37%		14.10%
2011		1.45%		5,061		19.769126		100,052		0.88%		4.96%
2010		1.45%		5,409		18.834941		101,878		2.41%		28.30%
VP Balanced Fund - Class I (ACVB)
2014		1.45%		35,626		25.869706		921,634		1.54%		8.26%
2013		1.45%		39,417		23.895740		941,899		1.57%		15.72%
2012		1.45%		48,472		20.648807		1,000,889		2.06%		10.18%
2011		1.45%		52,403		18.741552		982,114		1.90%		3.81%
2010		1.45%		56,577		18.053987		1,021,422		1.89%		10.02%
VP Capital Appreciation Fund - Class I (ACVCA)
2014		1.45%		19,129		27.882906		533,372		0.00%		6.57%
2013		1.45%		18,578		26.163244		486,035		0.00%		29.02%
2012		1.45%		20,411		20.277751		413,889		0.00%		14.32%
2011		1.45%		24,118		17.738371		427,814		0.00%		-7.86%
2010		1.45%		30,079		19.251495		579,066		0.00%		29.39%
VP Income & Growth Fund - Class I (ACVIG)
2014		1.45%		24,980		19.036938		475,543		2.01%		10.87%
2013		1.45%		34,050		17.170156		584,644		2.15%		33.85%
2012		1.45%		51,466		12.827625		660,173		2.21%		13.08%
2011		1.45%		40,992		11.344166		465,009		1.53%		1.62%
2010		1.45%		46,761		11.163317		522,008		1.47%		12.49%
VP Inflation Protection Fund - Class II (ACVIP2)
2014		1.45%		34,134		13.461043		459,466		1.25%		1.80%
2013		1.45%		40,904		13.222784		540,865		1.61%		-9.81%
2012		1.45%		64,545		14.660477		946,261		2.41%		5.83%
2011		1.45%		59,148		13.853507		819,407		3.84%		10.13%
2010		1.45%		73,682		12.579318		926,869		1.75%		3.60%

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
VP International Fund - Class I (ACVI)
2014		1.45%		14,539	$	22.899128	$	332,930		1.72%		-6.88%
2013		1.45%		17,023		24.590220		418,624		1.71%		20.64%
2012		1.45%		18,482		20.383738		376,752		0.90%		19.40%
2011		1.45%		25,910		17.071657		442,327		1.40%		-13.32%
2010		1.45%		31,331		19.694080		617,035		2.41%		11.65%
VP International Fund - Class III (ACVI3)
2014		1.45%		13,318		16.628543		221,459		1.72%		-6.88%
2013		1.45%		14,978		17.856562		267,456		1.66%		20.64%
2012		1.45%		15,305		14.801966		226,544		0.87%		19.40%
2011		1.45%		17,522		12.396842		217,217		1.39%		-13.32%
2010		1.45%		21,647		14.301160		309,578		2.60%		11.65%
VP Ultra(R) Fund - Class I (ACVU1)
2014		1.45%		3,439		17.513971		60,230		0.37%		8.40%
2013		1.45%		3,442		16.156758		55,612		0.80%		35.09%
2012		1.45%		3,448		11.960194		41,227		0.00%		12.27%
2011		1.45%		3,304		10.653154		35,199		0.00%		-0.40%
2010		1.45%		20,264		10.695507		216,733		0.28%		14.40%
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
2014		1.45%		6,785		24.430581		165,762		0.81%		3.60%
2013		1.45%		11,596		23.582274		273,437		1.15%		38.68%
2012		1.45%		9,597		17.005377		163,200		0.45%		14.06%
2011		1.45%		10,501		14.909191		156,562		0.57%		-0.89%
2010		1.45%		44,704		15.043438		672,487		0.56%		24.00%
Appreciation Portfolio - Initial Shares (DCAP)
2014		1.45%		47,269		22.509167		1,063,986		1.77%		6.52%
2013		1.45%		67,300		21.130536		1,422,085		1.75%		19.35%
2012		1.45%		204,655		17.704966		3,623,428		3.39%		8.83%
2011		1.45%		139,939		16.269143		2,276,687		1.83%		7.43%
2010		1.45%		67,291		15.143266		1,019,020		2.18%		13.65%
Growth and Income Portfolio - Initial Shares (DGI)
2014		1.45%		10,049		21.661767		217,679		0.77%		8.48%
2013		1.45%		12,393		19.968653		247,471		0.91%		34.80%
2012		1.45%		12,970		14.813465		192,131		1.42%		16.36%
2011		1.45%		16,803		12.730996		213,906		1.22%		-4.20%
2010		1.45%		24,097		13.289243		320,244		1.13%		16.89%
Quality Bond Fund II - Primary Shares (FQB)
2014		1.45%		43,864		15.403360		675,653		3.23%		2.29%
2013		1.45%		28,997		15.058797		436,659		4.73%		-0.43%
2012		1.45%		41,842		15.123839		632,811		3.76%		8.13%
2011		1.45%		43,519		13.987084		608,704		5.26%		0.79%
2010		1.45%		55,514		13.876976		770,380		4.78%		6.93%
Equity-Income Portfolio - Initial Class (FEIP)
2014		1.45%		173,509		29.212836		5,068,690		2.58%		7.14%
2013		1.45%		204,428		27.265592		5,573,851		2.43%		26.29%
2012		1.45%		223,405		21.589589		4,823,200		2.95%		15.60%
2011		1.45%		281,392		18.675627		5,255,153		2.34%		-0.49%
2010		1.45%		358,202		18.767530		6,722,566		1.79%		13.48%
High Income Portfolio - Initial Class (FHIP)
2014		1.45%		219,491		18.636102		4,090,476		6.22%		-0.31%
2013		1.45%		223,416		18.694341		4,176,596		5.90%		4.41%
2012		1.45%		246,805		17.904584		4,418,941		5.48%		12.57%
2011		1.45%		278,008		15.905537		4,421,867		6.35%		2.53%
2010		1.45%		328,000		15.513562		5,088,464		8.43%		12.17%

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
VIP Asset Manager Portfolio - Initial Class (FAMP)
2014		1.45%		106,718		$ 24.907404	$	2,658,068		1.52%		4.30%
2013		1.45%		111,779		23.880924		2,669,386		1.66%		14.03%
2012		1.45%		104,592		20.942818		2,190,451		1.47%		10.85%
2011		1.45%		125,316		18.893418		2,367,647		1.87%		-3.97%
2010		1.45%		144,318		19.674570		2,839,394		1.71%		12.61%
VIP Growth Portfolio - Initial Class (FGP)
2014		1.45%		101,963		29.829143		3,041,468		0.18%		9.68%
2013		1.45%		111,826		27.195546		3,041,169		0.29%		34.36%
2012		1.45%		122,995		20.240775		2,489,534		0.58%		13.02%
2011		1.45%		137,302		17.908626		2,458,872		0.35%		-1.25%
2010		1.45%		156,626		18.134841		2,840,388		0.28%		22.37%
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)
2014		1.45%		157,964		14.126484		2,231,476		2.32%		4.22%
2013		1.45%		148,701		13.554408		2,015,568		1.85%		-3.31%
2012		1.45%		251,191		14.018752		3,521,385		2.27%		4.23%
2011		1.45%		269,057		13.449621		3,618,714		3.02%		5.66%
2010		1.45%		429,903		12.729366		5,472,392		3.45%		6.12%
VIP Overseas Portfolio - Initial Class (FOP)
2014		1.45%		25,337		19.831682		502,476		1.27%		-9.41%
2013		1.45%		28,203		21.891776		617,413		1.38%		28.55%
2012		1.45%		29,764		17.030210		506,887		1.95%		18.99%
2011		1.45%		32,338		14.312736		462,845		1.28%		-18.36%
2010		1.45%		37,043		17.532395		649,453		1.43%		11.48%
VIP Overseas Portfolio - Initial Class R (FOPR)
2014		1.45%		11,375		16.799344		191,092		1.01%		-9.43%
2013		1.45%		17,224		18.548411		319,477		1.25%		28.56%
2012		1.45%		24,648		14.427791		355,616		1.81%		18.96%
2011		1.45%		34,115		12.128352		413,759		0.89%		-18.35%
2010		1.45%		75,902		14.853254		1,127,392		1.49%		11.44%
VIP Value Strategies Portfolio - Service Class (FVSS)
2014		1.45%		11,589		22.132743		256,496		0.94%		5.15%
2013		1.45%		11,776		21.049671		247,880		0.80%		28.55%
2012		1.45%		15,591		16.374110		255,288		0.55%		25.25%
2011		1.45%		15,906		13.072699		207,947		0.45%		-10.17%
2010		1.45%		99,423		14.552334		1,446,837		0.45%		24.62%
Short Duration Bond Portfolio - I Class Shares (AMTB)
2014		1.45%		72,236		13.618947		983,791		1.03%		-0.85%
2013		1.45%		193,231		13.735541		2,654,132		2.48%		-0.84%
2012		1.45%		70,934		13.852204		982,593		2.54%		3.08%
2011		1.45%		103,907		13.437693		1,396,256		4.05%		-1.16%
2010		1.45%		109,906		13.595598		1,494,237		5.07%		3.76%
Growth Portfolio - I Class Shares (AMTG)
2014		1.45%		9,062		28.393748		257,305		0.00%		5.34%
2013		1.45%		12,818		26.954017		345,497		0.00%		29.94%
2012		1.45%		15,391		20.743389		319,261		0.00%		10.96%
2011		1.45%		18,185		18.693750		339,946		0.00%		-1.66%
2010		1.45%		25,553		19.009113		485,739		0.00%		29.43%
Guardian Portfolio - I Class Shares (AMGP)
2014		1.45%		9,175		19.963961		183,169		0.37%		7.45%
2013		1.45%		20,865		18.580284		387,678		0.82%		36.80%
2012		1.45%		19,885		13.581719		270,073		0.28%		11.09%
2011		1.45%		22,480		12.226121		274,843		0.42%		-4.34%
2010		1.45%		31,373		12.781427		401,004		0.36%		17.29%

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)
2014		1.45%		34,240	$	30.582551	$	1,047,146		0.72%		8.26%
2013		1.45%		37,564		28.249282		1,061,156		1.13%		29.24%
2012		1.45%		43,638		21.858745		953,851		0.39%		14.90%
2011		1.45%		57,618		19.023388		1,096,090		0.00%		-12.64%
2010		1.45%		66,744		21.776172		1,453,429		0.68%		13.99%
Socially Responsive Portfolio - I Class Shares (AMSRS)
2014		1.45%		2,697		20.346904		54,876		0.37%		8.78%
2013		1.45%		3,458		18.704398		64,680		0.72%		35.61%
2012		1.45%		2,721		13.792890		37,530		0.16%		9.37%
2011		1.45%		5,719		12.611608		72,126		0.26%		-4.48%
2010		1.45%		5,360		13.203521		70,771		0.03%		21.08%
Capital Income Fund/VA - Non-Service Shares (OVMS)
2014		1.45%		30,597		20.719163		633,944		2.08%		6.63%
2013		1.45%		36,342		19.431085		706,145		2.36%		11.53%
2012		1.45%		41,052		17.422499		715,211		1.39%		10.71%
2011		1.45%		52,773		15.737387		830,509		2.33%		-0.74%
2010		1.45%		61,659		15.854277		977,559		1.41%		11.28%
Core Bond Fund/VA - Non-Service Shares (OVB)
2014		1.45%		72,881		13.715921		999,631		5.12%		5.71%
2013		1.45%		79,610		12.975038		1,032,943		5.16%		-1.55%
2012		1.45%		93,883		13.179014		1,237,286		4.99%		8.69%
2011		1.45%		113,307		12.125469		1,373,900		6.18%		6.70%
2010		1.45%		127,332		11.363928		1,446,992		1.95%		9.80%
Global Securities Fund/VA - Non-Service Shares (OVGS)
2014		1.45%		53,984		47.077020		2,541,453		1.35%		0.81%
2013		1.45%		28,388		46.699245		1,325,745		1.36%		25.46%
2012		1.45%		31,970		37.221896		1,189,984		2.07%		19.50%
2011		1.45%		54,810		31.147302		1,707,184		1.28%		-9.62%
2010		1.45%		60,054		34.461734		2,069,600		1.43%		14.28%
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
2014		1.45%		13,961		14.706742		205,307		0.75%		9.10%
2013		1.45%		12,732		13.480284		171,631		1.10%		29.86%
2012		1.45%		12,923		10.380342		134,146		1.00%		15.17%
2011		1.45%		20,600		9.012808		185,664		0.83%		-1.46%
2010		1.45%		22,398		9.146460		204,863		1.03%		14.43%
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)
2014		1.45%		51,453		8.452592		434,903		0.00%		4.25%
2013		1.45%		63,142		8.107975		511,945		0.01%		34.01%
2012		1.45%		59,068		6.050120		357,363		0.00%		14.75%
2011		1.45%		37,382		5.272221		197,086		0.00%		-0.37%
2010		1.45%		36,791		5.291649		194,685		0.00%		25.62%
Health Sciences Portfolio - II (TRHS2)
2014		1.45%		14,907		28.378629		423,040		0.00%		29.32%
2013		1.45%		11,822		21.944157		259,423		0.00%		48.33%
2012		1.45%		12,018		14.793998		177,809		0.00%		29.10%
2011		1.45%		3,995		11.459676		45,781		0.00%		8.79%
VIP Trust - Global Hard Assets Fund- Service Class (VWHAS)
2014		1.45%		5,286		8.319944		43,979		0.00%		-20.52%
2013		1.45%		3,208		10.467627		33,580		0.38%		8.70%
2012		1.45%		3,261		9.630168		31,395		0.88%		-3.70%		5/1/2012
VIP Trust - Unconstrained Emerging Markets Bond Fund - Initial Class (VWBF)
2014		1.45%		9,047		17.697384		160,108		5.43%		0.70%
2013		1.45%		10,596		17.573895		186,213		3.07%		-10.49%
2012		1.45%		72,740		19.632573		1,428,073		0.28%		4.02%
2011		1.45%		7,411		18.874653		139,880		7.71%		6.58%
2010		1.45%		7,536		17.710000		133,462		3.58%		4.66%

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
VIP Trust Emerging Markets Fund - Initial Class (VWEM)
2014		1.45%		10,665	$	25.222712	$	269,026		0.52%		-1.86%
2013		1.45%		11,276		25.700504		289,799		2.04%		10.40%
2012		1.45%		74,733		23.280267		1,739,804		0.00%		27.92%
2011		1.45%		5,697		18.198794		103,678		1.03%		-26.81%
2010		1.45%		5,916		24.866397		147,085		0.62%		25.00%
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)
2014		1.45%		20,788		25.935788		539,127		0.09%		-20.28%
2013		1.45%		23,198		32.532711		754,694		0.70%		8.93%
2012		1.45%		25,273		29.865368		754,787		0.74%		1.88%
2011		1.45%		14,220		29.313302		416,835		1.20%		-17.66%
2010		1.45%		15,326		35.600544		545,614		0.35%		27.36%
Advantage VT Discovery Fund (SVDF)
2014		1.45%		6,768		40.420994		273,570		0.00%		-1.10%
2013		1.45%		10,114		40.870802		413,367		0.01%		41.72%
2012		1.45%		10,521		28.839712		303,451		0.00%		16.02%
2011		1.45%		19,402		24.856593		482,268		0.00%		-1.03%
2010		1.45%		20,229		25.115414		508,060		0.00%		33.58%
Advantage VT Opportunity Fund - Class 2 (SVOF)
2014		1.45%		43,176		45.311902		1,956,432		0.06%		8.82%
2013		1.45%		47,154		41.638318		1,963,414		0.20%		28.78%
2012		1.45%		49,865		32.331833		1,612,227		0.10%		13.84%
2011		1.45%		66,885		28.400420		1,899,563		0.14%		-6.89%
2010		1.45%		75,723		30.500998		2,309,627		0.77%		21.96%
Global Securities Fund/VA - Class 3 (obsolete) (OVGS3)
2013		1.45%		55,021		28.742194		1,581,424		1.38%		25.49%
2012		1.45%		58,164		22.903668		1,332,169		2.10%		19.46%
2011		1.45%		65,302		19.171909		1,251,945		1.28%		-9.60%
2010		1.45%		74,993		21.207036		1,590,379		1.48%		14.29%
Janus Aspen Series - Global Technology Portfolio - Service II Shares (obsolete) (JAGTS2)
2011		1.45%		2,820		13.496933		38,048		0.00%		-10.13%
2010		1.45%		8,043		15.018055		120,790		0.00%		22.71%
Janus Aspen Series - Overseas Portfolio - Service II Shares (obsolete) (JAIGS2)
2011		1.45%		18,558		19.447118		360,919		0.51%		-33.32%
2010		1.45%		12,989		29.162799		378,767		0.56%		23.22%
NVIT Emerging Markets Fund - Class III (obsolete) (GEM3)
2013		1.45%		55,821		24.685978		1,377,996		2.47%		-0.71%
2012		1.45%		12,692		24.862318		315,552		0.15%		15.53%
2011		1.45%		69,714		21.519831		1,500,234		0.79%		-23.52%
2010		1.45%		27,896		28.136524		784,896		0.07%		14.53%
NVIT International Equity Fund - Class III (obsolete)(GIG3)
2013		1.45%		63,223		21.913445		1,385,456		0.66%		16.11%
2012		1.45%		46,117		18.873735		870,400		0.57%		13.90%
2011		1.45%		86,255		16.570732		1,429,309		1.39%		-11.07%
2010		1.45%		52,907		18.633579		985,847		1.05%		11.63%
VIP Trust - Global Bond Fund - Class R1 (obsolete) (VWBFR)
2011		1.45%		107,235		14.433281		1,547,738		1.46%		6.58%
2010		1.45%		17,822		13.542677		241,358		3.99%		4.66%
VIP Trust - Emerging Markets Fund - Class R1 (obsolete) (VWEMR)
2011		1.45%		7,496		20.409322		152,988		1.26%		-26.83%
2010		1.45%		11,718		27.893698		326,858		0.55%		25.03%
VIP Trust - Global Hard Assets Fund - Class R1 (obsolete) (VWHAR)
2011		1.45%		28,548		28.347697		809,242		1.33%		-17.61%
2010		1.45%		35,875		34.405632		1,234,302		0.36%		27.38%

(Continued)

NATIONWIDE VA SEPARATE ACCOUNT-B NOTES TO FINANCIAL STATEMENTS

December 31, 2014


	Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
NVIT Multi-Manager International Growth Fund - Class III (obsolete) (NVMIG3)
2013		1.45%		1,276	$	18.412992	$	23,495		0.24%		19.58%
2012		1.45%		15,586		15.397692		239,989		1.19%		14.10%
2011		1.45%		12,718		13.495266		171,633		3.70%		-10.68%
2010		1.45%		2,233		15.108649		33,738		0.66%		12.38%
NVIT Multi-Manager International Value Fund - Class III (obsolete) (GVDIV3)
2013		1.45%		10,421		17.895051		186,484		2.14%		19.66%
2012		1.45%		12,627		14.954677		188,833		0.37%		15.53%
2011		1.45%		14,001		12.944228		181,232		1.67%		-17.33%
2010		1.45%		19,198		15.657454		300,592		2.05%		4.57%
AllianceBernstein NVIT Global Fixed Income Fund - Class VI (obsolete) (NVAGF6)
2010		1.45%		1,420		12.009252		17,053		4.96%		6.19%
Credit Suisse Trust- International Equity Flex III Portfolio (obsolete) (CSIEF3)
2010		1.45%		43,947		11.172014		490,977		0.10%		10.61%
NVIT Worldwide Leaders Fund - Class III (obsolete) (GEF3)
2010		1.45%		480		14.788340		7,083		1.25%		9.75%
U.S. Equity Flex I Portfolio (obsolete) (WSCP)
2010		1.45%		49,751		12.323427		613,103		0.15%		12.80%

2014		Reserves for annuity contracts in payout phase:								94,048
2014		Contract owners equity:							$	82,755,880
2013		Reserves for annuity contracts in payout phase:								98,828
2013		Contract owners equity:							$	85,943,119
2012		Reserves for annuity contracts in payout phase:								86,275
2012		Contract owners equity:							$	81,964,798
2011		Reserves for annuity contracts in payout phase:								9,336
2011		Contract owners equity:							$	83,522,344
2010		Reserves for annuity contracts in payout phase:								10,213
2010		Contract owners equity:							$	96,029,149

This represents the annual contract expense rate 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 total return for the period. 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 is initially offered, funded, or both during the period presented.

****	This represents the date the underlying mutual fund option was initially added and funded.

Dates Referenced Herein and Documents Incorporated by Reference

This ‘N-30D/A’ Filing	Date	Other Filings

Filed on / Effective on:	3/26/15
	3/13/15	N-30D
For Period End:	12/31/14	24F-2NT, N-30D, NSAR-U
	1/1/14
	12/31/13	24F-2NT, N-30D, NSAR-U
		List all Filings

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Filing Submission 0001193125-15-106648 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Nationwide Va Separate Account-B – ‘N-30D/A’ for 12/31/14

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Amendment to Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1Filing Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

Amendment to Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
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