NATIONWIDE VLI

SEPARATE

ACCOUNT-4

Annual Report

To

Policyholders

December 31, 2022

NATIONWIDE LIFE INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

	KPMG LLP
	Suite 500 191 West Nationwide Blvd. Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Nationwide Life Insurance Company and

Contract Owners of Nationwide VLI Separate Account-4:

Opinion on the Financial Statements

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of the sub-accounts listed in the Appendix that comprise the Nationwide VLI Separate Account-4 (the Separate Account), as of the date listed in the Appendix, the related statements of operations for the year or period listed in the Appendix and changes in contract owners’ equity for the years or periods listed in the Appendix, and the related notes including the financial highlights in Note 8 (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of the date listed in the Appendix, the results of its operations for the year or period listed in the Appendix, the changes in its contract owners’ equity for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated in Note 8, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/     KPMG LLP

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

Columbus, Ohio

April 3, 2023

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (ALVIVA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery Fund: Class 2 (SVDF)

Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

Allspring Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

AMERICAN CENTURY INVESTMENTS

American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)

American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)

American Funds Insurance Series(R) - The Bond Fund of America: Class 2 (AMVBD2)

American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)

American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)

American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)

American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)

American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)

AMUNDI US

Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)

BLACKROCK FUNDS

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

CALVERT GROUP

Calvert Variable Products, Inc. - Calvert VP S&P 500 Index Portfolio (CVSPIP)⁽¹⁾

CHARLES SCHWAB FUNDS

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

DAVIS FUNDS

Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)

DELAWARE FUNDS BY MACQUARIE

Delaware VIP Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS) ⁽¹⁾

Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS) ⁽¹⁾

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)

DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)

DFA Investment Dimensions Group Inc. - VA Short-Term Fixed Portfolio (DFVSTF)

DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)

DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)

Deutsche DWS Variable Series II - DWS Small Mid Cap Value VIP: Class B (SVSSVB)

EATON VANCE FUNDS

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class (FEIS)

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)

Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class (FGS)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)

Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)

Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)

Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)

Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares (GVCSE)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares (GVGMNS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Growth Fund: Service Shares (GVGOPS) ⁽¹⁾

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - Multi-Hedge Strategies Fund (RVARS) ⁽¹⁾

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

Invesco - Invesco V.I. Growth and Income Fund: Series I Shares (ACGI)

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. EQV International Equity Fund: Series I Shares (AVIE) ⁽¹⁾

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (AVMCCI)

Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares (AVSCE)

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco - Invesco V.I. Main Street Fund: Series I (OVGI)

Invesco - Invesco V.I. Capital Appreciation Fund: Series I (OVGR)

Invesco - Invesco V.I. Global Fund: Series I (OVGS)

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)

Invesco - Invesco V.I. Global Strategic Income Fund: Series I (OVSB)

Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (OVSC)

IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II (WRASP)

Ivy Variable Insurance Portfolios - Delaware Ivy Growth: Class II (WRGP)

Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II (WRHIP)

Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II (WRMCG)

Ivy Variable Insurance Portfolios - Delaware VIP Real Estate Securities: Class II (WRRESP) ⁽¹⁾

Ivy Variable Insurance Portfolios - Delaware Ivy Science and Technology: Class II (WRSTP)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

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

JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)

Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS)

LAZARD FUNDS

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I (SBVSG)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC (LOVBD)

Lord Abbett Series Fund, Inc. - Mid Cap Stock Portfolio: Class VC (LOVMCV)

Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MAINSTAY FUNDS

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)

MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)

MORGAN STANLEY

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)

Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (EIF)

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)

Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (GVAGR2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)

Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (MSBF)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

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

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I (NVLCP1)

Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I (NVMIG1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)

Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)

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

Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I (NVNSR1)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)

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

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)

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

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class (PMVLGA)

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (PVEIB)

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB (PVTSCB)

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price All-Cap Opportunities Portfolio (TRNAG1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM) ⁽¹⁾

VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA) ⁽¹⁾

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)

Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)

Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

Vanguard Variable Insurance Fund - High Yield Bond Portfolio (VVHYB)

Vanguard Variable Insurance Fund - International Portfolio (VVI)

Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)

Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)

Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from January 15, 2021 (inception) to December 31, 2021.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from March 10, 2021 (inception) to December 31, 2021.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Growth Portfolio (VVG)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from April 12, 2021 (inception) to December 31, 2021.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from April 23, 2021 (inception) to December 31, 2021.

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from April 30, 2021 (inception) to December 31, 2021.

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from May 4, 2021 (inception) to December 31, 2021.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund-Global Bond Index Portfolio (VVGBI)

Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio (VVTSM)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from July 1, 2021 (inception) to December 31, 2021.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2065 Portfolio: Service Class (FF65S)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from July 26, 2021 (inception) to December 31, 2021.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from October 27, 2021 (inception) to December 31, 2021.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from November 9, 2021 (inception) to December 31, 2021.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2022 and the period from November 15, 2021 (inception) to December 31, 2021.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS Growth Series: Service Class (MEGSS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from January 6, 2022 (inception) to December 31, 2022.

PIMCO FUNDS

PIMCO Variable Insurance Trust - Income Portfolio: Administrative Class (PMVID)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from January 10, 2022 (inception) to December 31, 2022.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Service Class (M3GRES)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from February 2, 2022 (inception) to December 31, 2022.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Initial Class (M3GREI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from May 16, 2022 (inception) to December 31, 2022.

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from August 8, 2022 (inception) to December 31, 2022.

PIMCO FUNDS

PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from September 15, 2022 (inception) to December 31, 2022.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from November 10, 2022 (inception) to December 31, 2022.

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - U.S. Government Securities Fund: Class 2 (AMVGV2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from December 27, 2022 (inception) to December 31, 2022.

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 2 (AMVBC2)

PIMCO FUNDS

PIMCO Variable Insurance Trust - Income Portfolio: Institutional Class (PMVII)

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

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ALVDAA		7,479	$	86,158	$	59,384	$	-	$	59,384	$	1	$	59,383
ALVGIA		1,146,433		33,431,370		33,246,550		-		33,246,550		14		33,246,536
ALVIVA		287,077		4,022,834		3,717,641		-		3,717,641		1		3,717,640
ALVIVB		11,254		132,638		145,176		4		145,180		-		145,180
ALVSVA		929,104		16,695,683		15,441,713		858		15,442,571		-		15,442,571
SVDF		936,595		26,606,962		15,950,210		-		15,950,210		3		15,950,207
SVOF		341,131		8,549,106		7,614,046		-		7,614,046		14		7,614,032
WFVSCG		1,075,573		11,902,855		8,120,577		-		8,120,577		2		8,120,575
ACVCA		50,110		649,942		591,299		2		591,301		-		591,301
ACVI		190,778		2,145,593		1,818,111		6		1,818,117		-		1,818,117
ACVIG		2,886,513		26,184,311		20,696,302		814		20,697,116		-		20,697,116
ACVIP1		2,769,666		30,139,274		26,034,861		-		26,034,861		32		26,034,829
ACVIP2		766,570		8,064,033		7,182,757		-		7,182,757		3,690		7,179,067
ACVMV1		629,918		12,780,345		13,322,773		-		13,322,773		504		13,322,269
ACVV		1,155,159		13,787,308		14,381,735		-		14,381,735		54		14,381,681
AMVAA2		604,080		14,812,089		13,235,399		4		13,235,403		-		13,235,403
AMVBC2		1,086		13,527		13,527		1		13,528		-		13,528
AMVBC4		12,011		144,197		148,218		-		148,218		1		148,217
AMVBD2		5,578,090		61,261,796		51,708,890		-		51,708,890		49		51,708,841
AMVGB2		445,387		5,223,430		4,208,906		-		4,208,906		12		4,208,894
AMVGI2		33,831		1,997,179		1,673,303		10		1,673,313		-		1,673,313
AMVGR2		543,609		51,075,590		40,988,113		-		40,988,113		47		40,988,066
AMVGS2		180,469		4,047,645		2,761,176		6		2,761,182		-		2,761,182
AMVGV2		8,831		89,863		87,158		2		87,160		-		87,160
AMVI2		1,389,070		26,841,715		21,155,536		-		21,155,536		17		21,155,519
AMVNW2		431,975		12,464,454		9,512,093		-		9,512,093		2		9,512,091
PIHYB1		311,674		2,639,055		2,455,990		-		2,455,990		27		2,455,963
BRVHYI		3,159,159		22,482,331		20,376,576		99,626		20,476,202		-		20,476,202
MLVGA2		622,327		10,907,181		9,135,755		-		9,135,755		412		9,135,343
MLVLC2		55,769		1,316,657		921,860		1		921,861		-		921,861
DCAP		94,763		3,914,502		3,025,770		4		3,025,774		-		3,025,774
DSC		24,111		1,008,028		949,722		-		949,722		5		949,717
DSIF		13,836,644		788,434,829		799,896,368		-		799,896,368		3,486		799,892,882
DSRG		310,126		11,767,319		12,941,559		3,859		12,945,418		-		12,945,418
DVMCS		124,038		2,493,275		2,041,666		-		2,041,666		10		2,041,656
DVSCS		5,812,588		106,087,759		100,325,261		-		100,325,261		669		100,324,592
CVSPIP		2,880		496,920		422,703		20		422,723		-		422,723
SASP5I		1,240,563		69,818,739		69,942,934		-		69,942,934		11		69,942,923
DAVVL		909,948		6,700,281		4,804,524		7		4,804,531		-		4,804,531
DWVEMS		238,121		5,515,180		4,674,309		-		4,674,309		5		4,674,304
DWVSVS		549,660		18,813,729		20,238,479		-		20,238,479		14		20,238,465
DFVEA		1,789		23,526		22,037		-		22,037		4		22,033
DFVGMI		18,213		265,867		248,429		4		248,433		-		248,433
DFVIPS		713,053		7,802,035		6,460,260		3		6,460,263		-		6,460,263
DFVIS		1,903		21,530		20,453		-		20,453		4		20,449
DFVIV		6,193		76,219		75,800		5		75,805		-		75,805
DFVULV		388,768		10,741,919		11,830,221		-		11,830,221		1,886		11,828,335
DFVUTV		243,503		5,631,371		5,001,552		8		5,001,560		-		5,001,560
DSGIBA		22,377		529,438		452,468		-		452,468		5		452,463
SVSLVB		7,459		117,466		98,382		8		98,390		-		98,390
SVSSVB		9,119		110,104		115,995		-		115,995		12		115,983
ETVFR		2,469,231		22,028,890		20,840,310		-		20,840,310		172		20,840,138
FQB		1,873,609		20,801,608		18,380,105		1,511		18,381,616		-		18,381,616

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
FVU2		94,484		982,714		799,334		2		799,336		-		799,336
FVUS2		46,880		456,716		431,296		-		431,296		3		431,293
FCS		875,748		36,741,290		32,954,395		3,320		32,957,715		-		32,957,715
FEIS		2,822,482		62,818,484		65,989,634		-		65,989,634		28,007		65,961,627
FEMS		1,126,542		14,844,034		11,141,500		-		11,141,500		8		11,141,492
FF05S		31,098		416,157		345,501		-		345,501		1		345,500
FF10S		247,436		3,337,049		2,855,407		-		2,855,407		9		2,855,398
FF15S		750,819		9,775,240		8,198,945		-		8,198,945		13		8,198,932
FF20S		2,142,356		29,457,517		24,658,517		-		24,658,517		7,821		24,650,696
FF25S		2,543,637		39,838,494		34,796,954		-		34,796,954		30		34,796,924
FF30S		4,089,209		62,360,871		55,940,382		-		55,940,382		152		55,940,230
FF35S		477,880		12,683,991		10,819,195		-		10,819,195		1		10,819,194
FF40S		1,279,093		30,461,816		27,526,086		-		27,526,086		10		27,526,076
FF45S		79,465		2,000,346		1,723,607		16		1,723,623		-		1,723,623
FF50S		221,968		4,875,475		4,343,911		3		4,343,914		-		4,343,914
FF55S		30,596		375,098		334,415		-		334,415		4		334,411
FF60S		108,596		1,216,585		1,173,924		7		1,173,931		-		1,173,931
FF65S		712		9,178		7,575		-		7,575		4		7,571
FFINS		116,759		1,430,145		1,237,646		4		1,237,650		-		1,237,650
FGOS		9,748		422,751		398,403		11		398,414		-		398,414
FGS		1,869,527		154,206,788		132,699,044		-		132,699,044		18,617		132,680,427
FHIS		2,236,942		11,592,046		9,775,436		-		9,775,436		371		9,775,065
FIGBS		13,298,491		170,581,476		141,628,934		-		141,628,934		7,217		141,621,717
FIP		9,239		3,836,065		3,462,679		-		3,462,679		2		3,462,677
FMCS		1,008,505		34,179,038		32,524,285		9		32,524,294		-		32,524,294
FMMP		4,375,762		4,375,762		4,375,762		13		4,375,775		-		4,375,775
FNRS2		477,942		8,859,990		11,962,886		-		11,962,886		79,491		11,883,395
FOS		771,732		16,594,024		16,653,970		4,734		16,658,704		-		16,658,704
FRESS		149,549		2,721,514		2,461,577		-		2,461,577		7,033		2,454,544
FVEMIS		621		7,249		6,952		-		6,952		-		6,952
FVIIS		1,071		11,019		10,070		-		10,070		3		10,067
FVMIS		16,093		184,799		222,403		1		222,404		-		222,404
FVSS		407,650		5,697,708		5,837,546		-		5,837,546		7,613		5,829,933
FVSS2		3,133		45,352		45,554		3		45,557		-		45,557
FTVDM2		406,632		3,720,477		3,033,474		6		3,033,480		-		3,033,480
FTVFA2		106,491		610,246		469,624		-		469,624		7		469,617
FTVGB1		537,755		7,452,504		7,071,477		-		7,071,477		6		7,071,471
FTVGI2		347,867		5,298,626		4,341,384		2		4,341,386		-		4,341,386
FTVIS2		372,673		5,558,525		5,489,467		-		5,489,467		15		5,489,452
FTVMD2		16,991		303,030		282,214		-		282,214		20		282,194
FTVSV2		936,159		13,010,256		11,730,070		-		11,730,070		12		11,730,058
FTVSVI		792,716		12,093,664		10,558,979		-		10,558,979		16,714		10,542,265
TIF		52,269		684,499		650,228		1		650,229		-		650,229
TIF2		721,189		9,112,689		8,776,871		-		8,776,871		469		8,776,402
GVCSE		127,419		1,665,864		1,325,159		-		1,325,159		5		1,325,154
GVGMNS		2,064		24,627		20,614		-		20,614		1		20,613
GVGOPS		87,176		968,853		756,689		-		756,689		15		756,674
GVMCE		602,332		10,986,186		8,968,726		-		8,968,726		20		8,968,706
GVMSAS		3,852		35,563		33,938		-		33,938		3		33,935
RVARS		13,717		349,777		350,199		-		350,199		11		350,188
ACEG		27,738		2,017,250		1,188,276		-		1,188,276		147		1,188,129
ACGI		239,591		4,419,406		4,739,106		14		4,739,120		-		4,739,120
AVHY1		113,927		538,719		512,669		-		512,669		-		512,669

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
AVIE		1,038,872		37,614,724		30,064,954		-		30,064,954		66		30,064,888
AVMCCI		20,711		209,107		177,701		-		177,701		18		177,683
AVSCE		10,222		188,468		153,941		-		153,941		4		153,937
IVBRA1		154,737		1,530,173		1,259,563		2		1,259,565		-		1,259,565
MSVMV		-		2		2		-		2		2		-
OVAG		706,828		53,517,192		39,236,034		4,454		39,240,488		-		39,240,488
OVGI		469,462		11,287,547		7,567,725		-		7,567,725		36		7,567,689
OVGR		298,623		15,161,295		10,383,127		958		10,384,085		-		10,384,085
OVGS		2,088,402		86,528,902		64,949,312		511		64,949,823		-		64,949,823
OVIG		10,664,559		23,522,888		17,916,459		-		17,916,459		3		17,916,456
OVSB		3,438,841		17,223,339		13,549,035		-		13,549,035		4		13,549,031
OVSC		426,780		10,294,788		9,850,078		1,254		9,851,332		-		9,851,332
WRASP		706,961		6,451,235		5,549,645		-		5,549,645		320		5,549,325
WRGP		657,878		6,870,570		5,243,285		48		5,243,333		-		5,243,333
WRHIP		3,959,764		12,516,861		11,166,534		-		11,166,534		5		11,166,529
WRMCG		406,826		5,437,221		3,852,638		-		3,852,638		161		3,852,477
WRRESP		1,016,549		7,845,422		6,404,257		-		6,404,257		23		6,404,234
WRSTP		429,870		11,432,115		7,501,233		-		7,501,233		25		7,501,208
JPMMV1		4,969,593		52,486,932		51,832,857		36		51,832,893		-		51,832,893
JPSCE1		60,337		1,327,046		1,083,649		18		1,083,667		-		1,083,667
JABS		746,948		31,946,348		31,722,872		1,500		31,724,372		-		31,724,372
JACAS		1,454,721		56,671,991		44,310,810		94		44,310,904		-		44,310,904
JAEI		14,834		1,146,703		1,032,181		-		1,032,181		165		1,032,016
JAFBS		663,938		8,374,241		7,296,684		4		7,296,688		-		7,296,688
JAGTS		2,613,402		38,586,388		27,205,515		2,490		27,208,005		-		27,208,005
JAIGS		646,333		20,003,229		23,759,217		-		23,759,217		464		23,758,753
JAMGS		534,545		37,963,120		33,558,756		-		33,558,756		20		33,558,736
JAMVS		58,752		918,009		918,875		8		918,883		-		918,883
LZREMS		496,219		9,466,133		8,892,249		-		8,892,249		2		8,892,247
SBVSG		786,876		26,347,229		19,852,889		-		19,852,889		48		19,852,841
BNCAI		84,907		5,485,460		5,269,408		-		5,269,408		53		5,269,355
LOVBD		379,982		4,526,197		3,875,818		1		3,875,819		-		3,875,819
LOVSDC		1,411,681		19,914,033		18,337,731		-		18,337,731		19		18,337,712
LOVTRC		1,395,592		23,245,875		19,468,512		-		19,468,512		22		19,468,490
MNVFRS		72,214		606,598		602,451		100		602,551		-		602,551
M3GREI		2,346		38,471		29,988		-		29,988		-		29,988
M3GRES		7,915		155,084		121,335		1		121,336		-		121,336
MEGSS		17		779		779		-		779		3		776
MMCGSC		451,583		4,041,591		2,813,363		-		2,813,363		9		2,813,354
MNDIC		90,962		1,807,858		1,028,775		-		1,028,775		4,470		1,024,305
MNDSC		275,077		4,145,487		2,431,679		-		2,431,679		2		2,431,677
MV2EEI		446		5,879		5,082		-		5,082		3		5,079
MV2EES		13,964		216,735		156,262		5		156,267		-		156,267
MV2IGI		223,179		4,690,553		4,305,117		-		4,305,117		403		4,304,714
MV2RIS		2,460,188		43,310,842		36,558,386		-		36,558,386		13		36,558,373
MV3MVI		38,401		396,011		352,901		-		352,901		3		352,898
MV3MVS		175,898		1,719,429		1,593,636		-		1,593,636		7		1,593,629
MVBRES		38,564		2,191,431		1,805,549		-		1,805,549		2		1,805,547
MVFIC		516,756		10,263,270		11,136,093		-		11,136,093		729		11,135,364
MVFSC		5,150,769		102,096,825		108,320,667		7		108,320,674		-		108,320,674
MVIGIC		29,861		449,092		398,643		-		398,643		2		398,641
MVIVSC		3,168,248		90,641,133		84,750,624		-		84,750,624		60		84,750,564
MVRBSS		293,792		3,831,856		3,243,465		-		3,243,465		1		3,243,464

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
MSEM		872,838		6,171,832		4,695,867		-		4,695,867		17		4,695,850
MSVEG		659,066		7,467,225		5,918,411		-		5,918,411		30		5,918,381
MSVFI		208,357		2,273,439		1,760,615		4		1,760,619		-		1,760,619
MSVMG		355,288		1,490,344		1,129,815		-		1,129,815		31		1,129,784
MSVRE		358,406		6,114,071		4,652,104		33		4,652,137		-		4,652,137
VKVGR2		317,024		2,780,666		2,206,485		-		2,206,485		6		2,206,479
DTRTFB		57,041		568,465		474,578		5		474,583		-		474,583
EIF		763,044		14,128,767		14,742,008		-		14,742,008		2,807		14,739,201
GBF		11,068,229		119,105,646		102,934,526		-		102,934,526		9,961		102,924,565
GEM		1,003,196		13,106,343		10,272,729		-		10,272,729		698		10,272,031
GIG		1,640,612		17,485,479		14,896,761		-		14,896,761		890		14,895,871
GVAAA2		467,115		12,024,805		11,640,513		-		11,640,513		1,388		11,639,125
GVABD2		163,320		1,980,960		1,705,057		-		1,705,057		5		1,705,052
GVAGG2		251,853		8,251,345		8,044,180		-		8,044,180		1,014		8,043,166
GVAGI2		88,152		4,944,864		4,847,467		-		4,847,467		227		4,847,240
GVAGR2		173,998		16,941,217		15,320,559		-		15,320,559		422		15,320,137
GVDMA		13,693,496		152,461,558		106,809,272		4,729		106,814,001		-		106,814,001
GVDMC		2,380,126		24,340,169		19,683,645		-		19,683,645		478		19,683,167
GVEX1		2,176,366		26,322,782		16,083,343		-		16,083,343		583		16,082,760
GVIDA		5,181,235		59,555,064		44,817,679		1,009		44,818,688		-		44,818,688
GVIDC		1,608,697		16,068,123		14,027,837		-		14,027,837		521		14,027,316
GVIDM		8,156,241		85,351,094		61,498,057		-		61,498,057		8,714		61,489,343
GVIX2		404,385		3,805,486		3,720,344		1		3,720,345		-		3,720,345
HIBF		3,544,768		22,720,036		19,283,537		-		19,283,537		1,097		19,282,440
IDPG		31,241		361,371		283,982		-		283,982		1		283,981
IDPGI		150		1,668		1,380		6		1,386		-		1,386
MCIF		7,257,931		150,663,495		125,925,102		-		125,925,102		1,249		125,923,853
MSBF		1,190,318		10,782,479		10,248,638		-		10,248,638		1,977		10,246,661
NCPG		9,815		120,001		108,847		-		108,847		3		108,844
NCPGI		1,762		18,876		18,443		6		18,449		-		18,449
NJMMAY		82,206		796,578		697,105		3		697,108		-		697,108
NVAMV1		2,305,692		35,848,389		38,297,543		-		38,297,543		3,025		38,294,518
NVAMVX		1,681,351		24,685,214		27,876,794		1,743		27,878,537		-		27,878,537
NVBX		33,957,714		355,193,836		304,600,699		27		304,600,726		-		304,600,726
NVCBD1		208,058		2,296,563		1,868,358		-		1,868,358		108		1,868,250
NVCCA1		425,842		4,281,591		4,241,382		-		4,241,382		368		4,241,014
NVCCN1		343,748		3,629,504		3,358,423		4		3,358,427		-		3,358,427
NVCMA1		902,915		8,502,018		8,451,285		19		8,451,304		-		8,451,304
NVCMC1		224,542		2,504,111		2,290,330		-		2,290,330		30		2,290,300
NVCMD1		954,167		10,255,876		9,789,752		-		9,789,752		234		9,789,518
NVCRA1		300,607		3,226,911		3,309,686		47		3,309,733		-		3,309,733
NVCRB1		596,626		6,568,699		6,210,877		1		6,210,878		-		6,210,878
NVDBL2		124,286		1,800,080		1,439,230		5		1,439,235		-		1,439,235
NVDCA2		49,111		743,206		528,431		-		528,431		14		528,417
NVDCAP		18,579		277,499		198,797		5		198,802		-		198,802
NVFIII		11,139		125,043		103,480		-		103,480		4		103,476
NVGEII		9,184		134,305		122,974		2		122,976		-		122,976
NVIDMP		564,673		5,936,687		4,229,402		787		4,230,189		-		4,230,189
NVIE6		21,468		194,005		192,572		1		192,573		-		192,573
NVIX		3,646,483		36,120,791		33,620,574		-		33,620,574		17,247		33,603,327
NVLCP1		407,685		4,725,260		3,893,393		-		3,893,393		303		3,893,090
NVMIG1		2,050,152		21,107,687		14,043,545		-		14,043,545		621		14,042,924
NVMIVX		554,392		5,391,160		5,771,224		-		5,771,224		1,491		5,769,733

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
NVMLG1		3,053,633		27,000,833		21,283,821		-		21,283,821		1,417		21,282,404
NVMMG1		6,823,648		65,252,552		35,482,967		-		35,482,967		1,542		35,481,425
NVMMV1		1,347,476		11,190,023		11,359,222		-		11,359,222		20		11,359,202
NVMMV2		1,418,208		12,905,030		12,054,767		-		12,054,767		1,053		12,053,714
NVNMO1		1,601,865		16,892,915		17,700,604		-		17,700,604		337		17,700,267
NVNSR1		14,678		217,984		166,003		9		166,012		-		166,012
NVOLG1		14,025,447		268,904,620		242,219,475		-		242,219,475		14,797		242,204,678
NVRE1		4,525,982		33,206,725		30,957,719		-		30,957,719		993		30,956,726
NVSIX2		337,337		2,966,608		2,334,371		-		2,334,371		12		2,334,359
NVSIXD		25,669		212,626		180,964		-		180,964		1		180,963
NVSTB1		12,256,780		127,343,555		116,071,703		6		116,071,709		-		116,071,709
NVSTB2		219,844		2,253,342		2,073,130		-		2,073,130		159		2,072,971
NVTIV3		91,800		1,037,198		962,068		-		962,068		7		962,061
SAM		36,495,607		36,495,607		36,495,607		56,762		36,552,369		-		36,552,369
SAM5		290,290,534		290,290,534		290,290,534		-		290,290,534		645		290,289,889
SCF		3,078,677		57,101,962		49,751,421		-		49,751,421		3,577		49,747,844
SCGF		2,124,906		34,115,035		24,818,906		1,250		24,820,156		-		24,820,156
SCVF		4,700,285		43,351,070		39,811,410		-		39,811,410		4,883		39,806,527
TRF		2,142,890		42,556,929		47,143,587		-		47,143,587		3,138		47,140,449
AMCG		53,989		1,676,519		1,216,917		-		1,216,917		41		1,216,876
AMMCGS		39,481		1,042,236		767,121		-		767,121		7		767,114
AMRI		2,965		49,257		45,072		24		45,096		-		45,096
AMSRS		81,185		2,114,035		2,175,757		15		2,175,772		-		2,175,772
AMTB		315,709		3,338,746		3,011,861		-		3,011,861		70,996		2,940,865
NOTB3		14,626		103,409		61,721		3		61,724		-		61,724
NOTG3		9,303		76,800		50,513		-		50,513		-		50,513
NOTMG3		61,537		251,008		133,535		-		133,535		6		133,529
PMVAAA		447,877		4,702,499		3,860,699		19		3,860,718		-		3,860,718
PMVFBA		126,342		1,161,630		923,557		7		923,564		-		923,564
PMVFHA		289,047		2,830,386		2,748,841		-		2,748,841		42		2,748,799
PMVGBA		102,594		1,089,376		969,516		2		969,518		-		969,518
PMVHYA		79,745		612,204		539,871		-		539,871		20		539,851
PMVID		1,555,874		15,147,135		15,076,415		-		15,076,415		10		15,076,405
PMVII		550		5,331		5,325		-		5,325		2		5,323
PMVLDA		3,843,754		39,317,349		36,438,792		-		36,438,792		443		36,438,349
PMVLGA		1,317,629		17,421,758		10,317,036		1		10,317,037		-		10,317,037
PMVRRA		3,770,723		49,929,554		43,363,309		-		43,363,309		47		43,363,262
PMVRSA		171,786		1,508,978		1,183,608		-		1,183,608		5		1,183,603
PMVTRA		6,782,060		73,313,600		60,902,897		-		60,902,897		110		60,902,787
PVSTA		5,298		53,340		53,509		6		53,515		-		53,515
PVEIB		109,106		2,848,913		2,953,510		-		2,953,510		469		2,953,041
PVGOB		175,686		2,332,891		1,663,743		-		1,663,743		2,572		1,661,171
PVTIGB		69,925		1,043,645		901,331		-		901,331		4		901,327
PVTSCB		123,404		1,476,473		1,308,085		19		1,308,104		-		1,308,104
ROCMC		275,454		2,765,141		2,126,506		9		2,126,515		-		2,126,515
TRBCGP		2,847,342		121,021,512		88,096,753		-		88,096,753		70		88,096,683
TREI2		589,555		16,104,655		15,829,547		-		15,829,547		84		15,829,463
TRHS2		247,249		12,912,177		12,985,495		-		12,985,495		593		12,984,902
TRLT1		5,889,290		29,047,316		27,031,843		-		27,031,843		30		27,031,813
TRMCG2		1,239,078		36,778,887		29,898,960		-		29,898,960		29		29,898,931
TRNAG1		2,024,938		74,567,206		58,034,728		14		58,034,742		-		58,034,742
TRPSB1		365,133		7,903,470		6,503,020		-		6,503,020		2		6,503,018
VWEM		686,079		8,529,069		5,968,885		-		5,968,885		26		5,968,859

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
VWHA		693,272		16,856,694		19,681,997		-		19,681,997		443		19,681,554
VVB		748,531		18,129,254		16,258,089		-		16,258,089		34		16,258,055
VVCG		22		886		857		-		857		1		856
VVDV		11,395		158,298		159,650		-		159,650		13		159,637
VVEI		72,941		1,720,060		1,758,615		4		1,758,619		-		1,758,619
VVEIX		3,226		154,651		163,694		-		163,694		1		163,693
VVG		899,222		17,729,116		16,302,893		-		16,302,893		22		16,302,871
VVGBI		6,967		138,604		124,223		3		124,226		-		124,226
VVHGB		3,718,330		45,166,875		38,373,167		-		38,373,167		43		38,373,124
VVHYB		61		437		427		-		427		3		424
VVI		435,019		12,693,162		9,796,619		-		9,796,619		9		9,796,610
VVMCI		1,113,491		24,372,632		23,806,447		-		23,806,447		9		23,806,438
VVREI		200,740		2,599,803		2,314,530		-		2,314,530		14		2,314,516
VVSCG		423,509		7,868,816		6,259,463		-		6,259,463		4		6,259,459
VVSTC		47,290		475,786		469,113		2		469,115		-		469,115
VVTISI		625,991		12,572,848		11,925,120		-		11,925,120		4		11,925,116
VVTSM		6,489		324,093		274,501		6		274,507		-		274,507
VRVDRI		222,279		4,795,995		4,012,133		-		4,012,133		4		4,012,129

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

** For all subaccounts not included herein but listed as an investment option in note 1(b), Total Assets and Contract Owners’ Equity at the end of the period are $0. See note 1(b) for all investments available for which no policyholders were invested at December 31, 2022, if applicable.

*** If zero shares are listed, there is ownership of the fund, however it is less than one full share.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	ALVDAA			ALVGIA			ALVIVA			ALVIVB			ALVSVA			SVDF			SVOF			WFVSCG
Reinvested dividends	$	1,842			440,875			173,578			5,200			183,121			-			-			-
Mortality and expense risk charges (note 3)		-			(40,439	)		(2,623	)		-			(5,794	)		(13,137	)		(8,061	)		(9,205	)
Net investment income (loss)		1,842			400,436			170,955			5,200			177,327			(13,137	)		(8,061	)		(9,205	)
Realized gain (loss) on investments		(972	)		646,311			(3,067	)		(42,091	)		(144,055	)		(1,840,607	)		(53,873	)		77,428
Change in unrealized gain (loss) on investments		(30,498	)		(7,287,051	)		(755,372	)		15,956			(5,396,450	)		(15,376,329	)		(3,523,498	)		(5,552,621	)
Net gain (loss) on investments		(31,470	)		(6,640,740	)		(758,439	)		(26,135	)		(5,540,505	)		(17,216,936	)		(3,577,371	)		(5,475,193	)
Reinvested capital gains		20,059			5,017,930			-			-			2,469,319			6,669,838			1,581,886			1,440,884
Net increase (decrease) in contract owners’ equity resulting from operations	$	(9,569	)		(1,222,374	)		(587,484	)		(20,935	)		(2,893,859	)		(10,560,235	)		(2,003,546	)		(4,043,514	)
Investment Activity*:	ACVCA			ACVI			ACVIG			ACVIP1			ACVIP2			ACVMV1			ACVU1			ACVV
Reinvested dividends	$	-			26,734			392,183			1,507,354			389,963			282,727			-			318,467
Mortality and expense risk charges (note 3)		(1,468	)		(1,836	)		(3,278	)		(45,644	)		-			(7,609	)		-			(18,161	)
Net investment income (loss)		(1,468	)		24,898			388,905			1,461,710			389,963			275,118			-			300,306
Realized gain (loss) on investments		(254,314	)		2,692			(112,351	)		309,307			(9,684	)		20,575			(1	)		1,298,977
Change in unrealized gain (loss) on investments		(70,597	)		(875,230	)		(8,945,140	)		(6,193,554	)		(1,529,894	)		(1,983,020	)		-			(2,909,753	)
Net gain (loss) on investments		(324,911	)		(872,538	)		(9,057,491	)		(5,884,247	)		(1,539,578	)		(1,962,445	)		(1	)		(1,610,776	)
Reinvested capital gains		92,011			281,401			5,500,402			158,673			40,227			1,525,340			-			1,278,461
Net increase (decrease) in contract owners’ equity resulting from operations	$	(234,368	)		(566,239	)		(3,168,184	)		(4,263,864	)		(1,109,388	)		(161,987	)		(1	)		(32,009	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	AMVAA2			AMVBC4			AMVBD2			AMVGB2			AMVGI2			AMVGR2			AMVGS2			AMVGV2
Reinvested dividends	$	262,282			2,047			1,599,129			10,930			23,900			149,816			-			3,051
Mortality and expense risk charges (note 3)		(15,068	)		-			(54,805	)		(2,625	)		3,414			(67,147	)		(4,478	)		(27	)
Net investment income (loss)		247,214			2,047			1,544,324			8,305			27,314			82,669			(4,478	)		3,024
Realized gain (loss) on investments		183,111			1,108			(84,554	)		(227,176	)		163,006			1,666,172			(55,862	)		3
Change in unrealized gain (loss) on investments		(3,828,344	)		4,020			(9,654,589	)		(762,426	)		(706,770	)		(25,373,710	)		(1,855,562	)		(2,704	)
Net gain (loss) on investments		(3,645,233	)		5,128			(9,739,143	)		(989,602	)		(543,764	)		(23,707,538	)		(1,911,424	)		(2,701	)
Reinvested capital gains		1,381,229			4			627,711			72,038			178,588			6,598,333			864,727			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,016,790	)		7,179			(7,567,108	)		(909,259	)		(337,862	)		(17,026,536	)		(1,051,175	)		323
Investment Activity*:	AMVI2			AMVNW2			PIHYB1			BRVHYI			MLVGA2			MLVLC2			DCAP			DSC
Reinvested dividends	$	385,391			133,858			136,560			1,059,870			-			7,836			24,566			-
Mortality and expense risk charges (note 3)		(28,698	)		(10,365	)		(3,398	)		(26,420	)		(2,417	)		(1,812	)		(4,031	)		-
Net investment income (loss)		356,693			123,493			133,162			1,033,450			(2,417	)		6,024			20,535			-
Realized gain (loss) on investments		(551,394	)		(881,152	)		(56,221	)		(361,252	)		(30,758	)		(29,288	)		(386,371	)		(52,133	)
Change in unrealized gain (loss) on investments		(8,751,603	)		(4,110,577	)		(420,473	)		(3,002,073	)		(1,949,687	)		(228,491	)		(1,621,374	)		(399,884	)
Net gain (loss) on investments		(9,302,997	)		(4,991,729	)		(476,694	)		(3,363,325	)		(1,980,445	)		(257,779	)		(2,007,745	)		(452,017	)
Reinvested capital gains		3,086,765			872,648			-			-			117,326			14,867			1,150,961			235,210
Net increase (decrease) in contract owners’ equity resulting from operations	$	(5,859,539	)		(3,995,588	)		(343,532	)		(2,329,875	)		(1,865,536	)		(236,888	)		(836,249	)		(216,807	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	DSIF			DSRG			DVMCS			DVSCS			CVSPIP			SASP5I			DAVVL			DWVEMS
Reinvested dividends	$	11,604,729			76,218			15,135			1,014,793			7,604			1,043,116			66,987			194,001
Mortality and expense risk charges (note 3)		(916,317	)		(307	)		(3,710	)		(151,240	)		(1,376	)		(91,102	)		(7,738	)		(10,173	)
Net investment income (loss)		10,688,412			75,911			11,425			863,553			6,228			952,014			59,249			183,828
Realized gain (loss) on investments		24,435,237			288,109			134,155			19,324,441			18,054			5,254,551			22,986			(30,043	)
Change in unrealized gain (loss) on investments		(291,591,579	)		(5,464,074	)		(981,480	)		(56,534,035	)		(206,937	)		(23,980,435	)		(2,447,993	)		(1,939,058	)
Net gain (loss) on investments		(267,156,342	)		(5,175,965	)		(847,325	)		(37,209,594	)		(188,883	)		(18,725,884	)		(2,425,007	)		(1,969,101	)
Reinvested capital gains		73,954,318			1,043,872			510,502			13,588,509			46,812			648,284			1,178,964			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(182,513,612	)		(4,056,182	)		(325,398	)		(22,757,532	)		(135,843	)		(17,125,586	)		(1,186,794	)		(1,785,273	)
Investment Activity*:	DWVSVS			DFVEA			DFVGMI			DFVIPS			DFVIS			DFVIV			DFVSTF			DFVULV
Reinvested dividends	$	111,463			399			3,789			532,371			530			2,964			-			266,153
Mortality and expense risk charges (note 3)		(32,424	)		64			-			(7,697	)		26			172			15			(14,684	)
Net investment income (loss)		79,039			463			3,789			524,674			556			3,136			15			251,469
Realized gain (loss) on investments		719,944			(13,152	)		(1,537	)		(705	)		238			3,431			(156	)		366,573
Change in unrealized gain (loss) on investments		(5,118,028	)		(1,239	)		(24,847	)		(1,490,482	)		(4,577	)		(9,639	)		-			(1,500,690	)
Net gain (loss) on investments		(4,398,084	)		(14,391	)		(26,384	)		(1,491,187	)		(4,339	)		(6,208	)		(156	)		(1,134,117	)
Reinvested capital gains		1,486,000			585			3,698			-			361			824			-			143,857
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,833,045	)		(13,343	)		(18,897	)		(966,513	)		(3,422	)		(2,248	)		(141	)		(738,791	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	DFVUTV			DSGIBA			SVSLVB			SVSSVB			ETVFR			FQB			FVU2			FVUS2
Reinvested dividends	$	74,117			13,217			1,847			571			1,095,312			498,864			15,601			11,183
Mortality and expense risk charges (note 3)		(6,267	)		-			(116	)		(133	)		(47,341	)		(8,173	)		-			(541	)
Net investment income (loss)		67,850			13,217			1,731			438			1,047,971			490,691			15,601			10,642
Realized gain (loss) on investments		138,641			1,009			3,279			(19	)		(665,167	)		(148,688	)		(9,887	)		(96,369	)
Change in unrealized gain (loss) on investments		(882,002	)		(103,551	)		(26,909	)		(25,054	)		(1,192,850	)		(2,607,003	)		(332,801	)		3,550
Net gain (loss) on investments		(743,361	)		(102,542	)		(23,630	)		(25,073	)		(1,858,017	)		(2,755,691	)		(342,688	)		(92,819	)
Reinvested capital gains		439,019			38,347			1,876			1,806			-			296,516			195,591			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(236,492	)		(50,978	)		(20,023	)		(22,829	)		(810,046	)		(1,968,484	)		(131,496	)		(82,177	)
Investment Activity*:	FCS			FEIS			FEMS			FF05S			FF10S			FF15S			FF20S			FF25S
Reinvested dividends	$	147,340			1,212,736			181,027			10,280			62,727			177,830			551,845			707,423
Mortality and expense risk charges (note 3)		(57,815	)		(22,277	)		(14,192	)		(592	)		(383	)		(9,048	)		(25,332	)		(54,596	)
Net investment income (loss)		89,525			1,190,459			166,835			9,688			62,344			168,782			526,513			652,827
Realized gain (loss) on investments		2,766,899			591,487			192,561			(35,786	)		(14,244	)		(41,264	)		(296,200	)		618,871
Change in unrealized gain (loss) on investments		(17,931,730	)		(7,761,563	)		(3,032,268	)		(86,724	)		(704,936	)		(2,446,383	)		(8,271,636	)		(10,443,339	)
Net gain (loss) on investments		(15,164,831	)		(7,170,076	)		(2,839,707	)		(122,510	)		(719,180	)		(2,487,647	)		(8,567,836	)		(9,824,468	)
Reinvested capital gains		1,797,221			2,242,943			-			37,368			184,386			864,524			2,965,944			2,305,636
Net increase (decrease) in contract owners’ equity resulting from operations	$	(13,278,085	)		(3,736,674	)		(2,672,872	)		(75,454	)		(472,450	)		(1,454,341	)		(5,075,379	)		(6,866,005	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	FF30S			FF35S			FF40S			FF45S			FF50S			FF55S			FF60S			FF65S
Reinvested dividends	$	1,056,956			170,617			437,864			24,481			58,316			4,310			15,750			100
Mortality and expense risk charges (note 3)		(63,468	)		(15,074	)		(45,234	)		(2,223	)		(5,863	)		163			291			(7	)
Net investment income (loss)		993,488			155,543			392,630			22,258			52,453			4,473			16,041			93
Realized gain (loss) on investments		266,706			299,660			621,351			(51,429	)		33,325			(56,048	)		(173,317	)		(44	)
Change in unrealized gain (loss) on investments		(15,762,802	)		(2,918,442	)		(9,394,568	)		(388,937	)		(837,681	)		(40,509	)		(41,533	)		(1,574	)
Net gain (loss) on investments		(15,496,096	)		(2,618,782	)		(8,773,217	)		(440,366	)		(804,356	)		(96,557	)		(214,850	)		(1,618	)
Reinvested capital gains		3,660,264			601,718			2,317,612			113,523			161,067			19,875			45,542			319
Net increase (decrease) in contract owners’ equity resulting from operations	$	(10,842,344	)		(1,861,521	)		(6,062,975	)		(304,585	)		(590,836	)		(72,209	)		(153,267	)		(1,206	)
Investment Activity*:	FFINS			FGOS			FGS			FHIS			FIGBS			FIP			FMCS			FMMP
Reinvested dividends	$	29,194			-			763,887			519,297			3,361,901			51,546			139,088			108,893
Mortality and expense risk charges (note 3)		(1,700	)		(473	)		(73,148	)		(4,795	)		(193,640	)		6,194			(11,877	)		(8,047	)
Net investment income (loss)		27,494			(473	)		690,739			514,502			3,168,261			57,740			127,211			100,846
Realized gain (loss) on investments		(22,477	)		3,376			5,262,988			(164,717	)		(4,006,866	)		(17,753	)		(161,467	)		-
Change in unrealized gain (loss) on investments		(239,215	)		(345,261	)		(62,364,531	)		(1,655,497	)		(30,539,543	)		(701,437	)		(8,254,382	)		-
Net gain (loss) on investments		(261,692	)		(341,885	)		(57,101,543	)		(1,820,214	)		(34,546,409	)		(719,190	)		(8,415,849	)		-
Reinvested capital gains		44,598			92,046			11,247,963			-			8,376,643			21,513			2,273,378			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(189,600	)		(250,312	)		(45,162,841	)		(1,305,712	)		(23,001,505	)		(639,937	)		(6,015,260	)		100,846

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	FNRS2		FOS			FRESS			FVBIS			FVEMIS			FVIIS			FVMIS			FVSS
Reinvested dividends	$	227,735		172,835			35,608			8			92			209			3,079			46,706
Mortality and expense risk charges (note 3)		-		(1,447	)		(3,475	)		1			5			20			316			(132	)
Net investment income (loss)		227,735		171,388			32,133			9			97			229			3,395			46,574
Realized gain (loss) on investments		701,366		224,617			180,838			(193	)		(178	)		(39	)		752			56,179
Change in unrealized gain (loss) on investments		2,714,701		(6,123,760	)		(1,057,616	)		45			(281	)		(854	)		(57,137	)		(661,343	)
Net gain (loss) on investments		3,416,067		(5,899,143	)		(876,778	)		(148	)		(459	)		(893	)		(56,385	)		(605,164	)
Reinvested capital gains		-		164,003			73,672			-			110			-			409			204,685
Net increase (decrease) in contract owners’ equity resulting from operations	$	3,643,802		(5,563,752	)		(770,973	)		(139	)		(252	)		(664	)		(52,581	)		(353,905	)
Investment Activity*:	FVSS2		FTVDM2			FTVFA2			FTVGB1			FTVGI2			FTVIS2			FTVMD2			FTVSV2
Reinvested dividends	$	413		71,091			7,947			-			-			263,115			3,001			102,772
Mortality and expense risk charges (note 3)		-		-			-			(14,935	)		(76	)		-			(442	)		(13,084	)
Net investment income (loss)		413		71,091			7,947			(14,935	)		(76	)		263,115			2,559			89,688
Realized gain (loss) on investments		34,346		4,506			(30,339	)		(1,159,727	)		(281,628	)		22,579			63,515			169,763
Change in unrealized gain (loss) on investments		202		(1,037,251	)		(122,829	)		671,515			31,253			(700,156	)		(110,260	)		(3,437,708	)
Net gain (loss) on investments		34,548		(1,032,745	)		(153,168	)		(488,212	)		(250,375	)		(677,577	)		(46,745	)		(3,267,945	)
Reinvested capital gains		1,755		205,423			47,765			-			-			106,800			17,948			1,939,439
Net increase (decrease) in contract owners’ equity resulting from operations	$	36,716		(756,231	)		(97,456	)		(503,147	)		(250,451	)		(307,662	)		(26,238	)		(1,238,818	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	FTVSVI			TIF			TIF2			GVCSE			GVGMNS			GVGOPS			GVMCE			GVMSAS
Reinvested dividends	$	134,097			23,022			297,061			4,410			-			-			61,864			1,168
Mortality and expense risk charges (note 3)		-			-			(8,486	)		(949	)		-			(1,531	)		(14,832	)		-
Net investment income (loss)		134,097			23,022			288,575			3,461			-			(1,531	)		47,032			1,168
Realized gain (loss) on investments		(266,651	)		(21,820	)		(400,959	)		1,740			86			(158,670	)		938,595			(1,041	)
Change in unrealized gain (loss) on investments		(3,013,248	)		(59,252	)		(746,353	)		(359,904	)		(6,097	)		(188,595	)		(3,511,084	)		(2,324	)
Net gain (loss) on investments		(3,279,899	)		(81,072	)		(1,147,312	)		(358,164	)		(6,011	)		(347,265	)		(2,572,489	)		(3,365	)
Reinvested capital gains		1,925,540			-			-			14,788			841			23,825			1,330,394			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,220,262	)		(58,050	)		(858,737	)		(339,915	)		(5,170	)		(324,971	)		(1,195,063	)		(2,197	)
Investment Activity*:	RVARS			ACEG			ACGI			AVHY1			AVIE			AVMCCI			AVSCE			IVBRA1
Reinvested dividends	$	4,089			-			77,206			24,862			525,935			633			-			98,793
Mortality and expense risk charges (note 3)		-			-			(6,034	)		(1,212	)		(55,941	)		(117	)		(388	)		-
Net investment income (loss)		4,089			-			71,172			23,650			469,994			516			(388	)		98,793
Realized gain (loss) on investments		4,040			138,059			104,393			(102,322	)		(819,705	)		(8,562	)		(37,033	)		(49,382	)
Change in unrealized gain (loss) on investments		(23,911	)		(1,169,824	)		(910,867	)		(26,216	)		(10,129,589	)		(83,118	)		(31,353	)		(311,543	)
Net gain (loss) on investments		(19,871	)		(1,031,765	)		(806,474	)		(128,538	)		(10,949,294	)		(91,680	)		(68,386	)		(360,925	)
Reinvested capital gains		3,552			359,560			439,324			-			3,354,803			37,799			29,407			46,034
Net increase (decrease) in contract owners’ equity resulting from operations	$	(12,230	)		(672,205	)		(295,978	)		(104,888	)		(7,124,497	)		(53,365	)		(39,367	)		(216,098	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	MSVMV			OVAG			OVGI			OVGR			OVGS			OVIG			OVSB			OVSC
Reinvested dividends	$	-			-			120,696			-			-			-			-			47,454
Mortality and expense risk charges (note 3)		-			(8,108	)		(9,482	)		(12,153	)		(51,040	)		(29,568	)		-			(1,811	)
Net investment income (loss)		-			(8,108	)		111,214			(12,153	)		(51,040	)		(29,568	)		-			45,643
Realized gain (loss) on investments		-			1,742,066			33,671			215,716			2,595,390			(751,414	)		(692,045	)		53,183
Change in unrealized gain (loss) on investments		(1	)		(30,996,049	)		(5,176,363	)		(9,057,352	)		(47,233,631	)		(9,443,159	)		(1,255,120	)		(2,718,761	)
Net gain (loss) on investments		(1	)		(29,253,983	)		(5,142,692	)		(8,841,636	)		(44,638,241	)		(10,194,573	)		(1,947,165	)		(2,665,578	)
Reinvested capital gains		-			11,901,512			3,110,961			4,182,129			12,484,552			3,714,987			-			1,029,646
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1	)		(17,360,579	)		(1,920,517	)		(4,671,660	)		(32,204,729	)		(6,509,154	)		(1,947,165	)		(1,590,289	)
Investment Activity*:	WRASP			WRGP			WRHIP			WRMCG			WRRESP			WRSTP			JPMMV1			JPSCE1
Reinvested dividends	$	91,632			-			807,167			-			66,166			-			480,351			4,667
Mortality and expense risk charges (note 3)		(948	)		(4,476	)		(19,150	)		(5,440	)		(8,785	)		(2,449	)		(76,689	)		(1,667	)
Net investment income (loss)		90,684			(4,476	)		788,017			(5,440	)		57,381			(2,449	)		403,662			3,000
Realized gain (loss) on investments		42,605			26,409			(532,136	)		(8,192	)		393,031			(2,225,046	)		503,245			25,214
Change in unrealized gain (loss) on investments		(1,674,679	)		(3,313,813	)		(1,790,947	)		(2,876,862	)		(3,650,257	)		(1,956,941	)		(12,490,189	)		(476,039	)
Net gain (loss) on investments		(1,632,074	)		(3,287,404	)		(2,323,083	)		(2,885,054	)		(3,257,226	)		(4,181,987	)		(11,986,944	)		(450,825	)
Reinvested capital gains		477,150			1,401,592			-			919,967			986,981			996,423			7,219,624			216,783
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,064,240	)		(1,890,288	)		(1,535,066	)		(1,970,527	)		(2,212,864	)		(3,188,013	)		(4,363,658	)		(231,042	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	JABS			JACAS			JAEI			JAFBS			JAGTS			JAIGS			JAMGS			JAMVS
Reinvested dividends	$	334,675			25,654			2,530			142,714			-			392,272			28,082			10,786
Mortality and expense risk charges (note 3)		(48,074	)		(9,647	)		-			(8,106	)		(12,242	)		(5,740	)		(51,968	)		(1,862	)
Net investment income (loss)		286,601			16,007			2,530			134,608			(12,242	)		386,532			(23,886	)		8,924
Realized gain (loss) on investments		3,439,286			1,184,900			(39,325	)		(371,696	)		765,122			(99,974	)		36,163			(128	)
Change in unrealized gain (loss) on investments		(12,956,038	)		(34,169,647	)		(431,387	)		(950,312	)		(23,733,301	)		(2,672,067	)		(13,110,314	)		(140,513	)
Net gain (loss) on investments		(9,516,752	)		(32,984,747	)		(470,712	)		(1,322,008	)		(22,968,179	)		(2,772,041	)		(13,074,151	)		(140,641	)
Reinvested capital gains		1,042,184			8,703,592			204,676			109,381			5,978,088			-			6,148,285			73,165
Net increase (decrease) in contract owners’ equity resulting from operations	$	(8,187,967	)		(24,265,148	)		(263,506	)		(1,078,019	)		(17,002,333	)		(2,385,509	)		(6,949,752	)		(58,552	)
Investment Activity*:	LZREMS			SBVSG			BNCAI			LOVBD			LOVSDC			LOVTRC			MNVFRS			M3GREI
Reinvested dividends	$	313,988			-			-			180,623			530,672			680,745			4,129			421
Mortality and expense risk charges (note 3)		(16,900	)		(32,762	)		(8,054	)		(7,076	)		(29,681	)		(35,162	)		(133	)		78
Net investment income (loss)		297,088			(32,762	)		(8,054	)		173,547			500,991			645,583			3,996			499
Realized gain (loss) on investments		(180,563	)		609,934			361,616			(37,203	)		(547,322	)		(496,329	)		(51	)		(60	)
Change in unrealized gain (loss) on investments		(1,764,786	)		(9,090,243	)		(2,851,388	)		(712,945	)		(1,121,232	)		(3,257,875	)		(4,907	)		(8,484	)
Net gain (loss) on investments		(1,945,349	)		(8,480,309	)		(2,489,772	)		(750,148	)		(1,668,554	)		(3,754,204	)		(4,958	)		(8,544	)
Reinvested capital gains		-			438,348			441,919			10,823			-			45,931			-			1,837
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,648,261	)		(8,074,723	)		(2,055,907	)		(565,778	)		(1,167,563	)		(3,062,690	)		(962	)		(6,208	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	M3GRES			MEGSS			MMCGSC			MNDIC			MNDSC			MV2EEI			MV2EES			MV2IGI
Reinvested dividends	$	1,292			-			-			-			-			168			6,456			4,764
Mortality and expense risk charges (note 3)		(271	)		-			(2,694	)		-			2,245			6			(151	)		-
Net investment income (loss)		1,021			-			(2,694	)		-			2,245			174			6,305			4,764
Realized gain (loss) on investments		(5,096	)		(814	)		(197,693	)		(59,772	)		(1,209,680	)		(93	)		(9,235	)		91,337
Change in unrealized gain (loss) on investments		(33,750	)		70			(1,075,336	)		(813,825	)		(1,514,950	)		(751	)		(42,358	)		(1,768,303	)
Net gain (loss) on investments		(38,846	)		(744	)		(1,273,029	)		(873,597	)		(2,724,630	)		(844	)		(51,593	)		(1,676,966	)
Reinvested capital gains		6,940			-			461,608			344,274			1,336,657			277			11,503			616,977
Net increase (decrease) in contract owners’ equity resulting from operations	$	(30,885	)		(744	)		(814,115	)		(529,323	)		(1,385,728	)		(393	)		(33,785	)		(1,055,225	)
Investment Activity*:	MV2RIS			MV3MVI			MV3MVS			MVBRES			MVFIC			MVFSC			MVIGIC			MVIVSC
Reinvested dividends	$	614,232			3,269			9,562			18,824			161,935			1,269,788			2,720			453,115
Mortality and expense risk charges (note 3)		(38,675	)		-			(1,718	)		(3,725	)		-			(175,183	)		-			(140,327	)
Net investment income (loss)		575,557			3,269			7,844			15,099			161,935			1,094,605			2,720			312,788
Realized gain (loss) on investments		(21,711	)		(4,168	)		148,165			96,418			204,985			1,472,360			(1,672	)		4,260,591
Change in unrealized gain (loss) on investments		(8,938,141	)		(60,624	)		(379,020	)		(859,545	)		(1,828,514	)		(17,188,993	)		(95,086	)		(35,726,046	)
Net gain (loss) on investments		(8,959,852	)		(64,792	)		(230,855	)		(763,127	)		(1,623,529	)		(15,716,633	)		(96,758	)		(31,465,455	)
Reinvested capital gains		859,858			27,256			100,515			374,959			690,171			6,684,261			25,809			3,990,323
Net increase (decrease) in contract owners’ equity resulting from operations	$	(7,524,437	)		(34,267	)		(122,496	)		(373,069	)		(771,423	)		(7,937,767	)		(68,229	)		(27,162,344	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	MVRBSS			MSEM			MSVEG			MSVFI			MSVMG			MSVRE			VKVGR2			DTRTFB
Reinvested dividends	$	91,735			397,159			-			83,394			-			67,978			123,412			14,365
Mortality and expense risk charges (note 3)		(3,253	)		(3,817	)		(9,088	)		-			(2,180	)		(6,638	)		(5,015	)		-
Net investment income (loss)		88,482			393,342			(9,088	)		83,394			(2,180	)		61,340			118,397			14,365
Realized gain (loss) on investments		(185,602	)		(476,150	)		(15,264,044	)		(133,960	)		(3,297,556	)		(179,260	)		480,470			(3,198	)
Change in unrealized gain (loss) on investments		(537,433	)		(1,236,849	)		1,966,795			(354,266	)		590,662			(2,875,617	)		(1,594,000	)		(83,939	)
Net gain (loss) on investments		(723,035	)		(1,712,999	)		(13,297,249	)		(488,226	)		(2,706,894	)		(3,054,877	)		(1,113,530	)		(87,137	)
Reinvested capital gains		43,425			-			4,225,290			37,235			701,878			1,189,479			109,185			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(591,128	)		(1,319,657	)		(9,081,047	)		(367,597	)		(2,007,196	)		(1,804,058	)		(885,948	)		(72,772	)
Investment Activity*:	EIF			GBF			GEM			GIG			GVAAA2			GVABD2			GVAGG2			GVAGI2
Reinvested dividends	$	225,166			2,249,641			101,228			578,183			-			-			-			-
Mortality and expense risk charges (note 3)		(2,794	)		(105,726	)		(4,681	)		(9,852	)		-			-			-			-
Net investment income (loss)		222,372			2,143,915			96,547			568,331			-			-			-			-
Realized gain (loss) on investments		710,523			(937,419	)		(27,371	)		(333,774	)		226,461			1,170			264,543			80,796
Change in unrealized gain (loss) on investments		(3,071,083	)		(16,635,919	)		(3,406,254	)		(4,893,862	)		(2,649,172	)		(284,669	)		(3,703,474	)		(1,232,923	)
Net gain (loss) on investments		(2,360,560	)		(17,573,338	)		(3,433,625	)		(5,227,636	)		(2,422,711	)		(283,499	)		(3,438,931	)		(1,152,127	)
Reinvested capital gains		1,512,982			-			-			1,966,652			470,617			35,971			517,168			125,065
Net increase (decrease) in contract owners’ equity resulting from operations	$	(625,206	)		(15,429,423	)		(3,337,078	)		(2,692,653	)		(1,952,094	)		(247,528	)		(2,921,763	)		(1,027,062	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	GVAGR2			GVDMA			GVDMC			GVEX1			GVIDA			GVIDC			GVIDM			GVIX2
Reinvested dividends	$	-			-			-			213,770			-			-			-			137,223
Mortality and expense risk charges (note 3)		-			(67,405	)		(15,451	)		-			(28,933	)		(14,215	)		(30,103	)		-
Net investment income (loss)		-			(67,405	)		(15,451	)		213,770			(28,933	)		(14,215	)		(30,103	)		137,223
Realized gain (loss) on investments		843,498			(76,186	)		(494,667	)		683,624			(820,799	)		(151,904	)		(2,706,768	)		8,810
Change in unrealized gain (loss) on investments		(10,129,951	)		(61,600,279	)		(6,965,312	)		(14,792,243	)		(21,705,013	)		(3,052,298	)		(30,162,677	)		(712,809	)
Net gain (loss) on investments		(9,286,453	)		(61,676,465	)		(7,459,979	)		(14,108,619	)		(22,525,812	)		(3,204,202	)		(32,869,445	)		(703,999	)
Reinvested capital gains		2,154,434			37,578,497			3,872,999			10,627,511			12,342,814			1,141,773			19,437,481			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(7,132,019	)		(24,165,373	)		(3,602,431	)		(3,267,338	)		(10,211,931	)		(2,076,644	)		(13,462,067	)		(566,776	)
Investment Activity*:	HIBF			IDPG			IDPGI			MCIF			MSBF			NCPG			NCPGI			NJMMAY
Reinvested dividends	$	1,130,728			-			-			1,539,183			390,007			-			-			-
Mortality and expense risk charges (note 3)		(19,976	)		-			-			(147,846	)		(3,349	)		-			-			2,040
Net investment income (loss)		1,110,752			-			-			1,391,337			386,658			-			-			2,040
Realized gain (loss) on investments		(355,261	)		(816	)		163			(1,424,025	)		(53,183	)		12,662			6			(521	)
Change in unrealized gain (loss) on investments		(3,472,621	)		(94,065	)		(1,111	)		(52,214,289	)		(583,504	)		(35,844	)		(2,905	)		(141,384	)
Net gain (loss) on investments		(3,827,882	)		(94,881	)		(948	)		(53,638,314	)		(636,687	)		(23,182	)		(2,899	)		(141,905	)
Reinvested capital gains		-			47,459			156			32,565,437			-			-			-			11,753
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,717,130	)		(47,422	)		(792	)		(19,681,540	)		(250,029	)		(23,182	)		(2,899	)		(128,112	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	NVAMV1			NVAMVX			NVBX			NVCBD1			NVCCA1			NVCCN1			NVCMA1			NVCMC1
Reinvested dividends	$	459,795			373,763			7,353,375			46,050			-			-			-			-
Mortality and expense risk charges (note 3)		-			(11,535	)		(322,547	)		-			292			(1,065	)		(2,645	)		334
Net investment income (loss)		459,795			362,228			7,030,828			46,050			292			(1,065	)		(2,645	)		334
Realized gain (loss) on investments		(121,910	)		1,005,843			(1,675,625	)		(97,741	)		47,713			57,081			(105,918	)		31,286
Change in unrealized gain (loss) on investments		(6,222,164	)		(5,335,277	)		(49,235,209	)		(307,287	)		(985,741	)		(600,081	)		(1,467,430	)		(411,388	)
Net gain (loss) on investments		(6,344,074	)		(4,329,434	)		(50,910,834	)		(405,028	)		(938,028	)		(543,000	)		(1,573,348	)		(380,102	)
Reinvested capital gains		5,323,266			3,692,382			2,428,616			2,133			198,115			76,408			163,451			65,024
Net increase (decrease) in contract owners’ equity resulting from operations	$	(561,013	)		(274,824	)		(41,451,390	)		(356,845	)		(739,621	)		(467,657	)		(1,412,542	)		(314,744	)
Investment Activity*:	NVCMD1			NVCRA1			NVCRB1			NVDBL2			NVDCA2			NVDCAP			NVFIII			NVGEII
Reinvested dividends	$	-			-			-			-			-			-			1,914			1,926
Mortality and expense risk charges (note 3)		(3,998	)		(530	)		(964	)		-			-			-			-			-
Net investment income (loss)		(3,998	)		(530	)		(964	)		-			-			-			1,914			1,926
Realized gain (loss) on investments		(144,456	)		256,661			199,254			(65,844	)		(19,536	)		(23,777	)		(5,291	)		3,521
Change in unrealized gain (loss) on investments		(1,686,806	)		(797,395	)		(1,386,220	)		(575,395	)		(307,347	)		(106,874	)		(15,672	)		(22,174	)
Net gain (loss) on investments		(1,831,262	)		(540,734	)		(1,186,966	)		(641,239	)		(326,883	)		(130,651	)		(20,963	)		(18,653	)
Reinvested capital gains		309,357			12,514			212,992			351,314			200,816			83,812			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,525,903	)		(528,750	)		(974,938	)		(289,925	)		(126,067	)		(46,839	)		(19,049	)		(16,727	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	NVIDMP			NVIE6			NVIX			NVLCP1			NVMIG1			NVMIVX			NVMLG1			NVMMG1
Reinvested dividends	$	-			7,054			1,284,378			110,912			-			213,189			1,184,818			-
Mortality and expense risk charges (note 3)		-			-			(40,526	)		-			(182	)		-			(3,652	)		(1,004	)
Net investment income (loss)		-			7,054			1,243,852			110,912			(182	)		213,189			1,181,166			(1,004	)
Realized gain (loss) on investments		(4,356	)		1,851			48,616			(159,342	)		(996,038	)		82,234			(1,521,988	)		(1,204,774	)
Change in unrealized gain (loss) on investments		(1,910,451	)		(67,793	)		(6,708,515	)		(744,909	)		(7,947,699	)		(665,053	)		(6,830,075	)		(31,892,107	)
Net gain (loss) on investments		(1,914,807	)		(65,942	)		(6,659,899	)		(904,251	)		(8,943,737	)		(582,819	)		(8,352,063	)		(33,096,881	)
Reinvested capital gains		1,254,546			25,267			-			56,064			616,172			-			4,223,296			10,837,620
Net increase (decrease) in contract owners’ equity resulting from operations	$	(660,261	)		(33,621	)		(5,416,047	)		(737,275	)		(8,327,747	)		(369,630	)		(2,947,601	)		(22,260,265	)
Investment Activity*:	NVMMV1			NVMMV2			NVNMO1			NVNSR1			NVOLG1			NVRE1			NVSIX2			NVSIXD
Reinvested dividends	$	167,731			169,471			73,642			918			2,345,337			551,474			20,140			2,037
Mortality and expense risk charges (note 3)		(7,759	)		-			-			(1	)		(1,704	)		(18,874	)		(1,044	)		267
Net investment income (loss)		159,972			169,471			73,642			917			2,343,633			532,600			19,096			2,304
Realized gain (loss) on investments		815,793			(356,654	)		438,375			(49,978	)		(1,442,373	)		1,331,309			(62,202	)		(26,714	)
Change in unrealized gain (loss) on investments		(2,118,360	)		(1,063,523	)		(6,412,386	)		(83,415	)		(90,584,975	)		(16,895,502	)		(844,151	)		(31,582	)
Net gain (loss) on investments		(1,302,567	)		(1,420,177	)		(5,974,011	)		(133,393	)		(92,027,348	)		(15,564,193	)		(906,353	)		(58,296	)
Reinvested capital gains		834,097			917,606			2,090,845			12,074			17,368,385			2,600,177			314,426			27,917
Net increase (decrease) in contract owners’ equity resulting from operations	$	(308,498	)		(333,100	)		(3,809,524	)		(120,402	)		(72,315,330	)		(12,431,416	)		(572,831	)		(28,075	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	NVSTB1			NVSTB2			NVTIV3			SAM			SAM5			SCF			SCGF			SCVF
Reinvested dividends	$	2,833,974			42,816			34,990			475,459			3,761,592			241,598			-			143,273
Mortality and expense risk charges (note 3)		(144,050	)		-			(225	)		(25	)		(396,982	)		(22,041	)		(15,402	)		(14,892	)
Net investment income (loss)		2,689,924			42,816			34,765			475,434			3,364,610			219,557			(15,402	)		128,381
Realized gain (loss) on investments		(2,996,771	)		(18,344	)		(4,399	)		-			-			(154,583	)		(1,415,214	)		(1,936,045	)
Change in unrealized gain (loss) on investments		(8,491,447	)		(146,754	)		(94,963	)		-			-			(23,701,721	)		(13,698,090	)		(10,614,693	)
Net gain (loss) on investments		(11,488,218	)		(165,098	)		(99,362	)		-			-			(23,856,304	)		(15,113,304	)		(12,550,738	)
Reinvested capital gains		-			-			-			785			5,932			11,759,489			4,087,587			6,279,217
Net increase (decrease) in contract owners’ equity resulting from operations	$	(8,798,294	)		(122,282	)		(64,597	)		476,219			3,370,542			(11,877,258	)		(11,041,119	)		(6,143,140	)
Investment Activity*:	TRF			AMCG			AMMCGS			AMRI			AMSRS			AMTB			NOTB3			NOTG3
Reinvested dividends	$	560,851			-			-			282			10,326			111,705			12,489			4,622
Mortality and expense risk charges (note 3)		(797	)		(3,344	)		-			(35	)		(64	)		-			-			-
Net investment income (loss)		560,054			(3,344	)		-			247			10,262			111,705			12,489			4,622
Realized gain (loss) on investments		1,577,575			11,972			(13,792	)		122			71,938			(147,090	)		(1,011	)		47
Change in unrealized gain (loss) on investments		(11,792,048	)		(760,279	)		(498,811	)		(9,157	)		(827,988	)		(196,403	)		(46,749	)		(34,188	)
Net gain (loss) on investments		(10,214,473	)		(748,307	)		(512,603	)		(9,035	)		(756,050	)		(343,493	)		(47,760	)		(34,141	)
Reinvested capital gains		4,978,949			247,707			183,937			6,896			219,325			-			26,468			21,593
Net increase (decrease) in contract owners’ equity resulting from operations	$	(4,675,470	)		(503,944	)		(328,666	)		(1,892	)		(526,463	)		(231,788	)		(8,803	)		(7,926	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	NOTMG3			PMVAAA			PMVFBA			PMVFHA			PMVGBA			PMVHYA			PMVID			PMVII
Reinvested dividends	$	23,087			411,862			16,011			26,751			13,755			38,716			67,317			3
Mortality and expense risk charges (note 3)		-			(4,313	)		(1,043	)		(1,656	)		(1,648	)		(1,603	)		(2,199	)		-
Net investment income (loss)		23,087			407,549			14,968			25,095			12,107			37,113			65,118			3
Realized gain (loss) on investments		6,476			(230,088	)		(134,283	)		(77,881	)		(46,499	)		(13,112	)		(578	)		-
Change in unrealized gain (loss) on investments		(137,972	)		(1,434,943	)		(118,751	)		(69,083	)		(80,544	)		(111,747	)		(70,719	)		(5	)
Net gain (loss) on investments		(131,496	)		(1,665,031	)		(253,034	)		(146,964	)		(127,043	)		(124,859	)		(71,297	)		(5	)
Reinvested capital gains		86,421			512,149			-			268			13,647			-			4			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(21,988	)		(745,333	)		(238,066	)		(121,601	)		(101,289	)		(87,746	)		(6,175	)		(2	)
Investment Activity*:	PMVLDA			PMVLGA			PMVRRA			PMVRSA			PMVTRA			PVSTA			PVEIB			PVGOB
Reinvested dividends	$	635,419			239,228			3,427,751			275,410			1,684,490			5,400			34,607			-
Mortality and expense risk charges (note 3)		(53,169	)		(3,695	)		(78,824	)		-			(89,604	)		-			-			-
Net investment income (loss)		582,250			235,533			3,348,927			275,410			1,594,886			5,400			34,607			-
Realized gain (loss) on investments		(467,046	)		(404,390	)		187,982			(38,304	)		(1,585,505	)		(6,578	)		22,121			(166,826	)
Change in unrealized gain (loss) on investments		(2,545,103	)		(3,998,576	)		(9,975,871	)		(359,205	)		(10,398,806	)		169			(337,826	)		(1,370,155	)
Net gain (loss) on investments		(3,012,149	)		(4,402,966	)		(9,787,889	)		(397,509	)		(11,984,311	)		(6,409	)		(315,705	)		(1,536,981	)
Reinvested capital gains		-			-			-			-			-			-			200,494			463,030
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,429,899	)		(4,167,433	)		(6,438,962	)		(122,099	)		(10,389,425	)		(1,009	)		(80,604	)		(1,073,951	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	PVTIGB			PVTSCB			ROCMC			TRBCGP			TREI2			TRHS2			TRLT1			TRMCG2
Reinvested dividends	$	14,880			2,139			-			-			292,712			-			517,848			-
Mortality and expense risk charges (note 3)		-			(2,938	)		(2,522	)		(147,649	)		(24,519	)		-			(48,912	)		(49,163	)
Net investment income (loss)		14,880			(799	)		(2,522	)		(147,649	)		268,193			-			468,936			(49,163	)
Realized gain (loss) on investments		(2,053	)		205,736			81,970			4,360,882			1,196,251			462,984			(203,620	)		589,241
Change in unrealized gain (loss) on investments		(287,680	)		(571,405	)		(1,428,212	)		(62,123,895	)		(3,127,210	)		(2,729,209	)		(1,584,952	)		(11,442,579	)
Net gain (loss) on investments		(289,733	)		(365,669	)		(1,346,242	)		(57,763,013	)		(1,930,959	)		(2,266,225	)		(1,788,572	)		(10,853,338	)
Reinvested capital gains		106,517			175,478			691,667			4,668,155			825,137			218,210			42,877			997,862
Net increase (decrease) in contract owners’ equity resulting from operations	$	(168,336	)		(190,990	)		(657,097	)		(53,242,507	)		(837,629	)		(2,048,015	)		(1,276,759	)		(9,904,639	)
Investment Activity*:	TRNAG1			TRPSB1			VWEM			VWHA			VVB			VVCG			VVDV			VVEI
Reinvested dividends	$	-			112,258			18,114			321,837			329,095			170,300			-			17,581
Mortality and expense risk charges (note 3)		(89,530	)		(7,683	)		(2,042	)		(20,753	)		(14,527	)		(9,860	)		95			1,998
Net investment income (loss)		(89,530	)		104,575			16,072			301,084			314,568			160,440			95			19,579
Realized gain (loss) on investments		2,046,977			(206,292	)		(704,191	)		3,901,959			280,328			1,488,528			248			4,044
Change in unrealized gain (loss) on investments		(23,122,780	)		(1,639,712	)		(2,641,550	)		(2,616,175	)		(5,148,568	)		(6,132,928	)		1,352			(34,597	)
Net gain (loss) on investments		(21,075,803	)		(1,846,004	)		(3,345,741	)		1,285,784			(4,868,240	)		(4,644,400	)		1,600			(30,553	)
Reinvested capital gains		3,243,182			133,178			1,256,888			-			1,648,491			1,840,110			-			74,743
Net increase (decrease) in contract owners’ equity resulting from operations	$	(17,922,151	)		(1,608,251	)		(2,072,781	)		1,586,868			(2,905,181	)		(2,643,850	)		1,695			63,769

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	VVEIX			VVG			VVGBI			VVHGB			VVHYB			VVI			VVMCI			VVREI
Reinvested dividends	$	1,579			-			2,251			1,001,130			-			151,275			309,153			48,509
Mortality and expense risk charges (note 3)		380			(11,396	)		4			(57,934	)		-			(11,889	)		(29,192	)		(2,112	)
Net investment income (loss)		1,959			(11,396	)		2,255			943,196			-			139,386			279,961			46,397
Realized gain (loss) on investments		2,330			(320,564	)		(386	)		(1,030,998	)		-			(363,302	)		192,751			10,304
Change in unrealized gain (loss) on investments		(33,845	)		(1,446,769	)		(14,747	)		(7,601,618	)		(10	)		(6,533,524	)		(9,450,194	)		(1,012,082	)
Net gain (loss) on investments		(31,515	)		(1,767,333	)		(15,133	)		(8,632,616	)		(10	)		(6,896,826	)		(9,257,443	)		(1,001,778	)
Reinvested capital gains		5,281			108,719			831			355,240			-			2,242,570			2,932,783			109,568
Net increase (decrease) in contract owners’ equity resulting from operations	$	(24,275	)		(1,670,010	)		(12,047	)		(7,334,180	)		(10	)		(4,514,870	)		(6,044,699	)		(845,813	)
Investment Activity*:	VVSCG			VVSTC			VVTISI			VVTSM			VRVDRI
Reinvested dividends	$	17,923			2,347			523,494			2,440			54,276
Mortality and expense risk charges (note 3)		(8,099	)		410			(18,043	)		20			(5,064	)
Net investment income (loss)		9,824			2,757			505,451			2,460			49,212
Realized gain (loss) on investments		(920,169	)		(5,071	)		274,275			(2,426	)		522,773
Change in unrealized gain (loss) on investments		(3,271,756	)		(6,202	)		(4,314,345	)		(58,010	)		(1,998,625	)
Net gain (loss) on investments		(4,191,925	)		(11,273	)		(4,040,070	)		(60,436	)		(1,475,852	)
Reinvested capital gains		1,921,920			1,120			548,004			13,068			97,009
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,260,181	)		(7,396	)		(2,986,615	)		(44,908	)		(1,329,631	)

* For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2022, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ALVDAA						ALVGIA						ALVIVA						ALVIVB
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,842			536			400,436			210,460			170,955			63,866			5,200			3,099
Realized gain (loss) on investments		(972	)		277			646,311			806,755			(3,067	)		187,288			(42,091	)		26
Change in unrealized gain (loss) on investments		(30,498	)		1,640			(7,287,051	)		6,143,442			(755,372	)		188,266			15,956			(3,418	)
Reinvested capital gains		20,059			-			5,017,930			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(9,569	)		2,453			(1,222,374	)		7,160,657			(587,484	)		439,420			(20,935	)		(293	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		4,967			3,197			1,486,639			1,322,224			1,286			54,144			161,124			103,964
Transfers between funds		30,679			-			1,858,751			959,032			41,109			10,831			43,313			138,477
Surrenders (notes 3, 4, 5, 6 and 7)		4,739			(208	)		(1,551,154	)		(2,760,109	)		(90,011	)		(46,650	)		(280,767	)		293
Adjustments to maintain reserves		(4	)		10			1,749			(136	)		726			13			1			3
Net equity transactions		40,381			2,999			1,795,985			(478,989	)		(46,890	)		18,338			(76,329	)		242,737
Net change in contract owners’ equity		30,812			5,452			573,611			6,681,668			(634,374	)		457,758			(97,264	)		242,444
Contract owners’ equity at beginning of period		28,571			23,119			32,672,925			25,991,257			4,352,014			3,894,256			242,444			-
Contract owners’ equity at end of period	$	59,383			28,571			33,246,536			32,672,925			3,717,640			4,352,014			145,180			242,444
CHANGE IN UNITS:
Beginning units		1,635			1,452			567,003			577,227			395,578			393,562			17,681			-
Units purchased		3,049			333			131,407			78,195			24,872			61,989			18,690			17,721
Units surrendered		(517	)		(150	)		(96,903	)		(88,419	)		(29,321	)		(59,973	)		(24,089	)		(40	)
Ending units		4,167			1,635			601,507			567,003			391,129			395,578			12,282			17,681

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ALVSVA						SVDF						SVOF						WFVSCG
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	177,327			137,002			(13,137	)		(21,623	)		(8,061	)		(8,921	)		(9,205	)		(13,874	)
Realized gain (loss) on investments		(144,055	)		373,043			(1,840,607	)		3,377,567			(53,873	)		81,058			77,428			682,025
Change in unrealized gain (loss) on investments		(5,396,450	)		4,630,224			(15,376,329	)		(7,183,051	)		(3,523,498	)		1,487,437			(5,552,621	)		(1,159,209	)
Reinvested capital gains		2,469,319			-			6,669,838			2,294,617			1,581,886			467,665			1,440,884			1,195,675
Net increase (decrease) in contract owners’ equity resulting from operations		(2,893,859	)		5,140,269			(10,560,235	)		(1,532,490	)		(2,003,546	)		2,027,239			(4,043,514	)		704,617
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		307,459			362,785			470,542			410,973			(9,393	)		-			235,862			609,499
Transfers between funds		291,730			(458,249	)		(1,474,429	)		(2,549,074	)		63,471			(646,828	)		654,177			978,533
Surrenders (notes 3, 4, 5, 6 and 7)		(956,208	)		(606,628	)		(660,228	)		(767,564	)		(128,386	)		(137,653	)		(485,866	)		(661,411	)
Adjustments to maintain reserves		(187	)		(27	)		(272	)		37			(373	)		(143	)		(29	)		(50	)
Net equity transactions		(357,206	)		(702,119	)		(1,664,387	)		(2,905,628	)		(74,681	)		(784,624	)		404,144			926,571
Net change in contract owners’ equity		(3,251,065	)		4,438,150			(12,224,622	)		(4,438,118	)		(2,078,227	)		1,242,615			(3,639,370	)		1,631,188
Contract owners’ equity at beginning of period		18,693,636			14,255,486			28,174,829			32,612,947			9,692,259			8,449,644			11,759,945			10,128,757
Contract owners’ equity at end of period	$	15,442,571			18,693,636			15,950,207			28,174,829			7,614,032			9,692,259			8,120,575			11,759,945
CHANGE IN UNITS:
Beginning units		250,243			260,145			586,509			644,734			163,407			182,182			256,359			237,091
Units purchased		26,221			38,996			39,037			15,158			5,766			146,973			107,908			48,935
Units surrendered		(31,646	)		(48,898	)		(91,996	)		(73,383	)		(6,915	)		(165,748	)		(95,412	)		(29,667	)
Ending units		244,818			250,243			533,550			586,509			162,258			163,407			268,855			256,359

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ACVCA						ACVI						ACVIG						ACVIP1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(1,468	)		(1,884	)		24,898			971			388,905			258,527			1,461,710			1,120,294
Realized gain (loss) on investments		(254,314	)		169,604			2,692			79,717			(112,351	)		507,822			309,307			918,158
Change in unrealized gain (loss) on investments		(70,597	)		(183,507	)		(875,230	)		44,818			(8,945,140	)		751,954			(6,193,554	)		132,453
Reinvested capital gains		92,011			111,837			281,401			60,138			5,500,402			3,507,628			158,673			-
Net increase (decrease) in contract owners’ equity resulting from operations		(234,368	)		96,050			(566,239	)		185,644			(3,168,184	)		5,025,931			(4,263,864	)		2,170,905
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		985			970			28,173			28,270			428,751			438,003			531,699			433,247
Transfers between funds		14,746			(137,897	)		99,680			(136,732	)		(296,012	)		(31,470	)		(5,615,067	)		6,956,731
Surrenders (notes 3, 4, 5, 6 and 7)		(9,090	)		(18,609	)		(45,588	)		(46,524	)		(1,803,156	)		(1,463,174	)		(842,182	)		(1,006,183	)
Adjustments to maintain reserves		(26	)		12			13			(18,460	)		143			(245	)		(78	)		(9	)
Net equity transactions		6,615			(155,524	)		82,278			(173,446	)		(1,670,274	)		(1,056,886	)		(5,925,628	)		6,383,786
Net change in contract owners’ equity		(227,753	)		(59,474	)		(483,961	)		12,198			(4,838,458	)		3,969,045			(10,189,492	)		8,554,691
Contract owners’ equity at beginning of period		819,054			878,528			2,302,078			2,289,880			25,535,574			21,566,529			36,224,321			27,669,630
Contract owners’ equity at end of period	$	591,301			819,054			1,818,117			2,302,078			20,697,116			25,535,574			26,034,829			36,224,321
CHANGE IN UNITS:
Beginning units		28,832			34,278			68,327			77,571			460,810			482,447			2,917,377			2,375,089
Units purchased		596			37			5,188			12,780			12,270			48,751			535,401			1,139,374
Units surrendered		(406	)		(5,483	)		(1,728	)		(22,024	)		(44,616	)		(70,388	)		(1,049,255	)		(597,086	)
Ending units		29,022			28,832			71,787			68,327			428,464			460,810			2,403,523			2,917,377

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ACVIP2						ACVMV1						ACVU1					ACVV
	2022			2021			2022			2021			2022			2021		2022			2021
Investment activity*:
Net investment income (loss)	$	389,963			249,796			275,118			122,718			-			-		300,306			258,024
Realized gain (loss) on investments		(9,684	)		95,653			20,575			221,178			(1	)		-		1,298,977			1,032,507
Change in unrealized gain (loss) on investments		(1,529,894	)		143,830			(1,983,020	)		1,947,692			-			-		(2,909,753	)		2,007,980
Reinvested capital gains		40,227			-			1,525,340			-			-			-		1,278,461			-
Net increase (decrease) in contract owners’ equity resulting from operations		(1,109,388	)		489,279			(161,987	)		2,291,588			(1	)		-		(32,009	)		3,298,511
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		192,449			244,669			694,190			893,276			(166	)		-		268,058			301,910
Transfers between funds		322,686			512,864			1,656,077			(100,114	)		(69	)		-		(1,470,454	)		253,719
Surrenders (notes 3, 4, 5, 6 and 7)		(495,969	)		(553,669	)		(636,092	)		(1,509,790	)		236			-		(819,621	)		(1,337,246	)
Adjustments to maintain reserves		35			(13	)		(27	)		12			-			-		(41	)		(2,674	)
Net equity transactions		19,201			203,851			1,714,148			(716,616	)		1			-		(2,022,058	)		(784,291	)
Net change in contract owners’ equity		(1,090,187	)		693,130			1,552,161			1,574,972			-			-		(2,054,067	)		2,514,220
Contract owners’ equity at beginning of period		8,269,254			7,576,124			11,770,108			10,195,136			-			-		16,435,748			13,921,528
Contract owners’ equity at end of period	$	7,179,067			8,269,254			13,322,269			11,770,108			-			-		14,381,681			16,435,748
CHANGE IN UNITS:
Beginning units		398,336			387,823			229,275			244,359			-			-		274,453			297,613
Units purchased		57,739			52,980			53,983			16,412			2			-		16,060			62,144
Units surrendered		(58,226	)		(42,467	)		(19,925	)		(31,496	)		(2	)		-		(51,467	)		(85,304	)
Ending units		397,849			398,336			263,333			229,275			-			-		239,046			274,453

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	AMVAA2						AMVBC2				AMVBC4					AMVBD2
	2022			2021			2022		2021		2022			2021		2022			2021
Investment activity*:
Net investment income (loss)	$	247,214			210,759			-		-		2,047			-		1,544,324			784,340
Realized gain (loss) on investments		183,111			781,671			-		-		1,108			-		(84,554	)		25,118
Change in unrealized gain (loss) on investments		(3,828,344	)		570,724			-		-		4,020			-		(9,654,589	)		(3,494,392	)
Reinvested capital gains		1,381,229			505,719			-		-		4			-		627,711			2,433,284
Net increase (decrease) in contract owners’ equity resulting from operations		(2,016,790	)		2,068,873			-		-		7,179			-		(7,567,108	)		(251,650	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		993,191			859,834			-		-		20,578			-		2,057			(129	)
Transfers between funds		160,958			249,117			13,527		-		120,870			-		1,501			(3,454	)
Surrenders (notes 3, 4, 5, 6 and 7)		(875,104	)		(1,959,435	)		-		-		(410	)		-		(719,139	)		(716,312	)
Adjustments to maintain reserves		968			31			1		-		-			-		(89	)		20
Net equity transactions		280,013			(850,453	)		13,528		-		141,038			-		(715,670	)		(719,875	)
Net change in contract owners’ equity		(1,736,777	)		1,218,420			13,528		-		148,217			-		(8,282,778	)		(971,525	)
Contract owners’ equity at beginning of period		14,972,180			13,753,760			-		-		-			-		59,991,619			60,963,144
Contract owners’ equity at end of period	$	13,235,403			14,972,180			13,528		-		148,217			-		51,708,841			59,991,619
CHANGE IN UNITS:
Beginning units		542,524			573,430			-		-		-			-		3,807,023			3,852,883
Units purchased		87,758			86,612			1,365		-		16,112			-		100			3
Units surrendered		(76,401	)		(117,518	)		-		-		(1,136	)		-		(49,717	)		(45,863	)
Ending units		553,881			542,524			1,365		-		14,976			-		3,757,406			3,807,023

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	AMVGB2						AMVGI2						AMVGR2						AMVGS2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	8,305			72,091			27,314			20,244			82,669			26,330			(4,478	)		(6,563	)
Realized gain (loss) on investments		(227,176	)		20,671			163,006			8,496			1,666,172			5,134,409			(55,862	)		199,327
Change in unrealized gain (loss) on investments		(762,426	)		(369,766	)		(706,770	)		255,594			(25,373,710	)		(1,473,104	)		(1,855,562	)		(91,109	)
Reinvested capital gains		72,038			88,775			178,588			13,545			6,598,333			6,604,178			864,727			77,688
Net increase (decrease) in contract owners’ equity resulting from operations		(909,259	)		(188,229	)		(337,862	)		297,879			(17,026,536	)		10,291,813			(1,051,175	)		179,343
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		237,116			203,669			208,016			165,612			1,291,321			1,750,350			314,824			388,098
Transfers between funds		277,394			1,811,773			660,766			(674	)		3,029,378			(4,129,462	)		348,421			225,794
Surrenders (notes 3, 4, 5, 6 and 7)		(113,692	)		(61,769	)		(472,275	)		(17,972	)		(2,614,758	)		(1,159,281	)		(373,395	)		(65,445	)
Adjustments to maintain reserves		(25	)		9			12			3			(149	)		(130	)		(1	)		(8	)
Net equity transactions		400,793			1,953,682			396,519			146,969			1,705,792			(3,538,523	)		289,849			548,439
Net change in contract owners’ equity		(508,466	)		1,765,453			58,657			444,848			(15,320,744	)		6,753,290			(761,326	)		727,782
Contract owners’ equity at beginning of period		4,717,360			2,951,907			1,614,656			1,169,808			56,308,810			49,555,520			3,522,508			2,794,726
Contract owners’ equity at end of period	$	4,208,894			4,717,360			1,673,313			1,614,656			40,988,066			56,308,810			2,761,182			3,522,508
CHANGE IN UNITS:
Beginning units		430,794			255,848			104,260			93,725			1,070,176			1,151,502			137,954			117,032
Units purchased		236,190			192,037			68,050			13,317			325,979			289,666			50,126			66,844
Units surrendered		(200,276	)		(17,091	)		(42,917	)		(2,782	)		(287,448	)		(370,992	)		(34,209	)		(45,922	)
Ending units		466,708			430,794			129,393			104,260			1,108,707			1,070,176			153,871			137,954

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	AMVGV2					AMVI2						AMVNW2						PIHYB1
	2022			2021		2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	3,024			-		356,693			669,186			123,493			367,563			133,162			175,661
Realized gain (loss) on investments		3			-		(551,394	)		1,344,700			(881,152	)		646,114			(56,221	)		7,202
Change in unrealized gain (loss) on investments		(2,704	)		-		(8,751,603	)		(2,442,825	)		(4,110,577	)		(497,309	)		(420,473	)		7,951
Reinvested capital gains		-			-		3,086,765			-			872,648			1,539,527			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		323			-		(5,859,539	)		(428,939	)		(3,995,588	)		2,055,895			(343,532	)		190,814
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			-		1,202,963			1,237,665			813,986			799,276			9,013			10,719
Transfers between funds		87,006			-		(1,270,728	)		(1,197,394	)		(35,231,989	)		2,389,044			(675,298	)		(567,023	)
Surrenders (notes 3, 4, 5, 6 and 7)		(170	)		-		(1,040,723	)		(1,375,845	)		(373,487	)		(686,806	)		(41,185	)		(119,706	)
Adjustments to maintain reserves		1			-		(109	)		(46	)		(525	)		2			(96	)		540
Net equity transactions		86,837			-		(1,108,597	)		(1,335,620	)		(34,792,015	)		2,501,516			(707,566	)		(675,470	)
Net change in contract owners’ equity		87,160			-		(6,968,136	)		(1,764,559	)		(38,787,603	)		4,557,411			(1,051,098	)		(484,656	)
Contract owners’ equity at beginning of period		-			-		28,123,655			29,888,214			48,299,694			43,742,283			3,507,061			3,991,717
Contract owners’ equity at end of period	$	87,160			-		21,155,519			28,123,655			9,512,091			48,299,694			2,455,963			3,507,061
CHANGE IN UNITS:
Beginning units		-			-		1,667,203			1,744,578			2,507,093			2,379,885			93,320			112,419
Units purchased		9,140			-		290,647			187,471			164,764			249,156			1,218			21,909
Units surrendered		(17	)		-		(374,969	)		(264,846	)		(2,036,272	)		(121,948	)		(20,823	)		(41,008	)
Ending units		9,123			-		1,582,881			1,667,203			635,585			2,507,093			73,715			93,320

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	BRVHYI						MLVGA2						MLVLC2						DCAP
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,033,450			964,399			(2,417	)		88,185			6,024			12,214			20,535			98,771
Realized gain (loss) on investments		(361,252	)		256,082			(30,758	)		367,467			(29,288	)		9,782			(386,371	)		7,257,131
Change in unrealized gain (loss) on investments		(3,002,073	)		(174,243	)		(1,949,687	)		(1,393,089	)		(228,491	)		(272,988	)		(1,621,374	)		(3,691,031	)
Reinvested capital gains		-			65,957			117,326			1,664,600			14,867			508,449			1,150,961			2,510,334
Net increase (decrease) in contract owners’ equity resulting from operations		(2,329,875	)		1,112,195			(1,865,536	)		727,163			(236,888	)		257,457			(836,249	)		6,175,205
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,010,204			1,077,850			240,901			291,810			28,908			30,258			11,631			417,968
Transfers between funds		(1,277	)		1,680,019			(300,826	)		683,335			(20,903	)		(26,176	)		(734,451	)		(24,862,006	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,534,854	)		(1,266,671	)		(965,153	)		(772,018	)		(20,384	)		(52,548	)		(100,535	)		(1,762,705	)
Adjustments to maintain reserves		14,347			5,811			(82	)		10			8			5			1,897			519
Net equity transactions		(511,580	)		1,497,009			(1,025,160	)		203,137			(12,371	)		(48,461	)		(821,458	)		(26,206,224	)
Net change in contract owners’ equity		(2,841,455	)		2,609,204			(2,890,696	)		930,300			(249,259	)		208,996			(1,657,707	)		(20,031,019	)
Contract owners’ equity at beginning of period		23,317,657			20,708,453			12,026,039			11,095,739			1,171,120			962,124			4,683,481			24,714,500
Contract owners’ equity at end of period	$	20,476,202			23,317,657			9,135,343			12,026,039			921,861			1,171,120			3,025,774			4,683,481
CHANGE IN UNITS:
Beginning units		1,634,147			1,529,229			498,612			480,158			23,705			24,912			81,013			436,456
Units purchased		233,217			613,820			59,127			80,955			734			775			13,258			21,273
Units surrendered		(264,918	)		(508,902	)		(109,368	)		(62,501	)		(1,021	)		(1,982	)		(31,616	)		(376,716	)
Ending units		1,602,446			1,634,147			448,371			498,612			23,418			23,705			62,655			81,013

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	DSC						DSIF						DSRG						DVMCS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			1,530			10,688,412			9,273,564			75,911			128,120			11,425			13,286
Realized gain (loss) on investments		(52,133	)		18,656			24,435,237			34,184,120			288,109			1,042,273			134,155			370,996
Change in unrealized gain (loss) on investments		(399,884	)		189,820			(291,591,579	)		140,742,949			(5,464,074	)		2,491,496			(981,480	)		188,011
Reinvested capital gains		235,210			-			73,954,318			39,184,565			1,043,872			378,146			510,502			18,381
Net increase (decrease) in contract owners’ equity resulting from operations		(216,807	)		210,006			(182,513,612	)		223,385,198			(4,056,182	)		4,040,035			(325,398	)		590,674
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		55,285			54,057			15,635,825			14,364,058			479,150			532,390			218,925			223,085
Transfers between funds		(21,726	)		(89,242	)		3,894,096			(18,247,813	)		(63,035	)		(256,685	)		(261,562	)		(1,052,960	)
Surrenders (notes 3, 4, 5, 6 and 7)		(203,526	)		(135,064	)		(34,381,652	)		(33,261,074	)		(1,522,733	)		(1,869,308	)		(67,326	)		(28,188	)
Adjustments to maintain reserves		(11	)		(6	)		6,326			(30,772	)		(88	)		(23,643	)		(9	)		12
Net equity transactions		(169,978	)		(170,255	)		(14,845,405	)		(37,175,601	)		(1,106,706	)		(1,617,246	)		(109,972	)		(858,051	)
Net change in contract owners’ equity		(386,785	)		39,751			(197,359,017	)		186,209,597			(5,162,888	)		2,422,789			(435,370	)		(267,377	)
Contract owners’ equity at beginning of period		1,336,502			1,296,751			997,251,899			811,042,302			18,108,306			15,685,517			2,477,026			2,744,403
Contract owners’ equity at end of period	$	949,717			1,336,502			799,892,882			997,251,899			12,945,418			18,108,306			2,041,656			2,477,026
CHANGE IN UNITS:
Beginning units		30,022			33,923			18,012,070			18,895,785			313,751			346,523			42,610			59,486
Units purchased		2,946			988			2,242,180			1,973,907			13,927			14,726			10,255			10,953
Units surrendered		(7,382	)		(4,889	)		(2,622,472	)		(2,857,622	)		(36,664	)		(47,498	)		(11,965	)		(27,829	)
Ending units		25,586			30,022			17,631,778			18,012,070			291,014			313,751			40,900			42,610

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	DVSCS						CVSPIP						SASP5I						DAVVL
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	863,553			912,254			6,228			8,009			952,014			1,110,732			59,249			25,937
Realized gain (loss) on investments		19,324,441			2,807,273			18,054			111,262			5,254,551			13,484,131			22,986			20,484
Change in unrealized gain (loss) on investments		(56,534,035	)		31,517,509			(206,937	)		26,276			(23,980,435	)		8,692,198			(2,447,993	)		(120,376	)
Reinvested capital gains		13,588,509			2,355,372			46,812			35,541			648,284			-			1,178,964			940,900
Net increase (decrease) in contract owners’ equity resulting from operations		(22,757,532	)		37,592,408			(135,843	)		181,088			(17,125,586	)		23,287,061			(1,186,794	)		866,945
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		3,086,397			2,925,575			5			13			607,035			356,492			11,830			36,842
Transfers between funds		(49,142,424	)		(5,475,309	)		(183,600	)		(74,197	)		(4,910,667	)		(6,917,230	)		413,734			318,932
Surrenders (notes 3, 4, 5, 6 and 7)		(6,153,635	)		(7,881,584	)		(8,437	)		(65,019	)		(7,772,538	)		(5,407,232	)		(133,927	)		(233,563	)
Adjustments to maintain reserves		(2,037	)		(278	)		19			(6	)		149			(142	)		(18	)		19
Net equity transactions		(52,211,699	)		(10,431,596	)		(192,013	)		(139,209	)		(12,076,021	)		(11,968,112	)		291,619			122,230
Net change in contract owners’ equity		(74,969,231	)		27,160,812			(327,856	)		41,879			(29,201,607	)		11,318,949			(895,175	)		989,175
Contract owners’ equity at beginning of period		175,293,823			148,133,011			750,579			708,700			99,144,530			87,825,581			5,699,706			4,710,531
Contract owners’ equity at end of period	$	100,324,592			175,293,823			422,723			750,579			69,942,923			99,144,530			4,804,531			5,699,706
CHANGE IN UNITS:
Beginning units		2,859,243			3,052,370			26,661			32,256			6,563,596			7,486,477			211,113			204,805
Units purchased		305,742			444,281			-			-			99,460			6,381,651			18,800			23,786
Units surrendered		(1,199,092	)		(637,408	)		(8,241	)		(5,595	)		(1,012,866	)		(7,304,532	)		(6,644	)		(17,478	)
Ending units		1,965,893			2,859,243			18,420			26,661			5,650,190			6,563,596			223,269			211,113

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	DWVEMS						DWVSVS						DFVEA						DFVGMI
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	183,828			(9,847	)		79,039			94,240			463			219			3,789			1,871
Realized gain (loss) on investments		(30,043	)		212,651			719,944			468,623			(13,152	)		10			(1,537	)		29,814
Change in unrealized gain (loss) on investments		(1,939,058	)		(459,597	)		(5,118,028	)		5,294,472			(1,239	)		(250	)		(24,847	)		(15,721	)
Reinvested capital gains		-			32,690			1,486,000			-			585			499			3,698			4,194
Net increase (decrease) in contract owners’ equity resulting from operations		(1,785,273	)		(224,103	)		(2,833,045	)		5,857,335			(13,343	)		478			(18,897	)		20,158
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		213,162			254,315			924,365			1,026,676			127,334			4,918			50,170			1,803
Transfers between funds		(135,487	)		(41,980	)		15,588			(756,414	)		(98,574	)		5,452			169,415			(83,343	)
Surrenders (notes 3, 4, 5, 6 and 7)		(134,951	)		(277,289	)		(1,059,246	)		(973,990	)		(4,084	)		(142	)		(84,678	)		(782	)
Adjustments to maintain reserves		(19	)		(19	)		104			(17	)		(3	)		(3	)		6			3
Net equity transactions		(57,295	)		(64,973	)		(119,189	)		(703,745	)		24,673			10,225			134,913			(82,319	)
Net change in contract owners’ equity		(1,842,568	)		(289,076	)		(2,952,234	)		5,153,590			11,330			10,703			116,016			(62,161	)
Contract owners’ equity at beginning of period		6,516,872			6,805,948			23,190,699			18,037,109			10,703			-			132,417			194,578
Contract owners’ equity at end of period	$	4,674,304			6,516,872			20,238,465			23,190,699			22,033			10,703			248,433			132,417
CHANGE IN UNITS:
Beginning units		376,860			380,522			861,178			896,752			704			-			8,681			14,568
Units purchased		15,584			21,667			179,836			116,313			9,279			714			16,217			355
Units surrendered		(17,248	)		(25,329	)		(183,556	)		(151,887	)		(8,304	)		(10	)		(6,607	)		(6,242	)
Ending units		375,196			376,860			857,458			861,178			1,679			704			18,291			8,681

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	DFVIPS						DFVIS						DFVIV						DFVSTF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	524,674			320,532			556			586			3,136			3,072			15			-
Realized gain (loss) on investments		(705	)		391,380			238			2,288			3,431			100			(156	)		-
Change in unrealized gain (loss) on investments		(1,490,482	)		(419,417	)		(4,577	)		(1,442	)		(9,639	)		5,437			-			-
Reinvested capital gains		-			59,140			361			1,423			824			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(966,513	)		351,635			(3,422	)		2,855			(2,248	)		8,609			(141	)		-
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		97,702			8,203			10,149			890			6,794			18,890			629			-
Transfers between funds		466,343			43,136			(6,554	)		(7,221	)		(1,803	)		-			(385	)		-
Surrenders (notes 3, 4, 5, 6 and 7)		(684,250	)		(429,368	)		(488	)		(342	)		(2,213	)		(1,356	)		(103	)		-
Adjustments to maintain reserves		33			2			(13	)		8			6			(3	)		-			-
Net equity transactions		(120,172	)		(378,027	)		3,094			(6,665	)		2,784			17,531			141			-
Net change in contract owners’ equity		(1,086,685	)		(26,392	)		(328	)		(3,810	)		536			26,140			-			-
Contract owners’ equity at beginning of period		7,546,948			7,573,340			20,777			24,587			75,269			49,129			-			-
Contract owners’ equity at end of period	$	6,460,263			7,546,948			20,449			20,777			75,805			75,269			-			-
CHANGE IN UNITS:
Beginning units		591,179			626,952			1,251			1,696			6,182			4,766			-			-
Units purchased		50,629			533,027			738			58			615			1,533			64			-
Units surrendered		(63,939	)		(568,800	)		(494	)		(503	)		(348	)		(117	)		(64	)		-
Ending units		577,869			591,179			1,495			1,251			6,449			6,182			-			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	DFVULV						DFVUTV						DSGIBA						SVSLVB
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	251,469			203,439			67,850			65,678			13,217			4,760			1,731			360
Realized gain (loss) on investments		366,573			399,440			138,641			397,282			1,009			3,212			3,279			1,248
Change in unrealized gain (loss) on investments		(1,500,690	)		2,241,006			(882,002	)		182,547			(103,551	)		10,717			(26,909	)		4,634
Reinvested capital gains		143,857			-			439,019			354,548			38,347			2,879			1,876			-
Net increase (decrease) in contract owners’ equity resulting from operations		(738,791	)		2,843,885			(236,492	)		1,000,055			(50,978	)		21,568			(20,023	)		6,242
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		27,602			16,205			61,235			22,671			11,543			9,734			-			22
Transfers between funds		1,133,156			(168,206	)		1,018,151			1,854,849			317,255			(4,107	)		82,741			10,780
Surrenders (notes 3, 4, 5, 6 and 7)		(1,310,983	)		(772,156	)		(587,638	)		(364,666	)		(42,846	)		(6,878	)		(1,445	)		(5,552	)
Adjustments to maintain reserves		(28,318	)		33,369			15			(25	)		-			(9	)		(2	)		7
Net equity transactions		(178,543	)		(890,788	)		491,763			1,512,829			285,952			(1,260	)		81,294			5,257
Net change in contract owners’ equity		(917,334	)		1,953,097			255,271			2,512,884			234,974			20,308			61,271			11,499
Contract owners’ equity at beginning of period		12,745,669			10,792,572			4,746,289			2,233,405			217,489			197,181			37,119			25,620
Contract owners’ equity at end of period	$	11,828,335			12,745,669			5,001,560			4,746,289			452,463			217,489			98,390			37,119
CHANGE IN UNITS:
Beginning units		931,888			1,002,522			249,159			164,362			13,452			13,531			1,828			1,592
Units purchased		199,661			836,655			58,487			243,389			22,625			959			5,264			726
Units surrendered		(218,661	)		(907,289	)		(33,288	)		(158,592	)		(3,160	)		(1,038	)		(1,385	)		(490	)
Ending units		912,888			931,888			274,358			249,159			32,917			13,452			5,707			1,828

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	SVSSVB						ETVFR						FQB						FVU2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	438			1,018			1,047,971			813,501			490,691			577,633			15,601			14,264
Realized gain (loss) on investments		(19	)		(301	)		(665,167	)		(75,002	)		(148,688	)		(20,283	)		(9,887	)		10,136
Change in unrealized gain (loss) on investments		(25,054	)		33,386			(1,192,850	)		244,724			(2,607,003	)		(1,110,711	)		(332,801	)		116,952
Reinvested capital gains		1,806			-			-			-			296,516			204,023			195,591			-
Net increase (decrease) in contract owners’ equity resulting from operations		(22,829	)		34,103			(810,046	)		983,223			(1,968,484	)		(349,338	)		(131,496	)		141,352
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			-			546,382			684,034			416,817			490,994			14,308			14,012
Transfers between funds		410			3,755			(9,508,686	)		6,647,461			(293,761	)		2,232,276			11,241			15,604
Surrenders (notes 3, 4, 5, 6 and 7)		(8,059	)		(8,720	)		(1,438,136	)		(1,631,798	)		(1,152,557	)		(3,434,917	)		(37,341	)		11,339
Adjustments to maintain reserves		(23	)		16			(144	)		(83	)		9			-			9			(6	)
Net equity transactions		(7,672	)		(4,949	)		(10,400,584	)		5,699,614			(1,029,492	)		(711,647	)		(11,783	)		40,949
Net change in contract owners’ equity		(30,501	)		29,154			(11,210,630	)		6,682,837			(2,997,976	)		(1,060,985	)		(143,279	)		182,301
Contract owners’ equity at beginning of period		146,484			117,330			32,050,768			25,367,931			21,379,592			22,440,577			942,615			760,314
Contract owners’ equity at end of period	$	115,983			146,484			20,840,138			32,050,768			18,381,616			21,379,592			799,336			942,615
CHANGE IN UNITS:
Beginning units		6,055			6,300			2,314,069			1,903,987			780,828			812,330			71,964			68,791
Units purchased		123			209			121,041			1,023,068			31,811			244,659			4,575			10,627
Units surrendered		(453	)		(454	)		(879,002	)		(612,986	)		(72,251	)		(276,161	)		(5,781	)		(7,454	)
Ending units		5,725			6,055			1,556,108			2,314,069			740,388			780,828			70,758			71,964

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FVUS2						FCS						FEIS						FEMS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	10,642			36,550			89,525			(50,162	)		1,190,459			1,218,211			166,835			270,357
Realized gain (loss) on investments		(96,369	)		(37,733	)		2,766,899			1,645,499			591,487			532,657			192,561			1,621,029
Change in unrealized gain (loss) on investments		3,550			(32,383	)		(17,931,730	)		3,651,184			(7,761,563	)		5,377,801			(3,032,268	)		(3,997,223	)
Reinvested capital gains		-			-			1,797,221			5,654,539			2,242,943			7,698,676			-			1,575,640
Net increase (decrease) in contract owners’ equity resulting from operations		(82,177	)		(33,566	)		(13,278,085	)		10,901,060			(3,736,674	)		14,827,345			(2,672,872	)		(530,197	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		549			891			29,484			58,928			1,874,786			1,506,210			319,095			418,773
Transfers between funds		(214,347	)		(898,782	)		(1,371,088	)		1,074,089			(380,102	)		1,305,432			623,175			334,430
Surrenders (notes 3, 4, 5, 6 and 7)		(157,392	)		(56,816	)		(3,109,755	)		(1,240,975	)		(5,025,638	)		(5,661,137	)		(836,198	)		(799,723	)
Adjustments to maintain reserves		-			6			(786	)		(371,125	)		1,375			(5,602	)		(42	)		(35	)
Net equity transactions		(371,190	)		(954,701	)		(4,452,145	)		(479,083	)		(3,529,579	)		(2,855,097	)		106,030			(46,555	)
Net change in contract owners’ equity		(453,367	)		(988,267	)		(17,730,230	)		10,421,977			(7,266,253	)		11,972,248			(2,566,842	)		(576,752	)
Contract owners’ equity at beginning of period		884,660			1,872,927			50,687,945			40,265,968			73,227,880			61,255,632			13,708,334			14,285,086
Contract owners’ equity at end of period	$	431,293			884,660			32,957,715			50,687,945			65,961,627			73,227,880			11,141,492			13,708,334
CHANGE IN UNITS:
Beginning units		79,357			164,271			655,947			673,768			1,453,165			1,516,795			998,192			1,016,041
Units purchased		1,212			7,447			33,932			161,116			98,983			112,148			264,348			429,697
Units surrendered		(36,192	)		(92,361	)		(112,359	)		(178,937	)		(168,811	)		(175,778	)		(244,826	)		(447,546	)
Ending units		44,377			79,357			577,520			655,947			1,383,337			1,453,165			1,017,714			998,192

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FF05S						FF10S						FF15S						FF20S
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	9,688			4,651			62,344			33,401			168,782			84,850			526,513			288,965
Realized gain (loss) on investments		(35,786	)		119,121			(14,244	)		111,893			(41,264	)		242,684			(296,200	)		528,716
Change in unrealized gain (loss) on investments		(86,724	)		(123,692	)		(704,936	)		(62,820	)		(2,446,383	)		(33,971	)		(8,271,636	)		424,339
Reinvested capital gains		37,368			33,350			184,386			124,989			864,524			359,846			2,965,944			1,618,273
Net increase (decrease) in contract owners’ equity resulting from operations		(75,454	)		33,430			(472,450	)		207,463			(1,454,341	)		653,409			(5,075,379	)		2,860,293
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(320	)		322			213,757			146,585			702,310			773,063			959,267			955,794
Transfers between funds		(182,532	)		(776,182	)		(176,640	)		296,679			(316,940	)		450,623			(2,182,338	)		375,623
Surrenders (notes 3, 4, 5, 6 and 7)		(48,600	)		(174,082	)		(312,079	)		(535,722	)		(428,430	)		(397,021	)		(1,716,257	)		(1,954,928	)
Adjustments to maintain reserves		9			(21	)		(51	)		24			23			(10	)		446			(326	)
Net equity transactions		(231,443	)		(949,963	)		(275,013	)		(92,434	)		(43,037	)		826,655			(2,938,882	)		(623,837	)
Net change in contract owners’ equity		(306,897	)		(916,533	)		(747,463	)		115,029			(1,497,378	)		1,480,064			(8,014,261	)		2,236,456
Contract owners’ equity at beginning of period		652,397			1,568,930			3,602,861			3,487,832			9,696,310			8,216,246			32,664,957			30,428,501
Contract owners’ equity at end of period	$	345,500			652,397			2,855,398			3,602,861			8,198,932			9,696,310			24,650,696			32,664,957
CHANGE IN UNITS:
Beginning units		35,022			88,272			129,361			132,542			423,663			386,635			1,030,834			1,053,955
Units purchased		125			72,978			9,004			30,088			59,832			136,645			82,337			305,048
Units surrendered		(13,939	)		(126,228	)		(19,853	)		(33,269	)		(63,078	)		(99,617	)		(188,954	)		(328,169	)
Ending units		21,208			35,022			118,512			129,361			420,417			423,663			924,217			1,030,834

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FF25S						FF30S						FF35S						FF40S
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	652,827			331,097			993,488			532,161			155,543			66,769			392,630			204,475
Realized gain (loss) on investments		618,871			1,407,439			266,706			1,384,536			299,660			769,668			621,351			996,468
Change in unrealized gain (loss) on investments		(10,443,339	)		831,155			(15,762,802	)		2,268,920			(2,918,442	)		(482	)		(9,394,568	)		2,147,681
Reinvested capital gains		2,305,636			1,338,925			3,660,264			2,348,521			601,718			298,533			2,317,612			1,183,609
Net increase (decrease) in contract owners’ equity resulting from operations		(6,866,005	)		3,908,616			(10,842,344	)		6,534,138			(1,861,521	)		1,134,488			(6,062,975	)		4,532,233
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,430,197			1,395,579			3,918,174			2,624,780			2,390,576			2,266,962			1,327,363			1,563,777
Transfers between funds		428,377			2,832,163			4,384,741			5,079,987			510,716			12,426			1,430,800			2,217,774
Surrenders (notes 3, 4, 5, 6 and 7)		(2,075,672	)		(1,552,539	)		(4,083,701	)		(2,817,373	)		(222,324	)		(267,352	)		(1,662,832	)		(1,185,076	)
Adjustments to maintain reserves		(68	)		3			160			161			(35	)		19			(85	)		32
Net equity transactions		(217,166	)		2,675,206			4,219,374			4,887,555			2,678,933			2,012,055			1,095,246			2,596,507
Net change in contract owners’ equity		(7,083,171	)		6,583,822			(6,622,970	)		11,421,693			817,412			3,146,543			(4,967,729	)		7,128,740
Contract owners’ equity at beginning of period		41,880,095			35,296,273			62,563,200			51,141,507			10,001,782			6,855,239			32,493,805			25,365,065
Contract owners’ equity at end of period	$	34,796,924			41,880,095			55,940,230			62,563,200			10,819,194			10,001,782			27,526,076			32,493,805
CHANGE IN UNITS:
Beginning units		1,635,708			1,529,308			1,723,102			1,582,395			634,527			500,779			980,516			901,286
Units purchased		192,881			584,826			370,694			456,043			550,449			275,959			181,166			276,045
Units surrendered		(198,363	)		(478,426	)		(237,358	)		(315,336	)		(350,413	)		(142,211	)		(144,609	)		(196,815	)
Ending units		1,630,226			1,635,708			1,856,438			1,723,102			834,563			634,527			1,017,073			980,516

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FF45S						FF50S						FF55S						FF60S
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	22,258			9,238			52,453			14,355			4,473			4,045			16,041			8,863
Realized gain (loss) on investments		(51,429	)		122,767			33,325			280,649			(56,048	)		8,873			(173,317	)		103,877
Change in unrealized gain (loss) on investments		(388,937	)		(12,845	)		(837,681	)		(13,987	)		(40,509	)		(454	)		(41,533	)		(33,637	)
Reinvested capital gains		113,523			37,355			161,067			79,700			19,875			10,490			45,542			25,591
Net increase (decrease) in contract owners’ equity resulting from operations		(304,585	)		156,515			(590,836	)		360,717			(72,209	)		22,954			(153,267	)		104,694
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		417,698			283,163			149,040			55,203			91,462			8,090			249,288			156,472
Transfers between funds		247,949			336,675			2,497,535			(134,323	)		(9,476	)		317,558			404,035			122,255
Surrenders (notes 3, 4, 5, 6 and 7)		(135,944	)		(42,997	)		(119,911	)		(93,294	)		(38,135	)		(7,243	)		(39,370	)		(15,242	)
Adjustments to maintain reserves		7			10			(18	)		4			28			(11	)		12			(9	)
Net equity transactions		529,710			576,851			2,526,646			(172,410	)		43,879			318,394			613,965			263,476
Net change in contract owners’ equity		225,125			733,366			1,935,810			188,307			(28,330	)		341,348			460,698			368,170
Contract owners’ equity at beginning of period		1,498,498			765,132			2,408,104			2,219,797			362,741			21,393			713,233			345,063
Contract owners’ equity at end of period	$	1,723,623			1,498,498			4,343,914			2,408,104			334,411			362,741			1,173,931			713,233
CHANGE IN UNITS:
Beginning units		92,183			55,372			133,170			144,325			23,476			1,634			46,147			26,316
Units purchased		58,330			68,848			234,203			40,497			11,549			23,850			73,082			40,103
Units surrendered		(20,629	)		(32,037	)		(72,801	)		(51,652	)		(8,491	)		(2,008	)		(26,088	)		(20,272	)
Ending units		129,884			92,183			294,572			133,170			26,534			23,476			93,141			46,147

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FF65S						FFINS						FGOS						FGS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	93			80			27,494			11,397			(473	)		(658	)		690,739			(111,351	)
Realized gain (loss) on investments		(44	)		3			(22,477	)		68,207			3,376			57,415			5,262,988			10,402,821
Change in unrealized gain (loss) on investments		(1,574	)		(30	)		(239,215	)		(65,897	)		(345,261	)		(39,529	)		(62,364,531	)		(10,894,492	)
Reinvested capital gains		319			248			44,598			35,799			92,046			57,485			11,247,963			36,656,365
Net increase (decrease) in contract owners’ equity resulting from operations		(1,206	)		301			(189,600	)		49,506			(250,312	)		74,713			(45,162,841	)		36,053,343
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			-			(499	)		299			-			573			2,867,006			3,083,768
Transfers between funds		1,909			6,777			(19,612	)		(260,365	)		-			1,838			(6,263,425	)		(2,613,309	)
Surrenders (notes 3, 4, 5, 6 and 7)		(156	)		(52	)		(151,172	)		(123,509	)		(9,245	)		(97,113	)		(7,984,929	)		(11,626,482	)
Adjustments to maintain reserves		(2	)		-			(9	)		15			12			-			(2,245	)		(317,177	)
Net equity transactions		1,751			6,725			(171,292	)		(383,560	)		(9,233	)		(94,702	)		(11,383,593	)		(11,473,200	)
Net change in contract owners’ equity		545			7,026			(360,892	)		(334,054	)		(259,545	)		(19,989	)		(56,546,434	)		24,580,143
Contract owners’ equity at beginning of period		7,026			-			1,598,542			1,932,596			657,959			677,948			189,226,861			164,646,718
Contract owners’ equity at end of period	$	7,571			7,026			1,237,650			1,598,542			398,414			657,959			132,680,427			189,226,861
CHANGE IN UNITS:
Beginning units		655			-			96,614			121,416			9,107			10,483			2,443,139			2,625,643
Units purchased		314			660			170			101,923			-			36			320,212			87,627
Units surrendered		(104	)		(5	)		(11,645	)		(126,725	)		(173	)		(1,412	)		(542,424	)		(270,131	)
Ending units		865			655			85,139			96,614			8,934			9,107			2,220,927			2,443,139

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FHIS						FIGBS						FIP						FMCS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	514,502			573,707			3,168,261			3,190,711			57,740			35,939			127,211			184,406
Realized gain (loss) on investments		(164,717	)		56,964			(4,006,866	)		1,929,035			(17,753	)		867,252			(161,467	)		1,163,451
Change in unrealized gain (loss) on investments		(1,655,497	)		(153,156	)		(30,539,543	)		(11,501,719	)		(701,437	)		136,820			(8,254,382	)		1,018,978
Reinvested capital gains		-			-			8,376,643			4,754,427			21,513			14,430			2,273,378			6,212,545
Net increase (decrease) in contract owners’ equity resulting from operations		(1,305,712	)		477,515			(23,001,505	)		(1,627,546	)		(639,937	)		1,054,441			(6,015,260	)		8,579,380
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		157,400			195,111			2,112,188			2,199,704			752,360			1,291,891			543,694			620,131
Transfers between funds		280,356			325,620			(6,756,090	)		9,432,088			348,245			(4,662	)		(481,302	)		(2,431,239	)
Surrenders (notes 3, 4, 5, 6 and 7)		(548,498	)		(558,254	)		(7,712,087	)		(8,595,526	)		(238,854	)		(470,788	)		(2,506,421	)		(1,684,744	)
Adjustments to maintain reserves		131			(20	)		(238	)		(290	)		(27	)		36			402			(188	)
Net equity transactions		(110,611	)		(37,543	)		(12,356,227	)		3,035,976			861,724			816,477			(2,443,627	)		(3,496,040	)
Net change in contract owners’ equity		(1,416,323	)		439,972			(35,357,732	)		1,408,430			221,787			1,870,918			(8,458,887	)		5,083,340
Contract owners’ equity at beginning of period		11,191,388			10,751,416			176,979,449			175,571,019			3,240,890			1,369,972			40,983,181			35,899,841
Contract owners’ equity at end of period	$	9,775,065			11,191,388			141,621,717			176,979,449			3,462,677			3,240,890			32,524,294			40,983,181
CHANGE IN UNITS:
Beginning units		437,536			402,005			8,485,983			8,359,974			74,499			40,491			455,311			501,684
Units purchased		69,574			226,450			1,199,060			1,350,842			29,000			42,774			31,517			32,575
Units surrendered		(74,344	)		(190,919	)		(1,885,968	)		(1,224,833	)		(6,177	)		(8,766	)		(62,450	)		(78,948	)
Ending units		432,766			437,536			7,799,075			8,485,983			97,322			74,499			424,378			455,311

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FMMP						FNRS2						FOS						FRESS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	100,846			(7,474	)		227,735			105,520			171,388			94,756			32,133			23,336
Realized gain (loss) on investments		-			-			701,366			(637,658	)		224,617			420,031			180,838			366,270
Change in unrealized gain (loss) on investments		-			-			2,714,701			2,201,958			(6,123,760	)		1,664,319			(1,057,616	)		851,894
Reinvested capital gains		-			-			-			-			164,003			1,626,960			73,672			15,880
Net increase (decrease) in contract owners’ equity resulting from operations		100,846			(7,474	)		3,643,802			1,669,820			(5,563,752	)		3,806,066			(770,973	)		1,257,380
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(2,085	)		1,191			475,329			531,519			516,730			634,059			212,730			196,048
Transfers between funds		3,077,061			(4,821,779	)		3,561,449			261,384			(144,083	)		(18,250	)		357,158			(1,998,568	)
Surrenders (notes 3, 4, 5, 6 and 7)		(950,029	)		(453,768	)		(960,076	)		(372,589	)		(1,264,753	)		(1,509,031	)		(219,826	)		(87,061	)
Adjustments to maintain reserves		(11	)		(22	)		3,917			1			(2,144	)		(152	)		323			5
Net equity transactions		2,124,936			(5,274,378	)		3,080,619			420,315			(894,250	)		(893,374	)		350,385			(1,889,576	)
Net change in contract owners’ equity		2,225,782			(5,281,852	)		6,724,421			2,090,135			(6,458,002	)		2,912,692			(420,588	)		(632,196	)
Contract owners’ equity at beginning of period		2,149,993			7,431,845			5,158,974			3,068,839			23,116,706			20,204,014			2,875,132			3,507,328
Contract owners’ equity at end of period	$	4,375,775			2,149,993			11,883,395			5,158,974			16,658,704			23,116,706			2,454,544			2,875,132
CHANGE IN UNITS:
Beginning units		206,171			715,310			295,154			271,837			587,029			614,676			185,159			312,440
Units purchased		299,808			620,084			287,824			57,808			48,436			25,582			163,062			30,173
Units surrendered		(91,651	)		(1,129,223	)		(165,539	)		(34,491	)		(75,334	)		(53,229	)		(129,540	)		(157,454	)
Ending units		414,328			206,171			417,439			295,154			560,131			587,029			218,681			185,159

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FVBIS						FVEMIS						FVIIS						FVMIS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	9			39			97			6			229			69			3,395			2,610
Realized gain (loss) on investments		(193	)		-			(178	)		-			(39	)		3			752			661
Change in unrealized gain (loss) on investments		45			(45	)		(281	)		(16	)		(854	)		(95	)		(57,137	)		50,644
Reinvested capital gains		-			-			110			27			-			3			409			1,651
Net increase (decrease) in contract owners’ equity resulting from operations		(139	)		(6	)		(252	)		17			(664	)		(20	)		(52,581	)		55,566
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			3,829			550			358			8,169			2,942			5,826			4,109
Transfers between funds		(3,668	)		-			6,082			342			-			-			-			-
Surrenders (notes 3, 4, 5, 6 and 7)		(4	)		(11	)		(128	)		(16	)		(242	)		(116	)		(3,427	)		(2,732	)
Adjustments to maintain reserves		4			(5	)		(5	)		4			3			(5	)		4			(3	)
Net equity transactions		(3,668	)		3,813			6,499			688			7,930			2,821			2,403			1,374
Net change in contract owners’ equity		(3,807	)		3,807			6,247			705			7,266			2,801			(50,178	)		56,940
Contract owners’ equity at beginning of period		3,807			-			705			-			2,801			-			272,582			215,642
Contract owners’ equity at end of period	$	-			3,807			6,952			705			10,067			2,801			222,404			272,582
CHANGE IN UNITS:
Beginning units		354			-			47			-			221			-			16,494			16,383
Units purchased		-			355			530			48			748			231			428			296
Units surrendered		(354	)		(1	)		(10	)		(1	)		(22	)		(10	)		(239	)		(185	)
Ending units		-			354			567			47			947			221			16,683			16,494

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FVSS						FVSS2					FTVDM2						FTVFA2
	2022			2021			2022			2021		2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	46,574			57,477			413			-		71,091			33,222			7,947			10,974
Realized gain (loss) on investments		56,179			116,847			34,346			-		4,506			135,795			(30,339	)		(7,206	)
Change in unrealized gain (loss) on investments		(661,343	)		563,131			202			-		(1,037,251	)		(460,234	)		(122,829	)		67,049
Reinvested capital gains		204,685			338,787			1,755			-		205,423			76,138			47,765			-
Net increase (decrease) in contract owners’ equity resulting from operations		(353,905	)		1,076,242			36,716			-		(756,231	)		(215,079	)		(97,456	)		70,817
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		314,623			108,776			20,798			-		131,839			281,357			11,822			21,844
Transfers between funds		1,951,812			176,621			(11,160	)		-		516,675			(46,709	)		278			24,996
Surrenders (notes 3, 4, 5, 6 and 7)		(363,409	)		(265,564	)		(800	)		-		(254,795	)		(252,460	)		(134,304	)		(28,012	)
Adjustments to maintain reserves		1,072			(189	)		3			-		1			(4	)		(12	)		6
Net equity transactions		1,904,098			19,644			8,841			-		393,720			(17,816	)		(122,216	)		18,834
Net change in contract owners’ equity		1,550,193			1,095,886			45,557			-		(362,511	)		(232,895	)		(219,672	)		89,651
Contract owners’ equity at beginning of period		4,279,740			3,183,854			-			-		3,395,991			3,628,886			689,289			599,638
Contract owners’ equity at end of period	$	5,829,933			4,279,740			45,557			-		3,033,480			3,395,991			469,617			689,289
CHANGE IN UNITS:
Beginning units		79,231			78,676			-			-		230,532			232,201			31,055			30,172
Units purchased		51,198			6,419			56,873			-		64,261			18,124			704			2,533
Units surrendered		(13,311	)		(5,864	)		(52,174	)		-		(30,845	)		(19,793	)		(6,571	)		(1,650	)
Ending units		117,118			79,231			4,699			-		263,948			230,532			25,188			31,055

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FTVGB1						FTVGI2						FTVIS2						FTVMD2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(14,935	)		(24,690	)		(76	)		(85	)		263,115			254,334			2,559			14,148
Realized gain (loss) on investments		(1,159,727	)		(1,190,184	)		(281,628	)		(180,514	)		22,579			(17,492	)		63,515			75,057
Change in unrealized gain (loss) on investments		671,515			533,985			31,253			(92,425	)		(700,156	)		598,720			(110,260	)		11,979
Reinvested capital gains		-			-			-			-			106,800			-			17,948			-
Net increase (decrease) in contract owners’ equity resulting from operations		(503,147	)		(680,889	)		(250,451	)		(273,024	)		(307,662	)		835,562			(26,238	)		101,184
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		284,060			672,370			164,794			200,009			117,074			133,493			27,287			330
Transfers between funds		(5,486,565	)		1,400,179			(142,881	)		27,630			409,422			(107,141	)		(264,216	)		(116,760	)
Surrenders (notes 3, 4, 5, 6 and 7)		(559,776	)		(1,800,005	)		(547,070	)		(315,302	)		(365,679	)		(537,947	)		(19,484	)		(76,291	)
Adjustments to maintain reserves		(48	)		(5	)		-			(10	)		(12	)		(11	)		(40	)		24
Net equity transactions		(5,762,329	)		272,539			(525,157	)		(87,673	)		160,805			(511,606	)		(256,453	)		(192,697	)
Net change in contract owners’ equity		(6,265,476	)		(408,350	)		(775,608	)		(360,697	)		(146,857	)		323,956			(282,691	)		(91,513	)
Contract owners’ equity at beginning of period		13,336,947			13,745,297			5,116,994			5,477,691			5,636,309			5,312,353			564,885			656,398
Contract owners’ equity at end of period	$	7,071,471			13,336,947			4,341,386			5,116,994			5,489,452			5,636,309			282,194			564,885
CHANGE IN UNITS:
Beginning units		1,391,217			1,366,885			313,941			319,287			215,985			237,677			26,714			36,928
Units purchased		84,285			347,891			34,157			22,999			32,065			7,284			3,141			501
Units surrendered		(699,441	)		(323,559	)		(67,859	)		(28,345	)		(25,511	)		(28,976	)		(15,882	)		(10,715	)
Ending units		776,061			1,391,217			280,239			313,941			222,539			215,985			13,973			26,714

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FTVRDI						FTVSV2						FTVSVI						TIF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			199,452			89,688			93,009			134,097			131,830			23,022			16,419
Realized gain (loss) on investments		-			5,899,200			169,763			108,862			(266,651	)		(151,111	)		(21,820	)		(5,517	)
Change in unrealized gain (loss) on investments		-			(2,313,719	)		(3,437,708	)		1,624,580			(3,013,248	)		2,231,015			(59,252	)		24,071
Reinvested capital gains		-			603,831			1,939,439			290,242			1,925,540			294,019			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		-			4,388,764			(1,238,818	)		2,116,693			(1,220,262	)		2,505,753			(58,050	)		34,973
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		4			382,028			335,812			293,606			213,758			316,673			-			-
Transfers between funds		(70	)		(21,439,605	)		1,799,721			1,315,710			(84,425	)		296,660			(14,620	)		(331	)
Surrenders (notes 3, 4, 5, 6 and 7)		66			(1,934,965	)		(749,731	)		(525,660	)		(807,737	)		(409,049	)		(47,702	)		(33,683	)
Adjustments to maintain reserves		-			3,001			1,025			38			962			(76	)		14			(16	)
Net equity transactions		-			(22,989,541	)		1,386,827			1,083,694			(677,442	)		204,208			(62,308	)		(34,030	)
Net change in contract owners’ equity		-			(18,600,777	)		148,009			3,200,387			(1,897,704	)		2,709,961			(120,358	)		943
Contract owners’ equity at beginning of period		-			18,600,777			11,582,049			8,381,662			12,439,969			9,730,008			770,587			769,644
Contract owners’ equity at end of period	$	-			-			11,730,058			11,582,049			10,542,265			12,439,969			650,229			770,587
CHANGE IN UNITS:
Beginning units		-			334,357			273,764			248,662			172,759			169,810			25,861			26,975
Units purchased		-			6,883			105,099			49,512			11,298			13,010			-			-
Units surrendered		-			(341,240	)		(71,923	)		(24,410	)		(21,717	)		(10,061	)		(2,299	)		(1,114	)
Ending units		-			-			306,940			273,764			162,340			172,759			23,562			25,861

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	TIF2						GVCSE						GVGMNS						GVGOPS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	288,575			205,675			3,461			6,109			-			-			(1,531	)		(2,595	)
Realized gain (loss) on investments		(400,959	)		(198,902	)		1,740			230,958			86			128			(158,670	)		49,690
Change in unrealized gain (loss) on investments		(746,353	)		489,868			(359,904	)		(244,560	)		(6,097	)		155			(188,595	)		(140,476	)
Reinvested capital gains		-			-			14,788			358,215			841			3,489			23,825			233,389
Net increase (decrease) in contract owners’ equity resulting from operations		(858,737	)		496,641			(339,915	)		350,722			(5,170	)		3,772			(324,971	)		140,008
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		111,914			164,225			89,751			134,499			1,706			1,845			7,595			25,033
Transfers between funds		6,959			(1,149,558	)		(87,507	)		(223,225	)		(2,663	)		2,018			(290,372	)		42,524
Surrenders (notes 3, 4, 5, 6 and 7)		(1,006,199	)		(471,962	)		(55,922	)		(96,189	)		(2,364	)		(1,355	)		(18,568	)		(47,703	)
Adjustments to maintain reserves		(3	)		17			23			475			(5	)		5			(6	)		(13	)
Net equity transactions		(887,329	)		(1,457,278	)		(53,655	)		(184,440	)		(3,326	)		2,513			(301,351	)		19,841
Net change in contract owners’ equity		(1,746,066	)		(960,637	)		(393,570	)		166,282			(8,496	)		6,285			(626,322	)		159,849
Contract owners’ equity at beginning of period		10,522,468			11,483,105			1,718,724			1,552,442			29,109			22,824			1,382,996			1,223,147
Contract owners’ equity at end of period	$	8,776,402			10,522,468			1,325,154			1,718,724			20,613			29,109			756,674			1,382,996
CHANGE IN UNITS:
Beginning units		399,213			454,905			62,992			70,551			1,661			1,512			36,294			35,711
Units purchased		61,635			45,186			7,518			12,266			113			235			285			3,594
Units surrendered		(101,254	)		(100,878	)		(10,275	)		(19,825	)		(319	)		(86	)		(9,580	)		(3,011	)
Ending units		359,594			399,213			60,235			62,992			1,455			1,661			26,999			36,294

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GVMCE						GVMSAS						RVARS						ACEG
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	47,032			28,544			1,168			265			4,089			-			-			-
Realized gain (loss) on investments		938,595			1,441,873			(1,041	)		211			4,040			29,623			138,059			160,858
Change in unrealized gain (loss) on investments		(3,511,084	)		(13,700	)		(2,324	)		75			(23,911	)		(2,048	)		(1,169,824	)		(162,956	)
Reinvested capital gains		1,330,394			1,497,617			-			-			3,552			9,100			359,560			325,205
Net increase (decrease) in contract owners’ equity resulting from operations		(1,195,063	)		2,954,334			(2,197	)		551			(12,230	)		36,675			(672,205	)		323,107
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(1,517	)		24,538			366			475			3,191			2,741			55,043			70,236
Transfers between funds		(541,490	)		(807,122	)		30,242			9,275			(682	)		(266,894	)		(828,155	)		(88,429	)
Surrenders (notes 3, 4, 5, 6 and 7)		(772,754	)		(552,616	)		(12,351	)		(2,338	)		(12,543	)		(21,670	)		(222,739	)		(304,337	)
Adjustments to maintain reserves		(18	)		105			(8	)		3			(5	)		(12	)		32			(13	)
Net equity transactions		(1,315,779	)		(1,335,095	)		18,249			7,415			(10,039	)		(285,835	)		(995,819	)		(322,543	)
Net change in contract owners’ equity		(2,510,842	)		1,619,239			16,052			7,966			(22,269	)		(249,160	)		(1,668,024	)		564
Contract owners’ equity at beginning of period		11,479,548			9,860,309			17,883			9,917			372,457			621,617			2,856,153			2,855,589
Contract owners’ equity at end of period	$	8,968,706			11,479,548			33,935			17,883			350,188			372,457			1,188,129			2,856,153
CHANGE IN UNITS:
Beginning units		164,072			185,335			1,548			900			29,278			52,824			67,127			75,119
Units purchased		46,459			46,649			3,249			941			2,962			397			5,242			2,785
Units surrendered		(69,163	)		(67,912	)		(1,654	)		(293	)		(3,744	)		(23,943	)		(31,833	)		(10,777	)
Ending units		141,368			164,072			3,143			1,548			28,496			29,278			40,536			67,127

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ACGI						AVHY1						AVIE						AVMCCI
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	71,172			65,340			23,650			33,772			469,994			434,962			516			1,346
Realized gain (loss) on investments		104,393			149,345			(102,322	)		86,322			(819,705	)		831,624			(8,562	)		(1,307	)
Change in unrealized gain (loss) on investments		(910,867	)		1,231,503			(26,216	)		(88,672	)		(10,129,589	)		(1,873,336	)		(83,118	)		64,422
Reinvested capital gains		439,324			-			-			-			3,354,803			2,710,418			37,799			-
Net increase (decrease) in contract owners’ equity resulting from operations		(295,978	)		1,446,188			(104,888	)		31,422			(7,124,497	)		2,103,668			(53,365	)		64,461
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		37,654			25,866			110			-			194,098			241,546			4,633			7,579
Transfers between funds		47,994			(2,045,917	)		46,060			(297,896	)		(2,421,727	)		2,520,912			(101,301	)		14,860
Surrenders (notes 3, 4, 5, 6 and 7)		(148,065	)		(47,140	)		(230,622	)		(118,971	)		(841,776	)		(1,283,918	)		(16,638	)		(2,947	)
Adjustments to maintain reserves		41			(31	)		(35	)		8			518			(39	)		(31	)		(4	)
Net equity transactions		(62,376	)		(2,067,222	)		(184,487	)		(416,859	)		(3,068,887	)		1,478,501			(113,337	)		19,488
Net change in contract owners’ equity		(358,354	)		(621,034	)		(289,375	)		(385,437	)		(10,193,384	)		3,582,169			(166,702	)		83,949
Contract owners’ equity at beginning of period		5,097,474			5,718,508			802,044			1,187,481			40,258,272			36,676,103			344,385			260,436
Contract owners’ equity at end of period	$	4,739,120			5,097,474			512,669			802,044			30,064,888			40,258,272			177,683			344,385
CHANGE IN UNITS:
Beginning units		159,839			230,665			43,995			68,273			1,089,800			1,050,203			9,184			8,546
Units purchased		3,570			4,903			35,592			6,790			258,758			135,549			692			1,421
Units surrendered		(5,549	)		(75,729	)		(48,324	)		(31,068	)		(355,191	)		(95,952	)		(4,321	)		(783	)
Ending units		157,860			159,839			31,263			43,995			993,367			1,089,800			5,555			9,184

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	AVSCE						IVBRA1						MSVMV						OVAG
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(388	)		(139	)		98,793			57,506			-			-			(8,108	)		(11,517	)
Realized gain (loss) on investments		(37,033	)		44,076			(49,382	)		(14,598	)		-			-			1,742,066			2,541,572
Change in unrealized gain (loss) on investments		(31,353	)		(23,927	)		(311,543	)		51,695			(1	)		1			(30,996,049	)		774,778
Reinvested capital gains		29,407			10,251			46,034			57,281			-			-			11,901,512			5,758,027
Net increase (decrease) in contract owners’ equity resulting from operations		(39,367	)		30,261			(216,098	)		151,884			(1	)		1			(17,360,579	)		9,062,860
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		2			13			109,142			21,492			-			12			1,143,286			1,729,142
Transfers between funds		(6,184	)		29,686			87,459			27,914			-			2			2,111,471			1,595,988
Surrenders (notes 3, 4, 5, 6 and 7)		(2,205	)		(2,288	)		(541,920	)		(71,087	)		-			-			(3,138,291	)		(3,995,784	)
Adjustments to maintain reserves		1			(2	)		1			10			1			(15	)		(272	)		(946,636	)
Net equity transactions		(8,386	)		27,409			(345,318	)		(21,671	)		1			(1	)		116,194			(1,617,290	)
Net change in contract owners’ equity		(47,753	)		57,670			(561,416	)		130,213			-			-			(17,244,385	)		7,445,570
Contract owners’ equity at beginning of period		201,690			144,020			1,820,981			1,690,768			-			-			56,484,873			49,039,303
Contract owners’ equity at end of period	$	153,937			201,690			1,259,565			1,820,981			-			-			39,240,488			56,484,873
CHANGE IN UNITS:
Beginning units		9,705			8,323			115,044			117,013			-			-			781,372			860,217
Units purchased		62			1,497			16,218			4,346			-			-			100,507			166,720
Units surrendered		(426	)		(115	)		(38,352	)		(6,315	)		-			-			(83,155	)		(245,565	)
Ending units		9,341			9,705			92,910			115,044			-			-			798,724			781,372

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	OVGI						OVGR						OVGS						OVIG
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	111,214			292,037			(12,153	)		(18,685	)		(51,040	)		(83,070	)		(29,568	)		(40,455	)
Realized gain (loss) on investments		33,671			9,983,019			215,716			557,915			2,595,390			5,388,294			(751,414	)		720,854
Change in unrealized gain (loss) on investments		(5,176,363	)		(2,009,916	)		(9,057,352	)		1,544,603			(47,233,631	)		3,783,677			(9,443,159	)		(627,610	)
Reinvested capital gains		3,110,961			2,510,681			4,182,129			786,162			12,484,552			5,235,044			3,714,987			2,153,098
Net increase (decrease) in contract owners’ equity resulting from operations		(1,920,517	)		10,775,821			(4,671,660	)		2,869,995			(32,204,729	)		14,323,945			(6,509,154	)		2,205,887
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		9,745			701,747			(10,280	)		4,512			1,543,006			2,194,525			998,004			1,553,958
Transfers between funds		97,072			(39,097,921	)		313,195			(558,313	)		(4,360,707	)		(3,990,212	)		530,995			(492,868	)
Surrenders (notes 3, 4, 5, 6 and 7)		(214,568	)		(3,128,977	)		(269,288	)		(208,750	)		(3,949,983	)		(5,414,840	)		(1,282,883	)		(1,335,580	)
Adjustments to maintain reserves		(37	)		14			625			(60,276	)		(107	)		(1,180	)		(78	)		12
Net equity transactions		(107,788	)		(41,525,137	)		34,252			(822,827	)		(6,767,791	)		(7,211,707	)		246,038			(274,478	)
Net change in contract owners’ equity		(2,028,305	)		(30,749,316	)		(4,637,408	)		2,047,168			(38,972,520	)		7,112,238			(6,263,116	)		1,931,409
Contract owners’ equity at beginning of period		9,595,994			40,345,310			15,021,493			12,974,325			103,922,343			96,810,105			24,179,572			22,248,163
Contract owners’ equity at end of period	$	7,567,689			9,595,994			10,384,085			15,021,493			64,949,823			103,922,343			17,916,456			24,179,572
CHANGE IN UNITS:
Beginning units		193,654			959,869			251,863			332,659			1,957,094			2,117,816			1,287,678			1,303,519
Units purchased		13,103			169,802			8,188			209,815			138,551			461,300			496,778			167,176
Units surrendered		(15,936	)		(936,017	)		(9,407	)		(290,611	)		(304,448	)		(622,022	)		(476,545	)		(183,017	)
Ending units		190,821			193,654			250,644			251,863			1,791,197			1,957,094			1,307,911			1,287,678

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	OVSB						OVSC						WRASP						WRGP
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			828,921			45,643			33,466			90,684			111,930			(4,476	)		(5,089	)
Realized gain (loss) on investments		(692,045	)		(173,739	)		53,183			191,845			42,605			211,627			26,409			90,497
Change in unrealized gain (loss) on investments		(1,255,120	)		(1,283,366	)		(2,718,761	)		963,241			(1,674,679	)		(347,500	)		(3,313,813	)		921,446
Reinvested capital gains		-			-			1,029,646			590,907			477,150			729,540			1,401,592			575,356
Net increase (decrease) in contract owners’ equity resulting from operations		(1,947,165	)		(628,184	)		(1,590,289	)		1,779,459			(1,064,240	)		705,597			(1,890,288	)		1,582,210
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		109,999			152,126			329,352			869,021			245,684			264,043			657,932			111,314
Transfers between funds		(158,168	)		(182,648	)		1,951,786			220,005			(332,733	)		(178,720	)		(445,980	)		673,901
Surrenders (notes 3, 4, 5, 6 and 7)		(1,644,069	)		(847,393	)		(674,688	)		(1,017,277	)		(481,168	)		(592,625	)		(164,779	)		(147,446	)
Adjustments to maintain reserves		(8	)		7			(54	)		(190	)		18			10			37			(10	)
Net equity transactions		(1,692,246	)		(877,908	)		1,606,396			71,559			(568,199	)		(507,292	)		47,210			637,759
Net change in contract owners’ equity		(3,639,411	)		(1,506,092	)		16,107			1,851,018			(1,632,439	)		198,305			(1,843,078	)		2,219,969
Contract owners’ equity at beginning of period		17,188,442			18,694,534			9,835,225			7,984,207			7,181,764			6,983,459			7,086,411			4,866,442
Contract owners’ equity at end of period	$	13,549,031			17,188,442			9,851,332			9,835,225			5,549,325			7,181,764			5,243,333			7,086,411
CHANGE IN UNITS:
Beginning units		1,072,926			1,127,112			117,806			117,121			314,317			337,483			86,993			77,822
Units purchased		32,669			31,013			39,886			8,217			21,506			21,004			26,811			17,299
Units surrendered		(150,371	)		(85,199	)		(16,987	)		(7,532	)		(51,190	)		(44,170	)		(25,317	)		(8,128	)
Ending units		955,224			1,072,926			140,705			117,806			284,633			314,317			88,487			86,993

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	WRHIP						WRMCG						WRRESP						WRSTP
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	788,017			772,870			(5,440	)		(8,807	)		57,381			56,228			(2,449	)		(3,508	)
Realized gain (loss) on investments		(532,136	)		(22,867	)		(8,192	)		662,729			393,031			271,644			(2,225,046	)		1,991,293
Change in unrealized gain (loss) on investments		(1,790,947	)		54,813			(2,876,862	)		(426,040	)		(3,650,257	)		2,171,906			(1,956,941	)		(3,605,574	)
Reinvested capital gains		-			-			919,967			814,415			986,981			108,801			996,423			2,955,121
Net increase (decrease) in contract owners’ equity resulting from operations		(1,535,066	)		804,816			(1,970,527	)		1,042,297			(2,212,864	)		2,608,579			(3,188,013	)		1,337,332
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		158,485			205,224			107,605			97,132			310,691			180,750			987,006			1,135,602
Transfers between funds		(1,082,117	)		(618,272	)		(931,616	)		106,031			(153,677	)		717,205			650,897			(766,308	)
Surrenders (notes 3, 4, 5, 6 and 7)		(507,825	)		(795,046	)		(541,472	)		(364,325	)		(294,096	)		(563,487	)		(1,220,336	)		(1,140,319	)
Adjustments to maintain reserves		(106	)		75			(67	)		104			(26	)		35			141			(299	)
Net equity transactions		(1,431,563	)		(1,208,019	)		(1,365,550	)		(161,058	)		(137,108	)		334,503			417,708			(771,324	)
Net change in contract owners’ equity		(2,966,629	)		(403,203	)		(3,336,077	)		881,239			(2,349,972	)		2,943,082			(2,770,305	)		566,008
Contract owners’ equity at beginning of period		14,133,158			14,536,361			7,188,554			6,307,315			8,754,206			5,811,124			10,271,513			9,705,505
Contract owners’ equity at end of period	$	11,166,529			14,133,158			3,852,477			7,188,554			6,404,234			8,754,206			7,501,208			10,271,513
CHANGE IN UNITS:
Beginning units		826,681			900,221			168,533			172,147			228,285			217,442			169,656			184,422
Units purchased		264,783			79,477			50,112			29,052			26,212			52,988			43,665			31,859
Units surrendered		(359,680	)		(153,017	)		(87,797	)		(32,666	)		(31,771	)		(42,145	)		(31,344	)		(46,625	)
Ending units		731,784			826,681			130,848			168,533			222,726			228,285			181,977			169,656

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	JPMMV1						JPSCE1						JABS						JACAS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	403,662			396,990			3,000			2,403			286,601			247,723			16,007			(19,845	)
Realized gain (loss) on investments		503,245			1,071,215			25,214			31,175			3,439,286			2,135,261			1,184,900			4,338,655
Change in unrealized gain (loss) on investments		(12,490,189	)		8,977,004			(476,039	)		87,583			(12,956,038	)		4,447,803			(34,169,647	)		1,123,815
Reinvested capital gains		7,219,624			2,693,823			216,783			21,015			1,042,184			347,269			8,703,592			9,069,454
Net increase (decrease) in contract owners’ equity resulting from operations		(4,363,658	)		13,139,032			(231,042	)		142,176			(8,187,967	)		7,178,056			(24,265,148	)		14,512,079
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,059,662			869,702			152,329			128,518			804,466			1,127,130			810,601			1,741,314
Transfers between funds		(488,817	)		544,269			109,259			335,215			748,184			418,635			(2,018,612	)		(3,447,955	)
Surrenders (notes 3, 4, 5, 6 and 7)		(2,317,574	)		(1,941,925	)		(69,331	)		(14,672	)		(11,912,022	)		(2,116,427	)		(4,173,644	)		(4,829,068	)
Adjustments to maintain reserves		(10	)		(128	)		8			12			2,081			143			(113	)		60
Net equity transactions		(1,746,739	)		(528,082	)		192,265			449,073			(10,357,291	)		(570,519	)		(5,381,768	)		(6,535,649	)
Net change in contract owners’ equity		(6,110,397	)		12,610,950			(38,777	)		591,249			(18,545,258	)		6,607,537			(29,646,916	)		7,976,430
Contract owners’ equity at beginning of period		57,943,290			45,332,340			1,122,444			531,195			50,269,630			43,662,093			73,957,820			65,981,390
Contract owners’ equity at end of period	$	51,832,893			57,943,290			1,083,667			1,122,444			31,724,372			50,269,630			44,310,904			73,957,820
CHANGE IN UNITS:
Beginning units		1,097,959			1,118,045			58,458			33,535			926,718			940,674			1,156,158			1,268,442
Units purchased		265,344			222,372			21,457			41,663			102,522			101,496			35,508			135,242
Units surrendered		(296,731	)		(242,458	)		(9,885	)		(16,740	)		(330,504	)		(115,452	)		(146,610	)		(247,526	)
Ending units		1,066,572			1,097,959			70,030			58,458			698,736			926,718			1,045,056			1,156,158

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	JAEI						JAFBS						JAGTS						JAIGS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	2,530			5,131			134,608			115,917			(12,242	)		34,375			386,532			257,716
Realized gain (loss) on investments		(39,325	)		317,758			(371,696	)		76,281			765,122			3,759,360			(99,974	)		151,076
Change in unrealized gain (loss) on investments		(431,387	)		(135,271	)		(950,312	)		(464,291	)		(23,733,301	)		(2,392,006	)		(2,672,067	)		2,712,253
Reinvested capital gains		204,676			135,391			109,381			184,336			5,978,088			5,988,697			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(263,506	)		323,009			(1,078,019	)		(87,757	)		(17,002,333	)		7,390,426			(2,385,509	)		3,121,045
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		52,499			55,272			305,481			181,950			1,290,866			1,047,706			586,106			658,787
Transfers between funds		(335,231	)		(1,114,300	)		670,293			313,459			(2,316,591	)		(2,090,266	)		557,395			114,017
Surrenders (notes 3, 4, 5, 6 and 7)		(39,652	)		(127,864	)		(115,556	)		(281,974	)		(2,358,090	)		(2,773,075	)		(1,335,735	)		(1,425,799	)
Adjustments to maintain reserves		15			(6	)		(2	)		6			(243	)		(9	)		876			112
Net equity transactions		(322,369	)		(1,186,898	)		860,216			213,441			(3,384,058	)		(3,815,644	)		(191,358	)		(652,883	)
Net change in contract owners’ equity		(585,875	)		(863,889	)		(217,803	)		125,684			(20,386,391	)		3,574,782			(2,576,867	)		2,468,162
Contract owners’ equity at beginning of period		1,617,891			2,481,780			7,514,491			7,388,807			47,594,396			44,019,614			26,335,620			23,867,458
Contract owners’ equity at end of period	$	1,032,016			1,617,891			7,296,688			7,514,491			27,208,005			47,594,396			23,758,753			26,335,620
CHANGE IN UNITS:
Beginning units		73,917			132,469			604,281			587,623			1,158,496			1,262,083			1,100,214			1,133,790
Units purchased		7,808			3,548			154,354			97,291			88,901			60,661			106,317			227,798
Units surrendered		(25,634	)		(62,100	)		(76,385	)		(80,633	)		(192,933	)		(164,248	)		(117,728	)		(261,374	)
Ending units		56,091			73,917			682,250			604,281			1,054,464			1,158,496			1,088,803			1,100,214

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	JAMGS						JAMVS						LZREMS						SBVSG
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(23,886	)		35,136			8,924			976			297,088			234,463			(32,762	)		(52,867	)
Realized gain (loss) on investments		36,163			2,284,029			(128	)		222			(180,563	)		559,279			609,934			3,930,858
Change in unrealized gain (loss) on investments		(13,110,314	)		255,722			(140,513	)		157,421			(1,764,786	)		(36,084	)		(9,090,243	)		(3,994,978	)
Reinvested capital gains		6,148,285			3,966,351			73,165			-			-			-			438,348			3,547,967
Net increase (decrease) in contract owners’ equity resulting from operations		(6,949,752	)		6,541,238			(58,552	)		158,619			(1,648,261	)		757,658			(8,074,723	)		3,430,980
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,056,479			1,474,913			1,996			2,170			243,031			392,481			1,152,404			858,723
Transfers between funds		(4,480,049	)		(3,827,610	)		3,390			7,061			(711,530	)		(1,689,652	)		(499,139	)		(2,679,779	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,237,023	)		(989,622	)		(11,890	)		(18,138	)		(726,304	)		(607,819	)		(905,725	)		(1,528,014	)
Adjustments to maintain reserves		(83	)		(54	)		1			(2	)		(57	)		(4	)		(161	)		(36	)
Net equity transactions		(4,660,676	)		(3,342,373	)		(6,503	)		(8,909	)		(1,194,860	)		(1,904,994	)		(252,621	)		(3,349,106	)
Net change in contract owners’ equity		(11,610,428	)		3,198,865			(65,055	)		149,710			(2,843,121	)		(1,147,336	)		(8,327,344	)		81,874
Contract owners’ equity at beginning of period		45,169,164			41,970,299			983,938			834,228			11,735,368			12,882,704			28,180,185			28,098,311
Contract owners’ equity at end of period	$	33,558,736			45,169,164			918,883			983,938			8,892,247			11,735,368			19,852,841			28,180,185
CHANGE IN UNITS:
Beginning units		1,782,996			1,928,139			38,091			38,490			900,997			1,040,798			557,965			625,713
Units purchased		334,062			290,352			237			379			127,210			92,268			112,974			48,127
Units surrendered		(536,670	)		(435,495	)		(499	)		(778	)		(222,330	)		(232,069	)		(118,988	)		(115,875	)
Ending units		1,580,388			1,782,996			37,829			38,091			805,877			900,997			551,951			557,965

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	BNCAI						LOVBD						LOVMCV						LOVSDC
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(8,054	)		(11,770	)		173,547			124,463			-			-			500,991			470,767
Realized gain (loss) on investments		361,616			525,259			(37,203	)		58,131			-			254			(547,322	)		50,245
Change in unrealized gain (loss) on investments		(2,851,388	)		544,970			(712,945	)		(122,970	)		-			(166	)		(1,121,232	)		(405,229	)
Reinvested capital gains		441,919			164,749			10,823			70,004			-			1			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(2,055,907	)		1,223,208			(565,778	)		129,628			-			89			(1,167,563	)		115,783
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(3,995	)		689			45,678			73,172			-			-			513,691			429,920
Transfers between funds		(174,039	)		194,608			124,260			125,021			-			(1,434	)		(2,591,902	)		(162,382	)
Surrenders (notes 3, 4, 5, 6 and 7)		(490,511	)		(173,902	)		(92,929	)		(209,434	)		(7	)		277			(1,704,010	)		(1,267,618	)
Adjustments to maintain reserves		1,712			(9	)		(4	)		(6	)		7			7			(99	)		(18	)
Net equity transactions		(666,833	)		21,386			77,005			(11,247	)		-			(1,150	)		(3,782,320	)		(1,000,098	)
Net change in contract owners’ equity		(2,722,740	)		1,244,594			(488,773	)		118,381			-			(1,061	)		(4,949,883	)		(884,315	)
Contract owners’ equity at beginning of period		7,992,095			6,747,501			4,364,592			4,246,211			-			1,061			23,287,595			24,171,910
Contract owners’ equity at end of period	$	5,269,355			7,992,095			3,875,819			4,364,592			-			-			18,337,712			23,287,595
CHANGE IN UNITS:
Beginning units		82,028			82,684			301,306			302,161			-			44			2,052,546			2,143,345
Units purchased		11,282			28,257			16,177			17,352			-			13			352,895			654,237
Units surrendered		(20,583	)		(28,913	)		(10,058	)		(18,207	)		-			(57	)		(701,510	)		(745,036	)
Ending units		72,727			82,028			307,425			301,306			-			-			1,703,931			2,052,546

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	LOVTRC						MNVFRS						M3GREI					M3GRES
	2022			2021			2022			2021			2022			2021		2022			2021
Investment activity*:
Net investment income (loss)	$	645,583			352,500			3,996			1,239			499			-		1,021			-
Realized gain (loss) on investments		(496,329	)		895,562			(51	)		16			(60	)		-		(5,096	)		-
Change in unrealized gain (loss) on investments		(3,257,875	)		(1,576,908	)		(4,907	)		222			(8,484	)		-		(33,750	)		-
Reinvested capital gains		45,931			182,846			-			-			1,837			-		6,940			-
Net increase (decrease) in contract owners’ equity resulting from operations		(3,062,690	)		(146,000	)		(962	)		1,477			(6,208	)		-		(30,885	)		-
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,401,523			1,886,304			41,788			4,900			2,078			-		8			-
Transfers between funds		1,787,688			(14,919,215	)		512,700			-			34,473			-		153,713			-
Surrenders (notes 3, 4, 5, 6 and 7)		(1,825,276	)		(2,904,934	)		(1,105	)		(778	)		(355	)		-		(1,501	)		-
Adjustments to maintain reserves		(59	)		(6	)		97			(9	)		-			-		1			-
Net equity transactions		1,363,876			(15,937,851	)		553,480			4,113			36,196			-		152,221			-
Net change in contract owners’ equity		(1,698,814	)		(16,083,851	)		552,518			5,590			29,988			-		121,336			-
Contract owners’ equity at beginning of period		21,167,304			37,251,155			50,033			44,443			-			-		-			-
Contract owners’ equity at end of period	$	19,468,490			21,167,304			602,551			50,033			29,988			-		121,336			-
CHANGE IN UNITS:
Beginning units		1,752,453			3,073,147			4,346			3,986			-			-		-			-
Units purchased		521,846			710,301			48,869			428			3,546			-		14,456			-
Units surrendered		(397,858	)		(2,030,995	)		(98	)		(68	)		(38	)		-		(155	)		-
Ending units		1,876,441			1,752,453			53,117			4,346			3,508			-		14,301			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MEGSS						MMCGSC						MNDIC						MNDSC
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			(1	)		(2,694	)		(2,790	)		-			-			2,245			2,399
Realized gain (loss) on investments		(814	)		-			(197,693	)		127,270			(59,772	)		228,062			(1,209,680	)		121,616
Change in unrealized gain (loss) on investments		70			(70	)		(1,075,336	)		(376,329	)		(813,825	)		(510,786	)		(1,514,950	)		(912,775	)
Reinvested capital gains		-			-			461,608			565,922			344,274			337,501			1,336,657			850,045
Net increase (decrease) in contract owners’ equity resulting from operations		(744	)		(71	)		(814,115	)		314,073			(529,323	)		54,777			(1,385,728	)		61,285
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			-			148,742			98,804			75,791			70,832			181,354			226,266
Transfers between funds		(4,575	)		6,204			953,800			1,045,433			(232,528	)		(436,944	)		(975,230	)		916,505
Surrenders (notes 3, 4, 5, 6 and 7)		(25	)		(9	)		(106,127	)		(299,230	)		(132,338	)		(236,014	)		(54,891	)		(64,466	)
Adjustments to maintain reserves		3			(7	)		(24	)		20			131			101			39			(57	)
Net equity transactions		(4,597	)		6,188			996,391			845,027			(288,944	)		(602,025	)		(848,728	)		1,078,248
Net change in contract owners’ equity		(5,341	)		6,117			182,276			1,159,100			(818,267	)		(547,248	)		(2,234,456	)		1,139,533
Contract owners’ equity at beginning of period		6,117			-			2,631,078			1,471,978			1,842,572			2,389,820			4,666,133			3,526,600
Contract owners’ equity at end of period	$	776			6,117			2,813,354			2,631,078			1,024,305			1,842,572			2,431,677			4,666,133
CHANGE IN UNITS:
Beginning units		533			-			128,370			81,625			48,341			63,827			126,253			97,110
Units purchased		101			534			75,970			78,410			3,591			2,107			51,380			36,021
Units surrendered		(535	)		(1	)		(11,206	)		(31,665	)		(13,674	)		(17,593	)		(84,112	)		(6,878	)
Ending units		99			533			193,134			128,370			38,258			48,341			93,521			126,253

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MV2EEI						MV2EES						MV2IGI						MV2RIS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	174			-			6,305			257			4,764			12,822			575,557			230,463
Realized gain (loss) on investments		(93	)		-			(9,235	)		(1,032	)		91,337			223,257			(21,711	)		93,491
Change in unrealized gain (loss) on investments		(751	)		(46	)		(42,358	)		(18,115	)		(1,768,303	)		283,060			(8,938,141	)		1,883,975
Reinvested capital gains		277			-			11,503			12			616,977			682,843			859,858			1,955,689
Net increase (decrease) in contract owners’ equity resulting from operations		(393	)		(46	)		(33,785	)		(18,878	)		(1,055,225	)		1,201,982			(7,524,437	)		4,163,618
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		4,667			-			-			(90	)		70,521			116,310			73,443			99,147
Transfers between funds		(97	)		1,109			59,282			155,086			110,851			(268,848	)		3,402,900			(58,230	)
Surrenders (notes 3, 4, 5, 6 and 7)		(138	)		(19	)		(1,551	)		(3,802	)		(377,303	)		(298,749	)		(611,684	)		(515,066	)
Adjustments to maintain reserves		-			(4	)		5			-			29			12			(73	)		38
Net equity transactions		4,432			1,086			57,736			151,194			(195,902	)		(451,275	)		2,864,586			(474,111	)
Net change in contract owners’ equity		4,039			1,040			23,951			132,316			(1,251,127	)		750,707			(4,659,851	)		3,689,507
Contract owners’ equity at beginning of period		1,040			-			132,316			-			5,555,841			4,805,134			41,218,224			37,528,717
Contract owners’ equity at end of period	$	5,079			1,040			156,267			132,316			4,304,714			5,555,841			36,558,373			41,218,224
CHANGE IN UNITS:
Beginning units		95			-			12,179			-			189,951			206,954			2,603,987			2,635,491
Units purchased		510			97			5,968			23,973			11,321			6,084			301,671			31,247
Units surrendered		(27	)		(2	)		(162	)		(11,794	)		(18,993	)		(23,087	)		(91,667	)		(62,751	)
Ending units		578			95			17,985			12,179			182,279			189,951			2,813,991			2,603,987

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MV3MVI						MV3MVS						MVBRES						MVFIC
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	3,269			1,433			7,844			10,272			15,099			15,199			161,935			154,433
Realized gain (loss) on investments		(4,168	)		3,861			148,165			239,700			96,418			105,789			204,985			278,682
Change in unrealized gain (loss) on investments		(60,624	)		17,282			(379,020	)		147,691			(859,545	)		253,270			(1,828,514	)		1,926,819
Reinvested capital gains		27,256			1,214			100,515			12,619			374,959			144,494			690,171			257,172
Net increase (decrease) in contract owners’ equity resulting from operations		(34,267	)		23,790			(122,496	)		410,282			(373,069	)		518,752			(771,423	)		2,617,106
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		83,219			112,448			59,098			14,568			74,503			139,920			254,618			260,800
Transfers between funds		135,267			209,749			187,767			303,953			(143,560	)		(10,013	)		104,452			(236,097	)
Surrenders (notes 3, 4, 5, 6 and 7)		(184,821	)		(7,311	)		(49,877	)		(578,825	)		(90,718	)		(48,919	)		(1,001,450	)		(817,659	)
Adjustments to maintain reserves		13			(12	)		5			(20	)		(16	)		3			80			(43	)
Net equity transactions		33,678			314,874			196,993			(260,324	)		(159,791	)		80,991			(642,300	)		(792,999	)
Net change in contract owners’ equity		(589	)		338,664			74,497			149,958			(532,860	)		599,743			(1,413,723	)		1,824,107
Contract owners’ equity at beginning of period		353,487			14,823			1,519,132			1,369,174			2,338,407			1,738,664			12,549,087			10,724,980
Contract owners’ equity at end of period	$	352,898			353,487			1,593,629			1,519,132			1,805,547			2,338,407			11,135,364			12,549,087
CHANGE IN UNITS:
Beginning units		19,590			1,076			102,467			120,414			92,735			88,920			195,372			209,472
Units purchased		12,995			19,003			39,680			32,737			6,059			10,496			16,306			7,075
Units surrendered		(11,144	)		(489	)		(23,876	)		(50,684	)		(13,138	)		(6,681	)		(27,431	)		(21,175	)
Ending units		21,441			19,590			118,271			102,467			85,656			92,735			184,247			195,372

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MVFSC						MVIGIC						MVIVSC						MVRBSS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,094,605			1,099,308			2,720			2,459			312,788			(36,633	)		88,482			97,983
Realized gain (loss) on investments		1,472,360			2,479,658			(1,672	)		20,239			4,260,591			6,735,502			(185,602	)		11,766
Change in unrealized gain (loss) on investments		(17,188,993	)		17,871,954			(95,086	)		(3,274	)		(35,726,046	)		1,355,310			(537,433	)		(147,647	)
Reinvested capital gains		6,684,261			2,564,489			25,809			20,052			3,990,323			2,989,831			43,425			304
Net increase (decrease) in contract owners’ equity resulting from operations		(7,937,767	)		24,015,409			(68,229	)		39,476			(27,162,344	)		11,044,010			(591,128	)		(37,594	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		2,106,703			2,170,087			26,265			54,733			1,138,102			1,723,203			49,461			258,316
Transfers between funds		(2,101,742	)		3,645,850			(33,385	)		120,574			14,321			(3,722,319	)		(298,408	)		474,400
Surrenders (notes 3, 4, 5, 6 and 7)		(4,662,542	)		(5,973,325	)		(23,196	)		(20,484	)		(4,607,743	)		(4,875,600	)		(80,697	)		(92,200	)
Adjustments to maintain reserves		(241	)		(137	)		3			-			(376	)		(132	)		(4	)		(7	)
Net equity transactions		(4,657,822	)		(157,525	)		(30,313	)		154,823			(3,455,696	)		(6,874,848	)		(329,648	)		640,509
Net change in contract owners’ equity		(12,595,589	)		23,857,884			(98,542	)		194,299			(30,618,040	)		4,169,162			(920,776	)		602,915
Contract owners’ equity at beginning of period		120,916,263			97,058,379			497,183			302,884			115,368,604			111,199,442			4,164,240			3,561,325
Contract owners’ equity at end of period	$	108,320,674			120,916,263			398,641			497,183			84,750,564			115,368,604			3,243,464			4,164,240
CHANGE IN UNITS:
Beginning units		4,031,389			4,050,766			35,831			23,852			2,656,042			2,828,149			352,564			298,146
Units purchased		883,739			804,725			16,273			13,607			627,403			790,894			31,670			92,593
Units surrendered		(1,076,837	)		(824,102	)		(18,323	)		(1,628	)		(727,184	)		(963,001	)		(63,766	)		(38,175	)
Ending units		3,838,291			4,031,389			33,781			35,831			2,556,261			2,656,042			320,468			352,564

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MSEM						MSVEG						MSVFI						MSVMG
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	393,342			391,959			(9,088	)		(21,075	)		83,394			103,286			(2,180	)		(6,456	)
Realized gain (loss) on investments		(476,150	)		(96,863	)		(15,264,044	)		3,066,281			(133,960	)		13,158			(3,297,556	)		487,778
Change in unrealized gain (loss) on investments		(1,236,849	)		(464,378	)		1,966,795			(7,614,631	)		(354,266	)		(297,032	)		590,662			(2,728,875	)
Reinvested capital gains		-			-			4,225,290			4,362,340			37,235			171,190			701,878			1,753,317
Net increase (decrease) in contract owners’ equity resulting from operations		(1,319,657	)		(169,282	)		(9,081,047	)		(207,085	)		(367,597	)		(9,398	)		(2,007,196	)		(494,236	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		165,975			188,864			499,376			684,711			156,985			149,659			(53	)		(2,153	)
Transfers between funds		(1,010,499	)		122,016			(502,768	)		4,685,848			(233,959	)		169,319			(316,923	)		(691,796	)
Surrenders (notes 3, 4, 5, 6 and 7)		(583,505	)		(575,753	)		(298,516	)		(1,096,250	)		(452,958	)		(267,808	)		(26,892	)		(141,277	)
Adjustments to maintain reserves		(5	)		(15	)		98			(15	)		(4	)		(53	)		(84	)		88
Net equity transactions		(1,428,034	)		(264,888	)		(301,810	)		4,274,294			(529,936	)		51,117			(343,952	)		(835,138	)
Net change in contract owners’ equity		(2,747,691	)		(434,170	)		(9,382,857	)		4,067,209			(897,533	)		41,719			(2,351,148	)		(1,329,374	)
Contract owners’ equity at beginning of period		7,443,541			7,877,711			15,301,238			11,234,029			2,658,152			2,616,433			3,480,932			4,810,306
Contract owners’ equity at end of period	$	4,695,850			7,443,541			5,918,381			15,301,238			1,760,619			2,658,152			1,129,784			3,480,932
CHANGE IN UNITS:
Beginning units		164,510			174,554			176,056			129,598			125,585			123,213			47,910			59,566
Units purchased		16,570			21,460			42,011			141,912			11,880			16,591			7,012			34,151
Units surrendered		(55,210	)		(31,504	)		(47,565	)		(95,454	)		(40,370	)		(14,219	)		(13,000	)		(45,807	)
Ending units		125,870			164,510			170,502			176,056			97,095			125,585			41,922			47,910

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MSVRE						VKVGR2						DTRTFB						EIF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	61,340			107,879			118,397			111,807			14,365			10,019			222,372			204,069
Realized gain (loss) on investments		(179,260	)		(231,460	)		480,470			(213,682	)		(3,198	)		107			710,523			900,887
Change in unrealized gain (loss) on investments		(2,875,617	)		2,057,854			(1,594,000	)		1,090,999			(83,939	)		(10,394	)		(3,071,083	)		1,557,484
Reinvested capital gains		1,189,479			-			109,185			-			-			1,217			1,512,982			161,825
Net increase (decrease) in contract owners’ equity resulting from operations		(1,804,058	)		1,934,273			(885,948	)		989,124			(72,772	)		949			(625,206	)		2,824,265
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		9,306			5,896			169,116			250,717			4,411			1,862			274,091			246,371
Transfers between funds		(553,974	)		34,445			(1,467,835	)		(650,048	)		121,755			300,019			51,408			(442,600	)
Surrenders (notes 3, 4, 5, 6 and 7)		(109,520	)		(75,860	)		(390,746	)		(387,615	)		(26,746	)		(4,430	)		(1,380,758	)		(902,285	)
Adjustments to maintain reserves		53			8			(21	)		(10	)		7			(7	)		191			(306	)
Net equity transactions		(654,135	)		(35,511	)		(1,689,486	)		(786,956	)		99,427			297,444			(1,055,068	)		(1,098,820	)
Net change in contract owners’ equity		(2,458,193	)		1,898,762			(2,575,434	)		202,168			26,655			298,393			(1,680,274	)		1,725,445
Contract owners’ equity at beginning of period		7,110,330			5,211,568			4,781,913			4,579,745			447,928			149,535			16,419,475			14,694,030
Contract owners’ equity at end of period	$	4,652,137			7,110,330			2,206,479			4,781,913			474,583			447,928			14,739,201			16,419,475
CHANGE IN UNITS:
Beginning units		89,895			95,340			333,039			394,939			39,958			13,279			378,286			407,493
Units purchased		1,241			15,552			63,487			64,008			11,754			27,102			25,928			14,974
Units surrendered		(12,284	)		(20,997	)		(188,460	)		(125,908	)		(2,931	)		(423	)		(49,453	)		(44,181	)
Ending units		78,852			89,895			208,066			333,039			48,781			39,958			354,761			378,286

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GBF						GEM						GIG						GVAAA2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	2,143,915			1,815,992			96,547			134,602			568,331			455,527			-			150,662
Realized gain (loss) on investments		(937,419	)		999,579			(27,371	)		651,392			(333,774	)		519,102			226,461			163,570
Change in unrealized gain (loss) on investments		(16,635,919	)		(5,469,353	)		(3,406,254	)		(1,847,844	)		(4,893,862	)		1,075,057			(2,649,172	)		1,414,573
Reinvested capital gains		-			-			-			-			1,966,652			-			470,617			82,456
Net increase (decrease) in contract owners’ equity resulting from operations		(15,429,423	)		(2,653,782	)		(3,337,078	)		(1,061,850	)		(2,692,653	)		2,049,686			(1,952,094	)		1,811,261
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		4,041,052			3,769,900			307,498			505,537			449,642			497,189			789,278			573,734
Transfers between funds		4,304,609			5,171,743			420,230			75,565			(782,216	)		753,832			(158,561	)		292,981
Surrenders (notes 3, 4, 5, 6 and 7)		(5,757,203	)		(6,455,790	)		(547,026	)		(688,338	)		(716,074	)		(1,305,369	)		(1,351,981	)		(873,180	)
Adjustments to maintain reserves		20			(153	)		(7	)		(754	)		109			(226	)		77			(11	)
Net equity transactions		2,588,478			2,485,700			180,695			(107,990	)		(1,048,539	)		(54,574	)		(721,187	)		(6,476	)
Net change in contract owners’ equity		(12,840,945	)		(168,082	)		(3,156,383	)		(1,169,840	)		(3,741,192	)		1,995,112			(2,673,281	)		1,804,785
Contract owners’ equity at beginning of period		115,765,510			115,933,592			13,428,414			14,598,254			18,637,063			16,641,951			14,312,406			12,507,621
Contract owners’ equity at end of period	$	102,924,565			115,765,510			10,272,031			13,428,414			14,895,871			18,637,063			11,639,125			14,312,406
CHANGE IN UNITS:
Beginning units		5,108,264			5,067,963			387,590			390,435			739,374			742,550			463,122			464,253
Units purchased		794,277			1,033,045			35,373			44,764			67,386			124,530			52,948			32,930
Units surrendered		(734,106	)		(992,744	)		(28,977	)		(47,609	)		(118,789	)		(127,706	)		(79,440	)		(34,061	)
Ending units		5,168,435			5,108,264			393,986			387,590			687,971			739,374			436,630			463,122

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GVABD2						GVAGG2						GVAGI2						GVAGR2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			36,278			-			-			-			63,280			-			-
Realized gain (loss) on investments		1,170			36,225			264,543			599,985			80,796			132,370			843,498			906,411
Change in unrealized gain (loss) on investments		(284,669	)		(95,926	)		(3,703,474	)		812,775			(1,232,923	)		878,649			(10,129,951	)		2,865,681
Reinvested capital gains		35,971			10,096			517,168			311,933			125,065			109,410			2,154,434			354,169
Net increase (decrease) in contract owners’ equity resulting from operations		(247,528	)		(13,327	)		(2,921,763	)		1,724,693			(1,027,062	)		1,183,709			(7,132,019	)		4,126,261
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		71,056			73,774			358,375			413,263			70,594			714,960			279,719			338,693
Transfers between funds		4,421			432,390			(344,865	)		(273,794	)		(178,353	)		33,257			(693,853	)		2,208,417
Surrenders (notes 3, 4, 5, 6 and 7)		(104,702	)		(507,323	)		(926,412	)		(1,029,636	)		(338,238	)		(569,246	)		(1,524,843	)		(1,722,644	)
Adjustments to maintain reserves		(4	)		(8	)		(8	)		78			36			(16	)		277			(77	)
Net equity transactions		(29,229	)		(1,167	)		(912,910	)		(890,089	)		(445,961	)		178,955			(1,938,700	)		824,389
Net change in contract owners’ equity		(276,757	)		(14,494	)		(3,834,673	)		834,604			(1,473,023	)		1,362,664			(9,070,719	)		4,950,650
Contract owners’ equity at beginning of period		1,981,809			1,996,303			11,877,839			11,043,235			6,320,263			4,957,599			24,390,856			19,440,206
Contract owners’ equity at end of period	$	1,705,052			1,981,809			8,043,166			11,877,839			4,847,240			6,320,263			15,320,137			24,390,856
CHANGE IN UNITS:
Beginning units		121,537			121,550			265,479			286,326			180,199			174,770			414,827			401,827
Units purchased		13,131			32,229			13,935			16,321			7,941			21,839			15,546			49,865
Units surrendered		(14,749	)		(32,242	)		(39,546	)		(37,168	)		(22,000	)		(16,410	)		(56,997	)		(36,865	)
Ending units		119,919			121,537			239,868			265,479			166,140			180,199			373,376			414,827

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GVDMA						GVDMC						GVEX1						GVIDA
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(67,405	)		122,637			(15,451	)		31,086			213,770			346,191			(28,933	)		18,124
Realized gain (loss) on investments		(76,186	)		2,350,886			(494,667	)		385,696			683,624			518,186			(820,799	)		722,024
Change in unrealized gain (loss) on investments		(61,600,279	)		11,331,707			(6,965,312	)		952,743			(14,792,243	)		2,747,935			(21,705,013	)		5,478,546
Reinvested capital gains		37,578,497			1,918,642			3,872,999			215,221			10,627,511			111,702			12,342,814			865,707
Net increase (decrease) in contract owners’ equity resulting from operations		(24,165,373	)		15,723,872			(3,602,431	)		1,584,746			(3,267,338	)		3,724,014			(10,211,931	)		7,084,401
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		4,447,527			3,518,745			913,172			685,025			468,597			269,815			1,799,863			1,574,209
Transfers between funds		1,245,598			1,964,917			(1,021,330	)		1,565,728			2,163,005			3,778,179			526,231			3,090,459
Surrenders (notes 3, 4, 5, 6 and 7)		(5,659,036	)		(7,049,437	)		(1,641,102	)		(2,043,001	)		(1,013,391	)		(922,314	)		(1,595,023	)		(2,619,449	)
Adjustments to maintain reserves		1,154			(8,187	)		(4,583	)		(126	)		57			(6	)		973			(1,779	)
Net equity transactions		35,243			(1,573,962	)		(1,753,843	)		207,626			1,618,268			3,125,674			732,044			2,043,440
Net change in contract owners’ equity		(24,130,130	)		14,149,910			(5,356,274	)		1,792,372			(1,649,070	)		6,849,688			(9,479,887	)		9,127,841
Contract owners’ equity at beginning of period		130,944,131			116,794,221			25,039,441			23,247,069			17,731,830			10,882,142			54,298,575			45,170,734
Contract owners’ equity at end of period	$	106,814,001			130,944,131			19,683,167			25,039,441			16,082,760			17,731,830			44,818,688			54,298,575
CHANGE IN UNITS:
Beginning units		3,326,407			3,367,702			918,881			908,828			507,185			399,563			1,280,588			1,229,338
Units purchased		282,831			223,496			87,973			133,995			150,378			141,588			360,501			158,954
Units surrendered		(286,040	)		(264,791	)		(164,254	)		(123,942	)		(94,406	)		(33,966	)		(345,278	)		(107,704	)
Ending units		3,323,198			3,326,407			842,600			918,881			563,157			507,185			1,295,811			1,280,588

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GVIDC						GVIDM						GVIX2						HIBF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(14,215	)		23,853			(30,103	)		113,033			137,223			106,958			1,110,752			1,048,529
Realized gain (loss) on investments		(151,904	)		243,733			(2,706,768	)		756,145			8,810			70,451			(355,261	)		(24,096	)
Change in unrealized gain (loss) on investments		(3,052,298	)		104,688			(30,162,677	)		6,266,233			(712,809	)		207,293			(3,472,621	)		30,163
Reinvested capital gains		1,141,773			110,760			19,437,481			945,175			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(2,076,644	)		483,034			(13,462,067	)		8,080,586			(566,776	)		384,702			(2,717,130	)		1,054,596
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		317,752			570,142			1,066,466			933,305			118,663			102,890			231,223			259,099
Transfers between funds		(1,603,638	)		1,618,247			(5,375,372	)		(121,319	)		179,536			(265,164	)		74,901			875,529
Surrenders (notes 3, 4, 5, 6 and 7)		(1,345,911	)		(721,806	)		(5,428,193	)		(5,982,738	)		(107,336	)		(61,218	)		(1,248,654	)		(1,310,578	)
Adjustments to maintain reserves		1,536			(6	)		309			(167	)		8			(4	)		520			(1,243	)
Net equity transactions		(2,630,261	)		1,466,577			(9,736,790	)		(5,170,919	)		190,871			(223,496	)		(942,010	)		(177,193	)
Net change in contract owners’ equity		(4,706,905	)		1,949,611			(23,198,857	)		2,909,667			(375,905	)		161,206			(3,659,140	)		877,403
Contract owners’ equity at beginning of period		18,734,221			16,784,610			84,688,200			81,778,533			4,096,250			3,935,044			22,941,580			22,064,177
Contract owners’ equity at end of period	$	14,027,316			18,734,221			61,489,343			84,688,200			3,720,345			4,096,250			19,282,440			22,941,580
CHANGE IN UNITS:
Beginning units		873,949			804,038			2,555,637			2,723,052			284,284			301,848			610,947			608,700
Units purchased		75,411			205,111			107,701			303,921			31,695			25,023			124,468			123,808
Units surrendered		(204,124	)		(135,200	)		(441,419	)		(471,336	)		(13,970	)		(42,587	)		(142,579	)		(121,561	)
Ending units		745,236			873,949			2,221,919			2,555,637			302,009			284,284			592,836			610,947

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	IDPG						IDPGI						MCIF						MSBF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			1,315			-			43			1,391,337			1,519,363			386,658			606,698
Realized gain (loss) on investments		(816	)		6,403			163			57			(1,424,025	)		1,777,391			(53,183	)		25,811
Change in unrealized gain (loss) on investments		(94,065	)		15,686			(1,111	)		411			(52,214,289	)		23,298,739			(583,504	)		(91,741	)
Reinvested capital gains		47,459			11,314			156			231			32,565,437			2,432,651			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(47,422	)		34,718			(792	)		742			(19,681,540	)		29,028,144			(250,029	)		540,768
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		3,102			576			507			317			3,867,995			3,355,523			230,160			242,102
Transfers between funds		18,031			271,194			(7,829	)		1,206			(252,379	)		(1,189,016	)		(60,324	)		452,769
Surrenders (notes 3, 4, 5, 6 and 7)		(5,692	)		(5,829	)		(553	)		(665	)		(6,539,501	)		(6,302,414	)		(793,662	)		(679,341	)
Adjustments to maintain reserves		6			(11	)		10			(6	)		(1,008	)		(189	)		102			(4	)
Net equity transactions		15,447			265,930			(7,865	)		852			(2,924,893	)		(4,136,096	)		(623,724	)		15,526
Net change in contract owners’ equity		(31,975	)		300,648			(8,657	)		1,594			(22,606,433	)		24,892,048			(873,753	)		556,294
Contract owners’ equity at beginning of period		315,956			15,308			10,043			8,449			148,530,286			123,638,238			11,120,414			10,564,120
Contract owners’ equity at end of period	$	283,981			315,956			1,386			10,043			125,923,853			148,530,286			10,246,661			11,120,414
CHANGE IN UNITS:
Beginning units		19,751			1,075			693			628			1,809,935			1,913,851			378,407			379,112
Units purchased		1,696			19,130			34			119			232,667			213,775			31,411			42,819
Units surrendered		(573	)		(454	)		(616	)		(54	)		(298,983	)		(317,691	)		(52,771	)		(43,524	)
Ending units		20,874			19,751			111			693			1,743,619			1,809,935			357,047			378,407

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NCPG						NCPGI						NJMMA2					NJMMAY
	2022			2021			2022			2021			2022		2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			497			-			68			-		(10	)		2,040			21,713
Realized gain (loss) on investments		12,662			1,341			6			26			-		1,505			(521	)		432
Change in unrealized gain (loss) on investments		(35,844	)		17,010			(2,905	)		1,877			-		(1,559	)		(141,384	)		11,036
Reinvested capital gains		-			-			-			-			-		-			11,753			28,379
Net increase (decrease) in contract owners’ equity resulting from operations		(23,182	)		18,848			(2,899	)		1,971			-		(64	)		(128,112	)		61,560
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		46,917			7,356			576			576			-		-			-			-
Transfers between funds		(105,811	)		(557	)		-			-			-		(54,779	)		-			974
Surrenders (notes 3, 4, 5, 6 and 7)		(8,645	)		81,152			(521	)		(487	)		-		(153	)		(9,827	)		(7,947	)
Adjustments to maintain reserves		(3	)		(7	)		10			(4	)		-		(4	)		4			(3	)
Net equity transactions		(67,542	)		87,944			65			85			-		(54,936	)		(9,823	)		(6,976	)
Net change in contract owners’ equity		(90,724	)		106,792			(2,834	)		2,056			-		(55,000	)		(137,935	)		54,584
Contract owners’ equity at beginning of period		199,568			92,776			21,283			19,227			-		55,000			835,043			780,459
Contract owners’ equity at end of period	$	108,844			199,568			18,449			21,283			-		-			697,108			835,043
CHANGE IN UNITS:
Beginning units		12,328			6,631			1,455			1,448			-		5,403			75,642			76,088
Units purchased		5,683			6,441			44			41			-		-			205			300
Units surrendered		(10,093	)		(744	)		(39	)		(34	)		-		(5,403	)		(994	)		(746	)
Ending units		7,918			12,328			1,460			1,455			-		-			74,853			75,642

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVAMV1						NVAMVX						NVBX						NVCBD1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	459,795			485,719			362,228			335,221			7,030,828			4,445,116			46,050			52,844
Realized gain (loss) on investments		(121,910	)		517,113			1,005,843			927,611			(1,675,625	)		11,369,391			(97,741	)		60,382
Change in unrealized gain (loss) on investments		(6,222,164	)		10,465,218			(5,335,277	)		5,729,585			(49,235,209	)		(21,291,810	)		(307,287	)		(232,805	)
Reinvested capital gains		5,323,266			-			3,692,382			-			2,428,616			884,372			2,133			80,805
Net increase (decrease) in contract owners’ equity resulting from operations		(561,013	)		11,468,050			(274,824	)		6,992,417			(41,451,390	)		(4,592,931	)		(356,845	)		(38,774	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(25	)		2,373			1,148,525			1,161,968			638,527			370,058			88,328			100,171
Transfers between funds		(290,959	)		(2,020,475	)		(71,240	)		440,104			113,259,595			(135,855,424	)		(292,669	)		(518,813	)
Surrenders (notes 3, 4, 5, 6 and 7)		(2,460,275	)		(3,435,138	)		(1,067,219	)		(783,725	)		(4,978,310	)		(4,411,780	)		(262,156	)		(575,657	)
Adjustments to maintain reserves		92			(260	)		(19	)		11			(94	)		(250	)		4			(7	)
Net equity transactions		(2,751,167	)		(5,453,500	)		10,047			818,358			108,919,718			(139,897,396	)		(466,493	)		(994,306	)
Net change in contract owners’ equity		(3,312,180	)		6,014,550			(264,777	)		7,810,775			67,468,328			(144,490,327	)		(823,338	)		(1,033,080	)
Contract owners’ equity at beginning of period		41,606,698			35,592,148			28,143,314			20,332,539			237,132,398			381,622,725			2,691,588			3,724,668
Contract owners’ equity at end of period	$	38,294,518			41,606,698			27,878,537			28,143,314			304,600,726			237,132,398			1,868,250			2,691,588
CHANGE IN UNITS:
Beginning units		860,949			990,802			1,763,302			1,715,353			19,439,766			30,603,276			156,509			214,351
Units purchased		-			3			183,785			249,745			10,404,312			1,951,832			21,033			10,599
Units surrendered		(59,487	)		(129,856	)		(181,489	)		(201,796	)		(996,228	)		(13,115,342	)		(50,199	)		(68,441	)
Ending units		801,462			860,949			1,765,598			1,763,302			28,847,850			19,439,766			127,343			156,509

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVCCA1						NVCCN1						NVCMA1						NVCMC1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	292			12,590			(1,065	)		6,652			(2,645	)		20,596			334			5,569
Realized gain (loss) on investments		47,713			13,140			57,081			106,458			(105,918	)		(83,720	)		31,286			182,043
Change in unrealized gain (loss) on investments		(985,741	)		623,058			(600,081	)		40,250			(1,467,430	)		1,479,292			(411,388	)		(3,944	)
Reinvested capital gains		198,115			-			76,408			8,833			163,451			-			65,024			566
Net increase (decrease) in contract owners’ equity resulting from operations		(739,621	)		648,788			(467,657	)		162,193			(1,412,542	)		1,416,168			(314,744	)		184,234
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		398,421			354,169			361,073			310,452			269,416			294,610			309,100			292,447
Transfers between funds		89,696			(324,464	)		(24,596	)		(491,859	)		987,616			652,297			244,145			(805,662	)
Surrenders (notes 3, 4, 5, 6 and 7)		(369,765	)		(294,127	)		(471,898	)		(323,222	)		(1,094,940	)		(402,509	)		(214,686	)		(282,410	)
Adjustments to maintain reserves		29			6			(2	)		(2	)		8			15			1			(31	)
Net equity transactions		118,381			(264,416	)		(135,423	)		(504,631	)		162,100			544,413			338,560			(795,656	)
Net change in contract owners’ equity		(621,240	)		384,372			(603,080	)		(342,438	)		(1,250,442	)		1,960,581			23,816			(611,422	)
Contract owners’ equity at beginning of period		4,862,254			4,477,882			3,961,507			4,303,945			9,701,746			7,741,165			2,266,484			2,877,906
Contract owners’ equity at end of period	$	4,241,014			4,862,254			3,358,427			3,961,507			8,451,304			9,701,746			2,290,300			2,266,484
CHANGE IN UNITS:
Beginning units		194,920			207,791			221,546			251,827			359,078			347,047			109,336			151,816
Units purchased		34,591			21,978			41,188			36,170			62,817			38,891			31,268			17,250
Units surrendered		(29,603	)		(34,849	)		(48,822	)		(66,451	)		(60,832	)		(26,860	)		(13,438	)		(59,730	)
Ending units		199,908			194,920			213,912			221,546			361,063			359,078			127,166			109,336

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVCMD1						NVCRA1						NVCRB1						NVDBL2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(3,998	)		24,346			(530	)		6,619			(964	)		16,096			-			4,025
Realized gain (loss) on investments		(144,456	)		(55,674	)		256,661			201,672			199,254			170,035			(65,844	)		27,209
Change in unrealized gain (loss) on investments		(1,686,806	)		1,212,242			(797,395	)		458,561			(1,386,220	)		511,459			(575,395	)		106,762
Reinvested capital gains		309,357			-			12,514			-			212,992			-			351,314			19,122
Net increase (decrease) in contract owners’ equity resulting from operations		(1,525,903	)		1,180,914			(528,750	)		666,852			(974,938	)		697,590			(289,925	)		157,118
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		834,846			628,642			460,139			424,154			830,982			729,051			64,873			53,419
Transfers between funds		220,460			1,467,628			16,926			(32,623	)		113,377			323,995			(36,805	)		(100,317	)
Surrenders (notes 3, 4, 5, 6 and 7)		(770,537	)		(777,440	)		(605,650	)		(395,625	)		(1,478,496	)		(454,597	)		(265,378	)		(301,423	)
Adjustments to maintain reserves		38			(21	)		54			(29	)		6			(8	)		(5	)		12
Net equity transactions		284,807			1,318,809			(128,531	)		(4,123	)		(534,131	)		598,441			(237,315	)		(348,309	)
Net change in contract owners’ equity		(1,241,096	)		2,499,723			(657,281	)		662,729			(1,509,069	)		1,296,031			(527,240	)		(191,191	)
Contract owners’ equity at beginning of period		11,030,614			8,530,891			3,967,014			3,304,285			7,719,947			6,423,916			1,966,475			2,157,666
Contract owners’ equity at end of period	$	9,789,518			11,030,614			3,309,733			3,967,014			6,210,878			7,719,947			1,439,235			1,966,475
CHANGE IN UNITS:
Beginning units		454,554			396,875			141,906			143,568			343,739			319,254			76,675			91,065
Units purchased		97,610			111,042			27,853			27,673			57,760			63,819			3,109			2,384
Units surrendered		(89,166	)		(53,363	)		(32,198	)		(29,335	)		(77,559	)		(39,334	)		(13,771	)		(16,774	)
Ending units		462,998			454,554			137,561			141,906			323,940			343,739			66,013			76,675

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVDCA2						NVDCAP						NVFIII						NVGEII
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			1,252			-			724			1,914			1,447			1,926			909
Realized gain (loss) on investments		(19,536	)		16,192			(23,777	)		1,782			(5,291	)		1,841			3,521			4,215
Change in unrealized gain (loss) on investments		(307,347	)		58,657			(106,874	)		16,221			(15,672	)		(7,363	)		(22,174	)		6,225
Reinvested capital gains		200,816			11,172			83,812			3,012			-			44			-			43
Net increase (decrease) in contract owners’ equity resulting from operations		(126,067	)		87,273			(46,839	)		21,739			(19,049	)		(4,031	)		(16,727	)		11,392
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		2,893			2,631			34,691			71,532			3,921			2,692			3,229			1,121
Transfers between funds		(29,237	)		(6,014	)		(51,337	)		9,075			(37,358	)		(81,002	)		68,246			40,521
Surrenders (notes 3, 4, 5, 6 and 7)		(59,486	)		(146,086	)		2,226			(2,211	)		(6,923	)		(5,952	)		(13,318	)		(9,259	)
Adjustments to maintain reserves		(18	)		(2	)		5			4			(4	)		(5	)		3			(3	)
Net equity transactions		(85,848	)		(149,471	)		(14,415	)		78,400			(40,364	)		(84,267	)		58,160			32,380
Net change in contract owners’ equity		(211,915	)		(62,198	)		(61,254	)		100,139			(59,413	)		(88,298	)		41,433			43,772
Contract owners’ equity at beginning of period		740,332			802,530			260,056			159,917			162,889			251,187			81,543			37,771
Contract owners’ equity at end of period	$	528,417			740,332			198,802			260,056			103,476			162,889			122,976			81,543
CHANGE IN UNITS:
Beginning units		22,415			27,253			21,381			14,775			14,689			22,193			5,318			3,002
Units purchased		130			164			4,556			7,203			914			252			5,270			2,946
Units surrendered		(3,137	)		(5,002	)		(6,126	)		(597	)		(4,786	)		(7,756	)		(997	)		(630	)
Ending units		19,408			22,415			19,811			21,381			10,817			14,689			9,591			5,318

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVIDMP						NVIE6						NVIX						NVLCP1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			13,644			7,054			5,351			1,243,852			1,008,154			110,912			107,370
Realized gain (loss) on investments		(4,356	)		21,660			1,851			1,735			48,616			1,196,262			(159,342	)		28,615
Change in unrealized gain (loss) on investments		(1,910,451	)		160,669			(67,793	)		18,991			(6,708,515	)		1,274,525			(744,909	)		(232,546	)
Reinvested capital gains		1,254,546			37,375			25,267			-			-			-			56,064			83,668
Net increase (decrease) in contract owners’ equity resulting from operations		(660,261	)		233,348			(33,621	)		26,077			(5,416,047	)		3,478,941			(737,275	)		(12,893	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,234,949			1,271,010			-			-			989,780			779,602			114,557			50,258
Transfers between funds		(4,119	)		1,234,392			(1,647	)		-			3,066,533			2,504,892			(487,595	)		3,479,535
Surrenders (notes 3, 4, 5, 6 and 7)		(121,671	)		(14,082	)		(5,120	)		(4,182	)		(1,625,043	)		(1,135,818	)		(685,618	)		(105,026	)
Adjustments to maintain reserves		211			(2	)		-			(1	)		473			35			27			13
Net equity transactions		1,109,370			2,491,318			(6,767	)		(4,183	)		2,431,743			2,148,711			(1,058,629	)		3,424,780
Net change in contract owners’ equity		449,109			2,724,666			(40,388	)		21,894			(2,984,304	)		5,627,652			(1,795,904	)		3,411,887
Contract owners’ equity at beginning of period		3,781,080			1,056,414			232,961			211,067			36,587,631			30,959,979			5,688,994			2,277,107
Contract owners’ equity at end of period	$	4,230,189			3,781,080			192,573			232,961			33,603,327			36,587,631			3,893,090			5,688,994
CHANGE IN UNITS:
Beginning units		319,239			98,504			15,740			16,029			2,575,056			2,414,968			303,253			120,503
Units purchased		198,643			274,302			-			-			776,891			519,057			19,447			203,987
Units surrendered		(90,201	)		(53,567	)		(544	)		(289	)		(591,552	)		(358,969	)		(82,901	)		(21,237	)
Ending units		427,681			319,239			15,196			15,740			2,760,395			2,575,056			239,799			303,253

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVMIG1						NVMIVX						NVMLG1						NVMMG1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(182	)		90,284			213,189			183,866			1,181,166			(4,823	)		(1,004	)		74,285
Realized gain (loss) on investments		(996,038	)		101,065			82,234			64,063			(1,521,988	)		(249,976	)		(1,204,774	)		1,800,677
Change in unrealized gain (loss) on investments		(7,947,699	)		(1,163,532	)		(665,053	)		282,650			(6,830,075	)		3,628,322			(31,892,107	)		(13,522,538	)
Reinvested capital gains		616,172			766,862			-			-			4,223,296			3,475,283			10,837,620			8,510,810
Net increase (decrease) in contract owners’ equity resulting from operations		(8,327,747	)		(205,321	)		(369,630	)		530,579			(2,947,601	)		6,848,806			(22,260,265	)		(3,136,766	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		468,547			571,967			142,543			211,955			373,688			311,349			1,349,760			1,637,227
Transfers between funds		1,015,103			603,928			802,221			78,721			1,309,322			229,095			(614,780	)		(1,766,712	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,041,908	)		(1,515,677	)		(415,373	)		(261,356	)		(1,379,910	)		(1,104,754	)		(3,402,009	)		(4,492,820	)
Adjustments to maintain reserves		(1,717	)		(21	)		14			(2	)		3			34			464			49
Net equity transactions		440,025			(339,803	)		529,405			29,318			303,103			(564,276	)		(2,666,565	)		(4,622,256	)
Net change in contract owners’ equity		(7,887,722	)		(545,124	)		159,775			559,897			(2,644,498	)		6,284,530			(24,926,830	)		(7,759,022	)
Contract owners’ equity at beginning of period		21,930,646			22,475,770			5,609,958			5,050,061			23,926,902			17,642,372			60,408,255			68,167,277
Contract owners’ equity at end of period	$	14,042,924			21,930,646			5,769,733			5,609,958			21,282,404			23,926,902			35,481,425			60,408,255
CHANGE IN UNITS:
Beginning units		1,099,683			1,114,827			430,600			428,631			470,430			487,140			1,411,401			1,518,258
Units purchased		168,979			69,920			96,304			28,391			73,063			25,807			100,490			112,065
Units surrendered		(116,634	)		(85,064	)		(56,454	)		(26,422	)		(65,277	)		(42,517	)		(182,630	)		(218,922	)
Ending units		1,152,028			1,099,683			470,450			430,600			478,216			470,430			1,329,261			1,411,401

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVMMV1						NVMMV2						NVNMO1						NVNSR1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	159,972			76,761			169,471			94,331			73,642			64,064			917			1,618
Realized gain (loss) on investments		815,793			121,464			(356,654	)		(607,427	)		438,375			691,433			(49,978	)		5,519
Change in unrealized gain (loss) on investments		(2,118,360	)		1,619,759			(1,063,523	)		3,314,227			(6,412,386	)		3,747,059			(83,415	)		20,172
Reinvested capital gains		834,097			-			917,606			-			2,090,845			424,925			12,074			22,775
Net increase (decrease) in contract owners’ equity resulting from operations		(308,498	)		1,817,984			(333,100	)		2,801,131			(3,809,524	)		4,927,481			(120,402	)		50,084
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,063,479			1,030,639			479,283			380,975			346,452			390,689			8,784			7,688
Transfers between funds		1,026,157			332,894			(12,224	)		(32,832	)		(130,172	)		(61,327	)		(335,906	)		410,999
Surrenders (notes 3, 4, 5, 6 and 7)		(779,100	)		(826,044	)		(1,286,727	)		(2,171,081	)		(1,381,999	)		(1,844,108	)		(17,441	)		(16,893	)
Adjustments to maintain reserves		8			(22	)		116			1			512			4			9			5
Net equity transactions		1,310,544			537,467			(819,552	)		(1,822,937	)		(1,165,207	)		(1,514,742	)		(344,554	)		401,799
Net change in contract owners’ equity		1,002,046			2,355,451			(1,152,652	)		978,194			(4,974,731	)		3,412,739			(464,956	)		451,883
Contract owners’ equity at beginning of period		10,357,156			8,001,705			13,206,366			12,228,172			22,674,998			19,262,259			630,968			179,085
Contract owners’ equity at end of period	$	11,359,202			10,357,156			12,053,714			13,206,366			17,700,267			22,674,998			166,012			630,968
CHANGE IN UNITS:
Beginning units		314,894			302,109			404,798			464,832			634,912			682,661			17,186			6,144
Units purchased		84,102			76,779			26,475			16,563			14,825			16,330			693			12,098
Units surrendered		(44,193	)		(63,994	)		(51,695	)		(76,597	)		(52,168	)		(64,079	)		(11,932	)		(1,056	)
Ending units		354,803			314,894			379,578			404,798			597,569			634,912			5,947			17,186

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVOLG1						NVRE1						NVSIX2						NVSIXD
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	2,343,633			1,476,995			532,600			387,195			19,096			20,202			2,304			317
Realized gain (loss) on investments		(1,442,373	)		5,127,906			1,331,309			1,320,551			(62,202	)		(132,291	)		(26,714	)		(57	)
Change in unrealized gain (loss) on investments		(90,584,975	)		51,367,793			(16,895,502	)		12,035,299			(844,151	)		298,928			(31,582	)		(80	)
Reinvested capital gains		17,368,385			3,897,469			2,600,177			-			314,426			37,029			27,917			151
Net increase (decrease) in contract owners’ equity resulting from operations		(72,315,330	)		61,870,163			(12,431,416	)		13,743,045			(572,831	)		223,868			(28,075	)		331
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		5,568,451			4,458,810			806,178			937,741			47,776			102,583			62,383			8,599
Transfers between funds		(1,754,447	)		79,353,521			1,009,572			2,447,909			520,465			763,609			129,802			19,770
Surrenders (notes 3, 4, 5, 6 and 7)		(22,717,437	)		(19,537,507	)		(2,397,095	)		(2,972,508	)		(197,284	)		(111,179	)		(11,563	)		(285	)
Adjustments to maintain reserves		(13,050	)		155			(115	)		54			(270	)		(2	)		2			(1	)
Net equity transactions		(18,916,483	)		64,274,979			(581,460	)		413,196			370,687			755,011			180,624			28,083
Net change in contract owners’ equity		(91,231,813	)		126,145,142			(13,012,876	)		14,156,241			(202,144	)		978,879			152,549			28,414
Contract owners’ equity at beginning of period		333,436,491			207,291,349			43,969,602			29,813,361			2,536,503			1,557,624			28,414			-
Contract owners’ equity at end of period	$	242,204,678			333,436,491			30,956,726			43,969,602			2,334,359			2,536,503			180,963			28,414
CHANGE IN UNITS:
Beginning units		4,717,424			3,865,693			1,283,052			1,317,987			101,081			67,903			1,568			-
Units purchased		148,206			1,219,812			109,835			115,223			67,437			37,555			11,754			1,584
Units surrendered		(470,628	)		(368,081	)		(146,305	)		(150,158	)		(43,368	)		(4,377	)		(767	)		(16	)
Ending units		4,395,002			4,717,424			1,246,582			1,283,052			125,150			101,081			12,555			1,568

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVSTB1						NVSTB2						NVTIV3						SAM
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	2,689,924			1,897,525			42,816			22,121			34,765			21,223			475,434			(19	)
Realized gain (loss) on investments		(2,996,771	)		(186,551	)		(18,344	)		24,870			(4,399	)		(27	)		-			-
Change in unrealized gain (loss) on investments		(8,491,447	)		(2,614,329	)		(146,754	)		(57,708	)		(94,963	)		65,644			-			-
Reinvested capital gains		-			-			-			-			-			-			785			-
Net increase (decrease) in contract owners’ equity resulting from operations		(8,798,294	)		(903,355	)		(122,282	)		(10,717	)		(64,597	)		86,840			476,219			(19	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		867,789			979,106			125,657			117,323			3,489			-			3,151,782			4,076,430
Transfers between funds		(33,445,137	)		131,225,358			202,775			(980,423	)		201,324			(5,465	)		6,774,441			(878,909	)
Surrenders (notes 3, 4, 5, 6 and 7)		(2,767,840	)		(3,194,562	)		(218,335	)		(278,644	)		(49,314	)		(47,567	)		(9,410,382	)		(6,289,410	)
Adjustments to maintain reserves		(40	)		356			(3	)		2			(11	)		(2	)		(10,559	)		167,710
Net equity transactions		(35,345,228	)		129,010,258			110,094			(1,141,742	)		155,488			(53,034	)		505,282			(2,924,179	)
Net change in contract owners’ equity		(44,143,522	)		128,106,903			(12,188	)		(1,152,459	)		90,891			33,806			981,501			(2,924,198	)
Contract owners’ equity at beginning of period		160,215,231			32,108,328			2,085,159			3,237,618			871,170			837,364			35,570,868			38,495,066
Contract owners’ equity at end of period	$	116,071,709			160,215,231			2,072,971			2,085,159			962,061			871,170			36,552,369			35,570,868
CHANGE IN UNITS:
Beginning units		12,249,853			2,453,537			162,797			251,284			41,436			43,969			2,395,575			2,592,546
Units purchased		144,926			10,249,217			35,490			19,830			21,226			-			945,758			353,165
Units surrendered		(3,001,646	)		(452,901	)		(26,717	)		(108,317	)		(3,172	)		(2,533	)		(911,162	)		(550,136	)
Ending units		9,393,133			12,249,853			171,570			162,797			59,490			41,436			2,430,171			2,395,575

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	SAM5						SCF						SCGF						SCVF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	3,364,610			(388,051	)		219,557			(29,033	)		(15,402	)		(23,543	)		128,381			(17,413	)
Realized gain (loss) on investments		-			-			(154,583	)		255,484			(1,415,214	)		1,088,517			(1,936,045	)		(2,193,507	)
Change in unrealized gain (loss) on investments		-			-			(23,701,721	)		14,384,031			(13,698,090	)		(535,436	)		(10,614,693	)		14,131,117
Reinvested capital gains		5,932			-			11,759,489			612,629			4,087,587			3,063,461			6,279,217			-
Net increase (decrease) in contract owners’ equity resulting from operations		3,370,542			(388,051	)		(11,877,258	)		15,223,111			(11,041,119	)		3,592,999			(6,143,140	)		11,920,197
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		39,732,912			54,261,946			795,461			806,493			854,843			964,029			1,158,982			1,287,062
Transfers between funds		37,695,262			5,129,098			(266,552	)		2,450,867			338,538			(1,294,531	)		(2,084,044	)		2,340,974
Surrenders (notes 3, 4, 5, 6 and 7)		(53,520,902	)		(21,610,484	)		(3,297,129	)		(3,395,162	)		(1,472,250	)		(1,374,527	)		(2,831,829	)		(3,712,626	)
Adjustments to maintain reserves		575			(170	)		(3,611	)		(2,476	)		449			(60	)		(2,848	)		(22	)
Net equity transactions		23,907,847			37,780,390			(2,771,831	)		(140,278	)		(278,420	)		(1,705,089	)		(3,759,739	)		(84,612	)
Net change in contract owners’ equity		27,278,389			37,392,339			(14,649,089	)		15,082,833			(11,319,539	)		1,887,910			(9,902,879	)		11,835,585
Contract owners’ equity at beginning of period		263,011,500			225,619,161			64,396,933			49,314,100			36,139,695			34,251,785			49,709,406			37,873,821
Contract owners’ equity at end of period	$	290,289,889			263,011,500			49,747,844			64,396,933			24,820,156			36,139,695			39,806,527			49,709,406
CHANGE IN UNITS:
Beginning units		22,191,764			19,122,843			644,751			712,462			507,073			530,757			566,793			581,639
Units purchased		8,775,663			11,433,316			29,799			201,320			60,591			76,833			29,253			83,926
Units surrendered		(6,811,227	)		(8,364,395	)		(64,298	)		(269,031	)		(67,238	)		(100,517	)		(73,393	)		(98,772	)
Ending units		24,156,200			22,191,764			610,252			644,751			500,426			507,073			522,653			566,793

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	TRF						AMCG						AMMCGS						AMRI
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	560,054			398,219			(3,344	)		(4,715	)		-			-			247			74
Realized gain (loss) on investments		1,577,575			1,534,412			11,972			196,495			(13,792	)		77,026			122			1,200
Change in unrealized gain (loss) on investments		(11,792,048	)		5,837,195			(760,279	)		(169,672	)		(498,811	)		(76,578	)		(9,157	)		3,011
Reinvested capital gains		4,978,949			2,367,715			247,707			200,971			183,937			135,719			6,896			-
Net increase (decrease) in contract owners’ equity resulting from operations		(4,675,470	)		10,137,541			(503,944	)		223,079			(328,666	)		136,167			(1,892	)		4,285
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,661,968			1,694,934			(3,033	)		1,602			17,714			21,014			-			256
Transfers between funds		248,776			105,064			(3,912	)		(61,389	)		7,644			(19,683	)		35,150			498
Surrenders (notes 3, 4, 5, 6 and 7)		(5,263,335	)		(4,746,369	)		(144,593	)		(153,902	)		(47,905	)		(128,673	)		(1,369	)		(20,557	)
Adjustments to maintain reserves		(3,413	)		(28,104	)		(56	)		(2,345	)		(42	)		54			12			(3	)
Net equity transactions		(3,356,004	)		(2,974,475	)		(151,594	)		(216,034	)		(22,589	)		(127,288	)		33,793			(19,806	)
Net change in contract owners’ equity		(8,031,474	)		7,163,066			(655,538	)		7,045			(351,255	)		8,879			31,901			(15,521	)
Contract owners’ equity at beginning of period		55,171,923			48,008,857			1,872,414			1,865,369			1,118,369			1,109,490			13,195			28,716
Contract owners’ equity at end of period	$	47,140,449			55,171,923			1,216,876			1,872,414			767,114			1,118,369			45,096			13,195
CHANGE IN UNITS:
Beginning units		999,625			1,058,399			35,938			40,347			46,056			51,504			463			1,350
Units purchased		55,085			58,873			201			140			4,063			1,222			1,409			30
Units surrendered		(122,266	)		(117,647	)		(3,294	)		(4,549	)		(5,733	)		(6,670	)		(81	)		(917	)
Ending units		932,444			999,625			32,845			35,938			44,386			46,056			1,791			463

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	AMSRS						AMTB						NOTB3						NOTG3
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	10,262			10,604			111,705			150,725			12,489			686			4,622			527
Realized gain (loss) on investments		71,938			132,168			(147,090	)		31,034			(1,011	)		178			47			383
Change in unrealized gain (loss) on investments		(827,988	)		392,070			(196,403	)		(164,652	)		(46,749	)		4,163			(34,188	)		5,347
Reinvested capital gains		219,325			54,601			-			-			26,468			-			21,593			-
Net increase (decrease) in contract owners’ equity resulting from operations		(526,463	)		589,443			(231,788	)		17,107			(8,803	)		5,027			(7,926	)		6,257
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		42,750			44,767			69,823			94,858			5,426			4,606			3,458			3,456
Transfers between funds		(23,464	)		(138,356	)		(2,148,738	)		3,567,803			631			15,445			-			-
Surrenders (notes 3, 4, 5, 6 and 7)		(246,042	)		(226,279	)		(591,500	)		(682,603	)		(5,069	)		(4,560	)		(2,407	)		(2,343	)
Adjustments to maintain reserves		(12	)		(497	)		(292	)		8			5			3			2			5
Net equity transactions		(226,768	)		(320,365	)		(2,670,707	)		2,980,066			993			15,494			1,053			1,118
Net change in contract owners’ equity		(753,231	)		269,078			(2,902,495	)		2,997,173			(7,810	)		20,521			(6,873	)		7,375
Contract owners’ equity at beginning of period		2,929,003			2,659,925			5,843,360			2,846,187			69,534			49,013			57,386			50,011
Contract owners’ equity at end of period	$	2,175,772			2,929,003			2,940,865			5,843,360			61,724			69,534			50,513			57,386
CHANGE IN UNITS:
Beginning units		44,113			49,461			423,072			207,597			4,742			3,627			3,665			3,592
Units purchased		1,647			1,075			28,741			264,928			1,644			1,462			247			230
Units surrendered		(5,584	)		(6,423	)		(227,242	)		(49,453	)		(1,598	)		(347	)		(170	)		(157	)
Ending units		40,176			44,113			224,571			423,072			4,788			4,742			3,742			3,665

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NOTMG3						PMVAAA						PMVFBA						PMVFHA
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	23,087			1,603			407,549			602,957			14,968			89,369			25,095			4,156
Realized gain (loss) on investments		6,476			1,193			(230,088	)		124,405			(134,283	)		1,243			(77,881	)		(1,510	)
Change in unrealized gain (loss) on investments		(137,972	)		13,038			(1,434,943	)		64,073			(118,751	)		(215,883	)		(69,083	)		(11,045	)
Reinvested capital gains		86,421			-			512,149			-			-			2,631			268			2,370
Net increase (decrease) in contract owners’ equity resulting from operations		(21,988	)		15,834			(745,333	)		791,435			(238,066	)		(122,640	)		(121,601	)		(6,029	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		3,685			3,540			118,520			379,779			25,303			57,837			108,550			47,185
Transfers between funds		3,582			1,206			(419,054	)		(390,298	)		(282,030	)		8,788			2,420,635			(42,346	)
Surrenders (notes 3, 4, 5, 6 and 7)		(10,569	)		(9,462	)		(528,372	)		(540,474	)		(73,448	)		(75,886	)		(28,905	)		(5,638	)
Adjustments to maintain reserves		(9	)		-			24			(14	)		2			(8	)		(52	)		6
Net equity transactions		(3,311	)		(4,716	)		(828,882	)		(551,007	)		(330,173	)		(9,269	)		2,500,228			(793	)
Net change in contract owners’ equity		(25,299	)		11,118			(1,574,215	)		240,428			(568,239	)		(131,909	)		2,378,627			(6,822	)
Contract owners’ equity at beginning of period		158,828			147,710			5,434,933			5,194,505			1,491,803			1,623,712			370,172			376,994
Contract owners’ equity at end of period	$	133,529			158,828			3,860,718			5,434,933			923,564			1,491,803			2,748,799			370,172
CHANGE IN UNITS:
Beginning units		10,148			10,474			193,526			214,380			103,881			104,814			32,351			32,323
Units purchased		5,685			355			67,537			39,523			12,527			27,914			260,263			12,814
Units surrendered		(5,967	)		(681	)		(105,016	)		(60,377	)		(36,623	)		(28,847	)		(25,516	)		(12,786	)
Ending units		9,866			10,148			156,047			193,526			79,785			103,881			267,098			32,351

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	PMVGBA						PMVHYA						PMVID					PMVII
	2022			2021			2022			2021			2022			2021		2022			2021
Investment activity*:
Net investment income (loss)	$	12,107			40,737			37,113			40,950			65,118			-		3			-
Realized gain (loss) on investments		(46,499	)		3,967			(13,112	)		2,102			(578	)		-		-			-
Change in unrealized gain (loss) on investments		(80,544	)		(95,703	)		(111,747	)		(10,821	)		(70,719	)		-		(5	)		-
Reinvested capital gains		13,647			13,166			-			-			4			-		-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(101,289	)		(37,833	)		(87,746	)		32,231			(6,175	)		-		(2	)		-
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		158,012			131,648			4,532			97,780			164,557			-		-			-
Transfers between funds		(37,953	)		280,220			(381,383	)		34,769			15,584,274			-		5,328			-
Surrenders (notes 3, 4, 5, 6 and 7)		(28,139	)		(18,544	)		(14,086	)		(15,301	)		(666,241	)		-		-			-
Adjustments to maintain reserves		5			3			(37	)		10			(10	)		-		(3	)		-
Net equity transactions		91,925			393,327			(390,974	)		117,258			15,082,580			-		5,325			-
Net change in contract owners’ equity		(9,364	)		355,494			(478,720	)		149,489			15,076,405			-		5,323			-
Contract owners’ equity at beginning of period		978,882			623,388			1,018,571			869,082			-			-		-			-
Contract owners’ equity at end of period	$	969,518			978,882			539,851			1,018,571			15,076,405			-		5,323			-
CHANGE IN UNITS:
Beginning units		87,855			53,516			83,090			73,350			-			-		-			-
Units purchased		38,414			42,336			22,146			18,432			1,695,449			-		569			-
Units surrendered		(28,489	)		(7,997	)		(56,001	)		(8,692	)		(76,551	)		-		-			-
Ending units		97,780			87,855			49,235			83,090			1,618,898			-		569			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	PMVLDA						PMVLGA						PMVRRA						PMVRSA
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	582,250			158,765			235,533			283,411			3,348,927			2,487,665			275,410			14,245
Realized gain (loss) on investments		(467,046	)		274,555			(404,390	)		(1,442,857	)		187,982			1,353,199			(38,304	)		1,423
Change in unrealized gain (loss) on investments		(2,545,103	)		(918,262	)		(3,998,576	)		(3,632,420	)		(9,975,871	)		(1,094,737	)		(359,205	)		46,663
Reinvested capital gains		-			-			-			3,872,848			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(2,429,899	)		(484,942	)		(4,167,433	)		(919,018	)		(6,438,962	)		2,746,127			(122,099	)		62,331
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		322,547			633,796			10,338			12,389			528,749			652,938			64,889			7,617
Transfers between funds		(4,099,192	)		4,480,266			234,062			(3,102,248	)		(3,536,123	)		1,477,195			1,061,661			171,900
Surrenders (notes 3, 4, 5, 6 and 7)		(1,604,059	)		(1,552,446	)		(144,579	)		(230,689	)		(3,139,381	)		(1,059,601	)		(202,911	)		(10,233	)
Adjustments to maintain reserves		99			(630	)		13			(568	)		206			(2,822	)		204			2
Net equity transactions		(5,380,605	)		3,560,986			99,834			(3,321,116	)		(6,146,549	)		1,067,710			923,843			169,286
Net change in contract owners’ equity		(7,810,504	)		3,076,044			(4,067,599	)		(4,240,134	)		(12,585,511	)		3,813,837			801,744			231,617
Contract owners’ equity at beginning of period		44,248,853			41,172,809			14,384,636			18,624,770			55,948,773			52,134,936			381,859			150,242
Contract owners’ equity at end of period	$	36,438,349			44,248,853			10,317,037			14,384,636			43,363,262			55,948,773			1,183,603			381,859
CHANGE IN UNITS:
Beginning units		2,713,185			2,498,735			706,484			870,553			2,307,381			2,268,920			45,474			23,857
Units purchased		646,413			634,503			15,806			17,485			260,005			306,489			119,931			22,983
Units surrendered		(997,049	)		(420,053	)		(9,312	)		(181,554	)		(540,594	)		(268,028	)		(35,634	)		(1,366	)
Ending units		2,362,549			2,713,185			712,978			706,484			2,026,792			2,307,381			129,771			45,474

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	PMVTRA						PVSTA					PVEIB						PVGOB
	2022			2021			2022			2021		2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,594,886			1,252,000			5,400			-		34,607			23,201			-			-
Realized gain (loss) on investments		(1,585,505	)		539,146			(6,578	)		-		22,121			65,639			(166,826	)		160,957
Change in unrealized gain (loss) on investments		(10,398,806	)		(5,995,103	)		169			-		(337,826	)		330,044			(1,370,155	)		228,406
Reinvested capital gains		-			3,096,370			-			-		200,494			72,232			463,030			340,268
Net increase (decrease) in contract owners’ equity resulting from operations		(10,389,425	)		(1,107,587	)		(1,009	)		-		(80,604	)		491,116			(1,073,951	)		729,631
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,812,376			2,334,267			53			-		218,230			54,196			80,053			55,686
Transfers between funds		161,463			(8,029,128	)		60,629			-		623,443			236,276			(877,120	)		(516,138	)
Surrenders (notes 3, 4, 5, 6 and 7)		(2,560,043	)		(2,530,928	)		(6,164	)		-		(145,809	)		(142,807	)		(136,391	)		(211,778	)
Adjustments to maintain reserves		393			(2,835	)		6			-		24			(6	)		216			(11	)
Net equity transactions		(585,811	)		(8,228,624	)		54,524			-		695,888			147,659			(933,242	)		(672,241	)
Net change in contract owners’ equity		(10,975,236	)		(9,336,211	)		53,515			-		615,284			638,775			(2,007,193	)		57,390
Contract owners’ equity at beginning of period		71,878,023			81,214,234			-			-		2,337,757			1,698,982			3,668,364			3,610,974
Contract owners’ equity at end of period	$	60,902,787			71,878,023			53,515			-		2,953,041			2,337,757			1,661,171			3,668,364
CHANGE IN UNITS:
Beginning units		2,989,602			3,331,795			-			-		128,006			118,429			115,984			140,035
Units purchased		249,409			752,103			195,478			-		60,659			21,663			8,035			4,212
Units surrendered		(279,360	)		(1,094,296	)		(190,179	)		-		(21,742	)		(12,086	)		(48,445	)		(28,263	)
Ending units		2,959,651			2,989,602			5,299			-		166,923			128,006			75,574			115,984

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	PVTIGB						PVTSCB						ROCMC						TRBCGP
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	14,880			15,611			(799	)		6,600			(2,522	)		(3,341	)		(147,649	)		(217,578	)
Realized gain (loss) on investments		(2,053	)		63,824			205,736			260,852			81,970			402,195			4,360,882			10,631,845
Change in unrealized gain (loss) on investments		(287,680	)		(28,479	)		(571,405	)		157,414			(1,428,212	)		212,261			(62,123,895	)		(3,917,728	)
Reinvested capital gains		106,517			48,141			175,478			-			691,667			127,656			4,668,155			14,805,065
Net increase (decrease) in contract owners’ equity resulting from operations		(168,336	)		99,097			(190,990	)		424,866			(657,097	)		738,771			(53,242,507	)		21,301,604
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		71,512			46,878			130,016			154,766			1,599			57,825			5,140,717			5,336,075
Transfers between funds		33,582			62,163			(76,845	)		(103,083	)		(76,186	)		(333,216	)		2,766,221			(10,387,362	)
Surrenders (notes 3, 4, 5, 6 and 7)		(123,415	)		(325,104	)		(37,683	)		(34,098	)		(44,372	)		(98,170	)		(5,593,553	)		(7,072,674	)
Adjustments to maintain reserves		14			(7	)		26			(12	)		74			39			(1,381	)		(5,734	)
Net equity transactions		(18,307	)		(216,070	)		15,514			17,573			(118,885	)		(373,522	)		2,312,004			(12,129,695	)
Net change in contract owners’ equity		(186,643	)		(116,973	)		(175,476	)		442,439			(775,982	)		365,249			(50,930,503	)		9,171,909
Contract owners’ equity at beginning of period		1,087,970			1,204,943			1,483,580			1,041,141			2,902,497			2,537,248			139,027,186			129,855,277
Contract owners’ equity at end of period	$	901,327			1,087,970			1,308,104			1,483,580			2,126,515			2,902,497			88,096,683			139,027,186
CHANGE IN UNITS:
Beginning units		33,202			40,015			55,525			54,468			49,547			56,567			2,832,664			3,107,541
Units purchased		4,009			3,706			18,047			14,825			466			17,228			693,635			238,760
Units surrendered		(4,939	)		(10,519	)		(17,290	)		(13,768	)		(3,165	)		(24,248	)		(606,680	)		(513,637	)
Ending units		32,272			33,202			56,282			55,525			46,848			49,547			2,919,619			2,832,664

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	TREI2						TRHS2						TRLT1						TRMCG2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	268,193			252,379			-			-			468,936			251,545			(49,163	)		(85,682	)
Realized gain (loss) on investments		1,196,251			759,622			462,984			1,455,575			(203,620	)		51,120			589,241			1,251,009
Change in unrealized gain (loss) on investments		(3,127,210	)		2,257,910			(2,729,209	)		(600,549	)		(1,584,952	)		(538,642	)		(11,442,579	)		(615,316	)
Reinvested capital gains		825,137			1,511,862			218,210			1,012,908			42,877			162,765			997,862			4,569,891
Net increase (decrease) in contract owners’ equity resulting from operations		(837,629	)		4,781,773			(2,048,015	)		1,867,934			(1,276,759	)		(73,212	)		(9,904,639	)		5,119,902
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		206,504			193,588			717,161			741,358			(130,105	)		17,211			307			13,665
Transfers between funds		(3,322,904	)		(2,504,689	)		(249,469	)		(957,399	)		2,230,465			14,519,761			(3,137,215	)		4,006,031
Surrenders (notes 3, 4, 5, 6 and 7)		(1,799,983	)		(1,014,343	)		(1,377,645	)		(1,829,756	)		(549,892	)		(702,631	)		(690,201	)		(1,754,947	)
Adjustments to maintain reserves		1,712			34			16			144			(50	)		409			(180	)		(131	)
Net equity transactions		(4,914,671	)		(3,325,410	)		(909,937	)		(2,045,653	)		1,550,418			13,834,750			(3,827,289	)		2,264,618
Net change in contract owners’ equity		(5,752,300	)		1,456,363			(2,957,952	)		(177,719	)		273,659			13,761,538			(13,731,928	)		7,384,520
Contract owners’ equity at beginning of period		21,581,763			20,125,400			15,942,854			16,120,573			26,758,154			12,996,616			43,630,859			36,246,339
Contract owners’ equity at end of period	$	15,829,463			21,581,763			12,984,902			15,942,854			27,031,813			26,758,154			29,898,931			43,630,859
CHANGE IN UNITS:
Beginning units		447,039			523,995			213,874			244,003			2,297,000			1,117,431			390,808			371,946
Units purchased		60,365			121,572			27,719			9,775			190,555			1,857,536			223,100			73,009
Units surrendered		(168,656	)		(198,528	)		(42,090	)		(39,904	)		(52,172	)		(677,967	)		(272,430	)		(54,147	)
Ending units		338,748			447,039			199,503			213,874			2,435,383			2,297,000			341,478			390,808

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	TRNAG1						TRPSB1						VWEM						VWHA
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(89,530	)		(124,652	)		104,575			75,071			16,072			97,048			301,084			58,551
Realized gain (loss) on investments		2,046,977			6,777,207			(206,292	)		504,897			(704,191	)		704,198			3,901,959			1,550,409
Change in unrealized gain (loss) on investments		(23,122,780	)		(7,584,167	)		(1,639,712	)		(612,379	)		(2,641,550	)		(2,222,048	)		(2,616,175	)		1,413,923
Reinvested capital gains		3,243,182			16,093,220			133,178			849,334			1,256,888			255,524			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(17,922,151	)		15,161,608			(1,608,251	)		816,923			(2,072,781	)		(1,165,278	)		1,586,868			3,022,883
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		2,029,867			2,032,624			498,418			573,234			138,373			181,364			866,988			759,454
Transfers between funds		(8,676,382	)		(1,592,929	)		(1,103,647	)		51,859			72,938			(1,362,454	)		(451,425	)		64,306
Surrenders (notes 3, 4, 5, 6 and 7)		(3,934,656	)		(6,195,141	)		(358,076	)		(1,674,486	)		(586,009	)		(770,836	)		(1,398,154	)		(1,061,719	)
Adjustments to maintain reserves		(430	)		(60	)		(34	)		10			-			(436	)		256			3
Net equity transactions		(10,581,601	)		(5,755,506	)		(963,339	)		(1,049,383	)		(374,698	)		(1,952,362	)		(982,335	)		(237,956	)
Net change in contract owners’ equity		(28,503,752	)		9,406,102			(2,571,590	)		(232,460	)		(2,447,479	)		(3,117,640	)		604,533			2,784,927
Contract owners’ equity at beginning of period		86,538,494			77,132,392			9,074,608			9,307,068			8,416,338			11,533,978			19,077,021			16,292,094
Contract owners’ equity at end of period	$	58,034,742			86,538,494			6,503,018			9,074,608			5,968,859			8,416,338			19,681,554			19,077,021
CHANGE IN UNITS:
Beginning units		977,708			1,053,561			315,297			357,260			156,898			190,709			464,856			479,161
Units purchased		113,208			142,808			40,056			158,408			21,087			42,402			121,057			80,313
Units surrendered		(256,480	)		(218,661	)		(78,623	)		(200,371	)		(31,390	)		(76,213	)		(143,496	)		(94,618	)
Ending units		834,436			977,708			276,730			315,297			146,595			156,898			442,417			464,856

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	VVB						VVCG						VVDV					VVEI
	2022			2021			2022			2021			2022			2021		2022			2021
Investment activity*:
Net investment income (loss)	$	314,568			255,856			160,440			166,184			95			-		19,579			4,733
Realized gain (loss) on investments		280,328			346,510			1,488,528			1,606,312			248			-		4,044			20,745
Change in unrealized gain (loss) on investments		(5,148,568	)		1,600,428			(6,132,928	)		975,913			1,352			-		(34,597	)		48,987
Reinvested capital gains		1,648,491			760,154			1,840,110			1,348,197			-			-		74,743			3,629
Net increase (decrease) in contract owners’ equity resulting from operations		(2,905,181	)		2,962,948			(2,643,850	)		4,096,606			1,695			-		63,769			78,094
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		643,317			2,865,126			(9,700	)		19,104			2,241			-		615,736			199,381
Transfers between funds		(1,184,604	)		3,326,105			(19,367,924	)		841,761			157,806			-		402,515			274,797
Surrenders (notes 3, 4, 5, 6 and 7)		(1,482,841	)		(1,833,875	)		(305,049	)		(1,953,368	)		(2,092	)		-		(30,842	)		(10,756	)
Adjustments to maintain reserves		(61	)		(41	)		(42	)		(21	)		(13	)		-		-			4
Net equity transactions		(2,024,189	)		4,357,315			(19,682,715	)		(1,092,524	)		157,942			-		987,409			463,426
Net change in contract owners’ equity		(4,929,370	)		7,320,263			(22,326,565	)		3,004,082			159,637			-		1,051,178			541,520
Contract owners’ equity at beginning of period		21,187,425			13,867,162			22,327,421			19,323,339			-			-		707,441			165,921
Contract owners’ equity at end of period	$	16,258,055			21,187,425			856			22,327,421			159,637			-		1,758,619			707,441
CHANGE IN UNITS:
Beginning units		663,170			522,971			888,352			937,936			-			-		50,487			14,840
Units purchased		24,959			639,491			1,481			829,393			5,685			-		78,127			36,483
Units surrendered		(94,465	)		(499,292	)		(889,793	)		(878,977	)		(74	)		-		(2,273	)		(836	)
Ending units		593,664			663,170			40			888,352			5,611			-		126,341			50,487

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	VVEIX						VVG						VVGBI						VVHGB
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,959			1,573			(11,396	)		783			2,255			-			943,196			1,171,726
Realized gain (loss) on investments		2,330			4,013			(320,564	)		(2,890	)		(386	)		11			(1,030,998	)		470,830
Change in unrealized gain (loss) on investments		(33,845	)		17,454			(1,446,769	)		20,545			(14,747	)		367			(7,601,618	)		(3,223,657	)
Reinvested capital gains		5,281			3,818			108,719			16,637			831			-			355,240			499,861
Net increase (decrease) in contract owners’ equity resulting from operations		(24,275	)		26,858			(1,670,010	)		35,075			(12,047	)		378			(7,334,180	)		(1,081,240	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		14,804			4,580			34,378			239			48,390			45,540			18,796			46,733
Transfers between funds		55,659			(13,494	)		19,153,412			279,685			2,647			43,534			(8,208,455	)		2,628,098
Surrenders (notes 3, 4, 5, 6 and 7)		(3,126	)		(1,745	)		(1,527,454	)		(2,432	)		(2,814	)		(1,404	)		(4,904,689	)		(4,588,330	)
Adjustments to maintain reserves		(5	)		8			(21	)		(1	)		5			(3	)		(141	)		(113	)
Net equity transactions		67,332			(10,651	)		17,660,315			277,491			48,228			87,667			(13,094,489	)		(1,913,612	)
Net change in contract owners’ equity		43,057			16,207			15,990,305			312,566			36,181			88,045			(20,428,669	)		(2,994,852	)
Contract owners’ equity at beginning of period		120,636			104,429			312,566			-			88,045			-			58,801,793			61,796,645
Contract owners’ equity at end of period	$	163,693			120,636			16,302,871			312,566			124,226			88,045			38,373,124			58,801,793
CHANGE IN UNITS:
Beginning units		7,217			8,031			17,371			-			8,232			-			4,229,653			4,401,877
Units purchased		4,978			319			2,064,572			17,511			5,430			8,363			9,614			3,911,471
Units surrendered		(219	)		(1,133	)		(174,516	)		(140	)		(292	)		(131	)		(1,055,735	)		(4,083,695	)
Ending units		11,976			7,217			1,907,427			17,371			13,370			8,232			3,183,532			4,229,653

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	VVHYB					VVI						VVMCI						VVREI
	2022			2021		2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			-		139,386			31,328			279,961			305,429			46,397			59,935
Realized gain (loss) on investments		-			-		(363,302	)		1,836,142			192,751			1,158,246			10,304			198,059
Change in unrealized gain (loss) on investments		(10	)		-		(6,533,524	)		(3,425,433	)		(9,450,194	)		3,301,844			(1,012,082	)		662,183
Reinvested capital gains		-			-		2,242,570			1,314,958			2,932,783			2,047,804			109,568			83,192
Net increase (decrease) in contract owners’ equity resulting from operations		(10	)		-		(4,514,870	)		(243,005	)		(6,044,699	)		6,813,323			(845,813	)		1,003,369
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		450			-		243,394			285,705			228,705			228,850			138,868			46,290
Transfers between funds		-			-		(53,224	)		(1,863,485	)		(543,960	)		(282,137	)		208,162			(394,997	)
Surrenders (notes 3, 4, 5, 6 and 7)		(13	)		-		(1,064,072	)		(1,245,771	)		(2,611,574	)		(3,086,461	)		(248,229	)		(553,039	)
Adjustments to maintain reserves		(3	)		-		(45	)		(36	)		(114	)		(14	)		(46	)		23
Net equity transactions		434			-		(873,947	)		(2,823,587	)		(2,926,943	)		(3,139,762	)		98,755			(901,723	)
Net change in contract owners’ equity		424			-		(5,388,817	)		(3,066,592	)		(8,971,642	)		3,673,561			(747,058	)		101,646
Contract owners’ equity at beginning of period		-			-		15,185,427			18,252,019			32,778,080			29,104,519			3,061,574			2,959,928
Contract owners’ equity at end of period	$	424			-		9,796,610			15,185,427			23,806,438			32,778,080			2,314,516			3,061,574
CHANGE IN UNITS:
Beginning units		-			-		546,009			652,789			811,601			905,295			93,364			127,534
Units purchased		42			-		14,224			558,752			14,930			756,298			12,239			102,127
Units surrendered		(1	)		-		(55,932	)		(665,532	)		(100,014	)		(849,992	)		(9,853	)		(136,297	)
Ending units		41			-		504,301			546,009			726,517			811,601			95,750			93,364

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	VVSCG						VVSTC						VVTISI						VVTSM
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	9,824			24,939			2,757			744			505,451			335,048			2,460			-
Realized gain (loss) on investments		(920,169	)		190,300			(5,071	)		13			274,275			967,711			(2,426	)		135
Change in unrealized gain (loss) on investments		(3,271,756	)		532,363			(6,202	)		(1,244	)		(4,314,345	)		152,109			(58,010	)		8,419
Reinvested capital gains		1,921,920			468,789			1,120			153			548,004			171,059			13,068			-
Net increase (decrease) in contract owners’ equity resulting from operations		(2,260,181	)		1,216,391			(7,396	)		(334	)		(2,986,615	)		1,625,927			(44,908	)		8,554
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(3,613	)		38,908			127,932			32,749			100,896			116,644			116,441			116,740
Transfers between funds		658,036			(337,697	)		222,921			77,571			(3,213,500	)		(1,022,899	)		36,720			52,768
Surrenders (notes 3, 4, 5, 6 and 7)		(687,092	)		(897,575	)		(6,603	)		(1,746	)		(1,468,976	)		(1,161,649	)		(9,345	)		(2,469	)
Adjustments to maintain reserves		(37	)		3			26			4			(57	)		(32	)		6			-
Net equity transactions		(32,706	)		(1,196,361	)		344,276			108,578			(4,581,637	)		(2,067,936	)		143,822			167,039
Net change in contract owners’ equity		(2,292,887	)		20,030			336,880			108,244			(7,568,252	)		(442,009	)		98,914			175,593
Contract owners’ equity at beginning of period		8,552,346			8,532,316			132,235			23,991			19,493,368			19,935,377			175,593			-
Contract owners’ equity at end of period	$	6,259,459			8,552,346			469,115			132,235			11,925,116			19,493,368			274,507			175,593
CHANGE IN UNITS:
Beginning units		216,823			248,619			8,815			1,592			1,412,234			1,568,614			10,594			-
Units purchased		22,443			215,779			24,818			7,338			16,700			1,312,118			10,668			10,749
Units surrendered		(26,429	)		(247,575	)		(463	)		(115	)		(399,208	)		(1,468,498	)		(665	)		(155	)
Ending units		212,837			216,823			33,170			8,815			1,029,726			1,412,234			20,597			10,594

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	VRVDRI
	2022			2021
Investment activity*:
Net investment income (loss)	$	49,212			32,128
Realized gain (loss) on investments		522,773			276,755
Change in unrealized gain (loss) on investments		(1,998,625	)		823,933
Reinvested capital gains		97,009			65,197
Net increase (decrease) in contract owners’ equity resulting from operations		(1,329,631	)		1,198,013
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		201,403			247,158
Transfers between funds		1,160,901			575,339
Surrenders (notes 3, 4, 5, 6 and 7)		(407,116	)		(207,312	)
Adjustments to maintain reserves		(43	)		(7	)
Net equity transactions		955,145			615,178
Net change in contract owners’ equity		(374,486	)		1,813,191
Contract owners’ equity at beginning of period		4,386,615			2,573,424
Contract owners’ equity at end of period	$	4,012,129			4,386,615
CHANGE IN UNITS:
Beginning units		278,623			239,765
Units purchased		129,627			90,977
Units surrendered		(63,884	)		(52,119	)
Ending units		344,366			278,623

* For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the two-year period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2022, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VLI Separate Account-4 (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on December 3, 1997. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. The Company offers Flexible Premium, Modified Single Premium, Variable Executive Life, Corporate, and Survivorship Life Variable Life Insurance Policies through the Separate Account.

(b) The Policies

The Separate Account offers variable investment options through life insurance policies intended to provide benefits to the policyholder and/or the beneficiary named by the policyholder. Policy features are described in the applicable prospectus.

A policyholder 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.

With certain exceptions, policyholders may invest in any of the following:

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (ALVIVA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery Fund: Class 2 (SVDF)

Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

Allspring Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

AMERICAN CENTURY INVESTMENTS

American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)*

American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)

American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 2 (AMVBC2)

American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)

American Funds Insurance Series(R) - The Bond Fund of America: Class 2 (AMVBD2)

American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)

American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)

American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)

American Funds Insurance Series(R) - U.S. Government Securities Fund: Class 2 (AMVGV2)

American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)

American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)

AMUNDI US

Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)

BLACKROCK FUNDS

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

CALVERT GROUP

Calvert Variable Products, Inc. - Calvert VP S&P 500 Index Portfolio (CVSPIP)

Calvert Variable Series, Inc. - Calvert VP SRI Mid Cap Portfolio (CVSRMC)*

CHARLES SCHWAB FUNDS

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

DAVIS FUNDS

Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)

DELAWARE FUNDS BY MACQUARIE

Delaware VIP Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)

Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)

DFA Investment Dimensions Group Inc. - VA Global Bond Portfolio (DFVGB)*

DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)

DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)

DFA Investment Dimensions Group Inc. - VA Short-Term Fixed Portfolio (DFVSTF)*

DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)

DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

Deutsche DWS Investments VIT Funds - DWS Small Cap Index VIP: Class A (BISCI)*

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)

Deutsche DWS Variable Series II - DWS Small Mid Cap Value VIP: Class B (SVSSVB)

EATON VANCE FUNDS

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class (FEIS)

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2065 Portfolio: Service Class (FF65S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)

Fidelity Variable Insurance Products Fund - VIP Growth & Income Portfolio: Service Class (FGIS)*

Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class (FGS)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)

Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)

Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)

Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)*

Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)

Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)

Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)*

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares (GVCSE)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares (GVGMNS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Growth Fund: Service Shares (GVGOPS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - Multi-Hedge Strategies Fund (RVARS)

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

Invesco - Invesco V.I. Growth and Income Fund: Series I Shares (ACGI)

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. EQV International Equity Fund: Series I Shares (AVIE)

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (AVMCCI)

Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares (AVSCE)

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)

Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco - Invesco V.I. Main Street Fund: Series I (OVGI)

Invesco - Invesco V.I. Capital Appreciation Fund: Series I (OVGR)

Invesco - Invesco V.I. Global Fund: Series I (OVGS)

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)

Invesco - Invesco V.I. Global Strategic Income Fund: Series I (OVSB)

Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (OVSC)

IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II (WRASP)

Ivy Variable Insurance Portfolios - Delaware Ivy Growth: Class II (WRGP)

Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II (WRHIP)

Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II (WRMCG)

Ivy Variable Insurance Portfolios - Delaware VIP Real Estate Securities: Class II (WRRESP)

Ivy Variable Insurance Portfolios - Delaware Ivy Science and Technology: Class II (WRSTP)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

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

JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)

Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS)

LAZARD FUNDS

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I (SBVSG)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC (LOVBD)

Lord Abbett Series Fund, Inc. - Mid Cap Stock Portfolio: Class VC (LOVMCV)*

Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MAINSTAY FUNDS

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Initial Class (MNVFRI)*

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Initial Class (M3GREI)

MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Service Class (M3GRES)

MFS(R) Variable Insurance Trust - MFS Growth Series: Service Class (MEGSS)

MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

MFS(R) Variable Insurance Trust II - MFS Corporate Bond Portfolio: Service Class (MVBDS)*

MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)

MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)

MORGAN STANLEY

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)

Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (EIF)

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)

Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (GVAGR2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)

Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (MSBF)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan U.S. Equity Fund: Class Y (NJMDEY)*

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)*

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan U.S. Equity Fund: Class II (NJNDE2)*

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

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

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I (NVLCP1)

Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I (NVMIG1)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)

Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)

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

Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I (NVNSR1)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)

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

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)

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

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Income Portfolio: Administrative Class (PMVID)

PIMCO Variable Insurance Trust - Income Portfolio: Institutional Class (PMVII)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class (PMVLGA)

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (PVEIB)

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB (PVTSCB)

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

Royce Capital Fund - Royce Small-Cap Portfolio: Investment Class (ROCSC)*

T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio: II (TRBCG2)*

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price All-Cap Opportunities Portfolio (TRNAG1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)

Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)

Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

Vanguard Variable Insurance Fund - Growth Portfolio (VVG)

Vanguard Variable Insurance Fund-Global Bond Index Portfolio (VVGBI)

Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

Vanguard Variable Insurance Fund - High Yield Bond Portfolio (VVHYB)

Vanguard Variable Insurance Fund - International Portfolio (VVI)

Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)

Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)

Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)

Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio (VVTSM)

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

* At December 31, 2022, policyholders were not invested in this fund.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

Unless listed below, the financial statements presented are as of December 31, 2022 and for each of the years in the two-year period ended December 31, 2022. For the subaccounts listed below with inception dates in 2022, the financial statements are as of December 31, 2022 and for the period from the inception date to December 31, 2022. For the subaccounts listed below with liquidation dates in 2022, the financial statements are for the period from January 1, 2022 to the liquidation date. For the subaccounts listed below with inception dates in 2021, the prior year financial statements reflect the period from inception date to December 31, 2021.

	Inception Date	Liquidation Date
MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)	1/15/2021
Vanguard Variable Insurance Fund - Growth Portfolio (VVG)	3/10/2021
Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)	4/12/2021
DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)	4/23/2021
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)	4/23/2021
Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)	4/30/2021
Vanguard Variable Insurance Fund-Global Bond Index Portfolio (VVGBI)	5/4/2021
Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio (VVTSM)	5/4/2021
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2065 Portfolio: Service Class (FF65S)	7/1/2021
Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)	7/26/2021
Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)	10/27/2021
MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)	11/9/2021
MFS(R) Variable Insurance Trust - MFS Growth Series: Service Class (MEGSS)	11/15/2021
PIMCO Variable Insurance Trust - Income Portfolio: Administrative Class (PMVID)	1/6/2022
MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Service Class (M3GRES)	1/10/2022
MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Initial Class (M3GREI)	2/2/2022
American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)	5/16/2022
PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)	8/8/2022
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)	9/15/2022
American Funds Insurance Series(R) - U.S. Government Securities Fund: Class 2 (AMVGV2)	11/10/2022
American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 2 (AMVBC2)	12/27/2022
PIMCO Variable Insurance Trust - Income Portfolio: Institutional Class (PMVII)	12/27/2022

There were no underlying mutual fund mergers for each of the years in the two-year period ending December 31, 2022.

For the one-year period ended December 31, 2022, the following subaccount name changes occurred:

Subaccount Abbreviation	Current Legal Name	Prior Legal Name	Effective Date
CVSPIP	Calvert Variable Products, Inc. - Calvert VP S&P 500 Index Portfolio	Calvert VP S&P 500 Index Portfolio	5/1/2022
DWVEMS	Delaware VIP Trust - Delaware VIP Emerging Markets Series: Service Class	Delaware Variable Insurance Product Trust - Delaware VIP Emerging Markets Series: Service Class	5/1/2022
DWVSVS	Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class	Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class	5/1/2022
GVGOPS	Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Growth Fund: Service Shares	Goldman Sachs Variable Insurance Trust - Goldman Sachs Growth Opportunities Fund: Service Shares	5/1/2022
RVARS	Rydex Variable Trust - Multi-Hedge Strategies Fund	Guggenheim Variable Fund - Multi-Hedge Strategies	5/1/2022
AVIE	Invesco - Invesco V.I. EQV International Equity Fund: Series I Shares	Invesco - Invesco V.I. International Growth Fund: Series I Shares	5/1/2022
WRRESP	Ivy Variable Insurance Portfolios - Delaware VIP Real Estate Securities: Class II	Ivy Variable Insurance Portfolios - Delaware Ivy Securian Real Estate Securities: Class II	7/29/2022
NVMIG1	Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I	7/18/2022
VWEM	VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class	VanEck VIP Trust - Emerging Markets Fund: Initial Class	5/1/2022
VWHA	VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class	VanEck VIP Trust - Global Resources Fund: Initial Class	5/1/2022

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

The Contract Owners’ Equity is affected by the investment results of each fund, equity transactions by policyholders and certain policy and asset charges (see notes 2 and 3). The accompanying financial statements include only policyholders’ purchase payments pertaining to the variable portions of their policies and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company.

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 policyholder due to a policy cancellation during the free look period, and/or if a gain is realized by the policyholder during the free look period.

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

(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, 2022 of such funds. The cost of investments sold is determined on a first in - first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

Operations of the Separate Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Separate Account. Taxes are generally the responsibility of the policyholder 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) Adjustments to Maintain reserves (ATM)

Adjustments to Maintain reserves primarily represent timing related adjustments absorbed by the general account in order to maintain appropriate contract owner account balances.

(g) Subsequent Events

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

(2) Accounting Changes and Corrections of Errors

During 2021, the Company identified and corrected an overstatement of units and contract owners’ equity of the FGOS subaccount driven by an administrative system error for this subaccount. The financial statements have been restated to correct the misstatements in accordance with FASB ASC 250, Accounting Changes and Error Corrections. There was no impact to the net increase in contact owners’ equity resulting from operations in the statement of operations for the year ended December 31, 2020.

The below table reports the effect of the restatement on the units reported for the FGOS subaccount in the financial highlights as of the period indicated.

Year	As Previously Reported	Adjustments		As Restated
2020	16,041	(5,558	)	10,483
2019	15,533	(5,558	)	9,975
2018	15,899	(5,557	)	10,342

The below table reports the effect of the restatement on the contract owners’ equity reported for the FGOS subaccount in the financial highlights as of the period indicated.

Year	As Previously Reported	Adjustments		As Restated
2020	1,129,216	(451,268	)	677,948
2019	677,151	(267,825	)	409,326
2018	508,052	(190,356	)	317,696

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

The below table reports the effect of the restatement on the range of expense rate for the FGOS subaccount in the financial highlights as of the period indicated.

Year	As Previously Reported	As Restated
2020	0.00% to 0.10%	0.10%
2019	0.00% to 0.25%	0.10% to 0.25%
2018	0.00% to 0.25%	0.25%

The below table reports the effect of the restatement on the range of unit value for the FGOS subaccount in the financial highlights as of the period indicated.

Year	As Previously Reported	As Restated
2020	81.21 to 64.67	64.67
2019	48.20 to 43.11	38.42 to 43.11
2018	34.26 to 30.72	30.72

The below table reports the effect of the restatement on the range of total return for the FGOS subaccount in the financial highlights as of the period indicated.

Year	As Previously Reported	As Restated
2020	68.49 to 68.33	68.33
2019	40.70 to 40.35	40.56 to 40.35
2018	12.35 to 12.06	12.06

(2) Policy Charges

The Separate Account assesses charges associated with the policy. These charges are either assessed as a direct deduction from premium payments or through a surrender of units from the subaccounts contained within the Separate Account. The assessment of charges varies based on the policy and any additional riders or benefits elected. The additional riders or benefits and related charges specific to each product are described in detail in the applicable prospectus.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

Policy Charges
Mortality and Expense Risk Charge/Variable Account Asset Charge - assessed through a surrender of units	Equal, on an annual basis, to 0.05% - 1.25% of the daily value of the assets invested in each fund
Sales Charge/Percent of Premium Charge - assessed through a deduction from premium payments	0.0% - 12% of each premium paid
Premium Tax Charge - assessed through a deduction from premium payments	3.5% of each premium payment
Cost of Insurance Charges (including any flat extra charge) - assessed through a surrender of units	$0.01 - $83.33 per $1,000 of a policy’s net amount at risk
Administrative Charge - assessed through a surrender of units	$0 - $10 per policy, per month
Administrative/Specified Amount Charge	$0.00 - $0.40 per $1,000 of specified amount
Tax Expense Charge	$0.42 per $1,000 of cash value
Administrative Expense Charge	$0.25 per $1,000 of cash value
Surrender Charge - assessed through a surrender of units	$0.00 - $124.65 per $1,000 of a policy’s specified amount; for single premium policies 0.00% - 10.00% of premium
Policy Loan Interest Charge - assessed through a surrender of units	2% - 6% of an outstanding policy loan
Partial Surrender Fees - assessed through a surrender of units	$0.00 - $25.00 per request
Rider Charges - assessed through a surrender of units monthly, unless otherwise specified.
Long-Term Care Rider Charge	$0.02 - $28.65 per $1,000 of the rider’s net amount risk; or $1.946 per $1,000 of the rider’s specified amount
Estate Protection Rider Charge	$0.01 - $83.33 per $1,000 of the rider’s death benefit
Policy Split Option Rider Charge	$0.01 - $0.03 of policy and Additional Term Insurance Rider specified amount
Policy Guard/Overloan Lapse Protection Rider Charge	$1.50 - $157.00 per $1,000 of the policy’s cash value at the time the rider is invoked
Adjusted Sales Load Life Insurance Rider Charge	$0.14 for each $1,000 of premium for each 1% of sales load reduction elected
Additional Protection Rider Charge/Supplemental Insurance Rider Charge	$0.01 - $125.00 per $1,000 of the rider’s death benefit
Cost of Insurance Charge	$0.01-$125.00 per $1,000 of the rider’s death benefit
Variable Account Asset Charge	0.16% - 1.25%
Specified Amount Charge	$0.00-$0.40 per $1,000 of specified amount
Children’s Term Insurance Rider Charge	$0.43 per $1,000 of the rider’s specified amount
Spouse Life Insurance Rider Charge	$0.10 - $12.02 per $1,000 of the rider’s specified amount
Accidental Death Benefit Rider Charge	$0.05 - $0.75 per $1,000 of the rider’s specified amount
Premium Waiver Rider Charge	$42 – $315 per $1,000 of the rider’s benefit amount
Waiver of Monthly Deductions Rider Charge	$85 - $860 per $1,000 of the rider’s benefit amount

For the years ended December 31, 2022 and 2021, total front-end sales charge deductions were$7,637,373 and $8,187,440, respectively and were recognized as part of purchase payments on the Statements of Changes in Contract Owners’ Equity.

(3) Asset Charges

The Company deducts a charge related to the assumption of mortality and expense risk. Asset charges are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(a) Modified Single Premium Policies (MSP)

For modified single premium policies, the Company deducts a charge equal to an annualized rate of 0.70% of the cash surrender value of the subaccounts. In policy years 1- 10, the Company also deducts a charge equal to the annualized rate of 0.50% of the cash surrender value of the subaccounts as reimbursement for taxes imposed by federal, state and local governments. These charges are assessed monthly against each policy by liquidating units.

(b) Flexible Premium and Variable Executive Life Policies (FPVUL and VEL)

For Best of America^® The Next Generation and ChoiceLifeSM policies, during the first fifteen policy years, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash value attributable to the variable account, $0.25 per $1,000 on $25,001 up to $250,000 of cash value attributable to the variable account and $0.08 per $1,000 over $250,000 of cash value attributable to the variable account. Beginning in policy year sixteen, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash value attributable to the variable account, and $0.08 per $1,000 over $25,000 of cash value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units. For Choice Life ProtectionSM policies and Best of America^® ProtectionSM policies, the Company deducts $0.66 per $1,000 of cash surrender value attributable to the variable account during the first through fifteenth years from the Policy Date. Thereafter, this charge is $0.25 per $1,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

(c) Survivorship Life Policies (SL)

For The Best of America^® Last Survivorship II and The Best of America^® ChoiceLife Survivorship policies, during the first ten policy years, the Company deducts a charge of $0.46 per $1,000 on the cash surrender value attributable to the variable account. After ten years from the Policy Date, the Company deducts $0.46 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account; $0.29 per $1,000 on $25,001 up to $99,999 of cash surrender value attributable to the variable account; and $0.17 per $1,000 on $100,000 or more of cash surrender value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units.

For The Best of America^® ChoiceLifeSM Survivorship II and Next GenerationSM Survivorship Life policies, during the first fifteen policy years, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account; $0.25 per $1,000 on $25,001 up to $250,000 of cash surrender value attributable to the variable account; and $0.08 per $1,000 over $250,000 of cash surrender value attributable to the variable account. After fifteen years from the Policy Date, the Company deducts $0.50 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account and $0.08 per $1,000 over $25,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units.

For The Best of America^® ProtectionSM Survivorship and ChoiceLife ProtectionSM Survivorship Life policies, during the first fifteen policy years, the Company deducts a charge of $0.66 per $1,000 of cash surrender value attributable to the variable account. After fifteen years from the Policy Date, the Company deducts $0.25 per $1,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units.

(d) Corporate Policies (LSFP)

For Future Corporate Flexible Premium Variable Universal Life, the Company deducts a charge guaranteed not to exceed an annualized rate of 0.90% of the daily net assets of the Separate Account for policies issued on or after January 1, 2009. This charge is guaranteed not to exceed an annualized rate of 0.75% of the daily net assets of the Separate Account for policies issued prior to January 1, 2009. Currently, this rate is 0.25% during the first through fourth policy years, 0.20% during the fifth through fifteenth policy years, and 0.10% thereafter. This charge is assessed monthly against each policies by liquidating units.

For Future Executive Corporate Flexible Premium Variable Universal Life, the Company deducts a charge guaranteed not to exceed an annualized rate of 0.90% of the daily net assets of the Separate Account. Currently, this rate is 0.25% during the first through fourth policy years, 0.20% during the fifth through fifteenth policy years, and 0.10% thereafter. This charge is assessed monthly against each policy by liquidating units.

For Next Generation Corporate Owned Flexible Premium Variable Universal Life, the Company deducts a charge guaranteed not to exceed an annualized rate of 1.25% of the daily net assets of the Separate Account. Currently, this rate will not exceed 0.60%. This charge is assessed monthly against each policy by liquidating units.

The Company may reduce or eliminate certain charges where the size or nature of the group results in savings in sales, underwriting, administrative or other costs to the Company. These charges may be reduced in certain group sponsored arrangements or special exchange programs made available by the Company.

(4) Death Benefits

Death benefit proceeds result in a surrender of the policy value from the Separate Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. In the event that the guaranteed death benefit exceeds the policy value on the date of death, the excess is paid by the Company’s general account. Death benefits are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(5) Policy Loans (Net of Repayments)

Policy provisions allow policyholders to borrow 90% of a policy’s variable cash surrender value plus 100% of a policy’s fixed cash surrender value less applicable value of surrender charge. Interest is charged on the outstanding loan and is due and payable in advance on the policy anniversary. At the time the loan is granted, the amount of the loan is transferred from the Separate Account to the Company’s general account as collateral for the outstanding loan. Collateral amounts in the general account are credited with the stated rate of interest in effect at the time the loan is made, subject to a guaranteed minimum rate. Interest credited is paid by the Company’s general account to the Separate Account. Loan repayments result in a transfer of collateral including interest credited back to the Separate Account. Policy loans (net of repayments) are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(6) Related Party Transactions

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

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

Policyholders may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the policyholder executing fund exchanges. Fund exchanges from the Separate Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Separate Account are included in purchase payments received from policyholders, as applicable, on the accompanying Statements of Changes in Contract Owners’ Equity. Policy loan transactions (note 5), executed at the direction of the policyholder, also result in transfers between the Separate Account and the fixed account of the Company. The fixed account assets are not reflected in the accompanying financial statements. For the years ended December 31, 2022 and 2021, total transfers to the Separate Account from the fixed account were $37,000,183 and $47,018,374, respectively, and total transfers from the Separate Account to the fixed account were $65,461,753 and $66,492,799, respectively.

(7) Fair Value Measurement

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

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

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

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

• Level 2 – Unadjusted quoted prices for similar assets or liabilities in active markets, quotes prices for identical or similar assets or liabilities in markets that are not active or inputs (other than quotes prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, Secures Overnight Financing Rate, prime rates, cash flows, maturity dates, callability, estimated prepayments and/or underlying collateral values.

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

The investments used by all subaccounts are mutual funds and are valued using daily Net Asset Values (NAVs), which are deemed to approximate fair values. As such, all funds are classified as Level 1 Investments.

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2022 are as follows:

Subaccount Abbreviation*	Purchases of Investments		Sales of Investments
ALVDAA	$	68,894	$	6,608
ALVGIA		12,913,592		5,699,276
ALVIVA		486,138		362,050
ALVIVB		209,719		280,849
ALVSVA		4,781,638		2,493,039
SVDF		10,418,533		5,426,161
SVOF		2,158,021		658,809
WFVSCG		4,957,590		3,121,833
ACVCA		718,442		621,258
ACVI		482,988		94,423
ACVIG		6,136,179		1,917,978
ACVIP1		11,391,300		15,696,488
ACVIP2		1,325,346		872,275
ACVMV1		4,668,379		1,153,240
ACVU1		5		4
ACVV		5,027,996		5,471,160
AMVAA2		4,042,145		2,133,654
AMVBC2		13,527		-
AMVBC4		165,216		22,127
AMVBD2		2,283,475		827,020
AMVGB2		1,603,588		1,122,427
AMVGI2		1,924,563		1,322,154
AMVGR2		17,748,872		9,362,039

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

AMVGS2	2,061,267	911,168
AMVGV2	90,056	196
AMVI2	9,120,734	6,785,830
AMVNW2	4,492,229	38,288,096
PIHYB1	225,568	799,955
BRVHYI	7,628,143	7,120,645
MLVGA2	1,502,522	2,412,358
MLVLC2	51,213	42,686
DCAP	1,538,345	1,188,309
DSC	327,019	261,780
DSIF	156,854,503	87,053,516
DSRG	1,254,327	1,245,078
DVMCS	1,344,275	932,301
DVSCS	25,665,618	63,424,559
CVSPIP	343,080	482,073
SASP5I	11,056,123	21,531,801
DAVVL	1,705,893	176,045
DWVEMS	654,882	528,343
DWVSVS	7,233,587	5,787,666
DFVEA	205,804	180,081
DFVGMI	271,179	128,785
DFVIPS	2,562,391	2,157,883
DFVIS	24,055	20,033
DFVIV	83,148	76,411
DFVSTF	17,058	16,902
DFVULV	2,836,819	2,597,650
DFVUTV	2,975,056	1,976,438
DSGIBA	380,239	42,723
SVSLVB	109,678	24,777
SVSSVB	4,489	9,894
ETVFR	3,359,364	12,711,872
FQB	909,830	1,153,613
FVU2	252,797	53,398
FVUS2	955,375	1,315,923
FCS	9,384,666	11,953,334
FEIS	6,982,373	7,050,496
FEMS	2,985,721	2,712,849
FF05S	77,250	261,645
FF10S	492,588	520,821
FF15S	4,319,313	3,329,023
FF20S	8,065,947	7,504,553
FF25S	9,973,381	7,231,989
FF30S	17,159,438	8,286,049
FF35S	5,121,568	1,685,337
FF40S	9,765,329	5,959,764
FF45S	1,202,243	536,759
FF50S	3,094,555	354,372
FF55S	321,250	253,038
FF60S	1,449,307	773,773
FF65S	3,263	1,097
FFINS	367,074	466,265
FGOS	92,046	9,717
FGS	27,850,120	27,276,393
FHIS	2,449,109	2,044,855
FIGBS	36,081,476	36,885,562
FIP	1,257,741	316,736
FMCS	3,541,519	3,584,589
FMMP	26,132,794	23,907,049
FNRS2	6,331,122	2,943,277
FOS	967,688	1,531,259

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

FRESS	1,657,263	1,194,028
FVBIS	8	3,672
FVEMIS	8,997	2,287
FVIIS	8,379	222
FVMIS	9,314	3,111
FVSS	2,728,770	565,807
FVSS2	525,765	514,759
FTVDM2	947,004	276,770
FTVFA2	62,386	128,879
FTVGB1	2,283,994	8,061,251
FTVGI2	417,175	942,408
FTVIS2	1,093,910	563,179
FTVMD2	219,115	455,021
FTVSV2	6,508,482	3,092,463
FTVSVI	2,558,420	1,159,550
TIF	23,022	62,322
TIF2	1,845,842	2,444,095
GVCSE	403,558	439,148
GVGMNS	1,730	4,209
GVGOPS	378,758	657,808
GVMCE	5,402,731	5,341,101
GVMSAS	55,459	36,034
RVARS	42,567	44,960
ACEG	493,462	1,129,590
ACGI	1,097,601	649,505
AVHY1	1,363,435	1,524,255
AVIE	9,639,880	8,883,866
AVMCCI	60,187	135,177
AVSCE	183,166	162,535
IVBRA1	375,841	576,333
MSVMV	-	13
OVAG	16,484,970	4,479,834
OVGI	3,847,020	732,608
OVGR	5,369,183	1,165,827
OVGS	19,164,453	13,499,243
OVIG	6,885,480	2,953,969
OVSB	139,566	1,831,804
OVSC	3,679,279	998,872
WRASP	874,497	874,528
WRGP	3,849,825	2,405,535
WRHIP	5,440,000	6,083,521
WRMCG	2,616,564	3,067,435
WRRESP	3,918,610	3,011,305
WRSTP	4,817,067	3,405,647
JPMMV1	15,499,599	9,623,106
JPSCE1	567,629	155,588
JABS	6,653,441	15,683,376
JACAS	9,693,018	6,355,212
JAEI	342,989	457,981
JAFBS	4,332,835	3,228,628
JAGTS	9,541,951	6,962,574
JAIGS	2,106,930	1,911,263
JAMGS	10,970,446	9,506,695
JAMVS	89,195	13,609
LZREMS	2,258,626	3,156,368
SBVSG	7,456,781	7,303,723
BNCAI	1,388,667	1,621,633
LOVBD	636,191	374,809
LOVMCV	-	6
LOVSDC	6,497,696	9,778,991

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

LOVTRC	7,123,514	5,068,065
MNVFRS	559,106	1,740
M3GREI	38,809	278
M3GRES	305,966	145,786
MEGSS	1,151	5,751
MMCGSC	1,996,006	540,679
MNDIC	467,614	407,798
MNDSC	1,672,226	1,182,092
MV2EEI	5,264	382
MV2EES	96,974	21,435
MV2IGI	761,023	334,766
MV2RIS	5,141,719	841,665
MV3MVI	272,893	208,692
MV3MVS	1,191,086	885,738
MVBRES	1,239,108	1,008,826
MVFIC	1,660,439	1,449,926
MVFSC	22,805,920	19,684,810
MVIGIC	230,439	232,226
MVIVSC	21,018,867	20,171,378
MVRBSS	977,521	1,175,257
MSEM	890,252	1,924,941
MSVEG	11,048,342	7,133,894
MSVFI	291,568	700,872
MSVMG	2,608,298	2,252,468
MSVRE	2,186,700	1,590,081
VKVGR2	1,022,609	2,484,504
DTRTFB	142,767	28,982
EIF	2,994,909	2,311,810
GBF	25,497,359	20,754,969
GEM	1,345,251	1,067,289
GIG	4,125,381	2,638,015
GVAAA2	1,604,663	1,853,840
GVABD2	218,030	211,284
GVAGG2	828,129	1,222,845
GVAGI2	323,238	643,935
GVAGR2	2,625,293	2,409,117
GVDMA	44,815,047	7,273,468
GVDMC	9,784,461	7,680,267
GVEX1	17,113,980	4,653,866
GVIDA	18,849,765	5,804,812
GVIDC	7,331,988	8,834,157
GVIDM	24,467,261	14,787,958
GVIX2	463,081	134,995
HIBF	3,242,176	3,072,308
IDPG	69,849	6,950
IDPGI	518	8,237
MCIF	48,934,952	17,901,777
MSBF	1,836,732	2,071,824
NCPG	81,852	149,390
NCPGI	315	261
NJMMAY	11,753	7,787
NVAMV1	5,790,678	2,755,730
NVAMVX	7,147,839	3,084,912
NVBX	143,004,901	24,625,781
NVCBD1	348,672	766,872
NVCCA1	1,157,914	840,765
NVCCN1	904,557	964,635
NVCMA1	1,761,563	1,438,665
NVCMC1	977,894	573,978
NVCMD1	1,603,587	1,013,189

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

NVCRA1	1,023,824	1,140,435
NVCRB1	2,017,190	2,339,299
NVDBL2	402,757	288,754
NVDCA2	201,862	86,876
NVDCAP	123,866	54,474
NVFIII	10,533	48,979
NVGEII	81,366	21,283
NVIDMP	2,575,258	212,131
NVIE6	32,321	6,767
NVIX	12,496,855	8,803,932
NVLCP1	370,064	1,261,406
NVMIG1	2,608,835	1,552,215
NVMIVX	1,346,279	602,196
NVMLG1	8,791,662	3,082,601
NVMMG1	12,399,263	4,227,651
NVMMV1	5,132,904	2,828,275
NVMMV2	1,638,770	1,370,195
NVNMO1	2,210,351	1,210,737
NVNSR1	92,652	424,224
NVOLG1	20,609,478	19,799,125
NVRE1	7,280,336	4,727,961
NVSIX2	1,992,554	1,288,331
NVSIXD	313,260	102,417
NVSTB1	7,267,307	39,922,205
NVSTB2	432,557	279,485
NVTIV3	251,605	61,341
SAM	13,083,408	12,158,673
SAM5	197,503,193	170,224,152
SCF	14,027,870	4,817,139
SCGF	7,999,363	4,206,818
SCVF	8,772,423	6,119,626
TRF	6,364,946	4,178,871
AMCG	449,592	356,767
AMMCGS	256,577	95,219
AMRI	42,495	1,583
AMSRS	259,458	256,625
AMTB	464,019	2,952,020
NOTB3	60,642	20,697
NOTG3	29,661	2,394
NOTMG3	192,993	86,788
PMVAAA	3,274,233	3,183,440
PMVFBA	516,384	831,563
PMVFHA	4,119,324	1,593,681
PMVGBA	479,795	362,110
PMVHYA	196,222	549,982
PMVID	15,950,628	802,915
PMVII	5,331	-
PMVLDA	10,652,729	15,450,661
PMVLGA	891,187	555,819
PMVRRA	14,911,082	17,708,608
PMVRSA	2,428,245	1,228,986
PMVTRA	14,403,048	13,393,882
PVSTA	1,963,558	1,903,640
PVEIB	1,284,311	352,854
PVGOB	631,051	1,098,702
PVTIGB	232,070	128,993
PVTSCB	640,309	450,143
ROCMC	958,426	388,162
TRBCGP	35,623,147	28,796,101
TREI2	6,159,489	9,980,648

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

TRHS2	1,993,133	2,684,250
TRLT1	6,553,949	4,491,681
TRMCG2	6,770,342	9,648,912
TRNAG1	12,141,242	19,569,161
TRPSB1	1,722,115	2,447,686
VWEM	2,286,573	1,388,310
VWHA	7,799,678	8,480,410
VVB	3,781,782	3,842,875
VVCG	2,623,272	20,305,418
VVDV	183,916	25,866
VVEI	1,435,736	354,005
VVEIX	86,506	11,928
VVG	20,441,018	2,683,360
VVGBI	54,115	2,806
VVHGB	5,087,559	16,883,613
VVHYB	446	9
VVI	3,704,939	2,196,919
VVMCI	5,857,311	5,571,438
VVREI	1,180,844	926,078
VVSCG	4,601,337	2,702,277
VVSTC	397,016	48,860
VVTISI	2,973,457	6,501,620
VVTSM	180,953	21,609
VRVDRI	2,985,976	1,884,596

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

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

(8) Financial Highlights

The Company offers several variable life products through the Separate Account that have unique combinations of features and fees that are assessed to the policyholder. Differences in fee structures result in a variety of contract expense rates, unit fair values and total returns. The following tabular presentation is a summary of units, unit fair values, contract owners’ equity outstanding and contract expense rates for variable life insurance policies as of December 31, 2022, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2022. The information is presented as a range of minimum to maximum values based upon product grouping. The range is determined by identifying the lowest and the highest contract expense rate for contracts with units outstanding as of the balance sheet date. The unit fair values and total returns related to these identified contract expense rates are also disclosed as a range below. Accordingly, some individual contract amounts may not be within the ranges presented. Total return and investment income ratio for periods with no ending Contract Owners’ Equity were considered to be irrelevant, and therefore are not presented.

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)
2022		0.00%				4,167	$	14.25			$	59,383		3.55%		-18.45%
2021		0.00%				1,635		17.47				28,571		1.99%		9.67%
2020		0.00%				1,451		15.93				23,119		1.74%		5.02%
2019		0.00%				1,774		15.17				26,914		2.15%		15.51%
2018		0.00%				1,666		13.13				21,881		1.80%		-7.07%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)
2022		0.00%	to	0.25%		601,507		56.99	to	54.17		33,246,536		1.42%		-4.19%	to	-4.43%
2021		0.00%	to	0.25%		567,003		59.48	to	56.68		32,672,925		0.84%		28.16%	to	27.84%
2020		0.00%	to	0.25%		577,227		46.41	to	44.34		25,991,257		1.57%		2.72%	to	2.46%
2019		0.00%	to	0.25%		670,740		45.18	to	43.27		29,343,082		1.24%		23.91%	to	23.60%
2018		0.00%	to	0.25%		613,461		36.46	to	35.01		21,706,547		1.01%		-5.61%	to	-5.84%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (ALVIVA)
2022		0.00%	to	0.25%		391,129		9.62	to	9.22		3,717,640		4.64%		-13.61%	to	-13.83%
2021		0.00%	to	0.25%		395,578		11.13	to	10.70		4,352,014		1.77%		11.08%	to	10.81%
2020		0.00%	to	0.25%		393,562		10.02	to	9.66		3,894,256		1.98%		2.47%	to	2.21%
2019		0.00%	to	0.25%		383,564		9.78	to	9.45		3,705,958		0.76%		17.14%	to	16.84%
2018		0.00%	to	0.25%		598,205		8.35	to	8.09		4,909,849		1.41%		-22.79%	to	-22.98%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)
2022		0.00%				12,282		11.82				145,180		2.84%		-13.79%
2021		0.00%				17,681		13.71				242,444		8.48%		10.85%
2019		0.00%				2,377		12.10				28,766		1.17%		16.79%
2018		0.00%				1,247		10.36				12,922		1.48%		-22.98%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)
2022		0.00%	to	0.25%		244,818		63.49	to	60.44		15,442,571		1.12%		-15.63%	to	-15.84%
2021		0.00%	to	0.25%		250,243		75.25	to	71.82		18,693,636		0.78%		35.95%	to	35.61%
2020		0.00%	to	0.25%		260,144		55.35	to	52.96		14,255,486		1.06%		3.37%	to	3.11%
2019		0.00%	to	0.25%		256,880		53.55	to	51.36		13,645,470		0.52%		20.10%	to	19.80%
2018		0.00%	to	0.25%		386,451		44.59	to	42.87		17,041,808		0.48%		-15.03%	to	-15.24%
Allspring Variable Trust - VT Discovery Fund: Class 2 (SVDF)
2022		0.00%	to	0.25%		533,550		30.18	to	29.05		15,950,207		0.00%		-37.85%	to	-38.00%
2021		0.00%	to	0.25%		586,509		48.55	to	46.85		28,174,829		0.00%		-5.04%	to	-5.28%
2020		0.00%	to	0.25%		644,734		51.13	to	49.46		32,612,947		0.00%		62.65%	to	62.24%
2019		0.00%	to	0.25%		647,369		31.44	to	30.49		20,125,583		0.00%		39.02%	to	38.67%
2018		0.00%	to	0.25%		683,178		22.61	to	21.98		15,285,492		0.00%		-7.06%	to	-7.30%
Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)
2022		0.10%				162,258		46.93				7,614,032		0.00%		-20.89%
2021		0.10%				163,407		59.31				9,692,259		0.04%		24.65%
2020		0.00%	to	0.25%		182,183		48.58	to	46.13		8,449,644		0.44%		21.00%	to	20.70%
2019		0.00%	to	0.25%		201,520		40.14	to	38.22		7,744,811		0.28%		31.46%	to	31.14%
2018		0.00%	to	0.25%		197,765		30.54	to	29.14		5,775,436		0.19%		-7.15%	to	-7.38%
Allspring Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)
2022		0.00%	to	0.25%		268,855		30.70	to	29.55		8,120,575		0.00%		-34.42%	to	-34.59%
2021		0.00%	to	0.25%		256,359		46.81	to	45.17		11,759,945		0.00%		7.64%	to	7.37%
2020		0.00%	to	0.25%		237,092		43.48	to	42.07		10,128,757		0.00%		57.78%	to	57.39%
2019		0.00%	to	0.25%		251,278		27.56	to	26.73		6,799,161		0.00%		24.83%	to	24.52%
2018		0.00%	to	0.25%		312,243		22.08	to	21.46		6,789,362		0.00%		1.31%	to	1.06%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)
2022		0.10%	to	0.25%		29,022		20.61	to	20.34		591,301		0.00%		-28.18%	to	-28.29%
2021		0.10%	to	0.25%		28,832		28.69	to	28.36		819,054		0.00%		11.04%	to	10.88%
2020		0.00%	to	0.25%		34,278		26.01	to	25.58		878,528		0.00%		42.46%	to	42.10%
2019		0.00%	to	0.25%		48,363		18.26	to	18.00		871,142		0.00%		35.56%	to	35.23%
2018		0.00%	to	0.25%		47,564		13.47	to	13.31		633,316		0.00%		-5.20%	to	-5.43%
American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)
2022		0.10%				71,787		25.33				1,818,117		1.45%		-24.83%
2021		0.10%				68,327		33.69				2,302,078		0.15%		8.64%
2020		0.00%	to	0.20%		77,571		38.58	to	24.05		2,289,880		0.54%		25.88%	to	25.63%
2019		0.00%	to	0.25%		97,122		30.65	to	18.96		2,270,641		0.90%		28.42%	to	28.10%
2018		0.00%	to	0.25%		123,291		23.86	to	14.80		1,840,381		1.16%		-15.22%	to	-15.43%
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)
2022		0.00%	to	0.10%		428,464		50.70	to	38.12		20,697,116		1.76%		-12.74%	to	-12.82%
2021		0.00%	to	0.10%		460,810		58.10	to	43.72		25,535,574		1.08%		23.65%	to	23.53%
2020		0.00%	to	0.25%		482,447		46.99	to	33.82		21,566,529		1.93%		11.81%	to	11.53%
2019		0.00%	to	0.25%		571,931		42.02	to	30.32		22,293,548		2.09%		23.95%	to	23.64%
2018		0.00%	to	0.25%		596,221		33.90	to	24.52		18,762,900		1.93%		-6.87%	to	-7.10%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)
2022		0.00%	to	0.25%		2,403,523		11.46	to	10.71		26,034,829		5.09%		-12.88%	to	-13.09%
2021		0.00%	to	0.25%		2,917,377		13.15	to	12.33		36,224,321		3.51%		6.61%	to	6.35%
2020		0.00%	to	0.25%		2,375,089		12.34	to	11.59		27,669,630		1.63%		9.81%	to	9.53%
2019		0.00%	to	0.25%		2,341,496		11.23	to	10.58		24,880,391		2.56%		9.16%	to	8.88%
2018		0.00%	to	0.25%		2,146,672		10.29	to	9.72		20,910,804		3.06%		-2.57%	to	-2.82%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)
2022		0.00%				397,849		18.04				7,179,067		5.02%		-13.08%
2021		0.00%				398,336		20.76				8,269,254		3.14%		6.27%
2020		0.00%				387,824		19.53				7,576,124		1.32%		9.55%
2019		0.00%				431,303		17.83				7,690,717		2.31%		8.90%
2018		0.00%				455,259		16.37				7,454,284		2.80%		-2.82%
American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)
2022		0.00%	to	0.25%		263,333		51.21	to	49.00		13,322,269		2.26%		-1.19%	to	-1.44%
2021		0.00%	to	0.25%		229,275		51.83	to	49.71		11,770,108		1.14%		23.20%	to	22.90%
2020		0.00%	to	0.25%		244,358		42.07	to	40.45		10,195,136		1.80%		1.21%	to	0.96%
2019		0.00%	to	0.25%		301,093		41.57	to	40.07		12,371,588		2.04%		29.15%	to	28.83%
2018		0.00%	to	0.25%		353,741		32.18	to	31.10		11,262,539		1.40%		-12.84%	to	-13.05%
American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)
2022		0.00%	to	0.25%		239,046		66.52	to	54.20		14,381,681		2.09%		0.54%	to	0.29%
2021		0.00%	to	0.25%		274,453		66.16	to	54.04		16,435,748		1.74%		24.51%	to	24.20%
2020		0.00%	to	0.25%		297,613		53.14	to	43.51		13,921,528		2.21%		0.98%	to	0.73%
2019		0.00%	to	0.25%		522,839		52.62	to	43.20		24,525,906		2.13%		27.03%	to	26.72%
2018		0.00%	to	0.25%		656,692		41.42	to	34.09		22,965,394		1.69%		-9.15%	to	-9.38%
American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)
2022		0.00%	to	0.25%		553,881		24.40	to	23.49		13,235,403		1.96%		-13.40%	to	-13.62%
2021		0.00%	to	0.25%		542,524		28.18	to	27.20		14,972,180		1.53%		15.10%	to	14.81%
2020		0.00%	to	0.25%		573,430		24.48	to	23.69		13,753,760		1.63%		12.46%	to	12.18%
2019		0.00%	to	0.25%		662,559		21.77	to	21.12		14,089,699		2.03%		21.23%	to	20.93%
2018		0.00%	to	0.25%		597,801		17.96	to	17.46		10,499,057		1.61%		-4.60%	to	-4.84%
American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 2 (AMVBC2)
2022		0.00%				1,365		9.91				13,528		0.00%		-0.89%			****
American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)
2022		0.00%				14,976		9.90				148,217		2.33%		-1.03%			****
American Funds Insurance Series(R) - The Bond Fund of America: Class 2 (AMVBD2)
2022		0.10%	to	0.25%		3,757,406		13.76	to	13.45		51,708,841		2.95%		-12.67%	to	-12.80%
2021		0.10%	to	0.25%		3,807,023		15.76	to	15.43		59,991,619		1.41%		-0.41%	to	-0.56%
2020		0.10%	to	0.25%		3,852,883		15.83	to	15.51		60,963,144		2.05%		9.62%	to	9.46%
2019		0.00%	to	0.25%		4,889,291		14.61	to	14.17		70,574,452		2.57%		9.36%	to	9.08%
2018		0.00%	to	0.25%		5,492,418		13.36	to	12.99		72,571,100		2.45%		-0.71%	to	-0.96%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)
2022		0.00%	to	0.25%		466,708		9.05	to	8.97		4,208,894		0.24%		-17.69%	to	-17.90%
2021		0.00%	to	0.25%		430,794		11.00	to	10.93		4,717,360		2.01%		-4.92%	to	-5.16%
2020		0.00%	to	0.25%		255,848		11.57	to	11.52		2,951,907		2.41%		9.90%	to	9.62%	****
American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)
2022		0.00%	to	0.25%		129,393		12.93	to	12.82		1,673,313		1.33%		-16.49%	to	-16.70%
2021		0.00%	to	0.25%		104,260		15.49	to	15.39		1,614,656		1.18%		24.10%	to	23.79%
2020		0.00%	to	0.25%		93,725		12.48	to	12.43		1,169,808		2.16%		13.55%	to	13.26%
2019		0.25%				609		10.97				6,683		1.01%		9.75%			****
American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)
2022		0.00%	to	0.25%		1,108,707		37.80	to	36.41		40,988,066		0.33%		-29.94%	to	-30.11%
2021		0.00%	to	0.25%		1,070,176		53.95	to	52.09		56,308,810		0.22%		21.99%	to	21.68%
2020		0.00%	to	0.25%		1,151,502		44.22	to	42.81		49,555,520		0.32%		52.08%	to	51.70%
2019		0.00%	to	0.25%		1,167,629		29.08	to	28.22		33,043,364		0.76%		30.77%	to	30.45%
2018		0.00%	to	0.25%		1,167,950		22.24	to	21.63		25,332,833		0.45%		-0.25%	to	-0.50%
American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)
2022		0.00%	to	0.25%		153,871		18.46	to	17.78		2,761,182		0.00%		-29.55%	to	-29.73%
2021		0.00%	to	0.25%		137,954		26.20	to	25.30		3,522,508		0.00%		6.74%	to	6.47%
2020		0.00%	to	0.25%		117,032		24.54	to	23.76		2,794,726		0.18%		29.72%	to	29.40%
2019		0.00%	to	0.25%		144,805		18.92	to	18.36		2,666,654		0.17%		31.52%	to	31.19%
2018		0.00%	to	0.25%		116,395		14.39	to	14.00		1,634,484		0.09%		-10.55%	to	-10.77%
American Funds Insurance Series(R) - U.S. Government Securities Fund: Class 2 (AMVGV2)
2022		0.00%	to	0.25%		9,123		9.57	to	9.55		87,160		3.48%		-4.31%	to	-4.47%	****
American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)
2022		0.00%	to	0.25%		1,582,881		13.59	to	13.20		21,155,519		1.70%		-20.79%	to	-20.98%
2021		0.00%	to	0.25%		1,667,203		17.16	to	16.71		28,123,655		2.42%		-1.50%	to	-1.74%
2020		0.00%	to	0.25%		1,744,578		17.42	to	17.01		29,888,214		0.67%		13.97%	to	13.69%
2019		0.00%	to	0.25%		1,839,312		15.29	to	14.96		27,674,405		1.51%		22.88%	to	22.58%
2018		0.00%	to	0.25%		1,818,914		12.44	to	12.20		22,293,777		2.55%		-13.13%	to	-13.35%
American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)
2022		0.00%	to	0.25%		635,585		15.10	to	14.85		9,512,091		1.22%		-22.10%	to	-22.29%
2021		0.00%	to	0.25%		2,507,093		19.38	to	19.11		48,299,694		0.87%		4.92%	to	4.66%
2020		0.00%	to	0.25%		2,379,885		18.48	to	18.26		43,742,283		0.06%		23.58%	to	23.27%
2019		0.00%	to	0.25%		268,304		14.95	to	14.81		3,981,479		1.22%		29.14%	to	28.82%
2018		0.00%	to	0.25%		133,700		11.58	to	11.50		1,539,523		1.01%		-14.04%	to	-14.25%
Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)
2022		0.10%	to	0.25%		73,715		33.51	to	32.50		2,455,963		5.09%		-11.29%	to	-11.42%
2021		0.10%	to	0.25%		93,320		37.77	to	36.69		3,507,061		5.14%		5.60%	to	5.44%
2020		0.00%	to	0.25%		112,418		36.43	to	34.80		3,991,717		5.39%		2.48%	to	2.23%
2019		0.00%	to	0.25%		98,275		35.55	to	34.04		3,388,420		4.91%		14.45%	to	14.16%
2018		0.00%	to	0.25%		129,139		31.06	to	29.82		3,873,351		4.71%		-3.33%	to	-3.57%
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)
2022		0.00%	to	0.25%		1,602,446		12.92	to	12.66		20,476,202		5.24%		-10.35%	to	-10.57%
2021		0.00%	to	0.25%		1,634,147		14.41	to	14.15		23,317,657		4.49%		5.34%	to	5.08%
2020		0.00%	to	0.25%		1,529,228		13.68	to	13.47		20,708,453		5.28%		7.27%	to	7.00%
2019		0.00%	to	0.25%		1,556,089		12.76	to	12.59		19,672,675		5.46%		15.29%	to	15.00%
2018		0.00%	to	0.25%		1,008,812		11.07	to	10.95		11,078,325		5.52%		-2.66%	to	-2.90%
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)
2022		0.00%	to	0.25%		448,371		22.93	to	12.49		9,135,343		0.00%		-15.99%	to	-16.20%
2021		0.00%	to	0.25%		498,612		27.29	to	14.90		12,026,039		0.78%		6.55%	to	6.28%
2020		0.00%	to	0.25%		480,157		25.61	to	14.02		11,095,739		1.17%		20.80%	to	20.50%
2019		0.00%	to	0.25%		509,702		21.20	to	11.64		9,771,507		1.16%		17.83%	to	17.54%
2018		0.00%	to	0.25%		548,347		17.99	to	9.90		9,091,664		0.77%		-7.52%	to	-7.75%
BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)
2022		0.10%	to	0.20%		23,418		39.97	to	39.27		921,861		0.80%		-20.25%	to	-20.33%
2021		0.10%	to	0.20%		23,705		50.12	to	49.29		1,171,120		1.34%		28.07%	to	27.95%
2020		0.00%	to	0.20%		24,912		39.75	to	38.53		962,124		0.80%		19.66%	to	19.42%
2019		0.00%	to	0.25%		54,258		33.22	to	32.03		1,756,475		1.29%		28.67%	to	28.34%
2018		0.00%	to	0.25%		53,409		25.82	to	24.95		1,335,626		1.39%		-5.37%	to	-5.60%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)
2022		0.00%	to	0.25%		62,655		62.00	to	40.69		3,025,774		0.65%		-18.06%	to	-18.27%
2021		0.00%	to	0.25%		81,013		75.67	to	49.79		4,683,481		0.43%		27.13%	to	26.81%
2020		0.00%	to	0.25%		436,455		59.52	to	39.26		24,714,500		0.78%		23.69%	to	23.38%
2019		0.00%	to	0.25%		482,959		48.12	to	31.82		22,238,731		1.17%		36.10%	to	35.76%
2018		0.00%	to	0.25%		527,909		35.36	to	23.44		17,817,986		1.26%		-6.85%	to	-7.09%
BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)
2022		0.00%				25,586		37.12				949,717		0.00%		-16.62%
2021		0.00%				30,022		44.52				1,336,502		0.11%		16.46%
2020		0.00%				33,924		38.23				1,296,751		0.62%		19.89%
2019		0.00%				37,209		31.88				1,186,335		0.00%		21.78%
2018		0.00%				39,841		26.18				1,043,086		0.00%		-19.08%
BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)
2022		0.00%	to	0.25%		17,631,778		59.17	to	40.11		799,892,882		1.35%		-18.32%	to	-18.52%
2021		0.00%	to	0.25%		18,012,070		72.44	to	49.23		997,251,899		1.15%		28.41%	to	28.09%
2020		0.00%	to	0.25%		18,895,784		56.41	to	38.43		811,042,302		1.60%		18.01%	to	17.71%
2019		0.00%	to	0.25%		18,394,093		47.80	to	32.65		669,548,652		1.70%		31.18%	to	30.86%
2018		0.00%	to	0.25%		21,793,980		36.44	to	24.95		601,853,775		1.67%		-4.63%	to	-4.87%
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)
2022		0.00%	to	0.10%		291,014		44.87	to	31.95		12,945,418		0.53%		-22.87%	to	-22.95%
2021		0.00%	to	0.10%		313,751		58.18	to	41.46		18,108,306		0.76%		27.00%	to	26.87%
2020		0.00%	to	0.10%		346,524		45.81	to	32.68		15,685,517		1.08%		24.14%	to	24.02%
2019		0.00%	to	0.25%		366,776		36.90	to	23.53		13,371,760		1.46%		34.36%	to	34.02%
2018		0.00%	to	0.25%		386,790		27.47	to	17.56		10,470,618		1.76%		-4.40%	to	-4.64%
BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)
2022		0.00%	to	0.25%		40,900		51.82	to	49.25		2,041,656		0.74%		-14.08%	to	-14.29%
2021		0.00%	to	0.25%		42,610		60.31	to	57.46		2,477,026		0.73%		25.88%	to	25.57%
2020		0.00%	to	0.25%		59,486		47.91	to	45.76		2,744,403		0.89%		8.11%	to	7.84%
2019		0.00%	to	0.25%		75,349		44.32	to	42.44		3,214,822		0.66%		20.18%	to	19.88%
2018		0.00%	to	0.25%		74,955		36.87	to	35.40		2,666,623		0.57%		-15.49%	to	-15.70%
BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)
2022		0.00%	to	0.25%		1,965,893		52.51	to	49.86		100,324,592		0.92%		-16.65%	to	-16.86%
2021		0.00%	to	0.25%		2,859,243		62.99	to	59.97		175,293,823		0.67%		26.14%	to	25.83%
2020		0.00%	to	0.25%		3,052,369		49.94	to	47.66		148,133,011		1.06%		10.64%	to	10.36%
2019		0.00%	to	0.25%		2,550,810		45.14	to	43.19		111,650,145		0.87%		22.21%	to	21.91%
2018		0.00%	to	0.25%		2,735,357		36.93	to	35.43		97,970,697		0.80%		-8.97%	to	-9.20%
Calvert Variable Products, Inc. - Calvert VP S&P 500 Index Portfolio (CVSPIP)
2022		0.10%	to	0.25%		18,420		23.21	to	22.91		422,723		1.29%		-18.42%	to	-18.54%
2021		0.10%	to	0.25%		26,661		28.45	to	28.12		750,579		1.32%		28.29%	to	28.10%
2020		0.10%	to	0.25%		32,256		22.17	to	21.95		708,700		1.07%		17.98%	to	17.81%
2019		0.10%	to	0.25%		94,734		18.79	to	18.64		1,770,644		1.88%		31.02%	to	30.82%
2018		0.25%				87,276		14.24				1,243,205		2.20%		-4.97%
Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)
2022		0.00%	to	0.25%		5,650,190		13.72	to	12.29		69,942,923		1.29%		-18.12%	to	-18.32%
2021		0.00%	to	0.25%		6,563,596		16.75	to	15.05		99,144,530		1.32%		28.67%	to	28.35%
2020		0.00%	to	0.25%		7,486,477		13.02	to	11.72		87,825,581		1.14%		18.28%	to	17.22%	****
Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)
2022		0.00%	to	0.25%		223,269		22.04	to	21.22		4,804,531		1.33%		-20.13%	to	-20.33%
2021		0.00%	to	0.25%		211,113		27.60	to	26.63		5,699,706		0.60%		17.85%	to	17.56%
2020		0.00%	to	0.25%		204,804		23.42	to	22.65		4,710,531		0.72%		11.72%	to	11.44%
2019		0.00%	to	0.25%		229,390		20.96	to	20.33		4,720,052		1.71%		31.17%	to	30.84%
2018		0.00%	to	0.25%		218,345		15.98	to	15.54		3,435,976		0.87%		-13.60%	to	-13.82%
Delaware VIP Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)
2022		0.10%	to	0.20%		375,196		12.59	to	12.46		4,674,304		3.79%		-27.88%	to	-27.96%
2021		0.10%	to	0.20%		376,860		17.46	to	17.29		6,516,872		0.06%		-3.23%	to	-3.32%
2020		0.00%	to	0.25%		380,523		18.20	to	17.81		6,805,948		0.48%		24.69%	to	24.38%
2019		0.00%	to	0.25%		401,894		14.59	to	14.32		5,773,615		0.39%		22.25%	to	21.95%
2018		0.00%	to	0.25%		358,976		11.94	to	11.74		4,225,470		3.05%		-16.03%	to	-16.24%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)
2022		0.00%	to	0.25%		857,458		24.05	to	23.36		20,238,465		0.52%		-12.36%	to	-12.57%
2021		0.00%	to	0.25%		861,178		27.44	to	26.72		23,190,699		0.61%		34.01%	to	33.68%
2020		0.00%	to	0.25%		896,753		20.48	to	19.99		18,037,109		1.06%		-2.18%	to	-2.42%
2019		0.00%	to	0.25%		933,346		20.93	to	20.48		19,215,008		0.78%		27.72%	to	27.40%
2018		0.00%	to	0.25%		911,599		16.39	to	16.08		14,709,180		0.60%		-16.94%	to	-17.15%
DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)
2022		0.00%				1,679		13.12				22,033		0.46%		-13.68%
2021		0.00%				704		15.20				10,703		4.54%		24.37%			****
DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)
2022		0.00%				18,291		13.58				248,433		1.79%		-10.96%
2021		0.00%				8,681		15.25				132,417		1.29%		14.20%
2020		0.00%				14,568		13.36				194,578		1.52%		11.29%
2019		0.00%				9,936		12.00				119,248		1.28%		18.12%
2018		0.00%				15,702		10.16				159,534		2.20%		-6.90%
DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)
2022		0.00%	to	0.25%		577,869		11.39	to	11.06		6,460,263		7.50%		-12.45%	to	-12.67%
2021		0.00%	to	0.25%		591,179		13.01	to	12.66		7,546,948		4.36%		5.58%	to	5.32%
2020		0.00%	to	0.25%		626,952		12.32	to	12.02		7,573,340		1.31%		11.72%	to	11.44%
2019		0.00%	to	0.25%		376,703		11.03	to	10.79		4,073,497		1.60%		8.46%	to	8.19%
2018		0.00%	to	0.25%		434,932		10.17	to	9.97		4,344,883		2.14%		-1.33%	to	-1.58%
DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)
2022		0.00%				1,495		13.68				20,449		3.25%		-17.64%
2021		0.00%				1,251		16.61				20,777		2.56%		14.56%
2020		0.00%				1,696		14.50				24,587		3.61%		9.41%
DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)
2022		0.00%				6,449		11.75				75,805		3.37%		-3.46%
2021		0.00%				6,182		12.18				75,269		5.08%		18.11%
2020		0.00%				4,766		10.31				49,129		4.53%		-1.76%			****
DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)
2022		0.00%	to	0.25%		912,888		13.01	to	12.94		11,828,335		2.08%		-4.88%	to	-5.12%
2021		0.00%	to	0.25%		931,888		13.68	to	13.63		12,745,669		1.72%		27.04%	to	26.72%
2020		0.00%	to	0.25%		1,002,523		10.77	to	10.76		10,792,572		2.20%		-1.37%	to	-1.62%
2019		0.20%	to	0.25%		1,081,191		10.94				11,826,151		2.13%		9.38%	to	9.36%	****
DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)
2022		0.00%	to	0.25%		274,358		18.39	to	18.04		5,001,560		1.32%		-4.21%	to	-4.45%
2021		0.00%	to	0.25%		249,159		19.20	to	18.88		4,746,289		1.67%		39.68%	to	39.33%
2020		0.00%	to	0.25%		164,361		13.74	to	13.55		2,233,405		1.82%		3.98%	to	3.72%
2019		0.20%	to	0.25%		197,182		13.10	to	13.06		2,581,343		1.48%		22.31%	to	22.25%
2018		0.20%	to	0.25%		191,812		10.71	to	10.69		2,053,122		0.92%		-16.04%	to	-16.08%
Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)
2022		0.00%				32,917		13.75				452,463		3.61%		-14.98%
2021		0.00%				13,452		16.17				217,489		2.24%		10.95%
2020		0.00%				13,532		14.57				197,181		3.12%		8.28%
2019		0.00%				11,797		13.46				158,758		3.80%		20.16%
2018		0.00%				11,090		11.20				124,199		3.31%		-7.66%
Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)
2022		0.10%				5,707		17.24				98,390		1.72%		-15.75%
2021		0.10%	to	0.20%		1,828		20.46	to	20.25		37,119		1.54%		26.14%	to	26.02%
2020		0.10%	to	0.25%		1,592		16.22	to	15.99		25,620		1.74%		-12.50%	to	-12.63%
2019		0.20%	to	0.25%		1,665		18.38	to	18.30		30,585		1.51%		32.22%	to	32.15%
2018		0.20%	to	0.25%		1,875		13.90	to	13.85		26,042		2.04%		-10.89%	to	-10.93%
Deutsche DWS Variable Series II - DWS Small Mid Cap Value VIP: Class B (SVSSVB)
2022		0.10%	to	0.20%		5,725		20.29	to	19.98		115,983		0.46%		-16.22%	to	-16.31%
2021		0.10%	to	0.20%		6,055		24.21	to	23.87		146,484		0.85%		29.91%	to	29.78%
2020		0.00%	to	0.20%		6,299		18.89	to	18.39		117,330		1.22%		-1.11%	to	-1.30%
2019		0.00%	to	0.25%		10,664		19.10	to	18.52		198,502		0.35%		20.99%	to	20.69%
2018		0.00%	to	0.25%		11,981		15.79	to	15.35		184,615		0.97%		-16.32%	to	-16.54%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)
2022		0.00%	to	0.25%		1,556,108		13.72	to	13.32		20,840,138		4.47%		-2.74%	to	-2.98%
2021		0.00%	to	0.25%		2,314,069		14.11	to	13.73		32,050,768		2.89%		3.63%	to	3.37%
2020		0.00%	to	0.25%		1,903,987		13.61	to	13.29		25,367,931		3.30%		2.00%	to	1.74%
2019		0.00%	to	0.25%		1,943,147		13.35	to	13.06		25,429,132		3.95%		7.08%	to	6.81%
2018		0.00%	to	0.25%		5,289,996		12.46	to	12.23		65,197,485		3.77%		-0.09%	to	-0.34%
Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)
2022		0.00%	to	0.20%		740,388		25.08	to	23.92		18,381,616		2.58%		-9.28%	to	-9.46%
2021		0.00%	to	0.25%		780,828		27.65	to	26.12		21,379,592		2.66%		-1.40%	to	-1.64%
2020		0.00%	to	0.25%		812,330		28.04	to	26.56		22,440,577		2.78%		8.12%	to	7.85%
2019		0.00%	to	0.25%		870,739		25.93	to	24.63		22,123,687		2.94%		9.44%	to	9.17%
2018		0.00%	to	0.25%		911,169		23.69	to	22.56		21,184,771		3.12%		-0.59%	to	-0.84%
Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)
2022		0.00%				70,758		11.30				799,336		1.86%		-13.75%
2021		0.00%				71,964		13.10				942,615		1.69%		18.51%
2020		0.00%				68,791		11.05				760,314		2.64%		0.93%
2019		0.00%				65,636		10.95				718,748		1.97%		20.23%
2018		0.00%				57,964		9.11				527,945		0.00%		-8.92%		*	***
Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)
2022		0.00%	to	0.25%		44,377		9.78	to	9.66		431,293		1.97%		-12.55%	to	-12.77%
2021		0.00%	to	0.25%		79,357		11.18	to	11.08		884,660		2.40%		-2.04%	to	-2.29%
2020		0.00%	to	0.25%		164,271		11.41	to	11.34		1,872,927		0.34%		5.21%	to	4.95%
2019		0.20%	to	0.25%		5,444		10.81	to	10.80		58,799		2.02%		5.69%	to	5.63%	****
Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)
2022		0.00%	to	0.25%		577,520		81.70	to	53.10		32,957,715		0.38%		-26.38%	to	-26.57%
2021		0.00%	to	0.25%		655,947		110.98	to	72.31		50,687,945		0.05%		27.71%	to	27.39%
2020		0.00%	to	0.25%		673,767		86.90	to	56.77		40,265,968		0.14%		30.43%	to	30.10%
2019		0.00%	to	0.25%		713,280		66.62	to	43.63		32,254,258		0.34%		31.45%	to	31.12%
2018		0.00%	to	0.25%		911,259		50.68	to	33.28		31,122,707		0.61%		-6.49%	to	-6.72%
Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class (FEIS)
2022		0.00%	to	0.25%		1,383,337		50.00	to	38.43		65,961,627		1.81%		-5.09%	to	-5.32%
2021		0.00%	to	0.25%		1,453,165		52.68	to	40.59		73,227,880		1.81%		24.83%	to	24.52%
2020		0.00%	to	0.25%		1,516,795		42.20	to	32.60		61,255,632		1.74%		6.55%	to	6.28%
2019		0.00%	to	0.25%		1,602,889		39.61	to	30.68		60,842,692		1.89%		27.32%	to	27.01%
2018		0.00%	to	0.25%		1,839,288		31.11	to	24.15		54,078,889		2.12%		-8.40%	to	-8.63%
Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)
2022		0.00%	to	0.25%		1,017,714		11.01	to	10.88		11,141,492		1.67%		-20.26%	to	-20.46%
2021		0.00%	to	0.25%		998,192		13.81	to	13.68		13,708,334		1.97%		-2.28%	to	-2.53%
2020		0.00%	to	0.25%		1,016,041		14.13	to	14.03		14,285,086		0.87%		31.17%	to	30.85%
2019		0.00%	to	0.25%		841,122		10.77	to	10.73		9,029,597		1.94%		29.30%	to	28.98%
2018		0.00%	to	0.25%		435,283		8.33	to	8.32		3,620,730		1.85%		-16.70%	to	-16.84%	****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)
2022		0.10%	to	0.25%		21,208		16.33	to	16.03		345,500		2.10%		-12.55%	to	-12.68%
2021		0.10%	to	0.25%		35,022		18.67	to	18.36		652,397		0.68%		3.91%	to	3.76%
2020		0.20%	to	0.25%		88,272		17.79	to	17.70		1,568,930		1.37%		10.85%	to	10.80%
2019		0.20%	to	0.25%		81,637		16.05	to	15.97		1,309,056		2.03%		13.48%	to	13.42%
2018		0.20%	to	0.25%		80,945		14.14	to	14.08		1,143,881		1.82%		-3.21%	to	-3.26%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)
2022		0.00%	to	0.25%		118,512		24.15	to	23.10		2,855,398		2.08%		-13.57%	to	-13.78%
2021		0.00%	to	0.25%		129,361		27.94	to	26.80		3,602,861		0.92%		5.79%	to	5.53%
2020		0.00%	to	0.25%		132,543		26.41	to	25.39		3,487,832		1.58%		12.39%	to	12.11%
2019		0.00%	to	0.25%		92,267		23.49	to	22.65		2,159,450		2.02%		16.00%	to	15.71%
2018		0.00%	to	0.25%		97,923		20.25	to	19.57		1,975,771		1.48%		-4.10%	to	-4.34%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)
2022		0.00%	to	0.25%		420,417		19.88	to	19.16		8,198,932		2.04%		-14.66%	to	-14.88%
2021		0.00%	to	0.25%		423,663		23.29	to	22.51		9,696,310		1.02%		7.59%	to	7.32%
2020		0.00%	to	0.25%		386,635		21.65	to	20.97		8,216,246		1.19%		13.62%	to	13.33%
2019		0.00%	to	0.25%		402,085		19.05	to	18.51		7,529,801		2.19%		18.21%	to	17.92%
2018		0.00%	to	0.25%		384,349		16.12	to	15.69		6,076,691		1.18%		-5.11%	to	-5.35%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)
2022		0.00%	to	0.25%		924,217		27.14	to	25.97		24,650,696		2.01%		-15.83%	to	-16.04%
2021		0.00%	to	0.25%		1,030,834		32.24	to	30.93		32,664,957		1.00%		9.47%	to	9.19%
2020		0.00%	to	0.25%		1,053,955		29.45	to	28.32		30,428,501		1.12%		14.92%	to	14.63%
2019		0.00%	to	0.25%		1,214,585		25.63	to	24.71		30,549,618		2.07%		20.01%	to	19.71%
2018		0.00%	to	0.25%		1,161,074		21.36	to	20.64		24,346,102		1.24%		-5.98%	to	-6.21%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)
2022		0.00%	to	0.25%		1,630,226		21.84	to	21.06		34,796,924		1.96%		-16.51%	to	-16.72%
2021		0.00%	to	0.25%		1,635,708		26.16	to	25.28		41,880,095		1.00%		10.71%	to	10.43%
2020		0.00%	to	0.25%		1,529,307		23.63	to	22.90		35,296,273		1.16%		15.83%	to	15.54%
2019		0.00%	to	0.25%		1,583,389		20.40	to	19.82		31,582,966		1.84%		21.70%	to	21.39%
2018		0.00%	to	0.25%		1,597,869		16.77	to	16.32		26,224,218		1.45%		-6.61%	to	-6.85%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)
2022		0.00%	to	0.25%		1,856,438		30.81	to	29.48		55,940,230		1.87%		-16.94%	to	-17.15%
2021		0.00%	to	0.25%		1,723,102		37.10	to	35.59		62,563,200		1.03%		12.24%	to	11.96%
2020		0.00%	to	0.25%		1,582,394		33.05	to	31.78		51,141,507		1.22%		16.76%	to	16.47%
2019		0.00%	to	0.25%		1,438,640		28.31	to	27.29		39,834,941		2.03%		24.37%	to	24.06%
2018		0.00%	to	0.25%		1,217,467		22.76	to	22.00		27,148,345		1.36%		-7.88%	to	-8.12%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)
2022		0.00%	to	0.25%		834,563		13.06	to	12.90		10,819,194		1.75%		-17.75%	to	-17.96%
2021		0.00%	to	0.25%		634,527		15.87	to	15.73		10,001,782		1.01%		15.32%	to	15.03%
2020		0.00%	to	0.25%		500,779		13.77	to	13.67		6,855,239		1.22%		18.15%	to	17.85%
2019		0.00%	to	0.25%		320,893		11.65	to	11.60		3,724,080		2.87%		27.33%	to	27.01%
2018		0.20%	to	0.25%		116,705		9.14				1,066,113		1.64%		-8.62%	to	-8.65%	****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)
2022		0.00%	to	0.25%		1,017,073		27.64	to	26.78		27,526,076		1.56%		-18.30%	to	-18.51%
2021		0.00%	to	0.25%		980,516		33.84	to	32.87		32,493,805		0.88%		17.68%	to	17.39%
2020		0.00%	to	0.25%		901,286		28.75	to	28.00		25,365,065		0.96%		19.16%	to	18.86%
2019		0.00%	to	0.25%		849,519		24.13	to	23.55		20,086,136		1.81%		28.39%	to	28.07%
2018		0.00%	to	0.25%		820,514		18.79	to	18.39		15,150,295		1.14%		-9.94%	to	-10.17%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)
2022		0.00%	to	0.25%		129,884		13.37	to	13.21		1,723,623		1.63%		-18.30%	to	-18.51%
2021		0.00%	to	0.25%		92,183		16.36	to	16.21		1,498,498		1.05%		17.69%	to	17.40%
2020		0.00%	to	0.25%		55,372		13.90	to	13.81		765,132		1.12%		19.18%	to	18.88%
2019		0.00%	to	0.25%		27,896		11.67	to	11.62		329,628		2.87%		28.40%	to	28.08%	****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)
2022		0.00%	to	0.25%		294,572		14.90	to	14.69		4,343,914		1.68%		-18.35%	to	-18.56%
2021		0.00%	to	0.25%		133,170		18.25	to	18.04		2,408,104		0.81%		17.73%	to	17.44%
2020		0.00%	to	0.25%		144,326		15.50	to	15.36		2,219,797		1.21%		19.17%	to	18.88%
2019		0.00%	to	0.25%		81,668		13.01	to	12.92		1,056,286		1.72%		28.39%	to	28.07%
2018		0.00%	to	0.25%		80,264		10.13	to	10.09		809,970		1.27%		-10.03%	to	-10.26%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)
2022		0.00%	to	0.25%		26,534		12.63	to	12.52		334,411		1.20%		-18.36%	to	-18.56%
2021		0.00%	to	0.25%		23,476		15.47	to	15.37		362,741		2.24%		17.72%	to	17.43%
2020		0.00%	to	0.25%		1,635		13.14	to	13.09		21,393		1.02%		19.11%	to	18.81%
2019		0.25%				111		11.02				1,223		1.70%		10.16%		*	***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)
2022		0.00%	to	0.25%		93,141		12.65	to	12.53		1,173,931		1.68%		-18.27%	to	-18.47%
2021		0.00%	to	0.25%		46,147		15.48	to	15.37		713,233		1.31%		17.62%	to	17.33%
2020		0.00%	to	0.25%		26,316		13.16	to	13.10		345,063		2.95%		19.22%	to	18.92%
2019		0.25%				111		11.02				1,223		1.72%		10.18%		*	***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2065 Portfolio: Service Class (FF65S)
2022		0.10%				865		8.75				7,571		1.54%		-18.40%
2021		0.10%				655		10.73				7,026		1.23%		7.27%		*	***

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)
2022		0.10%	to	0.25%		85,139		14.57	to	14.31		1,237,650		2.05%		-12.14%	to	-12.28%
2021		0.10%	to	0.25%		96,614		16.58	to	16.31		1,598,542		0.83%		3.06%	to	2.91%
2020		0.20%	to	0.25%		121,417		15.93	to	15.85		1,932,596		1.29%		10.16%	to	10.11%
2019		0.20%	to	0.25%		120,811		14.46	to	14.39		1,745,720		2.49%		11.65%	to	11.59%
2018		0.20%	to	0.25%		83,843		12.95	to	12.90		1,085,229		1.63%		-2.31%	to	-2.36%
Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)
2022		0.10%				8,934		44.60				398,414		0.00%		-38.27%
2021		0.10%				9,107		72.25				657,959		0.00%		11.72%
2020 (as restated)		0.10%				10,483		64.67				677,948		0.01%		68.33%
2019 (as restated)		0.10%	to	0.25%		9,975		38.42	to	43.11		409,326		0.05%		40.56%	to	40.35%
2018 (as restated)		0.25%				10,342		30.72				317,696		0.10%		12.06%
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class (FGS)
2022		0.00%	to	0.25%		2,220,927		72.67	to	40.51		132,680,427		0.51%		-24.52%	to	-24.71%
2021		0.00%	to	0.25%		2,443,139		96.29	to	53.80		189,226,861		0.00%		23.08%	to	22.77%
2020		0.00%	to	0.25%		2,625,642		78.23	to	43.82		164,646,718		0.06%		43.75%	to	43.39%
2019		0.00%	to	0.25%		2,682,726		54.42	to	30.56		117,329,092		0.16%		34.18%	to	33.85%
2018		0.00%	to	0.25%		3,346,655		40.56	to	22.83		104,307,754		0.15%		-0.27%	to	-0.53%
Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)
2022		0.00%	to	0.10%		432,766		22.89	to	22.27		9,775,065		5.04%		-11.56%	to	-11.65%
2021		0.00%	to	0.25%		437,536		25.88	to	31.37		11,191,388		5.26%		4.50%	to	4.24%
2020		0.00%	to	0.25%		402,005		24.77	to	30.09		10,751,416		4.82%		2.65%	to	2.39%
2019		0.00%	to	0.25%		480,498		24.13	to	29.39		12,669,205		5.21%		14.92%	to	14.63%
2018		0.00%	to	0.25%		467,620		20.99	to	25.64		10,733,570		5.51%		-3.60%	to	-3.84%
Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)
2022		0.00%	to	0.25%		7,799,075		18.62	to	17.73		141,621,717		2.15%		-13.03%	to	-13.24%
2021		0.00%	to	0.25%		8,485,983		21.41	to	20.43		176,979,449		2.04%		-0.72%	to	-0.97%
2020		0.00%	to	0.25%		8,359,975		21.56	to	20.63		175,571,019		2.15%		9.25%	to	8.98%
2019		0.00%	to	0.25%		8,807,134		19.74	to	18.93		169,500,548		2.61%		9.58%	to	9.31%
2018		0.00%	to	0.25%		9,699,249		18.01	to	17.32		170,350,032		2.39%		-0.63%	to	-0.88%
Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)
2022		0.00%				97,322		35.58				3,462,677		1.54%		-18.21%
2021		0.00%				74,499		43.50				3,240,890		0.69%		28.58%
2020		0.00%				40,491		33.83				1,369,972		2.05%		18.24%
2019		0.20%	to	0.25%		2,881,385		27.94	to	27.77		80,428,299		1.95%		31.09%	to	31.02%
2018		0.20%	to	0.25%		3,169,190		21.31	to	21.19		67,489,203		1.89%		-4.68%	to	-4.73%
Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)
2022		0.00%	to	0.25%		424,378		77.17	to	73.46		32,524,294		0.40%		-14.85%	to	-15.07%
2021		0.00%	to	0.25%		455,311		90.63	to	86.50		40,983,181		0.52%		25.51%	to	25.19%
2020		0.00%	to	0.25%		501,684		72.21	to	69.09		35,899,841		0.56%		18.04%	to	17.74%
2019		0.00%	to	0.25%		609,632		61.18	to	58.68		36,834,267		0.77%		23.35%	to	23.04%
2018		0.00%	to	0.25%		702,092		49.60	to	47.69		34,390,784		0.55%		-14.64%	to	-14.85%
Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)
2022		0.10%	to	0.25%		414,328		10.57	to	10.47		4,375,775		1.55%		1.35%	to	1.20%
2021		0.10%				206,171		10.43				2,149,993		0.01%		-0.09%
2020		0.20%	to	0.25%		715,310		10.39	to	10.37		7,431,845		0.31%		0.12%	to	0.07%
2019		0.20%	to	0.25%		1,268,832		10.38	to	10.36		13,167,512		1.89%		1.82%	to	1.77%
2018		0.20%	to	0.25%		843,109		10.19	to	10.18		8,593,800		1.61%		1.44%	to	1.39%
Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)
2022		0.00%				417,439		28.47				11,883,395		2.33%		62.87%
2021		0.00%				295,154		17.48				5,158,974		2.30%		54.83%
2020		0.00%				271,837		11.29				3,068,839		2.53%		-32.88%
2019		0.00%				281,564		16.82				4,735,763		1.79%		9.82%
2018		0.00%				307,387		15.32				4,707,648		0.68%		-24.77%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)
2022		0.00%	to	0.25%		560,131		30.13	to	22.03		16,658,704		0.99%		-24.58%	to	-24.77%
2021		0.00%	to	0.25%		587,029		39.95	to	29.28		23,116,706		0.45%		19.57%	to	19.27%
2020		0.00%	to	0.25%		614,677		33.41	to	24.55		20,204,014		0.35%		15.49%	to	15.21%
2019		0.00%	to	0.25%		654,246		28.93	to	21.31		18,485,488		1.63%		27.67%	to	27.35%
2018		0.00%	to	0.25%		740,247		22.66	to	16.73		16,017,861		1.51%		-14.88%	to	-15.10%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)
2022		0.00%	to	0.25%		218,681		11.15	to	11.25		2,454,544		1.46%		-27.62%	to	-27.80%
2021		0.00%	to	0.25%		185,159		15.40	to	15.59		2,875,132		0.78%		38.86%	to	38.51%
2020		0.00%	to	0.25%		312,440		11.09	to	11.25		3,507,328		2.29%		-6.61%	to	-6.84%
2019		0.00%	to	0.25%		252,550		11.88	to	12.08		3,044,368		1.84%		23.09%	to	22.78%
2018		0.00%	to	0.25%		196,032		9.65	to	9.84		1,925,790		8.21%		-6.31%	to	-1.63%
Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)
2021		0.00%				354		10.76				3,807		0.96%		-2.05%		*	***
Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)
2022		0.00%				567		12.26				6,952		2.70%		-18.22%
2021		0.00%				47		14.99				705		1.29%		21.16%		*	***
Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)
2022		0.00%				947		10.63				10,067		2.99%		-16.13%
2021		0.00%				221		12.68				2,801		3.92%		7.65%		*	***
Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)
2022		0.00%				16,683		13.33				222,404		1.31%		-19.33%
2021		0.00%				16,494		16.53				272,582		0.92%		25.55%
2020		0.00%				16,383		13.16				215,642		1.48%		20.20%		*	***
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)
2022		0.00%	to	0.20%		117,118		50.13	to	48.10		5,829,933		1.13%		-7.19%	to	-7.38%
2021		0.00%				79,231		54.02				4,279,740		1.44%		33.48%
2020		0.00%				78,676		40.47				3,183,854		1.13%		8.18%
2019		0.00%	to	0.10%		114,054		37.41	to	36.75		4,265,220		1.74%		34.29%	to	34.16%
2018		0.00%	to	0.25%		101,371		27.86	to	26.72		2,821,079		0.86%		-17.33%	to	-17.54%
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)
2022		0.00%				4,699		9.70				45,557		0.14%		-3.05%		*	***
Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)
2022		0.00%				263,948		11.49				3,033,480		2.58%		-21.98%
2021		0.00%				230,532		14.73				3,395,991		0.88%		-5.74%
2020		0.00%				232,202		15.63				3,628,886		4.04%		17.18%
2019		0.00%				259,597		13.34				3,462,071		0.98%		26.70%
2018		0.00%				271,977		10.53				2,862,884		0.84%		-15.79%
Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)
2022		0.00%				25,188		18.64				469,617		1.53%		-16.00%
2021		0.00%				31,055		22.20				689,289		1.70%		11.68%
2020		0.00%				30,172		19.87				599,638		1.46%		11.74%
2019		0.00%				34,651		17.79				616,284		3.51%		19.86%
2018		0.00%				36,186		14.84				536,952		2.82%		-9.65%
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)
2022		0.00%	to	0.25%		776,061		10.23	to	9.00		7,071,471		0.00%		-4.85%	to	-5.09%
2021		0.00%	to	0.25%		1,391,217		10.75	to	9.48		13,336,947		0.00%		-4.62%	to	-4.86%
2020		0.00%	to	0.25%		1,366,885		11.27	to	9.97		13,745,297		8.75%		-5.07%	to	-5.31%
2019		0.00%	to	0.25%		1,733,956		11.88	to	10.52		18,372,589		6.96%		2.26%	to	2.00%
2018		0.00%	to	0.25%		1,622,403		11.61	to	10.32		16,855,643		0.00%		2.21%	to	1.96%
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)
2022		0.00%	to	0.20%		280,239		15.50	to	15.03		4,341,386		0.00%		-4.95%	to	-5.14%
2021		0.00%	to	0.20%		313,941		16.30	to	15.84		5,116,994		0.00%		-4.99%	to	-5.18%
2020		0.00%	to	0.20%		319,287		17.16	to	16.71		5,477,691		8.61%		-5.28%	to	-5.47%
2019		0.00%	to	0.25%		329,117		18.12	to	17.57		5,960,041		6.93%		2.01%	to	1.76%
2018		0.00%	to	0.25%		384,666		17.76	to	17.27		6,819,854		0.00%		1.94%	to	1.68%
Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)
2022		0.00%				222,539		24.67				5,489,452		4.72%		-5.47%
2021		0.00%				215,985		26.10				5,636,309		4.69%		16.75%
2020		0.00%				237,678		22.35				5,312,353		5.95%		0.69%
2019		0.00%				286,791		22.20				6,365,907		5.32%		16.06%
2018		0.00%				291,083		19.13				5,567,176		4.84%		-4.30%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)
2022		0.00%	to	0.25%		13,973		20.66	to	19.90		282,194		0.98%		-4.75%	to	-4.99%
2021		0.00%	to	0.25%		26,714		21.69	to	20.95		564,885		2.59%		19.13%	to	18.83%
2020		0.00%	to	0.25%		36,927		18.21	to	17.63		656,398		2.33%		-4.46%	to	-4.70%
2019		0.00%	to	0.25%		60,561		19.06	to	18.50		1,126,573		1.58%		24.37%	to	24.06%
2018		0.00%	to	0.25%		77,118		15.33	to	14.91		1,160,875		2.26%		-11.22%	to	-11.44%
Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)
2020		0.00%				334,358		55.63				18,600,777		1.49%		16.23%
2019		0.00%				372,542		47.86				17,831,352		1.48%		29.58%
2018		0.00%				431,290		36.94				15,930,312		1.51%		-4.84%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)
2022		0.00%	to	0.25%		306,940		39.17	to	37.47		11,730,058		0.97%		-10.06%	to	-10.29%
2021		0.00%	to	0.25%		273,764		43.55	to	41.77		11,582,049		1.02%		25.37%	to	25.05%
2020		0.00%	to	0.25%		248,661		34.74	to	33.40		8,381,662		1.55%		5.19%	to	4.93%
2019		0.00%	to	0.25%		293,223		33.02	to	31.84		9,391,133		1.15%		26.35%	to	26.03%
2018		0.00%	to	0.25%		347,426		26.14	to	25.26		8,812,766		0.88%		-12.88%	to	-13.09%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)
2022		0.00%				162,340		64.94				10,542,265		1.23%		-9.82%
2021		0.00%				172,759		72.01				12,439,969		1.12%		25.67%
2020		0.00%				169,810		57.30				9,730,008		1.72%		5.41%
2019		0.00%				184,863		54.36				10,049,137		1.27%		26.72%
2018		0.00%				195,223		42.90				8,374,304		1.12%		-12.69%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)
2022		0.00%				23,562		27.60				650,229		3.40%		-7.39%
2021		0.00%				25,861		29.80				770,587		2.02%		4.44%
2020		0.00%				26,975		28.53				769,644		3.60%		-0.92%
2019		0.00%				28,545		28.80				821,964		2.00%		12.84%
2018		0.00%				32,259		25.52				823,231		2.91%		-15.27%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)
2022		0.00%	to	0.25%		359,594		24.86	to	23.63		8,776,402		3.11%		-7.61%	to	-7.84%
2021		0.00%	to	0.25%		399,213		26.91	to	25.64		10,522,468		1.88%		4.16%	to	3.90%
2020		0.00%	to	0.25%		454,905		25.83	to	24.68		11,483,105		3.33%		-1.16%	to	-1.40%
2019		0.00%	to	0.25%		538,139		26.14	to	25.03		13,722,522		1.76%		12.53%	to	12.25%
2018		0.00%	to	0.25%		638,100		23.23	to	22.30		14,431,388		2.90%		-15.44%	to	-15.65%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares (GVCSE)
2022		0.00%	to	0.25%		60,235		22.20	to	21.67		1,325,154		0.30%		-19.38%	to	-19.58%
2021		0.00%	to	0.25%		62,992		27.53	to	26.94		1,718,724		0.47%		23.79%	to	23.48%
2020		0.00%	to	0.25%		70,551		22.24	to	21.82		1,552,442		0.24%		8.58%	to	8.31%
2019		0.00%	to	0.25%		67,651		20.48	to	20.14		1,369,606		0.46%		24.84%	to	24.53%
2018		0.00%	to	0.25%		75,898		16.41	to	16.18		1,236,798		0.65%		-8.62%	to	-8.85%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares (GVGMNS)
2022		0.00%				1,455		14.17				20,613		0.00%		-19.16%
2021		0.00%				1,661		17.53				29,109		0.00%		16.17%
2020		0.00%				1,513		15.09				22,824		0.16%		4.11%
2019		0.00%				3,776		14.49				54,713		1.15%		11.94%
2018		0.00%				9,791		12.94				126,739		1.63%		-4.34%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Growth Fund: Service Shares (GVGOPS)
2022		0.20%				26,999		28.03				756,674		0.00%		-26.45%
2021		0.20%				36,294		38.11				1,382,996		0.00%		11.26%
2020		0.20%				35,712		34.25				1,223,147		0.00%		44.02%
2019		0.20%	to	0.25%		32,955		23.78	to	23.68		783,175		0.00%		33.80%	to	33.73%
2018		0.20%	to	0.25%		33,790		17.77	to	17.71		600,157		0.00%		-4.53%	to	-4.58%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)
2022		0.10%	to	0.25%		141,368		63.99	to	62.07		8,968,706		0.62%		-10.08%	to	-10.21%
2021		0.10%	to	0.25%		164,072		71.16	to	69.13		11,479,548		0.45%		30.82%	to	30.62%
2020		0.10%	to	0.25%		185,335		54.40	to	52.92		9,860,309		0.61%		8.29%	to	8.13%
2019		0.10%	to	0.25%		223,376		50.23	to	48.94		10,968,798		0.75%		31.40%	to	31.20%
2018		0.20%	to	0.25%		274,092		37.61	to	37.30		10,233,403		1.20%		-10.64%	to	-10.68%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)
2022		0.00%				3,143		10.80				33,935		3.71%		-6.54%
2021		0.00%				1,548		11.55				17,883		1.89%		4.84%
2020		0.00%				900		11.02				9,917		2.37%		6.72%
2019		0.00%				406		10.33				4,192		3.36%		8.82%		*	***
Rydex Variable Trust - Multi-Hedge Strategies Fund (RVARS)
2022		0.00%				28,496		12.29				350,188		1.14%		-3.40%
2021		0.00%				29,278		12.72				372,457		0.00%		8.10%
2020		0.00%				52,824		11.77				621,617		1.42%		7.39%
2019		0.00%				37,683		10.96				412,933		2.25%		5.01%
2018		0.00%				38,194		10.43				398,553		0.00%		-5.07%
Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)
2022		0.00%				40,536		29.31				1,188,129		0.00%		-31.11%
2021		0.00%				67,127		42.55				2,856,153		0.00%		11.93%
2020		0.00%				75,118		38.01				2,855,589		0.07%		42.35%
2019		0.00%				54,996		26.70				1,468,639		0.00%		36.76%
2018		0.00%				61,953		19.53				1,209,767		0.00%		-3.62%
Invesco - Invesco V.I. Growth and Income Fund: Series I Shares (ACGI)
2022		0.00%	to	0.25%		157,860		30.52	to	29.57		4,739,120		1.63%		-5.75%	to	-5.99%
2021		0.00%	to	0.25%		159,839		32.38	to	31.45		5,097,474		1.36%		28.51%	to	28.18%
2020		0.00%	to	0.25%		230,665		25.20	to	24.54		5,718,508		2.20%		2.09%	to	1.84%
2019		0.10%	to	0.25%		222,627		24.44	to	24.09		8,260,525		1.86%		25.07%	to	24.88%
2018		0.20%	to	0.25%		367,294		19.38	to	19.29		7,099,347		1.88%		-13.56%	to	-13.60%
Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)
2022		0.00%	to	0.25%		31,263		16.76	to	16.24		512,669		3.55%		-9.55%	to	-9.78%
2021		0.00%	to	0.25%		43,995		18.53	to	18.00		802,044		4.62%		4.38%	to	4.12%
2020		0.00%	to	0.25%		68,273		17.75	to	17.29		1,187,481		4.28%		3.32%	to	3.06%
2019		0.00%	to	0.25%		91,988		17.18	to	16.77		1,552,073		2.47%		13.51%	to	13.22%
2018		0.00%	to	0.25%		397,389		15.14	to	14.81		5,910,249		3.25%		-3.35%	to	-3.59%
Invesco - Invesco V.I. EQV International Equity Fund: Series I Shares (AVIE)
2022		0.00%	to	0.25%		993,367		31.26	to	29.83		30,064,888		1.69%		-18.31%	to	-18.51%
2021		0.00%	to	0.25%		1,089,800		38.26	to	36.61		40,258,272		1.31%		5.89%	to	5.62%
2020		0.00%	to	0.25%		1,050,203		36.14	to	34.66		36,676,103		2.39%		14.00%	to	13.71%
2019		0.00%	to	0.25%		1,085,856		31.70	to	30.48		33,318,795		1.52%		28.57%	to	28.25%
2018		0.00%	to	0.25%		1,205,012		24.65	to	23.77		28,797,374		1.93%		-14.98%	to	-15.19%
Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (AVMCCI)
2022		0.00%	to	0.20%		5,555		32.36	to	31.24		177,683		0.28%		-14.26%	to	-14.43%
2021		0.00%	to	0.20%		9,184		37.75	to	36.51		344,385		0.46%		23.24%	to	23.00%
2020		0.00%	to	0.20%		8,546		30.63	to	29.69		260,436		0.65%		9.25%	to	9.03%
2019		0.00%	to	0.20%		10,468		28.03	to	27.23		290,163		0.51%		25.28%	to	25.03%
2018		0.00%	to	0.20%		10,244		22.38	to	21.78		226,768		0.50%		-11.35%	to	-11.53%
Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares (AVSCE)
2022		0.20%	to	0.25%		9,341		16.55	to	16.48		153,937		0.00%		-20.66%	to	-20.70%
2021		0.25%				9,705		20.78				201,690		0.17%		20.10%
2020		0.25%				8,323		17.30				144,020		0.35%		26.93%
2019		0.25%				11,678		13.63				159,206		0.00%		26.28%
2018		0.25%				20,724		10.80				223,728		0.00%		-15.29%
Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)
2022		0.00%				92,910		13.56				1,259,565		7.48%		-14.35%
2021		0.00%				115,044		15.83				1,820,981		3.31%		9.54%
2020		0.00%				117,013		14.45				1,690,768		7.96%		10.22%
2019		0.00%				136,958		13.11				1,795,386		0.00%		15.21%
2018		0.00%				110,056		11.38				1,252,304		1.50%		-6.46%
Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)
2022		0.00%	to	0.25%		798,724		52.13	to	27.66		39,240,488		0.00%		-30.98%	to	-31.15%
2021		0.00%	to	0.25%		781,372		75.53	to	40.17		56,484,873		0.00%		19.10%	to	18.80%
2020		0.00%	to	0.25%		860,217		63.41	to	33.81		49,039,303		0.04%		48.27%	to	40.34%
2019		0.00%	to	0.25%		807,590		45.07	to	24.09		32,594,706		0.00%		39.36%	to	39.01%
2018		0.00%	to	0.25%		890,299		32.34	to	17.33		25,324,233		0.00%		-6.08%	to	-6.32%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Invesco - Invesco V.I. Main Street Fund: Series I (OVGI)
2022		0.10%	to	0.25%		190,821		40.08	to	37.05		7,567,689		1.50%		-20.21%	to	-20.33%
2021		0.10%	to	0.25%		193,654		50.23	to	46.50		9,595,994		0.78%		27.44%	to	27.25%
2020		0.00%	to	0.25%		959,868		43.72	to	36.54		40,345,310		1.51%		13.94%	to	13.66%
2019		0.00%	to	0.25%		1,029,257		38.37	to	32.15		38,038,196		1.06%		32.08%	to	31.75%
2018		0.00%	to	0.25%		1,096,146		29.05	to	24.40		30,729,296		1.15%		-7.89%	to	-8.12%
Invesco - Invesco V.I. Capital Appreciation Fund: Series I (OVGR)
2022		0.00%	to	0.25%		250,644		56.50	to	31.50		10,384,085		0.00%		-30.78%	to	-30.96%
2021		0.10%	to	0.25%		251,863		60.15	to	45.63		15,021,493		0.00%		22.45%	to	22.26%
2020		0.00%	to	0.25%		332,659		66.60	to	37.32		12,974,325		0.00%		36.59%	to	36.25%
2019		0.00%	to	0.25%		340,202		48.76	to	27.39		9,571,947		0.06%		36.20%	to	35.86%
2018		0.00%	to	0.25%		477,720		35.80	to	20.16		9,662,970		0.32%		-5.73%	to	-5.97%
Invesco - Invesco V.I. Global Fund: Series I (OVGS)
2022		0.00%	to	0.25%		1,791,197		36.81	to	34.79		64,949,823		0.00%		-31.76%	to	-31.94%
2021		0.00%	to	0.25%		1,957,094		53.95	to	51.11		103,922,343		0.00%		15.49%	to	15.20%
2020		0.00%	to	0.25%		2,117,816		46.72	to	44.36		96,810,105		0.70%		27.64%	to	27.32%
2019		0.00%	to	0.25%		2,419,546		36.60	to	34.84		86,447,242		0.89%		31.79%	to	31.46%
2018		0.00%	to	0.25%		2,649,183		27.77	to	26.51		71,823,770		0.99%		-13.18%	to	-13.40%
Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)
2022		0.00%	to	0.25%		1,307,911		13.89	to	13.56		17,916,456		0.00%		-27.13%	to	-27.31%
2021		0.00%	to	0.25%		1,287,678		19.06	to	18.66		24,179,572		0.00%		10.22%	to	9.94%
2020		0.00%	to	0.25%		1,303,519		17.30	to	16.97		22,248,163		0.96%		21.50%	to	21.20%
2019		0.00%	to	0.25%		1,248,270		14.24	to	14.00		17,557,908		0.99%		28.60%	to	28.28%
2018		0.00%	to	0.25%		1,421,451		11.07	to	10.91		15,573,441		0.89%		-19.42%	to	-19.62%
Invesco - Invesco V.I. Global Strategic Income Fund: Series I (OVSB)
2022		0.00%				955,224		14.18				13,549,031		0.00%		-11.46%
2021		0.00%				1,072,926		16.02				17,188,442		4.67%		-3.41%
2020		0.00%				1,127,112		16.59				18,694,534		5.68%		3.40%
2019		0.00%				1,229,876		16.04				19,728,063		3.76%		10.80%
2018		0.00%				1,262,443		14.48				18,276,030		4.98%		-4.40%
Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (OVSC)
2022		0.00%	to	0.25%		140,705		70.54	to	67.16		9,851,332		0.55%		-15.83%	to	-16.04%
2021		0.00%	to	0.25%		117,806		83.82	to	79.99		9,835,225		0.38%		22.55%	to	22.25%
2020		0.00%	to	0.25%		117,121		68.39	to	65.44		7,984,207		0.64%		19.93%	to	19.63%
2019		0.00%	to	0.25%		125,648		57.03	to	54.70		7,156,183		0.19%		26.47%	to	26.15%
2018		0.00%	to	0.25%		140,428		45.09	to	43.36		6,331,950		0.33%		-10.32%	to	-10.55%
Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II (WRASP)
2022		0.00%	to	0.25%		284,633		19.53	to	18.80		5,549,325		1.51%		-14.74%	to	-14.95%
2021		0.00%	to	0.25%		314,317		22.90	to	22.10		7,181,764		1.59%		10.44%	to	10.17%
2020		0.00%	to	0.25%		337,483		20.74	to	20.06		6,983,459		2.05%		13.88%	to	13.59%
2019		0.00%	to	0.25%		359,396		18.21	to	17.66		6,529,086		2.08%		21.78%	to	21.47%
2018		0.00%	to	0.25%		392,480		14.95	to	14.54		5,852,085		1.77%		-5.44%	to	-5.68%
Ivy Variable Insurance Portfolios - Delaware Ivy Growth: Class II (WRGP)
2022		0.00%	to	0.25%		88,487		60.17	to	57.57		5,243,333		0.00%		-27.19%	to	-27.37%
2021		0.00%	to	0.25%		86,993		82.63	to	79.26		7,086,411		0.00%		30.03%	to	29.70%
2020		0.00%	to	0.25%		77,822		63.55	to	61.11		4,866,442		0.00%		30.55%	to	30.22%
2019		0.00%	to	0.25%		87,159		48.68	to	46.93		4,180,839		0.00%		36.59%	to	36.24%
2018		0.00%	to	0.25%		73,043		35.64	to	34.44		2,564,432		0.05%		2.28%	to	2.03%
Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II (WRHIP)
2022		0.00%	to	0.25%		731,784		15.51	to	15.11		11,166,529		6.58%		-10.97%	to	-11.19%
2021		0.00%	to	0.25%		826,681		17.42	to	17.01		14,133,158		5.72%		6.06%	to	5.80%
2020		0.00%	to	0.25%		900,221		16.43	to	16.08		14,536,361		7.41%		6.03%	to	5.76%
2019		0.00%	to	0.25%		1,104,637		15.49	to	15.20		16,856,499		6.24%		11.19%	to	10.91%
2018		0.00%	to	0.25%		985,689		13.94	to	13.70		13,556,304		9.55%		-2.11%	to	-2.36%
Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II (WRMCG)
2022		0.00%	to	0.25%		130,848		29.87	to	29.09		3,852,477		0.00%		-30.79%	to	-30.97%
2021		0.00%	to	0.25%		168,533		43.17	to	42.14		7,188,554		0.00%		16.36%	to	16.06%
2020		0.00%	to	0.25%		172,147		37.10	to	36.30		6,307,315		0.00%		49.00%	to	48.63%
2019		0.00%	to	0.25%		209,954		24.90	to	24.43		5,160,978		0.00%		37.94%	to	37.60%
2018		0.00%	to	0.25%		214,776		18.05	to	17.75		3,832,763		0.00%		-0.06%	to	-0.31%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Ivy Variable Insurance Portfolios - Delaware VIP Real Estate Securities: Class II (WRRESP)
2022		0.00%	to	0.25%		222,726		29.37	to	28.10		6,404,234		0.89%		-24.91%	to	-25.10%
2021		0.00%	to	0.25%		228,285		39.12	to	37.52		8,754,206		0.89%		43.68%	to	43.33%
2020		0.00%	to	0.25%		217,442		27.23	to	26.18		5,811,124		1.68%		-3.13%	to	-3.37%
2019		0.00%	to	0.25%		258,676		28.10	to	27.09		7,127,575		1.59%		24.43%	to	24.12%
2018		0.00%	to	0.25%		284,575		22.59	to	21.83		6,297,398		1.69%		-5.57%	to	-5.81%
Ivy Variable Insurance Portfolios - Delaware Ivy Science and Technology: Class II (WRSTP)
2022		0.00%	to	0.25%		181,977		41.56	to	40.00		7,501,208		0.00%		-31.84%	to	-32.01%
2021		0.00%	to	0.25%		169,656		60.97	to	58.84		10,271,513		0.00%		15.17%	to	14.88%
2020		0.00%	to	0.25%		184,422		52.94	to	51.22		9,705,505		0.00%		35.36%	to	35.02%
2019		0.00%	to	0.25%		229,430		39.11	to	37.93		8,891,601		0.00%		49.48%	to	49.11%
2018		0.00%	to	0.25%		220,024		26.16	to	25.44		5,707,888		0.00%		-5.23%	to	-5.47%
JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)
2022		0.00%	to	0.25%		1,066,572		49.93	to	47.65		51,832,893		0.93%		-8.16%	to	-8.39%
2021		0.00%	to	0.25%		1,097,959		54.36	to	52.01		57,943,290		0.91%		29.88%	to	29.56%
2020		0.00%	to	0.25%		1,118,044		41.85	to	40.15		45,332,340		1.50%		0.37%	to	0.12%
2019		0.00%	to	0.25%		1,104,013		41.70	to	40.10		44,615,791		1.58%		26.76%	to	26.44%
2018		0.00%	to	0.25%		1,180,431		32.90	to	31.71		37,660,658		0.98%		-11.84%	to	-12.06%
JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)
2022		0.00%	to	0.25%		70,030		15.69	to	15.39		1,083,667		0.44%		-19.35%	to	-19.55%
2021		0.00%	to	0.25%		58,458		19.45	to	19.13		1,122,444		0.46%		21.38%	to	21.08%
2020		0.00%	to	0.25%		33,534		16.03	to	15.80		531,195		1.01%		13.69%	to	13.40%
2019		0.00%	to	0.25%		42,359		14.10	to	13.93		592,986		0.38%		24.58%	to	24.27%
2018		0.00%	to	0.25%		37,754		11.32	to	11.21		425,088		0.39%		-11.93%	to	-12.15%
Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)
2022		0.00%	to	0.25%		698,736		46.53	to	44.23		31,724,372		0.88%		-16.62%	to	-16.83%
2021		0.00%	to	0.25%		926,718		55.81	to	53.18		50,269,630		0.68%		16.91%	to	16.62%
2020		0.00%	to	0.25%		940,674		47.74	to	45.60		43,662,093		1.53%		14.03%	to	13.74%
2019		0.00%	to	0.25%		943,328		41.86	to	40.09		38,433,046		1.67%		22.27%	to	21.97%
2018		0.00%	to	0.25%		903,670		34.24	to	32.87		30,123,577		1.77%		0.43%	to	0.18%
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)
2022		0.00%	to	0.25%		1,045,056		42.58	to	40.21		44,310,904		0.05%		-33.73%	to	-33.89%
2021		0.00%	to	0.25%		1,156,158		64.25	to	60.82		73,957,820		0.00%		22.60%	to	22.29%
2020		0.00%	to	0.25%		1,268,443		52.41	to	49.73		65,981,390		0.16%		39.03%	to	38.69%
2019		0.00%	to	0.25%		1,418,018		37.69	to	35.86		52,988,344		0.02%		36.85%	to	36.51%
2018		0.00%	to	0.25%		1,660,305		27.54	to	26.27		45,182,808		1.23%		1.72%	to	1.46%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)
2022		0.00%				56,091		18.40				1,032,016		0.21%		-15.94%
2021		0.00%				73,917		21.89				1,617,891		0.26%		16.83%
2020		0.00%				132,469		18.73				2,481,780		0.07%		19.47%
2019		0.00%				154,605		15.68				2,424,377		0.21%		35.49%
2018		0.00%				118,018		11.57				1,365,946		0.28%		-0.41%
Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)
2022		0.00%	to	0.25%		682,250		10.80	to	10.58		7,296,688		2.01%		-13.90%	to	-14.12%
2021		0.00%	to	0.25%		604,281		12.54	to	12.31		7,514,491		1.66%		-1.11%	to	-1.36%
2020		0.00%	to	0.25%		587,623		12.68	to	12.48		7,388,807		2.44%		10.25%	to	9.98%
2019		0.00%	to	0.25%		628,541		11.50	to	11.35		7,178,288		2.94%		9.28%	to	9.00%
2018		0.00%	to	0.25%		658,022		10.53	to	10.41		6,885,159		2.84%		-1.29%	to	-1.53%
Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)
2022		0.00%	to	0.25%		1,054,464		26.07	to	24.62		27,208,005		0.00%		-37.12%	to	-37.28%
2021		0.00%	to	0.25%		1,158,496		41.46	to	39.25		47,594,396		0.11%		17.75%	to	17.45%
2020		0.00%	to	0.25%		1,262,083		35.21	to	33.42		44,019,614		0.00%		50.73%	to	50.35%
2019		0.00%	to	0.25%		1,245,624		23.36	to	22.23		28,876,527		0.43%		44.82%	to	44.46%
2018		0.00%	to	0.25%		1,466,235		16.13	to	15.39		23,412,937		1.05%		0.91%	to	0.66%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)
2022		0.00%	to	0.25%		1,088,803		21.94	to	20.72		23,758,753		1.69%		-8.84%	to	-9.06%
2021		0.00%	to	0.25%		1,100,214		24.07	to	22.78		26,335,620		1.03%		13.29%	to	13.00%
2020		0.00%	to	0.25%		1,133,790		21.25	to	20.16		23,867,458		1.22%		16.02%	to	15.73%
2019		0.00%	to	0.25%		1,200,849		18.31	to	17.42		21,781,509		1.84%		26.71%	to	26.39%
2018		0.00%	to	0.25%		1,298,483		14.45	to	13.78		18,565,042		1.66%		-15.14%	to	-15.35%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)
2022		0.00%	to	0.25%		1,580,388		21.44	to	21.09		33,558,736		0.08%		-16.15%	to	-16.36%
2021		0.00%	to	0.25%		1,782,996		25.57	to	25.21		45,169,164		0.24%		16.54%	to	16.25%
2020		0.00%	to	0.25%		1,928,138		21.94	to	21.69		41,970,299		0.00%		19.18%	to	18.89%
2019		0.00%	to	0.25%		1,803,875		18.41	to	18.24		33,015,545		0.05%		35.16%	to	34.82%
2018		0.00%	to	0.25%		1,614,203		13.62	to	13.53		21,901,072		0.13%		-0.66%	to	-0.91%
Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS)
2022		0.20%	to	0.25%		37,829		24.30	to	24.14		918,883		1.17%		-5.96%	to	-6.01%
2021		0.20%	to	0.25%		38,091		25.84	to	25.69		983,938		0.31%		19.18%	to	19.12%
2020		0.20%	to	0.25%		38,491		21.68	to	21.56		834,228		1.06%		-1.41%	to	-1.46%
2019		0.20%	to	0.25%		40,695		21.99	to	21.88		894,638		1.46%		29.79%	to	29.72%
2018		0.20%	to	0.25%		53,472		16.94	to	16.87		905,705		0.83%		-13.99%	to	-14.04%
Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)
2022		0.00%	to	0.25%		805,877		11.28	to	10.93		8,892,247		3.22%		-15.12%	to	-15.33%
2021		0.00%	to	0.25%		900,997		13.29	to	12.91		11,735,368		1.96%		5.47%	to	5.20%
2020		0.00%	to	0.25%		1,040,798		12.60	to	12.27		12,882,704		2.51%		-1.27%	to	-1.52%
2019		0.00%	to	0.25%		1,217,379		12.76	to	12.46		15,279,275		0.79%		18.14%	to	17.85%
2018		0.00%	to	0.25%		2,023,340		10.80	to	10.57		21,507,124		1.42%		-18.56%	to	-18.76%
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I (SBVSG)
2022		0.00%	to	0.25%		551,951		36.82	to	35.44		19,852,841		0.00%		-28.85%	to	-29.02%
2021		0.00%	to	0.25%		557,965		51.74	to	49.93		28,180,185		0.00%		12.61%	to	12.33%
2020		0.00%	to	0.25%		625,712		45.95	to	44.45		28,098,311		0.00%		43.26%	to	42.90%
2019		0.00%	to	0.25%		652,734		32.07	to	31.10		20,470,815		0.00%		26.87%	to	26.56%
2018		0.00%	to	0.25%		717,325		25.28	to	24.58		17,759,007		0.00%		3.44%	to	3.18%
Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)
2022		0.10%	to	0.25%		72,727		72.97	to	70.78		5,269,355		0.00%		-25.90%	to	-26.01%
2021		0.10%	to	0.25%		82,028		98.48	to	95.67		7,992,095		0.00%		18.60%	to	18.42%
2020		0.10%	to	0.25%		82,684		83.04	to	80.79		6,747,501		0.00%		33.95%	to	33.75%
2019		0.10%	to	0.25%		103,709		61.99	to	60.40		6,323,881		0.00%		36.25%	to	36.04%
2018		0.20%	to	0.25%		138,622		44.76	to	44.40		6,172,909		0.00%		-4.13%	to	-4.17%
Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC (LOVBD)
2022		0.00%	to	0.25%		307,425		12.82	to	12.55		3,875,819		4.61%		-12.80%	to	-13.02%
2021		0.00%	to	0.25%		301,306		14.71	to	14.43		4,364,592		3.07%		3.28%	to	3.02%
2020		0.00%	to	0.25%		302,161		14.24	to	14.00		4,246,211		3.85%		7.30%	to	7.04%
2019		0.00%	to	0.25%		313,730		13.27	to	13.08		4,106,436		4.58%		13.35%	to	13.07%
2018		0.00%	to	0.25%		260,383		11.71	to	11.57		3,013,495		4.66%		-4.02%	to	-4.26%
Lord Abbett Series Fund, Inc. - Mid Cap Stock Portfolio: Class VC (LOVMCV)
2020		0.10%				43		24.67				1,061		0.17%		2.39%
2019		0.00%	to	0.25%		491		24.45	to	23.57		11,919		0.97%		22.64%	to	22.34%
2018		0.00%	to	0.25%		467		19.94	to	19.27		9,231		0.67%		-15.04%	to	-15.25%
Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)
2022		0.00%	to	0.25%		1,703,931		10.87	to	10.69		18,337,712		2.55%		-5.06%	to	-5.30%
2021		0.00%	to	0.25%		2,052,546		11.45	to	11.29		23,287,595		2.10%		0.63%	to	0.38%
2020		0.00%	to	0.25%		2,143,345		11.37	to	11.24		24,171,910		2.93%		3.13%	to	2.87%
2019		0.00%	to	0.25%		1,956,169		11.03	to	10.93		21,417,644		3.53%		5.06%	to	4.79%
2018		0.00%	to	0.25%		1,808,605		10.50	to	10.43		18,872,525		3.81%		1.15%	to	0.90%
Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)
2022		0.00%	to	0.25%		1,876,441		10.51	to	10.31		19,468,490		3.39%		-14.05%	to	-14.26%
2021		0.00%	to	0.25%		1,752,453		12.23	to	12.03		21,167,304		1.27%		-0.24%	to	-0.49%
2020		0.00%	to	0.25%		3,073,147		12.26	to	12.09		37,251,155		2.53%		7.43%	to	7.16%
2019		0.00%	to	0.25%		2,753,771		11.41	to	11.28		31,140,927		2.97%		8.41%	to	8.14%
2018		0.00%	to	0.25%		2,164,849		10.53	to	10.43		22,624,297		3.23%		-1.03%	to	-1.27%
MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)
2022		0.10%	to	0.25%		53,117		11.35	to	11.30		602,551		5.21%		-1.60%	to	-1.74%
2021		0.20%				4,346		11.51				50,033		2.93%		3.25%
2020		0.20%				3,986		11.15				44,443		0.38%		11.50%		*	***

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Initial Class (M3GREI)
2022		0.00%				3,508		8.55				29,988		1.66%		-26.94%		*	***
MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Service Class (M3GRES)
2022		0.20%	to	0.25%		14,301		8.49	to	8.48		121,336		0.92%		-27.28%	to	-27.32%	****
MFS(R) Variable Insurance Trust - MFS Growth Series: Service Class (MEGSS)
2022		0.00%				99		7.84				776		0.00%		-31.80%
2021		0.20%				533		11.48				6,117		0.00%		14.77%		*	***
MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)
2022		0.00%	to	0.25%		193,134		14.67	to	14.50		2,813,354		0.00%		-28.79%	to	-28.97%
2021		0.00%	to	0.25%		128,370		20.61	to	20.42		2,631,078		0.00%		13.88%	to	13.59%
2020		0.00%	to	0.25%		81,625		18.10	to	17.98		1,471,978		0.00%		36.12%	to	35.78%
2019		0.00%	to	0.25%		18,803		13.29	to	13.24		249,236		0.00%		38.28%	to	37.93%
2018		0.00%	to	0.25%		17,017		9.61	to	9.60		163,437		0.00%		-3.86%	to	-4.02%	****
MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)
2022		0.00%				38,258		26.77				1,024,305		0.00%		-29.76%
2021		0.00%				48,341		38.12				1,842,572		0.00%		1.80%
2020		0.00%				63,827		37.44				2,389,820		0.00%		45.89%
2019		0.00%				56,254		25.67				1,443,769		0.00%		41.70%
2018		0.00%				48,699		18.11				882,052		0.00%		-1.48%
MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)
2022		0.00%	to	0.25%		93,521		26.06	to	25.37		2,431,677		0.00%		-29.99%	to	-30.17%
2021		0.00%	to	0.25%		126,253		37.22	to	36.33		4,666,133		0.00%		1.57%	to	1.32%
2020		0.00%	to	0.25%		97,110		36.64	to	35.86		3,526,600		0.00%		45.58%	to	45.22%
2019		0.00%	to	0.25%		32,582		25.17	to	24.69		816,382		0.00%		41.27%	to	40.92%
2018		0.00%	to	0.25%		29,829		17.82	to	17.52		530,286		0.00%		-1.72%	to	-1.96%
MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)
2022		0.00%				578		8.79				5,079		5.06%		-19.72%
2021		0.00%				95		10.95				1,040		0.00%		-6.75%		*	***
MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)
2022		0.10%				17,985		8.69				156,267		4.27%		-20.02%
2021		0.10%				12,179		10.86				132,316		0.30%		-7.12%		*	***
MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)
2022		0.00%				182,279		23.62				4,304,714		0.10%		-19.26%
2021		0.00%				189,951		29.25				5,555,841		0.25%		25.97%
2020		0.00%				206,954		23.22				4,805,134		0.46%		22.53%
2019		0.00%				230,941		18.95				4,376,288		0.60%		39.95%
2018		0.00%				229,541		13.54				3,108,024		0.58%		0.81%
MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)
2022		0.00%	to	0.25%		2,813,991		13.10	to	12.85		36,558,373		1.69%		-17.80%	to	-18.01%
2021		0.00%	to	0.25%		2,603,987		15.94	to	15.67		41,218,224		0.68%		11.27%	to	10.99%
2020		0.00%	to	0.25%		2,635,490		14.33	to	14.12		37,528,717		0.21%		12.71%	to	12.43%
2019		0.00%	to	0.25%		2,182,472		12.71	to	12.56		27,601,876		0.24%		27.67%	to	27.35%
2018		0.00%	to	0.25%		87,513		9.96	to	9.86		865,005		1.28%		-14.32%	to	-14.53%
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)
2022		0.00%				21,441		16.46				352,898		0.87%		-8.79%
2021		0.00%				19,590		18.04				353,487		0.88%		30.99%
2020		0.00%				1,076		13.78				14,823		0.41%		37.76%		*	***
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)
2022		0.00%	to	0.25%		118,271		13.56	to	13.43		1,593,629		0.66%		-9.00%	to	-9.23%
2021		0.00%	to	0.25%		102,467		14.90	to	14.80		1,519,132		0.78%		30.60%	to	30.28%
2020		0.00%	to	0.25%		120,414		11.41	to	11.36		1,369,174		1.33%		3.67%	to	3.41%
2019		0.20%	to	0.25%		902		10.99				9,912		0.00%		9.90%	to	9.86%	****
MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)
2022		0.00%	to	0.25%		85,656		21.42	to	20.96		1,805,547		0.95%		-16.20%	to	-16.41%
2021		0.00%	to	0.25%		92,735		25.57	to	25.08		2,338,407		0.91%		29.18%	to	28.86%
2020		0.00%	to	0.25%		88,920		19.79	to	19.46		1,738,664		1.11%		15.06%	to	14.77%
2019		0.00%	to	0.25%		144,468		17.20	to	16.96		2,454,672		1.32%		28.87%	to	28.55%
2018		0.20%	to	0.25%		173,610		13.22	to	13.19		2,291,750		1.32%		-8.17%	to	-8.22%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)
2022		0.00%				184,247		60.44				11,135,364		1.41%		-5.91%
2021		0.00%				195,372		64.23				12,549,087		1.32%		25.45%
2020		0.00%				209,472		51.20				10,724,980		1.59%		3.48%
2019		0.00%				230,589		49.48				11,409,669		2.10%		29.80%
2018		0.00%				262,410		38.12				10,003,144		1.49%		-10.09%
MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)
2022		0.00%	to	0.25%		3,838,291		28.90	to	27.81		108,320,674		1.16%		-6.14%	to	-6.38%
2021		0.00%	to	0.25%		4,031,389		30.79	to	29.71		120,916,263		1.18%		25.16%	to	24.84%
2020		0.00%	to	0.25%		4,050,767		24.60	to	23.80		97,058,379		1.31%		3.22%	to	2.96%
2019		0.00%	to	0.25%		3,683,177		23.83	to	23.11		85,548,086		1.87%		29.51%	to	29.18%
2018		0.00%	to	0.25%		4,057,097		18.40	to	17.89		72,846,194		1.32%		-10.36%	to	-10.58%
MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)
2022		0.00%				33,781		11.80				398,641		0.66%		-14.95%
2021		0.00%				35,831		13.88				497,183		0.56%		9.27%
2020		0.00%				23,851		12.70				302,884		1.73%		15.84%
2019		0.00%				11,023		10.96				120,843		0.40%		9.63%		*	***
MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)
2022		0.00%	to	0.25%		2,556,261		33.83	to	32.69		84,750,564		0.50%		-23.75%	to	-23.94%
2021		0.00%	to	0.25%		2,656,042		44.37	to	42.99		115,368,604		0.14%		10.28%	to	10.00%
2020		0.00%	to	0.25%		2,828,148		40.23	to	39.08		111,199,442		0.78%		20.21%	to	19.91%
2019		0.00%	to	0.25%		3,016,906		33.47	to	32.59		98,737,788		1.50%		25.65%	to	25.34%
2018		0.00%	to	0.25%		3,148,318		26.64	to	26.00		82,138,111		0.86%		-9.72%	to	-9.95%
MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)
2022		0.00%	to	0.25%		320,468		10.21	to	10.07		3,243,464		2.44%		-14.18%	to	-14.40%
2021		0.00%	to	0.25%		352,564		11.90	to	11.76		4,164,240		2.59%		-1.07%	to	-1.31%
2020		0.00%	to	0.25%		298,146		12.03	to	11.92		3,561,325		2.76%		8.17%	to	7.90%
2019		0.25%				109,591		11.04				1,210,363		1.84%		9.65%
2018		0.25%				23,116		10.07				232,843		2.90%		-1.58%
Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)
2022		0.00%	to	0.25%		125,870		35.73	to	33.84		4,695,850		7.33%		-18.74%	to	-18.94%
2021		0.00%	to	0.25%		164,510		43.97	to	41.75		7,443,541		5.21%		-2.02%	to	-2.27%
2020		0.00%	to	0.25%		174,553		44.88	to	42.72		7,877,711		4.42%		5.55%	to	5.28%
2019		0.00%	to	0.25%		192,075		42.52	to	40.58		8,154,321		5.29%		14.25%	to	13.97%
2018		0.00%	to	0.25%		207,015		37.22	to	35.61		7,571,021		7.47%		-6.94%	to	-7.18%
Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)
2022		0.00%	to	0.25%		170,502		35.39	to	34.07		5,918,381		0.00%		-60.07%	to	-60.17%
2021		0.00%	to	0.25%		176,056		88.63	to	85.52		15,301,238		0.00%		0.10%	to	-0.15%
2020		0.00%	to	0.25%		129,598		88.53	to	85.65		11,234,029		0.00%		117.31%	to	116.77%
2019		0.00%	to	0.25%		105,709		40.74	to	39.51		4,212,977		0.00%		31.81%	to	31.48%
2018		0.00%	to	0.25%		70,519		30.91	to	30.05		2,142,311		0.00%		7.54%	to	7.27%
Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)
2022		0.00%				97,095		18.13				1,760,619		3.86%		-14.33%
2021		0.00%				125,585		21.17				2,658,152		3.91%		-0.32%
2020		0.00%				123,213		21.24				2,616,433		2.90%		7.80%
2019		0.00%				115,319		19.70				2,271,641		4.03%		10.88%
2018		0.00%				117,770		17.77				2,092,287		2.53%		-0.65%
Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)
2022		0.00%	to	0.25%		41,922		27.71	to	26.18		1,129,784		0.00%		-62.96%	to	-63.06%
2021		0.00%	to	0.25%		47,910		74.81	to	70.86		3,480,932		0.00%		-11.06%	to	-11.28%
2020		0.00%	to	0.25%		59,566		84.11	to	79.87		4,810,306		0.00%		152.30%	to	151.67%
2019		0.00%	to	0.25%		73,374		33.34	to	31.74		2,355,735		0.00%		40.11%	to	39.76%
2018		0.00%	to	0.25%		168,880		23.79	to	22.71		3,847,166		0.00%		10.65%	to	10.37%
Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)
2022		0.00%	to	0.25%		78,852		52.79	to	48.42		4,652,137		1.26%		-27.05%	to	-27.24%
2021		0.10%	to	0.25%		89,895		83.98	to	66.54		7,110,330		2.00%		39.66%	to	39.45%
2020		0.00%	to	0.25%		95,339		51.76	to	47.71		5,211,568		2.41%		-16.85%	to	-17.06%
2019		0.00%	to	0.25%		160,729		62.25	to	57.53		10,593,341		1.85%		18.94%	to	18.64%
2018		0.10%	to	0.25%		174,180		52.34	to	48.49		9,200,872		2.83%		-7.71%	to	-7.95%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)
2022		0.00%	to	0.25%		208,066		10.88	to	10.47		2,206,479		4.27%		-26.20%	to	-26.38%
2021		0.00%	to	0.25%		333,039		14.74	to	14.22		4,781,913		2.48%		23.83%	to	23.53%
2020		0.00%	to	0.25%		394,939		11.90	to	11.52		4,579,745		4.58%		-14.85%	to	-15.06%
2019		0.00%	to	0.25%		421,903		13.98	to	13.56		5,747,394		2.42%		18.06%	to	17.76%
2018		0.00%	to	0.25%		449,700		11.84	to	11.51		5,193,412		3.12%		-8.20%	to	-8.43%
Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)
2022		0.00%				48,781		9.73				474,583		2.86%		-13.21%
2021		0.00%				39,958		11.21				447,928		2.94%		-0.45%
2020		0.00%				13,280		11.26				149,535		2.25%		3.74%
2019		0.00%				12,047		10.85				130,758		5.61%		6.59%
2018		0.00%				252		10.18				2,566		2.69%		1.83%		*	***
Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (EIF)
2022		0.00%	to	0.10%		354,761		43.30	to	35.71		14,739,201		1.47%		-3.99%	to	-4.09%
2021		0.00%	to	0.10%		378,286		45.09	to	37.23		16,419,475		1.30%		20.29%	to	20.17%
2020		0.00%	to	0.10%		407,494		37.49	to	30.98		14,694,030		1.79%		3.63%	to	3.53%
2019		0.00%	to	0.10%		419,411		36.18	to	29.93		14,598,789		1.84%		27.31%	to	27.18%
2018		0.00%	to	0.25%		432,609		28.41	to	22.80		11,875,575		1.82%		-7.26%	to	-7.49%
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)
2022		0.00%	to	0.25%		5,168,435		21.86	to	17.61		102,924,565		2.05%		-12.55%	to	-12.77%
2021		0.00%	to	0.25%		5,108,264		25.00	to	20.19		115,765,510		1.63%		-2.08%	to	-2.33%
2020		0.00%	to	0.25%		5,067,964		25.53	to	20.67		115,933,592		2.07%		6.08%	to	5.82%
2019		0.00%	to	0.25%		6,370,399		24.07	to	19.53		137,541,891		2.47%		6.27%	to	6.00%
2018		0.00%	to	0.25%		3,491,610		22.65	to	18.43		70,324,102		2.63%		-0.05%	to	-0.30%
Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)
2022		0.00%	to	0.25%		393,986		26.32	to	24.90		10,272,031		0.92%		-24.75%	to	-24.93%
2021		0.00%	to	0.25%		387,590		34.97	to	33.16		13,428,414		0.96%		-7.28%	to	-7.51%
2020		0.00%	to	0.25%		390,436		37.72	to	35.86		14,598,254		1.91%		13.30%	to	13.02%
2019		0.00%	to	0.25%		459,444		33.29	to	31.73		15,137,344		2.40%		22.95%	to	22.64%
2018		0.00%	to	0.25%		532,915		27.08	to	25.87		14,229,176		0.68%		-17.42%	to	-17.62%
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)
2022		0.00%	to	0.25%		687,971		21.95	to	20.77		14,895,871		3.69%		-14.12%	to	-14.34%
2021		0.00%	to	0.25%		739,374		25.56	to	24.24		18,637,063		2.59%		12.66%	to	12.38%
2020		0.00%	to	0.25%		742,550		22.69	to	21.57		16,641,951		1.15%		7.95%	to	7.68%
2019		0.00%	to	0.25%		882,785		21.02	to	20.03		18,303,355		2.57%		19.12%	to	18.82%
2018		0.00%	to	0.25%		959,672		17.65	to	16.86		16,670,300		2.05%		-14.53%	to	-14.75%
Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (GVAAA2)
2022		0.00%				436,630		26.66				11,639,125		0.00%		-13.74%
2021		0.00%				463,122		30.90				14,312,406		1.12%		14.71%
2020		0.00%				464,253		26.94				12,507,621		1.56%		12.00%
2019		0.00%				562,207		24.06				13,524,090		1.66%		20.78%
2018		0.00%				565,512		19.92				11,262,919		1.19%		-4.98%
Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (GVABD2)
2022		0.00%				119,919		14.22				1,705,052		0.00%		-12.80%
2021		0.00%				121,537		16.31				1,981,809		2.05%		-0.72%
2020		0.00%				121,550		16.42				1,996,303		2.44%		9.21%
2019		0.00%				117,649		15.04				1,769,359		1.93%		8.98%
2018		0.00%				109,099		13.80				1,505,534		2.41%		-1.07%
Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (GVAGG2)
2022		0.00%				239,868		33.53				8,043,166		0.00%		-25.05%
2021		0.00%				265,479		44.74				11,877,839		0.00%		16.00%
2020		0.00%				286,326		38.57				11,043,235		0.65%		29.93%
2019		0.00%				315,449		29.68				9,363,899		0.65%		34.78%
2018		0.00%				360,690		22.02				7,944,061		0.23%		-9.42%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (GVAGI2)
2022		0.00%				166,140		29.18				4,847,240		0.00%		-16.82%
2021		0.00%				180,199		35.07				6,320,263		1.11%		23.65%
2020		0.00%				174,770		28.37				4,957,599		1.61%		13.08%
2019		0.00%				192,818		25.09				4,836,973		1.34%		25.67%
2018		0.00%				192,213		19.96				3,836,977		1.02%		-2.18%
Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (GVAGR2)
2022		0.00%				373,376		41.03				15,320,137		0.00%		-30.22%
2021		0.00%				414,827		58.80				24,390,856		0.00%		21.53%
2020		0.00%				401,826		48.38				19,440,206		0.69%		51.49%
2019		0.00%				400,269		31.93				12,782,566		0.34%		30.29%
2018		0.00%				456,682		24.51				11,193,967		0.31%		-0.66%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)
2022		0.00%	to	0.25%		3,323,198		32.57	to	30.91		106,814,001		0.00%		-18.28%	to	-18.48%
2021		0.00%	to	0.25%		3,326,407		39.86	to	37.92		130,944,131		0.16%		13.63%	to	13.34%
2020		0.00%	to	0.25%		3,367,702		35.08	to	33.46		116,794,221		0.22%		12.33%	to	12.05%
2019		0.00%	to	0.25%		3,434,675		31.23	to	29.86		106,181,074		2.12%		21.83%	to	21.52%
2018		0.00%	to	0.25%		3,530,534		25.64	to	24.57		89,703,320		1.62%		-7.73%	to	-7.96%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)
2022		0.00%	to	0.25%		842,600		23.74	to	22.53		19,683,167		0.00%		-14.39%	to	-14.60%
2021		0.00%	to	0.25%		918,881		27.73	to	26.38		25,039,441		0.21%		6.71%	to	6.44%
2020		0.00%	to	0.25%		908,828		25.99	to	24.79		23,247,069		0.14%		8.55%	to	8.28%
2019		0.00%	to	0.25%		920,683		23.94	to	22.89		21,791,562		2.50%		13.48%	to	13.20%
2018		0.00%	to	0.25%		780,720		21.10	to	20.22		16,309,541		1.94%		-3.73%	to	-3.97%
Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)
2022		0.00%				563,157		28.56				16,082,760		1.33%		-18.31%
2021		0.00%				507,185		34.96				17,731,830		2.30%		28.37%
2020		0.00%				399,563		27.24				10,882,142		2.17%		34.11%
2019		0.00%				324,557		23.04				7,478,746		2.18%		31.16%
2018		0.00%				346,411		17.57				6,086,140		1.78%		-4.62%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)
2022		0.00%	to	0.25%		1,295,811		35.09	to	33.30		44,818,688		0.00%		-18.89%	to	-19.09%
2021		0.00%	to	0.25%		1,280,588		43.26	to	41.16		54,298,575		0.13%		15.50%	to	15.21%
2020		0.00%	to	0.25%		1,229,338		37.45	to	35.72		45,170,734		0.22%		12.82%	to	12.53%
2019		0.00%	to	0.25%		1,302,019		33.20	to	31.74		42,423,465		2.07%		23.73%	to	23.42%
2018		0.00%	to	0.25%		1,291,051		26.83	to	25.72		34,020,063		1.51%		-8.85%	to	-9.08%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)
2022		0.00%	to	0.25%		745,236		19.21	to	18.23		14,027,316		0.00%		-12.19%	to	-12.41%
2021		0.00%	to	0.25%		873,949		21.88	to	20.81		18,734,221		0.23%		2.75%	to	2.49%
2020		0.00%	to	0.25%		804,039		21.29	to	20.31		16,784,610		0.10%		6.71%	to	6.45%
2019		0.00%	to	0.25%		728,384		19.95	to	19.08		14,277,476		2.19%		9.53%	to	9.26%
2018		0.00%	to	0.25%		714,180		18.21	to	17.46		12,796,172		1.98%		-1.80%	to	-2.05%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)
2022		0.00%	to	0.25%		2,221,919		27.94	to	26.52		61,489,343		0.00%		-16.55%	to	-16.76%
2021		0.00%	to	0.25%		2,555,637		33.49	to	31.86		84,688,200		0.19%		10.31%	to	10.04%
2020		0.00%	to	0.25%		2,723,052		30.36	to	28.95		81,778,533		0.14%		10.34%	to	10.07%
2019		0.00%	to	0.25%		2,741,076		27.51	to	26.30		74,720,712		2.15%		17.74%	to	17.45%
2018		0.00%	to	0.25%		2,908,368		23.36	to	22.40		67,402,444		1.92%		-5.68%	to	-5.92%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)
2022		0.00%				302,009		12.32				3,720,345		3.86%		-14.51%
2021		0.00%				284,284		14.41				4,096,250		2.81%		10.53%
2020		0.00%				301,847		13.04				3,935,044		2.48%		7.34%
2019		0.00%				249,031		12.15				3,024,582		3.42%		21.42%
2018		0.00%				230,301		10.00				2,303,744		2.48%		-13.90%
Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (HIBF)
2022		0.00%	to	0.25%		592,836		34.06	to	33.16		19,282,440		5.54%		-11.93%	to	-12.15%
2021		0.00%	to	0.25%		610,947		38.68	to	37.74		22,941,580		4.81%		4.96%	to	4.70%
2020		0.00%	to	0.25%		608,701		36.85	to	36.05		22,064,177		5.31%		6.02%	to	5.75%
2019		0.00%	to	0.25%		689,566		34.76	to	34.09		23,640,241		5.42%		14.74%	to	14.45%
2018		0.00%	to	0.25%		798,649		30.29	to	29.78		23,884,052		6.16%		-3.00%	to	-3.24%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)
2022		0.00%				20,874		13.60				283,981		0.00%		-14.96%
2021		0.00%				19,751		16.00				315,956		0.41%		12.34%
2020		0.00%				1,075		14.24				15,308		0.11%		6.59%
2019		0.00%				1,464		13.36				19,559		1.95%		15.52%
2018		0.00%				2,366		11.56				27,362		1.96%		-5.82%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)
2022		0.00%				111		12.48				1,386		0.00%		-13.87%
2021		0.00%				693		14.49				10,043		0.44%		7.72%
2020		0.00%				628		13.45				8,449		0.13%		4.83%
2019		0.00%				599		12.83				7,688		2.77%		13.37%
Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)
2022		0.00%	to	0.25%		1,743,619		89.59	to	58.96		125,923,853		1.20%		-13.40%	to	-13.61%
2021		0.00%	to	0.25%		1,809,935		103.44	to	68.25		148,530,286		1.22%		24.26%	to	23.95%
2020		0.00%	to	0.25%		1,913,851		83.25	to	55.06		123,638,238		1.19%		13.11%	to	12.83%
2019		0.00%	to	0.25%		2,062,940		73.60	to	48.80		117,003,328		1.37%		25.65%	to	25.34%
2018		0.00%	to	0.25%		2,209,081		58.57	to	38.94		98,969,534		1.32%		-11.38%	to	-11.61%
Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (MSBF)
2022		0.00%	to	0.25%		357,047		29.16	to	25.92		10,246,661		3.68%		-2.30%	to	-2.54%
2021		0.00%	to	0.25%		378,407		29.85	to	26.60		11,120,414		5.63%		5.24%	to	4.98%
2020		0.00%	to	0.25%		379,111		28.36	to	25.34		10,564,120		3.47%		4.06%	to	3.80%
2019		0.00%	to	0.25%		416,531		27.26	to	24.41		11,150,443		4.93%		9.17%	to	8.90%
2018		0.00%	to	0.25%		456,560		24.97	to	22.42		11,082,366		2.78%		-2.34%	to	-2.59%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)
2022		0.00%				7,918		13.75				108,844		0.00%		-15.08%
2021		0.00%				12,328		16.19				199,568		0.34%		15.72%
2020		0.00%				6,632		13.99				92,776		0.94%		7.53%
2019		0.00%				9,171		13.01				119,305		2.87%		15.59%
2018		0.00%				7,902		11.25				88,929		2.72%		-6.79%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)
2022		0.00%				1,460		12.64				18,449		0.00%		-13.61%
2021		0.00%				1,455		14.63				21,283		0.33%		10.24%
2020		0.00%				1,449		13.27				19,227		0.62%		5.32%
2019		0.00%				385		12.60				4,850		1.59%		14.05%
Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)
2020		0.25%				5,403		10.18				55,000		0.45%		1.26%		*	***
Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)
2022		0.00%				74,853		9.31				697,108		0.00%		-15.64%
2021		0.00%				75,642		11.04				835,043		2.41%		7.62%
2020		0.00%				76,088		10.26				780,459		0.00%		7.42%		*	***
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)
2022		0.00%				801,462		47.78				38,294,518		1.19%		-1.13%
2021		0.00%				860,949		48.33				41,606,698		1.24%		34.53%
2020		0.00%				990,802		35.92				35,592,148		1.63%		1.49%
2019		0.00%				1,163,109		35.39				41,167,002		2.68%		26.95%
2018		0.00%				1,267,871		27.88				35,347,777		1.42%		-9.35%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)
2022		0.00%	to	0.25%		1,765,598		15.81	to	15.72		27,878,537		1.43%		-1.02%	to	-1.27%
2021		0.00%	to	0.25%		1,763,302		15.97	to	15.92		28,143,314		1.40%		34.71%	to	34.37%
2020		0.00%	to	0.25%		1,715,353		11.86	to	11.85		20,332,539		1.38%		18.55%	to	18.46%	****
Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)
2022		0.00%	to	0.25%		28,847,850		10.66	to	10.43		304,600,726		2.44%		-13.39%	to	-13.60%
2021		0.00%	to	0.25%		19,439,766		12.30	to	12.07		237,132,398		2.01%		-2.08%	to	-2.32%
2020		0.00%	to	0.25%		30,603,276		12.57	to	12.36		381,622,725		2.21%		7.20%	to	6.93%
2019		0.00%	to	0.25%		22,483,412		11.72	to	11.56		302,908,062		3.06%		8.40%	to	8.13%
2018		0.00%	to	0.25%		16,799,978		10.81	to	10.69		180,438,802		2.58%		-0.36%	to	-0.61%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)
2022		0.00%				127,343		14.67				1,868,250		2.20%		-14.69%
2021		0.00%				156,509		17.20				2,691,588		1.79%		-1.03%
2020		0.00%				214,351		17.38				3,724,668		3.03%		7.01%
2019		0.00%				160,810		16.24				2,611,223		3.18%		8.94%
2018		0.00%				136,733		14.91				2,038,006		3.51%		-0.42%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)
2022		0.00%	to	0.25%		199,908		21.21	to	27.97		4,241,014		0.00%		-14.95%	to	-15.17%
2021		0.00%	to	0.25%		194,920		24.94	to	32.97		4,862,254		0.28%		15.75%	to	15.46%
2020		0.00%	to	0.25%		207,791		21.55	to	28.56		4,477,882		0.97%		11.67%	to	11.39%
2019		0.00%	to	0.25%		209,609		19.30	to	25.64		4,056,901		2.90%		20.22%	to	19.92%
2018		0.00%	to	0.25%		264,163		16.05	to	21.38		4,249,918		2.03%		-8.04%	to	-8.27%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)
2022		0.00%	to	0.25%		213,912		15.54	to	16.03		3,358,427		0.00%		-11.97%	to	-12.19%
2021		0.00%	to	0.25%		221,546		17.66	to	18.26		3,961,507		0.22%		4.49%	to	4.23%
2020		0.00%	to	0.25%		251,827		16.90	to	17.52		4,303,945		0.26%		7.69%	to	7.42%
2019		0.00%	to	0.25%		189,973		15.69	to	16.31		2,997,897		3.06%		10.77%	to	10.50%
2018		0.00%	to	0.25%		167,055		14.17	to	14.76		2,377,843		2.02%		-2.51%	to	-2.75%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)
2022		0.00%	to	0.20%		361,063		22.15	to	31.04		8,451,304		0.00%		-15.01%	to	-15.18%
2021		0.00%	to	0.25%		359,078		26.06	to	36.37		9,701,746		0.25%		18.12%	to	17.82%
2020		0.00%	to	0.25%		347,046		22.06	to	30.87		7,741,165		1.11%		12.36%	to	12.08%
2019		0.00%	to	0.25%		360,913		19.63	to	27.54		7,167,318		2.97%		22.32%	to	22.02%
2018		0.00%	to	0.25%		383,832		16.05	to	22.57		6,255,071		2.04%		-9.39%	to	-9.62%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)
2022		0.00%	to	0.25%		127,166		17.92	to	20.28		2,290,300		0.00%		-13.05%	to	-13.27%
2021		0.00%	to	0.25%		109,336		20.61	to	23.38		2,266,484		0.27%		9.23%	to	8.95%
2020		0.00%	to	0.25%		151,817		18.86	to	21.46		2,877,906		0.55%		9.15%	to	8.88%
2019		0.00%	to	0.25%		133,143		17.28	to	19.71		2,325,027		2.90%		14.28%	to	13.99%
2018		0.00%	to	0.25%		152,838		15.12	to	17.29		2,332,907		1.78%		-4.68%	to	-4.92%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)
2022		0.00%	to	0.25%		462,998		20.19	to	25.26		9,789,518		0.00%		-14.08%	to	-14.29%
2021		0.00%	to	0.25%		454,554		23.50	to	29.47		11,030,614		0.29%		13.64%	to	13.35%
2020		0.00%	to	0.25%		396,875		20.68	to	26.00		8,530,891		0.86%		10.77%	to	10.49%
2019		0.00%	to	0.25%		388,182		18.67	to	23.53		7,459,140		2.94%		18.32%	to	18.03%
2018		0.00%	to	0.25%		375,704		15.78	to	19.94		6,023,849		2.20%		-7.07%	to	-7.30%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)
2022		0.00%	to	0.25%		137,561		22.95	to	34.61		3,309,733		0.00%		-15.23%	to	-15.45%
2021		0.00%	to	0.25%		141,906		27.07	to	40.93		3,967,014		0.19%		20.19%	to	19.89%
2020		0.00%	to	0.25%		143,568		22.52	to	34.14		3,304,285		1.16%		12.74%	to	12.46%
2019		0.00%	to	0.25%		149,689		19.98	to	30.36		3,045,331		2.84%		24.15%	to	23.84%
2018		0.00%	to	0.25%		190,615		16.09	to	24.51		3,108,220		1.88%		-10.72%	to	-10.95%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)
2022		0.00%	to	0.25%		323,940		18.91	to	22.47		6,210,878		0.00%		-13.60%	to	-13.82%
2021		0.00%	to	0.25%		343,739		21.88	to	26.08		7,719,947		0.26%		11.12%	to	10.84%
2020		0.00%	to	0.25%		319,255		19.69	to	23.52		6,423,916		0.66%		9.71%	to	9.44%
2019		0.00%	to	0.25%		362,954		17.95	to	21.50		6,599,413		2.84%		16.29%	to	16.00%
2018		0.00%	to	0.25%		391,200		15.44	to	18.53		6,082,785		1.65%		-6.04%	to	-6.28%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)
2022		0.00%				66,013		21.80				1,439,235		0.00%		-14.99%
2021		0.00%				76,675		25.65				1,966,475		0.20%		8.24%
2020		0.00%				91,064		23.69				2,157,666		0.13%		9.41%
2019		0.00%				88,203		21.66				1,910,205		2.32%		15.34%
2018		0.00%				85,642		18.78				1,608,052		1.94%		-4.85%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)
2022		0.00%				19,408		27.23				528,417		0.00%		-17.57%
2021		0.00%				22,415		33.03				740,332		0.17%		12.16%
2020		0.00%				27,253		29.45				802,530		0.18%		11.62%
2019		0.00%				30,410		26.38				802,282		2.09%		19.94%
2018		0.00%				32,130		22.00				706,736		1.74%		-6.47%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)
2022		0.00%				19,811		10.03				198,802		0.00%		-17.50%
2021		0.00%				21,381		12.16				260,056		0.36%		12.38%
2020		0.00%				14,775		10.82				159,917		0.00%		8.24%		*	***
Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)
2022		0.00%				10,817		9.57				103,476		1.64%		-13.74%
2021		0.00%				14,689		11.09				162,889		0.87%		-2.02%
2020		0.00%				22,193		11.32				251,187		1.49%		7.12%
2019		0.00%				11,457		10.57				121,050		1.08%		5.66%		*	***
Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)
2022		0.00%				9,591		12.82				122,976		1.88%		-16.38%
2021		0.00%				5,318		15.33				81,543		1.32%		21.87%
2020		0.00%				3,002		12.58				37,771		1.68%		15.76%
2019		0.00%				1,703		10.87				18,510		0.58%		8.69%		*	***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)
2022		0.00%				427,681		9.89				4,230,189		0.00%		-16.49%
2021		0.00%				319,239		11.84				3,781,080		0.51%		10.44%
2020		0.00%				98,504		10.72				1,056,414		0.00%		7.25%		*	***
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)
2022		0.00%				15,196		12.67				192,573		3.54%		-14.38%
2021		0.00%				15,740		14.80				232,961		2.32%		12.40%
2020		0.00%				16,029		13.17				211,067		0.98%		7.69%
2019		0.00%				16,404		12.23				200,590		2.30%		18.91%
2018		0.00%				18,710		10.28				192,399		1.82%		-14.80%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)
2022		0.00%	to	0.25%		2,760,395		12.31	to	12.05		33,603,327		3.91%		-14.29%	to	-14.51%
2021		0.00%	to	0.25%		2,575,056		14.36	to	14.09		36,587,631		3.04%		10.84%	to	10.57%
2020		0.00%	to	0.25%		2,414,969		12.96	to	12.75		30,959,979		2.52%		7.53%	to	7.27%
2019		0.00%	to	0.25%		2,374,544		12.05	to	11.88		28,315,323		3.43%		21.77%	to	21.46%
2018		0.00%	to	0.25%		2,384,652		9.90	to	9.78		23,397,777		2.12%		-13.81%	to	-14.03%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I (NVLCP1)
2022		0.00%				239,799		16.23				3,893,090		2.40%		-13.46%
2021		0.00%				303,253		18.76				5,688,994		3.89%		-0.72%
2020		0.00%				120,503		18.90				2,277,107		3.04%		9.31%
2019		0.00%				117,469		17.29				2,030,781		3.22%		9.89%
2018		0.00%				127,441		15.73				2,004,980		2.77%		-1.20%
Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I (NVMIG1)
2022		0.00%	to	0.10%		1,152,028		12.38	to	8.95		14,042,924		0.00%		-37.93%	to	-10.47%
2021		0.00%				1,099,683		19.94				21,930,646		0.38%		-1.08%
2020		0.00%				1,114,827		20.16				22,475,770		0.98%		51.04%
2019		0.00%				1,200,666		13.35				16,026,199		1.23%		33.15%
2018		0.00%				1,318,529		10.02				13,217,896		1.09%		-16.46%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)
2022		0.00%				470,450		12.26				5,769,733		3.82%		-5.86%
2021		0.00%				430,600		13.03				5,609,958		3.37%		10.58%
2020		0.00%				428,631		11.78				5,050,061		0.00%		17.82%		*	***
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)
2022		0.00%	to	0.25%		478,216		44.65	to	43.04		21,282,404		5.34%		-12.49%	to	-12.71%
2021		0.00%	to	0.25%		470,430		51.02	to	49.31		23,926,902		0.00%		40.45%	to	40.10%
2020		0.00%	to	0.25%		487,140		36.33	to	35.20		17,642,372		0.00%		30.09%	to	29.77%
2019		0.00%	to	0.25%		542,567		27.93	to	27.12		15,086,794		4.06%		30.53%	to	30.20%
2018		0.00%	to	0.25%		606,571		21.39	to	20.83		12,927,838		0.31%		-3.08%	to	-3.32%
Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)
2022		0.00%	to	0.25%		1,329,261		26.74	to	25.77		35,481,425		0.00%		-37.61%	to	-37.76%
2021		0.00%	to	0.25%		1,411,401		42.85	to	41.41		60,408,255		0.12%		-4.70%	to	-4.94%
2020		0.00%	to	0.25%		1,518,258		44.97	to	43.57		68,167,277		0.00%		60.90%	to	60.50%
2019		0.00%	to	0.25%		1,543,482		27.95	to	27.14		43,080,056		0.00%		37.25%	to	36.91%
2018		0.00%	to	0.25%		1,712,714		20.36	to	19.83		34,827,130		0.00%		-6.85%	to	-7.08%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)
2022		0.00%	to	0.25%		354,803		32.40	to	31.23		11,359,202		1.60%		-2.59%	to	-2.84%
2021		0.00%	to	0.25%		314,894		33.26	to	32.14		10,357,156		0.92%		24.20%	to	23.89%
2020		0.00%	to	0.25%		302,109		26.78	to	25.94		8,001,705		2.18%		-1.07%	to	-1.32%
2019		0.00%	to	0.25%		326,265		27.07	to	26.29		8,745,468		2.38%		23.97%	to	23.66%
2018		0.00%	to	0.25%		338,667		21.83	to	21.26		7,329,003		1.30%		-13.12%	to	-13.33%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)
2022		0.00%				379,578		31.76				12,053,714		1.36%		-2.66%
2021		0.00%				404,798		32.62				13,206,366		0.73%		24.02%
2020		0.00%				464,832		26.31				12,228,172		2.08%		-1.14%
2019		0.00%				500,340		26.61				13,314,607		2.25%		23.85%
2018		0.00%				539,003		21.49				11,581,733		1.06%		-13.15%
Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (NVNMO1)
2022		0.00%				597,569		29.62				17,700,267		0.39%		-17.06%
2021		0.00%				634,912		35.71				22,674,998		0.30%		26.57%
2020		0.00%				682,660		28.22				19,262,259		0.43%		13.55%
2019		0.00%				744,674		24.85				18,504,708		0.66%		28.07%
2018		0.00%				777,174		19.40				15,079,331		0.54%		-4.76%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I (NVNSR1)
2022		0.00%	to	0.25%		5,947		28.50	to	16.64		166,012		0.30%		-22.92%	to	-23.11%
2021		0.00%	to	0.25%		17,186		36.97	to	21.64		630,968		0.64%		26.81%	to	26.49%
2020		0.00%				6,143		29.15				179,085		0.72%		13.36%
2019		0.00%				8,372		25.72				215,301		0.81%		26.01%
2018		0.00%	to	0.25%		10,147		20.41	to	12.03		206,797		0.66%		-5.79%	to	-6.03%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)
2022		0.00%	to	0.20%		4,395,002		55.72	to	21.38		242,204,678		0.87%		-22.10%	to	-22.26%
2021		0.00%	to	0.20%		4,717,424		71.53	to	27.50		333,436,491		0.62%		30.24%	to	29.98%
2020		0.00%	to	0.20%		3,865,693		54.92	to	21.16		207,291,349		1.36%		18.90%	to	18.66%
2019		0.00%	to	0.25%		4,099,182		46.19	to	17.80		186,532,170		1.73%		37.62%	to	37.27%
2018		0.00%	to	0.25%		4,451,457		33.57	to	12.97		146,879,969		0.78%		-1.27%	to	-1.52%
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)
2022		0.00%	to	0.25%		1,246,582		21.24	to	41.19		30,956,726		1.54%		-28.52%	to	-28.70%
2021		0.00%	to	0.25%		1,283,052		29.71	to	57.76		43,969,602		1.13%		46.75%	to	46.38%
2020		0.00%	to	0.25%		1,317,987		20.25	to	39.46		29,813,361		1.55%		-5.39%	to	-5.62%
2019		0.00%	to	0.25%		1,372,936		21.40	to	41.81		32,551,143		1.72%		30.70%	to	30.38%
2018		0.00%	to	0.25%		1,473,675		16.37	to	32.07		27,139,310		1.82%		-3.92%	to	-4.16%
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)
2022		0.00%	to	0.25%		125,150		20.83	to	14.20		2,334,359		0.82%		-20.72%	to	-20.92%
2021		0.00%	to	0.25%		101,081		26.27	to	17.95		2,536,503		1.01%		14.20%	to	13.92%
2020		0.00%	to	0.25%		67,904		23.00	to	15.76		1,557,624		1.01%		57.85%	to	57.59%
2019		0.00%				57,737		19.28				1,113,172		0.94%		24.96%
2018		0.00%				65,783		15.43				1,014,967		1.23%		-11.34%
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)
2022		0.00%				12,555		14.41				180,963		1.35%		-20.46%
2021		0.00%				1,568		18.12				28,414		3.14%		14.54%		*	***
Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)
2022		0.00%	to	0.25%		9,393,133		12.56	to	12.11		116,071,709		2.13%		-5.39%	to	-5.63%
2021		0.00%	to	0.25%		12,249,853		13.27	to	12.83		160,215,231		1.26%		-0.44%	to	-0.69%
2020		0.00%	to	0.25%		2,453,534		13.33	to	12.92		32,108,328		2.50%		3.20%	to	2.95%
2019		0.00%	to	0.25%		8,069,491		12.92	to	12.55		102,835,231		2.57%		4.33%	to	4.07%
2018		0.00%	to	0.25%		6,606,604		12.38	to	12.06		80,692,065		3.17%		0.98%	to	0.73%
Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)
2022		0.00%				171,570		12.08				2,072,971		2.10%		-5.67%
2021		0.00%				162,797		12.81				2,085,159		0.82%		-0.59%
2020		0.00%				251,284		12.88				3,237,618		1.66%		2.83%
2019		0.00%				234,739		12.53				2,941,158		2.37%		4.09%
2018		0.00%				223,003		12.04				2,684,401		2.79%		0.82%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)
2022		0.00%	to	0.25%		59,490		19.76	to	9.27		962,061		3.80%		-5.99%	to	-6.23%
2021		0.00%				41,436		21.02				871,170		2.37%		10.40%
2020		0.00%				43,970		19.04				837,364		1.40%		5.18%
2019		0.00%				60,476		18.11				1,094,990		2.48%		12.49%
2018		0.00%				62,918		16.10				1,012,749		2.00%		-15.69%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)
2022		0.00%	to	0.10%		2,430,171		15.04	to	13.80		36,552,369		1.30%		1.30%	to	1.20%
2021		0.00%	to	0.10%		2,395,575		14.85	to	13.63		35,570,868		0.00%		0.00%	to	-0.10%
2020		0.00%	to	0.10%		2,592,546		14.85	to	13.65		38,495,066		0.24%		0.24%	to	0.14%
2019		0.00%	to	0.25%		2,945,259		14.81	to	12.13		43,621,222		1.77%		1.78%	to	1.53%
2018		0.00%	to	0.25%		3,087,242		14.55	to	11.95		44,916,430		1.39%		1.39%	to	1.14%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)
2022		0.00%	to	0.25%		24,156,200		12.37	to	11.76		290,289,889		1.32%		1.33%	to	1.08%
2021		0.00%	to	0.25%		22,191,764		12.21	to	11.64		263,011,500		0.00%		0.00%	to	-0.25%
2020		0.00%	to	0.25%		19,122,843		12.21	to	11.67		225,619,161		0.26%		0.26%	to	0.01%
2019		0.00%	to	0.25%		18,952,580		12.18	to	11.67		223,665,269		1.83%		1.83%	to	1.58%
2018		0.00%	to	0.25%		15,777,823		11.96	to	11.48		182,989,302		1.43%		1.44%	to	1.19%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)
2022		0.00%	to	0.25%		610,252		83.64	to	54.52		49,747,844		0.45%		-18.77%	to	-18.97%
2021		0.00%	to	0.25%		644,751		102.96	to	67.28		64,396,933		0.00%		30.84%	to	30.51%
2020		0.00%	to	0.25%		712,462		78.70	to	51.56		49,314,100		0.02%		22.69%	to	22.38%
2019		0.00%	to	0.25%		795,273		64.14	to	42.13		44,132,344		0.07%		25.65%	to	25.33%
2018		0.00%	to	0.25%		916,577		51.05	to	33.61		39,442,351		0.01%		-12.63%	to	-12.85%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)
2022		0.00%	to	0.25%		500,426		50.32	to	47.43		24,820,156		0.00%		-30.37%	to	-30.54%
2021		0.00%	to	0.25%		507,073		72.26	to	68.28		36,139,695		0.00%		10.31%	to	10.03%
2020		0.00%	to	0.25%		530,757		65.51	to	62.06		34,251,785		0.00%		40.89%	to	40.54%
2019		0.00%	to	0.25%		578,711		46.50	to	44.16		26,525,233		0.00%		35.71%	to	35.37%
2018		0.00%	to	0.25%		622,751		34.26	to	32.62		21,042,841		0.00%		-7.94%	to	-8.17%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)
2022		0.00%	to	0.25%		522,653		76.60	to	56.57		39,806,527		0.33%		-12.91%	to	-13.13%
2021		0.00%	to	0.25%		566,793		87.96	to	65.12		49,709,406		0.00%		32.04%	to	31.71%
2020		0.00%	to	0.25%		581,640		66.62	to	49.44		37,873,821		0.08%		5.15%	to	4.89%
2019		0.00%	to	0.25%		605,244		63.35	to	47.13		37,374,355		1.06%		19.00%	to	18.70%
2018		0.00%	to	0.25%		666,577		53.24	to	39.71		34,101,799		0.68%		-16.95%	to	-17.16%
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)
2022		0.00%	to	0.20%		932,444		50.70	to	39.49		47,140,449		1.16%		-8.44%	to	-8.63%
2021		0.00%	to	0.20%		999,625		55.38	to	43.22		55,171,923		0.78%		21.88%	to	21.64%
2020		0.00%	to	0.25%		1,058,400		45.43	to	35.17		48,008,857		1.08%		10.35%	to	10.08%
2019		0.00%	to	0.25%		2,069,600		41.17	to	31.95		77,888,080		0.77%		29.31%	to	28.98%
2018		0.00%	to	0.25%		4,994,776		31.84	to	24.77		136,447,001		1.08%		0.00%	to	-0.25%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)
2022		0.10%	to	0.25%		32,845		51.86	to	36.85		1,216,876		0.00%		-28.80%	to	-28.91%
2021		0.10%	to	0.25%		35,938		72.84	to	51.83		1,872,414		0.00%		12.88%	to	12.71%
2020		0.00%	to	0.25%		40,347		89.81	to	45.99		1,865,369		0.00%		39.98%	to	39.63%
2019		0.00%	to	0.25%		58,523		64.16	to	32.94		2,027,969		0.00%		32.75%	to	32.42%
2018		0.00%	to	0.25%		73,877		48.33	to	24.87		1,838,116		0.00%		-6.40%	to	-6.64%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)
2022		0.00%				44,386		17.28				767,114		0.00%		-28.83%
2021		0.00%				46,056		24.28				1,118,369		0.00%		12.72%
2020		0.00%				51,504		21.54				1,109,490		0.00%		39.71%
2019		0.00%				75,744		15.42				1,167,896		0.00%		32.48%
2018		0.00%				66,658		11.64				775,808		0.00%		-6.56%
Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)
2022		0.00%	to	0.20%		1,791		25.72	to	24.87		45,096		0.88%		-9.75%	to	-9.93%
2021		0.00%				463		28.50				13,195		0.57%		32.80%
2020		0.00%	to	0.10%		1,350		21.46	to	21.15		28,716		1.05%		-2.62%	to	-2.72%
2019		0.00%	to	0.20%		1,756		22.04	to	21.44		38,226		0.51%		16.74%	to	16.51%
2018		0.00%	to	0.25%		122,620		18.88	to	18.29		2,244,041		0.60%		-15.28%	to	-15.49%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)
2022		0.00%	to	0.20%		40,176		54.17	to	52.09		2,175,772		0.43%		-18.45%	to	-18.61%
2021		0.00%	to	0.25%		44,113		66.43	to	63.40		2,929,003		0.38%		23.48%	to	23.17%
2020		0.00%	to	0.25%		49,461		53.80	to	51.48		2,659,925		0.56%		19.56%	to	19.26%
2019		0.00%	to	0.25%		73,644		45.00	to	43.16		3,295,233		0.44%		25.88%	to	25.57%
2018		0.00%				56,641		35.75				2,024,700		0.48%		-5.73%
Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)
2022		0.00%				224,571		13.10				2,940,865		3.15%		-5.19%
2021		0.00%				423,072		13.81				5,843,360		3.52%		0.74%
2020		0.00%				207,597		13.71				2,846,187		2.33%		3.46%
2019		0.00%				218,350		13.25				2,893,560		2.01%		3.69%
2018		0.00%				217,249		12.78				2,776,608		1.59%		1.02%
Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)
2022		0.00%				4,788		12.89				61,724		18.70%		-12.08%
2021		0.00%				4,742		14.66				69,534		1.04%		8.51%
2020		0.00%				3,627		13.51				49,013		2.18%		5.66%
2019		0.00%				3,618		12.79				46,272		2.19%		14.48%
2018		0.00%				3,588		11.17				40,083		1.64%		-6.15%
Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)
2022		0.00%				3,742		13.50				50,513		8.89%		-13.79%
2021		0.00%				3,665		15.66				57,386		0.96%		12.43%
2020		0.00%				3,591		13.93				50,011		2.07%		5.18%
2019		0.00%				3,493		13.24				46,251		1.88%		16.93%
2018		0.00%				3,413		11.32				38,647		1.54%		-8.84%
Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)
2022		0.00%				9,866		13.53				133,529		17.34%		-13.53%
2021		0.00%				10,148		15.65				158,828		1.04%		10.98%
2020		0.00%				10,474		14.10				147,710		1.93%		5.90%
2019		0.00%				4,296		13.32				57,210		2.09%		16.16%
2018		0.00%				4,454		11.46				51,061		1.60%		-7.38%
PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)
2022		0.00%	to	0.25%		156,047		25.25	to	24.10		3,860,718		7.65%		-11.84%	to	-12.06%
2021		0.00%	to	0.25%		193,526		28.65	to	27.41		5,434,933		11.25%		16.23%	to	15.94%
2020		0.00%	to	0.25%		214,380		24.65	to	23.64		5,194,505		5.47%		8.01%	to	7.74%
2019		0.00%	to	0.25%		675,872		22.82	to	21.94		14,999,803		2.81%		11.90%	to	11.62%
2018		0.00%	to	0.25%		1,106,937		20.39	to	19.66		21,946,729		3.18%		-5.41%	to	-5.64%
PIMCO Variable Insurance Trust - International Bond Portfolio(unhedged): Administrative Class (PMVFBA)
2022		0.00%	to	0.20%		79,785		11.77	to	11.43		923,564		1.54%		-18.98%	to	-19.14%
2021		0.00%	to	0.20%		103,881		14.52	to	14.13		1,491,803		5.86%		-7.52%	to	-7.70%
2020		0.00%	to	0.25%		104,814		15.70	to	15.21		1,623,712		5.60%		10.77%	to	10.50%
2019		0.00%	to	0.25%		114,171		14.18	to	13.77		1,592,948		2.03%		7.02%	to	6.76%
2018		0.00%	to	0.25%		121,129		13.25	to	12.90		1,579,260		5.27%		-3.98%	to	-4.22%
PIMCO Variable Insurance Trust - International Bond Portfolio(U.S. Dollar-Hedged): Administrative Class (PMVFHA)
2022		0.00%	to	0.25%		267,098		10.36	to	10.21		2,748,799		1.64%		-10.16%	to	-10.38%
2021		0.00%	to	0.25%		32,351		11.53	to	11.39		370,172		1.55%		-1.95%	to	-2.20%
2020		0.00%	to	0.25%		32,324		11.76	to	11.65		376,994		5.79%		5.55%	to	5.29%
2019		0.00%	to	0.25%		36,396		11.14	to	11.06		402,715		1.75%		7.01%	to	6.74%
2018		0.20%	to	0.25%		37,522		10.37				388,929		1.40%		1.91%	to	1.86%
PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio(Unhedged): Administrative Class (PMVGBA)
2022		0.00%	to	0.25%		97,780		10.02	to	9.88		969,518		1.50%		-11.01%	to	-11.23%
2021		0.00%	to	0.25%		87,855		11.26	to	11.13		978,882		5.03%		-4.16%	to	-4.40%
2020		0.10%	to	0.25%		53,516		11.71	to	11.64		623,388		2.49%		10.00%	to	9.84%
2019		0.20%	to	0.25%		45,894		10.61	to	10.60		486,599		2.48%		5.91%	to	5.86%
2018		0.20%	to	0.25%		29,386		10.02	to	10.01		294,330		6.77%		-4.39%	to	-4.44%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)
2022		0.00%	to	0.25%		49,235		11.08	to	10.95		539,851		5.05%		-10.29%	to	-10.52%
2021		0.00%	to	0.25%		83,090		12.35	to	12.24		1,018,571		4.46%		3.65%	to	3.39%
2020		0.00%	to	0.25%		73,350		11.92	to	11.84		869,082		4.80%		5.72%	to	5.45%
2019		0.00%	to	0.25%		53,595		11.27	to	11.22		601,755		4.74%		14.73%	to	14.44%
2018		0.00%	to	0.25%		17,836		9.82	to	9.81		174,995		0.60%		-1.76%	to	-1.92%	****
PIMCO Variable Insurance Trust - Income Portfolio: Administrative Class (PMVID)
2022		0.10%	to	0.25%		1,618,898		9.32	to	9.29		15,076,405		4.08%		-7.88%	to	-8.02%	****
PIMCO Variable Insurance Trust - Income Portfolio: Institutional Class (PMVII)
2022		0.00%				569		9.35				5,323		0.05%		-7.65%		*	***
PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)
2022		0.00%	to	0.25%		2,362,549		15.88	to	15.09		36,438,349		1.65%		-5.75%	to	-5.99%
2021		0.00%	to	0.25%		2,713,185		16.84	to	16.05		44,248,853		0.52%		-0.93%	to	-1.17%
2020		0.00%	to	0.25%		2,498,735		17.00	to	16.24		41,172,809		1.17%		2.99%	to	2.73%
2019		0.00%	to	0.25%		2,169,008		16.51	to	15.81		34,754,394		2.76%		4.03%	to	3.77%
2018		0.00%	to	0.25%		2,259,303		15.87	to	15.23		34,758,052		1.93%		0.34%	to	0.09%
PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class (PMVLGA)
2022		0.00%	to	0.25%		712,978		14.53	to	14.08		10,317,037		2.04%		-28.88%	to	-29.06%
2021		0.00%	to	0.25%		706,484		20.43	to	19.85		14,384,636		1.56%		-4.78%	to	-5.02%
2020		0.00%	to	0.25%		870,552		21.46	to	20.89		18,624,770		1.63%		17.38%	to	17.09%
2019		0.00%	to	0.25%		474,406		18.28	to	17.85		8,637,893		2.07%		13.32%	to	13.04%
2018		0.00%	to	0.25%		1,221,413		16.13	to	15.79		19,675,839		2.28%		-2.38%	to	-2.63%
PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)
2022		0.00%	to	0.25%		2,026,792		22.11	to	21.01		43,363,262		7.02%		-11.89%	to	-12.11%
2021		0.00%	to	0.25%		2,307,381		25.09	to	23.90		55,948,773		4.91%		5.55%	to	5.28%
2020		0.00%	to	0.25%		2,268,919		23.77	to	22.70		52,134,936		1.43%		11.72%	to	11.44%
2019		0.00%	to	0.25%		2,292,172		21.28	to	20.37		47,192,762		1.67%		8.44%	to	8.16%
2018		0.00%	to	0.25%		2,580,241		19.62	to	18.84		48,941,173		2.45%		-2.21%	to	-2.46%
PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)
2022		0.00%				129,771		9.12				1,183,603		23.60%		8.61%
2021		0.00%				45,474		8.40				381,859		4.87%		33.34%
2020		0.00%				23,857		6.30				150,242		6.51%		1.35%
2019		0.00%				22,676		6.21				140,900		4.51%		11.43%
2018		0.00%				21,575		5.58				120,307		1.88%		-14.13%
PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)
2022		0.00%	to	0.25%		2,959,651		21.18	to	20.13		60,902,787		2.61%		-14.30%	to	-14.52%
2021		0.00%	to	0.25%		2,989,602		24.71	to	23.54		71,878,023		1.83%		-1.26%	to	-1.51%
2020		0.00%	to	0.25%		3,331,795		25.03	to	23.90		81,214,234		2.11%		8.64%	to	8.37%
2019		0.00%	to	0.25%		3,204,002		23.04	to	22.06		71,823,226		3.01%		8.35%	to	8.08%
2018		0.00%	to	0.25%		3,238,199		21.26	to	20.41		66,878,948		2.53%		-0.54%	to	-0.79%
PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)
2022		0.00%				5,299		10.10				53,515		0.94%		0.99%		*	***
Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (PVEIB)
2022		0.00%				166,923		17.69				2,953,041		1.35%		-3.13%
2021		0.00%				128,006		18.26				2,337,757		1.05%		27.30%
2020		0.00%				118,429		14.35				1,698,982		1.72%		5.80%
2019		0.00%				110,712		13.56				1,501,164		2.06%		30.40%
2018		0.00%				124,107		10.40				1,290,445		0.55%		-8.49%
Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)
2022		0.00%				75,574		21.98				1,661,171		0.00%		-30.50%
2021		0.00%				115,984		31.63				3,668,364		0.00%		22.65%
2020		0.00%				140,034		25.79				3,610,974		0.03%		38.71%
2019		0.00%				101,955		18.59				1,895,388		0.15%		36.74%
2018		0.00%				137,529		13.60				1,869,742		0.00%		2.38%
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)
2022		0.00%				32,272		27.93				901,327		1.57%		-14.77%
2021		0.00%				33,202		32.77				1,087,970		1.17%		8.82%
2020		0.00%				40,015		30.11				1,204,943		1.60%		12.10%
2019		0.00%				45,519		26.86				1,222,782		1.37%		25.15%
2018		0.00%				46,112		21.46				989,761		1.40%		-19.11%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB (PVTSCB)
2022		0.10%	to	0.25%		56,282		23.65	to	23.11		1,308,104		0.16%		-13.07%	to	-13.20%
2021		0.10%	to	0.25%		55,525		27.20	to	26.63		1,483,580		0.70%		39.76%	to	39.55%
2020		0.20%	to	0.25%		54,468		19.21	to	19.08		1,041,141		1.12%		3.76%	to	3.70%
2019		0.20%	to	0.25%		42,112		18.51	to	18.40		776,045		0.61%		23.99%	to	23.93%
2018		0.00%	to	0.25%		40,721		15.27	to	14.85		607,704		0.40%		-19.93%	to	-20.13%
Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)
2022		0.10%	to	0.25%		46,848		45.50	to	44.13		2,126,515		0.00%		-22.51%	to	-22.63%
2021		0.10%	to	0.25%		49,547		58.71	to	57.04		2,902,497		0.00%		29.85%	to	29.65%
2020		0.00%	to	0.25%		56,567		46.05	to	43.99		2,537,248		0.00%		23.79%	to	23.48%
2019		0.00%	to	0.25%		114,963		37.20	to	35.62		4,163,533		0.00%		19.55%	to	19.25%
2018		0.00%	to	0.25%		144,169		31.12	to	29.87		4,326,771		0.00%		-9.04%	to	-9.27%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)
2022		0.00%	to	0.25%		2,919,619		30.65	to	29.88		88,096,683		0.00%		-38.50%	to	-38.66%
2021		0.00%	to	0.25%		2,832,664		49.84	to	48.71		139,027,186		0.00%		17.62%	to	17.33%
2020		0.00%	to	0.25%		3,107,541		42.37	to	41.52		129,855,277		0.00%		34.28%	to	33.94%
2019		0.00%	to	0.25%		3,244,814		31.56	to	31.00		101,115,679		0.00%		29.89%	to	29.56%
2018		0.00%	to	0.25%		3,549,101		24.29	to	23.92		85,324,670		0.00%		1.92%	to	1.66%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)
2022		0.00%	to	0.25%		338,748		47.98	to	45.60		15,829,463		1.60%		-3.59%	to	-3.83%
2021		0.00%	to	0.25%		447,039		49.76	to	47.42		21,581,763		1.34%		25.22%	to	24.90%
2020		0.00%	to	0.25%		523,995		39.74	to	37.96		20,125,400		2.06%		0.96%	to	0.70%
2019		0.00%	to	0.25%		632,019		39.37	to	37.70		24,039,343		2.07%		26.04%	to	25.73%
2018		0.00%	to	0.25%		683,732		31.23	to	29.98		20,635,692		1.77%		-9.69%	to	-9.92%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)
2022		0.00%				199,503		65.09				12,984,902		0.00%		-12.69%
2021		0.00%				213,874		74.54				15,942,854		0.00%		12.83%
2020		0.00%				244,003		66.07				16,120,573		0.00%		29.27%
2019		0.00%				239,216		51.11				12,226,008		0.00%		28.63%
2018		0.00%				283,769		39.73				11,275,030		0.00%		0.86%
T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)
2022		0.10%	to	0.25%		2,435,383		11.22	to	11.01		27,031,813		1.95%		-4.62%	to	-4.76%
2021		0.10%	to	0.25%		2,297,000		11.76	to	11.56		26,758,154		1.30%		0.04%	to	-0.12%
2020		0.00%	to	0.25%		1,117,432		11.87	to	11.58		12,996,616		1.95%		4.70%	to	4.44%
2019		0.00%	to	0.25%		2,482,744		11.34	to	11.09		27,582,145		2.39%		4.35%	to	4.09%
2018		0.00%	to	0.25%		2,121,125		10.87	to	10.65		22,607,912		2.02%		1.18%	to	0.92%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)
2022		0.10%	to	0.25%		341,478		88.08	to	85.44		29,898,931		0.00%		-22.83%	to	-22.94%
2021		0.10%	to	0.25%		390,808		114.14	to	110.88		43,630,859		0.00%		14.45%	to	14.28%
2020		0.10%	to	0.25%		371,947		99.72	to	97.02		36,246,339		0.00%		23.35%	to	23.17%
2019		0.10%	to	0.25%		407,648		80.85	to	78.77		32,234,125		0.00%		30.85%	to	30.65%
2018		0.10%	to	0.25%		402,726		61.79	to	60.29		24,296,604		0.00%		-2.40%	to	-2.54%
T. Rowe Price Equity Series, Inc. - T. Rowe Price All-Cap Opportunities Portfolio (TRNAG1)
2022		0.00%	to	0.25%		834,436		71.31	to	68.06		58,034,742		0.00%		-21.51%	to	-21.71%
2021		0.00%	to	0.25%		977,708		90.85	to	86.92		86,538,494		0.00%		20.80%	to	20.49%
2020		0.00%	to	0.25%		1,053,561		75.21	to	72.14		77,132,392		0.00%		44.37%	to	44.01%
2019		0.00%	to	0.25%		1,133,445		52.09	to	50.09		57,464,928		0.42%		34.93%	to	34.59%
2018		0.00%	to	0.25%		1,173,553		38.61	to	37.22		43,978,505		0.16%		1.16%	to	0.90%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)
2022		0.00%	to	0.25%		276,730		23.91	to	22.97		6,503,018		1.56%		-18.31%	to	-18.52%
2021		0.00%	to	0.25%		315,297		29.27	to	28.18		9,074,608		0.97%		10.06%	to	9.79%
2020		0.00%	to	0.25%		357,259		26.59	to	25.67		9,307,068		1.34%		14.54%	to	14.25%
2019		0.00%	to	0.25%		398,214		23.22	to	22.47		9,060,881		1.93%		19.80%	to	19.50%
2018		0.00%	to	0.25%		480,068		19.38	to	18.80		9,041,888		2.10%		-5.08%	to	-5.32%
VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)
2022		0.00%	to	0.10%		146,595		37.40	to	49.97		5,968,859		0.28%		-24.37%	to	-24.45%
2021		0.00%	to	0.25%		156,898		49.45	to	59.66		8,416,338		0.94%		-11.87%	to	-12.09%
2020		0.00%	to	0.25%		190,708		56.11	to	67.86		11,533,978		2.02%		17.25%	to	16.96%
2019		0.00%	to	0.25%		217,323		47.86	to	58.02		11,270,070		0.48%		30.60%	to	30.27%
2018		0.00%	to	0.25%		244,574		36.65	to	44.54		9,731,215		0.29%		-23.49%	to	-23.68%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)
2022		0.00%	to	0.25%		442,417		39.22	to	44.66		19,681,554		1.61%		8.39%	to	8.12%
2021		0.00%	to	0.25%		464,856		36.19	to	41.31		19,077,021		0.44%		18.92%	to	18.62%
2020		0.00%	to	0.25%		479,161		30.43	to	34.82		16,292,094		0.93%		19.11%	to	18.81%
2019		0.00%	to	0.25%		539,484		25.55	to	29.31		15,250,927		0.00%		11.87%	to	11.59%
2018		0.00%	to	0.25%		785,577		22.84	to	26.26		20,077,057		0.00%		-28.28%	to	-28.46%
Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)
2022		0.00%	to	0.25%		593,664		27.76	to	26.74		16,258,055		1.90%		-14.30%	to	-14.52%
2021		0.00%	to	0.25%		663,170		32.40	to	31.28		21,187,425		1.58%		19.02%	to	18.72%
2020		0.00%	to	0.25%		522,971		27.22	to	26.35		13,867,162		2.63%		10.68%	to	10.40%
2019		0.20%	to	0.25%		496,895		24.01	to	23.87		11,921,228		2.60%		22.24%	to	22.18%
2018		0.20%	to	0.25%		502,080		19.64	to	19.54		9,854,999		2.31%		-3.60%	to	-3.65%
Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)
2022		0.00%				40		21.41				856		1.77%		-15.48%
2021		0.10%	to	0.25%		888,352		25.17	to	24.92		22,327,421		0.90%		21.42%	to	21.24%
2020		0.20%	to	0.25%		937,936		20.61	to	20.55		19,323,339		1.45%		17.24%	to	17.18%
2019		0.20%	to	0.25%		1,124,585		17.58	to	17.54		19,763,411		1.10%		26.25%	to	26.18%
2018		0.20%	to	0.25%		1,154,543		13.93	to	13.90		16,073,057		0.79%		-1.38%	to	-1.43%
Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)
2022		0.00%				5,611		28.45				159,637		0.00%		-11.49%
2018		0.20%	to	0.25%		639,958		17.15	to	17.06		10,969,558		2.56%		-9.30%	to	-9.34%
Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)
2022		0.00%				126,341		13.92				1,758,619		1.48%		-0.66%
2021		0.00%				50,487		14.01				707,441		0.91%		25.33%
2020		0.00%				14,840		11.18				165,921		1.10%		3.25%		*	***
Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)
2022		0.00%				11,976		13.67				163,693		1.15%		-18.23%
2021		0.00%				7,217		16.72				120,636		1.20%		28.55%
2020		0.00%				8,031		13.00				104,429		0.00%		18.20%		*	***
Vanguard Variable Insurance Fund - Growth Portfolio (VVG)
2022		0.00%	to	0.25%		1,907,427		11.99	to	8.51		16,302,871		0.00%		-33.37%	to	-14.94%
2021		0.00%				17,371		17.99				312,566		0.02%		17.86%		*	***
Vanguard Variable Insurance Fund-Global Bond Index Portfolio (VVGBI)
2022		0.00%				13,370		9.29				124,226		2.60%		-13.13%
2021		0.00%				8,232		10.70				88,045		0.00%		-1.84%		*	***
Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)
2022		0.00%	to	0.25%		3,183,532		12.23	to	11.86		38,373,124		2.06%		-13.21%	to	-13.43%
2021		0.00%	to	0.25%		4,229,653		14.09	to	13.70		58,801,793		2.07%		-1.72%	to	-1.96%
2020		0.00%	to	0.25%		4,401,877		14.33	to	13.98		61,796,645		1.99%		7.58%	to	7.31%
2019		0.20%	to	0.25%		3,770,243		13.08	to	13.02		49,299,409		2.57%		8.46%	to	8.40%
2018		0.20%	to	0.25%		2,802,309		12.06	to	12.02		33,788,586		1.84%		-0.33%	to	-0.38%
Vanguard Variable Insurance Fund - High Yield Bond Portfolio (VVHYB)
2022		0.00%				41		10.35				424		0.00%		-9.36%
Vanguard Variable Insurance Fund - International Portfolio (VVI)
2022		0.00%	to	0.25%		504,301		19.75	to	19.03		9,796,610		1.38%		-30.12%	to	-30.30%
2021		0.00%	to	0.25%		546,009		28.27	to	27.30		15,185,427		0.30%		-1.54%	to	-1.79%
2020		0.00%	to	0.25%		652,790		28.71	to	27.79		18,252,019		1.20%		57.58%	to	57.19%
2019		0.20%	to	0.25%		684,174		17.79	to	17.68		12,160,075		1.40%		30.95%	to	30.89%
2018		0.20%	to	0.25%		790,875		13.58	to	13.51		10,734,926		0.75%		-12.79%	to	-12.83%
Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)
2022		0.00%	to	0.25%		726,517		33.33	to	32.10		23,806,438		1.16%		-18.82%	to	-19.02%
2021		0.00%	to	0.25%		811,601		41.06	to	39.64		32,778,080		1.09%		24.36%	to	24.05%
2020		0.00%	to	0.25%		905,295		33.02	to	31.96		29,104,519		1.61%		18.07%	to	17.78%
2019		0.20%	to	0.25%		1,017,241		27.30	to	27.14		27,746,660		1.48%		30.61%	to	30.55%
2018		0.20%	to	0.25%		1,155,762		20.90	to	20.79		24,138,907		1.21%		-9.51%	to	-9.56%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)
2022		0.00%	to	0.25%		95,750		24.47	to	23.74		2,314,516		1.76%		-26.30%	to	-26.48%
2021		0.00%	to	0.25%		93,364		33.19	to	32.29		3,061,574		2.14%		40.21%	to	39.86%
2020		0.00%	to	0.25%		127,533		23.68	to	23.09		2,959,928		2.69%		-4.85%	to	-5.09%
2019		0.20%	to	0.25%		100,637		24.44	to	24.33		2,457,561		2.74%		28.55%	to	28.48%
2018		0.20%	to	0.25%		121,963		19.01	to	18.93		2,317,105		5.01%		-5.54%	to	-5.59%
Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)
2022		0.10%	to	0.25%		212,837		29.47	to	29.00		6,259,459		0.26%		-25.43%	to	-25.54%
2021		0.00%	to	0.25%		216,823		39.89	to	38.95		8,552,346		0.38%		14.22%	to	13.93%
2020		0.00%	to	0.25%		248,618		34.93	to	34.19		8,532,316		0.67%		23.18%	to	22.88%
2019		0.20%	to	0.25%		278,570		27.93	to	27.82		7,775,653		0.53%		27.85%	to	27.79%
2018		0.20%	to	0.25%		294,192		21.84	to	21.77		6,423,351		0.32%		-7.45%	to	-7.50%
Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)
2022		0.00%				33,170		14.14				469,115		0.85%		-5.72%
2021		0.00%				8,815		15.00				132,235		0.89%		-0.45%
2020		0.00%				1,592		15.07				23,991		0.00%		5.49%
Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)
2022		0.00%	to	0.25%		1,029,726		11.64	to	11.52		11,925,116		3.40%		-16.01%	to	-16.22%
2021		0.00%	to	0.25%		1,412,234		13.86	to	13.75		19,493,368		1.85%		8.53%	to	8.26%
2020		0.20%	to	0.25%		1,568,615		12.71	to	12.70		19,935,377		2.16%		10.96%	to	10.90%
2019		0.20%	to	0.25%		1,386,663		11.46	to	11.45		15,883,704		1.95%		21.31%	to	21.25%
2018		0.20%	to	0.25%		1,102,651		9.44				10,412,288		0.00%		-5.57%	to	-5.58%	****
Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio (VVTSM)
2022		0.00%				20,597		13.33				274,507		1.23%		-19.59%
2021		0.00%				10,594		16.57				175,593		0.00%		25.64%		*	***
Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)
2022		0.00%	to	0.25%		344,366		11.71	to	11.60		4,012,129		1.30%		-25.90%	to	-26.08%
2021		0.00%	to	0.25%		278,623		15.80	to	15.70		4,386,615		1.15%		46.87%	to	46.50%
2020		0.00%	to	0.25%		239,764		10.76	to	10.71		2,573,424		1.46%		-1.33%	to	-1.58%
2019		0.00%	to	0.25%		89,155		10.90	to	10.89		970,992		2.55%		9.04%	to	8.86%	****

* This represents the annual contract expense rate or range of rates of the variable account at the period end indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying mutual funds and charges made directly to contract owner accounts through the redemption of units.

** This represents the ratio of dividends for the period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by monthly average net assets (excluding months where net assets are zero). The investment income ratio for subaccounts initially funded during the period presented has not been annualized. The ratios exclude those expenses that result in direct reductions to the policyholder 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 or range of minimum and maximum total returns for the period indicated, including changes in the value of the underlying mutual fund, which reflects the reduction of unit values for expenses assessed. The total returns do not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return is not annualized if the underlying mutual fund option was initially added and funded during the period presented. Minimum and maximum ranges are not shown for underlying mutual fund options for which a single contract expense rate (product option) exists. In such cases, the total return presented is representative of all units issued and outstanding at period end.

**** Subaccounts denoted indicate the underlying mutual fund option was initially added and funded during the period presented.

NATIONWIDE LIFE INSURANCE COMPANY

FOR THE YEAR ENDED DECEMBER 31, 2022

TABLE OF CONTENTS

	Page
Independent Auditors’ Report		F-1
Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus		F-4
Statutory Statements of Operations		F-5
Statutory Statements of Changes in Capital and Surplus		F-6
Statutory Statements of Cash Flow		F-7
Notes to Statutory Financial Statements		F-8
Schedule I –Summary of Investments – Other Than Investments in Related Parties		F-50
Schedule III – Supplementary Insurance Information		F-51
Schedule IV – Reinsurance		F-52
Schedule V – Valuation and Qualifying Accounts		F-53

Independent Auditors’ Report

Audit Committee of the Board of Directors

Nationwide Life Insurance Company:

Opinions

We have audited the financial statements of Nationwide Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, capital and surplus as of December 31, 2022 and 2021, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2022, and the related notes to the statutory financial statements (financial statements).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2022, in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance (Department) described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the statutory financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2022 and 2021, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2022.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the Department, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices and U.S. generally accepted accounting principles are also described in Note 2.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the Department. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

F-2

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the Schedule I Summary of Investments - Other Than Investments in Related Parties, Schedule III Supplementary Insurance Information, Schedule IV Reinsurance, and Schedule V Valuation and Qualifying Accounts is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Securities and Exchange Commission’s Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ KPMG LLP

Columbus, Ohio

March 17, 2023

F-3

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

	December 31,
(in millions, except share amounts)	2022			2021
Admitted assets
Invested assets
Bonds	$	40,208		$	37,931
Stocks		3,700			3,016
Mortgage loans, net of allowance		8,363			8,185
Policy loans		933			913
Derivative assets		143			64
Cash, cash equivalents and short-term investments		1,621			636
Securities lending collateral assets		232			170
Other invested assets		1,848			1,225
Total invested assets	$	57,048		$	52,140
Accrued investment income		585			577
Deferred federal income tax assets, net		589			618
Other assets		378			125
Separate account assets		102,808			125,372
Total admitted assets	$	161,408		$	178,832
Liabilities, capital and surplus
Liabilities
Future policy benefits and claims	$	45,482		$	42,499
Policyholders dividend accumulation		398			414
Asset valuation reserve		707			610
Payable for securities		323			113
Securities lending payable		232			171
Funds held under coinsurance		1,608			1,052
Other liabilities		1,253			1,131
Accrued transfers from separate accounts		(1,598	)		(1,621	)
Separate account liabilities		102,808			125,372
Total liabilities	$	151,213		$	169,741
Capital and surplus
Capital shares ($1 par value; authorized - 5,000,000 shares, issued and outstanding - 3,814,779 shares)	$	4		$	4
Surplus notes		1,100			1,100
Additional paid-in capital		2,308			1,998
Unassigned surplus		6,783			5,989
Total capital and surplus	$	10,195		$	9,091
Total liabilities, capital and surplus	$	161,408		$	178,832

See accompanying notes to statutory financial statements.

F-4

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Operations

	Years ended December 31,
(in millions)	2022			2021			2020
Revenues
Premiums and annuity considerations	$	14,535		$	12,664		$	10,637
Net investment income		2,019			2,231			2,107
Other revenues		2,346			2,455			2,372
Total revenues	$	18,900		$	17,350		$	15,116
Benefits and expenses
Benefits to policyholders and beneficiaries	$	15,963		$	16,884		$	15,013
Increase in reserves for future policy benefits and claims		2,525			807			1,627
Net transfers from separate accounts		(1,635	)		(3,002	)		(3,544	)
Commissions		810			858			646
Reserve adjustment on reinsurance assumed		(161	)		(151	)		(172	)
Other expenses		564			469			480
Total benefits and expenses	$	18,066		$	15,865		$	14,050
Income before federal income tax expense (benefit) and net realized capital gains (losses) on investments	$	834		$	1,485		$	1,066
Federal income tax expense (benefit)		100			(9	)		4
Income before net realized capital gains (losses) on investments	$	734		$	1,494		$	1,062
Net realized capital gains (losses) on investments, net of federal income tax expense (benefit) of $3, $59 and $(26) in 2022, 2021 and 2020, respectively, and excluding $(103), $15 and $(4) of net realized capital (losses) gains transferred to the interest maintenance reserve in 2022, 2021 and 2020, respectively		240			(683	)		(575	)
Net income	$	974		$	811		$	487

See accompanying notes to statutory financial statements.

F-5

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Changes in Capital and Surplus

(in millions)	Capital shares		Surplus notes		Additional paid-in capital		Unassigned surplus			Capital and surplus
Balance as of December 31, 2019	$	4	$	1,100	$	1,998	$	5,720		$	8,822
Change in reserve on account of change in valuation basis		-		-		-		78			78
Cumulative effect of change in accounting principle		-		-		-		5			5
Balance as of January 1, 2020	$	4	$	1,100	$	1,998	$	5,803		$	8,905
Net income		-		-		-		487			487
Change in asset valuation reserve		-		-		-		13			13
Change in deferred income taxes		-		-		-		41			41
Change in net unrealized capital gains and losses, net of tax (benefit) of $(3)		-		-		-		(313	)		(313	)
Change in nonadmitted assets		-		-		-		(21	)		(21	)
Other, net		-		-		-		(7	)		(7	)
Balance as of December 31, 2020	$	4	$	1,100	$	1,998	$	6,003		$	9,105
Change in reserve on account of change in valuation basis		-		-		-		2			2
Cumulative effect of change in accounting principle		-		-		-		6			6
Balance as of January 1, 2021	$	4	$	1,100	$	1,998	$	6,011		$	9,113
Net income		-		-		-		811			811
Change in asset valuation reserve		-		-		-		(144	)		(144	)
Change in deferred income taxes		-		-		-		50			50
Change in net unrealized capital gains and losses, net of tax expense of $30		-		-		-		(142	)		(142	)
Change in nonadmitted assets		-		-		-		(47	)		(47	)
Dividends paid to Nationwide Financial Services, Inc.		-		-		-		(550	)		(550	)
Balance as of December 31, 2021	$	4	$	1,100	$	1,998	$	5,989		$	9,091
Correction of error (see Note 2)		-		-		-		(39	)		(39	)
Balance as of January 1, 2022	$	4	$	1,100	$	1,998	$	5,950		$	9,052
Net income		-		-		-		974			974
Change in asset valuation reserve		-		-		-		(97	)		(97	)
Change in deferred income taxes		-		-		-		28			28
Change in net unrealized capital gains and losses, net of tax expense of $37		-		-		-		(40	)		(40	)
Change in nonadmitted assets		-		-		-		(33	)		(33	)
Capital contribution from Nationwide Financial Services, Inc.		-		-		310		-			310
Other, net		-		-		-		1			1
Balance as of December 31, 2022	$	4	$	1,100	$	2,308	$	6,783		$	10,195

See accompanying notes to statutory financial statements.

F-6

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Cash Flow

	Years ended December 31,
(in millions)	2022			2021			2020
Cash flows from operating activities:
Premiums collected, net of reinsurance	$	14,545		$	12,661		$	10,648
Net investment income		2,064			2,404			2,034
Other revenue		3,178			2,367			2,664
Policy benefits and claims paid		(15,962	)		(16,735	)		(14,886	)
Commissions, operating expenses and taxes, other than federal income tax paid		(1,275	)		(1,122	)		(885	)
Net transfers from separate accounts		1,658			2,871			3,620
Policyholders’ dividends paid		(30	)		(36	)		(38	)
Federal income taxes (paid) recovered		(261	)		121			121
Net cash provided by operating activities	$	3,917		$	2,531		$	3,278
Cash flows from investing activities:
Proceeds from investments sold, matured or repaid:
Bonds	$	3,444		$	6,953		$	3,404
Stocks		19			127			37
Mortgage loans		1,139			1,053			640
Derivative assets		431			-			-
Other assets		641			279			905
Total investment proceeds	$	5,674		$	8,412		$	4,986
Cost of investments acquired:
Bonds	$	(6,024	)	$	(7,744	)	$	(5,527	)
Stocks		(901	)		(538	)		(517	)
Mortgage loans		(1,305	)		(1,441	)		(769	)
Derivative assets		-			(589	)		(580	)
Other assets		(1,057	)		(594	)		(837	)
Total investments acquired	$	(9,287	)	$	(10,906	)	$	(8,230	)
Net (increase) decrease in policy loans		(19	)		(25	)		15
Net cash used in investing activities	$	(3,632	)	$	(2,519	)	$	(3,229	)
Cash flows from financing activities and miscellaneous sources:
Capital contributions from Nationwide Financial Services, Inc.	$	310			-			-
Dividend paid to Nationwide Financials Services, Inc.		-			(550	)		-
Net change in deposits on deposit-type contract funds and other insurance liabilities		391			517			160
Net change in short-term debt		-			-			(200	)
Other cash (used) provided		(1	)		196			(104	)
Net cash provided by (used in) financing activities and miscellaneous	$	700		$	163		$	(144	)
Net increase (decrease) in cash, cash equivalents and short-term investments	$	985		$	175		$	(95	)
Cash, cash equivalents and short-term investments at beginning of year		636			461			556
Cash, cash equivalents and short-term investments at end of year	$	1,621		$	636		$	461
Supplemental disclosure of non-cash activities:
Exchange of bond investments	$	349		$	277		$	799

See accompanying notes to statutory financial statements.

F-7

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(1) Nature of Operations

Nationwide Life Insurance Company (“NLIC” or “the Company”) is an Ohio domiciled stock life insurance company. The Company is a member of the Nationwide group of companies (“Nationwide”), which is comprised of Nationwide Mutual Insurance Company (“NMIC”) and all of its subsidiaries and affiliates.

All of the outstanding shares of NLIC’s common stock are owned by Nationwide Financial Services, Inc. (“NFS”), a holding company formed by Nationwide Corporation, a majority-owned subsidiary of NMIC.

The Company is a leading provider of long-term savings and retirement products in the United States of America (“U.S.”). The Company develops and sells a wide range of products and services, which include fixed and variable individual annuities, private and public sector group retirement plans, life insurance, investment advisory services, pension risk transfer (“PRT”) contracts and other investment products. The Company is licensed to conduct business in all fifty states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.

The Company sells its products through a diverse distribution network. Unaffiliated entities that sell the Company’s products to their own customer bases include independent broker-dealers, financial institutions, wirehouses and regional firms, pension plan administrators, life insurance agencies, life insurance specialists and registered investment advisors. Representatives of affiliates that market products directly to a customer base include Nationwide Retirement Solutions, Inc., Nationwide Securities, LLC and Nationwide Financial General Agency, Inc. The Company believes its broad range of competitive products, strong distributor relationships and diverse distribution network position it to compete effectively under various economic conditions.

Wholly-owned subsidiaries of NLIC as of December 31, 2022 include Nationwide Life and Annuity Insurance Company (“NLAIC”) and its wholly-owned subsidiaries, Olentangy Reinsurance, LLC (“Olentangy”) and Nationwide SBL, LLC (“NWSBL”), Jefferson National Financial Corporation (“JNF”) and its wholly-owned subsidiary, Jefferson National Life Insurance Company (“JNL”), and its wholly-owned subsidiary, Jefferson National Life Insurance Company of New York (“JNLNY”), Eagle Captive Reinsurance, LLC (“Eagle”), Nationwide Investment Services Corporation (“NISC”) and Nationwide Investment Advisors, LLC (“NIA”). NLAIC primarily offers individual annuity contracts including fixed annuity contracts, group annuity contracts including PRT contacts, universal life insurance, variable universal life insurance, term life insurance and corporate-owned life insurance on a non-participating basis. Olentangy is a Vermont domiciled special purpose financial insurance company. NWSBL offers a securities-based lending product and is an Ohio limited liability company and nonadmitted subsidiary. JNF is a distributor of tax-advantaged investing solutions for registered investment advisors, fee-based advisors and the clients they serve. JNL and JNLNY are licensed to underwrite both fixed and variable annuity products. Eagle is an Ohio domiciled special purpose financial captive insurance company. NISC is a registered broker-dealer. NIA is a registered investment advisor.

The Company is subject to regulation by the insurance departments of states in which it is domiciled and/or transacts business and undergoes periodic examinations by those departments.

As of December 31, 2022 and 2021, the Company did not have a significant concentration of financial instruments in a single investee, industry or geographic region. Also, the Company did not have a concentration of business transactions with a particular customer, lender, distribution source, market or geographic region in which a single event could cause a severe impact on the Company’s financial position after considering insurance risk that has been transferred to external reinsurers.

F-8

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(2) Summary of Significant Accounting Policies

Use of Estimates

The preparation of the statutory financial statements requires the Company to make estimates and assumptions that affect the amounts reported in the statutory financial statements and accompanying notes. Significant estimates include certain investment and derivative valuations and future policy benefits and claims. Actual results could differ significantly from those estimates.

Basis of Presentation

Effective January 1, 2022, Harleysville Life Insurance Company (“HLIC”), an Ohio domiciled stock life insurance company and subsidiary of NMIC that offers universal and traditional life insurance, disability income insurance and fixed annuity contracts on a non-participating basis, completed a merger agreement with NLAIC. Pursuant to the merger agreement, which was deemed a statutory merger, the operations of HLIC were merged with and into NLAIC, with NLAIC continuing as the surviving entity. All shares of HLIC were cancelled and the outstanding surplus balance was merged into NLAIC’s additional paid-in capital and unassigned surplus. There was not a material impact on the Company’s surplus as a result of the merger.

The statutory financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Ohio Department of Insurance (“the Department”). Prescribed statutory accounting practices are those practices incorporated directly or by reference in state laws, regulations and general administrative rules applicable to all insurance enterprises domiciled in a particular state. Permitted statutory accounting practices include practices not prescribed by the domiciliary state but allowed by the domiciliary state regulatory authority.

Effective January 1, 2021, NLIC and NLAIC elected to apply a prescribed practice promulgated under Ohio Administrative Code Section 3901-1-67 (“OAC 3901-1-67”) to its derivative instruments hedging indexed products and indexed annuity reserve liabilities in order to better align the measurement of indexed product reserves and the derivatives that hedge them. Under OAC 3901-1-67, derivative instruments are carried at amortized cost with the initial hedge cost amortized over the term and asset payoffs realized at the end of the term being reported through net investment income, rather than the derivative instruments being carried at fair value with asset payoffs realized over the term through net realized capital gains and losses. Additionally, the cash surrender value reserves for indexed annuity products only reflect index interest credits at the end of the crediting term as compared to partial index interest credits accumulating throughout the crediting term in increase in reserves for future policy benefits and claims.

The Company’s subsidiary, Eagle, applies one prescribed practice with multiple applications as provided under the State of Ohio’s captive law, which values assumed guaranteed minimum death benefits (“GMDB”) and guaranteed lifetime withdrawal benefits (“GLWB”) risks on variable annuity contracts from NLIC and GLWB risks on fixed indexed annuity contracts from NLIC and NLAIC using an alternative reserving basis from the Statutory Accounting Principles detailed within the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures manual (“NAIC SAP”) pursuant to Ohio Revised Code Chapter 3964 and approved by the Department.

Olentangy was granted a permitted practice from the State of Vermont allowing Olentangy to carry the assets placed into a trust account by Union Hamilton Reinsurance Ltd. (“UHRL”) on its statutory statements of admitted assets, liabilities and surplus at net admitted asset value for certain universal life and term life insurance policies.

F-9

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

If the prescribed or permitted practices were not applied, the Company’s risk-based capital would continue to be above regulatory action levels. A reconciliation of the Company’s net income between NAIC SAP and prescribed and permitted practices is shown below:

(in millions)	SSAP #		F/S Page		State of domicile		December 31,
							2022			2021			2020
Net Income
Statutory Net Income						OH	$	974		$	811		$	487
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		4		OH		(43	)		9			-
Reserves for indexed annuities		51		4		OH		15			(20	)		-
Tax impact		101		4		OH		6			3			-
NAIC SAP							$	952		$	803		$	487

A reconciliation of the Company’s capital and surplus between NAIC SAP and prescribed and permitted practices is shown below:

(in millions)	SSAP #		F/S Page		State of domicile		As of December 31,
							2022			2021
Surplus
Statutory Capital and Surplus						OH	$	10,195		$	9,091
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		2,4		OH		(30	)		13
Reserves for indexed annuities		51		3,4		OH		(7	)		(22	)
Tax impact		101		2,4		OH		8			2
Subsidiary Valuation - NLAIC		51,86,101		2		OH		(232	)		274
Subsidiary valuation - Eagle: NLIC risks ceded		51		2		OH		1,071			791
Subsidiary valuation - Eagle: NLAIC risks ceded		51		2		OH		(953	)		(810	)
State Permitted Practice:
Subsidiary valuation - Olentangy		20		2		VT		(67	)		(67	)
NAIC SAP							$	9,985		$	9,272

Statutory accounting practices vary in some respects from U.S. generally accepted accounting principles (“GAAP”), including the following practices:

Financial Statements

● Statutory financial statements are prepared using language and groupings substantially the same as the annual statements of the Company filed with the NAIC and state regulatory authorities;

● assets must be included in the statutory statements of admitted assets, liabilities, capital and surplus at net admitted asset value and nonadmitted assets are excluded through a charge to capital and surplus;

● an asset valuation reserve (“AVR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and changes in the AVR are reported directly in capital and surplus;

● an interest maintenance reserve (“IMR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and the amortization of the IMR is reported as revenue;

● the expense allowance associated with statutory reserving practices for investment contracts held in the separate accounts is reported in the general account as a negative liability;

● accounting for contingencies requires recording a liability at the midpoint of a range of estimated possible outcomes when no better estimate in the range exists;

● surplus notes are accounted for as a component of capital and surplus;

F-10

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

● costs related to successful policy acquisitions are charged to operations in the year incurred;

● negative cash balances are reported as negative assets;

● certain income and expense items are charged or credited directly to capital and surplus;

● amounts on deposit in internal qualified cash pools are reported as cash equivalents;

● the statutory statements of cash flows are presented on the basis prescribed by the NAIC; and

● the statutory financial statements do not include accumulated other comprehensive income.

Future Policy Benefits and Claims

● Deposits to universal life contracts, investment contracts and limited payment contracts are included in revenue; and

● future policy benefit reserves are based on statutory requirements.

Reinsurance Ceded

● Certain assets and liabilities are reported net of ceded reinsurance balances; and

● provision is made for amounts receivable and outstanding for more than 90 days through a charge to capital and surplus.

Investments

● Investments in bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value;

● investments in preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value;

● other-than-temporary impairments on bonds, excluding loan-backed and structured securities, are measured based on fair value and are not reversible;

● the proportional amortized cost method is utilized to determine the liquidation value of Low-Income Housing Tax Credit Funds (“Tax Credit Funds”);

● admitted subsidiary, controlled and affiliated entities are not consolidated; rather, those investments are generally carried at audited statutory capital and surplus or GAAP equity, as appropriate, and are recorded as an equity investment in stocks or other invested assets;

● equity in earnings of subsidiary companies is recognized directly in capital and surplus as net unrealized capital gains or losses, while dividends from unconsolidated companies are recorded in operations as net investment income;

● undistributed earnings and valuation adjustments from investments in joint ventures, partnerships and limited liability companies are recognized directly in capital and surplus as net unrealized capital gains or losses;

● changes in non-specific mortgage loan reserves are measured under an incurred loss model and are recorded directly in capital and surplus as net unrealized capital gains or losses; and

● gains on sales of investments between affiliated companies representing economic transactions are deferred at the parent level until the related assets are paid down or an external sale occurs.

Separate Accounts

● Assets and liabilities of guaranteed separate accounts are reported as separate account assets and separate account liabilities, respectively.

F-11

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Derivative Instruments

● Derivatives used in effective hedging transactions are valued in a manner consistent with the hedged asset or liability;

● With the exception of derivatives applying the prescribed practice under OAC 3901-1-67, unrealized gains and losses on derivatives that are not considered to be effective hedges are charged to capital and surplus;

● interest earned on derivatives is charged to net investment income; and

● embedded derivatives are not separated from the host contract and accounted for separately as a derivative instrument.

Goodwill

● Goodwill is limited to 10% of the prior reporting period’s adjusted statutory surplus, with any goodwill in excess of this limitation nonadmitted through a charge to surplus; and

● goodwill is amortized and charged to surplus.

Federal Income Taxes

● Changes in deferred federal income taxes are recognized directly in capital and surplus with limitations on the amount of deferred tax assets that can be reflected as an admitted asset (15% of capital and surplus); and

● uncertain tax positions are subject to a “more likely than not” standard for federal and foreign income tax loss contingencies only.

Nonadmitted Assets

● In addition to the nonadmitted assets described above, certain other assets are nonadmitted and charged directly to capital and surplus. These include prepaid assets, certain software, disallowed IMR and other receivables outstanding for more than 90 days.

The financial information included herein is prepared and presented in accordance with SAP prescribed or permitted by the Department. Certain differences exist between SAP and GAAP, which are presumed to be material.

Revenues and Benefits

Life insurance premiums are recognized as revenue over the premium paying period of the related policies when due. Annuity considerations are recognized as revenue when received. Health insurance premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Policy benefits and claims that are expensed include interest credited to policy account balances, benefits and claims incurred in the period in excess of related policy reserves and other changes in future policy benefits.

Future Policy Benefits and Claims

Future policy benefits for traditional products are based on statutory mortality and interest requirements without consideration of withdrawals. The principal statutory mortality tables and interest assumptions used on policies in force are the 1958 Commissioner’s Standard Ordinary (“CSO”) table at interest rates of 2.5%, 3.0%, 3.5%, 4.0% and 4.5%, the 1941 CSO table at an interest rate of 2.5%, the 1980 CSO table at interest rates of 4.0%, 4.5%, 5.0% and 5.5%, the 2001 CSO table at an interest rate of 4.0% and 3.5% and the 2017 CSO table at an interest rate of 3.5% and 4.5%. Beginning January 1, 2020, the Company has applied principles-based reserving to all new individual life business. For business subject to principles-based reserving, additional reserves may be held where the deterministic and/or stochastic reserves are in excess of net premium reserves, as defined by Valuation Manual 20, Requirements for Principle-Based Reserves for Life Products (“VM-20”).

Future policy benefits for universal life and variable universal life contracts have been calculated based on participants’ contributions plus interest credited on any funds in the fixed account less applicable contract charges. These policies have been adjusted for possible future surrender charges in accordance with the Commissioner’s Reserve Valuation Method (“CRVM”). For business subject to principles-based reserving, the Company has calculated reserves under VM-20.

Future policy benefits for annuity products have been established based on contract term, interest rates and various contract provisions. Individual deferred annuity contracts issued in 1990 and after have been adjusted for possible future surrender charges in accordance with the Commissioner’s Annuity Reserve Valuation Method (“CARVM”).

F-12

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Future policy benefits for PRT contracts have been established in accordance with the CRVM. Statutory reserves for PRT business written during or after 2020 are calculated as the present value of future benefit payments, using the prescribed 1994 Group Annuity Mortality (“GAM”) table along with the AA projection mortality improvement scale and prescribed valuation rates as specified in Chapter 22 of the Valuation Manual. For the PRT business written before 2020, the statutory reserves are calculated using prescribed GAM tables and valuation interest rates that vary by issue year, as specified in the Standard Valuation Law.

Prior to 2020, the Company calculated its reserves for variable annuity products with guaranteed minimum death, accumulation and withdrawal benefits and other contracts involving guaranteed benefits similar to those offered with variable annuities under the standard scenario of Actuarial Guideline XLIII “CARVM for Variable Annuities”, which exceeded the stochastic 70th percentile Conditional Tail Expectations scenario. Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to Valuation Manual 21, Requirements for Principle-Based Reserves for Variable Annuities (“VM-21”) and as a result, the Company calculated its reserves using a stochastic reserve, which is floored at the cash surrender value.

The aggregate reserves for individual accident and health policies consist of active life reserves, disabled life reserves and unearned premium reserves. The active life reserves for disability income are reserved for on the net level basis, at a 3.0% interest rate, using either the 1964 Commissioner’s Disability Table (for policies issued prior to 1982) or the 1985 Commissioner’s Individual Disability Table A (for policies issued after 1981). The active life reserves for major medical insurance (both scheduled and unscheduled benefits) are based on the benefit ratio method for policies issued after 1981.

The active life reserves for accident and health policies are reserved for on the net level basis, at a 3.0% interest rate, using either the 1956 Inter-Company Hospital-Surgical tables, the 1974 Medical Expense tables or the 1959 Accidental Death Benefits table.

The disabled life reserves for accident and health policies are calculated using the 1985 Commissioner’s Individual Disability Table A at a 3.0% interest rate. Unearned premium reserves are based on the actual gross premiums and actual days.

The aggregate reserves for group accident and health and franchise accident and health policies consist of disabled life reserves and unearned premium reserves. Reserves for benefits payable on disabled life claims are based on the 2012 Group Long-Term Disability Valuation Table, at varying interest rates of 2.75% - 6.0%, for group policies and the 1987 Commissioner’s Group Disability Table, at varying interest rates of 2.75% - 10.25%, for franchise policies.

Future policy benefits and claims for group long-term disability policies are the present value (discounted between 2.75% and 6.00%) of amounts not yet due on reported claims and an estimate of amounts to be paid on incurred but unreported claims. Future policy benefits and claims on other group health policies are not discounted.

The Company issues fixed and floating rate funding agreements to the Federal Home Loan Bank of Cincinnati (“FHLB”). The liabilities for such funding agreements are treated as annuities under Ohio law for life insurance companies and recorded in future policy benefits and claims. Refer to Note 9 for additional details.

Separate Accounts

Separate account assets represent contractholders’ funds that have been legally segregated into accounts with specific investment objectives. Separate account assets are primarily recorded at fair value, with the value of separate account liabilities set to equal the fair value of separate account assets. Separate account assets are primarily comprised of public, privately-registered and non-registered mutual funds, whose fair value is primarily based on the funds’ net asset value. Other separate account assets are recorded at fair value based on the methodology that is applicable to the underlying assets. In limited circumstances, other separate account assets are recorded at book value when the policyholder does not participate in the underlying portfolio experience.

Separate account liabilities, in conjunction with accrued transfers from separate accounts, represent contractholders’ funds adjusted for possible future surrender charges in accordance with the CARVM and the CRVM, respectively. The difference between full account value and CARVM/CRVM is reflected in accrued transfers to/from separate accounts, as prescribed by the NAIC, in the statutory statements of admitted assets, liabilities, capital and surplus. The annual change in the difference between full account value and CARVM/CRVM and its applicable federal income tax is reflected in the statutory statements of operations as part of the net transfers to/from separate accounts and federal income tax, respectively.

F-13

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Retained Assets

The Company does not retain beneficiary assets. During a death benefit claim, the death benefit settlement method is payment to the beneficiary in the form of a check or electronic funds transfer.

Investments

Bonds and stocks of unaffiliated companies. Bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value. Preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value. Common stocks are stated at fair value. Changes in the fair value of bonds and stocks stated at fair value are charged to capital and surplus.

Loan-backed and structured securities, which are included in bonds in the statutory financial statements, are stated in a manner consistent with the bond guidelines, but with additional consideration given to the special valuation rules implemented by the NAIC applicable to residential mortgage-backed securities that are not backed by U.S. government agencies, commercial mortgage-backed securities and certain other structured securities. Under these guidelines, an initial and adjusted NAIC designation is determined for each security. The initial NAIC designation, which takes into consideration the security’s amortized cost relative to an NAIC-prescribed valuation matrix, is used to determine the reporting basis (i.e., amortized cost or lower of amortized cost or fair value).

Interest income is recognized when earned, while dividends are recognized when declared. The Company nonadmits investment income due and accrued when amounts are over 90 days past due.

For investments in loan-backed and structured securities, the Company recognizes income and amortizes discounts and premiums using the effective-yield method based on prepayment assumptions, generally obtained using a model provided by a third-party vendor, and the estimated economic life of the securities. When actual prepayments differ significantly from estimated prepayments, the effective-yield is recalculated to reflect actual payments to date and anticipated future payments. Any resulting adjustment is included in net investment income in the period the estimates are revised. All other investment income is recorded using the effective-yield method without anticipating the impact of prepayments.

Purchases and sales of bonds and stocks are recorded on the trade date, with the exception of private placement bonds, which are recorded on the funding date. Realized gains and losses are determined on a specific identification method on the trade date.

Independent pricing services are most often utilized, and compared to pricing from additional sources when available, to determine the fair value of bonds and stocks for which market quotations or quotations on comparable securities or models are used. For these bonds and stocks, the Company obtains the pricing services’ methodologies and classifies the investments accordingly in the fair value hierarchy.

A corporate pricing matrix is used in valuing certain corporate bonds. The corporate pricing matrix was developed using publicly available spreads for certain privately-placed corporate bonds with varying weighted average lives and credit quality ratings. The weighted average life and credit quality rating of a particular bond to be priced using the corporate pricing matrix are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate U.S. Treasury yield to create an estimated market yield for that bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular bond.

Non-binding broker quotes are also utilized to determine the fair value of certain bonds when deemed appropriate or when valuations are not available from independent pricing services or a corporate pricing matrix. These bonds are classified with the lowest priority in the fair value hierarchy as only one broker quote is ordinarily obtained, the investment is not traded on an exchange, the pricing is not available to other entities and/or the transaction volume in the same or similar investments has decreased. Inputs used in the development of prices are not provided to the Company by the brokers as the brokers often do not provide the necessary transparency into their quotes and methodologies. At least annually, the Company performs reviews and tests to ensure that quotes are a reasonable estimate of the investments’ fair value. Price movements of broker quotes are subject to validation and require approval from the Company’s management. Management uses its knowledge of the investment and current market conditions to determine if the price is indicative of the investment’s fair value.

For all bonds, the Company considers its ability and intent to hold the security for a period of time sufficient to allow for the anticipated recovery in value, the expected recovery of principal and interest and the extent to which the fair value has been less than amortized cost. If the decline in fair value to below amortized cost is determined to be other-than-temporary, a realized loss is recorded equal to the difference between the amortized cost of the investment and its fair value.

F-14

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The Company periodically reviews loan-backed and structured securities in an unrealized loss position by comparing the present value of cash flows, including estimated prepayments, expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected, discounted at the security’s effective interest rate, is less than the amortized cost basis of the security, the impairment is considered other-than-temporary and a realized loss is recorded.

All other bonds in an unrealized loss position are periodically reviewed to determine if a decline in fair value to below amortized cost is other-than-temporary. Factors considered during this review include timing and amount of expected cash flows, ability of the issuer to meet its obligations, financial condition and future prospects of the issuer, amount and quality of any underlying collateral and current economic and industry conditions that may impact an issuer.

Stocks may experience other-than-temporary impairment based on the prospects for full recovery in value in a reasonable period of time and the Company’s ability and intent to hold the stock to recovery. If a stock is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the investment and its fair value.

Investments in subsidiaries. The investment in the Company’s wholly-owned insurance subsidiaries, NLAIC and Eagle, are carried using the equity method of accounting applicable to U.S. insurance subsidiary, controlled and affiliated (“SCA”) entities. This requires the investment to be recorded based on the value of its underlying audited statutory surplus. Furthermore, the equity method of accounting would be discontinued if the investment is reduced to zero, unless the Company has guaranteed obligations of the subsidiary or otherwise committed to provide further financial support. In accordance with the “look through” provisions of Statements of Statutory Accounting Principles (“SSAP”) No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, the valuation of JNF, an unaudited downstream noninsurance holding company, is based on the individual audited SCA entities owned by the holding company. Additionally, all non-affiliated liabilities, commitments, contingencies, guarantees or obligations of the holding company are reflected in the determination of the carrying value of the investments. The Company’s investment in NISC and NIA, wholly-owned non-insurance subsidiaries, are carried using the equity method of accounting applicable to U.S. non-insurance subsidiary, controlled and affiliated entities. This requires the investment to be recorded based on its underlying audited GAAP equity. Investments in NLAIC, JNF and NISC are included in stocks, and the investment in Eagle is included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus.

Mortgage loans, net of allowance. The Company holds commercial mortgage loans that are collateralized by properties throughout the U.S. Mortgage loans are held at unpaid principal balance adjusted for premiums and discounts, less a valuation allowance. The Company also holds commercial mortgage loans of these property types that are under development. Mortgage loans under development are collateralized by the borrower’s common stock.

As part of the underwriting process, specific guidelines are followed to ensure the initial quality of a new mortgage loan. Third-party appraisals are obtained to support loaned amounts as the loans are collateral dependent or guaranteed.

The collectability and value of a mortgage loan is based on the ability of the borrower to repay and/or the value of the underlying collateral. Many of the Company’s mortgage loans are structured with balloon payment maturities, exposing the Company to risks associated with the borrowers’ ability to make the balloon payment or refinance the property. Loans are considered delinquent when contractual payments are 90 days past due.

Mortgage loans require a loan-specific reserve when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When management determines that a loan requires a loan-specific reserve, a provision for loss is established equal to the difference between the carrying value and the fair value of the collateral less costs to sell. Loan-specific reserve charges are recorded in net realized capital gains and losses. In the event a loan-specific reserve charge is reversed, the recovery is also recorded in net realized capital gains and losses.

In addition to the loan-specific reserves, the Company maintains a non-specific reserve based primarily on loan surveillance categories and property type classes, which reflects management’s best estimates of probable credit losses inherent in the portfolio of loans without specific reserves as of the date of the statutory statements of admitted assets, liabilities, capital and surplus. Management’s periodic evaluation of the adequacy of the non-specific reserve is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect a group of borrowers’ ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. Non-specific reserve changes are recorded directly in capital and surplus as net unrealized capital gains and losses.

F-15

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Management evaluates the credit quality of individual mortgage loans and the portfolio as a whole through a number of loan quality measurements, including, but not limited to, loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios. The LTV ratio is calculated as a ratio of the amortized cost of a loan to the estimated value of the underlying collateral. DSC is the amount of cash flow generated by the underlying collateral of the mortgage loan available to meet periodic interest and principal payments of the loan. These loan quality measurements contribute to management’s assessment of relative credit risk in the mortgage loan portfolio. Based on underwriting criteria and ongoing assessment of the properties’ performance, management believes the amounts, net of valuation allowance, are collectible. This process identifies the risk profile and potential for loss individually and in the aggregate for the commercial mortgage loan portfolios. These factors are updated and evaluated at least annually. Due to the nature of the collateral underlying mortgage loans under development, these loans are not evaluated using the LTV and DSC ratios described above.

Interest income on performing mortgage loans is recognized in net investment income over the life of the loan using the effective-yield method. Loans in default or in the process of foreclosure are placed on non-accrual status. Interest received on non-accrual status mortgage loans is included in net investment income in the period received. Loans are restored to accrual status when the principal and interest is current and it is determined the future principal and interest payments are probable or the loan is modified.

Policy loans. Policy loans, which are collateralized by the related insurance policy, are held at the outstanding principal balance and do not exceed the net cash surrender value of the policy. As such, no valuation allowance for policy loans is required.

Cash and cash equivalents. Cash and cash equivalents include highly liquid investments with original maturities of less than three months and amounts on deposit in internal qualified cash pools. The Company and various affiliates maintain agreements with Nationwide Cash Management Company (“NCMC”), an affiliate, under which NCMC acts as a common agent in handling the purchase and sale of short-term securities for the respective accounts of the participants in the internal qualified cash pool.

Short-term investments. Short-term investments consist primarily of government agency discount notes with maturities of twelve months or less at acquisition. Short-term investments also include outstanding promissory notes with initial maturity dates of one-year or less with certain affiliates. The Company carries short-term investments at amortized cost, which approximates fair value.

Securities Lending. The Company has entered into securities lending agreements with a custodial bank whereby eligible securities are loaned to third parties, primarily major brokerage firms. These transactions are used to generate additional income in the securities portfolio. The Company is entitled to receive from the borrower any payments of interest and dividends received on loaned securities during the loan term. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as collateral. Cash collateral is invested by the custodial bank in investment-grade securities, which are included in the total invested assets of the Company. Periodically, the Company may receive non-cash collateral, which would be recorded off-balance sheet. The Company recognizes loaned securities in bonds. A securities lending payable is recorded for the amount of cash collateral received. If the fair value of the collateral received (cash and/or securities) is less than the fair value of the securities loaned, the shortfall is nonadmitted. Net income received from securities lending activities is included in net investment income. Because the borrower or the Company may terminate a securities lending transaction at any time, if loans are terminated in advance of the reinvested collateral asset maturities, the Company would repay its securities lending obligations from operating cash flows or the proceeds of sales from its investment portfolio, which includes significant liquid securities.

Other invested assets. Other invested assets consist primarily of alternative investments in private equity funds, private debt funds, tax credit funds, real estate partnerships and the investment in Eagle. Except for investments in certain tax credit funds, these investments are recorded using the equity method of accounting. Changes in carrying value as a result of the equity method are reflected as net unrealized capital gains and losses as a direct adjustment to capital and surplus. Gains and losses are generally recognized through income at the time of disposal or when operating distributions are received. Partnership interests in tax credit funds are held at amortized cost with amortization charged to net investment income over the period in which the tax benefits, primarily credits, are earned. Tax credits are recorded as an offset to tax expense in the period utilized.

F-16

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The Company sold $2.9 billion, $2.6 billion and $2.3 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2022, 2021 and 2020, respectively. The Company guarantees after-tax benefits to the third-party investors through periods ending in 2039. These guarantees are in effect for periods of approximately 15 years each. The Tax Credit Funds provide a stream of tax benefits to the investors that will generate a yield and return of capital. If the tax benefits are not sufficient to provide these cumulative after-tax yields, the Company must fund any shortfall. The maximum amount of undiscounted future payments that the Company could be required to pay the investors under the terms of the guarantees is $1.7 billion, but the Company does not anticipate making any material payments related to the guarantees. The Company’s risks are mitigated in the following ways: (1) the Company has the right to buyout the equity related to the guarantee under certain circumstances, (2) the Company may replace underperforming properties to mitigate exposure to guarantee payments, (3) the Company oversees the asset management of the deals and (4) changes in tax laws are explicitly excluded from the Company’s guarantees of after-tax benefits.

Derivative Instruments

The Company uses derivative instruments to manage exposures and mitigate risks primarily associated with interest rates, equity markets and foreign currency. These derivative instruments primarily include interest rate swaps, cross-currency swaps, futures and options.

Derivative instruments used in hedging transactions considered to be effective hedges are reported in a manner consistent with the hedged items. With the exception of derivatives applying the prescribed practice under OAC 3901-1-67, derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with changes in fair value recorded in capital and surplus as unrealized gains or losses.

The fair value of derivative instruments is determined using various valuation techniques relying predominantly on observable market inputs and internal models. These inputs include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

The Company’s derivative transaction counterparties are generally financial institutions. To reduce the credit risk associated with open contracts, the Company enters into master netting agreements which permit the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. In addition, the Company attempts to reduce credit risk by obtaining collateral from counterparties. The determination of the need for and the levels of collateral vary based on an assessment of the credit risk of the counterparty. The Company accepts collateral in the forms of cash and marketable securities. Non-cash collateral received is recorded off-balance sheet.

Cash flows and payment accruals on derivatives are recorded in net investment income.

Fair Value Measurements

Fair value is defined 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. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. In determining fair value, the Company uses various methods, including market, income and cost approaches.

The Company categorizes 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 Company categorizes assets and liabilities held at fair value in the statutory statements of admitted assets, liabilities, capital and surplus as follows:

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

Level 2. Unadjusted quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active 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. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate (“SOFR”), prime rates, cash flows, maturity dates, call ability, estimated prepayments and/or underlying collateral values.

F-17

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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 estimates of 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. Primary inputs to this valuation technique include broker quotes and comparative trades.

The Company reviews its fair value hierarchy classifications for assets and liabilities quarterly. Changes in the observability of significant valuation inputs identified during these reviews may trigger reclassifications. Reclassifications are reported as transfers at the beginning of the reporting period in which the change occurs.

Asset Valuation Reserve

The Company maintains an AVR as prescribed by the NAIC for the purpose of offsetting potential credit related investment losses on each invested asset category, excluding cash, policy loans and income receivable. The AVR contains a separate component for each category of invested assets. The change in AVR is charged or credited directly to capital and surplus.

Interest Maintenance Reserve

The Company records an IMR as prescribed by the NAIC, which represents the net deferral for interest-related gains or losses arising from the sale of certain investments, such as bonds, mortgage loans and loan-backed and structured securities sold. The IMR is applied as follows:

• for bonds, the designation from the NAIC Capital Markets and Investments Analysis Office must not have changed more than one designation between the beginning of the holding period and the date of sale;

• the bond must never have been classified as a default security;

• for mortgage loans, during the prior two years, they must not have had interest more than 90 days past due, been in the process of foreclosure or in the course of voluntary conveyance, nor had restructured terms; and

• for loan-backed and structured securities, all interest-related other-than-temporary impairments and interest-related realized gains or losses on sales of the securities.

The realized gains or losses, net of related federal income tax, from the applicable bonds and mortgage loans sold, have been removed from the net realized gain or loss amounts and established as a net liability. This liability is amortized into income such that the amount of each capital gain or loss amortized in a given year is based on the excess of the amount of income which would have been reported that year, if the asset had not been disposed of over the amount of income which would have been reported had the asset been repurchased at its sale price. In the event the unamortized IMR liability balance is negative, the balance is reclassified as an asset and fully nonadmitted. The Company utilizes the grouped method for amortization. Under the grouped method, the liability is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands.

Goodwill

For companies whose operations are primarily insurance related, goodwill is the excess of the cost to acquire a company over the Company’s share of the statutory book value of the acquired entity. Goodwill is recorded in stocks in the statutory statements of admitted assets, liabilities and surplus. Goodwill is amortized on a straight-line basis over the period of economic benefit, not to exceed ten years, with a corresponding charge to surplus. Goodwill was immaterial as of December 31, 2022 and 2021.

Federal Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets, net of any nonadmitted portion and statutory valuation allowance, and deferred tax liabilities, are recognized for the expected future tax consequences attributable to differences between the statutory financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The change in deferred taxes is charged directly to surplus, with the impact of taxes on unrealized capital gains or losses and nonadmitted assets reported separately in the statutory statements of changes in capital and surplus.

The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to change the provision for federal income taxes recorded in the statutory financial statements, which could be significant.

F-18

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Tax reserves are reviewed regularly and are adjusted as events occur that the Company believes impact its liability for additional taxes, such as lapsing of applicable statutes of limitations, conclusion of tax audits or substantial agreement with taxing authorities on the deductibility/nondeductibility of uncertain items, additional exposure based on current calculations, identification of new issues, release of administrative guidance or rendering of a court decision affecting a particular tax issue. The Company believes its tax reserves reasonably provide for potential assessments that may result from Internal Revenue Service (“IRS”) examinations and other tax-related matters for all open tax years.

The Company is included in the NMIC consolidated federal income tax return.

Reinsurance Ceded

The Company cedes insurance to other companies in order to limit potential losses and to diversify its exposures. Such agreements do not relieve the Company of its primary obligation to the policyholder in the event the reinsurer is unable to meet the obligations it has assumed. Reinsurance premiums ceded and reinsurance recoveries on benefits and claims incurred are deducted from the respective income and expense accounts. Assets and liabilities related to reinsurance ceded are reported in the statutory statements of admitted assets, liabilities, changes in capital and surplus on a net basis within the related future policy benefits and claims of the Company.

Participating Business

Participating business, which refers to policies that participate in profits through policyholder dividends, represented approximately 4% of the Company’s life insurance in force in 2022 and 2021, and 49% and 50% of the number of life insurance policies in force in 2022 and 2021, respectively. The provision for policyholder dividends was based on the respective year’s dividend scales, as approved by the Board of Directors. Policyholder dividends are recognized when declared. No additional income was allocated to participating policyholders during 2022 and 2021.

Accounting Changes and Corrections of Errors

Effective January 1, 2021, the Company elected to apply OAC 3901-1-67 to its derivative instruments hedging indexed products and indexed annuity reserve liabilities. As a result of the Company’s election to apply OAC 3901-1-67 as of January 1, 2021, the Company’s admitted assets decreased $3 million, total liabilities decreased $2 million and capital and surplus decreased $1 million, which included a $3 million reduction to unassigned surplus from the cumulative effect of the change in accounting principle.

Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to VM-21. As a result of this change, the Company records stochastic reserves, floored at the cash surrender value, instead of reserves using the standard scenario previously required under Actuarial Guideline XLIII “CARVM for Variable Annuities”. The impacts of the valuation basis change were recognized as of January 1, 2020, resulting in an increase to statutory capital and surplus of $78 million. In addition, the Company changed its reserve valuation basis for stable value wraps covering certain group life insurance policies from Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts, to VM-21. There was no impact to statutory capital and surplus as a result of this change.

During 2020, the Company modified its approach used to schedule the reversals of its deferred tax assets for policyholder reserves under SSAP No. 101, Income Taxes (“SSAP No. 101”). Prior to 2020, the Company scheduled the reversals of its deferred tax assets for policyholder reserves by estimating the reserve reversal using the aggregate policyholder reserve. As of January 1, 2020, the Company is now taking a disaggregated approach and calculates reversal of the deferred tax assets for policyholder reserves on a product-by-product basis. The new method is more precise and better reflects how the deferred tax assets for policyholder reserves moves with the underlying reserve liability. SSAP No. 101 permits a company to modify its scheduling method so long as the modification is treated as change in accounting principle. The impact of the change increases the Company’s net admitted deferred tax asset $6 million and $5 million as of December 31, 2020 and January 1, 2020, respectively, with a commensurate increase in capital and surplus. There was no impact on net income.

During 2022, the Company identified and corrected an error in annuity product allocation drivers for general operating expenses between the Company and NLAIC that resulted in an understatement of the Company’s general insurance expenses for the years ended December 31, 2021, 2020 and 2019. The error resulted in an overstatement of net income of $22 million, an overstatement of total surplus of $45 million, an overstatement of total assets of $13 million and an understatement of total liabilities of $32 million as of and for the year ended December 31, 2021. In accordance with SSAP No. 3, Accounting Changes and Corrections of Errors (“SSAP No. 3”), the total prior period correction was recorded as a decrease to total surplus of $45 million, a decrease to total assets of $13 million and an increase to total liabilities of $32 million as of January 1, 2022. Additionally, the Company’s subsidiary, NLAIC, identified and corrected errors as of January 1, 2022 that increased the Company’s investment in NLAIC and total surplus by $6 million. The net decrease to the Company’s total surplus of $39 million in 2022 as a result of these corrections is reported as a negative adjustment to unassigned surplus.

F-19

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

During 2020, the Company identified and corrected an error in the variable annuity ceded premium calculation under the intercompany 100% coinsurance agreement with Eagle. The error resulted in an understatement of ceded premiums for the years ended December 31, 2019 and 2018. In accordance with SSAP No. 3, the total prior period correction of $9 million was reported in 2020 as a negative adjustment to unassigned funds (surplus) and consisted of $11 million of ceded premiums, offset by $2 million of taxes.

Recently Adopted Accounting Standard

Effective January 1, 2021, the Company adopted revisions to SSAP No. 32R, Preferred Stock (“SSAP No. 32R”). The adopted revisions updated the definition for redeemable and perpetual preferred stock and furthermore, updated the valuation classification for perpetual preferred stock to fair value. Previously, perpetual preferred stock could have been valued at amortized cost or fair value based on the rating of the security. Per SSAP No. 32R, any valuation classification changes from amortized cost to fair value are to be recognized in statutory surplus. Going forward, changes to fair value will be recognized as a change in net unrealized capital gains and losses in statutory surplus. As a result of this change, the Company recorded an increase to statutory capital and surplus of $9 million as of January 1, 2021.

Subsequent Events

The Company evaluated subsequent events through March 17, 2023, the date the statutory financial statements were issued.

F-20

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(3) Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

The following table summarizes the analysis of individual annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

(in millions)	General account1			Separate account with guarantees		Separate account non- guaranteed		Total			% of Total
December 31, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	2,279			90		-	$	2,369			4	%
At book value less current surrender charge of 5% or more		675			-		-		675			1	%
At fair value		11			-		57,823		57,834			87	%
Total with market value adjustment or at fair value	$	2,965		$	90	$	57,823	$	60,878			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,365			-		6		3,371			5	%
Not subject to discretionary withdrawal		2,009			-		56		2,065			3	%
Total, gross	$	8,339		$	90	$	57,885	$	66,314			100	%
Less: Reinsurance ceded		(110	)		-		-		(110	)
Total, net	$	8,229		$	90	$	57,885	$	66,204
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	65		$	-	$	-	$	65
December 31, 2021
Subject to discretionary withdrawal:
With market value adjustment	$	622			125		-	$	747			1	%
At book value less current surrender charge of 5% or more		209			-		-		209			0	%
At fair value		12			-		73,141		73,153			93	%
Total with market value adjustment or at fair value	$	843		$	125	$	73,141	$	74,109			94	%
At book value without adjustment (minimal or no charge or adjustment)		3,295			-		6		3,301			4	%
Not subject to discretionary withdrawal		1,749			-		69		1,818			2	%
Total, gross	$	5,887		$	125	$	73,216	$	79,228			100	%
Less: Reinsurance ceded		(114	)		-		-		(114	)
Total, net	$	5,773		$	125	$	73,216	$	79,114
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	53		$	-	$	-	$	53

¹ Includes reserves applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

F-21

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the analysis of group annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

(in millions)	General account1			Separate account with guarantees		Separate account non- guaranteed		Total			% of Total
December 31, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	18,397			2,069		-	$	20,466			49	%
At book value less current surrender charge of 5% or more		6			-		-		6			0	%
At fair value		-			-		15,701		15,701			38	%
Total with market value adjustment or at fair value	$	18,403		$	2,069	$	15,701	$	36,173			87	%
At book value without adjustment (minimal or no charge or adjustment)		4,211			-		-		4,211			10	%
Not subject to discretionary withdrawal		1,051			103		-		1,154			3	%
Total, gross	$	23,665		$	2,172	$	15,701	$	41,538			100	%
Less: Reinsurance ceded		(53	)		-		-		(53	)
Total, net	$	23,612		$	2,172	$	15,701	$	41,485
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	6		$	-	$	-	$	6
December 31, 2021
Subject to discretionary withdrawal:
With market value adjustment	$	18,205			2,389		-	$	20,594			44	%
At book value less current surrender charge of 5% or more		6			-		-		6			0	%
At fair value		-			-		20,679		20,679			44	%
Total with market value adjustment or at fair value	$	18,211		$	2,389	$	20,679	$	41,279			88	%
At book value without adjustment (minimal or no charge or adjustment)		5,227			-		-		5,227			11	%
Not subject to discretionary withdrawal		673			-		3		676			1	%
Total, gross	$	24,111		$	2,389	$	20,682	$	47,182			100	%
Less: Reinsurance ceded		(55	)		-		-		(55	)
Total, net	$	24,056		$	2,389	$	20,682	$	47,127
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	6		$	-	$	-	$	6

¹ Includes reserves applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

F-22

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the analysis of deposit-type contracts and other liabilities without life or disability contingencies by withdrawal characteristics, as of the dates indicated:

(in millions)	General account		Separate account non- guaranteed		Total		% of Total
December 31, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	1	$	-	$	1		0	%
At fair value		-		-		-		0	%
Total with market value adjustment or at fair value	$	1	$	-	$	1		0	%
At book value without adjustment (minimal or no charge or adjustment)		666		2		668		16	%
Not subject to discretionary withdrawal		3,522		14		3,536		84	%
Total, gross	$	4,189	$	16	$	4,205		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	4,189	$	16	$	4,205
December 31, 2021
Subject to discretionary withdrawal:
With market value adjustment	$	2	$	-	$	2		0	%
At fair value		-		-		-		0	%
Total with market value adjustment or at fair value	$	2	$	-	$	2		0	%
At book value without adjustment (minimal or no charge or adjustment)		665		3		668		17	%
Not subject to discretionary withdrawal		3,132		17		3,149		83	%
Total, gross	$	3,799	$	20	$	3,819		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	3,799	$	20	$	3,819

The following table is a reconciliation of total annuity actuarial reserves and deposit fund liabilities, as of the dates indicated:

	December 31,
(in millions)	2022		2021
Life, accident and health annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	31,827	$	29,815
Supplemental contracts with life contingencies, net		14		15
Deposit-type contracts		4,189		3,799
Subtotal	$	36,030	$	33,629
Separate accounts annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	75,848	$	96,412
Other contract deposit funds		16		20
Subtotal	$	75,864	$	96,432
Total annuity actuarial reserves and deposit fund liabilities, net	$	111,894	$	130,061

F-23

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the analysis of life actuarial reserves by withdrawal characteristics, as of the dates indicated:

	General account									Separate account -  nonguaranteed
(in millions)	Account value			Cash value			Reserve			Account value		Cash value		Reserve
December 31, 2022
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	11		$	11		$	-	$	-	$	-
Universal life		2,626			1,982			2,802			-		-		-
Universal life with secondary guarantees		426			353			929			-		-		-
Indexed universal life with secondary guarantees		283			210			304			-		-		-
Other permanent cash value life insurance		-			1,979			2,473			-		-		-
Variable life		2,850			2,898			3,010			25,626		25,621		25,260
Miscellaneous reserves		-			-			-			-		-		-
Subtotal	$	6,185		$	7,433		$	9,529		$	25,626	$	25,621	$	25,260
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			206			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			15			-		-		-
Disability - disabled lives		-			-			59			-		-		-
Miscellaneous reserves		-			-			31			-		-		-
Total, gross	$	6,185		$	7,433		$	9,841		$	25,626	$	25,621	$	25,260
Less: reinsurance ceded		(9	)		(9	)		(178	)		-		-		-
Total, net	$	6,176		$	7,424		$	9,663		$	25,626	$	25,621	$	25,260

F-24

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

	General account									Separate account - nonguaranteed
(in millions)	Account value			Cash value			Reserve			Account value		Cash value		Reserve
December 31, 2021
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	11		$	11		$	-	$	-	$	-
Universal life		2,609			2,624			2,783			-		-		-
Universal life with secondary guarantees		395			320			855			-		-		-
Indexed universal life with secondary guarantees		232			174			251			-		-		-
Other permanent cash value life insurance		-			1,271			2,539			-		-		-
Variable life		2,334			2,403			2,503			27,487		27,480		27,480
Miscellaneous reserves		-			-			-			-		-		6
Subtotal	$	5,570		$	6,803		$	8,942		$	27,487	$	27,480	$	27,486
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			241			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			14			-		-		-
Disability - disabled lives		-			-			58			-		-		-
Miscellaneous reserves		-			-			33			-		-		-
Total, gross	$	5,570		$	6,803		$	9,289		$	27,487	$	27,480	$	27,486
Less: reinsurance ceded		(9	)		(9	)		(209	)		-		-		-
Total, net	$	5,561		$	6,794		$	9,080		$	27,487	$	27,480	$	27,486

The following table is a reconciliation of life actuarial reserves, as of the dates indicated:

	December 31,
(in millions)	2022		2021
Life, accident and health annual statement:
Life Insurance, net	$	9,569	$	8,986
Accidental death benefits, net		1		1
Disability - active lives, net		14		13
Disability - disabled lives, net		52		51
Miscellaneous reserves, net		27		29
Subtotal	$	9,663	$	9,080
Separate accounts annual statement:
Life insurance1	$	25,570	$	27,788
Miscellaneous reserves		-		6
Subtotal	$	25,570	$	27,794
Total life actuarial reserves, net	$	35,233	$	36,874

1 In 2022, life insurance account value, cash value and reserve includes separate accounts with guarantees of $310 million for universal life. In 2021, life insurance account value, cash value and reserve includes separate accounts with guarantees of $308 million for universal life.

F-25

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Direct Premium Written by Managing General Agents and Third Party Administrators

The following table summarizes direct premium written by managing general agents and third party administrators as of December 31, 2022:

(in millions) Managing general agent/ third party reserve	FEIN number	Exclusive contract		Types of business written		Types of authority granted1	Total Direct Premium
AccuRisk Solutions, LLC	31-1777676		Not Exclusive		Accident & health	C / CA / B / P / U		106
BEAM Insurance Administrators, LLC	61-1776148		Not Exclusive		Accident & health	C / CA / B / P / U		6
Fringe Insurance Benefits, Inc.	74-2616364		Not Exclusive		Accident & health	B / P / U		40
Gilsbar, Inc.	72-0519951		Not Exclusive		Accident & health	B / P / U		18
IRC	74-2824053		Not Exclusive		Accident & health	C / CA / B / P / U		26
Maverick Health Solutions, LLC	87-3345548		Not Exclusive		Accident & health	B / C / CA / P		2
Merchants Benefit Administration, Inc.	86-0875918		Exclusive		Accident & health	B / C / CA / P		31
PRAM Insurance Services, Inc.	33-0367265		Not Exclusive		Accident & health	C / CA / B / P / U		5
RMTS - Manufacturers & Traders Trust Co.	20-1049240		Not Exclusive		Accident & health	C / CA / B / P / U		32
Roundstone Management, Ltd.	27-0371422		Not Exclusive		Accident & health	C / CA / B / P / U		90
Star Line Group	04-3499188		Not Exclusive		Accident & health	C / CA / B / P / U		6
TMS RE Inc	65-0644164		Not Exclusive		Accident & health	C / CA / B / P / U		45
United Group Programs Inc.	59-1896277		Not Exclusive		Accident & health	C / CA / B / P / U		8
Total Direct Premiums Written and Produced							$	415

1 Authority code key includes: C– claims payment, CA– claims adjustment, B- binding authority, P-premium collection, U- underwriting.

F-26

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(4)    Separate Accounts

The Company’s separate account statement includes assets legally insulated from the general account as of the dates indicated, attributed to the following product lines:

	December 31, 2022				December 31, 2021
(in millions)	Separate account assets legally insulated		Separate account assets (not legally insulated)		Separate account assets legally insulated		Separate account assets (not legally insulated)
Product / Transaction:
Individual annuities	$	63,282	$	-	$	79,416	$	-
Group annuities		13,743		-		18,091		-
Life insurance		25,688		-		27,865		-
Pension risk transfer group annuities		95		-		-		-
Total	$	102,808	$	-	$	125,372	$	-

The following table summarizes amounts paid towards separate account guarantees by the general account and related risk charges paid by the separate account for the years ended:

(in millions)	Total paid toward separate account guarantees		Risk charges paid to general account
2022	$	79	$	722
2021	$	12	$	674
2020	$	26	$	631
2019	$	58	$	612
2018	$	18	$	594

The Company does not engage in securities lending transactions within its separate accounts.

Most separate accounts held by the Company relate to individual and group variable annuity and variable universal life insurance contracts of a non-guaranteed return nature. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative. The individual variable annuity contracts generally provide an incidental death benefit of the greater of account value or premium paid (net of prior withdrawals). However, many individual variable annuity contracts also provide death benefits equal to (i) the most recent fifth-year anniversary account value, (ii) the highest account value on any previous anniversary, (iii) premiums paid increased 5% or certain combinations of these, all adjusted for prior withdrawals. The death benefit and cash value under the variable universal life policies may vary with the investment performance of the underlying investments in the separate accounts. The assets and liabilities of these separate accounts are carried at fair value and are non-guaranteed.

Certain other separate accounts offered by the Company contain groups of variable universal life policies wherein the assets supporting account values on the underlying policies reside in Private Placement Separate Accounts. They provide a quarterly interest rate based on a crediting formula that reflects the market value to book value ratio of the investments, investment portfolio yield and a specified duration.

Certain other separate accounts relate to a guaranteed term option, which provides a guaranteed interest rate that is paid over certain maturity durations ranging from three to ten years, so long as certain conditions are met. If amounts allocated to the guaranteed term option are distributed prior to the maturity period, a market value adjustment can be assessed. The assets and liabilities of these separate accounts are carried at fair value.

The Company has a separate account that holds group annuity contracts offered through the Company’s PRT business, wherein the Company provides guaranteed benefit payments to annuitants. The Company issues PRT business out of both the general and separate accounts, and within both, the assets and liabilities of this business are carried at amortized cost. The PRT separate account business has been included as a nonindexed guarantee less than or equal to 4%.

Another separate account offered by the Company contains a group of universal life policies wherein the assets supporting the account values on the underlying policies reside in a Private Placement Separate Account. It provides an annual interest rate guarantee, subject to a minimum guarantee of 3%. The interest rate declared each year reflects the anticipated investment experience of the account. The business has been included as a nonindexed guarantee less than or equal to 4%.

F-27

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following tables summarize the separate account reserves of the Company, as of the dates indicated:

(in millions)	Nonindexed guarantee less than or equal to 4%		Nonindexed guarantee more than 4%		Nonguaranteed separate accounts		Total
December 31, 2022
Premiums, considerations or deposits	$	174	$	-	$	7,583	$	7,757
Reserves
For accounts with assets at:
Fair value	$	2,016	$	145	$	98,862	$	101,023
Amortized cost		411		-		-		411
Total reserves1	$	2,427	$	145	$	98,862	$	101,434
By withdrawal characteristics:
With market value adjustment	$	2,117	$	145	$	-	$	2,262
At fair value		-		-		98,784		98,784
At book value without market value adjustment and with current surrender charge less than 5%		310		-		8		318
Subtotal	$	2,427	$	145	$	98,792	$	101,364
Not subject to discretionary withdrawal		-		-		70		70
Total reserves1	$	2,427	$	145	$	98,862	$	101,434

1 The total reserves balance does not equal the liabilities related to separate accounts of $102.8 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.4 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

(in millions)	Nonindexed guarantee less than or equal to 4%		Nonindexed guarantee more than 4%		Nonguaranteed separate accounts		Total
December 31, 2021
Premiums, considerations or deposits	$	221	$	-	$	8,088	$	8,309
Reserves
For accounts with assets at:
Fair value	$	2,368	$	146	$	121,404	$	123,918
Amortized cost		308		-		-		308
Total reserves1	$	2,676	$	146	$	121,404	$	124,226
By withdrawal characteristics:
With market value adjustment	$	2,368	$	146	$	-	$	2,514
At fair value		-		-		121,307		121,307
At book value without market value adjustment and with current surrender charge less than 5%		308		-		9		317
Subtotal	$	2,676	$	146	$	121,316	$	124,138
Not subject to discretionary withdrawal		-		-		88		88
Total reserves1	$	2,676	$	146	$	121,404	$	124,226

1 The total reserves balance does not equal the liabilities related to separate accounts of $125.4 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.2 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

F-28

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table is a reconciliation of net transfers from separate accounts, as of the dates indicated:

	December 31,
(in millions)	2022			2021			2020
Net transfers as reported in the statutory statements of operations of the separate accounts:
Transfers to separate accounts	$	7,757		$	8,309		$	5,809
Transfers from separate accounts		(8,860	)		(10,860	)		(8,921	)
Net transfers from separate accounts	$	(1,103	)	$	(2,551	)	$	(3,112	)
Reconciling adjustments:
Exchange accounts offsetting in the general account		(606	)		(552	)		(337	)
Fees not included in general account transfers		47			68			(67	)
Other miscellaneous adjustments not included in the general account balance		27			33			(28	)
Net transfers as reported in the statutory statements of operations	$	(1,635	)	$	(3,002	)	$	(3,544	)

F-29

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(5)    Investments

Bonds and Stocks

The following table summarizes the carrying value, the excess of fair value over carrying value, the excess of carrying value over fair value and the fair value of bonds and stocks, as of the dates indicated:

(in millions)	Carrying value		Fair value in excess of carrying value		Carrying value in excess of fair value		Fair value
December 31, 2022
Bonds:
U.S. Government	$	1	$	-	$	-	$	1
States, territories and possessions		561		7		55		513
Political subdivisions		380		9		28		361
Special revenues		3,035		36		362		2,709
Industrial and miscellaneous		29,529		118		3,115		26,532
Loan-backed and structured securities		6,702		30		438		6,294
Total bonds	$	40,208	$	200	$	3,998	$	36,410
Common stocks unaffiliated	$	239	$	-	$	-	$	239
Preferred stocks unaffiliated		30		1		-		31
Total unaffiliated stocks1	$	269	$	1	$	-	$	270
Total bonds and unaffiliated stocks1	$	40,477	$	201	$	3,998	$	36,680
December 31, 2021
Bonds:
U.S. Government	$	12	$	-	$	-	$	12
States, territories and possessions		463		44		1		506
Political subdivisions		376		66		-		442
Special revenues		2,882		489		2		3,369
Industrial and miscellaneous		28,233		2,649		86		30,796
Loan-backed and structured securities		5,965		183		31		6,117
Total bonds	$	37,931	$	3,431	$	120	$	41,242
Common stocks unaffiliated	$	225	$	-	$	-	$	225
Preferred stocks unaffiliated		50		-		-		50
Total unaffiliated stocks1	$	275	$	-	$	-	$	275
Total bonds and unaffiliated stocks1	$	38,206	$	3,431	$	120	$	41,517

1 Excludes affiliated common stocks with a carrying value of $3.4 billion and $2.7 billion as of December 31, 2022 and 2021, respectively. Affiliated common stocks include investment in NLAIC and JNF of $3.2 billion and $186 million as of December 31, 2022, respectively, and $2.6 billion and $186 million as of December 31, 2021, respectively.

The carrying value of bonds on deposit with various states as required by law or special escrow agreement was $3 million as of December 31, 2022 and 2021.

F-30

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2022. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without early redemption penalties:

(in millions)	Carrying value		Fair value
Bonds:
Due in one year or less	$	964	$	959
Due after one year through five years		8,339		7,969
Due after five years through ten years		10,276		9,208
Due after ten years		13,927		11,980
Total bonds excluding loan-backed and structured securities	$	33,506	$	30,116
Loan-backed and structured securities		6,702		6,294
Total bonds	$	40,208	$	36,410

The following table summarizes the fair value and unrealized losses on bonds and stocks (amount by which cost or amortized cost exceeds fair value), for which other-than-temporary declines in value have not been recognized, based on the amount of time each type of bond or stock has been in an unrealized loss position, as of the dates indicated:

	Less than or equal to one year				More than one year				Total
(in millions)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
December 31, 2022
Bonds:
U.S. Government	$	1	$	-	$	-	$	-	$	1	$	-
States, territories and possessions		352		49		23		6		375		55
Political subdivisions		157		27		-		-		157		27
Special revenues		1,935		332		55		22		1,990		354
Industrial and miscellaneous		21,261		2,526		2,604		739		23,865		3,265
Loan-backed and structured securities		3,800		263		2,079		177		5,879		440
Total bonds	$	27,506	$	3,197	$	4,761	$	944	$	32,267	$	4,141
Common stocks unaffiliated	$	45	$	11	$	19	$	6	$	64	$	17
Preferred stocks unaffiliated		20		2		3		1		23		3
Total unaffiliated stocks	$	65	$	13	$	22	$	7	$	87	$	20
Total bonds and unaffiliated stocks	$	27,571	$	3,210	$	4,783	$	951	$	32,354	$	4,161
December 31, 2021
Bonds:
U.S. Government	$	3	$	-	$	-	$	-	$	3	$	-
States, territories and possessions		77		1		1		-		78		1
Special revenues		76		2		-		-		76		2
Industrial and miscellaneous		3,355		74		455		48		3,810		122
Loan-backed and structured securities		2,005		14		332		19		2,337		33
Total bonds	$	5,516	$	91	$	788	$	67	$	6,304	$	158
Common stocks unaffiliated	$	-	$	-	$	23	$	2	$	23	$	2
Preferred stocks unaffiliated		14		-		-		-		14		-
Total unaffiliated stocks	$	14	$	-	$	23	$	2	$	37	$	2
Total bonds and unaffiliated stocks	$	5,530	$	91	$	811	$	69	$	6,341	$	160

As of December 31, 2022, management evaluated securities in an unrealized loss position for impairment. As of the reporting date, the Company has the intent and ability to hold these securities until the fair value recovers, which may be maturity, and therefore, does not consider the securities to be other-than-temporarily impaired.

There was no intent to sell loan-backed and structured securities that have been identified as having other-than-temporary impairments for the years ended December 31, 2022 and 2021.

F-31

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Mortgage Loans, Net of Allowance

The following table summarizes the amortized cost of mortgage loans by method of evaluation for credit loss, and the related valuation allowances by type of credit loss, as of the dates indicated:

	December 31,
(in millions)	2022		2021
Amortized cost:
Loans with non-specific reserves	$	8,393	$	8,219
Loans with specific reserves		8		9
Total amortized cost	$	8,401	$	8,228
Valuation allowance:
Non-specific reserves	$	37	$	42
Specific reserves		1		1
Total valuation allowance1	$	38	$	43
Mortgage loans, net of allowance	$	8,363	$	8,185

1 Changes in the valuation allowance are due to current period provisions. These changes in the valuation allowance for the years ended December 31, 2022, 2021, and 2020 were immaterial.

As of December 31, 2022 and 2021, the Company’s mortgage loans classified as delinquent and/or in non-accrual status were immaterial in relation to the total mortgage loan portfolio.

The following table summarizes the LTV ratio and DSC ratio of the mortgage loan portfolio as of the dates indicated:

	LTV ratio						DSC ratio
(in millions)	Less than 90%		90% or greater		Total		Greater than 1.00			Less than or equal to 1.00			Total
December 31, 2022
Apartment	$	3,651	$	22	$	3,673	$	3,632		$	41		$	3,673
Industrial		1,437		-		1,437		1,437			-			1,437
Office		1,223		3		1,226		1,214			12			1,226
Retail		1,815		8		1,823		1,794			29			1,823
Other		225		-		225		217			8			225
Total1	$	8,351	$	33	$	8,384	$	8,294		$	90		$	8,384
Weighted average DSC ratio		2.20		0.82		2.19		n/a			n/a			n/a
Weighted average LTV ratio		n/a		n/a		n/a		57	%		81	%		57%
December 31, 2021
Apartment	$	3,441	$	33	$	3,474	$	3,445		$	29		$	3,474
Industrial		1,137		-		1,137		1,137			-			1,137
Office		1,226		25		1,251		1,231			20			1,251
Retail		2,067		41		2,108		2,068			40			2,108
Other		171		-		171		171			-			171
Total1	$	8,042	$	99	$	8,141	$	8,052		$	89		$	8,141
Weighted average DSC ratio		2.22		1.31		2.21		n/a			n/a			n/a
Weighted average LTV ratio		n/a		n/a		n/a		59	%		78	%		59%

1 Excludes $17 million and $87 million of commercial mortgage loans that were under development as of December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 2021, the Company has a diversified mortgage loan portfolio with no more than 23% and 24%, respectively, in a geographic region in the U.S. and no more than 1% with any one borrower. The maximum and minimum lending rates for mortgage loans originated or acquired during 2022 were 11.0% and 2.9%, respectively, and for those originated or acquired during 2021 were 4.1% and 1.9%, respectively. As of December 31, 2022 and 2021, the maximum LTV ratio of any one loan at the time of loan origination was 80%. As of December 31, 2022 and 2021, the Company did not hold mortgage loans with interest 90 days or more past due. Additionally, there were no taxes, assessments or any amounts advanced and not included in the mortgage loan portfolio.

F-32

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Securities Lending

The fair value of loaned securities was $611 million and $547 million as of December 31, 2022 and 2021, respectively. The Company held $232 million and $170 million of cash collateral on securities lending as of December 31, 2022 and 2021, respectively. As of December 31, 2022, the carrying value and fair value of reinvested collateral assets was $232 million. As of December 31, 2021, the carrying value and fair value of reinvested collateral assets was $170 million. The fair value of bonds acquired with reinvested collateral assets was $236 million and $173 million as of December 31, 2022 and 2021, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $394 million and $388 million of non-cash collateral on securities lending as of December 31, 2022 and 2021, respectively.

Net Investment Income

The following table summarizes net investment income by investment type, for the years ended:

	December 31,
(in millions)	2022		2021		2020
Bonds	$	1,511	$	1,417	$	1,419
Mortgage loans		334		358		339
Other invested assets		196		499		384
Policy loans		42		43		43
Derivative instruments1		19		31		25
Other		44		12		16
Gross investment income	$	2,146	$	2,360	$	2,226
Investment expenses		(127)		(129)		(119)
Net investment income	$	2,019	$	2,231	$	2,107

1 Includes net investment income applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2, for the years ended December 31, 2022 and 2021.

The amount of investment income due and accrued that was nonadmitted as of December 31, 2022 and 2021 was immaterial.

Net Realized Capital Gains and Losses

The following table summarizes net realized capital gains and losses for the years ended:

	December 31,
(in millions)	2022			2021			2020
Gross gains on sales	$	31		$	106		$	36
Gross losses on sales		(149	)		(32	)		(42	)
Net realized (losses) gains on sales	$	(118	)	$	74		$	(6	)
Net realized derivative gains (losses)1		284			(679	)		(521	)
Other-than-temporary impairments		(26	)		(4	)		(78	)
Total net realized gains (losses)	$	140			$(609)		$	(605	)
Tax expense (benefit) on net gains (losses)		3			59			(26	)
Net realized capital gains (losses), net of tax	$	137			$    (668)		$	(579	)
Less: Realized (losses) gains transferred to the IMR		(103	)		15			(4	)
Net realized capital gains (losses), net of tax and transfers to the IMR	$	240		$	(683	)	$	(575	)

1 Includes impacts to derivative instruments applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2, for the years ended December 31, 2022 and 2021.

For the year ended December 31, 2022, gross realized gains and gross realized losses on sales of bonds were $7 million and $145 million, respectively. For the year ended December 31, 2021, gross realized gains and gross realized losses on sales of bonds were $80 million and $31 million, respectively. For the year ended December 31, 2020, gross realized gains and gross realized losses on sales of bonds were $26 million and $38 million, respectively.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2022, 2021 and 2020.

F-33

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Investment Commitments

The Company had unfunded commitments related to its investment in limited partnerships and limited liability companies totaling $894 million and $793 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, there were $207 million and $89 million of commitments to purchase private placement bonds, respectively. There were $291 million of outstanding commitments and no outstanding commitments to fund mortgage loans as of December 31, 2022 and 2021, respectively.

(6) Derivative Instruments

The Company is exposed to certain risks related to its ongoing business operations which are managed using derivative instruments.

Interest rate risk management. In the normal course of business, the Company enters into transactions that expose it to interest rate risk arising from mismatches between assets and liabilities. The Company may use interest rate swaps and futures to reduce or alter interest rate exposure.

Interest rate contracts are used by the Company in association with fixed and variable rate investments to achieve cash flow streams that support certain financial obligations of the Company and to produce desired investment returns. As such, interest rate contracts are generally used to convert fixed rate cash flow streams to variable rate cash flow streams or vice versa.

Equity market risk management. The Company issues a variety of insurance products that expose it to equity risks. To mitigate these risks, the Company enters into a variety of derivatives including futures and options.

Indexed crediting risk management. The Company issues a variety of insurance and annuity products with indexed crediting features that expose the Company to risks related to the performance of an underlying index. To mitigate these risks, the Company enters into a variety of derivatives including index options, total return swaps and futures. The underlying indices can have exposure to equites, commodities and fixed income securities.

Other risk management. As part of its regular investing activities, the Company may purchase foreign currency denominated investments. These investments and the associated income expose the Company to volatility associated with movements in foreign exchange rates. As foreign exchange rates change, the increase or decrease in the cash flows of the derivative instrument are intended to mitigate the changes in the functional-currency equivalent cash flows of the hedged item. To mitigate this risk, the Company uses cross-currency swaps.

Credit risk associated with derivatives transactions. The Company periodically evaluates the risks within the derivative portfolios due to credit exposure. When evaluating this risk, the Company considers several factors which include, but are not limited to, the counterparty credit risk associated with derivative receivables, the Company’s own credit as it relates to derivative payables, the collateral thresholds associated with each counterparty and changes in relevant market data in order to gain insight into the probability of default by the counterparty. The Company also considers the impact credit exposure could have on the effectiveness of the Company’s hedging relationships. As of December 31, 2022 and 2021, the impact of the exposure to credit risk on the fair value measurement of derivatives and the effectiveness of the Company’s hedging relationships was immaterial.

F-34

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the fair value, carrying value and related notional amounts of derivative instruments, as of the dates indicated:

(in millions)	Notional amount		Net Carrying Value		Fair value asset		Fair value liability			Average fair value
December 31, 2022
Interest rate swaps	$	-	$	-	$	-	$	-		$	-
Options		96		1		2		-			-
Cross currency swaps		1,498		135		174		(9	)		2
Futures		3,316		-		-		-			-
Total derivatives¹	$	4,910	$	136	$	176	$	(9	)	$	2
December 31, 2021
Interest rate swaps	$	7	$	-	$	-	$	-		$	-
Options		25		1		1		-			-
Cross currency swaps		1,465		32		101		(13	)		1
Futures		2,715		-		-		-			-
Total derivatives¹	$	4,212	$	33	$	102	$	(13	)	$	1

1 Fair value balance excludes immaterial accrued interest on derivative assets for December 31, 2022 and 2021.

The derivative assets subject to master netting agreements were $8 million and $13 million as of December 31, 2022 and 2021. The Company received $178 million and $92 million of cash collateral and $20 million and $17 million in pledged securities, respectively, resulting in an immaterial uncollateralized position as of December 31, 2022 and 2021. The derivative liabilities subject to master netting agreements were $8 million and $13 million as of December 31, 2022 and 2021. The Company posted immaterial cash collateral, resulting in an immaterial uncollateralized position as of December 31, 2022 and 2021. Securities received as collateral are recorded off-balance sheet and exclude initial margin posted on derivatives of $236 million and $171 million as of December 31, 2022 and 2021, respectively.

The following table summarizes net gains and losses on derivatives programs by type of derivative instrument, as of the dates indicated:

	Net realized gains (losses) recorded in operations								Unrealized gains (losses) recorded in capital and surplus
	December 31,								December 31,
(in millions)	2022		2021			2020			2022		2021		2020
Options	$	-	$	-		$	-		$	-	$	-	$	(1	)
Cross currency swaps		1		1			4			103		69		(102	)
Futures		283		(680	)		(525	)		124		27		1
Total	$	284	$	(679	)	$	(521	)	$	227	$	96	$	(102	)

F-35

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(7) Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2022:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	11	$	-	$	-	$	11
Common stocks unaffiliated		77		162		-		-		239
Preferred stocks unaffiliated		-		25		6		-		31
Separate account assets		97,015		1,795		55		3,552		102,417
Assets at fair value	$	97,092	$	1,993	$	61	$	3,552	$	102,698

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2022:

(in millions)	Bonds1			Preferred stocks     unaffiliated			Separate account assets			Assets     at fair value
Balance as of December 31, 2021	$	1		$	6		$	49		$	56
Net gains (losses):
In surplus		-			-			24			24
Purchases		-			2			-			2
Sales		-			(2	)		(18	)		(20	)
Transfers out of Level 3		(1	)		-			-			(1	)
Balance as of December 31, 2022	$	-		$	6		$	55		$	61

1 Bonds transfer out of Level 3 during the year ended December 31, 2022, result from the application of the lower of amortized cost or fair value rules based on NAIC rating.

The following table summarizes assets and liabilities held at fair value as of December 31, 2021:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	7	$	1	$	-	$	8
Common stocks unaffiliated		82		143		-		-		225
Preferred stocks unaffiliated		-		44		6		-		50
Separate account assets		119,549		2,087		49		3,354		125,039
Assets at fair value	$	119,631	$	2,281	$	56	$	3,354	$	125,322

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2021:

(in millions)	Bonds			Common stocks     unaffiliated			Preferred stocks unaffiliated1		Separate     account assets			Assets     at fair value
Balance as of December 31, 2020	$	1		$	1		$	-	$	58		$	60
Net gains (losses):
In surplus		-			-			1		6			7
Purchases		1			-			1		-			2
Sales		(1	)		-			-		(15	)		(16	)
Transfers into Level 3		-			-			4		-			4
Transfers out of Level 3		-			(1	)		-		-			(1	)
Balance as of December 31, 2021	$	1		$	-		$	6	$	49			56

1 Preferred stock unaffiliated transfers into Level 3 during the year ended December 31, 2021 are primarily related to the Company’s election of SSAP No. 32R2.

F-36

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the carrying value and fair value of the Company’s assets and liabilities not held at fair value as of the dates indicated. The valuation techniques used to estimate these fair values are described below or in Note 2.

	Fair Value
(in millions)	Level 1		Level 2		Level 3		Total fair value		Carrying value
December 31, 2022
Assets:
Bonds1	$	1	$	32,048	$	4,350	$	36,399	$	40,197
Mortgage loans, net of allowance		-		-		7,351		7,351		8,363
Policy loans		-		-		933		933		933
Derivative assets		-		174		2		176		143
Cash, cash equivalents and short-term investments		613		1,008		-		1,621		1,621
Securities lending collateral assets		232		-		-		232		232
Separate account assets		4		311		41		356		391
Total assets	$	850	$	33,541	$	12,677	$	47,068	$	51,880
Liabilities:
Investment contracts	$	-	$	-	$	3,158	$	3,158	$	3,148
Derivative liabilities		-		9		-		9		7
Total liabilities	$	-	$	9	$	3,158	$	3,167	$	3,155
December 31, 2021
Assets:
Bonds1	$	2	$	35,874	$	5,358	$	41,234	$	37,923
Mortgage loans, net of allowance		-		-		8,340		8,340		8,185
Policy loans		-		-		913		913		913
Derivative assets		-		101		1		102		64
Cash, cash equivalents and short-term investments		127		509		-		636		636
Securities lending collateral assets		170		-		-		170		170
Separate account assets		3		374		3		380		333
Total assets	$	302	$	36,858	$	14,615	$	51,775	$	48,224
Liabilities:
Investment contracts	$	-	$	-	$	2,720	$	2,720	$	2,715
Derivative liabilities		-		13		-		13		31
Total liabilities	$	-	$	13	$	2,720	$	2,733	$	2,746

1 Level 3 is primarily composed of industrial and miscellaneous bonds.

Mortgage loans, net of allowance. The fair values of mortgage loans are primarily estimated using discounted cash flow analyses based on interest rates currently being offered for similar loans to borrowers with similar credit ratings.

Policy loans. The carrying amount reported in the statutory statements of admitted assets, liabilities, capital and surplus approximates fair value as policy loans are fully collateralized by the cash surrender value of underlying insurance policies.

Securities lending collateral assets. These assets are comprised of bonds and short-term investments and the respective fair values are estimated based on the fair value methods described in Note 2.

Investment contracts. For investment contracts without defined maturities, fair value is the amount payable on demand, net of surrender charges. For investment contracts with known or determined maturities, fair value is estimated using discounted cash flow analysis. Interest rates used in this analysis are similar to currently offered contracts with maturities consistent with those remaining for the contracts being valued. The fair value of adjustable rate contracts approximates their carrying value.

F-37

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(8) Federal Income Taxes

The following tables summarize the net admitted deferred tax assets, as of the dates indicated:

	December 31, 2022
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	820		$	32		$	852
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	820		$	32		$	852
Less: Deferred tax assets nonadmitted		(96	)		(7	)		(103)
Net admitted deferred tax assets	$	724		$	25		$	749
Less: Deferred tax liabilities		(147	)		(13	)		(160)
Net admitted deferred tax assets	$	577		$	12		$	589
	December 31, 2021
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	759		$	30		$	789
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	759		$	30		$	789
Less: Deferred tax assets nonadmitted		(71	)		(12	)		(83)
Net admitted deferred tax assets	$	688		$	18		$	706
Less: Deferred tax liabilities		(81	)		(7	)		(88)
Net admitted deferred tax assets	$	607		$	11		$	618

The following table summarizes components of the change in deferred income taxes reported in capital and surplus before consideration of nonadmitted assets and changes from the prior year, as of the dates indicated:

	December 31,
(in millions)	2022			2021			Change
Adjusted gross deferred tax assets	$	852		$	789		$	63
Total deferred tax liabilities		(160	)		(88	)		(72	)
Net deferred tax assets	$	692		$	701		$	(9	)
Less: Tax effect of unrealized gains								(37	)
Change in deferred income tax							$	28

F-38

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following tables summarize components of the admitted deferred tax assets calculation, as of the dates indicated:

	December 31, 2022
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	8	$	8
Adjusted gross deferred tax assets expected to be realized1		577		4		581
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		147		13		160
Admitted deferred tax assets	$	724	$	25	$	749

	December 31, 2021
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	11	$	11
Adjusted gross deferred tax assets expected to be realized1		607		-		607
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		81		7		88
Admitted deferred tax assets	$	688	$	18	$	706

1 Note that this amount is calculated as the lesser of the adjusted gross deferred tax assets expected to be realized following the balance sheet date or the adjusted gross deferred tax assets allowed per the limitation threshold. For the years ended December 31, 2022 and 2021, the threshold limitation for adjusted capital and surplus was $1.4 billion and $1.3 billion, respectively.

The adjusted capital and surplus used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was $9.5 billion and $8.4 billion as of December 31, 2022 and 2021, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 1,071% and 1,125% as of December 31, 2022 and 2021, respectively.

The following tables summarize the impact of tax planning strategies, as of the dates indicated:

	December 31, 2022
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		25.51	%		0.00	%		25.51	%

	December 31, 2021
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		8.36	%		0.00	%		8.36	%

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2022 and 2021.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2022 and 2021.

F-39

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the tax effects of temporary differences and the change from the prior year, for the years ended:

	December 31,
(in millions)	2022			2021			Change
Deferred tax assets
Ordinary:
Future policy benefits and claims	$	132		$	90		$	42
Investments		89			128			(39	)
Deferred acquisition costs		260			214			46
Policyholders’ dividends accumulation		4			4			-
Fixed assets		20			-			20
Compensation and benefits accrual		10			11			(1	)
Receivables - nonadmitted		1			-			1
Tax credit carry-forward		294			299			(5	)
Other		10			13			(3	)
Subtotal	$	820		$	759		$	61
Nonadmitted		(96	)		(71	)		(25	)
Admitted ordinary deferred tax assets	$	724		$	688		$	36
Capital:
Investments		32			30			2
Subtotal	$	32		$	30		$	2
Nonadmitted		(7	)		(12	)		5
Admitted capital deferred tax assets	$	25		$	18		$	7
Admitted deferred tax assets	$	749		$	706		$	43
Deferred tax liabilities
Ordinary:
Investments	$	(100	)	$	(12	)	$	(88	)
Deferred and uncollected premium		(5	)		(6	)		1
Future policy benefits and claims		(32	)		(38	)		6
Other		(10	)		(25	)		15
Subtotal	$	(147	)	$	(81	)	$	(66	)
Capital:
Investments		(13	)		(7	)		(6	)
Subtotal	$	(13	)	$	(7	)	$	(6	)
Deferred tax liabilities	$	(160	)	$	(88	)	$	(72	)
Net deferred tax assets	$	589		$	618		$	(29	)

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the total deferred tax assets will not be realized. Valuation allowances are established when necessary to reduce the deferred tax assets to amounts expected to be realized. Based on the Company’s analysis, it is more likely than not that the results of future operations and the implementation of tax planning strategies will generate sufficient taxable income to enable the Company to realize all deferred tax assets. Therefore, no valuation allowances have been established as of December 31, 2022 and 2021.

F-40

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the Company’s income tax incurred and change in deferred income tax. The total income tax and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income (loss) before tax as follows, for the years ended:

	December 31,
(in millions)	2022			2021			2020
Current income tax expense (benefit)	$	103		$	50		$	(22	)
Change in deferred income tax (without tax on unrealized gains and losses)		(28	)		(50	)		(41	)
Total income tax expense (benefit) reported	$	75		$	-		$	(63	)
Income before income and capital gains taxes	$	1,077		$	861		$	465
Federal statutory tax rate		21	%		21	%		21	%
Expected income tax expense at statutory tax rate	$	226		$	181		$	98
(Decrease) increase in actual tax reported resulting from:
Dividends received deduction		(80	)		(137	)		(117	)
Change in tax reserves		(9	)		-			16
Tax credits		(58	)		(47	)		(48	)
Loss carryback rate differential		-			-			(10	)
Other		(4	)		3			(2	)
Total income tax expense (benefit) reported	$	75		$	-		$	(63	)

The Company incurred $11 million in federal income tax expense in 2021, which is available for recoupment in the event of future net losses.

The following table summarizes operating loss or tax credit carry-forwards available as of December 31, 2022:

(in millions)	Amount		Origination		Expiration
Business credits	$	27		2015		2035
Business credits	$	62		2016		2036
Business credits	$	62		2017		2037
Business credits	$	30		2018		2038
Business credits	$	27		2019		2039
Business credits	$	29		2020		2040
Business credits	$	28		2021		2041
Business credits	$	29		2022		2042

F-41

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The Company is included in the NMIC consolidated federal income tax return which includes the following entities:

Nationwide Mutual Insurance Company AGMC Reinsurance, Ltd Allied Group, Inc. Allied Holding (Delaware), Inc. Allied Insurance Company of America Allied Property & Casualty Insurance Company Allied Texas Agency, Inc. AMCO Insurance Company American Marine Underwriters Crestbrook Insurance Company Depositors Insurance Company DVM Insurance Agency, Inc. Eagle Captive Reinsurance, LLC Freedom Specialty Insurance Company Harleysville Group Inc. Harleysville Insurance Co. of New York Harleysville Insurance Company Harleysville Insurance Company of New Jersey Harleysville Lake States Insurance Company Harleysville Life Insurance Company Harleysville Preferred Insurance Company Harleysville Worcester Insurance Company Jefferson National Financial Corporation Jefferson National Securities Corporation Lone Star General Agency, Inc. National Casualty Company Nationwide Advantage Mortgage Company Nationwide Affinity Insurance Company of America Nationwide Agent Risk Purchasing Group. Inc. Nationwide Agribusiness Insurance Company Nationwide Assurance Company Nationwide Cash Management Company Nationwide Corporation Nationwide Financial Assignment Company Nationwide Financial General Agency, Inc. Nationwide Financial Services, Inc. Nationwide General Insurance Company Nationwide Indemnity Company Nationwide Insurance Company of America Nationwide Insurance Company of Florida Nationwide Investment Services Corporation Nationwide Life and Annuity Ins. Company Nationwide Life Insurance Company Nationwide Lloyds Nationwide Property & Casualty Ins. Company Nationwide Retirement Solutions, Inc. Nationwide Sales Solutions, Inc. Nationwide Trust Company, FSB NBS Insurance Agency, Inc. NFS Distributors, Inc. Registered Investment Advisors Services, Inc. Retention Alternatives SAC Ltd. Scottsdale Indemnity Company Scottsdale Insurance Company Scottsdale Surplus Lines Insurance Company THI Holdings (Delaware), Inc. Titan Insurance Company Titan Insurance Services, Inc. Veterinary Pet Insurance Company Victoria Fire & Casualty Company Victoria Select Insurance Company VPI Services, Inc.

The method of allocation among the companies is based upon separate return calculations with current benefit for tax losses and credits utilized in the consolidated return.

The Company did not have any protective tax deposits under Section 6603 of the Internal Revenue Code as of December 31, 2022 and 2021.

The Company does not have any tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

In August 2022, the Inflation Reduction Act of 2022 (“Act”) was passed by the U.S. Congress and signed into law. The Act includes a new Federal corporate alternative minimum tax (“CAMT”), effective in 2023, that is based on the adjusted financial statement income (“AFSI”) set forth on the applicable financial statement (“AFS”) of an applicable corporation. A corporation is an applicable corporation if its rolling average pre-tax AFSI over three prior years (starting with 2020-2022) is greater than $1.0 billion. For a group of related entities, the $1.0 billion threshold is determined on a group basis, and the group’s AFS is generally treated as the AFS for all separate taxpayers in the group. Except under limited circumstances, once a corporation is an applicable corporation, it is an applicable corporation in all future years.

F-42

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

An applicable corporation is not automatically subject to a CAMT liability. The corporation’s tentative CAMT liability is equal to 15% of its adjusted AFSI, and CAMT is payable to the extent the tentative CAMT liability exceeds regular corporate income tax. However, any CAMT paid would be indefinitely available as a credit carryover that could reduce future regular tax in excess of CAMT.

The Company comprises a controlled group of corporations and has determined that it likely will be an applicable corporation in 2023. In making such determination, the group has made certain interpretations of, and assumptions regarding, the CAMT provisions of the Act. The U.S. Treasury Department is expected to issue guidance throughout 2023 that may differ from the group’s interpretations and assumptions and that could alter the group’s determination.

In accordance with INT 22-02: Third Quarter 2022 through First Quarter 2023 Reporting of the Inflation Reduction Act - Corporate Alternative Minimum Tax, the Company did not include an estimate of the impacts of the CAMT because a reasonable estimate cannot be made as of December 31, 2022.

For the year ended December 31, 2022, the Act did not impact the Company’s total tax expense.

(9) Short-Term Debt and FHLB Funding Agreements

Short-Term Debt

The Company is a party of a $750 million revolving variable rate credit facility agreement. The Company had no amounts outstanding under the facility as of December 31, 2022 and 2021.

The Company has entered into an agreement with its custodial bank to borrow against the cash collateral that is posted in connection with its securities lending program. The maximum amount available under the agreement is $350 million. The borrowing rate on this program is equal to Effective Federal Funds Rate plus 0.18%. The Company had no amounts outstanding under this agreement as of December 31, 2022 and 2021.

In 2021, the Company terminated its commercial paper program, which had a limit of $750 million.

The terms of certain debt instruments contain various restrictive covenants, including, but not limited to, minimum statutory surplus defined in the agreements. The Company was in compliance with all covenants as of December 31, 2022 and 2021.

The amount of interest paid on short-term debt was immaterial in 2022, 2021 and 2020.

FHLB Funding Agreements

The Company is a member of the FHLB. Through its membership, the FHLB established the Company’s capacity for short-term borrowings and cash advances under the funding agreement program at up to 50% of total admitted assets.

The Company’s Board of Directors has authorized the issuance of funding agreements up to $4.0 billion to the FHLB, shared between the Company and NLAIC, in exchange for cash advances, which are collateralized by pledged securities. The Company uses these funds in an investment spread strategy, consistent with its other investment spread operations. As such, the Company applies SSAP No. 52, Deposit-Type Contracts, accounting treatment to these funds, consistent with its other deposit-type contracts. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB for use in general operations would be accounted for consistent with SSAP No. 15, Debt and Holding Company Obligations, as borrowed money. Membership requires the Company to purchase and hold a minimum amount of FHLB capital stock plus additional stock based on outstanding advances. The Company has $20 million and $25 million in membership stock as of December 31, 2022 and 2021, respectively. As part of the agreement, the Company purchased and held an additional $139 million and $118 million in activity stock as of December 31, 2022 and 2021, respectively, which is included in stocks on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s liability for advances from the FHLB was $3.1 billion and $2.7 billion as of December 31, 2022 and 2021, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus. As of February 27, 2023, the Company’s Board of Directors has authorized the issuance of funding agreements up to $6.0 billion to the FHLB, an increase of $2.0 billion, shared between the Company and NLAIC.

The Company has agreements with the FHLB to provide financing for operations. These agreements, which were renewed in February 2023 and expire February 2, 2024, allow the Company access to borrow up to $1.1 billion. As of December 31, 2022 and 2021, the Company had no amounts outstanding under these agreements.

Bonds and mortgage loans with a carrying value of $4.6 billion (2.8% of total admitted assets) as of December 31, 2022 and $3.1 billion (1.7% of total admitted assets) as of December 31, 2021 were pledged as collateral under FHLB agreements and are included in bonds and mortgage loans on the statutory statements of admitted assets, liabilities, capital and surplus.

F-43

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(10) Surplus Notes

The following table summarizes the carrying value of surplus notes issued by the Company to NFS, as of the dates indicated:

(in millions)
Date issued	Interest rate			Par value		Carrying value		Interest and/ or principal paid in current year		Total interest and/or principal paid		Unapproved interest and/or principal		Date of maturity
December 31, 2022 12/19/2001		7.50	%	$	300	$	300	$	22	$	472	$	-		12/31/2031
6/27/2002		8.15	%		300		300		24		497		-		6/27/2032
12/23/2003		6.75	%		100		100		6		125		-		12/23/2033
12/20/2019		4.21	%		400		400		17		51		-		12/19/2059
Total				$	1,100	$	1,100	$	69	$	1,145	$	-
December 31, 2021 12/19/2001		7.50	%	$	300	$	300	$	22	$	450	$	-		12/31/2031
6/27/2002		8.15	%		300		300		25		473		-		6/27/2032
12/23/2003		6.75	%		100		100		7		119		-		12/23/2033
12/20/2019		4.21	%		400		400		17		34		-		12/19/2059
Total				$	1,100	$	1,100	$	71	$	1,076	$	-

The surplus notes were issued in accordance with Section 3901.72 of the Ohio Revised Code. The principal and interest on these surplus notes shall not be a liability or claim against NLIC, or any of its assets, except as provided in Section 3901.72 of the Ohio Revised Code. The Department must approve interest and principal payments before they are paid.

(11) Reinsurance

The Company has 100% coinsurance agreement with funds withheld with Eagle to cede specified GMDB and GLWB obligations provided under substantially all of the variable annuity contracts and certain fixed indexed annuity contracts issued and to be issued by NLIC. While the GMDB and GLWB contract riders are ceded by NLIC to Eagle, the base annuity contracts and any non-reinsured risks will be retained by NLIC. Amounts ceded to Eagle during 2022, 2021 and 2020 included premiums of $637 million, $607 million and $627 million, respectively, benefits and claims, net of third party reinsurance recoveries of $75 million, $8 million, and $23 million respectively, net investment earnings on funds withheld assets of $52 million, $40 million and $49 million, respectively, and an expense allowance for third party reinsurance premiums of $2 million, $1 million and $1 million, respectively. As of December 31, 2022 and 2021, the carrying value of the funds withheld assets recorded within funds held under coinsurance was $1.6 billion and $1.1 billion, respectively, which consists of bonds and cash equivalents that had a carrying value of $1.5 billion and $954 million, respectively, and mortgage loans that had a carrying value of $95 million and $98 million, respectively. As of December 31, 2022 and 2021, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreements was $253 million and $50 million, respectively. Amounts payable to Eagle related to the reinsurance agreements were $424 million and $204 million as of as of December 31, 2022 and December 31, 2021, respectively.

The Company has a reinsurance agreement with NMIC whereby nearly all of the Company’s accident and health business not ceded to unaffiliated reinsurers is ceded to NMIC on a modified coinsurance basis. Either party may terminate the agreement on January 1 of any year with prior notice. Under a modified coinsurance agreement, the ceding company retains invested assets, and investment earnings are paid to the reinsurer. Under the terms of the Company’s agreement, the investment risk associated with changes in interest rates is borne by the reinsurer. Risk of asset default is retained by the Company, although a fee is paid to the Company for the retention of such risk. The ceding of risk does not discharge the Company, as the original insurer, from its primary obligation to the policyholder. Amounts ceded to NMIC include revenues of $287 million, $281 million and $281 million for the years ended December 31, 2022, 2021 and 2020, respectively, while benefits, claims and expenses ceded were $267 million, $257 million and $260 million, respectively.

F-44

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The Company has an intercompany reinsurance agreement with NLAIC whereby certain inforce and subsequently issued fixed individual deferred annuity contracts are assumed on a modified coinsurance basis. Under modified coinsurance agreements, the ceding company retains invested assets and investment earnings are paid to the reinsurer. Under terms of the agreement, the Company bears the investment risk associated with changes in interest rates. Risk of asset default remains with NLAIC, and the Company pays a fee to NLAIC for the retention of such risk. The agreement will remain inforce until all contract obligations are settled. The ceding of risk does not discharge the original insurer from its primary obligation to the contractholder. Amounts assumed from NLAIC are included in the Company’s statutory statement of operations for 2022, 2021 and 2020 and include premiums of $10 million, $10 million and $12 million, respectively, net investment income of $35 million, $42 million and $46 million, respectively, and benefits, claims and other expenses of $161 million, $147 million and $171 million, respectively. The reserve adjustment for 2022, 2021 and 2020 of $(161) million, $(151) million and $(172) million, respectively, represents changes in reserves related to this fixed block of business, offset by investment earnings on the underlying assets. Policy reserves under this agreement totaled $859 million and $985 million as of December 31, 2022 and 2021, respectively, and amounts payable related to this agreement were $14 million and $8 million for the years ended December 31, 2022 and 2021, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby certain variable universal life insurance, whole life insurance and universal life insurance policies are assumed on a modified coinsurance basis. Total policy reserves under this treaty were $33 million and $35 million as of December 31, 2022 and 2021, respectively. Total premiums assumed under this treaty were $12 million, $12 million and $8 million during 2022, 2021 and 2020, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby a certain life insurance contract is assumed on a 100% coinsurance basis. Policy reserves assumed under this agreement totaled $156 million and $155 million as of December 31, 2022 and 2021, respectively.

The Company has entered into reinsurance contracts to cede a portion of its individual annuity and life insurance business to unrelated reinsurers. Total reserve credits taken as of December 31, 2022 and 2021 were $345 million and $382 million, respectively. The three largest contracts are with Security Benefit Life Insurance Company (“SBL”), Scottish Re Group Limited (“SRG”), in Rehabilitation, and Security Life of Denver Life Insurance Company (“SLD”) as of December 31, 2022. Total reserve credits taken on these contracts as of December 31, 2022 and 2021 totaled $94 million and $96 million for each year, respectively, from SBL, $23 million and $25 million, respectively, from SRG, and $22 million and $21 million, respectively, from SLD. The ceding of risk does not relieve the Company, as the original insurer, from its primary obligation to the policyholder. Under the terms of the contracts, SBL and SRG, in Rehabilitation, have established trusts as collateral for the recoveries, whereby the trust assets are invested in investment grade securities, the fair value of which must at all times be greater or equal to 100% of the reinsured reserves.

F-45

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(12) Transactions with Affiliates

The Company has entered into significant, recurring transactions and agreements with NMIC, other affiliates and subsidiaries as a part of its ongoing operations. These include annuity and life insurance contracts, office space cost sharing arrangements, and agreements related to reinsurance, cost sharing, tax sharing, administrative services, marketing, intercompany loans, intercompany repurchases, cash management services and software licensing. In addition, several benefit plans sponsored by NMIC are available to Nationwide employees, for which the Company has no legal obligations. Measures used to determine the allocation among companies includes individual employee estimates of time spent, special cost studies, the number of full-time employees and other methods agreed to by the participating companies.

In addition, Nationwide Services Company, LLC (“NSC”), a subsidiary of NMIC, provided data processing, systems development, hardware and software support, telephone, mail and other services to the Company, based on specified rates for units of service consumed pursuant to the enterprise cost sharing agreement. As of January 1, 2022 NSC merged into NNOV8, LLC, a subsidiary of NMIC, and all services going forward were provided by NMIC. For the year ended December 31, 2022, the Company was allocated costs from NMIC totaling $285 million. For the years ended 2021 and 2020, the Company was allocated costs from NMIC and NSC totaling $288 million and $281 million, respectively.

The Company has issued group annuity and life insurance contracts and performs administrative services for various employee benefit plans sponsored by NMIC or its affiliates. Total account values of these contracts were $3.7 billion and $3.8 billion as of December 31, 2022 and 2021, respectively. Total revenues from these contracts were $127 million, $121 million and $122 million for the years ended December 31, 2022, 2021 and 2020, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $87 million, $113 million and $115 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The Company may underwrite insurance policies for its officers, directors, and/or other personnel providing services to the Company. The Company may offer discounts on certain products that are subject to applicable state insurance laws and approvals.

Under the enterprise cost sharing agreement, the Company has a cost sharing arrangement with NMIC to occupy office space. For the years ended December 31, 2022, 2021 and 2020, the Company was allocated costs from NMIC of $12 million, $12 million and $13 million, respectively.

The Company receives an annual fee payable from the Tax Credit Funds, for which it is a guarantor and Managing Member, for its services in connection with the oversight of the performance of the Investee Partnerships and the compliance by their managing members and managing agents thereof with the provisions of the various operating level agreements and applicable laws. The Company earned $3 million, $3 million, and $2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Funds of Nationwide Funds Group (“NFG”), a group of Nationwide businesses that develops, sells and services mutual funds, are offered to the Company’s customers as investment options in certain of the Company’s products. As of December 31, 2022 and 2021, customer allocations to NFG funds totaled $63.0 billion and $76.8 billion, respectively. For the years ended December 31, 2022, 2021 and 2020, NFG paid the Company $242 million, $265 million and $229 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $1.0 billion and $509 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, amounts on deposit with NCMC were comprised of $883 million and $483 million, respectively, of cash equivalents, with remaining amounts in short-term investments.

Certain annuity products are sold through affiliated companies, which are also subsidiaries of NFS. Total commissions and fees paid to these affiliates for the years ended December 31, 2022, 2021 and 2020 was $112 million, $74 million and $69 million, respectively.

The Company provides financing to Nationwide Realty Investors, LTD, a subsidiary of NMIC with interest rates ranging from 3.6% to 4.9% and maturity dates ranging from June 2023 to July 2041. As of December 31, 2022 and 2021, the Company had mortgage loans outstanding of $338 million and $358 million, respectively.

The Company also participates in intercompany repurchase agreements with affiliates whereby the seller transfers securities to the buyer at a stated value. Upon demand or after a stated period, the seller repurchases the securities from the buyer at the original sales price plus interest. As of December 31, 2022 and 2021, the Company had no outstanding borrowings from affiliated entities under such agreements. During 2022 and 2021, there were no outstanding borrowings from affiliated entities at any given time. The amount the Company incurred for interest expense on intercompany repurchase agreements during 2022, 2021 and 2020 were immaterial.

During 2022, the Company received capital contributions of $310 million from NFS. On March 15, 2023, the Company received an additional capital contribution of $30 million from NFS.

F-46

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

During 2022, 2021 and 2020, the Company paid capital contributions of $800 million, $400 million and $500 million, respectively, to NLAIC. In addition, the Company contributed $60 million to NLAIC in connection with the January 1, 2022 merger of HLIC.

The company has an unsecured promissory note and revolving line of credit with JNLNY whereby JNLNY can borrow up to $5 million. No amounts have been drawn on the note as of December 31, 2022 or through the subsequent event date.

Pursuant to financial support agreements, the Company has agreed to provide NLAIC and JNL with the minimum capital and surplus required by each state in which NLAIC and JNL does business. These agreements do not constitute the Company as guarantor of any obligation or indebtedness of NLAIC or JNL or provide any creditor of NLAIC or JNL with recourse to or against any of the assets of the Company.

Eagle’s surplus position is evaluated quarterly to determine if an additional surplus contribution is required from the Company or if a distribution to the Company can be declared as of each quarter end.

During 2022, the Company made surplus contributions to Eagle. On June 30, 2022 and July 19, 2022, the Company made surplus contributions to Eagle of $225 million and $1 million, respectively.

During 2022 and 2021 Eagle declared distributions to the Company based on their earned surplus position. On February 10, 2023, the Company received a total distribution of $332 million that was declared on December 30, 2022 and consisted of a return of contributed surplus of $221 million and a dividend of $111 million. The return of contributed surplus receivable was recorded in other invested assets and the dividend receivable was recorded in investment income due and accrued as of December 31, 2022. On November 10, 2022, the Company received a return of contributed surplus distribution of $5 million that was declared on September 30, 2022. On May 10, 2022, the Company received a dividend distribution of $19 million that was declared on March 31, 2022. On February 10, 2022, the Company received a dividend distribution of $168 million that was declared on December 31, 2021. The dividend receivable was recorded in accrued investment income as of December 31, 2021. On November 10, 2021, the Company received a dividend distribution of $45 million that was declared on September 30, 2021. On August 10, 2021, the Company received a dividend distribution of $20 million that was declared on June 30, 2021. On May 10, 2021, the Company received a dividend distribution of $191 million that was declared on March 31, 2021.

On December 22, 2021, the Company and NLAIC entered into a short-term loan where NLAIC borrowed $80 million from the Company. NLAIC repaid the short-term loan in full on January 4, 2022.

In March 2022, the Company executed a $850 million unsecured promissory note and revolving line of credit agreement with Nationwide SBL, LLC (“NWSBL”), an affiliate, at an interest rate of 1-month LIBOR plus 1.25% with a maturity date of March 1, 2023. As of December 31, 2022 NWSBL had outstanding borrowings of $168 million. During 2023, additional draws increased the outstanding balance to $198 million as of February 28, 2023. On March 1, 2023, the current $198 million balance was repaid and a replacement agreement was entered into with a draw amount of $198 million at an interest rate of 1-month SOFR plus 0.9% and a maturity date of February 28, 2024. On March 14, 2023, an additional draw of $25 million increased the outstanding balance to $223 million.

During 2022, the Company and NMIC entered into unsecured promissory note agreements. On August 11, 2022, NMIC borrowed $50 million from the Company and subsequently repaid the note in full on August 15, 2022. On September 8, 2022, NMIC borrowed $150 million from the Company and subsequently repaid the note in full on September 15, 2022.

During 2020, the Company sold securities of $59 million to Nationwide Mutual Fire Insurance Company for cash, which resulted in a realized loss of $2 million.

The Company utilizes the look-through approach in valuing its investment in Nationwide Real Estate Investors (NLIC), LLC (“NW REI (NLIC)”), a subsidiary of NMIC, at $140 million and $71 million as of December 31, 2022 and 2021, respectively. NW REI (NLIC)’s financial statements are not audited and the Company has limited the value of its investment in NW REI (NLIC) to the value contained in the audited statutory financial statements of the underlying investments. All liabilities, commitments, contingencies, guarantees or obligations of the NW REI (NLIC), which are required under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in NW REI (NLIC), if not already recorded in the financial statements of NW REI (NLIC).

F-47

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(13) Contingencies

Legal and Regulatory Matters

The Company is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial condition.

The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the IRS, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

Guarantees

In accordance with SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets, for all guarantees made to or on behalf of wholly-owned subsidiaries, no initial liability recognition has been made and there is no net financial statement impact related to these guarantees.

The contractual obligations under NLAIC’s single premium deferred annuity (“SPDA”) contracts in force and issued before September 1, 1988 are guaranteed by the Company. Total SPDA contracts affected by this guarantee in force were approximately $7 million as of December 31, 2022 and 2021.

The Company has guaranteed the obligations and liabilities of NISC, including, without limitation, the full and prompt payment of all accounts payable to any party now or in the future. If for any reason NISC fails to satisfy any of its obligations, the Company will cause such obligation, loss or liability to be fully satisfied.

Indemnifications

In the normal course of business, the Company provides standard indemnifications to contractual counterparties. The types of indemnifications typically provided include breaches of representations and warranties, taxes and certain other liabilities, such as third-party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated, and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the amount of the obligation under such indemnifications is not determinable. Historically, the Company has not made any material payments pursuant to these obligations.

F-48

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(14) Regulatory Risk-Based Capital, Dividend Restrictions and Unassigned Surplus

The NAIC Risk-Based Capital (“RBC”) model law requires every insurer to calculate its total adjusted capital and RBC requirement to ensure insurer solvency. Regulatory guidelines provide for an insurance commissioner to intervene if the insurer experiences financial difficulty, as evidenced by a company’s total adjusted capital falling below established relationships to required RBC. The model includes components for asset risk, liability risk, interest rate exposure and other factors. The State of Ohio, where the Company is domiciled, imposes minimum RBC requirements that are developed by the NAIC. The formulas in the model for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital to authorized control level RBC, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, all of which require specified corrective action. The Company exceeded the minimum RBC requirements for all periods presented.

The State of Ohio insurance laws require insurers to seek prior regulatory approval to pay a dividend or distribution of cash or other property if the fair market value thereof, together with that of other dividends or distributions made in the preceding twelve months, exceeds the greater of (i) 10% of statutory-basis capital and surplus as of the prior December 31 or (ii) the statutory-basis net income of the insurer for the prior year. No dividends were paid by the Company to NFS for the years ended December 31, 2022 and 2020. In March 2021, the Company paid an ordinary dividend of $550 million to NFS. The Company’s statutory capital and surplus as of December 31, 2022, was $10.2 billion and statutory net income for 2022 was $974 million. As of January 1, 2023, the Company has the ability to pay dividends to NFS totaling $1.0 billion without obtaining prior approval.

The State of Ohio insurance laws also require insurers to seek prior regulatory approval for any dividend paid from other than earned capital and surplus. Earned capital and surplus is defined under the State of Ohio insurance laws as the amount equal to the Company’s unassigned funds as set forth in its most recent statutory financial statements, including net unrealized capital gains and losses or revaluation of assets. Additionally, following any dividend, an insurer’s policyholder capital and surplus must be reasonable in relation to the insurer’s outstanding liabilities and adequate for its financial needs. The payment of dividends by the Company may also be subject to restrictions set forth in the insurance laws of the State of New York that limit the amount of statutory profits on the Company’s participating policies (measured before dividends to policyholders) available for the benefit of the Company and its stockholders.

The Company currently does not expect such regulatory requirements to impair the ability to pay operating expenses and dividends in the future.

F-49

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule I     Summary of Investments – Other Than Investments in Related Parties

As of December 31, 2022:

(in millions)	Column A	Column B		Column C		Column D
	Type of investment	Cost		Fair value		Amount at which is shown in the statutory statements of admitted assets, liabilities, capital and surplus
Bonds:
U.S. Treasury securities and obligations of U.S. government corporations		$	1	$	1	$	1
U.S. government and agencies			115		116		115
Obligations of states and political subdivisions			3,604		3,244		3,604
Foreign governments			279		251		279
Public utilities			4,269		3,752		4,229
All other corporate, mortgage-backed and asset-backed securities			32,082		29,046		31,980
Total fixed maturity securities		$	40,350	$	36,410	$	40,208
Equity securities:
Common Stocks:
Banks, trust and insurance companies			68		58		58
Industrial, miscellaneous and all other			187		181		181
Nonredeemable preferred stocks			33		32		31
Total equity securities1		$	288	$	271	$	270
Mortgage loans2			8,402				8,363
Short-term investments			1,621				1,621
Policy loans			934				933
Other long-term investments3			2,023				2,023
Total invested assets		$	53,618			$	53,418

1 Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $3.4 billion are excluded.

2 Difference from Column B is attributable to valuation allowances on mortgage loans (see Note 5 to the audited statutory financial statements).

3 Includes derivatives, securities lending reinvested collateral assets and other invested assets. Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $200 million are excluded.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-50

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule III    Supplementary Insurance Information

As of December 31, 2022, 2021 and 2020 and for each of the years then ended (in millions):

Column A	Column B		Column C		Column D	Column E		Column F
Year: Segment	Deferred policy acquisition costs1		Future policy benefits, losses, claims and loss expenses		Unearned premiums2	Other policy claims and benefits payable2		Premium revenue
2022
Life Insurance			$	5,353				$	415
Annuities				10,641					6,457
Retirement Solutions				21,818					4,398
Corporate Solutions and Other				7,670					3,265
Total			$	45,482				$	14,535
2021
Life Insurance			$	5,306				$	425
Annuities				8,026					6,686
Retirement Solutions				22,446					4,377
Corporate Solutions and Other				6,721					1,176
Total			$	42,499				$	12,664
2020
Life Insurance			$	5,204				$	394
Annuities				7,837					3,443
Retirement Solutions				22,362					5,939
Corporate Solutions and Other				5,599					861
Total			$	41,002				$	10,637
Column A	Column G		Column H		Column I	Column J		Column K
Year: Segment	Net investment income3		Benefits, claims, losses and settlement expenses4		Amortization of deferred policy acquisition costs1	Other operating expenses		Premiums written
2022
Life Insurance	$	261	$	730		$	105
Annuities		346		11,154			136
Retirement Solutions		860		5,895			120
Corporate Solutions and Other		552		1,519			174
Total	$	2,019	$	19,298		$	535
2021
Life Insurance	$	254	$	311		$	107
Annuities		337		9,489			41
Retirement Solutions		861		6,895			122
Corporate Solutions and Other		779		1,304			169
Total	$	2,231	$	17,999		$	439
2020
Life Insurance	$	247	$	772		$	123
Annuities		338		7,539			55
Retirement Solutions		843		8,258			131
Corporate Solutions and Other		679		717			135
Total	$	2,107	$	17,286		$	444

1 Deferred policy acquisition costs and amortization of deferred policy acquisition costs are not applicable for statutory basis of accounting.

2 Unearned premiums and other policy claims and benefits payable are included in Column C amounts.

3 Allocations of net investment income and certain operating expenses are based on numerous assumptions and estimates and reported segment operating results would change if different methods were applied.

4 Benefits to policyholders and beneficiaries, increase in reserves for future policy benefits and claims and commissions are included in Column H amounts.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-51

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule IV     Reinsurance

As of December 31, 2022, 2021 and 2020 and each of the years then ended:

(in millions)
Column A	Column B		Column C			Column D		Column E
	Gross amount		Ceded to other companies			Assumed from other companies		Net amount
2022
Life insurance in force	$	145,173	$	(29,598	)	$	605	$	116,180
Premiums:
Life Insurance1	$	3,473	$	(144	)	$	12	$	3,341
Accident and health insurance		425		(424	)		-		1
Total	$	3,898	$	(568	)	$	12	$	3,342
2021
Life insurance in force	$	144,115	$	(29,120	)	$	653	$	115,648
Premiums:
Life Insurance1	$	1,624	$	(140	)	$	12	$	1,496
Accident and health insurance		445		(444	)		-		1
Total	$	2,069	$	(584	)	$	12	$	1,497
2020
Life insurance in force	$	146,855	$	(31,055	)	$	686	$	116,486
Premiums:
Life Insurance1	$	1,378	$	(133	)	$	8	$	1,253
Accident and health insurance		441		(440	)		-		1
Total	$	1,819	$	(573	)	$	8	$	1,254

1 Primarily represents premiums from traditional life insurance and life-contingent immediate annuities and excludes deposits on investment and universal life insurance products.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-52

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule V     Valuation and Qualifying Accounts

Years ended December 31, 2022, 2021 and 2020:

(in millions)
Column A	Column B		Column C			Column D			Column E
	Balance at		Charged to						Balance at
	beginning		costs and						end of
Description	of period		expenses			Deductions1			period
2022
Valuation allowances - mortgage loans	$	43	$	(5	)	$	-		$	38
2021
Valuation allowances - mortgage loans	$	48	$	(4	)	$	(1	)	$	43
2020
Valuation allowances - mortgage loans	$	34	$	14		$	-		$	48

1 Amounts generally represent recoveries, payoffs and sales.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-53