NATIONWIDE VLI

SEPARATE

ACCOUNT-7

Annual Report

To

Policyholders

December 31, 2025

 

 

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-7:

Opinion on the Financial Statements

We have audited the accompanying statements of assets, liabilities and contract owners’ equity of the subaccounts listed in the Appendix that comprise the Nationwide VLI Separate Account-7 (the Subaccounts), as of December 31, 2025, the related statements of operations for the year or period listed in the Appendix, the statements of changes in contract owners’ equity for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Subaccounts as of December 31, 2025, the results of their operations for the year or period listed in the Appendix, and the changes in their contract owners’ equity for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Subaccounts’ 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 Subaccounts 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, 2025, 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, 2026

 

		KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Appendix

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements 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 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 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 Small Cap Growth Fund: Class 2 (WFVSCG)

AMERICAN FUNDS GROUP (THE)

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

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)

BLACKROCK FUNDS

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class I (BRVGA1)

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)

BNY MELLON INVESTMENT MANAGEMENT

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

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

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

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - Dimensional VA Global Bond Portfolio (DFVGB)¹

DFA Investment Dimensions Group Inc. - Dimensional VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)¹

DFA Investment Dimensions Group Inc. - Dimensional VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)¹

DFA Investment Dimensions Group Inc. - Dimensional VA International Small Portfolio (DFVIS)¹

DFA Investment Dimensions Group Inc. - Dimensional VA International Value Portfolio (DFVIV)¹

DFA Investment Dimensions Group Inc. - Dimensional VA Short-Term Fixed Portfolio (DFVSTF)¹

DFA Investment Dimensions Group Inc. - Dimensional VA U.S. Large Value Portfolio (DFVULV)¹

DFA Investment Dimensions Group Inc. - Dimensional VA U.S. Targeted Value Portfolio (DFVUTV)¹

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

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

FEDERATED HERMES, INC.

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

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 2010 Portfolio: Service Class (FF10S)

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

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

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

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 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 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 1 (FTVFA1)

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 1 (FTVIS1)

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

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 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

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

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

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

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

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

Invesco V.I. International Growth Fund: Series I (OVIG)¹

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

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

JANUS HENDERSON INVESTORS

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 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)

LORD ABBETT FUNDS

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

MASSACHUSETTS FINANCIAL SERVICES CO.

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

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

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

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

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

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

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Initial Class (MVIVIC)

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

NATIONWIDE FUNDS

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 Fidelity Institutional AM(R) Emerging Markets Fund: Class I (GEM)

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

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

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

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

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

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

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

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

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

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

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

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

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

Nationwide Variable Insurance Trust - NVIT Loomis Short Term High Yield Fund: Class I (HIBF)¹

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 Strategic Income Fund: Class I (MSBF)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Managed Growth Fund: Class I (NCPG)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Managed Growth & Income Fund: Class I (NCPGI)¹

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 Loomis Core Bond Fund: Class I (NVCBD1)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Capital Appreciation Fund: Class I (NVCCA1)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Conservative Fund: Class I (NVCCN1)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Moderately Aggressive Fund: Class I (NVCMA1)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Moderately Conservative Fund: Class I (NVCMC1)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Moderate Fund: Class I (NVCMD1)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Aggressive Fund: Class I (NVCRA1)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Balanced Fund: Class I (NVCRB1)¹

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

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class P (NVDBLP)

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 Moderately Aggressive Fund: Class P (NVDMAP)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class P (NVDMCP)

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 Aggressive Fund: Class P (NVIDAP)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class P (NVIDCP)

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 Putnam International Value Fund: Class X (NVMIVX)¹

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 Victory Mid Cap Value Fund: Class I (NVMMV1)

Nationwide Variable Insurance Trust - NVIT Victory 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 GQG US Quality Equity Fund: Class II (NVNSR2)¹

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 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 Putnam International Value Fund: Class I (NVTIV3)¹

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 Invesco 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 J.P. Morgan Equity and Options Total Return Fund: Class I (TRF)¹

NEUBERGER & BERMAN MANAGEMENT, INC.

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

Neuberger Berman Advisers Management Trust - Quality Equity Portfolio: Class I Shares (AMSRS)¹

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

NOMURA INVESTMENT MANAGEMENT

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

Ivy Variable Insurance Portfolios - Nomura VIP Asset Strategy Series: Service Class (WRASP)¹

Ivy Variable Insurance Portfolios - Nomura VIP Corporate Bond Series: Service Class (WRBDP)¹

Ivy Variable Insurance Portfolios - Nomura VIP Balanced Series: Service Class (WRBP)¹

 

Ivy Variable Insurance Portfolios - Nomura VIP Natural Resources Series: Service Class (WRGNR)¹

Ivy Variable Insurance Portfolios - Nomura VIP High Income Series: Service Class (WRHIP)¹

Ivy Variable Insurance Portfolios - Nomura VIP Mid Cap Growth Series: Service Class (WRMCG)¹

Ivy Variable Insurance Portfolios - Nomura VIP Pathfinder Aggressive Series: Service Class (WRPAP)¹

Ivy Variable Insurance Portfolios - Nomura VIP Pathfinder Moderately Aggressive Series: Service Class (WRPMAP)¹

Ivy Variable Insurance Portfolios - Nomura VIP Small Cap Growth Series: Service Class (WRSCP)¹

Ivy Variable Insurance Portfolios - Nomura VIP Science and Technology Series: Service Class (WRSTP)¹

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 - Low Duration Portfolio: Administrative Class (PMVLDA)

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)

T. ROWE PRICE

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

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio (TRHSP)

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

VAN ECK ASSOCIATES CORPORATION

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

VIRTUS MUTUAL FUNDS

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

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2025 and the period from April 26, 2024 (inception) to December 31, 2024.

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Standard Class II (LACIP2)

Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Service Class (LACIPS)

Lincoln Variable Insurance Products Trust - LVIP American Century Mid Cap Value Fund: Standard Class II (LACMV2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2025, 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, 2025 and the period from June 10, 2024 (inception) to December 31, 2024.

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Global Research Portfolio: Service Shares (JAWGS)

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2025 and the period from July 22, 2024 (inception) to December 31, 2024.

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 1 (FTVMD1)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Dividend Strategy Portfolio: Class I (LPVCII)

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

Statement of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of operations and changes in contract owners’ equity for the period June 27, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Large Cap Growth Fund: Class II (NLCG2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of operations and changes in contract owners’ equity for the period October 24, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT NASDAQ-100 Index Fund: Class I (NNASD1)

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of operations and changes in contract owners’ equity for the period November 14, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Worldwide Fund: Class I (NFDIW1)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Inflation Managed Fund: Class I (NJMIM1)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Inflation Managed Fund: Class II (NJMIM2)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Large Cap Growth Fund: Class I (NLCG1)

Nationwide Variable Insurance Trust - NVIT NASDAQ-100 Index Fund: Class II (NNASD2)

⁽¹⁾ See Note 1 to the financial statements for the former name of the subaccount.

NATIONWIDE VLI SEPARATE ACCOUNT-7

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025

 

														Investments, at						Accounts												Accounts						Contract Owners’
Subaccount*,**		Shares***						Cost						fair value						Receivable						Total Assets						Payable						Equity
ABTGB			135			$			4,263			$			4,085			$			-			$			4,085			$			-			$			4,085
ALVDAA			1,767						17,864						19,238						-						19,238						-						19,238
ALVIVB			12,114						209,041						252,214						-						252,214						-						252,214
ALVSVA			156,334						2,718,932						2,593,589						-						2,593,589						-						2,593,589
WFVSCG			-						-						-						-						-						-						-
AMVBC4			26,718						440,954						468,909						-						468,909						-						468,909
AMVGS4			354						6,219						6,713						-						6,713						-						6,713
AMVGV2			646						6,288						6,309						-						6,309						-						6,309
BRVGA1			120,708						2,081,644						2,129,297						54						2,129,351						-						2,129,351
BRVHYI			42,943						299,440						302,319						1,594						303,913						-						303,913
MLVGA2			181,468						3,351,536						3,172,067						65						3,172,132						-						3,172,132
DSIF			16						1,434						1,423						65						1,488						-						1,488
DVSCS			262,030						4,527,140						4,719,165						1						4,719,166						-						4,719,166
DFVGB			24,789						253,013						241,694						2						241,696						-						241,696
DFVGMI			8,917						134,084						161,574						-						161,574						1						161,573
DFVIPS			10,741						98,603						99,572						1						99,573						-						99,573
DFVIS			24,118						290,551						356,458						1						356,459						-						356,459
DFVIV			16,790						228,310						311,115						-						311,115						1						311,114
DFVSTF			8,288						85,833						83,460						-						83,460						-						83,460
DFVULV			17,547						518,673						612,561						14						612,575						-						612,575
DFVUTV			17,432						391,650						388,387						3						388,390						-						388,390
DSGIBA			58,364						1,277,581						1,304,438						1						1,304,439						-						1,304,439
FQB			136,628						1,448,307						1,445,521						-						1,445,521						-						1,445,521
FCS			65,515						3,665,281						3,887,011						-						3,887,011						2						3,887,009
FEIS			247,773						5,995,423						7,225,047						-						7,225,047						-						7,225,047
FEMS			23,531						304,183						373,204						2						373,206						-						373,206
FF10S			24,075						286,414						292,035						1						292,036						-						292,036
FF20S			259,429						3,477,741						3,421,862						-						3,421,862						2						3,421,860
FF30S			415,477						6,200,946						7,316,541						-						7,316,541						-						7,316,541
FGS			138,943						13,068,026						13,416,357						2						13,416,359						-						13,416,359
FIGBS			450,148						5,416,825						5,032,659						92						5,032,751						-						5,032,751
FMCS			242,490						8,719,711						8,921,213						-						8,921,213						45						8,921,168
FNRS2			189,584						3,725,900						5,137,714						2						5,137,716						-						5,137,716
FOS			138,306						3,342,588						3,778,517						-						3,778,517						28						3,778,489
FRESS			7,809						138,986						138,368						-						138,368						-						138,368

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-7

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025

 

														Investments, at						Accounts												Accounts						Contract Owners’
Subaccount*,**		Shares***						Cost						fair value						Receivable						Total Assets						Payable						Equity
FVSS			17,961						284,732						284,865						-						284,865						-						284,865
FVSS2			10,021						173,078						162,034						-						162,034						-						162,034
FTVFA1			13,908						72,048						77,883						-						77,883						-						77,883
FTVFA2			56,216						300,871						311,437						1						311,438						-						311,438
FTVGB1			35,334						519,675						494,673						-						494,673						-						494,673
FTVGI2			124,738						1,853,304						1,642,800						-						1,642,800						1						1,642,799
FTVIS1			27,252						422,469						436,582						-						436,582						-						436,582
FTVIS2			210,268						3,094,711						3,187,665						1						3,187,666						-						3,187,666
FTVMD1			8,367						164,710						168,010						-						168,010						-						168,010
FTVSVI			454,391						6,547,415						6,788,600						-						6,788,600						-						6,788,600
TIF2			124,171						1,673,774						2,014,053						-						2,014,053						1						2,014,052
GVGMNS			10,589						119,023						121,344						1						121,345						-						121,345
RVARS			4,093						106,828						96,112						1						96,113						-						96,113
ACEG			12,195						743,089						987,775						-						987,775						2						987,773
AVMCCI			6,376						62,228						70,204						2						70,206						-						70,206
OVAG			22,766						1,706,823						1,712,247						-						1,712,247						3						1,712,244
OVIG			1,242,725						2,689,148						2,410,887						4						2,410,891						-						2,410,891
OVSB			91,511						421,522						418,207						34						418,241						-						418,241
OVSC			111,781						2,806,523						3,190,241						-						3,190,241						-						3,190,241
JAEI			39,734						3,116,369						3,320,931						-						3,320,931						-						3,320,931
JAGTS			469,934						7,997,170						11,250,224						1						11,250,225						-						11,250,225
JAIGS			-						16						20						-						20						20						-
JAWGS			2,973						210,505						227,160						-						227,160						-						227,160
LPVCII			7,217						154,680						146,141						-						146,141						-						146,141
LVCLGI			2,824						129,606						135,818						-						135,818						1						135,817
LACIPS			3,628						34,742						32,782						-						32,782						3						32,779
LACMV2			179,990						3,466,234						3,482,618						2						3,482,620						-						3,482,620
LOVTRC			89,226						1,313,704						1,267,009						1						1,267,010						-						1,267,010
MNDIC			60,315						963,469						940,907						1						940,908						-						940,908
MV3MVI			52,133						516,730						527,061						-						527,061						-						527,061
MVFIC			85						1,900						1,887						-						1,887						1,846						41
MVIGIC			29,062						451,133						521,367						-						521,367						-						521,367
MVIVIC			21,262						662,698						786,038						-						786,038						-						786,038

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-7

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025

 

														Investments, at						Accounts												Accounts						Contract Owners’
Subaccount*,**		Shares***						Cost						fair value						Receivable						Total Assets						Payable						Equity
MVIVSC			71,261						2,083,784						2,576,099						-						2,576,099						1						2,576,098
DTRTFB			24,689						214,436						204,424						-						204,424						-						204,424
EIF			281,450						5,595,635						6,540,903						14						6,540,917						-						6,540,917
GBF			278,713						2,907,559						2,653,344						146						2,653,490						-						2,653,490
GEM			348,787						4,491,242						5,186,458						1						5,186,459						-						5,186,459
GIG			472,595						6,687,045						7,306,320						-						7,306,320						4,262						7,302,058
GVAAA2			487,190						12,662,088						15,093,159						-						15,093,159						5						15,093,154
GVABD2			110,487						1,250,484						1,297,112						-						1,297,112						1						1,297,111
GVAGG2			95,598						3,288,700						4,221,588						-						4,221,588						-						4,221,588
GVAGI2			36,864						2,219,241						2,970,131						5						2,970,136						-						2,970,136
GVAGR2			75,620						7,695,032						12,180,136						-						12,180,136						-						12,180,136
GVDMA			4,522,100						47,574,649						53,225,112						1						53,225,113						-						53,225,113
GVDMC			98,376						990,588						1,072,301						-						1,072,301						-						1,072,301
GVEX1			3,337,362						34,722,523						44,053,174						-						44,053,174						24						44,053,150
GVIDA			905,504						9,969,938						12,224,302						-						12,224,302						1						12,224,301
GVIDC			63,989						619,729						681,484						1						681,485						-						681,485
GVIDM			1,500,899						14,213,519						16,194,705						-						16,194,705						2						16,194,703
GVIX2			32,751						333,958						432,309						-						432,309						-						432,309
HIBF			285,715						1,770,641						1,657,148						1						1,657,149						-						1,657,149
IDPG			10,296						110,824						128,595						-						128,595						1						128,594
IDPGI			24,689						273,800						302,438						3						302,441						-						302,441
MCIF			276,915						5,421,669						5,513,381						-						5,513,381						1						5,513,380
MSBF			303,583						2,690,071						2,732,247						1						2,732,248						-						2,732,248
NCPG			56,691						666,120						839,033						-						839,033						-						839,033
NCPGI			170,547						2,327,205						2,394,476						-						2,394,476						1						2,394,475
NFDIW1			543,231						6,854,317						6,975,089						-						6,975,089						-						6,975,089
NJMIM1			27,502						284,077						282,441						-						282,441						-						282,441
NJMIM2			98,753						1,018,484						1,012,214						-						1,012,214						-						1,012,214
NLCG1			23,947						446,280						447,098						-						447,098						-						447,098
NLCG2			230,180						4,287,181						4,295,161						-						4,295,161						1						4,295,160
NNASD1			19,081						247,649						244,421						-						244,421						-						244,421
NNASD2			1,409						17,904						18,035						-						18,035						-						18,035
NVAMV1			199,870						3,095,752						3,705,596						-						3,705,596						-						3,705,596

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-7

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025

 

														Investments, at						Accounts												Accounts						Contract Owners’
Subaccount*,**		Shares***						Cost						fair value						Receivable						Total Assets						Payable						Equity
NVAMVX			959,432						16,674,678						17,759,088						-						17,759,088						-						17,759,088
NVBX			143,310						1,430,150						1,295,524						1						1,295,525						-						1,295,525
NVCBD1			316,694						2,918,702						2,938,920						153						2,939,073						-						2,939,073
NVCCA1			602,740						6,354,372						8,106,851						1						8,106,852						-						8,106,852
NVCCN1			73,706						750,911						878,580						-						878,580						-						878,580
NVCMA1			1,485,003						13,971,055						19,691,138						1						19,691,139						-						19,691,139
NVCMC1			32,427						346,426						416,033						-						416,033						1						416,032
NVCMD1			468,439						5,005,099						6,309,874						-						6,309,874						1						6,309,873
NVCRA1			529,824						5,652,635						8,842,757						-						8,842,757						1						8,842,756
NVCRB1			215,964						2,378,008						2,904,722						-						2,904,722						-						2,904,722
NVDBL2			38,678						559,911						616,529						-						616,529						-						616,529
NVDBLP			45,054						630,429						720,409						-						720,409						-						720,409
NVDCA2			10,068						145,386						158,668						-						158,668						4						158,664
NVDCAP			98,255						1,415,420						1,547,521						-						1,547,521						-						1,547,521
NVDMAP			242,887						2,490,988						2,841,775						-						2,841,775						-						2,841,775
NVDMCP			48,235						438,459						524,796						-						524,796						-						524,796
NVFIII			3,830						37,326						36,842						-						36,842						-						36,842
NVGEII			28,989						509,837						613,984						-						613,984						-						613,984
NVIDAP			238,276						2,544,192						3,209,580						-						3,209,580						-						3,209,580
NVIDCP			40,195						394,329						428,880						4						428,884						-						428,884
NVIDMP			669,596						6,386,461						7,218,244						1						7,218,245						-						7,218,245
NVIE6			16,303						163,587						248,290						-						248,290						-						248,290
NVIX			130,200						1,354,359						1,721,242						4						1,721,246						-						1,721,246
NVMIVX			203,206						2,154,556						3,107,018						-						3,107,018						1						3,107,017
NVMLG1			1,684,880						14,506,026						15,871,571						-						15,871,571						1						15,871,570
NVMMG1			454,108						3,924,414						3,537,498						-						3,537,498						-						3,537,498
NVMMV1			45,651						350,901						344,207						-						344,207						-						344,207
NVMMV2			413,078						3,379,394						3,147,656						6						3,147,662						-						3,147,662
NVNMO1			295,046						2,988,931						2,903,255						1						2,903,256						-						2,903,256
NVNSR2			270,277						3,435,391						2,981,156						-						2,981,156						1						2,981,155
NVOLG1			1,298,838						26,709,027						38,653,425						-						38,653,425						51						38,653,374
NVRE1			503,165						3,703,122						3,924,685						-						3,924,685						2						3,924,683
NVSIX2			167,828						1,335,791						1,552,410						-						1,552,410						5						1,552,405

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-7

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025

 

														Investments, at						Accounts												Accounts						Contract Owners’
Subaccount*,**		Shares***						Cost						fair value						Receivable						Total Assets						Payable						Equity
NVSTB1			192,060						1,940,943						1,891,786						-						1,891,786						10						1,891,776
NVSTB2			77,665						778,726						761,895						3						761,898						-						761,898
NVTIV3			116,895						1,264,287						1,800,187						-						1,800,187						-						1,800,187
SAM			7,913,873						7,913,873						7,913,873						9						7,913,882						-						7,913,882
SAM5			749,913						749,913						749,913						7						749,920						-						749,920
SCF			178,695						3,274,416						3,622,150						-						3,622,150						2						3,622,148
SCGF			153,341						2,473,023						2,780,073						-						2,780,073						-						2,780,073
SCVF			145,337						1,230,609						1,348,732						-						1,348,732						-						1,348,732
TRF			221,473						4,717,320						5,432,733						15						5,432,748						-						5,432,748
AMMCGS			17,728						469,104						425,829						1						425,830						-						425,830
AMSRS			33,747						951,397						1,443,004						-						1,443,004						151						1,442,853
AMTB			119,193						1,212,856						1,152,593						-						1,152,593						2						1,152,591
DWVSVS			7,987						274,571						318,452						2						318,454						-						318,454
WRASP			363,767						3,315,971						3,637,667						43						3,637,710						-						3,637,710
WRBDP			1,565						7,959						7,338						-						7,338						-						7,338
WRBP			2,645						15,833						17,269						-						17,269						-						17,269
WRGNR			1,055						4,554						6,465						-						6,465						-						6,465
WRHIP			239,569						744,682						701,936						-						701,936						-						701,936
WRMCG			75,384						733,274						581,965						-						581,965						-						581,965
WRPAP			7,715						32,719						35,643						-						35,643						-						35,643
WRPMAP			6,841						30,217						31,949						-						31,949						-						31,949
WRSCP			1,049						8,413						7,815						-						7,815						-						7,815
WRSTP			747						19,132						24,408						-						24,408						1						24,407
NOTB3			26,379						499,980						396,470						4						396,474						-						396,474
NOTG3			30,247						433,253						416,805						-						416,805						-						416,805
NOTMG3			20,968						237,293						280,546						-						280,546						1						280,545
PMVAAA			46,621						455,665						446,625						4						446,629						-						446,629
PMVFBA			41,903						377,198						315,109						3						315,112						-						315,112
PMVLDA			5,641						55,092						55,169						36						55,205						-						55,205
PMVRSA			26,286						145,861						165,338						-						165,338						-						165,338
PVSTA			23,653						243,425						244,330						-						244,330						-						244,330
PVEIB			100,075						2,768,510						3,571,659						1						3,571,660						-						3,571,660
PVGOB			92,719						1,205,941						1,630,006						1						1,630,007						-						1,630,007

 

See accompanying notes to financial statements.