NATIONWIDE VLI

SEPARATE

ACCOUNT-4

Annual Report

To

Policyholders

December 31, 2023

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, 2023, 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 1, 2024

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, 2023, 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 Discovery Value Portfolio: Class A (ALVSVA)¹

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA) 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 Relative Value Portfolio: Class A (ALVGIA)¹

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2 (SVDF)¹

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 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 Capital Appreciation Fund: Class I (ACVCA)

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

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

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) - Capital World Bond Fund: Class 2 (AMVGB2)

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

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

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

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

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

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

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 Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)

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

BNY MELLON INVESTMENT MANAGEMENT

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

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

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

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

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

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

CALVERT GROUP

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

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 Moderate Allocation Portfolio: Institutional Class (DFVGMI)

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 U.S. Large Value Portfolio (DFVULV)

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

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

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

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

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

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 Fund for U.S. Government Securities II (FVUS2)

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

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

FIDELITY INVESTMENTS

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 Bond Index Portfolio: Service Class (FVBIS)

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

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

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

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

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

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 Index 500 Portfolio: Initial Class (FIP)

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

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

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

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 - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

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 1 (FTVSVI)

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

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

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)

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)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

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)

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)

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. American Value Fund: Series I Shares (MSVMV)

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

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

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

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

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

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. Main Street Fund: Series I (OVGI)

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

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

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

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

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

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 Ivy Science and Technology: Class II (WRSTP)

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

JANUS HENDERSON INVESTORS

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

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

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

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

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

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

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

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

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. - 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 - 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 - MFS Total Return Bond Series: Service Class (MVRBSS)

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 Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

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 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 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)

MORGAN STANLEY

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

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

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

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

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

NATIONWIDE FUNDS GROUP

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

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 Fund: Class II (GVAGR2)

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

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

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

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

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 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) Managed Growth & Income Fund: Class I (NCPGI)

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

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

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 BNY Mellon Core Plus Bond Fund: Class I (NVLCP1)

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

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 Calvert Equity Fund: Class I (NVNSR1) ¹

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

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

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

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

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

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

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

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 International Equity Fund: Class I (GIG)

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 International Index Fund: Class II (GVIX2)

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

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 Investor Destinations Conservative Fund: Class II (GVIDC)

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

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

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

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

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 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 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 Jacobs Levy Large Cap Core Fund: Class I (NVNMO1) ¹

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

Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class I (NVSTB1) ¹

Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class II (NVSTB2) ¹

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

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

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

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

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

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

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

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class I Shares (AMRI)¹

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares (AMCG)¹

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class S Shares (AMMCGS)¹

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares (AMTB)¹

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

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 - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)¹

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

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

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

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

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

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

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

PUTNAM INVESTMENTS

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

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

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

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 All-Cap Opportunities Portfolio (TRNAG1)

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

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

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

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 - 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 - Short-Term Investment-Grade Portfolio (VVSTC)

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

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

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

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

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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2023, and the related statements of operations and changes in contract owners’ equity for the period from April 28, 2023 (inception) to December 31, 2023.

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP JPMorgan Mid Cap Value Fund: Standard Class (LJPMVS)

Lincoln Variable Insurance Products Trust - LVIP JPMorgan Small Cap Core Fund: Standard Class (LJPSCS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2023, and the related statements of operations and changes in contract owners’ equity for the period from May 2, 2023 (inception) to December 31, 2023.

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Global Sustainable Equity Portfolio: Institutional Shares (JAGSEI)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Sustainable Leaders Fund: Class IB (PVNOB)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2023, and the related statements of operations and changes in contract owners’ equity for the period from May 19, 2023 (inception) to December 31, 2023.

AMERICAN FUNDS GROUP (THE)

Class American B (ABTGB) Funds Insurance Series(R) - Global Small Capitalization Fund: Class 4 (AMVGS4)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2023, and the related statements of operations and changes in contract owners’ equity for the period from June 21, 2023 (inception) to December 31, 2023.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Sustainable Global Thematic Growth Portfolio: Class B (ABTGB)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2023, and the related statements of operations and changes in contract owners’ equity for the period from September 26, 2023 (inception) to December 31, 2023.

T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio (TRMCGP)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2023, and the related statements of operations and changes in contract owners’ equity for the period from November 1, 2023 (inception) to December 31, 2023.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Limited Maturity Portfolio: Initial Class (MV3LMI)

⁽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, 2023

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ABTGB		57	$	1,693	$	1,768	$	-	$	1,768	$	-	$	1,768
ALVDAA		4,093		34,510		36,634		-		36,634		-		36,634
ALVGIA		1,126,508		33,122,312		33,231,982		14		33,231,996		-		33,231,996
ALVIVA		309,444		4,382,305		4,576,675		-		4,576,675		2		4,576,673
ALVIVB		37,155		518,377		546,553		-		546,553		-		546,553
ALVSVA		1,026,750		18,306,525		18,183,747		2		18,183,749		-		18,183,749
SVDF		850,888		22,893,288		17,409,165		4		17,409,169		-		17,409,169
SVOF		370,245		9,193,808		9,622,670		4		9,622,674		-		9,622,674
WFVSCG		1,291,040		10,628,860		10,147,574		3		10,147,577		-		10,147,577
ACVCA		43,643		539,221		620,602		-		620,602		-		620,602
ACVI		172,706		1,947,861		1,827,234		-		1,827,234		1		1,827,233
ACVIG		2,714,118		24,235,516		20,817,286		2		20,817,288		-		20,817,288
ACVIP1		3,015,223		30,833,831		28,312,944		-		28,312,944		6		28,312,938
ACVIP2		735,257		7,717,300		6,889,359		-		6,889,359		-		6,889,359
ACVMV1		677,572		13,680,995		13,171,994		3		13,171,997		-		13,171,997
ACVU1		597,709		14,721,565		15,331,227		4		15,331,231		-		15,331,231
ACVV		1,214,710		15,145,666		14,807,313		9		14,807,322		-		14,807,322
AMVAA2		548,590		13,506,054		12,908,315		5		12,908,320		-		12,908,320
AMVBC2		11,797		153,759		167,642		-		167,642		-		167,642
AMVBC4		20,004		248,649		281,255		-		281,255		-		281,255
AMVBD2		5,703,941		62,289,514		53,617,041		-		53,617,041		3		53,617,038
AMVGB2		394,661		4,398,067		3,958,447		1		3,958,448		-		3,958,448
AMVGI2		38,799		2,223,551		2,261,999		-		2,261,999		2		2,261,997
AMVGR2		524,907		51,057,077		51,545,880		39		51,545,919		-		51,545,919
AMVGS2		198,701		4,113,485		3,477,274		-		3,477,274		2		3,477,272
AMVGS4		2,423		40,593		42,302		-		42,302		-		42,302
AMVGV2		5,974		58,093		58,429		-		58,429		-		58,429
AMVI2		1,172,561		22,477,471		20,414,288		7		20,414,295		-		20,414,295
AMVNW2		487,608		12,837,349		12,273,104		2		12,273,106		-		12,273,106
PIHYB1		254,089		2,169,106		2,108,943		-		2,108,943		6		2,108,937
BRVHYI		3,315,110		23,069,775		22,675,350		118,128		22,793,478		-		22,793,478
MLVGA2		598,797		10,327,751		9,700,514		-		9,700,514		-		9,700,514
MLVLC2		54,124		1,258,446		1,111,162		3		1,111,165		-		1,111,165
DCAP		91,171		3,562,301		3,192,808		2		3,192,810		-		3,192,810
DSC		23,776		984,492		996,933		-		996,933		1		996,932
DSIF		12,041,140		714,715,712		831,801,959		612		831,802,571		-		831,802,571
DSRG		329,055		12,371,600		14,800,893		-		14,800,893		-		14,800,893
DVMCS		75,696		1,287,079		1,414,010		-		1,414,010		2		1,414,008
DVSCS		5,540,521		105,170,260		102,942,883		66		102,942,949		-		102,942,949
CVSPIP		1,041		162,086		180,117		5		180,122		-		180,122
SASP5I		1,251,669		73,389,872		87,854,662		35		87,854,697		-		87,854,697
DAVVL		939,760		6,723,693		5,864,100		3		5,864,103		-		5,864,103
DWVEMS		210,870		4,881,450		4,634,918		4		4,634,922		-		4,634,922
DWVSVS		485,807		18,773,991		18,528,686		12		18,528,698		-		18,528,698
DFVGMI		23,762		338,154		358,337		-		358,337		-		358,337
DFVIPS		581,371		6,121,326		5,267,218		-		5,267,218		3		5,267,215
DFVIS		3,236		36,579		38,440		-		38,440		-		38,440
DFVIV		4,516		58,728		61,458		1		61,459		-		61,459
DFVULV		393,815		11,130,312		12,814,728		4		12,814,732		-		12,814,732
DFVUTV		312,983		7,012,927		7,073,417		4		7,073,421		-		7,073,421
DSGIBA		31,826		716,332		715,756		-		715,756		1		715,755
SVSLVB		1,337		19,391		20,917		-		20,917		-		20,917
SVSSVB		9,028		107,423		125,131		-		125,131		-		125,131

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2023

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ETVFR		2,486,633		21,961,696		21,509,379		-		21,509,379		16		21,509,363
FQB		1,864,919		20,580,571		18,910,280		57		18,910,337		-		18,910,337
FVU2		90,123		927,229		812,913		1		812,914		-		812,914
FVUS2		29,992		275,396		280,422		-		280,422		3		280,419
FCS		953,105		41,587,644		46,034,992		239		46,035,231		-		46,035,231
FEIS		2,782,064		62,335,312		68,577,878		7		68,577,885		-		68,577,885
FEMS		860,437		10,194,118		9,129,232		6		9,129,238		-		9,129,238
FF05S		22,373		252,159		256,846		-		256,846		2		256,844
FF10S		205,231		2,717,639		2,321,158		1		2,321,159		-		2,321,159
FF15S		550,177		6,440,779		6,305,029		3		6,305,032		-		6,305,032
FF20S		2,007,237		27,008,439		24,990,106		320		24,990,426		-		24,990,426
FF25S		1,802,539		28,625,826		27,236,364		5		27,236,369		-		27,236,369
FF30S		3,642,094		56,283,287		55,760,465		17		55,760,482		-		55,760,482
FF35S		642,452		16,271,235		16,639,510		8		16,639,518		-		16,639,518
FF40S		1,679,399		39,587,408		41,716,278		22		41,716,300		-		41,716,300
FF45S		203,480		4,823,960		5,113,458		4		5,113,462		-		5,113,462
FF50S		298,253		6,418,073		6,767,361		4		6,767,365		-		6,767,365
FF55S		49,476		575,279		629,832		-		629,832		5		629,827
FF60S		129,710		1,507,280		1,631,752		7		1,631,759		-		1,631,759
FF65S		1,807		20,793		22,384		2		22,386		-		22,386
FFINS		119,407		1,294,563		1,308,706		-		1,308,706		1		1,308,705
FGOS		9,504		414,811		565,216		5		565,221		-		565,221
FGS		2,051,877		173,079,320		189,511,331		64		189,511,395		-		189,511,395
FHIS		2,301,255		11,622,092		10,493,722		1		10,493,723		-		10,493,723
FIGBS		13,183,839		166,310,839		145,154,073		260		145,154,333		-		145,154,333
FIP		11,652		4,867,078		5,380,871		5		5,380,876		-		5,380,876
FMCS		966,078		32,668,472		34,691,866		168		34,692,034		-		34,692,034
FMMP		1,160,456		1,160,456		1,160,456		19		1,160,475		-		1,160,475
FNRS2		355,267		8,098,720		8,736,014		1,447		8,737,461		-		8,737,461
FOS		755,451		16,470,882		19,399,987		-		19,399,987		-		19,399,987
FRESS		145,316		2,403,789		2,493,624		147		2,493,771		-		2,493,771
FVBIS		174		1,660		1,683		-		1,683		-		1,683
FVEMIS		931		10,986		12,019		-		12,019		-		12,019
FVIIS		1,361		13,718		14,441		-		14,441		-		14,441
FVMIS		16,331		189,647		281,390		-		281,390		-		281,390
FVSS		530,596		7,797,051		8,744,227		175		8,744,402		-		8,744,402
FVSS2		8,729		128,340		146,214		-		146,214		-		146,214
FTVDM2		355,998		3,185,970		2,929,860		-		2,929,860		-		2,929,860
FTVFA2		98,083		541,329		480,606		-		480,606		1		480,605
FTVGB1		542,929		7,336,366		7,367,552		4		7,367,556		-		7,367,556
FTVGI2		305,138		4,608,355		3,917,974		1		3,917,975		-		3,917,975
FTVIS2		370,378		5,545,126		5,259,367		-		5,259,367		1		5,259,366
FTVMD2		19,127		319,725		351,556		4		351,560		-		351,560
FTVSV2		802,096		10,754,180		10,643,817		4		10,643,821		-		10,643,821
FTVSVI		790,988		11,751,395		11,200,396		78		11,200,474		-		11,200,474
TIF		52,161		677,682		759,987		1		759,988		-		759,988
TIF2		631,072		8,002,197		8,986,462		2		8,986,464		-		8,986,464
GVCSE		115,444		1,283,758		1,417,658		-		1,417,658		-		1,417,658
GVGMNS		2,231		26,397		25,324		-		25,324		-		25,324
GVGOPS		61,411		559,195		627,004		-		627,004		-		627,004
GVMCE		538,610		8,603,857		8,623,140		2		8,623,142		-		8,623,142
GVMSAS		3,251		29,465		28,902		-		28,902		-		28,902
RVARS		8,853		230,058		229,203		-		229,203		-		229,203

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2023

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ACEG		32,110		2,155,780		1,893,205		5		1,893,210		-		1,893,210
ACGI		243,406		4,463,259		4,590,644		1		4,590,645		-		4,590,645
AVHY1		56,695		259,925		265,901		1		265,902		-		265,902
AVIE		918,584		32,529,816		31,314,535		19		31,314,554		-		31,314,554
AVMCCI		16,957		162,016		166,007		-		166,007		3		166,004
AVSCE		7,788		124,079		133,950		1		133,951		-		133,951
IVBRA1		137,219		1,348,216		1,191,063		-		1,191,063		1		1,191,062
MSVMV		-		2		2		-		2		-		2
OVAG		656,126		49,216,138		41,211,282		7		41,211,289		-		41,211,289
OVGI		490,715		11,084,489		8,940,833		7		8,940,840		-		8,940,840
OVGR		292,345		14,752,148		13,760,663		1,308		13,761,971		-		13,761,971
OVGS		2,251,952		87,831,933		82,331,348		-		82,331,348		200		82,331,148
OVIG		11,218,694		23,567,013		22,661,763		17		22,661,780		-		22,661,780
OVSB		3,139,555		15,521,650		13,468,690		-		13,468,690		4		13,468,686
OVSC		445,489		10,815,169		11,988,120		-		11,988,120		23		11,988,097
WRASP		677,700		6,124,612		5,936,654		1		5,936,655		-		5,936,655
WRGP		687,084		6,261,650		6,815,872		5		6,815,877		-		6,815,877
WRHIP		4,035,064		12,251,783		11,903,439		2		11,903,441		-		11,903,441
WRMCG		473,088		4,741,106		4,730,885		7		4,730,892		-		4,730,892
WRRESP		880,556		5,739,348		5,371,391		2		5,371,393		-		5,371,393
WRSTP		425,878		8,672,654		9,782,416		2		9,782,418		-		9,782,418
JABS		671,964		29,750,572		32,287,882		13		32,287,895		-		32,287,895
JACAS		1,361,270		53,261,640		57,840,348		8		57,840,356		-		57,840,356
JAEI		17,590		1,321,949		1,345,977		-		1,345,977		-		1,345,977
JAFBS		657,429		7,779,466		7,336,908		3		7,336,911		-		7,336,911
JAGSEI		1,003		9,689		10,470		-		10,470		-		10,470
JAGTS		2,719,238		40,517,300		43,670,968		14		43,670,982		-		43,670,982
JAIGS		588,196		17,868,071		23,574,908		1		23,574,909		-		23,574,909
JAMGS		513,663		36,561,593		35,119,155		17		35,119,172		-		35,119,172
JAMVS		130,484		2,047,796		2,181,697		6		2,181,703		-		2,181,703
LZREMS		457,344		9,062,134		9,526,477		7		9,526,484		-		9,526,484
SBVSG		819,206		24,731,452		22,405,295		16		22,405,311		-		22,405,311
BNCAI		47,708		3,511,224		3,434,614		7		3,434,621		-		3,434,621
LJPMVS		4,922,968		45,937,190		50,081,356		33		50,081,389		-		50,081,389
LJPSCS		64,109		1,150,437		1,272,495		3		1,272,498		-		1,272,498
LOVBD		467,627		5,279,535		4,825,912		-		4,825,912		-		4,825,912
LOVSDC		1,061,193		14,496,385		13,827,350		2		13,827,352		-		13,827,352
LOVTRC		1,210,217		18,925,857		17,185,078		7		17,185,085		-		17,185,085
MNVFRI		4,000		33,850		34,340		1		34,341		-		34,341
MNVFRS		88,263		742,576		758,411		11		758,422		-		758,422
M3GREI		2,618		39,201		34,246		-		34,246		-		34,246
M3GRES		9,230		154,905		147,040		-		147,040		-		147,040
MEGSS		24,151		1,197,402		1,344,753		2		1,344,755		-		1,344,755
MMCGSC		421,077		2,934,019		3,124,389		1		3,124,390		-		3,124,390
MNDIC		90,863		1,673,350		1,175,772		-		1,175,772		-		1,175,772
MNDSC		307,893		3,605,601		3,109,716		-		3,109,716		2		3,109,714
MV2EEI		139		1,643		1,729		-		1,729		-		1,729
MV2EES		19,637		274,940		240,357		1		240,358		-		240,358
MV2IGI		220,603		4,742,468		4,992,252		1		4,992,253		-		4,992,253
MV2RIS		400,387		6,262,383		6,658,442		2		6,658,444		-		6,658,444
MV3LMI		1,371		13,307		13,666		-		13,666		-		13,666
MV3MVI		40,402		389,651		397,155		-		397,155		-		397,155
MV3MVS		225,673		2,094,136		2,184,510		2		2,184,512		-		2,184,512

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2023

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
MVBRES		41,109		2,258,071		2,247,034		1		2,247,035		-		2,247,035
MVFIC		504,498		10,187,321		10,730,674		-		10,730,674		1		10,730,673
MVFSC		4,817,381		96,760,087		99,767,956		64		99,768,020		-		99,768,020
MVIGIC		38,027		541,444		557,852		-		557,852		-		557,852
MVIVSC		3,049,552		88,273,450		87,918,597		28		87,918,625		-		87,918,625
MVRBSS		475,759		5,649,855		5,456,952		-		5,456,952		-		5,456,952
MSEM		840,817		5,558,885		4,624,496		1		4,624,497		-		4,624,497
MSVEG		715,319		7,678,707		9,549,514		2		9,549,516		-		9,549,516
MSVMG		351,835		1,333,270		1,614,922		1		1,614,923		-		1,614,923
MSVRE		371,720		6,025,517		5,404,806		81		5,404,887		-		5,404,887
VKVGR2		231,383		1,917,983		1,744,625		-		1,744,625		3		1,744,622
DTRTFB		63,524		616,798		540,587		-		540,587		1		540,586
EIF		835,489		15,803,645		16,283,684		-		16,283,684		-		16,283,684
GBF		14,204,910		143,590,124		134,520,493		31		134,520,524		-		134,520,524
GEM		980,509		12,493,087		10,275,737		2		10,275,739		-		10,275,739
GIG		1,490,791		15,502,045		16,026,007		3		16,026,010		-		16,026,010
GVAAA2		450,966		11,573,788		11,463,556		-		11,463,556		3		11,463,553
GVABD2		164,286		1,974,612		1,792,362		-		1,792,362		1		1,792,361
GVAGG2		277,802		9,238,495		9,759,179		1		9,759,180		-		9,759,180
GVAGI2		95,885		5,398,993		6,029,236		1		6,029,237		-		6,029,237
GVAGR2		182,511		18,198,707		19,751,296		1		19,751,297		-		19,751,297
GVDMA		13,286,657		141,400,420		120,908,582		18		120,908,600		-		120,908,600
GVDMC		2,245,886		21,595,249		20,662,149		136		20,662,285		-		20,662,285
GVEX1		2,545,929		26,341,277		23,371,625		-		23,371,625		-		23,371,625
GVIDA		5,256,010		56,878,994		53,663,865		1,204		53,665,069		-		53,665,069
GVIDC		1,490,845		14,382,645		14,043,760		-		14,043,760		3		14,043,757
GVIDM		7,946,977		76,781,909		68,741,352		157		68,741,509		-		68,741,509
GVIX2		482,343		4,635,509		5,088,717		-		5,088,717		3		5,088,714
HIBF		3,632,018		22,660,610		21,029,381		8		21,029,389		-		21,029,389
IDPG		31,293		358,440		322,008		-		322,008		-		322,008
IDPGI		141		1,481		1,464		-		1,464		-		1,464
MCIF		7,657,183		149,399,384		144,261,321		65		144,261,386		-		144,261,386
MSBF		1,187,343		10,652,033		9,926,188		-		9,926,188		-		9,926,188
NCPG		9,874		112,263		121,251		-		121,251		-		121,251
NCPGI		2,614		28,480		30,850		-		30,850		-		30,850
NJMMAY		2,714		24,251		24,261		-		24,261		-		24,261
NJNDE2		60		866		1,014		-		1,014		1		1,013
NVAMV1		2,287,090		35,084,245		38,400,241		-		38,400,241		-		38,400,241
NVAMVX		1,803,773		27,770,004		30,231,233		3		30,231,236		-		30,231,236
NVBX		27,200,737		273,630,106		249,702,768		152		249,702,920		-		249,702,920
NVCBD1		225,618		2,378,951		2,064,402		-		2,064,402		-		2,064,402
NVCCA1		450,231		4,580,805		4,839,979		-		4,839,979		-		4,839,979
NVCCN1		320,669		3,374,078		3,341,371		-		3,341,371		3		3,341,368
NVCMA1		954,905		9,017,952		9,883,263		1		9,883,264		-		9,883,264
NVCMC1		202,407		2,246,261		2,194,093		-		2,194,093		-		2,194,093
NVCMD1		915,661		9,810,528		10,108,900		-		10,108,900		-		10,108,900
NVCRA1		435,843		5,163,519		5,400,093		4		5,400,097		-		5,400,097
NVCRB1		681,977		7,606,814		7,651,786		2		7,651,788		-		7,651,788
NVDBL2		114,479		1,640,176		1,498,536		-		1,498,536		-		1,498,536
NVDCA2		43,204		633,608		540,478		-		540,478		-		540,478
NVDCAP		17,043		233,859		212,359		-		212,359		-		212,359
NVFIII		12,994		140,540		123,837		-		123,837		-		123,837
NVGEII		11,686		166,269		186,047		-		186,047		-		186,047

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2023

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
NVIDMP		678,936		6,746,554		5,845,638		-		5,845,638		-		5,845,638
NVIE6		21,139		193,016		224,500		-		224,500		-		224,500
NVIX		4,549,402		46,432,260		48,087,181		17		48,087,198		-		48,087,198
NVLCP1		471,967		5,187,230		4,663,034		-		4,663,034		1		4,663,033
NVMIG1		2,297,099		20,916,757		17,848,461		2		17,848,463		-		17,848,463
NVMIVX		565,698		5,614,427		6,629,981		1		6,629,982		-		6,629,982
NVMLG1		3,357,938		27,654,202		28,542,469		6		28,542,475		-		28,542,475
NVMMG1		6,394,459		59,965,001		40,093,257		1		40,093,258		-		40,093,258
NVMMV1		1,325,642		11,298,096		10,154,414		3		10,154,417		-		10,154,417
NVMMV2		1,619,177		14,121,168		12,516,240		2		12,516,242		-		12,516,242
NVNMO1		1,620,136		17,314,915		20,397,517		1		20,397,518		-		20,397,518
NVNSR1		16,682		232,456		200,857		1		200,858		-		200,858
NVOLG1		13,330,842		255,650,790		281,280,763		7		281,280,770		-		281,280,770
NVRE1		4,374,255		32,417,836		32,238,256		4		32,238,260		-		32,238,260
NVSIX2		332,621		2,383,488		2,631,032		-		2,631,032		1		2,631,031
NVSIXD		24,985		188,782		201,375		1		201,376		-		201,376
NVSTB1		12,600,242		130,290,543		121,592,331		39		121,592,370		-		121,592,370
NVSTB2		233,276		2,348,353		2,241,778		-		2,241,778		-		2,241,778
NVTIV3		94,082		1,045,257		1,112,047		1		1,112,048		-		1,112,048
SAM		42,789,050		42,789,050		42,789,050		-		42,789,050		516		42,788,534
SAM5		534,817,037		534,817,037		534,817,037		-		534,817,037		203		534,816,834
SCF		2,961,537		54,146,946		53,959,211		13		53,959,224		-		53,959,224
SCGF		2,192,164		32,959,050		30,076,486		9		30,076,495		-		30,076,495
SCVF		4,750,272		41,024,674		44,747,559		5		44,747,564		-		44,747,564
TRF		2,217,967		45,265,377		47,020,891		-		47,020,891		-		47,020,891
AMCG		53,602		1,654,889		1,427,416		-		1,427,416		-		1,427,416
AMMCGS		40,872		1,056,922		936,794		-		936,794		-		936,794
AMRI		4,156		62,802		65,504		-		65,504		-		65,504
AMSRS		75,951		2,006,225		2,532,952		2		2,532,954		-		2,532,954
AMTB		345,186		3,447,679		3,327,596		3,585		3,331,181		-		3,331,181
NOTB3		4,908		95,446		67,389		-		67,389		1		67,388
NOTG3		4,390		67,709		52,639		-		52,639		-		52,639
NOTMG3		10,981		152,512		130,457		1		130,458		-		130,458
PMVAAA		460,281		4,499,454		4,165,547		2		4,165,549		-		4,165,549
PMVFBA		118,887		1,018,596		899,972		-		899,972		-		899,972
PMVFHA		396,910		3,713,330		3,901,623		-		3,901,623		4		3,901,619
PMVGBA		128,695		1,251,933		1,238,045		-		1,238,045		5		1,238,040
PMVHYA		39,326		270,907		282,359		1		282,360		-		282,360
PMVID		1,710,715		16,685,491		17,021,619		-		17,021,619		15		17,021,604
PMVII		8,265		80,012		82,234		-		82,234		-		82,234
PMVLDA		3,354,024		33,743,470		32,198,631		-		32,198,631		10		32,198,621
PMVLGA		1,304,955		16,684,604		10,374,390		-		10,374,390		2		10,374,388
PMVRRA		3,427,025		44,613,463		39,650,678		-		39,650,678		9		39,650,669
PMVRSA		52,312		347,835		279,870		-		279,870		-		279,870
PMVTRA		6,685,993		70,091,088		61,377,420		-		61,377,420		16		61,377,404
PVSTA		62,051		631,081		634,784		3		634,787		-		634,787
PVEIB		118,924		3,154,482		3,427,382		1		3,427,383		-		3,427,383
PVGOB		335,946		4,246,521		4,528,558		-		4,528,558		-		4,528,558
PVNOB		1,594		58,308		63,113		-		63,113		-		63,113
PVTIGB		58,232		853,012		889,208		-		889,208		-		889,208
PVTSCB		148,861		1,589,381		1,701,484		1		1,701,485		-		1,701,485
ROCMC		206,602		2,200,122		1,894,540		-		1,894,540		-		1,894,540
TRBCGP		2,278,380		96,257,033		105,238,392		107		105,238,499		-		105,238,499

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2023

Subaccount*,**,***	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
TREI2		586,104		16,700,868		16,170,598		8		16,170,606		-		16,170,606
TRHS2		218,211		11,941,622		11,314,221		-		11,314,221		-		11,314,221
TRLT1		6,027,350		29,210,451		28,087,450		-		28,087,450		11		28,087,439
TRMCG2		955,723		27,645,428		25,823,643		12		25,823,655		-		25,823,655
TRMCGP		143		3,998		4,169		-		4,169		-		4,169
TRNAG1		1,720,878		62,934,779		59,198,194		39		59,198,233		-		59,198,233
TRPSB1		431,762		9,150,353		8,643,884		3		8,643,887		-		8,643,887
VWEM		680,010		7,806,523		6,262,888		-		6,262,888		6		6,262,882
VWHA		584,732		16,225,644		15,548,013		-		15,548,013		1		15,548,012
VVB		786,650		18,761,595		18,321,075		3		18,321,078		-		18,321,078
VVCG		8,928		375,287		414,089		-		414,089		5		414,084
VVDV		20,002		283,544		312,625		-		312,625		-		312,625
VVEI		98,612		2,240,209		2,357,811		-		2,357,811		-		2,357,811
VVEIX		6,258		324,594		381,056		1		381,057		-		381,057
VVG		839,098		16,945,428		21,262,749		11		21,262,760		-		21,262,760
VVGBI		9,531		185,616		177,268		-		177,268		-		177,268
VVHGB		3,854,337		46,043,640		40,971,599		23		40,971,622		-		40,971,622
VVHYB		61		435		453		-		453		-		453
VVI		532,096		14,359,236		13,073,589		10		13,073,599		-		13,073,599
VVMCI		1,088,367		24,203,644		26,044,617		13		26,044,630		-		26,044,630
VVREI		224,868		2,819,348		2,680,422		-		2,680,422		5		2,680,417
VVSCG		432,166		7,260,186		7,610,446		3		7,610,449		-		7,610,449
VVSTC		88,416		878,452		911,567		-		911,567		-		911,567
VVTISI		666,386		13,434,014		14,054,077		-		14,054,077		2		14,054,075
VVTSM		21,955		1,029,323		1,085,679		-		1,085,679		-		1,085,679
VRVDRI		335,192		6,377,733		6,499,375		3		6,499,378		-		6,499,378

* 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, 2023, 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, 2023

Investment Activity*:	ABTGB			ALVDAA			ALVGIA			ALVIVA			ALVIVB			ALVSVA			SVDF			SVOF
Reinvested dividends	$	2			302			468,844			35,732			3,725			169,718			-			-
Mortality and expense risk charges (note 3)		-			-			(38,791	)		(3,122	)		-			(4,697	)		(7,473	)		(8,343	)
Net investment income (loss)		2			302			430,053			32,610			3,725			165,021			(7,473	)		(8,343	)
Realized gain (loss) on investments		(464	)		(23,488	)		408,877			43,642			30,410			13,640			(2,086,872	)		(106,701	)
Change in unrealized gain (loss) on investments		75			28,898			294,490			499,562			15,637			1,131,192			5,172,630			1,363,922
Net gain (loss) on investments		(389	)		5,410			703,367			543,204			46,047			1,144,832			3,085,758			1,257,221
Reinvested capital gains		389			-			2,465,520			-			-			1,336,633			-			708,237
Net increase (decrease) in contract owners’ equity resulting from operations	$	2			5,712			3,598,940			575,814			49,772			2,646,486			3,078,285			1,957,115
Investment Activity*:	WFVSCG			ACVCA			ACVI			ACVIG			ACVIP1			ACVIP2			ACVMV1			ACVU1
Reinvested dividends	$	-			-			25,784			308,453			993,365			231,441			299,838			-
Mortality and expense risk charges (note 3)		(7,788	)		(721	)		(1,848	)		(2,869	)		(36,534	)		-			(8,540	)		(915	)
Net investment income (loss)		(7,788	)		(721	)		23,936			305,584			956,831			231,441			291,298			(915	)
Realized gain (loss) on investments		(2,921,263	)		(25,074	)		(16,689	)		(685,956	)		(1,592,324	)		(54,532	)		49,561			28
Change in unrealized gain (loss) on investments		3,300,992			140,023			206,855			2,069,779			1,583,526			53,336			(1,051,430	)		609,663
Net gain (loss) on investments		379,729			114,949			190,166			1,383,823			(8,798	)		(1,196	)		(1,001,869	)		609,691
Reinvested capital gains		-			897			-			-			-			-			1,461,109			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	371,941			115,125			214,102			1,689,407			948,033			230,245			750,538			608,776

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	ACVV			AMVAA2			AMVBC2			AMVBC4			AMVBD2			AMVGB2			AMVGI2			AMVGR2
Reinvested dividends	$	342,039			268,054			2,304			4,261			1,813,618			-			27,686			165,101
Mortality and expense risk charges (note 3)		(16,798	)		(10,029	)		13			-			(51,905	)		(609	)		4,320			(55,095	)
Net investment income (loss)		325,241			258,025			2,317			4,261			1,761,713			(609	)		32,006			110,006
Realized gain (loss) on investments		696,559			(54,012	)		180			1,791			(124,717	)		(339,532	)		(38,676	)		1,794,605
Change in unrealized gain (loss) on investments		(932,779	)		978,950			13,883			28,586			880,434			574,904			362,324			10,576,280
Net gain (loss) on investments		(236,220	)		924,938			14,063			30,377			755,717			235,372			323,648			12,370,885
Reinvested capital gains		1,122,620			454,440			138			2,068			-			-			102,686			2,550,993
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,211,641			1,637,403			16,518			36,706			2,517,430			234,763			458,340			15,031,884
Investment Activity*:	AMVGS2			AMVGS4			AMVGV2			AMVI2			AMVNW2			PIHYB1			BRVHYI			MLVGA2
Reinvested dividends	$	8,427			8			2,809			255,722			168,979			116,403			1,387,498			193,466
Mortality and expense risk charges (note 3)		(5,072	)		-			(225	)		(23,462	)		(7,515	)		(2,677	)		(26,700	)		(2,814	)
Net investment income (loss)		3,355			8			2,584			232,260			161,464			113,726			1,360,798			190,652
Realized gain (loss) on investments		(232,823	)		(13	)		(11,807	)		(699,115	)		(995,199	)		(10,871	)		(421,868	)		(248,949	)
Change in unrealized gain (loss) on investments		650,259			1,708			3,041			3,622,996			2,388,116			122,902			1,711,330			1,144,189
Net gain (loss) on investments		417,436			1,695			(8,766	)		2,923,881			1,392,917			112,031			1,289,462			895,240
Reinvested capital gains		39,330			307			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	460,121			2,010			(6,182	)		3,156,141			1,554,381			225,757			2,650,260			1,085,892

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	MLVLC2			DCAP			DSC			DSIF			DSRG			DVMCS			DVSCS			CVSPIP
Reinvested dividends	$	7,232			22,144			3,173			11,062,211			100,834			15,881			1,046,067			2,920
Mortality and expense risk charges (note 3)		(1,852	)		(2,705	)		-			(752,929	)		(312	)		(3,197	)		(123,386	)		(394	)
Net investment income (loss)		5,380			19,439			3,173			10,309,282			100,522			12,684			922,681			2,526
Realized gain (loss) on investments		(32,720	)		(222,221	)		(8,669	)		35,123,471			(28,777	)		(419,483	)		4,333,937			(30,472	)
Change in unrealized gain (loss) on investments		247,512			519,238			70,747			105,624,707			1,255,053			578,540			3,535,121			92,248
Net gain (loss) on investments		214,792			297,017			62,078			140,748,178			1,226,276			159,057			7,869,058			61,776
Reinvested capital gains		-			274,247			21,384			30,844,364			1,619,214			63,849			5,460,804			10,781
Net increase (decrease) in contract owners’ equity resulting from operations	$	220,172			590,703			86,635			181,901,824			2,946,012			235,590			14,252,543			75,083
Investment Activity*:	SASP5I			DAVVL			DWVEMS			DWVSVS			DFVEA			DFVGMI			DFVIPS			DFVIS
Reinvested dividends	$	1,141,661			71,179			64,714			123,786			-			8,686			204,787			1,134
Mortality and expense risk charges (note 3)		(74,752	)		(6,829	)		(9,544	)		(25,708	)		4			-			(5,520	)		12
Net investment income (loss)		1,066,909			64,350			55,170			98,078			4			8,686			199,267			1,146
Realized gain (loss) on investments		2,721,294			(152,791	)		(83,005	)		2,271,807			(683	)		(1,820	)		(465,412	)		(366	)
Change in unrealized gain (loss) on investments		14,340,597			1,036,164			594,339			(1,670,054	)		1,489			37,621			487,667			2,938
Net gain (loss) on investments		17,061,891			883,373			511,334			601,753			806			35,801			22,255			2,572
Reinvested capital gains		-			568,596			-			829,686			-			3,535			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	18,128,800			1,516,319			566,504			1,529,517			810			48,022			221,522			3,718

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	DFVIV			DFVULV			DFVUTV			DSGIBA			SVSLVB			SVSSVB			ETVFR			FQB
Reinvested dividends	$	2,763			285,277			99,218			15,023			1,342			924			1,730,609			484,866
Mortality and expense risk charges (note 3)		575			(13,063	)		(5,910	)		-			(57	)		(125	)		(33,992	)		(7,938	)
Net investment income (loss)		3,338			272,214			93,308			15,023			1,285			799			1,696,617			476,928
Realized gain (loss) on investments		13,398			245,773			(172,548	)		(5,406	)		(12,932	)		(1,077	)		(223,848	)		(131,984	)
Change in unrealized gain (loss) on investments		3,149			596,114			690,308			76,393			20,610			11,817			736,262			751,213
Net gain (loss) on investments		16,547			841,887			517,760			70,987			7,678			10,740			512,414			619,229
Reinvested capital gains		551			173,868			441,499			-			-			4,522			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	20,436			1,287,969			1,052,567			86,010			8,963			16,061			2,209,031			1,096,157
Investment Activity*:	FVU2			FVUS2			FCS			FEIS			FEMS			FF05S			FF10S			FF15S
Reinvested dividends	$	14,885			11,647			163,990			1,205,852			191,091			11,630			95,448			234,311
Mortality and expense risk charges (note 3)		-			(354	)		(46,483	)		(20,684	)		(11,333	)		(352	)		(288	)		(5,248	)
Net investment income (loss)		14,885			11,293			117,507			1,185,168			179,758			11,278			95,160			229,063
Realized gain (loss) on investments		(16,739	)		(27,158	)		1,366,788			464,552			(1,947,213	)		(62,324	)		(147,216	)		(1,108,336	)
Change in unrealized gain (loss) on investments		69,064			30,446			8,234,242			3,071,416			2,637,649			75,343			85,161			1,440,544
Net gain (loss) on investments		52,325			3,288			9,601,030			3,535,968			690,436			13,019			(62,055	)		332,208
Reinvested capital gains		-			-			1,423,964			1,909,708			-			-			195,394			146,719
Net increase (decrease) in contract owners’ equity resulting from operations	$	67,210			14,581			11,142,501			6,630,844			870,194			24,297			228,499			707,990

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	FF20S			FF25S			FF30S			FF35S			FF40S			FF45S			FF50S			FF55S
Reinvested dividends	$	757,968			740,549			1,266,981			276,554			579,138			51,004			86,685			7,531
Mortality and expense risk charges (note 3)		(19,433	)		(36,404	)		(55,738	)		(16,350	)		(58,182	)		(3,690	)		(8,337	)		291
Net investment income (loss)		738,535			704,145			1,211,243			260,204			520,956			47,314			78,348			7,822
Realized gain (loss) on investments		(852,746	)		(842,773	)		291,908			(431,708	)		289,296			(137,660	)		(50,455	)		(17,891	)
Change in unrealized gain (loss) on investments		2,780,667			3,652,079			5,897,668			2,233,071			5,064,599			566,237			880,852			95,236
Net gain (loss) on investments		1,927,921			2,809,306			6,189,576			1,801,363			5,353,895			428,577			830,397			77,345
Reinvested capital gains		173,707			-			-			25,206			502,889			41,216			84,218			4,872
Net increase (decrease) in contract owners’ equity resulting from operations	$	2,840,163			3,513,451			7,400,819			2,086,773			6,377,740			517,107			992,963			90,039
Investment Activity*:	FF60S			FF65S			FFINS			FGOS			FGS			FHIS			FIGBS			FIP
Reinvested dividends	$	19,797			281			63,313			-			62,877			575,327			3,629,788			66,966
Mortality and expense risk charges (note 3)		(5	)		(22	)		(1,709	)		(483	)		(79,479	)		(4,824	)		(158,703	)		7,625
Net investment income (loss)		19,792			259			61,604			(483	)		(16,602	)		570,503			3,471,085			74,591
Realized gain (loss) on investments		56,244			(1,143	)		(163,215	)		4,045			3,263,802			(260,889	)		(2,906,624	)		35,663
Change in unrealized gain (loss) on investments		167,133			3,195			206,642			174,753			37,939,755			688,239			7,795,776			887,179
Net gain (loss) on investments		223,377			2,052			43,427			178,798			41,203,557			427,350			4,889,152			922,842
Reinvested capital gains		16,488			93			-			-			7,849,101			-			-			34,999
Net increase (decrease) in contract owners’ equity resulting from operations	$	259,657			2,404			105,031			178,315			49,036,056			997,853			8,360,237			1,032,432

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	FMCS			FMMP			FNRS2			FOS			FRESS			FVBIS			FVEMIS			FVIIS
Reinvested dividends	$	168,693			167,134			246,356			169,664			63,220			35			187			353
Mortality and expense risk charges (note 3)		(11,024	)		(3,677	)		-			(1,452	)		(3,256	)		13			13			24
Net investment income (loss)		157,669			163,457			246,356			168,212			59,964			48			200			377
Realized gain (loss) on investments		(84,661	)		-			2,155,420			186,146			(232,669	)		(151	)		74			(274	)
Change in unrealized gain (loss) on investments		3,678,147			-			(2,465,602	)		2,869,159			349,773			23			1,330			1,672
Net gain (loss) on investments		3,593,486			-			(310,182	)		3,055,305			117,104			(128	)		1,404			1,398
Reinvested capital gains		915,550			-			-			47,535			107,199			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	4,666,705			163,457			(63,826	)		3,271,052			284,267			(80	)		1,604			1,775
Investment Activity*:	FVMIS			FVSS			FVSS2			FTVDM2			FTVFA2			FTVGB1			FTVGI2			FTVIS2
Reinvested dividends	$	2,683			88,133			1,222			55,652			6,718			-			-			265,223
Mortality and expense risk charges (note 3)		328			(1,977	)		-			-			-			(10,723	)		(72	)		-
Net investment income (loss)		3,011			86,156			1,222			55,652			6,718			(10,723	)		(72	)		265,223
Realized gain (loss) on investments		1,024			193,679			1,661			(124,031	)		(28,985	)		(183,959	)		(155,342	)		66,884
Change in unrealized gain (loss) on investments		54,139			807,338			17,672			430,894			79,898			412,213			266,860			(216,702	)
Net gain (loss) on investments		55,163			1,001,017			19,333			306,863			50,913			228,254			111,518			(149,818	)
Reinvested capital gains		-			307,974			4,938			2,019			7,798			-			-			321,535
Net increase (decrease) in contract owners’ equity resulting from operations	$	58,174			1,395,147			25,493			364,534			65,429			217,531			111,446			436,940

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	FTVMD2			FTVSV2			FTVSVI			TIF			TIF2			GVCSE			GVGMNS			GVGOPS
Reinvested dividends	$	5,207			59,263			76,394			24,129			288,388			12,524			416			-
Mortality and expense risk charges (note 3)		(300	)		(10,483	)		-			-			(6,857	)		(441	)		-			(1,291	)
Net investment income (loss)		4,907			48,780			76,394			24,129			281,531			12,083			416			(1,291	)
Realized gain (loss) on investments		(18,442	)		(651,458	)		(325,931	)		(5,565	)		63,726			(239,064	)		(83	)		(177,473	)
Change in unrealized gain (loss) on investments		52,647			1,169,823			983,685			116,576			1,320,083			474,605			2,939			279,973
Net gain (loss) on investments		34,205			518,365			657,754			111,011			1,383,809			235,541			2,856			102,500
Reinvested capital gains		11,331			642,472			551,850			-			-			-			-			4,078
Net increase (decrease) in contract owners’ equity resulting from operations	$	50,443			1,209,617			1,285,998			135,140			1,665,340			247,624			3,272			105,287
Investment Activity*:	GVMCE			GVMSAS			RVARS			ACEG			ACGI			AVHY1			AVIE			AVMCCI
Reinvested dividends	$	80,838			1,840			6,133			-			69,479			13,263			58,594			458
Mortality and expense risk charges (note 3)		(11,378	)		-			-			-			(5,818	)		(573	)		(47,798	)		(102	)
Net investment income (loss)		69,460			1,840			6,133			-			63,661			12,690			10,796			356
Realized gain (loss) on investments		(1,452,973	)		(617	)		3,566			(108,704	)		87,390			(9,113	)		(1,540,240	)		(12,505	)
Change in unrealized gain (loss) on investments		2,036,743			1,062			(1,277	)		566,400			(192,315	)		32,025			6,334,488			35,397
Net gain (loss) on investments		583,770			445			2,289			457,696			(104,925	)		22,912			4,794,248			22,892
Reinvested capital gains		199,102			-			-			33,246			552,090			-			21,938			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	852,332			2,285			8,422			490,942			510,826			35,602			4,826,982			23,248

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	AVSCE			IVBRA1			OVAG			OVGI			OVGR			OVGS			OVIG			OVSB
Reinvested dividends	$	-			-			-			68,993			-			169,960			128,310			-
Mortality and expense risk charges (note 3)		(171	)		-			(8,182	)		(8,702	)		(12,120	)		(44,205	)		(30,110	)		-
Net investment income (loss)		(171	)		-			(8,182	)		60,291			(12,120	)		125,755			98,200			-
Realized gain (loss) on investments		(25,982	)		(38,524	)		(1,394,028	)		(527,961	)		(152,305	)		(3,305,539	)		(700,533	)		(468,744	)
Change in unrealized gain (loss) on investments		44,398			113,457			6,276,302			1,576,165			3,786,682			16,079,004			4,701,179			1,621,344
Net gain (loss) on investments		18,416			74,933			4,882,274			1,048,204			3,634,377			12,773,465			4,000,646			1,152,600
Reinvested capital gains		2,245			-			-			561,003			-			8,594,832			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	20,490			74,933			4,874,092			1,669,498			3,622,257			21,494,052			4,098,846			1,152,600
Investment Activity*:	OVSC			WRASP			WRGP			WRHIP			WRMCG			WRRESP			WRSTP			JABS
Reinvested dividends	$	129,141			120,714			-			678,483			-			128,210			-			548,377
Mortality and expense risk charges (note 3)		(3,848	)		(617	)		(4,749	)		(16,445	)		(5,466	)		(6,662	)		(1,871	)		(31,229	)
Net investment income (loss)		125,293			120,097			(4,749	)		662,038			(5,466	)		121,548			(1,871	)		517,148
Realized gain (loss) on investments		102,137			(103,449	)		(872,756	)		(415,668	)		(1,339,381	)		(1,388,333	)		(2,697,311	)		1,154,783
Change in unrealized gain (loss) on investments		1,617,661			713,632			2,181,507			1,001,983			1,574,362			1,073,207			5,040,643			2,760,786
Net gain (loss) on investments		1,719,798			610,183			1,308,751			586,315			234,981			(315,126	)		2,343,332			3,915,569
Reinvested capital gains		-			-			573,490			-			498,649			591,738			455,000			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,845,091			730,280			1,877,492			1,248,353			728,164			398,160			2,796,461			4,432,717

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	JACAS			JAEI			JAFBS			JAGSEI			JAGTS			JAIGS			JAMGS			JAMVS
Reinvested dividends	$	64,143			2,039			263,135			41			-			337,573			30,618			19,567
Mortality and expense risk charges (note 3)		(8,695	)		-			(7,084	)		-			(11,930	)		(5,833	)		(42,081	)		(3,765	)
Net investment income (loss)		55,448			2,039			256,051			41			(11,930	)		331,740			(11,463	)		15,802
Realized gain (loss) on investments		(78,221	)		(22,562	)		(534,897	)		5			647,717			150,772			154,146			(1,776	)
Change in unrealized gain (loss) on investments		16,939,888			138,549			634,999			781			14,534,542			1,950,849			2,961,925			133,036
Net gain (loss) on investments		16,861,667			115,987			100,102			786			15,182,259			2,101,621			3,116,071			131,260
Reinvested capital gains		-			81,568			-			-			-			-			2,522,272			57,859
Net increase (decrease) in contract owners’ equity resulting from operations	$	16,917,115			199,594			356,153			827			15,170,329			2,433,361			5,626,880			204,921
Investment Activity*:	LZREMS			SBVSG			BNCAI			LJPMVS			LJPSCS			LOVBD			LOVSDC			LOVTRC
Reinvested dividends	$	425,801			-			-			902,941			8,728			243,663			622,807			732,825
Mortality and expense risk charges (note 3)		(15,247	)		(32,210	)		(4,428	)		(39,954	)		(953	)		(7,925	)		(19,587	)		(27,647	)
Net investment income (loss)		410,554			(32,210	)		(4,428	)		862,987			7,775			235,738			603,220			705,178
Realized gain (loss) on investments		342,213			(2,484,727	)		536,007			129,626			8,565			(158,575	)		(801,528	)		(1,700,175	)
Change in unrealized gain (loss) on investments		1,038,228			4,168,182			139,442			4,144,166			122,058			196,755			907,267			2,036,584
Net gain (loss) on investments		1,380,441			1,683,455			675,449			4,273,792			130,623			38,180			105,739			336,409
Reinvested capital gains		-			-			50,487			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,790,995			1,651,245			721,508			5,136,779			138,398			273,918			708,959			1,041,587

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	MNVFRI			MNVFRS			M3GREI			M3GRES			MEGSS			MMCGSC			MNDIC			MNDSC
Reinvested dividends	$	2,421			55,667			313			614			-			-			-			-
Mortality and expense risk charges (note 3)		69			(853	)		107			(231	)		(1,520	)		(3,892	)		-			4,283
Net investment income (loss)		2,490			54,814			420			383			(1,520	)		(3,892	)		-			4,283
Realized gain (loss) on investments		127			(1,237	)		(2,950	)		(20,083	)		104,453			(871,720	)		(132,023	)		(836,769	)
Change in unrealized gain (loss) on investments		490			19,981			3,529			25,885			147,351			1,418,598			281,505			1,217,924
Net gain (loss) on investments		617			18,744			579			5,802			251,804			546,878			149,482			381,155
Reinvested capital gains		-			-			2,550			7,812			22,156			43,711			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	3,107			73,558			3,549			13,997			272,440			586,697			149,482			385,438
Investment Activity*:	MV2EEI			MV2EES			MV2IGI			MV2RIS			MV3LMI			MV3MVI			MV3MVS			MVBRES
Reinvested dividends	$	4			2,515			13,668			50,577			-			6,476			28,139			21,296
Mortality and expense risk charges (note 3)		6			(196	)		-			(15,932	)		5			-			(1,494	)		(3,068	)
Net investment income (loss)		10			2,319			13,668			34,645			5			6,476			26,645			18,228
Realized gain (loss) on investments		(550	)		(9,962	)		113,188			(3,331,948	)		13			(28,267	)		(112,335	)		(60,212	)
Change in unrealized gain (loss) on investments		883			25,890			635,221			7,148,516			359			50,614			216,167			374,845
Net gain (loss) on investments		333			15,928			748,409			3,816,568			372			22,347			103,832			314,633
Reinvested capital gains		-			-			236,467			-			-			12,282			62,575			158,055
Net increase (decrease) in contract owners’ equity resulting from operations	$	343			18,247			998,544			3,851,213			377			41,105			193,052			490,916

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	MVFIC			MVFSC			MVIGIC			MVIVSC			MVRBSS			MSEM			MSVEG			MSVMG
Reinvested dividends	$	177,396			1,453,616			5,197			408,584			156,939			383,344			-			-
Mortality and expense risk charges (note 3)		-			(142,908	)		-			(117,773	)		(4,387	)		(2,556	)		(5,997	)		(1,630	)
Net investment income (loss)		177,396			1,310,708			5,197			290,811			152,552			380,788			(5,997	)		(1,630	)
Realized gain (loss) on investments		214,499			1,489,286			(17,340	)		1,305,186			(223,937	)		(432,108	)		(281,690	)		(149,653	)
Change in unrealized gain (loss) on investments		(329,470	)		(3,215,973	)		66,857			5,535,656			395,488			541,575			3,419,622			642,181
Net gain (loss) on investments		(114,971	)		(1,726,687	)		49,517			6,840,842			171,551			109,467			3,137,932			492,528
Reinvested capital gains		745,648			7,286,320			14,819			6,541,131			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	808,073			6,870,341			69,533			13,672,784			324,103			490,255			3,131,935			490,898
Investment Activity*:	MSVRE			VKVGR2			DTRTFB			EIF			GBF			GEM			GIG			GVAAA2
Reinvested dividends	$	103,528			29,766			16,626			282,089			3,666,250			180,712			427,463			-
Mortality and expense risk charges (note 3)		(5,301	)		(2,737	)		-			(2,988	)		(124,777	)		(3,768	)		(9,667	)		-
Net investment income (loss)		98,227			27,029			16,626			279,101			3,541,473			176,944			417,796			-
Realized gain (loss) on investments		(237,475	)		(268,946	)		(5,937	)		331,278			(5,654,702	)		(370,425	)		(522,181	)		14,188
Change in unrealized gain (loss) on investments		841,256			400,822			17,674			(133,202	)		7,101,489			616,264			3,112,679			274,060
Net gain (loss) on investments		603,781			131,876			11,737			198,076			1,446,787			245,839			2,590,498			288,248
Reinvested capital gains		-			-			-			1,244,641			-			-			-			1,174,496
Net increase (decrease) in contract owners’ equity resulting from operations	$	702,008			158,905			28,363			1,721,818			4,988,260			422,783			3,008,294			1,462,744

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	GVABD2			GVAGG2			GVAGI2		GVAGR2			GVDMA			GVDMC			GVEX1			GVIDA
Reinvested dividends	$	-			-			-		-			-			-			280,866			-
Mortality and expense risk charges (note 3)		-			-			-		-			(67,730	)		(11,047	)		-			(29,474	)
Net investment income (loss)		-			-			-		-			(67,730	)		(11,047	)		280,866			(29,474	)
Realized gain (loss) on investments		(14,477	)		145,372			11,056		511,175			(7,739,515	)		(1,605,708	)		(3,165,390	)		(3,601,509	)
Change in unrealized gain (loss) on investments		93,654			727,849			727,641		3,173,246			25,160,448			3,723,425			7,269,787			11,522,256
Net gain (loss) on investments		79,177			873,221			738,697		3,684,421			17,420,933			2,117,717			4,104,397			7,920,747
Reinvested capital gains		-			905,570			500,007		1,977,922			1,215,920			-			24,575			563,788
Net increase (decrease) in contract owners’ equity resulting from operations	$	79,177			1,778,791			1,238,704		5,662,343			18,569,123			2,106,670			4,409,838			8,455,061
Investment Activity*:	GVIDC			GVIDM			GVIX2		HIBF			IDPG			IDPGI			MCIF			MSBF
Reinvested dividends	$	-			-			109,024		1,199,445			-			-			1,684,157			549,104
Mortality and expense risk charges (note 3)		(11,832	)		(25,607	)		-		(17,983	)		-			-			(139,941	)		(2,137	)
Net investment income (loss)		(11,832	)		(25,607	)		109,024		1,181,462			-			-			1,544,216			546,967
Realized gain (loss) on investments		(626,304	)		(6,941,448	)		64,924		(539,723	)		(3,405	)		(107	)		(7,990,930	)		(62,977	)
Change in unrealized gain (loss) on investments		1,701,401			15,812,479			538,349		1,805,270			40,957			271			19,600,330			(192,004	)
Net gain (loss) on investments		1,075,097			8,871,031			603,273		1,265,547			37,552			164			11,609,400			(254,981	)
Reinvested capital gains		-			-			-		-			-			-			7,038,606			527,954
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,063,265			8,845,424			712,297		2,447,009			37,552			164			20,192,222			819,940

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	NCPG			NCPGI			NJMMAY			NJNDE2			NVAMV1			NVAMVX			NVBX			NVCBD1
Reinvested dividends	$	-			-			825			6			653,849			552,491			6,784,307			62,887
Mortality and expense risk charges (note 3)		-			-			167			(1	)		-			(13,869	)		(347,043	)		-
Net investment income (loss)		-			-			992			5			653,849			538,622			6,437,264			62,887
Realized gain (loss) on investments		(9,814	)		459			(74,041	)		16			(415,723	)		1,142,951			(20,300,987	)		(80,545	)
Change in unrealized gain (loss) on investments		20,141			2,803			99,482			148			866,842			(730,351	)		26,665,798			113,655
Net gain (loss) on investments		10,327			3,262			25,441			164			451,119			412,600			6,364,811			33,110
Reinvested capital gains		2,670			-			-			-			2,079,103			1,634,450			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	12,997			3,262			26,433			169			3,184,071			2,585,672			12,802,075			95,997
Investment Activity*:	NVCCA1			NVCCN1			NVCMA1			NVCMC1			NVCMD1			NVCRA1			NVCRB1			NVDBL2
Reinvested dividends	$	-			-			-			-			-			-			-			-
Mortality and expense risk charges (note 3)		456			(862	)		(3,232	)		585			(3,037	)		(320	)		154			-
Net investment income (loss)		456			(862	)		(3,232	)		585			(3,037	)		(320	)		154			-
Realized gain (loss) on investments		39,959			(36,306	)		10,354			(28,864	)		(22,946	)		340,283			120,550			(41,688	)
Change in unrealized gain (loss) on investments		299,383			238,375			916,045			161,613			764,495			153,800			402,794			219,210
Net gain (loss) on investments		339,342			202,069			926,399			132,749			741,549			494,083			523,344			177,522
Reinvested capital gains		318,446			73,687			587,838			101,410			607,178			249,237			346,392			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	658,244			274,894			1,511,005			234,744			1,345,690			743,000			869,890			177,522

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	NVDCA2			NVDCAP			NVFIII			NVGEII			NVIDMP			NVIE6			NVIX			NVLCP1
Reinvested dividends	$	-			-			3,089			2,445			-			5,425			1,147,165			160,989
Mortality and expense risk charges (note 3)		-			-			-			-			-			-			(47,134	)		-
Net investment income (loss)		-			-			3,089			2,445			-			5,425			1,100,031			160,989
Realized gain (loss) on investments		(42,666	)		(24,722	)		(1,798	)		(3,402	)		(136,545	)		2,113			1,015,313			(156,944	)
Change in unrealized gain (loss) on investments		121,645			57,202			4,860			31,108			806,370			32,917			4,155,139			307,670
Net gain (loss) on investments		78,979			32,480			3,062			27,706			669,825			35,030			5,170,452			150,726
Reinvested capital gains		508			228			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	79,487			32,708			6,151			30,151			669,825			40,455			6,270,483			311,715
Investment Activity*:	NVMIG1			NVMIVX			NVMLG1			NVMMG1			NVMMV1			NVMMV2			NVNMO1			NVNSR1
Reinvested dividends	$	326,809			173,808			1,306,725			-			157,521			182,447			96,712			614
Mortality and expense risk charges (note 3)		(2,365	)		-			(5,522	)		(584	)		(7,070	)		-			-			(11	)
Net investment income (loss)		324,444			173,808			1,301,203			(584	)		150,451			182,447			96,712			603
Realized gain (loss) on investments		(2,050,128	)		96,640			(1,757,089	)		(2,799,305	)		643,416			(192,911	)		215,345			(8,133	)
Change in unrealized gain (loss) on investments		3,995,847			635,490			6,605,278			9,897,841			(1,312,881	)		(754,666	)		2,274,913			20,383
Net gain (loss) on investments		1,945,719			732,130			4,848,189			7,098,536			(669,465	)		(947,577	)		2,490,258			12,250
Reinvested capital gains		-			-			1,262,020			-			1,441,945			1,772,468			1,376,859			21,468
Net increase (decrease) in contract owners’ equity resulting from operations	$	2,270,163			905,938			7,411,412			7,097,952			922,931			1,007,338			3,963,829			34,321

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	NVOLG1			NVRE1			NVSIX2			NVSIXD			NVSTB1			NVSTB2			NVTIV3			SAM
Reinvested dividends	$	3,750,123			682,976			28,866			2,920			4,584,288			79,567			25,577			1,880,287
Mortality and expense risk charges (note 3)		(1,775	)		(14,895	)		(1,760	)		340			(127,289	)		-			(516	)		(24	)
Net investment income (loss)		3,748,348			668,081			27,106			3,260			4,456,999			79,567			25,061			1,880,263
Realized gain (loss) on investments		(229,142	)		211,693			(488,846	)		(19,958	)		(318,328	)		(30,152	)		(16,183	)		-
Change in unrealized gain (loss) on investments		52,315,118			2,069,426			879,781			44,255			2,573,640			73,637			141,919			-
Net gain (loss) on investments		52,085,976			2,281,119			390,935			24,297			2,255,312			43,485			125,736			-
Reinvested capital gains		-			670,693			16,215			1,153			-			-			-			4
Net increase (decrease) in contract owners’ equity resulting from operations	$	55,834,324			3,619,893			434,256			28,710			6,712,311			123,052			150,797			1,880,267
Investment Activity*:	SAM5			SCF			SCGF			SCVF			TRF			AMCG			AMMCGS			AMRI
Reinvested dividends	$	19,076,447			259,023			-			174,667			622,739			-			-			641
Mortality and expense risk charges (note 3)		(477,031	)		(20,977	)		(14,032	)		(13,723	)		(562	)		(1,494	)		-			(9	)
Net investment income (loss)		18,599,416			238,046			(14,032	)		160,944			622,177			(1,494	)		-			632
Realized gain (loss) on investments		-			(935,022	)		(2,024,538	)		(2,626,968	)		1,399,517			(13,262	)		(14,711	)		(3,029	)
Change in unrealized gain (loss) on investments		-			7,162,806			6,413,565			7,262,546			(2,831,144	)		232,128			154,988			6,886
Net gain (loss) on investments		-			6,227,784			4,389,027			4,635,578			(1,431,627	)		218,866			140,277			3,857
Reinvested capital gains		41			291,956			-			1,976,817			4,510,560			-			-			3,237
Net increase (decrease) in contract owners’ equity resulting from operations	$	18,599,457			6,757,786			4,374,995			6,773,339			3,701,110			217,372			140,277			7,726

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	AMSRS			AMTB			NOTB3			NOTG3			NOTMG3			PMVAAA			PMVFBA			PMVFHA
Reinvested dividends	$	7,798			147,785			113			188			456			118,656			21,731			106,351
Mortality and expense risk charges (note 3)		(40	)		-			-			-			-			(3,757	)		(1,013	)		(4,166	)
Net investment income (loss)		7,758			147,785			113			188			456			114,899			20,718			102,185
Realized gain (loss) on investments		45,296			(164,382	)		(8,395	)		(6,193	)		(83,641	)		(318,352	)		(87,060	)		(177,609	)
Change in unrealized gain (loss) on investments		465,005			206,802			13,631			11,217			95,418			507,893			119,448			269,839
Net gain (loss) on investments		510,301			42,420			5,236			5,024			11,777			189,541			32,388			92,230
Reinvested capital gains		36,798			-			311			75			393			-			-			130,794
Net increase (decrease) in contract owners’ equity resulting from operations	$	554,857			190,205			5,660			5,287			12,626			304,440			53,106			325,209
Investment Activity*:	PMVGBA			PMVHYA			PMVID			PMVII			PMVLDA			PMVLGA			PMVRRA			PMVRSA
Reinvested dividends	$	24,322			21,031			861,876			2,529			1,183,856			243,036			1,180,902			67,384
Mortality and expense risk charges (note 3)		(1,683	)		(706	)		(19,108	)		78			(43,426	)		(3,087	)		(56,992	)		-
Net investment income (loss)		22,639			20,325			842,768			2,607			1,140,430			239,949			1,123,910			67,384
Realized gain (loss) on investments		(89,833	)		(60,986	)		3,217			10			(933,551	)		(621,982	)		(1,355,168	)		(378,308	)
Change in unrealized gain (loss) on investments		105,972			83,786			406,847			2,228			1,333,718			794,507			1,603,461			257,405
Net gain (loss) on investments		16,139			22,800			410,064			2,238			400,167			172,525			248,293			(120,903	)
Reinvested capital gains		11,892			-			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	50,670			43,125			1,252,832			4,845			1,540,597			412,474			1,372,203			(53,519	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	PMVTRA			PVSTA			PVEIB			PVGOB			PVNOB			PVTIGB			PVTSCB			ROCMC
Reinvested dividends	$	2,099,907			34,670			63,357			-			-			350			2,172			-
Mortality and expense risk charges (note 3)		(78,290	)		(377	)		-			-			-			-			(3,071	)		(2,250	)
Net investment income (loss)		2,021,617			34,293			63,357			-			-			350			(899	)		(2,250	)
Realized gain (loss) on investments		(2,322,123	)		5,557			40,211			(62,236	)		64			(21,623	)		(112,873	)		(1,967	)
Change in unrealized gain (loss) on investments		3,697,036			3,534			168,303			951,185			4,805			178,511			280,491			333,054
Net gain (loss) on investments		1,374,913			9,091			208,514			888,949			4,869			156,888			167,618			331,087
Reinvested capital gains		-			-			177,599			28,650			-			-			167,228			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	3,396,530			43,384			449,470			917,599			4,869			157,238			333,947			328,837
Investment Activity*:	TRBCGP			TREI2			TRHS2			TRLT1			TRMCG2			TRMCGP			TRNAG1			TRPSB1
Reinvested dividends	$	-			288,767			-			893,606			-			-			134,842			167,717
Mortality and expense risk charges (note 3)		(133,190	)		(19,039	)		-			(46,299	)		(32,886	)		1			(63,937	)		(6,868	)
Net investment income (loss)		(133,190	)		269,728			-			847,307			(32,886	)		1			70,905			160,849
Realized gain (loss) on investments		(1,005,152	)		679,045			542,306			(464,904	)		(1,757,975	)		2			(2,570,857	)		(92,730	)
Change in unrealized gain (loss) on investments		41,906,118			(255,161	)		(700,720	)		892,471			5,058,142			171			12,795,893			893,981
Net gain (loss) on investments		40,900,966			423,884			(158,414	)		427,567			3,300,167			173			10,225,036			801,251
Reinvested capital gains		-			660,772			428,019			-			1,608,513			198			3,874,596			22,610
Net increase (decrease) in contract owners’ equity resulting from operations	$	40,767,776			1,354,384			269,605			1,274,874			4,875,794			372			14,170,537			984,710

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	VWEM			VWHA			VVB			VVCG			VVDV			VVEI			VVEIX			VVG
Reinvested dividends	$	213,776			463,887			333,620			10			3,000			56,541			2,824			42,976
Mortality and expense risk charges (note 3)		(2,007	)		(17,116	)		(11,370	)		34			377			3,193			722			(19,727	)
Net investment income (loss)		211,769			446,771			322,250			44			3,377			59,734			3,546			23,249
Realized gain (loss) on investments		(668,528	)		2,273,737			(87,533	)		389			2,402			(82,142	)		5,978			418,625
Change in unrealized gain (loss) on investments		1,016,548			(3,502,934	)		1,430,644			38,832			27,729			79,047			47,419			5,743,545
Net gain (loss) on investments		348,020			(1,229,197	)		1,343,111			39,221			30,131			(3,095	)		53,397			6,162,170
Reinvested capital gains		-			-			646,528			49			11,404			110,542			6,255			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	559,789			(782,426	)		2,311,889			39,314			44,912			167,181			63,198			6,185,419
Investment Activity*:	VVGBI			VVHGB			VVHYB			VVI			VVMCI			VVREI			VVSCG			VVSTC
Reinvested dividends	$	2,407			989,848			22			158,176			352,993			59,462			27,489			11,867
Mortality and expense risk charges (note 3)		7			(44,597	)		-			(10,239	)		(23,762	)		(1,349	)		(7,760	)		1,048
Net investment income (loss)		2,414			945,251			22			147,937			329,231			58,113			19,729			12,915
Realized gain (loss) on investments		(618	)		(617,481	)		(1	)		(299,621	)		485,641			(6,386	)		(865,587	)		(8,108	)
Change in unrealized gain (loss) on investments		6,033			1,721,667			27			1,610,896			2,407,157			146,347			1,959,614			39,788
Net gain (loss) on investments		5,415			1,104,186			26			1,311,275			2,892,798			139,961			1,094,027			31,680
Reinvested capital gains		210			-			-			341,076			442,976			112,180			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	8,039			2,049,437			48			1,800,288			3,665,005			310,254			1,113,756			44,595

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	VVTISI			VVTSM			VRVDRI
Reinvested dividends		377,338			4,070			148,956
Mortality and expense risk charges (note 3)		(13,819	)		284			(5,440	)
Net investment income (loss)		363,519			4,354			143,516
Realized gain (loss) on investments		78,261			(1,896	)		(324,751	)
Change in unrealized gain (loss) on investments		1,267,790			105,948			905,504
Net gain (loss) on investments		1,346,051			104,052			580,753
Reinvested capital gains		158,010			19,834			63,296
Net increase (decrease) in contract owners’ equity resulting from operations		1,867,580			128,240			787,565

* 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, 2023, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ABTGB					ALVDAA						ALVGIA						ALVIVA
	2023			2022		2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	2			-		302			1,842			430,053			400,436			32,610			170,955
Realized gain (loss) on investments		(464	)		-		(23,488	)		(972	)		408,877			646,311			43,642			(3,067	)
Change in unrealized gain (loss) on investments		75			-		28,898			(30,498	)		294,490			(7,287,051	)		499,562			(755,372	)
Reinvested capital gains		389			-		-			20,059			2,465,520			5,017,930			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		2			-		5,712			(9,569	)		3,598,940			(1,222,374	)		575,814			(587,484	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		6			-		11,103			4,967			1,207,763			1,486,639			56,578			1,286
Transfers between funds		1,883			-		(32,120	)		30,679			(1,797,366	)		1,858,751			306,113			41,109
Surrenders (notes 3, 4, 5, 6 and 7)		(122	)		-		(7,445	)		4,739			(3,023,904	)		(1,551,154	)		(79,470	)		(90,011	)
Adjustments to maintain reserves		(1	)		-		1			(4	)		27			1,749			(2	)		726
Net equity transactions		1,766			-		(28,461	)		40,381			(3,613,480	)		1,795,985			283,219			(46,890	)
Net change in contract owners’ equity		1,768			-		(22,749	)		30,812			(14,540	)		573,611			859,033			(634,374	)
Contract owners’ equity at beginning of period		-			-		59,383			28,571			33,246,536			32,672,925			3,717,640			4,352,014
Contract owners’ equity at end of period	$	1,768			-		36,634			59,383			33,231,996			33,246,536			4,576,673			3,717,640
CHANGE IN UNITS**:
Beginning units		-			-		4,167			1,635			601,507			567,003			391,129			395,578
Units purchased		171			-		743			3,049			98,997			131,407			52,483			24,872
Units surrendered		(12	)		-		(2,649	)		(517	)		(165,078	)		(96,903	)		(24,958	)		(29,321	)
Ending units		159			-		2,261			4,167			535,426			601,507			418,654			391,129

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ALVIVB						ALVSVA						SVDF						SVOF
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	3,725			5,200			165,021			177,327			(7,473	)		(13,137	)		(8,343	)		(8,061	)
Realized gain (loss) on investments		30,410			(42,091	)		13,640			(144,055	)		(2,086,872	)		(1,840,607	)		(106,701	)		(53,873	)
Change in unrealized gain (loss) on investments		15,637			15,956			1,131,192			(5,396,450	)		5,172,630			(15,376,329	)		1,363,922			(3,523,498	)
Reinvested capital gains		-			-			1,336,633			2,469,319			-			6,669,838			708,237			1,581,886
Net increase (decrease) in contract owners’ equity resulting from operations		49,772			(20,935	)		2,646,486			(2,893,859	)		3,078,285			(10,560,235	)		1,957,115			(2,003,546	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		154,815			161,124			177,515			307,459			195,087			470,542			2			(9,393	)
Transfers between funds		187,136			43,313			470,841			291,730			(584,560	)		(1,474,429	)		175,148			63,471
Surrenders (notes 3, 4, 5, 6 and 7)		9,653			(280,767	)		(552,808	)		(956,208	)		(1,229,856	)		(660,228	)		(123,642	)		(128,386	)
Adjustments to maintain reserves		(3	)		1			(856	)		(187	)		6			(272	)		19			(373	)
Net equity transactions		351,601			(76,329	)		94,692			(357,206	)		(1,619,323	)		(1,664,387	)		51,527			(74,681	)
Net change in contract owners’ equity		401,373			(97,264	)		2,741,178			(3,251,065	)		1,458,962			(12,224,622	)		2,008,642			(2,078,227	)
Contract owners’ equity at beginning of period		145,180			242,444			15,442,571			18,693,636			15,950,207			28,174,829			7,614,032			9,692,259
Contract owners’ equity at end of period	$	546,553			145,180			18,183,749			15,442,571			17,409,169			15,950,207			9,622,674			7,614,032
CHANGE IN UNITS**:
Beginning units		12,282			17,681			244,818			250,243			533,550			586,509			162,258			163,407
Units purchased		34,390			18,690			33,437			26,221			19,481			39,037			2,468			5,766
Units surrendered		(6,406	)		(24,089	)		(32,478	)		(31,646	)		(69,440	)		(91,996	)		(2,458	)		(6,915	)
Ending units		40,266			12,282			245,777			244,818			483,591			533,550			162,268			162,258

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	WFVSCG						ACVCA						ACVI						ACVIG
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(7,788	)		(9,205	)		(721	)		(1,468	)		23,936			24,898			305,584			388,905
Realized gain (loss) on investments		(2,921,263	)		77,428			(25,074	)		(254,314	)		(16,689	)		2,692			(685,956	)		(112,351	)
Change in unrealized gain (loss) on investments		3,300,992			(5,552,621	)		140,023			(70,597	)		206,855			(875,230	)		2,069,779			(8,945,140	)
Reinvested capital gains		-			1,440,884			897			92,011			-			281,401			-			5,500,402
Net increase (decrease) in contract owners’ equity resulting from operations		371,941			(4,043,514	)		115,125			(234,368	)		214,102			(566,239	)		1,689,407			(3,168,184	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		259,290			235,862			(12	)		985			31			28,173			469,483			428,751
Transfers between funds		2,871,806			654,177			(64,777	)		14,746			(154,687	)		99,680			(663,076	)		(296,012	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,476,040	)		(485,866	)		(21,033	)		(9,090	)		(50,323	)		(45,588	)		(1,374,782	)		(1,803,156	)
Adjustments to maintain reserves		5			(29	)		(2	)		(26	)		(7	)		13			(860	)		143
Net equity transactions		1,655,061			404,144			(85,824	)		6,615			(204,986	)		82,278			(1,569,235	)		(1,670,274	)
Net change in contract owners’ equity		2,027,002			(3,639,370	)		29,301			(227,753	)		9,116			(483,961	)		120,172			(4,838,458	)
Contract owners’ equity at beginning of period		8,120,575			11,759,945			591,301			819,054			1,818,117			2,302,078			20,697,116			25,535,574
Contract owners’ equity at end of period	$	10,147,577			8,120,575			620,602			591,301			1,827,233			1,818,117			20,817,288			20,697,116
CHANGE IN UNITS**:
Beginning units		268,855			256,359			29,022			28,832			71,787			68,327			428,464			460,810
Units purchased		165,238			107,908			23,348			596			1,109			5,188			10,259			12,270
Units surrendered		(111,232	)		(95,412	)		(27,390	)		(406	)		(8,742	)		(1,728	)		(43,667	)		(44,616	)
Ending units		322,861			268,855			24,980			29,022			64,154			71,787			395,056			428,464

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ACVIP1						ACVIP2						ACVMV1						ACVU1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	956,831			1,461,710			231,441			389,963			291,298			275,118			(915	)		-
Realized gain (loss) on investments		(1,592,324	)		309,307			(54,532	)		(9,684	)		49,561			20,575			28			(1	)
Change in unrealized gain (loss) on investments		1,583,526			(6,193,554	)		53,336			(1,529,894	)		(1,051,430	)		(1,983,020	)		609,663			-
Reinvested capital gains		-			158,673			-			40,227			1,461,109			1,525,340			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		948,033			(4,263,864	)		230,245			(1,109,388	)		750,538			(161,987	)		608,776			(1	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		249,773			531,699			(138,909	)		192,449			241,160			694,190			-			(166	)
Transfers between funds		1,829,548			(5,615,067	)		24,815			322,686			(339,065	)		1,656,077			14,722,452			(69	)
Surrenders (notes 3, 4, 5, 6 and 7)		(749,271	)		(842,182	)		(683,687	)		(495,969	)		(803,234	)		(636,092	)		-			236
Adjustments to maintain reserves		26			(78	)		277,828			35			329			(27	)		3			-
Net equity transactions		1,330,076			(5,925,628	)		(519,953	)		19,201			(900,810	)		1,714,148			14,722,455			1
Net change in contract owners’ equity		2,278,109			(10,189,492	)		(289,708	)		(1,090,187	)		(150,272	)		1,552,161			15,331,231			-
Contract owners’ equity at beginning of period		26,034,829			36,224,321			7,179,067			8,269,254			13,322,269			11,770,108			-			-
Contract owners’ equity at end of period	$	28,312,938			26,034,829			6,889,359			7,179,067			13,171,997			13,322,269			15,331,231			-
CHANGE IN UNITS**:
Beginning units		2,403,523			2,917,377			397,849			398,336			263,333			229,275			-			-
Units purchased		714,160			535,401			13,570			57,739			9,133			53,983			208,567			2
Units surrendered		(597,312	)		(1,049,255	)		(42,176	)		(58,226	)		(27,195	)		(19,925	)		-			(2	)
Ending units		2,520,371			2,403,523			369,243			397,849			245,271			263,333			208,567			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ACVV						AMVAA2						AMVBC2					AMVBC4
	2023			2022			2023			2022			2023			2022		2023			2022
Investment activity*:
Net investment income (loss)	$	325,241			300,306			258,025			247,214			2,317			-		4,261			2,047
Realized gain (loss) on investments		696,559			1,298,977			(54,012	)		183,111			180			-		1,791			1,108
Change in unrealized gain (loss) on investments		(932,779	)		(2,909,753	)		978,950			(3,828,344	)		13,883			-		28,586			4,020
Reinvested capital gains		1,122,620			1,278,461			454,440			1,381,229			138			-		2,068			4
Net increase (decrease) in contract owners’ equity resulting from operations		1,211,641			(32,009	)		1,637,403			(2,016,790	)		16,518			-		36,706			7,179
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		230,458			268,058			559,268			993,191			975			-		62,236			20,578
Transfers between funds		(509,808	)		(1,470,454	)		(1,518,188	)		160,958			137,785			13,527		50,662			120,870
Surrenders (notes 3, 4, 5, 6 and 7)		(506,713	)		(819,621	)		(1,005,568	)		(875,104	)		(1,162	)		-		(16,566	)		(410	)
Adjustments to maintain reserves		63			(41	)		2			968			(2	)		1		-			-
Net equity transactions		(786,000	)		(2,022,058	)		(1,964,486	)		280,013			137,596			13,528		96,332			141,038
Net change in contract owners’ equity		425,641			(2,054,067	)		(327,083	)		(1,736,777	)		154,114			13,528		133,038			148,217
Contract owners’ equity at beginning of period		14,381,681			16,435,748			13,235,403			14,972,180			13,528			-		148,217			-
Contract owners’ equity at end of period	$	14,807,322			14,381,681			12,908,320			13,235,403			167,642			13,528		281,255			148,217
CHANGE IN UNITS**:
Beginning units		239,046			274,453			553,881			542,524			1,365			-		14,976			-
Units purchased		20,489			16,060			63,150			87,758			13,202			1,365		11,475			16,112
Units surrendered		(34,955	)		(51,467	)		(145,050	)		(76,401	)		(110	)		-		(2,156	)		(1,136	)
Ending units		224,580			239,046			471,981			553,881			14,457			1,365		24,295			14,976

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	AMVBD2						AMVGB2						AMVGI2						AMVGR2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,761,713			1,544,324			(609	)		8,305			32,006			27,314			110,006			82,669
Realized gain (loss) on investments		(124,717	)		(84,554	)		(339,532	)		(227,176	)		(38,676	)		163,006			1,794,605			1,666,172
Change in unrealized gain (loss) on investments		880,434			(9,654,589	)		574,904			(762,426	)		362,324			(706,770	)		10,576,280			(25,373,710	)
Reinvested capital gains		-			627,711			-			72,038			102,686			178,588			2,550,993			6,598,333
Net increase (decrease) in contract owners’ equity resulting from operations		2,517,430			(7,567,108	)		234,763			(909,259	)		458,340			(337,862	)		15,031,884			(17,026,536	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		36			2,057			209,014			237,116			215,812			208,016			1,601,929			1,291,321
Transfers between funds		933			1,501			(641,245	)		277,394			73,341			660,766			(1,748,746	)		3,029,378
Surrenders (notes 3, 4, 5, 6 and 7)		(610,247	)		(719,139	)		(52,991	)		(113,692	)		(158,798	)		(472,275	)		(4,327,299	)		(2,614,758	)
Adjustments to maintain reserves		45			(89	)		13			(25	)		(11	)		12			85			(149	)
Net equity transactions		(609,233	)		(715,670	)		(485,209	)		400,793			130,344			396,519			(4,474,031	)		1,705,792
Net change in contract owners’ equity		1,908,197			(8,282,778	)		(250,446	)		(508,466	)		588,684			58,657			10,557,853			(15,320,744	)
Contract owners’ equity at beginning of period		51,708,841			59,991,619			4,208,894			4,717,360			1,673,313			1,614,656			40,988,066			56,308,810
Contract owners’ equity at end of period	$	53,617,038			51,708,841			3,958,448			4,208,894			2,261,997			1,673,313			51,545,919			40,988,066
CHANGE IN UNITS**:
Beginning units		3,757,406			3,807,023			466,708			430,794			129,393			104,260			1,108,707			1,070,176
Units purchased		30,275			100			59,198			236,190			23,096			68,050			190,614			325,979
Units surrendered		(74,794	)		(49,717	)		(112,189	)		(200,276	)		(13,793	)		(42,917	)		(293,221	)		(287,448	)
Ending units		3,712,887			3,757,406			413,717			466,708			138,696			129,393			1,006,100			1,108,707

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	AMVGS2						AMVGS4					AMVGV2						AMVI2
	2023			2022			2023			2022		2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	3,355			(4,478	)		8			-		2,584			3,024			232,260			356,693
Realized gain (loss) on investments		(232,823	)		(55,862	)		(13	)		-		(11,807	)		3			(699,115	)		(551,394	)
Change in unrealized gain (loss) on investments		650,259			(1,855,562	)		1,708			-		3,041			(2,704	)		3,622,996			(8,751,603	)
Reinvested capital gains		39,330			864,727			307			-		-			-			-			3,086,765
Net increase (decrease) in contract owners’ equity resulting from operations		460,121			(1,051,175	)		2,010			-		(6,182	)		323			3,156,141			(5,859,539	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		304,812			314,824			22,384			-		48,897			-			802,983			1,202,963
Transfers between funds		140,036			348,421			18,812			-		(67,727	)		87,006			(3,462,789	)		(1,270,728	)
Surrenders (notes 3, 4, 5, 6 and 7)		(188,871	)		(373,395	)		(904	)		-		(3,716	)		(170	)		(1,237,582	)		(1,040,723	)
Adjustments to maintain reserves		(8	)		(1	)		-			-		(3	)		1			23			(109	)
Net equity transactions		255,969			289,849			40,292			-		(22,549	)		86,837			(3,897,365	)		(1,108,597	)
Net change in contract owners’ equity		716,090			(761,326	)		42,302			-		(28,731	)		87,160			(741,224	)		(6,968,136	)
Contract owners’ equity at beginning of period		2,761,182			3,522,508			-			-		87,160			-			21,155,519			28,123,655
Contract owners’ equity at end of period	$	3,477,272			2,761,182			42,302			-		58,429			87,160			20,414,295			21,155,519
CHANGE IN UNITS**:
Beginning units		153,871			137,954			-			-		9,123			-			1,582,881			1,667,203
Units purchased		43,617			50,126			3,997			-		19,294			9,140			269,515			290,647
Units surrendered		(30,595	)		(34,209	)		(90	)		-		(22,472	)		(17	)		(533,727	)		(374,969	)
Ending units		166,893			153,871			3,907			-		5,945			9,123			1,318,669			1,582,881

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	AMVNW2						PIHYB1						BRVHYI						MLVGA2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	161,464			123,493			113,726			133,162			1,360,798			1,033,450			190,652			(2,417	)
Realized gain (loss) on investments		(995,199	)		(881,152	)		(10,871	)		(56,221	)		(421,868	)		(361,252	)		(248,949	)		(30,758	)
Change in unrealized gain (loss) on investments		2,388,116			(4,110,577	)		122,902			(420,473	)		1,711,330			(3,002,073	)		1,144,189			(1,949,687	)
Reinvested capital gains		-			872,648			-			-			-			-			-			117,326
Net increase (decrease) in contract owners’ equity resulting from operations		1,554,381			(3,995,588	)		225,757			(343,532	)		2,650,260			(2,329,875	)		1,085,892			(1,865,536	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		654,288			813,986			23,577			9,013			667,411			1,010,204			225,098			240,901
Transfers between funds		1,087,794			(35,231,989	)		(549,778	)		(675,298	)		330,978			(1,277	)		304,572			(300,826	)
Surrenders (notes 3, 4, 5, 6 and 7)		(535,451	)		(373,487	)		(46,603	)		(41,185	)		(1,349,938	)		(1,534,854	)		(1,050,803	)		(965,153	)
Adjustments to maintain reserves		3			(525	)		21			(96	)		18,565			14,347			412			(82	)
Net equity transactions		1,206,634			(34,792,015	)		(572,783	)		(707,566	)		(332,984	)		(511,580	)		(520,721	)		(1,025,160	)
Net change in contract owners’ equity		2,761,015			(38,787,603	)		(347,026	)		(1,051,098	)		2,317,276			(2,841,455	)		565,171			(2,890,696	)
Contract owners’ equity at beginning of period		9,512,091			48,299,694			2,455,963			3,507,061			20,476,202			23,317,657			9,135,343			12,026,039
Contract owners’ equity at end of period	$	12,273,106			9,512,091			2,108,937			2,455,963			22,793,478			20,476,202			9,700,514			9,135,343
CHANGE IN UNITS**:
Beginning units		635,585			2,507,093			73,715			93,320			1,602,446			1,634,147			448,371			498,612
Units purchased		234,867			164,764			11,764			1,218			370,770			233,217			89,468			59,127
Units surrendered		(163,536	)		(2,036,272	)		(28,705	)		(20,823	)		(396,448	)		(264,918	)		(98,296	)		(109,368	)
Ending units		706,916			635,585			56,774			73,715			1,576,768			1,602,446			439,543			448,371

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MLVLC2						DCAP						DSC						DSIF
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	5,380			6,024			19,439			20,535			3,173			-			10,309,282			10,688,412
Realized gain (loss) on investments		(32,720	)		(29,288	)		(222,221	)		(386,371	)		(8,669	)		(52,133	)		35,123,471			24,435,237
Change in unrealized gain (loss) on investments		247,512			(228,491	)		519,238			(1,621,374	)		70,747			(399,884	)		105,624,707			(291,591,579	)
Reinvested capital gains		-			14,867			274,247			1,150,961			21,384			235,210			30,844,364			73,954,318
Net increase (decrease) in contract owners’ equity resulting from operations		220,172			(236,888	)		590,703			(836,249	)		86,635			(216,807	)		181,901,824			(182,513,612	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		28,650			28,908			5,102			11,631			(26,261	)		55,285			12,841,419			15,635,825
Transfers between funds		(30,922	)		(20,903	)		(233,618	)		(734,451	)		(10,184	)		(21,726	)		(124,536,907	)		3,894,096
Surrenders (notes 3, 4, 5, 6 and 7)		(28,598	)		(20,384	)		(195,149	)		(100,535	)		(55,480	)		(203,526	)		(38,300,469	)		(34,381,652	)
Adjustments to maintain reserves		2			8			(2	)		1,897			52,505			(11	)		3,822			6,326
Net equity transactions		(30,868	)		(12,371	)		(423,667	)		(821,458	)		(39,420	)		(169,978	)		(149,992,135	)		(14,845,405	)
Net change in contract owners’ equity		189,304			(249,259	)		167,036			(1,657,707	)		47,215			(386,785	)		31,909,689			(197,359,017	)
Contract owners’ equity at beginning of period		921,861			1,171,120			3,025,774			4,683,481			949,717			1,336,502			799,892,882			997,251,899
Contract owners’ equity at end of period	$	1,111,165			921,861			3,192,810			3,025,774			996,932			949,717			831,802,571			799,892,882
CHANGE IN UNITS**:
Beginning units		23,418			23,705			62,655			81,013			25,586			30,022			17,631,778			18,012,070
Units purchased		1,020			734			710			13,258			1,142			2,946			1,674,518			2,242,180
Units surrendered		(1,815	)		(1,021	)		(9,228	)		(31,616	)		(2,151	)		(7,382	)		(4,952,020	)		(2,622,472	)
Ending units		22,623			23,418			54,137			62,655			24,577			25,586			14,354,276			17,631,778

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	DSRG						DVMCS						DVSCS						CVSPIP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	100,522			75,911			12,684			11,425			922,681			863,553			2,526			6,228
Realized gain (loss) on investments		(28,777	)		288,109			(419,483	)		134,155			4,333,937			19,324,441			(30,472	)		18,054
Change in unrealized gain (loss) on investments		1,255,053			(5,464,074	)		578,540			(981,480	)		3,535,121			(56,534,035	)		92,248			(206,937	)
Reinvested capital gains		1,619,214			1,043,872			63,849			510,502			5,460,804			13,588,509			10,781			46,812
Net increase (decrease) in contract owners’ equity resulting from operations		2,946,012			(4,056,182	)		235,590			(325,398	)		14,252,543			(22,757,532	)		75,083			(135,843	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		486,500			479,150			169,207			218,925			1,939,970			3,086,397			-			5
Transfers between funds		(36,139	)		(63,035	)		(847,687	)		(261,562	)		(7,074,706	)		(49,142,424	)		(239,919	)		(183,600	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,536,985	)		(1,522,733	)		(184,767	)		(67,326	)		(6,500,187	)		(6,153,635	)		(77,749	)		(8,437	)
Adjustments to maintain reserves		(3,913	)		(88	)		9			(9	)		737			(2,037	)		(16	)		19
Net equity transactions		(1,090,537	)		(1,106,706	)		(863,238	)		(109,972	)		(11,634,186	)		(52,211,699	)		(317,684	)		(192,013	)
Net change in contract owners’ equity		1,855,475			(5,162,888	)		(627,648	)		(435,370	)		2,618,357			(74,969,231	)		(242,601	)		(327,856	)
Contract owners’ equity at beginning of period		12,945,418			18,108,306			2,041,656			2,477,026			100,324,592			175,293,823			422,723			750,579
Contract owners’ equity at end of period	$	14,800,893			12,945,418			1,414,008			2,041,656			102,942,949			100,324,592			180,122			422,723
CHANGE IN UNITS**:
Beginning units		291,014			313,751			40,900			42,610			1,965,893			2,859,243			18,420			26,661
Units purchased		12,007			13,927			17,938			10,255			263,490			305,742			13,199			-
Units surrendered		(34,098	)		(36,664	)		(35,005	)		(11,965	)		(485,319	)		(1,199,092	)		(25,449	)		(8,241	)
Ending units		268,923			291,014			23,833			40,900			1,744,064			1,965,893			6,170			18,420

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	SASP5I						DAVVL						DWVEMS						DWVSVS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,066,909			952,014			64,350			59,249			55,170			183,828			98,078			79,039
Realized gain (loss) on investments		2,721,294			5,254,551			(152,791	)		22,986			(83,005	)		(30,043	)		2,271,807			719,944
Change in unrealized gain (loss) on investments		14,340,597			(23,980,435	)		1,036,164			(2,447,993	)		594,339			(1,939,058	)		(1,670,054	)		(5,118,028	)
Reinvested capital gains		-			648,284			568,596			1,178,964			-			-			829,686			1,486,000
Net increase (decrease) in contract owners’ equity resulting from operations		18,128,800			(17,125,586	)		1,516,319			(1,186,794	)		566,504			(1,785,273	)		1,529,517			(2,833,045	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,167,314			607,035			2,107			11,830			11,373			213,162			586,373			924,365
Transfers between funds		3,083,063			(4,910,667	)		(281,828	)		413,734			(519,165	)		(135,487	)		(2,886,606	)		15,588
Surrenders (notes 3, 4, 5, 6 and 7)		(4,467,448	)		(7,772,538	)		(177,022	)		(133,927	)		(98,103	)		(134,951	)		(939,077	)		(1,059,246	)
Adjustments to maintain reserves		45			149			(4	)		(18	)		9			(19	)		26			104
Net equity transactions		(217,026	)		(12,076,021	)		(456,747	)		291,619			(605,886	)		(57,295	)		(3,239,284	)		(119,189	)
Net change in contract owners’ equity		17,911,774			(29,201,607	)		1,059,572			(895,175	)		(39,382	)		(1,842,568	)		(1,709,767	)		(2,952,234	)
Contract owners’ equity at beginning of period		69,942,923			99,144,530			4,804,531			5,699,706			4,674,304			6,516,872			20,238,465			23,190,699
Contract owners’ equity at end of period	$	87,854,697			69,942,923			5,864,103			4,804,531			4,634,922			4,674,304			18,528,698			20,238,465
CHANGE IN UNITS**:
Beginning units		5,650,190			6,563,596			223,269			211,113			375,196			376,860			857,458			861,178
Units purchased		1,009,086			99,460			116,689			18,800			2,456			15,584			201,983			179,836
Units surrendered		(1,075,790	)		(1,012,866	)		(136,769	)		(6,644	)		(49,064	)		(17,248	)		(340,206	)		(183,556	)
Ending units		5,583,486			5,650,190			203,189			223,269			328,588			375,196			719,235			857,458

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	DFVEA						DFVGMI						DFVIPS						DFVIS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	4			463			8,686			3,789			199,267			524,674			1,146			556
Realized gain (loss) on investments		(683	)		(13,152	)		(1,820	)		(1,537	)		(465,412	)		(705	)		(366	)		238
Change in unrealized gain (loss) on investments		1,489			(1,239	)		37,621			(24,847	)		487,667			(1,490,482	)		2,938			(4,577	)
Reinvested capital gains		-			585			3,535			3,698			-			-			-			361
Net increase (decrease) in contract owners’ equity resulting from operations		810			(13,343	)		48,022			(18,897	)		221,522			(966,513	)		3,718			(3,422	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		6,379			127,334			53,328			50,170			191,756			97,702			17,949			10,149
Transfers between funds		(29,180	)		(98,574	)		65,479			169,415			(1,114,364	)		466,343			(2,860	)		(6,554	)
Surrenders (notes 3, 4, 5, 6 and 7)		(47	)		(4,084	)		(56,921	)		(84,678	)		(491,956	)		(684,250	)		(820	)		(488	)
Adjustments to maintain reserves		5			(3	)		(4	)		6			(6	)		33			4			(13	)
Net equity transactions		(22,843	)		24,673			61,882			134,913			(1,414,570	)		(120,172	)		14,273			3,094
Net change in contract owners’ equity		(22,033	)		11,330			109,904			116,016			(1,193,048	)		(1,086,685	)		17,991			(328	)
Contract owners’ equity at beginning of period		22,033			10,703			248,433			132,417			6,460,263			7,546,948			20,449			20,777
Contract owners’ equity at end of period	$	-			22,033			358,337			248,433			5,267,215			6,460,263			38,440			20,449
CHANGE IN UNITS**:
Beginning units		1,679			704			18,291			8,681			577,869			591,179			1,495			1,251
Units purchased		458			9,279			8,713			16,217			70,501			50,629			1,233			738
Units surrendered		(2,137	)		(8,304	)		(4,007	)		(6,607	)		(195,745	)		(63,939	)		(265	)		(494	)
Ending units		-			1,679			22,997			18,291			452,625			577,869			2,463			1,495

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	DFVIV						DFVULV						DFVUTV						DSGIBA
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	3,338			3,136			272,214			251,469			93,308			67,850			15,023			13,217
Realized gain (loss) on investments		13,398			3,431			245,773			366,573			(172,548	)		138,641			(5,406	)		1,009
Change in unrealized gain (loss) on investments		3,149			(9,639	)		596,114			(1,500,690	)		690,308			(882,002	)		76,393			(103,551	)
Reinvested capital gains		551			824			173,868			143,857			441,499			439,019			-			38,347
Net increase (decrease) in contract owners’ equity resulting from operations		20,436			(2,248	)		1,287,969			(738,791	)		1,052,567			(236,492	)		86,010			(50,978	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		23,237			6,794			63,536			27,602			174,508			61,235			9,846			11,543
Transfers between funds		(51,811	)		(1,803	)		342,400			1,133,156			1,203,171			1,018,151			192,602			317,255
Surrenders (notes 3, 4, 5, 6 and 7)		(6,206	)		(2,213	)		(709,398	)		(1,310,983	)		(358,382	)		(587,638	)		(25,172	)		(42,846	)
Adjustments to maintain reserves		(2	)		6			1,890			(28,318	)		(3	)		15			6			-
Net equity transactions		(34,782	)		2,784			(301,572	)		(178,543	)		1,019,294			491,763			177,282			285,952
Net change in contract owners’ equity		(14,346	)		536			986,397			(917,334	)		2,071,861			255,271			263,292			234,974
Contract owners’ equity at beginning of period		75,805			75,269			11,828,335			12,745,669			5,001,560			4,746,289			452,463			217,489
Contract owners’ equity at end of period	$	61,459			75,805			12,814,732			11,828,335			7,073,421			5,001,560			715,755			452,463
CHANGE IN UNITS**:
Beginning units		6,449			6,182			912,888			931,888			274,358			249,159			32,917			13,452
Units purchased		1,845			615			2,658,731			199,661			102,891			58,487			14,358			22,625
Units surrendered		(3,858	)		(348	)		(2,682,325	)		(218,661	)		(54,204	)		(33,288	)		(1,953	)		(3,160	)
Ending units		4,436			6,449			889,294			912,888			323,045			274,358			45,322			32,917

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	SVSLVB						SVSSVB						ETVFR						FQB
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,285			1,731			799			438			1,696,617			1,047,971			476,928			490,691
Realized gain (loss) on investments		(12,932	)		3,279			(1,077	)		(19	)		(223,848	)		(665,167	)		(131,984	)		(148,688	)
Change in unrealized gain (loss) on investments		20,610			(26,909	)		11,817			(25,054	)		736,262			(1,192,850	)		751,213			(2,607,003	)
Reinvested capital gains		-			1,876			4,522			1,806			-			-			-			296,516
Net increase (decrease) in contract owners’ equity resulting from operations		8,963			(20,023	)		16,061			(22,829	)		2,209,031			(810,046	)		1,096,157			(1,968,484	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			-			99			-			134,932			546,382			416,832			416,817
Transfers between funds		(85,867	)		82,741			(426	)		410			(696,202	)		(9,508,686	)		(1,930	)		(293,761	)
Surrenders (notes 3, 4, 5, 6 and 7)		(561	)		(1,445	)		(6,598	)		(8,059	)		(978,694	)		(1,438,136	)		(980,885	)		(1,152,557	)
Adjustments to maintain reserves		(8	)		(2	)		12			(23	)		158			(144	)		(1,453	)		9
Net equity transactions		(86,436	)		81,294			(6,913	)		(7,672	)		(1,539,806	)		(10,400,584	)		(567,436	)		(1,029,492	)
Net change in contract owners’ equity		(77,473	)		61,271			9,148			(30,501	)		669,225			(11,210,630	)		528,721			(2,997,976	)
Contract owners’ equity at beginning of period		98,390			37,119			115,983			146,484			20,840,138			32,050,768			18,381,616			21,379,592
Contract owners’ equity at end of period	$	20,917			98,390			125,131			115,983			21,509,363			20,840,138			18,910,337			18,381,616
CHANGE IN UNITS**:
Beginning units		5,707			1,828			5,725			6,055			1,556,108			2,314,069			740,388			780,828
Units purchased		-			5,264			396			123			918,862			121,041			25,699			31,811
Units surrendered		(4,698	)		(1,385	)		(730	)		(453	)		(1,044,519	)		(879,002	)		(47,969	)		(72,251	)
Ending units		1,009			5,707			5,391			5,725			1,430,451			1,556,108			718,118			740,388

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FVU2						FVUS2						FCS						FEIS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	14,885			15,601			11,293			10,642			117,507			89,525			1,185,168			1,190,459
Realized gain (loss) on investments		(16,739	)		(9,887	)		(27,158	)		(96,369	)		1,366,788			2,766,899			464,552			591,487
Change in unrealized gain (loss) on investments		69,064			(332,801	)		30,446			3,550			8,234,242			(17,931,730	)		3,071,416			(7,761,563	)
Reinvested capital gains		-			195,591			-			-			1,423,964			1,797,221			1,909,708			2,242,943
Net increase (decrease) in contract owners’ equity resulting from operations		67,210			(131,496	)		14,581			(82,177	)		11,142,501			(13,278,085	)		6,630,844			(3,736,674	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		11,470			14,308			-			549			247,473			29,484			(1,678,037	)		1,874,786
Transfers between funds		(30,119	)		11,241			(52,101	)		(214,347	)		5,370,055			(1,371,088	)		(1,265,182	)		(380,102	)
Surrenders (notes 3, 4, 5, 6 and 7)		(34,982	)		(37,341	)		(113,353	)		(157,392	)		(3,679,434	)		(3,109,755	)		(4,427,428	)		(5,025,638	)
Adjustments to maintain reserves		(1	)		9			(1	)		-			(3,079	)		(786	)		3,356,061			1,375
Net equity transactions		(53,632	)		(11,783	)		(165,455	)		(371,190	)		1,935,015			(4,452,145	)		(4,014,586	)		(3,529,579	)
Net change in contract owners’ equity		13,578			(143,279	)		(150,874	)		(453,367	)		13,077,516			(17,730,230	)		2,616,258			(7,266,253	)
Contract owners’ equity at beginning of period		799,336			942,615			431,293			884,660			32,957,715			50,687,945			65,961,627			73,227,880
Contract owners’ equity at end of period	$	812,914			799,336			280,419			431,293			46,035,231			32,957,715			68,577,885			65,961,627
CHANGE IN UNITS**:
Beginning units		70,758			71,964			44,377			79,357			577,520			655,947			1,383,337			1,453,165
Units purchased		1,418			4,575			11,244			1,212			242,959			33,932			94,168			98,983
Units surrendered		(5,965	)		(5,781	)		(27,926	)		(36,192	)		(232,651	)		(112,359	)		(180,534	)		(168,811	)
Ending units		66,211			70,758			27,695			44,377			587,828			577,520			1,296,971			1,383,337

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FEMS						FF05S						FF10S						FF15S
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	179,758			166,835			11,278			9,688			95,160			62,344			229,063			168,782
Realized gain (loss) on investments		(1,947,213	)		192,561			(62,324	)		(35,786	)		(147,216	)		(14,244	)		(1,108,336	)		(41,264	)
Change in unrealized gain (loss) on investments		2,637,649			(3,032,268	)		75,343			(86,724	)		85,161			(704,936	)		1,440,544			(2,446,383	)
Reinvested capital gains		-			-			-			37,368			195,394			184,386			146,719			864,524
Net increase (decrease) in contract owners’ equity resulting from operations		870,194			(2,672,872	)		24,297			(75,454	)		228,499			(472,450	)		707,990			(1,454,341	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		110,227			319,095			(432	)		(320	)		77,881			213,757			480,973			702,310
Transfers between funds		(2,468,800	)		623,175			(92,384	)		(182,532	)		(450,712	)		(176,640	)		(2,767,794	)		(316,940	)
Surrenders (notes 3, 4, 5, 6 and 7)		(523,890	)		(836,198	)		(20,137	)		(48,600	)		(389,917	)		(312,079	)		(315,086	)		(428,430	)
Adjustments to maintain reserves		15			(42	)		-			9			10			(51	)		17			23
Net equity transactions		(2,882,448	)		106,030			(112,953	)		(231,443	)		(762,738	)		(275,013	)		(2,601,890	)		(43,037	)
Net change in contract owners’ equity		(2,012,254	)		(2,566,842	)		(88,656	)		(306,897	)		(534,239	)		(747,463	)		(1,893,900	)		(1,497,378	)
Contract owners’ equity at beginning of period		11,141,492			13,708,334			345,500			652,397			2,855,398			3,602,861			8,198,932			9,696,310
Contract owners’ equity at end of period	$	9,129,238			11,141,492			256,844			345,500			2,321,159			2,855,398			6,305,032			8,198,932
CHANGE IN UNITS**:
Beginning units		1,017,714			998,192			21,208			35,022			118,512			129,361			420,417			423,663
Units purchased		144,113			264,348			2,037			125			4,769			9,004			50,204			59,832
Units surrendered		(400,425	)		(244,826	)		(8,644	)		(13,939	)		(35,124	)		(19,853	)		(179,658	)		(63,078	)
Ending units		761,402			1,017,714			14,601			21,208			88,157			118,512			290,963			420,417

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FF20S						FF25S						FF30S						FF35S
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	738,535			526,513			704,145			652,827			1,211,243			993,488			260,204			155,543
Realized gain (loss) on investments		(852,746	)		(296,200	)		(842,773	)		618,871			291,908			266,706			(431,708	)		299,660
Change in unrealized gain (loss) on investments		2,780,667			(8,271,636	)		3,652,079			(10,443,339	)		5,897,668			(15,762,802	)		2,233,071			(2,918,442	)
Reinvested capital gains		173,707			2,965,944			-			2,305,636			-			3,660,264			25,206			601,718
Net increase (decrease) in contract owners’ equity resulting from operations		2,840,163			(5,075,379	)		3,513,451			(6,866,005	)		7,400,819			(10,842,344	)		2,086,773			(1,861,521	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(578,933	)		959,267			1,121,470			1,430,197			2,609,772			3,918,174			1,739,353			2,390,576
Transfers between funds		(537,160	)		(2,182,338	)		(9,048,269	)		428,377			(5,287,126	)		4,384,741			3,348,236			510,716
Surrenders (notes 3, 4, 5, 6 and 7)		(2,542,264	)		(1,716,257	)		(3,147,242	)		(2,075,672	)		(4,903,463	)		(4,083,701	)		(1,354,048	)		(222,324	)
Adjustments to maintain reserves		1,157,924			446			35			(68	)		250			160			10			(35	)
Net equity transactions		(2,500,433	)		(2,938,882	)		(11,074,006	)		(217,166	)		(7,580,567	)		4,219,374			3,733,551			2,678,933
Net change in contract owners’ equity		339,730			(8,014,261	)		(7,560,555	)		(7,083,171	)		(179,748	)		(6,622,970	)		5,820,324			817,412
Contract owners’ equity at beginning of period		24,650,696			32,664,957			34,796,924			41,880,095			55,940,230			62,563,200			10,819,194			10,001,782
Contract owners’ equity at end of period	$	24,990,426			24,650,696			27,236,369			34,796,924			55,760,482			55,940,230			16,639,518			10,819,194
CHANGE IN UNITS**:
Beginning units		924,217			1,030,834			1,630,226			1,635,708			1,856,438			1,723,102			834,563			634,527
Units purchased		98,972			82,337			264,623			192,881			264,143			370,694			522,519			550,449
Units surrendered		(189,904	)		(188,954	)		(775,013	)		(198,363	)		(507,584	)		(237,358	)		(256,794	)		(350,413	)
Ending units		833,285			924,217			1,119,836			1,630,226			1,612,997			1,856,438			1,100,288			834,563

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FF40S						FF45S						FF50S						FF55S
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	520,956			392,630			47,314			22,258			78,348			52,453			7,822			4,473
Realized gain (loss) on investments		289,296			621,351			(137,660	)		(51,429	)		(50,455	)		33,325			(17,891	)		(56,048	)
Change in unrealized gain (loss) on investments		5,064,599			(9,394,568	)		566,237			(388,937	)		880,852			(837,681	)		95,236			(40,509	)
Reinvested capital gains		502,889			2,317,612			41,216			113,523			84,218			161,067			4,872			19,875
Net increase (decrease) in contract owners’ equity resulting from operations		6,377,740			(6,062,975	)		517,107			(304,585	)		992,963			(590,836	)		90,039			(72,209	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,178,718			1,327,363			1,869,127			417,698			214,513			149,040			37,720			91,462
Transfers between funds		9,007,347			1,430,800			1,592,219			247,949			1,609,581			2,497,535			183,976			(9,476	)
Surrenders (notes 3, 4, 5, 6 and 7)		(2,373,613	)		(1,662,832	)		(588,603	)		(135,944	)		(393,607	)		(119,911	)		(16,317	)		(38,135	)
Adjustments to maintain reserves		32			(85	)		(11	)		7			1			(18	)		(2	)		28
Net equity transactions		7,812,484			1,095,246			2,872,732			529,710			1,430,488			2,526,646			205,377			43,879
Net change in contract owners’ equity		14,190,224			(4,967,729	)		3,389,839			225,125			2,423,451			1,935,810			295,416			(28,330	)
Contract owners’ equity at beginning of period		27,526,076			32,493,805			1,723,623			1,498,498			4,343,914			2,408,104			334,411			362,741
Contract owners’ equity at end of period	$	41,716,300			27,526,076			5,113,462			1,723,623			6,767,365			4,343,914			629,827			334,411
CHANGE IN UNITS**:
Beginning units		1,017,073			980,516			129,884			92,183			294,572			133,170			26,534			23,476
Units purchased		644,677			181,166			266,310			58,330			156,859			234,203			24,641			11,549
Units surrendered		(365,384	)		(144,609	)		(73,108	)		(20,629	)		(67,077	)		(72,801	)		(9,283	)		(8,491	)
Ending units		1,296,366			1,017,073			323,086			129,884			384,354			294,572			41,892			26,534

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FF60S						FF65S						FFINS						FGOS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	19,792			16,041			259			93			61,604			27,494			(483	)		(473	)
Realized gain (loss) on investments		56,244			(173,317	)		(1,143	)		(44	)		(163,215	)		(22,477	)		4,045			3,376
Change in unrealized gain (loss) on investments		167,133			(41,533	)		3,195			(1,574	)		206,642			(239,215	)		174,753			(345,261	)
Reinvested capital gains		16,488			45,542			93			319			-			44,598			-			92,046
Net increase (decrease) in contract owners’ equity resulting from operations		259,657			(153,267	)		2,404			(1,206	)		105,031			(189,600	)		178,315			(250,312	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		273,427			249,288			59			-			1,638			(499	)		(116	)		-
Transfers between funds		(7,981	)		404,035			12,830			1,909			44,486			(19,612	)		-			-
Surrenders (notes 3, 4, 5, 6 and 7)		(67,276	)		(39,370	)		(483	)		(156	)		(80,095	)		(151,172	)		(11,387	)		(9,245	)
Adjustments to maintain reserves		1			12			5			(2	)		(5	)		(9	)		(5	)		12
Net equity transactions		198,171			613,965			12,411			1,751			(33,976	)		(171,292	)		(11,508	)		(9,233	)
Net change in contract owners’ equity		457,828			460,698			14,815			545			71,055			(360,892	)		166,807			(259,545	)
Contract owners’ equity at beginning of period		1,173,931			713,233			7,571			7,026			1,237,650			1,598,542			398,414			657,959
Contract owners’ equity at end of period	$	1,631,759			1,173,931			22,386			7,571			1,308,705			1,237,650			565,221			398,414
CHANGE IN UNITS**:
Beginning units		93,141			46,147			865			655			85,139			96,614			8,934			9,107
Units purchased		76,314			73,082			1,645			314			20,934			170			-			-
Units surrendered		(60,755	)		(26,088	)		(360	)		(104	)		(22,614	)		(11,645	)		(215	)		(173	)
Ending units		108,700			93,141			2,150			865			83,459			85,139			8,719			8,934

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FGS						FHIS						FIGBS						FIP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(16,602	)		690,739			570,503			514,502			3,471,085			3,168,261			74,591			57,740
Realized gain (loss) on investments		3,263,802			5,262,988			(260,889	)		(164,717	)		(2,906,624	)		(4,006,866	)		35,663			(17,753	)
Change in unrealized gain (loss) on investments		37,939,755			(62,364,531	)		688,239			(1,655,497	)		7,795,776			(30,539,543	)		887,179			(701,437	)
Reinvested capital gains		7,849,101			11,247,963			-			-			-			8,376,643			34,999			21,513
Net increase (decrease) in contract owners’ equity resulting from operations		49,036,056			(45,162,841	)		997,853			(1,305,712	)		8,360,237			(23,001,505	)		1,032,432			(639,937	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		2,909,046			2,867,006			166,163			157,400			1,464,654			2,112,188			793,608			752,360
Transfers between funds		15,157,879			(6,263,425	)		84,315			280,356			(253,664	)		(6,756,090	)		225,175			348,245
Surrenders (notes 3, 4, 5, 6 and 7)		(10,290,830	)		(7,984,929	)		(530,045	)		(548,498	)		(6,046,094	)		(7,712,087	)		(133,023	)		(238,854	)
Adjustments to maintain reserves		18,817			(2,245	)		372			131			7,483			(238	)		7			(27	)
Net equity transactions		7,794,912			(11,383,593	)		(279,195	)		(110,611	)		(4,827,621	)		(12,356,227	)		885,767			861,724
Net change in contract owners’ equity		56,830,968			(56,546,434	)		718,658			(1,416,323	)		3,532,616			(35,357,732	)		1,918,199			221,787
Contract owners’ equity at beginning of period		132,680,427			189,226,861			9,775,065			11,191,388			141,621,717			176,979,449			3,462,677			3,240,890
Contract owners’ equity at end of period	$	189,511,395			132,680,427			10,493,723			9,775,065			145,154,333			141,621,717			5,380,876			3,462,677
CHANGE IN UNITS**:
Beginning units		2,220,927			2,443,139			432,766			437,536			7,799,075			8,485,983			97,322			74,499
Units purchased		419,173			320,212			20,926			69,574			895,187			1,199,060			25,850			29,000
Units surrendered		(247,201	)		(542,424	)		(32,993	)		(74,344	)		(1,176,426	)		(1,885,968	)		(3,328	)		(6,177	)
Ending units		2,392,899			2,220,927			420,699			432,766			7,517,836			7,799,075			119,844			97,322

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FMCS						FMMP						FNRS2						FOS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	157,669			127,211			163,457			100,846			246,356			227,735			168,212			171,388
Realized gain (loss) on investments		(84,661	)		(161,467	)		-			-			2,155,420			701,366			186,146			224,617
Change in unrealized gain (loss) on investments		3,678,147			(8,254,382	)		-			-			(2,465,602	)		2,714,701			2,869,159			(6,123,760	)
Reinvested capital gains		915,550			2,273,378			-			-			-			-			47,535			164,003
Net increase (decrease) in contract owners’ equity resulting from operations		4,666,705			(6,015,260	)		163,457			100,846			(63,826	)		3,643,802			3,271,052			(5,563,752	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		491,385			543,694			(37,640	)		(2,085	)		(452,386	)		475,329			(433,582	)		516,730
Transfers between funds		(601,612	)		(481,302	)		(2,974,329	)		3,077,061			(2,553,931	)		3,561,449			102,994			(144,083	)
Surrenders (notes 3, 4, 5, 6 and 7)		(2,388,895	)		(2,506,421	)		(366,793	)		(950,029	)		(980,736	)		(960,076	)		(1,066,328	)		(1,264,753	)
Adjustments to maintain reserves		157			402			5			(11	)		904,945			3,917			867,147			(2,144	)
Net equity transactions		(2,498,965	)		(2,443,627	)		(3,378,757	)		2,124,936			(3,082,108	)		3,080,619			(529,769	)		(894,250	)
Net change in contract owners’ equity		2,167,740			(8,458,887	)		(3,215,300	)		2,225,782			(3,145,934	)		6,724,421			2,741,283			(6,458,002	)
Contract owners’ equity at beginning of period		32,524,294			40,983,181			4,375,775			2,149,993			11,883,395			5,158,974			16,658,704			23,116,706
Contract owners’ equity at end of period	$	34,692,034			32,524,294			1,160,475			4,375,775			8,737,461			11,883,395			19,399,987			16,658,704
CHANGE IN UNITS**:
Beginning units		424,378			455,311			414,328			206,171			417,439			295,154			560,131			587,029
Units purchased		50,930			31,517			24,480			299,808			13,964			287,824			26,525			48,436
Units surrendered		(82,414	)		(62,450	)		(334,040	)		(91,651	)		(126,610	)		(165,539	)		(43,809	)		(75,334	)
Ending units		392,894			424,378			104,768			414,328			304,793			417,439			542,847			560,131

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FRESS						FVBIS						FVEMIS						FVIIS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	59,964			32,133			48			9			200			97			377			229
Realized gain (loss) on investments		(232,669	)		180,838			(151	)		(193	)		74			(178	)		(274	)		(39	)
Change in unrealized gain (loss) on investments		349,773			(1,057,616	)		23			45			1,330			(281	)		1,672			(854	)
Reinvested capital gains		107,199			73,672			-			-			-			110			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		284,267			(770,973	)		(80	)		(139	)		1,604			(252	)		1,775			(664	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(156,003	)		212,730			14,570			-			717			550			14,548			8,169
Transfers between funds		(303,416	)		357,158			(12,476	)		(3,668	)		2,993			6,082			(11,737	)		-
Surrenders (notes 3, 4, 5, 6 and 7)		(97,675	)		(219,826	)		(331	)		(4	)		(248	)		(128	)		(215	)		(242	)
Adjustments to maintain reserves		312,054			323			-			4			1			(5	)		3			3
Net equity transactions		(245,040	)		350,385			1,763			(3,668	)		3,463			6,499			2,599			7,930
Net change in contract owners’ equity		39,227			(420,588	)		1,683			(3,807	)		5,067			6,247			4,374			7,266
Contract owners’ equity at beginning of period		2,454,544			2,875,132			-			3,807			6,952			705			10,067			2,801
Contract owners’ equity at end of period	$	2,493,771			2,454,544			1,683			-			12,019			6,952			14,441			10,067
CHANGE IN UNITS**:
Beginning units		218,681			185,159			-			354			567			47			947			221
Units purchased		82,468			163,062			1,535			-			288			530			1,277			748
Units surrendered		(101,166	)		(129,540	)		(1,364	)		(354	)		(20	)		(10	)		(1,053	)		(22	)
Ending units		199,983			218,681			171			-			835			567			1,171			947

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FVMIS						FVSS						FVSS2						FTVDM2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	3,011			3,395			86,156			46,574			1,222			413			55,652			71,091
Realized gain (loss) on investments		1,024			752			193,679			56,179			1,661			34,346			(124,031	)		4,506
Change in unrealized gain (loss) on investments		54,139			(57,137	)		807,338			(661,343	)		17,672			202			430,894			(1,037,251	)
Reinvested capital gains		-			409			307,974			204,685			4,938			1,755			2,019			205,423
Net increase (decrease) in contract owners’ equity resulting from operations		58,174			(52,581	)		1,395,147			(353,905	)		25,493			36,716			364,534			(756,231	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		5,123			5,826			(391,157	)		314,623			107,607			20,798			130,465			131,839
Transfers between funds		-			-			1,653,884			1,951,812			23,233			(11,160	)		(397,746	)		516,675
Surrenders (notes 3, 4, 5, 6 and 7)		(4,310	)		(3,427	)		(525,746	)		(363,409	)		(55,673	)		(800	)		(200,866	)		(254,795	)
Adjustments to maintain reserves		(1	)		4			782,341			1,072			(3	)		3			(7	)		1
Net equity transactions		812			2,403			1,519,322			1,904,098			75,164			8,841			(468,154	)		393,720
Net change in contract owners’ equity		58,986			(50,178	)		2,914,469			1,550,193			100,657			45,557			(103,620	)		(362,511	)
Contract owners’ equity at beginning of period		222,404			272,582			5,829,933			4,279,740			45,557			-			3,033,480			3,395,991
Contract owners’ equity at end of period	$	281,390			222,404			8,744,402			5,829,933			146,214			45,557			2,929,860			3,033,480
CHANGE IN UNITS**:
Beginning units		16,683			16,494			117,118			79,231			4,699			-			263,948			230,532
Units purchased		367			428			41,892			51,198			17,341			56,873			26,516			64,261
Units surrendered		(290	)		(239	)		(13,434	)		(13,311	)		(9,536	)		(52,174	)		(64,104	)		(30,845	)
Ending units		16,760			16,683			145,576			117,118			12,504			4,699			226,360			263,948

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FTVFA2						FTVGB1						FTVGI2						FTVIS2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	6,718			7,947			(10,723	)		(14,935	)		(72	)		(76	)		265,223			263,115
Realized gain (loss) on investments		(28,985	)		(30,339	)		(183,959	)		(1,159,727	)		(155,342	)		(281,628	)		66,884			22,579
Change in unrealized gain (loss) on investments		79,898			(122,829	)		412,213			671,515			266,860			31,253			(216,702	)		(700,156	)
Reinvested capital gains		7,798			47,765			-			-			-			-			321,535			106,800
Net increase (decrease) in contract owners’ equity resulting from operations		65,429			(97,456	)		217,531			(503,147	)		111,446			(250,451	)		436,940			(307,662	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		10,179			11,822			147,283			284,060			174,935			164,794			145,215			117,074
Transfers between funds		(16,485	)		278			217,335			(5,486,565	)		(296,015	)		(142,881	)		(127,309	)		409,422
Surrenders (notes 3, 4, 5, 6 and 7)		(48,141	)		(134,304	)		(286,075	)		(559,776	)		(413,745	)		(547,070	)		(684,947	)		(365,679	)
Adjustments to maintain reserves		6			(12	)		11			(48	)		(32	)		-			15			(12	)
Net equity transactions		(54,441	)		(122,216	)		78,554			(5,762,329	)		(534,857	)		(525,157	)		(667,026	)		160,805
Net change in contract owners’ equity		10,988			(219,672	)		296,085			(6,265,476	)		(423,411	)		(775,608	)		(230,086	)		(146,857	)
Contract owners’ equity at beginning of period		469,617			689,289			7,071,471			13,336,947			4,341,386			5,116,994			5,489,452			5,636,309
Contract owners’ equity at end of period	$	480,605			469,617			7,367,556			7,071,471			3,917,975			4,341,386			5,259,366			5,489,452
CHANGE IN UNITS**:
Beginning units		25,188			31,055			776,061			1,391,217			280,239			313,941			222,539			215,985
Units purchased		637			704			227,425			84,285			13,489			34,157			7,852			32,065
Units surrendered		(3,334	)		(6,571	)		(219,957	)		(699,441	)		(47,901	)		(67,859	)		(34,105	)		(25,511	)
Ending units		22,491			25,188			783,529			776,061			245,827			280,239			196,286			222,539

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FTVMD2						FTVRDI						FTVSV2						FTVSVI
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	4,907			2,559			-			-			48,780			89,688			76,394			134,097
Realized gain (loss) on investments		(18,442	)		63,515			-			-			(651,458	)		169,763			(325,931	)		(266,651	)
Change in unrealized gain (loss) on investments		52,647			(110,260	)		-			-			1,169,823			(3,437,708	)		983,685			(3,013,248	)
Reinvested capital gains		11,331			17,948			-			-			642,472			1,939,439			551,850			1,925,540
Net increase (decrease) in contract owners’ equity resulting from operations		50,443			(26,238	)		-			-			1,209,617			(1,238,818	)		1,285,998			(1,220,262	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		238			27,287			10			4			256,093			335,812			(236,247	)		213,758
Transfers between funds		26,698			(264,216	)		5,100			(70	)		281,442			1,799,721			(187,908	)		(84,425	)
Surrenders (notes 3, 4, 5, 6 and 7)		(8,037	)		(19,484	)		(5,110	)		66			(2,833,405	)		(749,731	)		(676,129	)		(807,737	)
Adjustments to maintain reserves		24			(40	)		-			-			16			1,025			472,495			962
Net equity transactions		18,923			(256,453	)		-			-			(2,295,854	)		1,386,827			(627,789	)		(677,442	)
Net change in contract owners’ equity		69,366			(282,691	)		-			-			(1,086,237	)		148,009			658,209			(1,897,704	)
Contract owners’ equity at beginning of period		282,194			564,885			-			-			11,730,058			11,582,049			10,542,265			12,439,969
Contract owners’ equity at end of period	$	351,560			282,194			-			-			10,643,821			11,730,058			11,200,474			10,542,265
CHANGE IN UNITS**:
Beginning units		13,973			26,714			-			-			306,940			273,764			162,340			172,759
Units purchased		5,138			3,141			-			-			26,910			105,099			4,878			11,298
Units surrendered		(4,641	)		(15,882	)		-			-			(87,714	)		(71,923	)		(14,613	)		(21,717	)
Ending units		14,470			13,973			-			-			246,136			306,940			152,605			162,340

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	TIF						TIF2						GVCSE						GVGMNS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	24,129			23,022			281,531			288,575			12,083			3,461			416			-
Realized gain (loss) on investments		(5,565	)		(21,820	)		63,726			(400,959	)		(239,064	)		1,740			(83	)		86
Change in unrealized gain (loss) on investments		116,576			(59,252	)		1,320,083			(746,353	)		474,605			(359,904	)		2,939			(6,097	)
Reinvested capital gains		-			-			-			-			-			14,788			-			841
Net increase (decrease) in contract owners’ equity resulting from operations		135,140			(58,050	)		1,665,340			(858,737	)		247,624			(339,915	)		3,272			(5,170	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			-			440,701			111,914			93,457			89,751			1,554			1,706
Transfers between funds		-			(14,620	)		(1,138,215	)		6,959			(164,686	)		(87,507	)		1,784			(2,663	)
Surrenders (notes 3, 4, 5, 6 and 7)		(25,380	)		(47,702	)		(758,250	)		(1,006,199	)		(83,895	)		(55,922	)		(1,901	)		(2,364	)
Adjustments to maintain reserves		(1	)		14			486			(3	)		4			23			2			(5	)
Net equity transactions		(25,381	)		(62,308	)		(1,455,278	)		(887,329	)		(155,120	)		(53,655	)		1,439			(3,326	)
Net change in contract owners’ equity		109,759			(120,358	)		210,062			(1,746,066	)		92,504			(393,570	)		4,711			(8,496	)
Contract owners’ equity at beginning of period		650,229			770,587			8,776,402			10,522,468			1,325,154			1,718,724			20,613			29,109
Contract owners’ equity at end of period	$	759,988			650,229			8,986,464			8,776,402			1,417,658			1,325,154			25,324			20,613
CHANGE IN UNITS**:
Beginning units		23,562			25,861			359,594			399,213			60,235			62,992			1,455			1,661
Units purchased		-			-			38,371			61,635			19,196			7,518			219			113
Units surrendered		(820	)		(2,299	)		(94,273	)		(101,254	)		(25,557	)		(10,275	)		(127	)		(319	)
Ending units		22,742			23,562			303,692			359,594			53,874			60,235			1,547			1,455

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	GVGOPS						GVMCE						GVMSAS						RVARS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(1,291	)		(1,531	)		69,460			47,032			1,840			1,168			6,133			4,089
Realized gain (loss) on investments		(177,473	)		(158,670	)		(1,452,973	)		938,595			(617	)		(1,041	)		3,566			4,040
Change in unrealized gain (loss) on investments		279,973			(188,595	)		2,036,743			(3,511,084	)		1,062			(2,324	)		(1,277	)		(23,911	)
Reinvested capital gains		4,078			23,825			199,102			1,330,394			-			-			-			3,552
Net increase (decrease) in contract owners’ equity resulting from operations		105,287			(324,971	)		852,332			(1,195,063	)		2,285			(2,197	)		8,422			(12,230	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		4,796			7,595			29,758			(1,517	)		244			366			2,111			3,191
Transfers between funds		(187,823	)		(290,372	)		(1,018,881	)		(541,490	)		756			30,242			10,883			(682	)
Surrenders (notes 3, 4, 5, 6 and 7)		(51,945	)		(18,568	)		(208,794	)		(772,754	)		(8,322	)		(12,351	)		(142,412	)		(12,543	)
Adjustments to maintain reserves		15			(6	)		21			(18	)		4			(8	)		11			(5	)
Net equity transactions		(234,957	)		(301,351	)		(1,197,896	)		(1,315,779	)		(7,318	)		18,249			(129,407	)		(10,039	)
Net change in contract owners’ equity		(129,670	)		(626,322	)		(345,564	)		(2,510,842	)		(5,033	)		16,052			(120,985	)		(22,269	)
Contract owners’ equity at beginning of period		756,674			1,382,996			8,968,706			11,479,548			33,935			17,883			350,188			372,457
Contract owners’ equity at end of period	$	627,004			756,674			8,623,142			8,968,706			28,902			33,935			229,203			350,188
CHANGE IN UNITS**:
Beginning units		26,999			36,294			141,368			164,072			3,143			1,548			28,496			29,278
Units purchased		564			285			24,355			46,459			205			3,249			2,376			2,962
Units surrendered		(8,642	)		(9,580	)		(44,037	)		(69,163	)		(864	)		(1,654	)		(13,002	)		(3,744	)
Ending units		18,921			26,999			121,686			141,368			2,484			3,143			17,870			28,496

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ACEG						ACGI						AVHY1						AVIE
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	-			-			63,661			71,172			12,690			23,650			10,796			469,994
Realized gain (loss) on investments		(108,704	)		138,059			87,390			104,393			(9,113	)		(102,322	)		(1,540,240	)		(819,705	)
Change in unrealized gain (loss) on investments		566,400			(1,169,824	)		(192,315	)		(910,867	)		32,025			(26,216	)		6,334,488			(10,129,589	)
Reinvested capital gains		33,246			359,560			552,090			439,324			-			-			21,938			3,354,803
Net increase (decrease) in contract owners’ equity resulting from operations		490,942			(672,205	)		510,826			(295,978	)		35,602			(104,888	)		4,826,982			(7,124,497	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		57,743			55,043			26,743			37,654			271			110			61,311			194,098
Transfers between funds		292,742			(828,155	)		(445,045	)		47,994			(196,630	)		46,060			(2,101,519	)		(2,421,727	)
Surrenders (notes 3, 4, 5, 6 and 7)		(136,497	)		(222,739	)		(240,986	)		(148,065	)		(86,012	)		(230,622	)		(1,537,194	)		(841,776	)
Adjustments to maintain reserves		151			32			(13	)		41			2			(35	)		86			518
Net equity transactions		214,139			(995,819	)		(659,301	)		(62,376	)		(282,369	)		(184,487	)		(3,577,316	)		(3,068,887	)
Net change in contract owners’ equity		705,081			(1,668,024	)		(148,475	)		(358,354	)		(246,767	)		(289,375	)		1,249,666			(10,193,384	)
Contract owners’ equity at beginning of period		1,188,129			2,856,153			4,739,120			5,097,474			512,669			802,044			30,064,888			40,258,272
Contract owners’ equity at end of period	$	1,893,210			1,188,129			4,590,645			4,739,120			265,902			512,669			31,314,554			30,064,888
CHANGE IN UNITS**:
Beginning units		40,536			67,127			157,860			159,839			31,263			43,995			993,367			1,089,800
Units purchased		9,194			5,242			8,237			3,570			13,509			35,592			167,681			258,758
Units surrendered		(3,896	)		(31,833	)		(30,453	)		(5,549	)		(30,075	)		(48,324	)		(287,649	)		(355,191	)
Ending units		45,834			40,536			135,644			157,860			14,697			31,263			873,399			993,367

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	AVMCCI						AVSCE						IVBRA1						MSVMV
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	356			516			(171	)		(388	)		-			98,793			-			-
Realized gain (loss) on investments		(12,505	)		(8,562	)		(25,982	)		(37,033	)		(38,524	)		(49,382	)		-			-
Change in unrealized gain (loss) on investments		35,397			(83,118	)		44,398			(31,353	)		113,457			(311,543	)		-			(1	)
Reinvested capital gains		-			37,799			2,245			29,407			-			46,034			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		23,248			(53,365	)		20,490			(39,367	)		74,933			(216,098	)		-			(1	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		3,588			4,633			-			2			54,896			109,142			2			-
Transfers between funds		7,131			(101,301	)		(38,065	)		(6,184	)		(42,816	)		87,459			-			-
Surrenders (notes 3, 4, 5, 6 and 7)		(45,660	)		(16,638	)		(2,416	)		(2,205	)		(155,514	)		(541,920	)		(2	)		-
Adjustments to maintain reserves		14			(31	)		5			1			(2	)		1			2			1
Net equity transactions		(34,927	)		(113,337	)		(40,476	)		(8,386	)		(143,436	)		(345,318	)		2			1
Net change in contract owners’ equity		(11,679	)		(166,702	)		(19,986	)		(47,753	)		(68,503	)		(561,416	)		2			-
Contract owners’ equity at beginning of period		177,683			344,385			153,937			201,690			1,259,565			1,820,981			-			-
Contract owners’ equity at end of period	$	166,004			177,683			133,951			153,937			1,191,062			1,259,565			2			-
CHANGE IN UNITS**:
Beginning units		5,555			9,184			9,341			9,705			92,910			115,044			-			-
Units purchased		572			692			8,377			62			2,841			16,218			-			-
Units surrendered		(1,605	)		(4,321	)		(10,828	)		(426	)		(13,360	)		(38,352	)		-			-
Ending units		4,522			5,555			6,890			9,341			82,391			92,910			-			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	OVAG						OVGI						OVGR						OVGS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(8,182	)		(8,108	)		60,291			111,214			(12,120	)		(12,153	)		125,755			(51,040	)
Realized gain (loss) on investments		(1,394,028	)		1,742,066			(527,961	)		33,671			(152,305	)		215,716			(3,305,539	)		2,595,390
Change in unrealized gain (loss) on investments		6,276,302			(30,996,049	)		1,576,165			(5,176,363	)		3,786,682			(9,057,352	)		16,079,004			(47,233,631	)
Reinvested capital gains		-			11,901,512			561,003			3,110,961			-			4,182,129			8,594,832			12,484,552
Net increase (decrease) in contract owners’ equity resulting from operations		4,874,092			(17,360,579	)		1,669,498			(1,920,517	)		3,622,257			(4,671,660	)		21,494,052			(32,204,729	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,017,670			1,143,286			3,587			9,745			3,139			(10,280	)		1,638,274			1,543,006
Transfers between funds		(734,811	)		2,111,471			(115,691	)		97,072			89,572			313,195			(1,660,729	)		(4,360,707	)
Surrenders (notes 3, 4, 5, 6 and 7)		(3,181,729	)		(3,138,291	)		(184,288	)		(214,568	)		(337,431	)		(269,288	)		(4,089,692	)		(3,949,983	)
Adjustments to maintain reserves		(4,421	)		(272	)		45			(37	)		349			625			(580	)		(107	)
Net equity transactions		(2,903,291	)		116,194			(296,347	)		(107,788	)		(244,371	)		34,252			(4,112,727	)		(6,767,791	)
Net change in contract owners’ equity		1,970,801			(17,244,385	)		1,373,151			(2,028,305	)		3,377,886			(4,637,408	)		17,381,325			(38,972,520	)
Contract owners’ equity at beginning of period		39,240,488			56,484,873			7,567,689			9,595,994			10,384,085			15,021,493			64,949,823			103,922,343
Contract owners’ equity at end of period	$	41,211,289			39,240,488			8,940,840			7,567,689			13,761,971			10,384,085			82,331,148			64,949,823
CHANGE IN UNITS**:
Beginning units		798,724			781,372			190,821			193,654			250,644			251,863			1,791,197			1,957,094
Units purchased		35,820			100,507			18,285			13,103			4,034			8,188			92,092			138,551
Units surrendered		(95,431	)		(83,155	)		(27,587	)		(15,936	)		(9,723	)		(9,407	)		(198,541	)		(304,448	)
Ending units		739,113			798,724			181,519			190,821			244,955			250,644			1,684,748			1,791,197

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	OVIG						OVSB						OVSC						WRASP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	98,200			(29,568	)		-			-			125,293			45,643			120,097			90,684
Realized gain (loss) on investments		(700,533	)		(751,414	)		(468,744	)		(692,045	)		102,137			53,183			(103,449	)		42,605
Change in unrealized gain (loss) on investments		4,701,179			(9,443,159	)		1,621,344			(1,255,120	)		1,617,661			(2,718,761	)		713,632			(1,674,679	)
Reinvested capital gains		-			3,714,987			-			-			-			1,029,646			-			477,150
Net increase (decrease) in contract owners’ equity resulting from operations		4,098,846			(6,509,154	)		1,152,600			(1,947,165	)		1,845,091			(1,590,289	)		730,280			(1,064,240	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		712,723			998,004			81,526			109,999			458,119			329,352			252,988			245,684
Transfers between funds		689,115			530,995			(76,237	)		(158,168	)		501,097			1,951,786			(20,747	)		(332,733	)
Surrenders (notes 3, 4, 5, 6 and 7)		(755,274	)		(1,282,883	)		(1,238,235	)		(1,644,069	)		(666,132	)		(674,688	)		(575,470	)		(481,168	)
Adjustments to maintain reserves		(86	)		(78	)		1			(8	)		(1,410	)		(54	)		279			18
Net equity transactions		646,478			246,038			(1,232,945	)		(1,692,246	)		291,674			1,606,396			(342,950	)		(568,199	)
Net change in contract owners’ equity		4,745,324			(6,263,116	)		(80,345	)		(3,639,411	)		2,136,765			16,107			387,330			(1,632,439	)
Contract owners’ equity at beginning of period		17,916,456			24,179,572			13,549,031			17,188,442			9,851,332			9,835,225			5,549,325			7,181,764
Contract owners’ equity at end of period	$	22,661,780			17,916,456			13,468,686			13,549,031			11,988,097			9,851,332			5,936,655			5,549,325
CHANGE IN UNITS**:
Beginning units		1,307,911			1,287,678			955,224			1,072,926			140,705			117,806			284,633			314,317
Units purchased		259,216			496,778			26,223			32,669			17,810			39,886			14,837			21,506
Units surrendered		(199,460	)		(476,545	)		(109,357	)		(150,371	)		(13,384	)		(16,987	)		(32,136	)		(51,190	)
Ending units		1,367,667			1,307,911			872,090			955,224			145,131			140,705			267,334			284,633

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	WRGP						WRHIP						WRMCG						WRRESP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(4,749	)		(4,476	)		662,038			788,017			(5,466	)		(5,440	)		121,548			57,381
Realized gain (loss) on investments		(872,756	)		26,409			(415,668	)		(532,136	)		(1,339,381	)		(8,192	)		(1,388,333	)		393,031
Change in unrealized gain (loss) on investments		2,181,507			(3,313,813	)		1,001,983			(1,790,947	)		1,574,362			(2,876,862	)		1,073,207			(3,650,257	)
Reinvested capital gains		573,490			1,401,592			-			-			498,649			919,967			591,738			986,981
Net increase (decrease) in contract owners’ equity resulting from operations		1,877,492			(1,890,288	)		1,248,353			(1,535,066	)		728,164			(1,970,527	)		398,160			(2,212,864	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		501,622			657,932			125,064			158,485			56,394			107,605			199,151			310,691
Transfers between funds		(656,849	)		(445,980	)		(157,346	)		(1,082,117	)		313,472			(931,616	)		(1,270,457	)		(153,677	)
Surrenders (notes 3, 4, 5, 6 and 7)		(149,676	)		(164,779	)		(479,240	)		(507,825	)		(219,840	)		(541,472	)		(359,720	)		(294,096	)
Adjustments to maintain reserves		(45	)		37			81			(106	)		225			(67	)		25			(26	)
Net equity transactions		(304,948	)		47,210			(511,441	)		(1,431,563	)		150,251			(1,365,550	)		(1,431,001	)		(137,108	)
Net change in contract owners’ equity		1,572,544			(1,843,078	)		736,912			(2,966,629	)		878,415			(3,336,077	)		(1,032,841	)		(2,349,972	)
Contract owners’ equity at beginning of period		5,243,333			7,086,411			11,166,529			14,133,158			3,852,477			7,188,554			6,404,234			8,754,206
Contract owners’ equity at end of period	$	6,815,877			5,243,333			11,903,441			11,166,529			4,730,892			3,852,477			5,371,393			6,404,234
CHANGE IN UNITS**:
Beginning units		88,487			86,993			731,784			826,681			130,848			168,533			222,726			228,285
Units purchased		16,691			26,811			129,840			264,783			28,145			50,112			16,531			26,212
Units surrendered		(21,741	)		(25,317	)		(164,041	)		(359,680	)		(24,678	)		(87,797	)		(69,188	)		(31,771	)
Ending units		83,437			88,487			697,583			731,784			134,315			130,848			170,069			222,726

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	WRSTP						JABS						JACAS						JAEI
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(1,871	)		(2,449	)		517,148			286,601			55,448			16,007			2,039			2,530
Realized gain (loss) on investments		(2,697,311	)		(2,225,046	)		1,154,783			3,439,286			(78,221	)		1,184,900			(22,562	)		(39,325	)
Change in unrealized gain (loss) on investments		5,040,643			(1,956,941	)		2,760,786			(12,956,038	)		16,939,888			(34,169,647	)		138,549			(431,387	)
Reinvested capital gains		455,000			996,423			-			1,042,184			-			8,703,592			81,568			204,676
Net increase (decrease) in contract owners’ equity resulting from operations		2,796,461			(3,188,013	)		4,432,717			(8,187,967	)		16,917,115			(24,265,148	)		199,594			(263,506	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		829,208			987,006			801,246			804,466			750,811			810,601			34,297			52,499
Transfers between funds		(385,411	)		650,897			(773,029	)		748,184			(344,489	)		(2,018,612	)		156,738			(335,231	)
Surrenders (notes 3, 4, 5, 6 and 7)		(959,075	)		(1,220,336	)		(3,896,017	)		(11,912,022	)		(3,794,008	)		(4,173,644	)		(76,833	)		(39,652	)
Adjustments to maintain reserves		27			141			(1,394	)		2,081			23			(113	)		165			15
Net equity transactions		(515,251	)		417,708			(3,869,194	)		(10,357,291	)		(3,387,663	)		(5,381,768	)		114,367			(322,369	)
Net change in contract owners’ equity		2,281,210			(2,770,305	)		563,523			(18,545,258	)		13,529,452			(29,646,916	)		313,961			(585,875	)
Contract owners’ equity at beginning of period		7,501,208			10,271,513			31,724,372			50,269,630			44,310,904			73,957,820			1,032,016			1,617,891
Contract owners’ equity at end of period	$	9,782,418			7,501,208			32,287,895			31,724,372			57,840,356			44,310,904			1,345,977			1,032,016
CHANGE IN UNITS**:
Beginning units		181,977			169,656			698,736			926,718			1,045,056			1,156,158			56,091			73,917
Units purchased		27,673			43,665			114,389			102,522			33,515			35,508			9,770			7,808
Units surrendered		(39,220	)		(31,344	)		(197,025	)		(330,504	)		(101,835	)		(146,610	)		(3,903	)		(25,634	)
Ending units		170,430			181,977			616,100			698,736			976,736			1,045,056			61,958			56,091

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	JAFBS						JAGSEI					JAGTS						JAIGS
	2023			2022			2023			2022		2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	256,051			134,608			41			-		(11,930	)		(12,242	)		331,740			386,532
Realized gain (loss) on investments		(534,897	)		(371,696	)		5			-		647,717			765,122			150,772			(99,974	)
Change in unrealized gain (loss) on investments		634,999			(950,312	)		781			-		14,534,542			(23,733,301	)		1,950,849			(2,672,067	)
Reinvested capital gains		-			109,381			-			-		-			5,978,088			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		356,153			(1,078,019	)		827			-		15,170,329			(17,002,333	)		2,433,361			(2,385,509	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		244,115			305,481			168			-		920,420			1,290,866			579,324			586,106
Transfers between funds		(428,498	)		670,293			7,608			-		3,115,904			(2,316,591	)		(1,471,195	)		557,395
Surrenders (notes 3, 4, 5, 6 and 7)		(131,547	)		(115,556	)		1,866			-		(2,741,416	)		(2,358,090	)		(1,725,799	)		(1,335,735	)
Adjustments to maintain reserves		-			(2	)		1			-		(2,260	)		(243	)		465			876
Net equity transactions		(315,930	)		860,216			9,643			-		1,292,648			(3,384,058	)		(2,617,205	)		(191,358	)
Net change in contract owners’ equity		40,223			(217,803	)		10,470			-		16,462,977			(20,386,391	)		(183,844	)		(2,576,867	)
Contract owners’ equity at beginning of period		7,296,688			7,514,491			-			-		27,208,005			47,594,396			23,758,753			26,335,620
Contract owners’ equity at end of period	$	7,336,911			7,296,688			10,470			-		43,670,982			27,208,005			23,574,909			23,758,753
CHANGE IN UNITS**:
Beginning units		682,250			604,281			-			-		1,054,464			1,158,496			1,088,803			1,100,214
Units purchased		118,781			154,354			965			-		189,902			88,901			47,451			106,317
Units surrendered		(150,069	)		(76,385	)		(30	)		-		(148,383	)		(192,933	)		(159,012	)		(117,728	)
Ending units		650,962			682,250			935			-		1,095,983			1,054,464			977,242			1,088,803

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	JAMGS						JAMVS						LZREMS						SBVSG
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(11,463	)		(23,886	)		15,802			8,924			410,554			297,088			(32,210	)		(32,762	)
Realized gain (loss) on investments		154,146			36,163			(1,776	)		(128	)		342,213			(180,563	)		(2,484,727	)		609,934
Change in unrealized gain (loss) on investments		2,961,925			(13,110,314	)		133,036			(140,513	)		1,038,228			(1,764,786	)		4,168,182			(9,090,243	)
Reinvested capital gains		2,522,272			6,148,285			57,859			73,165			-			-			-			438,348
Net increase (decrease) in contract owners’ equity resulting from operations		5,626,880			(6,949,752	)		204,921			(58,552	)		1,790,995			(1,648,261	)		1,651,245			(8,074,723	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,141,428			1,056,479			1,380			1,996			156,972			243,031			602,157			1,152,404
Transfers between funds		(2,624,629	)		(4,480,049	)		1,099,657			3,390			(897,674	)		(711,530	)		1,844,379			(499,139	)
Surrenders (notes 3, 4, 5, 6 and 7)		(2,583,279	)		(1,237,023	)		(43,135	)		(11,890	)		(416,065	)		(726,304	)		(1,545,375	)		(905,725	)
Adjustments to maintain reserves		36			(83	)		(3	)		1			9			(57	)		64			(161	)
Net equity transactions		(4,066,444	)		(4,660,676	)		1,057,899			(6,503	)		(1,156,758	)		(1,194,860	)		901,225			(252,621	)
Net change in contract owners’ equity		1,560,436			(11,610,428	)		1,262,820			(65,055	)		634,237			(2,843,121	)		2,552,470			(8,327,344	)
Contract owners’ equity at beginning of period		33,558,736			45,169,164			918,883			983,938			8,892,247			11,735,368			19,852,841			28,180,185
Contract owners’ equity at end of period	$	35,119,172			33,558,736			2,181,703			918,883			9,526,484			8,892,247			22,405,311			19,852,841
CHANGE IN UNITS**:
Beginning units		1,580,388			1,782,996			37,829			38,091			805,877			900,997			551,951			557,965
Units purchased		223,902			334,062			102,456			237			62,569			127,210			121,739			112,974
Units surrendered		(399,484	)		(536,670	)		(60,093	)		(499	)		(161,412	)		(222,330	)		(98,266	)		(118,988	)
Ending units		1,404,806			1,580,388			80,192			37,829			707,034			805,877			575,424			551,951

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	BNCAI						LJPMVS					LJPSCS					LOVBD
	2023			2022			2023			2022		2023			2022		2023			2022
Investment activity*:
Net investment income (loss)	$	(4,428	)		(8,054	)		862,987			-		7,775			-		235,738			173,547
Realized gain (loss) on investments		536,007			361,616			129,626			-		8,565			-		(158,575	)		(37,203	)
Change in unrealized gain (loss) on investments		139,442			(2,851,388	)		4,144,166			-		122,058			-		196,755			(712,945	)
Reinvested capital gains		50,487			441,919			-			-		-			-		-			10,823
Net increase (decrease) in contract owners’ equity resulting from operations		721,508			(2,055,907	)		5,136,779			-		138,398			-		273,918			(565,778	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		2,719			(3,995	)		272,800			-		43,106			-		100,763			45,678
Transfers between funds		(1,854,571	)		(174,039	)		46,084,909			-		1,189,809			-		826,134			124,260
Surrenders (notes 3, 4, 5, 6 and 7)		(704,450	)		(490,511	)		(1,413,132	)		-		(98,818	)		-		(250,722	)		(92,929	)
Adjustments to maintain reserves		60			1,712			33			-		3			-		-			(4	)
Net equity transactions		(2,556,242	)		(666,833	)		44,944,610			-		1,134,100			-		676,175			77,005
Net change in contract owners’ equity		(1,834,734	)		(2,722,740	)		50,081,389			-		1,272,498			-		950,093			(488,773	)
Contract owners’ equity at beginning of period		5,269,355			7,992,095			-			-		-			-		3,875,819			4,364,592
Contract owners’ equity at end of period	$	3,434,621			5,269,355			50,081,389			-		1,272,498			-		4,825,912			3,875,819
CHANGE IN UNITS**:
Beginning units		72,727			82,028			-			-		-			-		307,425			301,306
Units purchased		11,135			11,282			5,391,236			-		129,166			-		161,222			16,177
Units surrendered		(43,824	)		(20,583	)		(887,656	)		-		(16,650	)		-		(108,801	)		(10,058	)
Ending units		40,038			72,727			4,503,580			-		112,516			-		359,846			307,425

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	LOVSDC						LOVTRC						MNVFRI					MNVFRS
	2023			2022			2023			2022			2023			2022		2023			2022
Investment activity*:
Net investment income (loss)	$	603,220			500,991			705,178			645,583			2,490			-		54,814			3,996
Realized gain (loss) on investments		(801,528	)		(547,322	)		(1,700,175	)		(496,329	)		127			-		(1,237	)		(51	)
Change in unrealized gain (loss) on investments		907,267			(1,121,232	)		2,036,584			(3,257,875	)		490			-		19,981			(4,907	)
Reinvested capital gains		-			-			-			45,931			-			-		-			-
Net increase (decrease) in contract owners’ equity resulting from operations		708,959			(1,167,563	)		1,041,587			(3,062,690	)		3,107			-		73,558			(962	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		481,415			513,691			716,507			1,401,523			11			-		8,496			41,788
Transfers between funds		(4,814,726	)		(2,591,902	)		(2,982,212	)		1,787,688			31,523			-		81,615			512,700
Surrenders (notes 3, 4, 5, 6 and 7)		(886,028	)		(1,704,010	)		(1,059,318	)		(1,825,276	)		(301	)		-		(7,710	)		(1,105	)
Adjustments to maintain reserves		20			(99	)		31			(59	)		1			-		(88	)		97
Net equity transactions		(5,219,319	)		(3,782,320	)		(3,324,992	)		1,363,876			31,234			-		82,313			553,480
Net change in contract owners’ equity		(4,510,360	)		(4,949,883	)		(2,283,405	)		(1,698,814	)		34,341			-		155,871			552,518
Contract owners’ equity at beginning of period		18,337,712			23,287,595			19,468,490			21,167,304			-			-		602,551			50,033
Contract owners’ equity at end of period	$	13,827,352			18,337,712			17,185,085			19,468,490			34,341			-		758,422			602,551
CHANGE IN UNITS**:
Beginning units		1,703,931			2,052,546			1,876,441			1,752,453			-			-		53,117			4,346
Units purchased		194,302			352,895			543,884			521,846			2,705			-		15,423			48,869
Units surrendered		(673,770	)		(701,510	)		(861,767	)		(397,858	)		(25	)		-		(8,529	)		(98	)
Ending units		1,224,463			1,703,931			1,558,558			1,876,441			2,680			-		60,011			53,117

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	M3GREI						M3GRES						MEGSS						MMCGSC
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	420			499			383			1,021			(1,520	)		-			(3,892	)		(2,694	)
Realized gain (loss) on investments		(2,950	)		(60	)		(20,083	)		(5,096	)		104,453			(814	)		(871,720	)		(197,693	)
Change in unrealized gain (loss) on investments		3,529			(8,484	)		25,885			(33,750	)		147,351			70			1,418,598			(1,075,336	)
Reinvested capital gains		2,550			1,837			7,812			6,940			22,156			-			43,711			461,608
Net increase (decrease) in contract owners’ equity resulting from operations		3,549			(6,208	)		13,997			(30,885	)		272,440			(744	)		586,697			(814,115	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		3,331			2,078			(35	)		8			6,541			-			113,639			148,742
Transfers between funds		(1,669	)		34,473			15,127			153,713			1,072,876			(4,575	)		(8,304	)		953,800
Surrenders (notes 3, 4, 5, 6 and 7)		(952	)		(355	)		(3,383	)		(1,501	)		(7,883	)		(25	)		(381,007	)		(106,127	)
Adjustments to maintain reserves		(1	)		-			(2	)		1			5			3			11			(24	)
Net equity transactions		709			36,196			11,707			152,221			1,071,539			(4,597	)		(275,661	)		996,391
Net change in contract owners’ equity		4,258			29,988			25,704			121,336			1,343,979			(5,341	)		311,036			182,276
Contract owners’ equity at beginning of period		29,988			-			121,336			-			776			6,117			2,813,354			2,631,078
Contract owners’ equity at end of period	$	34,246			29,988			147,040			121,336			1,344,755			776			3,124,390			2,813,354
CHANGE IN UNITS**:
Beginning units		3,508			-			14,301			-			99			533			193,134			128,370
Units purchased		398			3,546			3,038			14,456			159,340			101			48,215			75,970
Units surrendered		(312	)		(38	)		(1,732	)		(155	)		(32,113	)		(535	)		(63,749	)		(11,206	)
Ending units		3,594			3,508			15,607			14,301			127,326			99			177,600			193,134

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MNDIC						MNDSC						MV2EEI						MV2EES
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	-			-			4,283			2,245			10			174			2,319			6,305
Realized gain (loss) on investments		(132,023	)		(59,772	)		(836,769	)		(1,209,680	)		(550	)		(93	)		(9,962	)		(9,235	)
Change in unrealized gain (loss) on investments		281,505			(813,825	)		1,217,924			(1,514,950	)		883			(751	)		25,890			(42,358	)
Reinvested capital gains		-			344,274			-			1,336,657			-			277			-			11,503
Net increase (decrease) in contract owners’ equity resulting from operations		149,482			(529,323	)		385,438			(1,385,728	)		343			(393	)		18,247			(33,785	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(54,590	)		75,791			191,205			181,354			2,789			4,667			-			-
Transfers between funds		29,619			(232,528	)		155,495			(975,230	)		3,214			(97	)		67,699			59,282
Surrenders (notes 3, 4, 5, 6 and 7)		(82,299	)		(132,338	)		(54,101	)		(54,891	)		(9,700	)		(138	)		(1,851	)		(1,551	)
Adjustments to maintain reserves		109,255			131			-			39			4			-			(4	)		5
Net equity transactions		1,985			(288,944	)		292,599			(848,728	)		(3,693	)		4,432			65,844			57,736
Net change in contract owners’ equity		151,467			(818,267	)		678,037			(2,234,456	)		(3,350	)		4,039			84,091			23,951
Contract owners’ equity at beginning of period		1,024,305			1,842,572			2,431,677			4,666,133			5,079			1,040			156,267			132,316
Contract owners’ equity at end of period	$	1,175,772			1,024,305			3,109,714			2,431,677			1,729			5,079			240,358			156,267
CHANGE IN UNITS**:
Beginning units		38,258			48,341			93,521			126,253			578			95			17,985			12,179
Units purchased		3,002			3,591			32,694			51,380			647			510			7,236			5,968
Units surrendered		(2,876	)		(13,674	)		(21,382	)		(84,112	)		(1,048	)		(27	)		(200	)		(162	)
Ending units		38,384			38,258			104,833			93,521			177			578			25,021			17,985

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MV2IGI						MV2RIS						MV3LMI					MV3MVI
	2023			2022			2023			2022			2023			2022		2023			2022
Investment activity*:
Net investment income (loss)	$	13,668			4,764			34,645			575,557			5			-		6,476			3,269
Realized gain (loss) on investments		113,188			91,337			(3,331,948	)		(21,711	)		13			-		(28,267	)		(4,168	)
Change in unrealized gain (loss) on investments		635,221			(1,768,303	)		7,148,516			(8,938,141	)		359			-		50,614			(60,624	)
Reinvested capital gains		236,467			616,977			-			859,858			-			-		12,282			27,256
Net increase (decrease) in contract owners’ equity resulting from operations		998,544			(1,055,225	)		3,851,213			(7,524,437	)		377			-		41,105			(34,267	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		75,918			70,521			256,155			73,443			-			-		43,224			83,219
Transfers between funds		(153,856	)		110,851			(33,730,024	)		3,402,900			13,317			-		46,412			135,267
Surrenders (notes 3, 4, 5, 6 and 7)		(233,470	)		(377,303	)		(277,288	)		(611,684	)		(28	)		-		(86,487	)		(184,821	)
Adjustments to maintain reserves		403			29			15			(73	)		-			-		3			13
Net equity transactions		(311,005	)		(195,902	)		(33,751,142	)		2,864,586			13,289			-		3,152			33,678
Net change in contract owners’ equity		687,539			(1,251,127	)		(29,899,929	)		(4,659,851	)		13,666			-		44,257			(589	)
Contract owners’ equity at beginning of period		4,304,714			5,555,841			36,558,373			41,218,224			-			-		352,898			353,487
Contract owners’ equity at end of period	$	4,992,253			4,304,714			6,658,444			36,558,373			13,666			-		397,155			352,898
CHANGE IN UNITS**:
Beginning units		182,279			189,951			2,813,991			2,603,987			-			-		21,441			19,590
Units purchased		4,776			11,321			216,899			301,671			1,318			-		3,286			12,995
Units surrendered		(16,586	)		(18,993	)		(2,575,922	)		(91,667	)		(3	)		-		(3,321	)		(11,144	)
Ending units		170,469			182,279			454,968			2,813,991			1,315			-		21,406			21,441

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MV3MVS						MVBRES						MVFIC						MVFSC
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	26,645			7,844			18,228			15,099			177,396			161,935			1,310,708			1,094,605
Realized gain (loss) on investments		(112,335	)		148,165			(60,212	)		96,418			214,499			204,985			1,489,286			1,472,360
Change in unrealized gain (loss) on investments		216,167			(379,020	)		374,845			(859,545	)		(329,470	)		(1,828,514	)		(3,215,973	)		(17,188,993	)
Reinvested capital gains		62,575			100,515			158,055			374,959			745,648			690,171			7,286,320			6,684,261
Net increase (decrease) in contract owners’ equity resulting from operations		193,052			(122,496	)		490,916			(373,069	)		808,073			(771,423	)		6,870,341			(7,937,767	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		23,845			59,098			112,771			74,503			317,091			254,618			745,759			2,106,703
Transfers between funds		953,029			187,767			(86,615	)		(143,560	)		(785,877	)		104,452			(2,775,749	)		(2,101,742	)
Surrenders (notes 3, 4, 5, 6 and 7)		(579,052	)		(49,877	)		(75,587	)		(90,718	)		(744,430	)		(1,001,450	)		(13,393,063	)		(4,662,542	)
Adjustments to maintain reserves		9			5			3			(16	)		452			80			58			(241	)
Net equity transactions		397,831			196,993			(49,428	)		(159,791	)		(1,212,764	)		(642,300	)		(15,422,995	)		(4,657,822	)
Net change in contract owners’ equity		590,883			74,497			441,488			(532,860	)		(404,691	)		(1,413,723	)		(8,552,654	)		(12,595,589	)
Contract owners’ equity at beginning of period		1,593,629			1,519,132			1,805,547			2,338,407			11,135,364			12,549,087			108,320,674			120,916,263
Contract owners’ equity at end of period	$	2,184,512			1,593,629			2,247,035			1,805,547			10,730,673			11,135,364			99,768,020			108,320,674
CHANGE IN UNITS**:
Beginning units		118,271			102,467			85,656			92,735			184,247			195,372			3,838,291			4,031,389
Units purchased		73,802			39,680			23,677			6,059			8,728			16,306			482,803			883,739
Units surrendered		(47,729	)		(23,876	)		(26,319	)		(13,138	)		(28,472	)		(27,431	)		(1,040,773	)		(1,076,837	)
Ending units		144,344			118,271			83,014			85,656			164,503			184,247			3,280,321			3,838,291

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MVIGIC						MVIVSC						MVRBSS						MSEM
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	5,197			2,720			290,811			312,788			152,552			88,482			380,788			393,342
Realized gain (loss) on investments		(17,340	)		(1,672	)		1,305,186			4,260,591			(223,937	)		(185,602	)		(432,108	)		(476,150	)
Change in unrealized gain (loss) on investments		66,857			(95,086	)		5,535,656			(35,726,046	)		395,488			(537,433	)		541,575			(1,236,849	)
Reinvested capital gains		14,819			25,809			6,541,131			3,990,323			-			43,425			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		69,533			(68,229	)		13,672,784			(27,162,344	)		324,103			(591,128	)		490,255			(1,319,657	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		8,332			26,265			642,794			1,138,102			158,843			49,461			120,864			165,975
Transfers between funds		148,710			(33,385	)		(6,615,290	)		14,321			2,074,648			(298,408	)		(361,221	)		(1,010,499	)
Surrenders (notes 3, 4, 5, 6 and 7)		(67,366	)		(23,196	)		(4,532,316	)		(4,607,743	)		(344,107	)		(80,697	)		(321,271	)		(583,505	)
Adjustments to maintain reserves		2			3			89			(376	)		1			(4	)		20			(5	)
Net equity transactions		89,678			(30,313	)		(10,504,723	)		(3,455,696	)		1,889,385			(329,648	)		(561,608	)		(1,428,034	)
Net change in contract owners’ equity		159,211			(98,542	)		3,168,061			(30,618,040	)		2,213,488			(920,776	)		(71,353	)		(2,747,691	)
Contract owners’ equity at beginning of period		398,641			497,183			84,750,564			115,368,604			3,243,464			4,164,240			4,695,850			7,443,541
Contract owners’ equity at end of period	$	557,852			398,641			87,918,625			84,750,564			5,456,952			3,243,464			4,624,497			4,695,850
CHANGE IN UNITS**:
Beginning units		33,781			35,831			2,556,261			2,656,042			320,468			352,564			125,870			164,510
Units purchased		13,070			16,273			258,893			627,403			238,287			31,670			20,291			16,570
Units surrendered		(5,643	)		(18,323	)		(557,203	)		(727,184	)		(54,818	)		(63,766	)		(35,549	)		(55,210	)
Ending units		41,208			33,781			2,257,951			2,556,261			503,937			320,468			110,612			125,870

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MSVEG						MSVMG						MSVRE						VKVGR2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(5,997	)		(9,088	)		(1,630	)		(2,180	)		98,227			61,340			27,029			118,397
Realized gain (loss) on investments		(281,690	)		(15,264,044	)		(149,653	)		(3,297,556	)		(237,475	)		(179,260	)		(268,946	)		480,470
Change in unrealized gain (loss) on investments		3,419,622			1,966,795			642,181			590,662			841,256			(2,875,617	)		400,822			(1,594,000	)
Reinvested capital gains		-			4,225,290			-			701,878			-			1,189,479			-			109,185
Net increase (decrease) in contract owners’ equity resulting from operations		3,131,935			(9,081,047	)		490,898			(2,007,196	)		702,008			(1,804,058	)		158,905			(885,948	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		741,019			499,376			309			(53	)		(1,033	)		9,306			66,634			169,116
Transfers between funds		246,234			(502,768	)		15,680			(316,923	)		105,210			(553,974	)		(613,063	)		(1,467,835	)
Surrenders (notes 3, 4, 5, 6 and 7)		(488,085	)		(298,516	)		(21,781	)		(26,892	)		(53,483	)		(109,520	)		(74,337	)		(390,746	)
Adjustments to maintain reserves		32			98			33			(84	)		48			53			4			(21	)
Net equity transactions		499,200			(301,810	)		(5,759	)		(343,952	)		50,742			(654,135	)		(620,762	)		(1,689,486	)
Net change in contract owners’ equity		3,631,135			(9,382,857	)		485,139			(2,351,148	)		752,750			(2,458,193	)		(461,857	)		(2,575,434	)
Contract owners’ equity at beginning of period		5,918,381			15,301,238			1,129,784			3,480,932			4,652,137			7,110,330			2,206,479			4,781,913
Contract owners’ equity at end of period	$	9,549,516			5,918,381			1,614,923			1,129,784			5,404,887			4,652,137			1,744,622			2,206,479
CHANGE IN UNITS**:
Beginning units		170,502			176,056			41,922			47,910			78,852			89,895			208,066			333,039
Units purchased		77,529			42,011			4,298			7,012			13,958			1,241			36,391			63,487
Units surrendered		(63,444	)		(47,565	)		(4,631	)		(13,000	)		(15,480	)		(12,284	)		(95,634	)		(188,460	)
Ending units		184,587			170,502			41,589			41,922			77,330			78,852			148,823			208,066

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	DTRTFB						EIF						GBF						GEM
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	16,626			14,365			279,101			222,372			3,541,473			2,143,915			176,944			96,547
Realized gain (loss) on investments		(5,937	)		(3,198	)		331,278			710,523			(5,654,702	)		(937,419	)		(370,425	)		(27,371	)
Change in unrealized gain (loss) on investments		17,674			(83,939	)		(133,202	)		(3,071,083	)		7,101,489			(16,635,919	)		616,264			(3,406,254	)
Reinvested capital gains		-			-			1,244,641			1,512,982			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		28,363			(72,772	)		1,721,818			(625,206	)		4,988,260			(15,429,423	)		422,783			(3,337,078	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		6,958			4,411			269,360			274,091			2,766,039			4,041,052			272,677			307,498
Transfers between funds		60,608			121,755			491,887			51,408			29,327,718			4,304,609			(119,724	)		420,230
Surrenders (notes 3, 4, 5, 6 and 7)		(29,920	)		(26,746	)		(941,400	)		(1,380,758	)		(5,496,050	)		(5,757,203	)		(572,731	)		(547,026	)
Adjustments to maintain reserves		(6	)		7			2,818			191			9,992			20			703			(7	)
Net equity transactions		37,640			99,427			(177,335	)		(1,055,068	)		26,607,699			2,588,478			(419,075	)		180,695
Net change in contract owners’ equity		66,003			26,655			1,544,483			(1,680,274	)		31,595,959			(12,840,945	)		3,708			(3,156,383	)
Contract owners’ equity at beginning of period		474,583			447,928			14,739,201			16,419,475			102,924,565			115,765,510			10,272,031			13,428,414
Contract owners’ equity at end of period	$	540,586			474,583			16,283,684			14,739,201			134,520,524			102,924,565			10,275,739			10,272,031
CHANGE IN UNITS**:
Beginning units		48,781			39,958			354,761			378,286			5,168,435			5,108,264			393,986			387,590
Units purchased		6,883			11,754			21,978			25,928			2,739,463			794,277			62,292			35,373
Units surrendered		(3,077	)		(2,931	)		(24,890	)		(49,453	)		(1,460,956	)		(734,106	)		(78,728	)		(28,977	)
Ending units		52,587			48,781			351,849			354,761			6,446,942			5,168,435			377,550			393,986

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	GIG						GVAAA2						GVABD2						GVAGG2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	417,796			568,331			-			-			-			-			-			-
Realized gain (loss) on investments		(522,181	)		(333,774	)		14,188			226,461			(14,477	)		1,170			145,372			264,543
Change in unrealized gain (loss) on investments		3,112,679			(4,893,862	)		274,060			(2,649,172	)		93,654			(284,669	)		727,849			(3,703,474	)
Reinvested capital gains		-			1,966,652			1,174,496			470,617			-			35,971			905,570			517,168
Net increase (decrease) in contract owners’ equity resulting from operations		3,008,294			(2,692,653	)		1,462,744			(1,952,094	)		79,177			(247,528	)		1,778,791			(2,921,763	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		568,848			449,642			321,693			789,278			62,700			71,056			215,552			358,375
Transfers between funds		(1,341,255	)		(782,216	)		(442,363	)		(158,561	)		104,053			4,421			360,162			(344,865	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,106,654	)		(716,074	)		(1,519,029	)		(1,351,981	)		(158,625	)		(104,702	)		(639,543	)		(926,412	)
Adjustments to maintain reserves		906			109			1,383			77			4			(4	)		1,052			(8	)
Net equity transactions		(1,878,155	)		(1,048,539	)		(1,638,316	)		(721,187	)		8,132			(29,229	)		(62,777	)		(912,910	)
Net change in contract owners’ equity		1,130,139			(3,741,192	)		(175,572	)		(2,673,281	)		87,309			(276,757	)		1,716,014			(3,834,673	)
Contract owners’ equity at beginning of period		14,895,871			18,637,063			11,639,125			14,312,406			1,705,052			1,981,809			8,043,166			11,877,839
Contract owners’ equity at end of period	$	16,026,010			14,895,871			11,463,553			11,639,125			1,792,361			1,705,052			9,759,180			8,043,166
CHANGE IN UNITS**:
Beginning units		687,971			739,374			436,630			463,122			119,919			121,537			239,868			265,479
Units purchased		42,994			67,386			17,563			52,948			11,449			13,131			17,041			13,935
Units surrendered		(122,663	)		(118,789	)		(76,427	)		(79,440	)		(10,739	)		(14,749	)		(18,625	)		(39,546	)
Ending units		608,302			687,971			377,766			436,630			120,629			119,919			238,284			239,868

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	GVAGI2						GVAGR2						GVDMA						GVDMC
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	-			-			-			-			(67,730	)		(67,405	)		(11,047	)		(15,451	)
Realized gain (loss) on investments		11,056			80,796			511,175			843,498			(7,739,515	)		(76,186	)		(1,605,708	)		(494,667	)
Change in unrealized gain (loss) on investments		727,641			(1,232,923	)		3,173,246			(10,129,951	)		25,160,448			(61,600,279	)		3,723,425			(6,965,312	)
Reinvested capital gains		500,007			125,065			1,977,922			2,154,434			1,215,920			37,578,497			-			3,872,999
Net increase (decrease) in contract owners’ equity resulting from operations		1,238,704			(1,027,062	)		5,662,343			(7,132,019	)		18,569,123			(24,165,373	)		2,106,670			(3,602,431	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		77,356			70,594			337,161			279,719			2,746,006			4,447,527			675,708			913,172
Transfers between funds		74,314			(178,353	)		(340,198	)		(693,853	)		2,299,492			1,245,598			970,617			(1,021,330	)
Surrenders (notes 3, 4, 5, 6 and 7)		(208,604	)		(338,238	)		(1,228,571	)		(1,524,843	)		(9,515,312	)		(5,659,036	)		(2,774,491	)		(1,641,102	)
Adjustments to maintain reserves		227			36			425			277			(4,710	)		1,154			614			(4,583	)
Net equity transactions		(56,707	)		(445,961	)		(1,231,183	)		(1,938,700	)		(4,474,524	)		35,243			(1,127,552	)		(1,753,843	)
Net change in contract owners’ equity		1,181,997			(1,473,023	)		4,431,160			(9,070,719	)		14,094,599			(24,130,130	)		979,118			(5,356,274	)
Contract owners’ equity at beginning of period		4,847,240			6,320,263			15,320,137			24,390,856			106,814,001			130,944,131			19,683,167			25,039,441
Contract owners’ equity at end of period	$	6,029,237			4,847,240			19,751,297			15,320,137			120,908,600			106,814,001			20,662,285			19,683,167
CHANGE IN UNITS**:
Beginning units		166,140			180,199			373,376			414,827			3,323,198			3,326,407			842,600			918,881
Units purchased		5,322			7,941			16,925			15,546			395,926			282,831			156,949			87,973
Units surrendered		(7,035	)		(22,000	)		(41,360	)		(56,997	)		(530,342	)		(286,040	)		(205,234	)		(164,254	)
Ending units		164,427			166,140			348,941			373,376			3,188,782			3,323,198			794,315			842,600

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	GVEX1						GVIDA						GVIDC						GVIDM
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	280,866			213,770			(29,474	)		(28,933	)		(11,832	)		(14,215	)		(25,607	)		(30,103	)
Realized gain (loss) on investments		(3,165,390	)		683,624			(3,601,509	)		(820,799	)		(626,304	)		(151,904	)		(6,941,448	)		(2,706,768	)
Change in unrealized gain (loss) on investments		7,269,787			(14,792,243	)		11,522,256			(21,705,013	)		1,701,401			(3,052,298	)		15,812,479			(30,162,677	)
Reinvested capital gains		24,575			10,627,511			563,788			12,342,814			-			1,141,773			-			19,437,481
Net increase (decrease) in contract owners’ equity resulting from operations		4,409,838			(3,267,338	)		8,455,061			(10,211,931	)		1,063,265			(2,076,644	)		8,845,424			(13,462,067	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		281,365			468,597			996,101			1,799,863			270,597			317,752			740,651			1,066,466
Transfers between funds		3,871,167			2,163,005			3,952,125			526,231			(606,281	)		(1,603,638	)		3,769,380			(5,375,372	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,274,006	)		(1,013,391	)		(4,557,059	)		(1,595,023	)		(711,658	)		(1,345,911	)		(6,112,169	)		(5,428,193	)
Adjustments to maintain reserves		501			57			153			973			518			1,536			8,880			309
Net equity transactions		2,879,027			1,618,268			391,320			732,044			(1,046,824	)		(2,630,261	)		(1,593,258	)		(9,736,790	)
Net change in contract owners’ equity		7,288,865			(1,649,070	)		8,846,381			(9,479,887	)		16,441			(4,706,905	)		7,252,166			(23,198,857	)
Contract owners’ equity at beginning of period		16,082,760			17,731,830			44,818,688			54,298,575			14,027,316			18,734,221			61,489,343			84,688,200
Contract owners’ equity at end of period	$	23,371,625			16,082,760			53,665,069			44,818,688			14,043,757			14,027,316			68,741,509			61,489,343
CHANGE IN UNITS**:
Beginning units		563,157			507,185			1,295,811			1,280,588			745,236			873,949			2,221,919			2,555,637
Units purchased		127,513			150,378			162,692			360,501			43,186			75,411			271,306			107,701
Units surrendered		(40,939	)		(94,406	)		(158,404	)		(345,278	)		(97,557	)		(204,124	)		(325,391	)		(441,419	)
Ending units		649,731			563,157			1,300,099			1,295,811			690,865			745,236			2,167,834			2,221,919

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	GVIX2						HIBF						IDPG						IDPGI
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	109,024			137,223			1,181,462			1,110,752			-			-			-			-
Realized gain (loss) on investments		64,924			8,810			(539,723	)		(355,261	)		(3,405	)		(816	)		(107	)		163
Change in unrealized gain (loss) on investments		538,349			(712,809	)		1,805,270			(3,472,621	)		40,957			(94,065	)		271			(1,111	)
Reinvested capital gains		-			-			-			-			-			47,459			-			156
Net increase (decrease) in contract owners’ equity resulting from operations		712,297			(566,776	)		2,447,009			(2,717,130	)		37,552			(47,422	)		164			(792	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		132,296			118,663			247,080			231,223			2,403			3,102			426			507
Transfers between funds		582,528			179,536			1,353,439			74,901			(1,395	)		18,031			-			(7,829	)
Surrenders (notes 3, 4, 5, 6 and 7)		(58,748	)		(107,336	)		(2,301,685	)		(1,248,654	)		(533	)		(5,692	)		(505	)		(553	)
Adjustments to maintain reserves		(4	)		8			1,106			520			-			6			(7	)		10
Net equity transactions		656,072			190,871			(700,060	)		(942,010	)		475			15,447			(86	)		(7,865	)
Net change in contract owners’ equity		1,368,369			(375,905	)		1,746,949			(3,659,140	)		38,027			(31,975	)		78			(8,657	)
Contract owners’ equity at beginning of period		3,720,345			4,096,250			19,282,440			22,941,580			283,981			315,956			1,386			10,043
Contract owners’ equity at end of period	$	5,088,714			3,720,345			21,029,389			19,282,440			322,008			283,981			1,464			1,386
CHANGE IN UNITS**:
Beginning units		302,009			284,284			592,836			610,947			20,874			19,751			111			693
Units purchased		62,997			31,695			107,853			124,468			664			1,696			45			34
Units surrendered		(12,871	)		(13,970	)		(124,610	)		(142,579	)		(629	)		(573	)		(52	)		(616	)
Ending units		352,135			302,009			576,079			592,836			20,909			20,874			104			111

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MCIF						MSBF						NCPG						NCPGI
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,544,216			1,391,337			546,967			386,658			-			-			-			-
Realized gain (loss) on investments		(7,990,930	)		(1,424,025	)		(62,977	)		(53,183	)		(9,814	)		12,662			459			6
Change in unrealized gain (loss) on investments		19,600,330			(52,214,289	)		(192,004	)		(583,504	)		20,141			(35,844	)		2,803			(2,905	)
Reinvested capital gains		7,038,606			32,565,437			527,954			-			2,670			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		20,192,222			(19,681,540	)		819,940			(250,029	)		12,997			(23,182	)		3,262			(2,899	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		3,176,127			3,867,995			357,195			230,160			7,505			46,917			1,249			576
Transfers between funds		1,197,994			(252,379	)		(783,663	)		(60,324	)		(12,472	)		(105,811	)		14,456			-
Surrenders (notes 3, 4, 5, 6 and 7)		(6,230,123	)		(6,539,501	)		(715,923	)		(793,662	)		4,374			(8,645	)		(6,560	)		(521	)
Adjustments to maintain reserves		1,313			(1,008	)		1,978			102			3			(3	)		(6	)		10
Net equity transactions		(1,854,689	)		(2,924,893	)		(1,140,413	)		(623,724	)		(590	)		(67,542	)		9,139			65
Net change in contract owners’ equity		18,337,533			(22,606,433	)		(320,473	)		(873,753	)		12,407			(90,724	)		12,401			(2,834	)
Contract owners’ equity at beginning of period		125,923,853			148,530,286			10,246,661			11,120,414			108,844			199,568			18,449			21,283
Contract owners’ equity at end of period	$	144,261,386			125,923,853			9,926,188			10,246,661			121,251			108,844			30,850			18,449
CHANGE IN UNITS**:
Beginning units		1,743,619			1,809,935			357,047			378,407			7,918			12,328			1,460			1,455
Units purchased		222,609			232,667			55,537			31,411			7,183			5,683			1,340			44
Units surrendered		(288,624	)		(298,983	)		(96,182	)		(52,771	)		(7,268	)		(10,093	)		(634	)		(39	)
Ending units		1,677,604			1,743,619			316,402			357,047			7,833			7,918			2,166			1,460

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NJMMAY						NJNDE2					NVAMV1						NVAMVX
	2023			2022			2023			2022		2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	992			2,040			5			-		653,849			459,795			538,622			362,228
Realized gain (loss) on investments		(74,041	)		(521	)		16			-		(415,723	)		(121,910	)		1,142,951			1,005,843
Change in unrealized gain (loss) on investments		99,482			(141,384	)		148			-		866,842			(6,222,164	)		(730,351	)		(5,335,277	)
Reinvested capital gains		-			11,753			-			-		2,079,103			5,323,266			1,634,450			3,692,382
Net increase (decrease) in contract owners’ equity resulting from operations		26,433			(128,112	)		169			-		3,184,071			(561,013	)		2,585,672			(274,824	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			-			-			-		(379	)		(25	)		1,034,237			1,148,525
Transfers between funds		(698,164	)		-			848			-		(285,541	)		(290,959	)		101,197			(71,240	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,113	)		(9,827	)		(3	)		-		(2,795,457	)		(2,460,275	)		(1,366,616	)		(1,067,219	)
Adjustments to maintain reserves		(3	)		4			(1	)		-		3,029			92			(1,791	)		(19	)
Net equity transactions		(699,280	)		(9,823	)		844			-		(3,078,348	)		(2,751,167	)		(232,973	)		10,047
Net change in contract owners’ equity		(672,847	)		(137,935	)		1,013			-		105,723			(3,312,180	)		2,352,699			(264,777	)
Contract owners’ equity at beginning of period		697,108			835,043			-			-		38,294,518			41,606,698			27,878,537			28,143,314
Contract owners’ equity at end of period	$	24,261			697,108			1,013			-		38,400,241			38,294,518			30,231,236			27,878,537
CHANGE IN UNITS**:
Beginning units		74,853			75,642			-			-		801,462			860,949			1,765,598			1,763,302
Units purchased		2,082			205			88			-		-			-			209,461			183,785
Units surrendered		(74,550	)		(994	)		(1	)		-		(63,077	)		(59,487	)		(217,562	)		(181,489	)
Ending units		2,385			74,853			87			-		738,385			801,462			1,757,497			1,765,598

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVBX						NVCBD1						NVCCA1						NVCCN1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	6,437,264			7,030,828			62,887			46,050			456			292			(862	)		(1,065	)
Realized gain (loss) on investments		(20,300,987	)		(1,675,625	)		(80,545	)		(97,741	)		39,959			47,713			(36,306	)		57,081
Change in unrealized gain (loss) on investments		26,665,798			(49,235,209	)		113,655			(307,287	)		299,383			(985,741	)		238,375			(600,081	)
Reinvested capital gains		-			2,428,616			-			2,133			318,446			198,115			73,687			76,408
Net increase (decrease) in contract owners’ equity resulting from operations		12,802,075			(41,451,390	)		95,997			(356,845	)		658,244			(739,621	)		274,894			(467,657	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		221,350			638,527			97,278			88,328			352,886			398,421			419,480			361,073
Transfers between funds		(62,123,416	)		113,259,595			232,273			(292,669	)		(76,831	)		89,696			(310,504	)		(24,596	)
Surrenders (notes 3, 4, 5, 6 and 7)		(5,797,941	)		(4,978,310	)		(229,505	)		(262,156	)		(335,702	)		(369,765	)		(400,921	)		(471,898	)
Adjustments to maintain reserves		126			(94	)		109			4			368			29			(8	)		(2	)
Net equity transactions		(67,699,881	)		108,919,718			100,155			(466,493	)		(59,279	)		118,381			(291,953	)		(135,423	)
Net change in contract owners’ equity		(54,897,806	)		67,468,328			196,152			(823,338	)		598,965			(621,240	)		(17,059	)		(603,080	)
Contract owners’ equity at beginning of period		304,600,726			237,132,398			1,868,250			2,691,588			4,241,014			4,862,254			3,358,427			3,961,507
Contract owners’ equity at end of period	$	249,702,920			304,600,726			2,064,402			1,868,250			4,839,979			4,241,014			3,341,368			3,358,427
CHANGE IN UNITS**:
Beginning units		28,847,850			19,439,766			127,343			156,509			199,908			194,920			213,912			221,546
Units purchased		1,752,068			10,404,312			26,135			21,033			26,464			34,591			32,999			41,188
Units surrendered		(8,092,757	)		(996,228	)		(19,701	)		(50,199	)		(30,479	)		(29,603	)		(51,506	)		(48,822	)
Ending units		22,507,161			28,847,850			133,777			127,343			195,893			199,908			195,405			213,912

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVCMA1						NVCMC1						NVCMD1						NVCRA1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(3,232	)		(2,645	)		585			334			(3,037	)		(3,998	)		(320	)		(530	)
Realized gain (loss) on investments		10,354			(105,918	)		(28,864	)		31,286			(22,946	)		(144,456	)		340,283			256,661
Change in unrealized gain (loss) on investments		916,045			(1,467,430	)		161,613			(411,388	)		764,495			(1,686,806	)		153,800			(797,395	)
Reinvested capital gains		587,838			163,451			101,410			65,024			607,178			309,357			249,237			12,514
Net increase (decrease) in contract owners’ equity resulting from operations		1,511,005			(1,412,542	)		234,744			(314,744	)		1,345,690			(1,525,903	)		743,000			(528,750	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		180,845			269,416			261,727			309,100			644,329			834,846			551,122			460,139
Transfers between funds		186,605			987,616			(340,423	)		244,145			(843,494	)		220,460			1,476,237			16,926
Surrenders (notes 3, 4, 5, 6 and 7)		(446,476	)		(1,094,940	)		(252,286	)		(214,686	)		(827,378	)		(770,537	)		(679,951	)		(605,650	)
Adjustments to maintain reserves		(19	)		8			31			1			235			38			(44	)		54
Net equity transactions		(79,045	)		162,100			(330,951	)		338,560			(1,026,308	)		284,807			1,347,364			(128,531	)
Net change in contract owners’ equity		1,431,960			(1,250,442	)		(96,207	)		23,816			319,382			(1,241,096	)		2,090,364			(657,281	)
Contract owners’ equity at beginning of period		8,451,304			9,701,746			2,290,300			2,266,484			9,789,518			11,030,614			3,309,733			3,967,014
Contract owners’ equity at end of period	$	9,883,264			8,451,304			2,194,093			2,290,300			10,108,900			9,789,518			5,400,097			3,309,733
CHANGE IN UNITS**:
Beginning units		361,063			359,078			127,166			109,336			462,998			454,554			137,561			141,906
Units purchased		18,041			62,817			16,755			31,268			27,702			97,610			78,151			27,853
Units surrendered		(21,353	)		(60,832	)		(35,211	)		(13,438	)		(70,863	)		(89,166	)		(26,491	)		(32,198	)
Ending units		357,751			361,063			108,710			127,166			419,837			462,998			189,221			137,561

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVCRB1						NVDBL2						NVDCA2						NVDCAP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	154			(964	)		-			-			-			-			-			-
Realized gain (loss) on investments		120,550			199,254			(41,688	)		(65,844	)		(42,666	)		(19,536	)		(24,722	)		(23,777	)
Change in unrealized gain (loss) on investments		402,794			(1,386,220	)		219,210			(575,395	)		121,645			(307,347	)		57,202			(106,874	)
Reinvested capital gains		346,392			212,992			-			351,314			508			200,816			228			83,812
Net increase (decrease) in contract owners’ equity resulting from operations		869,890			(974,938	)		177,522			(289,925	)		79,487			(126,067	)		32,708			(46,839	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		923,752			830,982			38,446			64,873			3,494			2,893			27,321			34,691
Transfers between funds		391,304			113,377			(18,489	)		(36,805	)		(424	)		(29,237	)		(43,613	)		(51,337	)
Surrenders (notes 3, 4, 5, 6 and 7)		(744,039	)		(1,478,496	)		(138,172	)		(265,378	)		(70,510	)		(59,486	)		(2,854	)		2,226
Adjustments to maintain reserves		3			6			(6	)		(5	)		14			(18	)		(5	)		5
Net equity transactions		571,020			(534,131	)		(118,221	)		(237,315	)		(67,426	)		(85,848	)		(19,151	)		(14,415	)
Net change in contract owners’ equity		1,440,910			(1,509,069	)		59,301			(527,240	)		12,061			(211,915	)		13,557			(61,254	)
Contract owners’ equity at beginning of period		6,210,878			7,719,947			1,439,235			1,966,475			528,417			740,332			198,802			260,056
Contract owners’ equity at end of period	$	7,651,788			6,210,878			1,498,536			1,439,235			540,478			528,417			212,359			198,802
CHANGE IN UNITS**:
Beginning units		323,940			343,739			66,013			76,675			19,408			22,415			19,811			21,381
Units purchased		78,627			57,760			1,916			3,109			119			130			3,906			4,556
Units surrendered		(49,454	)		(77,559	)		(7,125	)		(13,771	)		(2,469	)		(3,137	)		(5,562	)		(6,126	)
Ending units		353,113			323,940			60,804			66,013			17,058			19,408			18,155			19,811

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVFIII						NVGEII						NVIDMP						NVIE6
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	3,089			1,914			2,445			1,926			-			-			5,425			7,054
Realized gain (loss) on investments		(1,798	)		(5,291	)		(3,402	)		3,521			(136,545	)		(4,356	)		2,113			1,851
Change in unrealized gain (loss) on investments		4,860			(15,672	)		31,108			(22,174	)		806,370			(1,910,451	)		32,917			(67,793	)
Reinvested capital gains		-			-			-			-			-			1,254,546			-			25,267
Net increase (decrease) in contract owners’ equity resulting from operations		6,151			(19,049	)		30,151			(16,727	)		669,825			(660,261	)		40,455			(33,621	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		3,532			3,921			2,213			3,229			1,463,827			1,234,949			1			-
Transfers between funds		17,847			(37,358	)		44,857			68,246			(38,291	)		(4,119	)		-			(1,647	)
Surrenders (notes 3, 4, 5, 6 and 7)		(7,174	)		(6,923	)		(14,150	)		(13,318	)		(479,125	)		(121,671	)		(8,528	)		(5,120	)
Adjustments to maintain reserves		5			(4	)		-			3			(787	)		211			(1	)		-
Net equity transactions		14,210			(40,364	)		32,920			58,160			945,624			1,109,370			(8,528	)		(6,767	)
Net change in contract owners’ equity		20,361			(59,413	)		63,071			41,433			1,615,449			449,109			31,927			(40,388	)
Contract owners’ equity at beginning of period		103,476			162,889			122,976			81,543			4,230,189			3,781,080			192,573			232,961
Contract owners’ equity at end of period	$	123,837			103,476			186,047			122,976			5,845,638			4,230,189			224,500			192,573
CHANGE IN UNITS**:
Beginning units		10,817			14,689			9,591			5,318			427,681			319,239			15,196			15,740
Units purchased		2,234			914			3,579			5,270			188,599			198,643			-			-
Units surrendered		(748	)		(4,786	)		(1,127	)		(997	)		(102,153	)		(90,201	)		(611	)		(544	)
Ending units		12,303			10,817			12,043			9,591			514,127			427,681			14,585			15,196

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVIX						NVLCP1						NVMIG1						NVMIVX
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,100,031			1,243,852			160,989			110,912			324,444			(182	)		173,808			213,189
Realized gain (loss) on investments		1,015,313			48,616			(156,944	)		(159,342	)		(2,050,128	)		(996,038	)		96,640			82,234
Change in unrealized gain (loss) on investments		4,155,139			(6,708,515	)		307,670			(744,909	)		3,995,847			(7,947,699	)		635,490			(665,053	)
Reinvested capital gains		-			-			-			56,064			-			616,172			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		6,270,483			(5,416,047	)		311,715			(737,275	)		2,270,163			(8,327,747	)		905,938			(369,630	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		(878,396	)		989,780			136,546			114,557			449,414			468,547			(173,673	)		142,543
Transfers between funds		8,956,393			3,066,533			549,770			(487,595	)		2,220,165			1,015,103			70,629			802,221
Surrenders (notes 3, 4, 5, 6 and 7)		(1,621,412	)		(1,625,043	)		(228,352	)		(685,618	)		(1,134,823	)		(1,041,908	)		(290,003	)		(415,373	)
Adjustments to maintain reserves		1,756,803			473			264			27			620			(1,717	)		347,358			14
Net equity transactions		8,213,388			2,431,743			458,228			(1,058,629	)		1,535,376			440,025			(45,689	)		529,405
Net change in contract owners’ equity		14,483,871			(2,984,304	)		769,943			(1,795,904	)		3,805,539			(7,887,722	)		860,249			159,775
Contract owners’ equity at beginning of period		33,603,327			36,587,631			3,893,090			5,688,994			14,042,924			21,930,646			5,769,733			5,609,958
Contract owners’ equity at end of period	$	48,087,198			33,603,327			4,663,033			3,893,090			17,848,463			14,042,924			6,629,982			5,769,733
CHANGE IN UNITS**:
Beginning units		2,760,395			2,575,056			239,799			303,253			1,152,028			1,099,683			470,450			430,600
Units purchased		937,355			776,891			48,865			19,447			285,389			168,979			32,904			96,304
Units surrendered		(335,881	)		(591,552	)		(21,221	)		(82,901	)		(109,005	)		(116,634	)		(36,004	)		(56,454	)
Ending units		3,361,869			2,760,395			267,443			239,799			1,328,412			1,152,028			467,350			470,450

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVMLG1						NVMMG1						NVMMV1						NVMMV2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,301,203			1,181,166			(584	)		(1,004	)		150,451			159,972			182,447			169,471
Realized gain (loss) on investments		(1,757,089	)		(1,521,988	)		(2,799,305	)		(1,204,774	)		643,416			815,793			(192,911	)		(356,654	)
Change in unrealized gain (loss) on investments		6,605,278			(6,830,075	)		9,897,841			(31,892,107	)		(1,312,881	)		(2,118,360	)		(754,666	)		(1,063,523	)
Reinvested capital gains		1,262,020			4,223,296			-			10,837,620			1,441,945			834,097			1,772,468			917,606
Net increase (decrease) in contract owners’ equity resulting from operations		7,411,412			(2,947,601	)		7,097,952			(22,260,265	)		922,931			(308,498	)		1,007,338			(333,100	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		340,823			373,688			1,243,079			1,349,760			915,150			1,063,479			258,353			479,283
Transfers between funds		1,042,709			1,309,322			(400,479	)		(614,780	)		(2,177,656	)		1,026,157			(37,660	)		(12,224	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,536,297	)		(1,379,910	)		(3,330,292	)		(3,402,009	)		(865,232	)		(779,100	)		(766,560	)		(1,286,727	)
Adjustments to maintain reserves		1,424			3			1,573			464			22			8			1,057			116
Net equity transactions		(151,341	)		303,103			(2,486,119	)		(2,666,565	)		(2,127,716	)		1,310,544			(544,810	)		(819,552	)
Net change in contract owners’ equity		7,260,071			(2,644,498	)		4,611,833			(24,926,830	)		(1,204,785	)		1,002,046			462,528			(1,152,652	)
Contract owners’ equity at beginning of period		21,282,404			23,926,902			35,481,425			60,408,255			11,359,202			10,357,156			12,053,714			13,206,366
Contract owners’ equity at end of period	$	28,542,475			21,282,404			40,093,258			35,481,425			10,154,417			11,359,202			12,516,242			12,053,714
CHANGE IN UNITS**:
Beginning units		478,216			470,430			1,329,261			1,411,401			354,803			314,894			379,578			404,798
Units purchased		43,593			73,063			72,894			100,490			52,580			84,102			16,134			26,475
Units surrendered		(47,248	)		(65,277	)		(156,952	)		(182,630	)		(115,424	)		(44,193	)		(32,887	)		(51,695	)
Ending units		474,561			478,216			1,245,203			1,329,261			291,959			354,803			362,825			379,578

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVNMO1						NVNSR1						NVOLG1						NVRE1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	96,712			73,642			603			917			3,748,348			2,343,633			668,081			532,600
Realized gain (loss) on investments		215,345			438,375			(8,133	)		(49,978	)		(229,142	)		(1,442,373	)		211,693			1,331,309
Change in unrealized gain (loss) on investments		2,274,913			(6,412,386	)		20,383			(83,415	)		52,315,118			(90,584,975	)		2,069,426			(16,895,502	)
Reinvested capital gains		1,376,859			2,090,845			21,468			12,074			-			17,368,385			670,693			2,600,177
Net increase (decrease) in contract owners’ equity resulting from operations		3,963,829			(3,809,524	)		34,321			(120,402	)		55,834,324			(72,315,330	)		3,619,893			(12,431,416	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		319,553			346,452			8,147			8,784			4,996,156			5,568,451			680,391			806,178
Transfers between funds		(91,516	)		(130,172	)		11,327			(335,906	)		(2,012,370	)		(1,754,447	)		(656,404	)		1,009,572
Surrenders (notes 3, 4, 5, 6 and 7)		(1,494,961	)		(1,381,999	)		(18,943	)		(17,441	)		(19,756,553	)		(22,717,437	)		(2,363,346	)		(2,397,095	)
Adjustments to maintain reserves		346			512			(6	)		9			14,535			(13,050	)		1,000			(115	)
Net equity transactions		(1,266,578	)		(1,165,207	)		525			(344,554	)		(16,758,232	)		(18,916,483	)		(2,338,359	)		(581,460	)
Net change in contract owners’ equity		2,697,251			(4,974,731	)		34,846			(464,956	)		39,076,092			(91,231,813	)		1,281,534			(13,012,876	)
Contract owners’ equity at beginning of period		17,700,267			22,674,998			166,012			630,968			242,204,678			333,436,491			30,956,726			43,969,602
Contract owners’ equity at end of period	$	20,397,518			17,700,267			200,858			166,012			281,280,770			242,204,678			32,238,260			30,956,726
CHANGE IN UNITS**:
Beginning units		597,569			634,912			5,947			17,186			4,395,002			4,717,424			1,246,582			1,283,052
Units purchased		14,266			14,825			1,302			693			121,996			148,206			80,390			109,835
Units surrendered		(53,755	)		(52,168	)		(1,283	)		(11,932	)		(390,173	)		(470,628	)		(163,258	)		(146,305	)
Ending units		558,080			597,569			5,966			5,947			4,126,825			4,395,002			1,163,714			1,246,582

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVSIX2						NVSIXD						NVSTB1						NVSTB2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	27,106			19,096			3,260			2,304			4,456,999			2,689,924			79,567			42,816
Realized gain (loss) on investments		(488,846	)		(62,202	)		(19,958	)		(26,714	)		(318,328	)		(2,996,771	)		(30,152	)		(18,344	)
Change in unrealized gain (loss) on investments		879,781			(844,151	)		44,255			(31,582	)		2,573,640			(8,491,447	)		73,637			(146,754	)
Reinvested capital gains		16,215			314,426			1,153			27,917			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		434,256			(572,831	)		28,710			(28,075	)		6,712,311			(8,798,294	)		123,052			(122,282	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		64,322			47,776			85,592			62,383			540,224			867,789			111,354			125,657
Transfers between funds		299,355			520,465			(88,307	)		129,802			91,096			(33,445,137	)		203,768			202,775
Surrenders (notes 3, 4, 5, 6 and 7)		(501,273	)		(197,284	)		(5,583	)		(11,563	)		(1,823,004	)		(2,767,840	)		(269,530	)		(218,335	)
Adjustments to maintain reserves		12			(270	)		1			2			34			(40	)		163			(3	)
Net equity transactions		(137,584	)		370,687			(8,297	)		180,624			(1,191,650	)		(35,345,228	)		45,755			110,094
Net change in contract owners’ equity		296,672			(202,144	)		20,413			152,549			5,520,661			(44,143,522	)		168,807			(12,188	)
Contract owners’ equity at beginning of period		2,334,359			2,536,503			180,963			28,414			116,071,709			160,215,231			2,072,971			2,085,159
Contract owners’ equity at end of period	$	2,631,031			2,334,359			201,376			180,963			121,592,370			116,071,709			2,241,778			2,072,971
CHANGE IN UNITS**:
Beginning units		125,150			101,081			12,555			1,568			9,393,133			12,249,853			171,570			162,797
Units purchased		65,155			67,437			5,664			11,754			237,663			144,926			30,916			35,490
Units surrendered		(71,258	)		(43,368	)		(6,246	)		(767	)		(335,217	)		(3,001,646	)		(26,927	)		(26,717	)
Ending units		119,047			125,150			11,973			12,555			9,295,579			9,393,133			175,559			171,570

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVTIV3						SAM						SAM5						SCF
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	25,061			34,765			1,880,263			475,434			18,599,416			3,364,610			238,046			219,557
Realized gain (loss) on investments		(16,183	)		(4,399	)		-			-			-			-			(935,022	)		(154,583	)
Change in unrealized gain (loss) on investments		141,919			(94,963	)		-			-			-			-			7,162,806			(23,701,721	)
Reinvested capital gains		-			-			4			785			41			5,932			291,956			11,759,489
Net increase (decrease) in contract owners’ equity resulting from operations		150,797			(64,597	)		1,880,267			476,219			18,599,457			3,370,542			6,757,786			(11,877,258	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		10,311			3,489			(7,329,314	)		3,151,782			38,407,114			39,732,912			763,316			795,461
Transfers between funds		20,860			201,324			3,758,215			6,774,441			213,691,238			37,695,262			(107,464	)		(266,552	)
Surrenders (notes 3, 4, 5, 6 and 7)		(31,991	)		(49,314	)		(6,731,340	)		(9,410,382	)		(26,171,307	)		(53,520,902	)		(3,205,909	)		(3,297,129	)
Adjustments to maintain reserves		10			(11	)		14,658,337			(10,559	)		443			575			3,651			(3,611	)
Net equity transactions		(810	)		155,488			4,355,898			505,282			225,927,488			23,907,847			(2,546,406	)		(2,771,831	)
Net change in contract owners’ equity		149,987			90,891			6,236,165			981,501			244,526,945			27,278,389			4,211,380			(14,649,089	)
Contract owners’ equity at beginning of period		962,061			871,170			36,552,369			35,570,868			290,289,889			263,011,500			49,747,844			64,396,933
Contract owners’ equity at end of period	$	1,112,048			962,061			42,788,534			36,552,369			534,816,834			290,289,889			53,959,224			49,747,844
CHANGE IN UNITS**:
Beginning units		59,490			41,436			2,430,171			2,395,575			24,156,200			22,191,764			610,252			644,751
Units purchased		42,512			21,226			822,859			945,758			25,119,215			8,775,663			34,105			29,799
Units surrendered		(40,633	)		(3,172	)		(537,309	)		(911,162	)		(6,961,243	)		(6,811,227	)		(61,676	)		(64,298	)
Ending units		61,369			59,490			2,715,721			2,430,171			42,314,172			24,156,200			582,681			610,252

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	SCGF						SCVF						TRF						AMCG
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(14,032	)		(15,402	)		160,944			128,381			622,177			560,054			(1,494	)		(3,344	)
Realized gain (loss) on investments		(2,024,538	)		(1,415,214	)		(2,626,968	)		(1,936,045	)		1,399,517			1,577,575			(13,262	)		11,972
Change in unrealized gain (loss) on investments		6,413,565			(13,698,090	)		7,262,546			(10,614,693	)		(2,831,144	)		(11,792,048	)		232,128			(760,279	)
Reinvested capital gains		-			4,087,587			1,976,817			6,279,217			4,510,560			4,978,949			-			247,707
Net increase (decrease) in contract owners’ equity resulting from operations		4,374,995			(11,041,119	)		6,773,339			(6,143,140	)		3,701,110			(4,675,470	)		217,372			(503,944	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		774,893			854,843			1,202,272			1,158,982			(1,495,949	)		1,661,968			-			(3,033	)
Transfers between funds		1,375,935			338,538			(553,142	)		(2,084,044	)		(512,469	)		248,776			11,859			(3,912	)
Surrenders (notes 3, 4, 5, 6 and 7)		(1,268,240	)		(1,472,250	)		(2,486,320	)		(2,831,829	)		(4,799,279	)		(5,263,335	)		(18,733	)		(144,593	)
Adjustments to maintain reserves		(1,244	)		449			4,888			(2,848	)		2,987,029			(3,413	)		42			(56	)
Net equity transactions		881,344			(278,420	)		(1,832,302	)		(3,759,739	)		(3,820,668	)		(3,356,004	)		(6,832	)		(151,594	)
Net change in contract owners’ equity		5,256,339			(11,319,539	)		4,941,037			(9,902,879	)		(119,558	)		(8,031,474	)		210,540			(655,538	)
Contract owners’ equity at beginning of period		24,820,156			36,139,695			39,806,527			49,709,406			47,140,449			55,171,923			1,216,876			1,872,414
Contract owners’ equity at end of period	$	30,076,495			24,820,156			44,747,564			39,806,527			47,020,891			47,140,449			1,427,416			1,216,876
CHANGE IN UNITS**:
Beginning units		500,426			507,073			522,653			566,793			932,444			999,625			32,845			35,938
Units purchased		72,926			60,591			29,413			29,253			41,597			55,085			23,586			201
Units surrendered		(56,718	)		(67,238	)		(50,644	)		(73,393	)		(114,915	)		(122,266	)		(33,110	)		(3,294	)
Ending units		516,634			500,426			501,422			522,653			859,126			932,444			23,321			32,845

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	AMMCGS						AMRI						AMSRS						AMTB
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	-			-			632			247			7,758			10,262			147,785			111,705
Realized gain (loss) on investments		(14,711	)		(13,792	)		(3,029	)		122			45,296			71,938			(164,382	)		(147,090	)
Change in unrealized gain (loss) on investments		154,988			(498,811	)		6,886			(9,157	)		465,005			(827,988	)		206,802			(196,403	)
Reinvested capital gains		-			183,937			3,237			6,896			36,798			219,325			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		140,277			(328,666	)		7,726			(1,892	)		554,857			(526,463	)		190,205			(231,788	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		21,490			17,714			(76	)		-			43,618			42,750			(168,841	)		69,823
Transfers between funds		49,955			7,644			13,679			35,150			(61,999	)		(23,464	)		311,813			(2,148,738	)
Surrenders (notes 3, 4, 5, 6 and 7)		(42,087	)		(47,905	)		(897	)		(1,369	)		(179,295	)		(246,042	)		(281,172	)		(591,500	)
Adjustments to maintain reserves		45			(42	)		(24	)		12			1			(12	)		338,311			(292	)
Net equity transactions		29,403			(22,589	)		12,682			33,793			(197,675	)		(226,768	)		200,111			(2,670,707	)
Net change in contract owners’ equity		169,680			(351,255	)		20,408			31,901			357,182			(753,231	)		390,316			(2,902,495	)
Contract owners’ equity at beginning of period		767,114			1,118,369			45,096			13,195			2,175,772			2,929,003			2,940,865			5,843,360
Contract owners’ equity at end of period	$	936,794			767,114			65,504			45,096			2,532,954			2,175,772			3,331,181			2,940,865
CHANGE IN UNITS**:
Beginning units		44,386			46,056			1,791			463			40,176			44,113			224,571			423,072
Units purchased		5,029			4,063			1,700			1,409			1,350			1,647			33,935			28,741
Units surrendered		(3,465	)		(5,733	)		(1,196	)		(81	)		(4,668	)		(5,584	)		(18,303	)		(227,242	)
Ending units		45,950			44,386			2,295			1,791			36,858			40,176			240,203			224,571

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NOTB3						NOTG3						NOTMG3						PMVAAA
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	113			12,489			188			4,622			456			23,087			114,899			407,549
Realized gain (loss) on investments		(8,395	)		(1,011	)		(6,193	)		47			(83,641	)		6,476			(318,352	)		(230,088	)
Change in unrealized gain (loss) on investments		13,631			(46,749	)		11,217			(34,188	)		95,418			(137,972	)		507,893			(1,434,943	)
Reinvested capital gains		311			26,468			75			21,593			393			86,421			-			512,149
Net increase (decrease) in contract owners’ equity resulting from operations		5,660			(8,803	)		5,287			(7,926	)		12,626			(21,988	)		304,440			(745,333	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		4,980			5,426			3,456			3,458			3,657			3,685			119,690			118,520
Transfers between funds		-			631			(4,295	)		-			(1,086	)		3,582			180,101			(419,054	)
Surrenders (notes 3, 4, 5, 6 and 7)		(4,972	)		(5,069	)		(2,322	)		(2,407	)		(18,275	)		(10,569	)		(299,384	)		(528,372	)
Adjustments to maintain reserves		(4	)		5			-			2			7			(9	)		(16	)		24
Net equity transactions		4			993			(3,161	)		1,053			(15,697	)		(3,311	)		391			(828,882	)
Net change in contract owners’ equity		5,664			(7,810	)		2,126			(6,873	)		(3,071	)		(25,299	)		304,831			(1,574,215	)
Contract owners’ equity at beginning of period		61,724			69,534			50,513			57,386			133,529			158,828			3,860,718			5,434,933
Contract owners’ equity at end of period	$	67,388			61,724			52,639			50,513			130,458			133,529			4,165,549			3,860,718
CHANGE IN UNITS**:
Beginning units		4,788			4,742			3,742			3,665			9,866			10,148			156,047			193,526
Units purchased		472			1,644			246			247			291			5,685			23,775			67,537
Units surrendered		(472	)		(1,598	)		(475	)		(170	)		(1,412	)		(5,967	)		(23,697	)		(105,016	)
Ending units		4,788			4,788			3,513			3,742			8,745			9,866			156,125			156,047

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	PMVFBA						PMVFHA						PMVGBA						PMVHYA
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	20,718			14,968			102,185			25,095			22,639			12,107			20,325			37,113
Realized gain (loss) on investments		(87,060	)		(134,283	)		(177,609	)		(77,881	)		(89,833	)		(46,499	)		(60,986	)		(13,112	)
Change in unrealized gain (loss) on investments		119,448			(118,751	)		269,839			(69,083	)		105,972			(80,544	)		83,786			(111,747	)
Reinvested capital gains		-			-			130,794			268			11,892			13,647			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		53,106			(238,066	)		325,209			(121,601	)		50,670			(101,289	)		43,125			(87,746	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		24,619			25,303			100,069			108,550			94,936			158,012			34,489			4,532
Transfers between funds		(81,899	)		(282,030	)		794,108			2,420,635			160,441			(37,953	)		(330,072	)		(381,383	)
Surrenders (notes 3, 4, 5, 6 and 7)		(19,412	)		(73,448	)		(66,603	)		(28,905	)		(37,517	)		(28,139	)		(5,053	)		(14,086	)
Adjustments to maintain reserves		(6	)		2			37			(52	)		(8	)		5			20			(37	)
Net equity transactions		(76,698	)		(330,173	)		827,611			2,500,228			217,852			91,925			(300,616	)		(390,974	)
Net change in contract owners’ equity		(23,592	)		(568,239	)		1,152,820			2,378,627			268,522			(9,364	)		(257,491	)		(478,720	)
Contract owners’ equity at beginning of period		923,564			1,491,803			2,748,799			370,172			969,518			978,882			539,851			1,018,571
Contract owners’ equity at end of period	$	899,972			923,564			3,901,619			2,748,799			1,238,040			969,518			282,360			539,851
CHANGE IN UNITS**:
Beginning units		79,785			103,881			267,098			32,351			97,780			87,855			49,235			83,090
Units purchased		5,487			12,527			152,562			260,263			47,145			38,414			20,925			22,146
Units surrendered		(11,891	)		(36,623	)		(71,469	)		(25,516	)		(26,114	)		(28,489	)		(47,245	)		(56,001	)
Ending units		73,381			79,785			348,191			267,098			118,811			97,780			22,915			49,235

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	PMVID						PMVII						PMVLDA						PMVLGA
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	842,768			65,118			2,607			3			1,140,430			582,250			239,949			235,533
Realized gain (loss) on investments		3,217			(578	)		10			-			(933,551	)		(467,046	)		(621,982	)		(404,390	)
Change in unrealized gain (loss) on investments		406,847			(70,719	)		2,228			(5	)		1,333,718			(2,545,103	)		794,507			(3,998,576	)
Reinvested capital gains		-			4			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		1,252,832			(6,175	)		4,845			(2	)		1,540,597			(2,429,899	)		412,474			(4,167,433	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		182,650			164,557			19,435			-			328,833			322,547			12,962			10,338
Transfers between funds		1,245,557			15,584,274			53,565			5,328			(4,602,683	)		(4,099,192	)		(230,226	)		234,062
Surrenders (notes 3, 4, 5, 6 and 7)		(735,836	)		(666,241	)		(936	)		-			(1,506,838	)		(1,604,059	)		(137,857	)		(144,579	)
Adjustments to maintain reserves		(4	)		(10	)		2			(3	)		363			99			(2	)		13
Net equity transactions		692,367			15,082,580			72,066			5,325			(5,780,325	)		(5,380,605	)		(355,123	)		99,834
Net change in contract owners’ equity		1,945,199			15,076,405			76,911			5,323			(4,239,728	)		(7,810,504	)		57,351			(4,067,599	)
Contract owners’ equity at beginning of period		15,076,405			-			5,323			-			36,438,349			44,248,853			10,317,037			14,384,636
Contract owners’ equity at end of period	$	17,021,604			15,076,405			82,234			5,323			32,198,621			36,438,349			10,374,388			10,317,037
CHANGE IN UNITS**:
Beginning units		1,618,898			-			569			-			2,362,549			2,713,185			712,978			706,484
Units purchased		334,814			1,695,449			7,635			569			405,405			646,413			3,384			15,806
Units surrendered		(263,937	)		(76,551	)		(96	)		-			(784,954	)		(997,049	)		(27,151	)		(9,312	)
Ending units		1,689,775			1,618,898			8,108			569			1,983,000			2,362,549			689,211			712,978

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	PMVRRA						PMVRSA						PMVTRA						PVSTA
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,123,910			3,348,927			67,384			275,410			2,021,617			1,594,886			34,293			5,400
Realized gain (loss) on investments		(1,355,168	)		187,982			(378,308	)		(38,304	)		(2,322,123	)		(1,585,505	)		5,557			(6,578	)
Change in unrealized gain (loss) on investments		1,603,461			(9,975,871	)		257,405			(359,205	)		3,697,036			(10,398,806	)		3,534			169
Reinvested capital gains		-			-			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		1,372,203			(6,438,962	)		(53,519	)		(122,099	)		3,396,530			(10,389,425	)		43,384			(1,009	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		350,197			528,749			16,258			64,889			1,085,964			1,812,376			11,559			53
Transfers between funds		(1,162,978	)		(3,536,123	)		(758,176	)		1,061,661			(765,077	)		161,463			538,630			60,629
Surrenders (notes 3, 4, 5, 6 and 7)		(4,272,052	)		(3,139,381	)		(108,301	)		(202,911	)		(3,242,894	)		(2,560,043	)		(12,299	)		(6,164	)
Adjustments to maintain reserves		37			206			5			204			94			393			(2	)		6
Net equity transactions		(5,084,796	)		(6,146,549	)		(850,214	)		923,843			(2,921,913	)		(585,811	)		537,888			54,524
Net change in contract owners’ equity		(3,712,593	)		(12,585,511	)		(903,733	)		801,744			474,617			(10,975,236	)		581,272			53,515
Contract owners’ equity at beginning of period		43,363,262			55,948,773			1,183,603			381,859			60,902,787			71,878,023			53,515			-
Contract owners’ equity at end of period	$	39,650,669			43,363,262			279,870			1,183,603			61,377,404			60,902,787			634,787			53,515
CHANGE IN UNITS**:
Beginning units		2,026,792			2,307,381			129,771			45,474			2,959,651			2,989,602			5,299			-
Units purchased		260,893			260,005			2,864			119,931			285,652			249,409			71,414			195,478
Units surrendered		(506,901	)		(540,594	)		(99,334	)		(35,634	)		(432,616	)		(279,360	)		(17,290	)		(190,179	)
Ending units		1,780,784			2,026,792			33,301			129,771			2,812,687			2,959,651			59,423			5,299

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	PVEIB						PVGOB						PVNOB					PVTIGB
	2023			2022			2023			2022			2023			2022		2023			2022
Investment activity*:
Net investment income (loss)	$	63,357			34,607			-			-			-			-		350			14,880
Realized gain (loss) on investments		40,211			22,121			(62,236	)		(166,826	)		64			-		(21,623	)		(2,053	)
Change in unrealized gain (loss) on investments		168,303			(337,826	)		951,185			(1,370,155	)		4,805			-		178,511			(287,680	)
Reinvested capital gains		177,599			200,494			28,650			463,030			-			-		-			106,517
Net increase (decrease) in contract owners’ equity resulting from operations		449,470			(80,604	)		917,599			(1,073,951	)		4,869			-		157,238			(168,336	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		98,516			218,230			(184,900	)		80,053			-			-		44,647			71,512
Transfers between funds		270,657			623,443			1,994,674			(877,120	)		59,951			-		22,624			33,582
Surrenders (notes 3, 4, 5, 6 and 7)		(344,775	)		(145,809	)		(229,782	)		(136,391	)		(1,708	)		-		(236,631	)		(123,415	)
Adjustments to maintain reserves		474			24			369,796			216			1			-		3			14
Net equity transactions		24,872			695,888			1,949,788			(933,242	)		58,244			-		(169,357	)		(18,307	)
Net change in contract owners’ equity		474,342			615,284			2,867,387			(2,007,193	)		63,113			-		(12,119	)		(186,643	)
Contract owners’ equity at beginning of period		2,953,041			2,337,757			1,661,171			3,668,364			-			-		901,327			1,087,970
Contract owners’ equity at end of period	$	3,427,383			2,953,041			4,528,558			1,661,171			63,113			-		889,208			901,327
CHANGE IN UNITS**:
Beginning units		166,923			128,006			75,574			115,984			-			-		32,272			33,202
Units purchased		21,138			60,659			76,129			8,035			5,565			-		2,478			4,009
Units surrendered		(20,565	)		(21,742	)		(9,101	)		(48,445	)		(153	)		-		(7,884	)		(4,939	)
Ending units		167,496			166,923			142,602			75,574			5,412			-		26,866			32,272

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	PVTSCB						ROCMC						TRBCGP						TREI2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(899	)		(799	)		(2,250	)		(2,522	)		(133,190	)		(147,649	)		269,728			268,193
Realized gain (loss) on investments		(112,873	)		205,736			(1,967	)		81,970			(1,005,152	)		4,360,882			679,045			1,196,251
Change in unrealized gain (loss) on investments		280,491			(571,405	)		333,054			(1,428,212	)		41,906,118			(62,123,895	)		(255,161	)		(3,127,210	)
Reinvested capital gains		167,228			175,478			-			691,667			-			4,668,155			660,772			825,137
Net increase (decrease) in contract owners’ equity resulting from operations		333,947			(190,990	)		328,837			(657,097	)		40,767,776			(53,242,507	)		1,354,384			(837,629	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		155,067			130,016			1,947			1,599			3,168,417			5,140,717			96,603			206,504
Transfers between funds		(18,200	)		(76,845	)		(497,397	)		(76,186	)		(20,207,853	)		2,766,221			(452,591	)		(3,322,904	)
Surrenders (notes 3, 4, 5, 6 and 7)		(77,416	)		(37,683	)		(65,354	)		(44,372	)		(6,586,701	)		(5,593,553	)		(657,344	)		(1,799,983	)
Adjustments to maintain reserves		(17	)		26			(8	)		74			177			(1,381	)		91			1,712
Net equity transactions		59,434			15,514			(560,812	)		(118,885	)		(23,625,960	)		2,312,004			(1,013,241	)		(4,914,671	)
Net change in contract owners’ equity		393,381			(175,476	)		(231,975	)		(775,982	)		17,141,816			(50,930,503	)		341,143			(5,752,300	)
Contract owners’ equity at beginning of period		1,308,104			1,483,580			2,126,515			2,902,497			88,096,683			139,027,186			15,829,463			21,581,763
Contract owners’ equity at end of period	$	1,701,485			1,308,104			1,894,540			2,126,515			105,238,499			88,096,683			16,170,606			15,829,463
CHANGE IN UNITS**:
Beginning units		56,282			55,525			46,848			49,547			2,919,619			2,832,664			338,748			447,039
Units purchased		11,978			18,047			1,526			466			579,897			693,635			42,572			60,365
Units surrendered		(9,047	)		(17,290	)		(13,201	)		(3,165	)		(1,164,762	)		(606,680	)		(65,016	)		(168,656	)
Ending units		59,213			56,282			35,173			46,848			2,334,754			2,919,619			316,304			338,748

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	TRHS2						TRLT1						TRMCG2						TRMCGP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	-			-			847,307			468,936			(32,886	)		(49,163	)		1			-
Realized gain (loss) on investments		542,306			462,984			(464,904	)		(203,620	)		(1,757,975	)		589,241			2			-
Change in unrealized gain (loss) on investments		(700,720	)		(2,729,209	)		892,471			(1,584,952	)		5,058,142			(11,442,579	)		171			-
Reinvested capital gains		428,019			218,210			-			42,877			1,608,513			997,862			198			-
Net increase (decrease) in contract owners’ equity resulting from operations		269,605			(2,048,015	)		1,274,874			(1,276,759	)		4,875,794			(9,904,639	)		372			-
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		369,842			717,161			18,591			(130,105	)		(1,498	)		307			2,978			-
Transfers between funds		(712,884	)		(249,469	)		674,393			2,230,465			(4,666,807	)		(3,137,215	)		842			-
Surrenders (notes 3, 4, 5, 6 and 7)		(1,597,957	)		(1,377,645	)		(912,252	)		(549,892	)		(4,282,805	)		(690,201	)		(22	)		-
Adjustments to maintain reserves		713			16			20			(50	)		40			(180	)		(1	)		-
Net equity transactions		(1,940,286	)		(909,937	)		(219,248	)		1,550,418			(8,951,070	)		(3,827,289	)		3,797			-
Net change in contract owners’ equity		(1,670,681	)		(2,957,952	)		1,055,626			273,659			(4,075,276	)		(13,731,928	)		4,169			-
Contract owners’ equity at beginning of period		12,984,902			15,942,854			27,031,813			26,758,154			29,898,931			43,630,859			-			-
Contract owners’ equity at end of period	$	11,314,221			12,984,902			28,087,439			27,031,813			25,823,655			29,898,931			4,169			-
CHANGE IN UNITS**:
Beginning units		199,503			213,874			2,435,383			2,297,000			341,478			390,808			-			-
Units purchased		5,931			27,719			696,923			190,555			100,296			223,100			372			-
Units surrendered		(36,145	)		(42,090	)		(727,896	)		(52,172	)		(196,469	)		(272,430	)		(2	)		-
Ending units		169,289			199,503			2,404,410			2,435,383			245,305			341,478			370			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	TRNAG1						TRPSB1						VWEM						VWHA
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	70,905			(89,530	)		160,849			104,575			211,769			16,072			446,771			301,084
Realized gain (loss) on investments		(2,570,857	)		2,046,977			(92,730	)		(206,292	)		(668,528	)		(704,191	)		2,273,737			3,901,959
Change in unrealized gain (loss) on investments		12,795,893			(23,122,780	)		893,981			(1,639,712	)		1,016,548			(2,641,550	)		(3,502,934	)		(2,616,175	)
Reinvested capital gains		3,874,596			3,243,182			22,610			133,178			-			1,256,888			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		14,170,537			(17,922,151	)		984,710			(1,608,251	)		559,789			(2,072,781	)		(782,426	)		1,586,868
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		1,725,469			2,029,867			332,244			498,418			121,082			138,373			586,442			866,988
Transfers between funds		(9,459,964	)		(8,676,382	)		1,166,004			(1,103,647	)		139,938			72,938			(2,703,287	)		(451,425	)
Surrenders (notes 3, 4, 5, 6 and 7)		(5,272,576	)		(3,934,656	)		(342,095	)		(358,076	)		(526,753	)		(586,009	)		(1,234,714	)		(1,398,154	)
Adjustments to maintain reserves		25			(430	)		6			(34	)		(33	)		-			443			256
Net equity transactions		(13,007,046	)		(10,581,601	)		1,156,159			(963,339	)		(265,766	)		(374,698	)		(3,351,116	)		(982,335	)
Net change in contract owners’ equity		1,163,491			(28,503,752	)		2,140,869			(2,571,590	)		294,023			(2,447,479	)		(4,133,542	)		604,533
Contract owners’ equity at beginning 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
Contract owners’ equity at end of period	$	59,198,233			58,034,742			8,643,887			6,503,018			6,262,882			5,968,859			15,548,012			19,681,554
CHANGE IN UNITS**:
Beginning units		834,436			977,708			276,730			315,297			146,595			156,898			442,417			464,856
Units purchased		70,642			113,208			65,618			40,056			11,051			21,087			37,057			121,057
Units surrendered		(246,162	)		(256,480	)		(23,242	)		(78,623	)		(17,544	)		(31,390	)		(118,061	)		(143,496	)
Ending units		658,916			834,436			319,106			276,730			140,102			146,595			361,413			442,417

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	VVB						VVCG						VVDV						VVEI
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	322,250			314,568			44			160,440			3,377			95			59,734			19,579
Realized gain (loss) on investments		(87,533	)		280,328			389			1,488,528			2,402			248			(82,142	)		4,044
Change in unrealized gain (loss) on investments		1,430,644			(5,148,568	)		38,832			(6,132,928	)		27,729			1,352			79,047			(34,597	)
Reinvested capital gains		646,528			1,648,491			49			1,840,110			11,404			-			110,542			74,743
Net increase (decrease) in contract owners’ equity resulting from operations		2,311,889			(2,905,181	)		39,314			(2,643,850	)		44,912			1,695			167,181			63,769
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		794,300			643,317			338,910			(9,700	)		6,357			2,241			520,130			615,736
Transfers between funds		(60,891	)		(1,184,604	)		42,265			(19,367,924	)		107,783			157,806			(32,392	)		402,515
Surrenders (notes 3, 4, 5, 6 and 7)		(982,312	)		(1,482,841	)		(7,256	)		(305,049	)		(6,078	)		(2,092	)		(55,724	)		(30,842	)
Adjustments to maintain reserves		37			(61	)		(5	)		(42	)		14			(13	)		(3	)		-
Net equity transactions		(248,866	)		(2,024,189	)		373,914			(19,682,715	)		108,076			157,942			432,011			987,409
Net change in contract owners’ equity		2,063,023			(4,929,370	)		413,228			(22,326,565	)		152,988			159,637			599,192			1,051,178
Contract owners’ equity at beginning of period		16,258,055			21,187,425			856			22,327,421			159,637			-			1,758,619			707,441
Contract owners’ equity at end of period	$	18,321,078			16,258,055			414,084			856			312,625			159,637			2,357,811			1,758,619
CHANGE IN UNITS**:
Beginning units		593,664			663,170			40			888,352			5,611			-			126,341			50,487
Units purchased		86,065			24,959			15,642			1,481			3,734			5,685			37,515			78,127
Units surrendered		(95,792	)		(94,465	)		(571	)		(889,793	)		(198	)		(74	)		(7,158	)		(2,273	)
Ending units		583,937			593,664			15,111			40			9,147			5,611			156,698			126,341

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	VVEIX						VVG						VVGBI						VVHGB
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	3,546			1,959			23,249			(11,396	)		2,414			2,255			945,251			943,196
Realized gain (loss) on investments		5,978			2,330			418,625			(320,564	)		(618	)		(386	)		(617,481	)		(1,030,998	)
Change in unrealized gain (loss) on investments		47,419			(33,845	)		5,743,545			(1,446,769	)		6,033			(14,747	)		1,721,667			(7,601,618	)
Reinvested capital gains		6,255			5,281			-			108,719			210			831			-			355,240
Net increase (decrease) in contract owners’ equity resulting from operations		63,198			(24,275	)		6,185,419			(1,670,010	)		8,039			(12,047	)		2,049,437			(7,334,180	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		92,431			14,804			34,102			34,378			48,450			48,390			59,518			18,796
Transfers between funds		67,732			55,659			(117,152	)		19,153,412			-			2,647			2,833,880			(8,208,455	)
Surrenders (notes 3, 4, 5, 6 and 7)		(6,000	)		(3,126	)		(1,142,511	)		(1,527,454	)		(3,444	)		(2,814	)		(2,344,403	)		(4,904,689	)
Adjustments to maintain reserves		3			(5	)		31			(21	)		(3	)		5			66			(141	)
Net equity transactions		154,166			67,332			(1,225,530	)		17,660,315			45,003			48,228			549,061			(13,094,489	)
Net change in contract owners’ equity		217,364			43,057			4,959,889			15,990,305			53,042			36,181			2,598,498			(20,428,669	)
Contract owners’ equity at beginning of period		163,693			120,636			16,302,871			312,566			124,226			88,045			38,373,124			58,801,793
Contract owners’ equity at end of period	$	381,057			163,693			21,262,760			16,302,871			177,268			124,226			40,971,622			38,373,124
CHANGE IN UNITS**:
Beginning units		11,976			7,217			1,907,427			17,371			13,370			8,232			3,183,532			4,229,653
Units purchased		10,519			4,978			216,073			2,064,572			4,904			5,430			629,946			9,614
Units surrendered		(389	)		(219	)		(347,669	)		(174,516	)		(363	)		(292	)		(598,166	)		(1,055,735	)
Ending units		22,106			11,976			1,775,831			1,907,427			17,911			13,370			3,215,312			3,183,532

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	VVHYB						VVI						VVMCI						VVREI
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	22			-			147,937			139,386			329,231			279,961			58,113			46,397
Realized gain (loss) on investments		(1	)		-			(299,621	)		(363,302	)		485,641			192,751			(6,386	)		10,304
Change in unrealized gain (loss) on investments		27			(10	)		1,610,896			(6,533,524	)		2,407,157			(9,450,194	)		146,347			(1,012,082	)
Reinvested capital gains		-			-			341,076			2,242,570			442,976			2,932,783			112,180			109,568
Net increase (decrease) in contract owners’ equity resulting from operations		48			(10	)		1,800,288			(4,514,870	)		3,665,005			(6,044,699	)		310,254			(845,813	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		-			450			243,318			243,394			622,640			228,705			131,261			138,868
Transfers between funds		-			-			1,917,704			(53,224	)		(639,900	)		(543,960	)		89,060			208,162
Surrenders (notes 3, 4, 5, 6 and 7)		(23	)		(13	)		(684,341	)		(1,064,072	)		(1,409,575	)		(2,611,574	)		(164,683	)		(248,229	)
Adjustments to maintain reserves		4			(3	)		20			(45	)		22			(114	)		9			(46	)
Net equity transactions		(19	)		434			1,476,701			(873,947	)		(1,426,813	)		(2,926,943	)		55,647			98,755
Net change in contract owners’ equity		29			424			3,276,989			(5,388,817	)		2,238,192			(8,971,642	)		365,901			(747,058	)
Contract owners’ equity at beginning of period		424			-			9,796,610			15,185,427			23,806,438			32,778,080			2,314,516			3,061,574
Contract owners’ equity at end of period	$	453			424			13,073,599			9,796,610			26,044,630			23,806,438			2,680,417			2,314,516
CHANGE IN UNITS**:
Beginning units		41			-			504,301			546,009			726,517			811,601			95,750			93,364
Units purchased		-			42			171,359			14,224			106,363			14,930			20,538			12,239
Units surrendered		(2	)		(1	)		(89,751	)		(55,932	)		(148,262	)		(100,014	)		(17,202	)		(9,853	)
Ending units		39			41			585,909			504,301			684,618			726,517			99,086			95,750

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	VVSCG						VVSTC						VVTISI						VVTSM
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	19,729			9,824			12,915			2,757			363,519			505,451			4,354			2,460
Realized gain (loss) on investments		(865,587	)		(920,169	)		(8,108	)		(5,071	)		78,261			274,275			(1,896	)		(2,426	)
Change in unrealized gain (loss) on investments		1,959,614			(3,271,756	)		39,788			(6,202	)		1,267,790			(4,314,345	)		105,948			(58,010	)
Reinvested capital gains		-			1,921,920			-			1,120			158,010			548,004			19,834			13,068
Net increase (decrease) in contract owners’ equity resulting from operations		1,113,756			(2,260,181	)		44,595			(7,396	)		1,867,580			(2,986,615	)		128,240			(44,908	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		343,008			(3,613	)		94,906			127,932			157,152			100,896			466,656			116,441
Transfers between funds		289,750			658,036			317,896			222,921			861,591			(3,213,500	)		233,517			36,720
Surrenders (notes 3, 4, 5, 6 and 7)		(395,530	)		(687,092	)		(14,943	)		(6,603	)		(757,367	)		(1,468,976	)		(17,235	)		(9,345	)
Adjustments to maintain reserves		6			(37	)		(2	)		26			3			(57	)		(6	)		6
Net equity transactions		237,234			(32,706	)		397,857			344,276			261,379			(4,581,637	)		682,932			143,822
Net change in contract owners’ equity		1,350,990			(2,292,887	)		442,452			336,880			2,128,959			(7,568,252	)		811,172			98,914
Contract owners’ equity at beginning of period		6,259,459			8,552,346			469,115			132,235			11,925,116			19,493,368			274,507			175,593
Contract owners’ equity at end of period	$	7,610,449			6,259,459			911,567			469,115			14,054,075			11,925,116			1,085,679			274,507
CHANGE IN UNITS**:
Beginning units		212,837			216,823			33,170			8,815			1,029,726			1,412,234			20,597			10,594
Units purchased		41,942			22,443			28,788			24,818			205,781			16,700			45,226			10,668
Units surrendered		(38,812	)		(26,429	)		(1,242	)		(463	)		(185,085	)		(399,208	)		(1,146	)		(665	)
Ending units		215,967			212,837			60,716			33,170			1,050,422			1,029,726			64,677			20,597

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	VRVDRI
	2023			2022
Investment activity*:
Net investment income (loss)	$	143,516			49,212
Realized gain (loss) on investments		(324,751	)		522,773
Change in unrealized gain (loss) on investments		905,504			(1,998,625	)
Reinvested capital gains		63,296			97,009
Net increase (decrease) in contract owners’ equity resulting from operations		787,565			(1,329,631	)
Equity transactions:
Purchase payments received from policyholders (notes 3 and 6)		157,546			201,403
Transfers between funds		2,248,962			1,160,901
Surrenders (notes 3, 4, 5, 6 and 7)		(706,832	)		(407,116	)
Adjustments to maintain reserves		8			(43	)
Net equity transactions		1,699,684			955,145
Net change in contract owners’ equity		2,487,249			(374,486	)
Contract owners’ equity at beginning of period		4,012,129			4,386,615
Contract owners’ equity at end of period	$	6,499,378			4,012,129
CHANGE IN UNITS**:
Beginning units		344,366			278,623
Units purchased		239,019			129,627
Units surrendered		(81,571	)		(63,884	)
Ending units		501,814			344,366

* 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, 2023, if applicable.

** If zero units are listed, there is ownership of the subaccount, however it is less than one full unit.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

(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 Sustainable Global Thematic Portfolio: Class B (ABTGB)

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

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value 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 Discovery Value Portfolio: Class A (ALVSVA)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery SMID Cap Growth 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) - Global Small Capitalization Fund: Class 4 (AMVGS4)

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, 2023

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)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

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 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 Floating Rate High Income Portfolio: Initial Class (FVFRHI)*

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)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

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 Sustainable Equity Portfolio: Institutional Shares (JAGSEI)

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)

Lincoln Variable Insurance Products Trust - LVIP JPMorgan Mid Cap Value Fund: Standard Class (LJPMVS)

Lincoln Variable Insurance Products Trust - LVIP JPMorgan Small Cap Core Fund: Standard Class (LJPSCS)

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 Limited Maturity Portfolio: Initial Class (MV3LMI)

MFS(R) Variable Insurance Trust III - MFS Limited Maturity Portfolio: Service Class (MV3LMS)*

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. - 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 VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

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 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 Jacobs Levy Large Cap Core Fund: Class I (NVNMO1)

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

Nationwide Variable Insurance Trust - NVIT Loomis 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, 2023

NEUBERGER & BERMAN MANAGEMENT, INC.

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

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

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

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

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I 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 Large Cap Growth Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT Sustainable Leaders Fund: Class IB (PVNOB)

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 Mid-Cap Growth Portfolio (TRMCGP)

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)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

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, 2023, policyholders were not invested in this fund.

Unless listed below, the financial statements presented are as of December 31, 2023 and for each of the years in the two-year period ended December 31, 2023. For the subaccounts listed below with inception dates in 2023, the financial statements are as of December 31, 2023 and for the period from the inception date to December 31, 2023. For the subaccounts listed below with inception dates in 2022, the prior year financial statements reflect the period from inception date to December 31, 2022.

	Inception Date	Liquidation Date
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
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Sustainable Global Thematic Portfolio: Class B (ABTGB)	6/21/2023
American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 4 (AMVGS4)	5/19/2023
Janus Aspen Series - Janus Henderson Global Sustainable Equity Portfolio: Institutional Shares (JAGSEI)	5/2/2023
Lincoln Variable Insurance Products Trust - LVIP JPMorgan Mid Cap Value Fund: Standard Class (LJPMVS)	4/28/2023
Lincoln Variable Insurance Products Trust - LVIP JPMorgan Small Cap Core Fund: Standard Class (LJPSCS)	4/28/2023
T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio (TRMCGP)	9/26/2023
Putnam Variable Trust - Putnam VT Sustainable Leaders Fund: Class IB (PVNOB)	5/2/2023
MFS(R) Variable Insurance Trust III - MFS Limited Maturity Portfolio: Initial Class (MV3LMI)	11/1/2023
Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)			8/17/2023

For the one-year period ended December 31, 2023, the following subaccount mergers occurred. The subaccounts that were acquired during the year are no longer available as of December 31, 2023.

Acquired Underlying Mutual Fund	Acquiring Underlying Mutual Fund	Effective Date
JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)	Lincoln Variable Insurance Products Trust - LVIP JPMorgan Mid Cap Value Fund: Standard Class (LJPMVS)	4/28/2023
JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio: Class 1 (JPSCE1)	Lincoln Variable Insurance Products Trust - LVIP JPMorgan Small Cap Core Fund: Standard Class (LJPSCS)	4/28/2023

For the one-year period ended December 31, 2023, the following subaccount name changes occurred:

Subaccount Abbreviation	Current Legal Name	Prior Legal Name	Effective Date
ALVGIA	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A	5/1/2023
ALVSVA	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class A	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A	5/1/2023
SVDF	Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2	Allspring Variable Trust - VT Discovery Fund: Class 2	5/1/2023
NVNMO1	Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Core Fund: Class I	Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I	5/1/2023
NVNSR1	Nationwide Variable Insurance Trust - NVIT Calvert Equity Fund: Class I	Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I	5/1/2023

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

NVSTB1	Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class I	Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I	5/1/2023
NVSTB2	Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class II	Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II	5/1/2023
AMCG	Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares	Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares	5/1/2023
AMMCGS	Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class S Shares	Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares	5/1/2023
AMRI	Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class I Shares	Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares	5/1/2023
AMTB	Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares	Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares	5/1/2023
PMVGBA	PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class	PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class	5/1/2023
PVGOB	Putnam Variable Trust - Putnam VT Large Cap Growth Fund: Class IB	Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB	5/1/2023

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, 2023 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 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.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

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

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, 2023

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 premium specified by the policy owner
Waiver of Monthly Deductions Rider Charge	$85 - $860 per $1,000 of the rider’s benefit amount

For the years ended December 31, 2023 and 2022, total front-end sales charge deductions were $6,542,786 and $7,637,373, 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, 2023

(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, 2023

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, 2023 and 2022, total transfers to the Separate Account from the fixed account were $41,211,769 and $37,000,183, respectively, and total transfers from the Separate Account to the fixed account were $51,926,605 and $65,461,753, 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, 2023 are as follows:

Subaccount Abbreviation*	Purchases of Investments		Sales of Investments
ABTGB	$	12,127	$	9,970
ALVDAA		10,450		38,610
ALVGIA		8,389,633		9,107,568
ALVIVA		905,161		589,331
ALVIVB		539,527		184,197
ALVSVA		3,761,715		2,164,512
SVDF		1,376,948		3,003,750
SVOF		1,559,605		808,202
WFVSCG		5,318,513		3,671,245
ACVCA		288,784		374,431
ACVI		194,080		375,124
ACVIG		668,230		1,931,068
ACVIP1		11,607,173		9,320,292
ACVIP2		428,541		720,742
ACVMV1		2,690,339		1,839,250
ACVU1		14,722,452		915
ACVV		4,238,212		3,576,413
AMVAA2		2,089,269		3,341,292
AMVBC2		142,316		2,264
AMVBC4		121,440		18,779
AMVBD2		1,814,411		661,976

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

AMVGB2	603,457	1,089,288
AMVGI2	438,297	173,249
AMVGR2	9,942,688	11,755,806
AMVGS2	707,830	409,167
AMVGS4	41,511	904
AMVGV2	154,071	174,034
AMVI2	3,357,243	7,022,371
AMVNW2	4,112,911	2,744,817
PIHYB1	264,542	724,284
BRVHYI	7,514,119	6,504,808
MLVGA2	2,523,716	2,854,197
MLVLC2	36,918	62,409
DCAP	499,049	629,028
DSC	56,673	71,541
DSIF	100,284,135	209,126,723
DSRG	1,832,524	1,199,466
DVMCS	437,393	1,224,106
DVSCS	16,063,197	21,314,634
CVSPIP	117,217	421,578
SASP5I	10,327,252	9,477,414
DAVVL	989,962	813,759
DWVEMS	599,698	1,150,423
DWVSVS	5,048,669	7,360,214
DFVEA	5,678	28,522
DFVGMI	389,191	315,084
DFVIPS	1,010,465	2,225,762
DFVIS	20,534	5,119
DFVIV	505,924	536,813
DFVULV	1,591,985	1,449,365
DFVUTV	2,865,173	1,311,069
DSGIBA	248,553	56,253
SVSLVB	3,513	88,656
SVSSVB	7,724	9,328
ETVFR	3,473,641	3,316,987
FQB	748,557	837,610
FVU2	35,071	73,817
FVUS2	286,432	440,594
FCS	10,744,668	7,265,102
FEIS	5,683,854	6,631,578
FEMS	2,414,583	5,117,287
FF05S	279,607	381,282
FF10S	374,063	846,258
FF15S	2,055,721	4,281,846
FF20S	4,684,702	6,281,034
FF25S	5,389,480	15,759,375
FF30S	10,702,742	17,072,234
FF35S	7,772,546	3,753,594
FF40S	15,017,140	6,180,843
FF45S	4,513,807	1,552,533
FF50S	2,410,218	817,165
FF55S	338,138	120,066
FF60S	1,246,006	1,011,555
FF65S	17,194	4,436
FFINS	1,032,474	1,004,841
FGOS	—	11,985
FGS	34,962,003	19,353,272
FHIS	1,519,423	1,228,488
FIGBS	20,204,129	21,568,142
FIP	1,846,103	850,755
FMCS	2,532,354	3,958,258

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

FMMP	12,354,417	15,569,722
FNRS2	1,460,366	4,377,056
FOS	1,243,808	1,553,096
FRESS	1,094,461	1,179,518
FVBIS	25,791	23,980
FVEMIS	10,909	7,246
FVIIS	21,210	18,237
FVMIS	7,806	3,982
FVSS	2,688,900	783,236
FVSS2	178,011	96,684
FTVDM2	448,497	858,973
FTVFA2	20,733	60,665
FTVGB1	2,085,198	2,017,377
FTVGI2	140,116	675,044
FTVIS2	967,414	1,047,697
FTVMD2	184,288	149,152
FTVSV2	2,730,141	4,334,759
FTVSVI	1,026,346	1,042,684
TIF	24,129	25,380
TIF2	1,761,378	2,935,596
GVCSE	690,348	833,390
GVGMNS	3,194	1,341
GVGOPS	190,904	423,089
GVMCE	3,881,152	4,810,509
GVMSAS	3,268	8,750
RVARS	96,855	220,140
ACEG	432,625	185,391
ACGI	843,234	886,771
AVHY1	115,279	384,960
AVIE	4,407,538	7,952,205
AVMCCI	37,627	72,213
AVSCE	94,881	133,288
IVBRA1	49,110	192,544
MSVMV	2	2
OVAG	1,706,826	4,613,853
OVGI	1,207,145	882,241
OVGR	400,700	657,541
OVGS	15,453,995	10,845,425
OVIG	3,918,104	3,173,446
OVSB	84,443	1,317,389
OVSC	1,836,106	1,417,862
WRASP	1,459,509	1,682,683
WRGP	2,490,301	2,226,464
WRHIP	4,028,502	3,877,912
WRMCG	2,291,472	1,648,206
WRRESP	2,671,863	3,389,605
WRSTP	3,647,218	3,709,368
JABS	3,979,156	7,329,715
JACAS	2,120,482	5,452,611
JAEI	413,747	215,938
JAFBS	2,050,548	2,110,426
JAGSEI	9,786	102
JAGTS	7,511,209	6,228,014
JAIGS	1,058,980	3,344,910
JAMGS	7,848,279	9,403,951
JAMVS	1,178,706	47,143
LZREMS	1,768,284	2,514,497
SBVSG	7,786,662	6,917,711
BNCAI	387,944	2,898,186
LJPMVS	52,783,416	6,975,853

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

LJPSCS	1,396,706	254,834
LOVBD	1,900,025	988,112
LOVSDC	4,048,997	8,665,116
LOVTRC	4,823,877	7,443,720
MNVFRI	45,089	11,366
MNVFRS	203,524	66,309
M3GREI	9,443	5,763
M3GRES	68,587	48,683
MEGSS	1,952,722	860,552
MMCGSC	1,209,336	1,445,189
MNDIC	172,333	174,818
MNDSC	848,510	551,628
MV2EEI	6,340	10,026
MV2EES	86,897	18,730
MV2IGI	389,320	450,593
MV2RIS	1,565,307	35,281,819
MV3LMI	14,062	768
MV3MVI	177,269	155,361
MV3MVS	1,322,573	835,531
MVBRES	568,837	441,985
MVFIC	1,503,875	1,794,324
MVFSC	22,841,914	29,667,939
MVIGIC	259,660	149,968
MVIVSC	13,896,692	17,569,561
MVRBSS	3,106,704	1,064,768
MSEM	970,164	1,151,002
MSVEG	4,631,907	4,138,736
MSVMG	824,560	831,981
MSVRE	912,527	763,606
VKVGR2	320,962	914,699
DTRTFB	83,228	28,957
EIF	3,266,373	1,922,773
GBF	73,803,812	43,664,632
GEM	1,216,971	1,459,802
GIG	1,933,149	3,394,401
GVAAA2	1,668,314	2,133,519
GVABD2	208,671	200,542
GVAGG2	1,477,611	635,833
GVAGI2	655,751	212,678
GVAGR2	2,688,922	1,942,607
GVDMA	8,756,831	12,078,454
GVDMC	5,977,256	7,116,467
GVEX1	5,352,877	2,168,993
GVIDA	8,565,379	7,639,940
GVIDC	3,078,238	4,137,412
GVIDM	9,660,378	11,288,114
GVIX2	1,327,517	562,418
HIBF	3,530,436	3,050,139
IDPG	12,540	12,066
IDPGI	492	571
MCIF	27,435,287	20,708,468
MSBF	1,994,533	2,062,001
NCPG	165,919	163,842
NCPGI	17,586	8,441
NJMMAY	21,205	719,491
NJNDE2	1,101	251
NVAMV1	2,823,006	3,171,426
NVAMVX	6,672,856	4,731,017
NVBX	53,211,835	114,474,578
NVCBD1	507,749	344,816

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

NVCCA1	1,064,849	805,594
NVCCN1	914,432	1,133,553
NVCMA1	1,105,704	600,124
NVCMC1	563,287	792,274
NVCMD1	2,157,373	2,579,774
NVCRA1	3,497,273	1,900,948
NVCRB1	2,562,850	1,645,286
NVDBL2	42,995	161,211
NVDCA2	2,701	69,633
NVDCAP	32,747	51,665
NVFIII	26,185	8,890
NVGEII	96,665	61,298
NVIDMP	1,232,195	285,784
NVIE6	5,425	8,528
NVIX	18,743,151	9,446,995
NVLCP1	1,304,732	685,817
NVMIG1	5,185,715	3,326,517
NVMIVX	663,529	536,902
NVMLG1	6,115,880	3,705,421
NVMMG1	1,120,726	3,608,973
NVMMV1	4,937,341	5,472,684
NVMMV2	2,301,421	892,372
NVNMO1	1,536,059	1,329,404
NVNSR1	47,283	24,679
NVOLG1	4,071,311	17,096,000
NVRE1	3,818,450	4,819,032
NVSIX2	2,388,000	2,482,274
NVSIXD	225,538	229,423
NVSTB1	7,143,682	3,878,366
NVSTB2	502,417	377,254
NVTIV3	290,709	266,467
SAM	19,742,258	13,448,816
SAM5	429,697,036	185,170,533
SCF	3,069,155	5,089,148
SCGF	5,161,340	4,292,787
SCVF	5,137,799	4,837,227
TRF	5,664,213	4,355,282
AMCG	63,061	71,429
AMMCGS	106,321	76,924
AMRI	63,942	47,368
AMSRS	115,605	268,711
AMTB	1,758,926	1,485,611
NOTB3	5,475	5,042
NOTG3	3,691	6,589
NOTMG3	3,749	18,604
PMVAAA	1,043,376	928,069
PMVFBA	177,349	233,323
PMVFHA	6,206,245	5,145,693
PMVGBA	599,939	347,549
PMVHYA	242,173	522,484
PMVID	4,247,127	2,711,987
PMVII	75,930	1,259
PMVLDA	5,555,643	10,195,971
PMVLGA	526,490	641,662
PMVRRA	7,048,495	11,009,419
PMVRSA	129,103	911,938
PMVTRA	9,233,476	10,133,865
PVSTA	1,786,329	1,214,146
PVEIB	904,862	639,504
PVGOB	2,449,493	473,627

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

PVNOB	59,951	1,708
PVTIGB	104,653	273,663
PVTSCB	854,135	628,355
ROCMC	169,536	732,588
TRBCGP	29,130,940	52,890,267
TREI2	3,338,431	3,421,263
TRHS2	1,770,602	3,283,463
TRLT1	6,086,773	5,458,734
TRMCG2	9,270,488	16,645,972
TRMCGP	4,053	57
TRNAG1	11,983,096	21,044,666
TRPSB1	2,542,178	1,202,565
VWEM	861,159	915,177
VWHA	2,948,895	5,853,682
VVB	2,794,945	2,075,071
VVCG	378,026	4,014
VVDV	210,642	87,799
VVEI	1,198,669	596,379
VVEIX	191,252	27,288
VVG	3,380,490	4,582,803
VVGBI	51,066	3,436
VVHGB	6,247,080	4,752,834
VVHYB	22	22
VVI	3,924,661	1,958,966
VVMCI	2,957,966	3,612,595
VVREI	812,647	586,716
VVSCG	2,516,671	2,259,714
VVSTC	517,719	106,946
VVTISI	2,440,652	1,657,746
VVTSM	723,807	16,681
VRVDRI	3,820,159	1,913,670

* 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, 2023

(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, 2023, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2023. 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 Sustainable Global Thematic Portfolio: Class B (ABTGB)
2023		0.00%				159	$	11.13			$	1,768		0.02%		11.27%		*	***
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)
2023		0.00%				2,261		16.20				36,634		0.82%		13.70%
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%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A (ALVGIA)
2023		0.00%	to	0.25%		535,426		63.84	to	60.53		33,231,996		1.46%		12.03%	to	11.75%
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%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (ALVIVA)
2023		0.00%	to	0.25%		418,654		11.07	to	10.59		4,576,673		0.82%		15.15%	to	14.86%
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%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)
2023		0.00%				40,266		13.57				546,553		0.72%		14.83%
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%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class A (ALVSVA)
2023		0.00%	to	0.25%		245,777		74.39	to	70.65		18,183,749		1.06%		17.18%	to	16.89%
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%
Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2 (SVDF)
2023		0.00%	to	0.25%		483,591		36.25	to	34.81		17,409,169		0.00%		20.14%	to	19.84%
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%
Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)
2023		0.10%				162,268		59.30				9,622,674		0.00%		26.37%
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%
Allspring Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)
2023		0.00%	to	0.25%		322,861		31.96	to	30.68		10,147,577		0.00%		4.11%	to	3.85%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.10%				24,980		24.84				620,602		0.00%		20.57%
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%
American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)
2023		0.10%				64,154		28.48				1,827,233		1.39%		12.46%
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%
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)
2023		0.00%	to	0.10%		395,056		55.09	to	41.38		20,817,288		1.53%		8.65%	to	8.54%
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%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)
2023		0.00%	to	0.25%		2,520,371		11.87	to	11.07		28,312,938		3.60%		3.60%	to	3.34%
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%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)
2023		0.00%				369,243		18.66				6,889,359		3.31%		3.40%
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%
American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)
2023		0.00%	to	0.25%		245,271		54.35	to	51.88		13,171,997		2.32%		6.13%	to	5.87%
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%
American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)
2023		0.10%				208,567		73.51				15,331,231		0.00%		43.37%
American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)
2023		0.00%	to	0.25%		224,580		72.57	to	58.98		14,807,322		2.38%		9.10%	to	8.83%
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%
American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)
2023		0.00%	to	0.25%		471,981		27.89	to	26.78		12,908,320		2.20%		14.27%	to	13.98%
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%
American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 2 (AMVBC2)
2023		0.00%	to	0.20%		14,457		11.62	to	11.59		167,642		6.08%		17.29%	to	17.05%
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)
2023		0.00%				24,295		11.58				281,255		1.94%		16.97%
2022		0.00%				14,976		9.90				148,217		2.33%		-1.03%		*	***

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
American Funds Insurance Series(R) - The Bond Fund of America: Class 2 (AMVBD2)
2023		0.10%	to	0.20%		3,712,887		14.44	to	14.21		53,617,038		3.49%		4.91%	to	4.81%
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%
American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)
2023		0.00%	to	0.25%		413,717		9.61	to	9.50		3,958,448		0.00%		6.14%	to	5.87%
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)
2023		0.00%	to	0.20%		138,696		16.32	to	16.16		2,261,997		1.43%		26.14%	to	25.89%
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)
2023		0.00%	to	0.25%		1,006,100		52.34	to	50.29		51,545,919		0.36%		38.48%	to	38.14%
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%
American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)
2023		0.00%	to	0.25%		166,893		21.44	to	20.60		3,477,272		0.28%		16.17%	to	15.88%
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%
American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 4 (AMVGS4)
2023		0.00%				3,907		10.83				42,302		0.02%		8.27%		*	***
American Funds Insurance Series(R) - U.S. Government Securities Fund: Class 2 (AMVGV2)
2023		0.00%	to	0.20%		5,945		9.85	to	9.81		58,429		2.01%		2.89%	to	2.68%
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)
2023		0.00%	to	0.25%		1,318,669		15.75	to	15.26		20,414,295		1.24%		15.84%	to	15.56%
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%
American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)
2023		0.00%	to	0.25%		706,916		17.52	to	17.18		12,273,106		1.57%		16.00%	to	15.71%
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%
Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)
2023		0.10%	to	0.20%		56,774		37.27	to	36.49		2,108,937		5.58%		11.23%	to	11.12%
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%
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)
2023		0.00%	to	0.25%		1,576,768		14.63	to	14.29		22,793,478		6.49%		13.21%	to	12.93%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)
2023		0.00%	to	0.25%		439,543		25.81	to	14.03		9,700,514		2.14%		12.60%	to	12.32%
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%
BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)
2023		0.10%	to	0.20%		22,623		49.93	to	49.00		1,111,165		0.73%		24.90%	to	24.78%
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%
BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)
2023		0.00%	to	0.25%		54,137		75.00	to	49.10		3,192,810		0.71%		20.97%	to	20.67%
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%
BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)
2023		0.00%				24,577		40.56				996,932		0.33%		9.28%
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%
BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)
2023		0.00%	to	0.25%		14,354,276		74.51	to	50.39		831,802,571		1.42%		25.93%	to	25.61%
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%
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)
2023		0.00%	to	0.10%		268,923		55.56	to	39.52		14,800,893		0.73%		23.82%	to	23.70%
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%
BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)
2023		0.00%	to	0.25%		23,833		61.31	to	58.12		1,414,008		0.87%		18.31%	to	18.02%
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%
BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)
2023		0.00%	to	0.25%		1,744,064		60.58	to	57.39		102,942,949		1.06%		15.39%	to	15.10%
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%
Calvert Variable Products, Inc. - Calvert VP S&P 500 Index Portfolio (CVSPIP)
2023		0.10%				6,170		29.19				180,122		0.97%		25.80%
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%
Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)
2023		0.00%	to	0.10%		5,583,486		17.32	to	15.56		87,854,697		1.45%		26.22%	to	26.10%
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%	****

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)
2023		0.00%	to	0.25%		203,189		29.23	to	28.07		5,864,103		1.32%		32.63%	to	32.30%
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%
Delaware VIP Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)
2023		0.10%	to	0.20%		328,588		14.27	to	14.10		4,634,922		1.35%		13.33%	to	13.22%
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%
Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)
2023		0.00%	to	0.25%		719,235		26.24	to	25.42		18,528,698		0.67%		9.10%	to	8.82%
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%
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)
2023		0.00%				22,997		15.58				358,337		2.35%		14.72%
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%
DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)
2023		0.00%	to	0.10%		452,625		11.85	to	11.60		5,267,215		3.52%		4.02%	to	3.92%
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%
DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)
2023		0.00%				2,463		15.61				38,440		3.79%		14.11%
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)
2023		0.00%				4,436		13.85				61,459		1.32%		17.86%
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)
2023		0.00%	to	0.10%		889,294		14.43	to	14.41		12,814,732		2.32%		10.92%	to	10.81%
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)
2023		0.00%	to	0.10%		323,045		22.07	to	21.88		7,073,421		1.69%		20.03%	to	19.91%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)
2023		0.00%				45,322		15.79				715,755		2.46%		14.89%
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%
Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)
2023		0.10%				1,009		20.73				20,917		2.39%		20.25%
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%
Deutsche DWS Variable Series II - DWS Small Mid Cap Value VIP: Class B (SVSSVB)
2023		0.10%	to	0.20%		5,391		23.22	to	22.85		125,131		0.80%		14.47%	to	14.36%
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%
Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)
2023		0.00%	to	0.25%		1,430,451		15.26	to	14.78		21,509,363		8.20%		11.21%	to	10.93%
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%
Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)
2023		0.00%	to	0.20%		718,118		26.62	to	25.34		18,910,337		2.63%		6.14%	to	5.93%
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%
Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)
2023		0.00%				66,211		12.28				812,914		1.90%		8.68%
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%
Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)
2023		0.00%	to	0.20%		27,695		10.19	to	10.07		280,419		2.95%		4.19%	to	3.98%
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)
2023		0.00%	to	0.25%		587,828		108.94	to	70.63		46,035,231		0.42%		33.34%	to	33.01%
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%
Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class (FEIS)
2023		0.00%	to	0.25%		1,296,971		55.27	to	42.38		68,577,885		1.83%		10.53%	to	10.26%
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%
Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)
2023		0.00%	to	0.25%		761,402		12.07	to	11.90		9,129,238		1.95%		9.61%	to	9.34%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)
2023		0.10%				14,601		17.59				256,844		3.76%		7.74%
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%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)
2023		0.00%	to	0.10%		88,157		26.38	to	25.90		2,321,159		3.55%		9.28%	to	9.17%
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%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)
2023		0.00%	to	0.25%		290,963		22.03	to	21.19		6,305,032		3.50%		10.86%	to	10.58%
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%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)
2023		0.00%	to	0.25%		833,285		30.49	to	29.10		24,990,426		3.07%		12.34%	to	12.06%
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%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)
2023		0.00%	to	0.25%		1,119,836		24.79	to	23.84		27,236,369		2.62%		13.48%	to	13.20%
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%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)
2023		0.00%	to	0.25%		1,612,997		35.30	to	33.69		55,760,482		2.35%		14.56%	to	14.27%
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%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)
2023		0.00%	to	0.25%		1,100,288		15.24	to	15.02		16,639,518		1.95%		16.71%	to	16.42%
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%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)
2023		0.00%	to	0.25%		1,296,366		32.83	to	31.73		41,716,300		1.52%		18.77%	to	18.47%
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%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)
2023		0.00%	to	0.25%		323,086		15.95	to	15.73		5,113,462		1.53%		19.33%	to	19.03%
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)
2023		0.00%	to	0.25%		384,354		17.79	to	17.49		6,767,365		1.46%		19.36%	to	19.07%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)
2023		0.00%	to	0.25%		41,892		15.08	to	14.91		629,827		1.63%		19.40%	to	19.11%
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)
2023		0.00%	to	0.25%		108,700		15.09	to	14.92		1,631,759		1.28%		19.30%	to	19.01%
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)
2023		0.00%	to	0.20%		2,150		10.46	to	10.40		22,386		1.94%		19.29%	to	19.05%
2022		0.10%				865		8.75				7,571		1.54%		-18.40%
2021		0.10%				655		10.73				7,026		1.23%		7.27%		*	***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)
2023		0.00%	to	0.20%		83,459		15.90	to	15.49		1,308,705		4.37%		7.60%	to	4.00%
2022		0.10%	to	0.25%		85,139		14.57	to	14.31		1,237,650		2.05%		-12.14%	to	-12.28%
2021 (as restated)		0.10%	to	0.25%		96,614		16.58	to	16.31		1,598,542		0.83%		3.06%	to	2.91%
2020 (as restated)		0.20%	to	0.25%		121,417		15.93	to	15.85		1,932,596		1.29%		10.16%	to	10.11%
2019 (as restated)		0.20%	to	0.25%		120,811		14.46	to	14.39		1,745,720		2.49%		11.65%	to	11.59%
Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)
2023		0.10%				8,719		64.83				565,221		0.00%		45.37%
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		0.10%				10,483		64.67				677,948		0.01%		68.33%
2019		0.10%	to	0.25%		9,975		38.42	to	43.11		409,326		0.05%		40.56%	to	40.35%
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class (FGS)
2023		0.00%	to	0.25%		2,392,899		98.90	to	54.99		189,511,395		0.04%		36.09%	to	35.76%
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%
Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)
2023		0.00%	to	0.10%		420,699		25.29	to	24.58		10,493,723		5.74%		10.50%	to	10.39%
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%
Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)
2023		0.00%	to	0.25%		7,517,836		19.76	to	18.76		145,154,333		2.57%		6.12%	to	5.86%
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%
Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)
2023		0.00%				119,844		44.90				5,380,876		1.54%		26.19%
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%
Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)
2023		0.00%	to	0.25%		392,894		88.74	to	84.28		34,692,034		0.51%		15.00%	to	14.72%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)
2023		0.10%				104,768		11.08				1,160,475		4.79%		4.81%
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%
Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)
2023		0.00%				304,793		28.67				8,737,461		2.45%		0.70%
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%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)
2023		0.00%	to	0.25%		542,847		36.27	to	26.46		19,399,987		0.94%		20.41%	to	20.11%
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%
Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)
2023		0.00%	to	0.25%		199,983		12.38	to	12.47		2,493,771		2.54%		11.09%	to	10.81%
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%
Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)
2023		0.00%				171		9.82				1,683		0.44%		5.23%
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)
2023		0.00%				835		14.39				12,019		2.03%		17.34%
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)
2023		0.00%				1,171		12.34				14,441		3.28%		16.04%
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)
2023		0.00%				16,760		16.79				281,390		1.07%		25.94%
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)
2023		0.00%	to	0.20%		145,576		60.54	to	57.98		8,744,402		1.28%		20.77%	to	20.53%
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%
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)
2023		0.00%				12,504		11.69				146,214		1.15%		20.61%
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)
2023		0.00%				226,360		12.94				2,929,860		2.02%		12.62%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)
2023		0.00%				22,491		21.37				480,605		1.42%		14.61%
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%
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)
2023		0.00%	to	0.25%		783,529		10.56	to	9.26		7,367,556		0.00%		3.19%	to	2.94%
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%
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)
2023		0.00%	to	0.20%		245,827		15.94	to	15.43		3,917,975		0.00%		2.88%	to	2.68%
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%
Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)
2023		0.00%				196,286		26.79				5,259,366		5.06%		8.62%
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%
Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)
2023		0.00%	to	0.20%		14,470		24.86	to	24.08		351,560		2.13%		20.31%	to	20.07%
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%
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%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)
2023		0.00%	to	0.25%		246,136		44.16	to	42.15		10,643,821		0.53%		12.75%	to	12.46%
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%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)
2023		0.00%				152,605		73.40				11,200,474		0.73%		13.02%
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%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)
2023		0.00%				22,742		33.42				759,988		3.38%		21.09%
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%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)
2023		0.00%	to	0.25%		303,692		30.02	to	28.46		8,986,464		3.22%		20.76%	to	20.46%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares (GVCSE)
2023		0.00%	to	0.20%		53,874		26.47	to	25.92		1,417,658		0.98%		19.28%	to	19.04%
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%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares (GVGMNS)
2023		0.00%				1,547		16.37				25,324		1.80%		15.57%
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%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Growth Fund: Service Shares (GVGOPS)
2023		0.10%	to	0.20%		18,921		33.55	to	33.13		627,004		0.00%		18.33%	to	18.21%
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%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)
2023		0.10%	to	0.25%		121,686		71.23	to	68.99		8,623,142		0.98%		11.31%	to	11.14%
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%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)
2023		0.00%				2,484		11.64				28,902		5.82%		7.77%
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)
2023		0.00%				17,870		12.83				229,203		2.59%		4.37%
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%
Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)
2023		0.00%				45,834		41.31				1,893,210		0.00%		40.93%
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%
Invesco - Invesco V.I. Growth and Income Fund: Series I Shares (ACGI)
2023		0.00%	to	0.25%		135,644		34.38	to	33.23		4,590,645		1.48%		12.66%	to	12.38%
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%
Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)
2023		0.00%	to	0.25%		14,697		18.46	to	17.85		265,902		3.46%		10.18%	to	9.90%
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%
Invesco - Invesco V.I. EQV International Equity Fund: Series I Shares (AVIE)
2023		0.00%	to	0.25%		873,399		36.93	to	35.16		31,314,554		0.20%		18.15%	to	17.85%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (AVMCCI)
2023		0.00%	to	0.20%		4,522		37.04	to	35.69		166,004		0.26%		14.47%	to	14.24%
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%
Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares (AVSCE)
2023		0.10%	to	0.20%		6,890		19.44	to	19.26		133,951		0.00%		16.46%	to	16.34%
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%
Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)
2023		0.00%				82,391		14.46				1,191,062		0.00%		6.63%
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%
Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)
2023		0.10%				-		33.60				2		0.62%		15.48%
2022		0.10%				-		29.10				-		0.13%		-2.71%
Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)
2023		0.00%	to	0.25%		739,113		58.98	to	31.22		41,211,289		0.00%		13.15%	to	12.87%
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%
Invesco - Invesco V.I. Main Street Fund: Series I (OVGI)
2023		0.10%	to	0.20%		181,519		49.33	to	46.07		8,940,840		0.83%		23.09%	to	22.97%
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%
Invesco - Invesco V.I. Capital Appreciation Fund: Series I (OVGR)
2023		0.00%	to	0.20%		244,955		76.49	to	43.04		13,761,971		0.00%		35.38%	to	35.11%
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%
Invesco - Invesco V.I. Global Fund: Series I (OVGS)
2023		0.00%	to	0.25%		1,684,748		49.60	to	46.75		82,331,148		0.23%		34.73%	to	34.40%
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%
Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)
2023		0.00%	to	0.25%		1,367,667		16.82	to	16.38		22,661,780		0.61%		21.06%	to	20.76%
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%
Invesco - Invesco V.I. Global Strategic Income Fund: Series I (OVSB)
2023		0.00%				872,090		15.44				13,468,686		0.00%		8.88%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (OVSC)
2023		0.00%	to	0.25%		145,131		83.33	to	79.14		11,988,097		1.19%		18.13%	to	17.83%
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%
Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II (WRASP)
2023		0.00%	to	0.20%		267,334		22.25	to	21.54		5,936,655		2.25%		13.94%	to	13.71%
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%
Ivy Variable Insurance Portfolios - Delaware Ivy Growth: Class II (WRGP)
2023		0.00%	to	0.25%		83,437		82.98	to	79.20		6,815,877		0.00%		37.92%	to	37.58%
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%
Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II (WRHIP)
2023		0.00%	to	0.25%		697,583		17.34	to	16.84		11,903,441		6.14%		11.75%	to	11.47%
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%
Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II (WRMCG)
2023		0.00%	to	0.25%		134,315		35.73	to	34.71		4,730,892		0.00%		19.61%	to	19.32%
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%
Ivy Variable Insurance Portfolios - Delaware VIP Real Estate Securities: Class II (WRRESP)
2023		0.00%	to	0.25%		170,069		32.16	to	30.69		5,371,393		2.14%		9.49%	to	9.22%
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%
Ivy Variable Insurance Portfolios - Delaware Ivy Science and Technology: Class II (WRSTP)
2023		0.00%	to	0.25%		170,430		57.79	to	55.49		9,782,418		0.00%		39.06%	to	38.72%
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%
Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)
2023		0.00%	to	0.25%		616,100		53.58	to	50.80		32,287,895		1.76%		15.13%	to	14.85%
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%
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)
2023		0.00%	to	0.20%		976,736		59.46	to	56.69		57,840,356		0.13%		39.65%	to	39.37%
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%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)
2023		0.00%				61,958		21.72				1,345,977		0.17%		18.07%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)
2023		0.00%	to	0.20%		650,962		11.37	to	11.16		7,336,911		3.63%		5.29%	to	5.08%
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%
Janus Aspen Series - Janus Henderson Global Sustainable Equity Portfolio: Institutional Shares (JAGSEI)
2023		0.00%				935		11.20				10,470		0.56%		11.99%			****
Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)
2023		0.00%	to	0.25%		1,095,983		40.22	to	37.88		43,670,982		0.00%		54.27%	to	53.89%
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%
Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)
2023		0.00%	to	0.25%		977,242		24.26	to	22.86		23,574,909		1.43%		10.58%	to	10.31%
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%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)
2023		0.00%	to	0.25%		1,404,806		25.25	to	24.77		35,119,172		0.09%		17.78%	to	17.48%
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%
Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS)
2023		0.10%	to	0.25%		80,192		27.31	to	26.76		2,181,703		0.97%		11.00%	to	10.83%
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%
Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)
2023		0.00%	to	0.25%		707,034		13.79	to	13.33		9,526,484		4.84%		22.27%	to	21.97%
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%
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I (SBVSG)
2023		0.00%	to	0.25%		575,424		39.91	to	38.32		22,405,311		0.00%		8.40%	to	8.13%
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%
Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)
2023		0.10%	to	0.25%		40,038		85.88	to	83.18		3,434,621		0.00%		17.69%	to	17.51%
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%
Lincoln Variable Insurance Products Trust - LVIP JPMorgan Mid Cap Value Fund: Standard Class (LJPMVS)
2023		0.00%	to	0.25%		4,503,580		11.13	to	11.11		50,081,389		1.90%		11.30%	to	11.11%	****
Lincoln Variable Insurance Products Trust - LVIP JPMorgan Small Cap Core Fund: Standard Class (LJPSCS)
2023		0.00%	to	0.20%		112,516		11.32	to	11.31		1,272,498		0.81%		13.22%	to	13.07%	****
Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC (LOVBD)
2023		0.00%	to	0.25%		359,846		13.66	to	13.34		4,825,912		5.71%		6.55%	to	6.29%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
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%
Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)
2023		0.00%	to	0.25%		1,224,463		11.42	to	11.20		13,827,352		4.31%		5.05%	to	4.79%
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%
Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)
2023		0.00%	to	0.20%		1,558,558		11.18	to	10.99		17,185,085		4.23%		6.34%	to	6.12%
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%
MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Initial Class (MNVFRI)
2023		0.00%				2,680		12.81				34,341		7.09%		11.86%
MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)
2023		0.10%	to	0.25%		60,011		12.65	to	12.58		758,422		8.03%		11.47%	to	11.30%
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%			****
MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Initial Class (M3GREI)
2023		0.00%				3,594		9.53				34,246		0.93%		11.46%
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)
2023		0.10%	to	0.20%		15,607		9.44	to	9.42		147,040		0.50%		11.09%	to	10.98%
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)
2023		0.00%	to	0.25%		127,326		10.62	to	10.55		1,344,755		0.00%		35.51%	to	35.17%
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)
2023		0.00%	to	0.25%		177,600		17.75	to	17.50		3,124,390		0.00%		20.97%	to	20.67%
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%
MFS(R)Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)
2023		0.00%				38,384		30.63				1,175,772		0.00%		14.41%
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%
MFS(R)Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)
2023		0.00%	to	0.20%		104,833		29.77	to	29.08		3,109,714		0.00%		14.25%	to	14.03%
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%
MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)
2023		0.00%				177		9.75				1,729		0.10%		10.90%
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)
2023		0.10%	to	0.20%		25,021		9.61	to	9.57		240,358		1.29%		10.60%	to	10.48%
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%			****

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)
2023		0.00%				170,469		29.29				4,992,253		0.30%		24.01%
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%
MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)
2023		0.00%	to	0.25%		454,968		14.78	to	14.46		6,658,444		0.32%		12.83%	to	12.55%
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%
MFS(R) Variable Insurance Trust III - MFS Limited Maturity Portfolio: Initial Class (MV3LMI)
2023		0.00%				1,315		10.39				13,666		0.00%		3.90%			****
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)
2023		0.00%				21,406		18.55				397,155		1.86%		12.73%
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)
2023		0.00%	to	0.25%		144,344		15.24	to	15.06		2,184,512		1.74%		12.39%	to	12.11%
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)
2023		0.00%	to	0.25%		83,014		27.47	to	26.81		2,247,035		1.09%		28.20%	to	27.88%
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%
MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)
2023		0.00%				164,503		65.23				10,730,673		1.66%		7.93%
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%
MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)
2023		0.00%	to	0.25%		3,280,321		31.10	to	29.86		99,768,020		1.41%		7.63%	to	7.37%
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%
MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)
2023		0.00%				41,208		13.54				557,852		1.06%		14.72%
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)
2023		0.00%	to	0.25%		2,257,951		39.70	to	38.28		87,918,625		0.47%		17.37%	to	17.08%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)
2023		0.00%	to	0.25%		503,937		10.94	to	10.76		5,456,952		3.60%		7.13%	to	6.86%
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%
Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)
2023		0.00%	to	0.25%		110,612		39.96	to	37.76		4,624,497		8.50%		11.84%	to	11.56%
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%
Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)
2023		0.00%	to	0.25%		184,587		52.61	to	50.52		9,549,516		0.00%		48.66%	to	48.29%
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%
Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)
2023		0.00%	to	0.25%		41,589		39.99	to	37.69		1,614,923		0.00%		44.34%	to	43.98%
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%
Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)
2023		0.00%	to	0.25%		77,330		60.45	to	55.31		5,404,887		2.20%		14.52%	to	14.23%
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%
Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)
2023		0.00%	to	0.25%		148,823		12.02	to	11.54		1,744,622		1.68%		10.47%	to	10.19%
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%
Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)
2023		0.00%				52,587		10.28				540,586		3.36%		5.66%
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%
Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (EIF)
2023		0.00%	to	0.10%		351,849		48.48	to	39.95		16,283,684		1.88%		11.99%	to	11.87%
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%
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)
2023		0.00%	to	0.25%		6,446,942		22.89	to	18.39		134,520,524		2.82%		4.70%	to	4.44%
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%
Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)
2023		0.00%	to	0.25%		377,550		27.42	to	25.87		10,275,739		1.75%		4.16%	to	3.90%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)
2023		0.00%	to	0.25%		608,302		26.72	to	25.21		16,026,010		2.74%		21.70%	to	21.40%
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%
Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (GVAAA2)
2023		0.00%				377,766		30.35				11,463,553		0.00%		13.84%
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%
Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (GVABD2)
2023		0.00%				120,629		14.86				1,792,361		0.00%		4.50%
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%
Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (GVAGG2)
2023		0.00%				238,284		40.96				9,759,180		0.00%		22.14%
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%
Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (GVAGI2)
2023		0.00%				164,427		36.67				6,029,237		0.00%		25.68%
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%
Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (GVAGR2)
2023		0.00%				348,941		56.60				19,751,297		0.00%		37.95%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)
2023		0.00%	to	0.25%		3,188,782		38.41	to	36.37		120,908,600		0.00%		17.93%	to	17.63%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)
2023		0.00%	to	0.25%		794,315		26.41	to	25.00		20,662,285		0.00%		11.25%	to	10.97%
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%
Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)
2023		0.00%				649,731		35.97				23,371,625		1.47%		25.96%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)
2023		0.00%	to	0.25%		1,300,099		41.89	to	39.66		53,665,069		0.00%		19.38%	to	19.08%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)
2023		0.00%	to	0.25%		690,865		20.75	to	19.64		14,043,757		0.00%		8.03%	to	7.76%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)
2023		0.00%	to	0.25%		2,167,834		32.06	to	30.35		68,741,509		0.00%		14.72%	to	14.44%
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%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)
2023		0.00%				352,135		14.45				5,088,714		2.52%		17.31%
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%
Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (HIBF)
2023		0.00%	to	0.25%		576,079		38.53	to	37.41		21,029,389		5.90%		13.13%	to	12.84%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)
2023		0.00%				20,909		15.40				322,008		0.00%		13.20%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)
2023		0.00%				104		14.03				1,464		0.00%		12.38%
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)
2023		0.00%	to	0.25%		1,677,604		103.97	to	68.26		144,261,386		1.28%		16.06%	to	15.77%
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%
Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (MSBF)
2023		0.00%	to	0.25%		316,402		31.70	to	28.11		9,926,188		5.52%		8.70%	to	8.43%
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%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)
2023		0.00%				7,833		15.48				121,251		0.00%		12.61%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)
2023		0.00%				2,166		14.24				30,850		0.00%		12.70%
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)
2023		0.00%				2,385		10.17				24,261		1.15%		9.23%
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 J.P. Morgan U.S. Equity Fund: Class II (NJNDE2)
2023		0.10%	to	0.25%		87		11.64	to	11.60		1,013		0.66%		26.60%	to	26.41%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)
2023		0.00%				738,385		52.01				38,400,241		1.74%		8.84%
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%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)
2023		0.00%	to	0.20%		1,757,497		17.23	to	17.12		30,231,236		1.95%		9.00%	to	8.78%
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)
2023		0.00%	to	0.25%		22,507,161		11.21	to	10.94		249,702,920		2.07%		5.19%	to	4.93%
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%
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)
2023		0.00%				133,777		15.43				2,064,402		3.08%		5.19%
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%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)
2023		0.00%	to	0.20%		195,893		24.70	to	32.73		4,839,979		0.00%		16.45%	to	16.22%
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%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)
2023		0.00%	to	0.20%		195,405		16.93	to	17.54		3,341,368		0.00%		8.91%	to	8.69%
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%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)
2023		0.00%	to	0.20%		357,751		26.15	to	36.58		9,883,264		0.00%		18.07%	to	17.83%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)
2023		0.00%	to	0.25%		108,710		20.04	to	22.63		2,194,093		0.00%		11.88%	to	11.60%
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%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)
2023		0.00%	to	0.20%		419,837		23.21	to	29.18		10,108,900		0.00%		14.95%	to	14.72%
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%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)
2023		0.00%	to	0.25%		189,221		27.48	to	41.33		5,400,097		0.00%		19.74%	to	19.44%
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%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)
2023		0.00%	to	0.20%		353,113		21.44	to	25.61		7,651,788		0.00%		13.40%	to	13.17%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)
2023		0.00%				60,804		24.65				1,498,536		0.00%		13.04%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)
2023		0.00%				17,058		31.69				540,478		0.00%		16.38%
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%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)
2023		0.00%				18,155		11.70				212,359		0.00%		16.56%
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)
2023		0.00%				12,303		10.07				123,837		2.77%		5.22%
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)
2023		0.00%				12,043		15.45				186,047		1.56%		20.48%
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)
2023		0.00%				514,127		11.37				5,845,638		0.00%		14.95%
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 VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)
2023		0.00%				14,585		15.39				224,500		2.60%		21.46%
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%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)
2023		0.00%	to	0.25%		3,361,869		14.48	to	14.13		48,087,198		2.84%		17.58%	to	17.28%
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%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I (NVLCP1)
2023		0.00%				267,443		17.44				4,663,033		3.89%		7.40%
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%
Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I (NVMIG1)
2023		0.00%	to	0.20%		1,328,412		14.32	to	10.33		17,848,463		2.01%		15.67%	to	15.44%
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%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)
2023		0.00%				467,350		14.19				6,629,982		2.79%		15.67%
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)
2023		0.00%	to	0.25%		474,561		60.44	to	58.12		28,542,475		5.30%		35.36%	to	35.02%
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%
Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)
2023		0.00%	to	0.25%		1,245,203		32.24	to	31.00		40,093,258		0.00%		20.58%	to	20.28%
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%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)
2023		0.00%	to	0.25%		291,959		35.25	to	33.90		10,154,417		1.53%		8.82%	to	8.55%
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%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)
2023		0.00%				362,825		34.50				12,516,242		1.53%		8.63%
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%
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Core Fund: Class I (NVNMO1)
2023		0.00%				558,080		36.55				20,397,518		0.52%		23.39%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Calvert Equity Fund: Class I (NVNSR1)
2023		0.00%	to	0.20%		5,966		34.36	to	20.09		200,858		0.33%		20.59%	to	20.35%
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%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)
2023		0.00%	to	0.20%		4,126,825		69.03	to	26.44		281,280,770		1.44%		23.88%	to	23.63%
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%
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)
2023		0.00%	to	0.25%		1,163,714		23.98	to	46.37		32,238,260		2.27%		12.88%	to	12.59%
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%
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)
2023		0.00%	to	0.25%		119,047		24.23	to	16.48		2,631,031		1.03%		16.35%	to	16.06%
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%
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)
2023		0.00%				11,973		16.82				201,376		1.47%		16.69%
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 Loomis Short Term Bond Fund: Class I (NVSTB1)
2023		0.00%	to	0.25%		9,295,579		13.30	to	12.79		121,592,370		3.90%		5.95%	to	5.69%
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%
Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class II (NVSTB2)
2023		0.00%				175,559		12.77				2,241,778		3.56%		5.69%
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%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)
2023		0.00%	to	0.25%		61,369		22.84	to	10.68		1,112,048		2.35%		15.56%	to	15.27%
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%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)
2023		0.00%	to	0.10%		2,715,721		15.76	to	14.44		42,788,534		4.67%		4.75%	to	4.64%
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%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)
2023		0.00%	to	0.25%		42,314,172		12.97	to	12.30		534,816,834		4.72%		4.80%	to	4.54%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)
2023		0.00%	to	0.25%		582,681		95.34	to	61.99		53,959,224		0.52%		13.99%	to	13.70%
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%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)
2023		0.00%	to	0.25%		516,634		59.11	to	55.57		30,076,495		0.00%		17.47%	to	17.17%
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%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)
2023		0.00%	to	0.25%		501,422		89.97	to	66.27		44,747,564		0.43%		17.45%	to	17.16%
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%
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)
2023		0.00%	to	0.20%		859,126		54.90	to	42.67		47,020,891		1.34%		8.27%	to	8.06%
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%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares (AMCG)
2023		0.10%				23,321		61.21				1,427,416		0.00%		18.03%
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%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class S Shares (AMMCGS)
2023		0.00%				45,950		20.39				936,794		0.00%		17.96%
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%
Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class I Shares (AMRI)
2023		0.00%				2,295		28.55				65,504		1.04%		11.00%
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%
Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)
2023		0.00%	to	0.20%		36,858		68.75	to	65.96		2,532,954		0.34%		26.90%	to	26.65%
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%
Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares (AMTB)
2023		0.00%				240,203		13.87				3,331,181		4.12%		5.90%
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%
Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)
2023		0.00%				4,788		14.07				67,388		0.18%		9.17%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)
2023		0.00%				3,513		14.98				52,639		0.38%		11.00%
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%
Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)
2023		0.00%				8,745		14.92				130,458		0.36%		10.23%
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%
PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)
2023		0.00%	to	0.25%		156,125		27.31	to	26.00		4,165,549		2.95%		8.14%	to	7.87%
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%
PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)
2023		0.00%	to	0.20%		73,381		12.50	to	12.11		899,972		2.53%		6.22%	to	6.01%
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%
PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)
2023		0.00%	to	0.25%		348,191		11.29	to	11.10		3,901,619		2.64%		9.02%	to	8.75%
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%
PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)
2023		0.00%	to	0.25%		118,811		10.55	to	10.38		1,238,040		2.26%		5.26%	to	5.00%
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%
PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)
2023		0.00%	to	0.25%		22,915		12.43	to	12.26		282,360		5.73%		12.24%	to	11.96%
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%
PIMCO Variable Insurance Trust - Income Portfolio: Administrative Class (PMVID)
2023		0.10%	to	0.20%		1,689,775		10.08	to	10.05		17,021,604		5.30%		8.16%	to	8.05%
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)
2023		0.00%				8,108		10.14				82,234		5.53%		8.42%
2022		0.00%				569		9.35				5,323		0.05%		-7.65%			****
PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)
2023		0.00%	to	0.25%		1,983,000		16.67	to	15.80		32,198,621		3.60%		4.98%	to	4.72%
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%
PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class (PMVLGA)
2023		0.00%	to	0.20%		689,211		15.11	to	14.71		10,374,388		2.39%		3.99%	to	3.79%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)
2023		0.00%	to	0.25%		1,780,784		22.92	to	21.73		39,650,669		3.00%		3.69%	to	3.43%
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%
PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)
2023		0.00%				33,301		8.40				279,870		16.01%		-7.85%
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%
PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)
2023		0.00%	to	0.25%		2,812,687		22.43	to	21.27		61,377,404		3.57%		5.94%	to	5.68%
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%
PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)
2023		0.00%	to	0.20%		59,423		10.70	to	10.66		634,787		4.37%		5.91%	to	5.70%
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)
2023		0.00%				167,496		20.46				3,427,383		2.04%		15.67%
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%
Putnam Variable Trust - Putnam VT Large Cap Growth Fund: Class IB (PVGOB)
2023		0.00%				142,602		31.76				4,528,558		0.00%		44.47%
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%
Putnam Variable Trust - Putnam VT Sustainable Leaders Fund: Class IB (PVNOB)
2023		0.00%				5,412		11.66				63,113		0.00%		16.61%			****
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)
2023		0.00%				26,866		33.10				889,208		0.04%		18.51%
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%
Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB (PVTSCB)
2023		0.10%	to	0.25%		59,213		29.24	to	28.53		1,701,485		0.15%		23.63%	to	23.44%
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%
Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)
2023		0.10%	to	0.20%		35,173		53.99	to	52.85		1,894,540		0.00%		18.66%	to	18.55%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)
2023		0.00%	to	0.25%		2,334,754		45.76	to	44.50		105,238,499		0.00%		49.29%	to	48.92%
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%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)
2023		0.00%	to	0.25%		316,304		52.45	to	49.73		16,170,606		1.88%		9.31%	to	9.04%
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%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)
2023		0.00%				169,289		66.83				11,314,221		0.00%		2.68%
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%
T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)
2023		0.10%	to	0.25%		2,404,410		11.76	to	11.53		28,087,439		3.32%		4.84%	to	4.68%
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%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)
2023		0.00%	to	0.20%		245,305		107.54	to	103.05		25,823,655		0.00%		12.35%	to	12.50%
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%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio (TRMCGP)
2023		0.00%				370		11.27				4,169		0.00%		12.72%			****
T. Rowe Price Equity Series, Inc. - T. Rowe Price All-Cap Opportunities Portfolio (TRNAG1)
2023		0.00%	to	0.25%		658,916		91.96	to	87.55		59,198,233		0.24%		28.96%	to	28.64%
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%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)
2023		0.00%	to	0.25%		319,106		27.58	to	26.42		8,643,887		2.44%		15.35%	to	15.06%
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%
VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)
2023		0.00%	to	0.10%		140,102		41.05	to	54.80		6,262,882		3.51%		9.77%	to	9.66%
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%
VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)
2023		0.00%	to	0.25%		361,413		37.82	to	42.95		15,548,012		2.73%		-3.58%	to	-3.82%
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%
Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)
2023		0.00%	to	0.10%		583,937		31.74	to	31.24		18,321,078		1.96%		14.33%	to	14.21%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)
2023		0.00%				15,111		27.40				414,084		0.01%		27.98%
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%
Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)
2023		0.00%				9,147		34.18				312,625		1.24%		20.13%
2022		0.00%				5,611		28.45				159,637		0.00%		-11.49%
Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)
2023		0.00%				156,698		15.05				2,357,811		2.70%		8.10%
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)
2023		0.00%				22,106		17.24				381,057		1.07%		26.11%
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)
2023		0.00%	to	0.10%		1,775,831		16.80	to	11.92		21,262,760		0.23%		40.13%	to	40.00%
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)
2023		0.00%				17,911		9.90				177,268		1.90%		6.52%
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)
2023		0.00%	to	0.10%		3,215,312		12.91	to	12.74		40,971,622		2.44%		5.58%	to	5.47%
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%
Vanguard Variable Insurance Fund - High Yield Bond Portfolio (VVHYB)
2023		0.00%				39		11.55				453		4.98%		11.67%
2022		0.00%				41		10.35				424		0.00%		-9.36%
Vanguard Variable Insurance Fund - International Portfolio (VVI)
2023		0.00%	to	0.10%		585,909		22.65	to	22.29		13,073,599		1.45%		14.65%	to	14.54%
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%
Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)
2023		0.00%	to	0.10%		684,618		38.61	to	37.99		26,044,630		1.42%		15.83%	to	15.71%
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%
Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)
2023		0.00%	to	0.10%		99,086		27.33	to	26.97		2,680,417		2.30%		11.70%	to	11.59%
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%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*				Units*****		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)
2023		0.00%	to	0.10%		215,967		35.63	to	35.22		7,610,449		0.39%		19.65%	to	19.53%
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%
Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)
2023		0.00%				60,716		15.01				911,567		1.69%		6.16%
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)
2023		0.00%	to	0.10%		1,050,422		13.45	to	13.38		14,054,075		2.84%		15.54%	to	15.43%
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%
Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio (VVTSM)
2023		0.00%				64,677		16.79				1,085,679		0.65%		25.95%
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)
2023		0.00%	to	0.25%		501,814		13.03	to	12.88		6,499,378		3.09%		11.31%	to	11.04%
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.

***** If zero units are listed, there is ownership of the subaccount, however it is less than one full unit.

NATIONWIDE LIFE INSURANCE COMPANY

FOR THE YEAR ENDED DECEMBER 31, 2023

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-47
Schedule III – Supplementary Insurance Information		F-48
Schedule IV – Reinsurance		F-49
Schedule V – Valuation and Qualifying Accounts		F-50

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, 2023 and 2022, 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, 2023, and the related notes to the statutory 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, capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2023, 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, 2023 and 2022, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2023.

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.

Emphasis of Matter

As discussed in Note 2 to the financial statements, the Company’s subsidiary received permission from the Department in 2023 to account for an excess of loss reinsurance recoverable as an admitted asset. Under prescribed statutory accounting practices, the excess of loss reinsurance recoverable would not be an admitted asset. As of December 31, 2023, that permitted accounting practice increased statutory surplus over what it would have been had that prescribed accounting practice been followed. Our opinions are not modified with respect to this matter.

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.

F-2

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.

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 20, 2024

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)	2023			2022
Admitted assets
Invested assets
Bonds	$	43,867		$	40,208
Stocks		3,714			3,700
Mortgage loans, net of allowance		9,144			8,363
Policy loans		969			933
Derivative assets		113			143
Cash, cash equivalents and short-term investments		1,555			1,621
Securities lending collateral assets		359			232
Other invested assets		2,198			1,848
Total invested assets	$	61,919		$	57,048
Accrued investment income		965			585
Deferred federal income tax assets, net		632			589
Other assets		404			378
Separate account assets		113,270			102,808
Total admitted assets	$	177,190		$	161,408
Liabilities, capital and surplus
Liabilities
Future policy benefits and claims	$	49,373		$	45,482
Policyholders’ dividend accumulation		380			398
Asset valuation reserve		841			707
Payable for securities		512			323
Securities lending payable		359			232
Funds held under coinsurance		1,323			1,608
Other liabilities		1,447			1,253
Accrued transfers from separate accounts		(1,548	)		(1,598	)
Separate account liabilities		113,270			102,808
Total liabilities	$	165,957		$	151,213
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
Special surplus funds		93			-
Additional paid-in capital		2,443			2,308
Unassigned surplus		7,593			6,783
Total capital and surplus	$	11,233		$	10,195
Total liabilities, capital and surplus	$	177,190		$	161,408

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)	2023			2022			2021
Revenues
Premiums and annuity considerations	$	14,670		$	14,535		$	12,664
Net investment income		3,136			2,019			2,231
Other revenues		2,389			2,346			2,455
Total revenues	$	20,195		$	18,900		$	17,350
Benefits and expenses
Benefits to policyholders and beneficiaries	$	17,416		$	15,963		$	16,884
Increase in reserves for future policy benefits and claims		3,747			2,525			807
Net transfers from separate accounts		(3,742	)		(1,635	)		(3,002	)
Commissions		766			810			858
Reserve adjustment on reinsurance assumed		(153	)		(161	)		(151	)
Other expenses		702			564			469
Total benefits and expenses	$	18,736		$	18,066		$	15,865
Income before federal income tax expense (benefit) and net realized capital (losses) gains on investments	$	1,459		$	834		$	1,485
Federal income tax expense (benefit)		108			100			(9	)
Income before net realized capital (losses) gains on investments	$	1,351		$	734		$	1,494
Net realized capital (losses) gains on investments, net of federal income tax (benefit) expense of $(4), $3 and $59 in 2023, 2022 and 2021, respectively, and excluding $(30), $(103) and $15 of net realized capital (losses) gains transferred to the interest maintenance reserve in 2023, 2022 and 2021, respectively		(402	)		240			(683	)
Net income	$	949		$	974		$	811

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		Special surplus funds		Additional paid-in capital		Unassigned surplus			Capital and surplus
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 contributions 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
Net income		-		-		-		-		949			949
Change in asset valuation reserve		-		-		-		-		(103	)		(103	)
Change in deferred income taxes		-		-		-		-		132			132
Change in net unrealized capital gains and losses, net of tax benefit of $37		-		-		-		-		(77	)		(77	)
Change in nonadmitted assets, including admitted disallowed interest maintenance reserve		-		-		93		-		(126	)		(33	)
Capital contributions from Nationwide Financial Services, Inc.		-		-		-		135		-			135
Other, net		-		-		-		-		35			35
Balance as of December 31, 2023	$	4	$	1,100	$	93	$	2,443	$	7,593		$	11,233

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)	2023			2022			2021
Cash flows from operating activities:
Premiums collected, net of reinsurance	$	14,675		$	14,545		$	12,661
Net investment income		2,775			2,064			2,404
Other revenue		2,021			3,178			2,367
Policy benefits and claims paid		(17,567	)		(15,962	)		(16,735	)
Commissions, operating expenses and taxes, other than federal income tax paid		(1,268	)		(1,275	)		(1,122	)
Net transfers from separate accounts		3,792			1,658			2,871
Policyholders’ dividends paid		(28	)		(30	)		(36	)
Federal income taxes recovered (paid)		98			(261	)		121
Net cash provided by operating activities	$	4,498		$	3,917		$	2,531
Cash flows from investing activities:
Proceeds from investments sold, matured or repaid:
Bonds	$	2,594		$	3,444		$	6,953
Stocks		46			19			127
Mortgage loans		635			1,139			1,053
Derivative assets		-			431			-
Other invested assets and other		467			641			279
Total investment proceeds	$	3,742		$	5,674		$	8,412
Cost of investments acquired:
Bonds	$	(6,256	)	$	(6,024	)	$	(7,744	)
Stocks		(35	)		(901	)		(538	)
Mortgage loans		(1,370	)		(1,305	)		(1,441	)
Derivative assets		(556	)		-			(589	)
Other invested assets and other		(766	)		(1,057	)		(594	)
Total investments acquired	$	(8,983	)	$	(9,287	)	$	(10,906	)
Net increase in policy loans		(37	)		(19	)		(25	)
Net cash used in investing activities	$	(5,278	)	$	(3,632	)	$	(2,519	)
Cash flows from financing activities and miscellaneous sources:
Capital contributions from Nationwide Financial Services, Inc.	$	135		$	310		$	-
Dividend paid to Nationwide Financials Services, Inc.		-			-			(550	)
Net change in deposits on deposit-type contract funds and other insurance liabilities		270			391			517
Other cash provided (used)		309			(1	)		196
Net cash provided by financing activities and miscellaneous	$	714		$	700		$	163
Net (decrease) increase in cash, cash equivalents and short-term investments	$	(66	)	$	985		$	175
Cash, cash equivalents and short-term investments at beginning of year		1,621			636			461
Cash, cash equivalents and short-term investments at end of year	$	1,555		$	1,621		$	636
Supplemental disclosure of non-cash activities:
Exchange of bond investments	$	385		$	349		$	277
Intercompany transfer of securities from merger	$	203		$	-		$	-

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, 2023, 2022 and 2021 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 wholly-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 life insurance, fixed and variable individual annuities, private and public sector group retirement plans, 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, recommend or direct the purchase of 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. 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, 2023 include Nationwide Life and Annuity Insurance Company (“NLAIC”) and its wholly-owned subsidiaries, Olentangy Reinsurance, LLC (“Olentangy”) and Nationwide SBL, LLC (“NWSBL”), 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 contracts, universal life insurance, variable universal life insurance, term life insurance and corporate-owned life insurance on a non-participating basis. Olentangy is a dormant Vermont domiciled special purpose financial insurance company and nonadmitted subsidiary. NWSBL is an Ohio limited liability company and offers a securities-based lending product and is a nonadmitted subsidiary. JNL and JNLNY primarily offer individual deferred 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 and nonadmitted subsidiary.

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, 2023 and 2022, 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 to the Company’s financial position after considering insurance risk that has been transferred to external reinsurers.

(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 October 1, 2023, Jefferson National Financial Corporation (“JNFC”), a holding company and wholly-owned subsidiary of the Company, completed a merger agreement with the Company. Pursuant to the merger agreement, which was deemed a statutory merger, the operations of JNFC were merged with and into the Company, with the Company continuing as the surviving corporation. Concurrently, JNL, a wholly-owned subsidiary of JNFC prior to the merger, became a wholly-owned subsidiary of the Company. There was not a material impact on the Company’s surplus as a result of the merger.

F-8

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Effective January 1, 2022, Harleysville Life Insurance Company (“HLIC”), an Ohio domiciled stock life insurance company and subsidiary of NMIC that offered 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.

NLIC and NLAIC have 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.

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.

Effective October 1, 2023, Eagle was granted a permitted practice from the Department, allowing Eagle to carry a reinsurance recoverable asset under an excess of loss reinsurance agreement with a third-party reinsurer as an admitted asset.

Prior to October 1, 2023, 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. on its statutory statements of admitted assets, liabilities and surplus at net admitted asset value for certain universal life and term life insurance policies. Effective October 1, 2023, Olentangy terminated this permitted practice due to NLAIC’s recapture of the reinsurance agreements.

F-9

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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		2023			December 31, 2022			2021
Net Income
Statutory Net Income						OH	$	949		$	974		$	811
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		4		OH		110			(43	)		9
Reserves for indexed annuities		51		4		OH		(75	)		15			(20	)
Tax impact		101		4		OH		(7	)		6			3
NAIC SAP							$	977		$	952		$	803

A reconciliation of the Company’s capital and surplus between NAIC SAP and prescribed and permitted practices is shown below:

			F/S		State of		As of December 31,
(in millions)	SSAP #		Page		domicile		2023			2022
Surplus
Statutory Capital and Surplus						OH	$	11,233		$	10,195
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		2,4		OH		84			(30	)
Reserves for indexed annuities		51		3,4		OH		(82	)		(7	)
Tax impact		101		2,4		OH		-			8
Subsidiary Valuation - NLAIC		51,86,101		2		OH		89			(232	)
Subsidiary valuation - Eagle		51		2		OH		(228	)		118
State Permitted Practice:
Subsidiary valuation - Eagle		61R		2		OH		(853	)		-
Subsidiary valuation - Olentangy		20		2		VT		-			(67	)
NAIC SAP							$	10,243		$	9,985

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 or other asset, 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, 2023, 2022 and 2021 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 flow 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; 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.

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.

F-11

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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 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%. The Company has applied principle-based reserving to all new individual life business. For business subject to principle-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 principle-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”).

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.

The Company calculated its reserves for variable annuities using a stochastic reserve, which is floored at the cash surrender value, per Valuation Manual 21, Requirements for Principle-Based Reserves for Variable Annuities.

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.

F-12

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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.

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.

F-13

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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.

Corporate pricing matrices are used in valuing certain bonds. The corporate pricing matrices were developed using publicly and privately available spreads segmented by various weighted average lives and credit quality ratings. Certain private placement bonds have adjusted spreads to capture the impacts of liquidity premium based on industry sector. The weighted average life and credit quality rating of a particular bond to be priced using those matrices are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate industry sector or 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 corporate pricing matrices. 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 investment’s 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.

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, JNL 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. 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, JNL 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.

F-14

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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 unrealized capital gains and losses. In the event a loan-specific reserve charge is reversed, the recovery is also recorded in net unrealized capital gains and losses. If the mortgage loan is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the loan and the fair value of the collateral less estimated costs to obtain and sell. Any previously recorded loan-specific reserve is reversed.

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 and instead are evaluated using other qualitative metrics.

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 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.

F-15

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Other invested assets. Other invested assets consist primarily of alternative investments in private equity funds, private debt funds, tax credit funds, real estate partnerships, limited liability companies, joint ventures 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.

The Company sold $3.1 billion, $2.9 billion and $2.6 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2023, 2022 and 2021, respectively. The Company guarantees after-tax benefits to the third-party investors through periods ending in 2041. 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 $1.8 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.

F-16

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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.

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 the IMR. The IMR 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 evaluated for admittance under INT 23-01, Net Negative (Disallowed) Interest Maintenance Reserve (“INT 23-01”). The Company utilizes the grouped method for amortization. Under the grouped method, the IMR is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands. Refer to Recently Adopted Accounting Standards for additional discussion of IMR.

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, 2023 and 2022.

F-17

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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.

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, 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 3% and 4% of the Company’s life insurance in force in 2023 and 2022, respectively, and 48% and 49% of the number of life insurance policies in force in 2023 and 2022, 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 2023 and 2022.

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.

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-18

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Recently Adopted Accounting Standards

Effective December 31, 2023, the Company adopted INT 23-04, Life Reinsurance Liquidation Questions, that clarifies accounting and reporting considerations of SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets (“SSAP No. 5R”), as it relates to the liquidation of Scottish Re U.S. (“SRUS”). On July 18, 2023, SRUS was declared insolvent and ordered liquidated by the Court of Chancery of the State of Delaware (“Court”), resulting in termination of the reinsurance agreements between the Company and SRUS effective September 30, 2023, and the recapture of the ceded liabilities. The Company has accrued adequate provisions as of December 31, 2023, in accordance with SSAP No. 5R related to SRUS reinsurance recoverables and assets held in a trust that secure the annuity reinsurance recoverables. The Company will continue to work with the SRUS liquidator and the Court to resolve when the Company will be able to access the trust assets. As of December 31, 2023, assets held in trust and reinsurance recoverables related to SRUS are immaterial.

Effective September 30, 2023, the Company adopted INT 23-01, a short-term solution related to the accounting treatment of an insurer’s negative IMR balance. INT 23-01 allows an insurer with an authorized control level risk-based capital greater than 300%, after an adjustment to total adjusted capital, to admit negative IMR up to 10% of its general account capital and surplus, subject to certain restrictions and reporting obligations. There is no admitted disallowed IMR in the separate accounts. Fixed income investments generating IMR losses comply with the Company’s investment policies. There are no deviations from the investment policies and sales were not compelled by liquidity pressures. The Company has not allocated gains or losses to IMR from derivatives that were reported at fair value prior to the termination of the derivative. As of December 31, 2023, the Company has $93 million of admitted disallowed IMR in capital and surplus in the general account.

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 20, 2024, the date the statutory financial statements were issued.

F-19

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023
Subject to discretionary withdrawal:
With market value adjustment	$	4,389		$	64	$	-	$	4,453			6	%
At book value less current surrender charge of 5% or more		2,210			-		-		2,210			3	%
At fair value		10			-		61,993		62,003			83	%
Total with market value adjustment or at fair value	$	6,609		$	64	$	61,993	$	68,666			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,532			-		6		3,538			5	%
Not subject to discretionary withdrawal		2,342			-		62		2,404			3	%
Total, gross	$	12,483		$	64	$	62,061	$	74,608			100	%
Less: Reinsurance ceded		(98	)		-		-		(98	)
Total, net	$	12,385		$	64	$	62,061	$	74,510
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)’	$	78		$	-	$	-	$	78
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

¹  Includes reserves applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

F-20

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023
Subject to discretionary withdrawal:
With market value adjustment	$	17,300		$	1,857	$	-	$	19,157			45	%
At book value less current surrender charge of 5% or more		2			-		-		2			0	%
At fair value		-			-		17,922		17,922			43	%
Total with market value adjustment or at fair value	$	17,302		$	1,857	$	17,922	$	37,081			88	%
At book value without adjustment (minimal or no charge or adjustment)		3,867			-		-		3,867			9	%
Not subject to discretionary withdrawal		1,237			102		-		1,339			3	%
Total, gross	$	22,406		$	1,959	$	17,922	$	42,287			100	%
Less: Reinsurance ceded		(29	)		-		-		(29	)
Total, net	$	22,377		$	1,959	$	17,922	$	42,258
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)’	$	2		$	-	$	-	$	2
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

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, 2023, 2022 and 2021 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, 2023
Subject to discretionary withdrawal:
With market value adjustment	$	1	$	-	$	1		0	%
Total with market value adjustment or at fair value	$	1	$	-	$	1		0	%
At book value without adjustment (minimal or no charge or adjustment)		781		2		783		17	%
Not subject to discretionary withdrawal		3,677		17		3,694		83	%
Total, gross	$	4,459	$	19	$	4,478		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	4,459	$	19	$	4,478
December 31, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	1	$	-	$	1		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

The following table is a reconciliation of total annuity actuarial reserves and deposit fund liabilities, as of the dates indicated:

	December 31,
(in millions)	2023		2022
Life, accident and health annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	34,748	$	31,827
Supplemental contracts with life contingencies, net		14		14
Deposit-type contracts		4,459		4,189
Subtotal	$	39,221	$	36,030
Separate accounts annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	82,006	$	75,848
Other contract deposit funds		19		16
Subtotal	$	82,025	$	75,864
Total annuity actuarial reserves and deposit fund liabilities, net	$	121,246	$	111,894

F-22

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	10		$	10		$	-	$	-	$	-
Universal life		2,616			2,629			2,790			-		-		-
Universal life with secondary guarantees		453			390			1,032			-		-		-
Indexed universal life with secondary guarantees		341			265			367			-		-		-
Other permanent cash value life insurance		-			1,919			2,398			-		-		-
Variable life		3,435			3,483			3,603			29,611		29,607		29,607
Subtotal	$	6,845		$	8,696		$	10,200		$	29,611	$	29,607	$	29,607
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			181			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			17			-		-		-
Disability - disabled lives		-			-			59			-		-		-
Miscellaneous reserves		-			-			32			-		-		-
Total, gross	$	6,845		$	8,696		$	10,490		$	29,611	$	29,607	$	29,607
Less: reinsurance ceded		(8	)		(8	)		(151	)		-		-		-
Total, net	$	6,837		$	8,688		$	10,339		$	29,611	$	29,607	$	29,607

F-23

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

	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
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

The following table is a reconciliation of life actuarial reserves, as of the dates indicated:

	December 31,
(in millions)	2023		2022
Life, accident and health annual statement:
Life Insurance, net	$	10,241	$	9,569
Accidental death benefits, net		1		1
Disability - active lives, net		17		14
Disability - disabled lives, net		53		52
Miscellaneous reserves, net		27		27
Subtotal	$	10,339	$	9,663
Separate accounts annual statement:
Life insurance1	$	29,909	$	25,570
Subtotal	$	29,909	$	25,570
Total life actuarial reserves, net	$	40,248	$	35,233

1 Life insurance account value, cash value and reserve include separate accounts with guarantees of $302 million and $310 million for universal life as of December 31, 2023 and 2022, respectively.

The total direct premium written by managing general agents and third-party administrators was $451 million, $415 million and $444 million as of December 31, 2023, 2022 and 2021, respectively.

F-24

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023				December 31, 2022
(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	$	67,634	$	-	$	63,282	$	-
Group annuities		15,453		-		13,743		-
Life insurance		30,082		-		25,688		-
Pension risk transfer group annuities		101		-		95		-
Total	$	113,270	$	-	$	102,808	$	-

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
2023	$	78	$	780
2022	$	79	$	722
2021	$	12	$	674
2020	$	26	$	631
2019	$	58	$	612

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-25

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023
Premiums, considerations or deposits	$	88	$	-	$	6,181	$	6,269
Reserves
For accounts with assets at:
Fair value	$	1,781	$	143	$	109,609	$	111,533
Amortized cost		401		-		-		401
Total reserves1	$	2,182	$	143	$	109,609	$	111,934
By withdrawal characteristics:
With market value adjustment	$	1,779	$	143	$	-	$	1,922
At fair value		-		-		109,522		109,522
At book value without market value adjustment and with current surrender charge less than 5%		304		-		6		310
Subtotal	$	2,083	$	143	$	109,528	$	111,754
Not subject to discretionary withdrawal		99		-		81		180
Total reserves1	$	2,182	$	143	$	109,609	$	111,934

1 The total reserves balance does not equal the liabilities related to separate accounts of $113.3 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.3 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, 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.

F-26

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

The following table is a reconciliation of net transfers from separate accounts, as of the dates indicated:

				December 31,
(in millions)	2023			2022			2021
Net transfers as reported in the statutory statements of operations of the separate accounts:
Transfers to separate accounts	$	6,268		$	7,757		$	8,309
Transfers from separate accounts		(9,446	)		(8,860	)		(10,860	)
Net transfers from separate accounts	$	(3,178	)	$	(1,103	)	$	(2,551	)
Reconciling adjustments:
Exchange accounts offsetting in the general account		(889	)		(606	)		(552	)
Fees not included in general account transfers		41			47			68
Other miscellaneous adjustments not included in the general account balance		284			27			33
Net transfers as reported in the statutory statements of operations	$	(3,742	)	$	(1,635	)	$	(3,002	)

F-27

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023
Bonds:
U.S. Government	$	173	$	3	$	-	$	176
States, territories and possessions		609		10		44		575
Political subdivisions		371		11		21		361
Special revenues		2,994		57		248		2,803
Industrial and miscellaneous		31,796		311		2,206		29,901
Loan-backed and structured securities		7,924		38		304		7,658
Total bonds	$	43,867	$	430	$	2,823	$	41,474
Common stocks unaffiliated	$	231	$	-	$	-	$	231
Preferred stocks unaffiliated		47		-		1		46
Total unaffiliated stocks1	$	278	$	-	$	1	$	277
Total bonds and unaffiliated stocks1	$	44,145	$	430	$	2,824	$	41,751
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

1 Excludes affiliated common stocks with a carrying value of $3.4 billion as of December 31, 2023 and 2022, respectively. Affiliated common stocks include investment in NLAIC and JNL of $3.2 billion and $203 million as of December 31, 2023, respectively. Affiliated common stocks include investment in NLAIC and JNFC of $3.2 billion and $186 million as of December 31, 2022, respectively.

The carrying value of bonds on deposit with various states as required by law or special escrow agreement was immaterial as of December 31, 2023 and 2022.

F-28

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2023. 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	$	1,325	$	1,312
Due after one year through five years		10,189		9,936
Due after five years through ten years		10,242		9,646
Due after ten years		14,187		12,922
Total bonds excluding loan-backed and structured securities	$	35,943	$	33,816
Loan-backed and structured securities		7,924		7,658
Total bonds	$	43,867	$	41,474

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, 2023
Bonds:
U.S. Government	$	79	$	-	$	1	$	-	$	80	$	-
States, territories and possessions		30		-		373		44		403		44
Political subdivisions		51		-		148		21		199		21
Special revenues		45		1		1,934		247		1,979		248
Industrial and miscellaneous		1,093		43		21,615		2,266		22,708		2,309
Loan-backed and structured securities		485		2		4,671		303		5,156		305
Total bonds	$	1,783	$	46	$	28,742	$	2,881	$	30,525	$	2,927
Common stocks unaffiliated	$	-	$	-	$	37	$	5	$	37	$	5
Preferred stocks unaffiliated		3		-		6		-		9		-
Total unaffiliated stocks	$	3	$	-	$	43	$	5	$	46	$	5
Total bonds and unaffiliated stocks	$	1,786	$	46	$	28,785	$	2,886	$	30,571	$	2,932
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

As of December 31, 2023, 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 at 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, 2023 and 2022.

F-29

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Mortgage Loans, Net of Allowance

The following table summarizes the amortized cost of mortgage loans and the related valuation allowances by type of credit loss, as of the dates indicated:

	December 31,
(in millions)	2023		2022
Total amortized cost	$	9,146	$	8,401
Valuation allowance:
Non-specific reserves2	$	-	$	37
Specific reserves		2		1
Total valuation allowance1	$	2	$	38
Mortgage loans, net of allowance	$	9,144	$	8,363

1 For the years ended December 31, 2023, 2022 and 2021, changes in the valuation allowance were immaterial and due to current period provisions.

2 Effective January 1, 2023, the Company changed its method for reserving for mortgage loans by removing the need for a non-specific reserve. In the Company’s judgment, the change in reserving approach appropriately reflects the credit risk inherent for mortgage loans held. The impact of the change was recorded as a reversal of the non-specific reserves, resulting in an increase to unassigned surplus of $4 million and recorded through ‘Other, net’ activity within the statutory statements of changes in capital and surplus. There was no impact on net income.

As of December 31, 2023 and 2022, 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, 2023
Apartment	$	3,831	$	22	$	3,853	$	3,823		$	29		$	3,852
Industrial		1,842		-		1,842		1,842			-			1,842
Office		1,057		71		1,128		1,126			3			1,129
Retail		1,888		8		1,896		1,887			9			1,896
Other		256		-		256		216			40			256
Total1	$	8,874	$	101	$	8,975	$	8,894		$	81		$	8,975
Weighted average DSC ratio		2.20		1.33		2.19		n/a			n/a			n/a
Weighted average LTV ratio		n/a		n/a		n/a		56	%		71	%		57%
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%

1 Excludes $171 million and $17 million of commercial mortgage loans that were under development as of December 31, 2023 and 2022, respectively.

As of December 31, 2023 and 2022, the Company has a diversified mortgage loan portfolio with no more than 23% 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 2023 were 9.2% and 4.8%, respectively, and for those originated or acquired during 2022 were 11.0% and 2.9%, respectively. As of December 31, 2023 and 2022, the maximum LTV ratio of any one loan at the time of loan origination was 78% and 80%, respectively. As of December 31, 2023 and 2022, 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-30

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Securities Lending

The fair value of loaned securities was $922 million and $611 million as of December 31, 2023 and 2022, respectively. The Company held $359 million and $232 million of cash collateral on securities lending as of December 31, 2023 and 2022, respectively. The carrying value and fair value of reinvested collateral assets were $359 million and $232 million and had a contractual maturity of under 30 days as of December 31, 2023 and 2022, respectively. The fair value of bonds acquired with reinvested collateral assets was $366 million and $236 million as of December 31, 2023 and 2022, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $584 million and $394 million of non-cash collateral on securities lending as of December 31, 2023 and 2022, respectively.

Net Investment Income

The following table summarizes net investment income by investment type, for the years ended:

	December 31,
(in millions)	2023			2022			2021
Bonds	$	1,917		$	1,511		$	1,417
Mortgage loans		357			334			358
Other invested assets		868			196			499
Policy loans		43			42			43
Derivative instruments1		24			19			31
Other		62			44			12
Gross investment income	$	3,271		$	2,146		$	2,360
Investment expenses		(135	)		(127	)		(129)
Net investment income	$	3,136		$	2,019		$	2,231

1 Includes net investment income applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

The amount of investment income due and accrued that was nonadmitted as of December 31, 2023 and 2022 was immaterial. Investment income due and accrued as of December 31, 2023 and 2022 that was admitted was $965 million and $585 million, respectively.

Net Realized Capital Gains and Losses

The following table summarizes net realized capital gains and losses for the years ended:

	December 31,
(in millions)	2023			2022			2021
Gross gains on sales	$	31		$	31		$	106
Gross losses on sales		(68	)		(149	)		(32	)
Net realized (losses) gains on sales	$	(37	)	$	(118	)	$	74
Net realized derivative (losses) gains		(378	)		284			(679	)
Other-than-temporary impairments		(21	)		(26	)		(4	)
Total net realized (losses) gains	$	(436	)		$140		$	(609	)
Tax (benefit) expense on net (losses) gains		(4	)		3			59
Net realized capital (losses) gains, net of tax	$	(432	)		$137		$	(668	)
Less: Realized (losses) gains transferred to the IMR		(30	)		(103	)		15
Net realized capital (losses) gains, net of tax and transfers to the IMR	$	(402	)	$	240		$	(683	)

For the year ended December 31, 2023, gross realized gains and gross realized losses on sales of bonds were $25 million and $64 million, respectively. 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.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2023, 2022 and 2021.

F-31

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Investment Commitments

The Company had unfunded commitments related to its investment in limited partnerships and limited liability companies totaling $1.0 billion and $894 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, there were $99 million and $207 million of commitments to purchase private placement bonds, respectively. There were $490 million and $291 million of outstanding commitments to fund mortgage loans as of December 31, 2023 and 2022, 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, 2023 and 2022, 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-32

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023
Interest rate swaps	$	2,410	$	-	$	-	$	-		$	-
Options		137		1		7		-			-
Cross currency swaps		1,621		94		120		(22	)		1
Futures		2,925		-		-		-			-
Total derivatives¹	$	7,093	$	95	$	127	$	(22	)	$	1
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

1 Fair value balance excludes immaterial accrued interest on derivative assets for December 31, 2023 and 2022.

The Company received $253 million and $178 million of cash collateral and held $49 million and $20 million of securities off-balance sheet as collateral for derivative assets as of December 31, 2023 and 2022, respectively. Cash and securities pledged for derivative liabilities were immaterial as of December 31, 2023 and 2022. The impact of netting as a result of master netting agreements reduced the fair value of derivative assets and liabilities by $20 million and $8 million as of December 31, 2023 and 2022, respectively. As a result, the Company’s uncollateralized position for derivatives instruments was immaterial in each respective period. In addition, the Company posted initial margin on derivative instruments of $256 million and $236 million as of December 31, 2023 and 2022, respectively.

The following table summarizes net gains and losses on derivatives programs by type of derivative instrument, as of the dates indicated:

	Net realized (losses) gains recorded in operations								Unrealized (losses) gains recorded in capital and surplus
	December 31,								December 31,
(in millions)	2023			2022		2021			2023			2022		2021
Cross currency swaps	$	-		$	1	$	1		$	(43	)	$	103	$	69
Futures		(378	)		283		(680	)		(173	)		124		27
Total	$	(378	)	$	284	$	(679	)	$	(216	)	$	227	$	96

F-33

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

(7) Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2023:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	7	$	-	$	-	$	7
Common stocks unaffiliated		67		164		-		-		231
Preferred stocks unaffiliated		-		39		7		-		46
Separate account assets		104,555		1,637		51		6,430		112,673
Assets at fair value	$	104,622	$	1,847	$	58	$	6,430	$	112,957

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2023:

(in millions)	Preferred stocks  unaffiliated			Separate account assets			Assets  at fair value
Balance as of December 31, 2022	$	6		$	55		$	61
Net gains (losses):
In surplus		1			(1	)		-
Purchases		3			-			3
Sales		(3	)		(3	)		(6	)
Balance as of December 31, 2023	$	7		$	51		$	58

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.

F-34

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023
Assets:
Bonds	$	175		$	35,293	$	5,999	$	41,467	$	43,860
Mortgage loans, net of allowance		-			-		8,047		8,047		9,144
Policy loans		-			-		969		969		969
Derivative assets		-			120		7		127		113
Cash, cash equivalents and short-term investments		(52	)		1,607		-		1,555		1,555
Securities lending collateral assets		359			-		-		359		359
Separate account assets		5			411		157		573		597
Total assets	$	487		$	37,431	$	15,179	$	53,097	$	56,597
Liabilities:
Investment contracts	$	-		$	-	$	3,265	$	3,265	$	3,242
Derivative liabilities		-			22		-		22		17
Total liabilities	$	-		$	22	$	3,265	$	3,287	$	3,259
December 31, 2022
Assets:
Bonds	$	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

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-35

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

(8) Federal Income Taxes

The following tables summarize the net admitted deferred tax assets, as of the dates indicated:

	December 31, 2023
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	953		$	21		$	974
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	953		$	21		$	974
Less: Deferred tax assets nonadmitted		(222	)		-			(222)
Net admitted deferred tax assets	$	731		$	21		$	752
Less: Deferred tax liabilities		(105	)		(15	)		(120)
Net admitted deferred tax assets	$	626		$	6		$	632
	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

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)	2023			2022			Change
Adjusted gross deferred tax assets	$	974		$	852		$	122
Total deferred tax liabilities		(120	)		(160	)		40
Net deferred tax assets	$	854		$	692		$	162
Less: Tax effect of unrealized gains and losses								37
Less: Tax effect of change in accounting principle								(8	)
Less: Merger adjustment								1
Change in deferred income tax							$	132

F-36

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

The following tables summarize components of the admitted deferred tax assets calculation, as of the dates indicated:

	December 31, 2023
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	3	$	3
Adjusted gross deferred tax assets expected to be realized1		623		6		629
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		108		12		120
Admitted deferred tax assets	$	731	$	21	$	752

	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

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, 2023 and 2022, the threshold limitation for adjusted capital and surplus was $1.6 billion and $1.4 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 $10.5 billion and $9.5 billion as of December 31, 2023 and 2022, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 1,062% and 1,071% as of December 31, 2023 and 2022, respectively.

The following tables summarize the impact of tax planning strategies, as of the dates indicated:

	December 31, 2023
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		7.19	%		0.00	%		7.19	%

	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	%

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2023 and 2022.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2023 and 2022.

F-37

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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)	2023			2022			Change
Deferred tax assets
Ordinary:
Future policy benefits and claims	$	231		$	132		$	99
Investments		110			89			21
Deferred acquisition costs		297			260			37
Tax credit carry-forward		259			294			(35	)
Other		56			45			11
Subtotal	$	953		$	820		$	133
Nonadmitted		(222	)		(96	)		(126	)
Admitted ordinary deferred tax assets	$	731		$	724		$	7
Capital:
Investments		21			32			(11	)
Subtotal	$	21		$	32		$	(11	)
Nonadmitted		-			(7	)		7
Admitted capital deferred tax assets	$	21		$	25		$	(4	)
Admitted deferred tax assets	$	752		$	749		$	3
Deferred tax liabilities
Ordinary:
Investments	$	(68	)	$	(100	)	$	32
Future policy benefits and claims		(22	)		(32	)		10
Other		(15	)		(15	)		-
Subtotal	$	(105	)	$	(147	)	$	42
Capital:
Investments		(15	)		(13	)		(2	)
Subtotal	$	(15	)	$	(13	)	$	(2	)
Deferred tax liabilities	$	(120	)	$	(160	)	$	40
Net deferred tax assets	$	632		$	589		$	43

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, 2023 and 2022.

F-38

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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)	2023			2022			2021
Current income tax expense	$	104		$	103		$	50
Change in deferred income tax (without tax on unrealized gains and losses)		(132	)		(28	)		(50	)
Total income tax (benefit) expense reported	$	(28	)	$	75		$	-
Income before income and capital gains taxes	$	1,053		$	1,077		$	861
Federal statutory tax rate		21	%		21	%		21	%
Expected income tax expense at statutory tax rate	$	221		$	226		$	181
(Decrease) increase in actual tax reported resulting from:
Dividends received deduction		(211	)		(80	)		(137	)
Tax credits		(45	)		(58	)		(47	)
Other		7			(13	)		3
Total income tax (benefit) expense reported	$	(28	)	$	75		$	-

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, 2023:

(in millions)	Amount		Origination		Expiration
Operating loss carryforwards	$	2		2017		2032
Business credits	$	32		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	$	27		2022		2042
Business credits	$	24		2023		2043

F-39

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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 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 Insurance Company of New York Harleysville Insurance Company Harleysville Insurance Company of New Jersey Harleysville Lake States Insurance Company Harleysville Preferred Insurance Company Harleysville Worcester Insurance Company Jefferson National Financial Corporation Jefferson National Life Insurance Company Jefferson National Life Insurance Company of New York 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 Insurance 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, Ltd. Retention Alternatives Ltd. In Respect of Cell No. 1 Segregated Account Scottsdale Indemnity Company Scottsdale Insurance Company Scottsdale Surplus Lines Insurance Company 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 of regular tax among the companies is based upon separate return calculations with current benefit for tax losses and credits utilized in the consolidated return. Effective January 1, 2023, the Company revised its tax sharing agreement to address corporate alternative minimum tax (“CAMT”). If the consolidated federal income tax return group is an Applicable Corporation and has a CAMT liability, all members of the group will be treated as Applicable Corporations subject to CAMT. CAMT is paid by affiliates based on the ratio of the subsidiary’s CAMT liability to the total CAMT liabilities of all subsidiaries.

The Company did not have any protective tax deposits under Section 6603 of the Internal Revenue Code as of December 31, 2023 and 2022.

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 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.

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.

F-40

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Reporting entities that reasonably expect to be applicable corporations for the current reporting period are considered applicable reporting entities. The Company comprises a controlled group of corporations and has determined that it likely will be an applicable corporation, and therefore an appliable reporting entity, in 2023. In making such determination, the group has made certain interpretations of, and assumptions regarding, the CAMT provisions of the Act. The Company does not consider its CAMT status when evaluating its deferred tax assets under the regular tax system. The U.S. Treasury Department is expected to issue guidance throughout 2024 that may differ from the group’s interpretations and assumptions and that could alter the group’s determination.

The reporting entity has made an accounting policy election to disregard CAMT when evaluating the need for a valuation allowance for its non-CAMT deferred tax assets.

For the years ended December 31, 2023 and 2022, the Act did not impact the Company’s total tax.

(9) Short-Term Debt and FHLB Funding Agreements

Short-Term Debt

The Company is a party to a $750 million revolving variable rate credit facility agreement. The Company had no amounts outstanding under the facility as of December 31, 2023 and 2022.

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, 2023 and 2022.

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, 2023 and 2022.

The amount of interest paid on short-term debt was immaterial in 2023, 2022 and 2021.

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 $6.0 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. FHLB 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 in membership stock as of December 31, 2023 and 2022. As part of the agreement, the Company purchased and held an additional $144 million and $139 million in activity stock and an immaterial amount in excess stock as of December 31, 2023 and 2022, 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 $3.3 billion and $3.1 billion as of December 31, 2023 and 2022, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus.

The Company has agreements with the FHLB to provide financing for operations. These agreements, which were renewed in February 2024 and expire January 2025, allow the Company access to borrow up to $1.1 billion. As of December 31, 2023 and 2022, the Company had no amounts outstanding under these agreements.

Bonds and mortgage loans with a carrying value of $5.3 billion (3.0% of total admitted assets) as of December 31, 2023 and $4.6 billion (2.8% of total admitted assets) as of December 31, 2022 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-41

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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, 2023
12/19/2001		7.50	%	$	300	$	300	$	23	$	495	$	-		12/31/2031
6/27/2002		8.15	%		300		300		24		521		-		6/27/2032
12/23/2003		6.75	%		100		100		7		132		-		12/23/2033
12/20/2019		4.21	%		400		400		16		67		-		12/19/2059
Total				$	1,100	$	1,100	$	70	$	1,215	$	-
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	$	-

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 agreements 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 2023, 2022 and 2021 included premiums of $635 million, $637 million and $607 million, respectively, benefits and claims, net of third-party reinsurance recoveries, of $73 million, $75 million, and $8 million respectively, net investment earnings on funds withheld assets of $55 million, $52 million and $40 million, respectively, and an expense allowance for third-party reinsurance premiums of $1 million, $2 million and $1 million, respectively. As of December 31, 2023 and 2022, the carrying value of the funds withheld assets recorded within funds held under coinsurance was $1.3 billion and $1.6 billion, respectively, which consists of bonds and cash equivalents that had a carrying value of $1.2 billion and $1.5 million, respectively, and mortgage loans that had a carrying value of $73 million and $95 million, respectively. As of December 31, 2023 and 2022, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreements was $91 million and $253 million, respectively. Amounts payable to Eagle related to the reinsurance agreements were $377 million and $424 million as of December 31, 2023 and 2022, 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 $307 million, $287 million and $281 million for the years ended December 31, 2023, 2022 and 2021, respectively, while benefits, claims and expenses ceded were $301 million, $267 million and $257 million, respectively.

F-42

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 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 statements of operations for 2023, 2022 and 2021 and include considerations of $46 million, $10 million and $10 million, respectively, net investment income of $31 million, $35 million and $42 million, respectively, and benefits, claims and other expenses of $186 million, $161 million and $147 million, respectively. The reserve adjustment for 2023, 2022 and 2021 of $(153) million, $(161) million and $(151) 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 $737 million and $859 million as of December 31, 2023 and 2022, respectively, and amounts payable related to this agreement were $6 million and $14 million as of December 31, 2023 and 2022, 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 $34 million and $33 million as of December 31, 2023 and 2022, respectively. Total premiums assumed under this treaty were $12 million, $12 million and $12 million during 2023, 2022 and 2021, 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 $154 million and $156 million as of December 31, 2023 and 2022, 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, 2023 and 2022 were $278 million and $345 million, respectively. The ceding of risk does not relieve the Company, as the original insurer, from its primary obligation to the policyholder.

(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, but are not limited to, annuity and life insurance contracts, 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 conformity with NAIC statutory accounting principles. In addition, 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.

Affiliate receivables and payables are the result of cost sharing and intercompany service agreements between the Company and its affiliates in which settlement has not yet occurred. Affiliate receivables are presented net of affiliate payables when the Company has the right to offset. The gross amounts due from affiliates were $19 million and $226 million as of December 31, 2023 and 2022, respectively, and are included in other assets in the Company’s statutory statements of admitted assets, liabilities, capital and surplus. The gross amounts due to affiliates were $133 million and $177 million as of December 31, 2023 and 2022, respectively, and are included in other liabilities in the Company’s statutory statements of admitted assets, liabilities, capital and surplus. These arrangements are subject to written agreements which require that intercompany balances be settled within a certain time period, generally 30 to 60 days.

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 years ended December 31, 2023 and 2022, the Company was allocated costs from NMIC totaling $245 million and $285 million, respectively. For the year ended December 31, 2021, the Company was allocated costs from NMIC and NSC totaling $288 million.

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 $3.4 billion and $3.7 billion as of December 31, 2023 and 2022, respectively. Total revenues from these contracts were $125 million, $127 million and $121 million for the years ended December 31, 2023, 2022 and 2021, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $84 million, $87 million and $113 million for the years ended December 31, 2023, 2022 and 2021, respectively.

F-43

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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 amount the Company earned for the years ended December 31, 2023, 2022 and 2021 were immaterial.

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, 2023 and 2022, customer allocations to NFG funds totaled $63.9 billion and $63.0 billion, respectively. For the years ended December 31, 2023, 2022 and 2021, NFG paid the Company $234 million, $242 million and $265 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $1.3 billion and $1.0 billion as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, amounts on deposit with NCMC were comprised of $1.0 billion and $883 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, 2023, 2022 and 2021 was $63 million, $112 million and $74 million, respectively.

The Company provides commercial mortgage loans to subsidiaries of Nationwide Realty Investors, LTD, a subsidiary of NMIC with interest rates ranging from 3.62% to 4.90% and maturity dates ranging from January 2031 to July 2041. As of December 31, 2023 and 2022, the Company had $304 million and $338 million, respectively, outstanding under these arrangements.

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, 2023 and 2022, the Company had no outstanding borrowings from affiliated entities under such agreements. The amounts the Company incurred for interest expense on intercompany repurchase agreements during 2023, 2022 and 2021 were immaterial.

During 2023, the Company received capital contributions of $135 million from NFS. During 2024, the Company received an additional capital contribution of $30 million from NFS. During 2022, the Company received capital contributions of $310 million from NFS.

During 2023, there were no capital contributions paid to NLAIC by the Company. During 2024, the Company has paid capital contributions to NLAIC of $100 million as of the subsequent event date. During 2022 and 2021, the Company paid capital contributions of $800 million and $400 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 a replacement unsecured promissory note and revolving line of credit agreement with JNLNY whereby JNLNY can borrow up to $5 million. No amounts have been drawn on the note as of December 31, 2023 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.

F-44

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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 2023 and 2022, the Company made surplus contributions to Eagle. On September 29, 2023, the Company made a surplus contribution to Eagle of $10 million. On June 30, 2022 and July 19, 2022, the Company made surplus contributions to Eagle of $225 million and $1 million, respectively. During 2023 and 2022 Eagle declared distributions to the Company based on their earned surplus position. On February 9, 2024, the Company received a total distribution of $421 million that was declared on December 29, 2023 and consisted of a return of contributed surplus of $10 million and a dividend of $411 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, 2023. On August 10, 2023, the Company received a dividend distribution of $205 million that was declared on June 30, 2023. On May 9, 2023, the Company received a dividend distribution of $204 million that was declared on March 31, 2023. 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.

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 when, on March 1, 2023, the outstanding balance was repaid and a replacement agreement was entered into at an interest rate of 1-month SOFR plus 0.9% and a maturity date of February 28, 2024. As of December 31, 2023, NWSBL had outstanding borrowings of $328 million. During 2024, additional draws increased the outstanding balance to $363 million when, on February 28, 2024, the outstanding balance was repaid and a replacement agreement was entered into at an interest rate of 1-month SOFR plus 0.9% and a maturity date of February 27, 2025 with an initial draw of $363 million. Subsequently, additional draws have increased the outstanding balance to $381 million as of the subsequent event date.

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.

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 $251 million and $140 million as of December 31, 2023 and 2022, 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 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).

(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.

F-45

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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 immaterial as of December 31, 2023 and 2022.

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.

(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 surplus as regards policyholders as of the prior December 31 or (ii) the net income of the insurer as of the prior year. No dividends were paid by the Company to NFS for the years ended December 31, 2023 and 2022. In March 2021, the Company paid an ordinary dividend of $550 million to NFS. The Company’s surplus as regards policyholders as of December 31, 2023, was $11.2 billion and statutory net income for 2023 was $949 million. As of January 1, 2024, the Company has the ability to pay dividends to NFS totaling $1.1 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.

F-46

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, 2023:

(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		$	173	$	175	$	173
U.S. government and agencies			104		105		104
Obligations of states and political subdivisions			3,576		3,361		3,576
Foreign governments			342		321		342
Public utilities			4,758		4,410		4,736
All other corporate, mortgage-backed and asset-backed securities			35,011		33,102		34,936
Total fixed maturity securities		$	43,964	$	41,474	$	43,867
Equity securities:
Common Stocks:
Banks, trust and insurance companies			65		67		67
Industrial, miscellaneous and all other			164		164		164
Nonredeemable preferred stocks			42		46		46
Total equity securities1		$	271	$	277	$	277
Mortgage loans2			9,146				9,144
Short-term investments			1,555				1,555
Policy loans			970				969
Other long-term investments3			2,346				2,346
Total invested assets		$	58,252			$	58,158

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 $324 million are excluded.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-47

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule III Supplementary Insurance Information

As of December 31, 2023, 2022 and 2021 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
2023
Life Insurance			$	5,428				$	412
Annuities				15,213					7,368
Retirement Solutions				20,351					4,150
Corporate Solutions and Other				8,381					2,740
Total			$	49,373				$	14,670
2022
Life Insurance			$	5,353				$	415
Annuities				10,635					5,758
Retirement Solutions				21,824					5,097
Corporate Solutions and Other				7,670					3,265
Total			$	45,482				$	14,535
2021
Life Insurance			$	5,306				$	425
Annuities				8,026					6,512
Retirement Solutions				22,446					4,551
Corporate Solutions and Other				6,721					1,176
Total			$	42,499				$	12,664
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
2023
Life Insurance	$	276	$	757		$	101
Annuities		613		13,619			158
Retirement Solutions		835		5,610			214
Corporate Solutions and Other		1,412		1,943			203
Total	$	3,136	$	21,929		$	676
2022
Life Insurance	$	261	$	730		$	105
Annuities		346		10,871			136
Retirement Solutions		860		6,178			120
Corporate Solutions and Other		552		1,519			174
Total	$	2,019	$	19,298		$	535
2021
Life Insurance	$	254	$	311		$	107
Annuities		337		9,411			41
Retirement Solutions		861		6,973			122
Corporate Solutions and Other		779		1,304			169
Total	$	2,231	$	17,999		$	439

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-48

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule IV  Reinsurance

As of December 31, 2023, 2022 and 2021 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
2023
Life insurance in force	$	147,725	$	(26,722	)	$	579	$	121,582
Premiums:
Life Insurance	$	2,931	$	(143	)	$	12	$	2,800
Accident and health insurance		457		(465	)		9		-
Total	$	3,388	$	(608	)	$	21	$	2,800
2022
Life insurance in force	$	145,173	$	(29,598	)	$	605	$	116,180
Premiums:
Life Insurance	$	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 Insurance	$	1,624	$	(140	)	$	12	$	1,496
Accident and health insurance		445		(444	)		-		1
Total	$	2,069	$	(584	)	$	12	$	1,497

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-49

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule V  Valuation and Qualifying Accounts

Years ended December 31, 2023, 2022 and 2021:

(in millions)
Column A	Column B		Column C			Column D			Column E
Description	Balance at beginning of period		Charged to costs and expenses			Deductions1			Balance at end of period
2023
Valuation allowances - mortgage loans2	$	1	$	1		$	-		$	2
2022
Valuation allowances - mortgage loans	$	43	$	(5	)	$	-		$	38
2021
Valuation allowances - mortgage loans	$	48	$	(4	)	$	(1	)	$	43

1 Amounts generally represent recoveries, payoffs and sales.

2 Effective January 1, 2023, the Company changed its method for reserving for mortgage loans. Refer to Note 5 for further discussion and the resulting impacts of the change.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-50