485BPOS

Who may want to

Optional Rider

Features

consider the Rider

Charge

Annual Stepped Up Death Benefit

• Guarantees that the death benefit will be the greater of total purchase payments or the highest contract anniversary value.
• Increases the death benefit to the contract value, adjusted for subsequent purchase payments and withdrawals.
• Stops accumulating at contract anniversary after annuitant’s 85^th birthday.
• Cannot purchase once the annuitant is 76.

Those who wish to protect their death benefit from market downturns by locking in gains on every contract anniversary.

0.25% (maximum and current)

Prospectus

Flexible Purchase Payment

Individual Variable Annuity Contracts

ONcore Lite

Ohio National Variable Account A

The Ohio National Life Insurance Company

One Financial Way

Montgomery, Ohio 45242

This prospectus offers a variable annuity contract allowing you to accumulate values and paying you benefits on a variable and/or fixed basis. This prospectus provides additional details regarding your variable annuity contract. For additional details, please also consult your contract. This Contract is not available in all states.

Variable annuities provide contract values and lifetime annuity payments that vary with the investment results of the mutual funds listed later in this prospectus (“Funds”) that you choose. You cannot be sure that the contract value or annuity payments will equal or exceed your purchase payments.

The variable annuity contracts are designed for:


•	annuity purchase plans adopted by public school systems and certain tax-exempt organizations described in Section 501(c)(3) of the Internal Revenue Code, as amended, (the “Code”), qualifying for tax-deferred treatment pursuant to Section 403(b) of the Code,

•	other employee pension or profit-sharing trusts or plans qualifying for tax-deferred treatment under Section 401(a), 401(k) or 403(a) of the Code,

•	individual retirement annuities qualifying for tax-deferred treatment under Section 408 or 408A of the Code,

•	state and municipal deferred compensation plans and

•	non-tax-qualified retirement plans.

Many of the listed qualified retirement plans already benefit from tax deferral. Therefore, your decision to fund any of the above-listed qualified retirement plans with a deferred annuity should include an assessment of the other benefits available under this annuity contract.

The minimum initial purchase payment is $5,000 ($2,000 for IRAs). You may make additional payments of at least $500 at any time ($300 for payroll deduction plans). We may limit your total purchase payments for any one life to $1,500,000.

You may direct the allocation of your purchase payments to one or more investment options of Ohio National Variable Account A (“VAA”) and the Fixed Accumulation Account. Your allocation of contract values may be to no more than 18 of the available investment options and the Fixed Accumulation Account. VAA is a separate account of The Ohio National Life Insurance Company (“Ohio National Life”). The assets of VAA are invested in shares of the Funds. The Funds are portfolios of Ohio National Fund, Inc., ALPS Variable Insurance Trust, Dow Target Variable Fund LLC, Dreyfus Variable Investment Fund, Federated Insurance Series, Fidelity Variable Insurance Products Fund, Franklin Templeton Variable Insurance Products Trust, Goldman Sachs Variable Insurance Trust, Ivy Funds Variable Insurance Portfolios, Janus Aspen Series, J.P. Morgan Insurance Trust, Lazard Retirement Series, Inc., Legg Mason Partners Variable Equity Trust, MFS Variable Insurance Trust, Neuberger Berman Advisers Management Trust, PIMCO Variable Insurance Trust, The Prudential Series Fund, Inc., Royce Capital Fund, and The Universal Institutional Funds, Inc. (Van Kampen). See page 2 for the list of available Funds. See also the accompanying prospectuses of the Funds. The Fund prospectuses might also contain information about funds that are not available for these contracts.

You may withdraw all or part of the contract’s value before annuity payments begin. You might incur federal income tax penalties for these early withdrawals. We may charge you a surrender charge of up to 7% of the amount withdrawn. However, you may withdraw up to 10% of the contract value each year without this charge. Your exercise of contract rights may be subject to the terms of your qualified employee trust or annuity plan. This prospectus contains no information concerning your trust or plan.

You may revoke the contract, without penalty, within 10 days of receiving it (or a longer period if required by state law).

Keep this prospectus for future reference. It sets forth the information about VAA and the variable annuity contracts that you should know before investing. Additional information about VAA has been filed with the Securities and Exchange Commission in a Statement of Additional Information dated May 1, 2009. We have incorporated the Statement of Additional Information by reference. It is available upon request and without charge by writing or calling us at the above address. The table of contents for the Statement of Additional Information is on the back page of this prospectus.

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. This prospectus should be accompanied by the current Fund prospectuses.

May 1, 2009

Form 8524

Available Funds

The investment adviser for Ohio National Fund, Inc. and Dow Target Variable Fund LLC is their affiliate, Ohio National Investments, Inc. Subadvisers for certain portfolios are shown below in parentheses.


Ohio National Fund, Inc.		Investment Adviser (Subadviser)
Money Market Portfolio		Ohio National Investments, Inc.
Equity Portfolio		(Legg Mason Capital Management, Inc.)
Bond Portfolio		Ohio National Investments, Inc.
Omni Portfolio (an asset allocation fund)		(Suffolk Capital Management, LLC)
S&P 500 Index^® Portfolio		Ohio National Investments, Inc.
International Portfolio		(Federated Global Investment Management Corp.)
International Small-Mid Company Portfolio		(Federated Global Investment Management Corp.)
Capital Appreciation Portfolio		(Jennison Associates LLC)
Millennium Portfolio		(Neuberger Berman Management, LLC)
Aggressive Growth Portfolio		(Janus Capital Management LLC)
Mid Cap Opportunity Portfolio		(RS Investment Management Co LLC)
Capital Growth Portfolio		(Eagle Asset Management, Inc.)
High Income Bond Portfolio		(Federated Investment Management Company)
Strategic Value Portfolio		(Federated Equity Management Company of Pennsylvania)
Small Cap Growth Portfolio		(Janus Capital Management, LLC)
Nasdaq-100^® Index Portfolio		Ohio National Investments, Inc.
Bristol Portfolio (large cap stocks)		(Suffolk Capital Management, LLC)
Bryton Growth Portfolio (small/mid cap stocks)		(Suffolk Capital Management, LLC)
U.S. Equity Portfolio		(ICON Advisers, Inc.)
Balanced Portfolio		(ICON Advisers, Inc.)
Income Opportunity Portfolio		(ICON Advisers, Inc.)
Target VIP Portfolio (large cap growth)		(First Trust Advisors, L.P.)
Target Equity/Income Portfolio		(First Trust Advisors, L.P.)
Bristol Growth Portfolio		(Suffolk Capital Management, LLC)



ALPS Variable Insurance Trust (Class II Shares)
AVS Listed Private Equity Portfolio		(Red Rocks Capital LLC)

The Dow^® Target Variable Fund LLC
The Dow^® Target 10 Portfolios		(First Trust Advisors, L.P.)
The Dow^® Target 5 Portfolios		(First Trust Advisors, L.P.)

Dreyfus Variable Investment Fund (Service Shares)
Appreciation Portfolio		(Fayez Sarofim & Co.)

Federated Insurance Series (Service Shares)
Federated Kaufmann Fund II (multi cap growth)		Federated Equity Management Company of Pennsylvania
Fidelity^® Variable Insurance Products Fund (Service Class 2)
VIP Contrafund^® Portfolio (a value fund)		Fidelity Management & Research Company
VIP MidCap Portfolio		Fidelity Management & Research Company
VIP Growth Portfolio		Fidelity Management & Research Company
VIP Equity-Income Portfolio		Fidelity Management & Research Company
VIP Real Estate Portfolio		Fidelity Management & Research Company

Franklin Templeton Variable Insurance Products Trust (Class 4)
Franklin Income Securities Fund		Franklin Advisers, Inc.
Franklin Flex Cap Growth Securities Fund		Franklin Advisers, Inc.
Templeton Foreign Securities Fund		Templeton Investment Counsel, LLC
Franklin Templeton VIP Founding Funds Allocation Fund⁽¹⁾		Franklin Templeton Services, LLC⁽²⁾

Goldman Sachs Variable Insurance Trust (Service Shares)
Goldman Sachs Growth and Income Fund		Goldman Sachs Asset Management, L.P.
Goldman Sachs Structured(^SM) U.S. Equity Fund		Goldman Sachs Asset Management, L.P.
Goldman Sachs Capital Growth Fund		Goldman Sachs Asset Management, L.P.

Ivy Funds Variable Insurance Portfolios
Ivy Funds VIP Asset Strategy		Waddell & Reed Investment Management Company (WRIMCO)
Ivy Funds VIP Global Natural Resources		Waddell & Reed Investment Management Company (WRIMCO)
Ivy Funds VIP Science and Technology		Waddell & Reed Investment Management Company (WRIMCO)

Janus Aspen Series (Service Shares)
Janus (formerly Large Cap Growth) Portfolio		Janus Capital Management LLC
Overseas (formerly International Growth) Portfolio		Janus Capital Management LLC
Worldwide (formerly Worldwide Growth) Portfolio		Janus Capital Management LLC
Balanced Portfolio		Janus Capital Management LLC

Form 8524


J.P. Morgan Insurance Trust (Class I)
JPMorgan Insurance Trust Mid Cap Value Portfolio		J.P. Morgan Investment Advisors Inc.
JPMorgan Insurance Trust Small Cap Core Portfolio		J.P. Morgan Investment Management Inc.

Lazard Retirement Series, Inc. (Service Shares)
Lazard Retirement U.S. Small Cap Equity Portfolio		Lazard Asset Management LLC
Lazard Retirement Emerging Markets Equity Portfolio		Lazard Asset Management LLC
Lazard Retirement International Equity Portfolio		Lazard Asset Management LLC
Lazard Retirement U.S. Strategic Equity Portfolio		Lazard Asset Management LLC

Legg Mason Partners Variable Equity Trust (Class I Shares)
Legg Mason Partners Variable Fundamental Value Portfolio		(ClearBridge Advisors, LLC)
Legg Mason Partners Variable Capital and Income Portfolio		(ClearBridge Advisors, LLC and Western Asset Management Company)
Legg Mason Partners Variable Investors Portfolio (large cap value)		(ClearBridge Advisors, LLC)

MFS^® Variable Insurance Trust(^SM) (Service Class)
MFS^® Investors Growth Stock Series		Massachusetts Financial Services Company
MFS^® Mid Cap Growth Series		Massachusetts Financial Services Company
MFS^® New Discovery Series (small cap growth)		Massachusetts Financial Services Company
MFS^® Total Return Series		Massachusetts Financial Services Company

Neuberger Berman Advisers Management Trust (S Class Shares)
AMT Regency Portfolio (mid cap blend)		Neuberger Berman Management LLC

PIMCO Variable Insurance Trust (Administrative Shares)
Real Return Portfolio		Pacific Investment Management Company LLC
Total Return Portfolio		Pacific Investment Management Company LLC
Global Bond Portfolio (Unhedged)		Pacific Investment Management Company LLC
CommodityRealReturn(^®) Strategy Portfolio		Pacific Investment Management Company LLC

The Prudential Series Fund, Inc. (Class II Shares)
Jennison Portfolio (a growth stock fund)		Jennison Associates LLC
Jennison 20/20 Focus Portfolio (a value and growth fund)		Jennison Associates LLC

Royce Capital Fund
Royce Small-Cap Portfolio		Royce & Associates, LLC
Royce Micro-Cap Portfolio		Royce & Associates, LLC

The Universal Institutional Funds, Inc. (Van Kampen) (Class II)
Van Kampen’s UIF Core Plus Fixed Income Portfolio (an income fund)		Van Kampen⁽³⁾
Van Kampen’s UIF U.S. Real Estate Portfolio		Van Kampen⁽³⁾
Van Kampen’s UIF International Growth Equity Portfolio		Van Kampen⁽³⁾
Van Kampen’s UIF Capital Growth Portfolio		Van Kampen⁽³⁾


(1)	This fund is structured as a “Fund of Funds.” Because a Fund of Funds invests in other mutual funds and bears a proportionate share of expenses charged by the underlying funds, it may have higher expenses than direct investments in the underlying funds.
(2)	Franklin Templeton Services, LLC is the administrator for Franklin Templeton VIP Founding Funds Allocation Fund, which invests in shares of other series of Franklin Templeton Variable Insurance Products Trust. The advisers of the underlying funds are Franklin Advisers, Inc., Franklin Mutual Advisers, LLC and Templeton Global Advisors, Limited.
(3)	Morgan Stanley Investment Management Inc., the investment adviser to these portfolios, does business in certain instances as Van Kampen.

Form 8524

Table of Contents


Available Funds			2
Glossary			5
Fee Table			7
Financial Statements			9
Accumulation Unit Values			10
Ohio National Life			11
Ohio National Variable Account A			12
Investment Options			12
Fixed Accumulation Account			12
The Funds			13
Optional Asset Allocation Models			14
Investment Restrictions for Certain Optional Riders			15
Mixed and Shared Funding			20
Voting Rights			20
Distribution of Variable Annuity Contracts			20
Deductions and Expenses			21
Surrender Charge			21
Withdrawal Fee			21
Annual Contract Fee			21
Deduction for Account Expense Fee			22
Deduction for Mortality and Expense Risk Fee			22
Charges for Optional Benefits			22
Transfer Fee			23
Deduction for State Premium Tax			23
Fund Expenses			24
Description of Variable Annuity Contracts			24
10-Day Free Look			24
Accumulation Period			24
Purchase Payments			24
Accumulation Units			24
Crediting Accumulation Units			24
Allocation of Purchase Payments			25
Accumulation Unit Value and Accumulation Value			25
Net Investment Factor			25
Surrender and Withdrawal			26
Transfers among Subaccounts			26
Effective Time for Purchase, Transfer or Redemption Orders			28
Electronic Access			28
Scheduled Transfers (Dollar Cost Averaging)			28
Portfolio Rebalancing			29
Nursing Facility Confinement			29
Ohio National Life Employee Discount			29
Death Benefit			30
Basic Death Benefit			30
Optional Death Benefit Riders			31
Annuity Period			37
Annuity Payout Date			37
Annuity Options			37
Determination of Amount of the First Variable Annuity Payment			38
Annuity Units and Variable Payments			38
Transfers During Annuity Payout			39
Optional Living Benefit Riders			39
Optional Guaranteed Minimum Income Benefit (“GMIB”) Riders			39
Optional Guaranteed Principal Access (“GPA”)			47
Optional Guaranteed Principal Protection (“GPP”)			49
Summary of Optional Living Benefit Riders			50
Other Contract Provisions			51
Assignment			51
Reports and Confirmations			51
Substitution for Fund Shares			51
Contract Owner Inquiries			52
Performance Data			52
Federal Tax Status			52
Tax-Deferred Annuities			53
Qualified Pension or Profit-Sharing Plans			54
Withholding on Annuity Payments			54
Individual Retirement Annuities (IRAs)			54
Appendix A — IRA Disclosure Statement			55
Free Look Period			55
Eligibility Requirements			55
Contributions and Deductions			55
IRA for Non-working Spouse			56
Rollover Contribution			57
Premature Distributions			57
Distribution at Retirement			57
Inadequate Distributions — 50% Tax			57
Death Benefits			57
Roth IRAs			58
Savings Incentive Match Plan for Employees (SIMPLE)			58
Reporting to the IRS			58
Illustration of IRA Fixed Accumulations			59
Appendix B — Accumulation Unit Values			60
Statement of Additional Information Contents			74

Form 8524

Glossary

Accumulation Units — Until annuity payments begin, your contract’s value in each subaccount is measured by accumulation units. The dollar value of each unit varies with the investment results of the subaccount’s corresponding Fund.

Annuitant — A living person whose length of life determines the number and value of annuity payments to be made.

Annuity Unit — After annuity payments begin, the amount of each variable payment depends upon the value of your annuity units. The dollar value of each unit varies with the investment results of the subaccount’s corresponding Fund.

ARDBR — The annual reset death benefit riders offered with this contract. ARDBR, ARDBR II and ARDBR (2009) are the ARDBR riders.

Asset Allocation Model — The Asset Allocation Models are a service that Ohio National Life offers. Each Asset Allocation Model is developed by Ohio National Investments, Inc. and is comprised of a combination of available investment options. Please see “Optional Asset Allocation Models” for more information.

Fund — A mutual fund in which subaccount assets may be invested. See the list of “Available Funds” beginning on page 2.

GEB — The guaranteed enhanced benefit rider offered with this contract.

GLWB — The guaranteed lifetime withdrawal benefit riders offered with this contract. The GLWB and Joint GLWB are the GLWB riders.

GMDB — The guaranteed minimum death benefit amount provided for by the GMDB riders offered with this contract. The GMDBR80 Plus, GMDBR85 Plus, 5% GMDBR80 Plus, 5% GMDBR85 Plus, ARDBR, ARDBR II and ARDBR (2009) are the GMDB riders.

GMIB — The guaranteed minimum income benefit amount provided for by the GMIB riders offered with this contract. The GMIB, GMIB Plus, GMIB Plus with Five Year Reset, GMIB Plus with Annual Reset, GMIB Plus with Five Year Reset II, GMIB Plus with Annual Reset II and GMIB Plus with Annual Reset (2009) are the GMIB riders.

Good order — An instruction or request is in good order when it is received in our home office, or other place we may specify, and has such clarity and completeness that we do not have to exercise any discretion to carry out the instruction or request. We may require that the instruction or request be given in a certain form.

GPA — The guaranteed principal access rider offered with this contract.

GPP — The guaranteed principal protection rider offered with this contract.

Guaranteed earnings rate — The guaranteed earnings rate is the effective annual rate at which values in variable portfolios or in one of the Asset Allocation Models accumulate at with the earnings base of the ARDBR (2009) or the guaranteed earnings income base of the GMIB Plus with Annual Reset (2009).

Notice — A written form acceptable to us, signed by you and received at our home office (the address listed on the first page of the prospectus).

Pro rata — A pro rata adjustment means the benefit or rider base will be reduced by the same percentage that the contract value was reduced by a withdrawal in excess of that provided for by the contract or rider. If your contract value is lower than your rider base, a pro rata reduction will reduce your rider base by a greater amount than a dollar for dollar reduction would. If your contract value is higher than your rider base, a pro rata reduction will reduce your rider base less than a dollar for dollar reduction would.

Subaccount — A subdivision of VAA. The assets of each subaccount are invested in a corresponding available Fund.

Surrender — To redeem the contract before annuity payments begin and receive its value minus any applicable surrender charge or other charges.

Form 8524

Fee Table

The following tables describe the fees and expenses you will pay when buying, owning and surrendering the contract. The first table describes the fees and expenses you will pay when you buy the contract, surrender the contract, or transfer cash value between investment options (Funds). State premium taxes may also be deducted if applicable.


Contract Owner Transaction Expenses	Years	Charge

Surrender Charge (a percentage of value withdrawn; the percentage varies	1st	7%
with the number of years from purchase payments to which values relate.	2nd	7%
This charge may also be called a Contingent Deferred Sales Charge).	3rd	7%
	4th and later	0%
Transfer Fee (currently no charge for the first 12 transfers each contract year)		$10

Withdrawal Fee (for withdrawals in excess of 14 per contract year; currently no charge)	The lesser of 2% of the amount withdrawn or $15


Premium Tax (charged upon annuitization, surrender or when assessed) 0.0% to 5.0% depending on state law

The next table describes the fees and expenses you will pay periodically while you own the contract, not including Fund fees and expenses.
Annual Contract Fee (no fee if your contract value exceeds $50,000)			$30

Separate Account Annual Expenses (as a percentage of average account value unless otherwise indicated)
Mortality and Expense Risk Charge			1.15%
Account Expense Charge			0.25%

Total Separate Account Annual Expenses (without optional added benefits)			1.40%

Optional Rider Expenses (Some of the optional riders are mutually exclusive. See the individual discussion of each rider later in the prospectus for details on the riders and amounts upon which the charges are based.


Annual Stepped-Up Death Benefit⁽¹⁾		0.25% of the optional death benefit amounts
GMDBR80 Plus (currently 0.25%)		0.30% of the optional death benefit amounts (maximum charge)
GMDBR85 Plus		0.45% of the optional death benefit amounts
5% GMDBR80 Plus		0.45% of the optional death benefit amounts
5% GMDBR85 Plus		0.70% of the optional death benefit amounts
ARDBR		0.60% of the optional death benefit amounts
ARDBR II at issue ages through 74 (currently 0.80%)		1.00% of the optional death benefit amounts (maximum charge)
ARDBR II at issue ages 75 through 78 (currently 0.95%)		1.15% of the optional death benefit amounts (maximum charge)
ARDBR (2009) (currently 0.85%)		1.40% of the optional death benefit amounts (maximum charge)

GEB at issue ages through 70		0.15% of your contract value on the contract anniversary
GEB at issue ages 71 through 75		0.30% of your contract value on the contract anniversary
GEB “Plus” at issue ages through 70		0.30% of your contract value on the contract anniversary
GEB “Plus” at issue ages 71 through 75		0.60% of your contract value on the contract anniversary
GMIB⁽²⁾		0.45% of your guaranteed income base
GMIB Plus⁽²⁾		0.55% of your guaranteed income base
GMIB Plus with Five Year Reset⁽³⁾		0.55% of your guaranteed income base
GMIB Plus with Annual Reset		0.70% of your guaranteed income base

Form 8524


GMIB Plus with Five Year Reset II without investment restrictions⁽³⁾		1.55% of the guaranteed income base (maximum charge)
(currently 0.90%)
GMIB Plus with Five Year Reset II with investment restrictions⁽³⁾		1.40% of the guaranteed income base (maximum charge)
(currently 0.75%)
GMIB Plus with Annual Reset II without investment restrictions		1.65% of the guaranteed income base (maximum charge)
(currently 1.00%)
GMIB Plus with Annual Reset II with investment restrictions		1.50% of the guaranteed income base (maximum charge)
(currently 0.85%)
GMIB Plus with Annual Reset (2009) (currently 0.95%)		1.50% of the guaranteed income base (maximum charge)

GPA (7% guaranteed annual withdrawal)⁽⁴⁾		0.40% of your eligible contract value
GPA (8% guaranteed annual withdrawal)⁽⁴⁾		0.50% of your eligible contract value
GPP⁽⁵⁾		0.55% of average annual guaranteed principal amount

Summary of Maximum Contract Expenses (maximum expenses you would pay if you elected all optional benefits available under the contract and the most expensive of mutually exclusive optional benefits)


Mortality and Expense Risk Charge	1.15%
Account Expense Charge	0.25%

Subtotal	1.40%
ARDBR (2009)	1.40%
GEB “Plus” at issue ages 71 through 75	0.60%
GMIB Plus with Annual Reset (2009)	1.50%
GPP	0.55%

Maximum Possible Total Separate Account Expenses:	5.45%	⁽⁶⁾


(1)	In those states where permitted, charge is 0.25% for contracts applied for on or after May 15, 2009. For other contracts, charge is 0.10%. See your representative for more information.


(2)	No longer available for purchase. Last available purchase date depends on the state of contract issue. See your representative for more information.


(3)	Not available for purchase after May 15, 2009.


(4)	Not available for purchase after January 1, 2009.


(5)	In those states where permitted, charge is 0.55% for contracts applied for on or after May 15, 2009. For contracts applied for prior to October 9, 2006, the charge is 0.20%. For all other contracts the charge is 0.25%. See your representative for more information.


(6)	Assumes average account value, contract value and all bases upon which rider charges are based are equal. If such amounts are not equal, then total charges may be higher or lower. Note that certain riders are mutually exclusive. The following shows which riders you may not have at the same time:


If you have this rider		you cannot have this rider
GPP		GPA
GPA		GPP or any GMIB
One of the GMDB riders		Any other GMDB rider
Annual stepped-up death benefit		Any ARDBR
One of the GMIB riders		Any other GMIB rider or GPA

Furthermore, if you have an ARDBR, you must also have the comparable GMIB Plus with Annual Reset. Please carefully review the rider descriptions later in this prospectus.

Form 8524

The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time you own the contract. More detail concerning each Fund’s fees and expenses is contained in the prospectus for each Fund.


	Minimum			Maximum
	without			without
	waivers			waivers

Total Annual Fund Operating Expenses (expenses deducted from Fund assets, including management fees, distribution (12b-1) fees and other Fund operating expenses)		0.35	%		26.26	%

Example

These Examples are intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. These costs include contract owner transaction expenses, contract fees, separate account annual expenses, and Fund fees and expenses for the most expensive available Fund. The Examples do not reflect the deduction of premium taxes, typically charged upon annuitization, surrender or when assessed. If the premium taxes were reflected, the charges would be higher.

The following Example assumes you invest $10,000 in the contract for the periods indicated. The Example also assumes your investment has a 5% return each year and assumes the maximum fees and expenses of the most expensive available Fund assuming no waivers. The Example assumes you have selected all the available optional benefits based on their mutual exclusivity and maximum cost and the costs for those benefits are based on contract values or rider base amounts specified above for a contract experiencing the assumed annual investment return of 5%. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

(1) If you surrender your contract at the end of the applicable period:


1 year		3 years		5 years		10 years

$	3,854	$	8,686	$	11,476	$	16,289


(2)	*If you annuitize at the end of the applicable period, or if you do not* surrender your contract:**


1 year		3 years		5 years		10 years

$	3,205	$	8,011	$	11,476	$	16,289

The following Example assumes you invest $10,000 in the contract for the periods indicated. The Example also assumes your investment has a 5% return each year and assumes the minimum fees and expenses of the available Funds assuming no waivers. The Example assumes you have selected all the available optional benefits based on their mutual exclusivity and maximum cost and the costs for those benefits are based on contract values or the rider base amounts specified above for a contract experiencing the assumed annual investment return of 5%. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

(1) If you surrender your contract at the end of the applicable period:


1 year		3 years		5 years		10 years

$	1,260	$	2,665	$	3,645	$	8,792

(2) If you annuitize at the end of the applicable period, or if you do not surrender your contract:


1 year		3 years		5 years		10 years

$	629	$	2,032	$	3,645	$	8,792

Financial Statements

The complete financial statements of VAA and Ohio National Life, are included in the Statement of Additional Information.

Form 8524

Accumulation Unit Values

Attached as Appendix B is a table showing selected information concerning Accumulation Units for each subaccount for each of the last ten calendar years, or since inception if less. The Accumulation Unit values do not reflect the deduction of certain charges that are subtracted from your annuity contract value, such as the contract maintenance charge. A portion of the information in the table is also included in the Separate Account’s financial statements. To obtain a more complete picture of each subaccount’s financial status and performance, you should review the Separate Account’s financial statements which are contained in the Statement of Additional Information.

This series of variable annuity contracts began on March 26, 2001. Since then, the following changes have been made to available Funds:


October 26, 2001		UBS Series (formerly called Mitchell Hutchins or Brinson Series) Growth & Income portfolio discontinued for new contracts; Brinson Growth & Income portfolio merged into the Alliance Variable Products Series Growth & Income portfolio.



November 1, 2001		JPMorgan Mid Cap Value portfolio and MFS Variable Insurance Trust funds added.



December 17, 2001		First American Insurance Portfolios (“FAIP”) Corporate Bond portfolio replaced Ohio National Fund Strategic Income portfolio, and FAIP Equity Income portfolio replaced Ohio National Fund relative Value portfolio and Firstar Growth & Income portfolio through mergers.



May 1, 2002		Ohio National Fund Bristol and Bryton Growth portfolios added.



August 1, 2002		PIMCO Variable Insurance Trust portfolios added.



May 1, 2003		Dreyfus Variable Investment Fund Appreciation portfolio, Royce Capital Fund portfolios and Van Kampen Universal Institutional Funds (Class II) added, and Dow Target Variable Fund Quarterly portfolios replaced monthly portfolios through mergers.



October 1, 2003		Fidelity VIP Equity-Income portfolio added. First American Insurance Portfolios discontinued for new contracts.



May 1, 2004		Ohio National Fund U.S. Equity, Balanced and Covered Call portfolios added; PBHG Technology & Communications portfolio and Strong Variable Insurance Funds discontinued for new contracts.



May 1, 2005		Franklin Templeton Variable Insurance Products Trust funds and Lazard Retirement International Equity Portfolio added. PBHG Technology & Communications Portfolio changed its name to Liberty Ridge Technology and Communications Portfolio.



November 2, 2005		Ohio National Fund Target VIP and Target Equity/Income portfolios were added.



May 1, 2006		Salomon Brothers Variable Series Funds, Inc. changed its name to Legg Mason Partners Variable Portfolios I, Inc. The Neuberger Berman Advisers Management Trust AMT Regency Portfolio was added. The Van Kampen Universal Institutional Funds International Growth Equity Portfolio and Equity Growth Portfolio were added.



May 1, 2007		Ohio National Fund Bristol Growth Portfolio was added. Ohio National Fund Covered Call Portfolio changed its name to Income Opportunity Portfolio. Legg Mason Partners Variable Equity Trust replaced Legg Mason Partners Variable Portfolio I, Inc. through reorganization. Legg Mason Partners Variable Fundamental Value Portfolio replaced the All Cap Portfolio through reorganization and Legg Mason Partners Capital and Income Portfolio replaced the Total Return Portfolio through reorganization. The Lazard Retirement Equity Portfolio was renamed Lazard Retirement U.S. Strategic Equity Portfolio.

Form 8524





May 1, 2008		Ohio National Fund Blue Chip Portfolio changed its name to Strategic Value Portfolio. ALPS Variable Insurance Trust AVS Listed Private Equity Portfolio (Class II) was added. Federated Insurance Series Federated Kaufmann Fund II (Service Shares) was added. Fidelity Variable Insurance Products Fund VIP Real Estate Portfolio (Service Class 2) was added. Franklin Templeton Variable Insurance Products Trust, Franklin Templeton VIP Founding Funds Allocation Fund (Class 4) was added. Franklin Templeton Variable Insurance Products Trust (Class 4) Franklin Income Securities Fund, Franklin Flex Cap Fund and Templeton Foreign Securities Fund were added for contracts with applications signed or electronic orders submitted to us on or after May 1, 2008 and Class 2 shares were discontinued for such contracts. Goldman Sachs Variable Insurance Trust (Service Shares) Goldman Sachs Growth and Income Fund, Goldman Sachs Structured U.S. Equity Fund and Goldman Sachs Capital Growth Fund were added for contracts with applications signed or electronic orders submitted to us on or after May 1, 2008 and Institutional Shares were discontinued for such contracts.



August 1, 2008		Ohio National Fund International Small Company Portfolio changed its name to International Small-Mid Company Portfolio.
October 1, 2008		Ivy Variable Insurance Portfolios, Inc. and PIMCO CommodityRealReturn(^®) Strategy Portfolio added.



April 24, 2009		J.P. Morgan Series Trust II JPMorgan Mid Cap Value Portfolio was merged with J.P. Morgan Insurance Trust Diversified Mid Cap Value Portfolio and was renamed JPMorgan Insurance Trust Mid Cap Value Portfolio. J.P. Morgan Series Trust II JPMorgan Small Company Portfolio was merged with J.P. Morgan Insurance Trust Small Cap Equity Portfolio and was renamed JPMorgan Insurance Trust Small Cap Core Portfolio.



May 1, 2009		Janus Aspen Series Large Cap Growth Portfolio changed its name to Janus Portfolio. Janus Aspen Series International Growth Portfolio changed its name to Overseas Portfolio. Janus Aspen Series Worldwide Growth Portfolio changed its name to Worldwide Portfolio.

Ohio National Life

Ohio National Life was organized under the laws of Ohio on September 9, 1909. We write life, accident and health insurance and annuities in 47 states, the District of Columbia and Puerto Rico. Currently we have assets of approximately $16 billion and equity of approximately $1.2 billion. Our home office is located at One Financial Way, Montgomery, Ohio 45242. We are a stock life insurance company ultimately owned by a mutual insurance holding company (Ohio National Mutual Holdings, Inc.). Our policyholders own the holding company.

Ohio National and/or its affiliates may pay certain retail broker-dealers additional compensation or reimbursement for their efforts in selling our variable contracts. Reimbursements and additional compensation are paid for the purpose of, among other things, training the broker-dealers’ registered representatives regarding the procedures for submitting business to us, internally marketing our products to their registered representatives, educating registered representatives about the benefits and options available under the variable contracts and about the benefits of variable contracts generally. These additional amounts are paid from our profits, not deducted from the contract owners’ purchase payments.

Additionally, we may compensate some broker-dealers more than others for the sale of our products. This differential compensation may be based on several factors including, but not limited to, the size of the selling broker-dealer, the amount of previous business generated by the broker-dealer and the length of time Ohio National has contracted with the broker-dealer for the distribution of our contracts. As with reimbursements, these payments are not deducted from contract owners’ purchase payments.

From time to time, Ohio National and/or its affiliates may also provide non-cash or cash compensation to certain financial institutions or their registered representatives in the form of occasional gifts, meals, tickets to events, educational conference support, special recognition support or other forms of non-cash and cash compensation as may be permitted by certain regulations applicable to broker-dealers.

Form 8524

We may credit additional amounts under our contracts for contracts sold to registered representatives (and their immediate families) of broker-dealers that have (i) a selling agreement with us and our principal underwriter to sell the contracts and (ii) approved the payment of the additional amount to their registered representatives. There will be no commissions paid on the sale of these contracts.

Ohio National Life believes that, consistent with well established industry and SEC practice, the periodic reporting requirements of the Securities Exchange Act of 1934 do not apply to it as the depositor of one or more variable insurance product separate accounts. If such requirements are deemed to apply to it as such a depositor, Ohio National Life intends to rely on the exemption from such requirements provided by Rule 12h-7 under that Act.

Ohio National Variable Account A

We established VAA on August 1, 1969 as a separate account for funding variable annuity contracts. Purchase payments for the variable annuity contracts are allocated to one or more subaccounts of VAA. Your allocation of contract values may be to no more than 18 of the available subaccounts. You may be subject to restrictions on allocations if you purchase certain optional riders. Please see “Investment Restrictions for Certain Optional Riders” and “Optional Asset Allocation Models” for more information.

Income, gains and losses, whether or not realized, from assets allocated to VAA are credited to or charged against VAA without regard to our other income, gains or losses. The assets maintained in VAA will not be charged with any liabilities arising out of any of our other business. Nevertheless, all obligations arising under the contracts, including the commitment to make annuity payments, are our general corporate obligations. Accordingly, all our assets are available to meet our obligations under the contracts. VAA is registered as a unit investment trust under the Investment Company Act of 1940. The assets of the subaccounts of VAA are invested at net asset value in Fund shares. Values of other contracts not offered through this prospectus are also allocated to VAA, including some subaccounts that are not available for these contracts.

Investment Options

You may allocate your contract values to Funds, the Fixed Accumulation Account or an optional Asset Allocation Model as described below. If you purchase certain optional riders, you may be subject to restrictions on allocations. Please see “Optional Asset Allocation Models” and “Investment Restrictions for Certain Optional Riders” below.

Fixed Accumulation Account

The Guaranteed Account guarantees a fixed return for a specified period of time and guarantees the principal against loss. We may also refer to the Fixed Accumulation Account as the Fixed Account. We reserve the right to not offer the Fixed Accumulation Account to new contracts in the future. The Fixed Accumulation Account is not registered as an investment company. Interests in it are not subject to the provisions or restrictions of federal securities laws. The staff of the Securities and Exchange Commission has not reviewed disclosures regarding it. We invest our general assets at our discretion as allowed by Ohio law.

The Fixed Accumulation Account consists of all of our general assets other than those allocated to a separate account. If the Fixed Accumulation Account is available on your contract, you may allocate purchase payments and contract values between the Fixed Accumulation Account and the Funds. There might be periods when we will not make the Fixed Accumulation Account available on new contracts.

The amount of investment income allocated to the contracts varies from year to year at our sole discretion. However, we guarantee that we will credit interest at a rate of not less than 3% per year (or such lower rate as may be permitted by applicable state law), compounded annually, to contract values allocated to the Fixed Accumulation Account. We may credit interest at a rate in excess of 3% or in excess of the guaranteed minimum interest rate allowed by state law, but any such excess interest credit will be in our sole discretion.

Form 8524

We guarantee that, before annuity payments begin, the value of a contract in the Fixed Accumulation Account will never be less than:


•	the amount of purchase payments allocated to, and transfers into, the Fixed Accumulation Account, plus


•	interest credited at the rate of 3% per year (or such lower rate that will be indicated in the contract) compounded annually, plus


•	any additional excess interest we may credit to guaranteed values, minus


•	any withdrawals, loans and transfers from the guaranteed values, minus


•	any surrender charge on withdrawals, loan interest, state premium taxes, transfer fees, and the portion of the $30 annual contract administration charge allocable to the Fixed Accumulation Account.

No deductions are made from the Fixed Accumulation Account for Account Expense Charges or Mortality and Expense Risk Charges. Insurance risk charges for optional benefit riders are taken pro rata from the Fixed Accumulation Account and variable subaccounts.

Other than pursuant to a DCA (scheduled transfer) or portfolio rebalancing program, we may restrict transfers of your Fixed Accumulation Account value during a contract year to not more than 20% of that value as of the beginning of a contract year (or $1,000, if greater). As provided by state law, we may defer the payment of amounts to be withdrawn from the Fixed Accumulation Account for up to six months from the date we receive your written request for withdrawal.

The Funds

The Funds are mutual funds registered under the Investment Company Act 1940. Fund shares are sold only to insurance company separate accounts to fund variable annuity contracts and variable life insurance policies and, in some cases, to qualified plans. The value of each Fund’s investments fluctuates daily and is subject to the risk that Fund management may not anticipate or make changes necessary in the investments to meet changes in economic conditions.

The Funds receive investment advice from their investment advisers. The Funds pay each of the investment advisers a fee as shown in the prospectus for each Fund. In some cases, the investment adviser pays part of its fee to a subadviser.

Affiliates of certain Funds may compensate us based upon a percentage of the Fund’s average daily net assets that are allocated to VAA. These percentages vary by Fund. This is intended to compensate us for administrative and other services we provide to the Funds and their affiliates.

Some of the Funds are structured as a “Fund of Funds.” A Fund of Funds is a mutual fund that invests primarily in a portfolio of other mutual funds. Because a Fund of Funds invests in other mutual funds rather than individual securities, the Fund of Funds bears a proportionate share of expenses charged by the underlying funds in which it invests. Therefore, a Fund of Funds may have higher expenses than direct investments in the underlying Funds. You should read the Fund prospectuses carefully for more information.

For additional information concerning the Funds, including their fees, expenses and investment objectives, see the Fund prospectuses. Read them carefully before investing. They may contain information about other funds that are not available as investment options for these contracts. You cannot be sure that any Fund will achieve its stated objectives and policies. For a free copy of the Fund prospectuses, call 1-888-925-6446.

Periodically some of the Funds may be closed to future allocation of purchase payments. This may be at the request of the Fund or based on a decision made by us. Advance written notice will be given to contract owners prior to any such closure.

The investment policies, objectives and/or names of some of the Funds may be similar to those of other investment companies managed by the same investment adviser or subadviser. However, similar funds often do not have comparable investment performance. The investment results of the Funds may be higher or lower than those of the other funds.

Form 8524

Optional Asset Allocation Models

You may choose an optional Asset Allocation Model for your contract’s variable account values. If you choose this option, it must be used for all your variable account values. There is no charge for using an optional Asset Allocation Model. You may choose a model, discontinue using a model or change from one model to another at any time by notifying us. You may not use more than one model at a time. Certain optional benefits require all variable account values be in the Asset Allocation Models from the issuance of the rider until the rider ends according to its terms or annuity payments begin.

Asset allocation is the distribution of invested assets among several different kinds of investments (such as large cap domestic value stocks, small cap domestic growth stocks, foreign stocks, long term investment-grade bonds, intermediate term bonds, high income bonds, money market instruments, real estate securities and so on). Historically, diversification among several different kinds of asset classes has been shown to help reduce volatility over long periods of time. However, there can be no assurance that asset allocation will reduce volatility or enhance performance.

If you choose the Asset Allocation Models, upon your execution and return of the investment advisory agreement, Ohio National Investments, Inc. (“ONII”) will serve as your investment adviser for the limited purpose of developing and updating the Asset Allocation Models. The Asset Allocation Models do not become dynamic until the investment advisory agreement is executed and returned to ONII. Currently, you are required to sign an investment advisory agreement with ONII in order to be in an Asset Allocation Model. Periodically, typically annually, ONII will assess the make up of each of the Asset Allocation Models to determine if they continue to maintain the optimal level of investment return balanced against the designated risk tolerance for the model. If ONII determines that changes to the models are appropriate, we will notify you at least 30 days before making the change. If we do not hear from you otherwise, we will automatically reallocate the assets contained in the existing model to the new model, based on the limited discretionary authority you will have granted to ONII to do so. If you do not want your contract values reallocated in your existing model, you may move to a different model. If you do not want to move to a different model and you do not wish to have your contract values reallocated in the existing model, we will deem the advisory agreement between ONII and you terminated and no further automatic rebalancing or reallocation will take place in your contract. If you have a rider that requires participation in the asset allocation models, the effect of the termination of the advisory agreement will be to terminate your rider as well except for the GMIB Plus with Annual Reset II with investment restrictions, GMIB Plus with Five Year Reset II with investment restrictions and GMIB Plus with Annual Reset (2009), all which can also remain in force if you adhere to the alternative investment restrictions.

More information about ONII’s role as your limited purpose investment adviser is contained in Part II of ONII’s Form ADV, which you can request at any time. It is possible that ONII may include underlying funds in the Asset Allocation Models for which it also acts as the investment adviser. As a result, inclusion of such portfolios will result in ONII receiving fund management fees from these funds and portfolios.

We have retained Wilshire Associates to assist in the development of several asset allocation models, each comprising a combination of the contract’s available Funds. However, we reserve the right to change the third party consultant we use to develop the asset allocation models or to develop the Asset Allocation Models without the use of a third party consultant. Wilshire selects the Funds for each of the models in accordance with risk/return profiles they have developed. Currently the following Models are available:


	•	Model 1: Conservative (investment objective – preservation of capital)


	•	Model 2: Moderately Conservative (investment objective – moderate growth)


	•	Model 3: Balanced (investment objective – steady growth in asset values)


	•	Model 4: Moderately Aggressive (investment objective – moderately high growth in asset values)


	•	Model 5: Aggressive (investment objective – high growth in asset values)

Please contact us at 1-888-925-6446 or your registered representative for more detailed information on the Models.

Form 8524

At the end of each quarter, variable account values allocated within each model will be rebalanced to maintain the mix of investments in the proportions established for each model. You will then receive a confirmation of the transfers made among the Funds within your contract. The transfer charge does not apply to these quarterly rebalancing transactions.

The transfer charge will apply if, by changing from one model to another, you exceed the 12 free transfers allowed per year. When you change models, it counts as one transfer.

Your registered representative or financial adviser can help you determine the model that best fits your risk tolerance, investment horizon and objectives. The variable account portion of any purchase payments you make after selecting an Asset Allocation Model will be allocated among the Funds as specified by the model you choose.

If your contract includes the optional Guaranteed Principal Protection (“GPP”) or Guaranteed Principal Access (“GPA”) rider, your variable account values must be in one of the Asset Allocation Models. The GPP or GPA rider will be cancelled if you are no longer using any Asset Allocation Model. If the GPP or GPA is so terminated, a full annual rider charge will be assessed without being prorated to the date of termination.

We may limit the availability of an Asset Allocation Model under one of the riders with investment restrictions or that requires participation in an Asset Allocation Model. You may only be in one Asset Allocation Model at a time. Therefore, if an Asset Allocation Model becomes unavailable for the allocation of purchase payments under GPP and GPA and you wish to make additional purchase payments, you will have to transfer your contract value to an available Asset Allocation Model.

If an Asset Allocation Model becomes unavailable for the allocation of purchase payments under the GMIB Plus with Five Year Reset II with investment restrictions, GMIB Plus with Annual Reset II with investment restrictions or GMIB Plus with Annual Reset (2009) and you wish to make additional purchase payments, you will have to transfer your contract value to an available Asset Allocation Model or comply with the alternative investment restrictions under those riders. Currently, if you own the GMIB Plus with Annual Reset (2009) you can only be in Asset Allocation Model 2, 3, or 4 or comply with the alternative investment restrictions.

If we limit the availability of a Model under a rider, you make additional purchase payments and you do not take affirmative action to transfer your contract value, your rider will be canceled. If, however, ONII revises the make up of an existing Asset Allocation Model following the procedures described in this section, and you do not opt out of the revised model, you do not have to take any action to maintain your rider.

Investment Restrictions for Certain Optional Riders

If you select the GMIB Plus with Annual Reset (2009) rider, your purchase payments and contract value must be allocated in accordance with the restrictions specified below:


(1)	Some or all of your purchase payments or contract value may be allocated to the Fixed Accumulation Account, if available. See “Fixed Accumulation Account” for more details.


(2)	Any portion of your purchase payments or contract value that is not allocated to the Fixed Accumulation Account must be allocated in compliance with either (a) or (b):


	(a)	100% must be allocated to one of Asset Allocation Models 2, 3 or 4. See “Optional Asset Allocation Models” for more details. Please contact us at 1-88-925-6446 or your representative for more detailed information on the Models.


	(b)	(i) at least 30% must, but no more than 60% may, be allocated to investment options included in Category 1;


	(ii)	no more than 70% may be allocated to investment options included in Category 2;

	(iii)	no more than 25% may be allocated to investment options included in Category 3; and

	(iv)	no more than 15% may be allocated to investment options included in Category 4.

Form 8524

The investment options available for the GMIB Plus with Annual Reset (2009) in each Category are:


Investment Options

Category 1	Ohio National Fund, Inc. Money Market Portfolio Bond Portfolio	The Universal Institutional Funds, Inc. Van Kampen’s UIF Core Plus Fixed Income Portfolio

	PIMCO Variable Insurance Trust Real Return Portfolio Total Return Portfolio

Category 2	Ohio National Fund, Inc. Equity Portfolio Omni Portfolio S&P 500 Index^® Portfolio Capital Growth Portfolio Strategic Value Portfolio Nasdaq-100^® Index Portfolio Bristol Portfolio Bristol Growth Portfolio Balanced Portfolio Income Opportunity Portfolio U.S. Equity Portfolio Target VIP Portfolio Target Equity/Income Portfolio Dreyfus Variable Investment Fund Appreciation Portfolio Fidelity^® Variable Insurance Products VIP Contrafund^® Portfolio VIP Growth Portfolio VIP Equity-Income Portfolio Franklin Templeton Variable Insurance Products Trust Franklin Income Securities Fund Franklin Flex Cap Growth Securities Fund Franklin Templeton VIP Founding Funds Allocation Fund Templeton Foreign Securities Fund Goldman Sachs Variable Insurance Trust Goldman Sachs Growth and Income Fund Goldman Sachs Structured U.S. Equity Fund Goldman Sachs Capital Growth Fund	Ivy Funds Variable Insurance Portfolios Ivy Funds VIP Asset Strategy Janus Aspen Series Janus Portfolio Balanced Portfolio Lazard Retirement Series Lazard Retirement U.S. Strategic Equity Portfolio Legg Mason Partners Variable Equity Trust Legg Mason Partners Variable Fundamental Value Portfolio Legg Mason Partners Variable Capital and Income Portfolio Legg Mason Partners Variable Investors Portfolio MFS^® Variable Insurance Trust MFS^® Investors Growth Stock Series MFS^® Total Return Series PIMCO Variable Insurance Trust Global Bond Portfolio (Unhedged) The Prudential Series Fund, Inc. Jennison Portfolio Jennison 20/20 Focus Portfolio The Universal Institutional Funds, Inc. Van Kampen’s UIF Capital Growth Portfolio

Form 8524


Category 3	Ohio National Fund, Inc. International Portfolio Aggressive Growth Portfolio High Income Bond Portfolio Capital Appreciation Portfolio Mid Cap Opportunity Portfolio Federated Insurance Series Federated Kaufmann Fund II Fidelity^® Variable Insurance Products VIP Mid Cap Portfolio J.P. Morgan Insurance Trust JPMorgan Insurance Trust Mid Cap Value Portfolio	Janus Aspen Series Overseas Portfolio Worldwide Portfolio Lazard Retirement Series Lazard Retirement International Equity Portfolio MFS^® Variable Insurance Trust MFS^® Mid Cap Growth Stock Series Neuberger Berman Advisers Management Trust AMT Regency Portfolio The Universal Institutional Funds, Inc. Van Kampen’s UIF International Growth Equity Portfolio

Category 4	Ohio National Fund, Inc. International Small-Mid Company Portfolio Millennium Portfolio Capital Growth Portfolio Small Cap Growth Portfolio Bryton Growth Portfolio ALPS Variable Insurance Trust AVS Listed Private Equity Portfolio Fidelity^® Variable Insurance Products VIP Real Estate Portfolio Ivy Funds Variable Insurance Portfolios Ivy Funds VIP Global Natural Resources Ivy Funds VIP Science and Technology J.P. Morgan Insurance Trust JPMorgan Insurance Trust Small Cap Core Portfolio	Lazard Retirement Series Lazard Retirement U.S. Small Cap Equity Portfolio Lazard Retirement Emerging Markets Equity Portfolio MFS^® Variable Insurance Trust MFS^® New Discovery Series PIMCO Variable Insurance Trust CommodityRealReturn(^TM) Strategy Portfolio Royce Capital Fund Royce Micro-Cap Portfolio Royce Small-Cap Portfolio The Universal Institutional Funds, Inc. Van Kampen’s UIF U.S. Real Estate Portfolio

If you select the GMIB Plus with Annual Reset II or GMIB Plus with Five Year Reset II rider and elect investment restrictions, your purchase payments and contract value must be allocated in accordance with the restrictions specified below:


(1)	Some or all of your purchase payments or contract value may be allocated to the Fixed Accumulation Account, if available. See “Fixed Accumulation Account” for more details.


(2)	Any portion of your purchase payments or contract value that is not allocated to the Fixed Accumulation Account must be allocated in compliance with either (a) or (b):


	(a)	100% must be allocated to one of the available Asset Allocation Models. See “Optional Asset Allocation Models” for more details.


	(b)	(i) at least 20% must be allocated to investment options included in Category 1;


	(ii)	no more than 80% may be allocated to investment options included in Category 2;

	(iii)	no more than 25% may be allocated to investment options included in Category 3; and

	(iv)	no more than 15% may be allocated to investment options included in Category 4.

Form 8524

The investment options available for the GMIB Plus with Annual Reset II or the GMIB Plus with Five Year Reset II in each Category are:


Investment Options

Category 1	Ohio National Fund, Inc. Money Market Portfolio Bond Portfolio	The Universal Institutional Funds, Inc. Van Kampen’s UIF Core Plus Fixed Income Portfolio

	PIMCO Variable Insurance Trust Real Return Portfolio Total Return Portfolio

Category 2	Ohio National Fund, Inc. Equity Portfolio Omni Portfolio S&P 500 Index^® Portfolio International Portfolio Aggressive Growth Portfolio Capital Growth Portfolio Strategic Value Portfolio Nasdaq-100^® Index Portfolio Bristol Portfolio Bristol Growth Portfolio Balanced Portfolio Income Opportunity Portfolio U.S. Equity Portfolio Target VIP Portfolio Target Equity/Income Portfolio Dreyfus Variable Investment Fund Appreciation Portfolio Fidelity^® Variable Insurance Products VIP Contrafund^® Portfolio VIP Growth Portfolio VIP Equity-Income Portfolio Franklin Templeton Variable Insurance Products Trust Franklin Income Securities Fund Franklin Flex Cap Growth Securities Fund Franklin Templeton VIP Founding Funds Allocation Fund Templeton Foreign Securities Fund Goldman Sachs Variable Insurance Trust Goldman Sachs Growth and Income Fund Goldman Sachs Structured U.S. Equity Fund Goldman Sachs Capital Growth Fund	Ivy Funds Variable Insurance Portfolios Ivy Funds VIP Asset Strategy Janus Aspen Series Janus Portfolio Overseas Portfolio Worldwide Portfolio Balanced Portfolio Lazard Retirement Series Lazard Retirement International Equity Portfolio Lazard Retirement U.S. Strategic Equity Portfolio Legg Mason Partners Variable Equity Trust Legg Mason Partners Variable Fundamental Value Portfolio Legg Mason Partners Variable Capital and Income Portfolio Legg Mason Partners Variable Investors Portfolio MFS^® Variable Insurance Trust MFS^® Investors Growth Stock Series MFS^® Total Return Series PIMCO Variable Insurance Trust Global Bond Portfolio (Unhedged) The Prudential Series Fund, Inc. Jennison Portfolio Jennison 20/20 Focus Portfolio The Universal Institutional Funds, Inc. Van Kampen’s UIF International Growth Equity Portfolio Van Kampen’s UIF Capital Growth Portfolio

Category 3	Ohio National Fund, Inc. High Income Bond Portfolio Capital Appreciation Portfolio Mid Cap Opportunity Portfolio Federated Insurance Series Federated Kaufmann Fund II Fidelity^® Variable Insurance Products VIP Mid Cap Portfolio	J.P. Morgan Insurance Trust JPMorgan Insurance Trust Mid Cap Value Portfolio MFS^® Variable Insurance Trust MFS^® Mid Cap Growth Stock Series Neuberger Berman Advisers Management Trust AMT Regency Portfolio

Form 8524


Category 4		Ohio National Fund, Inc. International Small-Mid Company Portfolio Millennium Portfolio Capital Growth Portfolio Small Cap Growth Portfolio Bryton Growth Portfolio ALPS Variable Insurance Trust AVS Listed Private Equity Portfolio Fidelity^® Variable Insurance Products VIP Real Estate Portfolio Ivy Funds Variable Insurance Portfolios Ivy Funds VIP Global Natural Resources Ivy Funds VIP Science and Technology J.P. Morgan Insurance Trust JPMorgan Insurance Trust Small Cap Core Portfolio		Lazard Retirement Series Lazard Retirement U.S. Small Cap Equity Portfolio Lazard Retirement Emerging Markets Equity Portfolio MFS^® Variable Insurance Trust MFS^® New Discovery Series PIMCO Variable Insurance Trust CommodityRealReturn(^TM) Strategy Portfolio Royce Capital Fund Royce Micro-Cap Portfolio Royce Small-Cap Portfolio The Universal Institutional Funds, Inc. Van Kampen’s UIF U.S. Real Estate Portfolio

You may allocate purchase payments to a dollar-cost averaging (“DCA”) account, including the Enhanced DCA, and transfer amounts out of the DCA account in accordance with the restrictions described above. See “Scheduled Transfers (Dollar Cost Averaging)” for more details about dollar cost averaging.

Transfers. Any transfer request or change in allocation or rebalance instructions must comply with the applicable investment restrictions. Any transfer request from one Category to another must result in an allocation that continues to meet the investment restrictions. If you make a transfer within a Category, you will still be deemed to have met the investment restrictions, even if your contract value has increased beyond the percentage limit. Please note that a transfer request will not update your purchase payment allocation or rebalance instructions. You must provide us separate instructions to change your purchase payment allocation or rebalance instructions.

Classifications. We have classified investment options into the above Categories based on the fund’s characteristics and our determination of their risk. If a new investment choice is added to your contract, we will determine which of the above Categories, if any, it will be placed in. We may reassess our determination of risk based on characteristics such as investment objective, strategy or holdings and may change the classification of any investment option in the individual Categories with advance written notice to you. We may limit the availability of any Asset Allocation Model or any investment option under the riders. We may apply any changes to future purchase payments and transfer requests. Any such changes will not apply to transfers out of the DCA account. If an existing investment option becomes unavailable for the allocation of future purchase payments and you wish to make additional purchase payments, you will need to provide us updated allocation instructions that comply with 2(a) or 2(b). If a change in classification applies to future transfer requests, any transfer request you make must comply with the new investment restrictions. If you do not make any additional purchase payments or transfer requests after a change in classification, the new investment restrictions will not apply to you. If you fail to provide us with new instructions as described and your allocation of purchase payments or contract value violates the investment restrictions, your rider will be terminated.

Please note that you may only be in one Asset Allocation Model at a time. Therefore, if an Asset Allocation Model to which your contract value is allocated becomes unavailable for the allocation of future purchase payments under your rider and you wish to make additional purchase payments, you will have to transfer your contract value to an Asset Allocation Model that is available under your rider.

Rebalancing. If you choose to allocate your purchase payments to an Asset Allocation Model according to option (2)(a), at the end of each calendar quarter we will rebalance variable account values allocated within each Model to maintain the mix of investments in the proportions established for each Model. If you choose to allocate your purchase payments according to option 2(b), you must provide us with rebalance allocation instructions that comply with option 2(b). On each three-month anniversary of the date the applicable rider was added, we will rebalance your contract value in accordance with your rebalance instructions.

Form 8524

Termination. You will not violate the investment restrictions simply because your contract value in the Categories increases or decreases above or below the specified limits. You will violate the investment restrictions if you allocate purchase payments or contract value in a manner not specified above. If you have purchased the following riders and you violate the restrictions as described, your rider will be cancelled.


•	If you have purchased the GMIB Plus with Five Year Reset II and chosen investment restrictions, your rider will be cancelled if you violate the restrictions.


•	If you have purchased the GMIB Plus with Annual Reset II and chosen investment restrictions, your rider will be cancelled if you violate the restrictions. Furthermore, if you have also purchased the ARDBR II, it will be cancelled.


•	If you have purchased the GMIB Plus with Annual Reset (2009), your rider will be cancelled if you violate the restrictions. Furthermore, if you have also purchased the ARDBR (2009), it will be cancelled.

If one of these riders is cancelled, a prorated annual rider charge will apply. Please see “Optional Death Benefit Riders” and “Optional Guaranteed Minimum Income Benefit (GMIB) Riders” for more information.

Mixed and Shared Funding

In addition to being offered to VAA, certain Fund shares are offered to our other separate accounts for variable annuity contracts and a separate account of Ohio National Life Assurance Corporation for variable life insurance contracts. Fund shares may also be offered to other insurance company separate accounts and qualified plans. It is conceivable that in the future it may become disadvantageous for one or more of variable life and variable annuity separate accounts, or separate accounts of other life insurance companies, and qualified plans to invest in Fund shares. Although neither we nor any of the Funds currently foresee any such disadvantage, the Board of Directors or Trustees of each Fund will monitor events to identify any material conflict among different types of owners and to determine if any action should be taken. That could possibly include the withdrawal of VAA’s participation in a Fund. Material conflicts could result from such things as:


•	changes in state insurance law;

•	changes in federal income tax law;

•	changes in the investment management of any Fund; or

•	differences in voting instructions given by different types of owners.

Voting Rights

We will vote Fund shares held in VAA at Fund shareholders meetings in accordance with voting instructions received from contract owners. We will determine the number of Fund shares for which you are entitled to give instructions as described below. This determination will be within 90 days before the shareholders meeting. Proxy material and forms for giving voting instructions will be distributed to each owner. We will vote Fund shares held in VAA, for which no timely instructions are received, in proportion to the instructions that we do receive. There is no minimum number of contract owners required to form a quorum. As a result, a small number of contract owners may determine the outcome of a vote submitted to the Fund by VAA.

Until annuity payments begin, the number of Fund shares for which you may instruct us is determined by dividing your contract value in each Fund by the net asset value of a share of that Fund as of the same date. After annuity payments begin, the number of Fund shares for which you may instruct us is determined by dividing the actuarial liability for your variable annuity by the net asset value of a Fund share as of the same date. Generally, the number of shares tends to decrease as annuity payments progress.

Distribution of Variable Annuity Contracts

The variable annuity contracts are sold by our insurance agents who are also registered representatives of broker-dealers that have entered into distribution agreements with Ohio National Equities, Inc. (“ONEQ”), a wholly-

Form 8524

owned subsidiary of ours. ONEQ is the principal underwriter of the contracts. ONEQ and the broker-dealers are registered under the Securities Exchange Act of 1934 and are members of the Financial Industry Regulatory Authority. We pay ONEQ 5.5% of each purchase payment and ONEQ then pays part of that to the broker-dealers. The broker-dealers pay their registered representatives from their own funds. Purchase payments on which nothing is paid to registered representatives may not be included in amounts on which we pay the sales compensation to ONEQ. If our surrender charge is not sufficient to recover the fee paid to ONEQ, any deficiency will be made up from our general assets. These include, among other things, any profit from the mortality and expense risk charges. ONEQ’s address is One Financial Way, Montgomery, Ohio 45242.

Deductions and Expenses

Surrender Charge

There is no deduction from purchase payments to pay sales expense. We may assess a surrender charge if you surrender the contract or withdraw part of its value. The purpose of this charge is to defray expenses relating to the sale of the contract, including compensation to broker-dealers or other benefits provided under the contract, cost of sales literature and prospectuses, and other expenses related to sales activity. If other fees or charges are being assessed in addition to the surrender charge, we will calculate the surrender charge first. Depending on the state of issue, for contracts issued after January 1, 2007, the surrender charge is a percentage of your total purchase payments minus all previous withdrawals. Depending on the state of issue, for contracts issued prior to January 1, 2007, the surrender charge is a percentage of the lesser of (a) the amount you withdraw or surrender or (b) your total purchase payments minus all previous withdrawals. (Please see your representative for more information.) This percentage varies with the number of years from the date the purchase payments were made (starting with the first purchase payment) as follows:


Years		Payment

1st		7%
2nd		7%
3rd		7%
4th and later		0%

During each contract year, you may withdraw not more than 10% of the contract value (as of the day of the first withdrawal made during that contract year) without a surrender charge. You may take this 10% annual free withdrawal in up to 12 installments. We do not assess the surrender charge when a beneficiary takes a lump sum distribution after the death of the annuitant.

Withdrawal Fee

We may also charge a withdrawal fee of up to the lesser of 2% of the amount withdrawn or $15 per withdrawal for withdrawals in excess of 14 in a contract year. This charge is to reimburse us for administrative processing expenses associated with a withdrawal. We are not currently charging the fee.

Annual Contract Fee

Each year on the contract anniversary (or when you surrender the contract), we will deduct an annual contract fee of $30 from the contract value. This helps to repay us for maintaining the contract for contracts under $50,000. This helps to cover expenses for accounting, auditing, legal, contract owner services, reports to regulatory authorities and contract owners, contract issue, etc. The account expense charge is not sufficient to cover these expenses for contracts under $50,000. There is no contract fee for contracts having a value of at least $50,000 at the contract anniversary. There is no charge after annuity payments begin. We guarantee not to increase the annual contract fee.

Form 8524

Deduction for Account Expense Fee

At the end of each valuation period before annuity payments begin we deduct an amount equal to 0.25% on an annual basis of the variable account value. This deduction reimburses us for amounts not covered by the annual contract fee. Examples of these are accounting, auditing, legal, contract owner services, reports to regulatory authorities and contract owners, contract issue, etc.

Deduction for Mortality and Expense Risk Fee

We guarantee that, until annuity payments begin, the contract’s value will not be affected by any excess of sales and administrative expenses over the deductions for them. We also guarantee to pay a death benefit if the annuitant dies before annuity payments begin. After annuity payments begin, and except in the instance of the annuitant’s death we guarantee that variable annuity payments will not be affected by adverse mortality experience or expenses.

For assuming these risks, when we determine the accumulation unit values and the annuity unit values for each subaccount, we make a deduction from the applicable investment results equal to 1.15% of the variable account value on an annual basis. We may decrease that deduction at any time and we may increase it not more often than annually to not more than 1.15% on an annual basis. We agree that the deduction for these risk undertakings shall not be increased to more than the rate in effect at the time the contract is issued. We may discontinue this limitation on our right to increase the deduction, but only as to contracts purchased after notice of the discontinuance. The risk charge is an indivisible whole of the amount currently being deducted. However, we believe that a reasonable allocation would be 0.65% for mortality risk, and 0.50% for expense risk. We hope to realize a profit from this charge. However there will be a loss if the deduction fails to cover the actual risks involved.

Charges for Optional Benefits

There is an additional annual charge if you choose an optional benefit. See the individual discussion of each rider later in this prospectus for details on the riders and the amounts upon which the charges are based. The additional charge is made on each contract anniversary. Not all optional benefits are currently available or are available in all states. We may discontinue any of the optional benefits on new contracts at any time.

If you choose the annual stepped-up death benefit, the GMDBR80 Plus, GMDBR85 Plus, 5% GMDBR80 Plus, 5% GMDBR85 Plus, ARDBR, ARDBR II or ARDBR (2009) as described under “Death Benefit,” those annual charges are the following percentages of the optional death benefit amounts:


Annual Stepped-Up Death Benefit*		0.25%
GMDBR80 Plus (currently 0.25%)		0.30% (maximum charge)
GMDBR85 Plus		0.45%
5% GMDBR80 Plus		0.45%
5% GMDBR85 Plus		0.70%
ARDBR		0.60%
ARDBR II at issue ages through 74 (currently 0.80%)		1.00% (maximum charge)
ARDBR II at issue ages 75 through 78 (currently 0.95%)		1.15% (maximum charge)
ARDBR (2009) (currently 0.85%)		1.40% (maximum charge)


*	In those states where permitted, charge is 0.25% for contracts applied for on or after May 15, 2009. For other contracts, charge is 0.10%. See your representative for more information.

Form 8524

If you choose the GEB, as described under “Death Benefit,” the annual charge is the following percentage of your contract value on the contract anniversary:


GEB at issue ages through 70			0.15%
GEB at issue ages 71 through 75			0.30%
GEB “Plus” at issue ages through 70			0.30%
GEB “Plus” at issue ages 71 through 75			0.60%

If you choose the GMIB, the GMIB Plus, the GMIB Plus with Five Year Reset, the GMIB Plus with Annual Reset, the GMIB Plus with Five Year Reset II, the GMIB Plus with Annual Reset II or the GMIB Plus with Annual Reset (2009) riders, the annual charge is the following percentage of your guaranteed income base as described under “Optional Guaranteed Minimum Income Benefit (“GMIB”)”:


GMIB (No longer available for purchase.)		0.45%
GMIB Plus (No longer available for purchase.)		0.55%
GMIB Plus with Five Year Reset (Not available for purchase after May 15, 2009.)		0.55%
GMIB Plus with Annual Reset		0.70%
GMIB Plus with Five Year Reset II without investment restrictions (Not available for purchase after May 15, 2009.)		1.55% (maximum charge)
(currently 0.90%)
GMIB Plus with Five Year Reset II with investment restrictions (Not available for purchase after May 15, 2009.)		1.40% (maximum charge)
(currently 0.75%)
GMIB Plus with Annual Reset II without investment restrictions		1.65% (maximum charge)
(currently 1.00%)
GMIB Plus with Annual Reset II with investment restrictions		1.50% (maximum charge)
(currently 0.85%)
GMIB Plus with Annual Reset (2009)		1.50%
(currently 0.95%)		(maximum charge)

If you choose the GPA, the annual charge is the following percentage of your eligible contract value plus later purchase payments as described under “Optional Guaranteed Principal Access (“GPA”) Rider:


For the 7% guaranteed annual withdrawal (Not available for purchase after January 1, 2009.)			0.40%
For the 8% guaranteed annual withdrawal (Not available for purchase after January 1, 2009.)			0.50%

If you choose the GPP, the annual charge is the following percentage of your average annual guaranteed principal amount as described under “Optional Guaranteed Principal Protection (“GPP”)”:


Percent of average annual guaranteed principal amount			0.55%


*	In those states where permitted, charge is 0.55% for contracts applied for on or after May 15, 2009. For contracts applied for prior to October 9, 2006, the charge is 0.20%. For all other contracts the charge is 0.25%. See your representative for more information.

Transfer Fee

We may charge a transfer fee of $10 for each transfer of values from one or more subaccounts to other subaccounts. Only one charge is assessed for transfers out of any one subaccount, even if the transfer is to multiple subaccounts. The fee is charged pro rata against the subaccounts from which the transfer is made. We currently do not charge for your first 12 transfers each contract year. Other restrictions may apply to transfers. See “Transfers among Subaccounts” below.

Deduction for State Premium Tax

Depending on your state, a premium tax or some similar charge may be levied based on the amount of your annuity purchase payments. We will deduct from your contract value the amount of any applicable premium taxes

Form 8524

or similar assessment charged by any state or other governmental entity. While the rates are subject to change, the range for the premium tax is currently between 0.0% and 5.0%. If a charge is assessed, we will deduct that amount from your contract value at the time the contract is surrendered, at the time you annuitize, or at such earlier time that we may become subject to the premium tax. We may also deduct the premium tax from any death benefit proceeds.

Fund Expenses

There are deductions from, and expenses paid out of, the assets of the Funds. These are described in the Fund prospectuses. Deductions for fund expense continue after annuity payments begin for the amounts which are allocated to a Fund.

Description of Variable Annuity Contracts

10-Day Free Look

You may revoke the contract at any time until the end of 10 days after you receive it (or such longer period as may be required by your state law) and get a refund of the contract value as of the date of cancellation. To revoke, you must return the contract to us within the free look period. In some states, we are required to return the greater of the original purchase price or the current contract value if you exercise your free look. Any purchase payments in these states to be allocated to variable Funds may first be allocated to the Money Market Portfolio until the end of the free look period. If you are a California resident 60 years old or older and at the time you apply for your contract you elect to receive a return of your purchase payments if you exercise your free look, any purchase payments to be allocated to variable Funds will first be allocated to the Money Market Portfolio until the end of the free look period. We deem you to receive the contract and the free look period to begin five days after we mail your contract to you.

Accumulation Period

Purchase Payments

Your first purchase payment must be at least $5,000 ($2,000 for IRAs). You do not have to make any more payments after that. But you may make additional purchase payments at any time of at least $500 each ($300 for payroll deduction plans). We may limit your total purchase payments for any one life to $1,500,000. If the check for your payment is dishonored, you will be liable to us for any changes in the market value between the date we receive your check and the date we are notified that the payment was dishonored.

Accumulation Units

Until the annuity payout date, the contract value is measured by accumulation units. As you make each purchase payment, we credit units to the contract (see Crediting Accumulation Units). The number of units remains constant between purchase payments but their dollar value varies with the investment results of each Fund to which payments are allocated.

Crediting Accumulation Units

Your registered representative will send an order or application, together with the first purchase payment, to our home office for acceptance. We may enter into arrangements with certain broker-dealers whereby submission of the completed application and first purchase payment to the broker-dealer will be credited and deemed accepted by us on the date received by them. Such arrangements are at our sole discretion and approved by our Board of Directors. Before entering into such arrangements, we first must ensure that the broker-dealer has adequate compliance controls in place to prevent applications received after the cut-off time (usually 4:00 p.m. Eastern time) from being submitted to us for issuance as if received before the cut-off time.

Upon acceptance, we issue a contract and we credit the first purchase payment to the contract in the form of accumulation units. If all information necessary for issuing a contract and processing the purchase payment is complete, we will credit your first purchase payment within two business days after receipt. If we do not receive

Form 8524

everything necessary to make the application in good order within five business days, we will return the purchase payment to you immediately unless you specifically consent to having us retain the purchase payment until the necessary information is completed. After that, we will credit the purchase payment within two business days.

Unless otherwise prohibited by law, no contract is effective until the purchase payment is received and the contract is issued during the lifetime of the annuitant. If the annuitant dies before the contract is issued and we are not notified at our home office of the annuitant’s death, our sole obligation is to return the contract value to you or your estate upon notice and proof of the death of the annuitant.

You must send any additional purchase payments directly to our home office. They will then be applied to your contract according to you allocation instructions to provide that number of accumulation units (for each subaccount) determined by dividing the amount of the purchase payment by the unit value next computed after we receive the payment at our home office. Except as detailed in the paragraph above, payments received after 4 p.m. (Eastern time) on any process day (earlier those days when the New York Stock Exchange closes early) will be priced at the next calculated unit value.

Allocation of Purchase Payments

You may allocate your contract values among up to 18 investment options including the variable subaccounts of VAA and to the Fixed Accumulation Account. The amount you allocate to any Fund or the Fixed Accumulation Account must equal a whole percent. You may change your allocation of future purchase payments at any time by sending written notice to our home office. Changes in allocation of purchase payments are not deemed effective until received by us at our home office. You may be subject to restrictions on allocations if you purchase certain optional riders. Please see “Investment Restrictions for Certain Optional Riders” and “Optional Asset Allocation Models” for more information.

Accumulation Unit Value and Accumulation Value

We set the original accumulation unit value of each subaccount of VAA for these contracts at the beginning of the first valuation period for each such subaccount. We determine the unit value for any later valuation period by multiplying the unit value for the immediately preceding valuation period by the net investment factor (described below) for such later valuation period. We determine a contract’s value by multiplying the total number of units (for each subaccount) credited to the contract by the unit value (for such subaccount) for the current valuation period and adding to that amount in the Fixed Accumulation Account or in a Dollar Cost Averaging Account.

Net Investment Factor

The net investment factor measures the investment results of each subaccount. The investment performance and expenses of each Fund, and the deduction of contract charges, affect daily changes in the subaccounts’ accumulation unit values. The net investment factor for each subaccount for any valuation period is determined by dividing (a) by (b), then subtracting (c) from the result, where:

(a) is:


	(1)	the net asset value of the corresponding Fund share at the end of a valuation period, plus

	(2)	the per share amount of any dividends or other distributions declared for that Fund if the “ex-dividend” date occurs during the valuation period, plus or minus

	(3)	a per share charge or credit for any taxes paid or reserved for the maintenance or operation of that subaccount; (No federal income taxes apply under present law.)


(b)	is the net asset value of the corresponding Fund share at the end of the preceding valuation period; and


(c)	is the deduction for administrative and sales expenses and risk undertakings.

Form 8524

Surrender and Withdrawal

Before annuity payments begin you may surrender (totally withdraw the value of) your contract, or withdraw part of the contract value (at least $300). You must make all surrender or withdrawal requests by providing Notice to us. The surrender charge may then apply. That charge is taken from the total amount withdrawn.

Unless you specify otherwise, the withdrawal will be made pro-rata from your values in each Fund. The amount you may withdraw is the contract value less any surrender charge and any premium tax charge that may apply. In the case of a surrender, we subtract any contract administration charge. We will pay you within seven days after we receive your request. However, we may defer payment of Fixed Accumulation Account values as described below. Surrenders and withdrawals are limited or not permitted in connection with certain retirement plans. For possible tax consequences of a surrender or withdrawal, see “Federal Tax Status” below.

If you request a surrender or withdrawal which includes contract values derived from purchase payments that have not yet cleared the banking system, we may delay mailing the portion relating to such payments until your check has cleared. We require the return of the contract or the execution of an affidavit indicating the contract has been lost in the case of a surrender.

Your right to withdraw may be suspended or the date of payment postponed:


(1)	for any period during which the New York Stock Exchange is closed (other than customary weekend and holiday closings) or during which the Securities and Exchange Commission has restricted trading on the Exchange;

(2)	for any period during which an emergency, as determined by the Commission, exists as a result of which disposal of securities held in a Fund is not reasonably practical, or it is not reasonably practical to determine the value of a Fund’s net assets; or

(3)	such other periods as the Commission may order to protect security holders.

Transfers among Subaccounts

You may transfer contract values from one or more Funds to one or more other Funds. You may make transfers at any time before annuity payments begin. The amount of any transfer must be at least $300 (or the entire value of the contract’s interest in a Fund, if less). Not more than 20% of a contract’s Guaranteed Account value (or $1,000, if greater) as of the beginning of a contract year may be transferred to variable Funds during that contract year.

We may limit the number, frequency, method or amount of transfers. We may limit transfers from any Fund on any one day to 1% of the previous day’s total net assets of that Fund if we or the Fund in our discretion, believe that the Fund might otherwise be damaged. In determining which requests to honor, scheduled transfers (under a DCA program) will be made first, followed by mailed written requests in the order postmarked and, lastly, telephone, facsimile and other electronic requests in the order received. This policy will be applied uniformly without exception. We will notify you if your requested transfer is not made. Current SEC rules preclude us from processing at a later date those requests that were not honored. Accordingly, you would need to submit a new transfer request in order to make a transfer that was not honored because of these limitations.

Certain third parties may offer you investment management services for your contract. We will honor transfer requests from these third parties only if you give us a written authorization to do so. Fees you pay for such other services are in addition to any contract charges.

We discourage excessive trading and market timing through your contract. Excessive trading into and out of the portfolios can disrupt portfolio investment strategies and increase the portfolios’ operating expenses. In addition, excessive trading lowers overall portfolio performance for long term investors, prevents portfolio managers from taking timely advantage of investment opportunities, and creates liquidity risks for the portfolios. The contract and the underlying portfolios are not designed to accommodate excessive trading practices. We and the portfolios reserve the right, in our sole discretion, to restrict or reject purchase and exchange orders which we believe represent excessive or disruptive trading. Listed below are some, but not necessarily all the steps we may take to discourage excessive trading and market timing.

Form 8524

The first time the contract owner is determined to have traded excessively, we will notify the contract owner in writing that his or her contract will be monitored for additional transactions in excess of the established limits and such subsequent activity may result in suspension of electronic transfer privileges and/or suspension of all transfer privileges. The established limits are determined internally as a protection against frequent trading and are not disclosed in the prospectus or other otherwise made public.

Upon the second instance of excessive trading, the contract owner will be advised that his or her electronic transfer privileges have been suspended and that all transfer requests must be submitted in writing and delivered via U.S. mail.

Upon the third instance of excessive trading, transfers of contract values will only be permitted into the money market portfolio and all other transfer privileges will be suspended. The contract owner will be informed in writing of the denial of future transfer privileges. If a contract owner decides to surrender the contract following suspension of transfer privileges, the contract owner will incur the resulting surrender charge, if any.

We may, in our sole discretion take any contract off of the list of monitored contracts, or restore suspended transfer privileges if we determine that the transactions were inadvertent or were not done with the intent to market time. Otherwise, all of our policies related to excessive trading and market timing as described in this section will be applied to all contract owners uniformly and without exception. Other trading activities may be detrimental to the portfolios. Therefore, we may place a contract on the list of monitored contracts despite the fact the contract owner has not exceeded the established transfer limits. You may be deemed to have traded excessively even if you have not exceeded the number of free transfers permitted by your contract.

Some of the factors we may consider when determining whether or not to place a contract on the list of monitored contracts may include, but not be limited to:


•	The number of transfers made in a defined period;

•	The dollar amount of the transfer;

•	The total assets of the portfolios involved in the transfer;

•	The investment objectives of the particular portfolios involved in your transfers; and/or

•	Whether the transfer appears to be a part of a pattern of transfers to take advantage of short-term market fluctuations or market inefficiencies.

Contract owners who have not engaged in market timing or excessive trading may also be prevented from transferring contract values if we, or the portfolios, believe that an intermediary associated with the contract owner’s account has otherwise been involved in market timing or excessive trading on behalf of other contract owners. Likewise, contract owners who have not engaged in intentional market timing or engaged in intentional disruptive or excessive trading may have their transfers rejected or their transfer privileges suspended if their trading activity generates an exception report in our transfer monitoring systems.

Contract owners seeking to engage in excessive trading practices may deploy a variety of strategies to avoid detection, and there is no guarantee that we or the portfolios will be able to identify such contract owners or curtail their trading practices. Our ability and the ability of the portfolios to detect and curtail excessive trading practices may also be limited by operational systems and technology limitations. In addition, because the portfolios receive orders from omnibus accounts, which is common among funds offering portfolios to insurance companies offering variable products, the portfolios may not be able to detect an individual’s excessive trading practices through these omnibus accounts. If we are unable to detect those contract owners engaging in market timing and/or excessive trading, the previously mentioned harm associated with excessive trading (lower portfolio performance, liquidity risks, increased portfolio expenses, etc.) may occur.

We may alter or amend this policy as required to comply with state or federal regulations and such regulations may impose stricter standards than currently adopted by us or the portfolios.

Pursuant to rules adopted by the Securities and Exchange Commission, we are required to enter into agreements with the Funds which require us to provide the Funds, upon their request, with certain information including

Form 8524

taxpayer identification numbers of contract owners and the amounts and dates of any purchase, redemption, transfer or exchange requests by contract owners. We are also required to restrict or prohibit further purchases or exchange requests into the Funds by a contract owner upon instruction from the Funds.

Effective Time for Purchase, Transfer or Redemption Orders

Orders to purchase, redeem or transfer units received after the close of the New York Stock Exchange, typically 4:00 p.m. (Eastern time) will not become effective until the next business day. The valuation period may end sooner to correspond to earlier closing of the New York Stock Exchange.

However, we may enter into arrangements with certain broker-dealers whereby orders to purchase accumulation units (either through an initial purchase or subsequent purchase payments to an existing contract) will be credited and deemed accepted by us on the date received by them. Such arrangements are at our sole discretion and approved by our Board of Directors. Before entering into such arrangements, we will first ensure that the broker-dealer has adequate compliance controls in place to prevent orders to purchase units received after the cut-off time (usually 4:00 p.m. Eastern time) from being credited as if received before the cut-off time.

Electronic Access

If you give us authorization, your contract and unit values and interest rates can be checked by telephoning us at 1-800-366-6654, #1 or by accessing our web site at any time at www.ohionational.com. You may also request transfers and change allocation on our web site. You may only make one electronic, facsimile or telephone (collectively, “electronic”) transfer request per day.

We will honor pre-authorized electronic transfer instructions from anyone who provides the personal identifying information requested. We will not honor electronic transfer requests after we receive notice of your death. For added security, we send the contract owner a written confirmation of all electronic transfers on the next business day. However, if we cannot complete a transfer as requested, our customer service representative will contact the owner in writing sent within 48 hours of the electronic request. You may think that you have limited this access to yourself, or to yourself and your representative. However, anyone giving us the necessary identifying information can use electronic access once you authorize it.

Please note that telephone and/or other means of electronic communication may not always be available. Any telephone or electronic device, whether it is yours, your service provider’s, your agent’s or ours can experience inaccessibility, power outages or slowdowns for a variety of reasons. These periods of inaccessibility may delay or prevent our receipt and processing of your requests. Although we have taken precautions and have emergency contingency plans to limit these problems, we cannot promise complete reliability under all circumstances. If you experience such problems, your should make your transfer request by writing to our home office.

We reserve the right to limit or restrict electronic access in any form at any time as to any contract owner.

Scheduled Transfers (Dollar Cost Averaging)

We administer a Dollar Cost Averaging (“DCA”) program enabling you to preauthorize automatic monthly or quarterly transfers of a specified dollar amount from the Fixed Accumulation Account or the Funds to any of the other subaccounts. Each transfer under the DCA program must be at least $300 and at least 12 transfers must be scheduled, although we may permit fewer under some special DCA programs. The DCA program is only available to contracts having a total accumulation value of at least $3,600. No transfer fees will be incurred for DCA transfers and they do not count against the 12 free transfers allowed each contract year. A DCA program may be made with transfers from Funds or the Money Market Portfolio to any other Funds at any time during the contract.

A DCA program with transfers from the Fixed Accumulation Account to any other Funds may be made if the DCA program is established at the time the contract is issued, and the DCA program is scheduled to begin within 6 months of the time you make purchase payments from which DCA transfers will be made. A DCA program from the Fixed Accumulation Account may not exceed 2 years.

Form 8524

DCA generally has the effect of reducing the risk of purchasing at the top of a market cycle by reducing the average cost of indirectly purchasing Fund shares through the subaccounts to less than the average price of the shares on the same purchase dates. DCA transfers from the Fixed Accumulation Account or from a Fund with a stabilized net asset value, such as the Money Market Portfolio, will generally reduce the average total cost of indirectly purchasing Fund shares because greater numbers of shares will be purchased when the share prices are lower than when prices are higher. However, DCA does not assure you of a profit, nor does it protect against losses in a declining market. In addition, in a rising market, DCA will product a lower rate of return than will a single up-front investment.

The DCA program may be discontinued at any time by you as long as we receive notice of the cancellation at least 7 business days before the next scheduled transfers. We may discontinue providing contract owners with the DCA program at any time.

Enhanced DCA Account

We currently offer the Enhanced DCA program for initial purchase payments (or additional purchase payments of $3,600 or greater) which are allocated to the enhanced DCA account that provides a fixed interest rate that is higher than the guaranteed minimum interest rate for the Fixed Accumulation Account. The Enhanced DCA account is a subset of the Fixed Accumulation Account but offers a higher interest rate than offered with the Fixed Accumulation Account. The Enhanced DCA Program requires the purchase payment be fully transferred from the account within specified periods of time. Each DCA transfer must be at least $300. The Enhanced DCA program can be discontinued at any time by you as long as we receive notice of the cancellation at least 7 business days before the next scheduled transfer. Terminating this program will result in all remaining funds transferred to the subaccounts of your choice or to the Fixed Accumulation Account. We may decide to discontinue the Enhanced DCA Program at any time.

Portfolio Rebalancing

You may have us automatically transfer amounts on a quarterly, semi-annual or annual basis to maintain a specified percentage (whole percentages only) of contract value in each of two or more designated Funds. The purpose of a portfolio rebalancing strategy is to maintain, over time, your desired allocation percentage in the designated Funds having differing investment performance. Portfolio rebalancing will not necessarily enhance future performance or protect against future losses.

The transfer charge does not apply to portfolio rebalancing transactions. These transactions do not count against the 12 free transfers you are allowed each contract year. You may not have portfolio rebalancing for any Funds that are part of a DCA program.

Nursing Facility Confinement

We will not assess a surrender charge if you are confined to a state licensed or legally operated in-patient nursing home facility for at least 30 consecutive days. This waiver of the surrender charge may not be available in all states. It only applies when:


•	the confinement begins after the first contract anniversary and before annuity payments begin;

•	the contract was issued before your 80th birthday; and

•	we receive the request for withdrawal, together with proof of the confinement, at our home office while you are confined or within 90 days after discharge from the facility.

Ohio National Life Employee Discount

We and our affiliated companies offer a benefit in the form of an additional premium on the purchase of contracts by any of our employees, directors or retirees, or their spouse or the surviving spouse of a deceased retiree, their minor children, or any of their children ages 18 to 21 who is either (i) living in the purchaser’s household or (ii) a full-time college student being supported by the purchaser, or any of the purchaser’s minor grandchildren under the

Form 8524

Uniform Gifts to Minors Act. This premium counts as additional income under the contract. The amount of the benefit equals 2.5% of all purchase payments made in the first contract year and 3.9% of purchase payments made in the second through sixth contract years. We allocate amounts to the Fixed Accumulation Account in these amounts at the time the eligible person makes each payment. If an employee exercises his or her free look right, the full amount of the benefit will be deducted when we pay the free look proceeds.

Death Benefit

Basic Death Benefit

If the annuitant dies before the annuity payments begin, your contract provides for a death benefit. The death benefit is used to calculate the death benefit adjustment which affects the amount of proceeds received by the beneficiary. The death benefit may be higher based upon one or more riders, which are described below, that you have elected to add to your contract.

The death benefit is the greatest of: (i) the total contract value or (ii) net purchase payments less pro-rata withdrawals, unless one of the riders added to your contract provides for a higher death benefit. The death benefit is used to calculate the death benefit adjustment. The death benefit adjustment is equal to the excess, if any, of the death benefit over the contract value on the applicable date. The amount equal to the death benefit adjustment is added to the contract in the Money Market Portfolio. If the contract value is greater than the death benefit on the effective date of the death benefit adjustment, then there is no death benefit adjustment.

Upon receipt of proof of the annuitant’s death and satisfactory instruction from the beneficiary for the disposition of the contract, we will pay or apply as directed by the designated beneficiary(ies) an amount equal to the contract value which includes the death benefit adjustment, if any, to, or for the benefit of, the designated beneficiary(ies).

Any change in the contract value after the effective date of the death benefit adjustment, and before we distribute the contract proceeds, will affect the amount to be paid to the beneficiary. As such, the actual amount paid upon disposition of the contract may be more or less than the highest amount provided under your contract or optional riders.

In those states where permitted, for contracts applied for on or after May 15, 2008 and for contracts applied for between January 1, 2001 and May 15, 2008 where the contract owner accepted a one-time offer from us, the death benefit adjustment is calculated as of the earlier of: (i) the date we are in receipt of proof of the annuitant’s death; or (ii) 90 days from the date of the annuitant’s death. For purposes of this section, “applied for” means the date when the application for the annuity is signed or the electronic order is submitted to us. For all other contracts, the death benefit adjustment is calculated as of the date of death.

As an example of the death benefit adjustment calculation, if the contract value on date of death benefit adjustment calculation is $85,000 and the death benefit is $100,000, then the death benefit adjustment is $15,000 ($100,000 death benefit — $85,000 contract value). $15,000 is added to the Money Market Portfolio until satisfactory instructions are received from the beneficiary as to settlement of the contract. If the contract value is $60,000 when we receive satisfactory instructions, then the beneficiary will receive $75,000 ($15,000 + $60,000). If the contract value is $120,000 when we receive satisfactory instructions, then the beneficiary will receive $135,000 ($15,000 + $120,000).

“Net purchase payments” means your total purchase payments less an amount for any applicable premium tax or similar state or local tax. “Pro rata withdrawals” mean an adjustment for any amounts you have withdrawn from the contract based on the percentage reduction to the total contract value which resulted from the withdrawal.

We may require any designated beneficiary have an insurable interest in the life of the annuitant. The contract proceeds will be paid to the beneficiary in a single sum unless you or the beneficiary(ies) elect settlement under one or more settlement options. If there are multiple beneficiaries and the owner has not selected a settlement option, all the beneficiaries must agree on a settlement option or the payout value will be paid in lump sums to all of them proportionally.

Form 8524

Unless otherwise designated by the contract owner before the date of annuitant’s death, the beneficiary may elect one of the following settlement options:

(1)

Five Year Continuance — Beneficiary may elect to become owner of the annuity and must liquidate the annuity within five years from the date of the annuitant’s death. If the annuitant dies before the end of the surrender charge period and the beneficiary continues the contract, we will charge the applicable surrender charge on any partial withdrawals the beneficiary takes while the contract is in surrender charge period.


(2)	Beneficiary Stretch — Beneficiary may elect to become owner of the annuity and may continue the annuity for as long as the beneficiary takes a required minimum distribution each year beginning the first year after the year in which the annuitant died. This option must be elected within twelve months from the date of the annuitant’s death.

(3)	Immediate Annuitization — Beneficiary may elect to annuitize the annuity but must do so within twelve months from the date of the annuitant’s death.

(4)	Lump Sum Distribution — Beneficiary may elect a lump sum distribution in which a surrender charge will not apply.

If the sole, primary beneficiary is the surviving spouse of the owner and annuitant and there is either no surviving owner or the surviving spouse is also the sole surviving owner, the spouse may continue the contract as the owner and annuitant, or choose one of the settlement options listed above.

Optional Death Benefit Riders

Annual Stepped-Up Death Benefit.

In those states where permitted, we may offer an optional annual stepped-up death benefit at the time the contract is issued. With that option, the death benefit on the first contract anniversary will be the greater of (a) the contract value then or (b) net purchase payments less pro-rata withdrawals made on or before that date. On each contract anniversary after that (until the annuitant attains age 86), the death benefit will be reset to the greater of (a) the contract value on that anniversary date or (b) the death benefit as of the last preceding anniversary adjusted for any purchase payments or withdrawals. The stepped-up death benefit amount is increased by purchase payments and decreased by pro-rata withdrawals made during the period between contract anniversaries. In those states where permitted, for contracts applied for on or after May 15, 2009, there is an additional annual charge of 0.25% of the optional death benefit amount. The charge for other contracts is 0.10%. You cannot purchase the annual stepped-up death benefit once the annuitant is 76 years old.

GMDBR80 Plus/GMDBR85 Plus.

In those states where permitted, we may offer the GMDBR80 Plus or GMDBR85 Plus at the time the contract is issued. You cannot purchase either of these riders once the annuitant is 76 years old. Once the 5% GMDBR80 Plus or 5% GMDBR85 Plus described below is available in a state, you cannot purchase the GMDBR80 Plus or the GMDBR85 Plus.

With the GMDBR80 Plus and the GMDBR85 Plus option, the death benefit is the greater of (a) the contract value as of the effective date of the death benefit adjustment or (b) the GMDB amount. The initial GMDB amount is total net purchase payments made when you purchase the contract and within the first three months after the contract is issued. The GMDB amount is adjusted for withdrawals from the contract as described below and is increased by (i) additional purchase payments and (ii) an increase for each valuation period, until the annuitant attains age 80 (or age 85 for GMDBR85 Plus), at an effective annual rate of 6% for values in variable portfolios (other than the Money Market Portfolio) or in one of the Asset Allocation Models. Values in the Money Market Portfolio or the Fixed Accumulation Account which are not in one of the Asset Allocation Models will accumulate at the lesser of 6% or the rate being credited to the Money Market Portfolio or the Fixed Accumulation Account on those days in which the values are so allocated. During the free look period, a different rate may apply in certain states. The total death benefit amount with GMDBR80 Plus shall not exceed two times your total net purchase payments, adjusted for withdrawals. There is no maximum benefit amount for the GMDBR85 Plus.

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Any withdrawals in a contract year equal to or less than 6% of the GMDB amount and the maximum death benefit amount as of the beginning of that year will reduce the GMDB amount by the amount of such withdrawals. Any withdrawals in a contract year in excess of 6% of the GMDB amount as of the beginning of that year will reduce the GMDB and maximum death benefit amounts pro rata. In other words, under the pro rata adjustment, the guaranteed minimum death benefit amount will be reduced by the same percentage that the contract value was reduced because of the withdrawal in excess of 6%. There is an additional annual charge for this option of 0.25% of the GMDBR80 Plus amount (which rate may be increased to no more than 0.30% on contracts issued in the future), or 0.45% for the GMDBR85 Plus amount.

The only differences between the GMDBR80 Plus and GMDBR85 Plus are that the GMDBR85 Plus accumulation period goes to 85 instead of 80, the cost is 0.45% instead of 0.25% and there is no maximum benefit for the GMDBR85 Plus.

In those states where permitted, we may offer the 5% GMDBR80 Plus or 5% GMDBR85 Plus at the time the contract is issued. The 5% GMDBR80 Plus and 5% GMDBR85 Plus are identical to the GMDBR80 Plus and GMDBR85 Plus, respectively, except that the effective annual rate is 5%, not 6%, and you may take withdrawals up to 5% of the GMDB amount on a dollar-for-dollar basis, rather than 6%. The charge for the 5% GMDBR80 Plus is 0.45% of the 5% GMDBR80 Plus amount. The charge for the 5% GMDBR85 Plus is 0.70% of the 5% GMDBR Plus amount. If the 5% GMDBR80 Plus or the 5% GMDBR85 Plus is available in a state, you cannot purchase the GMDBR80 Plus or GMDBR85 Plus.

Annual Reset Death Benefit Rider.

The following describes the optional Annual Reset Death Benefit riders (“ARDBR”) we may offer. Not all of the riders may be available in all states, and not all riders may be currently available for issue. You may only have one of the ARDBR riders on your contract. You may purchase an ARBDR at the time your contract is issued. The ARDBR riders we have offered in the past or may offer are referred to as the “ARDBR,” “ARDBR II,” and “ARDBR (2009).” Generally, the ARDBR riders provide a death benefit equal to the greater of the “earnings base” or the “step-up base” as described below. The ARDBR riders allow you to reset the earnings base each contract year.

ARDBR (2009)

In those states where permitted, we may offer the ARBDR (2009) at the time the contract is issued. This rider is available only when purchased in conjunction with the GMIB Plus with Annual Reset (2009) rider described later in this prospectus. You cannot purchase the ARDBR (2009) before the annuitant is 45 years old or once the annuitant is 76 years old. With this optional rider, the death benefit is the greater of (a) the contract value as of the effective date of the death benefit adjustment or (b) the GMDB amount. The GMDB amount with the ARDBR (2009) is the greater of the (a) “earnings base” or (b) “step-up base.”

The earnings base is decreased by withdrawals. Beginning 30 days after the rider is issued, any withdrawals you take during a contract year less than or equal to the ARDBR withdrawal amount will reduce the earnings base by the amount of such withdrawals, in other words dollar for dollar. The ARDBR withdrawal amount is determined by multiplying the ARDBR withdrawal percentage by the earnings base as of the beginning of the contract year. The ARDBR withdrawal percentage for ARDBR (2009) is 5%. For example, if the earnings base as of the beginning of the contract year is $100,000, withdrawals of $5,000 or less in that contract year will reduce the earnings base dollar for dollar. Beginning with the contract anniversary after the annuitant reaches age 85,

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withdrawals you make during a contract year equal to or less than ARDBR withdrawal amount will not reduce the earnings base.

If you take withdrawals before the end of the year, there is a risk that the amount of your earnings base at the beginning of the next contract year will be less than the earnings base at the beginning of the current contract year, which would then reduce the amount that you can withdraw on a dollar for dollar basis in the next contract year. However, if you set up a systematic withdrawal program on a monthly, quarterly or semi-annual basis, we will adjust the earnings base at the beginning of the next contract year so that it equals the earnings base at the beginning of the current contract year as long as (a) you have not made any withdrawals before the earlier of (i) 31 days after the rider was issued, or (ii) the end of the first such periodic payment period, and (b) you have no amounts allocated to the Fixed Accumulation Account.

Any withdrawals you take in the first 30 days after the rider is issued and any withdrawals in excess of the ARDBR withdrawal amount will reduce the earnings base pro rata. Under a pro rata reduction, the earnings base will be reduced by the same percentage the withdrawal in excess of the ARDBR withdrawal amount reduces your contract value. If your contract value is lower than your earnings base, a pro rata reduction will reduce your earnings base by a greater amount than a dollar for dollar reduction would. For example, assume you have already withdrawn your ARDBR withdrawal amount. If your contract value is $100,000, your earnings base is $110,000 and you withdraw another $1,000, your earnings base will be reduced to $108,900, i.e. $110,000 − ([$1,000/$100,000] x $110,000). If your contract value is higher than your earnings base, a pro rata reduction will reduce your earnings base less than a dollar for dollar reduction would. For example, assume you have already withdrawn your ARDBR withdrawal amount. If your contract value is $110,000, your earnings base is $100,000 and you withdraw another $1,000, your earnings base will be reduced to $99,090, i.e. $100,000 − ([$1,000/$110,000] x $100,000).

The earnings base shall not exceed 15 times your total net purchase payments, minus amounts for any withdrawals from your contract. This means that, unless the step-up base is higher, the total death benefit amount with this rider will not exceed 15 times your total net purchase payments. Any withdrawals you take during a contract year less than or equal to the ARDBR withdrawal amount will reduce the maximum earnings base by the amount of such withdrawals, in other words dollar for dollar. Any withdrawals in excess of the ARDBR withdrawal amount will reduce the maximum earnings base pro rata.

Step-Up Base. At contract issue, the step-up base equals net purchase payments. On each contract anniversary, the step-up base will increase, until the anniversary following the annuitant’s 85th birthday, to the contract value if greater than the prior step-up base. The step-up base is increased by the amount of each subsequent net purchase payment at the time of payment. All withdrawals are taken from the step-up base on a pro rata basis. That means the step-up base will be reduced by the same percentage the withdrawal reduces your contract value.

Resets. On any contract anniversary, you may elect to reset the ARDBR (2009) by resetting the GMIB Plus with Annual Reset (2009) rider described later in this prospectus. On reset, the ARDBR (2009) earnings base and the GMIB Plus with Annual Reset (2009) rider guaranteed earnings income base will both be reset to the then-current contract value. Therefore, if you reset to a higher base, your death benefit under the ARDBR (2009) and income benefit under the GMIB Plus with Annual Reset (2009) rider will increase. If you reset, the ARDBR maximum earnings base will be reset to 15 times the then-current contract value. Because you may only reset the ARDBR (2009) by resetting the GMIB Plus with Annual Reset (2009) and because you may decline an increase in charge for the GMIB Plus with Annual Reset (2009) by refusing such reset, please note that if you decline a charge increase with the GMIB Plus with Annual Reset (2009) rider by refusing the reset of the guaranteed earnings income base, you will not be able to reset the ARDBR (2009).

Charge. There is an additional annual charge for the ARDBR (2009) of 0.85% of your death benefit amount. We may increase the charge for this rider on any reset. The new charge will be no higher than the then current charge for new issues of the ARDBR (2009), which we guarantee will not exceed 1.40%. The ARDBR (2009) is available only when purchased in conjunction with the GMIB Plus with Annual Reset (2009).

Termination. Since you may only have the ARDBR (2009) if you have the GMIB Plus with Annual Reset (2009) rider, any termination of the GMIB Plus with Annual Reset (2009) rider will automatically terminate the

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ARDBR (2009) as well. If you have purchased the ARDBR (2009) and violate the investment restrictions of the GMIB Plus with Annual Reset (2009), both the GMIB Plus with Annual Reset (2009) rider and the ARDBR (2009) will be cancelled.

You may cancel the ARDBR (2009) as of any contract anniversary by providing Notice to us prior to or within 15 days of that anniversary. If you choose to terminate the rider by providing Notice to us prior to the contract anniversary, a full annual rider charge will be assessed without being prorated to the date of termination.

ARDBR.

If the ARDBR (2009) and the ARDBR II are not available, in those states where permitted, we may offer the ARDBR rider at the time the contract is issued. We may, at our sole option, allow you to add this rider upon a subsequent contract anniversary. This rider is available only when purchased in conjunction with the GMIB Plus with Annual Reset rider described later in this prospectus. You cannot purchase the ARDBR after the annuitant is age 75. With this optional rider, the death benefit is the greater of (a) the contract value as of the effective date of the death benefit adjustment or (b) the GMDB amount. The GMDB amount with the ARDBR is the greater of the (i) “earnings base” or (ii) “step-up base”.

Earnings Base. The initial earnings base is equal to total net purchase payments made when you purchase the contract and within the first three months after the contract is issued. The earnings base is adjusted for withdrawals and is increased by (i) total net purchase payments and (ii) an increase for each valuation period, until the annuitant reaches age 85 or the 10th anniversary of the last reset date, if later, at an annual effective rate of 6% for values in variable portfolios (other than the Money Market Portfolio) or in one of the Asset Allocation Models. However, contract values allocated in the Money Market Portfolio or the Fixed Accumulation Account which are not in one of the Asset Allocation Models will accumulate at the lesser of 6% or the rate of return being earned in those accounts. The earnings base is decreased by withdrawals. Any withdrawals during a contract year less than or equal to 6% of the earnings base as of the beginning of the contract year will reduce the earnings base by the amount of such withdrawals, in other words dollar for dollar. Any withdrawals in excess of 6% of the earnings base at the beginning of the contract year will reduce the earnings base pro rata. Under a pro rata reduction, the earnings base will decrease by the same percentage reduction of the contract value that resulted from the withdrawal in excess of 6%.

Resets. On any contract anniversary, you may elect to reset the ARDBR by resetting the GMIB Plus with Annual Reset rider. On reset, the ARDBR earnings base and the GMIB Plus with Annual Reset rider’s guaranteed earnings income base will both equal the then-current contract value. Therefore, if you reset to a higher base, your death benefit under the ARDBR and income benefit under the GMIB Plus with Annual Reset will increase.

Charge. There is an additional annual charge for the ARDBR of 0.60% of your death benefit amount.

Termination. You may cancel the ARDBR as of any contract anniversary by providing Notice to us prior to or within 15 days of that anniversary. If you choose to terminate the rider by providing Notice to us prior to the contract anniversary, a full annual rider charge will be assessed without being prorated to the date of termination.

ARDBR II.

If the ARDBR (2009) is not available, in those states where permitted, we may offer a version of the ARDBR referred to as the “ARDBR II”. If the ARDBR II is available, you may not select the ARDBR. This rider is available only when purchased in conjunction with the GMIB Plus with Annual Reset II rider described later in this prospectus. The ARDBR II is identical to the ARDBR except as described below:


(1)	You cannot purchase the ARDBR II once the annuitant is 79 years old.

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(2)	The earnings base stops accumulating on the first contract anniversary after the annuitant’s 85th birthday. Beginning at that time, withdrawals you make during a contract year equal to or less than 6% of the earnings base will not reduce the earnings base.

(3)	The annual charge for the ARDBR II is 0.80% of your death benefit amount (0.95% for issue ages 75 to 78). We may increase the charge for this rider on any reset once the applicable surrender charge period for your contract ends. The new charge will be no higher than the then current charge for new issues of the ARDBR II, which we guarantee will not exceed 1.00% (1.15% for issue ages 75 to 78).

On any contract anniversary, you may elect to reset the ARDBR II by resetting the GMIB Plus with Annual Reset II rider. On reset, the ARDBR II earnings base and the GMIB Plus with Annual Reset II rider’s guaranteed earnings income base will both equal the then-current contract value. Therefore, if you reset to a higher base, your death benefit under the ARDBR II and income benefit under the GMIB Plus with Annual Reset II rider will increase. Please note that if you decline a charge increase with the GMIB Plus with Annual Reset II rider by refusing a reset of the guaranteed earnings income base, you will not be able to reset the ARDBR II.

Since you may only purchase the ARDBR II if you purchase the GMIB Plus with Annual Reset II rider, any termination of the GMIB Plus with Annual Reset II rider will automatically terminate the ARDBR II as well. If you have purchased the ARDBR II, have chosen to abide by the investment restrictions with the GMIB Plus with Annual Reset II rider and subsequently violate the investment restrictions, both the GMIB Plus with Annual Reset II rider and the ARDBR II will be cancelled.

Guaranteed Enhancement Benefit.

In those states where permitted, we may offer Guaranteed Enhancement Benefit (“GEB”) riders at the time the contract is issued. This benefit will never exceed $1,000,000. With the GEB option, the following amount will be added to any other amount payable upon the annuitant’s death:


•	25% of the lesser of (a) two times net purchase payments less pro rata withdrawals or (b) the total contract value on the date of death minus net purchase payments less pro rata withdrawals; or

•	40% of the lesser of (a) two and a half times net purchase payments less pro rata withdrawals, or (b) the total contract value on the date of death minus net purchase payments less pro rata withdrawals. This is the GEB “Plus.”

For the regular GEB option, there is an additional annual charge of 0.15% of the contract value (or 0.30% if the annuitant is age 71 to 75 when your contract is issued). If you choose the GEB “Plus,” the charge is 0.30% of the contract value (or 0.60% for issue ages 71 to 75). After the contract has been in effect for 6 months, any purchase payments made within 6 months before the date of death will not be included for calculating the amount of this benefit. You may choose GEB in addition to one of the other death benefit options. If you choose GEB, you cannot later discontinue it. That means even if the GEB will be of no further benefit to you, you will continue to be charged for it.

Summary.

For a summary of the optional death benefit riders, please see the following chart:

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		Who may want to
Optional Rider	Features	consider the Rider	Charge

GMDBR80 Plus	• Guarantees 6% annual rate of return on the death benefit, up to two times the purchase payments. • Accumulates purchase payments at 6% (except values allocated to the Fixed Accumulation Account or Money Market Portfolio which are not in an Asset Allocation Model may accumulate at less than 6%). • Adjusted dollar-for-dollar on annual withdrawals up to 6% of the guaranteed minimum death benefit amount. • Stops accumulating at contract anniversary after annuitant’s 80^th birthday. • Cannot purchase once the annuitant is 76. • Cannot purchase if 5% GMDBR80 Plus or 5% GMDBR85 Plus is available.	Those who are planning to make use of their money during their lifetime and want to leave the original principal to their heirs.	0.30% (maximum) 0.25% (current)
GMDBR85 Plus	• Identical to GMDBR80 Plus except for the following: o No maximum benefit o Stops accumulating at contract anniversary after annuitant’s 85^th birthday.	Those who are planning to make use of their money during their lifetime and want to leave the original principal to their heirs.	0.45% (maximum and current)
5% GMDBR80 Plus	• Identical to GMDBR80 Plus except for the following: o Accumulates purchase payments at 5% (except values allocated to the Fixed Accumulation Account or Money Market Portfolio which are not in an Asset Allocation Model may accumulate at less than 5%). o Adjusted dollar-for-dollar on annual withdrawals up to 5% of the guaranteed minimum death benefit amount.	Those who are planning to make use of their money during their lifetime and want to leave the original principal to their heirs.	0.45% (maximum and current)
5% GMDBR85 Plus	• Identical to 5% GMDBR80 Plus except for the following: o No maximum benefit o Stops accumulating at contract anniversary after annuitant’s 85^th birthday.	Those who are planning to make use of their money during their lifetime and want to leave the original principal to their heirs.	0.70% (maximum and current)
ARDBR	• Guarantees a death benefit equal to the greater of highest contract anniversary value or purchase payments accumulated at 6% (except values allocated to the Money Market Portfolio or Fixed Accumulation Account which are not in an Asset Allocation Model may accumulate at less than 6%). • Adjusted dollar-for-dollar on annual withdrawals up to 6% of the guaranteed earnings death benefit amount, pro-rata thereafter. • Stops accumulating at the annuitant’s 85^th birthday or the 10^th anniversary of the last reset date, if later. • Cannot purchase once the annuitant is 75. • Sold only in conjunction with GMIB Plus with Annual Reset rider. • Cannot purchase if ARDBR (2009) or ARDBR II is available.	Those who are planning to make use of their money during their lifetime and want to leave the original principal to their heirs.	0.60% (maximum and current)

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		Who may want to
Optional Rider	Features	consider the Rider	Charge

ARDBR II	• Identical to ARDBR except for the following: o Stops accumulating at contract anniversary after the annuitant’s 85^th birthday. o Cannot purchase once the annuitant is 79. o Sold only in conjunction with GMIB Plus with Annual Reset II rider.	Those who are planning to make use of their money during their lifetime and want to leave the original principal to their heirs.	For issue ages through 74: 1.00% (maximum) 0.80% (current) For issue ages 75-78: 1.15% (maximum) 0.95% (current)
ARDBR (2009)	• Identical to ARDBR II except for the following: o Accumulates at 5% and has 5% dollar for dollar withdrawals after 30 days. o Cannot purchase once the annuitant is 76. o Sold only in conjunction with GMIB Plus with Annual Reset (2009) rider.	Those who are planning to make use of their money during their lifetime and want to leave the original principal to their heirs.	1.40% (maximum) 0.85% (current)
GEB	• Pays an additional death benefit of 25% of the lesser of (a) two times net purchase payments less pro rata withdrawals or (b) total contract value on the date of death minus net purchase payments less pro rata withdrawals. • Benefit will never exceed $1,000,000.	Those who wish to maximize the amount left to their beneficiaries.	For issue ages through 70: 0.15% (maximum and current) For issues ages 71-75: 0.30% (maximum and current)
GEB Plus	• Pays an additional death benefit of 40% of the lesser of (a) 21/2 times net purchase payments less pro rata withdrawals or (b) total contract value on the date of death minus net purchase payments less pro rata withdrawals. • Benefit will never exceed $1,000,000.	Those who wish to maximize the amount left to their beneficiaries.	For issue ages through 70: 0.30% (maximum and current) For issues ages 71-75: 0.60% (maximum and current)

Annuity Period

Annuity Payout Date

Annuity payments begin on the annuity payout date. You may select this date when the contract is issued. It must be at least 30 days after the contract date. You may change it from time to time so long as it is the first day of any month at least 30 days after the date of such change. The contract restricts the annuity payout date to not later than the first of the month following the annuitant’s 90th birthday. This restriction may be modified by applicable state law or we may agree to waive it.

The contracts include our guarantee that we will pay annuity payments for the lifetime of the annuitant (and any joint annuitant) in accordance with the contract’s annuity rates, no matter how long you live.

Once annuity payments begin, you may not surrender the contract for cash except that, upon the death of the annuitant, the beneficiary may surrender the contract for the commuted value of any remaining period-certain payments.

Annuity Options

You may elect one or more of the following annuity options. You may change the election anytime before the annuity payout date. The variable part of the contract value will be used to provide a variable annuity and the fixed portion of the contract will be used to provide a fixed annuity, unless you elect otherwise.


Option 1(a):		Life Annuity with installment payments for the lifetime of the annuitant. (The contract has no more value after the annuitant’s death). Under this annuity option, it is possible to receive only one annuity payment.

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Option 1(b):		Life Annuity with installment payments guaranteed for five years and then continuing during the remaining lifetime of the annuitant.



Option 1(c):		Life Annuity with installment payments guaranteed for ten years and then continuing during the remaining lifetime of the annuitant.



Option 1(d):		Installment Refund Life Annuity with payments guaranteed for a period certain and then continuing during the remaining lifetime of the annuitant. The number of period-certain payments is equal to the amount applied under this option divided by the amount of the first payment.



Option 2(a):		Joint & Survivor Life Annuity with installment payments during the lifetime of the annuitant and then continuing during the lifetime of a contingent annuitant. (The contract has no more value after the second annuitant’s death.) Under this annuity option, it is possible to receive only one annuity payment.



Option 2(b):		Joint & Survivor Life Annuity with installment payments guaranteed for ten years and then continuing during the remaining lifetime of the annuitant or a contingent annuitant.

We may agree to other settlement options.

Unless you direct otherwise, we will apply the contract value as of the annuity payout date to provide annuity payments pro-rata from each Fund in the same proportion as the contract values immediately before the annuity payout date.

If no election is in effect on the annuity payout date, we will apply contract value under Option 1(c) with the beneficiary as payee for any remaining period-certain installments payable after the death of the annuitant. The Pension Reform Act of 1974 might require certain contracts to provide a Joint and Survivor Annuity. If the contingent annuitant is not related to the annuitant, Options 2(a) and 2(b) are available only if we agree.

Determination of Amount of the First Variable Annuity Payment

To determine the first variable annuity payment we apply the contract value for each Fund in accordance with the contract’s settlement option tables. We divide the account value by $1,000 and then multiply the result by the applicable factor in the contract’s settlement option tables. The rates in those tables depend upon the annuitant’s (and any contingent annuitant’s) age and sex and the option selected. The annuitant’s sex is not a factor in contracts issued to plans sponsored by employers subject to Title VII of the Civil Rights Act of 1964 or similar state statutes. We determine the value to be applied at the end of a valuation period (selected by us and uniformly applied) not more than 10 valuation periods before the annuity payout date.

If the amount that would be applied under an option is less than $5,000, we will pay the contract value to the annuitant in a single sum. If the first periodic payment under any option would be less than $25, we may change the frequency of payments so that the first payment is at least $25.

Annuity Units and Variable Payments

After your first annuity payment, later variable annuity payments will vary to reflect the investment performance of your Funds. The amount of each payment depends on the number of your annuity units. To determine the number of annuity units for each Fund, divide the dollar amount of the first annuity payment from each Fund by the value of that Fund’s annuity unit. This number of annuity units remains constant during the annuity payment period unless you transfer among Funds.

The annuity unit value for each Fund was set at $10 for the valuation period when the first variable annuity was calculated for these contracts. The annuity unit value for each later valuation period equals the annuity unit value for the immediately preceding valuation period multiplied by the net investment factor for such later valuation period and by a factor (0.999919 for a one-day valuation period) to neutralize the 3% assumed interest rate discussed below.

The dollar amount of each later variable annuity payment equals your constant number of annuity units for each Fund multiplied by the value of the annuity unit for the valuation period.

The annuity rate tables contained in the contracts are based on the 2000 Mortality Table Projected to 2010 under Scale G (which is a method of projecting individual annuity valuation mortality tables based on industry best practices) with compound interest at the effective rate of 3% per year. A higher interest assumption would mean a

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higher initial annuity payment but a more slowly rising series of subsequent annuity payments if annuity unit values were increasing (or a more rapidly falling series of subsequent annuity payments if annuity unit values were decreasing). A lower interest assumption would have the opposite effect. If the actual net investment rate were equal to the assumed interest rate, annuity payments would stay level.

Transfers During Annuity Payout

After annuity payments have been made for at least 12 months, the annuitant can, once each calendar quarter, change the Funds on which variable annuity payments are based. There is no transfer fee during annuity payout. Transfers may not be made between guaranteed and variable accounts during annuity payout. You may change the underlying Funds by providing Notice to us in writing at our Home Office. Upon receipt of your request, we will change that portion of the periodic variable annuity payment as you direct to reflect the investment results of different Funds. To do this, we convert the number of annuity units being changed to the number of annuity units of the Funds to which you are changing. If an annuity payment is already in process at the time we receive your request to change the Fund allocations, the change will not be reflected in your next annuity payment. It will be reflected in the payment received thereafter.

Optional Living Benefit Riders

Optional Guaranteed Minimum Income Benefit (“GMIB”) Riders

This section describes the optional Guaranteed Minimum Income Benefit (“GMIB”) riders that we may offer. Not all of the riders may be available in all states and not all riders may be currently available for issue. You may only have one of the GMIB riders on your contract. Except as described below, if you choose a GMIB rider, you cannot later discontinue it. The GMIB riders we may offer or have offered in the past are the GMIB Plus with Annual Reset (2009), GMIB Plus with Annual Reset II, GMIB Plus with Five Year Reset II, GMIB Plus with Annual Reset, GMIB Plus with Five Year Reset, GMIB Plus and GMIB. The GMIB riders guarantee minimum lifetime fixed income in monthly annuity payments.

GMIB Plus with Annual Reset (2009).

You may add the GMIB Plus with Annual Reset (2009) rider to your contract at the time the contract is issued. We may, at our sole option, also offer this rider to existing contracts, in which case it may be added on a contract anniversary. You may not purchase the GMIB Plus with Annual Reset (2009) before the annuitant is age 45 or once the annuitant is age 79. If the GMIB Plus with Annual Reset (2009) is available, you may not purchase any other GMIB rider.

The GMIB Plus with Annual Reset (2009) rider guarantees minimum lifetime fixed income in monthly annuity payments. The amount of these payments is determined by applying the “guaranteed income base” to the annuity tables in the rider. The guaranteed income base is the greater of (a) your “guaranteed earnings income base,” or (b) your “step-up base.”

Guaranteed earnings income base. The initial guaranteed earnings income base is equal to total net purchase payments made when you purchase the contract and within the first three months after the contract is issued. The guaranteed earnings income base is adjusted for withdrawals and is increased by (i) additional purchase payments and (ii) an increase for each valuation period, until the first contract anniversary after the annuitant’s 85th birthday, at an annual effective rate equal to the guaranteed earnings rate for values in variable portfolios or in one of the Asset Allocation Models. However, contract values allocated to the Fixed Accumulation Account will accumulate at the lesser of the guaranteed earnings rate or the rate of return being earned in that account. The guaranteed earnings rate for the GMIB Plus with Annual Reset (2009) is 5%.

The guaranteed earnings income base is decreased by withdrawals. Beginning 30 days after the rider is issued, any withdrawals you take during a contract year less than or equal to the GMIB withdrawal amount will reduce the guaranteed earnings income base by the amount of such withdrawals, in other words dollar for dollar. The GMIB withdrawal amount is determined by multiplying the GMIB withdrawal percentage by the guaranteed earnings

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income base as of the beginning of the contract year. The GMIB withdrawal percentage for the GMIB Plus with Annual Reset (2009) is 5%. For example, if the guaranteed earnings income base as of the beginning of the contract year is $100,000, withdrawals of $5,000 or less in that contract year will reduce the guaranteed earnings income base dollar for dollar. Beginning with the contract anniversary after the annuitant reaches age 85, withdrawals you make during a contract year equal to or less than GMIB withdrawal amount will not reduce the guaranteed earnings income base.

If you take withdrawals before the end of the year, there is a risk that the amount of your guaranteed earnings income base at the beginning of the next contract year will be less than the guaranteed earnings income base at the beginning of the current contract year, which would then reduce the amount that you can withdraw on a dollar for dollar basis in the next contract year. However, if you set up a systematic withdrawal program on a monthly, quarterly or semi-annual basis, we will adjust the guaranteed earnings income base at the beginning of the next contract year so that it equals the guaranteed earnings income base at the beginning of the current contract year as long as (a) you have not made any withdrawals before the earlier of (i) 31 days after the rider was issued, or (ii) the end of the first such periodic payment period, and (b) you have no amounts allocated to the Fixed Accumulation Account.

Any withdrawals you take in the first 30 days after the rider is issued and any withdrawals in excess of the GMIB withdrawal amount will reduce the guaranteed earnings income base pro rata. Under a pro rata reduction, the guaranteed earnings income base will be reduced by the same percentage that the withdrawal in excess of the GMIB withdrawal amount reduces your contract value. Only the portion of a withdrawal that is in excess of the GMIB withdrawal amount will reduce the guaranteed earnings income base pro rata. A pro-rata reduction may materially reduce the income available under the GMIB rider in future years.

As an example of how withdrawals work under the GMIB Plus with Annual Reset (2009), assume your guaranteed earnings income base is $100,000 at the beginning of a contract year, so your GMIB withdrawal amount is $5,000 ($100,000 x .05). That means you can withdraw $5,000 dollar for dollar during that contract year. Assume your contract value is $90,000 and you take a withdrawal of $6,000. First, we process the portion of the withdrawal that is dollar for dollar, $5,000. Taking into account that portion of the withdrawal, your contract value is reduced to $85,000 and your guaranteed earnings income base to $95,000. Then, we process the portion of the withdrawal in excess of the GMIB withdrawal amount, $1,000. Because you have already taken your GMIB withdrawal amount, the $1,000 withdrawal will reduce the guaranteed earnings income base pro rata. Your guaranteed earnings income base is then reduced to $93,882, i.e. $95,000 − ([$1,000/$85,000] x $95,000).

The guaranteed earnings income base shall not exceed 15 times your total net purchase payments, minus amounts for any withdrawals from your contract. This means that, unless the step-up base is higher, the guaranteed income base, which is used to determine the monthly annuity payments under this rider, will not exceed 15 times your total net purchase payments. Any withdrawals you take during a contract year less than or equal to the GMIB withdrawal amount will reduce this limit by the amount of such withdrawals, in other words dollar for dollar. Any withdrawals in excess of the GMIB withdrawal amount will reduce this limit pro rata.

Step-up base. At contract issue, the step-up base equals net purchase payments. On each contract anniversary, the step-up base will increase, until the anniversary following the annuitant’s 85th birthday, to the contract value if greater than the prior step-up base. The step-up base is increased by the amount of each subsequent net purchase payment at the time of payment. All withdrawals are taken from the step-up base on a pro rata basis. That means the step-up base will be reduced by the same percentage the withdrawal reduces your contract value.

You may not anuitize your contract under the rider until the GMIB Plus with Annual Reset (2009) rider has been in effect for at least 10 years. We may refer to this time period as the “10 year annuitization waiting period.” If you choose to receive annuity payments as provided in the contract or under a single premium annuity we offer instead of receiving GMIB payments, your GMIB rider will then be of no further value to you. You may elect to receive GMIB payments within 30 days after the rider’s 10th anniversary (or 10th anniversary of the date the rider was last reset, if applicable) or within 30 days after any later anniversary before the annuitant is age 91.

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If the amount of annuity payments under the contract or under a single premium immediate annuity we offer at the time you elect to annuitize would be greater than the amount of payments under the GMIB Plus with Annual Reset (2009) rider, we will pay the larger amounts.

The guaranteed income base is used solely for the purpose of calculating GMIB payments. It does not provide a contract value or guarantee performance of any investment option. The level of lifetime income guaranteed by a GMIB rider may be less than the income that our current annuity factors would provide because (a) GMIB payments may assume a lower interest rate and (b) GMIB payments may be based on an assumption that you will live longer than the mortality assumed in our then-offered immediate annuities.

No lapse. With the GMIB Plus with Annual Reset (2009) rider, there is a “no lapse” provision allowing annuitization if your contract value is reduced to zero before the initial 10 year annuitization waiting period ends. With this provision, if prior to the time you are eligible to annuitize using your guaranteed income base, your contract value becomes zero, you can, at your option, annuitize your contract using your then-guaranteed income base at the annuitization rates provided under the rider for your then-age. However, if during the 10 year rider period you withdraw more than amounts eligible for dollar-for-dollar treatment to the guaranteed earnings income base, you will forfeit this protection. That is to say, if during any one contract year you withdraw more than the GMIB withdrawal amount, the “no lapse” protection is not available from the point of that “excess” withdrawal forward. If the GMIB rider is reset and your contract value at time of reset is greater than the guaranteed income base, then the “no lapse” protection will be reinstated.

If you purchase the GMIB Plus with Annual Reset (2009) rider, you must abide by investment restrictions. You must allocate any variable account portion of your purchase payments and contract value to (a) one of Asset Allocation Models 2, 3 or 4 or (b) in accordance with the Fund Category requirements described in “Investment Restrictions for Certain Optional Riders.” You may allocate all or any portion of your purchase payments and contract value to the Fixed Accumulation Account, if available. The GMIB Plus with Annual Reset (2009) rider will be cancelled if you cease to comply with the requirements described in “Investment Restrictions for Certain Optional Riders.” If the rider is so terminated, a prorated annual rider charge will be assessed.

Resets. Subject to certain limitations, the GMIB Plus with Annual Reset (2009) rider provides you the option of resetting the guaranteed earnings income base to the then-current contract value each and every contract anniversary prior to the annuitant’s 81st birthday. If the contract value at the time of reset is higher than the guaranteed earnings income base and you reset, you may make larger withdrawals on a dollar for dollar basis from the new guaranteed earnings income base. At every eligible reset anniversary, you can reset the guaranteed earnings income base by notifying us within 30 days after the contract anniversary date in writing or other method we agree to. If you reset, the maximum guaranteed earnings income base will be reset to 15 times the then-current contract value.

Resetting the rider sets the guaranteed earnings income base equal to the current contract value, as opposed to a step-up, which sets the step-up base equal to the current contract value. The step-up base will increase automatically each contract anniversary if the contract value is higher than the previous step-up base, so it preserves your potential gain. The guaranteed earnings income base is not reset automatically to the current contract value. You must elect to reset it.

If you elect to reset the guaranteed earnings income base, a new 10 year annuitization waiting period will begin. That is, you will not be eligible to annuitize using the guaranteed income base for the ten year period following the reset. You may choose to receive annuity payments as provided in your contract during the ten year period or under a single premium, immediate annuity we may generally make available at the time, but your GMIB rider will then be of no further value to you.

When the optional death benefit ARDBR (2009) has also been purchased, resetting the GMIB Plus with Annual Reset (2009) also resets the ARDBR (2009) earnings base. Resetting the GMIB Plus with Annual Reset (2009) is the only way in which the ARDBR (2009) can be reset.

Charge. There is an additional annual charge for the GMIB Plus with Annual Reset (2009) rider of 0.95% of your guaranteed income base. We may increase the charge for this rider on any reset. The new charge will be no

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higher than the then current charge for new issues of the GMIB Plus with Annual Reset (2009) rider, which we guarantee will not exceed 1.50%.

If you have notified us that you elect to reset and we notify you of a charge increase effective upon reset, you may decline to accept an increase in the charge for the rider by revoking your request to reset. If you wish to decline an increase in charge by revoking the reset, you must notify us in writing, or in any other manner acceptable to us, within 30 days after the contract anniversary the guaranteed earnings income base is reset. If you elect to reset the guaranteed earnings income base in the future, however, your rate will be increased upon reset to the then-current charge for the GMIB Plus with Annual Reset (2009) rider.

Please note that if you have purchased the ARDBR (2009) and you decline a charge increase with the GMIB Plus with Annual Reset (2009) rider by refusing a reset of the guaranteed earnings income base, you will not be able to reset the ARDBR (2009).

The charge for the GMIB Plus with Annual Reset (2009) rider ends when you begin to receive annuity or GMIB payments, or the rider has expired at the first contract anniversary after the annuitant’s 90th birthday. The annual charge for the rider will continue even if the underlying Funds’ investment performance surpasses the GMIB guarantees.

You may withdraw the GMIB withdrawal amount under the rider without a surrender charge even if that amount exceeds 10% of your contract value. We reserve the right to charge a withdrawal fee of up to the lesser of 2% of the amount withdrawn or $15 per withdrawal for withdrawals in excess of 14 in a contract year. We are not currently charging this fee. If charged, this fee would be assessed against your contract value and will not affect the amount you receive under this rider. In addition, the withdrawal fee will not be considered a withdrawal under the rider.

Since you may only purchase the ARDBR (2009) if you purchase the GMIB Plus with Annual Reset (2009) rider, any termination of the GMIB Plus with Annual Reset (2009) rider will automatically terminate the ARDBR (2009) as well. If you have purchased the ARDBR (2009) and subsequently violate the investment restrictions of the GMIB Plus with Annual Reset (2009), both the GMIB Plus with Annual Reset (2009) rider and the ARDBR (2009) will be cancelled.

Required Minimum Distributions. Tax qualified retirement plans and Individual Retirement Annuities have minimum distribution requirements. Your required minimum distribution per year may exceed your GMIB withdrawal amount which would result in a pro rata reduction in the guaranteed earnings income base. See “Federal Tax Status” and “Appendix A — IRA Disclosure Statement.” You could be subject to tax penalties if you do not begin taking withdrawals until after your required minimum distribution beginning date. Please consult your tax advisor to determine if the GMIB Plus with Annual Rest (2009) rider is appropriate for you.

Other versions.

This section describes the other optional GMIB riders that we currently offer or have been offered in the past. Not all of the riders may be available in all states and not all riders may be currently available for issue. You may only have one of the GMIB riders on your contract.

GMIB.

You may add a GMIB rider to your contract at the time the contract is issued. We may, at our sole option, also offer the GMIB riders to existing contracts, in which case they may be added on a contract anniversary. All of the GMIB riders guarantee minimum lifetime fixed income in monthly annuity payments.

The amount of these payments for the GMIB rider is determined by applying the “guaranteed income base” to the annuity tables in the GMIB rider. The guaranteed income base is the greater of (a) your “guaranteed earnings income base,” which is your total purchase payments, from the time the GMIB rider is issued until the GMIB payments begin or you reach age 85, accumulated at an annual rate of 6% or (b) your “step-up base,” which is your highest total contract value as of any contract anniversary before the annuitant attains age 80. The guaranteed income base is

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reduced proportionately for any withdrawals. If the annuitant is age 76 to 80 when the GMIB rider is purchased, the guaranteed annual rate is 4% instead of 6%. You may not purchase the GMIB rider after the annuitant is age 80.

If you choose the GMIB rider, there is an annual charge, at the end of each contract year, of 0.45% of the guaranteed income base as of each contract anniversary. The charge for the GMIB rider ends when you begin to receive annuity or GMIB payments, or the rider has expired at the later of your age 85 or 10 years after you purchased the rider. Except as described below, if you choose the GMIB rider, you cannot later discontinue it. The annual charge for the GMIB rider will continue even if the underlying Funds’ investment performance surpasses the GMIB guarantees. The GMIB rider is no longer available. Last available purchase date depends on state of contract issue. See your representative for more information.

You may not begin to receive GMIB payments until the GMIB rider has been in effect for at least 10 years. We may refer to this time period as the “ten year annuitization waiting period.” If you choose to receive annuity payments as provided in the contract or under a single premium annuity we offer instead of receiving GMIB payments, your GMIB rider will then be of no further value to you. You may elect to receive GMIB payments within 30 days after the rider’s 10th anniversary or within 30 days after any later anniversary before the annuitant is age 85. If the annuitant is age 76 to 80 when you purchase the GMIB rider, your GMIB payments must begin on the rider’s 10th anniversary.

The guaranteed income base is used solely for the purpose of calculating GMIB payments. It does not provide a contract value or guarantee performance of any investment option. The level of lifetime income guaranteed by GMIB may be less than the income that our current annuity factors would provide because, (a) GMIB payments may assume a lower interest rate and (b) GMIB payments may be based on an assumption that you will live longer than the mortality assumed in our then offered immediate annuities.

GMIB Plus.

In those states where permitted, we offered a GMIB “Plus” rider. The GMIB Plus rider is no longer available. Last available purchase date depends on state of contract issue. See your representative for more information. The GMIB Plus rider is identical to the GMIB rider except for these three differences:


(1)	For the GMIB Plus rider, any withdrawals you make during a contract year equal to or less than the amount that the guaranteed earnings base has increased during that year will reduce the guaranteed earnings base dollar for dollar.

(2)	The step-up income base is your highest total contract value as of any anniversary before the annuitant attains age 85, rather than 80.

(3)	The annual charge for the GMIB Plus rider is 0.55% of the guaranteed income base.

GMIB Plus with Five Year Reset.

In those states where permitted, we may offer a GMIB Plus with Five Year Reset rider. The GMIB Plus with Five Year Reset is not available for purchase after May 15, 2009. You may purchase the GMIB Plus with Five Year Reset until the annuitant is age 80. You cannot purchase the GMIB Plus with Five Year Reset if the GMIB Plus with Five Year Reset II or the GMIB Plus with Annual Reset (2009) is available. The GMIB Plus with Five Year Reset rider is identical to the GMIB Plus rider except:


(1)	For the GMIB Plus with Five Year Reset rider you may reset the guaranteed earnings income base on the fifth contract anniversary to the then-current contract value and the annual charge is 0.55% of the guaranteed income base.

(2)	There is a “no lapse” provision allowing annuitization if your contract value is reduced to zero before the initial ten year annuitization waiting period.

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With the “no-lapse” provision listed above, if prior to the time you are eligible to annuitize using your guaranteed income base, your contract value becomes zero, you can, at your option, annuitize your contract using your then-guaranteed income base at the annuitization rates provided under the GMIB rider for your then-age. However, if during the ten year rider period you withdraw more than amounts eligible for dollar-for-dollar treatment to the guaranteed earnings base, you will forfeit this protection. That is to say, if during any one contract year you withdraw more than 6% of the guaranteed earnings income base (4% if the rider was issued after age 75) the “no lapse” protection is not available from the point of that “excess” withdrawal forward. We may allow you to reinstate the “no lapse” protection if the GMIB rider is reset and your contract value at time of reset is greater than the guaranteed income base.

GMIB Plus with Annual Reset.

In those states where permitted, we may also offer a GMIB Plus with Annual Reset rider. You may purchase the GMIB Plus with Annual Reset rider until the annuitant is age 75. You cannot purchase the GMIB Plus with Annual Reset if the GMIB Plus with Annual Reset II or the GMIB Plus with Annual Reset (2009) is available. The GMIB Plus with Annual Reset rider is identical to the GMIB Plus with Five Year Reset rider except that you may reset the guaranteed earnings income base on each contract anniversary and the annual charge is 0.70% of the guaranteed income base.

GMIB Plus with Five Year Reset II.

In those states where permitted, we may offer a GMIB Plus with Five Year Reset rider referred to as the “GMIB Plus with Five Year Reset II” rider. If the GMIB Plus with Five Year Reset II rider is available, you may not select the GMIB Plus with Five Year Reset rider. You cannot purchase the GMIB Plus with Five Year Reset II if the GMIB Plus with Annual Reset (2009) is available. The GMIB Plus with Five Year Reset II is not available for purchase after May 15, 2009. The GMIB Plus with Five Year Reset II rider is identical to the GMIB Plus with Five Year Reset rider except as described below:


(1)	You may purchase the GMIB Plus with Five Year Reset II rider until the annuitant is age 81.

(2)	The step-up income base is your highest total contract value as of any anniversary before the annuitant attains age 86, rather than age 85.

(3)	You may elect to receive GMIB payments within 30 days after the rider’s 10th anniversary (or 10th anniversary of the date the rider was last reset, if applicable) or within 30 days after any later anniversary before the annuitant is age 91.

(4)	Regardless of issue age, the guaranteed earnings income base accumulates at an annual rate of 6% until the contract anniversary after the annuitant’s 85th birthday and you may withdraw 6% in a contract year without reducing the guaranteed earnings income base below its amount as of the beginning of that contract year.

(5)	Beginning on the contract anniversary after the annuitant reaches age 85, the guaranteed earnings income base will no longer be eligible for any annual accumulation, but withdrawals you make during a contract year equal to or less than 6% of the guaranteed earnings income base will not reduce the guaranteed earnings income base.

(6)	There is a guaranteed minimum annuitization level equal to 6% of the guaranteed earnings income base if you take no withdrawals before the contract anniversary prior to the annuitant’s 60th birthday and your contract value is reduced to zero on or after the contract anniversary prior to the annuitant’s 60th birthday. This guaranteed minimum annuitization level only applies if (i) you do not withdraw in any one contract year more than 6% of the guaranteed earnings income base and (ii) you select annuity option 1, life annuity with period certain, paid in monthly installments, under the rider. The effect of this guaranteed annuitization level is to allow you to continue to receive payments equal to what you were receiving prior to annuitization if you were withdrawing 6% of the guaranteed earnings income base at that time.

At the time the GMIB Plus with Five Year Reset II rider is issued you may choose to accept optional investment restrictions. After issue, you may choose to accept investment restrictions at any time by notifying us in writing, or in any other manner acceptable to us. On the first contract anniversary the guaranteed income base is set equal to

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the step-up base after you select investment restrictions, your charge for the rider will be changed to the then current charge for the GMIB Plus with Five Year Reset II rider with investment restrictions.

If you choose to abide by the investment restrictions, you must allocate any variable account portion of your purchase payments and contract value to (a) an Asset Allocation Model or (b) in accordance with the Fund Category requirements described in “Investment Restrictions for Certain Optional Riders.” You may allocate all or any portion of your purchase payments and contract value to the Guaranteed Account, if available. Once you have accepted investment restrictions with this rider, you may not revoke that selection. The GMIB Plus with Five Year Reset II rider will be cancelled if you cease to comply with the requirements described in “Investment Restrictions for Certain Optional Riders.” If the rider is so terminated, a prorated annual rider charge will be assessed.

The annual charge for the GMIB Plus with Five Year Reset II rider with investment restrictions is 0.75% of the guaranteed income base. We may increase the charge for this rider on any contract anniversary the guaranteed earnings income base is reset once the surrender charge period for your contract ends. The new charge will be no higher than the then current charge for new issues of the GMIB Plus with Five Year Reset II rider with investment restrictions, which we guarantee will not exceed 1.40%. You may decline to accept an increase in the charge for the GMIB Plus with Five Year Reset II rider with investment restrictions by refusing the reset. If you elect to reset the guaranteed earnings income base in the future, however, your rate will be increased to the then-current charge for the GMIB Plus with Five Year Reset II with investment restrictions upon reset.

The annual charge for the GMIB Plus with Five Year Reset II rider without investment restrictions is 0.90% of the guaranteed income base. We may increase the charge for this rider on any contract anniversary the guaranteed earnings income base is reset once the surrender charge period for your contract ends. The new charge will be no higher than the then current charge for new issues of the GMIB Plus with Five Year Reset II rider without investment restrictions, which we guarantee will not exceed 1.55%. You may decline to accept a charge increase if you choose to accept the investment restrictions. If you choose to abide by the investment restrictions, on the first subsequent contract anniversary your charge for the rider will be changed to the then current charge for the GMIB Plus with Five Year Reset II rider with investment restrictions. You may also decline to accept an increase in the charge for the GMIB Plus with Five Year Reset II without choosing to comply with the investment restrictions by refusing the reset to the guaranteed earnings income base. If you elect to reset the guaranteed earnings income base in the future, however, your rate will be increased to the then-current charge for the GMIB Plus with Five Year Reset II without investment restrictions upon reset. If you wish to decline an increase in charge, you must notify us in writing, or in any other manner acceptable to us, within 30 days after the contract anniversary the guaranteed earnings income base is reset.

GMIB Plus with Annual Reset II

In those states where permitted, we may offer a GMIB Plus with Annual Reset rider referred to as the “GMIB Plus with Annual Reset II” rider. If the GMIB Plus with Annual Reset II rider is available, you may not select the GMIB Plus with Annual Reset rider. You cannot purchase the GMIB Plus with Annual Reset II if the GMIB Plus with Annual Reset (2009) is available. The GMIB Plus with Annual Reset II rider is identical to the GMIB Plus with Five Year Reset II rider except as described below:


(1)	You may reset the guaranteed earnings income base on each contract anniversary.

(2)	You may purchase the GMIB Plus with Annual Reset II rider until the annuitant is age 79.

(3)	The annual charge for the GMIB Plus with Annual Reset II rider with investment restrictions is 0.85% of the guaranteed income base. The maximum annual charge for the GMIB Plus with Annual Reset II rider with investment restrictions is 1.50%.

The annual charge for the GMIB Plus with Annual Reset II rider without investment restrictions is 1.00% of the guaranteed income base. The maximum annual charge for the GMIB Plus with Annual Reset II rider without investment restrictions is 1.65%.

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Please note that if you have purchased the ARDBR II and you decline a charge increase with the GMIB Plus with Annual Reset II rider by refusing a reset of the guaranteed earnings income base, you will not be able to reset the ARDBR II.

In those states where permitted, in the future we may allow you under certain circumstances to discontinue the GMIB or GMIB Plus rider in order to add the GMIB Plus with Annual Reset or the GMIB plus with Annual Reset II rider on a contract anniversary. If you choose to add the GMIB Plus with Annual Reset or the GMIB plus with Annual Reset II rider, a new ten year annuitization waiting period will begin. Depending on the future investment results under your contract, it may be disadvantageous to you to replace your GMIB or GMIB Plus rider with the GMIB Plus with Annual Reset or the GMIB plus with Annual Reset II rider. Please consult with your financial representative to determine if adding the GMIB Plus with Annual Reset or the GMIB plus with Annual Reset II rider is appropriate for you.

The effect of the GMIB, GMIB Plus, GMIB Plus with Five Year Reset, GMIB Plus with Annual Reset, GMIB Plus with Five Year Reset II and GMIB Plus with Annual Reset II riders is to allow you to withdraw an amount equal to the amount by which your guaranteed earnings income base has grown without reducing the guaranteed earnings income base below its amount as of the beginning of the current contract year. The GMIB Plus, GMIB Plus with Five Year Reset, GMIB Plus with Annual Reset, GMIB plus with Five Year Reset II and GMIB Plus with Annual Reset II riders allow those contract owners to access cash values for income immediately, provided no more than 6% (or 4% for the GMIB Plus, GMIB Plus with Five Year Reset and GMIB Plus with Annual Reset riders depending on age at the time the rider is issued) is withdrawn yearly, while leaving the guaranteed earnings income base at or above the level it began the contract year at. You could for instance take withdrawals of 6% (4% for issue ages 76 or greater for the GMIB Plus, GMIB Plus with Five Year Reset and GMIB Plus with Annual Reset riders) of the contract year’s beginning guaranteed earnings income base year after year and the guaranteed earnings income base would then remain at its original level if you make no other purchase payments or withdrawals. In contrast, withdrawals in excess of 6% (or 4% where applicable) will reduce the guaranteed earnings income base pro rata which could materially reduce the income available under any of the GMIB riders in future years. In any event, the step-up base is adjusted pro rata for any withdrawals.

You may withdraw 6% (or 4% where applicable) of the guaranteed earnings income base under the rider without a surrender charge even if that amount exceeds 10% of your contract value. We reserve the right to charge a withdrawal fee of up to the lesser of 2% of the amount withdrawn or $15 per withdrawal for withdrawals in excess of 14 in a contract year. We are not currently charging this fee. If charged, this fee would be assessed against your contract value and will not affect the amount you withdraw under this rider.

Subject to certain limitations, the GMIB Plus with Five Year Reset, GMIB Plus with Annual Reset, GMIB Plus with Five Year Reset II and GMIB Plus with Annual Reset II riders provide you the option of resetting the guaranteed earnings income base to the then-current contract value. The GMIB Plus with Five Year Reset rider allows you to reset every 5th contract anniversary prior to the annuitant’s 75th birthday. Therefore, if you purchase the GMIB Plus with Five Year Reset rider on or after the annuitant’s 75th birthday, you will not be eligible for any resets. The GMIB Plus with Annual Reset rider allows you to reset each and every contract anniversary up to the later of the annuitant’s 75th birthday or the fifth rider anniversary, with a minimum opportunity of five resets. The GMIB Plus with Five Year Reset II rider allows you to reset every 5th contract anniversary prior to the annuitant’s 81st birthday. Therefore, if you purchase the GMIB Plus with Five Year Reset II rider on or after the annuitant’s 76th birthday, you will not be eligible for any resets. The GMIB Plus with Annual Reset II rider allows you to reset each and every contract anniversary prior to the annuitant’s 81st birthday.

If the contract value at the time of reset is higher than the guaranteed earnings income base, you may make larger withdrawals on a dollar for dollar basis from the new guaranteed earnings income base. At every eligible reset anniversary, you can reset the guaranteed earnings income base by notifying us within 30 days after the contract anniversary date in writing or other method we agree to. If you elect to reset the guaranteed earnings income base a new ten year annuitization waiting period will begin and you will be required to enter a new rider charge period. That is, you will not be eligible to annuitize using the guaranteed income base for the ten year period following the reset. You may choose to receive annuity payments as provided in your contract during the ten year period or

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under a single premium, immediate annuity we may generally make available at the time, but your GMIB rider will then be of no further value to you.

Because you may not reset after the annuitant reaches certain ages, you should consider whether the reset features of these riders are of benefit to you if the annuitant is near the maximum issue ages for the riders.

When the optional death benefit ARDBR has also been purchased, resetting the GMIB Plus with Annual Reset also resets the guaranteed roll-up death benefit amount. Resetting the GMIB Plus with Annual Reset is the only way in which the ARDBR can be reset. When the optional death benefit ARDBR II has also been purchased, resetting the GMIB Plus with Annual Reset II also resets the guaranteed roll-up death benefit amount. Resetting the GMIB Plus with Annual Reset II is the only way in which the ARDBR II can be reset. Please note that if you have purchased the ARDBR II and you decline a charge increase with the GMIB Plus with Annual Reset II rider by refusing a reset of the guaranteed earnings income base, you will not be able to reset the ARDBR II.

Tax qualified retirement plans and Individual Retirement Annuities have minimum distribution requirements. Participants may be required to begin receiving payments from a tax qualified contract before the rider’s 10th anniversary. See “Federal Tax Status” and “Appendix A — IRA Disclosure Statement.” You could be subject to tax penalties if you do not begin receiving GMIB payments until after your required minimum distribution beginning date. Please consult your tax advisor to determine if the GMIB riders are appropriate for you.

Optional Guaranteed Principal Access (“GPA”)

We may offer a Guaranteed Principal Access (“GPA”) rider in those states where permitted. The GPA rider was not available for purchase after January 1, 2009. With certain restrictions, this rider guarantees:


i.	you will be able to withdraw a portion (up to 7% or 8% annually, depending on the rider you choose) of your contract’s guaranteed principal amount for a term of ten years, regardless of the then current cash value of your contract; and

ii.	we will add into the contract the excess, if any, of the guaranteed principal amount, adjusted for withdrawals, over the eligible contract value, if the eligible contract value is positive at the end of the ten year term (the eligible contract value is the contract value attributable to the beginning principal amount); and


iii.	we will allow you to take periodic withdrawals from your contract as described below in a total amount equal to the excess of the guaranteed principal amount, adjusted for withdrawals, over the eligible contract value, if the eligible contract value is reduced to zero during the ten year term.

This rider is beneficial to those contract owners who anticipate taking withdrawals over a limited time and who are concerned about possible decreases in contract values affecting the amount available for their withdrawal. This rider differs from the Guaranteed Principal Protection (“GPP”) rider because the GPP rider does not contemplate, nor guarantee withdrawals. If you do not anticipate withdrawing money from your rider in the next ten years, you may wish to purchase the GPP rider which guarantees your principal at the end of the ten years and costs less than the GPA rider. Because GPA involves withdrawals, the amount you may annuitize under your contract may be less than you would otherwise have if you had not elected withdrawals.

If you select this rider, at the end of the ten-year rider period, we will credit your contract with the difference between the remaining unused guaranteed principal amount and the remaining eligible contract value. If at the end of the rider term the variable contract value relating to the guaranteed principal amount exceeds the unused guaranteed principal amount, there will be no additional amounts added to your rider.

You may apply for the GPA rider at the time you apply for the contract. We may, at our sole option, also offer the GPA rider to existing contracts, in which case it may be added on a contract anniversary so long as the annuitant is

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under age 81 at the time the rider is issued. In addition, the GPA rider is not available in conjunction with the GPP rider or any of the Guaranteed Minimum Income Benefit (“GMIB”) riders we may offer. If you select the GPA rider, the variable portion of your contract values must be allocated to and, for the duration of the rider, remain in one of the Asset Allocation Models and you must abide by all the rules associated with the Asset Allocation Models (see “Optional Asset Allocation Models”). You may also have a portion of your contract values in a fixed accumulation account or a dollar-cost averaging account that transfers to a model, that we may offer while this rider is in force.

The annual charge for the rider is deducted on each contract anniversary and is .40% of your average annual contract value for the 7% GPA rider and .50% of your eligible average annual contract value for the 8% GPA rider.

The annual amount you may withdraw is a percentage (7% or 8%) of the beginning guaranteed principal amount. The beginning guaranteed principal amount is defined as your initial purchase payment, plus any additional purchase payments received within the first six months after the contract is issued. If the rider is added after issue, the beginning guaranteed principal amount is the then-current contract value.

It is not necessary that you withdraw from the guaranteed amount from your contract each year. However, the amount available for withdrawal is not cumulative from year to year. For example, if you only withdraw 5% of an eligible 7%, the amount available the next year is still 7%. The amount you elect not to withdraw in a year remains guaranteed and will be included in the amount to be added to the contract, if any, at the end of the ten year withdrawal period.

You may also withdraw more than the annual guaranteed withdrawal amount in a given year. However, the excess withdrawal amount will function to reduce the amount guaranteed for withdrawal in later years of the rider. The amount eligible for withdrawal during the remainder of the rider period following an excess withdrawal is the lesser of the contract value immediately following the excess withdrawal or the guaranteed principal amount less the amount withdrawn. The amount you may withdraw on a guaranteed basis will be less than the amount you were able to withdraw and on the next contract anniversary, you will begin a new 10-year term and your guaranteed annual withdrawal amount will be recalculated. As a result, if you take an excess withdrawal when your total contract value is less than your beginning guaranteed principal amount, you will forfeit a portion of the prior beginning guaranteed principal amount. In addition, if you take an excess withdrawal and as a result your contract value related to the beginning guaranteed principal amount is zero, you will have no benefit under the GPA rider. Also, an excess withdrawal may impact the amount you will receive under a scheduled payment or withdrawal plan because the guaranteed withdrawal amount eligible for withdrawal in future years is decreased.

If you terminate the rider, either by notifying us before the next contract anniversary date or by moving contract values out of the optional Asset Allocation Models, a full annual rider charge will be assessed without being prorated to the date of termination.

After the rider has been in effect for at least 5 years, we offer you the opportunity to reset the GPA rider. You may reset the rider on a subsequent contract anniversary so long as the annuitant has not reached age 81. Upon resetting the rider, you will be eligible to annually withdraw 7% or 8% of the then-current total contract value each of the next 10 years. The charge for a rider upon reset may be higher than the initial charge for the rider based on rates applicable to new contracts. You may reset the rider more than once, but you must wait 5 years between resets.

If, during the course of the rider, your eligible contract value decreases to zero and you are still eligible for guaranteed withdrawals, we will pay the remaining guaranteed principal amount in a series of preauthorized withdrawals, for which we may limit the amount or frequency. In other words, the remaining guaranteed principal amounts are paid to you through a single premium immediate fixed annuity. You may elect any payout option you wish, except that the annual payouts may not exceed the guaranteed principal withdrawal amount you would have otherwise been entitled to receive. As such, your annual payments will continue beyond the end of the ten year term until your remaining guaranteed principal amount is paid out in full. We will not pay interest on the amounts to be paid to you under these circumstances. Additionally, if your entire contract value decreases to zero, we will

Form 8524

not accept any additional purchase payments under the contract and the contract will cease to provide any death benefit.

The rider will continue only upon the death of the owner and the transfer of the contract through the spousal continuation provision of your contract. Upon a spousal transfer, the new owner has all the rights of the original owner, including the right to reset the rider and renew the rider at the end of the 10-year term. Unless there is a spousal continuation, this rider terminates upon the death of the owner.

Optional Guaranteed Principal Protection (“GPP”)

In those states where permitted, we may offer the GPP rider when you apply for the contract. We may, at our sole option also offer the GPP rider to existing contracts, in which case, it may be added on a contract anniversary, if the annuitant is then under age 80.

If you continue the GPP rider until the end of its 10-year term, and do not make any withdrawals, we guarantee that your eligible contract value will not be less than it was at the beginning of the 10-year term. On the last day of the 10-year term, we will add an amount to your total contract value to increase it to the “guaranteed contract value” if the eligible contract value at the end of the 10-year term is less than the guaranteed contract value. The guaranteed contract value is the contract value:


(a)	as of the first day of the rider’s term, or

(b)	the amount in (a) plus the total of any purchase payments made in the first 6 months if the rider was included in the contract when you purchased the contract,

(c)	reduced pro rata for any withdrawals you made.

Contract values attributable to purchase payments made after the rider is added (or after the first 6 months if the rider is included when the contract was issued) are not included in the guaranteed contract value and do not count as part of your eligible contract value at the end of the term for purposes of determining the benefit amount.

If you choose GPP, you must allocate all variable contract values to one of the Asset Allocation Models (see Optional Asset Allocation Models) during the entire 10-year term of the rider. You may change asset allocation models at any time. You may also have a portion of your contract values in a fixed accumulation account or a dollar-cost averaging account that we may offer while this rider is in force. If you stop using a model, we will cancel the GPP rider. You may cancel the GPP rider as of any contract anniversary by notifying us before that anniversary. Cancellation of the GPP rider does not affect any other contract features. You may continue using an Asset Allocation Model after the GPP rider ends.

In those states where permitted, for contracts applied for on or after May 15, 2009, the charge for the GPP rider is made on each contract anniversary at the rate of 0.55% of the average of your guaranteed principal amount at the beginning and the end of each contract year. (The charge for contracts applied for prior to October 9, 2006 is 0.20% and for all other contracts is 0.25%.) This charge will discontinue if the GPP rider is cancelled. However, if the GPP is canceled because you stop using a model, a full annual rider charge will be assessed without being prorated to the date of cancellation.

At the end of the 10-year term, you may reset the rider for another 10-year term if the annuitant is then under age 80. The guaranteed contract value under the new GPP 10-year term will be your total contract value as of the end of the 10-year term then ended, including any amount we then add pursuant to the earlier GPP 10-year term, subject to adjustment for any withdrawals. You may also reset the GPP rider’s guaranteed contract value at the current contract value on any contract anniversary after the rider has been in effect for at least 5 years (if the annuitant is then under age 80). This starts a new 10-year rider term.

If the annuitant dies during the 10-year term, and his or her spouse continues the contract, the GPP rider may also be continued.

Form 8524

Summary of Optional Living Benefit Riders

For a summary of the available optional living benefit riders, please see the following chart:


		Who may want to
Optional Rider	Features	consider the Rider	Charge

GMIB Plus with Five Year Reset	• Guarantees a minimum lifetime fixed income upon annuitization regardless of market performance. • Dollar-for-dollar withdrawals immediately up to 6% of the annual accumulated earnings on the guaranteed earnings income base. • May exercise the benefit after ten years or the 10^th anniversary of last reset. • No lapse feature provides an opportunity to exercise the benefit should your contract value fall to zero during the initial ten-year annuitization waiting period. • May reset the guaranteed earnings income base to equal the contract value, if higher, on each 5^th contract anniversary prior to the annuitant’s 75^th birthday. • Cannot purchase once the annuitant is 80. • Cannot purchase if GMIB Plus with Five Year Reset II or the GMIB Plus with Annual Reset (2009) is available.	Those who want to protect their retirement income but still desire market exposure.	0.55% (maximum and current)

GMIB Plus with Annual Reset	• Identical to GMIB Plus with Five Year Reset except for the following: o May reset the guaranteed earnings income base to equal the contract value, if higher, on each contract anniversary prior to the annuitant’s 75^th birthday or the 5th rider anniversary. o Cannot purchase once the annuitant is 75. o Cannot purchase if GMIB Plus with Annual Reset II or the GMIB Plus with Annual Reset (2009)	Those who want to protect their retirement income but still desire market exposure.	0.70% (maximum and current)

GMIB Plus with Five Year Reset II with optional investment restrictions	• Identical to GMIB Plus with Five Year Reset except for the following: o Provides a minimum annuitization level if meet certain conditions. o May reset the guaranteed earnings income base to equal the contract value, if higher, on each 5^th contract anniversary prior to the annuitant’s 81^st birthday. o Cannot purchase once the annuitant is 81. o Optional investment restrictions. o Cannot purchase if the GMIB Plus with Annual Reset (2009) is available.	Those who want to protect their retirement income but still desire market exposure.	Without investment restrictions: 1.55% (maximum) 0.90% (current) With investment restrictions: 1.40% (maximum) 0.75% (current)

GMIB Plus with Annual Reset II with optional investment restrictions	• Identical to GMIB Plus with Five Year Reset II with optional investment restrictions except for the following: o May reset the guaranteed earnings income base to equal the contract value, if higher, on each contract anniversary prior to the annuitant’s 81^st birthday. o Cannot purchase once the annuitant is 79.	Those who want to protect their retirement income but still desire market exposure.	Without investment restrictions: 1.65% (maximum) 1.00% (current) With investment restrictions: 1.50% (maximum) 0.85% (current)

Form 8524


		Who may want to
Optional Rider	Features	consider the Rider	Charge

GMIB Plus with Annual Reset (2009)	• Identical to GMIB Plus with Annual Reset II except for the following: o Dollar-for-dollar withdrawals after 30 days up to 5% of the annual accumulated earnings on the guaranteed earnings income base. o No minimum annuitization level. o Mandatory investment restrictions.	Those who want to protect their retirement income but still desire market exposure	1.50% (maximum) 0.95% (current)

Guaranteed Principal Protection (“GPP”) rider	• Guarantees return of principal without annuitization on the 10^th rider anniversary if you take no withdrawals. • If, at the end of the rider’s ten year term, the eligible contract value is less than the guaranteed contract value, the difference will be added to the contract. • The guaranteed contract value is adjusted pro rata for any withdrawals. • Cannot purchase once the annuitant is 80.	Those who are afraid of market risk and want to invest without fear of losing their original principal.	0.55% (maximum and current)

Other Contract Provisions

Assignment

Amounts payable in settlement of a contract may not be commuted, anticipated, assigned or otherwise encumbered, or pledged as loan collateral to anyone other than us. We may require that any designated beneficiary have an insurable interest in the life of the annuitant. To the extent permitted by law, such amounts are not subject to any legal process to pay any claims against an annuitant before annuity payments begin. The owner of a tax-qualified contract may not, but the owner of a non-tax-qualified contract may, collaterally assign the contract before the annuity payout date. Ownership of a tax-qualified contract may not be transferred except to:


•	the annuitant,

•	a trustee or successor trustee of a pension or profit-sharing trust which is qualified under Section 401 of the Code,

•	the employer of the annuitant provided that the contract after transfer is maintained under the terms of a retirement plan qualified under Section 403(a) of the Code for the benefit of the annuitant, or

•	as otherwise permitted by laws and regulations governing plans for which the contract may be issued.

Reports and Confirmations

Before the annuity payout date, we will send you quarterly statements showing the number of units credited to the contract by Fund and the value of each unit as of the end of the last quarter. In addition, as long as the contract remains in effect, we will forward any periodic Fund reports.

We will send you a written confirmation of your purchase payments, transfers and withdrawals. For regularly recurring transactions, such as dollar cost averaging and payroll deduction programs, we may confirm the transactions in a quarterly report. Review your statements and confirmations to verify their accuracy. You must report any error or inaccuracy to us within 30 days. Otherwise, we are not responsible for losses due to the error or inaccuracy.

Substitution for Fund Shares

If investment in a Fund is no longer possible or we believe it is inappropriate to the purposes of the contract, we may substitute one or more other funds. Substitution may be made as to both existing investments and the investment of future purchase payments. However, no substitution will be made until we receive any necessary approval of the Securities and Exchange Commission. We may also add other Funds as eligible investments of VAA.

Form 8524

Contract Owner Inquiries

Direct any questions to Ohio National Life, Variable Annuity Administration, P.O. Box 2669, Cincinnati, Ohio 45201; telephone 1-888-925-6446 (8:30 a.m. to 4:30 p.m., Eastern time).

Performance Data

We may advertise performance data for the various Funds showing the percentage change in unit values based on the performance of the applicable Fund over a period of time (usually a calendar year). We determine the percentage change by dividing the increase (or decrease) in value for the unit by the unit value at the beginning of the period. This percent reflects the deduction of any asset-based contract charge but does not reflect the deduction of any applicable contract administration charge or surrender charge. The deduction of a contract administration charge or surrender charge would reduce any percentage increase or make greater any percentage decrease.

Advertising may also include average annual total return figures calculated as shown in the Statement of Additional Information. The average annual total return figures reflect the deduction of applicable contract administration charges and surrender charges as well as applicable asset-based charges.

We may also distribute sales literature comparing separate account performance to the Consumer Price Index or to such established market indexes as the Dow Jones Industrial Average, the Standard & Poor’s 500 Stock Index, IBC’s Money Fund Reports, Lehman Brothers Bond Indices, the Morgan Stanley Europe Australia Far East Index, Morgan Stanley World Index, Russell 2000 Index, or other variable annuity separate accounts or mutual funds with investment objectives similar to those of the Funds.

Federal Tax Status

The following discussion of federal income tax treatment of amounts received under a variable annuity contract does not cover all situations or issues. It is not intended as tax advice. Consult a qualified tax adviser to apply the law to your circumstances. Tax laws can change, even for contracts that have already been issued. Tax law revisions, with unfavorable consequences, could have retroactive effect on previously issued contracts or on later voluntary transactions in previously issued contracts.

We are taxed as a life insurance company under Subchapter L of the Internal Revenue Code (the “Code”). Since the operations of VAA are a part of, and are taxed with, our operations, VAA is not separately taxed as a “regulated investment company” under Subchapter M of the Code.

The contracts are considered annuity contracts under Section 72 of the Code, which generally provides for taxation of annuities. Under existing provisions of the Code, any increase in the contract value is not taxable to you as the owner or annuitant until you receive it, either in the form of annuity payments, as contemplated by the contract, or in some other form of distribution. The owner of a non-tax qualified contract must be a natural person for this purpose. With certain exceptions, where the owner of a non-tax qualified contract is a non-natural person (corporation, partnership or trust) any increase in the accumulation value of the contract attributable to purchase payments made after February 28, 1986 will be treated as ordinary income received or accrued by the contract owner during the current tax year.

The income and gains within an annuity contract are generally tax deferred. Within a tax-qualified plan, the plan itself provides tax deferral. Therefore, the tax-deferred treatment otherwise available to an annuity contract is not a factor to consider when purchasing an annuity within a tax-qualified plan or arrangement.

As to tax-qualified contracts, the law does not now provide for payment of federal income tax on dividend income or capital gains distributions from Fund shares held in VAA or upon capital gains realized by VAA on redemption of Fund shares. When a non-tax-qualified contract is issued in connection with a deferred compensation plan or arrangement, all rights, discretions and powers relative to the contract are vested in the employer and you must look only to your employer for the payment of deferred compensation benefits. Generally, in that case, an annuitant will have no “investment in the contract” and amounts received by you from your employer under a deferred compensation arrangement will be taxable in full as ordinary income in the years you receive the payments.

Form 8524

When annuity payments begin, each payment is taxable under Section 72 of the Code as ordinary income in the year of receipt if you have neither paid any portion of the purchase payments nor previously been taxed on any portion of the purchase payments. If any portion of the purchase payments has been paid from or included in your taxable income, this aggregate amount will be considered your “investment in the contract.” You will be entitled to exclude from your taxable income a portion of each annuity payment equal to your “investment in the contract” divided by the period of expected annuity payments, determined by your life expectancy and the form of annuity benefit. Once you recover your “investment in the contract,” all further annuity payments will be included in your taxable income.

A withdrawal of contract values is taxable as ordinary income in the year received to the extent that the accumulated value of the contract immediately before the payment exceeds the “investment in the contract.” If you elect to withdraw any portion of your accumulation value in lieu of receiving annuity payments, that a withdrawal is treated as a distribution of earnings first and only second as a recovery of your “investment in the contract.” Any part of the value of the contract that you assign or pledge to secure a loan will be taxed as if it had been a withdrawal and may be subject to a penalty tax.

There is a penalty tax equal to 10% of any amount that must be included in gross income for tax purposes. The penalty will not apply to a redemption that is:


•	received on or after the taxpayer reaches age 591/2;

•	made to a beneficiary on or after the death of the annuitant;

•	attributable to the taxpayer’s becoming disabled;

•	made as a series of substantially equal periodic payments for the life of the annuitant (or joint lives of the annuitant and beneficiary);

•	from a contract that is a qualified funding asset for purposes of a structured settlement;

•	made under an annuity contract that is purchased with a single premium and with an annuity payout date not later than a year from the purchase of the annuity;

•	incident to divorce, or

•	taken from an IRA for a qualified first-time home purchase (up to $10,000) or qualified education expenses.

Any taxable amount you withdraw from an annuity contract is automatically subject to 10% withholding unless you elect not to have withholding apply. If you elect not to have withholding apply to an early withdrawal or if an insufficient amount is withheld, you may be responsible for payment of estimated tax. You may also incur penalties under the estimated tax rules if the withholding and estimated tax payments are not sufficient. If you fail to provide your taxpayer identification number, any payments under the contract will automatically be subject to withholding. The Code requires 20% withholding for contracts owned by tax-qualified plans.

Tax-Deferred Annuities

Under the provisions of Section 403(b) of the Code, employees may exclude from their gross income purchase payments made for annuity contracts purchased for them by public educational institutions and certain tax-exempt organizations which are described in Section 501(c)(3) of the Code. You may make this exclusion to the extent that the aggregate purchase payments plus any other amounts contributed to purchase the contract and toward benefits under qualified retirement plans do not exceed certain limits in the Code. Employee contributions are, however, subject to social security (FICA) tax withholding. All amounts you receive under a contract, either in the form of annuity payments or cash withdrawal, will be taxed under Section 72 of the Code as ordinary income for the year received, except for exclusion of any amounts representing “investment in the contract.” Under certain circumstances, amounts you receive may be used to make a “tax-free rollover” into one of the types of individual retirement arrangements permitted under the Code. Amounts you receive that are eligible for “tax-free rollover” will be subject to an automatic 20% withholding unless you directly roll over such amounts from the tax-deferred annuity to the individual retirement arrangement.

Form 8524

With respect to earnings accrued and purchase payments made after December 31, 1988, for a contract set up under Section 403(b) of the Code, distributions may be paid only when the employee:


•	attains age 591/2,

•	separates from the employer’s service,

•	dies,

•	becomes disabled as defined in the Code, or

•	incurs a financial hardship as defined in the Code.

In the case of hardship, cash distributions may not exceed the amount of your purchase payments. These restrictions do not affect your right to transfer investments among the Funds and do not limit the availability of transfers between tax-deferred annuities.

Qualified Pension or Profit-Sharing Plans

Under present law, purchase payments made by an employer or trustee, for a plan or trust qualified under Section 401(a) or 403 of the Code, are generally excludable from the employee’s gross income. Any purchase payments made by the employee, or which are considered taxable income to the employee in the year such payments are made, constitute an “investment in the contract” under Section 72 of the Code for the employee’s annuity benefits. Salary reduction payments to a profit sharing plan qualifying under Section 401(k) of the Code are generally excludable from the employee’s gross income up to certain limits in the Code, and therefore are not considered “investment in the contract.”

The Code requires plans to prohibit any distribution to a plan participant prior to age 591/2, except in the event of death, total disability, financial hardship or separation from service (special rules apply for plan terminations). Distributions generally must begin no later than April 1 of the calendar year following the year in which the participant reaches age 701/2. Premature distribution of benefits or contributions in excess of those permitted by the Code may result in certain penalties under the Code. (Special tax treatment, including capital gain treatment and 5-year forward averaging, may be available to those born before 1936.) If you receive such a distribution you may be able to make a “tax-free rollover” of the distribution less your “investment in the contract” into another qualified plan in which you are a participant or into one of the types of individual retirement arrangements permitted under the Code. Your surviving spouse receiving such a distribution may be able to make a tax-free rollover to one of the types of individual retirement arrangements permitted under the Code. Amounts received that are eligible for “tax-free rollover” will be subject to an automatic 20% withholding unless such amounts are directly rolled over to another qualified plan or individual retirement arrangement.

Withholding on Annuity Payments

Federal income tax withholding is required on annuity payments. However, recipients of annuity payments are allowed to elect not to have the tax withheld. This election may be revoked at any time and withholding would begin after that. If you do not give us your taxpayer identification number any payments under the contract will automatically be subject to withholding.

Individual Retirement Annuities (IRAs)

See IRA Disclosure Statement (Appendix A), following.

Form 8524

Appendix A

IRA Disclosure Statement

This statement is designed to help you understand the requirements of federal tax law which apply to your individual retirement annuity (IRA), your Roth IRA, your simplified employee pension IRA (SEPP-IRA) for employer contributions, your Savings Incentive Match Plan for Employees (SIMPLE) IRA, or to one you purchase for your spouse. You can obtain more information regarding your IRA either from your sales representative or from any district office of the Internal Revenue Service.

Free Look Period

The annuity contract offered by this prospectus gives you the opportunity to revoke the contract within 10 days after you receive it (or such longer period as may be required by your state law) and get a refund of contract value as of the date of cancellation. In some states, we are required to return the greater of the original purchase price or the current contract value if you exercise your free look. Any purchase payments in these states to be allocated to variable Funds may first be allocated to the Money Market Portfolio until the end of the free look period. We deem you to receive the contract and the free look period to begin five days after we mail your contract to you. This is a more liberal provision than is required in connection with IRAs. To exercise this “free-look” provision write or call our administrative office at the address shown below:

The Ohio National Life Insurance Company

Variable Annuity Administration

P. O. Box 2669

Cincinnati, Ohio 45201

Telephone: 1-800-366-6654 — 8:30 a.m. – 4:30 p.m. (Eastern time zone)

Eligibility Requirements

IRAs are intended for all persons with earned compensation whether or not they are covered under other retirement programs. Additionally if you have a non-working spouse (and you file a joint tax return), you may establish an IRA on behalf of your non-working spouse. A working spouse may establish his or her own IRA. A divorced spouse receiving taxable alimony (and no other income) may also establish an IRA.

Contributions and Deductions

Contributions to a traditional IRA will be deductible if you are not an “active participant” in an employer maintained qualified retirement plan or if you have Adjusted Gross Income which does not exceed the “applicable dollar limit”. For a single taxpayer, the applicable dollar limitation is $55,000 in 2009, with the amount of IRA contribution which may be deducted reduced proportionately for Adjusted Gross Income between $55,000 and $65,000. For married couples filing jointly, the applicable dollar limitation is $89,000 in 2009, with the amount of IRA contribution which may be deducted reduced proportionately for Adjusted Gross Income between $89,000-$109,000. There is no deduction allowed for IRA contributions when Adjusted Gross Income reaches $65,000 for individuals and $109,000 for married couples filing jointly. IRA contributions must be made by no later than the time you file your income tax return for that year. Special limits apply for the non-active participant spouse where a joint return is filed with an active participant.

The IRA maximum annual contribution and the associated tax deduction is limited to the lesser of: (1) $5,000 in 2009 or (2) 100% of your earned compensation. Those age 50 or older may make an additional IRA contribution of $1000 per year in 2009. Contributions in excess of the limits may be subject to penalty. See below.

The maximum tax deductible annual contribution that a divorced spouse with no other income may make to an IRA is the lesser of (1) $5,000 or (2) 100% of taxable alimony.

Contributions made by your employer to your SEPP-IRA are excludable from your gross income for tax purposes in the calendar year for which the amount is contributed. Certain employees who participate in a SEPP-IRA will be entitled to elect to have their employer make contributions to their SEPP-IRA on their behalf or to receive the contributions in cash. If the employee elects to have contributions made on the employee’s behalf to the SEPP, those funds are not treated as current taxable income to the employee. Salary-reduction SEPP-IRAs (also called “SARSEPs”) are available only if at least 50% of the employees elect to have amounts contributed to the SEPP-IRA

Form 8524

and if the employer has 25 or fewer employees at all times during the preceding year. New SARSEPPs may no longer be established. Elective deferrals under a salary-reduction SEPP-IRA are subject to an inflation-adjusted limit which is $16,500 for 2009.

Under a SEPP-IRA agreement, the maximum annual contribution which your employer may make on your behalf to a SEPP-IRA contract which is excludable from your income is the lesser of 100% of your salary or $49,000. An employee who is a participant in a SEPP-IRA agreement may make after-tax contributions to the SEPP-IRA contract, subject to the contribution limits applicable to IRAs in general. Those employee contributions will be deductible subject to the deductibility rules described above. The Internal Revenue Service reviewed the format of your SEPP-IRA and issued an opinion letter to us stating that it qualifies as a prototype SEPP-IRA.

If you or your employer should contribute more than the maximum contribution amount to your IRA or SEPP-IRA, the excess amount will be considered an “excess contribution”. You may withdraw an excess contribution from your IRA (or SEPP-IRA) before your tax filing date without adverse tax consequences. If, however, you fail to withdraw any such excess contribution before your tax filing date, a 6% excise tax will be imposed on the excess for the tax year of contribution.

Once the 6% excise tax has been imposed, an additional 6% penalty for the following tax year can be avoided if the excess is (1) withdrawn before the end of the following year, or (2) treated as a current contribution for the following year. (See Premature Distributions for penalties imposed on withdrawal when the contribution exceeds $4,000).

An individual retirement annuity must be an annuity contract. In our opinion, the optional additional death benefits available under the contract are part of the annuity contract. There is a risk, however, that the Internal Revenue Service would take the position that one or more of the optional additional death benefits are not part of the annuity contract. In such a case, the charges for the optional additional death benefits would be considered distributions from the IRA and would be subject to tax, including penalty taxes. The charges for the optional additional death benefits would not be deductible. It is possible that the IRS could determine that optional death proceeds in excess of the greater of the contract value or net purchase payments are taxable to your beneficiary. Should the IRS so rule, we may have to tax report such excess death benefits as taxable income to your beneficiary. If the IRS were to take such a position, we would take all reasonable steps to avoid this result, including the right to amend the contract, with appropriate notice to you.

The contracts are not eligible for use in Puerto Rico IRAs.

IRA for Non-working Spouse

If you establish an IRA for yourself, you may also be eligible to establish an IRA for your “non-working” spouse. In order to be eligible to establish such a spousal IRA, you must file a joint tax return with your spouse and if your non-working spouse has compensation, his/her compensation must be less than your compensation for the year. Contributions of up to $10,000 may be made to the two IRAs if the combined compensation of you and your spouse is at least equal to the amount contributed. If requirements for deductibility (including income levels) are met, you will be able to deduct an amount equal to the least of (i) the amount contributed to the IRA’s; (ii) $10,000; or (iii) 100% of your combined gross income.

Contributions in excess of the contribution limits may be subject to penalty. See above under “Contributions and Deductions”. If you contribute more than the allowable amount, the excess portion will be considered an excess contribution. The rules for correcting it are the same as discussed above for regular IRAs.

Other than the items mentioned in this section, all of the requirements generally applicable to IRAs are also applicable to IRAs established for non-working spouses.

Form 8524

Rollover Contribution

Once every year, you may move any portion of the value of your IRA (or SEPP-IRA) to another IRA or bond. Withdrawals may also be made from other IRAs and contributed to this contract. This transfer of funds from one IRA to another is called a “rollover” IRA. To qualify as a rollover contribution, the entire portion of the withdrawal must be reinvested in another IRA within 60 days after the date it is received. You are not allowed a tax-deduction for the amount of any rollover contribution.

A similar type of rollover to an IRA can be made with the proceeds of a qualified distribution from a qualified retirement plan or tax-sheltered annuity. Properly made, such a distribution will not be taxable until you receive payments from the IRA created with it. You may later roll over such a contribution to another qualified retirement plan. (You may roll less than all of a qualified distribution into an IRA, but any part of it not rolled over will be currently includable in your income without any capital gains treatment.)

Premature Distributions

At no time can an interest in your IRA (or SEPP-IRA) be forfeited. The federal tax law does not permit you to use your IRA (or SEPP-IRA) as security for a loan. Furthermore, as a general rule, you may not sell or assign your interest in your IRA (or SEPP-IRA) to anyone. Use of an IRA (or SEPP-IRA) as security or assignment of it to another will invalidate the entire annuity. It then will be includable in your income in the year it is invalidated and will be subject to a 10% penalty tax if you are not at least age 591/2 or totally disabled. (You may, however, assign your IRA (or SEPP-IRA) without penalty to your former spouse in accordance with the terms of a divorce decree.)

You may withdraw part of the value of your IRA (or SEPP-IRA). If a withdrawal does not qualify as a rollover, the amount withdrawn will be includable in your income and subject to the 10% penalty if you are not at least age 591/2 or totally disabled or the withdrawal meets the requirements of another exception contained in the Code, unless you comply with special rules requiring distributions to be made at least annually over your life expectancy.

The 10% penalty tax does not apply to the withdrawal of an excess contribution as long as the excess is withdrawn before the due date of your tax return. Withdrawals of excess contributions after the due date of your tax return will generally be subject to the 10% penalty unless the excess contribution results from erroneous information from a plan trustee making an excess rollover contribution or unless you are over age 591/2 or are disabled.

Distribution at Retirement

Once you have attained age 591/2 (or have become totally disabled), you may elect to receive a distribution of your IRA (or SEPP-IRA) regardless of when you actually retire. You may elect to receive the distribution in either one sum or under any one of the periodic payment options available under the contract. The distributions from your IRA under any one of the periodic payment options or in one sum will be treated as ordinary income as you receive them unless nondeductible contributions were made to the IRA. In that case, only earnings will be income.

Inadequate Distributions — 50% Tax

Your IRA or SEPP-IRA is intended to provide retirement benefits over your lifetime. Thus, federal law requires that you either (1) receive a lump-sum distribution of your IRA by April 1 of the year following the year in which you attain age 701/2 or (2) start to receive periodic payments by that date. If you elect to receive periodic payments, those payments must be sufficient to pay out the entire value of your IRA during your life expectancy (or over the joint life expectancies of you and your spouse). If the payments are not sufficient to meet these requirements, an excise tax of 50% will be imposed on the amount of any underpayment.

Death Benefits

If you, (or your surviving spouse) die before starting required minimum distributions or receiving the entire value of your IRA (or SEPP-IRA), the remaining interest must be distributed to your beneficiary (or your surviving spouse’s beneficiary) in one lump-sum within 5 years of death, or applied to purchase an immediate annuity for the beneficiary. This annuity must be payable over the life expectancy of the beneficiary beginning within one year

Form 8524

after your or your spouse’s death. If your spouse is the designated beneficiary, he or she is treated as the owner of the IRA. If minimum required distributions have begun at the time of your death, the entire amount must be distributed over a period of time not exceeding your beneficiary’s life expectancy. A distribution of the balance of your IRA upon your death will not be considered a gift for federal tax purposes, but will be included in your gross estate for purposes of federal estate taxes.

Roth IRAs

Section 408A of the Code permits eligible individuals to contribute to a type of IRA known as a “Roth IRA.” Contributions may be made to a Roth IRA by taxpayers with adjusted gross incomes of less than $176,000 for married individuals filing jointly and less than $120,000 for single individuals. Married individuals filing separately are not eligible to contribute to a Roth IRA. The maximum amount of contributions allowable for any taxable year to all Roth IRAs maintained by an individual is generally the same as the contribution limits for traditional IRAs (the limit is phased out for incomes between $166,000 and $176,000 for married and between $105,000 and $120,000 for singles). The contribution limit is reduced by the amount of any contributions made to a non-Roth IRA. Contributions to a Roth IRA are not deductible. Catch up contributions are available for persons age 50 or older.

For taxpayers with adjusted gross income of $100,000 or less, all or part of amounts in a non-Roth IRA may be converted, transferred or rolled over to a Roth IRA. Some or all of the IRA value will typically be includable in the taxpayer’s gross income. Provided a rollover contribution meets the requirements for IRAs under Section 408(d)(3) of the Code, a rollover may be made from a Roth IRA to another Roth IRA.

Under some circumstances, it may not be advisable to roll over, transfer or convert all or part of a non-Roth IRA to a Roth IRA. Persons considering a rollover, transfer or conversion should consult their own tax advisor.

“Qualified distributions” from a Roth IRA are excludable from gross income. A “qualified distribution” is a distribution that satisfies two requirements: (1) the distribution must be made (a) after the owner of the IRA attains age 591/2; (b) after the owner’s death; (c) due to the owner’s disability; or (d) for a qualified first time homebuyer distribution within the meaning of Section 72(t)(2)(F) of the Code; and (2) the distribution must be made in the year that is at least five years after the first year for which a contribution was made to any Roth IRA established for the owner or five years after a rollover, transfer or conversion was made from a non-Roth IRA to a Roth IRA. Distributions from a Roth IRA that are not qualified distributions will be treated as made first from contributions and then from earnings, and taxed generally in the same manner as distributions from a non-Roth IRA.

Distributions from a Roth IRA need not commence at age 701/2. However, if the owner dies before the entire interest in a Roth IRA is distributed, any remaining interest in the contract must be distributed by December 31 of the calendar year containing the fifth anniversary of the owner’s death subject to certain exceptions.

Savings Incentive Match Plan for Employees (SIMPLE)

An employer may sponsor a plan allowing for employee salary deferral contributions with an additional employer contribution. SIMPLE plans may operate as a 401(k) or an IRA. Limits for employee contributions to a SIMPLE are $11,500 in 2009. Employees age 50 and older may contribute an additional $2,500 in 2009. Distributions from a SIMPLE are subject to restrictions similar to distributions from a traditional IRA. Additional terms of your SIMPLE are in a summary plan description distributed by your employer.

Reporting to the IRS

Whenever you are liable for one of the penalty taxes discussed above (6% for excess contributions, 10% for premature distributions or 50% for underpayments), you must file Form 5329 with the Internal Revenue Service. The form is to be attached to your federal income tax return for the tax year in which the penalty applies. Normal contributions and distributions must be shown on your income tax return for the year to which they relate.

Form 8524

Illustration of IRA Fixed Accumulations


	$1000		$1,000
	Annual		One Time
Year	Contribution		Contribution

1	$	1,020.00	$	1,020.00
2	$	2,060.40	$	1,040.40
3	$	3,121.61	$	1,061.21
4	$	4,204.04	$	1,082.43
5	$	5,308.12	$	1,104.08
6	$	6,434.28	$	1,126.16
7	$	7,582.97	$	1,148.68
8	$	8,754.63	$	1,171.65
9	$	9,949.72	$	1,195.08
10	$	11,168.71	$	1,218.98
11	$	12,412.09	$	1,243.36
12	$	13,680.33	$	1,268.23
13	$	14,973.94	$	1,293.59
14	$	16,293.42	$	1,319.46
15	$	17,639.28	$	1,345.85
16	$	19,012.07	$	1,372.77
17	$	20,412.31	$	1,400.23
18	$	21,840.56	$	1,428.23
19	$	23,297.37	$	1,456.79
20	$	24,783.32	$	1,485.93
21	$	26,298.98	$	1,515.65
22	$	27,844.96	$	1,545.96
23	$	29,421.86	$	1,576.88
24	$	31,030.30	$	1,608.42
25	$	32,670.91	$	1,640.59
26	$	34,344.32	$	1,673.40
27	$	36,051.21	$	1,706.87
28	$	37,792.23	$	1,741.01
29	$	39,568.08	$	1,775.83
30	$	41,379.44	$	1,811.35
31	$	43,227.03	$	1,847.58
32	$	45,111.57	$	1,884.53
33	$	47,033.80	$	1,922.22
34	$	48,994.48	$	1,960.66
35	$	50,994.37	$	1,999.87
36	$	53,034.25	$	2,039.87
37	$	55,114.94	$	2,080.67
38	$	57,237.24	$	2,122.28
39	$	59,401.98	$	2,164.73
40	$	61,610.02	$	2,208.02
41	$	63,862.22	$	2,252.18
42	$	66,159.47	$	2,297.22
43	$	68,502.66	$	2,343.16
44	$	70,892.71	$	2,390.02
45	$	73,330.56	$	2,437.82
46	$	75,817.18	$	2,486.58
47	$	78,353.52	$	2,536.31
48	$	80,940.59	$	2,587.04
49	$	83,579.40	$	2,638.78
50	$	86,270.99	$	2,691.56
51	$	89,016.41	$	2,745.39
52	$	91,816.74	$	2,800.30
53	$	94,673.07	$	2,856.31
54	$	97,586.53	$	2,913.44
55	$	100,558.26	$	2,971.71
56	$	103,589.43	$	3,031.14
57	$	106,681.22	$	3,091.76
58	$	109,834.84	$	3,153.60
59	$	113,051.54	$	3,216.67
60	$	116,332.57	$	3,281.00
61	$	119,679.22	$	3,346.62
62	$	123,092.81	$	3,413.55
63	$	126,574.66	$	3,481.82
64	$	130,126.16	$	3,551.46
65	$	133,748.68	$	3,622.49
66	$	137,443.65	$	3,694.94
67	$	141,212.53	$	3,768.84
68	$	145,056.78	$	3,844.22
69	$	148,977.91	$	3,921.10
70	$	152,977.47	$	3,999.52

Neither the values, nor any earnings on the values in this variable annuity policy are guaranteed. To the extent that amounts are invested in the Fixed Accumulation Account of the insurer, the principal is guaranteed as well as interest at the guaranteed rate contained in the policy. For purposes of this projection, an annual earnings rate of 2% has been assumed. Withdrawals from the policy will incur a surrender charge for 3 years after amounts are deposited into the policy as follows: Year 1- 7%, Year 2- 7%, Year 3- 7%. See “Surrender Charge” in this prospectus for further information regarding application of the surrender charge.

Form 8524

Calculation of Money Market Yield

The annualized current yield of the Money Market subaccount is calculated by determining the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical pre-existing account having a balance of one Money Market accumulation unit at the beginning of the seven-day period, subtracting a hypothetical charge reflecting deductions from the contract, and dividing the difference by the beginning value to obtain the seven-day return, and multiplying the difference by 365/7 (or 366/7 during a leap year). The result is rounded to the nearest hundredth of one percent.

Total Return

The average annual compounded rate of return for a contract for each subaccount over a given period is found by equating the initial amount invested to the ending redeemable value using the following formula:

P(1 + T)ⁿ = ERV


where:		P = a hypothetical initial payment of $1,000,
		T = the average annual total return,
		n = the number of years, and
		ERV = the ending redeemable value of a hypothetical $1,000 beginning-of-period payment at the end of the period (or fractional portion thereof).

We will up-date standardized total return data based upon Fund performance in the subaccounts within 30 days after each calendar quarter.

In addition, we may present non-standardized total return data, using the above formula but based upon Fund performance before the date we first offered this series of contracts (March 26, 2001). This will be presented as if the same charges and deductions applying to these contracts had been in effect from the inception of each Fund. Note that, for purposes of these calculations, we convert the $30 annual contract administration charge to an annual percentage charge of 0.00%. There is no annual contract administration charge for contracts over $50,000. The effect of that charge on contracts with total value less than $50,000 would be to reduce the total returns. The returns assume surrender of the contract and deduction of the applicable surrender charge at the ends of the periods shown. However, these returns do not reflect any additional charges for optional additional benefit riders. If those charges were to apply, the returns below would be decreased accordingly.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholder
The Ohio National Life Insurance Company:

We have audited the accompanying consolidated balance sheets of The Ohio National Life Insurance Company (a wholly owned subsidiary of Ohio National Financial Services, Inc.) and subsidiaries (collectively, the Company) as of December 31, 2008 and 2007, and the related consolidated statements of income, changes in stockholder’s equity, and cash flows for each of the years in the three-year period ended December 31, 2008. In connection with our audits of the consolidated financial statements, we have also audited financial statement schedules I, III, IV, and V. These consolidated financial statements and financial statement schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedules based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of The Ohio National Life Insurance Company and subsidiaries as of December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2008, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

/s/ KPMG LLP

Columbus, Ohio
April 29, 2009

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Consolidated Balance Sheets

December 31, 2008 and 2007

(Dollars in thousands, except share amounts)


	2008			2007
Assets
Investments:
Securities available-for-sale, at fair value:
Fixed maturity	$	4,785,062			4,846,526
Fixed maturity securities on loan		—			850,243
Equity securities		28,903			19,815
Fixed maturity held-to-maturity securities, at amortized cost		735,134			680,095
Trading securities, at fair value:
Fixed maturity		2,850			4,794
Equity securities		4,972			8,623
Mortgage loans on real estate, net		1,359,015			1,302,890
Real estate, net		4,299			4,509
Policy loans		266,630			242,682
Other long-term investments		17,926			5,688
Short-term investments securities lending collateral		—			868,348
Short-term investments		264,554			—

Total investments		7,469,345			8,834,213

Cash		266,402			19,481
Accrued investment income		87,247			89,172
Deferred policy acquisition costs		1,201,525			1,019,795
Reinsurance recoverable		1,545,773			1,353,512
Other assets		75,483			66,609
Goodwill and intangible assets		755			755
Federal income tax recoverable		42,178			—
Assets held in separate accounts		5,672,490			7,272,457

Total assets	$	16,361,198			18,655,994


Liabilities and Stockholder’s Equity

Future policy benefits and claims	$	9,078,030			8,609,004
Policyholders’ dividend accumulations		51,231			52,955
Other policyholder funds		12,260			39,281
Notes payable (net of unamortized discount of $642 in 2008 and $678 in 2007)		105,358			105,322
Federal income taxes:
Current		—			1,083
Deferred		4,577			96,361
Payables for securities lending collateral		—			868,348
Other liabilities		201,199			185,639
Liabilities related to separate accounts		5,672,490			7,272,457

Total liabilities		15,125,145			17,230,450


Commitments and contingencies

Stockholder’s equity:
Class A common stock, $1 par value. Authorized, issued, and outstanding 10,000,000 shares		10,000			10,000
Additional paid-in capital		187,273			162,939
Accumulated other comprehensive (loss) income		(272,847	)		18,039

Retained earnings		1,311,627			1,234,566

Total stockholder’s equity		1,236,053			1,425,544

Total liabilities and stockholder’s equity	$	16,361,198			18,655,994

See accompanying notes to consolidated financial statements.

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Consolidated Statements of Cash Flows

Years ended December 31, 2008, 2007, and 2006

(Dollars in thousands)


	2008			2007			2006
Cash flows from operating activities:
Net income	$	139,061			138,220			107,323
Adjustments to reconcile net income to net cash provided by operating activities:
Proceeds from sales/maturities of fixed maturity trading securities		2,517			124			1,945
Cost of fixed maturity trading securities acquired		(997	)		—			(486	)
Cost of equity securities trading securities acquired		—			(6,315	)		—
Interest credited to policyholder account values		271,313			279,170			293,077
Universal life and investment-type product policy fees		(146,617	)		(120,178	)		(94,465	)
Capitalization of deferred policy acquisition costs		(221,041	)		(229,141	)		(191,910	)
Amortization of deferred policy acquisition costs		210,795			104,873			113,669
Amortization and depreciation		3,214			2,389			1,953
Net realized losses on investments		131,523			4,439			14,613
Change in value of trading securities		3,625			(422	)		(399	)
Deferred federal income tax expense		80,681			15,916			8,653
Change in value of reinsurance derivatives		—			—			(63	)
Decrease in accrued investment income		1,925			3,306			3,538
Increase in other assets		(375,799	)		(45,697	)		(32,340	)
Increase in policyholder liabilities		288,677			173,537			150,720
Decrease in policyholders’ dividend accumulations and other funds		(28,745	)		(3,814	)		(1,577	)
(Decrease) increase in federal income tax payable		(43,261	)		(3,890	)		9,212
Increase (decrease) in other liabilities		22,560			14,108			(11,049	)
Other, net		12,855			(4,639	)		6,719

Net cash provided by operating activities		352,286			321,986			379,133


Cash flows from investing activities:
Proceeds from maturity of fixed maturity available-for-sale securities		60,110			32,406			15,300
Proceeds from sale of fixed maturity available-for-sale securities		546,386			491,620			602,901
Proceeds from sale of available-for-sale equity securities		—			11,214			14,287
Proceeds from maturity of fixed maturity held-to-maturity securities		69,701			80,694			90,145
Proceeds from repayment of mortgage loans on real estate		129,576			156,797			199,707
Proceeds from sale of real estate		347			855			1,111
Cost of fixed maturity available-for-sale securities acquired		(498,341	)		(297,027	)		(386,150	)
Cost of available-for-sale equity securities acquired		(9,136	)		(5,743	)		(14,051	)
Cost of fixed maturity held-to-maturity securities acquired		(133,027	)		(103,994	)		(18,000	)
Cost of mortgage loans on real estate acquired		(186,019	)		(188,115	)		(207,021	)
Cost of real estate acquired		(562	)		(855	)		(566	)
Change in payables for securities lending collateral, net		(868,348	)		(267,074	)		539,280
Net increase in short-term investments		(264,554	)		—			—
Change in policy loans, net		(23,948	)		(25,979	)		(21,461	)
Change in other invested assets, net		2,064			13,507			(2,387	)

Net cash (used in) provided by investing activities		(1,175,751	)		(101,694	)		813,095

Cash flows from financing activities:
Universal life and investment product account deposits		2,786,556			2,803,028			2,177,981
Universal life and investment product account withdrawals		(2,525,518	)		(3,258,626	)		(2,847,707	)
Capital contribution from parent		10,000			—			—
Dividends paid to parent		(69,000	)		(42,000	)		(30,000	)

Net cash provided by (used in) financing activities		202,038			(497,598	)		(699,726	)


Net (decrease) increase in cash and cash equivalents		(621,427	)		(277,306	)		492,502

Cash and cash equivalents, beginning of year		887,829			1,165,135			672,633


Cash and cash equivalents, end of year	$	266,402			887,829			1,165,135


Supplemental disclosures:
Income taxes paid	$	31,089			52,069			35,935
Interest paid on notes payable		8,348			8,261			8,000
Non-cash capital contribution from parent in the form of other long-term investments		14,334			—			—

See accompanying notes to consolidated financial statements.

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

(1)		Organization, Consolidation Policy, and Business Description

		The Ohio National Life Insurance Company (ONLIC) is a stock life insurance company. Ohio National Life Assurance Corporation (ONLAC) is a wholly owned stock life insurance subsidiary included in the consolidated financial statements. ONLIC also owns approximately 80.5% of National Security Life and Annuity Company (NSLAC). Security Mutual Life Insurance Company of New York (SML) owns the remaining interest of NSLAC. NSLAC was previously owned by SMON Holdings, Inc. (SMON) and ONLIC owned a 51% interest in SMON with the remainder owned by SML. On February 17, 2007, the board of directors and stockholders (ONLIC and SML) of SMON authorized the dissolution of SMON and the transfer of NSLAC’s shares to the former stockholders of SMON in proportion to the stockholders’ interest in SMON at the time of SMON’s dissolution. On March 30, 2007, ONLIC and SML entered into a stock purchase agreement for ONLIC to purchase an additional 2,927 shares of NSLAC from SML for $6,000, thereby increasing ONLIC’s holdings in NSLAC to approximately 80.5% and decreasing SML’s holdings to approximately 19.5%. Effective December 19, 2008, Montgomery Re, Inc. (MONT) was formed as a special purpose financial captive life insurance company. All outstanding shares of MONT’s common stock are wholly owned by ONLIC.

		ONLIC and its subsidiaries are collectively referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in consolidation.

		On February 12, 1998, ONLIC’s Board of Directors approved a plan of reorganization (Reorganization) for the Company under the provision of Sections 3913.25 to 3913.38 of the Ohio Revised Code relating to mutual insurance holding companies. The Reorganization was approved by the Company’s policyholders and by the Ohio Department of Insurance (Department) and became effective on August 1, 1998 (Effective Date). As part of the Reorganization (see note 2(n)), ONLIC became a stock company 100% owned by ONFS. ONFS is 100% owned by Ohio National Mutual Holdings, Inc. (ONMH), an Ohio mutual holding company.

		ONLIC and ONLAC are life and health insurers licensed in 47 states, the District of Columbia and Puerto Rico. ONLIC and ONLAC offer a full range of life, health, and annuity products through independent agents and other distribution channels and are subject to competition from other insurers throughout the United States. NSLAC is licensed in 17 states and the District of Columbia and markets a portfolio of variable annuity products. ONLIC, ONLAC and NSLAC are subject to regulation by the insurance departments of states in which it is licensed and undergoes periodic examinations by those departments.

		The following is a description of the most significant risks facing life and health insurers:

Legal/Regulatory Risk is the risk that changes in the legal or regulatory environment in which an insurer operates will create additional expenses not anticipated by the insurer in pricing its products. That is, regulatory initiatives designed to protect or benefit policyholders that reduce insurer profits, new legal theories or insurance company insolvencies (through guaranty fund assessments) may create costs for the insurer beyond those recorded in the consolidated financial statements.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

Credit Risk is the risk that issuers of securities owned by the Company or mortgagors on mortgage loans on real estate owned by the Company will default or that other parties, including reinsurers, which owe the Company money, will not pay.

Interest Rate Risk is the risk that interest rates will change and cause a decrease in the value of an insurer’s investments. This change in rates may cause certain interest-sensitive products to become uncompetitive or may cause disintermediation. To the extent that liabilities come due more quickly than assets mature, an insurer would have to borrow funds or sell assets prior to maturity and potentially recognize a gain or loss.

Concentration Risk is the risk that arises from the Company’s reliance upon certain key business relationships. As a result of significant fixed annuity sales, two types of concentration risk have arisen. First, the distribution of these products is highly concentrated among a few key institutional producers. The Company’s largest distributor of fixed annuities contributed approximately 42% of total fixed annuity deposits in 2008 and approximately 20% of total fixed annuity deposits in 2007.

Based on policyholder account balances, the Company’s largest distributor accounted for approximately 38% and 47% of total fixed annuity reserves as of December 31, 2008 and 2007, respectively. It is possible that a change in the Company’s relationship with this distributor could result in the loss of existing business and a large outflow of the Company’s general account assets along with the subsequent loss of the investment spread earned on those assets.

Reinsurance Risk is the risk that the Company will experience a decline in the availability of financially stable reinsurers for its ongoing business needs. The Company has entered into reinsurance contracts to cede a portion of its general account life, annuity and health business. Total amounts recoverable under these reinsurance contracts include ceded reserves, paid and unpaid claims, and certain other amounts, which totaled $1,545,773 and $1,353,512 as of December 31, 2008 and 2007, respectively. The ceding of risk does not discharge the Company, as the original insurer, from its primary obligation to the contract holder. Under the terms of the annuity coinsurance contracts, trusts have been established as collateral for the recoveries. The trust assets are invested in investment grade securities, the treaty value of which must at all times be greater than or equal to 103% of the reinsured reserves, as outlined in each of the underlying treaties. Generally, treaty value is defined as amortized cost. However, for any bond that falls below investment grade, treaty value is defined as fair value.

Equity Market Risk is the risk of loss due to declines in the equity markets that the Company participates in. The Company’s primary equity risk relates to the Company’s individual variable annuity contracts which offer guaranteed riders. There are four main types of benefits: guaranteed minimum death benefit (GMDB), guaranteed minimum income benefit (GMIB), guaranteed minimum account benefit (GMAB) and guaranteed minimum withdrawal benefit (GMWB). The GMDB generally provides a benefit if the annuitant dies and the contract value is less than a specified amount. The specified amount may be based on the premiums paid, a contract value on a specified anniversary date or premiums paid increased by an annual interest rate factor, all of which are adjusted for amounts withdrawn. A decline in the stock market causing the contract value to fall

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

below this specified amount, which varies from contract to contract, will increase the net amount at risk (the GMDB in excess of the contract value), which could result in additional GMDB claims. The GMIB provides a benefit if the annuitant elects to receive an annuitization benefit after a ten year window from rider issue. The annuitization base is equal to premiums less withdrawals rolled up at 6% annually. The GMAB provides a benefit of return of premium (less withdrawals) at the end of ten years. The GMWB is similar to the GMAB except the policyholder is allowed to make periodic withdrawals instead of waiting for the benefit in a lump sum at the end of ten years. We will refer to the total of these four classes as the G reserves.

As of December 31, 2008, direct G reserves were $81.9 million, ceded G reserves were $302.4 million and net G reserves were $(220.5) million. As of December 31, 2007, direct G reserves were $20.7 million, ceded G reserves were $10.4 million and net G reserves were $10.3 million.

The total amount at risk under GMDB guarantees is determined by comparing each contract’s account value at the end of the year to the GMDB amount. The total amount at risk under GMDB features as of December 31, 2008 was $1,892 million, of which $1,113 million was reinsured, with a net amount at risk of $779 million. The total amount at risk under GMDB features as of December 31, 2007 was $89 million, of which $65 million was reinsured, with a net amount at risk of $24 million. All Separate Account assets associated with these contracts are invested in shares of various mutual funds offered by the Company and its sub advisors. The weighted averaged attained age of GMDB contract holders was 64 as of December 31, 2008 and 2007.

The total amount at risk under GMIB guarantees is determined by comparing each contract’s account value at the end of the year to the GMIB amount. The total amount at risk under GMIB features as of December 31, 2008 was $1,890 million, of which $1,689 million was reinsured with a non-affiliated reinsurer and $179 million was reinsured with Sycamore Re, wholly owned subsidiary of ONFS, with a net amount at risk of $22 million. The total amount at risk under GMIB features as of December 31, 2007 was $55.4 million, of which $55.4 million was reinsured with a non-affiliated reinsurer. All Separate Account assets associated with these contracts are invested in shares of various mutual funds offered by the Company and its sub advisors. The weighted averaged attained age of GMIB contract holders was 62 as of December 31, 2008 and 2007.

The total amount at risk under GMAB and GMWB guarantees is determined by comparing each contract’s account value at the end of the year to the GMAB and GMWB amount. The total amount at risk under GMAB and GMWB features as of December 31, 2008 was $55.6 million, of which $0 was reinsured, with a net amount at risk of $55.6 million. The total amount at risk under GMAB and GMWB features as of December 31, 2007 was $0.2 million, of which $0 was reinsured, with a net amount at risk of $0.2 million. All Separate Account assets associated with these contracts are invested in shares of various mutual funds offered by the Company and its sub advisors. The weighted averaged attained age of GMAB and GMWB contract holders was 63 and 62 as of December 31, 2008 and 2007, respectively.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

A significant source of revenues for the Company is derived from asset fees, which are calculated as a percentage of Separate Account assets. Thus, losses in the equity markets, unless offset by additional sales of variable products, will result in corresponding decreases in Separate Account assets and asset fee revenue.

(2)		Summary of Significant Accounting Policies

		The significant accounting policies followed by the Company that materially affect financial reporting are summarized below. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP), which differ from statutory accounting practices prescribed or permitted by regulatory authorities (see note 3).

	*(a)*		*Valuation of Investments, Related Gains and Losses, and Investment Income*

			Fixed maturity securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity and are stated at amortized cost. Fixed maturity securities related to the Company’s funds withheld reinsurance arrangements are classified as trading and are stated at fair value, with the unrealized gains and losses included in the accompanying consolidated statements of income. The mutual fund shares that comprise Separate Account seed money are classified as general account trading equity securities and stated at fair value, with the unrealized gains and losses included in the accompanying consolidated statements of income. Fixed maturity securities not classified as held-to-maturity or trading and all other equity securities are classified as available-for-sale and are stated at fair value, with the unrealized gains and losses, net of adjustments to deferred policy acquisition costs, future policy benefits and claims and deferred federal income tax, reported as a separate component of accumulated other comprehensive income in stockholder’s equity. The adjustment to deferred policy acquisition costs represents the change in amortization of deferred policy acquisition costs that would have been required as a charge or credit to operations had such unrealized amounts been realized and allocated to the product lines. The adjustment to future policy benefits and claims represents the increase in policy reserves from using a discount rate that would have been required had such unrealized gains been realized and the proceeds reinvested at then current market interest rates, which were lower than the current existing effective portfolio rate.

			Policy loans are stated at unpaid principal balances. Interest income on such loans is recorded as earned using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy’s anniversary date.

			The fair value of fixed maturity and marketable equity securities is generally obtained from independent pricing services based on market quotations. For fixed maturity securities not priced by independent services (generally private placement securities and securities that do not trade regularly), an internally developed pricing model or “internal pricing matrix” is most often used. The internal pricing matrix is developed by obtaining spreads for corporate securities with varying weighted average lives and bond ratings. The weighted average life and bond rating of a particular fixed maturity security to be priced using the internal matrix are important inputs into the model and

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			are used to determine a corresponding spread that is added to the appropriate U.S. Treasury yield to create an estimated market yield for that bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular fixed maturity security. Additionally, for valuing certain fixed maturity securities with complex cash flows such as certain mortgage-backed and asset-backed securities, management determines the fair value using other modeling techniques, primarily a commercial software application utilized in valuing complex securitized investments with variable cash flows. As of December 31, 2008, 77.9% of the fair values of fixed maturity securities were obtained from independent pricing services, 21.4% from the Company’s pricing matrices and 0.7% from other sources.

			For mortgage-backed securities, the Company recognizes income using a constant effective yield method based on prepayment assumptions and the estimated economic life of the securities. When estimated prepayments differ significantly from actual 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. All other investment income is recorded using the interest method without anticipating the impact of prepayments.

			Mortgage loans on real estate are carried at the unpaid principal balance less valuation allowances. The Company provides valuation allowances for impairments of mortgage loans on real estate based on a review by portfolio managers. Mortgage loans on real estate are considered impaired 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 is impaired, a provision for loss is established equal to the difference between the carrying value and the present value of expected future cash flows discounted at the loan’s effective interest rate or, at the fair value of the collateral less estimated costs to sell, if the loan is collateral dependent. In addition to the valuation allowance on specific loans, the Company maintains an unallocated allowance for probable losses inherent in the loan portfolio as of the balance sheet date, but not yet specifically identified by loan. Changes in the valuation allowance are recorded in net realized gains and losses. Loans in foreclosure and loans considered to be impaired as of the balance sheet date are placed on nonaccrual status. Interest received on nonaccrual status mortgage loans on real estate are included in net investment income in the period received.

			The valuation allowance account for mortgage loans on real estate is maintained at a level believed adequate by management and reflects management’s best estimate of probable credit losses, including losses incurred at the balance sheet date but not yet identified by specific loan. Management’s periodic evaluation of the adequacy of the allowance for losses is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors.

			Real estate held for company use is carried at cost less accumulated depreciation and valuation allowances. Venture capital partnerships are carried on the equity basis and are included under other long-term investments on the balance sheet.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			Realized gains and losses on the sale of investments are determined on the basis of specific security identification on the trade date. Any capital gains occurring in the Closed Block (see note 2(n)) portfolio are offset by increases in the deferred policyholder obligation for that group of policies.

			Management regularly reviews its fixed maturity and equity securities portfolios to evaluate the necessity of recording impairment losses for other-than-temporary declines in fair value of investments. The process involves monitoring market events that could impact issuers’ credit ratings, business climate, management changes, litigation and government actions, and other similar factors. This process also involves monitoring late payments, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues.

			At the end of each quarter, all fixed maturity and equity securities are reviewed to determine whether impairments should be recorded. For those fixed maturity securities where fair value is 50% or less of amortized cost for one month or less than 80% of amortized cost for six consecutive months or more, additional analysis is prepared which focuses on each issuer’s ability to service its debts and the length of time and extent the security has been valued below cost. This process includes an assessment of the credit quality of each investment in the entire securities portfolio. Additionally, other circumstances may be identified which cause analysis of individual securities, such as rapid declines in fair value, bankruptcies, and downgrades.

			The Company considers relevant facts and circumstances in evaluating whether the impairment of a security is other-than-temporary. Relevant facts and circumstances considered include (1) the current fair value of the security as compared to cost, (2) the length of time the fair value has been below cost, (3) the financial position of the issuer, including the current and future impact of any specific events, (4) any items specifically pledged to support the credit along with any other security interests or collateral, and (5) the Company’s ability and intent to hold the security to maturity or until it recovers in value. Furthermore, equity securities may experience other-than-temporary impairments based on prospects of recovery in a reasonable period of time.

			For securities not subject to Emerging Issues Task Force Issue No. 99-20, Recognition of Interest Income and Impairment on Purchased and Retained Beneficial Interests in Securitized Financial Assets, as amended by Financial Accounting Standards Board (FASB) Staff Position (FSP) EITF 99-20-1 (EITF 99-20), an other-than-temporary charge is taken when the Company does not have the ability and intent to hold the security until the forecasted recovery or if it is no longer probable that the Company will collect amounts due under the contractual terms of the security.

			To the extent the Company determines that a security is deemed to be other-than-temporarily impaired (OTI), the difference between amortized cost and fair value would be charged to income as a realized investment loss, resulting in a permanent reduction to the cost basis of the underlying investment.

			In addition to the above, certain securitized financial assets with contractual cash flows, including asset-backed securities, are also reviewed in accordance with EITF 99-20. EITF 99-20 requires the Company to periodically update its best estimate of cash flows over the life of the security. If the fair

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			value of a securitized financial asset is not greater than or equal to its carrying value based on current information and events, and if it is probable that there has been an adverse change in estimated cash flows since the last revised estimate (considering both timing and amount), then the Company recognizes an other-than-temporary impairment and writes down the investment to fair value.

			There are a number of significant risks and uncertainties inherent in the process of monitoring impairments and determining if impairment is other-than-temporary. These risks and uncertainties include (1) the risk that the Company’s assessment of an issuer’s ability to meet all of its contractual obligations will change based on changes in the credit characteristics of that issuer, (2) the risk that the economic outlook will be worse than expected or have more of an impact on the issuer than anticipated, (3) the risk that fraudulent information could be provided to the Company’s investment professionals who determine the fair value estimates and other-than-temporary impairments, and (4) the risk that new information obtained by the Company or changes in other facts and circumstances lead the Company to change its intent to hold the security to maturity or until it recovers in value. Any of these situations are reasonably possible and could result in a charge to income in a future period.

			Dividends are recorded on the ex-dividend date and interest is accrued as earned using an effective yield method giving effect to amortization of premiums and accretion of discounts.

	*(b)*		*Derivative Instruments*

			The Company enters into derivative transactions that do not meet the criteria for hedge accounting. The Company does not enter into speculative positions. Although these transactions do not qualify for hedge accounting, or have not been designated in hedging relationships by the Company, they provide the Company with an economic hedge, which is used as part of its overall risk management strategies. For example, the Company may purchase long dated Standard and Poor’s 500 put options for protection in a falling equity market in relation to certain riders that are sold with variable annuity products. Derivative instruments that do not qualify for hedge accounting or are not designated as hedging instruments are carried at fair value in other long-term investments, with changes in fair value recorded in net realized gains (losses) on investments.

			Embedded derivatives subject to bifurcation are also accounted for on a fair value basis and are reported together with the host contract. The change in the fair value of derivatives embedded in liabilities and subject to bifurcation is reported in benefits and claims.

	*(c)*		*Revenues and Benefits*

			Traditional Life Insurance Products – Traditional life insurance products include those products with fixed and guaranteed premiums and benefits and consist primarily of whole life, limited-payment life, term life, and certain annuities with life contingencies. Premiums for traditional life insurance products are recognized as revenue when due. Benefits and expenses are associated with earned premiums so as to result in recognition of profits over the life of the contract. This association is accomplished through the provision for future policy benefits and the deferral and amortization of policy acquisition costs.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			Investment Products and Universal Life Insurance Products — Investment products consist primarily of individual and group variable and fixed deferred annuities, annuities without life contingencies and guaranteed investment contracts. Universal life insurance products include universal life, variable universal life, and other interest-sensitive life insurance policies. Revenues for investment products and universal life insurance products consist of net investment income, cost of insurance charges, asset fees, policy administration fees, and surrender charges that have been earned and assessed against policy account balances during the period. The timing of revenue recognition as it relates to fees assessed on investment contracts and universal life contracts is determined based upon the nature of such fees. Cost of insurance charges and policy administrative fees are assessed on a daily, monthly or annual basis, and recognized as revenue when assessed and earned. Certain amounts assessed that represent compensation for services to be provided in future periods are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are recognized upon surrender of a contract in accordance with contractual terms. Policy benefits and claims that are charged to expense include benefits and claims incurred in the period in excess of related policy account balances, maintenance costs, and interest credited to policy account balances.

			Accident and Health Insurance Products — Accident and health insurance premiums are recognized as revenue in accordance with the terms of the policies. Policy claims are charged to expense in the period that the claims are incurred.

	*(d)*		*Deferred Policy Acquisition Costs and Capitalized Sales Inducements*

			The recoverable costs of acquiring new business, principally commissions, certain expenses of the policy issue and underwriting department and certain variable sales expenses that relate to and vary with the production of new and renewal business have been capitalized as deferred acquisition costs (DAC). DAC is subject to recoverability testing in the year of policy issuance and loss recognition testing at the end of each reporting period. For traditional nonparticipating life insurance products, DAC is amortized with interest over the premium paying period of the related policies in proportion to premium revenue. Such anticipated premium revenue was estimated using the same assumptions as were used for computing liabilities for future policy benefits. For traditional participating life insurance products, DAC is amortized in proportion to gross margins of the related policies. Gross margins are determined for each issue year and are equal to premiums plus investment income less death claims, surrender benefits, administrative costs, expected policyholder dividends, and the increase in reserve for future policy benefits.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			For investment and universal life products, DAC is amortized with interest over the lives of the policies in relation to the present value of the estimated future gross profits from projected interest margins, asset fees, cost of insurance charges, policy administration fees, surrender charges, and net realized gains and losses less policy benefits and policy maintenance expenses. DAC for participating life and investment and universal life business is adjusted to reflect the impact of unrealized gains and losses on the related fixed maturity securities available-for-sale (see note 2(a)). The most significant assumptions that are involved in the estimation of future gross profits include future net separate account performance, surrender/lapse rates, interest margins and mortality. The Company’s long-term assumption for net separate account performance is 9.75%, a blend of expected returns from stock, money market and bond funds after deductions for policy charges. If actual net separate account performance varies from the 9.75% assumption, the Company assumes different performance levels over the next three years such that the mean return equals the long-term assumption. This assumption to the estimation of long-term returns is commonly referred to as a reversion to the mean. The assumed net separate account return assumptions used in the DAC models are intended to reflect what is anticipated. The Company’s policy regarding the reversion to the mean process does not permit projected returns to be below (1.64)% or in excess of 14.47% during the three-year reversion period.

			Changes in assumptions can have a significant impact on the amount of DAC reported for investment products and universal life insurance products and their related amortization patterns. In the event actual experience differs from assumptions or assumptions are revised, the Company is required to record an increase or decrease in DAC amortization expense (DAC unlocking), which could be significant. In general, increases in the estimated general and net separate account returns result in increased expected future profitability and may lower the rate of DAC amortization, while increases in lapse/surrender and mortality assumptions reduce the expected future profitability of the underlying business and may increase the rate of DAC amortization. Any resulting DAC unlocking adjustments are reflected currently in the consolidated statements of income.

			The Company offers certain sales inducements to contract holders. Sales inducements are product features that enhance the investment yield on a contract. The Company utilizes the following sales inducements: day-one bonuses, which increase the account value at inception, and enhanced yield options which credit interest for a specified period in excess of rates currently being offered for other similar contracts. Sales inducement costs are deferred and amortized using the same methodology and assumptions used to amortize capitalized acquisition costs.

	*(e)*		*Separate Accounts*

			Separate Account assets and liabilities represent contract holders’ funds, which have been segregated into accounts with specific investment objectives. Separate account assets are recorded at fair value based primarily on market quotations of the underlying securities. The investment income and gains or losses of these accounts accrue directly to the contract holders. The activity of the Separate Accounts is not reflected in the consolidated statements of income and cash flows except for the fees the Company receives for administrative services and risks assumed and the activity related to

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			guaranteed contracts, which are riders to existing variable annuity contracts. Separate Account seed money is recorded as a trading security.

	*(f)*		*Future Policy Benefits*

			The process of calculating reserve amounts for a life insurance organization involves the use of a number of assumptions, including those related to persistency (how long a contract stays with a company), mortality (the relative incidence of death in a given time), morbidity (the relative incidence of disability resulting from disease or physical ailment) and interest rates (the rates expected to be paid or received on financial instruments, including insurance or investment contracts). The methods used in determining the liability for unpaid losses and future policy benefits are standard actuarial methods recognized by the American Academy of Actuaries.

			Future policy benefits for traditional life insurance policies have been calculated using a net level premium method based on estimates of mortality, morbidity, investment yields, and withdrawals which were used or which were being experienced at the time the policies were issued (see note 8).

			Future policy benefits for investment products in the accumulation phase, universal life insurance products and variable universal life insurance products have been calculated based on participants’ contributions plus interest credited less applicable contract charges (see note 8).

			Future policy benefits for payout annuities have been calculated using the present value of future benefits and maintenance costs discounted using varying interest rates (see note 8).

			The Company issues traditional variable annuity contracts through its separate accounts, for which investment income and gains and losses on investments accrue directly to, and investment risk is borne by, the contract holder. The Company also issues non-traditional variable annuity contracts in which the Company provides various forms of guarantees to benefit the related contract holders. In 1998 the Company began offering policies with a minimum guaranteed death benefit that is adjusted every three or six years to the current account value adjusted for withdrawals on a pro rata basis. Also during 1998, the Company introduced a minimum guaranteed death benefit equal to premiums paid less withdrawals. Riders were available that provided for a one year adjustment to the current account value, and a guaranteed minimum death benefit increased at 6% per year (until age 80) with a cap at twice the purchase amount, adjusted for any withdrawals prior to death.

			In 1999, the Company began selling a policy with a minimum guaranteed death benefit that is adjusted every eight years to the current account value adjusted for withdrawals on a pro-rata basis.

			In 2001, the Company began selling enhanced benefits riders. These provide for an additional death benefit up to 40% of the excess of (a) the account value before any additional death benefits or other riders over (b) the contract basis. At no time will the additional death benefit exceed $1 million.

			In 2004, the Company introduced a new rider to replace one of the 1998 GMDB riders. The 2004 rider provides for a guaranteed minimum death benefit increased at 6% per year (until age 80) with a cap at twice the purchase amount (identical to the 1998 version). However, only the first 6% of

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			withdrawals are adjusted on a dollar for dollar basis with further withdrawals adjusted on a pro-rata basis.

			In 2005, two additional GMDB riders were introduced. The first provides a GMDB increased at 6% per year (until age 85) with no cap, adjusted for any withdrawals prior to death. The second provides a GMDB increased at 6% per year (until age 85) with no cap, adjusted for any withdrawals (dollar for dollar on the first 6%, pro rata on the remainder) prior to death.

			In 2006, three new GMDB riders were introduced. The first rider replaced the 2004 version and the second replaced the 2005 version. The benefits of these two riders are the same as the ones they replaced. The third rider is an annual reset death benefit rider. This rider must be purchased in conjunction with the GMIB annual reset rider. The policyholder has the option each year to reset their death benefit amount to the GMIB amount. The assets and liabilities of these accounts are carried at market.

			The Company’s GMDB claim reserves are determined by estimating the expected value of death benefits on contracts that trigger a policy benefit and recognizing the excess ratably over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the additional liability balance as appropriate, with a related charge or credit to benefits and claims in the period of evaluation if actual experience or other evidence suggests that earlier assumptions should be revised.

			In 2002, the Company began selling a GMIB rider. This rider, which is issued through age 80, provides for a guaranteed minimum fixed income in the form of a monthly annuity. The monthly income is determined by applying a guaranteed income base to the annuity tables in the rider. The guaranteed income base is the greater of (a) the premiums increased at 6% per year (4% for rider issue ages 76-80) until age 85, with adjustment for withdrawals or (b) the highest contract anniversary value prior to age 85. The amount for the latter during a period between contract anniversaries is determined by increasing the previous anniversary value by additional premiums and adjusting it, on a pro rata basis, for withdrawals. In 2004, the Company introduced a new rider to replace the 2002 GMIB rider. This rider is identical to the original version except that only the first 6% of withdrawals are adjusted on a dollar for dollar basis with further withdrawals adjusted on a pro-rata basis. In 2006, two riders replaced the 2004 version. They are identical to the 2004 version with the following modifications: the first has an optional annual reset provision and must be issued in conjunction with the annual reset death benefit rider; the second had an optional five year reset provision. GMIB claim reserves are determined each period by estimating the expected value of annuitization benefits in excess of the projected account balance at the date of annuitization and recognizing the excess ratably over the accumulation period based on total assessments. The Company regularly evaluates estimates used and adjusts the additional liability balance as appropriate, with a related charge or credit to benefits and claims in the period of evaluation, if actual experience or other evidence suggests that earlier assumptions should be revised.

			In 2003, the Company began selling a GMAB rider, in which the account value on the tenth anniversary will not be less than the remaining initial premium. A GMAB represents an embedded

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			derivative in the variable annuity contract that is required to be separated from, and valued apart from, the host variable annuity contract. The embedded derivative is carried at fair value and reported in future policy benefits and claims. The fair value of the GMAB embedded derivative is calculated based on actuarial assumptions related to the projected benefit cash flows, incorporating numerous assumptions, including but not limited to, expectations of contract holder persistency, market returns, correlations of market returns and market return volatility.

			In 2004, the Company began selling two versions of a GMWB rider that guarantee, in the case of one version, 7% and in the alternate version 8%, withdrawals of the premium per year for 10 years and at the tenth anniversary, the account value will not be less than the remaining premium. A GMWB represents an embedded derivative in the variable annuity contract that is required to be separated from, and valued apart from, the host variable annuity contract. The embedded derivative is carried at fair value and reported in future policy benefits and claims. The fair value of GMWB embedded derivative is calculated based on actuarial assumptions related to projected benefit cash flows, incorporating numerous assumptions including, but not limited to, expectations of contract holder persistency, market returns, correlations of market returns and market return volatility.

	*(g)*		*Participating Business*

			Participating business, which refers to policies that participate in profits through policyholder dividends, represents approximately 8%, 9%, and 8% of the Company’s ordinary life insurance in force as of December 31, 2008, 2007, and 2006, respectively. The provision for policyholders’ dividends is based on current dividend scales.

	*(h)*		*Reinsurance Ceded*

			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 on a gross basis.

	*(i)*		*Income Taxes*

			Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when it is determined that it is more likely than not that the deferred tax asset will not be fully realized.

			In determining the need for a valuation allowance, the Company considers the carryback capacity to absorb losses, reversal of existing temporary differences, estimated future taxable income and tax planning strategies. The determination of the valuation allowance for the company’s deferred tax

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			assets requires management to make certain judgments and assumptions regarding future operations that are based on historical experience and expectations of future performance. Management’s judgments are subject to change given the inherent uncertainty in predicting future performance, which is impacted by such factors as policyholder behavior, competitive pricing, and specific industry and market conditions.

			The Company is included as part of the life/nonlife consolidated Federal income tax return of its ultimate parent, ONMH, and its U.S. domestic subsidiaries. Treasury Regulations are stringent as to when a life insurance company can join the consolidated Federal income tax return, generally requiring a five year waiting period. The Company’s life insurance subsidiary, MONT, met those rules and regulations. The Company, in 2007 acquired more than 80% ownership of NSLAC. NSLAC files its Federal income tax return on a separate company basis as it does not meet those rules and regulations, but it will be included in the life subgroup in 2013.

	*(j)*		*Cash Equivalents*

			For purposes of the consolidated statements of cash flows, the Company considers all short-term investments with original maturities of three months or less to be cash equivalents.

	*(k)*		*Use of Estimates*

			In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and revenues and expenses for the reporting period. Actual results could differ significantly from those estimates.

			The estimates susceptible to significant change are those used in determining the balance, amortization and recoverability of deferred policy acquisition costs, contingencies, provision for income tax, valuation allowances for mortgage loans on real estate, impairment losses on investments and impairment of goodwill and intangible assets. Although some variability is inherent in these estimates, the recorded amounts reflect management’s best estimates based on facts and circumstances as of the balance sheet date. Management believes the amounts provided are appropriate.

	*(l)*		*Goodwill*

			In connection with acquisitions of operating entities, the Company recognizes the excess of the purchased price over the fair value of net assets acquired as goodwill. In accordance with GAAP, goodwill is not amortized, but rather is evaluated for impairment at the reporting unit level annually, using December 31 financial information. The reporting unit is the operating segment or a business one level below the operating segment if discrete financial information is prepared and regularly reviewed by management at that level. The evaluation is completed at least annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			The process of evaluating goodwill for impairment requires several judgments and assumptions to be made to determine the fair value of the reporting unit. A two-step goodwill impairment test is utilized to identify and measure potential goodwill impairment. The first step compares the fair value of the reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the impairment. In the second step, if the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill becomes its new accounting basis (see note 10).

			The Company’s only intangible asset is related to insurance licenses acquired with the purchase of the Company. In accordance with GAAP, the intangible asset, as it relates to insurance licenses, is not amortized, but rather is evaluated for impairment, using December 31 license standing information. The value of the intangible and any impairment assessment associated with that intangible is primarily dependent upon the maintenance of the New York license (see note 10). License fees are paid annually in order to keep the license in good standing.

	*(m)*		*Investment Management Fees*

			Investment management fees are earned by various subsidiaries in conjunction with money management activities. The fees are based on a percentage of assets at the end of each quarter and are recognized in income as earned.

	*(n)*		*Closed Block*

			The Reorganization contained an arrangement, known as a closed block (the Closed Block), to provide for dividends on policies that were in force on the Effective Date and were within classes of individual policies for which the Company had a dividend scale in effect at the time of the Reorganization. The Closed Block was designed to give reasonable assurance to owners of affected policies that assets will be available to support such policies, including maintaining dividend scales in effect at the time of the Reorganization, if the experience underlying such dividend scales continues. The assets, including revenue there from, allocated to the Closed Block will accrue solely to the benefit of the owners of policies included in the Closed Block until the Closed Block is no longer in effect. The Company is not required to support the payment of dividends on Closed Block policies from its general funds.

			The financial information of the Closed Block is consolidated with all other operating activities, and while prepared in conformity with the American Institute of Certified Public Accountant’s Statement of Position No. 00-3, Accounting by Insurance Enterprises for Demutualizations and Formations of Mutual Insurance Holding Companies and for Certain Long-Duration Participating Contracts, reflects its contractual provisions and not its actual results of operations and financial position. Many expenses related to the Closed Block operations are charged to operations outside the Closed Block; accordingly, the contribution from the Closed Block does not represent the actual profitability of the

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)


	2008			2007			2006
Closed Block revenues and expenses:
Traditional life insurance premiums	$	41,804			43,915			46,112
Net investment income		45,695			45,028			46,153
Net realized losses on investments		(4,487	)		(16	)		(578	)
Benefits and claims		(53,547	)		(56,571	)		(55,567	)
Provision for policyholders’ dividends on participating policies		(20,101	)		(18,125	)		(20,948	)
Amortization of deferred policy acquisition costs		(3,902	)		(3,972	)		(4,040	)
Other operating costs and expenses		(3,715	)		(3,508	)		(3,591	)

Income before federal income taxes	$	1,747			6,751			7,541

	*(o)*		*Recently Issued Accounting Pronouncements*

			In April 2009, the Financial Accounting Standards Board (FASB) issued FASB Staff Position (FSP) 115-2 and Financial Accounting Standard (FAS) 124-2, Recognition and Presentation of Other-Than-Temporary Impairments (FSP 115-2 and FAS 124-2). FSP FAS 115-2 and FAS 124-2 on other-than-temporary impairments is intended to bring greater consistency to the timing of impairment recognition, and provide greater clarity to investors about the credit and noncredit components of impaired debt securities that are not expected to be sold. The measure of impairment in comprehensive income remains fair value. The FSP also requires increased and more timely disclosures sought by investors regarding expected cash flows, credit losses, and an aging of securities with unrealized losses. The FSP 115-2 and FAS 124-2 is effective for interim and annual periods ending after June 15, 2009, but entities may early adopt it for the interim and annual periods ending after March 15, 2009. The Company is still evaluating the impact of adoption.

			In April 2009, the FASB issued FSP FAS 107-1 and Accounting Principles Board opinion (APB) 28-1, Interim Disclosures about Fair Value of Financial Instruments (FSP FAS 107-1 and APB 28-1). FSP FAS 107-1 and APB 28-1 relates to fair value disclosures for any financial instruments that are not currently reflected on the balance sheet of companies at fair value. Prior to issuing this FSP, fair values for these assets and liabilities were only disclosed once a year. The FSP now requires these disclosures on a quarterly basis, providing qualitative and quantitative information about fair value estimates for all those financial instruments not measured on the balance sheet at fair value. The FSP FAS 107-1 and APB 28-1 is effective for interim and annual periods ending after June 15,

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

2009, but entities may early adopt it for the interim and annual periods ending after March 15, 2009. The Company is still evaluating the impact of adoption.

			In January 2009, the FASB issued Emerging Issues Task Force (EITF) Issue No. 99-20-1, Amendments to the Impairment Guidance of EITF Issue No. 99-20 (FSP EITF 99-20-1). FSP EITF 99-20-1 amends the impairment guidance in EITF Issue No. 99-20, Recognition of Interest Income and Impairment on Purchased Beneficial Interests and Beneficial Interests That Continue to Be Held by a Transferor in Securitized Financial Assets, to achieve more consistent determination of whether an other-than-temporary impairment has occurred. FSP EITF 99-20-1 is effective for interim and annual reporting periods ending after December 15, 2008, and will be applied prospectively. Retrospective application to a prior interim or annual reporting period is not permitted. The Company has adopted FSP EITF 99-20-1 effective December 31, 2008 and will apply the standard prospectively, as is required.

			In December 2008, the FASB issued FSP FAS 132R-1, Employers’ Disclosures about Postretirement Benefit Plan Assets (FSP FAS 132R-1). FSP FAS 132R-1 amends FASB Statement No. 132 revised in 2003, Employers’ Disclosures about Pensions and Other Postretirement Benefits, to provide guidance on an employer’s disclosures about plan assets of a defined benefit pension or other postretirement plan. The portion of FSP FAS 132R-1 related to the disclosures about plan assets is effective for fiscal years ending after December 15, 2009. FSP FAS 132R-1 will have no impact on the Company’s disclosures.

			In April 2009, the FASB issued FSP FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (FSP FAS 157-4). FSP FAS 157-4 relates to determining fair values when there is no active market or where the price inputs being used represent distressed sales. It reaffirms what Statement 157 states is the objective of fair value measurement — to reflect how much an asset would be sold for in an orderly transaction (as opposed to a distressed or forced transaction) at the date of the financial statements under current market conditions. Specifically, it reaffirms the need to use judgment to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. The FSP FAS 157-4 is effective for interim and annual periods ending after June 15, 2009, but entities may early adopt it for the interim and annual periods ending after March 15, 2009. The Company is still evaluating the impact of adoption.

			In October 2008, the FASB issued FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active (FSP FAS 157-3). FSP FAS 157-3 clarifies the application of SFAS No. 157, Fair Value Measurements (SFAS 157), in a market that is not active and provides an example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial asset is not active. The adoption of FSP FAS 157-3 did not have a material impact on the Company’s financial position or results of operations.

			In May 2008, the FASB issued Statement of Financial Accounting Standards (SFAS) No. 162, The Hierarchy of Generally Accepted Accounting Principles (SFAS 162). SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles to be used in the

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			preparation of financial statements of nongovernmental entities that are presented in conformity with U.S. GAAP (the GAAP hierarchy). The Company adopted SFAS 162 effective November 15, 2008. On the date of adoption, there was no impact on the Company’s current practices.

			In April 2008, the FASB issued FSP FAS 142-3, Determination of the Useful Life of Intangible Assets (FSP FAS 142-3). FSP FAS 142-3 amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under SFAS No. 142, Goodwill and Other Intangible Assets (SFAS 142). FSP FAS 142-3 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2008. The amended factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under SFAS 142 are to be applied prospectively to intangible assets acquired after the effective date. The Company does not expect the new factors to materially change the Company’s current methodologies.

			In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities – An Amendment of SFAS No. 133 (SFAS 161). SFAS 161 seeks to improve financial reporting for derivative instruments and hedging activities by requiring enhanced disclosures regarding the impact on financial position, financial performance, and cash flows. To achieve this increased transparency, SFAS 161 requires (1) the disclosure of the fair value of derivative instruments and gains and losses in a tabular format; (2) the disclosure of derivative features that are credit risk-related; and (3) cross-referencing within the footnotes. The Company adopted SFAS 161 effective December 31, 2008. The provisions of SFAS 161 were applied as required by the Company on the adoption date. See note 7 for the required disclosures.

			In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business Combinations (SFAS 141(R)). This Statement replaces SFAS 141, Business Combinations and requires an acquirer to recognize the assets acquired, the liabilities assumed, including those arising from contractual contingencies, any contingent consideration, and any noncontrolling interest in the acquiree at the acquisition date, measured at their fair values as of that date, with limited exceptions specified in the statement. SFAS 141(R) also requires the acquirer in a business combination achieved in stages (sometimes referred to as a step acquisition) to recognize the identifiable assets and liabilities, as well as the noncontrolling interest in the acquiree, at the full amounts of their fair values (or other values determined in accordance with SFAS 141(R)). In addition, SFAS 141(R)’s requirement to measure the noncontrolling interest in the acquiree at fair value will result in recognizing the goodwill attributable to the noncontrolling interest in addition to that attributable to the acquirer. SFAS 141(R) amends SFAS 109, Accounting for Income Taxes, to require the acquirer to recognize changes in the amount of its deferred tax benefits that are recognizable because of a business combination either in income from continuing operations in the period of the combination or directly in contributed capital, depending on the circumstances. It also amends SFAS 142, Goodwill and Other Intangible Assets, to, among other things, provide guidance on the impairment testing of acquired research and development intangible assets and assets that the acquirer intends not to use. The provisions of SFAS 141(R) are effective for fiscal years beginning after December 15, 2008 and

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			are to be applied prospectively only. Early adoption is not permitted. The Company will apply the provisions of SFAS 141(R) as required when effective. The Company will adopt SFAS 141 (R) effective January 1, 2009 and will apply it to any business combination on or after that date.

			In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements (SFAS 160). SFAS 160 amends Accounting Research Bulletin 51 (ARB 51), Consolidated Financial Statements, to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It also clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. SFAS 160 also changes the way the consolidated income statement is presented by requiring consolidated net income to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest. It also requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and to the noncontrolling interest. SFAS 160 requires that a parent recognize a gain or loss in net income when a subsidiary is deconsolidated and requires expanded disclosures in the consolidated financial statements that clearly identify and distinguish between the interests of the parent owners and the interests of the noncontrolling owners of a subsidiary. SFAS 160 is effective for fiscal periods, and interim periods within those fiscal years, beginning on or after December 15, 2008. Early adoption is prohibited. SFAS 160 requires prospective application as of the beginning of the fiscal year in which the standard is initially applied, except for the presentation and disclosure requirements which are to be applied retrospectively for all periods presented. The Company will apply the provisions of SFAS 160 effective January 1, 2009 to all acquisitions and dispositions of noncontrolling interests on or after that date.

			In June 2007, the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants (AICPA) issued Statement of Position (SOP) 07-1, Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies (SOP 07-1). SOP 07-1 provides guidance for determining whether an entity is within the scope of the AICPA Audit and Accounting Guide Investment Companies (the Guide). For those entities that are deemed to be investment companies, this SOP also addresses whether the specialized industry accounting principles of the Guide (investment company accounting) should be retained by a parent company in consolidation or by an investor that has the ability to exercise significant influence over the investment company and applies the equity method of accounting to its investment in the entity (equity method investor). In addition, this SOP includes certain disclosure requirements for parent companies and equity method investors in investment companies that retain investment company accounting in the parent company’s consolidated financial statements or the financial statements of an equity method investor. SOP 07-1 was to be effective for fiscal years beginning on or after December 15, 2007; however, in February 2008, the FASB issued FASB Staff Position No. SOP 07-1-1, Effective Date of AICPA Statement of Position 07-1, which amends SOP 07-1 to (1) delay indefinitely the effective date of the SOP and (2) prohibit adoption of the SOP for an entity that did not early adopt the

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			SOP before December 15, 2007. The Company did not early adopt SOP 07-1. The Company will continue to monitor the FASB and AICPA deliberations regarding this statement.

			In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities, Including an amendment of FASB Statements No. 115 (SFAS 159). SFAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. SFAS 159 is expected to expand the use of fair value measurement, which is consistent with the FASB’s long-term measurement objectives for accounting for financial instruments. SFAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. SFAS 159 does not affect any existing accounting literature that requires certain assets and liabilities to be carried at fair value. In addition, SFAS 159 does not establish requirements for recognizing and measuring dividend income, interest income or interest expense, nor does it eliminate disclosure requirements included in other accounting standards, including requirements for disclosures about fair value measurements included in SFAS No. 157, Fair Value Measurements (SFAS 157), and SFAS No. 107, Disclosures about Fair Value of Financial Instruments. SFAS 159 is effective as of the beginning of an entity’s first fiscal year beginning after November 15, 2007. The Company did not apply the fair value option to any existing financial assets or liabilities as of January 1, 2008. Consequently, the initial adoption of SFAS 159 did not have any impact on the Company’s results of operations or financial position. The Company will assess the fair value election for new financial assets and liabilities prospectively.

			In September 2006, the FASB issued SFAS No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans – an amendment of SFAS Statements No. 87, 88, 106, and 132 (R) (SFAS 158). SFAS 158 requires an employer to: (a) recognize an asset for the funded status, measured as the difference between the fair value of plan assets and the benefit obligation, of defined benefit postretirement plans that are overfunded and a liability for plans that are underfunded, measured as of the employer’s fiscal year end; and (b) recognize changes in the funded status of defined benefit postretirement plans, other than for the net periodic benefit cost included in net income, in accumulated other comprehensive income. For pension plans, the funded status must be based on the projected benefit obligation. The provisions of SFAS Statement No. 87, Employers’ Accounting for Pensions (SFAS 87) and SFAS Statement No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions in measuring plan assets and benefit obligations and in determining the amount of net periodic benefit cost continue to apply upon initial and subsequent application of SFAS 158. The adoption of SFAS 158 as of December 31, 2007 resulted in a reduction in the balance of the accumulated other comprehensive income component of equity of $1,860, net of tax of $1,001, at December 31, 2007.

			In September 2006, the FASB issued SFAS No. 157, which provides enhanced guidance for using fair value to measure assets and liabilities. SFAS 157 also provides guidance regarding the extent to

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			which companies measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value measurements on earnings. SFAS 157 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances. SFAS 157 is effective for fiscal years beginning after November 15, 2007, with early adoption permitted. In February 2008, the FASB issued FASB Staff Position No. 157-2 Effective Date of FASB Statement 157, which permits the deferral of the effective date of SFAS 157 to fiscal years beginning after November 15, 2008 for all nonfinancial assets and liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company plans to utilize the deferral for nonfinancial assets and liabilities. The Company adopted SFAS 157 effective January 1, 2008. The adoption of SFAS 157 did not have a material effect on the Company’s results of operations or financial position. See note 5 for the required disclosures.

			In September 2006, the United States Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 108 (SAB 108). SAB 108 addresses how the effects of prior year uncorrected misstatements should be considered when quantifying misstatements in current-year financial statements. SAB 108 requires registrants to quantify misstatements using both the balance sheet and income-statement approaches and to evaluate whether either approach results in quantifying an error that is material in light of relevant quantitative and qualitative factors. SAB 108 does not change the SEC’s previous guidance in SAB No. 99 on evaluating the materiality of misstatements. A registrant applying the new guidance for the first time that identifies material errors in existence at the beginning of the first fiscal year ending after November 15, 2006, may correct those errors through a one-time cumulative effect adjustment to beginning-of-year retained earnings. The cumulative effect alternative is available only if the application of the new guidance results in a conclusion that a material error exists as of the beginning of the fiscal year ending after November 15, 2006, and those misstatements were determined to be immaterial based on a proper application of the registrant’s previous method for quantifying misstatements. Because of the beginning-of-year recognition of the cumulative effect adjustment, misstatements occurring in the year of adoption cannot be included in that adjustment. SAB 108 requires the following disclosures if a cumulative effect adjustment is recorded: the nature and amount of each individual error included in the cumulative effect adjustment; when and how each error arose; and the fact that the errors had previously been considered immaterial. The cumulative effect adjustment is available only for prior-year uncorrected misstatements. The adjustment should not include amounts related to changes in accounting estimates. SAB 108 did not have a material impact on the Company’s financial position or results of operations upon adoption.

			In June 2006, the FASB issued FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109, Accounting for Income Taxes (FIN 48). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB Statement No. 109, Accounting for Income Taxes. FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The Company adopted FIN 48 effective January 1, 2007. On the date of adoption, there was no impact to the Company’s financial position or results of operation.

			In February, 2006, the FASB issued SFAS No. 155, Accounting for Certain Hybrid Financial Instruments (SFAS 155). SFAS 155 amends SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities (SFAS 133), and SFAS No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (SFAS 140). SFAS 155 also resolves issues addressed in SFAS 133 Implementation Issue No. D1, Application of Statement 133 to Beneficial Interests in Securitized Financial Assets. The following is a summary of SFAS No. 155: (1) permits an entity to make an irrevocable election to measure any hybrid financial instrument that contains an embedded derivative that otherwise would require bifurcation at fair value in its entirety, with changes in fair value recognized in earnings; (2) clarifies which interest-only strips and principal-only strips are not subject to the requirements of SFAS 133; (3) establishes a requirement to evaluate interests in securitized financial assets to identify interests that are freestanding derivatives or that are hybrid financial instruments that contain an embedded derivative requiring bifurcation; (4) clarifies that concentrations of credit risk in the form of subordination are not embedded derivatives; and (5) amends SFAS 140 to eliminate the prohibition on a qualifying special purpose entity from holding a derivative financial instrument that pertains to a beneficial interest other than another derivative financial instrument. SFAS 155 is effective for all financial instruments acquired or issued after the beginning of an entity’s first fiscal year that begins after September 15, 2006. Provisions of SFAS 155 may be applied to instruments that an entity holds at the date of adoption on an instrument-by-instrument basis. The Company adopted SFAS 155 effective January 1, 2007. On the date of adoption, there was no impact to the Company’s financial position or results of operations.

			In September 2005, the Accounting Standards Executive Committee of the AICPA issued SOP 05-1, Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection with Modifications or Exchanges of Insurance Contracts (SOP 05-1). SOP 05-1 provides guidance on accounting by insurance enterprises for deferred acquisition costs on internal replacements of insurance and investment contracts other than those specifically described in SFAS No. 97, Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments, issued by the FASB. SOP 05-1 defines an internal replacement as a modification in product benefits, features, rights or coverages that occurs as a result of the exchange of a contract for a new contract, or by amendment, endorsement or rider to a contract, or by the election of a new feature or coverage within a contract. SOP 05-1 is effective for internal replacements occurring in fiscal years beginning after December 15, 2006, with earlier adoption encouraged. Retrospective application of SOP 05-1 to previously issued financial statements is not permitted. Initial application of SOP 05-1 is required as of the beginning of an entity’s fiscal year. The Company recorded no cumulative effect adjustment related to the adoption of SOP 05-1 as of January 1, 2007 and does not expect it to have a material impact on its ongoing financial position or results of operations.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

	(3)		Basis of Presentation

			The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP, which differs from statutory accounting practices prescribed or permitted by regulatory authorities. Annual Statements for ONLIC, ONLAC, NSLAC and MONT, filed with their respective insurance departments, are prepared on a basis of accounting practices prescribed or permitted by such regulatory authority in their respective states of domicile. Prescribed statutory accounting practices include a variety of publications of the National Association of Insurance Commissioners (NAIC), as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not prescribed. The 2008 statutory results are unaudited as of the date of this report.

			ONLIC has received approval from the Ohio Insurance Department regarding the use of two permitted practices in its statutory financial statements as of December 31, 2008. The first permitted practice relates to the statutory accounting for deferred income taxes. Specifically, this permitted practice modifies the accounting for deferred income taxes prescribed by the NAIC by increasing the realization period for deferred tax assets from one year to three years and increasing the asset recognition limit from 10% to 15% of adjusted statutory capital and surplus. The benefits of this permitted practice may not be considered by the Company when determining surplus available for dividends. The second permitted practice relates to the statutory reserving requirements for variable annuities with guaranteed living benefit riders. Specifically, this permitted practice allows the Company to calculate its reserves for variable annuities that provide guaranteed living benefits using the asset adequacy analysis requirements from the NAIC Actuarial Guideline 34 (AG34) instead of the method prescribed by the NAIC in Actuarial Guideline 39 (AG39). These permitted practices resulted in an increase to the Company’s statutory surplus of $32.3 million as of December 31, 2008. The effects of these permitted practices are included in the 2008 statutory amounts shown below.

			ONLIC has received approval from the Ohio Insurance Department regarding the use of one permitted practice in the statutory financial statements of its Ohio-domiciled life insurance subsidiary ONLAC, as of December 31, 2008. This permitted practice relates to the statutory accounting for deferred income taxes. Specifically, this permitted practice modifies the accounting for deferred income taxes prescribed by the NAIC by increasing the realization period for deferred tax assets from one year to three years and increasing the asset recognition limit from 10% to 15% of adjusted statutory capital and surplus. The benefits of this permitted practice may not be considered by the Company when determining surplus available for dividends. This permitted practice resulted in an increase to the ONLAC’s statutory surplus of $27.9 million as of December 31, 2008. The effect of this permitted practice is included in the 2008 statutory amounts shown below.

			The Company has received approval from the Vermont Insurance Department regarding the use of a permitted practice in the statutory financial statements of its Vermont-domiciled captive life insurance subsidiary MONT, as of December 19, 2008. The Company was given approval by the Vermont Commissioner of Insurance to recognize as an admitted asset a letter of credit used to fund the Company’s reinsurance obligations to the ceding companies. Under NAIC statutory accounting principles, the letter of credit would not be treated as an admitted asset. There is no difference in net loss between NAIC statutory accounting practices and practices permitted by the Vermont Department.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			NSLAC has no permitted statutory accounting practices.

			The combined statutory basis net (loss) income of ONLIC, ONLAC, NSLAC and MONT after intercompany eliminations, was $(232,940), $43,379, and $69,384 for the years ended December 31, 2008, 2007, and 2006, respectively. The combined statutory basis capital and surplus of ONLIC, ONLAC, NSLAC and MONT after intercompany eliminations, was $757,192 and $794,948, as of December 31, 2008 and 2007, respectively. The primary reasons for the differences between statutory accounting and GAAP accounting are that, for GAAP reporting purposes: (1) the costs related to acquiring business, principally commissions and certain policy issue expenses, are amortized over the period benefited rather than charged to income in the year incurred; (2) future policy benefit reserves are based on anticipated Company experience for lapses, mortality and investment yield, rather than statutory mortality and interest requirements, without consideration of withdrawals; (3) investments in fixed maturity available-for-sale securities are carried at fair value rather than amortized cost; (4) the asset valuation reserve and interest maintenance reserve are not recorded; (5) Separate Account seed money is classified as a trading security recorded at fair value as opposed to a component of Separate Account assets; (6) the fixed maturity securities that are related to NSLAC’s funds withheld reinsurance arrangement are classified as trading securities recorded at fair value as opposed to amortized cost; (7) reserves are reported gross of ceded reinsurance balances; (8) changes in deferred taxes are recognized in operations; (9) the costs of providing defined pension benefits include nonvested participants; (10) the costs of providing postretirement benefits include nonvested participants; (11) there is a presentation of other comprehensive income and comprehensive income; (12) consolidation for GAAP is based on whether the Company has voting control, or for certain variable interest entities, has the majority of the entity’s expected losses and/or expected residual returns while for statutory, consolidation is not applicable; (13) the statements of cash flows are not presented in the manner prescribed by the NAIC; and (14) surplus notes are presented as part of notes payable within liabilities and are not presented as a component of capital and surplus.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

	(4)		Comprehensive Income

			Comprehensive income includes net income as well as certain items that are reported directly within the separate components of stockholder’s equity that are not recorded in net income (other comprehensive income (loss)). The related before and after income tax amounts of other comprehensive income (loss) for the years ended December 31, 2008, 2007, and 2006 were as follows:


	2008			2007			2006
Foreign currency translation adjustment	$	15			629			100
Pension liability adjustment, net of tax		(10,196	)		156			414
Unrealized losses on securities available-for-sale arising during the period:
Net of adjustment to deferred policy acquisition costs and future policy benefits and claims		(437,380	)		(51,834	)		(71,592	)
Related income tax benefit		153,216			18,165			25,041

		(294,345	)		(32,884	)		(46,037	)


Less:
Reclassification adjustment for:
Net (losses) gains on securities available-for-sale realized during the period:
Gross		(5,322	)		4,752			3,004
Related income tax benefit (expense)		1,863			(1,663	)		(1,051	)

		(3,459	)		3,089			1,953

Other comprehensive loss	$	(290,886	)		(35,973	)		(47,990	)

	(5)		Disclosures about the Fair Value of Assets, including Financial Instruments

			SFAS 157 Transition

			As described in note 2(o), the Company adopted SFAS 157 effective January 1, 2008. The Company applied the provisions of SFAS 157 prospectively to financial instruments that are recorded at fair value, including its GMIB reinsurance contract that is accounted for as a freestanding derivative and embedded derivatives on variable annuities with GMAB and GMWB riders. Prior to January 1, 2008, the Company used the guidance prescribed in SFAS 133 and other related literature on fair value which represented the amount for which a financial instrument could be exchanged in a current transaction between knowledgeable, unrelated willing parties.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			SFAS 157: Fair Value Hierarchy

			SFAS 157 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 Company uses various methods including market, income and cost approaches. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Company plans to utilize the deferral for non-financial assets and liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis, in accordance with FSP FAS 157-2.

			In accordance with SFAS 157, the Company 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 Company categorizes financial assets and liabilities recorded at fair value on the consolidated balance sheet as follows:

	•		Level 1 — Unadjusted quoted prices accessible in active markets for identical assets or liabilities at the measurement date. The types of assets and liabilities utilizing Level 1 valuations include money market funds and bank deposits.

	•		Level 2 — Unadjusted quoted prices for similar assets or liabilities in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. The types of assets and liabilities utilizing Level 2 valuations generally include U.S. Government agency securities, municipal bonds, certain mortgage-backed securities (MBSs), certain corporate debt, certain private placements and equity securities, certain foreign government debt securities, and certain derivatives.

	•		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. Generally, the types of assets and liabilities utilizing Level 3 valuations are certain mortgage-backed securities, certain corporate debt, and certain derivatives, including embedded derivatives associated with living benefit contracts.

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as follows:

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			Determination of fair values

			The valuation methodologies used to determine the fair values of assets and liabilities under the “exit price” notion of SFAS 157 reflect market-participant objectives and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The Company determines the fair values of certain financial assets and financial liabilities based on quoted market prices, where available. The Company also determines fair value based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity and, where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for the financial instruments listed in the above table.

			Cash

			Cash is considered Level 1 for the purposes of our SFAS 157 classification as it is the functional currency in the U.S. and is the most liquid form of an asset and not subject to valuation fluctuations. The Company holds investments in repurchase agreements that are considered to be cash equivalents as defined in note 2(j). The Company classifies the fair values of investments held in repurchase agreements as Level 2 since the value is based on market observable data.

			Short-Term Investments

			Short-term investments include fixed maturity securities that mature in less than one year. The majority of short-term investments are valued in the same manner as the fixed maturity securities noted below.

			Fixed Maturity and Equity Securities

			As discussed in note 2(a), fair value of fixed maturity and marketable equity securities is generally obtained from independent pricing services based on reported trades for identical or similar securities. If there are no recent reported trades, the third party pricing services may use matrix or model processes to develop a security price where future cash flow expectations are developed based on collateral performance and discounted at an estimated market rate. Included in the pricing of asset-backed securities, collateralized mortgage obligations, and mortgage-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment speeds previously experienced at the interest rate levels projected for the underlying collateral. Since these fair values have been priced using market observable inputs that are obtained by the independent pricing services, the Company has classified these fair values within Level 2. In some instances the independent pricing service will price securities using independent broker quotations which utilize inputs that may be difficult to corroborate with observable market data and may be non-binding quotes. The Company has classified these fair values within Level 3.

			As discussed in note 2(a), fixed maturity securities not priced by independent services are generally priced using an internal pricing matrix. The internal pricing matrix is developed by obtaining spreads for corporate securities with varying weighted average lives and bond ratings. The weighted average life and

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			bond rating of a particular fixed maturity security to be priced using the internal matrix are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate U.S. Treasury yield to create an estimated market yield for that bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular fixed maturity security. Since the inputs used for the internal pricing matrix are observable market data, the Company has classified these fair values within Level 2.

			Derivative Instruments

			As discussed in note 7, the Company currently enters into equity put options to economically hedge liabilities embedded in certain variable annuity products. The equity put options are valued using pricing models with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. The Company has classified these fair values as Level 2.

			GMIB Reinsurance and GMAB and GMWB Embedded Derivatives

			The fair value for the GMIB reinsurance derivative is estimated using the present value of future claims minus the present value of future premiums using actuarial and capital market assumptions related to the projected cash flows over the expected lives of the contracts. A risk neutral valuation methodology is used under which the cash flows from the riders are projected under multiple capital market scenarios using observable risk free rates. Effective January 1, 2008, upon adoption of SFAS 157, the valuation of this reinsurance derivative now includes an adjustment for the counterparty’s nonperformance risk and risk margins for non-capital market inputs. The counterparty’s credit adjustment is determined taking into consideration publicly available information relating to the counterparty’s debt and claims paying ability. Risk margins are established to capture the non-capital market risk of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, mortality, and lapses. The establishment of risk margins requires the use of significant management judgment. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in the counterparty’s credit standing; and variations in actuarial assumptions regarding policyholder behavior and risk margins related to non-capital market inputs may result in significant fluctuations in the estimated fair value of the riders that could materially affect net income.

			The Company also issues certain variable annuity products with guaranteed minimum benefit riders. GMAB and GMWB riders are embedded derivatives which are measured at estimated fair value separately from the host variable annuity contract. For GMAB and GMWB embedded derivatives, the same valuation methodology is applied per above except the fair value for these riders is estimated using the Company’s nonperformance risk in the credit adjustment to the present value of the future cash flows.

			The fair value of these derivatives are modeled using significant unobservable policyholder behavior inputs, such as lapses, fund selection, resets and withdrawal utilization, and risk margins. As a result, the GMIB reinsurance, and GMAB and GMWB embedded derivatives are categorized as Level 3.

			Separate Account Assets

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			Separate account assets are recorded at fair value based primarily on market quotations of the underlying securities. The underlying securities are mutual funds that are fair valued using the reported net asset value. The Company classifies the separate account assets valuation as Level 2 since the net asset value is calculated using market observable data and the mutual funds are restricted to variable annuity policyholders.

			Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

			The table below summarizes the reconciliation of the beginning and ending balances and related changes for fair value measurements for which significant unobservable inputs were used in determining each instrument’s fair value as follows:


	For the Year Ended December 31, 2008
									Activity								Change in
									during								unrealized
			Net investment gain/(loss)						the period								gains/(losses) in
									(Purchases								earnings
			In earnings						issuances,			Transfers					attributable to
	Beginning		(realized and			Unrealized			sales and			in/(out) of			Ending		assets still held at
	balance		unrealized) ¹			in OCI ²			settlements)			level 3			balance		the reporting date
Assets

Investments
Securities available for sale:
Fixed maturity securities
Corporate securities	$	30,176		(5,279	)		(6,838	)		(3,429	)		(7,866	)		6,764		(5,279	)
Mortgage-backed securities		104,350		(9,979	)		(12,142	)		(11,194	)		(6,218	)		64,817		(8,883	)

Total investments	$	134,526		(15,258	)		(18,980	)		(14,623	)		(14,084	)		71,581		(14,162	)

Other assets
GMIB reinsurance		4,553		282,153			—			(14,392	)		—			272,314		282,153

Total assets	$	139,079		266,895			(18,980	)		(29,015	)		(14,084	)		343,895		267,991

Liabilities
GMAB/GMWB embedded derivative	$	2,001		13,333			—			—			—			15,334		13,333

Total liabilities	$	2,001		13,333			—			—			—			15,334		13,333


¹		Net realized investment gains and losses included in earnings reflect gains/(losses) on sales of financial instruments, changes in fair value of other assets and liabilities, other-than-temporary impairments, amortization and accretion of premiums or discounts, and derivative settlement activity.

²		Unrealized investment gains and losses recorded in other comprehensive income include changes in market value of certain instruments.

			Level 3 Asset Transfers

			The Company will review its fair value hierarchy classifications annually. Changes in the observability of significant valuation inputs identified during these reviews may trigger reclassification of fair value

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			hierarchy levels of financial assets and liabilities. As of December 31, 2008, the Company began pricing certain items using market observable data rather than internal models or broker quotes. This change resulted in net transfers out of Level 3 of $14,084 as of December 31, 2008.

			SFAS 107: Disclosures about Fair Value of Financial Instruments

			SFAS 107 requires disclosure of fair value information about existing on- and off-balance sheet financial instruments. SFAS 107 excludes certain assets and liabilities, including insurance contracts, other than policies such as annuities that are classified as investment contracts, from its disclosure requirements. The Company’s assets and liabilities subject to SFAS 107 disclosure that have not been presented at fair value in the SFAS 157 tables above are presented in the table below as follows:


	As of December 31, 2008
	Carrying		Estimated
	value		fair value
Assets:
Fixed maturity held-to-maturity securities	$	735,134		686,984
Mortgage loans on real estate		1,359,015		1,380,013
Policy loans		266,630		317,211

Liabilities:
Investment contracts	$	4,112,013		4,151,009
Policyholders’ dividend accumulations and other policyholder funds		63,491		63,491
Notes payable		105,358		92,601

			In estimating the fair value for financial instruments, the Company used the following methods and assumptions:

			Fixed maturity held-to-maturity securities — The fair value for fixed maturity held-to-maturity securities is generally determined from quoted market prices traded in the public marketplace. For fixed maturity held-to-maturity securities not actively traded, or in the case of private placements, fair value is estimated by discounting expected future cash flows using a current market rate applicable to the yield, credit quality and duration of investments.

			Mortgage Loans on Real Estate — The fair value for mortgage loans on real estate is estimated using discounted cash flow analyses, using interest rates currently being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. Estimated fair value is based on the present value of expected future cash flows discounted at the loan’s effective interest rate.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			Policy loans — The fair value for policy loans were estimated using discounted cash flow calculations.

			Investment contracts — The fair value for the Company’s liabilities under investment type contracts is estimated using one of two methods. For investment contracts without defined maturities, fair value is the amount payable on demand, net of certain surrender charges. For investment contracts with known or determined maturities, fair value is estimated using discounted cash flow analyses. Cash flows are discounted at a rate that reflects the nonperformance risk of the Company.

			Policyholders’ dividend accumulations and other policyholder funds – The carrying amount reported in the consolidated balance sheets for these instruments approximates their fair value.

			Notes Payable — The fair value for notes payable was determined by discounting the scheduled cash flows of the notes using a market rate applicable to the yield, credit quality and maturity of similar debt instruments.

	(6)		Investments

			Analyses of investment income and realized gains (losses) by investment type follows for the years ended December 31:


	Investment income
	2008			2007			2006
Gross investment income:
Securities available-for-sale:
Fixed maturity securities	$	362,950			374,981			401,830
Equity securities		1,116			1,265			102
Fixed maturity trading securities		169			215			266
Fixed maturity held-to-maturity securities		50,167			46,341			39,882
Mortgage loans on real estate		93,890			95,057			99,568
Real estate		583			658			715
Policy loans		15,814			14,018			12,562
Short-term investments		4,600			2,753			2,629
Other long-term investments		(47	)		3,621			(414	)

Total gross investment income		529,242			538,909			557,140

Interest expense		(8,384	)		(8,261	)		(8,000	)
Other investment expenses		(6,250	)		(5,819	)		(6,070	)

Net investment income	$	514,608			524,829			543,070

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

The components of unrealized gains (losses) on securities available-for-sale, net, were as follows as of December 31:


	2008			2007
Net unrealized (losses) gains, before adjustments and taxes	$	(646,400	)		32,712
Less:
Unrealized (losses) gains related to Closed Block		(35,936	)		8,303
Adjustment to future policy benefits and claims		—			348
Adjustment to deferred policy acquisition costs		(199,120	)		3,145
Deferred federal income taxes		(143,238	)		8,115

Net unrealized (losses) gains	$	(268,106	)		12,801

An analysis of the change in net unrealized gains (losses), before adjustments and taxes, on securities available-for-sale is as follows for the years ended December 31:


	2008			2007			2006
Securities available-for-sale:
Fixed maturity securities	$	(679,064	)		(90,164	)		(98,302	)
Equity securities		(48	)		(510	)		1,509

Change in net unrealized gains (losses)		(679,112	)		(90,674	)		(96,793	)

The amortized cost and estimated fair value of fixed maturity securities available-for-sale, trading and held-to-maturity as of December 31, 2008, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are classified based on the last payment date of the underlying mortgage loans with the longest contractual duration as of December 31, 2008.


	Fixed maturity securities
	Available-for-sale				Trading				Held-to-maturity
	Amortized		Estimated		Amortized		Estimated		Amortized		Estimated
	cost		fair value		cost		fair value		cost		fair value
Due in one year or less	$	236,351		231,721		753		753		29,136		29,130
Due after one year through five years		841,376		771,169		880		829		240,051		229,492
Due after five years through ten years		2,065,111		1,779,516		1,425		1,268		352,654		315,046
Due after ten years		2,291,542		2,002,656		—		—		113,293		113,316

Total	$	5,434,380		4,785,062		3,058		2,850		735,134		686,984

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

The following tables present the estimated fair value and gross unrealized loss of the Company’s fixed maturity (aggregated by sector) and equity securities in an unrealized loss position, aggregated by length of time that the securities have been in a continuous unrealized loss position at:


	2008
	Less than 12 months					12 months or longer					Total
			Unrealized					Unrealized					Unrealized
	Fair value		losses			Fair value		losses			Fair value		losses
U.S. Treasury securities and obligations of U.S. government	$	14,545		(465	)		—		—			14,545		(465	)
Obligations of states and political subdivisions		19,530		(1,245	)		—		—			19,530		(1,245	)
Debt securities issued by foreign governments		1,128		(117	)		—		—			1,128		(117	)
Corporate securities		1,790,624		(282,262	)		988,025		(338,847	)		2,778,649		(621,109	)
Mortgage-backed securities		225,823		(51,563	)		404,476		(164,249	)		630,299		(215,812	)

Total fixed maturity securities		2,051,650		(335,652	)		1,392,501		(503,096	)		3,444,151		(838,748	)

Equity securities		2		(2	)		6		(7	)		8		(9	)

Total	$	2,051,652		(335,654	)		1,392,507		(503,103	)		3,444,159		(838,757	)


	2007
	Less than 12 months					12 months or longer					Total
			Unrealized					Unrealized					Unrealized
	Fair value		losses			Fair value		losses			Fair value		losses
U.S. Treasury securities and obligations of U.S. government	$	40,851		(315	)		10,265		(134	)		51,116		(449	)
Federal agency issued securities		61,428		(121	)		83,037		(100	)		144,465		(221	)
Debt securities issued by foreign governments		—		—			13,799		(563	)		13,799		(563	)
Corporate securities		793,785		(41,732	)		938,496		(104,525	)		1,732,281		(146,257	)
Mortgage-backed securities		228,116		(12,760	)		355,166		(38,958	)		583,282		(51,718	)

Total fixed maturity securities		1,124,180		(54,928	)		1,400,763		(144,280	)		2,524,943		(199,208	)

Equity securities		—		—			2		(1	)		2		(1	)

Total	$	1,124,180		(54,928	)		1,400,765		(144,281	)		2,524,945		(199,209	)

In accordance with its policy described in note 2(a), the Company concluded that no securities reflected in the tables above were other-than-temporarily impaired and, therefore, no write-downs were deemed necessary as of December 31, 2008 and 2007.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			The majority of the increases in the Company’s unrealized losses reflected in the tables above from December 31, 2007 to December 31, 2008 were attributable to corporate securities and mortgage-backed securities. The increase in unrealized losses on corporate securities was primarily due to significant increases in credit spreads, illiquid markets, and volatility in investment quality ratings as a result of the credit market disruptions in the fourth quarter of 2008. The increase in unrealized losses on mortgage-backed securities was primarily due to an increase in credit spreads and decrease in market liquidity resulting from concern about mortgage defaults.

			Securities with unrealized losses for less than twelve consecutive months included 525 issues with a carrying value of $2,051,652 and unrealized losses of $335,654 at December 31, 2008; and 262 issues with a carrying value of $1,124,180 and unrealized losses of $54,928 at December 31, 2007. Of this portfolio, 89.0% and 86.6% were investment grade (rated AAA through BBB-) with associated unrealized losses of $213,273 and $38,865 at December 31, 2008 and 2007, respectively.

			Securities with unrealized losses for twelve consecutive months or longer included 335 issues with a carrying value of $1,392,507 and unrealized losses of $503,103 at December 31, 2008; and 339 issues with a carrying value of $1,400,765 and unrealized losses of $144,281 at December 31, 2007. Of this portfolio, 80.3% and 89.4% were investment grade, with associated unrealized losses of $333,028 and $101,430 at December 31, 2008 and 2007, respectively.

			Fixed maturities with a fair value to amortized cost ratio less than 80% for six consecutive months or longer are considered potentially distressed securities and are subject to rigorous ongoing review. There were 60 and 11 issues with a fair value to amortized cost ratio of less than 80% for 6 months or longer as of December 31, 2008 and 2007, respectively. These securities had a carrying value of $201,159, $44,638 and unrealized losses of $128,923, $24,804 as of December 31, 2008 and 2007, respectively. There were 235 and 16 issues with a fair value to amortized cost ratio of less than 80% for less than 6 months as of December 31, 2008 and 2007, respectively. These securities had a carrying value of $930,786, $57,628 and unrealized losses of $463,684, $22,350 as of December 31, 2008 and 2007, respectively. As described more fully in note 2(a), the Company regularly reviews its investment holdings for other-than-temporary impairments. Based upon this review, the Company believes that the securities in an unrealized loss position as of December 31, 2008 and 2007 were not other-than-temporary impaired due to the Company’s ability and intent to hold the investments for a reasonable period of time sufficient for recovery of fair value.

			The tables below summarize the fixed maturity securities with unrealized losses as of December 31:

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)


	2008
Fair value to amortized	Amortized				Unrealized
cost ratio	cost		Fair value		losses
90% – 99%	$	1,428,854		1,348,876		(79,978	)
80% – 89%		1,129,510		963,338		(166,172	)
Below 80%		1,724,552		1,131,945		(592,607	)

Total	$	4,282,916		3,444,159		(838,757	)


	2007
Fair value to amortized	Amortized				Unrealized
cost ratio	cost		Fair value		losses
90% – 99%	$	2,053,948		1,975,920		(78,028	)
80% – 89%		520,785		446,759		(74,026	)
Below 80%		149,421		102,266		(47,155	)

Total	$	2,724,154		2,524,945		(199,209	)

			Proceeds from the sale of securities available-for-sale (excluding calls) during 2008, 2007, and 2006 were $458,074, $479,720, and $545,255, respectively. Gross gains of $22,059 ($4,412 in 2007 and $4,224 in 2006) and gross losses of $9,786 ($210 in 2007 and $7,195 in 2006) were realized on those sales.

			The Company may sell securities classified as held-to-maturity if the Company becomes aware of evidence of significant deterioration in an issuer’s creditworthiness and/or a significant increase in the risk weights of debt securities for regulatory risk-based capital purposes. There were no sales of held-to-maturity securities in 2008, 2007, and 2006.

			Investments with a fair value of $18,009 and $16,214 as of December 31, 2008 and 2007, respectively, were on deposit with various regulatory agencies as required by law.

			Real estate is presented at cost less accumulated depreciation of $72 in 2008 ($72 in 2007), with no valuation allowance recorded in 2008 and 2007, respectively. The Company generally initiates foreclosure proceedings on all mortgage loans on real estate delinquent sixty days. There were two foreclosures of mortgage loans in 2008 and none in 2007.

			At December 31, 2008 and 2007, the Company had mortgage loans totaling $7,618 and $0, respectively, which were in the process of foreclosure.

			The Company participates in an indemnified securities lending program administered by an unaffiliated agent in which certain portfolio holdings are loaned to third parties. The borrower must deliver to the Company’s agent collateral having a market value at least equal to 102% of the market value of the securities loaned. The collateral received by the Company’s agent from the borrower to secure loans on behalf of the Company must be in the form of cash, securities issued or guaranteed by the U.S. government

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			or its agencies, or bank letter of credit or equivalent obligation as may be pre-approved by the Company. The loaned securities’ market value is monitored, on a daily basis, with additional collateral obtained as necessary. The Company did not participate in securities lending as of December 31, 2008. As of December 31, 2007, the Company received $868,348 of cash collateral on securities lending. The cash collateral is invested in short-term investments, which are recorded in the consolidated balance sheets in short-term investments securities lending collateral with a corresponding liability recorded in payables for securities lending collateral to account for the Company’s obligation to return the collateral. The Company had not received any noncash collateral on securities lending as of December 31, 2007. As of December 31, 2007, the Company had loaned securities with a fair value of $850,243, which are recognized in the consolidated balance sheets as part of investments available-for-sale, fixed maturity securities on loan.

	(7)		Derivative Financial Instruments

			The Company enters into derivative contracts to economically hedge guarantees on riders for certain insurance contracts. Although these contracts do not qualify for hedge accounting or have not been designated in hedging relationships by the Company pursuant to SFAS 133, they provide the Company with an economic hedge, which is used as part of its overall risk management strategy (see note 2(b)). The Company currently enters into equity put options to economically hedge liabilities embedded in certain variable annuity products such as the GMAB and GMWB.

			The Company has entered into reinsurance arrangements with a non-affiliated reinsurer and Sycamore Re to offset a portion of its risk exposure to the GMIB rider in certain variable annuity contracts (see note 1). These reinsurance contracts are accounted for as freestanding derivatives.

			Embedded Derivatives

			The Company has certain embedded derivatives that are required to be separated from their host contracts and accounted for as derivatives. These host contracts include variable annuities with GMAB and GMWB riders (see notes 1 and 2(f)).

			The following tables present a summary of the fair value of derivatives held by the Company along with the amounts recognized in the statement of income.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

The effect of derivative instruments on the Statement of Income for the years ended December 31:


Derivatives not designated as hedging	Location of gain (loss) recognized in income on	Amount of gain (loss) recognized in
instruments under SFAS 133	derivatives	income on derivatives
		2008			2007
GMAB and GMWB embedded derivatives	Benefits and claims	$	(13,333	)		(2,205	)
GMIB reinsurance contracts	Benefits and claims		282,153			4,842


Total		$	268,820			2,637

			Credit Risk

			The Company may be exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. Generally, the current credit exposure of the Company’s derivative contracts is limited to the net positive estimated fair value of derivative contracts at the reporting period date.

			The Company manages its credit risk related to over-the-counter derivatives by only entering into transactions with creditworthy counterparties with long-standing, superior performance records. The Company manages its credit risk related to the freestanding reinsurance derivative by monitoring the credit ratings of the reinsurers (Sycamore Re and a non-affiliated reinsurer) and requiring either a certain level of assets to be held in a trust for the benefit of the Company or a letter of credit to be held by the reinsurers and assigned to the Company. As of December 31, 2008, a non-affiliated reinsurer and Sycamore Re held assets with a market value of $46,216 and $4,629, respectively in trust and a letter of credit of $48,519 and $0, respectively. See note 5 for a description of the impact of credit risk on the valuation of freestanding reinsurance derivatives.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

	(8)		Future Policy Benefits and Claims

			The liability for future policy benefits for universal life policies and investment contracts (approximately 80% of the total liability for future policy benefits as of December 31, 2008 and 2007) has been established based on accumulated contract values without reduction for surrender penalty provisions. The average interest rate credited on investment product policies was 4.6%, 4.8%, and 4.6% for the years ended December 31, 2008, 2007, and 2006, respectively.

			The liability for future policy benefits for traditional life policies has been established based upon the net level premium method using interest rates varying from 2.3% to 8.0%.

	*(a)*		*Withdrawals*

			Rates, which vary by issue age, type of coverage and policy duration, are based on Company experience.

	*(b)*		*Mortality and Morbidity*

			Mortality and morbidity rates are based on published tables, guaranteed in insurance contracts.

	(9)		Notes Payable

			On April 1, 2007, ONLIC issued a $6,000, 5.8% surplus note to SML, as payment for the additional shares of NSLAC (refer to note 1). This note matures on April 1, 2027.

			On September 28, 2001, ONLIC issued a $50,000, 7.5% surplus note to its parent, ONFS. This note matures on September 28, 2021.

			On May 21, 1996, ONLIC issued $50,000, 8.5% surplus notes to unrelated parties, due May 15, 2026.

			Total interest expense was $8,384, $8,261, and $8,000 for the years ended December 31, 2008, 2007, and 2006, respectively. Included in total interest expense were amounts paid to ONFS of $3,750 in 2008, 2007, and 2006. Total interest expense is included in investment expenses as a component of net investment income.

			The surplus notes have been issued in accordance with Section 3941.13 of the Ohio Revised Code. Interest payments, scheduled semi-annually, must be approved for payment by the Director of the Department. All issuance costs have been capitalized and are being amortized over the terms of the notes.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

	(10)		Goodwill and Other Intangible Assets

			The following table illustrates the carrying value of intangible assets and goodwill as of December 31, 2008 and 2007:


	2008		2007
Unamortized intangible assets balance as of January 1	$	195		275
Purchase price adjustment as result of additional NSLAC acquisition (note 1)		—		(80	)

Insurance licenses	$	195		195

Goodwill balance as of January 1	$	560		793
Purchase price adjustment as result of additional NSLAC acquisition (note 1)		—		(233	)

Goodwill balance as of December 31	$	560		560

			The Company’s only intangible asset is related to insurance licenses acquired with the purchase of NSLAC by SMON in 2002. The value of the intangible is primarily dependent upon the maintenance of the New York license. License fees are paid annually in order to maintain the license in good standing. As this license remains in good standing with all regulatory requirements met, no impairment was recognized on this asset.

			In 2007, SMON was legally dissolved and its ownership in NSLAC was distributed in proportion to the ownership interest of SMON. As a result of the dissolution, the Company received 5,122 shares of NSLAC and had an ownership interest of 51.22%. Following the dissolution, the Company purchased an additional 29.27% interest in NSLAC from SML in exchange for a $6,000 surplus note. After the additional purchase, the Company’s ownership interest was 80.49%. As part of the purchase price allocation required by SFAS 141, Business Combinations; goodwill, insurance licenses, and deferred policy acquisition costs were decreased by $233, $80, and $362, respectively.

			Based upon goodwill impairment testing for the years ended December 31, 2008, 2007, and 2006, no impairment was deemed necessary.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

	(11)		Income Tax

			The Company provides for income taxes based on amounts the Company believes it will ultimately owe in accordance with FASB Statement No. 109. The Company adopted the provision of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, (FIN 48) on January 1, 2007 along with its direct subsidiaries, because of selling variable annuities as required by FSP FIN 48-b. No adjustment was necessary for the cumulative effect related to the adoption of FIN 48. The need for reserves is reviewed regularly and is adjusted as events occur that the Company believes impacts its liability for additional taxes. The Company believes that its income tax filing positions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company’s financial condition, results of operations or cash flows. Therefore, no reserves for uncertain tax positions have been recorded pursuant to FIN 48.

			The provision for income taxes (benefit) is as follows:


	2008			2007		2006
Current	$	(10,582	)		49,784		45,650
Deferred		80,681			15,916		8,653

Total income tax expense	$	70,099			65,700		54,303

A reconciliation of the provision for income taxes based on enacted U.S. Federal income tax rates to the total income tax expense provision reported in the consolidated financial statements for the years ended December 31, 2008, 2007, and 2006:


	2008			2007			2006
Pre-tax income times U.S. enacted tax rate	$	73,207			71,372			56,569
Tax-preferred investment income		(3,912	)		(5,381	)		(3,864	)
Other, net		804			(291	)		1,598

Income taxes	$	70,099			65,700			54,303

Effective tax rate		33.5	%		32.2	%		33.6	%

In 2008, the Internal Revenue Service (IRS) began a review of the refund claim for the tax year ending December 31, 2003. The IRS expanded its review to cover the tax years ending December 31, 2004 through December 31, 2007 and issued its examination report. The Company has protested the only issue raised, bad debt deductions, in the report. The Company believes the IRS has not considered all the relevant facts and circumstances and expects its position to be sustained. Thus no reduction of tax benefits has been recorded pursuant to its FIN 48 analysis. In August, 2007, the Internal Revenue Service (IRS) issued Revenue Ruling 2007-54 which would have substantially changed accepted industry and IRS

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			interpretations of the statutes governing the computation of the Dividends Received Deduction (DRD) on separate account assets held in connection with variable annuity and life contracts. However, the ruling was suspended by Revenue Ruling 2007-61 which also announced the IRS’s intention to issue regulations with respect to certain computational aspects of the DRD. Although regulations that represent a substantial change in an interpretation of the law are generally given a prospective effective date, prospective application is not guaranteed. As a result, depending on the ultimate timing and substance of any such regulations, which are unknown at this time, such future regulations could result in the elimination of some or all of the separate account DRD tax benefit that the Company receives. During 2008, 2007, and 2006 the Company recognized an income tax benefit of $3,883, $5,355, and $3,551, respectively, related to the separate account DRD and is reflected as a component of tax-preferred investment income in the rate reconciliation above.

			The Company’s policy for recording interest and penalties associated with audits, claims, and adjustments is to record such amount as a component of income taxes.

			The tax effects of temporary differences between the financial statement carrying amounts and tax basis of assets and liabilities that give rise to significant components of the net deferred tax liability as of December 31, 2008 and 2007 relate to the following:


	2008			2007
Deferred tax assets:
Pension and benefit obligations	$	12,882			12,710
Future policy benefits		656,595			693,433
Mortgage loans on real estate		2,556			2,445
Fixed maturity securities available-for-sale		263,889			—
Net operating loss carryforwards		2,080			1,349
Other		26,260			9,761

Total gross deferred tax assets		964,262			719,698

Valuation allowance on deferred tax assets		(1,201	)		(1,201	)

Net deferred tax assets		963,061			718,497


Deferred tax liabilities:
Fixed maturity securities available-for-sale		—			9,723
Deferred policy acquisition costs		328,843			268,778
Other fixed maturities, equity securities, and other long-term investments		—			1,038
Fixed assets		1,665			4,296
Reinsurance recoverable		618,317			522,639
Other		18,813			8,384

Total gross deferred tax liabilities		967,638			814,858

Net deferred tax liability	$	(4,577	)		(96,361	)

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			In accessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future income over the periods in which the deferred tax assets are deductible, and available tax planning strategies, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of existing valuation allowances, at December 31, 2008.

			As of December 31, 2008, the Company has life subgroup capital loss carryforwards of $8,488 expiring in 2013, and non-life net operating loss carryforwards of $86,229 expiring in years 2026 through 2028, all loss carryforwards are expected to be fully utilized before expiring.

			For NSLAC, all losses incurred after March 31, 2007, must be carried forward. The Company believes these net operating losses of $2,511 will be utilized before they expire in 2023. NSLAC has net operating loss carryforwards of $3,432 incurred through March 31, 2007 expiring in years 2017 through 2022 that can only be used to offset future taxable income of NSLAC. The Company believes it is unlikely these net operating losses will be fully utilized within the allowable carryforward period and established the valuation allowance using the lowest enacted tax rate of 35%. The change in the valuation allowance for period ending December 31, 2008, 2007, and 2006 was $0, $(51), and $795, respectively.

	(12)		Additional Financial Instruments Disclosure

	*(a)*		*Financial Instruments with Off-Balance-Sheet Risk*

			The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business through management of its investment portfolio. The Company had outstanding commitments to fund mortgage loans, bonds, and venture capital partnerships of approximately $10,954 and $73,094 as of December 31, 2008 and 2007, respectively. These commitments involve, in varying degrees, elements of credit and market risk in excess of amounts recognized in the consolidated financial statements. The credit risk of all financial instruments, whether on- or off-balance sheet, is controlled through credit approvals, limits, and monitoring procedures.

	*(b)*		*Significant Concentrations of Credit Risk*

			Mortgage loans are collateralized by the underlying properties. Collateral must meet or exceed 125% of the loan at the time the loan is made. The Company grants mainly commercial mortgage loans to customers throughout the United States. The Company has a diversified loan portfolio and total loans in any state do not exceed 12% of the total loan portfolio as of December 31, 2008.

			At December 31, 2008, the states that exceeded 10% of the total loan portfolio were Texas and Ohio with carrying values of $153.5 million and $138.7 million, respectively. At December 31, 2007, the states that exceeded 10% of the total loan portfolio were Ohio and Texas with carrying values of $141.5 million and $138.0 million, respectively.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

The summary below depicts loan exposure of remaining principal balances by type as of December 31, 2008 and 2007:


	2008		2007
Mortgage assets by type:
Retail	$	333,834		324,192
Office		390,992		396,920
Apartment		80,528		79,737
Industrial		281,879		253,357
Other		278,363		254,945

		1,365,596		1,309,151

Less valuation allowances		6,581		6,261

Total mortgage loans on real estate, net	$	1,359,015		1,302,890

(13)

Pensions and Other Postretirement Benefits

	*(a)*		*Home Office Pension Plans*

			The Company sponsors a funded qualified pension plan covering all home office employees hired prior to January 1, 1998. The plan includes participants who are employees of the Company and devote substantially all of their time to service for the Company. Retirement benefits are based on years of service and the highest average earnings in five of the last ten years.

			The measurement date was December 31, 2008 and 2007.

	*(b)*		*Home Office Post-Retirement Benefit Plans*

			The Company currently offers eligible retirees the opportunity to participate in a post-retirement health and group life plan. The Plan provides a fixed portion of the health insurance contract premium. The portion the Company pays is periodically increased and is a function of participant service. Only home office employees hired prior to January 1, 1998 may become eligible for these benefits provided that the employee meets the retirement age and years of service requirements.

			The Plan includes participants who are employees of the Company and devote substantially all of their time to service for the Company.

			The post-retirement health plan does not provide benefits which are actuarially equivalent to Medicare Part D benefits. Therefore, the Company does not receive the associated federal Medicare subsidy.

			The measurement date was December 31, 2008 and 2007.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

	*(g)*		*Plan Assets*

			The Company’s qualified pension plan had weighted average asset allocations at December 31, 2008 and 2007 by asset category as follows:


	Plan assets at December 31
	2008			2007
Equity securities		77	%		83	%
Debt securities		22	%		14	%
Real estate		1	%		1	%
Other		—	%		2	%

Total		100	%		100	%

			The assets of the Company’s defined benefit pension plan (the Plan) are invested in a group variable annuity contract issued by the Company offering specific investment choices from various asset classes providing diverse and professionally managed options. The assets are invested in a mix of equity securities, debt securities and real estate securities in allocations as determined from time to time by the Pension Plan Committee. The target allocations are designed to balance the Plan’s short-term liquidity needs and its long-term liabilities. The target allocations are currently 80% equity securities and 20% debt securities.

			For diversification and risk control purposes, where applicable each asset class is further divided into sub classes such as large cap, mid cap and small cap and growth, core and value for equity securities and U.S. domestic, global and high yield for debt securities. To the extent possible, each sub asset class utilizes multiple fund choices and no single fund contains more than 25% of Plan assets (exclusive of any short term increases in assets due to any Plan funding). The Plan performance is measured by a weighted benchmark consisting of equity and debt benchmarks in weights determined by the Plan committee.

			The overall expected long term rate of return on assets is determined by a weighted average return of fixed income and equity indexes. Fixed income securities (including cash) make up 20% of the weighted average return and equity securities make up 80% of the weighted average return.

	*(h)*		*Cash Flows*

	(i)		Contributions

			No contributions are expected for the qualified pension plan or the other post-retirement benefit plans in 2009.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

	*(k)*		*Adoption of SFAS 158*

			In September 2006, the FASB issued SFAS 158 which requires recognition of the funded status of a benefit plan in the statement of financial position. The Company adopted the provisions of SFAS 158 in its entirety in 2007. The following table illustrates the incremental effect of applying SFAS 158 on individual line items on the Consolidated Balance Sheet at December 31, 2007:


	Before		Adoption of			After
	application		SFAS 158			application
	of SFAS 158		adjustments			of SFAS 158
Other assets	$	72,354		(5,745	)		66,609
Total assets		18,661,739		(5,745	)		18,655,994
Other liabilities		188,523		(2,884	)		185,639
Deferred federal income taxes		97,362		(1,001	)		96,361
Total liabilities		17,234,335		(3,885	)		17,230,450
Accumulated other comprehensive income		19,899		(1,860	)		18,039
Total stockholder’s equity		1,427,404		(1,860	)		1,425,544

	(14)		Regulatory Risk-Based Capital, Retained Earnings and Dividend Restrictions

			As of December 31, 2008, ONLIC, ONLAC, NSLAC and MONT exceeded the minimum risk-based capital (RBC) requirements as established by the NAIC.

			The payment of dividends by ONLIC to its parent, ONFS, is limited by Ohio insurance laws. The maximum dividend that may be paid to ONFS without prior approval of the Director of Insurance is limited to the greater of ONLIC’s statutory net income of the preceding calendar year or 10% of statutory surplus as of the preceding December 31. Any dividend that exceeds earned surplus of ONLIC, even if it is within the above parameters, would be deemed extraordinary under Ohio law. Therefore, dividends of approximately $70,790 may be paid by ONLIC to ONFS in 2009 without prior approval. Dividends of $62,000, $49,000, and $30,000 were declared by ONLIC to ONFS in 2008, 2007, and 2006, respectively, and dividends paid were $69,000, $42,000, and $30,000 in 2008, 2007, and 2006, respectively.

			The payment of dividends by ONLAC to ONLIC is also limited by Ohio insurance laws. The maximum dividend that may be paid without prior approval of the Director of Insurance is limited to the greater of ONLAC’s statutory net income of the preceding calendar year or 10% of statutory surplus as of the preceding December 31. Any dividend that exceeds earned surplus of ONLAC, even if it is within the above parameters, would be deemed extraordinary under Ohio law. Therefore, dividends of approximately $23,950 may be paid by ONLAC to ONLIC in 2009 without prior approval. ONLAC did not pay dividends to ONLIC in 2008, 2007, and 2006.

(Continued)

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Notes to Consolidated Financial Statements

December 31, 2008, 2007, and 2006

(Dollars in thousands)

			The payment of dividends by NSLAC to ONLIC is limited by New York insurance laws. NSLAC cannot pay any dividends in 2009 without prior approval of the New York Department of Insurance. No dividends were paid by NSLAC in 2008, 2007, or 2006.

			MONT is subject to limitations, imposed by the State of Vermont, on the payment of dividends to its stockholder, ONLIC. Generally, dividends during any year may not be paid, without prior regulatory approval. No dividends were paid to ONLIC in 2008.

	(15)		Bank Line of Credit

			As of December 31, 2008, the Company had a $75,000 revolving credit facility, all of which was available at the Company’s request. The Company did not utilize this credit facility in 2008. As of December 31, 2007, the Company had a $100,000 revolving credit facility, of which $50,000 was available at the Company’s request. The remaining $50,000 was available at the discretion of the credit line provider. The Company utilized this facility on various occasions in 2007 for amounts up to $50,000. Total interest and fees paid on these lines of credit were $117, $65, and $120 in 2008, 2007, and 2006, respectively. There was no borrowing outstanding on these facilities as of December 31, 2008 or 2007.

	(16)		Commitments and Contingencies

			The Company primarily leases the home office building from its parent, ONFS, and hardware and software. Rent expense for both capital and operating leases was $4,591, $5,191, and $4,109 during 2008, 2007, and 2006, respectively. The lease on the Home Office constitutes 95% of the $19,946 future minimum operating lease payments. The future minimum lease payments under both operating and capital leases that have remaining noncancelable lease terms in excess of one year at December 31, 2008 are:


	Operating		Capital
2009	$	2,714		1,528
2010		2,701		1,449
2011		2,690		818
2012		2,689		701
2013		2,555		151
After 2013		6,597		—

Total minimum lease payments	$	19,946		4,647

Less interest on capital leases				(308	)

Liability for capitalized leases				4,339

ONLIC and its subsidiaries are defendants in various legal actions arising in the normal course of business. While the outcome of such matters cannot be predicted with certainty, management believes such matters will be resolved without material adverse impact on the financial condition of the Company.

(Continued)

Schedule I

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Consolidated Summary of Investments – Other Than Investments in Related Parties

December 31, 2008

(Dollars in thousands)


Column A	Column B		Column C		Column D
					Amount at
					which shown
			Market		in the
Type of investment	Cost		value		balance sheet
Fixed maturity available-for-sale securities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government	$	89,652	$	95,452	$	95,452
Federal agency issued securities		132,760		133,302		133,302
Obligations of states and political subdivisions		36,854		37,192		37,192
Debt securities issued by foreign governments		4,328		4,781		4,781
Corporate securities		3,755,454		3,281,308		3,281,308
Mortgage-backed securities		1,415,332		1,233,027		1,233,027

Total fixed maturity available-for-sale securities		5,434,380		4,785,062		4,785,062


Equity securities available-for-sale:
Common stocks:
Banks, trusts, and insurance companies		25,884		28,769		28,769
Industrial, miscellaneous, and all other		—		32		32
Nonredeemable preferred stocks:		101		102		102

Total equity securities available-for-sale		25,985		28,903		28,903


Fixed maturity held-to-maturity securities:
Bonds:
Obligations of states and political subdivisions		2,150		2,044		2,150
Debt securities issued by foreign governments		1,000		1,000		1,000
Corporate securities		731,470		683,462		731,470
Mortgage-backed securities		514		478		514

Total fixed maturity held-to-maturity securities		735,134		686,984		735,134


Trading securities:
Fixed maturity securities		3,058		2,850		2,850
Equity securities		7,736		4,972		4,972

Total trading securities		10,794		7,822		7,822

Mortgage loans on real estate, net		1,365,596				1,359,015	¹

Real estate, net:
Investment properties		297				297	²
Acquired in satisfaction of debt		4,421				4,002	²

Total real estate, net		4,718				4,299


Policy loans		266,630				266,630
Other long-term investments		19,168				17,926	³
Short-term investments		264,382				264,554

Total investments	$	8,126,787			$	7,469,345


1		Difference from Column B is attributable to valuation allowances due to impairments on mortgage loans on real estate.

2		Difference from Column B is due to adjustments for accumulated depreciation.

3		Difference from Column B is due to operations gains and /or losses of investments in limited partnerships.

See accompanying report of independent registered public accounting firm.

Schedule III

THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.)

Supplementary Insurance Information

Years ended December 31, 2008, 2007, and 2006

(Dollars in thousands)


Column A	Column B		Column C		Column D	Column E	Column F
	Deferred		Future policy			Other policy
	policy		benefits, losses,			claims and
	acquisition		claims, and		Unearned	benefits	Premium
Year segment	costs		loss expenses		premiums¹	payable¹	revenue
2008:
Individual life insurance	$	703,213		3,287,750				239,833
Pension and Annuities		470,753		4,112,514				16,941
Other Insurance		27,559		1,677,766				19,830
Corporate		—		—				—

Total	$	1,201,525		9,078,030				276,604

2007:
Individual life insurance	$	574,614		3,047,706				235,121
Pension and Annuities		420,469		4,063,641				6,033
Other Insurance		24,712		1,497,657				19,924
Corporate		—		—				—

Total	$	1,019,795		8,609,004				261,078

2006:
Individual life insurance	$	519,613		2,733,474				209,290
Pension and Annuities		329,602		4,549,442				9,089
Other Insurance		19,450		1,582,357				19,614
Corporate		—		—				—

Total	$	868,665		8,865,273				237,993


Column A	Column G		Column H			Column I		Column J		Column K
			Benefits, claims,			Amortization
			losses and			of deferred		Other
	Net		settlement			acquisition		operating		Premiums
Year segment	investment		expenses³			costs		expenses²		written⁴
2008:
Individual life insurance	$	214,687		358,883			55,107		51,630
Pension and Annuities		270,212		(26,957	)		153,196		86,565
Other Insurance		14,300		21,854			2,492		1,628
Corporate		15,409		1,205			—		16,153

Total	$	514,608		354,985			210,795		155,976

2007:
Individual life insurance	$	191,073		359,315			41,168		43,714
Pension and Annuities		289,126		196,260			61,257		89,763
Other Insurance		13,545		21,842			2,448		1,832
Corporate		31,085		1,902			—		17,048

Total	$	524,829		579,319			104,873		152,357

2006:
Individual life insurance	$	175,983		319,237			35,248		38,738
Pension and Annuities		327,188		229,909			77,383		76,647
Other Insurance		12,244		21,678			1,038		3,929
Corporate		27,655		2,270			—		8,932

Total	$	543,070		573,094			113,669		128,246


1		Unearned premiums and other policy claims and benefits payable are included in Column C amounts.

2		Allocations of net investment and certain operating expenses are based on numerous assumptions and estimates, and reported segment operating results would change if different methods were applied.


3		Policyholders’ dividends on participating policies are included in Column H amounts.

4		Not applicable for life insurance companies.

See accompanying report of independent registered public accounting firm.

Ohio National Variable Account A


Statements of Assets and Contract Owners’ Equity	December 31, 2008


	Assets		Contract owners’ equity
			Contracts in		Annuity reserves
	Investments at		accumulation		for contracts in		Total contract
	fair value		period (note 6)		payment period		owners’ equity
Ohio National Fund, Inc.:
Equity Subaccount 11,105,297 Shares (Cost $272,336,297)	$	146,478,863	$	146,310,761	$	168,102	$	146,478,863
Money Market Subaccount 33,044,173 Shares (Cost $330,441,727)		330,441,727		330,388,143		53,584		330,441,727
Bond Subaccount 8,823,547 Shares (Cost $96,506,837)		89,382,529		89,328,518		54,011		89,382,529
Omni Subaccount 1,521,857 Shares (Cost $23,322,539)		16,770,865		16,748,679		22,186		16,770,865
International Subaccount 20,802,123 Shares (Cost $222,816,761)		157,264,049		157,221,552		42,497		157,264,049
Capital Appreciation Subaccount 6,288,518 Shares (Cost $99,093,885)		77,663,193		77,620,063		43,130		77,663,193
Millennium Subaccount 997,200 Shares (Cost $22,155,624)		14,399,568		14,393,254		6,314		14,399,568
International Small-Mid Company Subaccount (b) 2,900,316 Shares (Cost $59,533,009)		38,545,203		38,509,213		35,990		38,545,203
Aggressive Growth Subaccount 1,940,332 Shares (Cost $15,865,826)		10,109,129		10,109,129		0		10,109,129
Small Cap Growth Subaccount 937,024 Shares (Cost $9,683,269)		6,146,881		6,137,301		9,580		6,146,881
Mid Cap Opportunity Subaccount 5,741,159 Shares (Cost $94,894,353)		62,923,100		62,906,408		16,692		62,923,100
S&P 500 Index Subaccount 6,015,613 Shares (Cost $76,438,557)		56,606,915		56,589,007		17,908		56,606,915
Strategic Value Subaccount (a) 1,159,923 Shares (Cost $11,461,220)		9,244,589		9,241,354		3,235		9,244,589
High Income Bond Subaccount 8,546,936 Shares (Cost $74,170,726)		61,794,345		61,767,013		27,332		61,794,345
Capital Growth Subaccount 1,395,473 Shares (Cost $26,056,528)		20,932,102		20,927,282		4,820		20,932,102
Nasdaq-100 Index Subaccount 7,473,679 Shares (Cost $30,666,506)		23,243,143		23,243,143		0		23,243,143
Bristol Subaccount 9,310,240 Shares (Cost $107,088,564)		76,623,276		76,619,435		3,841		76,623,276
Bryton Growth Subaccount 6,962,926 Shares (Cost $77,387,142)		56,121,186		56,103,074		18,112		56,121,186
U.S. Equity Subaccount 1,548,428 Shares (Cost $18,916,563)		12,248,062		12,224,145		23,917		12,248,062
Balanced Subaccount 833,932 Shares (Cost $10,692,559)		8,956,434		8,900,711		55,723		8,956,434

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Assets and Contract Owners’ Equity	December 31, 2008


	Assets		Contract owners’ equity
			Contracts in		Annuity reserves
	Investments at		accumulation		for contracts in		Total contract
	fair value		period (note 6)		payment period		owners’ equity
Ohio National Fund, Inc.: (continued)
Income Opportunity Subaccount 449,889 Shares (Cost $4,911,398)	$	4,449,399	$	4,449,399	$	0	$	4,449,399
Target VIP Subaccount 2,625,592 Shares (Cost $27,813,638)		17,880,279		17,880,279		0		17,880,279
Target Equity/Income Subaccount 3,517,563 Shares (Cost $36,861,903)		22,547,580		22,513,508		34,072		22,547,580
Bristol Growth Subaccount 147,161 Shares (Cost $1,339,496)		905,039		905,039		0		905,039

Dow Target 10 Portfolios:
First Quarter Subaccount 226,866 Shares (Cost $2,321,022)		1,649,319		1,649,319		0		1,649,319
Second Quarter Subaccount 256,359 Shares (Cost $2,857,514)		1,909,877		1,909,877		0		1,909,877
Third Quarter Subaccount 291,428 Shares (Cost $2,867,743)		2,016,684		2,016,684		0		2,016,684
Fourth Quarter Subaccount 259,742 Shares (Cost $2,840,824)		2,161,051		2,161,051		0		2,161,051

Dow Target 5 Portfolios:
First Quarter Subaccount 144,130 Shares (Cost $1,865,215)		1,050,706		1,050,706		0		1,050,706
Second Quarter Subaccount 97,062 Shares (Cost $1,147,513)		660,021		660,021		0		660,021
Third Quarter Subaccount 110,146 Shares (Cost $1,137,752)		608,006		608,006		0		608,006
Fourth Quarter Subaccount 134,751 Shares (Cost $1,475,850)		1,021,414		1,021,414		0		1,021,414



Fidelity Variable Insurance Products Fund:
VIP Growth Subaccount 38,154 Shares (Cost $1,498,377)		897,770		897,770		0		897,770
VIP Equity-Income Subaccount 54,031 Shares (Cost $1,282,876)		712,129		712,129		0		712,129
VIP High Income Subaccount 25,235 Shares (Cost $198,052)		99,929		99,929		0		99,929

Janus Aspen Series — Institutional Shares:
Large Cap Growth Subaccount 321,018 Shares (Cost $9,410,693)		5,072,090		5,072,090		0		5,072,090
International Growth Subaccount 109,007 Shares (Cost $3,835,038)		2,881,060		2,861,610		19,450		2,881,060

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Assets and Contract Owners’ Equity	December 31, 2008


	Assets		Contract owners’ equity
			Contracts in		Annuity reserves
	Investments at		accumulation		for contracts in		Total contract
	fair value		period (note 6)		payment period		owners’ equity
Janus Aspen Series — Institutional Shares: (continued)
Worldwide Growth Subaccount 138,697 Shares (Cost $4,653,190)	$	2,672,684	$	2,659,019	$	13,665	$	2,672,684
Balanced Subaccount 429,174 Shares (Cost $10,954,956)		9,828,087		9,799,619		28,468		9,828,087

Legg Mason Partners Variable Equity Trust — Class I:
Fundamental Value Subaccount 838,263 Shares (Cost $18,441,394)		11,249,491		11,249,491		0		11,249,491
Capital and Income Subaccount 443,313 Shares (Cost $6,104,941)		3,453,408		3,452,542		866		3,453,408
Investors Subaccount 628,449 Shares (Cost $8,591,810)		6,385,044		6,385,044		0		6,385,044

Wells Fargo Advantage Variable Trust Funds:
Opportunity Subaccount 436,078 Shares (Cost $8,815,949)		4,430,549		4,430,549		0		4,430,549
Small/Mid Cap Value Subaccount 82,737 Shares (Cost $845,269)		409,550		409,550		0		409,550
Discovery Subaccount 405,962 Shares (Cost $5,044,686)		4,542,713		4,503,162		39,551		4,542,713

Van Kampen Universal Institutional Funds — Class I:
Core Plus Fixed Income Subaccount 355,331 Shares (Cost $3,896,851)		3,521,333		3,521,333		0		3,521,333
U.S. Real Estate Subaccount 625,397 Shares (Cost $10,402,674)		5,134,510		5,111,316		23,194		5,134,510
Value Subaccount 3,864 Shares (Cost $44,813)		25,851		25,851		0		25,851
Emerging Markets Debt Subaccount 857 Shares (Cost $6,775)		5,546		5,546		0		5,546

Goldman Sachs Variable Insurance Trust — Institutional Shares:
Growth and Income Subaccount 2,9545,018 Shares (Cost $366,363,937)		235,473,794		235,449,956		23,838		235,473,794
Structured U.S. Equity Subaccount 3,904,061 Shares (Cost $48,095,503)		31,193,451		31,179,915		13,536		31,193,451
Capital Growth Subaccount 1,189,634 Shares (Cost $12,469,053)		8,803,291		8,800,401		2,890		8,803,291

Lazard Retirement Series, Inc:
Emerging Markets Equity Subaccount (a) 10,272,789 Shares (Cost $204,641,050)		119,061,620		118,990,188		71,432		119,061,620

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Assets and Contract Owners’ Equity	December 31, 2008


	Assets		Contract owners’ equity
			Contracts in		Annuity reserves
	Investments at		accumulation		for contracts in		Total contract
	fair value		period (note 6)		payment period		owners’ equity
Lazard Retirement Series, Inc: (continued)
U.S. Small Cap Equity Subaccount (a) 3,158,059 Shares (Cost $36,792,843)	$	20,022,094	$	20,011,200	$	10,894	$	20,022,094
U.S. Strategic Equity Subaccount 216,396 Shares (Cost $2,033,268)		1,408,740		1,408,740		0		1,408,740
International Equity Subaccount 19,903,028 Shares (Cost $232,190,654)		163,801,918		163,771,993		29,925		163,801,918

The Prudential Series Fund, Inc:
Jennison 20/20 Focus Subaccount 14,411,127 Shares (Cost $197,039,709)		130,564,811		130,532,919		31,892		130,564,811
Jennison Subaccount 430,393 Shares (Cost $8,476,088)		6,223,488		6,223,488		0		6,223,488

UBS Series Trust — Class I:
U.S. Allocation Subaccount 299,146 Shares (Cost $4,038,829)		2,886,757		2,885,894		863		2,886,757

Fidelity Variable Insurance Products Fund — Service Class 2:
VIP Mid Cap Subaccount 7,755,604 Shares (Cost $213,429,573)		140,531,536		140,468,152		63,384		140,531,536
VIP Contrafund Subaccount 14,002,285 Shares (Cost $359,144,302)		211,994,599		211,915,180		79,419		211,994,599
VIP Growth Subaccount 912,997 Shares (Cost $33,705,967)		21,281,961		21,279,725		2,236		21,281,961
VIP Equity-Income Subaccount 7,257,928 Shares (Cost $166,253,404)		94,353,063		94,316,996		36,067		94,353,063
VIP Real Estate Subaccount 143,789 Shares (Cost $1,420,134)		1,160,375		1,160,375		0		1,160,375

Janus Aspen Series — Service Shares:
Large Cap Growth Subaccount 994,754 Shares (Cost $23,575,458)		15,498,269		15,485,874		12,395		15,498,269
Worldwide Growth Subaccount 510,670 Shares (Cost $13,235,077)		9,753,792		9,753,792		0		9,753,792
Balanced Subaccount 2,282,939 Shares (Cost $59,585,117)		54,219,792		54,207,444		12,348		54,219,792
International Growth Subaccount 6,350,464 Shares (Cost $292,612,278)		165,175,566		165,130,361		45,205		165,175,566

J.P. Morgan Series Trust II:
Small Company Subaccount 1,174,321 Shares (Cost $17,182,769)		11,555,316		11,552,213		3,103		11,555,316

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Assets and Contract Owners’ Equity	December 31, 2008


	Assets		Contract owners’ equity
			Contracts in		Annuity reserves
	Investments at		accumulation		for contracts in		Total contract
	fair value		period (note 6)		payment period		owners’ equity
J.P. Morgan Series Trust II: (continued)
Mid Cap Value Subaccount 5,798,608 Shares (Cost $155,732,011)	$	109,709,655	$	109,693,875	$	15,780	$	109,709,655

AllianceBernstein Variable Product Series Fund, Inc. — Class B:
Growth & Income Subaccount 14,237 Shares (Cost $309,134)		184,649		184,649		0		184,649
Small Cap Growth Subaccount 1,749 Shares (Cost $15,680)		14,444		14,444		0		14,444

MFS Variable Insurance Trust — Service Class:
New Discovery Subaccount 381,031 Shares (Cost $5,053,831)		3,052,057		3,038,533		13,524		3,052,057
Investors Growth Stock Subaccount 592,815 Shares (Cost $5,551,144)		4,120,065		4,105,697		14,368		4,120,065
Mid Cap Growth Subaccount 4,576,082 Shares (Cost $28,005,083)		14,643,462		14,641,258		2,204		14,643,462
Total Return Subaccount 3,424,423 Shares (Cost $65,715,329)		52,188,210		52,117,864		70,346		52,188,210

PIMCO Variable Insurance Trust — Administrative Shares:
Real Return Subaccount 18,387,603 Shares (Cost $229,217,263)		207,044,407		206,825,372		219,035		207,044,407
Total Return Subaccount 45,177,592 Shares (Cost $465,727,882)		465,780,975		465,684,252		96,723		465,780,975
Global Bond Subaccount 8,350,674 Shares (Cost $106,505,174)		102,295,752		102,224,882		70,870		102,295,752
CommodityRealReturn Strategy Subaccount 202,530 Shares (Cost $1,721,484)		1,417,713		1,417,713		0		1,417,713

Calvert Variable Series, Inc:
Social Equity Subaccount 17,473 Shares (Cost $259,498)		226,279		226,279		0		226,279

Dreyfus Variable Investment Fund — Service Shares:
Appreciation Subaccount 303,092 Shares (Cost $11,080,142)		8,698,754		8,697,798		956		8,698,754

Royce Capital Fund:
Small-Cap Subaccount 17,516,648 Shares (Cost $157,709,352)		112,456,880		112,352,190		104,690		112,456,880

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Assets and Contract Owners’ Equity	December 31, 2008


	Assets		Contract owners’ equity
			Contracts in		Annuity reserves
	Investments at		accumulation		for contracts in		Total contract
	fair value		period (note 6)		payment period		owners’ equity
Royce Capital Fund: (continued)
Micro-Cap Subaccount 9,772,214 Shares (Cost $109,006,722)	$	58,926,453	$	58,869,696	$	56,757	$	58,926,453

Van Kampen Universal Institutional Funds — Class II:
Core Plus Fixed Income Subaccount 9,589,626 Shares (Cost $100,991,934)		94,074,228		94,068,166		6,062		94,074,228
U.S. Real Estate Subaccount 11,524,853 Shares (Cost $186,611,346)		93,812,306		93,767,343		44,963		93,812,306
International Growth Equity Subaccount 21,829,891 Shares (Cost $204,007,523)		135,781,921		135,780,314		1,607		135,781,921
Capital Growth Subaccount (a) 233,441 Shares (Cost $3,949,933)		2,350,752		2,338,958		11,794		2,350,752

Franklin Templeton Variable Insurance Products Trust — Class 2:
Franklin Income Securities Subaccount 9,974,905 Shares (Cost $162,423,244)		113,115,428		113,068,164		47,264		113,115,428
Franklin Flex Cap Growth Securities Subaccount 16,085,313 Shares (Cost $186,494,907)		132,221,272		132,218,111		3,161		132,221,272
Templeton Foreign Securities Subaccount 5,854,441 Shares (Cost $103,187,452)		62,993,789		62,982,097		11,692		62,993,789

Neuberger Berman Advisers Management Trust — S Class:
AMT Regency Subaccount 11,303,665 Shares (Cost $168,627,975)		104,219,790		104,207,032		12,758		104,219,790

ALPS Variable Insurance Trust — Class II:
AVS Listed Private Equity Subaccount 342,612 Shares (Cost $2,194,532)		1,284,794		1,284,794		0		1,284,794

Federated Insurance Series — Service Shares:
Kaufmann Fund II Subaccount 377,552 Shares (Cost $4,722,922)		3,658,482		3,658,482		0		3,658,482

Goldman Sachs Variable Insurance Trust — Service Shares:
Growth and Income Subaccount 6,300,445 Shares (Cost $58,735,605)		50,340,555		50,340,555		0		50,340,555
Structured U.S. Equity Subaccount 64,433 Shares (Cost $587,562)		515,462		515,462		0		515,462
Capital Growth Subaccount 63,641 Shares (Cost $511,230)		470,306		470,306		0		470,306

Franklin Templeton Variable Insurance Products Trust — Class 4:
Franklin Income Securities Subaccount 1,361,623 Shares (Cost $17,501,269)		15,713,132		15,713,132		0		15,713,132

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Operations	For the Period Ended December 31, 2008


	Ohio National Fund, Inc.
																						International
				Money												Capital						Small-Mid
	Equity			Market			Bond			Omni			International			Appreciation			Millennium			Company
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	2,040,622		$	5,375,739		$	0		$	516,205		$	0		$	694,077		$	0		$	0
Risk and administrative expense (note 2)		(3,353,448	)		(4,122,940	)		(1,699,998	)		(276,437	)		(3,258,587	)		(1,457,448	)		(270,747	)		(790,999	)

Net investment activity		(1,312,826	)		1,252,799			(1,699,998	)		239,768			(3,258,587	)		(763,371	)		(270,747	)		(790,999	)

Reinvested capital gains		0			0			0			0			0			0			0			0

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(25,638,332	)		22,656			(227,901	)		(493,257	)		6,512,499			2,095,077			(1,510,046	)		(1,020,716	)
Unrealized gain (loss)		(171,623,461	)		0			(14,297,471	)		(8,235,909	)		(145,493,967	)		(54,330,937	)		(10,443,499	)		(39,402,843	)

Net gain (loss) on investments		(197,261,793	)		22,656			(14,525,372	)		(8,729,166	)		(138,981,468	)		(52,235,860	)		(11,953,545	)		(40,423,559	)

Net increase (decrease) in contract owners’ equity from operations	$	(198,574,619	)	$	1,275,455		$	(16,225,370	)	$	(8,489,398	)	$	(142,240,055	)	$	(52,999,231	)	$	(12,224,292	)	$	(41,214,558	)


	Ohio National Fund, Inc.
	Aggressive			Small Cap			Mid Cap			S&P			Strategic			High Income			Capital			Nasdaq-100
	Growth			Growth			Opportunity			500 Index			Value			Bond			Growth			Index
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	0		$	0		$	0		$	1,243,481		$	535,697		$	0		$	0		$	0
Risk and administrative expense (note 2)		(174,275	)		(101,722	)		(890,861	)		(943,763	)		(180,212	)		(870,952	)		(328,840	)		(422,637	)

Net investment activity		(174,275	)		(101,722	)		(890,861	)		299,718			355,485			(870,952	)		(328,840	)		(422,637	)

Reinvested capital gains		0			0			0			0			0			0			0			0

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(410,174	)		(959,712	)		(2,554,746	)		(2,020,014	)		500,721			(88,796	)		416,840			94,662
Unrealized gain (loss)		(6,990,989	)		(4,653,065	)		(46,872,566	)		(31,845,330	)		(5,404,189	)		(19,208,761	)		(11,393,551	)		(16,771,353	)

Net gain (loss) on investments		(7,401,163	)		(5,612,777	)		(49,427,312	)		(33,865,344	)		(4,903,468	)		(19,297,557	)		(10,976,711	)		(16,676,691	)

Net increase (decrease) in contract owners’ equity from operations	$	(7,575,438	)	$	(5,714,499	)	$	(50,318,173	)	$	(33,565,626	)	$	(4,547,983	)	$	(20,168,509	)	$	(11,305,551	)	$	(17,099,328	)

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Operations	For the Period Ended December 31, 2008


	Ohio National Fund, Inc.
				Bryton									Income						Target			Bristol
	Bristol			Growth			U.S. Equity			Balanced			Opportunity			Target VIP			Equity/Income			Growth
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	847,467		$	0		$	183,883		$	0		$	0		$	297,858		$	596,694		$	0
Risk and administrative expense (note 2)		(1,108,622	)		(787,554	)		(238,959	)		(134,833	)		(59,453	)		(309,795	)		(436,849	)		(12,146	)

Net investment activity		(261,155	)		(787,554	)		(55,076	)		(134,833	)		(59,453	)		(11,937	)		159,845			(12,146	)

Reinvested capital gains		0			0			0			0			0			0			0			0

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(2,040,767	)		(1,447,772	)		(451,773	)		(90,803	)		(24,820	)		(1,136,967	)		(1,744,333	)		(48,653	)
Unrealized gain (loss)		(41,289,431	)		(26,491,423	)		(11,045,799	)		(3,159,848	)		(1,028,253	)		(11,677,942	)		(17,289,278	)		(436,030	)

Net gain (loss) on investments		(43,330,198	)		(27,939,195	)		(11,497,572	)		(3,250,651	)		(1,053,073	)		(12,814,909	)		(19,033,611	)		(484,683	)

Net increase (decrease) in contract owners’ equity from operations	$	(43,591,353	)	$	(28,726,749	)	$	(11,552,648	)	$	(3,385,484	)	$	(1,112,526	)	$	(12,826,846	)	$	(18,873,766	)	$	(496,829	)


	Dow Target 10 Portfolios												Dow Target 5 Portfolios
	First			Second			Third			Fourth			First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0
Risk and administrative expense (note 2)		(34,904	)		(37,547	)		(36,683	)		(36,699	)		(24,929	)		(17,350	)		(13,657	)		(18,009	)

Net investment activity		(34,904	)		(37,547	)		(36,683	)		(36,699	)		(24,929	)		(17,350	)		(13,657	)		(18,009	)

Reinvested capital gains		0			0			0			0			0			0			0			0

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(114,117	)		(94,117	)		26,735			(181,674	)		(219,456	)		(259,736	)		(122,551	)		(74,683	)
Unrealized gain (loss)		(1,069,137	)		(1,659,626	)		(1,497,118	)		(1,008,832	)		(985,180	)		(635,560	)		(607,834	)		(590,488	)

Net gain (loss) on investments		(1,183,254	)		(1,753,743	)		(1,470,383	)		(1,190,506	)		(1,204,636	)		(895,296	)		(730,385	)		(665,171	)

Net increase (decrease) in contract owners’ equity from operations	$	(1,218,158	)	$	(1,791,290	)	$	(1,507,066	)	$	(1,227,205	)	$	(1,229,565	)	$	(912,646	)	$	(744,042	)	$	(683,180	)

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Operations	For the Period Ended December 31, 2008


	Fidelity Variable Insurance
	Products Fund									Janus Aspen Series — Institutional Shares
				VIP Equity-			VIP High			Large Cap			International			Worldwide
	VIP Growth			Income			Income			Growth			Growth			Growth			Balanced
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	11,492		$	26,306		$	11,283		$	57,280		$	64,826		$	51,869		$	322,969
Risk and administrative expense (note 2)		(19,928	)		(15,696	)		(2,075	)		(101,314	)		(72,278	)		(57,618	)		(160,990	)

Net investment activity		(8,436	)		10,610			9,208			(44,034	)		(7,452	)		(5,749	)		161,979

Reinvested capital gains		0			1,536			0			0			849,301			0			884,877

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(27,064	)		(131,007	)		(48,464	)		(653,016	)		1,206,455			(285,059	)		353,638
Unrealized gain (loss)		(871,343	)		(529,765	)		(907	)		(3,066,051	)		(5,529,924	)		(2,240,573	)		(3,601,341	)

Net gain (loss) on investments		(898,407	)		(660,772	)		(49,371	)		(3,719,067	)		(4,323,469	)		(2,525,632	)		(3,247,703	)

Net increase (decrease) in contract owner’s equity from operations	$	(906,843	)	$	(648,626	)	$	(40,163	)	$	(3,763,101	)	$	(3,481,620	)	$	(2,531,381	)	$	(2,200,847	)


	Legg Mason Partners Variable Equity									Wells Fargo Advantage Variable
	Trust — Class I									Trust Funds
	Fundamental			Capital and									Small/Mid
	Value			Income			Investors			Opportunity			Cap Value			Discovery
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	265,793		$	50,702		$	112,334		$	142,575		$	0		$	0
Risk and administrative expense (note 2)		(199,189	)		(70,831	)		(98,192	)		(99,722	)		(9,749	)		(106,620	)

Net investment activity		66,604			(20,129	)		14,142			42,853			(9,749	)		(106,620	)

Reinvested capital gains		11,466			113,625			220,326			1,682,869			140,920			0

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(1,473,749	)		(691,166	)		(208,831	)		(615,964	)		(17,890	)		693,597
Unrealized gain (loss)		(5,399,410	)		(1,553,389	)		(3,436,676	)		(4,585,432	)		(469,859	)		(4,794,785	)

Net gain (loss) on investments		(6,873,159	)		(2,244,555	)		(3,645,507	)		(5,201,396	)		(487,749	)		(4,101,188	)

Net increase (decrease) in contract owners’ equity from operations	$	(6,795,089	)	$	(2,151,059	)	$	(3,411,039	)	$	(3,475,674	)	$	(356,578	)	$	(4,207,808	)

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Operations	For the Period Ended December 31, 2008


													Goldman Sachs Variable
	Van Kampen Universal Institutional Funds — Class I												Insurance Trust — Institutional Shares
	Core Plus			U.S. Real						Emerging			Growth and			Structured			Capital
	Fixed Income			Estate			Value			Markets Debt			Income			U.S. Equity			Growth
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	177,943		$	295,327		$	3,792		$	1,649		$	6,246,373		$	676,087		$	15,817
Risk and administrative expense (note 2)		(50,217	)		(111,928	)		(1,124	)		(272	)		(3,782,903	)		(581,438	)		(167,876	)

Net investment activity		127,726			183,399			2,668			1,377			2,463,470			94,649			(152,059	)

Reinvested capital gains		0			3,238,970			19,100			952			30,923			379,286			0

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(92,450	)		(1,112,223	)		(24,483	)		1,234			(15,283,673	)		(1,905,120	)		1,853
Unrealized gain (loss)		(489,237	)		(5,660,231	)		(31,940	)		(5,159	)		(111,776,123	)		(18,589,295	)		(6,255,673	)

Net gain (loss) on investments		(581,687	)		(6,772,454	)		(56,423	)		(3,925	)		(127,059,796	)		(20,494,415	)		(6,253,820	)

Net increase (decrease) in contract owner’s equity from operations	$	(453,961	)	$	(3,350,085	)	$	(34,655	)	$	(1,596	)	$	(124,565,403	)	$	(20,020,480	)	$	(6,405,879	)


													The Prudential Series						UBS Series
	Lazard Retirement Series, Inc.												Fund, Inc.						Trust — Class I
	Emerging			U.S. Small			U.S. Strategic			International			Jennison						U.S.
	Markets Equity			Cap Equity			Equity			Equity			20/20 Focus			Jennison			Allocation
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	4,220,122		$	0		$	14,668		$	2,817,018		$	0		$	5,999		$	117,000
Risk and administrative expense (note 2)		(2,092,565	)		(359,780	)		(16,750	)		(1,943,139	)		(1,708,442	)		(115,495	)		(56,497	)

Net investment activity		2,127,557			(359,780	)		(2,082	)		873,879			(1,708,442	)		(109,496	)		60,503

Reinvested capital gains		11,707,841			0			0			595,123			7,816,743			0			0

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(10,225,129	)		(4,534,273	)		(164,097	)		(13,616,891	)		(9,214,834	)		(107,179	)		(5,520	)
Unrealized gain (loss)		(105,717,493	)		(6,942,405	)		(363,049	)		(59,489,426	)		(66,354,710	)		(3,948,637	)		(1,771,805	)

Net gain (loss) on investments		(115,942,622	)		(11,476,678	)		(527,146	)		(73,106,317	)		(75,569,544	)		(4,055,816	)		(1,777,325	)

Net increase (decrease) in contract owner’s equity from operations	$	(102,107,224	)	$	(11,836,458	)	$	(529,228	)	$	(71,637,315	)	$	(69,461,243	)	$	(4,165,312	)	$	(1,716,822	)

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Operations	For the Period Ended December 31, 2008


	Old Mutual
	Insurance
	Series Fund			Fidelity Variable Insurance Products Fund — Service Class 2
	Technology &			VIP			VIP			VIP			VIP Equity-			VIP Real
	Communications			Mid Cap			Contrafund			Growth			Income			Estate
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008(a)

Investment activity:
Reinvested dividends	$	0		$	458,324		$	2,411,875		$	193,582		$	3,075,647		$	37,956
Risk and administrative expense (note 2)		(15,147	)		(2,502,777	)		(3,529,791	)		(426,288	)		(1,656,141	)		(4,636	)

Net investment activity		(15,147	)		(2,044,453	)		(1,117,916	)		(232,706	)		1,419,506			33,320

Reinvested capital gains		0			30,451,579			7,272,735			0			128,629			16,241

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(688,766	)		(7,735,807	)		(28,090,166	)		(1,211,655	)		(13,398,864	)		(125,371	)
Unrealized gain (loss)		291,107			(113,057,363	)		(127,831,765	)		(18,034,218	)		(56,707,066	)		(259,759	)

Net gain (loss) on investments		(397,659	)		(120,793,170	)		(155,921,931	)		(19,245,873	)		(70,105,930	)		(385,130	)

Net increase (decrease) in contract owners’ equity from operations	$	(412,806	)	$	(92,386,044	)	$	(149,767,112	)	$	(19,478,579	)	$	(68,557,795	)	$	(335,569	)


	Janus Aspen Series — Service Shares												J.P. Morgan Series Trust II
	Large Cap			Worldwide						International			Small			Mid Cap
	Growth			Growth			Balanced			Growth			Company			Value
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	120,002		$	144,377		$	1,522,509		$	2,737,265		$	31,179		$	1,628,900
Risk and administrative expense (note 2)		(265,521	)		(184,483	)		(829,771	)		(3,214,103	)		(209,799	)		(1,923,067	)

Net investment activity		(145,519	)		(40,106	)		692,738			(476,838	)		(178,620	)		(294,167	)

Reinvested capital gains		0			0			4,344,058			39,538,272			1,754,370			11,041,944

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(1,158,775	)		134,329			1,138,400			(11,511,433	)		(892,982	)		(5,744,721	)
Unrealized gain (loss)		(8,499,947	)		(8,045,075	)		(17,651,281	)		(196,542,569	)		(6,408,530	)		(63,204,832	)

Net gain (loss) on investments		(9,658,722	)		(7,910,746	)		(16,512,881	)		(208,054,002	)		(7,301,512	)		(68,949,553	)

Net increase (decrease) in contract owners’ equity from operations	$	(9,804,241	)	$	(7,950,852	)	$	(11,476,085	)	$	(168,992,568	)	$	(5,725,762	)	$	(58,201,776	)


(a)	Period from May 1, 2008, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Operations	For the Period Ended December 31, 2008


	AllianceBernstein Variable Product
	Series Fund, Inc. — Class B									MFS Variable Insurance Trust — Service Class
	Global			Growth &			Small Cap			New			Investors			Mid Cap			Total
	Bond			Income			Growth			Discovery			Growth Stock			Growth			Return
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	0		$	9,717		$	0		$	0		$	13,640		$	0		$	1,927,829
Risk and administrative expense (note 2)		(618	)		(6,434	)		(934	)		(51,717	)		(64,588	)		(283,064	)		(871,265	)

Net investment activity		(618	)		3,283			(934	)		(51,717	)		(50,948	)		(283,064	)		1,056,564

Reinvested capital gains		0			100,260			0			787,015			227,623			3,079,268			4,203,785

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		30,605			(61,373	)		26,160			(477,783	)		(2,432	)		(1,816,967	)		(1,805,524	)
Unrealized gain (loss)		(14,225	)		(254,251	)		(50,217	)		(2,205,177	)		(2,478,655	)		(14,697,553	)		(20,727,741	)

Net gain (loss) on investments		16,380			(315,624	)		(24,057	)		(2,682,960	)		(2,481,087	)		(16,514,520	)		(22,533,265	)

Net increase (decrease) in contract owner’s equity from operations	$	15,762		$	(212,081	)	$	(24,991	)	$	(1,947,662	)	$	(2,304,412	)	$	(13,718,316	)	$	(17,272,916	)


																Dreyfus Variable
																Investment
	PIMCO Variable Insurance Trust —												Calvert Variable			Fund — Service
	Administrative Shares												Series Inc.			Shares			Royce Capital Fund
										Commodity
	Real			Total			Global			RealReturn			Social
	Return			Return			Bond			Strategy			Equity			Appreciation			Small-Cap			Micro-Cap
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008(b)			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	8,463,969		$	19,858,459		$	2,675,218		$	27,285		$	0		$	158,225		$	880,978		$	2,324,996
Risk and administrative expense (note 2)		(3,115,663	)		(5,819,167	)		(1,015,179	)		(3,490	)		(3,705	)		(128,338	)		(1,674,886	)		(1,091,083	)

Net investment activity		5,348,306			14,039,292			1,660,039			23,795			(3,705	)		29,887			(793,908	)		1,233,913

Reinvested capital gains		334,492			9,597,373			0			19,330			2,306			686,440			11,325,578			9,743,131 -

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(6,454,863	)		2,485,214			(2,140,285	)		(99,788	)		4,492			(264,967	)		(3,844,444	)		(5,720,363	)
Unrealized gain (loss)		(23,129,757	)		(10,891,572	)		(5,256,603	)		(303,770	)		(135,461	)		(3,860,600	)		(47,484,703	)		(50,028,868	)

Net gain (loss) on investments		(29,584,620	)		(8,406,358	)		(7,396,888	)		(403,558	)		(130,969	)		(4,125,567	)		(51,329,147	)		(55,749,231	)

Net increase (decrease) in contract owners’ equity from operations	$	(23,901,822	)	$	15,230,307		$	(5,736,849	)	$	(360,433	)	$	(132,368	)	$	(3,409,240	)	$	(40,797,477	)	$	(44,772,187	)


(b)	Period from October 1, 2008, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Operations	For the Period Ended December 31, 2008


													Franklin Templeton Variable
	Van Kampen Universal Institutional Funds — Class II												Insurance Products Trust — Class 2
													Franklin			Franklin Flex			Templeton
	Core Plus			U.S. Real			International			Capital			Income			Cap Growth			Foreign
	Fixed Income			Estate			Growth Equity			Growth			Securities			Securities			Securities
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008			2008			2008			2008			2008			2008

Investment activity:
Reinvested dividends	$	3,551,579		$	3,345,552		$	3,826		$	0		$	8,200,106		$	171,603		$	2,229,119
Risk and administrative expense (note 2)		(1,018,188	)		(1,527,258	)		(1,209,205	)		(39,419	)		(1,948,533	)		(1,872,739	)		(1,185,955	)

Net investment activity		2,533,391			1,818,294			(1,205,379	)		(39,419	)		6,251,573			(1,701,136	)		1,043,164

Reinvested capital gains		0			46,463,152			294,626			0			3,433,571			0			9,123,188

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(3,761,862	)		(20,467,447	)		(8,010,117	)		(184,506	)		(10,287,613	)		(5,346,117	)		(6,133,759	)
Unrealized gain (loss)		(7,821,578	)		(76,277,086	)		(68,319,247	)		(1,743,745	)		(52,111,768	)		(56,406,517	)		(50,297,323	)

Net gain (loss) on investments		(11,583,440	)		(96,744,533	)		(76,329,364	)		(1,928,251	)		(62,399,381	)		(61,752,634	)		(56,431,082	)

Net increase (decrease) in contract owner’s equity from operations	$	(9,050,049	)	$	(48,463,087	)	$	(77,240,117	)	$	(1,967,670	)	$	(52,714,237	)	$	(63,453,770	)	$	(46,264,730	)


	Neuberger Berman			ALPS Variable			Federated Insurance
	Advisers Management			Insurance			Series —			Goldman Sachs Variable
	Trust — S Class			Trust — Class II			Service Shares			Insurance Trust — Service Shares
	AMT			AVS Listed			Kaufmann			Growth and			Structured			Capital
	Regency			Private Equity			Fund II			Income			U.S. Equity			Growth
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008			2008(c)			2008(c)			2008(c)			2008(c)			2008(c)

Investment activity:
Reinvested dividends	$	1,324,739		$	0		$	0		$	1,243,162		$	8,871		$	0
Risk and administrative expense (note 2)		(1,505,872	)		(7,372	)		(20,421	)		(183,892	)		(1,657	)		(1,383	)

Net investment activity		(181,133	)		(7,372	)		(20,421	)		1,059,270			7,214			(1,383	)

Reinvested capital gains		288,149			0			0			6,273			5,779			0

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(8,152,779	)		(99,231	)		(195,511	)		(1,346,555	)		(7,814	)		(58,689	)
Unrealized gain (loss)		(61,358,108	)		(909,738	)		(1,064,439	)		(8,395,050	)		(72,101	)		(40,924	)

Net gain (loss) on investments		(69,510,887	)		(1,008,969	)		(1,259,950	)		(9,741,605	)		(79,915	)		(99,613	)

Net increase (decrease) in contract owners’ equity from operations	$	(69,403,871	)	$	(1,016,341	)	$	(1,280,371	)	$	(8,676,062	)	$	(66,922	)	$	(100,996	)


(c)	Period from May 1, 2008, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Operations	For the Period Ended December 31, 2008


	Franklin Templeton Variable
	Insurance Products Trust — Class 4												Ivy Funds Variable Insurance Portfolios, Inc.
										Franklin
	Franklin			Franklin Flex			Templeton			Templeton VIP						VIP Global			VIP
	Income			Cap Growth			Foreign			Founding Funds			VIP Asset			Natural			Science and
	Securities			Securities			Securities			Allocation			Strategy			Resources			Technology			Total
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccount			Subaccounts
	2008(d)			2008(d)			2008(d)			2008(d)			2008(e)			2008(e)			2008(e)			2008

Investment activity:
Reinvested dividends	$	73,825		$	11,519		$	33,375		$	231,628		$	77,001		$	90,262		$	0		$	97,339,046
Risk and administrative expense (note 2)		(55,917	)		(175,848	)		(39,628	)		(37,225	)		(27,592	)		(7,122	)		(1,822	)		(74,213,186	)

Net investment activity		17,908			(164,329	)		(6,253	)		194,403			49,409			83,140			(1,822	)		23,125,860

Reinvested capital gains		29,575			0			120,765			223,898			1,265,623			366,769			42,169			224,011,824

Realized and unrealized gain (loss) on investments:
Realized gain (loss)		(431,231	)		(1,313,416	)		(472,457	)		(345,100	)		(110,881	)		(174,318	)		(7,270	)		(247,822,833	)
Unrealized gain (loss)		(1,788,137	)		(7,624,899	)		(1,759,829	)		(1,867,001	)		(998,805	)		(627,612	)		38,257			(2,327,830,409	)

Net gain (loss) on investments		(2,219,368	)		(8,938,315	)		(2,232,286	)		(2,212,101	)		(1,109,686	)		(801,930	)		30,987			(2,575,653,242	)

Net increase (decrease) in contract owners’ equity from operations	$	(2,171,885	)	$	(9,102,644	)	$	(2,117,774	)	$	(1,793,800	)	$	205,346		$	(352,021	)	$	71,334		$	(2,328,515,558	)


(d)	Period from May 1, 2008, date of commencement of operations.

(e)	Period from October 1, 2008, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Ohio National Fund, Inc.
	Equity						Money Market						Bond						Omni
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(1,312,826	)	$	(5,091,163	)	$	1,252,799		$	8,587,375		$	(1,699,998	)	$	(2,019,097	)	$	239,768		$	112,368
Reinvested capital gains		0			0			0			0			0			0			0			0
Realized gain (loss)		(25,638,332	)		10,112,186			22,656			(27,965	)		(227,901	)		1,176,970			(493,257	)		339,093
Unrealized gain (loss)		(171,623,461	)		(34,261,931	)		0			0			(14,297,471	)		4,365,134			(8,235,909	)		1,259,885

Net increase (decrease) in contract owners’ equity from operations		(198,574,619	)		(29,240,908	)		1,275,455			8,559,410			(16,225,370	)		3,523,007			(8,489,398	)		1,711,346

Equity transactions:
Contract purchase payments (note 1)		14,103,800			46,345,536			237,895,920			477,300,714			5,255,585			10,640,284			659,179			594,796
Extra credit fund deposit (note 1)		41,524			187,432			691,886			1,896,796			20,102			70,788			6,154			2,924
Transfers (to) and from other subaccounts		(41,780,201	)		(16,332,768	)		(74,555,168	)		(393,258,101	)		(38,543,066	)		(2,144,363	)		(1,290,044	)		(1,499,141	)
Transfers (to) and from fixed dollar contract		6,939,368			28,470,061			(10,575,706	)		27,134,982			1,622,575			8,310,040			(1,401	)		371,230
Withdrawals and surrenders		(18,798,385	)		(30,558,549	)		(70,896,248	)		(41,999,034	)		(9,398,948	)		(10,990,981	)		(2,250,903	)		(3,295,144	)
Surrender charges (note 2)		(208,032	)		(326,263	)		(779,845	)		(503,751	)		(141,549	)		(132,157	)		(18,002	)		(20,999	)
Annual contract charges (note 2)		(1,436,588	)		(1,355,913	)		(1,727,493	)		(951,370	)		(717,772	)		(655,029	)		(62,733	)		(66,534	)
Annuity and death benefit payments		(5,795,435	)		(7,097,339	)		(22,239,477	)		(10,278,679	)		(3,101,470	)		(3,206,161	)		(446,241	)		(481,526	)

Net equity transactions		(46,933,949	)		19,332,197			57,813,869			59,341,557			(45,004,543	)		1,892,421			(3,403,991	)		(4,394,394	)

Net change in contract owners’ equity		(245,508,568	)		(9,908,711	)		59,089,324			67,900,967			(61,229,913	)		5,415,428			(11,893,389	)		(2,683,048	)
Contract owners’ equity:
Beginning of period		391,987,431			401,896,142			271,352,403			203,451,436			150,612,442			145,197,014			28,664,254			31,347,302

End of period	$	146,478,863		$	391,987,431		$	330,441,727		$	271,352,403		$	89,382,529		$	150,612,442		$	16,770,865		$	28,664,254

Change in units:
Beginning units		30,645,278			28,546,925			21,875,064			16,960,603			10,251,341			10,069,921			1,883,820			2,181,595

Units purchased		8,578,323			9,583,106			48,350,572			60,894,379			1,762,649			3,168,916			190,437			161,309
Units redeemed		(13,413,346	)		(7,484,753	)		(43,773,032	)		(55,979,918	)		(5,076,270	)		(2,987,496	)		(416,139	)		(459,084	)

Ending units		25,810,255			30,645,278			26,452,604			21,875,064			6,937,720			10,251,341			1,658,118			1,883,820

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Ohio National Fund, Inc.
																			International
	International						Capital Appreciation						Millennium						Small-Mid Company
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(3,258,587	)	$	(4,237,477	)	$	(763,371	)	$	(1,439,312	)	$	(270,747	)	$	(310,272	)	$	(790,999	)	$	(828,527	)
Reinvested capital gains		0			0			0			0			0			0			0			0
Realized gain (loss)		6,512,499			13,024,819			2,095,077			11,634,295			(1,510,046	)		86,129			(1,020,716	)		4,308,353
Unrealized gain (loss)		(145,493,967	)		15,843,218			(54,330,937	)		(4,730,597	)		(10,443,499	)		5,718,339			(39,402,843	)		4,111,792

Net increase (decrease) in contract owners’ equity from operations		(142,240,055	)		24,630,560			(52,999,231	)		5,464,386			(12,224,292	)		5,494,196			(41,214,558	)		7,591,618

Equity transactions:
Contract purchase payments (note 1)		14,815,025			47,186,939			1,727,890			4,854,197			940,422			1,385,090			6,985,943			17,869,081
Extra credit fund deposit (note 1)		35,047			246,272			18,667			37,277			9,686			11,226			37,027			63,904
Transfers (to) and from other subaccounts		(47,565,120	)		(27,772,928	)		(5,960,487	)		(21,590,803	)		(1,757,696	)		1,923,116			(5,711,991	)		5,061,144
Transfers (to) and from fixed dollar contract		11,396,823			34,393,207			716,879			4,518,025			994,061			435,801			5,175,720			5,302,599
Withdrawals and surrenders		(12,698,611	)		(14,261,435	)		(8,929,151	)		(11,038,062	)		(2,065,376	)		(3,874,751	)		(2,560,463	)		(3,723,572	)
Surrender charges (note 2)		(229,540	)		(210,676	)		(115,877	)		(125,721	)		(17,590	)		(28,900	)		(27,747	)		(34,524	)
Annual contract charges (note 2)		(1,842,279	)		(1,660,246	)		(643,640	)		(735,066	)		(67,392	)		(40,707	)		(422,937	)		(201,327	)
Annuity and death benefit payments		(4,855,819	)		(5,824,668	)		(2,293,700	)		(2,786,920	)		(289,453	)		(291,901	)		(939,137	)		(832,996	)

Net equity transactions		(40,944,474	)		32,096,465			(15,479,419	)		(26,867,073	)		(2,253,338	)		(481,026	)		2,536,415			23,504,309

Net change in contract owners’ equity		(183,184,529	)		56,727,025			(68,478,650	)		(21,402,687	)		(14,477,630	)		5,013,170			(38,678,143	)		31,095,927
Contract owners’ equity:
Beginning of period		340,448,578			283,721,553			146,141,843			167,544,530			28,877,198			23,864,028			77,223,346			46,127,419

End of period	$	157,264,049		$	340,448,578		$	77,663,193		$	146,141,843		$	14,399,568		$	28,877,198		$	38,545,203		$	77,223,346

Change in units:
Beginning units		25,783,162			23,057,919			7,002,972			8,218,217			2,048,080			1,919,393			3,645,770			2,460,935

Units purchased		7,395,028			9,140,391			887,007			1,064,015			901,073			825,706			1,481,474			2,259,837
Units redeemed		(10,778,769	)		(6,415,148	)		(1,678,627	)		(2,279,260	)		(1,120,670	)		(697,019	)		(1,299,905	)		(1,075,002	)

Ending units		22,399,421			25,783,162			6,211,352			7,002,972			1,828,483			2,048,080			3,827,339			3,645,770

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Ohio National Fund, Inc.
	Aggressive Growth						Small Cap Growth						Mid Cap Opportunity						S&P 500 Index
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(174,275	)	$	(92,062	)	$	(101,722	)	$	(107,031	)	$	(890,861	)	$	(716,835	)	$	299,718		$	55,674
Reinvested capital gains		0			0			0			0			0			0			0			0
Realized gain (loss)		(410,174	)		153,262			(959,712	)		359,232			(2,554,746	)		2,762,112			(2,020,014	)		2,244,409
Unrealized gain (loss)		(6,990,989	)		1,556,847			(4,653,065	)		631,395			(46,872,566	)		5,569,123			(31,845,330	)		901,235

Net increase (decrease) in contract owners’ equity from operations		(7,575,438	)		1,618,047			(5,714,499	)		883,596			(50,318,173	)		7,614,400			(33,565,626	)		3,201,318

Equity transactions:
Contract purchase payments (note 1)		3,042,357			2,228,021			1,301,404			2,782,247			13,798,171			10,844,621			7,764,039			8,726,242
Extra credit fund deposit (note 1)		12,308			5,711			2,595			9,045			30,491			34,194			22,410			76,085
Transfers (to) and from other subaccounts		1,811,040			3,014,365			(287,356	)		716,135			18,367,777			12,655,860			(2,941,437	)		(3,092,836	)
Transfers (to) and from fixed dollar contract		1,092,942			968,132			710,845			941,189			11,838,075			3,738,082			2,809,009			5,335,187
Withdrawals and surrenders		(412,058	)		(533,090	)		(654,506	)		(816,254	)		(3,869,722	)		(5,618,637	)		(7,327,671	)		(10,057,541	)
Surrender charges (note 2)		(7,537	)		(9,471	)		(6,902	)		(4,777	)		(44,675	)		(38,071	)		(68,997	)		(84,655	)
Annual contract charges (note 2)		(95,769	)		(25,115	)		(52,917	)		(19,366	)		(402,132	)		(146,274	)		(303,190	)		(188,677	)
Annuity and death benefit payments		(219,520	)		(65,231	)		(113,761	)		(61,766	)		(1,307,166	)		(827,638	)		(1,408,875	)		(1,405,058	)

Net equity transactions		5,223,763			5,583,322			899,402			3,546,453			38,410,819			20,642,137			(1,454,712	)		(691,253	)

Net change in contract owners’ equity		(2,351,675	)		7,201,369			(4,815,097	)		4,430,049			(11,907,354	)		28,256,537			(35,020,338	)		2,510,065
Contract owners’ equity:
Beginning of period		12,460,804			5,259,435			10,961,978			6,531,929			74,830,454			46,573,917			91,627,253			89,117,188

End of period	$	10,109,129		$	12,460,804		$	6,146,881		$	10,961,978		$	62,923,100		$	74,830,454		$	56,606,915		$	91,627,253

Change in units:
Beginning units		1,600,552			833,218			1,248,907			735,381			3,649,812			2,476,430			6,291,146			6,251,985

Units purchased		1,714,488			1,136,900			853,605			916,142			4,252,747			1,941,163			2,290,749			1,520,944
Units redeemed		(958,593	)		(369,566	)		(692,449	)		(402,616	)		(1,207,818	)		(767,781	)		(2,211,150	)		(1,481,783	)

Ending units		2,356,447			1,600,552			1,410,063			1,248,907			6,694,741			3,649,812			6,370,745			6,291,146

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Ohio National Fund, Inc.
	Strategic Value						High Income Bond						Capital Growth						Nasdaq-100 Index
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	355,485		$	(87,586	)	$	(870,952	)	$	(883,439	)	$	(328,840	)	$	(330,195	)	$	(422,637	)	$	(518,113	)
Reinvested capital gains		0			0			0			0			0			0			0			0
Realized gain (loss)		500,721			1,250,398			(88,796	)		1,652,668			416,840			1,618,948			94,662			2,554,891
Unrealized gain (loss)		(5,404,189	)		(3,763,095	)		(19,208,761	)		199,105			(11,393,551	)		945,477			(16,771,353	)		4,219,621

Net increase (decrease) in contract owners’ equity from operations		(4,547,983	)		(2,600,283	)		(20,168,509	)		968,334			(11,305,551	)		2,234,230			(17,099,328	)		6,256,399

Equity transactions:
Contract purchase payments (note 1)		645,688			1,066,618			7,385,027			8,332,574			4,317,836			3,319,961			1,793,028			3,115,147
Extra credit fund deposit (note 1)		4,771			2,771			39,791			60,865			13,618			14,703			2,692			10,029
Transfers (to) and from other subaccounts		(6,525,611	)		(2,352,213	)		7,754,929			1,464,744			(17,874	)		(94,900	)		(734,407	)		(6,193,042	)
Transfers (to) and from fixed dollar contract		(644,426	)		1,127,113			4,314,761			7,246,826			2,769,350			2,181,404			2,243,680			1,163,965
Withdrawals and surrenders		(1,054,335	)		(2,290,990	)		(4,082,233	)		(5,377,550	)		(1,703,212	)		(2,344,836	)		(1,529,789	)		(1,799,750	)
Surrender charges (note 2)		(8,808	)		(10,947	)		(53,479	)		(59,651	)		(13,703	)		(22,477	)		(23,633	)		(25,520	)
Annual contract charges (note 2)		(48,512	)		(48,310	)		(418,438	)		(246,804	)		(144,575	)		(82,527	)		(218,206	)		(201,883	)
Annuity and death benefit payments		(317,275	)		(479,654	)		(1,650,027	)		(1,400,106	)		(459,826	)		(585,473	)		(644,295	)		(563,073	)

Net equity transactions		(7,948,508	)		(2,985,612	)		13,290,331			10,020,898			4,761,614			2,385,855			889,070			(4,494,127	)

Net change in contract owners’ equity		(12,496,491	)		(5,585,895	)		(6,878,178	)		10,989,232			(6,543,937	)		4,620,085			(16,210,258	)		1,762,272
Contract owners’ equity:
Beginning of period		21,741,080			27,326,975			68,672,523			57,683,291			27,476,039			22,855,954			39,453,401			37,691,129

End of period	$	9,244,589		$	21,741,080		$	61,794,345		$	68,672,523		$	20,932,102		$	27,476,039		$	23,243,143		$	39,453,401

Change in units:
Beginning units		1,899,357			2,151,461			4,756,190			4,082,110			1,241,873			1,144,005			8,137,053			9,090,548

Units purchased		195,532			271,581			3,028,210			2,609,352			657,006			476,016			3,541,610			2,059,829
Units redeemed		(956,848	)		(523,685	)		(1,982,677	)		(1,935,272	)		(424,611	)		(378,148	)		(3,313,071	)		(3,013,324	)

Ending units		1,138,041			1,899,357			5,801,723			4,756,190			1,474,268			1,241,873			8,365,592			8,137,053

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Ohio National Fund, Inc.
	Bristol						Bryton Growth						U.S. Equity						Balanced
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(261,155	)	$	(492,941	)	$	(787,554	)	$	(563,696	)	$	(55,076	)	$	(208,576	)	$	(134,833	)	$	(112,060	)
Reinvested capital gains		0			0			0			0			0			0			0			0
Realized gain (loss)		(2,040,767	)		1,467,744			(1,447,772	)		534,109			(451,773	)		676,418			(90,803	)		296,225
Unrealized gain (loss)		(41,289,431	)		3,175,112			(26,491,423	)		2,467,044			(11,045,799	)		1,932,743			(3,159,848	)		641,297

Net increase (decrease) in contract owners’ equity from operations		(43,591,353	)		4,149,915			(28,726,749	)		2,437,457			(11,552,648	)		2,400,585			(3,385,484	)		825,462

Equity transactions:
Contract purchase payments (note 1)		15,525,338			18,063,495			12,153,102			15,744,074			1,013,502			2,604,501			1,622,631			2,521,306
Extra credit fund deposit (note 1)		58,072			107,515			32,447			78,304			914			6,600			4,753			3,930
Transfers (to) and from other subaccounts		8,886,645			3,683,005			3,265,974			9,016,030			(1,611,464	)		(1,764,823	)		(132,256	)		(120,440	)
Transfers (to) and from fixed dollar contract		12,013,313			11,231,515			11,768,826			9,821,549			2,826,375			591,825			1,583,988			544,604
Withdrawals and surrenders		(2,678,705	)		(2,278,277	)		(1,431,551	)		(947,947	)		(1,036,910	)		(288,046	)		(410,719	)		(320,687	)
Surrender charges (note 2)		(58,235	)		(42,784	)		(35,304	)		(20,348	)		(23,259	)		(6,570	)		(4,602	)		(10,648	)
Annual contract charges (note 2)		(682,455	)		(381,999	)		(507,421	)		(206,199	)		(103,857	)		(98,213	)		(59,556	)		(28,592	)
Annuity and death benefit payments		(1,709,083	)		(1,361,515	)		(1,200,773	)		(727,595	)		(355,732	)		(829,894	)		(352,386	)		(476,317	)

Net equity transactions		31,354,890			29,020,955			24,045,300			32,757,868			709,569			215,380			2,251,853			2,113,156

Net change in contract owners’ equity		(12,236,463	)		33,170,870			(4,681,449	)		35,195,325			(10,843,079	)		2,615,965			(1,133,631	)		2,938,618
Contract owners’ equity:
Beginning of period		88,859,739			55,688,869			60,802,635			25,607,310			23,091,141			20,475,176			10,090,065			7,151,447

End of period	$	76,623,276		$	88,859,739		$	56,121,186		$	60,802,635		$	12,248,062		$	23,091,141		$	8,956,434		$	10,090,065

Change in units:
Beginning units		5,988,311			3,990,903			4,876,212			2,227,333			1,555,201			1,539,865			706,230			553,507

Units purchased		4,118,390			3,019,839			4,307,549			3,144,615			452,601			323,762			410,336			311,889
Units redeemed		(1,306,876	)		(1,022,431	)		(1,644,284	)		(495,736	)		(400,836	)		(308,426	)		(245,727	)		(159,166	)

Ending units		8,799,825			5,988,311			7,539,477			4,876,212			1,606,966			1,555,201			870,839			706,230

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Ohio National Fund, Inc.
	Income Opportunity						Target VIP						Target Equity/Income						Bristol Growth
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007 (a)

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(59,453	)	$	(62,426	)	$	(11,937	)	$	(44,340	)	$	159,845		$	93,236		$	(12,146	)	$	(2,715	)
Reinvested capital gains		0			0			0			0			0			0			0			0
Realized gain (loss)		(24,820	)		204,896			(1,136,967	)		169,432			(1,744,333	)		334,594			(48,653	)		911
Unrealized gain (loss)		(1,028,253	)		186,388			(11,677,942	)		976,873			(17,289,278	)		1,860,715			(436,030	)		1,573

Net increase (decrease) in contract owners’ equity from operations		(1,112,526	)		328,858			(12,826,846	)		1,101,965			(18,873,766	)		2,288,545			(496,829	)		(231	)

Equity transactions:
Contract purchase payments (note 1)		303,934			504,227			4,746,042			6,507,343			4,543,394			9,737,567			197,699			327,681
Extra credit fund deposit (note 1)		400			1,578			9,386			7,362			22,934			11,629			2,578			1,698
Transfers (to) and from other subaccounts		363,451			(1,330,042	)		1,327,974			2,202,344			(2,035,741	)		1,920,539			210,495			280,470
Transfers (to) and from fixed dollar contract		166,190			214,586			3,671,275			2,840,296			2,844,220			4,529,917			237,345			196,747
Withdrawals and surrenders		(141,422	)		(212,469	)		(1,035,446	)		(163,250	)		(1,074,101	)		(479,015	)		(1,075	)		(21,201	)
Surrender charges (note 2)		(2,809	)		(4,731	)		(42,145	)		(448	)		(30,548	)		(2,806	)		(2	)		0
Annual contract charges (note 2)		(26,136	)		(20,806	)		(205,474	)		(81,677	)		(256,557	)		(140,200	)		(9,323	)		(194	)
Annuity and death benefit payments		(90,864	)		(39,871	)		(395,970	)		(217,999	)		(490,784	)		(322,344	)		(16,610	)		(4,209	)

Net equity transactions		572,744			(887,528	)		8,075,642			11,093,971			3,522,817			15,255,287			621,107			780,992

Net change in contract owners’ equity		(539,782	)		(558,670	)		(4,751,204	)		12,195,936			(15,350,949	)		17,543,832			124,278			780,761
Contract owners’ equity:
Beginning of period		4,989,181			5,547,851			22,631,483			10,435,547			37,898,529			20,354,697			780,761			0

End of period	$	4,449,399		$	4,989,181		$	17,880,279		$	22,631,483		$	22,547,580		$	37,898,529		$	905,039		$	780,761

Change in units:
Beginning units		418,770			498,277			1,890,034			943,340			3,182,790			1,863,354			76,182			0

Units purchased		139,978			130,871			1,279,199			1,104,871			1,334,014			1,667,233			99,740			83,848
Units redeemed		(81,389	)		(210,378	)		(497,267	)		(158,177	)		(1,021,365	)		(347,797	)		(25,292	)		(7,666	)

Ending units		477,359			418,770			2,671,966			1,890,034			3,495,439			3,182,790			150,630			76,182


(a)	Period from May 1, 2007, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Dow Target 10 Portfolios
	First Quarter						Second Quarter						Third Quarter						Fourth Quarter
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(34,904	)	$	(41,763	)	$	(37,547	)	$	(51,140	)	$	(36,683	)	$	(48,946	)	$	(36,699	)	$	(39,583	)
Reinvested capital gains		0			0			0			0			0			0			0			0
Realized gain (loss)		(114,117	)		150,776			(94,117	)		280,087			26,735			213,885			(181,674	)		129,893
Unrealized gain (loss)		(1,069,137	)		(120,134	)		(1,659,626	)		(122,913	)		(1,497,118	)		(26,859	)		(1,008,832	)		(115,604	)

Net increase (decrease) in contract owners’ equity from operations		(1,218,158	)		(11,121	)		(1,791,290	)		106,034			(1,507,066	)		138,080			(1,227,205	)		(25,294	)

Equity transactions:
Contract purchase payments (note 1)		346,028			592,020			136,242			794,308			110,081			556,766			221,888			551,861
Extra credit fund deposit (note 1)		2,800			1,478			0			2,166			0			320			6			400
Transfers (to) and from other subaccounts		(428,166	)		150,484			68,694			(589,389	)		(349,044	)		(233,433	)		(1,640,563	)		1,641,043
Transfers (to) and from fixed dollar contract		408,311			161,309			405,731			257,462			101,468			283,316			109,991			418,754
Withdrawals and surrenders		(157,851	)		(395,328	)		(376,732	)		(272,468	)		(502,133	)		(434,328	)		(287,347	)		(268,170	)
Surrender charges (note 2)		(3,423	)		(794	)		(2,686	)		(840	)		(13,636	)		(3,460	)		(2,611	)		(2,294	)
Annual contract charges (note 2)		(16,297	)		(10,114	)		(14,342	)		(9,974	)		(13,409	)		(8,346	)		(19,088	)		(11,863	)
Annuity and death benefit payments		(138,840	)		(50,055	)		(73,698	)		(113,361	)		(31,744	)		(41,927	)		(51,502	)		(60,791	)

Net equity transactions		12,562			449,000			143,209			67,904			(698,417	)		118,908			(1,669,226	)		2,268,940

Net change in contract owners’ equity		(1,205,596	)		437,879			(1,648,081	)		173,938			(2,205,483	)		256,988			(2,896,431	)		2,243,646
Contract owners’ equity:
Beginning of period		2,854,915			2,417,036			3,557,958			3,384,020			4,222,167			3,965,179			5,057,482			2,813,836

End of period	$	1,649,319		$	2,854,915		$	1,909,877		$	3,557,958		$	2,016,684		$	4,222,167		$	2,161,051		$	5,057,482

Change in units:
Beginning units		226,259			190,608			238,602			235,451			345,043			337,517			380,481			215,573

Units purchased		93,125			109,348			87,186			86,717			40,774			100,435			81,538			212,584
Units redeemed		(108,221	)		(73,697	)		(84,934	)		(83,566	)		(104,949	)		(92,909	)		(210,106	)		(47,676	)

Ending units		211,163			226,259			240,854			238,602			280,868			345,043			251,913			380,481

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Dow Target 5 Portfolios
	First Quarter						Second Quarter						Third Quarter						Fourth Quarter
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(24,929	)	$	(17,594	)	$	(17,350	)	$	(20,296	)	$	(13,657	)	$	(13,706	)	$	(18,009	)	$	(14,780	)
Reinvested capital gains		0			0			0			0			0			0			0			0
Realized gain (loss)		(219,456	)		127,122			(259,736	)		121,203			(122,551	)		68,336			(74,683	)		86,370
Unrealized gain (loss)		(985,180	)		(80,312	)		(635,560	)		(74,942	)		(607,834	)		(14,966	)		(590,488	)		(20,003	)

Net increase (decrease) in contract owners’ equity from operations		(1,229,565	)		29,216			(912,646	)		25,965			(744,042	)		39,664			(683,180	)		51,587

Equity transactions:
Contract purchase payments (note 1)		313,610			88,990			96,625			416,598			120,224			160,514			149,215			315,745
Extra credit fund deposit (note 1)		3,874			1,070			466			1,484			126			3,139			613			979
Transfers (to) and from other subaccounts		661,216			(180,363	)		(235,821	)		(179,923	)		(261,567	)		(220,017	)		(215,452	)		13,035
Transfers (to) and from fixed dollar contract		279,547			289,077			294,413			422,322			236,275			381,951			93,252			312,150
Withdrawals and surrenders		(38,064	)		(50,844	)		(69,470	)		(29,284	)		(44,956	)		(41,372	)		(44,051	)		(49,211	)
Surrender charges (note 2)		(323	)		(331	)		(1,283	)		(295	)		(1,238	)		(1,511	)		(394	)		(429	)
Annual contract charges (note 2)		(16,911	)		(4,771	)		(10,522	)		(5,152	)		(8,150	)		(3,226	)		(11,950	)		(5,108	)
Annuity and death benefit payments		(26,627	)		(9,270	)		(21,305	)		(15,144	)		(23,622	)		(19,028	)		(18,671	)		(34,808	)

Net equity transactions		1,176,322			133,558			53,103			610,606			17,092			260,450			(47,438	)		552,353

Net change in contract owners’ equity		(53,243	)		162,774			(859,543	)		636,571			(726,950	)		300,114			(730,618	)		603,940
Contract owners’ equity:
Beginning of period		1,103,949			941,175			1,519,564			882,993			1,334,956			1,034,842			1,752,032			1,148,092

End of period	$	1,050,706		$	1,103,949		$	660,021		$	1,519,564		$	608,006		$	1,334,956		$	1,021,414		$	1,752,032

Change in units:
Beginning units		68,621			59,482			87,534			52,706			99,078			82,809			131,051			90,448

Units purchased		113,175			57,411			48,186			81,592			48,784			72,128			43,078			74,300
Units redeemed		(53,537	)		(48,272	)		(59,765	)		(46,764	)		(52,153	)		(55,859	)		(42,682	)		(33,697	)

Ending units		128,259			68,621			75,955			87,534			95,709			99,078			131,447			131,051

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Fidelity Variable Insurance Products Fund
	VIP Growth						VIP Equity-Income						VIP High Income
	Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(8,436	)	$	(9,149	)	$	10,610		$	6,308		$	9,208		$	13,884
Reinvested capital gains		0			1,770			1,536			168,990			0			0
Realized gain (loss)		(27,064	)		(4,582	)		(131,007	)		137,987			(48,464	)		(125,657	)
Unrealized gain (loss)		(871,343	)		512,376			(529,765	)		(261,338	)		(907	)		122,384

Net increase (decrease) in contract owners’ equity from operations		(906,843	)		500,415			(648,626	)		51,947			(40,163	)		10,611

Equity transactions:
Contract purchase payments (note 1)		17,663			27,407			14,118			16,742			0			283
Extra credit fund deposit (note 1)		0			0			0			0			0			0
Transfers (to) and from other subaccounts		(140,318	)		(145,743	)		(215,842	)		(101,196	)		(3,566	)		(178,487	)
Transfers (to) and from fixed dollar contract		(920	)		(3,500	)		(44,655	)		(4,443	)		(2,528	)		0
Withdrawals and surrenders		(253,805	)		(628,661	)		(388,494	)		(768,482	)		(66,070	)		(137,264	)
Surrender charges (note 2)		(602	)		(2,788	)		(542	)		(1,702	)		(353	)		(349	)
Annual contract charges (note 2)		(2,196	)		(2,573	)		(1,536	)		(1,867	)		(226	)		(303	)
Annuity and death benefit payments		(2,529	)		(6,460	)		(9,032	)		(14,478	)		(1,700	)		(4,165	)

Net equity transactions		(382,707	)		(762,318	)		(645,983	)		(875,426	)		(74,443	)		(320,285	)

Net change in contract owners’ equity		(1,289,550	)		(261,903	)		(1,294,609	)		(823,479	)		(114,606	)		(309,674	)
Contract owners’ equity:
Beginning of period		2,187,320			2,449,223			2,006,738			2,830,217			214,535			524,209

End of period	$	897,770		$	2,187,320		$	712,129		$	2,006,738		$	99,929		$	214,535

Change in units:
Beginning units		102,968			144,498			95,735			135,318			17,402			43,142

Units purchased		3,812			4,378			1,096			11,573			0			23
Units redeemed		(25,741	)		(45,908	)		(36,814	)		(51,156	)		(6,456	)		(25,763	)

Ending units		81,039			102,968			60,017			95,735			10,946			17,402

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Janus Aspen Series — Institutional Shares
	Large Cap Growth						International Growth						Worldwide Growth						Balanced
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(44,034	)	$	(72,252	)	$	(7,452	)	$	(55,711	)	$	(5,749	)	$	(42,604	)	$	161,979		$	200,271
Reinvested capital gains		0			0			849,301			0			0			0			884,877			0
Realized gain (loss)		(653,016	)		(719,862	)		1,206,455			1,263,324			(285,059	)		94,141			353,638			789,762
Unrealized gain (loss)		(3,066,051	)		2,318,828			(5,529,924	)		816,307			(2,240,573	)		603,300			(3,601,341	)		586,950

Net increase (decrease) in contract owners’ equity from operations		(3,763,101	)		1,526,714			(3,481,620	)		2,023,920			(2,531,381	)		654,837			(2,200,847	)		1,576,983

Equity transactions:
Contract purchase payments (note 1)		41,567			48,377			71,189			44,442			78,669			75,620			76,002			78,967
Extra credit fund deposit (note 1)		147			271			48			134			98			193			24			64
Transfers (to) and from other subaccounts		(402,216	)		(827,431	)		(646,177	)		64,108			(241,585	)		(780,717	)		(241,089	)		(629,903	)
Transfers (to) and from fixed dollar contract		(156,853	)		(49,387	)		(56,584	)		47,594			(80,268	)		1,721			(232,787	)		(134,283	)
Withdrawals and surrenders		(1,007,811	)		(2,421,805	)		(1,385,345	)		(1,234,208	)		(918,549	)		(1,276,417	)		(2,835,551	)		(3,806,150	)
Surrender charges (note 2)		(3,790	)		(6,321	)		(641	)		(2,096	)		(2,864	)		(2,893	)		(7,921	)		(7,851	)
Annual contract charges (note 2)		(18,236	)		(21,063	)		(10,940	)		(12,643	)		(8,949	)		(11,068	)		(17,882	)		(18,325	)
Annuity and death benefit payments		(128,852	)		(281,339	)		(105,599	)		(214,500	)		(126,001	)		(164,530	)		(520,196	)		(502,538	)

Net equity transactions		(1,676,044	)		(3,558,698	)		(2,134,049	)		(1,307,169	)		(1,299,449	)		(2,158,091	)		(3,779,400	)		(5,020,019	)

Net change in contract owners’ equity		(5,439,145	)		(2,031,984	)		(5,615,669	)		716,751			(3,830,830	)		(1,503,254	)		(5,980,247	)		(3,443,036	)
Contract owners’ equity:
Beginning of period		10,511,235			12,543,219			8,496,729			7,779,978			6,503,514			8,006,768			15,808,334			19,251,370

End of period	$	5,072,090		$	10,511,235		$	2,881,060		$	8,496,729		$	2,672,684		$	6,503,514		$	9,828,087		$	15,808,334

Change in units:
Beginning units		870,912			1,174,342			275,304			319,247			520,259			688,367			907,970			1,199,353

Units purchased		23,640			32,114			32,960			49,046			14,910			31,427			43,670			46,177
Units redeemed		(186,763	)		(335,544	)		(111,830	)		(92,989	)		(144,222	)		(199,535	)		(270,368	)		(337,560	)

Ending units		707,789			870,912			196,434			275,304			390,947			520,259			681,272			907,970

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Legg Mason Partners Variable Equity Trust — Class I (note 4)
	Fundamental Value						Capital and Income						Investors						All Cap			Total Return
	Subaccount						Subaccount						Subaccount						Subaccount			Subaccount
	2008			2007			2008			2007			2008			2007			2007			2007


Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	66,604		$	59,829		$	(20,129	)	$	29,085		$	14,142		$	418		$	(21,618	)	$	26,937
Reinvested capital gains		11,466			878,778			113,625			1,078,554			220,326			214,653			918,513			44,801
Realized gain (loss)		(1,473,749	)		(75,543	)		(691,166	)		8,340			(208,831	)		299,083			3,421,861			1,034,690
Unrealized gain (loss)		(5,399,410	)		(1,792,494	)		(1,553,389	)		(1,098,145	)		(3,436,676	)		(353,733	)		(3,443,829	)		(903,689	)

Net increase (decrease) in contract owners’ equity from operations		(6,795,089	)		(929,430	)		(2,151,059	)		17,834			(3,411,039	)		160,421			874,927			202,739

Equity transactions:
Contract purchase payments (note 1)		1,729,080			1,783,760			161,773			309,474			1,833,319			1,003,047			456,836			66,289
Extra credit fund deposit (note 1)		3,220			1,839			149			1,577			6,579			8,916			1,146			854
Transfers (to) and from other subaccounts		(1,478,880	)		17,785,623			(503,691	)		6,878,424			(513,823	)		49,188			(17,849,373	)		(6,906,415	)
Transfers (to) and from fixed dollar contract		995,082			834,460			(133,649	)		100,851			1,019,551			613,247			257,143			110,434
Withdrawals and surrenders		(927,936	)		(834,668	)		(542,452	)		(401,828	)		(453,646	)		(598,121	)		(320,915	)		(362,568	)
Surrender charges (note 2)		(11,737	)		(5,485	)		(1,993	)		(2,075	)		(2,744	)		(3,517	)		(2,090	)		(1,424	)
Annual contract charges (note 2)		(92,417	)		(43,902	)		(17,451	)		(8,084	)		(33,793	)		(16,506	)		(19,661	)		(5,486	)
Annuity and death benefit payments		(376,932	)		(387,097	)		(117,471	)		(136,921	)		(185,620	)		(101,523	)		(66,670	)		(55,075	)

Net equity transactions		(160,520	)		19,134,530			(1,154,785	)		6,741,418			1,669,823			954,731			(17,543,584	)		(7,153,391	)

Net change in contract owners’ equity		(6,955,609	)		18,205,100			(3,305,844	)		6,759,252			(1,741,216	)		1,115,152			(16,668,657	)		(6,950,652	)
Contract owners’ equity:
Beginning of period		18,205,100			0			6,759,252			0			8,126,260			7,011,108			16,668,657			6,950,652

End of period	$	11,249,491		$	18,205,100		$	3,453,408		$	6,759,252		$	6,385,044		$	8,126,260		$	0		$	0

Change in units:
Beginning units		933,351			0			494,823			0			498,088			440,848			852,823			524,920

Units purchased		261,481			1,106,385			51,885			576,486			282,654			150,994			124,052			37,716
Units redeemed		(275,097	)		(173,034	)		(152,469	)		(81,663	)		(170,536	)		(93,754	)		(976,875	)		(562,636	)

Ending units		919,735			933,351			394,239			494,823			610,206			498,088			0			0

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Wells Fargo Advantage Variable Trust Funds
	Opportunity						Small/Mid Cap Value						Discovery
	Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	42,853		$	(99,446	)	$	(9,749	)	$	(15,576	)	$	(106,620	)	$	(176,337	)
Reinvested capital gains		1,682,869			1,704,189			140,920			181,501			0			0
Realized gain (loss)		(615,964	)		885,088			(17,890	)		112,832			693,597			2,326,691
Unrealized gain (loss)		(4,585,432	)		(1,614,601	)		(469,859	)		(286,128	)		(4,794,785	)		449,557

Net increase (decrease) in contract owners’ equity from operations		(3,475,674	)		875,230			(356,578	)		(7,371	)		(4,207,808	)		2,599,911

Equity transactions:
Contract purchase payments (note 1)		0			21,699			0			356			18,100			16,988
Extra credit fund deposit (note 1)		0			81			0			0			0			(12	)
Transfers (to) and from other subaccounts		(732,755	)		(3,739,092	)		(107,853	)		(216,325	)		(930,262	)		(3,735,618	)
Transfers (to) and from fixed dollar contract		(192,789	)		(7,844	)		(18,372	)		(20,531	)		(105,774	)		(38,227	)
Withdrawals and surrenders		(1,583,522	)		(2,287,562	)		(30,663	)		(243,232	)		(1,168,966	)		(3,005,359	)
Surrender charges (note 2)		(5,679	)		(15,464	)		(54	)		(845	)		(5,024	)		(16,143	)
Annual contract charges (note 2)		(12,636	)		(19,783	)		(1,058	)		(1,619	)		(13,013	)		(18,102	)
Annuity and death benefit payments		(293,693	)		(165,575	)		(9,348	)		(25,753	)		(245,420	)		(222,066	)

Net equity transactions		(2,821,074	)		(6,213,540	)		(167,348	)		(507,949	)		(2,450,359	)		(7,018,539	)

Net change in contract owners’ equity		(6,296,748	)		(5,338,310	)		(523,926	)		(515,320	)		(6,658,167	)		(4,418,628	)
Contract owners’ equity:
Beginning of period		10,727,297			16,065,607			933,476			1,448,796			11,200,880			15,619,508

End of period	$	4,430,549		$	10,727,297		$	409,550		$	933,476		$	4,542,713		$	11,200,880

Change in units:
Beginning units		602,019			950,101			61,522			92,373			658,290			1,131,665

Units purchased		0			6,038			0			23			0			6,513
Units redeemed		(181,388	)		(354,120	)		(11,938	)		(30,874	)		(172,687	)		(479,888	)

Ending units		420,631			602,019			49,584			61,522			485,603			658,290

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Van Kampen Universal Institutional Funds — Class I
	Core Plus Fixed Income						U.S. Real Estate						Value						Emerging Markets Debt
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	127,726		$	61,982		$	183,399		$	(32,108	)	$	2,668		$	1,539		$	1,377		$	6,587
Reinvested capital gains		0			0			3,238,970			1,512,636			19,100			28,781			952			3,465
Realized gain (loss)		(92,450	)		36,979			(1,112,223	)		1,676,879			(24,483	)		100,625			1,234			11,693
Unrealized gain (loss)		(489,237	)		25,450			(5,660,231	)		(6,260,338	)		(31,940	)		(126,314	)		(5,159	)		(16,160	)

Net increase (decrease) in contract owners’ equity from operations		(453,961	)		124,411			(3,350,085	)		(3,102,931	)		(34,655	)		4,631			(1,596	)		5,585

Equity transactions:
Contract purchase payments (note 1)		10,870			4,172			120,357			168,890			0			0			0			0
Extra credit fund deposit (note 1)		90			55			902			1,506			0			0			0			0
Transfers (to) and from other subaccounts		1,230,539			897,416			(1,197,587	)		(2,493,180	)		(124,483	)		(277,360	)		(52,239	)		(19,697	)
Transfers (to) and from fixed dollar contract		(4,889	)		40,245			(430,376	)		106,798			0			0			0			0
Withdrawals and surrenders		(537,373	)		(358,291	)		(1,792,251	)		(2,181,967	)		(25,481	)		(191,983	)		(719	)		(69,204	)
Surrender charges (note 2)		(1,177	)		(2,269	)		(15,088	)		(15,131	)		(11	)		(1,090	)		(5	)		(114	)
Annual contract charges (note 2)		(4,461	)		(2,460	)		(13,227	)		(17,503	)		(106	)		(382	)		(84	)		(89	)
Annuity and death benefit payments		(170,062	)		(90,619	)		(154,779	)		(293,960	)		(12,932	)		(65,861	)		0			0

Net equity transactions		523,537			488,249			(3,482,049	)		(4,724,547	)		(163,013	)		(536,676	)		(53,047	)		(89,104	)

Net change in contract owners’ equity		69,576			612,660			(6,832,134	)		(7,827,478	)		(197,668	)		(532,045	)		(54,643	)		(83,519	)
Contract owners’ equity:
Beginning of period		3,451,757			2,839,097			11,966,644			19,794,122			223,519			755,564			60,189			143,708

End of period	$	3,521,333		$	3,451,757		$	5,134,510		$	11,966,644		$	25,851		$	223,519		$	5,546		$	60,189

Change in units:
Beginning units		233,638			199,912			417,852			564,169			15,599			50,693			3,141			7,879

Units purchased		142,969			117,784			70,010			130,917			0			9			0			61
Units redeemed		(107,653	)		(84,058	)		(196,803	)		(277,234	)		(12,838	)		(35,103	)		(2,796	)		(4,799	)

Ending units		268,954			233,638			291,059			417,852			2,761			15,599			345			3,141

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Goldman Sachs Variable Insurance Trust — Institutional Shares
	Growth and Income						Structured U.S. Equity						Capital Growth
	Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	2,463,470		$	2,453,072		$	94,649		$	(210,632	)	$	(152,059	)	$	(177,809	)
Reinvested capital gains		30,923			27,455,243			379,286			4,282,650			0			0
Realized gain (loss)		(15,283,673	)		1,042,513			(1,905,120	)		2,506,601			1,853			684,785
Unrealized gain (loss)		(111,776,123	)		(35,040,629	)		(18,589,295	)		(7,965,313	)		(6,255,673	)		802,567

Net increase (decrease) in contract owners’ equity from operations		(124,565,403	)		(4,089,801	)		(20,020,480	)		(1,386,694	)		(6,405,879	)		1,309,543

Equity transactions:
Contract purchase payments (note 1)		23,674,565			75,054,184			473,112			2,268,229			355,940			924,839
Extra credit fund deposit (note 1)		64,524			332,934			1,611			12,221			470			8,659
Transfers (to) and from other subaccounts		21,790,250			48,291,952			(1,698,579	)		(6,730,736	)		224,014			(959,563	)
Transfers (to) and from fixed dollar contract		34,859,313			46,487,573			443,944			1,306,790			166,416			364,795
Withdrawals and surrenders		(8,262,520	)		(6,797,802	)		(2,625,354	)		(3,202,639	)		(674,213	)		(1,044,433	)
Surrender charges (note 2)		(172,187	)		(113,136	)		(42,279	)		(37,642	)		(6,979	)		(8,867	)
Annual contract charges (note 2)		(2,553,897	)		(1,008,158	)		(314,253	)		(354,040	)		(72,973	)		(58,425	)
Annuity and death benefit payments		(5,968,292	)		(3,900,671	)		(1,006,484	)		(1,240,034	)		(281,469	)		(226,604	)

Net equity transactions		63,431,756			158,346,876			(4,768,282	)		(7,977,851	)		(288,794	)		(999,599	)

Net change in contract owners’ equity		(61,133,647	)		154,257,075			(24,788,762	)		(9,364,545	)		(6,694,673	)		309,944
Contract owners’ equity:
Beginning of period		296,607,441			142,350,366			55,982,213			65,346,758			15,497,964			15,188,020

End of period	$	235,473,794		$	296,607,441		$	31,193,451		$	55,982,213		$	8,803,291		$	15,497,964

Change in units:
Beginning units		24,390,981			11,720,274			4,546,088			5,146,605			1,244,487			1,325,319

Units purchased		10,656,910			15,132,577			504,797			743,068			283,767			298,258
Units redeemed		(5,075,730	)		(2,461,870	)		(975,758	)		(1,343,585	)		(298,102	)		(379,090	)

Ending units		29,972,161			24,390,981			4,075,127			4,546,088			1,230,152			1,244,487

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Lazard Retirement Series, Inc.
							U.S. Small Cap Equity						U.S. Strategic Equity						International Equity
	Emerging Markets Equity Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	2,127,557		$	194,144		$	(359,780	)	$	(493,652	)	$	(2,082	)	$	1,266		$	873,879		$	1,617,440
Reinvested capital gains		11,707,841			22,074,080			0			13,892,998			0			245,723			595,123			13,094,718
Realized gain (loss)		(10,225,129	)		5,476,177			(4,534,273	)		301,580			(164,097	)		18,627			(13,616,891	)		(415,447	)
Unrealized gain (loss)		(105,717,493	)		2,240,861			(6,942,405	)		(16,693,359	)		(363,049	)		(314,295	)		(59,489,426	)		(9,691,950	)

Net increase (decrease) in contract owners’ equity from operations		(102,107,224	)		29,985,262			(11,836,458	)		(2,992,433	)		(529,228	)		(48,679	)		(71,637,315	)		4,604,761

Equity transactions:
Contract purchase payments (note 1)		35,517,547			39,207,507			2,110,121			2,027,541			214,472			502,094			49,682,719			34,381,561
Extra credit fund deposit (note 1)		106,815			152,460			6,993			6,406			1,726			2,567			111,097			125,687
Transfers (to) and from other subaccounts		255,339			18,618,399			(711,237	)		(2,786,090	)		356,032			296,027			26,793,746			54,617,174
Transfers (to) and from fixed dollar contract		25,022,190			14,273,576			369,237			1,695,534			120,815			108,792			48,080,203			16,136,100
Withdrawals and surrenders		(4,766,298	)		(4,364,710	)		(2,137,191	)		(3,000,790	)		(11,139	)		(34,803	)		(2,699,565	)		(1,126,821	)
Surrender charges (note 2)		(66,665	)		(70,523	)		(20,683	)		(27,412	)		(131	)		(1,730	)		(56,062	)		(18,118	)
Annual contract charges (note 2)		(1,069,819	)		(364,845	)		(140,336	)		(115,852	)		(9,829	)		(3,165	)		(1,180,733	)		(183,472	)
Annuity and death benefit payments		(2,337,191	)		(1,340,086	)		(426,408	)		(457,074	)		(23,444	)		(12,887	)		(3,135,964	)		(1,011,487	)

Net equity transactions		52,661,918			66,111,778			(949,504	)		(2,657,737	)		648,502			856,895			117,595,441			102,920,624

Net change in contract owners’ equity		(49,445,306	)		96,097,040			(12,785,962	)		(5,650,170	)		119,274			808,216			45,958,126			107,525,385
Contract owners’ equity:
Beginning of period		168,506,926			72,409,886			32,808,056			38,458,226			1,289,466			481,250			117,843,792			10,318,407

End of period	$	119,061,620		$	168,506,926		$	20,022,094		$	32,808,056		$	1,408,740		$	1,289,466		$	163,801,918		$	117,843,792

Change in units:
Beginning units		4,950,816			2,790,680			1,867,226			2,001,144			107,537			39,223			7,793,330			747,497

Units purchased		4,133,572			3,372,206			493,072			470,385			106,841			95,915			12,276,122			7,722,415
Units redeemed		(2,150,289	)		(1,212,070	)		(538,332	)		(604,303	)		(30,312	)		(27,601	)		(2,642,061	)		(676,582	)

Ending units		6,934,099			4,950,816			1,821,966			1,867,226			184,066			107,537			17,427,391			7,793,330

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


													UBS Series Trust						Old Mutual Insurance
	The Prudential Series Fund, Inc.												Class I						Series Fund
																			Technology &
	Jennison 20/20 Focus						Jennison						U.S. Allocation						Communications
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(1,708,442	)	$	(746,537	)	$	(109,496	)	$	(135,979	)	$	60,503		$	62,954		$	(15,147	)	$	(25,611	)
Reinvested capital gains		7,816,743			9,806,907			0			0			0			0			0			0
Realized gain (loss)		(9,214,834	)		1,439,501			(107,179	)		198,556			(5,520	)		358,265			(688,766	)		(488,166	)
Unrealized gain (loss)		(66,354,710	)		(6,335,043	)		(3,948,637	)		933,503			(1,771,805	)		(328,599	)		291,107			1,020,219

Net increase (decrease) in contract owners’ equity from operations		(69,461,243	)		4,164,828			(4,165,312	)		996,080			(1,716,822	)		92,620			(412,806	)		506,442

Equity transactions:
Contract purchase payments (note 1)		35,196,351			27,599,615			395,306			1,497,349			0			360			0			5,606
Extra credit fund deposit (note 1)		59,659			73,768			72			1,963			0			0			0			18
Transfers (to) and from other subaccounts		35,096,446			32,555,543			(1,119,467	)		(155,118	)		(142,344	)		(1,401,817	)		(1,019,090	)		(612,730	)
Transfers (to) and from fixed dollar contract		27,120,094			11,446,010			359,014			434,333			(70,788	)		(9,688	)		(36,677	)		118
Withdrawals and surrenders		(4,214,396	)		(3,155,561	)		(517,033	)		(571,645	)		(310,368	)		(1,005,580	)		(190,184	)		(476,150	)
Surrender charges (note 2)		(61,953	)		(43,162	)		(5,617	)		(5,224	)		(1,880	)		(7,715	)		(512	)		(4,022	)
Annual contract charges (note 2)		(971,758	)		(254,417	)		(52,974	)		(39,536	)		(12,099	)		(17,656	)		(2,986	)		(4,071	)
Annuity and death benefit payments		(2,196,699	)		(759,690	)		(156,765	)		(146,379	)		(118,765	)		(102,732	)		(12,302	)		(40,645	)

Net equity transactions		90,027,744			67,462,106			(1,097,464	)		1,015,743			(656,244	)		(2,544,828	)		(1,261,751	)		(1,131,876	)

Net change in contract owners’ equity		20,566,501			71,626,934			(5,262,776	)		2,011,823			(2,373,066	)		(2,452,208	)		(1,674,557	)		(625,434	)
Contract owners’ equity:
Beginning of period		109,998,310			38,371,376			11,486,264			9,474,441			5,259,823			7,712,031			1,674,557			2,299,991

End of period	$	130,564,811		$	109,998,310		$	6,223,488		$	11,486,264		$	2,886,757		$	5,259,823		$	0		$	1,674,557

Change in units:
Beginning units		7,180,690			2,718,252			1,433,204			1,299,121			498,908			735,452			661,678			1,195,252

Units purchased		9,536,171			5,637,026			255,056			363,631			0			1,773			0			14,228
Units redeemed		(2,466,683	)		(1,174,588	)		(431,945	)		(229,548	)		(69,433	)		(238,317	)		(661,678	)		(547,802	)

Ending units		14,250,178			7,180,690			1,256,315			1,433,204			429,475			498,908			0			661,678

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Fidelity Variable Insurance Products Fund — Service Class 2
	VIP Mid Cap						VIP Contrafund						VIP Growth
	Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(2,044,453	)	$	(1,638,463	)	$	(1,117,916	)	$	(956,192	)	$	(232,706	)	$	(274,432	)
Reinvested capital gains		30,451,579			16,406,561			7,272,735			70,835,376			0			21,845
Realized gain (loss)		(7,735,807	)		5,408,821			(28,090,166	)		3,580,973			(1,211,655	)		853,139
Unrealized gain (loss)		(113,057,363	)		3,888,390			(127,831,765	)		(40,256,673	)		(18,034,218	)		5,460,840

Net increase (decrease) in contract owners’ equity from operations		(92,386,044	)		24,065,309			(149,767,112	)		33,203,484			(19,478,579	)		6,061,392

Equity transactions:
Contract purchase payments (note 1)		22,058,704			32,005,425			44,035,414			53,601,493			4,302,076			5,018,775
Extra credit fund deposit (note 1)		83,507			122,243			127,095			182,781			22,870			29,155
Transfers (to) and from other subaccounts		(9,742,281	)		(3,189,095	)		3,266,828			26,940,448			453,786			3,675,602
Transfers (to) and from fixed dollar contract		14,872,524			14,849,189			32,059,277			29,071,475			2,511,392			768,019
Withdrawals and surrenders		(9,175,679	)		(11,896,563	)		(11,093,047	)		(11,290,199	)		(1,835,496	)		(2,407,389	)
Surrender charges (note 2)		(103,698	)		(152,666	)		(134,853	)		(137,459	)		(24,470	)		(20,749	)
Annual contract charges (note 2)		(1,230,403	)		(772,500	)		(1,715,782	)		(829,047	)		(131,181	)		(58,874	)
Annuity and death benefit payments		(3,143,732	)		(3,208,598	)		(4,207,183	)		(3,009,179	)		(782,707	)		(665,241	)

Net equity transactions		13,618,942			27,757,435			62,337,749			94,530,313			4,516,270			6,339,298

Net change in contract owners’ equity		(78,767,102	)		51,822,744			(87,429,363	)		127,733,797			(14,962,309	)		12,400,690
Contract owners’ equity:
Beginning of period		219,298,638			167,475,894			299,423,962			171,690,165			36,244,270			23,843,580

End of period	$	140,531,536		$	219,298,638		$	211,994,599		$	299,423,962		$	21,281,961		$	36,244,270

Change in units:
Beginning units		9,428,743			8,191,215			19,945,934			13,241,862			4,224,703			3,472,525

Units purchased		3,282,365			3,583,751			11,030,543			9,943,785			2,255,752			1,785,325
Units redeemed		(2,563,300	)		(2,346,223	)		(6,020,112	)		(3,239,713	)		(1,711,313	)		(1,033,147	)

Ending units		10,147,808			9,428,743			24,956,365			19,945,934			4,769,142			4,224,703

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Janus Aspen Series — Service Shares
	Large Cap Growth						Worldwide Growth						Balanced						International Growth
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(145,519	)	$	(159,579	)	$	(40,106	)	$	(136,256	)	$	692,738		$	585,659		$	(476,838	)	$	(1,737,203	)
Reinvested capital gains		0			0			0			0			4,344,058			0			39,538,272			0
Realized gain (loss)		(1,158,775	)		(160,547	)		134,329			1,484,805			1,138,400			1,997,410			(11,511,433	)		12,770,030
Unrealized gain (loss)		(8,499,947	)		2,861,972			(8,045,075	)		(150,593	)		(17,651,281	)		2,704,869			(196,542,569	)		39,992,263

Net increase (decrease) in contract owners’ equity from operations		(9,804,241	)		2,541,846			(7,950,852	)		1,197,956			(11,476,085	)		5,287,938			(168,992,568	)		51,025,090

Equity transactions:
Contract purchase payments (note 1)		2,618,205			1,966,619			1,333,290			2,427,003			7,683,967			4,047,695			32,437,598			77,182,932
Extra credit fund deposit (note 1)		4,940			25,654			2,306			9,902			46,153			24,558			104,056			360,543
Transfers (to) and from other subaccounts		2,311,845			(1,445,562	)		(247,565	)		(219,775	)		(278,842	)		367,939			6,015,905			6,404,358
Transfers (to) and from fixed dollar contract		1,188,150			1,203,839			720,547			641,261			2,743,705			2,225,017			23,159,153			50,534,244
Withdrawals and surrenders		(1,192,870	)		(2,689,582	)		(1,326,834	)		(1,903,343	)		(7,904,786	)		(6,587,100	)		(7,642,779	)		(6,059,081	)
Surrender charges (note 2)		(13,215	)		(16,934	)		(14,054	)		(15,223	)		(39,757	)		(45,250	)		(130,108	)		(92,628	)
Annual contract charges (note 2)		(96,825	)		(44,683	)		(57,161	)		(40,540	)		(210,832	)		(113,470	)		(1,920,782	)		(777,438	)
Annuity and death benefit payments		(562,696	)		(542,307	)		(323,916	)		(436,172	)		(1,561,277	)		(1,353,971	)		(4,074,217	)		(3,313,989	)

Net equity transactions		4,257,534			(1,542,956	)		86,613			463,113			478,331			(1,434,582	)		47,948,826			124,238,941

Net change in contract owners’ equity		(5,546,707	)		998,890			(7,864,239	)		1,661,069			(10,997,754	)		3,853,356			(121,043,742	)		175,264,031
Contract owners’ equity:
Beginning of period		21,044,976			20,046,086			17,618,031			15,956,962			65,217,546			61,364,190			286,219,308			110,955,277

End of period	$	15,498,269		$	21,044,976		$	9,753,792		$	17,618,031		$	54,219,792		$	65,217,546		$	165,175,566		$	286,219,308

Change in units:
Beginning units		2,854,509			3,087,240			2,392,107			2,339,206			5,140,481			5,266,714			17,545,578			8,553,817

Units purchased		1,459,730			839,707			802,414			890,602			2,094,845			1,046,527			10,090,948			14,500,803
Units redeemed		(774,707	)		(1,072,438	)		(770,263	)		(837,701	)		(2,085,980	)		(1,172,760	)		(6,112,832	)		(5,509,042	)

Ending units		3,539,532			2,854,509			2,424,258			2,392,107			5,149,346			5,140,481			21,523,694			17,545,578

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	J.P. Morgan Series Trust II
	Small Company						Mid Cap Value
	Subaccount						Subaccount
	2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(178,620	)	$	(293,626	)	$	(294,167	)	$	(766,826	)
Reinvested capital gains		1,754,370			1,049,815			11,041,944			7,345,810
Realized gain (loss)		(892,982	)		694,491			(5,744,721	)		2,542,766
Unrealized gain (loss)		(6,408,530	)		(2,908,588	)		(63,204,832	)		(8,408,196	)

Net increase (decrease) in contract owners’ equity from operations		(5,725,762	)		(1,457,908	)		(58,201,776	)		713,554

Equity transactions:
Contract purchase payments (note 1)		595,961			1,550,792			11,365,933			29,763,464
Extra credit fund deposit (note 1)		4,207			8,497			27,296			74,732
Transfers (to) and from other subaccounts		(2,068,542	)		(1,504,822	)		(16,729,088	)		(4,645,001	)
Transfers (to) and from fixed dollar contract		313,400			575,846			7,894,098			13,422,902
Withdrawals and surrenders		(1,205,753	)		(1,824,710	)		(7,177,500	)		(6,119,494	)
Surrender charges (note 2)		(12,392	)		(19,769	)		(87,855	)		(95,174	)
Annual contract charges (note 2)		(94,398	)		(90,813	)		(1,125,198	)		(850,663	)
Annuity and death benefit payments		(299,014	)		(396,907	)		(2,467,455	)		(2,668,310	)

Net equity transactions		(2,766,531	)		(1,701,886	)		(8,299,769	)		28,882,456

Net change in contract owners’ equity		(8,492,293	)		(3,159,794	)		(66,501,545	)		29,596,010
Contract owners’ equity:
Beginning of period		20,047,609			23,207,403			176,211,200			146,615,190

End of period	$	11,555,316		$	20,047,609		$	109,709,655		$	176,211,200

Change in units:
Beginning units		1,508,468			1,624,175			8,411,964			7,073,341

Units purchased		246,117			345,917			1,819,173			3,177,735
Units redeemed		(459,073	)		(461,624	)		(2,288,867	)		(1,839,112	)

Ending units		1,295,512			1,508,468			7,942,270			8,411,964

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	AllianceBernstein Variable Product Series Fund, Inc. - Class B
	Global Bond						Growth & Income						Small Cap Growth
	Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(618	)	$	4,500		$	3,283		$	(2,067	)	$	(934	)	$	(1,783	)
Reinvested capital gains		0			0			100,260			50,939			0			0
Realized gain (loss)		30,605			(611	)		(61,373	)		123,343			26,160			20,864
Unrealized gain (loss)		(14,225	)		18,451			(254,251	)		(122,961	)		(50,217	)		(2,755	)

Net increase (decrease) in contract owners’ equity from operations		15,762			22,340			(212,081	)		49,254			(24,991	)		16,326

Equity transactions:
Contract purchase payments (note 1)		0			0			0			0			0			0
Extra credit fund deposit (note 1)		0			0			0			0			0			0
Transfers (to) and from other subaccounts		(238,127	)		(60,742	)		(339,614	)		(412,368	)		(75,906	)		242
Transfers (to) and from fixed dollar contract		0			713			(7,195	)		(6,024	)		(401	)		0
Withdrawals and surrenders		(106	)		(27,378	)		(42,215	)		(183,394	)		(3,476	)		(52,350	)
Surrender charges (note 2)		(1	)		(267	)		(67	)		(658	)		(46	)		(17	)
Annual contract charges (note 2)		0			(18	)		(437	)		(955	)		(23	)		(199	)
Annuity and death benefit payments		(46,588	)		(2,241	)		(6,022	)		(5,096	)		(370	)		0

Net equity transactions		(284,822	)		(89,933	)		(395,550	)		(608,495	)		(80,222	)		(52,324	)

Net change in contract owners’ equity		(269,060	)		(67,593	)		(607,631	)		(559,241	)		(105,213	)		(35,998	)
Contract owners’ equity:
Beginning of period		269,060			336,653			792,280			1,351,521			119,657			155,655

End of period	$	0		$	269,060		$	184,649		$	792,280		$	14,444		$	119,657

Change in units:
Beginning units		20,287			27,705			60,262			106,351			7,416			10,774

Units purchased		0			123			0			129			0			86
Units redeemed		(20,287	)		(7,541	)		(36,207	)		(46,218	)		(5,746	)		(3,444	)

Ending units		0			20,287			24,055			60,262			1,670			7,416

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	MFS Variable Insurance Trust — Service Class
	New Discovery						Investors Growth Stock						Mid Cap Growth						Total Return
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(51,717	)	$	(45,044	)	$	(50,948	)	$	(61,646	)	$	(283,064	)	$	(324,944	)	$	1,056,564		$	770,546
Reinvested capital gains		787,015			215,621			227,623			0			3,079,268			816,209			4,203,785			1,876,499
Realized gain (loss)		(477,783	)		196,495			(2,432	)		202,729			(1,816,967	)		276,256			(1,805,524	)		1,107,881
Unrealized gain (loss)		(2,205,177	)		(391,140	)		(2,478,655	)		314,079			(14,697,553	)		532,359			(20,727,741	)		(1,900,117	)

Net increase (decrease) in contract owners’ equity from operations		(1,947,662	)		(24,068	)		(2,304,412	)		455,162			(13,718,316	)		1,299,880			(17,272,916	)		1,854,809

Equity transactions:
Contract purchase payments (note 1)		545,389			1,043,816			792,285			632,955			888,334			8,436,068			4,123,702			7,001,060
Extra credit fund deposit (note 1)		2,702			2,536			7,108			9,242			3,977			50,888			7,979			27,810
Transfers (to) and from other subaccounts		(113,421	)		515,395			165,966			79,538			468,104			67,450			(6,707,449	)		(791,529	)
Transfers (to) and from fixed dollar contract		673,464			152,629			270,628			62,012			541,541			6,851,346			1,360,806			5,529,137
Withdrawals and surrenders		(262,408	)		(415,420	)		(288,939	)		(385,024	)		(862,633	)		(848,592	)		(6,157,740	)		(6,122,567	)
Surrender charges (note 2)		(3,630	)		(2,658	)		(2,244	)		(1,868	)		(16,409	)		(18,602	)		(70,645	)		(78,455	)
Annual contract charges (note 2)		(22,021	)		(12,499	)		(22,669	)		(16,943	)		(204,563	)		(96,719	)		(297,992	)		(209,607	)
Annuity and death benefit payments		(51,166	)		(60,484	)		(70,192	)		(88,924	)		(512,102	)		(438,429	)		(1,656,405	)		(1,987,448	)

Net equity transactions		768,909			1,223,315			851,943			290,988			306,249			14,003,410			(9,397,744	)		3,368,401

Net change in contract owners’ equity		(1,178,753	)		1,199,247			(1,452,469	)		746,150			(13,412,067	)		15,303,290			(26,670,660	)		5,223,210
Contract owners’ equity:
Beginning of period		4,230,810			3,031,563			5,572,534			4,826,384			28,055,529			12,752,239			78,858,870			73,635,660

End of period	$	3,052,057		$	4,230,810		$	4,120,065		$	5,572,534		$	14,643,462		$	28,055,529		$	52,188,210		$	78,858,870

Change in units:
Beginning units		338,271			242,559			469,454			445,801			2,684,663			1,318,511			5,720,719			5,475,089

Units purchased		239,825			196,983			203,464			126,452			1,139,721			2,185,839			943,703			1,403,969
Units redeemed		(172,332	)		(101,271	)		(118,523	)		(102,799	)		(891,484	)		(819,687	)		(1,724,035	)		(1,158,339	)

Ending units		405,764			338,271			554,395			469,454			2,932,900			2,684,663			4,940,387			5,720,719

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	PIMCO Variable Insurance Trust — Administrative Shares
																			Commodity
																			Real Return
	Real Return						Total Return						Global Bond						Strategy
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008 (c)

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	5,348,306		$	6,755,608		$	14,039,292		$	9,236,701		$	1,660,039		$	478,749		$	23,795
Reinvested capital gains		334,492			503,650			9,597,373			0			0			64,320			19,330
Realized gain (loss)		(6,454,863	)		(1,138,424	)		2,485,214			884,004			(2,140,285	)		25,568			(99,788	)
Unrealized gain (loss)		(23,129,757	)		12,053,266			(10,891,572	)		12,963,581			(5,256,603	)		1,514,206			(303,770	)

Net increase (decrease) in contract owners’ equity from operations		(23,901,822	)		18,174,100			15,230,307			23,084,286			(5,736,849	)		2,082,843			(360,433	)

Equity transactions:
Contract purchase payments (note 1)		28,522,349			14,777,725			81,809,515			93,203,735			17,070,458			3,957,416			370,971
Extra credit fund deposit (note 1)		97,006			69,604			228,845			483,921			57,945			26,441			260
Transfers (to) and from other subaccounts		(14,711,438	)		(5,932,018	)		(50,397,105	)		68,573,866			48,925,470			3,814,722			1,279,317
Transfers (to) and from fixed dollar contract		22,480,823			10,456,449			68,745,214			69,015,750			15,178,459			4,328,924			134,820
Withdrawals and surrenders		(10,655,265	)		(10,148,523	)		(13,323,997	)		(9,202,459	)		(2,692,151	)		(919,227	)		(1,127	)
Surrender charges (note 2)		(177,205	)		(142,472	)		(275,000	)		(146,073	)		(42,028	)		(10,255	)		0
Annual contract charges (note 2)		(1,584,990	)		(1,022,779	)		(3,480,402	)		(1,125,180	)		(586,351	)		(85,635	)		(3,372	)
Annuity and death benefit payments		(5,222,587	)		(4,023,145	)		(9,801,774	)		(5,206,023	)		(1,528,315	)		(422,057	)		(2,723	)

Net equity transactions		18,748,693			4,034,841			73,505,296			215,597,537			76,383,487			10,690,329			1,778,146

Net change in contract owners’ equity		(5,153,129	)		22,208,941			88,735,603			238,681,823			70,646,638			12,773,172			1,417,713
Contract owners’ equity:
Beginning of period		212,197,536			189,988,595			377,045,372			138,363,549			31,649,114			18,875,942			0

End of period	$	207,044,407		$	212,197,536		$	465,780,975		$	377,045,372		$	102,295,752		$	31,649,114		$	1,417,713

Change in units:
Beginning units		15,714,685			15,376,836			30,283,325			11,943,468			2,328,533			1,503,795			0

Units purchased		9,792,289			5,242,817			23,938,164			24,390,670			8,568,019			1,340,801			265,945
Units redeemed		(8,796,606	)		(4,904,968	)		(18,051,178	)		(6,050,813	)		(3,207,628	)		(516,063	)		(39,010	)

Ending units		16,710,368			15,714,685			36,170,311			30,283,325			7,688,924			2,328,533			226,935


(c)	Period from October 1, 2008, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


							Dreyfus Variable
	Calvert Variable						Investment Fund —
	Series, Inc.						Service Shares						Royce Capital Fund
	Social Equity						Appreciation						Small-Cap						Micro-Cap
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(3,705	)	$	(4,538	)	$	29,887		$	(6,552	)	$	(793,908	)	$	(1,426,111	)	$	1,233,913		$	290,897
Reinvested capital gains		2,306			18,042			686,440			0			11,325,578			5,932,210			9,743,131			7,800,293
Realized gain (loss)		4,492			32,609			(264,967	)		411,038			(3,844,444	)		1,162,565			(5,720,363	)		1,199,327
Unrealized gain (loss)		(135,461	)		(13,668	)		(3,860,600	)		81,376			(47,484,703	)		(11,637,089	)		(50,028,868	)		(8,250,728	)

Net increase (decrease) in contract owners’ equity from operations		(132,368	)		32,445			(3,409,240	)		485,862			(40,797,477	)		(5,968,425	)		(44,772,187	)		1,039,789

Equity transactions:
Contract purchase payments (note 1)		10,539			14,635			1,271,687			1,818,307			22,054,937			25,455,236			11,252,858			22,384,424
Extra credit fund deposit (note 1)		0			0			3,840			2,184			65,727			87,254			49,376			73,978
Transfers (to) and from other subaccounts		(6,641	)		(21,129	)		323,683			(421,514	)		(8,740,968	)		12,993,043			(4,853,420	)		872,457
Transfers (to) and from fixed dollar contract		6,293			2,085			798,832			994,935			16,347,044			13,268,710			8,629,202			10,205,372
Withdrawals and surrenders		(16,980	)		(77,484	)		(439,742	)		(976,168	)		(5,558,900	)		(4,974,119	)		(2,702,487	)		(2,746,493	)
Surrender charges (note 2)		(131	)		(227	)		(3,908	)		(12,302	)		(73,758	)		(72,752	)		(37,227	)		(38,602	)
Annual contract charges (note 2)		(660	)		(690	)		(65,708	)		(41,928	)		(857,366	)		(429,552	)		(603,940	)		(338,169	)
Annuity and death benefit payments		(870	)		(1,833	)		(447,646	)		(170,395	)		(2,303,907	)		(1,727,887	)		(1,300,534	)		(1,203,199	)

Net equity transactions		(8,450	)		(84,643	)		1,441,038			1,193,119			20,932,809			44,599,933			10,433,828			29,209,768

Net change in contract owners’ equity		(140,818	)		(52,198	)		(1,968,202	)		1,678,981			(19,864,668	)		38,631,508			(34,338,359	)		30,249,557
Contract owners’ equity:
Beginning of period		367,097			419,295			10,666,956			8,987,975			132,321,548			93,690,040			93,264,812			63,015,255

End of period	$	226,279		$	367,097		$	8,698,754		$	10,666,956		$	112,456,880		$	132,321,548		$	58,926,453		$	93,264,812

Change in units:
Beginning units		41,236			51,046			710,145			630,474			6,503,959			4,444,365			4,182,119			2,899,163

Units purchased		2,158			2,389			301,260			270,600			3,436,472			3,143,304			1,696,822			2,090,897
Units redeemed		(3,340	)		(12,199	)		(175,636	)		(190,929	)		(2,250,336	)		(1,083,710	)		(1,157,023	)		(807,941	)

Ending units		40,054			41,236			835,769			710,145			7,690,095			6,503,959			4,721,918			4,182,119

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Van Kampen Universal Institutional Funds — Class II
													International
	Core Plus Fixed Income						U.S. Real Estate						Growth Equity						Capital Growth
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	2,533,391		$	94,390		$	1,818,294		$	(341,510	)	$	(1,205,379	)	$	(143,558	)	$	(39,419	)	$	(11,888	)
Reinvested capital gains		0			0			46,463,152			11,034,402			294,626			1,023,900			0			0
Realized gain (loss)		(3,761,862	)		74,933			(20,467,447	)		(356,975	)		(8,010,117	)		161,446			(184,506	)		30,044
Unrealized gain (loss)		(7,821,578	)		926,551			(76,277,086	)		(37,008,481	)		(68,319,247	)		50,358			(1,743,745	)		133,993

Net increase (decrease) in contract owners’ equity from operations		(9,050,049	)		1,095,874			(48,463,087	)		(26,672,564	)		(77,240,117	)		1,092,146			(1,967,670	)		152,149

Equity transactions:
Contract purchase payments (note 1)		28,367,284			15,984,056			15,428,458			30,779,161			33,566,018			19,182,155			1,151,177			853,664
Extra credit fund deposit (note 1)		96,518			62,734			52,325			162,232			71,453			61,671			12,061			12,181
Transfers (to) and from other subaccounts		1,035,331			26,660,998			(4,887,639	)		14,192,553			102,180,803			23,325,119			344,652			845,761
Transfers (to) and from fixed dollar contract		24,110,169			6,013,457			12,766,923			20,708,350			30,819,664			6,671,326			649,070			203,918
Withdrawals and surrenders		(1,287,883	)		(497,637	)		(3,729,999	)		(3,119,580	)		(1,307,057	)		(190,202	)		(18,840	)		(43,614	)
Surrender charges (note 2)		(30,168	)		(11,224	)		(86,449	)		(73,661	)		(33,381	)		(4,707	)		(199	)		(48	)
Annual contract charges (note 2)		(572,315	)		(72,701	)		(925,426	)		(537,292	)		(818,971	)		(50,910	)		(23,031	)		(3,321	)
Annuity and death benefit payments		(1,796,839	)		(307,594	)		(2,187,771	)		(1,875,466	)		(1,882,915	)		(221,758	)		(68,019	)		(18,570	)

Net equity transactions		49,922,097			47,832,089			16,430,422			60,236,297			162,595,614			48,772,694			2,046,871			1,849,971

Net change in contract owners’ equity		40,872,048			48,927,963			(32,032,665	)		33,563,733			85,355,497			49,864,840			79,201			2,002,120
Contract owners’ equity:
Beginning of period		53,202,180			4,274,217			125,844,971			92,281,238			50,426,424			561,584			2,271,551			269,431

End of period	$	94,074,228		$	53,202,180		$	93,812,306		$	125,844,971		$	135,781,921		$	50,426,424		$	2,350,752		$	2,271,551

Change in units:
Beginning units		4,125,337			344,806			5,729,823			3,430,851			4,150,189			52,130			184,720			26,305

Units purchased		7,394,309			4,097,698			3,534,313			3,815,404			19,567,203			4,305,127			309,051			178,031
Units redeemed		(3,263,917	)		(317,167	)		(2,268,550	)		(1,516,432	)		(1,723,131	)		(207,068	)		(113,298	)		(19,616	)

Ending units		8,255,729			4,125,337			6,995,586			5,729,823			21,994,261			4,150,189			380,473			184,720

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


																			Neuberger Berman
	Franklin Templeton Variable Insurance Products Trust — Class 2																		Advisers Management
	Franklin Income						Franklin Flex Cap						Templeton Foreign						Trust — S Class
	Securities						Growth Securities						Securities						AMT Regency
	Subaccount						Subaccount						Subaccount						Subaccount
	2008			2007			2008			2007			2008			2007			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	6,251,573		$	2,286,349		$	(1,701,136	)	$	(456,494	)	$	1,043,164		$	378,500		$	(181,133	)	$	(640,011	)
Reinvested capital gains		3,433,571			707,647			0			0			9,123,188			2,948,722			288,149			2,776,719
Realized gain (loss)		(10,287,613	)		539,730			(5,346,117	)		441,956			(6,133,759	)		802,855			(8,152,779	)		(170,813	)
Unrealized gain (loss)		(52,111,768	)		(2,554,341	)		(56,406,517	)		1,887,781			(50,297,323	)		4,837,766			(61,358,108	)		(3,908,880	)

Net increase (decrease) in contract owners’ equity from operations		(52,714,237	)		979,385			(63,453,770	)		1,873,243			(46,264,730	)		8,967,843			(69,403,871	)		(1,942,985	)

Equity transactions:
Contract purchase payments (note 1)		10,684,350			35,600,964			22,315,925			35,974,772			6,558,981			28,046,167			20,988,221			40,997,262
Extra credit fund deposit (note 1)		24,898			125,896			48,450			142,617			22,676			72,520			49,433			210,299
Transfers (to) and from other subaccounts		(8,962,799	)		24,198,082			31,830,972			56,996,485			(4,064,876	)		14,508,157			17,524,559			27,139,971
Transfers (to) and from fixed dollar contract		18,864,485			29,838,689			35,363,363			14,272,948			8,897,192			10,825,746			19,628,271			29,312,463
Withdrawals and surrenders		(6,395,527	)		(3,705,370	)		(2,431,909	)		(571,187	)		(2,642,110	)		(1,568,899	)		(2,574,539	)		(1,362,988	)
Surrender charges (note 2)		(83,173	)		(64,658	)		(56,530	)		(9,379	)		(45,404	)		(23,239	)		(72,896	)		(33,738	)
Annual contract charges (note 2)		(1,056,014	)		(416,587	)		(1,283,560	)		(142,536	)		(738,772	)		(302,811	)		(1,064,160	)		(325,954	)
Annuity and death benefit payments		(3,030,128	)		(2,024,242	)		(2,867,142	)		(490,768	)		(1,724,730	)		(1,038,833	)		(2,350,873	)		(1,538,875	)

Net equity transactions		10,046,092			83,552,774			82,919,569			106,172,952			6,262,957			50,518,808			52,128,016			94,398,440

Net change in contract owners’ equity		(42,668,145	)		84,532,159			19,465,799			108,046,195			(40,001,773	)		59,486,651			(17,275,855	)		92,455,455
Contract owners’ equity:
Beginning of period		155,783,573			71,251,414			112,755,473			4,709,278			102,995,562			43,508,911			121,495,645			29,040,190

End of period	$	113,115,428		$	155,783,573		$	132,221,272		$	112,755,473		$	62,993,789		$	102,995,562		$	104,219,790		$	121,495,645

Change in units:
Beginning units		12,566,738			5,883,267			8,633,112			407,742			6,743,510			3,246,053			11,732,042			2,852,675

Units purchased		5,085,928			9,037,950			9,577,286			8,687,554			2,295,578			4,418,026			10,197,946			10,664,508
Units redeemed		(4,510,397	)		(2,354,479	)		(2,353,242	)		(462,184	)		(2,032,019	)		(920,569	)		(3,067,630	)		(1,785,141	)

Ending units		13,142,269			12,566,738			15,857,156			8,633,112			7,007,069			6,743,510			18,862,358			11,732,042

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


				Federated
	ALPS Variable			Insurance
	Insurance			Series —			Goldman Sachs Variable
	Trust — Class II			Service Shares			Insurance Trust — Service Shares
	AVS Listed
	Private			Kaufmann			Growth and			Structured			Capital
	Equity			Fund II			Income			U.S. Equity			Growth
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
	2008(d)			2008(d)			2008(d)			2008(d)			2008(d)

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	(7,372	)	$	(20,421	)	$	1,059,270		$	7,214		$	(1,383	)
Reinvested capital gains		0			0			6,273			5,779			0
Realized gain (loss)		(99,231	)		(195,511	)		(1,346,555	)		(7,814	)		(58,689	)
Unrealized gain (loss)		(909,738	)		(1,064,439	)		(8,395,050	)		(72,101	)		(40,924	)

Net increase (decrease) in contract owners’ equity from operations		(1,016,341	)		(1,280,371	)		(8,676,062	)		(66,922	)		(100,996	)

Equity transactions:
Contract purchase payments (note 1)		1,239,086			1,980,552			35,217,976			417,820			623,727
Extra credit fund deposit (note 1)		0			1,048			77,496			767			582
Transfers (to) and from other subaccounts		839,416			2,108,439			7,671,632			88,814			(230,365	)
Transfers (to) and from fixed dollar contract		230,385			900,665			16,404,744			78,955			177,720
Withdrawals and surrenders		(456	)		(29,550	)		(99,751	)		0			0
Surrender charges (note 2)		(5	)		(57	)		(3,821	)		0			0
Annual contract charges (note 2)		(1,119	)		(8,453	)		(194	)		0			0
Annuity and death benefit payments		(6,172	)		(13,791	)		(251,465	)		(3,972	)		(362	)

Net equity transactions		2,301,135			4,938,853			59,016,617			582,384			571,302

Net change in contract owners’ equity		1,284,794			3,658,482			50,340,555			515,462			470,306
Contract owners’ equity:
Beginning of period		0			0			0			0			0

End of period	$	1,284,794		$	3,658,482		$	50,340,555		$	515,462		$	470,306

Change in units:
Beginning units		0			0			0			0			0

Units purchased		376,599			644,896			7,981,906			79,455			124,454
Units redeemed		(31,053	)		(61,936	)		(303,298	)		(723	)		(44,961	)

Ending units		345,546			582,960			7,678,608			78,732			79,493


(d)	Period from May 1, 2008, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Franklin Templeton Variable
	Insurance Products Trust — Class 4
										Franklin
	Franklin			Franklin Flex			Templeton			Templeton VIP
	Income			Cap Growth			Foreign			Founding Funds
	Securities			Securities			Securities			Allocation
	Subaccount			Subaccount			Subaccount			Subaccount
	2008(e)			2008(e)			2008(e)			2008(e)

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	17,908		$	(164,329	)	$	(6,253	)	$	194,403
Reinvested capital gains		29,575			0			120,765			223,898
Realized gain (loss)		(431,231	)		(1,313,416	)		(472,457	)		(345,100	)
Unrealized gain (loss)		(1,788,137	)		(7,624,899	)		(1,759,829	)		(1,867,001	)

Net increase (decrease) in contract owners’ equity from operations		(2,171,885	)		(9,102,644	)		(2,117,774	)		(1,793,800	)

Equity transactions:
Contract purchase payments (note 1)		11,547,819			32,928,113			8,903,023			5,320,793
Extra credit fund deposit (note 1)		24,934			67,385			23,299			1,185
Transfers (to) and from other subaccounts		1,662,957			7,837,157			768,189			2,953,531
Transfers (to) and from fixed dollar contract		4,762,897			16,341,423			2,773,959			2,410,950
Withdrawals and surrenders		(41,344	)		(107,939	)		(15,472	)		(34,151	)
Surrender charges (note 2)		(1,169	)		(4,053	)		(258	)		0
Annual contract charges (note 2)		(25	)		(198	)		(6	)		(8,337	)
Annuity and death benefit payments		(71,052	)		(272,211	)		(38,864	)		(69,855	)

Net equity transactions		17,885,017			56,789,677			12,413,870			10,574,116

Net change in contract owners’ equity		15,713,132			47,687,033			10,296,096			8,780,316
Contract owners’ equity:
Beginning of period		0			0			0			0

End of period	$	15,713,132		$	47,687,033		$	10,296,096		$	8,780,316

Change in units:
Beginning units		0			0			0			0

Units purchased		2,416,826			7,390,810			1,797,471			1,444,670
Units redeemed		(142,410	)		(228,126	)		(135,944	)		(116,734	)

Ending units		2,274,416			7,162,684			1,661,527			1,327,936


(e)	Period from May 1, 2008, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Statements of Changes in Contract Owners’ Equity	For the Periods Ended December 31, 2008 and 2007


	Ivy Funds Variable Insurance
	Portfolios, Inc.
				VIP Global			VIP
	VIP Asset			Natural			Science and
	Strategy			Resources			Technology			Total
	Subaccount			Subaccount			Subaccount			Subaccounts
	2008(f)			2008(f)			2008(f)			2008			2007

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	49,409		$	83,140		$	(1,822	)	$	23,125,860		$	5,091,518
Reinvested capital gains		1,265,623			366,769			42,169			224,011,824			241,750,439
Realized gain (loss)		(110,881	)		(174,318	)		(7,270	)		(247,822,833	)		116,444,597
Unrealized gain (loss)		(998,805	)		(627,612	)		38,257			(2,327,830,409	)		(113,056,292	)

Net increase (decrease) in contract owners’ equity from operations		205,346			(352,021	)		71,334			(2,328,515,558	)		250,230,262

Equity transactions:
Contract purchase payments (note 1)		5,902,450			1,069,281			695,326			1,067,011,075			1,528,276,252
Extra credit fund deposit (note 1)		5,172			440			720			3,042,186			6,443,725
Transfers (to) and from other subaccounts		8,572,693			2,335,593			361,938			0			0
Transfers (to) and from fixed dollar contract		608,071			305,907			27,353			638,423,721			644,694,013
Withdrawals and surrenders		(34,345	)		(649	)		(148	)		(314,455,866	)		(303,752,074	)
Surrender charges (note 2)		(604	)		0			0			(4,253,499	)		(3,584,183	)
Annual contract charges (note 2)		(38,616	)		(6,624	)		(959	)		(39,132,913	)		(19,584,752	)
Annuity and death benefit payments		(42,018	)		(5,779	)		(3,851	)		(128,964,353	)		(93,643,816	)

Net equity transactions		14,972,803			3,698,169			1,080,379			1,221,670,351			1,758,849,165

Net change in contract owners’ equity		15,178,149			3,346,148			1,151,713			(1,106,845,207	)		2,009,079,427
Contract owners’ equity:
Beginning of period		0			0			0			5,983,637,145			3,974,557,718

End of period	$	15,178,149		$	3,346,148		$	1,151,713		$	4,876,791,938		$	5,983,637,145

Change in units:
Beginning units		0			0			0			418,575,896			290,128,907

Units purchased		1,700,713			585,681			158,670			308,257,589			274,664,006
Units redeemed		(33,663	)		(32,180	)		(18,575	)		(195,539,146	)		(146,217,017	)

Ending units		1,667,050			553,501			140,095			531,294,339			418,575,896


(f)	Period from October 1, 2008, date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

Ohio National Variable Account A


Notes to Financial Statements	December 31, 2008


(1)	Basis of Presentation and Summary of Significant Accounting Policies


	A.	Organization and Nature of Operations

Ohio National Variable Account A (the “Account”) is a separate account of The Ohio National Life Insurance Company (“ONLIC”) and all obligations arising under variable annuity contracts are general corporate obligations of ONLIC. The Account is registered as a unit investment trust under the Investment Company Act of 1940.

The variable annuity contracts are sold by registered representatives of broker-dealers that have entered into distribution agreements with Ohio National Equities, Inc. (“ONEQ”). ONEQ is a wholly-owned subsidiary of ONLIC and is the principal underwriter of the contracts. ONLIC pays ONEQ a sales commission based on a pre-determined percentage of each purchase payment and ONEQ pays a portion of that fee to broker-dealers. The commission percentage varies by product.


	B.	Assets of the Account

Assets of the Account are assigned to the following subaccounts:

Ohio National Fund, Inc.: Equity, Money Market, Bond, Omni, International, Capital Appreciation, Millennium, International Small-Mid Company, Aggressive Growth, Small Cap Growth, Mid Cap Opportunity, S&P 500 Index, Strategic Value, High Income Bond, Capital Growth, Nasdaq-100 Index, Bristol, Bryton Growth, U.S. Equity, Balanced, Income Opportunity, Target VIP, Target Equity/Income, and Bristol Growth

Dow Target 10 Portfolios: First Quarter, Second Quarter, Third Quarter, and Fourth Quarter

Dow Target 5 Portfolios: First Quarter, Second Quarter, Third Quarter, and Fourth Quarter

Fidelity Variable Insurance Products Fund: VIP Growth, VIP Equity-Income, and VIP High Income

Janus Aspen Series — Institutional Shares: Large Cap Growth, International Growth, Worldwide Growth, and Balanced

Legg Mason Partners Variable Equity Trust — Class I: Fundamental Value, Capital and Income, and Investors

Wells Fargo Advantage Variable Trust Funds: Opportunity, Small/Mid Cap Value, and Discovery

Van Kampen Universal Institutional Funds — Class I: Core Plus Fixed Income, U.S. Real Estate, Value, and Emerging Markets Debt

Goldman Sachs Variable Insurance Trust — Institutional Shares: Growth and Income, Structured U.S. Equity, and Capital Growth

Lazard Retirement Series Inc: Emerging Markets Equity, U.S. Small Cap Equity, U.S. Strategic Equity, and International Equity

The Prudential Series Fund Inc: Jennison 20/20 Focus and Jennison

UBS Series Trust — Class I: U.S. Allocation

Fidelity Variable Insurance Products Fund — Service Class 2: VIP Mid Cap, VIP Contrafund, VIP Growth, VIP Equity-Income, and VIP Real Estate

Janus Aspen Series — Service Shares: Large Cap Growth, Worldwide Growth, Balanced, and International Growth

J.P. Morgan Series Trust II: Small Company and Mid Cap Value

AllianceBernstein Variable Product Series Fund Inc. — Class B: Growth & Income, and Small Cap Growth

MFS Variable Insurance Trust — Service Class: New Discovery, Investors Growth Stock, Mid Cap Growth, and Total Return

PIMCO Variable Insurance Trust — Administrative Shares: Real Return, Total Return, Global Bond and CommodityRealReturn Strategy

Calvert Variable Series Inc: Social Equity

Dreyfus Variable Investment Fund — Service Shares: Appreciation

Royce Capital Fund: Small-Cap and Micro-Cap

Van Kampen Universal Institutional Funds — Class II: Core Plus Fixed Income, U.S. Real Estate, International Growth Equity, and Capital Growth

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008

Franklin Templeton Variable Insurance Products Trust — Class 2: Franklin Income Securities, Franklin Flex Cap Growth Securities, and Templeton Foreign Securities

Neuberger Berman Advisers Management Trust — S Class: AMT Regency

ALPS Variable Insurance Trust — Class II: AVS Listed Private Equity

Federated Insurance Series — Service Shares: Kaufmann Fund II

Goldman Sachs Variable Insurance Trust — Service Shares: Growth and Income, Structured U.S. Equity, and Capital Growth

Franklin Templeton Variable Insurance Products Trust — Class 4: Franklin Income Securities, Franklin Flex Cap Growth Securities, Templeton Foreign Securities, and Franklin Templeton VIP Founding Funds Allocation

Ivy Funds Variable Insurance Portfolios, Inc.: VIP Asset Strategy, VIP Global Natural Resources and VIP Science and Technology

The underlying mutual funds in which the subaccounts invest, other than The Dow^® Target Variable Fund LLC, Dow Target 10 and Dow Target 5 Portfolios, are diversified open-end management investment companies. The Dow^® Target Variable Fund LLC is a non-diversified open-end management investment company. The underlying mutual funds’ investments are subject to varying degrees of market, interest and financial risks; the issuers’ abilities to meet certain obligations may be affected by economic developments in their respective industries.

Some of the underlying mutual funds have been established by investment advisers that manage other mutual funds having similar names and investment objectives. While some of the underlying mutual funds may have holdings that are comparable to other similarly-named mutual funds, they may not be identical in portfolio management, composition, objective, or investment strategy. Consequently, the investment performance of an underlying mutual fund and a similarly-named fund may differ substantially.

Ohio National Investments, Inc. (“ONI”), a wholly owned subsidiary of ONLIC, performs investment advisory services on behalf of the Ohio National Fund, Inc. and The Dow^® Target Variable Fund LLC in which the Account invests. For these services, ONI received advisory fees, paid by Ohio National Fund, Inc., of approximately $14.5 million $17.7 million for the years ended December 31, 2008 and 2007, respectively.

Contract owners may, with certain restrictions, transfer their assets between the Account and a fixed dollar contract maintained in the general account of ONLIC. The accompanying financial statements include only the contract owners’ purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for the fixed portions of their contracts.

For certain products, ONLIC credits an extra amount to the contract holder’s contract each time a purchase payment is made. The extra credit equals 4% of each purchase payment.


	C.	Calculation of Annuity Reserves

Annuity reserves for contracts that have been annuitized are computed according to the 2000 Annuity Table or the 1983 Individual Annuity Mortality Table (83a), depending on the year the contract annuitized. The assumed interest rate is 3.0 or 4.0 percent depending on the contract selected by the annuitant. Charges to annuity reserves for adverse mortality and expense risk experience are reimbursed to the Account by ONLIC. Such amounts are included in risk and administrative expenses.


	D.	Security Valuation, Transactions and Related Investment Income

The fair value of the underlying mutual funds is based on the closing net asset value of fund shares held at December 31, 2008. Share transactions are recorded on the trade date. Income from dividends and capital gain distributions are recorded on the ex-dividend date. Net realized capital gains and losses are determined on the basis of average cost.


	E.	Use of Estimates in Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008

and liabilities 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.


(2)	Risk & Administrative Expense and Contract Charges

Although annuity and death benefit payments differ according to the investment performance of the underlying subaccounts, they are not affected by mortality or expense experience because ONLIC assumes the expense risk and the mortality risk under the contracts. ONLIC charges the Accounts’ assets for assuming those risks.

The mortality risk results from a provision in the contract in which ONLIC agrees to make annuity payments regardless of how long a particular annuitant or other payee lives and how long all annuitants or other payees as a class live if payment options involving life contingencies are chosen. Those annuity payments are determined in accordance with annuity purchase rate provisions established at the time the contracts are issued.

At the end of each valuation period, ONLIC charges a mortality and expense risk fee and a fee for recovery of administrative expenses. Both fees are calculated based on net assets at the end of the valuation period and a pre-determined annualized rate as stated in the product prospectuses. Administrative expenses include costs associated with providing accounting, administrative, compliance and legal services necessary to support issuance and maintenance of contracts. The expense risk assumed by ONLIC is the risk that the deductions provided for in the variable annuity contracts may be insufficient to cover the actual costs to administer the terms stated in the contracts.

All other fees assessed on contracts, including surrender charges, annual contract fee and transfer fees, are charged to contracts upon a surrender, anniversary, or transfer event. These charges are assessed through redemption of units, in an amount such that the value of the redeemed units at the end of the next valuation period are equivalent to the calculated dollar value of the charge.

The tables on the following pages illustrate product and contract level charges by product:

The following basic charges are assessed through reduction of daily unit values:


	Annual Payment	Variable Interest	Flexible Payment
	Combination	Annuity “VIA”	Combination	Top I

Mortality and Expense Risk Fees
(May increase annually to a pre-determine maximum, based on product)	0.75%	1.05%	0.85%	0.85% to 1.05%
Administrative Expenses	0.25%	0.25%	0.25%	0.25%

Total expenses	1.00%	1.30%	1.10%	1.10% to 1.30%

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008

The following charges are assessed through the redemption of units:

Investar

Top

Vision & Top

Top

Tradition

Top Plus

Spectrum

Explorer

Annual Contract Fee

Each year on the contract anniversary (or at the
time of surrender of the contract)

$30

No charge

$35

Transfer Fee — per transfer

(currently no charge for the first 4 transfers each contract year)

$3 to $15

Sales Charge made from purchase payments

No charge

Surrender Charges

A withdrawal charge may be assessed by ONLIC when a contract is surrendered or a partial withdrawal of a participant’s account value is
made for any other reason than to make a plan
payment to a participant. Percentages vary with
the number of years from purchase.

7.75% of purchase payments made in the eight years prior to surrender

6% of surrender value in the first year to 0% in the seventh year

7% of surrender value in the first year to 0% in the eighth year

State Premium Taxes

In those jurisdictions permitting, such taxes will be deducted when annuity payments begin.
Otherwise, they will be deducted from purchase
payments

0.0% to 5.0%

The following basic charges are assessed through reduction of daily unit values:


	Oncore	Oncore	Oncore	Oncore
	Flex	Value	Premier	Xtra

Mortality and Expense Risk Fees	1.15%	0.65%	1.15%	1.15%
Administrative Expenses	0.35%	0.25%	0.25%	0.25%

Total expenses	1.50%	0.90%	1.40%	1.40%

The following charges are assessed through the redemption of units:

Oncore

Flex

Value

Premier

Xtra

Annual Contract Fee

Each year on the contract anniversary (or at the time of surrender of the contract). No charge if contract value exceeds $50,000

$30

Transfer Fee — per transfer

(currently no charge for the first 12 transfers each contract year) per transfer

$10

Sales Charge made from purchase payments

No charge

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008

The following charges are assessed through the redemption of units:


	Oncore	Oncore	Oncore
	Lite	Ultra	Wrap

Annual Contract Fee
Each year on the contract anniversary (or at the time of surrender of the contract). No charge if contract value exceeds $50,000	$30	$30	$30

Transfer Fee — per transfer
(currently no charge for the first 12 transfers each contract year)	$10	$10	$10

Sales Charge made from purchase payments	No charge	No charge	No charge

Surrender Charges
A withdrawal charge may be assessed by ONLIC when a contract is surrendered or a partial withdrawal of a participant’s account value is made for any other reason than to make a plan payment to a participant. Percentages vary with the number of years from purchase	7% of surrender value in the first year to 0% in the fourth year	7% of surrender value in the first year to 0% in the fourth year	No charge

State Premium Taxes
In those jurisdictions permitting, such taxes will be deducted when annuity payments begin. Otherwise, they will be deducted from purchase payments	0.0% to 5.0%	0.0% to 5.0%	0.0% to 5.0%

Optional Death Benefits
These annual charges are the following percentages of the optional death benefit amounts:
Optional Annual Stepped-up Death Benefit	0.10% to 0.25%	0.10% to 0.25%	0.10% to 0.25%
Optional Guaranteed Minimum Death Benefit Rider:
GMDBR80 Plus	0.25% to 0.30%	0.25% to 0.30%	0.25% to 0.30%
GMDBR85 Plus	0.45%	0.45%	0.45%
Annual Reset Death Benefit Rider:
ARDBR	0.60%	0.60%	0.60%
ARDBR II at issue ages through 70	0.80% to 1.00%	NA	NA
ARDBR II at issue ages 75 through 78	0.95% to 1.15%	NA	NA

Optional Enhanced Death Benefit (“GEB”)
These annual charges are the following percentages of average variable account value:
GEB at issue ages through 70	0.15%	0.15%	0.15%
GEB at issue ages 71 through 75	0.30%	0.30%	0.30%
GEB “Plus” at issue ages through 70	0.30%	0.30%	0.30%
GEB “Plus” at issue ages 71 through 75	0.60%	0.60%	0.60%

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


	Oncore	Oncore	Oncore
	Lite	Ultra	Wrap

Optional Guaranteed Minimum Income Benefit (“GMIB”)
This annual charge is the following percentage of guaranteed income base:
GMIB	0.45%	0.45%	0.45%
GMIB Plus	0.55%	0.55%	0.55%
GMIB Plus with Five Year Reset	0.55%	0.55%	0.55%
GMIB Plus with Annual Reset	0.70%	0.70%	0.70%
GMIB Plus with Five Year Reset II without investment restrictions	0.90% to 1.55%	NA	NA
GMIB Plus with Five Year Reset II with investment restrictions	0.75% to 1.40%	NA	NA
GMIB Plus with Annual Reset II without investment restrictions	1.00% to 1.65%	NA	NA
GMIB Plus with Annual Reset II with investment restrictions	0.85% to 1.50%	NA	NA

Optional Guaranteed Principal Access (“GPA”)
GPA with 8% guarantee	0.50%	0.50%	0.50%
GPA with 7% guarantee	0.40%	0.40%	0.40%

Optional Guaranteed Principal Protection (“GPP”)
These annual charges are the following percentage of average annual guaranteed principal amount	0.25%	0.25%	0.25%

Further information regarding fees, terms, and availability is provided in the prospectus for each of the products listed.


(3)	Federal Income Taxes

Operations of the Account form a part of, and are taxed with, operations of ONLIC which is taxed as an insurance company under the Internal Revenue Code. Taxes are the responsibility of the contract owner upon surrender or withdrawal. No Federal income taxes are payable under the present law on dividend income or capital gains distribution from the Fund shares held in the Account or on capital gains realized by the Account upon redemption of the Fund shares. Accordingly, ONLIC does not provide income taxes within the Account.


(4)	Fund Mergers and Replacements

Effective April 8, 2005, funds of the Strong Variable Insurance Funds, Inc. were merged into the Wells Fargo Advantage Variable Trust Funds. The Strong Variable Insurance Funds, Inc. — Mid-Cap Growth II Fund was merged into the Wells Fargo Advantage Variable Trust Funds — Discovery Fund.

Effective April 27, 2007, funds of the Legg Mason Partners Variable Portfolios I, Inc. were transferred to the newly created entity, the Legg Mason Partners Variable Equity Trust — Class I. The All Cap Portfolio and the Fundamental Value Portfolio of Legg Mason Partners Variable Portfolios I, Inc. were merged together to become the Fundamental Value Portfolio of Legg Mason Partners Variable Equity Trust — Class I. The Total Return Portfolio and the Capital and Income Portfolio of Legg Mason Partners Variable Equity Trust — Class I were merged together to become the Capital and Income Portfolio of Legg Mason Partners Variable Equity Trust — Class I.


(5)	New Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” SFAS No. 157 provides enhanced guidance for using fair value to measure assets and liabilities and requires new disclosures about fair value measurements. SFAS 157 also provides guidance regarding the information used to measure fair value and the effect of fair value measurements on earnings. SFAS No. 157 applies to fair value

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008

measurements already required or permitted by existing standards and is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The Account adopted SFAS No. 157 effective January 1, 2008. The adoption of SFAS No. 157 did not have a material impact on the Account’s financial position or results of operations.

SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Account generally uses a market approach as the calculation technique due to the nature of the mutual fund investments offered in the Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with SFAS No. 157, the Account categorized its financial instruments into a three level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

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


	Level 1:	Unadjusted quoted prices accessible in active markets for identical assets at the measurement date.

	Level 2:	Unadjusted quoted prices for similar assets in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. The assets utilizing Level 2 valuations represent investments in privately-traded registered mutual funds only offered through insurance products.

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

The following is a summary of the inputs used in valuing each of the Portfolio’s assets at fair value as of December 31, 2008:


	Level 1		Level 2		Level 3
Ohio National Fund, Inc.:
Equity Subaccount	$	—	$	146,478,863	$	—
Money Market Subaccount		—		330,441,727		—
Bond Subaccount		—		89,382,529		—
Omni Subaccount		—		16,770,865		—
International Subaccount		—		157,264,049		—
Capital Appreciation Subaccount		—		77,663,193		—
Millennium Subaccount		—		14,399,568		—
International Small-Mid Company Subaccount		—		38,545,203		—
Aggressive Growth Subaccount		—		10,109,129		—
Small Cap Growth Subaccount		—		6,146,881		—
Mid Cap Opportunity Subaccount		—		62,923,100		—
S&P 500 Index Subaccount		—		56,606,915		—
Strategic Value Subaccount		—		9,244,589		—
High Income Bond Subaccount		—		61,794,345		—
Capital Growth Subaccount		—		20,932,102		—
Nasdaq-100 Index Subaccount		—		23,243,143		—
Bristol Subaccount		—		76,623,276		—

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


	Level 1		Level 2		Level 3

Ohio National Fund, Inc.: continued
Bryton Growth Subaccount	$	—	$	56,121,186	$	—
U.S. Equity Subaccount		—		12,248,062		—
Balanced Subaccount		—		8,956,434		—
Income Opportunity Subaccount		—		4,449,399		—
Target VIP Subaccount		—		17,880,279		—
Target Equity/Income Subaccount		—		22,547,580		—
Bristol Growth Subaccount		—		905,039		—
Dow Target 10 Portfolios:
First Quarter Subaccount		—		1,649,319		—
Second Quarter Subaccount		—		1,909,877		—
Third Quarter Subaccount		—		2,016,684		—
Fourth Quarter Subaccount		—		2,161,051		—
Dow Target 5 Portfolios:
First Quarter Subaccount		—		1,050,706		—
Second Quarter Subaccount		—		660,021		—
Third Quarter Subaccount		—		608,006		—
Fourth Quarter Subaccount		—		1,021,414		—
Fidelity Variable Insurance Products Fund:
VIP Growth Subaccount		—		897,770		—
VIP Equity-Income Subaccount		—		712,129		—
VIP High Income Subaccount		—		99,929		—
Janus Aspen Series — Institutional Shares:
Large Cap Growth Subaccount		—		5,072,090		—
International Growth Subaccount		—		2,881,060		—
Worldwide Growth Subaccount		—		2,672,684		—
Balanced Subaccount		—		9,828,087		—
Legg Mason Partners Variable Equity Trust — Class I:
Fundamental Value Subaccount		—		11,249,491		—
Capital and Income Subaccount		—		3,453,408		—
Investors Subaccount		—		6,385,044		—
Wells Fargo Advantage Variable Trust Funds:
Opportunity Subaccount		—		4,430,549		—
Small/Mid Cap Value Subaccount		—		409,550		—
Discovery Subaccount		—		4,542,713		—
Van Kampen Universal Institutional Funds — Class I:
Core Plus Fixed Income Subaccount		—		3,521,333		—
U.S. Real Estate Subaccount		—		5,134,510		—
Value Subaccount		—		25,851		—
Emerging Markets Debt Subaccount		—		5,546		—
Goldman Sachs Variable Insurance Trust — Institutional Shares:
Growth and Income Subaccount		—		235,473,794		—
Structured U.S. Equity Subaccount		—		31,193,451		—
Capital Growth Subaccount		—		8,803,291		—

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


	Level 1		Level 2		Level 3

Lazard Retirement Series, Inc:
Emerging Markets Equity Subaccount	$	—	$	119,061,620	$	—
U.S. Small Cap Equity Subaccount		—		20,022,094		—
U.S. Strategic Equity Subaccount		—		1,408,740		—
International Equity Subaccount		—		163,801,918		—
The Prudential Series Fund, Inc:
Jennison 20/20 Focus Subaccount		—		130,564,811		—
Jennison Subaccount		—		6,223,488		—
UBS Series Trust — Class I:
U.S. Allocation Subaccount		—		2,886,757		—
Fidelity Variable Insurance Products Fund — Service Class 2:
VIP Mid Cap Subaccount		—		140,531,536		—
VIP Contrafund Subaccount		—		211,994,599		—
VIP Growth Subaccount		—		21,281,961		—
VIP Equity-Income Subaccount		—		94,353,063		—
VIP Real Estate Subaccount		—		1,160,375		—
Janus Aspen Series — Service Shares:
Large Cap Growth Subaccount		—		15,498,269		—
Worldwide Growth Subaccount		—		9,753,792		—
Balanced Subaccount		—		54,219,792		—
International Growth Subaccount		—		165,175,566		—
J.P. Morgan Series Trust II:
Small Company Subaccount		—		11,555,316		—
Mid Cap Value Subaccount		—		109,709,655		—
AllianceBernstein Variable Product Series Fund, Inc. — Class B:
Growth & Income Subaccount		—		184,649		—
Small Cap Growth Subaccount		—		14,444		—
MFS Variable Insurance Trust — Service Class:
New Discovery Subaccount		—		3,052,057		—
Investors Growth Stock Subaccount		—		4,120,065		—
Mid Cap Growth Subaccount		—		14,643,462		—
Total Return Subaccount		—		52,188,210		—
PIMCO Variable Insurance Trust — Administrative Shares:
Real Return Subaccount		—		207,044,407		—
Total Return Subaccount		—		465,780,975		—
Global Bond Subaccount		—		102,295,752		—
CommodityRealReturn Strategy Subaccount		—		1,417,713		—
Calvert Variable Series, Inc:
Social Equity Subaccount		—		226,279		—
Dreyfus Variable Investment Fund — Service Shares:
Appreciation Subaccount		—		8,698,754		—
Royce Capital Fund:
Small-Cap Subaccount		—		112,456,880		—
Micro-Cap Subaccount		—		58,926,453		—

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


	Level 1		Level 2		Level 3

Van Kampen Universal Institutional Funds — Class II:
Core Plus Fixed Income Subaccount	$	—	$	94,074,228	$	—
U.S. Real Estate Subaccount		—		93,812,306		—
International Growth Equity Subaccount		—		135,781,921		—
Capital Growth Subaccount		—		2,350,752		—
Franklin Templeton Variable Insurance Products Trust — Class 2:
Franklin Income Securities Subaccount		—		113,115,428		—
Franklin Flex Cap Growth Securities Subaccount		—		132,221,272		—
Templeton Foreign Securities Subaccount		—		62,993,789		—
Neuberger Berman Advisers Management Trust — S Class:
AMT Regency Subaccount		—		104,219,790		—
ALPS Variable Insurance Trust — Class II:
AVS Listed Private Equity Subaccount		—		1,284,794		—
Federated Insurance Series — Service Shares:
Federated Kaufmann Fund II Subaccount		—		3,658,482		—
Goldman Sachs Variable Insurance Trust — Service Shares:
Growth and Income Subaccount		—		50,340,555		—
Structured U.S. Equity Subaccount		—		515,462		—
Capital Growth Subaccount		—		470,306		—
Franklin Templeton Variable Insurance Products Trust — Class 4:
Franklin Income Securities Subaccount		—		15,713,132		—
Franklin Flex Cap Growth Securities Subaccount		—		47,687,033		—
Templeton Foreign Securities Subaccount		—		10,296,096		—
Franklin Templeton VIP Founding Funds Allocation Subaccount		—		8,780,316		—
Ivy Funds Variable Insurance Portfolios, Inc.:
VIP Asset Strategy Subaccount		—		15,178,149		—
VIP Global Natural Resources Subaccount		—		3,346,148		—
VIP Science and Technology Subaccount		—		1,151,713		—

Totals	$	—	$	4,876,791,938	$	—

In May 2008, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 162, The Hierarchy of Generally Accepted Accounting Principles (“SFAS 162”). SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements of nongovernmental entities that are presented in conformity with U.S. generally accepted accounting principles. The Account adopted SFAS 162 effective November 15, 2008. On the date of adoption, there was no impact on the Account’s current practices.

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


(6)	Financial Highlights

The following is a summary of accumulation units, value per unit, and fair value (fair value represents the portion of contract owners’ equity for contracts in the accumulation period, and excludes the portion of contract owners’ equity for annuity reserves for contracts in the payment period), as of December 31, and the expense ratios, total returns and investment income ratios for the periods then ended, for the respective subaccounts and products:


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.:
Equity Subaccount
2008
Annual Payment Combination		8,842	$	81.938775	$	724,491		1.00	%		–55.27	%		0.89	%
Flexible Payment Combination		2,356	$	45.547569	$	107,309		1.10	%		–55.31	%		0.74	%
Top I		32,405	$	36.453310	$	1,181,252		1.10	%		–55.31	%		0.79	%
Top Tradition		336,993	$	31.370004	$	10,571,483		1.10	%		–55.31	%		0.80	%
Top Plus		120,560	$	10.974506	$	1,323,091		0.90	%		–55.22	%		0.71	%
Investar Vision & Top Spectrum		30,477	$	6.842721	$	208,547		1.40	%		–55.44	%		0.76	%
Top Explorer		250,072	$	7.065770	$	1,766,949		1.30	%		–55.40	%		0.81	%
Oncore Flex		176,814	$	5.122131	$	905,664		1.50	%		–55.49	%		0.68	%
Oncore Value		4,131,970	$	5.419487	$	22,393,160		0.90	%		–55.22	%		0.75	%
Oncore Premier		6,384,416	$	5.170388	$	33,009,904		1.40	%		–55.44	%		0.78	%
Oncore Xtra		5,021,627	$	5.170388	$	25,963,759		1.40	%		–55.44	%		0.78	%
Oncore Lite		9,001,014	$	5.170388	$	46,538,737		1.40	%		–55.44	%		0.78	%
Oncore Ultra		312,178	$	5.170388	$	1,614,082		1.40	%		–55.44	%		0.78	%
Oncore Wrap		531	$	4.390849	$	2,333		0.65	%		–55.11	%		0.28	%

		25,810,255			$	146,310,761

2007
Annual Payment Combination		9,680	$	183.167677	$	1,773,029		1.00	%		–6.83	%		0.04	%
Flexible Payment Combination		3,487	$	101.919597	$	355,430		1.10	%		–6.92	%		0.04	%
Top I		39,732	$	81.569805	$	3,240,925		1.10	%		–6.92	%		0.04	%
Top Tradition		424,121	$	70.195145	$	29,771,221		1.10	%		–6.92	%		0.04	%
Top Plus		183,537	$	24.508128	$	4,498,149		0.90	%		–6.73	%		0.04	%
Investar Vision & Top Spectrum		41,716	$	15.357420	$	640,654		1.40	%		–7.20	%		0.04	%
Top Explorer		329,024	$	15.842232	$	5,212,480		1.30	%		–7.10	%		0.04	%
Oncore & Firstar Oncore Flex		242,575	$	11.507251	$	2,791,371		1.50	%		–7.29	%		0.04	%
Oncore & Firstar Oncore Value		5,039,310	$	12.102729	$	60,989,404		0.90	%		–6.73	%		0.05	%
Oncore & Firstar Oncore Premier		7,466,837	$	11.604134	$	86,646,178		1.40	%		–7.20	%		0.04	%
Oncore & Firstar Oncore Xtra		6,525,448	$	11.604134	$	75,722,171		1.40	%		–7.20	%		0.04	%
Oncore & Firstar Oncore Lite		9,988,394	$	11.604134	$	115,906,658		1.40	%		–7.20	%		0.04	%
Oncore Ultra		349,462	$	11.604134	$	4,055,200		1.40	%		–7.20	%		0.04	%
Oncore Wrap		1,955	$	9.781119	$	19,122		0.65	%		–6.50	%		0.09	%

		30,645,278			$	391,621,992

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Equity Subaccount (continued)
2006
Annual Payment Combination		10,112	$	196.588409	$	1,987,901		1.00	%		5.61	%		0.00	%
Flexible Payment Combination		4,266	$	109.496222	$	467,094		1.10	%		5.51	%		0.00	%
Top I		46,445	$	87.633645	$	4,070,157		1.10	%		5.51	%		0.00	%
Top Tradition		500,404	$	75.413400	$	37,737,171		1.10	%		5.51	%		0.00	%
Top Plus		230,792	$	26.277610	$	6,064,655		0.90	%		5.72	%		0.00	%
Investar Vision & Top Spectrum		58,657	$	16.548346	$	970,680		1.40	%		5.20	%		0.00	%
Top Explorer		398,797	$	17.053786	$	6,801,000		1.30	%		5.30	%		0.00	%
Oncore & Firstar Oncore Flex		270,002	$	12.411897	$	3,351,232		1.50	%		5.09	%		0.00	%
Oncore & Firstar Oncore Value		4,335,911	$	12.976550	$	56,265,167		0.90	%		5.72	%		0.00	%
Oncore & Firstar Oncore Premier		8,263,673	$	12.504004	$	103,329,007		1.40	%		5.20	%		0.00	%
Oncore & Firstar Oncore Xtra		7,052,263	$	12.504004	$	88,181,527		1.40	%		5.20	%		0.00	%
Oncore & Firstar Oncore Lite		7,279,217	$	12.504004	$	91,019,359		1.40	%		5.20	%		0.00	%
Oncore Ultra		96,386	$	12.504004	$	1,205,210		1.40	%		17.01	%		0.00	%		8/7/06

		28,546,925			$	401,450,160

2005
Annual Payment Combination		11,298	$	186.140212	$	2,102,963		1.00	%		5.06	%		0.00	%
Flexible Payment Combination		4,490	$	103.779142	$	466,008		1.10	%		4.95	%		0.00	%
Top I		55,439	$	83.058068	$	4,604,627		1.10	%		4.95	%		0.00	%
Top Tradition		600,566	$	71.475875	$	42,926,004		1.10	%		4.95	%		0.00	%
Top Plus		312,123	$	24.856418	$	7,758,252		0.90	%		5.16	%		0.00	%
Investar Vision & Top Spectrum		101,320	$	15.730740	$	1,593,840		1.40	%		4.64	%		0.00	%
Top Explorer		481,244	$	16.195237	$	7,793,853		1.30	%		4.75	%		0.00	%
Oncore & Firstar Oncore Flex		381,999	$	11.810265	$	4,511,512		1.50	%		4.54	%		0.00	%
Oncore & Firstar Oncore Value		4,292,293	$	12.274730	$	52,686,733		0.90	%		5.16	%		0.00	%
Oncore & Firstar Oncore Premier		9,122,126	$	11.886220	$	108,427,596		1.40	%		4.64	%		0.00	%
Oncore & Firstar Oncore Xtra		7,489,248	$	11.886220	$	89,018,846		1.40	%		4.64	%		0.00	%
Oncore & Firstar Oncore Lite		5,548,866	$	11.886220	$	65,955,060		1.40	%		4.64	%		0.00	%

		28,401,012			$	387,845,294

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Equity Subaccount (continued)
2004
Annual Payment Combination		12,256	$	177.180659	$	2,171,529		1.00	%		11.32	%		0.05	%
Flexible Payment Combination		5,271	$	98.881397	$	521,180		1.10	%		11.21	%		0.04	%
Top I		61,451	$	79.138232	$	4,863,084		1.10	%		11.21	%		0.04	%
Top Tradition		693,379	$	68.102644	$	47,220,910		1.10	%		11.21	%		0.04	%
Top Plus		406,952	$	23.636618	$	9,618,976		0.90	%		11.43	%		0.04	%
Investar Vision & Top Spectrum		137,163	$	15.032687	$	2,061,925		1.40	%		10.88	%		0.04	%
Top Explorer		518,844	$	15.461335	$	8,022,019		1.30	%		10.99	%		0.05	%
Oncore & Firstar Oncore Flex		446,498	$	11.297273	$	5,044,214		1.50	%		10.77	%		0.04	%
Oncore & Firstar Oncore Value		3,704,388	$	11.672365	$	43,238,964		0.90	%		11.43	%		0.05	%
Oncore & Firstar Oncore Premier		8,444,254	$	11.358762	$	95,916,295		1.40	%		10.88	%		0.05	%
Oncore & Firstar Oncore Xtra		8,022,590	$	11.358762	$	91,126,692		1.40	%		10.88	%		0.05	%
Oncore & Firstar Oncore Lite		3,393,994	$	11.358762	$	38,551,566		1.40	%		10.88	%		0.05	%

		25,847,040			$	348,357,354

Money Market Subaccount
2008
Variable Interest Annuity “VIA”		1,502	$	34.324917	$	51,545		1.30	%		0.46	%		1.72	%
Top I		19,709	$	26.008695	$	512,593		1.30	%		0.46	%		1.85	%
Top Tradition		170,014	$	23.590896	$	4,010,783		1.10	%		0.66	%		1.70	%
Top Plus		117,208	$	15.519455	$	1,819,008		0.90	%		0.86	%		1.72	%
Investar Vision & Top Spectrum		50,589	$	12.942407	$	654,740		1.40	%		0.36	%		1.74	%
Top Explorer		314,511	$	12.973515	$	4,080,312		1.30	%		0.46	%		1.79	%
Oncore Flex		906,578	$	12.167405	$	11,030,698		1.50	%		0.26	%		1.73	%
Oncore Value		4,176,144	$	12.962589	$	54,133,634		0.90	%		0.86	%		1.67	%
Oncore Premier		5,500,635	$	12.296060	$	67,636,159		1.40	%		0.36	%		1.71	%
Oncore Xtra		4,962,060	$	12.296060	$	61,013,792		1.40	%		0.36	%		1.71	%
Oncore Lite		8,840,916	$	12.296060	$	108,708,434		1.40	%		0.36	%		1.71	%
Oncore Ultra		1,161,590	$	12.296060	$	14,282,979		1.40	%		0.36	%		1.71	%
Oncore Wrap		231,148	$	10.614273	$	2,453,466		0.65	%		1.11	%		1.46	%

		26,452,604			$	330,388,143

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Money Market Subaccount (continued)
2007
Variable Interest Annuity “VIA”		1,512	$	34.167785	$	51,676		1.30	%		3.60	%		4.78	%
Top I		3,682	$	25.889640	$	95,337		1.30	%		3.60	%		4.80	%
Top Tradition		103,486	$	23.436436	$	2,425,354		1.10	%		3.81	%		4.76	%
Top Plus		73,398	$	15.387239	$	1,129,397		0.90	%		4.01	%		4.80	%
Investar Vision & Top Spectrum		68,778	$	12.895929	$	886,958		1.40	%		3.50	%		4.71	%
Top Explorer		221,081	$	12.914120	$	2,855,068		1.30	%		3.60	%		4.82	%
Oncore & Firstar Oncore Flex		666,919	$	12.135696	$	8,093,523		1.50	%		3.39	%		4.95	%
Oncore & Firstar Oncore Value		2,825,498	$	12.852161	$	36,313,760		0.90	%		4.01	%		4.79	%
Oncore & Firstar Oncore Premier		4,951,017	$	12.251911	$	60,659,385		1.40	%		3.50	%		4.81	%
Oncore & Firstar Oncore Xtra		5,614,773	$	12.251911	$	68,791,700		1.40	%		3.50	%		4.81	%
Oncore & Firstar Oncore Lite		7,012,389	$	12.251911	$	85,915,168		1.40	%		3.50	%		4.81	%
Oncore Ultra		327,547	$	12.251911	$	4,013,081		1.40	%		3.50	%		4.81	%
Oncore Wrap		4,984	$	10.497730	$	52,324		0.65	%		4.27	%		5.44	%

		21,875,064			$	271,282,731

2006
Variable Interest Annuity “VIA”		1,650	$	32.980496	$	54,420		1.30	%		3.43	%		4.56	%
Top I		3,368	$	24.990005	$	84,155		1.30	%		3.43	%		4.49	%
Top Tradition		101,475	$	22.577180	$	2,291,019		1.10	%		3.63	%		4.67	%
Top Plus		53,265	$	14.793588	$	787,973		0.90	%		3.84	%		4.65	%
Investar Vision & Top Spectrum		114,065	$	12.460186	$	1,421,269		1.40	%		3.32	%		4.49	%
Top Explorer		149,459	$	12.465373	$	1,863,058		1.30	%		3.43	%		4.62	%
Oncore & Firstar Oncore Flex		106,450	$	11.737255	$	1,249,434		1.50	%		3.22	%		4.77	%
Oncore & Firstar Oncore Value		2,113,986	$	12.356324	$	26,121,101		0.90	%		3.84	%		4.71	%
Oncore & Firstar Oncore Premier		4,195,347	$	11.837926	$	49,664,224		1.40	%		3.32	%		4.71	%
Oncore & Firstar Oncore Xtra		4,495,567	$	11.837926	$	53,218,185		1.40	%		3.32	%		4.71	%
Oncore & Firstar Oncore Lite		5,472,912	$	11.837926	$	64,787,922		1.40	%		3.32	%		4.71	%
Oncore Ultra		153,059	$	11.837926	$	1,811,897		1.40	%		1.42	%		4.71	%		8/7/06

		16,960,603			$	203,354,657

2005
Variable Interest Annuity “VIA”		1,662	$	31.887866	$	52,997		1.30	%		1.62	%		1.84	%
Top I		5,113	$	24.162099	$	123,538		1.30	%		1.62	%		3.08	%
Top Tradition		85,123	$	21.786258	$	1,854,510		1.10	%		1.82	%		2.76	%
Top Plus		38,666	$	14.247177	$	550,880		0.90	%		2.02	%		2.89	%
Investar Vision & Top Spectrum		149,232	$	12.059261	$	1,799,622		1.40	%		1.52	%		2.70	%
Top Explorer		109,579	$	12.052402	$	1,320,696		1.30	%		1.62	%		2.83	%
Oncore & Firstar Oncore Flex		55,353	$	11.370759	$	629,409		1.50	%		1.42	%		2.93	%
Oncore & Firstar Oncore Value		1,299,573	$	11.899930	$	15,464,822		0.90	%		2.02	%		3.06	%
Oncore & Firstar Oncore Premier		2,993,289	$	11.457019	$	34,294,170		1.40	%		1.52	%		2.93	%
Oncore & Firstar Oncore Xtra		3,295,664	$	11.457019	$	37,758,488		1.40	%		1.52	%		2.93	%
Oncore & Firstar Oncore Lite		2,743,376	$	11.457019	$	31,430,917		1.40	%		1.52	%		2.93	%

		10,776,630			$	125,280,049

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Money Market Subaccount (continued)
2004
Variable Interest Annuity “VIA”		1,875	$	31.379976	$	58,836		1.30	%		–0.29	%		0.97	%
Top I		7,798	$	23.777267	$	185,422		1.30	%		–0.29	%		0.95	%
Top Tradition		122,529	$	21.397075	$	2,621,757		1.10	%		–0.09	%		0.91	%
Top Plus		35,635	$	13.965057	$	497,650		0.90	%		0.11	%		0.86	%
Investar Vision & Top Spectrum		253,390	$	11.878886	$	3,009,994		1.40	%		–0.39	%		1.60	%
Top Explorer		148,305	$	11.860446	$	1,758,962		1.30	%		–0.29	%		0.97	%
Oncore & Firstar Oncore Flex		71,225	$	11.211700	$	798,555		1.50	%		–0.49	%		0.89	%
Oncore & Firstar Oncore Value		718,003	$	11.664280	$	8,374,993		0.90	%		0.11	%		1.08	%
Oncore & Firstar Oncore Premier		2,431,771	$	11.285650	$	27,444,115		1.40	%		–0.39	%		1.04	%
Oncore & Firstar Oncore Xtra		2,865,034	$	11.285650	$	32,333,767		1.40	%		–0.39	%		1.04	%
Oncore & Firstar Oncore Lite		1,754,461	$	11.285650	$	19,800,230		1.40	%		–0.39	%		1.04	%

		8,410,026			$	96,884,281

Bond Subaccount
2008
Top I		3,854	$	39.559392	$	152,470		1.10	%		–12.42	%		0.00	%
Top Tradition		49,262	$	35.778538	$	1,762,524		1.10	%		–12.42	%		0.00	%
Top Plus		32,385	$	16.690930	$	540,528		0.90	%		–12.24	%		0.00	%
Investar Vision & Top Spectrum		9,783	$	13.767242	$	134,691		1.40	%		–12.68	%		0.00	%
Top Explorer		72,567	$	13.977564	$	1,014,305		1.30	%		–12.59	%		0.00	%
Oncore Flex		66,374	$	12.431406	$	825,126		1.50	%		–12.76	%		0.00	%
Oncore Value		1,004,869	$	13.243856	$	13,308,343		0.90	%		–12.24	%		0.00	%
Oncore Premier		2,054,168	$	12.562896	$	25,806,293		1.40	%		–12.68	%		0.00	%
Oncore Xtra		1,635,649	$	12.562896	$	20,548,486		1.40	%		–12.68	%		0.00	%
Oncore Lite		1,927,922	$	12.562896	$	24,220,287		1.40	%		–12.68	%		0.00	%
Oncore Ultra		80,682	$	12.562896	$	1,013,599		1.40	%		–12.68	%		0.00	%
Oncore Wrap		205	$	9.109246	$	1,866		0.65	%		–12.02	%		0.00	%

		6,937,720			$	89,328,518

2007
Top I		4,847	$	45.168163	$	218,930		1.10	%		2.58	%		0.00	%
Top Tradition		55,868	$	40.851253	$	2,282,291		1.10	%		2.58	%		0.00	%
Top Plus		40,335	$	19.019555	$	767,147		0.90	%		2.79	%		0.00	%
Investar Vision & Top Spectrum		20,500	$	15.765975	$	323,196		1.40	%		2.28	%		0.00	%
Top Explorer		93,414	$	15.990966	$	1,493,784		1.30	%		2.38	%		0.00	%
Oncore & Firstar Oncore Flex		59,072	$	14.250281	$	841,794		1.50	%		2.18	%		0.00	%
Oncore & Firstar Oncore Value		1,508,408	$	15.091563	$	22,764,228		0.90	%		2.79	%		0.00	%
Oncore & Firstar Oncore Premier		2,974,151	$	14.386776	$	42,788,447		1.40	%		2.28	%		0.00	%
Oncore & Firstar Oncore Xtra		2,504,451	$	14.386776	$	36,030,974		1.40	%		2.28	%		0.00	%
Oncore & Firstar Oncore Lite		2,864,411	$	14.386776	$	41,209,644		1.40	%		2.28	%		0.00	%
Oncore Ultra		124,851	$	14.386776	$	1,796,200		1.40	%		2.28	%		0.00	%
Oncore Wrap		1,033	$	10.354322	$	10,699		0.65	%		3.04	%		0.00	%

		10,251,341			$	150,527,334

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Bond Subaccount (continued)
2006
Top I		5,259	$	44.031008	$	231,547		1.10	%		3.31	%		3.42	%
Top Tradition		66,767	$	39.822785	$	2,658,838		1.10	%		3.31	%		3.36	%
Top Plus		87,594	$	18.503836	$	1,620,816		0.90	%		3.51	%		4.33	%
Investar Vision & Top Spectrum		38,047	$	15.414895	$	586,498		1.40	%		3.00	%		3.02	%
Top Explorer		165,344	$	15.619359	$	2,582,560		1.30	%		3.10	%		4.60	%
Oncore & Firstar Oncore Flex		45,354	$	13.946766	$	632,540		1.50	%		2.90	%		3.44	%
Oncore & Firstar Oncore Value		1,475,155	$	14.682343	$	21,658,735		0.90	%		3.51	%		4.23	%
Oncore & Firstar Oncore Premier		2,954,020	$	14.066421	$	41,552,498		1.40	%		3.00	%		3.97	%
Oncore & Firstar Oncore Xtra		2,543,484	$	14.066421	$	35,777,717		1.40	%		3.00	%		3.97	%
Oncore & Firstar Oncore Lite		2,663,961	$	14.066421	$	37,472,395		1.40	%		3.00	%		3.97	%
Oncore Ultra		24,936	$	14.066421	$	350,764		1.40	%		2.74	%		3.97	%		8/7/06

		10,069,921			$	145,124,908

2005
Top I		6,131	$	42.621163	$	261,309		1.10	%		–0.67	%		3.43	%
Top Tradition		83,474	$	38.547683	$	3,217,742		1.10	%		–0.67	%		3.50	%
Top Plus		74,786	$	17.875999	$	1,336,875		0.90	%		–0.48	%		3.42	%
Investar Vision & Top Spectrum		50,332	$	14.965486	$	753,250		1.40	%		–0.96	%		3.21	%
Top Explorer		98,933	$	15.149050	$	1,498,744		1.30	%		–0.87	%		3.12	%
Oncore & Firstar Oncore Flex		50,040	$	13.553460	$	678,217		1.50	%		–1.06	%		3.74	%
Oncore & Firstar Oncore Value		1,063,209	$	14.184181	$	15,080,754		0.90	%		–0.48	%		4.95	%
Oncore & Firstar Oncore Premier		2,551,114	$	13.656320	$	34,838,836		1.40	%		–0.96	%		4.23	%
Oncore & Firstar Oncore Xtra		2,336,454	$	13.656320	$	31,907,364		1.40	%		–0.96	%		4.23	%
Oncore & Firstar Oncore Lite		1,837,114	$	13.656320	$	25,088,185		1.40	%		–0.96	%		4.23	%

		8,151,587			$	114,661,276

2004
Top I		6,923	$	42.909437	$	297,074		1.10	%		4.73	%		0.00	%
Top Tradition		91,364	$	38.808413	$	3,545,686		1.10	%		4.73	%		0.00	%
Top Plus		88,151	$	17.961382	$	1,583,322		0.90	%		4.94	%		0.00	%
Investar Vision & Top Spectrum		62,994	$	15.111299	$	951,914		1.40	%		4.42	%		0.00	%
Top Explorer		127,643	$	15.281586	$	1,950,589		1.30	%		4.53	%		0.00	%
Oncore & Firstar Oncore Flex		59,475	$	13.698981	$	814,740		1.50	%		4.32	%		0.00	%
Oncore & Firstar Oncore Value		604,979	$	14.251932	$	8,622,115		0.90	%		4.94	%		0.00	%
Oncore & Firstar Oncore Premier		1,912,728	$	13.789373	$	26,375,328		1.40	%		4.42	%		0.00	%
Oncore & Firstar Oncore Xtra		2,045,598	$	13.789373	$	28,207,517		1.40	%		4.42	%		0.00	%
Oncore & Firstar Oncore Lite		1,034,178	$	13.789373	$	14,260,665		1.40	%		4.42	%		0.00	%

		6,034,033			$	86,608,950

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Omni Subaccount
2008
Top I		13,735	$	28.490006	$	391,317		1.10	%		–32.21	%		2.08	%
Top Tradition		231,895	$	28.424848	$	6,591,588		1.10	%		–32.21	%		2.19	%
Top Plus		68,938	$	12.094736	$	833,784		0.90	%		–32.07	%		1.96	%
Investar Vision & Top Spectrum		19,400	$	8.151275	$	158,135		1.40	%		–32.41	%		1.86	%
Top Explorer		120,533	$	8.324270	$	1,003,349		1.30	%		–32.34	%		2.14	%
Oncore Flex		3,061	$	6.322200	$	19,351		1.50	%		–32.48	%		1.51	%
Oncore Value		232,840	$	6.735581	$	1,568,314		0.90	%		–32.07	%		2.53	%
Oncore Premier		384,648	$	6.389112	$	2,457,551		1.40	%		–32.41	%		2.25	%
Oncore Xtra		379,776	$	6.389112	$	2,426,432		1.40	%		–32.41	%		2.25	%
Oncore Lite		203,292	$	6.389112	$	1,298,858		1.40	%		–32.41	%		2.25	%

		1,658,118			$	16,748,679

2007
Top I		18,665	$	42.025297	$	784,412		1.10	%		5.82	%		1.63	%
Top Tradition		271,907	$	41.929193	$	11,400,860		1.10	%		5.82	%		1.67	%
Top Plus		93,567	$	17.805339	$	1,665,997		0.90	%		6.03	%		1.63	%
Investar Vision & Top Spectrum		27,967	$	12.059719	$	337,269		1.40	%		5.50	%		1.45	%
Top Explorer		149,883	$	12.303441	$	1,844,074		1.30	%		5.61	%		1.61	%
Oncore Flex		6,386	$	9.362899	$	59,789		1.50	%		5.40	%		1.63	%
Oncore & Firstar Oncore Value		214,007	$	9.915825	$	2,122,053		0.90	%		6.03	%		1.63	%
Oncore & Firstar Oncore Premier		418,483	$	9.452615	$	3,955,764		1.40	%		5.50	%		1.63	%
Oncore & Firstar Oncore Xtra		431,740	$	9.452615	$	4,081,070		1.40	%		5.50	%		1.63	%
Oncore & Firstar Oncore Lite		251,215	$	9.452615	$	2,374,638		1.40	%		5.50	%		1.63	%

		1,883,820			$	28,625,926

2006
Top I		22,695	$	39.714550	$	901,333		1.10	%		12.09	%		1.27	%
Top Tradition		309,347	$	39.623730	$	12,257,485		1.10	%		12.09	%		1.22	%
Top Plus		110,600	$	16.792834	$	1,857,291		0.90	%		12.31	%		1.22	%
Investar Vision & Top Spectrum		41,259	$	11.430622	$	471,617		1.40	%		11.76	%		1.12	%
Top Explorer		180,815	$	11.650056	$	2,106,504		1.30	%		11.87	%		1.21	%
Oncore Flex		6,811	$	8.883281	$	60,508		1.50	%		11.65	%		1.31	%
Oncore & Firstar Oncore Value		251,138	$	9.351958	$	2,348,631		0.90	%		12.31	%		1.35	%
Oncore & Firstar Oncore Premier		488,630	$	8.959519	$	4,377,890		1.40	%		11.76	%		1.29	%
Oncore & Firstar Oncore Xtra		464,957	$	8.959519	$	4,165,789		1.40	%		11.76	%		1.29	%
Oncore & Firstar Oncore Lite		305,343	$	8.959519	$	2,735,724		1.40	%		11.76	%		1.29	%

		2,181,595			$	31,282,772

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Omni Subaccount (continued)
2005
Top I		25,224	$	35.432087	$	893,733		1.10	%		8.30	%		1.19	%
Top Tradition		372,611	$	35.351060	$	13,172,181		1.10	%		8.30	%		1.20	%
Top Plus		136,855	$	14.952467	$	2,046,327		0.90	%		8.51	%		1.21	%
Investar Vision & Top Spectrum		62,008	$	10.228225	$	634,229		1.40	%		7.98	%		1.06	%
Top Explorer		217,854	$	10.414309	$	2,268,794		1.30	%		8.08	%		1.18	%
Oncore & Firstar Oncore Flex		7,131	$	7.956659	$	56,737		1.50	%		7.87	%		1.29	%
Oncore & Firstar Oncore Value		236,240	$	8.327064	$	1,967,184		0.90	%		8.51	%		1.35	%
Oncore & Firstar Oncore Premier		524,881	$	8.017060	$	4,207,999		1.40	%		7.98	%		1.27	%
Oncore & Firstar Oncore Xtra		448,568	$	8.017060	$	3,596,195		1.40	%		7.98	%		1.27	%
Oncore & Firstar Oncore Lite		322,242	$	8.017060	$	2,583,452		1.40	%		7.98	%		1.27	%

		2,353,614			$	31,426,831

2004
Top I		31,922	$	32.717333	$	1,044,410		1.10	%		5.95	%		1.31	%
Top Tradition		444,510	$	32.642511	$	14,509,935		1.10	%		5.95	%		1.32	%
Top Plus		170,747	$	13.779581	$	2,352,818		0.90	%		6.16	%		1.22	%
Investar Vision & Top Spectrum		89,833	$	9.472492	$	850,938		1.40	%		5.63	%		1.22	%
Top Explorer		260,177	$	9.635338	$	2,506,894		1.30	%		5.74	%		1.28	%
Oncore & Firstar Oncore Flex		7,425	$	7.376007	$	54,770		1.50	%		5.53	%		1.48	%
Oncore & Firstar Oncore Value		249,892	$	7.673885	$	1,917,644		0.90	%		6.16	%		2.62	%
Oncore & Firstar Oncore Premier		572,873	$	7.424696	$	4,253,407		1.40	%		5.63	%		2.70	%
Oncore & Firstar Oncore Xtra		509,906	$	7.424696	$	3,785,896		1.40	%		5.63	%		2.70	%
Oncore & Firstar Oncore Lite		370,533	$	7.424696	$	2,751,094		1.40	%		5.63	%		2.70	%

		2,707,818			$	34,027,806

International Subaccount
2008
Top I		9,260	$	12.998627	$	120,362		1.10	%		–46.67	%		0.00	%
Top Tradition		384,246	$	12.998627	$	4,994,665		1.10	%		–46.67	%		0.00	%
Top Plus		62,966	$	11.696021	$	736,457		0.90	%		–46.56	%		0.00	%
Investar Vision & Top Spectrum		11,303	$	7.567678	$	85,539		1.40	%		–46.83	%		0.00	%
Top Explorer		107,596	$	7.464374	$	803,137		1.30	%		–46.77	%		0.00	%
Oncore Flex		56,213	$	6.758136	$	379,898		1.50	%		–46.88	%		0.00	%
Oncore Value		3,873,841	$	7.200085	$	27,891,984		0.90	%		–46.56	%		0.00	%
Oncore Premier		4,958,471	$	6.829666	$	33,864,710		1.40	%		–46.83	%		0.00	%
Oncore Xtra		4,183,222	$	6.829666	$	28,570,006		1.40	%		–46.83	%		0.00	%
Oncore Lite		8,401,936	$	6.829666	$	57,382,413		1.40	%		–46.83	%		0.00	%
Oncore Ultra		349,678	$	6.829666	$	2,388,182		1.40	%		–46.83	%		0.00	%
Oncore Wrap		689	$	6.099202	$	4,199		0.65	%		–46.43	%		0.00	%

		22,399,421			$	157,221,552

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
International Subaccount (continued)
2007
Top I		14,771	$	24.372668	$	360,001		1.10	%		8.25	%		0.00	%
Top Tradition		456,421	$	24.372668	$	11,124,190		1.10	%		8.25	%		0.00	%
Top Plus		82,092	$	21.886604	$	1,796,713		0.90	%		8.46	%		0.00	%
Investar Vision & Top Spectrum		13,542	$	14.231901	$	192,723		1.40	%		7.93	%		0.00	%
Top Explorer		132,933	$	14.023676	$	1,864,214		1.30	%		8.03	%		0.00	%
Oncore & Firstar Oncore Flex		71,412	$	12.722066	$	908,504		1.50	%		7.82	%		0.00	%
Oncore & Firstar Oncore Value		4,608,645	$	13.473412	$	62,094,174		0.90	%		8.46	%		0.00	%
Oncore & Firstar Oncore Premier		5,322,131	$	12.843968	$	68,357,289		1.40	%		7.93	%		0.00	%
Oncore & Firstar Oncore Xtra		4,664,023	$	12.843968	$	59,904,568		1.40	%		7.93	%		0.00	%
Oncore & Firstar Oncore Lite		9,986,947	$	12.843968	$	128,272,030		1.40	%		7.93	%		0.00	%
Oncore Ultra		427,705	$	12.843968	$	5,493,426		1.40	%		7.93	%		0.00	%
Oncore Wrap		2,540	$	11.384921	$	28,920		0.65	%		8.73	%		0.00	%

		25,783,162			$	340,396,752

2006
Top I		19,796	$	22.515622	$	445,711		1.10	%		17.93	%		0.16	%
Top Tradition		544,620	$	22.515622	$	12,262,463		1.10	%		17.93	%		0.15	%
Top Plus		102,521	$	20.178725	$	2,068,748		0.90	%		18.17	%		0.14	%
Investar Vision & Top Spectrum		27,810	$	13.186768	$	366,718		1.40	%		17.58	%		0.14	%
Top Explorer		167,510	$	12.980927	$	2,174,440		1.30	%		17.70	%		0.15	%
Oncore & Firstar Oncore Flex		42,877	$	11.799501	$	505,930		1.50	%		17.47	%		0.18	%
Oncore & Firstar Oncore Value		4,227,006	$	12.422039	$	52,508,031		0.90	%		18.17	%		0.19	%
Oncore & Firstar Oncore Premier		5,225,276	$	11.900764	$	62,184,782		1.40	%		17.58	%		0.19	%
Oncore & Firstar Oncore Xtra		4,423,794	$	11.900764	$	52,646,528		1.40	%		17.58	%		0.19	%
Oncore & Firstar Oncore Lite		8,151,307	$	11.900764	$	97,006,778		1.40	%		17.58	%		0.19	%
Oncore Ultra		125,402	$	11.900764	$	1,492,375		1.40	%		9.70	%		0.19	%		8/7/06

		23,057,919			$	283,662,504

2005
Top I		21,559	$	19.091962	$	411,606		1.10	%		8.21	%		0.04	%
Top Tradition		616,609	$	19.091962	$	11,772,272		1.10	%		8.21	%		0.04	%
Top Plus		129,409	$	17.076646	$	2,209,867		0.90	%		8.42	%		0.04	%
Investar Vision & Top Spectrum		37,720	$	11.214716	$	423,014		1.40	%		7.89	%		0.04	%
Top Explorer		195,976	$	11.028787	$	2,161,373		1.30	%		8.00	%		0.05	%
Oncore & Firstar Oncore Flex		36,228	$	10.044769	$	363,900		1.50	%		7.79	%		0.05	%
Oncore & Firstar Oncore Value		2,725,079	$	10.512396	$	28,647,114		0.90	%		8.42	%		0.07	%
Oncore & Firstar Oncore Premier		3,962,206	$	10.121037	$	40,101,633		1.40	%		7.89	%		0.06	%
Oncore & Firstar Oncore Xtra		3,183,325	$	10.121037	$	32,218,553		1.40	%		7.89	%		0.06	%
Oncore & Firstar Oncore Lite		5,032,602	$	10.121037	$	50,935,156		1.40	%		7.89	%		0.06	%

		15,940,713			$	169,244,488

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
International Subaccount (continued)
2004
Top I		30,030	$	17.643397	$	529,833		1.10	%		11.74	%		0.00	%
Top Tradition		706,998	$	17.643397	$	12,473,845		1.10	%		11.74	%		0.00	%
Top Plus		167,103	$	15.749854	$	2,631,855		0.90	%		11.96	%		0.00	%
Investar Vision & Top Spectrum		44,121	$	10.394495	$	458,611		1.40	%		11.41	%		0.00	%
Top Explorer		183,083	$	10.212099	$	1,869,657		1.30	%		11.52	%		0.00	%
Oncore & Firstar Oncore Flex		29,221	$	9.319260	$	272,319		1.50	%		11.30	%		0.00	%
Oncore & Firstar Oncore Value		1,017,534	$	9.695624	$	9,865,629		0.90	%		11.96	%		0.00	%
Oncore & Firstar Oncore Premier		1,960,786	$	9.380801	$	18,393,746		1.40	%		11.41	%		0.00	%
Oncore & Firstar Oncore Xtra		1,843,156	$	9.380801	$	17,290,282		1.40	%		11.41	%		0.00	%
Oncore & Firstar Oncore Lite		1,858,646	$	9.380801	$	17,435,587		1.40	%		11.41	%		0.00	%

		7,840,678			$	81,221,364

Capital Appreciation Subaccount
2008
Top I		3,078	$	19.602997	$	60,334		1.10	%		–39.67	%		0.54	%
Top Tradition		159,404	$	19.602997	$	3,124,804		1.10	%		–39.67	%		0.60	%
Top Plus		58,679	$	22.336493	$	1,310,688		0.90	%		–39.55	%		0.53	%
Investar Vision & Top Spectrum		15,501	$	14.539479	$	225,373		1.40	%		–39.85	%		0.57	%
Top Explorer		105,686	$	14.745839	$	1,558,431		1.30	%		–39.79	%		0.56	%
Oncore Flex		20,367	$	11.920878	$	242,793		1.50	%		–39.91	%		0.68	%
Oncore Value		978,661	$	12.700208	$	12,429,194		0.90	%		–39.55	%		0.62	%
Oncore Premier		1,571,516	$	12.046969	$	18,932,000		1.40	%		–39.85	%		0.62	%
Oncore Xtra		1,417,056	$	12.046969	$	17,071,234		1.40	%		–39.85	%		0.62	%
Oncore Lite		1,876,189	$	12.046969	$	22,602,388		1.40	%		–39.85	%		0.62	%
Oncore Ultra		5,215	$	12.046969	$	62,824		1.40	%		–39.85	%		0.62	%

		6,211,352			$	77,620,063

2007
Top I		5,104	$	32.494643	$	165,837		1.10	%		2.69	%		0.45	%
Top Tradition		198,291	$	32.494643	$	6,443,400		1.10	%		2.69	%		0.42	%
Top Plus		87,954	$	36.952052	$	3,250,098		0.90	%		2.89	%		0.40	%
Investar Vision & Top Spectrum		21,920	$	24.173108	$	529,881		1.40	%		2.38	%		0.32	%
Top Explorer		149,506	$	24.491860	$	3,661,681		1.30	%		2.48	%		0.42	%
Oncore & Firstar Oncore Flex		28,508	$	19.839131	$	565,570		1.50	%		2.28	%		0.41	%
Oncore & Firstar Oncore Value		1,069,894	$	21.010409	$	22,478,907		0.90	%		2.89	%		0.41	%
Oncore & Firstar Oncore Premier		1,783,235	$	20.029111	$	35,716,606		1.40	%		2.38	%		0.42	%
Oncore & Firstar Oncore Xtra		1,666,413	$	20.029111	$	33,376,767		1.40	%		2.38	%		0.42	%
Oncore & Firstar Oncore Lite		1,985,561	$	20.029111	$	39,769,028		1.40	%		2.38	%		0.42	%
Oncore Ultra		5,037	$	20.029111	$	100,891		1.40	%		2.38	%		0.42	%
Oncore Wrap		1,549	$	10.813932	$	16,748		0.65	%		3.15	%		0.62	%

		7,002,972			$	146,075,414

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Capital Appreciation Subaccount (continued)
2006
Top I		5,166	$	31.644144	$	163,471		1.10	%		15.11	%		0.41	%
Top Tradition		231,561	$	31.644144	$	7,327,561		1.10	%		15.11	%		0.42	%
Top Plus		110,552	$	35.913264	$	3,970,273		0.90	%		15.34	%		0.43	%
Investar Vision & Top Spectrum		34,030	$	23.610662	$	803,476		1.40	%		14.77	%		0.40	%
Top Explorer		172,877	$	23.898237	$	4,131,462		1.30	%		14.88	%		0.44	%
Oncore & Firstar Oncore Flex		29,599	$	19.396740	$	574,130		1.50	%		14.66	%		0.41	%
Oncore & Firstar Oncore Value		1,336,766	$	20.419769	$	27,296,453		0.90	%		15.34	%		0.53	%
Oncore & Firstar Oncore Premier		2,083,194	$	19.563088	$	40,753,690		1.40	%		14.77	%		0.51	%
Oncore & Firstar Oncore Xtra		1,887,189	$	19.563088	$	36,919,253		1.40	%		14.77	%		0.51	%
Oncore & Firstar Oncore Lite		2,324,128	$	19.563088	$	45,467,122		1.40	%		14.77	%		0.51	%
Oncore Ultra		3,155	$	19.563088	$	61,714		1.40	%		11.18	%		0.51	%		8/7/06

		8,218,217			$	167,468,605

2005
Top I		6,683	$	27.490513	$	183,719		1.10	%		4.12	%		0.56	%
Top Tradition		297,867	$	27.490513	$	8,188,506		1.10	%		4.12	%		0.50	%
Top Plus		137,079	$	31.137683	$	4,268,319		0.90	%		4.33	%		0.48	%
Investar Vision & Top Spectrum		47,804	$	20.572205	$	983,434		1.40	%		3.82	%		0.46	%
Top Explorer		201,904	$	20.802256	$	4,200,060		1.30	%		3.92	%		0.49	%
Oncore & Firstar Oncore Flex		38,144	$	16.917170	$	645,294		1.50	%		3.72	%		0.42	%
Oncore & Firstar Oncore Value		953,450	$	17.704447	$	16,880,302		0.90	%		4.33	%		0.80	%
Oncore & Firstar Oncore Premier		1,804,587	$	17.045507	$	30,760,094		1.40	%		3.82	%		0.69	%
Oncore & Firstar Oncore Xtra		1,576,423	$	17.045507	$	26,870,932		1.40	%		3.82	%		0.69	%
Oncore & Firstar Oncore Lite		1,550,322	$	17.045507	$	26,426,038		1.40	%		3.82	%		0.69	%

		6,614,263			$	119,406,698

2004
Top I		9,412	$	26.401629	$	248,485		1.10	%		11.27	%		0.37	%
Top Tradition		352,542	$	26.401629	$	9,307,696		1.10	%		11.27	%		0.36	%
Top Plus		178,030	$	29.845326	$	5,313,371		0.90	%		11.49	%		0.36	%
Investar Vision & Top Spectrum		65,541	$	19.815804	$	1,298,741		1.40	%		10.94	%		0.34	%
Top Explorer		245,754	$	20.017664	$	4,919,414		1.30	%		11.05	%		0.38	%
Oncore & Firstar Oncore Flex		61,316	$	16.311173	$	1,000,134		1.50	%		10.83	%		0.35	%
Oncore & Firstar Oncore Value		390,386	$	16.969627	$	6,624,712		0.90	%		11.49	%		0.50	%
Oncore & Firstar Oncore Premier		1,135,299	$	16.418770	$	18,640,209		1.40	%		10.94	%		0.48	%
Oncore & Firstar Oncore Xtra		1,102,890	$	16.418770	$	18,108,091		1.40	%		10.94	%		0.48	%
Oncore & Firstar Oncore Lite		494,374	$	16.418770	$	8,117,015		1.40	%		10.94	%		0.48	%

		4,035,544			$	73,577,868

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Millennium Subaccount
2008
Top I		5,039	$	17.857072	$	89,980		1.10	%		–43.17	%		0.00	%
Top Tradition		205,671	$	17.857072	$	3,672,686		1.10	%		–43.17	%		0.00	%
Top Plus		38,019	$	23.861632	$	907,199		0.90	%		–43.05	%		0.00	%
Investar Vision & Top Spectrum		18,323	$	12.309807	$	225,550		1.40	%		–43.34	%		0.00	%
Top Explorer		105,591	$	14.586856	$	1,540,241		1.30	%		–43.28	%		0.00	%
Oncore Flex		8,144	$	5.386366	$	43,864		1.50	%		–43.39	%		0.00	%
Oncore Value		176,362	$	5.681866	$	1,002,068		0.90	%		–43.05	%		0.00	%
Oncore Premier		402,782	$	5.434397	$	2,188,874		1.40	%		–43.34	%		0.00	%
Oncore Xtra		565,519	$	5.434397	$	3,073,253		1.40	%		–43.34	%		0.00	%
Oncore Lite		278,444	$	5.434397	$	1,513,174		1.40	%		–43.34	%		0.00	%
Oncore Ultra		23,279	$	5.434397	$	126,509		1.40	%		–43.34	%		0.00	%
Oncore Wrap		1,310	$	7.521732	$	9,856		0.65	%		–42.91	%		0.00	%

		1,828,483			$	14,393,254

2007
Top I		5,570	$	31.420615	$	175,020		1.10	%		24.65	%		0.00	%
Top Tradition		234,127	$	31.420615	$	7,356,422		1.10	%		24.65	%		0.00	%
Top Plus		50,717	$	41.902415	$	2,125,165		0.90	%		24.90	%		0.00	%
Investar Vision & Top Spectrum		22,068	$	21.724513	$	479,422		1.40	%		24.28	%		0.00	%
Top Explorer		123,793	$	25.717509	$	3,183,659		1.30	%		24.40	%		0.00	%
Oncore & Firstar Oncore Flex		58,689	$	9.515363	$	558,449		1.50	%		24.16	%		0.00	%
Oncore & Firstar Oncore Value		211,240	$	9.977686	$	2,107,687		0.90	%		24.90	%		0.00	%
Oncore & Firstar Oncore Premier		436,027	$	9.590695	$	4,181,784		1.40	%		24.28	%		0.00	%
Oncore & Firstar Oncore Xtra		578,338	$	9.590695	$	5,546,662		1.40	%		24.28	%		0.00	%
Oncore & Firstar Oncore Lite		321,878	$	9.590695	$	3,087,038		1.40	%		24.28	%		0.00	%
Oncore Ultra		3,745	$	9.590695	$	35,915		1.40	%		24.28	%		0.00	%
Oncore Wrap		1,888	$	13.175709	$	24,876		0.65	%		25.21	%		0.00	%

		2,048,080			$	28,862,099

2006
Top I		7,332	$	25.207116	$	184,820		1.10	%		6.21	%		0.00	%
Top Tradition		283,025	$	25.207116	$	7,134,248		1.10	%		6.21	%		0.00	%
Top Plus		65,531	$	33.549246	$	2,198,500		0.90	%		6.42	%		0.00	%
Investar Vision & Top Spectrum		28,776	$	17.480433	$	503,013		1.40	%		5.90	%		0.00	%
Top Explorer		150,506	$	20.672814	$	3,111,383		1.30	%		6.00	%		0.00	%
Oncore & Firstar Oncore Flex		15,672	$	7.664032	$	120,112		1.50	%		5.79	%		0.00	%
Oncore & Firstar Oncore Value		186,890	$	7.988646	$	1,493,001		0.90	%		6.42	%		0.00	%
Oncore & Firstar Oncore Premier		513,319	$	7.717060	$	3,961,319		1.40	%		5.90	%		0.00	%
Oncore & Firstar Oncore Xtra		543,092	$	7.717060	$	4,191,071		1.40	%		5.90	%		0.00	%
Oncore & Firstar Oncore Lite		125,250	$	7.717060	$	966,561		1.40	%		5.90	%		0.00	%

		1,919,393			$	23,864,028

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Millennium Subaccount (continued)
2005
Top I		9,070	$	23.732936	$	215,260		1.10	%		–1.08	%		0.00	%
Top Tradition		350,949	$	23.732936	$	8,329,061		1.10	%		–1.08	%		0.00	%
Top Plus		109,228	$	31.524814	$	3,443,399		0.90	%		–0.89	%		0.00	%
Investar Vision & Top Spectrum		42,489	$	16.506873	$	701,364		1.40	%		–1.38	%		0.00	%
Top Explorer		218,018	$	19.502215	$	4,251,840		1.30	%		–1.28	%		0.00	%
Oncore & Firstar Oncore Flex		18,765	$	7.244308	$	135,937		1.50	%		–1.47	%		0.00	%
Oncore & Firstar Oncore Value		242,251	$	7.506592	$	1,818,483		0.90	%		–0.89	%		0.00	%
Oncore & Firstar Oncore Premier		631,803	$	7.287265	$	4,604,114		1.40	%		–1.38	%		0.00	%
Oncore & Firstar Oncore Xtra		614,444	$	7.287265	$	4,477,618		1.40	%		–1.38	%		0.00	%
Oncore & Firstar Oncore Lite		102,941	$	7.287265	$	750,147		1.40	%		–1.38	%		0.00	%

		2,339,958			$	28,727,223

2004
Top I		16,110	$	23.993241	$	386,521		1.10	%		9.72	%		0.00	%
Top Tradition		442,116	$	23.993241	$	10,607,791		1.10	%		9.72	%		0.00	%
Top Plus		162,308	$	31.807684	$	5,162,655		0.90	%		9.94	%		0.00	%
Investar Vision & Top Spectrum		59,278	$	16.737295	$	992,158		1.40	%		9.40	%		0.00	%
Top Explorer		272,018	$	19.754975	$	5,373,713		1.30	%		9.50	%		0.00	%
Oncore & Firstar Oncore Flex		23,795	$	7.352652	$	174,955		1.50	%		9.29	%		0.00	%
Oncore & Firstar Oncore Value		343,161	$	7.573944	$	2,599,079		0.90	%		9.94	%		0.00	%
Oncore & Firstar Oncore Premier		717,035	$	7.388987	$	5,298,160		1.40	%		9.40	%		0.00	%
Oncore & Firstar Oncore Xtra		698,642	$	7.388987	$	5,162,258		1.40	%		9.40	%		0.00	%
Oncore & Firstar Oncore Lite		68,265	$	7.388987	$	504,413		1.40	%		9.40	%		0.00	%

		2,802,728			$	36,261,703

International Small-Mid Company Subaccount
2008
Top I		969	$	17.253043	$	16,714		1.10	%		–51.83	%		0.00	%
Top Tradition		87,580	$	17.253043	$	1,511,028		1.10	%		–51.83	%		0.00	%
Top Plus		20,616	$	18.910776	$	389,856		0.90	%		–51.74	%		0.00	%
Investar Vision & Top Spectrum		8,163	$	14.863768	$	121,326		1.40	%		–51.98	%		0.00	%
Top Explorer		59,152	$	14.642080	$	866,113		1.30	%		–51.93	%		0.00	%
Oncore Flex		85,631	$	9.592412	$	821,409		1.50	%		–52.02	%		0.00	%
Oncore Value		635,068	$	10.138866	$	6,438,872		0.90	%		–51.74	%		0.00	%
Oncore Premier		554,765	$	9.681153	$	5,370,774		1.40	%		–51.98	%		0.00	%
Oncore Xtra		686,083	$	9.681153	$	6,642,072		1.40	%		–51.98	%		0.00	%
Oncore Lite		1,657,123	$	9.681153	$	16,042,861		1.40	%		–51.98	%		0.00	%
Oncore Ultra		25,493	$	9.681153	$	246,802		1.40	%		–51.98	%		0.00	%
Oncore Wrap		6,696	$	6.180948	$	41,386		0.65	%		–51.62	%		0.00	%

		3,827,339			$	38,509,213

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
International Small-Mid Company Subaccount (continued)
2007
Top I		4,833	$	35.819984	$	173,133		1.10	%		16.19	%		0.00	%
Top Tradition		111,787	$	35.819984	$	4,004,202		1.10	%		16.19	%		0.00	%
Top Plus		28,602	$	39.183506	$	1,120,746		0.90	%		16.42	%		0.00	%
Investar Vision & Top Spectrum		8,696	$	30.951626	$	269,156		1.40	%		15.85	%		0.00	%
Top Explorer		70,236	$	30.459692	$	2,139,352		1.30	%		15.96	%		0.00	%
Oncore Flex		54,399	$	19.994599	$	1,087,691		1.50	%		15.73	%		0.00	%
Oncore & Firstar Oncore Value		603,053	$	21.007936	$	12,668,895		0.90	%		16.42	%		0.00	%
Oncore & Firstar Oncore Premier		590,750	$	20.159593	$	11,909,259		1.40	%		15.85	%		0.00	%
Oncore & Firstar Oncore Xtra		704,974	$	20.159593	$	14,211,989		1.40	%		15.85	%		0.00	%
Oncore & Firstar Oncore Lite		1,451,256	$	20.159593	$	29,256,740		1.40	%		15.85	%		0.00	%
Oncore Ultra		12,877	$	20.159593	$	259,604		1.40	%		15.85	%		0.00	%
Oncore Wrap		4,307	$	12.775139	$	55,025		0.65	%		16.71	%		0.00	%

		3,645,770			$	77,155,792

2006
Top I		4,252	$	30.828184	$	131,089		1.10	%		24.98	%		0.09	%
Top Tradition		106,511	$	30.828184	$	3,283,543		1.10	%		24.98	%		0.12	%
Top Plus		32,964	$	33.655867	$	1,109,426		0.90	%		25.22	%		0.11	%
Investar Vision & Top Spectrum		19,823	$	26.717738	$	529,622		1.40	%		24.61	%		0.12	%
Top Explorer		86,735	$	26.266997	$	2,278,261		1.30	%		24.73	%		0.12	%
Oncore & Firstar Oncore Flex		20,359	$	17.276637	$	351,730		1.50	%		24.49	%		0.12	%
Oncore & Firstar Oncore Value		408,834	$	18.044337	$	7,377,131		0.90	%		25.22	%		0.15	%
Oncore & Firstar Oncore Premier		455,174	$	17.401955	$	7,920,916		1.40	%		24.61	%		0.16	%
Oncore & Firstar Oncore Xtra		553,545	$	17.401955	$	9,632,765		1.40	%		24.61	%		0.16	%
Oncore & Firstar Oncore Lite		763,733	$	17.401955	$	13,290,452		1.40	%		24.61	%		0.16	%
Oncore Ultra		9,005	$	17.401955	$	156,712		1.40	%		16.58	%		0.16	%		8/7/06

		2,460,935			$	46,061,647

2005
Top I		6,104	$	24.667115	$	150,563		1.10	%		27.60	%		0.54	%
Top Tradition		116,404	$	24.667115	$	2,871,350		1.10	%		27.60	%		0.50	%
Top Plus		42,137	$	26.876546	$	1,132,488		0.90	%		27.85	%		0.49	%
Investar Vision & Top Spectrum		22,876	$	21.441408	$	490,500		1.40	%		27.22	%		0.49	%
Top Explorer		88,292	$	21.058920	$	1,859,339		1.30	%		27.35	%		0.50	%
Oncore & Firstar Oncore Flex		22,385	$	13.878402	$	310,673		1.50	%		27.10	%		0.76	%
Oncore & Firstar Oncore Value		265,950	$	14.409653	$	3,832,254		0.90	%		27.85	%		0.76	%
Oncore & Firstar Oncore Premier		352,430	$	13.965342	$	4,921,808		1.40	%		27.22	%		0.67	%
Oncore & Firstar Oncore Xtra		381,912	$	13.965342	$	5,333,534		1.40	%		27.22	%		0.67	%
Oncore & Firstar Oncore Lite		263,401	$	13.965342	$	3,678,476		1.40	%		27.22	%		0.67	%

		1,561,891			$	24,580,985

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
International Small-Mid Company Subaccount (continued)
2004
Top I		2,137	$	19.332118	$	41,306		1.10	%		19.55	%		0.67	%
Top Tradition		116,939	$	19.332118	$	2,260,673		1.10	%		19.55	%		0.99	%
Top Plus		45,038	$	21.022163	$	946,800		0.90	%		19.79	%		0.97	%
Investar Vision & Top Spectrum		23,943	$	16.853745	$	403,522		1.40	%		19.20	%		1.05	%
Top Explorer		82,828	$	16.536802	$	1,369,708		1.30	%		19.32	%		1.02	%
Oncore & Firstar Oncore Flex		14,030	$	10.919657	$	153,198		1.50	%		19.08	%		1.01	%
Oncore & Firstar Oncore Value		91,275	$	11.270879	$	1,028,751		0.90	%		19.79	%		1.27	%
Oncore & Firstar Oncore Premier		263,335	$	10.977275	$	2,890,720		1.40	%		19.20	%		1.21	%
Oncore & Firstar Oncore Xtra		236,490	$	10.977275	$	2,596,013		1.40	%		19.20	%		1.21	%
Oncore & Firstar Oncore Lite		52,162	$	10.977275	$	572,591		1.40	%		19.20	%		1.21	%

		928,177			$	12,263,282

Aggressive Growth Subaccount
2008
Top Tradition		118,820	$	5.267561	$	625,890		1.10	%		–44.29	%		0.00	%
Top Plus		8,280	$	6.491756	$	53,749		0.90	%		–44.18	%		0.00	%
Investar Vision & Top Spectrum		14,651	$	4.881169	$	71,514		1.40	%		–44.46	%		0.00	%
Top Explorer		34,315	$	5.484400	$	188,200		1.30	%		–44.40	%		0.00	%
Oncore Flex		97,882	$	4.136035	$	404,845		1.50	%		–44.51	%		0.00	%
Oncore Value		361,540	$	4.362990	$	1,577,394		0.90	%		–44.18	%		0.00	%
Oncore Premier		256,467	$	4.172940	$	1,070,229		1.40	%		–44.46	%		0.00	%
Oncore Xtra		253,547	$	4.172940	$	1,058,035		1.40	%		–44.46	%		0.00	%
Oncore Lite		1,188,717	$	4.172940	$	4,960,443		1.40	%		–44.46	%		0.00	%
Oncore Ultra		20,383	$	4.172940	$	85,056		1.40	%		–44.46	%		0.00	%
Oncore Wrap		1,845	$	7.467061	$	13,774		0.65	%		–44.04	%		0.00	%

		2,356,447			$	10,109,129

2007
Top I		6,173	$	9.455742	$	58,375		1.10	%		28.14	%		0.00	%
Top Tradition		131,916	$	9.455742	$	1,247,363		1.10	%		28.14	%		0.00	%
Top Plus		10,171	$	11.630056	$	118,284		0.90	%		28.39	%		0.00	%
Investar Vision & Top Spectrum		15,976	$	8.788292	$	140,402		1.40	%		27.75	%		0.00	%
Top Explorer		36,424	$	9.864558	$	359,310		1.30	%		27.88	%		0.00	%
Oncore Flex		79,566	$	7.454100	$	593,093		1.50	%		27.63	%		0.00	%
Oncore Value		79,710	$	7.816341	$	623,041		0.90	%		28.39	%		0.00	%
Oncore & Firstar Oncore Premier		231,213	$	7.513151	$	1,737,137		1.40	%		27.75	%		0.00	%
Oncore & Firstar Oncore Xtra		172,964	$	7.513151	$	1,299,503		1.40	%		27.75	%		0.00	%
Oncore & Firstar Oncore Lite		830,444	$	7.513151	$	6,239,254		1.40	%		27.75	%		0.00	%
Oncore Ultra		5,995	$	7.513151	$	45,042		1.40	%		27.75	%		0.00	%

		1,600,552			$	12,460,804

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date
Ohio National Fund, Inc.: (continued)
Aggressive Growth Subaccount (continued)
2006
Top Tradition		143,803	$	7.379507	$	1,061,195		1.10	%		4.63	%		0.00	%
Top Plus		15,359	$	9.058347	$	139,124		0.90	%		4.84	%		0.00	%
Investar Vision & Top Spectrum		18,438	$	6.879063	$	126,838		1.40	%		4.32	%		0.00	%
Top Explorer		36,789	$	7.713855	$	283,787		1.30	%		4.42	%		0.00	%
Oncore Flex		15,125	$	5.840504	$	88,337		1.50	%		4.22	%		0.00	%
Oncore & Firstar Oncore Value		47,341	$	6.087941	$	288,207		0.90	%		4.84	%		0.00	%
Oncore & Firstar Oncore Premier		124,670	$	5.880952	$	733,182		1.40	%		4.32	%		0.00	%
Oncore & Firstar Oncore Xtra		166,904	$	5.880952	$	981,556		1.40	%		4.32	%		0.00	%
Oncore & Firstar Oncore Lite		262,597	$	5.880952	$	1,544,319		1.40	%		4.32	%		0.00	%
Oncore Ultra		2,192	$	5.880952	$	12,890		1.40	%		12.18	%		0.00	%		8/7/06

		833,218			$	5,259,435

2005
Top Tradition		162,770	$	7.052988	$	1,148,017		1.10	%		12.05	%		0.02	%
Top Plus		25,046	$	8.640452	$	216,407		0.90	%		12.27	%		0.02	%
Investar Vision & Top Spectrum		19,393	$	6.594137	$	127,879		1.40	%		11.72	%		0.02	%
Top Explorer		52,726	$	7.387077	$	389,493		1.30	%		11.83	%		0.02	%
Oncore Flex		25,766	$	5.604112	$	144,397		1.50	%		11.61	%		0.02	%
Oncore Value		25,661	$	5.807078	$	149,018		0.90	%		12.27	%		0.02	%
Oncore & Firstar Oncore Premier		139,309	$	5.637364	$	785,335		1.40	%		11.72	%		0.02	%
Oncore & Firstar Oncore Xtra		168,971	$	5.637364	$	952,548		1.40	%		11.72	%		0.02	%
Oncore & Firstar Oncore Lite		19,683	$	5.637364	$	110,961		1.40	%		11.72	%		0.02	%

		639,325			$	4,024,055

2004
Top I		422	$	6.294415	$	2,657		1.10	%		7.77	%		0.00	%
Top Tradition		192,494	$	6.294415	$	1,211,636		1.10	%		7.77	%		0.00	%
Top Plus		33,943	$	7.695920	$	261,224		0.90	%		7.98	%		0.00	%
Investar Vision & Top Spectrum		25,931	$	5.902318	$	153,054		1.40	%		7.45	%		0.00	%
Top Explorer		64,534	$	6.605557	$	426,282		1.30	%		7.56	%		0.00	%
Oncore Flex		25,098	$	5.021097	$	126,020		1.50	%		7.34	%		0.00	%
Oncore & Firstar Oncore Value		32,977	$	5.172269	$	170,565		0.90	%		7.98	%		0.00	%
Oncore & Firstar Oncore Premier		148,721	$	5.045926	$	750,436		1.40	%		7.45	%		0.00	%
Oncore & Firstar Oncore Xtra		214,747	$	5.045926	$	1,083,599		1.40	%		7.45	%		0.00	%
Oncore & Firstar Oncore Lite		8,056	$	5.045926	$	40,648		1.40	%		7.45	%		0.00	%

		746,923			$	4,226,121

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Small Cap Growth Subaccount
2008
Top I		3,697	$	5.925357	$	21,908		1.10	%		–48.26	%		0.00	%
Top Tradition		66,136	$	8.776039	$	580,408		1.10	%		–48.26	%		0.00	%
Top Plus		15,116	$	8.987221	$	135,850		0.90	%		–48.16	%		0.00	%
Top Explorer		38,383	$	10.170176	$	390,364		1.30	%		–48.36	%		0.00	%
Oncore Flex		34,404	$	3.814403	$	131,231		1.50	%		–48.47	%		0.00	%
Oncore Value		353,020	$	4.015988	$	1,417,723		0.90	%		–48.16	%		0.00	%
Oncore Premier		124,656	$	3.847203	$	479,577		1.40	%		–48.41	%		0.00	%
Oncore Xtra		237,509	$	3.847203	$	913,744		1.40	%		–48.41	%		0.00	%
Oncore Lite		517,731	$	3.847203	$	1,991,816		1.40	%		–48.41	%		0.00	%
Oncore Ultra		19,411	$	3.847203	$	74,680		1.40	%		–48.41	%		0.00	%

		1,410,063			$	6,137,301

2007
Top I		3,861	$	11.452285	$	44,222		1.10	%		13.37	%		0.00	%
Top Tradition		73,916	$	16.961958	$	1,253,769		1.10	%		13.37	%		0.00	%
Top Plus		29,381	$	17.335515	$	509,337		0.90	%		13.60	%		0.00	%
Top Explorer		45,524	$	19.695594	$	896,626		1.30	%		13.15	%		0.00	%
Oncore & Firstar Oncore Flex		16,930	$	7.401682	$	125,312		1.50	%		12.92	%		0.00	%
Oncore & Firstar Oncore Value		210,415	$	7.746449	$	1,629,972		0.90	%		13.60	%		0.00	%
Oncore & Firstar Oncore Premier		183,846	$	7.457924	$	1,371,096		1.40	%		13.03	%		0.00	%
Oncore & Firstar Oncore Xtra		246,518	$	7.457924	$	1,838,512		1.40	%		13.03	%		0.00	%
Oncore & Firstar Oncore Lite		424,893	$	7.457924	$	3,168,821		1.40	%		13.03	%		0.00	%
Oncore Ultra		13,623	$	7.457924	$	101,600		1.40	%		13.03	%		0.00	%

		1,248,907			$	10,939,267

2006
Top I		3,805	$	10.101594	$	38,435		1.10	%		24.24	%		0.00	%
Top Tradition		82,488	$	14.961463	$	1,234,136		1.10	%		24.24	%		0.00	%
Top Plus		38,981	$	15.260526	$	594,878		0.90	%		24.49	%		0.00	%
Investar Vision & Top Spectrum		2,257	$	9.889130	$	22,323		1.40	%		23.87	%		0.00	%
Top Explorer		55,930	$	17.407230	$	973,579		1.30	%		24.00	%		0.00	%
Oncore Flex		4,022	$	6.554696	$	26,365		1.50	%		23.75	%		0.00	%
Oncore & Firstar Oncore Value		85,102	$	6.819230	$	580,331		0.90	%		24.49	%		0.00	%
Oncore & Firstar Oncore Premier		149,634	$	6.597966	$	987,274		1.40	%		23.87	%		0.00	%
Oncore & Firstar Oncore Xtra		166,666	$	6.597966	$	1,099,659		1.40	%		23.87	%		0.00	%
Oncore Lite		144,978	$	6.597966	$	956,561		1.40	%		23.87	%		0.00	%
Oncore Ultra		1,518	$	6.597966	$	10,014		1.40	%		25.35	%		0.00	%		8/7/06

		735,381			$	6,523,555

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Small Cap Growth Subaccount (continued)
2005
Top I		4,190	$	8.130715	$	34,065		1.10	%		5.32	%		0.00	%
Top Tradition		97,972	$	12.042400	$	1,179,817		1.10	%		5.32	%		0.00	%
Top Plus		48,640	$	12.258855	$	596,272		0.90	%		5.53	%		0.00	%
Investar Vision & Top Spectrum		2,258	$	7.983258	$	18,024		1.40	%		5.01	%		0.00	%
Top Explorer		64,456	$	14.038597	$	904,865		1.30	%		5.12	%		0.00	%
Oncore Flex		4,023	$	5.296644	$	21,310		1.50	%		4.91	%		0.00	%
Oncore & Firstar Oncore Value		79,387	$	5.477934	$	434,875		0.90	%		5.53	%		0.00	%
Oncore & Firstar Oncore Premier		173,681	$	5.326372	$	925,088		1.40	%		5.01	%		0.00	%
Oncore & Firstar Oncore Xtra		194,351	$	5.326372	$	1,035,186		1.40	%		5.01	%		0.00	%
Oncore Lite		118,685	$	5.326372	$	632,169		1.40	%		5.01	%		0.00	%

		787,643			$	5,781,671

2004
Top I		1,864	$	7.719698	$	14,387		1.10	%		10.23	%		0.00	%
Top Tradition		122,489	$	11.433639	$	1,400,500		1.10	%		10.23	%		0.00	%
Top Plus		55,394	$	11.616196	$	643,473		0.90	%		10.45	%		0.00	%
Investar Vision & Top Spectrum		2,692	$	7.602113	$	20,462		1.40	%		9.90	%		0.00	%
Top Explorer		84,511	$	13.355197	$	1,128,655		1.30	%		10.01	%		0.00	%
Oncore Flex		5,361	$	5.048725	$	27,066		1.50	%		9.79	%		0.00	%
Oncore & Firstar Oncore Value		76,298	$	5.190763	$	396,045		0.90	%		10.45	%		0.00	%
Oncore & Firstar Oncore Premier		158,973	$	5.072075	$	806,324		1.40	%		9.90	%		0.00	%
Oncore & Firstar Oncore Xtra		195,801	$	5.072075	$	993,118		1.40	%		9.90	%		0.00	%
Oncore Lite		67,691	$	5.072075	$	343,333		1.40	%		9.90	%		0.00	%

		771,074			$	5,773,363

Mid Cap Opportunity Subaccount
2008
Top I		2,317	$	8.163265	$	18,918		1.10	%		–51.82	%		0.00	%
Top Tradition		232,618	$	14.211091	$	3,305,755		1.10	%		–51.82	%		0.00	%
Top Plus		74,258	$	14.552847	$	1,080,660		0.90	%		–51.73	%		0.00	%
Investar Vision & Top Spectrum		807	$	8.959753	$	7,233		1.40	%		–51.97	%		0.00	%
Top Explorer		153,983	$	14.084575	$	2,168,783		1.30	%		–51.92	%		0.00	%
Oncore Flex		48,895	$	8.865911	$	433,498		1.50	%		–52.01	%		0.00	%
Oncore Value		1,065,720	$	9.445690	$	10,066,461		0.90	%		–51.73	%		0.00	%
Oncore Premier		1,071,666	$	8.959753	$	9,601,858		1.40	%		–51.97	%		0.00	%
Oncore Xtra		890,849	$	8.959753	$	7,981,790		1.40	%		–51.97	%		0.00	%
Oncore Lite		2,987,136	$	8.959753	$	26,764,001		1.40	%		–51.97	%		0.00	%
Oncore Ultra		161,837	$	8.959753	$	1,450,023		1.40	%		–51.97	%		0.00	%
Oncore Wrap		4,655	$	5.892630	$	27,428		0.65	%		–51.61	%		0.00	%

		6,694,741			$	62,906,408

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Mid Cap Opportunity Subaccount (continued)
2007
Top I		4,075	$	16.944136	$	69,046		1.10	%		16.57	%		0.00	%
Top Tradition		275,030	$	29.497354	$	8,112,651		1.10	%		16.57	%		0.00	%
Top Plus		106,233	$	30.146544	$	3,202,563		0.90	%		16.81	%		0.00	%
Investar Vision & Top Spectrum		581	$	18.652945	$	10,843		1.40	%		16.23	%		0.00	%
Top Explorer		196,524	$	29.292946	$	5,756,768		1.30	%		16.34	%		0.00	%
Oncore & Firstar Oncore Flex		15,453	$	18.475898	$	285,511		1.50	%		16.11	%		0.00	%
Oncore & Firstar Oncore Value		493,791	$	19.566962	$	9,661,984		0.90	%		16.81	%		0.00	%
Oncore & Firstar Oncore Premier		674,866	$	18.652945	$	12,588,224		1.40	%		16.23	%		0.00	%
Oncore & Firstar Oncore Xtra		613,328	$	18.652945	$	11,440,378		1.40	%		16.23	%		0.00	%
Oncore & Firstar Oncore Lite		1,230,343	$	18.652945	$	22,949,524		1.40	%		16.23	%		0.00	%
Oncore Ultra		35,924	$	18.652945	$	670,085		1.40	%		16.23	%		0.00	%
Oncore Wrap		3,664	$	12.176280	$	44,617		0.65	%		17.10	%		0.00	%

		3,649,812			$	74,792,194

2006
Top I		4,051	$	14.535150	$	58,882		1.10	%		8.46	%		0.00	%
Top Tradition		322,989	$	25.303644	$	8,172,805		1.10	%		8.46	%		0.00	%
Top Plus		128,333	$	25.809088	$	3,312,156		0.90	%		8.67	%		0.00	%
Investar Vision & Top Spectrum		872	$	16.048749	$	13,994		1.40	%		8.14	%		0.00	%
Top Explorer		257,617	$	25.178242	$	6,486,332		1.30	%		8.25	%		0.00	%
Oncore & Firstar Oncore Flex		7,659	$	15.912178	$	121,872		1.50	%		8.03	%		0.00	%
Oncore & Firstar Oncore Value		297,079	$	16.751690	$	4,976,581		0.90	%		8.67	%		0.00	%
Oncore & Firstar Oncore Premier		600,290	$	16.048749	$	9,633,895		1.40	%		8.14	%		0.00	%
Oncore & Firstar Oncore Xtra		435,236	$	16.048749	$	6,984,994		1.40	%		8.14	%		0.00	%
Oncore & Firstar Oncore Lite		422,053	$	16.048749	$	6,773,424		1.40	%		8.14	%		0.00	%
Oncore Ultra		251	$	16.048749	$	4,029		1.40	%		10.57	%		0.00	%		8/7/06

		2,476,430			$	46,538,964

2005
Top I		6,768	$	13.401489	$	90,703		1.10	%		8.79	%		0.00	%
Top Tradition		419,408	$	23.330098	$	9,784,824		1.10	%		8.79	%		0.00	%
Top Plus		166,804	$	23.749133	$	3,961,458		0.90	%		9.00	%		0.00	%
Investar Vision & Top Spectrum		4,178	$	14.840842	$	62,007		1.40	%		8.47	%		0.00	%
Top Explorer		330,716	$	23.260264	$	7,692,547		1.30	%		8.57	%		0.00	%
Oncore & Firstar Oncore Flex		4,624	$	14.729016	$	68,113		1.50	%		8.36	%		0.00	%
Oncore & Firstar Oncore Value		316,665	$	15.414658	$	4,881,277		0.90	%		9.00	%		0.00	%
Oncore & Firstar Oncore Premier		686,907	$	14.840842	$	10,194,276		1.40	%		8.47	%		0.00	%
Oncore & Firstar Oncore Xtra		444,679	$	14.840842	$	6,599,406		1.40	%		8.47	%		0.00	%
Oncore & Firstar Oncore Lite		268,274	$	14.840842	$	3,981,417		1.40	%		8.47	%		0.00	%

		2,649,023			$	47,316,028

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Mid Cap Opportunity Subaccount (continued)
2004
Top I		7,847	$	12.318904	$	96,671		1.10	%		12.32	%		0.00	%
Top Tradition		504,422	$	21.445455	$	10,817,556		1.10	%		12.32	%		0.00	%
Top Plus		225,163	$	21.787570	$	4,905,745		0.90	%		12.54	%		0.00	%
Investar Vision & Top Spectrum		2,983	$	13.682335	$	40,812		1.40	%		11.99	%		0.00	%
Top Explorer		382,243	$	21.423407	$	8,188,955		1.30	%		12.10	%		0.00	%
Oncore & Firstar Oncore Flex		6,433	$	13.592579	$	87,444		1.50	%		11.88	%		0.00	%
Oncore & Firstar Oncore Value		361,287	$	14.141487	$	5,109,139		0.90	%		12.54	%		0.00	%
Oncore & Firstar Oncore Premier		780,144	$	13.682335	$	10,674,180		1.40	%		11.99	%		0.00	%
Oncore & Firstar Oncore Xtra		498,288	$	13.682335	$	6,817,744		1.40	%		11.99	%		0.00	%
Oncore & Firstar Oncore Lite		244,454	$	13.682335	$	3,344,705		1.40	%		11.99	%		0.00	%

		3,013,264			$	50,082,951

S&P 500 Index Subaccount
2008
Top I		415	$	6.814047	$	2,829		1.10	%		–37.99	%		0.15	%
Top Tradition		404,391	$	12.789767	$	5,172,061		1.10	%		–37.99	%		1.48	%
Top Plus		94,906	$	13.097253	$	1,243,010		0.90	%		–37.86	%		1.35	%
Investar Vision & Top Spectrum		33,273	$	8.485391	$	282,338		1.40	%		–38.17	%		1.51	%
Top Explorer		317,617	$	12.203048	$	3,875,899		1.30	%		–38.11	%		1.41	%
Oncore Flex		193,009	$	8.166118	$	1,576,132		1.50	%		–38.23	%		4.55	%
Oncore Value		1,060,458	$	8.700026	$	9,226,011		0.90	%		–37.86	%		2.13	%
Oncore Premier		1,580,319	$	8.252497	$	13,041,579		1.40	%		–38.17	%		1.63	%
Oncore Xtra		1,253,245	$	8.252497	$	10,342,400		1.40	%		–38.17	%		1.63	%
Oncore Lite		1,181,360	$	8.252497	$	9,749,169		1.40	%		–38.17	%		1.63	%
Oncore Ultra		251,752	$	8.252497	$	2,077,579		1.40	%		–38.17	%		1.63	%

		6,370,745			$	56,589,007

2007
Top I		7,126	$	10.987989	$	78,304		1.10	%		3.91	%		1.34	%
Top Tradition		486,895	$	20.624102	$	10,041,779		1.10	%		3.91	%		1.28	%
Top Plus		131,411	$	21.077909	$	2,769,870		0.90	%		4.12	%		1.21	%
Investar Vision & Top Spectrum		42,457	$	13.723920	$	582,672		1.40	%		3.60	%		1.09	%
Top Explorer		411,585	$	19.717115	$	8,115,271		1.30	%		3.71	%		1.25	%
Oncore & Firstar Oncore Flex		50,601	$	13.220644	$	668,975		1.50	%		3.50	%		1.16	%
Oncore & Firstar Oncore Value		688,708	$	14.001291	$	9,642,808		0.90	%		4.12	%		1.45	%
Oncore & Firstar Oncore Premier		1,891,876	$	13.347257	$	25,251,340		1.40	%		3.60	%		1.38	%
Oncore & Firstar Oncore Xtra		1,417,038	$	13.347257	$	18,913,575		1.40	%		3.60	%		1.38	%
Oncore & Firstar Oncore Lite		989,275	$	13.347257	$	13,204,105		1.40	%		3.60	%		1.38	%
Oncore Ultra		174,174	$	13.347257	$	2,324,742		1.40	%		3.60	%		1.38	%

		6,291,146			$	91,593,441

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
S&P 500 Index Subaccount (continued)
2006
Top I		7,298	$	10.574254	$	77,166		1.10	%		14.05	%		0.81	%
Top Tradition		557,596	$	19.847544	$	11,066,910		1.10	%		14.05	%		1.01	%
Top Plus		167,162	$	20.243886	$	3,384,008		0.90	%		14.27	%		0.98	%
Investar Vision & Top Spectrum		67,923	$	13.246583	$	899,751		1.40	%		13.71	%		0.92	%
Top Explorer		501,173	$	19.012429	$	9,528,523		1.30	%		13.82	%		1.03	%
Oncore & Firstar Oncore Flex		63,223	$	12.773463	$	807,577		1.50	%		13.60	%		0.95	%
Oncore & Firstar Oncore Value		625,744	$	13.447281	$	8,414,556		0.90	%		14.27	%		0.97	%
Oncore & Firstar Oncore Premier		2,202,890	$	12.883020	$	28,379,871		1.40	%		13.71	%		1.10	%
Oncore & Firstar Oncore Xtra		1,440,375	$	12.883020	$	18,556,385		1.40	%		13.71	%		1.10	%
Oncore & Firstar Oncore Lite		581,184	$	12.883020	$	7,487,410		1.40	%		13.71	%		1.10	%
Oncore Ultra		37,417	$	12.883020	$	482,041		1.40	%		11.24	%		1.10	%		8/7/06

		6,251,985			$	89,084,198

2005
Top I		11,960	$	9.271844	$	110,888		1.10	%		3.33	%		1.00	%
Top Tradition		722,817	$	17.402963	$	12,579,164		1.10	%		3.33	%		0.94	%
Top Plus		229,126	$	17.715460	$	4,059,075		0.90	%		3.54	%		0.92	%
Investar Vision & Top Spectrum		102,279	$	11.649395	$	1,191,490		1.40	%		3.03	%		0.91	%
Top Explorer		619,152	$	16.703578	$	10,342,053		1.30	%		3.13	%		0.93	%
Oncore & Firstar Oncore Flex		91,530	$	11.244364	$	1,029,195		1.50	%		2.93	%		0.97	%
Oncore & Firstar Oncore Value		843,939	$	11.767737	$	9,931,252		0.90	%		3.54	%		1.20	%
Oncore & Firstar Oncore Premier		2,932,440	$	11.329667	$	33,223,573		1.40	%		3.03	%		1.01	%
Oncore & Firstar Oncore Xtra		1,774,333	$	11.329667	$	20,102,603		1.40	%		3.03	%		1.01	%
Oncore & Firstar Oncore Lite		396,816	$	11.329667	$	4,495,784		1.40	%		3.03	%		1.01	%

		7,724,392			$	97,065,077

2004
Top I		13,918	$	8.972855	$	124,882		1.10	%		9.10	%		1.18	%
Top Tradition		865,003	$	16.841761	$	14,568,168		1.10	%		9.10	%		1.06	%
Top Plus		308,745	$	17.110362	$	5,282,732		0.90	%		9.32	%		1.01	%
Investar Vision & Top Spectrum		131,066	$	11.307096	$	1,481,973		1.40	%		8.78	%		1.01	%
Top Explorer		749,308	$	16.196798	$	12,136,386		1.30	%		8.88	%		1.08	%
Oncore & Firstar Oncore Flex		111,642	$	10.924689	$	1,219,649		1.50	%		8.67	%		1.03	%
Oncore & Firstar Oncore Value		647,913	$	11.365793	$	7,364,047		0.90	%		9.32	%		1.14	%
Oncore & Firstar Oncore Premier		2,915,101	$	10.996761	$	32,056,676		1.40	%		8.78	%		1.16	%
Oncore & Firstar Oncore Xtra		1,900,670	$	10.996761	$	20,901,216		1.40	%		8.78	%		1.16	%
Oncore & Firstar Oncore Lite		459,684	$	10.996761	$	5,055,040		1.40	%		8.78	%		1.16	%

		8,103,050			$	100,190,769

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Strategic Value Subaccount
2008
Top Tradition		19,523	$	8.102801	$	158,194		1.10	%		–29.05	%		4.27	%
Top Plus		6,099	$	8.251352	$	50,323		0.90	%		–28.91	%		4.78	%
Investar Vision & Top Spectrum		3,257	$	8.071238	$	26,288		1.40	%		–29.26	%		13.07	%
Top Explorer		12,743	$	7.957195	$	101,396		1.30	%		–29.19	%		4.52	%
Oncore Flex		8,278	$	7.986742	$	66,114		1.50	%		–29.33	%		3.37	%
Oncore Value		128,854	$	8.508877	$	1,096,406		0.90	%		–28.91	%		5.26	%
Oncore Premier		329,890	$	8.071238	$	2,662,615		1.40	%		–29.26	%		3.83	%
Oncore Xtra		362,080	$	8.071238	$	2,922,434		1.40	%		–29.26	%		3.83	%
Oncore Lite		265,337	$	8.071238	$	2,141,601		1.40	%		–29.26	%		3.83	%
Oncore Ultra		1,980	$	8.071238	$	15,983		1.40	%		–29.26	%		3.83	%

		1,138,041			$	9,241,354

2007
Top I		1,541	$	11.420393	$	17,603		1.10	%		–9.73	%		1.12	%
Top Tradition		23,566	$	11.420393	$	269,128		1.10	%		–9.73	%		0.91	%
Top Plus		6,099	$	11.606647	$	70,786		0.90	%		–9.55	%		1.12	%
Investar Vision & Top Spectrum		650	$	11.409821	$	7,420		1.40	%		–10.00	%		2.57	%
Top Explorer		14,765	$	11.237449	$	165,916		1.30	%		–9.91	%		1.14	%
Oncore & Firstar Oncore Flex		26,850	$	11.301574	$	303,448		1.50	%		–10.09	%		1.06	%
Oncore & Firstar Oncore Value		120,817	$	11.968870	$	1,446,039		0.90	%		–9.55	%		1.14	%
Oncore & Firstar Oncore Premier		442,478	$	11.409821	$	5,048,600		1.40	%		–10.00	%		1.02	%
Oncore & Firstar Oncore Xtra		767,549	$	11.409821	$	8,757,599		1.40	%		–10.00	%		1.02	%
Oncore & Firstar Oncore Lite		495,042	$	11.409821	$	5,648,345		1.40	%		–10.00	%		1.02	%

		1,899,357			$	21,734,884

2006
Top I		1,542	$	12.651963	$	19,505		1.10	%		15.09	%		0.98	%
Top Tradition		49,044	$	12.651963	$	620,499		1.10	%		15.09	%		0.99	%
Top Plus		6,144	$	12.832713	$	78,847		0.90	%		15.31	%		0.96	%
Investar Vision & Top Spectrum		100	$	12.677987	$	1,267		1.40	%		14.75	%		0.07	%
Top Explorer		14,317	$	12.474060	$	178,589		1.30	%		14.86	%		0.68	%
Oncore & Firstar Oncore Flex		29,969	$	12.570161	$	376,711		1.50	%		14.64	%		0.83	%
Oncore & Firstar Oncore Value		103,198	$	13.233186	$	1,365,635		0.90	%		15.31	%		0.96	%
Oncore & Firstar Oncore Premier		539,182	$	12.677987	$	6,835,766		1.40	%		14.75	%		1.05	%
Oncore & Firstar Oncore Xtra		947,911	$	12.677987	$	12,017,600		1.40	%		14.75	%		1.05	%
Oncore & Firstar Oncore Lite		460,054	$	12.677987	$	5,832,556		1.40	%		14.75	%		1.05	%

		2,151,461			$	27,326,975

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Strategic Value Subaccount (continued)
2005
Top I		1,542	$	10.993372	$	16,951		1.10	%		3.60	%		0.98	%
Top Tradition		47,952	$	10.993372	$	527,149		1.10	%		3.60	%		0.97	%
Top Plus		6,365	$	11.128423	$	70,836		0.90	%		3.80	%		0.85	%
Investar Vision & Top Spectrum		1,769	$	11.048572	$	19,541		1.40	%		3.29	%		0.92	%
Top Explorer		28,570	$	10.860149	$	310,278		1.30	%		3.40	%		0.86	%
Oncore & Firstar Oncore Flex		40,707	$	10.965373	$	446,372		1.50	%		3.19	%		0.74	%
Oncore & Firstar Oncore Value		111,649	$	11.475703	$	1,281,246		0.90	%		3.80	%		0.90	%
Oncore & Firstar Oncore Premier		640,038	$	11.048572	$	7,071,503		1.40	%		3.29	%		0.92	%
Oncore & Firstar Oncore Xtra		1,017,109	$	11.048572	$	11,237,605		1.40	%		3.29	%		0.92	%
Oncore & Firstar Oncore Lite		201,599	$	11.048572	$	2,227,388		1.40	%		3.29	%		0.92	%

		2,097,300			$	23,208,869

2004
Top I		1,542	$	10.611435	$	16,366		1.10	%		8.41	%		1.24	%
Top Tradition		50,399	$	10.611435	$	534,806		1.10	%		8.41	%		1.26	%
Top Plus		9,015	$	10.720596	$	96,651		0.90	%		8.62	%		1.28	%
Investar Vision & Top Spectrum		5,780	$	10.696275	$	61,822		1.40	%		8.09	%		1.40	%
Top Explorer		36,448	$	10.503505	$	382,829		1.30	%		8.19	%		1.29	%
Oncore & Firstar Oncore Flex		65,506	$	10.626161	$	696,081		1.50	%		7.98	%		1.19	%
Oncore & Firstar Oncore Value		126,918	$	11.055144	$	1,403,102		0.90	%		8.62	%		1.38	%
Oncore & Firstar Oncore Premier		779,857	$	10.696275	$	8,341,568		1.40	%		8.09	%		1.40	%
Oncore & Firstar Oncore Xtra		1,065,624	$	10.696275	$	11,398,203		1.40	%		8.09	%		1.40	%
Oncore & Firstar Oncore Lite		212,626	$	10.696275	$	2,274,301		1.40	%		8.09	%		1.40	%

		2,353,715			$	25,205,729

High Income Bond Subaccount
2008
Top I		2,064	$	11.185021	$	23,082		1.10	%		–26.13	%		0.00	%
Top Tradition		41,093	$	11.185021	$	459,630		1.10	%		–26.13	%		0.00	%
Top Plus		18,377	$	11.389997	$	209,315		0.90	%		–25.98	%		0.00	%
Investar Vision & Top Spectrum		1,789	$	10.537113	$	18,847		1.40	%		–26.35	%		0.00	%
Top Explorer		34,841	$	10.984105	$	382,699		1.30	%		–26.27	%		0.00	%
Oncore Flex		102,620	$	10.426833	$	1,069,997		1.50	%		–26.42	%		0.00	%
Oncore Value		1,073,848	$	11.108243	$	11,928,562		0.90	%		–25.98	%		0.00	%
Oncore Premier		1,308,485	$	10.537113	$	13,787,665		1.40	%		–26.35	%		0.00	%
Oncore Xtra		1,307,798	$	10.537113	$	13,780,419		1.40	%		–26.35	%		0.00	%
Oncore Lite		1,758,801	$	10.537113	$	18,532,689		1.40	%		–26.35	%		0.00	%
Oncore Ultra		141,923	$	10.537113	$	1,495,455		1.40	%		–26.35	%		0.00	%
Oncore Wrap		10,084	$	7.800057	$	78,653		0.65	%		–25.79	%		0.00	%

		5,801,723			$	61,767,013

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc. (continued)
High Income Bond Subaccount (continued)
2007
Top I		2,899	$	15.140610	$	43,889		1.10	%		2.40	%		0.00	%
Top Tradition		50,464	$	15.140610	$	764,053		1.10	%		2.40	%		0.00	%
Top Plus		25,139	$	15.387450	$	386,826		0.90	%		2.60	%		0.00	%
Investar Vision & Top Spectrum		1,993	$	14.306057	$	28,515		1.40	%		2.09	%		0.00	%
Top Explorer		55,314	$	14.898150	$	824,069		1.30	%		2.19	%		0.00	%
Oncore & Firstar Oncore Flex		90,086	$	14.170338	$	1,276,554		1.50	%		1.99	%		0.00	%
Oncore & Firstar Oncore Value		734,281	$	15.006808	$	11,019,212		0.90	%		2.60	%		0.00	%
Oncore & Firstar Oncore Premier		1,255,062	$	14.306057	$	17,954,996		1.40	%		2.09	%		0.00	%
Oncore & Firstar Oncore Xtra		1,245,884	$	14.306057	$	17,823,681		1.40	%		2.09	%		0.00	%
Oncore & Firstar Oncore Lite		1,200,328	$	14.306057	$	17,171,963		1.40	%		2.09	%		0.00	%
Oncore Ultra		94,549	$	14.306057	$	1,352,621		1.40	%		2.09	%		0.00	%
Oncore Wrap		191	$	10.511392	$	2,007		0.65	%		2.86	%		0.00	%

		4,756,190			$	68,648,386

2006
Top I		2,867	$	14.786200	$	42,391		1.10	%		8.93	%		0.00	%
Top Tradition		47,931	$	14.786200	$	708,723		1.10	%		8.93	%		0.00	%
Top Plus		28,987	$	14.997356	$	434,730		0.90	%		9.15	%		0.00	%
Investar Vision & Top Spectrum		2,975	$	14.012859	$	41,685		1.40	%		8.61	%		0.00	%
Top Explorer		53,531	$	14.578330	$	780,391		1.30	%		8.72	%		0.00	%
Oncore & Firstar Oncore Flex		36,014	$	13.893687	$	500,373		1.50	%		8.51	%		0.00	%
Oncore & Firstar Oncore Value		574,601	$	14.626365	$	8,404,318		0.90	%		9.15	%		0.00	%
Oncore & Firstar Oncore Premier		1,237,336	$	14.012859	$	17,338,632		1.40	%		8.61	%		0.00	%
Oncore & Firstar Oncore Xtra		1,162,383	$	14.012859	$	16,288,306		1.40	%		8.61	%		0.00	%
Oncore & Firstar Oncore Lite		908,344	$	14.012859	$	12,728,491		1.40	%		8.61	%		0.00	%
Oncore Ultra		27,141	$	14.012859	$	380,318		1.40	%		5.67	%		0.00	%		8/7/06

		4,082,110			$	57,648,358

2005
Top I		3,303	$	13.573436	$	44,829		1.10	%		1.87	%		5.94	%
Top Tradition		41,596	$	13.573436	$	564,603		1.10	%		1.87	%		5.49	%
Top Plus		14,685	$	13.740101	$	201,777		0.90	%		2.08	%		6.90	%
Investar Vision & Top Spectrum		5,409	$	12.901575	$	69,790		1.40	%		1.57	%		5.38	%
Top Explorer		47,917	$	13.408981	$	642,521		1.30	%		1.67	%		5.17	%
Oncore & Firstar Oncore Flex		14,409	$	12.804436	$	184,493		1.50	%		1.47	%		4.03	%
Oncore & Firstar Oncore Value		414,973	$	13.400215	$	5,560,726		0.90	%		2.08	%		6.11	%
Oncore & Firstar Oncore Premier		1,041,558	$	12.901575	$	13,437,733		1.40	%		1.57	%		5.38	%
Oncore & Firstar Oncore Xtra		970,510	$	12.901575	$	12,521,108		1.40	%		1.57	%		5.38	%
Oncore & Firstar Oncore Lite		582,304	$	12.901575	$	7,512,645		1.40	%		1.57	%		5.38	%

		3,136,664			$	40,740,225

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc. (continued)
High Income Bond Subaccount (continued)
2004
Top I		1,470	$	13.323676	$	19,579		1.10	%		9.46	%		0.26	%
Top Tradition		31,474	$	13.323676	$	419,346		1.10	%		9.46	%		0.32	%
Top Plus		4,357	$	13.460648	$	58,646		0.90	%		9.68	%		0.25	%
Investar Vision & Top Spectrum		5,873	$	12.701656	$	74,596		1.40	%		9.14	%		0.36	%
Top Explorer		36,892	$	13.188188	$	486,542		1.30	%		9.25	%		0.36	%
Oncore & Firstar Oncore Flex		59,855	$	12.618415	$	755,281		1.50	%		9.03	%		0.41	%
Oncore & Firstar Oncore Value		226,445	$	13.127684	$	2,972,705		0.90	%		9.68	%		0.37	%
Oncore & Firstar Oncore Premier		859,441	$	12.701656	$	10,916,318		1.40	%		9.14	%		0.36	%
Oncore & Firstar Oncore Xtra		843,534	$	12.701656	$	10,714,278		1.40	%		9.14	%		0.36	%
Oncore & Firstar Oncore Lite		400,197	$	12.701656	$	5,083,170		1.40	%		9.14	%		0.36	%

		2,469,538			$	31,500,461

Capital Growth Subaccount
2008
Top I		848	$	6.891116	$	5,840		1.10	%		–37.06	%		0.00	%
Top Tradition		37,325	$	6.891116	$	257,212		1.10	%		–37.06	%		0.00	%
Top Plus		26,270	$	7.017563	$	184,351		0.90	%		–36.93	%		0.00	%
Investar Vision & Top Spectrum		557	$	14.624308	$	8,141		1.40	%		–37.24	%		0.00	%
Top Explorer		37,928	$	6.767189	$	256,664		1.30	%		–37.18	%		0.00	%
Oncore Flex		28,389	$	14.471164	$	410,825		1.50	%		–37.31	%		0.00	%
Oncore Value		208,374	$	15.417585	$	3,212,627		0.90	%		–36.93	%		0.00	%
Oncore Premier		287,804	$	14.624308	$	4,208,941		1.40	%		–37.24	%		0.00	%
Oncore Xtra		245,210	$	14.624308	$	3,586,030		1.40	%		–37.24	%		0.00	%
Oncore Lite		568,982	$	14.624308	$	8,320,970		1.40	%		–37.24	%		0.00	%
Oncore Ultra		32,472	$	14.624308	$	474,879		1.40	%		–37.24	%		0.00	%
Oncore Wrap		109	$	7.358605	$	802		0.65	%		–36.77	%		0.00	%

		1,474,268			$	20,927,282

2007
Top I		1,122	$	10.948037	$	12,288		1.10	%		10.01	%		0.00	%
Top Tradition		54,384	$	10.948037	$	595,394		1.10	%		10.01	%		0.00	%
Top Plus		28,818	$	11.126720	$	320,654		0.90	%		10.23	%		0.00	%
Investar Vision & Top Spectrum		594	$	23.303218	$	13,843		1.40	%		9.69	%		0.00	%
Top Explorer		46,539	$	10.772524	$	501,343		1.30	%		9.80	%		0.00	%
Oncore & Firstar Oncore Flex		16,332	$	23.082048	$	376,977		1.50	%		9.58	%		0.00	%
Oncore & Firstar Oncore Value		179,330	$	24.445423	$	4,383,788		0.90	%		10.23	%		0.00	%
Oncore & Firstar Oncore Premier		329,849	$	23.303218	$	7,686,519		1.40	%		9.69	%		0.00	%
Oncore & Firstar Oncore Xtra		276,637	$	23.303218	$	6,446,541		1.40	%		9.69	%		0.00	%
Oncore & Firstar Oncore Lite		282,746	$	23.303218	$	6,588,894		1.40	%		9.69	%		0.00	%
Oncore Ultra		21,668	$	23.303218	$	504,941		1.40	%		9.69	%		0.00	%
Oncore Wrap		3,854	$	11.638423	$	44,857		0.65	%		10.51	%		0.00	%

		1,241,873			$	27,476,039

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Capital Growth Subaccount (continued)
2006
Top I		1,142	$	9.951443	$	11,364		1.10	%		18.82	%		0.00	%
Top Tradition		66,814	$	9.951443	$	664,895		1.10	%		18.82	%		0.00	%
Top Plus		19,678	$	10.093727	$	198,628		0.90	%		19.06	%		0.00	%
Investar Vision & Top Spectrum		2,499	$	21.245155	$	53,095		1.40	%		18.47	%		0.00	%
Top Explorer		54,769	$	9.811382	$	537,362		1.30	%		18.59	%		0.00	%
Oncore & Firstar Oncore Flex		9,762	$	21.064385	$	205,623		1.50	%		18.35	%		0.00	%
Oncore & Firstar Oncore Value		178,664	$	22.175950	$	3,962,037		0.90	%		19.06	%		0.00	%
Oncore & Firstar Oncore Premier		397,154	$	21.245155	$	8,437,591		1.40	%		18.47	%		0.00	%
Oncore & Firstar Oncore Xtra		266,077	$	21.245155	$	5,652,838		1.40	%		18.47	%		0.00	%
Oncore & Firstar Oncore Lite		131,305	$	21.245155	$	2,789,594		1.40	%		18.47	%		0.00	%
Oncore Ultra		16,141	$	21.245155	$	342,927		1.40	%		14.60	%		0.00	%		8/7/06

		1,144,005			$	22,855,954

2005
Top I		1,564	$	8.375158	$	13,100		1.10	%		1.50	%		0.00	%
Top Tradition		90,457	$	8.375158	$	757,595		1.10	%		1.50	%		0.00	%
Top Plus		32,916	$	8.478128	$	279,067		0.90	%		1.71	%		0.00	%
Investar Vision & Top Spectrum		1,524	$	17.932886	$	27,328		1.40	%		1.21	%		0.00	%
Top Explorer		84,338	$	8.273551	$	697,774		1.30	%		1.30	%		0.00	%
Oncore & Firstar Oncore Flex		12,445	$	17.797778	$	221,501		1.50	%		1.11	%		0.00	%
Oncore & Firstar Oncore Value		188,504	$	18.626477	$	3,511,173		0.90	%		1.71	%		0.00	%
Oncore & Firstar Oncore Premier		440,971	$	17.932886	$	7,907,886		1.40	%		1.21	%		0.00	%
Oncore & Firstar Oncore Xtra		282,513	$	17.932886	$	5,066,273		1.40	%		1.21	%		0.00	%
Oncore & Firstar Oncore Lite		67,956	$	17.932886	$	1,218,619		1.40	%		1.21	%		0.00	%

		1,203,188			$	19,700,316

2004
Top I		3,935	$	8.251025	$	32,465		1.10	%		18.40	%		0.00	%
Top Tradition		112,136	$	8.251025	$	925,233		1.10	%		18.40	%		0.00	%
Top Plus		40,287	$	8.335993	$	335,829		0.90	%		18.64	%		0.00	%
Investar Vision & Top Spectrum		2,536	$	17.719361	$	44,942		1.40	%		18.05	%		0.00	%
Top Explorer		103,206	$	8.166981	$	842,885		1.30	%		18.17	%		0.00	%
Oncore & Firstar Oncore Flex		16,045	$	17.603150	$	282,451		1.50	%		17.93	%		0.00	%
Oncore & Firstar Oncore Value		201,998	$	18.314193	$	3,699,432		0.90	%		18.64	%		0.00	%
Oncore & Firstar Oncore Premier		460,491	$	17.719361	$	8,159,614		1.40	%		18.05	%		0.00	%
Oncore & Firstar Oncore Xtra		315,048	$	17.719361	$	5,582,445		1.40	%		18.05	%		0.00	%
Oncore & Firstar Oncore Lite		61,427	$	17.719361	$	1,088,440		1.40	%		18.05	%		0.00	%

		1,317,109			$	20,993,736

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Nasdaq-100 Index Subaccount
2008
Top I		937	$	2.828078	$	2,650		1.10	%		–42.61	%		0.00	%
Top Tradition		48,947	$	2.828078	$	138,426		1.10	%		–42.61	%		0.00	%
Top Plus		17,146	$	2.877151	$	49,331		0.90	%		–42.50	%		0.00	%
Investar Vision & Top Spectrum		1,441	$	2.756210	$	3,971		1.40	%		–42.78	%		0.00	%
Top Explorer		55,358	$	2.779980	$	153,893		1.30	%		–42.73	%		0.00	%
Oncore Flex		44,342	$	2.732727	$	121,173		1.50	%		–42.84	%		0.00	%
Oncore Value		1,487,339	$	2.877151	$	4,279,299		0.90	%		–42.50	%		0.00	%
Oncore Premier		1,576,013	$	2.756210	$	4,343,828		1.40	%		–42.78	%		0.00	%
Oncore Xtra		1,300,794	$	2.756210	$	3,585,262		1.40	%		–42.78	%		0.00	%
Oncore Lite		3,725,343	$	2.756210	$	10,267,828		1.40	%		–42.78	%		0.00	%
Oncore Ultra		107,932	$	2.756210	$	297,482		1.40	%		–42.78	%		0.00	%

		8,365,592			$	23,243,143

2007
Top I		940	$	4.928080	$	4,631		1.10	%		17.29	%		0.00	%
Top Tradition		65,181	$	4.928080	$	321,216		1.10	%		17.29	%		0.00	%
Top Plus		32,300	$	5.003612	$	161,616		0.90	%		17.52	%		0.00	%
Investar Vision & Top Spectrum		1,285	$	4.817178	$	6,190		1.40	%		16.94	%		0.00	%
Top Explorer		98,409	$	4.853897	$	477,669		1.30	%		17.05	%		0.00	%
Oncore Flex		14,853	$	4.780893	$	71,013		1.50	%		16.82	%		0.00	%
Oncore & Firstar Oncore Value		1,283,768	$	5.003612	$	6,423,475		0.90	%		17.52	%		0.00	%
Oncore & Firstar Oncore Premier		1,829,651	$	4.817178	$	8,813,752		1.40	%		16.94	%		0.00	%
Oncore & Firstar Oncore Xtra		1,350,357	$	4.817178	$	6,504,910		1.40	%		16.94	%		0.00	%
Oncore & Firstar Oncore Lite		3,394,471	$	4.817178	$	16,351,773		1.40	%		16.94	%		0.00	%
Oncore Ultra		65,838	$	4.817178	$	317,156		1.40	%		16.94	%		0.00	%

		8,137,053			$	39,453,401

2006
Top I		943	$	4.201735	$	3,958		1.10	%		5.45	%		0.00	%
Top Tradition		75,868	$	4.201735	$	318,778		1.10	%		5.45	%		0.00	%
Top Plus		34,139	$	4.257637	$	145,353		0.90	%		5.65	%		0.00	%
Investar Vision & Top Spectrum		2,013	$	4.119424	$	8,290		1.40	%		5.14	%		0.00	%
Top Explorer		93,787	$	4.146697	$	388,908		1.30	%		5.24	%		0.00	%
Oncore Flex		15,111	$	4.092444	$	61,841		1.50	%		5.03	%		0.00	%
Oncore & Firstar Oncore Value		1,664,926	$	4.257637	$	7,088,650		0.90	%		5.65	%		0.00	%
Oncore & Firstar Oncore Premier		2,292,149	$	4.119424	$	9,442,338		1.40	%		5.14	%		0.00	%
Oncore & Firstar Oncore Xtra		1,593,253	$	4.119424	$	6,563,285		1.40	%		5.14	%		0.00	%
Oncore & Firstar Oncore Lite		3,318,359	$	4.119424	$	13,669,728		1.40	%		5.14	%		0.00	%

		9,090,548			$	37,691,129

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Nasdaq-100 Index Subaccount (continued)
2005
Top I		945	$	3.984706	$	3,764		1.10	%		0.33	%		0.00	%
Top Tradition		100,761	$	3.984706	$	401,502		1.10	%		0.33	%		0.00	%
Top Plus		55,705	$	4.029756	$	224,477		0.90	%		0.53	%		0.00	%
Top Spectrum		2,754	$	3.918202	$	10,791		1.40	%		0.04	%		0.00	%
Top Explorer		92,399	$	3.940267	$	364,075		1.30	%		0.14	%		0.00	%
Oncore Flex		24,926	$	3.896373	$	97,119		1.50	%		–0.06	%		0.00	%
Oncore & Firstar Oncore Value		1,060,246	$	4.029756	$	4,272,531		0.90	%		0.53	%		0.00	%
Oncore & Firstar Oncore Premier		1,808,807	$	3.918202	$	7,087,271		1.40	%		0.04	%		0.00	%
Oncore & Firstar Oncore Xtra		1,186,324	$	3.918202	$	4,648,258		1.40	%		0.04	%		0.00	%
Oncore & Firstar Oncore Lite		1,562,791	$	3.918202	$	6,123,338		1.40	%		0.04	%		0.00	%

		5,895,658			$	23,233,126

2004
Top I		3,327	$	3.971406	$	13,211		1.10	%		8.80	%		0.00	%
Top Tradition		134,268	$	3.971406	$	533,233		1.10	%		8.80	%		0.00	%
Top Plus		67,200	$	4.008381	$	269,365		0.90	%		9.02	%		0.00	%
Top Spectrum		3,474	$	3.916679	$	13,607		1.40	%		8.48	%		0.00	%
Top Explorer		122,789	$	3.934857	$	483,157		1.30	%		8.59	%		0.00	%
Oncore Flex		14,917	$	3.898693	$	58,158		1.50	%		8.37	%		0.00	%
Oncore & Firstar Oncore Value		403,259	$	4.008381	$	1,616,417		0.90	%		9.02	%		0.00	%
Oncore & Firstar Oncore Premier		1,071,195	$	3.916679	$	4,195,521		1.40	%		8.48	%		0.00	%
Oncore & Firstar Oncore Xtra		773,192	$	3.916679	$	3,028,347		1.40	%		8.48	%		0.00	%
Oncore & Firstar Oncore Lite		275,075	$	3.916679	$	1,077,381		1.40	%		8.48	%		0.00	%

		2,868,696			$	11,288,397

Bristol Subaccount
2008
Top I		15	$	7.449033	$	110		1.10	%		–41.20	%		0.05	%
Top Tradition		15,108	$	8.828373	$	133,379		1.10	%		–41.20	%		0.73	%
Top Plus		4,647	$	8.945883	$	41,568		0.90	%		–41.08	%		0.72	%
Investar Vision & Top Spectrum		3,092	$	7.379446	$	22,814		1.40	%		–41.37	%		0.85	%
Top Explorer		23,721	$	8.712654	$	206,670		1.30	%		–41.31	%		0.76	%
Oncore Flex		56,320	$	8.598613	$	484,276		1.50	%		–41.43	%		1.26	%
Oncore Value		1,589,403	$	8.945883	$	14,218,613		0.90	%		–41.08	%		0.98	%
Oncore Premier		1,590,338	$	8.655380	$	13,764,995		1.40	%		–41.37	%		0.99	%
Oncore Xtra		1,355,483	$	8.655380	$	11,732,218		1.40	%		–41.37	%		0.99	%
Oncore Lite		3,925,184	$	8.655380	$	33,973,960		1.40	%		–41.37	%		0.99	%
Oncore Ultra		233,441	$	8.655380	$	2,020,524		1.40	%		–41.37	%		0.99	%
Oncore Wrap		3,073	$	6.609687	$	20,308		0.65	%		–40.93	%		1.24	%

		8,799,825			$	76,619,435

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Bristol Subaccount (continued)
2007
Top I		949	$	12.667384	$	12,019		1.10	%		6.57	%		0.54	%
Top Tradition		21,322	$	15.013012	$	320,101		1.10	%		6.57	%		0.59	%
Top Plus		6,337	$	15.182553	$	96,215		0.90	%		6.79	%		0.42	%
Investar Vision & Top Spectrum		3,071	$	12.586514	$	38,650		1.40	%		6.26	%		0.54	%
Top Explorer		32,862	$	14.845697	$	487,858		1.30	%		6.36	%		0.56	%
Oncore & Firstar Oncore Flex		20,942	$	14.680490	$	307,444		1.50	%		6.15	%		0.74	%
Oncore & Firstar Oncore Value		1,091,202	$	15.182553	$	16,567,231		0.90	%		6.79	%		0.63	%
Oncore & Firstar Oncore Premier		1,209,011	$	14.762770	$	17,848,359		1.40	%		6.26	%		0.63	%
Oncore & Firstar Oncore Xtra		1,010,859	$	14.762770	$	14,923,079		1.40	%		6.26	%		0.63	%
Oncore & Firstar Oncore Lite		2,456,439	$	14.762770	$	36,263,849		1.40	%		6.26	%		0.63	%
Oncore Ultra		133,977	$	14.762770	$	1,977,878		1.40	%		6.26	%		0.63	%
Oncore Wrap		1,340	$	11.189720	$	14,989		0.65	%		7.05	%		1.31	%

		5,988,311			$	88,857,672

2006
Top I		927	$	11.885900	$	11,020		1.10	%		15.16	%		0.36	%
Top Tradition		7,636	$	14.086815	$	107,562		1.10	%		15.16	%		0.33	%
Top Plus		7,492	$	14.217544	$	106,517		0.90	%		15.38	%		0.25	%
Investar Vision & Top Spectrum		2,837	$	11.845258	$	33,606		1.40	%		14.82	%		0.59	%
Top Explorer		24,042	$	13.957508	$	335,569		1.30	%		14.93	%		0.26	%
Oncore & Firstar Oncore Flex		6,112	$	13.829606	$	84,523		1.50	%		14.70	%		0.44	%
Oncore & Firstar Oncore Value		754,166	$	14.217544	$	10,722,384		0.90	%		15.38	%		0.44	%
Oncore & Firstar Oncore Premier		970,212	$	13.893341	$	13,479,484		1.40	%		14.82	%		0.44	%
Oncore & Firstar Oncore Xtra		729,167	$	13.893341	$	10,130,571		1.40	%		14.82	%		0.44	%
Oncore & Firstar Oncore Lite		1,459,339	$	13.893341	$	20,275,099		1.40	%		14.82	%		0.44	%
Oncore Ultra		28,973	$	13.893341	$	402,534		1.40	%		11.62	%		0.44	%		8/7/06

		3,990,903			$	55,688,869

2005
Top I		308	$	10.321480	$	3,176		1.10	%		3.21	%		0.00	%		11/2/05
Top Tradition		8,423	$	12.232704	$	103,034		1.10	%		10.81	%		0.00	%
Top Plus		11,409	$	12.321848	$	140,579		0.90	%		11.03	%		0.00	%
Investar Vision		1,050	$	10.316620	$	10,837		1.40	%		3.17	%		0.00	%		11/2/05
Top Explorer		37,724	$	12.144310	$	458,133		1.30	%		10.59	%		0.00	%
Oncore & Firstar Oncore Flex		4,281	$	12.056721	$	51,617		1.50	%		10.38	%		0.00	%
Oncore & Firstar Oncore Value		381,338	$	12.321848	$	4,698,786		0.90	%		11.03	%		0.00	%
Oncore & Firstar Oncore Premier		514,265	$	12.100392	$	6,222,814		1.40	%		10.49	%		0.00	%
Oncore & Firstar Oncore Xtra		397,514	$	12.100392	$	4,810,070		1.40	%		10.49	%		0.00	%
Oncore & Firstar Oncore Lite		685,688	$	12.100392	$	8,297,090		1.40	%		10.49	%		0.00	%

		2,042,000			$	24,796,136

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Ohio National Fund, Inc.: (continued)
Bristol Subaccount (continued)
2004
Top Tradition		6,694	$	11.039073	$	73,896		1.10	%		7.44	%		0.90	%
Top Plus		12,814	$	11.097582	$	142,201		0.90	%		7.65	%		0.95	%
Top Explorer		37,425	$	10.980911	$	410,958		1.30	%		7.23	%		1.09	%
Oncore Flex		635	$	10.923170	$	6,941		1.50	%		7.01	%		1.06	%
Oncore & Firstar Oncore Value		12,661	$	11.097582	$	140,506		0.90	%		7.65	%		1.33	%
Oncore & Firstar Oncore Premier		40,686	$	10.951971	$	445,597		1.40	%		7.12	%		1.12	%
Oncore & Firstar Oncore Xtra		44,385	$	10.951971	$	486,099		1.40	%		7.12	%		1.12	%
Oncore Lite		4,790	$	10.951971	$	52,464		1.40	%		7.12	%		1.12	%

		160,090			$	1,758,662

Bryton Growth Subaccount
2008
Top I		16	$	7.823022	$	124		1.10	%		–40.20	%		0.00	%
Top Tradition		4,078	$	7.543408	$	30,760		1.10	%		–40.20	%		0.00	%
Top Plus		4,583	$	7.643834	$	35,036		0.90	%		–40.08	%		0.00	%
Top Explorer		8,556	$	7.444525	$	63,698		1.30	%		–40.32	%		0.00	%
Oncore Flex		51,947	$	7.347063	$	381,657		1.50	%		–40.43	%		0.00	%
Oncore Value		1,393,082	$	7.643834	$	10,648,485		0.90	%		–40.08	%		0.00	%
Oncore Premier		1,199,021	$	7.395584	$	8,867,464		1.40	%		–40.37	%		0.00	%
Oncore Xtra		1,065,600	$	7.395584	$	7,880,732		1.40	%		–40.37	%		0.00	%
Oncore Lite		3,556,380	$	7.395584	$	26,301,505		1.40	%		–40.37	%		0.00	%
Oncore Ultra		253,300	$	7.395584	$	1,873,305		1.40	%		–40.37	%		0.00	%
Oncore Wrap		2,914	$	6.969180	$	20,308		0.65	%		–39.93	%		0.00	%

		7,539,477			$	56,103,074

2007
Top Tradition		6,031	$	12.613740	$	76,071		1.10	%		8.69	%		0.00	%
Top Plus		3,375	$	12.756208	$	43,052		0.90	%		8.91	%		0.00	%
Investar Vision		33	$	12.997704	$	431		1.40	%		8.37	%		0.00	%
Top Explorer		9,494	$	12.473139	$	118,417		1.30	%		8.47	%		0.00	%
Oncore & Firstar Oncore Flex		19,185	$	12.334314	$	236,632		1.50	%		8.26	%		0.00	%
Oncore & Firstar Oncore Value		901,211	$	12.756208	$	11,496,033		0.90	%		8.91	%		0.00	%
Oncore & Firstar Oncore Premier		820,453	$	12.403461	$	10,176,461		1.40	%		8.37	%		0.00	%
Oncore & Firstar Oncore Xtra		836,840	$	12.403461	$	10,379,710		1.40	%		8.37	%		0.00	%
Oncore & Firstar Oncore Lite		2,130,461	$	12.403461	$	26,425,094		1.40	%		8.37	%		0.00	%
Oncore Ultra		147,837	$	12.403461	$	1,833,692		1.40	%		8.37	%		0.00	%
Oncore Wrap		1,292	$	11.601354	$	14,989		0.65	%		9.18	%		0.00	%

		4,876,212			$	60,800,582

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date
Ohio National Fund, Inc.: (continued)
Bryton Growth Subaccount (continued)
2006
Top Tradition		5,945	$	11.605216	$	68,994		1.10	%		15.47	%		0.00	%
Top Plus		4,198	$	11.712928	$	49,168		0.90	%		15.70	%		0.00	%
Investar Vision		33	$	11.994161	$	398		1.40	%		15.13	%		0.00	%
Top Explorer		6,377	$	11.498661	$	73,326		1.30	%		15.25	%		0.00	%
Oncore & Firstar Oncore Flex		2,574	$	11.393271	$	29,327		1.50	%		15.02	%		0.00	%
Oncore & Firstar Oncore Value		417,125	$	11.712928	$	4,885,749		0.90	%		15.70	%		0.00	%
Oncore & Firstar Oncore Premier		461,899	$	11.445796	$	5,286,806		1.40	%		15.13	%		0.00	%
Oncore & Firstar Oncore Xtra		452,326	$	11.445796	$	5,177,235		1.40	%		15.13	%		0.00	%
Oncore & Firstar Oncore Lite		843,838	$	11.445796	$	9,658,394		1.40	%		15.13	%		0.00	%
Oncore Ultra		33,018	$	11.445796	$	377,913		1.40	%		15.88	%		0.00	%		8/7/06

		2,227,333			$	25,607,310

2005
Top Tradition		7,262	$	10.050205	$	72,989		1.10	%		3.17	%		0.02	%
Top Plus		6,105	$	10.123465	$	61,800		0.90	%		3.38	%		0.02	%
Top Explorer		12,938	$	9.977577	$	129,087		1.30	%		2.97	%		0.02	%
Oncore Flex		570	$	9.905614	$	5,651		1.50	%		2.77	%		0.02	%
Oncore & Firstar Oncore Value		165,846	$	10.123465	$	1,678,940		0.90	%		3.38	%		0.03	%
Oncore & Firstar Oncore Premier		200,956	$	9.941498	$	1,997,807		1.40	%		2.87	%		0.03	%
Oncore & Firstar Oncore Xtra		199,913	$	9.941498	$	1,987,435		1.40	%		2.87	%		0.03	%
Oncore & Firstar Oncore Lite		279,045	$	9.941498	$	2,774,112		1.40	%		2.87	%		0.03	%

		872,635			$	8,707,821

2004
Top Tradition		9,643	$	9.741115	$	93,929		1.10	%		6.33	%		0.00	%
Top Plus		11,068	$	9.792756	$	108,383		0.90	%		6.54	%		0.00	%
Top Explorer		24,711	$	9.689786	$	239,446		1.30	%		6.12	%		0.00	%
Oncore Flex		142	$	9.638831	$	1,372		1.50	%		5.91	%		0.00	%
Oncore Value		20,773	$	9.792756	$	203,422		0.90	%		6.54	%		0.00	%
Oncore Premier		42,009	$	9.664253	$	405,985		1.40	%		6.01	%		0.00	%
Oncore & Firstar Oncore Xtra		76,016	$	9.664253	$	734,640		1.40	%		6.01	%		0.00	%
Oncore Lite		3,324	$	9.664253	$	32,123		1.40	%		6.01	%		0.00	%

		187,686			$	1,819,300

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
U.S. Equity Subaccount
2008
Top Tradition		476	$	6.301139	$	2,998		1.10	%		–48.55	%		1.00	%
Top Explorer		680	$	6.261821	$	4,259		1.30	%		–48.65	%		1.00	%
Oncore Flex		30,152	$	7.545806	$	227,521		1.50	%		–48.75	%		1.08	%
Oncore Value		253,789	$	7.757625	$	1,968,801		0.90	%		–48.44	%		1.03	%
Oncore Premier		303,334	$	7.580603	$	2,299,459		1.40	%		–48.70	%		1.00	%
Oncore Xtra		186,081	$	7.580603	$	1,410,603		1.40	%		–48.70	%		1.00	%
Oncore Lite		808,393	$	7.580603	$	6,128,108		1.40	%		–48.70	%		1.00	%
Oncore Ultra		24,061	$	7.580603	$	182,396		1.40	%		–48.70	%		1.00	%

		1,606,966			$	12,224,145

2007
Top Tradition		486	$	12.246100	$	5,957		1.10	%		11.93	%		0.37	%
Top Explorer		681	$	12.193915	$	8,301		1.30	%		11.71	%		3.13	%
Oncore Flex		19,665	$	14.723496	$	289,538		1.50	%		11.49	%		1.40	%
Oncore Value		238,500	$	15.046717	$	3,588,639		0.90	%		12.16	%		0.38	%
Oncore Premier		363,305	$	14.776714	$	5,368,470		1.40	%		11.60	%		0.36	%
Oncore & Firstar Oncore Xtra		205,048	$	14.776714	$	3,029,933		1.40	%		11.60	%		0.36	%
Oncore & Firstar Oncore Lite		704,942	$	14.776714	$	10,416,725		1.40	%		11.60	%		0.36	%
Oncore Ultra		22,574	$	14.776714	$	333,562		1.40	%		11.60	%		0.36	%

		1,555,201			$	23,041,125

2006
Top Tradition		476	$	10.940654	$	5,211		1.10	%		6.76	%		1.23	%
Oncore Flex		105	$	13.206284	$	1,388		1.50	%		6.34	%		0.12	%
Oncore Value		223,147	$	13.415981	$	2,993,736		0.90	%		6.97	%		0.49	%
Oncore Premier		380,435	$	13.240888	$	5,037,284		1.40	%		6.44	%		0.32	%
Oncore & Firstar Oncore Xtra		238,994	$	13.240888	$	3,164,496		1.40	%		6.44	%		0.32	%
Oncore & Firstar Oncore Lite		696,202	$	13.240888	$	9,218,329		1.40	%		6.44	%		0.32	%
Oncore Ultra		506	$	13.240888	$	6,706		1.40	%		7.59	%		0.32	%		8/7/06

		1,539,865			$	20,427,150

2005
Oncore Flex		360	$	12.419343	$	4,467		1.50	%		7.11	%		0.00	%
Oncore Value		72,503	$	12.542147	$	909,348		0.90	%		7.74	%		0.00	%
Oncore & Firstar Oncore Premier		356,148	$	12.439661	$	4,430,357		1.40	%		7.21	%		0.00	%
Oncore & Firstar Oncore Xtra		165,953	$	12.439661	$	2,064,401		1.40	%		7.21	%		0.00	%
Oncore Lite		388,993	$	12.439661	$	4,838,937		1.40	%		7.21	%		0.00	%

		983,957			$	12,247,510

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
U.S. Equity Subaccount (continued)
2004
Oncore Flex		3,337	$	11.595024	$	38,690		1.50	%		15.95	%		0.00	%		5/3/04
Oncore Value		28,484	$	11.640680	$	331,579		0.90	%		16.41	%		0.00	%		5/3/04
Oncore & Firstar Oncore Premier		190,848	$	11.602603	$	2,214,332		1.40	%		16.03	%		0.00	%		5/3/04
Oncore & Firstar Oncore Xtra		59,312	$	11.602603	$	688,173		1.40	%		16.03	%		0.00	%		5/3/04
Oncore Lite		123,625	$	11.602603	$	1,434,373		1.40	%		16.03	%		0.00	%		5/3/04

		405,606			$	4,707,147

Balanced Subaccount
2008
Top Tradition		4,799	$	9.155701	$	43,937		1.10	%		–27.74	%		0.00	%
Top Plus		3,159	$	9.213303	$	29,103		0.90	%		–27.59	%		0.00	%
Top Explorer		6,120	$	9.098631	$	55,684		1.30	%		–27.88	%		0.00	%
Oncore Flex		1,758	$	10.150813	$	17,850		1.50	%		–28.02	%		0.00	%
Oncore Value		147,773	$	10.435605	$	1,542,103		0.90	%		–27.59	%		0.00	%
Oncore Premier		124,210	$	10.197585	$	1,266,639		1.40	%		–27.95	%		0.00	%
Oncore Xtra		134,115	$	10.197585	$	1,367,648		1.40	%		–27.95	%		0.00	%
Oncore Lite		446,138	$	10.197585	$	4,549,535		1.40	%		–27.95	%		0.00	%
Oncore Ultra		2,767	$	10.197585	$	28,212		1.40	%		–27.95	%		0.00	%

		870,839			$	8,900,711

2007
Top Tradition		4,801	$	12.670021	$	60,832		1.10	%		11.07	%		0.00	%
Top Plus		3,159	$	12.724386	$	40,194		0.90	%		11.29	%		0.00	%
Top Explorer		11,992	$	12.616054	$	151,286		1.30	%		10.85	%		0.00	%
Oncore Flex		1,946	$	14.102916	$	27,438		1.50	%		10.63	%		0.00	%
Oncore Value		74,987	$	14.412496	$	1,080,749		0.90	%		11.29	%		0.00	%
Oncore & Firstar Oncore Premier		122,665	$	14.153886	$	1,736,206		1.40	%		10.74	%		0.00	%
Oncore & Firstar Oncore Xtra		129,700	$	14.153886	$	1,835,766		1.40	%		10.74	%		0.00	%
Oncore Lite		351,628	$	14.153886	$	4,976,898		1.40	%		10.74	%		0.00	%
Oncore Ultra		5,352	$	14.153886	$	75,749		1.40	%		10.74	%		0.00	%

		706,230			$	9,985,118

2006
Top Tradition		4,800	$	11.407110	$	54,759		1.10	%		11.90	%		2.70	%
Top Plus		1,087	$	11.433262	$	12,424		0.90	%		12.12	%		3.58	%
Top Explorer		2,958	$	11.381094	$	33,671		1.30	%		11.68	%		3.72	%
Oncore Flex		491	$	12.747674	$	6,256		1.50	%		11.46	%		0.96	%
Oncore Value		61,944	$	12.950090	$	802,181		0.90	%		12.12	%		1.68	%
Oncore & Firstar Oncore Premier		86,465	$	12.781084	$	1,105,116		1.40	%		11.57	%		1.36	%
Oncore & Firstar Oncore Xtra		119,845	$	12.781084	$	1,531,752		1.40	%		11.57	%		1.36	%
Oncore Lite		273,201	$	12.781084	$	3,491,804		1.40	%		11.57	%		1.36	%
Oncore Ultra		2,716	$	12.781084	$	34,710		1.40	%		6.50	%		1.36	%		8/7/06

		553,507			$	7,072,673

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Balanced Subaccount (continued)
2005
Oncore Flex		724	$	11.437239	$	8,276		1.50	%		1.95	%		0.35	%
Oncore Value		30,508	$	11.550361	$	352,384		0.90	%		2.55	%		0.29	%
Oncore & Firstar Oncore Premier		62,832	$	11.455950	$	719,798		1.40	%		2.05	%		0.28	%
Oncore Xtra		100,685	$	11.455950	$	1,153,443		1.40	%		2.05	%		0.28	%
Oncore Lite		161,631	$	11.455950	$	1,851,642		1.40	%		2.05	%		0.28	%

		356,380			$	4,085,543

2004
Oncore Flex		178	$	11.218760	$	1,998		1.50	%		12.19	%		0.00	%		5/3/04
Oncore Value		7,633	$	11.262923	$	85,969		0.90	%		12.63	%		0.00	%		5/3/04
Oncore & Firstar Oncore Premier		28,154	$	11.226079	$	316,065		1.40	%		12.26	%		0.00	%		5/3/04
Oncore Xtra		53,809	$	11.226079	$	604,060		1.40	%		12.26	%		0.00	%		5/3/04
Oncore Lite		58,596	$	11.226079	$	657,805		1.40	%		12.26	%		0.00	%		5/3/04

		148,370			$	1,665,897

Income Opportunity Subaccount
2008
Top Tradition		645	$	8.845618	$	5,709		1.10	%		–21.68	%		0.00	%
Top Plus		196	$	8.901270	$	1,744		0.90	%		–21.53	%		0.00	%
Top Explorer		424	$	8.790469	$	3,726		1.30	%		–21.84	%		0.00	%
Oncore Flex		82	$	9.226096	$	753		1.50	%		–21.99	%		0.00	%
Oncore Value		117,834	$	9.484986	$	1,117,653		0.90	%		–21.53	%		0.00	%
Oncore Premier		59,815	$	9.268618	$	554,399		1.40	%		–21.92	%		0.00	%
Oncore Xtra		81,131	$	9.268618	$	751,971		1.40	%		–21.92	%		0.00	%
Oncore Lite		212,305	$	9.268618	$	1,967,776		1.40	%		–21.92	%		0.00	%
Oncore Ultra		4,927	$	9.268618	$	45,668		1.40	%		–21.92	%		0.00	%

		477,359			$	4,449,399

2007
Top Tradition		647	$	11.294518	$	7,304		1.10	%		7.14	%		0.00	%
Top Plus		196	$	11.342979	$	2,223		0.90	%		7.35	%		0.00	%
Top Explorer		423	$	11.246398	$	4,758		1.30	%		6.93	%		0.00	%
Oncore Flex		82	$	11.827149	$	972		1.50	%		6.72	%		0.00	%
Oncore Value		88,351	$	12.086802	$	1,067,884		0.90	%		7.35	%		0.00	%
Oncore & Firstar Oncore Premier		62,712	$	11.869912	$	744,372		1.40	%		6.82	%		0.00	%
Oncore & Firstar Oncore Xtra		46,851	$	11.869912	$	556,118		1.40	%		6.82	%		0.00	%
Oncore Lite		217,333	$	11.869912	$	2,579,727		1.40	%		6.82	%		0.00	%
Oncore Ultra		2,175	$	11.869912	$	25,823		1.40	%		6.82	%		0.00	%

		418,770			$	4,989,181

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Income Opportunity Subaccount (continued)
2006
Top Tradition		186	$	10.541712	$	1,964		1.10	%		3.03	%		0.00	%
Top Plus		196	$	10.565890	$	2,070		0.90	%		3.23	%		0.00	%
Oncore Flex		4,916	$	11.082754	$	54,485		1.50	%		2.62	%		0.00	%
Oncore Value		77,873	$	11.258746	$	876,750		0.90	%		3.23	%		0.00	%
Oncore & Firstar Oncore Premier		62,654	$	11.111810	$	696,206		1.40	%		2.72	%		0.00	%
Oncore & Firstar Oncore Xtra		82,923	$	11.111810	$	921,420		1.40	%		2.72	%		0.00	%
Oncore Lite		269,457	$	11.111810	$	2,994,160		1.40	%		2.72	%		0.00	%
Oncore Ultra		72	$	11.111810	$	796		1.40	%		5.49	%		0.00	%		8/7/06

		498,277			$	5,547,851

2005
Top Plus		196	$	10.235413	$	2,006		0.90	%		2.35	%		0.00	%		11/2/05
Oncore Flex		4,917	$	10.799790	$	53,100		1.50	%		1.46	%		0.00	%
Oncore Value		66,981	$	10.906590	$	730,530		0.90	%		2.06	%		0.00	%
Oncore & Firstar Oncore Premier		65,416	$	10.817466	$	707,632		1.40	%		1.56	%		0.00	%
Oncore & Firstar Oncore Xtra		73,699	$	10.817466	$	797,232		1.40	%		1.56	%		0.00	%
Oncore & Firstar Oncore Lite		167,931	$	10.817466	$	1,816,602		1.40	%		1.56	%		0.00	%

		379,140			$	4,107,102

2004
Oncore Flex		3,003	$	10.644429	$	31,962		1.50	%		6.44	%		0.00	%		5/3/04
Oncore Value		28,221	$	10.686342	$	301,580		0.90	%		6.86	%		0.00	%		5/3/04
Oncore & Firstar Oncore Premier		11,817	$	10.651383	$	125,872		1.40	%		6.51	%		0.00	%		5/3/04
Oncore & Firstar Oncore Xtra		63,366	$	10.651383	$	674,940		1.40	%		6.51	%		0.00	%		5/3/04
Oncore & Firstar Oncore Lite		77,546	$	10.651383	$	825,967		1.40	%		6.51	%		0.00	%		5/3/04

		183,953			$	1,960,321

Target VIP Subaccount
2008
Top Tradition		4,541	$	6.745808	$	30,636		1.10	%		–43.96	%		1.34	%
Top Plus		1,155	$	6.788280	$	7,842		0.90	%		–43.84	%		1.17	%
Top Explorer		3,858	$	6.703742	$	25,861		1.30	%		–44.07	%		1.20	%
Oncore Flex		114,852	$	6.661953	$	765,135		1.50	%		–44.18	%		1.38	%
Oncore Value		246,565	$	6.788280	$	1,673,749		0.90	%		–43.84	%		1.29	%
Oncore Premier		269,841	$	6.682784	$	1,803,291		1.40	%		–44.12	%		1.29	%
Oncore Xtra		251,406	$	6.682784	$	1,680,093		1.40	%		–44.12	%		1.29	%
Oncore Lite		1,391,107	$	6.682784	$	9,296,466		1.40	%		–44.12	%		1.29	%
Oncore Ultra		388,641	$	6.682784	$	2,597,206		1.40	%		–44.12	%		1.29	%

		2,671,966			$	17,880,279

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Target VIP Subaccount (continued)
2007
Top Tradition		4,436	$	12.036577	$	53,393		1.10	%		8.53	%		1.01	%
Top Plus		1,155	$	12.088235	$	13,964		0.90	%		8.75	%		0.69	%
Top Explorer		3,557	$	11.985299	$	42,636		1.30	%		8.32	%		0.88	%
Oncore & Firstar Oncore Flex		86,986	$	11.934271	$	1,038,120		1.50	%		8.10	%		0.86	%
Oncore Value		224,301	$	12.088235	$	2,711,398		0.90	%		8.75	%		0.94	%
Oncore & Firstar Oncore Premier		209,269	$	11.959727	$	2,502,797		1.40	%		8.21	%		1.09	%
Oncore & Firstar Oncore Xtra		124,620	$	11.959727	$	1,490,416		1.40	%		8.21	%		1.09	%
Oncore & Firstar Oncore Lite		1,002,145	$	11.959727	$	11,985,380		1.40	%		8.21	%		1.09	%
Oncore Ultra		233,565	$	11.959727	$	2,793,379		1.40	%		8.21	%		1.09	%

		1,890,034			$	22,631,483

2006
Top Tradition		58	$	11.090054	$	638		1.10	%		9.56	%		0.01	%
Top Plus		1,715	$	11.115487	$	19,059		0.90	%		9.78	%		0.02	%
Oncore Flex		75,791	$	11.039540	$	836,693		1.50	%		9.13	%		0.01	%
Oncore Value		165,221	$	11.115487	$	1,836,511		0.90	%		9.78	%		0.03	%
Oncore & Firstar Oncore Premier		154,174	$	11.052135	$	1,703,978		1.40	%		9.24	%		0.02	%
Oncore Xtra		46,219	$	11.052135	$	510,819		1.40	%		9.24	%		0.02	%
Oncore Lite		424,460	$	11.052135	$	4,691,185		1.40	%		9.24	%		0.02	%
Oncore Ultra		75,702	$	11.052135	$	836,664		1.40	%		9.40	%		0.02	%		8/7/06

		943,340			$	10,435,547

2005
Top Tradition		254	$	10.122377	$	2,572		1.10	%		1.22	%		0.00	%		11/2/05
Oncore Flex		75,791	$	10.116026	$	766,705		1.50	%		1.16	%		0.00	%		11/2/05
Oncore Value		3,605	$	10.125566	$	36,505		0.90	%		1.26	%		0.00	%		11/2/05
Oncore Premier		1,731	$	10.117607	$	17,516		1.40	%		1.18	%		0.00	%		11/2/05
Oncore Xtra		7,135	$	10.117607	$	72,193		1.40	%		1.18	%		0.00	%		11/2/05
Oncore Lite		51,678	$	10.117607	$	522,847		1.40	%		1.18	%		0.00	%		11/2/05

		140,194			$	1,418,338

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date
Ohio National Fund, Inc.: (continued)
Target Equity/Income Subaccount (continued)
2006
Top I		5,048	$	10.939213	$	55,216		1.10	%		8.18	%		0.75	%
Top Tradition		7,614	$	10.939213	$	83,289		1.10	%		8.18	%		0.84	%
Top Plus		1,622	$	10.964309	$	17,787		0.90	%		8.39	%		0.88	%
Top Explorer		782	$	10.914261	$	8,540		1.30	%		7.96	%		1.73	%
Oncore Flex		79,272	$	10.889373	$	863,219		1.50	%		7.75	%		0.68	%
Oncore & Firstar Oncore Value		284,392	$	10.964309	$	3,118,158		0.90	%		8.39	%		1.01	%
Oncore & Firstar Oncore Premier		356,226	$	10.901793	$	3,883,505		1.40	%		7.86	%		0.93	%
Oncore Xtra		289,482	$	10.901793	$	3,155,872		1.40	%		7.86	%		0.93	%
Oncore & Firstar Oncore Lite		818,183	$	10.901793	$	8,919,664		1.40	%		7.86	%		0.93	%
Oncore Ultra		20,733	$	10.901793	$	226,031		1.40	%		5.13	%		0.93	%		8/7/06

		1,863,354			$	20,331,281

2005
Top Tradition		2,020	$	10.112390	$	20,429		1.10	%		1.12	%		0.00	%		11/2/05
Oncore Flex		75,000	$	10.106042	$	757,953		1.50	%		1.06	%		0.00	%		11/2/05
Oncore Value		30,860	$	10.115577	$	312,169		0.90	%		1.16	%		0.00	%		11/2/05
Oncore Premier		139,489	$	10.107627	$	1,409,904		1.40	%		1.08	%		0.00	%		11/2/05
Oncore Xtra		6,746	$	10.107627	$	68,186		1.40	%		1.08	%		0.00	%		11/2/05
Oncore Lite		98,317	$	10.107627	$	993,746		1.40	%		1.08	%		0.00	%		11/2/05

		352,432			$	3,562,387

Bristol Growth Subaccount
2008
Top Tradition		104	$	6.032345	$	625		1.10	%		–41.23	%		0.00	%
Top Plus		87	$	6.052379	$	529		0.90	%		–41.11	%		0.00	%
Top Explorer		1,070	$	6.012424	$	6,432		1.30	%		–41.35	%		0.00	%
Oncore Flex		71	$	5.992588	$	426		1.50	%		–41.46	%		0.00	%
Oncore Value		17,405	$	6.052379	$	105,343		0.90	%		–41.11	%		0.00	%
Oncore Premier		52,327	$	6.002489	$	314,094		1.40	%		–41.40	%		0.00	%
Oncore Xtra		18,865	$	6.002489	$	113,236		1.40	%		–41.40	%		0.00	%
Oncore Lite		54,651	$	6.002489	$	328,039		1.40	%		–41.40	%		0.00	%
Oncore Ultra		6,050	$	6.002489	$	36,315		1.40	%		–41.40	%		0.00	%

		150,630			$	905,039

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ohio National Fund, Inc.: (continued)
Bristol Growth Subaccount (continued)
2007
Top Explorer		1,006	$	10.250753	$	10,310		1.30	%		2.51	%		0.00	%		5/1/07
Oncore Value		10,096	$	10.277908	$	103,770		0.90	%		2.78	%		0.00	%		5/1/07
Oncore Premier		22,101	$	10.243993	$	226,405		1.40	%		2.44	%		0.00	%		5/1/07
Oncore Xtra		5,681	$	10.243993	$	58,192		1.40	%		2.44	%		0.00	%		5/1/07
Oncore Lite		37,298	$	10.243993	$	382,084		1.40	%		2.44	%		0.00	%		5/1/07

		76,182			$	780,761

Dow Target 10 Portfolios:
First Quarter Subaccount
2008
Top Tradition		619	$	7.944605	$	4,921		1.10	%		–38.12	%		0.00	%
Top Explorer		594	$	7.804505	$	4,638		1.30	%		–38.24	%		0.00	%
Oncore Flex		4,699	$	7.652587	$	35,963		1.50	%		–38.37	%		0.00	%
Oncore Value		44,819	$	8.119974	$	363,931		0.90	%		–38.00	%		0.00	%
Oncore Premier		71,455	$	7.728371	$	552,220		1.40	%		–38.30	%		0.00	%
Oncore Xtra		21,143	$	7.728371	$	163,403		1.40	%		–38.30	%		0.00	%
Oncore Lite		50,390	$	7.728371	$	389,431		1.40	%		–38.30	%		0.00	%
Oncore Ultra		17,444	$	7.728371	$	134,812		1.40	%		–38.30	%		0.00	%

		211,163			$	1,649,319

2007
Top Tradition		602	$	12.838748	$	7,731		1.10	%		–0.49	%		0.00	%
Top Explorer		743	$	12.637417	$	9,390		1.30	%		–0.69	%		0.00	%
Oncore Flex		8,214	$	12.416044	$	101,983		1.50	%		–0.89	%		0.00	%
Oncore & Firstar Oncore Value		37,400	$	13.096036	$	489,797		0.90	%		–0.30	%		0.00	%
Oncore & Firstar Oncore Premier		80,851	$	12.526572	$	1,012,791		1.40	%		–0.79	%		0.00	%
Oncore & Firstar Oncore Xtra		23,182	$	12.526572	$	290,388		1.40	%		–0.79	%		0.00	%
Oncore Lite		64,327	$	12.526572	$	805,793		1.40	%		–0.79	%		0.00	%
Oncore Ultra		10,940	$	12.526572	$	137,042		1.40	%		–0.79	%		0.00	%

		226,259			$	2,854,915

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****
Dow Target 10 Portfolios: (continued)
First Quarter Subaccount (continued)
2006
Top Tradition		517	$	12.902603	$	6,669		1.10	%		27.46	%		7.62	%
Top Explorer		1,226	$	12.725522	$	15,602		1.30	%		27.21	%		7.99	%
Oncore Flex		5,261	$	12.527446	$	65,906		1.50	%		26.96	%		7.57	%
Oncore & Firstar Oncore Value		20,836	$	13.134966	$	273,675		0.90	%		27.72	%		7.38	%
Oncore & Firstar Oncore Premier		111,602	$	12.626436	$	1,409,135		1.40	%		27.09	%		7.22	%
Oncore & Firstar Oncore Xtra		22,032	$	12.626436	$	278,188		1.40	%		27.09	%		7.22	%
Oncore Lite		29,134	$	12.626436	$	367,861		1.40	%		27.09	%		7.22	%

		190,608			$	2,417,036

2005
Top Tradition		555	$	10.122592	$	5,617		1.10	%		–7.24	%		0.00	%
Top Plus		491	$	10.243391	$	5,032		0.90	%		–7.06	%		0.00	%
Top Explorer		1,096	$	10.003354	$	10,959		1.30	%		–7.43	%		0.00	%
Oncore Flex		6,493	$	9.867028	$	64,064		1.50	%		–7.61	%		0.00	%
Oncore & Firstar Oncore Value		24,235	$	10.284567	$	249,245		0.90	%		–7.06	%		0.00	%
Oncore & Firstar Oncore Premier		133,633	$	9.935236	$	1,327,671		1.40	%		–7.52	%		0.00	%
Oncore & Firstar Oncore Xtra		35,345	$	9.935236	$	351,160		1.40	%		–7.52	%		0.00	%
Oncore Lite		18,854	$	9.935236	$	187,336		1.40	%		–7.52	%		0.00	%

		220,702			$	2,201,084

2004
Top Tradition		1,889	$	10.913089	$	20,610		1.10	%		2.09	%		0.00	%
Top Plus		491	$	11.021522	$	5,414		0.90	%		2.29	%		0.00	%
Top Explorer		941	$	10.805814	$	10,165		1.30	%		1.88	%		0.00	%
Oncore Flex		23,583	$	10.679548	$	251,858		1.50	%		1.68	%		0.00	%
Oncore & Firstar Oncore Value		31,655	$	11.065824	$	350,294		0.90	%		2.29	%		0.00	%
Oncore & Firstar Oncore Premier		144,729	$	10.742820	$	1,554,795		1.40	%		1.78	%		0.00	%
Oncore & Firstar Oncore Xtra		39,970	$	10.742820	$	429,386		1.40	%		1.78	%		0.00	%
Oncore Lite		15,564	$	10.742820	$	167,202		1.40	%		1.78	%		0.00	%

		258,822			$	2,789,724

(continued)

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Dow Target 10 Portfolios: (continued)
Second Quarter Subaccount
2008
Top Tradition		253	$	8.600469	$	2,178		1.10	%		–46.91	%		0.00	%
Top Explorer		1,314	$	8.452970	$	11,107		1.30	%		–47.02	%		0.00	%
Oncore Flex		4,812	$	7.761170	$	37,350		1.50	%		–47.12	%		0.00	%
Oncore Value		56,419	$	8.223639	$	463,968		0.90	%		–46.81	%		0.00	%
Oncore Premier		81,345	$	7.836175	$	637,431		1.40	%		–47.07	%		0.00	%
Oncore Xtra		36,274	$	7.836175	$	284,246		1.40	%		–47.07	%		0.00	%
Oncore Lite		49,712	$	7.836175	$	389,555		1.40	%		–47.07	%		0.00	%
Oncore Ultra		10,725	$	7.836175	$	84,042		1.40	%		–47.07	%		0.00	%

		240,854			$	1,909,877

2007
Top Tradition		239	$	16.200928	$	3,869		1.10	%		3.92	%		0.00	%
Top Explorer		1,934	$	15.954786	$	30,856		1.30	%		3.72	%		0.00	%
Oncore Flex		856	$	14.678161	$	12,562		1.50	%		3.51	%		0.00	%
Oncore & Firstar Oncore Value		35,011	$	15.460202	$	541,280		0.90	%		4.13	%		0.00	%
Oncore & Firstar Oncore Premier		98,335	$	14.805313	$	1,455,873		1.40	%		3.61	%		0.00	%
Oncore & Firstar Oncore Xtra		55,169	$	14.805313	$	816,800		1.40	%		3.61	%		0.00	%
Oncore & Firstar Oncore Lite		40,940	$	14.805313	$	606,136		1.40	%		3.61	%		0.00	%
Oncore Ultra		6,118	$	14.805313	$	90,582		1.40	%		3.61	%		0.00	%

		238,602			$	3,557,958

2006
Top Tradition		164	$	15.589464	$	2,561		1.10	%		28.23	%		6.52	%
Top Explorer		2,162	$	15.383132	$	33,264		1.30	%		27.98	%		6.58	%
Oncore Flex		68	$	14.180360	$	970		1.50	%		27.73	%		3.46	%
Oncore & Firstar Oncore Value		30,600	$	14.847093	$	454,327		0.90	%		28.48	%		6.40	%
Oncore & Firstar Oncore Premier		109,419	$	14.289034	$	1,563,464		1.40	%		27.85	%		6.19	%
Oncore & Firstar Oncore Xtra		73,012	$	14.289034	$	1,043,277		1.40	%		27.85	%		6.19	%
Oncore & Firstar Oncore Lite		20,026	$	14.289034	$	286,157		1.40	%		27.85	%		6.19	%

		235,451			$	3,384,020

(continued)

100

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Dow Target 10 Portfolios: (continued)
Second Quarter Subaccount (continued)
2005
Top Tradition		162	$	12.157413	$	1,965		1.10	%		–3.67	%		0.00	%
Top Explorer		2,151	$	12.020151	$	25,861		1.30	%		–3.86	%		0.00	%
Oncore Flex		496	$	11.102141	$	5,505		1.50	%		–4.05	%		0.00	%
Oncore & Firstar Oncore Value		31,140	$	11.555629	$	359,844		0.90	%		–3.48	%		0.00	%
Oncore & Firstar Oncore Premier		134,973	$	11.176238	$	1,508,487		1.40	%		–3.95	%		0.00	%
Oncore & Firstar Oncore Xtra		75,262	$	11.176238	$	841,146		1.40	%		–3.95	%		0.00	%
Oncore & Firstar Oncore Lite		21,012	$	11.176238	$	234,832		1.40	%		–3.95	%		0.00	%

		265,196			$	2,977,640

2004
Top Tradition		467	$	12.620548	$	5,888		1.10	%		0.82	%		0.00	%
Top Explorer		2,155	$	12.502660	$	26,938		1.30	%		0.62	%		0.00	%
Oncore Flex		1,299	$	11.570552	$	15,026		1.50	%		0.42	%		0.00	%
Oncore & Firstar Oncore Value		30,100	$	11.972150	$	360,360		0.90	%		1.02	%		0.00	%
Oncore & Firstar Oncore Premier		155,610	$	11.636337	$	1,810,745		1.40	%		0.52	%		0.00	%
Oncore & Firstar Oncore Xtra		65,873	$	11.636337	$	766,526		1.40	%		0.52	%		0.00	%
Oncore & Firstar Oncore Lite		13,728	$	11.636337	$	159,745		1.40	%		0.52	%		0.00	%

		269,232			$	3,145,228

Third Quarter Subaccount
2008
Top Tradition		5,167	$	9.203990	$	47,555		1.10	%		–41.20	%		0.00	%
Top Explorer		421	$	9.050612	$	3,812		1.30	%		–41.32	%		0.00	%
Oncore Flex		2,626	$	6.963909	$	18,287		1.50	%		–41.43	%		0.00	%
Oncore Value		89,818	$	7.368009	$	661,781		0.90	%		–41.08	%		0.00	%
Oncore Premier		72,744	$	7.029504	$	511,355		1.40	%		–41.38	%		0.00	%
Oncore Xtra		18,766	$	7.029504	$	131,919		1.40	%		–41.38	%		0.00	%
Oncore Lite		62,123	$	7.029504	$	436,691		1.40	%		–41.38	%		0.00	%
Oncore Ultra		29,203	$	7.029504	$	205,284		1.40	%		–41.38	%		0.00	%

		280,868			$	2,016,684

(continued)

101

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Dow Target 10 Portfolios: (continued)
Third Quarter Subaccount (continued)
2007
Top Tradition		1,517	$	15.653302	$	23,743		1.10	%		4.38	%		0.00	%
Top Explorer		5,224	$	15.423086	$	80,566		1.30	%		4.17	%		0.00	%
Oncore Flex		9,673	$	11.890758	$	115,025		1.50	%		3.96	%		0.00	%
Oncore & Firstar Oncore Value		120,947	$	12.505882	$	1,512,555		0.90	%		4.58	%		0.00	%
Oncore & Firstar Oncore Premier		83,435	$	11.990860	$	1,000,447		1.40	%		4.07	%		0.00	%
Oncore & Firstar Oncore Xtra		22,695	$	11.990860	$	272,130		1.40	%		4.07	%		0.00	%
Oncore Lite		80,457	$	11.990860	$	964,748		1.40	%		4.07	%		0.00	%
Oncore Ultra		21,095	$	11.990860	$	252,953		1.40	%		4.07	%		0.00	%

		345,043			$	4,222,167

2006
Top Tradition		1,553	$	14.997044	$	23,290		1.10	%		26.57	%		5.78	%
Top Explorer		7,114	$	14.805857	$	105,330		1.30	%		26.32	%		5.50	%
Oncore & Firstar Oncore Flex		10,523	$	11.437563	$	120,358		1.50	%		26.07	%		5.35	%
Oncore & Firstar Oncore Value		110,960	$	11.957743	$	1,326,828		0.90	%		26.82	%		7.34	%
Oncore & Firstar Oncore Premier		110,505	$	11.522424	$	1,273,281		1.40	%		26.19	%		5.88	%
Oncore & Firstar Oncore Xtra		55,322	$	11.522424	$	637,449		1.40	%		26.19	%		5.88	%
Oncore Lite		40,606	$	11.522424	$	467,884		1.40	%		26.19	%		5.88	%
Oncore Ultra		934	$	11.522424	$	10,759		1.40	%		10.45	%		5.88	%		8/7/06

		337,517			$	3,965,179

2005
Top Tradition		1,612	$	11.849075	$	19,107		1.10	%		–6.45	%		0.00	%
Top Explorer		7,558	$	11.721071	$	88,583		1.30	%		–6.63	%		0.00	%
Oncore & Firstar Oncore Flex		11,590	$	9.072397	$	105,145		1.50	%		–6.82	%		0.00	%
Oncore & Firstar Oncore Value		78,645	$	9.429101	$	741,553		0.90	%		–6.26	%		0.00	%
Oncore & Firstar Oncore Premier		131,028	$	9.130719	$	1,196,378		1.40	%		–6.72	%		0.00	%
Oncore & Firstar Oncore Xtra		42,047	$	9.130719	$	383,924		1.40	%		–6.72	%		0.00	%
Oncore Lite		38,720	$	9.130719	$	353,540		1.40	%		–6.72	%		0.00	%

		311,200			$	2,888,230

(continued)

102

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Dow Target 10 Portfolios: (continued)
Third Quarter Subaccount (continued)
2004
Top Tradition		2,487	$	12.665868	$	31,496		1.10	%		2.21	%		0.00	%
Top Explorer		8,719	$	12.553757	$	109,462		1.30	%		2.01	%		0.00	%
Oncore & Firstar Oncore Flex		11,626	$	9.736068	$	113,189		1.50	%		1.81	%		0.00	%
Oncore & Firstar Oncore Value		74,755	$	10.059185	$	751,972		0.90	%		2.42	%		0.00	%
Oncore & Firstar Oncore Premier		155,269	$	9.789027	$	1,519,938		1.40	%		1.91	%		0.00	%
Oncore & Firstar Oncore Xtra		46,071	$	9.789027	$	450,986		1.40	%		1.91	%		0.00	%
Oncore Lite		30,819	$	9.789027	$	301,687		1.40	%		1.91	%		0.00	%

		329,746			$	3,278,730

Fourth Quarter Subaccount
2008
Top Tradition		458	$	10.149894	$	4,652		1.10	%		–35.71	%		0.00	%
Top Plus		97	$	10.317137	$	1,005		0.90	%		–35.58	%		0.00	%
Top Explorer		1,335	$	9.985698	$	13,332		1.30	%		–35.84	%		0.00	%
Oncore Flex		533	$	8.387325	$	4,471		1.50	%		–35.97	%		0.00	%
Oncore Value		65,239	$	8.860674	$	578,063		0.90	%		–35.58	%		0.00	%
Oncore Premier		72,268	$	8.464191	$	611,685		1.40	%		–35.90	%		0.00	%
Oncore Xtra		12,653	$	8.464191	$	107,094		1.40	%		–35.90	%		0.00	%
Oncore Lite		67,909	$	8.464191	$	574,796		1.40	%		–35.90	%		0.00	%
Oncore Ultra		31,421	$	8.464191	$	265,953		1.40	%		–35.90	%		0.00	%

		251,913			$	2,161,051

2007
Top Tradition		916	$	15.787942	$	14,463		1.10	%		2.43	%		0.00	%
Top Plus		106	$	16.016146	$	1,699		0.90	%		2.63	%		0.00	%
Top Explorer		1,376	$	15.563400	$	21,417		1.30	%		2.22	%		0.00	%
Oncore Flex		53,586	$	13.098192	$	701,878		1.50	%		2.02	%		0.00	%
Oncore & Firstar Oncore Value		59,999	$	13.755150	$	825,299		0.90	%		2.63	%		0.00	%
Oncore & Firstar Oncore Premier		80,482	$	13.205149	$	1,062,771		1.40	%		2.12	%		0.00	%
Oncore & Firstar Oncore Xtra		16,224	$	13.205149	$	214,234		1.40	%		2.12	%		0.00	%
Oncore Lite		144,844	$	13.205149	$	1,912,683		1.40	%		2.12	%		0.00	%
Oncore Ultra		22,948	$	13.205149	$	303,038		1.40	%		2.12	%		0.00	%

		380,481			$	5,057,482

(continued)

103

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Dow Target 10 Portfolios: (continued)
Fourth Quarter Subaccount (continued)
2006
Top Tradition		950	$	15.413865	$	14,645		1.10	%		26.03	%		5.38	%
Top Plus		330	$	15.605547	$	5,147		0.90	%		26.28	%		5.31	%
Top Explorer		788	$	15.224844	$	11,999		1.30	%		25.78	%		6.16	%
Oncore Flex		7,202	$	12.838715	$	92,469		1.50	%		25.53	%		5.32	%
Oncore & Firstar Oncore Value		46,481	$	13.402515	$	622,961		0.90	%		26.28	%		10.23	%
Oncore & Firstar Oncore Premier		78,202	$	12.930732	$	1,011,205		1.40	%		25.66	%		5.95	%
Oncore & Firstar Oncore Xtra		26,765	$	12.930732	$	346,096		1.40	%		25.66	%		5.95	%
Oncore Lite		40,329	$	12.930732	$	521,486		1.40	%		25.66	%		5.95	%
Oncore Ultra		14,526	$	12.930732	$	187,828		1.40	%		10.54	%		5.95	%		8/7/06

		215,573			$	2,813,836

2005
Top Tradition		944	$	12.230451	$	11,542		1.10	%		–5.54	%		0.00	%
Top Plus		339	$	12.358123	$	4,185		0.90	%		–5.35	%		0.00	%
Top Explorer		702	$	12.104285	$	8,498		1.30	%		–5.73	%		0.00	%
Oncore Flex		7,472	$	10.227332	$	76,422		1.50	%		–5.91	%		0.00	%
Oncore & Firstar Oncore Value		22,574	$	10.613529	$	239,592		0.90	%		–5.35	%		0.00	%
Oncore & Firstar Oncore Premier		87,456	$	10.290509	$	899,969		1.40	%		–5.82	%		0.00	%
Oncore & Firstar Oncore Xtra		41,856	$	10.290509	$	430,720		1.40	%		–5.82	%		0.00	%
Oncore Lite		34,639	$	10.290509	$	356,455		1.40	%		–5.82	%		0.00	%

		195,982			$	2,027,383

2004
Top Tradition		1,874	$	12.947669	$	24,267		1.10	%		0.04	%		0.00	%
Top Plus		348	$	13.056995	$	4,543		0.90	%		0.23	%		0.00	%
Top Explorer		738	$	12.839375	$	9,480		1.30	%		–0.16	%		0.00	%
Oncore & Firstar Oncore Flex		8,286	$	10.869807	$	90,062		1.50	%		–0.36	%		0.00	%
Oncore & Firstar Oncore Value		24,956	$	11.213748	$	279,851		0.90	%		0.23	%		0.00	%
Oncore & Firstar Oncore Premier		97,060	$	10.926212	$	1,060,497		1.40	%		–0.26	%		0.00	%
Oncore & Firstar Oncore Xtra		41,599	$	10.926212	$	454,522		1.40	%		–0.26	%		0.00	%
Oncore Lite		22,424	$	10.926212	$	245,012		1.40	%		–0.26	%		0.00	%

		197,285			$	2,168,234

(continued)

104

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Dow Target 5 Portfolios:
First Quarter Subaccount
2008
Top Tradition		98	$	8.387956	$	823		1.10	%		–48.97	%		0.00	%
Top Explorer		21	$	8.240059	$	170		1.30	%		–49.07	%		0.00	%
Oncore Flex		11,241	$	8.094977	$	90,995		1.50	%		–49.18	%		0.00	%
Oncore Value		10,740	$	8.538766	$	91,703		0.90	%		–48.87	%		0.00	%
Oncore Premier		27,973	$	8.167095	$	228,461		1.40	%		–49.12	%		0.00	%
Oncore Xtra		11,711	$	8.167095	$	95,648		1.40	%		–49.12	%		0.00	%
Oncore Lite		55,184	$	8.167095	$	450,694		1.40	%		–49.12	%		0.00	%
Oncore Ultra		11,291	$	8.167095	$	92,212		1.40	%		–49.12	%		0.00	%

		128,259			$	1,050,706

2007
Top Tradition		93	$	16.438149	$	1,534		1.10	%		1.79	%		0.00	%
Top Explorer		7	$	16.180464	$	113		1.30	%		1.58	%		0.00	%
Oncore Value		3,608	$	16.700369	$	60,252		0.90	%		1.99	%		0.00	%
Oncore Premier		27,563	$	16.053134	$	442,475		1.40	%		1.48	%		0.00	%
Oncore Xtra		14,877	$	16.053134	$	238,821		1.40	%		1.48	%		0.00	%
Oncore & Firstar Oncore Lite		20,616	$	16.053134	$	330,951		1.40	%		1.48	%		0.00	%
Oncore Ultra		1,857	$	16.053134	$	29,803		1.40	%		1.48	%		0.00	%

		68,621			$	1,103,949

2006
Top I		181	$	16.149554	$	2,921		1.10	%		39.31	%		5.33	%
Top Tradition		47	$	16.149554	$	766		1.10	%		39.31	%		2.18	%
Oncore Value		341	$	16.374521	$	5,587		0.90	%		39.58	%		2.43	%
Oncore & Firstar Oncore Premier		29,251	$	15.818388	$	462,708		1.40	%		38.89	%		5.13	%
Oncore Xtra		24,774	$	15.818388	$	391,877		1.40	%		38.89	%		5.13	%
Oncore & Firstar Oncore Lite		4,888	$	15.818388	$	77,316		1.40	%		38.89	%		5.13	%

		59,482			$	941,175

2005
Top I		181	$	11.592905	$	2,102		1.10	%		–3.26	%		0.00	%
Top Tradition		180	$	11.592905	$	2,086		1.10	%		–3.26	%		0.00	%
Top Explorer		769	$	11.456407	$	8,813		1.30	%		–3.45	%		0.00	%
Oncore Value		1,190	$	11.731211	$	13,955		0.90	%		–3.07	%		0.00	%
Oncore & Firstar Oncore Premier		31,015	$	11.388760	$	353,219		1.40	%		–3.55	%		0.00	%
Oncore Xtra		26,736	$	11.388760	$	304,491		1.40	%		–3.55	%		0.00	%
Oncore & Firstar Oncore Lite		4,193	$	11.388760	$	47,760		1.40	%		–3.55	%		0.00	%

		64,264			$	732,426

(continued)

105

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Dow Target 5 Portfolios: (continued)
First Quarter Subaccount (continued)
2004
Top I		182	$	11.983597	$	2,178		1.10	%		9.48	%		0.00	%
Top Tradition		174	$	11.983597	$	2,086		1.10	%		9.48	%		0.00	%
Top Explorer		772	$	11.865840	$	9,165		1.30	%		9.26	%		0.00	%
Oncore Value		995	$	12.102624	$	12,046		0.90	%		9.70	%		0.00	%
Oncore & Firstar Oncore Premier		23,813	$	11.807403	$	281,166		1.40	%		9.16	%		0.00	%
Oncore Xtra		19,583	$	11.807403	$	231,224		1.40	%		9.16	%		0.00	%
Oncore & Firstar Oncore Lite		4,015	$	11.807403	$	47,407		1.40	%		9.16	%		0.00	%

		49,534			$	585,272

Second Quarter Subaccount
2008
Top Tradition		10	$	8.892749	$	89		1.10	%		–49.81	%		0.00	%
Top Explorer		22	$	8.740294	$	190		1.30	%		–49.91	%		0.00	%
Oncore Value		4,858	$	9.048199	$	43,957		0.90	%		–49.71	%		0.00	%
Oncore Premier		23,898	$	8.665039	$	207,083		1.40	%		–49.96	%		0.00	%
Oncore Xtra		14,888	$	8.665039	$	129,003		1.40	%		–49.96	%		0.00	%
Oncore Lite		13,814	$	8.665039	$	119,701		1.40	%		–49.96	%		0.00	%
Oncore Ultra		18,465	$	8.665039	$	159,998		1.40	%		–49.96	%		0.00	%

		75,955			$	660,021

2007
Top Tradition		5	$	17.717956	$	91		1.10	%		3.70	%		0.00	%
Top Explorer		8	$	17.448846	$	136		1.30	%		3.50	%		0.00	%
Oncore Value		5,674	$	17.991767	$	102,091		0.90	%		3.91	%		0.00	%
Oncore & Firstar Oncore Premier		25,894	$	17.315805	$	448,378		1.40	%		3.40	%		0.00	%
Oncore Xtra		29,939	$	17.315805	$	518,412		1.40	%		3.40	%		0.00	%
Oncore & Firstar Oncore Lite		20,693	$	17.315805	$	358,319		1.40	%		3.40	%		0.00	%
Oncore Ultra		5,321	$	17.315805	$	92,137		1.40	%		3.40	%		0.00	%

		87,534			$	1,519,564

2006
Top Tradition		399	$	17.085151	$	6,810		1.10	%		36.37	%		5.17	%
Oncore Value		318	$	17.314636	$	5,510		0.90	%		36.64	%		6.41	%
Oncore & Firstar Oncore Premier		20,821	$	16.747196	$	348,690		1.40	%		35.97	%		5.35	%
Oncore Xtra		21,455	$	16.747196	$	359,310		1.40	%		35.97	%		5.35	%
Oncore & Firstar Oncore Lite		9,713	$	16.747196	$	162,673		1.40	%		35.97	%		5.35	%

		52,706			$	882,993

(continued)

106

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Dow Target 5 Portfolios: (continued)
Third Quarter Subaccount (continued)
2007
Top Tradition		124	$	13.687642	$	1,696		1.10	%		7.70	%		0.00	%
Top Explorer		7	$	13.486277	$	92		1.30	%		7.49	%		0.00	%
Oncore Value		16,989	$	13.892380	$	236,014		0.90	%		7.92	%		0.00	%
Oncore & Firstar Oncore Premier		23,012	$	13.386757	$	308,065		1.40	%		7.38	%		0.00	%
Oncore Xtra		36,594	$	13.386757	$	489,874		1.40	%		7.38	%		0.00	%
Oncore Lite		14,241	$	13.386757	$	190,639		1.40	%		7.38	%		0.00	%
Oncore Ultra		8,111	$	13.386757	$	108,576		1.40	%		7.38	%		0.00	%

		99,078			$	1,334,956

2006
Top Tradition		125	$	12.708856	$	1,592		1.10	%		34.89	%		4.67	%
Oncore Flex		257	$	12.387065	$	3,178		1.50	%		34.36	%		4.74	%
Oncore Value		6,104	$	12.873278	$	78,579		0.90	%		35.16	%		6.91	%
Oncore & Firstar Oncore Premier		24,119	$	12.466572	$	300,687		1.40	%		34.50	%		5.96	%
Oncore Xtra		48,946	$	12.466572	$	610,189		1.40	%		34.50	%		5.96	%
Oncore Lite		3,258	$	12.466572	$	40,617		1.40	%		34.50	%		5.96	%

		82,809			$	1,034,842

2005
Top Tradition		109	$	9.421328	$	1,026		1.10	%		–20.06	%		0.00	%
Oncore Flex		257	$	9.218989	$	2,367		1.50	%		–20.37	%		0.00	%
Oncore Value		3,341	$	9.524383	$	31,821		0.90	%		–19.90	%		0.00	%
Oncore & Firstar Oncore Premier		27,566	$	9.269049	$	255,507		1.40	%		–20.29	%		0.00	%
Oncore Xtra		17,912	$	9.269049	$	166,028		1.40	%		–20.29	%		0.00	%
Oncore Lite		5,555	$	9.269049	$	51,495		1.40	%		–20.29	%		0.00	%

		54,740			$	508,244

2004
Top Tradition		341	$	11.785236	$	4,015		1.10	%		6.69	%		0.00	%
Top Explorer		2,418	$	11.680872	$	28,240		1.30	%		6.48	%		0.00	%
Oncore Flex		257	$	11.577647	$	2,973		1.50	%		6.27	%		0.00	%
Oncore Value		2,704	$	11.890616	$	32,149		0.90	%		6.90	%		0.00	%
Oncore & Firstar Oncore Premier		26,796	$	11.629080	$	311,627		1.40	%		6.37	%		0.00	%
Oncore Xtra		17,189	$	11.629080	$	199,892		1.40	%		6.37	%		0.00	%
Oncore Lite		1,191	$	11.629080	$	13,845		1.40	%		6.37	%		0.00	%

		50,896			$	592,741

(continued)

108

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Dow Target 5 Portfolios: (continued)
Fourth Quarter Subaccount
2008
Top Tradition		100	$	10.725913	$	1,067		1.10	%		–41.88	%		0.00	%
Top Plus		83	$	10.902636	$	904		0.90	%		–41.77	%		0.00	%
Top Explorer		104	$	10.552397	$	1,102		1.30	%		–42.00	%		0.00	%
Oncore Flex		6,878	$	7.628135	$	52,469		1.50	%		–42.11	%		0.00	%
Oncore Value		25,346	$	8.058668	$	204,255		0.90	%		–41.77	%		0.00	%
Oncore Premier		48,070	$	7.698052	$	370,046		1.40	%		–42.06	%		0.00	%
Oncore Xtra		11,448	$	7.698052	$	88,129		1.40	%		–42.06	%		0.00	%
Oncore Lite		27,082	$	7.698052	$	208,481		1.40	%		–42.06	%		0.00	%
Oncore Ultra		12,336	$	7.698052	$	94,961		1.40	%		–42.06	%		0.00	%

		131,447			$	1,021,414

2007
Top Tradition		93	$	18.455819	$	1,718		1.10	%		5.79	%		0.00	%
Top Plus		453	$	18.722554	$	8,489		0.90	%		6.01	%		0.00	%
Top Explorer		90	$	18.193346	$	1,630		1.30	%		5.58	%		0.00	%
Oncore Flex		322	$	13.177764	$	4,243		1.50	%		5.38	%		0.00	%
Oncore Value		13,776	$	13.838753	$	190,640		0.90	%		6.01	%		0.00	%
Oncore & Firstar Oncore Premier		51,886	$	13.285379	$	689,321		1.40	%		5.48	%		0.00	%
Oncore Xtra		18,571	$	13.285379	$	246,722		1.40	%		5.48	%		0.00	%
Oncore Lite		33,788	$	13.285379	$	448,885		1.40	%		5.48	%		0.00	%
Oncore Ultra		12,072	$	13.285379	$	160,384		1.40	%		5.48	%		0.00	%

		131,051			$	1,752,032

2006
Top Tradition		117	$	17.444918	$	2,042		1.10	%		36.83	%		4.94	%
Top Plus		453	$	17.661820	$	8,008		0.90	%		37.10	%		4.33	%
Top Explorer		80	$	17.230999	$	1,387		1.30	%		36.56	%		22.97	%
Oncore Value		12,303	$	13.054703	$	160,612		0.90	%		37.10	%		32.40	%
Oncore & Firstar Oncore Premier		36,019	$	12.595151	$	453,654		1.40	%		36.43	%		6.17	%
Oncore Xtra		22,304	$	12.595151	$	280,919		1.40	%		36.43	%		6.17	%
Oncore Lite		17,231	$	12.595151	$	217,023		1.40	%		36.43	%		6.17	%
Oncore Ultra		1,941	$	12.595151	$	24,447		1.40	%		7.46	%		6.17	%		8/7/06

		90,448			$	1,148,092

(continued)

109

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Janus Aspen Series — Institutional Shares: (continued)
Large Cap Growth Subaccount (continued)
2007
Top I		3,545	$	9.290215	$	32,933		1.10	%		13.83	%		0.73	%
Top Tradition		133,665	$	9.290215	$	1,241,772		1.10	%		13.83	%		0.71	%
Top Plus		22,384	$	9.441813	$	211,343		0.90	%		14.06	%		0.66	%
Investar Vision & Top Spectrum		8,214	$	12.772481	$	104,918		1.40	%		13.49	%		0.70	%
Top Explorer		31,549	$	9.141320	$	288,398		1.30	%		13.61	%		0.68	%
Oncore & Firstar Oncore Flex		25,620	$	12.651224	$	324,125		1.50	%		13.38	%		0.69	%
Oncore & Firstar Oncore Value		91,919	$	13.398511	$	1,231,578		0.90	%		14.06	%		0.68	%
Oncore & Firstar Oncore Premier		493,276	$	12.772481	$	6,300,368		1.40	%		13.49	%		0.68	%
Oncore & Firstar Oncore Xtra		60,740	$	12.772481	$	775,800		1.40	%		13.49	%		0.68	%

		870,912			$	10,511,235

2006
Top I		3,663	$	8.161292	$	29,899		1.10	%		10.17	%		0.49	%
Top Tradition		150,173	$	8.161292	$	1,225,607		1.10	%		10.17	%		0.48	%
Top Plus		35,885	$	8.277956	$	297,051		0.90	%		10.39	%		0.47	%
Investar Vision & Top Spectrum		9,669	$	11.253869	$	108,813		1.40	%		9.84	%		0.48	%
Top Explorer		48,360	$	8.046443	$	389,128		1.30	%		9.95	%		0.47	%
Oncore & Firstar Oncore Flex		30,159	$	11.158078	$	336,513		1.50	%		9.74	%		0.46	%
Oncore & Firstar Oncore Value		137,652	$	11.746926	$	1,616,990		0.90	%		10.39	%		0.46	%
Oncore & Firstar Oncore Premier		682,542	$	11.253869	$	7,681,235		1.40	%		9.84	%		0.47	%
Oncore & Firstar Oncore Xtra		76,239	$	11.253869	$	857,983		1.40	%		9.84	%		0.47	%

		1,174,342			$	12,543,219

2005
Top I		4,648	$	7.407944	$	34,431		1.10	%		3.16	%		0.34	%
Top Tradition		174,095	$	7.407944	$	1,289,686		1.10	%		3.16	%		0.33	%
Top Plus		47,032	$	7.498999	$	352,696		0.90	%		3.36	%		0.33	%
Investar Vision & Top Spectrum		11,602	$	10.245288	$	118,861		1.40	%		2.85	%		0.32	%
Top Explorer		69,223	$	7.318094	$	506,582		1.30	%		2.95	%		0.32	%
Oncore & Firstar Oncore Flex		38,389	$	10.168070	$	390,344		1.50	%		2.75	%		0.30	%
Oncore & Firstar Oncore Value		182,354	$	10.641533	$	1,940,522		0.90	%		3.36	%		0.32	%
Oncore & Firstar Oncore Premier		892,972	$	10.245288	$	9,148,757		1.40	%		2.85	%		0.32	%
Oncore & Firstar Oncore Xtra		84,386	$	10.245288	$	864,556		1.40	%		2.85	%		0.32	%

		1,504,701			$	14,646,435

(continued)

112

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Janus Aspen Series — Institutional Shares: (continued)
Large Cap Growth Subaccount (continued)
2004
Top I		5,953	$	7.181339	$	42,752		1.10	%		3.38	%		0.14	%
Top Tradition		211,039	$	7.181339	$	1,515,540		1.10	%		3.38	%		0.13	%
Top Plus		76,951	$	7.255263	$	558,298		0.90	%		3.58	%		0.14	%
Investar Vision & Top Spectrum		17,072	$	9.961271	$	170,054		1.40	%		3.07	%		0.13	%
Top Explorer		90,047	$	7.108215	$	640,074		1.30	%		3.17	%		0.12	%
Oncore & Firstar Oncore Flex		67,586	$	9.895909	$	668,820		1.50	%		2.97	%		0.13	%
Oncore & Firstar Oncore Value		255,162	$	10.295650	$	2,627,055		0.90	%		3.58	%		0.13	%
Oncore & Firstar Oncore Premier		1,167,051	$	9.961271	$	11,625,323		1.40	%		3.07	%		0.13	%
Oncore & Firstar Oncore Xtra		111,717	$	9.961271	$	1,112,845		1.40	%		3.07	%		0.13	%

		2,002,578			$	18,960,761

International Growth Subaccount
2008
Oncore Flex		16,173	$	14.269928	$	230,793		1.50	%		–52.82	%		1.24	%
Oncore Value		40,024	$	15.202805	$	608,475		0.90	%		–52.54	%		1.22	%
Oncore Premier		108,670	$	14.420891	$	1,567,116		1.40	%		–52.78	%		1.12	%
Oncore Xtra		31,567	$	14.420891	$	455,226		1.40	%		–52.78	%		1.12	%

		196,434			$	2,861,610

2007
Oncore & Firstar Oncore Flex		19,652	$	30.248653	$	594,453		1.50	%		26.41	%		0.62	%
Oncore & Firstar Oncore Value		63,560	$	32.034274	$	2,036,101		0.90	%		27.17	%		0.62	%
Oncore & Firstar Oncore Premier		137,928	$	30.538347	$	4,212,102		1.40	%		26.54	%		0.62	%
Oncore & Firstar Oncore Xtra		54,164	$	30.538347	$	1,654,073		1.40	%		26.54	%		0.62	%

		275,304			$	8,496,729

2006
Oncore & Firstar Oncore Flex		23,359	$	23.928900	$	558,948		1.50	%		44.86	%		1.90	%
Oncore & Firstar Oncore Value		75,712	$	25.190899	$	1,907,265		0.90	%		45.71	%		2.12	%
Oncore & Firstar Oncore Premier		158,060	$	24.134153	$	3,814,655		1.40	%		45.00	%		1.91	%
Oncore & Firstar Oncore Xtra		62,116	$	24.134153	$	1,499,110		1.40	%		45.00	%		1.91	%

		319,247			$	7,779,978

(continued)

113

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Janus Aspen Series — Institutional Shares: (continued)
International Growth Subaccount (continued)
2005
Oncore & Firstar Oncore Flex		33,269	$	16.519053	$	549,569		1.50	%		30.34	%		1.29	%
Oncore & Firstar Oncore Value		67,171	$	17.287798	$	1,161,235		0.90	%		31.12	%		1.22	%
Oncore & Firstar Oncore Premier		166,642	$	16.644398	$	2,773,655		1.40	%		30.47	%		1.22	%
Oncore & Firstar Oncore Xtra		67,094	$	16.644398	$	1,116,742		1.40	%		30.47	%		1.22	%

		334,176			$	5,601,201

2004
Oncore & Firstar Oncore Flex		27,970	$	12.673406	$	354,473		1.50	%		17.19	%		0.90	%
Oncore & Firstar Oncore Value		61,451	$	13.185067	$	810,234		0.90	%		17.89	%		0.91	%
Oncore & Firstar Oncore Premier		189,524	$	12.757043	$	2,417,774		1.40	%		17.30	%		0.88	%
Oncore & Firstar Oncore Xtra		58,820	$	12.757043	$	750,364		1.40	%		17.30	%		0.88	%

		337,765			$	4,332,845

Worldwide Growth Subaccount
2008
Top I		3,829	$	5.759298	$	22,054		1.10	%		–45.27	%		1.07	%
Top Tradition		76,042	$	5.759298	$	437,946		1.10	%		–45.27	%		1.17	%
Top Plus		6,309	$	5.864901	$	37,003		0.90	%		–45.16	%		1.12	%
Investar Vision & Top Spectrum		6,822	$	7.088501	$	48,360		1.40	%		–45.43	%		1.07	%
Top Explorer		34,880	$	5.655739	$	197,271		1.30	%		–45.38	%		1.14	%
Oncore Flex		8,861	$	7.147795	$	63,337		1.50	%		–45.48	%		0.93	%
Oncore Value		42,936	$	7.615203	$	326,963		0.90	%		–45.16	%		1.16	%
Oncore Premier		182,748	$	7.223460	$	1,320,071		1.40	%		–45.43	%		1.15	%
Oncore Xtra		28,520	$	7.223460	$	206,014		1.40	%		–45.43	%		1.15	%

		390,947			$	2,659,019

2007
Top I		5,912	$	10.522468	$	62,207		1.10	%		8.43	%		0.75	%
Top Tradition		90,467	$	10.522468	$	951,933		1.10	%		8.43	%		0.74	%
Top Plus		10,148	$	10.694060	$	108,521		0.90	%		8.64	%		0.68	%
Investar Vision & Top Spectrum		13,721	$	12.989674	$	178,235		1.40	%		8.11	%		0.74	%
Top Explorer		46,465	$	10.353826	$	481,086		1.30	%		8.21	%		0.74	%
Oncore & Firstar Oncore Flex		24,411	$	13.111326	$	320,065		1.50	%		8.00	%		0.73	%
Oncore & Firstar Oncore Value		58,553	$	13.885571	$	813,037		0.90	%		8.64	%		0.72	%
Oncore & Firstar Oncore Premier		227,280	$	13.236978	$	3,008,511		1.40	%		8.11	%		0.70	%
Oncore & Firstar Oncore Xtra		43,302	$	13.236978	$	573,185		1.40	%		8.11	%		0.70	%

		520,259			$	6,496,780

(continued)

114

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Janus Aspen Series — Institutional Shares: (continued)
Worldwide Growth Subaccount (continued)
2006
Top I		6,473	$	9.704556	$	62,821		1.10	%		16.92	%		1.73	%
Top Tradition		104,692	$	9.704556	$	1,015,993		1.10	%		16.92	%		1.73	%
Top Plus		11,082	$	9.843191	$	109,081		0.90	%		17.15	%		1.67	%
Investar Vision & Top Spectrum		18,295	$	12.015739	$	219,824		1.40	%		16.58	%		1.51	%
Top Explorer		56,725	$	9.568011	$	542,747		1.30	%		16.69	%		1.70	%
Oncore & Firstar Oncore Flex		27,033	$	12.140297	$	328,194		1.50	%		16.46	%		1.68	%
Oncore & Firstar Oncore Value		73,169	$	12.780771	$	935,158		0.90	%		17.15	%		1.71	%
Oncore & Firstar Oncore Premier		333,728	$	12.244500	$	4,086,322		1.40	%		16.58	%		1.69	%
Oncore & Firstar Oncore Xtra		57,170	$	12.244500	$	700,018		1.40	%		16.58	%		1.69	%

		688,367			$	8,000,158

2005
Top I		9,299	$	8.300095	$	77,183		1.10	%		4.72	%		1.30	%
Top Tradition		125,911	$	8.300095	$	1,045,076		1.10	%		4.72	%		1.35	%
Top Plus		21,516	$	8.402063	$	180,775		0.90	%		4.92	%		1.24	%
Investar Vision & Top Spectrum		39,235	$	10.307219	$	404,408		1.40	%		4.41	%		1.33	%
Top Explorer		91,796	$	8.199446	$	752,679		1.30	%		4.51	%		1.35	%
Oncore & Firstar Oncore Flex		34,988	$	10.424300	$	364,731		1.50	%		4.30	%		1.17	%
Oncore & Firstar Oncore Value		98,568	$	10.909551	$	1,075,337		0.90	%		4.92	%		1.31	%
Oncore & Firstar Oncore Premier		458,681	$	10.503437	$	4,817,732		1.40	%		4.41	%		1.31	%
Oncore & Firstar Oncore Xtra		69,151	$	10.503437	$	726,303		1.40	%		4.41	%		1.31	%

		949,145			$	9,444,224

2004
Top I		14,579	$	7.926252	$	115,553		1.10	%		3.64	%		1.02	%
Top Tradition		164,556	$	7.926252	$	1,304,311		1.10	%		3.64	%		0.96	%
Top Plus		39,696	$	8.007801	$	317,874		0.90	%		3.84	%		0.91	%
Investar Vision & Top Spectrum		51,613	$	9.872113	$	509,534		1.40	%		3.33	%		0.94	%
Top Explorer		113,552	$	7.845571	$	890,882		1.30	%		3.43	%		0.95	%
Oncore & Firstar Oncore Flex		68,077	$	9.994066	$	680,363		1.50	%		3.23	%		0.95	%
Oncore & Firstar Oncore Value		147,886	$	10.397621	$	1,537,658		0.90	%		3.84	%		0.91	%
Oncore & Firstar Oncore Premier		629,370	$	10.060040	$	6,331,497		1.40	%		3.33	%		0.97	%
Oncore & Firstar Oncore Xtra		104,791	$	10.060040	$	1,054,205		1.40	%		3.33	%		0.97	%

		1,334,120			$	12,741,877

(continued)

115

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Janus Aspen Series — Institutional Shares: (continued)
Balanced Subaccount
2008
Top I		4,836	$	11.984507	$	57,955		1.10	%		–16.76	%		2.29	%
Top Tradition		147,689	$	11.984507	$	1,769,982		1.10	%		–16.76	%		2.62	%
Top Plus		25,012	$	12.204184	$	305,256		0.90	%		–16.59	%		2.51	%
Investar Vision & Top Spectrum		38,776	$	15.817210	$	613,332		1.40	%		–17.00	%		2.49	%
Top Explorer		42,472	$	11.769165	$	499,865		1.30	%		–16.92	%		2.55	%
Oncore Flex		12,553	$	15.221569	$	191,074		1.50	%		–17.09	%		2.33	%
Oncore Value		67,559	$	16.216479	$	1,095,572		0.90	%		–16.59	%		2.64	%
Oncore Premier		320,328	$	15.382556	$	4,927,439		1.40	%		–17.00	%		2.52	%
Oncore Xtra		22,047	$	15.382556	$	339,144		1.40	%		–17.00	%		2.52	%

		681,272			$	9,799,619

2007
Top I		9,529	$	14.397113	$	137,192		1.10	%		9.33	%		2.57	%
Top Tradition		167,224	$	14.397113	$	2,407,541		1.10	%		9.33	%		2.51	%
Top Plus		34,042	$	14.631886	$	498,095		0.90	%		9.54	%		2.42	%
Investar Vision & Top Spectrum		57,739	$	19.057974	$	1,100,382		1.40	%		9.00	%		2.39	%
Top Explorer		65,796	$	14.166475	$	932,095		1.30	%		9.11	%		2.37	%
Oncore & Firstar Oncore Flex		20,791	$	18.358442	$	381,691		1.50	%		8.89	%		2.53	%
Oncore & Firstar Oncore Value		75,468	$	19.442322	$	1,467,264		0.90	%		9.54	%		2.42	%
Oncore & Firstar Oncore Premier		438,687	$	18.534267	$	8,130,774		1.40	%		9.00	%		2.41	%
Oncore & Firstar Oncore Xtra		38,694	$	18.534267	$	717,161		1.40	%		9.00	%		2.41	%

		907,970			$	15,772,195

2006
Top I		10,425	$	13.168911	$	137,284		1.10	%		9.52	%		1.90	%
Top Tradition		194,791	$	13.168911	$	2,565,186		1.10	%		9.52	%		2.14	%
Top Plus		47,516	$	13.357027	$	634,674		0.90	%		9.73	%		2.04	%
Investar Vision & Top Spectrum		88,148	$	17.484172	$	1,541,201		1.40	%		9.19	%		1.95	%
Top Explorer		81,791	$	12.983695	$	1,061,954		1.30	%		9.30	%		2.04	%
Oncore & Firstar Oncore Flex		22,625	$	16.859100	$	381,434		1.50	%		9.09	%		2.02	%
Oncore & Firstar Oncore Value		97,998	$	17.748339	$	1,739,309		0.90	%		9.73	%		1.99	%
Oncore & Firstar Oncore Premier		600,965	$	17.003708	$	10,218,626		1.40	%		9.19	%		2.00	%
Oncore & Firstar Oncore Xtra		55,094	$	17.003708	$	936,795		1.40	%		9.19	%		2.00	%

		1,199,353			$	19,216,463

(continued)

116

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Legg Mason Partners Variable Equity Trust — Class I (note 4):
Fundamental Value Subaccount
2008
Top Tradition		4,232	$	7.481939	$	31,666		1.10	%		–37.27	%		1.79	%
Top Plus		265	$	7.529030	$	1,995		0.90	%		–37.14	%		1.76	%
Top Spectrum		401	$	7.412038	$	2,970		1.40	%		–37.46	%		1.27	%
Top Explorer		2,340	$	7.435281	$	17,396		1.30	%		–37.39	%		1.34	%
Oncore Flex		5,525	$	12.027321	$	66,456		1.50	%		–37.52	%		1.48	%
Oncore Value		166,106	$	12.813551	$	2,128,404		0.90	%		–37.14	%		2.01	%
Oncore Premier		182,995	$	12.154528	$	2,224,216		1.40	%		–37.46	%		1.70	%
Oncore Xtra		165,164	$	12.154528	$	2,007,489		1.40	%		–37.46	%		1.70	%
Oncore Lite		363,829	$	12.154528	$	4,422,172		1.40	%		–37.46	%		1.70	%
Oncore Ultra		28,099	$	12.154528	$	341,534		1.40	%		–37.46	%		1.70	%
Oncore Wrap		779	$	6.669040	$	5,193		0.65	%		–36.99	%		6.83	%

		919,735			$	11,249,491

2007
Top Tradition		4,113	$	11.927158	$	49,058		1.10	%		–4.74	%		1.82	%		4/27/07
Top Plus		265	$	11.978341	$	3,173		0.90	%		–4.62	%		6.36	%		4/27/07
Investar Vision & Top Spectrum		606	$	11.850999	$	7,184		1.40	%		–4.94	%		1.76	%		4/27/07
Top Explorer		2,933	$	11.876350	$	34,835		1.30	%		–4.87	%		1.84	%		4/27/07
Oncore Flex		8,180	$	19.249359	$	157,457		1.50	%		–5.00	%		1.81	%		4/27/07
Oncore & Firstar Oncore Value		134,209	$	20.385767	$	2,735,944		0.90	%		–4.62	%		1.92	%		4/27/07
Oncore & Firstar Oncore Premier		211,104	$	19.433681	$	4,102,514		1.40	%		–4.94	%		1.80	%		4/27/07
Oncore & Firstar Oncore Xtra		199,127	$	19.433681	$	3,869,775		1.40	%		–4.94	%		1.80	%		4/27/07
Oncore & Firstar Oncore Lite		363,640	$	19.433681	$	7,066,873		1.40	%		–4.94	%		1.80	%		4/27/07
Oncore Ultra		9,174	$	19.433681	$	178,287		1.40	%		–4.94	%		1.80	%		4/27/07

		933,351			$	18,205,100

Capital and Income Subaccount
2008
Top Explorer		2,161	$	7.524169	$	16,261		1.30	%		–35.86	%		1.21	%
Oncore Flex		3,589	$	8.622603	$	30,947		1.50	%		–35.98	%		0.57	%
Oncore Value		42,579	$	9.186260	$	391,138		0.90	%		–35.60	%		1.10	%
Oncore Premier		107,144	$	8.713821	$	933,628		1.40	%		–35.92	%		0.95	%
Oncore Xtra		144,297	$	8.713821	$	1,257,376		1.40	%		–35.92	%		0.95	%
Oncore Lite		90,537	$	8.713821	$	788,926		1.40	%		–35.92	%		0.95	%
Oncore Ultra		3,932	$	8.713821	$	34,266		1.40	%		–35.92	%		0.95	%

		394,239			$	3,452,542

(continued)

118

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Legg Mason Partners Variable Equity Trust — Class I (note 4): (continued)
Capital and Income Subaccount (continued)
2007
Top Explorer		1,747	$	11.730125	$	20,488		1.30	%		0.26	%		2.19	%		4/27/07
Oncore & Firstar Oncore Flex		8,598	$	13.469264	$	115,810		1.50	%		0.12	%		2.02	%		4/27/07
Oncore & Firstar Oncore Value		42,072	$	14.264494	$	600,135		0.90	%		0.53	%		2.31	%		4/27/07
Oncore & Firstar Oncore Premier		159,000	$	13.598284	$	2,162,127		1.40	%		0.19	%		1.96	%		4/27/07
Oncore & Firstar Oncore Xtra		184,418	$	13.598284	$	2,507,765		1.40	%		0.19	%		1.96	%		4/27/07
Oncore & Firstar Oncore Lite		95,680	$	13.598284	$	1,301,088		1.40	%		0.19	%		1.96	%		4/27/07
Oncore Ultra		3,308	$	13.598284	$	44,984		1.40	%		0.19	%		1.96	%		4/27/07

		494,823			$	6,752,397

Investors Subaccount
2008
Top Tradition		8	$	7.855193	$	61		1.10	%		–36.33	%		1.38	%
Investar Vision		110	$	7.781828	$	855		1.40	%		–36.52	%		1.37	%
Top Explorer		154	$	7.806218	$	1,201		1.30	%		–36.45	%		1.51	%
Oncore Flex		14,214	$	10.189200	$	144,833		1.50	%		–36.58	%		1.26	%
Oncore Value		186,232	$	10.855288	$	2,021,599		0.90	%		–36.20	%		2.21	%
Oncore Premier		119,763	$	10.296989	$	1,233,204		1.40	%		–36.52	%		1.29	%
Oncore Xtra		108,931	$	10.296989	$	1,121,664		1.40	%		–36.52	%		1.29	%
Oncore Lite		173,189	$	10.296989	$	1,783,322		1.40	%		–36.52	%		1.29	%
Oncore Ultra		7,605	$	10.296989	$	78,305		1.40	%		–36.52	%		1.29	%

		610,206			$	6,385,044

2007
Top Tradition		8	$	12.336617	$	96		1.10	%		2.76	%		6.25	%
Investar Vision		110	$	12.257854	$	1,353		1.40	%		2.46	%		3.73	%
Top Explorer		268	$	12.284067	$	3,294		1.30	%		2.56	%		1.38	%
Oncore & Firstar Oncore Flex		24,904	$	16.065836	$	400,101		1.50	%		2.36	%		1.56	%
Oncore & Firstar Oncore Value		66,414	$	17.014337	$	1,129,998		0.90	%		2.97	%		1.44	%
Oncore & Firstar Oncore Premier		123,103	$	16.219704	$	1,996,702		1.40	%		2.46	%		1.32	%
Oncore & Firstar Oncore Xtra		120,580	$	16.219704	$	1,955,766		1.40	%		2.46	%		1.32	%
Oncore & Firstar Oncore Lite		160,601	$	16.219704	$	2,604,894		1.40	%		2.46	%		1.32	%
Oncore Ultra		2,100	$	16.219704	$	34,056		1.40	%		2.46	%		1.32	%

		498,088			$	8,126,260

(continued)

119

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Legg Mason Partners Variable Equity Trust — Class I (note 4): (continued)
Investors Subaccount (continued)
2006
Top Explorer		240	$	11.977407	$	2,871		1.30	%		16.75	%		3.72	%
Oncore & Firstar Oncore Flex		19,491	$	15.695883	$	305,923		1.50	%		16.52	%		1.60	%
Oncore & Firstar Oncore Value		51,661	$	16.523729	$	853,627		0.90	%		17.21	%		1.68	%
Oncore & Firstar Oncore Premier		168,033	$	15.830515	$	2,660,059		1.40	%		16.63	%		1.71	%
Oncore & Firstar Oncore Xtra		105,110	$	15.830515	$	1,663,943		1.40	%		16.63	%		1.71	%
Oncore & Firstar Oncore Lite		94,054	$	15.830515	$	1,488,930		1.40	%		16.63	%		1.71	%
Oncore Ultra		2,259	$	15.830515	$	35,755		1.40	%		11.13	%		1.71	%		8/7/06

		440,848			$	7,011,108

2005
Oncore & Firstar Oncore Flex		22,993	$	13.470984	$	309,732		1.50	%		4.96	%		0.75	%
Oncore & Firstar Oncore Value		52,860	$	14.097887	$	745,210		0.90	%		5.58	%		1.17	%
Oncore & Firstar Oncore Premier		167,895	$	13.573192	$	2,278,865		1.40	%		5.06	%		1.22	%
Oncore & Firstar Oncore Xtra		121,680	$	13.573192	$	1,651,590		1.40	%		5.06	%		1.22	%
Oncore Lite		72,239	$	13.573192	$	980,520		1.40	%		5.06	%		1.22	%

		437,667			$	5,965,917

2004
Oncore & Firstar Oncore Flex		54,406	$	12.834716	$	698,287		1.50	%		8.74	%		1.38	%
Oncore & Firstar Oncore Value		59,379	$	13.352844	$	792,875		0.90	%		9.39	%		1.56	%
Oncore & Firstar Oncore Premier		170,824	$	12.919400	$	2,206,953		1.40	%		8.85	%		1.44	%
Oncore & Firstar Oncore Xtra		147,871	$	12.919400	$	1,910,399		1.40	%		8.85	%		1.44	%
Oncore & Firstar Oncore Lite		55,853	$	12.919400	$	721,588		1.40	%		8.85	%		1.44	%

		488,333			$	6,330,102

All Cap Subaccount
2006
Top Tradition		2,542	$	11.914775	$	30,282		1.10	%		16.83	%		2.69	%
Investar Vision & Top Spectrum		721	$	11.874024	$	8,563		1.40	%		16.49	%		4.97	%
Top Explorer		797	$	11.887605	$	9,469		1.30	%		16.60	%		3.73	%
Oncore Flex		8,316	$	19.305866	$	160,544		1.50	%		16.37	%		1.21	%
Oncore & Firstar Oncore Value		108,570	$	20.324063	$	2,206,586		0.90	%		17.06	%		1.33	%
Oncore & Firstar Oncore Premier		228,459	$	19.471432	$	4,448,453		1.40	%		16.49	%		1.41	%
Oncore & Firstar Oncore Xtra		208,652	$	19.471432	$	4,062,747		1.40	%		16.49	%		1.41	%
Oncore & Firstar Oncore Lite		287,659	$	19.471432	$	5,601,135		1.40	%		16.49	%		1.41	%
Oncore Ultra		7,107	$	19.471432	$	138,379		1.40	%		12.63	%		1.41	%		8/7/06

		852,823			$	16,666,158

(continued)

120

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Legg Mason Partners Variable Equity Trust — Class I (note 4): (continued)
All Cap Subaccount (continued)
2005
Oncore Flex		11,000	$	16.589881	$	182,493		1.50	%		2.51	%		0.66	%
Oncore & Firstar Oncore Value		114,467	$	17.361907	$	1,987,362		0.90	%		3.12	%		0.98	%
Oncore & Firstar Oncore Premier		269,215	$	16.715728	$	4,500,121		1.40	%		2.61	%		0.87	%
Oncore & Firstar Oncore Xtra		219,832	$	16.715728	$	3,674,657		1.40	%		2.61	%		0.87	%
Oncore & Firstar Oncore Lite		229,856	$	16.715728	$	3,842,207		1.40	%		2.61	%		0.87	%

		844,370			$	14,186,840

2004
Oncore & Firstar Oncore Flex		21,872	$	16.183237	$	353,954		1.50	%		6.71	%		0.47	%
Oncore & Firstar Oncore Value		93,302	$	16.836502	$	1,570,887		0.90	%		7.34	%		0.66	%
Oncore & Firstar Oncore Premier		306,133	$	16.289995	$	4,986,912		1.40	%		6.81	%		0.54	%
Oncore & Firstar Oncore Xtra		251,883	$	16.289995	$	4,103,173		1.40	%		6.81	%		0.54	%
Oncore & Firstar Oncore Lite		172,705	$	16.289995	$	2,813,360		1.40	%		6.81	%		0.54	%

		845,895			$	13,828,286

Total Return Subaccount
2006
Top Explorer		46	$	11.361033	$	524		1.30	%		11.12	%		5.27	%
Oncore & Firstar Oncore Flex		9,037	$	13.071370	$	118,120		1.50	%		10.90	%		2.13	%
Oncore & Firstar Oncore Value		33,468	$	13.760823	$	460,551		0.90	%		11.56	%		1.71	%
Oncore & Firstar Oncore Premier		180,481	$	13.183505	$	2,379,368		1.40	%		11.01	%		2.05	%
Oncore & Firstar Oncore Xtra		212,123	$	13.183505	$	2,796,527		1.40	%		11.01	%		2.05	%
Oncore & Firstar Oncore Lite		88,219	$	13.183505	$	1,163,039		1.40	%		11.01	%		2.05	%
Oncore Ultra		1,546	$	13.183505	$	20,381		1.40	%		8.78	%		2.05	%		8/7/06

		524,920			$	6,938,510

2005
Oncore & Firstar Oncore Flex		9,120	$	11.786214	$	107,494		1.50	%		1.79	%		1.77	%
Oncore & Firstar Oncore Value		39,870	$	12.334736	$	491,789		0.90	%		2.40	%		1.88	%
Oncore & Firstar Oncore Premier		211,646	$	11.875653	$	2,513,439		1.40	%		1.89	%		1.89	%
Oncore & Firstar Oncore Xtra		221,490	$	11.875653	$	2,630,335		1.40	%		1.89	%		1.89	%
Oncore & Firstar Oncore Lite		105,204	$	11.875653	$	1,249,364		1.40	%		1.89	%		1.89	%

		587,330			$	6,992,421

(continued)

121

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Legg Mason Partners Variable Equity Trust — Class I (note 4): (continued)
Total Return Subaccount (continued)
2004
Oncore & Firstar Oncore Flex		12,141	$	11.578627	$	140,580		1.50	%		7.13	%		1.78	%
Oncore & Firstar Oncore Value		49,135	$	12.046054	$	591,878		0.90	%		7.77	%		1.80	%
Oncore & Firstar Oncore Premier		252,002	$	11.655037	$	2,937,089		1.40	%		7.23	%		1.92	%
Oncore & Firstar Oncore Xtra		245,292	$	11.655037	$	2,858,891		1.40	%		7.23	%		1.92	%
Oncore & Firstar Oncore Lite		100,671	$	11.655037	$	1,173,324		1.40	%		7.23	%		1.92	%

		659,241			$	7,701,762

Wells Fargo Advantage Variable Trust Funds (note 4):
Opportunity Subaccount
2008
Top I		292	$	9.513097	$	2,775		1.10	%		–40.75	%		2.14	%
Top Tradition		24,152	$	9.513097	$	229,760		1.10	%		–40.75	%		1.92	%
Top Plus		5,165	$	9.687498	$	50,034		0.90	%		–40.63	%		1.90	%
Top Spectrum		620	$	10.536942	$	6,536		1.40	%		–40.93	%		0.90	%
Top Explorer		11,195	$	9.342132	$	104,585		1.30	%		–40.87	%		1.84	%
Oncore Flex		2,107	$	10.426645	$	21,966		1.50	%		–40.99	%		1.91	%
Oncore Value		72,464	$	11.108305	$	804,951		0.90	%		–40.63	%		1.85	%
Oncore Premier		97,082	$	10.536942	$	1,022,951		1.40	%		–40.93	%		1.83	%
Oncore Xtra		185,853	$	10.536942	$	1,958,326		1.40	%		–40.93	%		1.83	%
Oncore Lite		21,701	$	10.536942	$	228,665		1.40	%		–40.93	%		1.83	%

		420,631			$	4,430,549

2007
Top I		1,350	$	16.056547	$	21,675		1.10	%		5.46	%		0.55	%
Top Tradition		29,183	$	16.056547	$	468,575		1.10	%		5.46	%		0.53	%
Top Plus		6,929	$	16.318356	$	113,068		0.90	%		5.67	%		0.55	%
Investar Vision & Top Spectrum		2,212	$	17.837706	$	39,460		1.40	%		5.15	%		0.59	%
Top Explorer		13,102	$	15.799335	$	206,996		1.30	%		5.25	%		0.50	%
Oncore & Firstar Oncore Flex		4,073	$	17.668492	$	71,967		1.50	%		5.04	%		0.61	%
Oncore & Firstar Oncore Value		92,651	$	18.711669	$	1,733,650		0.90	%		5.67	%		0.58	%
Oncore & Firstar Oncore Premier		164,520	$	17.837706	$	2,934,670		1.40	%		5.15	%		0.55	%
Oncore & Firstar Oncore Xtra		254,682	$	17.837706	$	4,542,940		1.40	%		5.15	%		0.55	%
Oncore & Firstar Oncore Lite		33,317	$	17.837706	$	594,296		1.40	%		5.15	%		0.55	%

		602,019			$	10,727,297

(continued)

122

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Wells Fargo Advantage Variable Trust Funds (note 4): (continued)
Opportunity Subaccount (continued)
2006
Top I		1,836	$	15.224915	$	27,951		1.10	%		11.00	%		0.00	%
Top Tradition		45,107	$	15.224915	$	686,746		1.10	%		11.00	%		0.00	%
Top Plus		10,941	$	15.442373	$	168,957		0.90	%		11.22	%		0.00	%
Investar Vision & Top Spectrum		2,670	$	16.964296	$	45,290		1.40	%		10.67	%		0.00	%
Top Explorer		26,544	$	15.010818	$	398,443		1.30	%		10.78	%		0.00	%
Oncore & Firstar Oncore Flex		5,072	$	16.820036	$	85,318		1.50	%		10.56	%		0.00	%
Oncore & Firstar Oncore Value		132,856	$	17.707195	$	2,352,502		0.90	%		11.22	%		0.00	%
Oncore & Firstar Oncore Premier		277,236	$	16.964296	$	4,703,134		1.40	%		10.67	%		0.00	%
Oncore & Firstar Oncore Xtra		374,629	$	16.964296	$	6,355,317		1.40	%		10.67	%		0.00	%
Oncore & Firstar Oncore Lite		73,210	$	16.964296	$	1,241,949		1.40	%		10.67	%		0.00	%

		950,101			$	16,065,607

2005
Top I		3,214	$	13.716021	$	44,083		1.10	%		6.71	%		0.00	%
Top Tradition		46,503	$	13.716021	$	637,831		1.10	%		6.71	%		0.00	%
Top Plus		12,755	$	13.884465	$	177,090		0.90	%		6.92	%		0.00	%
Investar Vision & Top Spectrum		4,622	$	15.328247	$	70,854		1.40	%		6.40	%		0.00	%
Top Explorer		33,232	$	13.549801	$	450,281		1.30	%		6.50	%		0.00	%
Oncore & Firstar Oncore Flex		16,360	$	15.212835	$	248,879		1.50	%		6.29	%		0.00	%
Oncore & Firstar Oncore Value		155,307	$	15.920809	$	2,472,618		0.90	%		6.92	%		0.00	%
Oncore & Firstar Oncore Premier		339,865	$	15.328247	$	5,209,540		1.40	%		6.40	%		0.00	%
Oncore & Firstar Oncore Xtra		435,281	$	15.328247	$	6,672,090		1.40	%		6.40	%		0.00	%
Oncore & Firstar Oncore Lite		108,801	$	15.328247	$	1,667,744		1.40	%		6.40	%		0.00	%

		1,155,940			$	17,651,010

2004
Top I		3,842	$	12.853057	$	49,381		1.10	%		16.93	%		0.00	%
Top Tradition		53,542	$	12.853057	$	688,176		1.10	%		16.93	%		0.00	%
Top Plus		20,696	$	12.985241	$	268,747		0.90	%		17.16	%		0.00	%
Investar Vision & Top Spectrum		6,383	$	14.406341	$	91,954		1.40	%		16.58	%		0.00	%
Top Explorer		43,658	$	12.722318	$	555,435		1.30	%		16.70	%		0.00	%
Oncore & Firstar Oncore Flex		23,707	$	14.311919	$	339,290		1.50	%		16.47	%		0.00	%
Oncore & Firstar Oncore Value		183,977	$	14.889703	$	2,739,361		0.90	%		17.16	%		0.00	%
Oncore & Firstar Oncore Premier		428,808	$	14.406341	$	6,177,548		1.40	%		16.58	%		0.00	%
Oncore & Firstar Oncore Xtra		513,308	$	14.406341	$	7,394,885		1.40	%		16.58	%		0.00	%
Oncore & Firstar Oncore Lite		156,244	$	14.406341	$	2,250,910		1.40	%		16.58	%		0.00	%

		1,434,165			$	20,555,687

(continued)

123

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Wells Fargo Advantage Variable Trust Funds (note 4): (continued)
Small/Mid Cap Value Subaccount
2008
Top Tradition		514	$	9.642315	$	4,959		1.10	%		–45.16	%		0.00	%
Top Plus		163	$	9.819143	$	1,605		0.90	%		–45.05	%		0.00	%
Top Spectrum		394	$	8.213257	$	3,235		1.40	%		–45.32	%		0.00	%
Top Explorer		659	$	9.468999	$	6,241		1.30	%		–45.26	%		0.00	%
Oncore Flex		2,396	$	8.127264	$	19,477		1.50	%		–45.37	%		0.00	%
Oncore Value		1,531	$	8.658751	$	13,259		0.90	%		–45.05	%		0.00	%
Oncore Premier		18,522	$	8.213257	$	152,114		1.40	%		–45.32	%		0.00	%
Oncore Xtra		25,405	$	8.213257	$	208,660		1.40	%		–45.32	%		0.00	%

		49,584			$	409,550

2007
Top Tradition		2,401	$	17.581190	$	42,211		1.10	%		–1.80	%		0.02	%
Top Plus		163	$	17.867960	$	2,920		0.90	%		–1.61	%		0.01	%
Top Spectrum		692	$	15.020239	$	10,393		1.40	%		–2.10	%		0.02	%
Top Explorer		918	$	17.299511	$	15,879		1.30	%		–2.00	%		0.02	%
Oncore Flex		3,299	$	14.877732	$	49,080		1.50	%		–2.19	%		0.02	%
Oncore & Firstar Oncore Value		1,575	$	15.756382	$	24,812		0.90	%		–1.61	%		0.01	%
Oncore & Firstar Oncore Premier		25,270	$	15.020239	$	379,574		1.40	%		–2.10	%		0.02	%
Oncore & Firstar Oncore Xtra		27,204	$	15.020239	$	408,607		1.40	%		–2.10	%		0.02	%

		61,522			$	933,476

2006
Top Tradition		4,439	$	17.904314	$	79,479		1.10	%		14.47	%		0.00	%
Top Plus		4,561	$	18.160118	$	82,837		0.90	%		14.69	%		0.00	%
Top Spectrum		769	$	15.341971	$	11,799		1.40	%		14.13	%		0.00	%
Top Explorer		1,858	$	17.652508	$	32,797		1.30	%		14.24	%		0.00	%
Oncore & Firstar Oncore Flex		4,771	$	15.211488	$	72,568		1.50	%		14.02	%		0.00	%
Oncore & Firstar Oncore Value		5,515	$	16.014007	$	88,317		0.90	%		14.69	%		0.00	%
Oncore & Firstar Oncore Premier		37,401	$	15.341971	$	573,813		1.40	%		14.13	%		0.00	%
Oncore & Firstar Oncore Xtra		33,059	$	15.341971	$	507,186		1.40	%		14.13	%		0.00	%

		92,373			$	1,448,796

(continued)

124

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Wells Fargo Advantage Variable Trust Funds (note 4): (continued)
Small/Mid Cap Value Subaccount (continued)
2005
Top I		616	$	15.641554	$	9,637		1.10	%		15.24	%		0.36	%
Top Tradition		5,635	$	15.641554	$	88,136		1.10	%		15.24	%		0.36	%
Top Plus		5,600	$	15.833700	$	88,665		0.90	%		15.47	%		0.36	%
Top Spectrum		2,057	$	13.442715	$	27,646		1.40	%		14.90	%		0.00	%
Top Explorer		2,976	$	15.451988	$	45,980		1.30	%		15.01	%		0.37	%
Oncore & Firstar Oncore Flex		2,985	$	13.341494	$	39,819		1.50	%		14.78	%		0.77	%
Oncore & Firstar Oncore Value		7,453	$	13.962519	$	104,059		0.90	%		15.47	%		0.42	%
Oncore & Firstar Oncore Premier		48,531	$	13.442715	$	652,394		1.40	%		14.90	%		0.37	%
Oncore & Firstar Oncore Xtra		39,288	$	13.442715	$	528,158		1.40	%		14.90	%		0.37	%

		115,141			$	1,584,494

2004
Top I		617	$	13.573321	$	8,368		1.10	%		15.49	%		0.00	%
Top Tradition		5,182	$	13.573321	$	70,343		1.10	%		15.49	%		0.00	%
Top Plus		5,600	$	13.712955	$	76,789		0.90	%		15.72	%		0.00	%
Top Explorer		3,320	$	13.435239	$	44,609		1.30	%		15.26	%		0.00	%
Oncore & Firstar Oncore Flex		9,933	$	11.623051	$	115,448		1.50	%		15.04	%		0.00	%
Oncore & Firstar Oncore Value		6,857	$	12.092388	$	82,920		0.90	%		15.72	%		0.00	%
Oncore & Firstar Oncore Premier		50,453	$	11.699730	$	590,289		1.40	%		15.15	%		0.00	%
Oncore & Firstar Oncore Xtra		38,234	$	11.699730	$	447,330		1.40	%		15.15	%		0.00	%

		120,196			$	1,436,096

Discovery Subaccount
2008
Top I		642	$	5.894067	$	3,784		1.10	%		–44.97	%		0.00	%
Top Tradition		25,989	$	5.894067	$	153,182		1.10	%		–44.97	%		0.00	%
Top Plus		5,404	$	6.002233	$	32,436		0.90	%		–44.86	%		0.00	%
Investar Vision		1,106	$	9.589426	$	10,605		1.40	%		–45.13	%		0.00	%
Top Explorer		15,364	$	5.788054	$	88,929		1.30	%		–45.07	%		0.00	%
Oncore Flex		6,088	$	9.488959	$	57,770		1.50	%		–45.18	%		0.00	%
Oncore Value		44,834	$	10.109630	$	453,255		0.90	%		–44.86	%		0.00	%
Oncore Premier		214,932	$	9.589426	$	2,061,069		1.40	%		–45.13	%		0.00	%
Oncore Xtra		154,898	$	9.589426	$	1,485,384		1.40	%		–45.13	%		0.00	%
Oncore Lite		16,346	$	9.589426	$	156,748		1.40	%		–45.13	%		0.00	%

		485,603			$	4,503,162

(continued)

125

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Wells Fargo Advantage Variable Trust Funds (note 4): (continued)
Discovery Subaccount (continued)
2005
Top I		2,472	$	7.806074	$	19,297		1.10	%		14.91	%		0.00	%		4/8/05
Top Tradition		93,265	$	7.806074	$	728,035		1.10	%		14.91	%		0.00	%		4/8/05
Top Plus		11,311	$	7.902076	$	89,378		0.90	%		15.08	%		0.00	%		4/8/05
Investar Vision & Top Spectrum		5,091	$	12.813905	$	65,238		1.40	%		14.67	%		0.00	%		4/8/05
Top Explorer		69,987	$	7.711352	$	539,698		1.30	%		14.75	%		0.00	%		4/8/05
Oncore & Firstar Oncore Flex		15,286	$	12.717314	$	194,393		1.50	%		14.58	%		0.00	%		4/8/05
Oncore & Firstar Oncore Value		198,475	$	13.309549	$	2,641,610		0.90	%		15.08	%		0.00	%		4/8/05
Oncore & Firstar Oncore Premier		667,544	$	12.813905	$	8,553,847		1.40	%		14.67	%		0.00	%		4/8/05
Oncore & Firstar Oncore Xtra		412,846	$	12.813905	$	5,290,164		1.40	%		14.67	%		0.00	%		4/8/05
Oncore & Firstar Oncore Lite		26,572	$	12.813905	$	340,489		1.40	%		14.67	%		0.00	%		4/8/05

		1,502,849			$	18,462,149

Strong Variable Insurance Funds, Inc. (note 4):
Mid-Cap Growth II Subaccount
2004
Top I		2,702	$	7.200348	$	19,454		1.10	%		17.86	%		0.00	%
Top Tradition		114,311	$	7.200348	$	823,079		1.10	%		17.86	%		0.00	%
Top Plus		13,515	$	7.274512	$	98,313		0.90	%		18.09	%		0.00	%
Investar Vision & Top Spectrum		9,754	$	11.854554	$	115,629		1.40	%		17.51	%		0.00	%
Top Explorer		86,079	$	7.127003	$	613,486		1.30	%		17.62	%		0.00	%
Oncore & Firstar Oncore Flex		21,336	$	11.776774	$	251,275		1.50	%		17.39	%		0.00	%
Oncore & Firstar Oncore Value		238,314	$	12.252554	$	2,919,953		0.90	%		18.09	%		0.00	%
Oncore & Firstar Oncore Premier		803,840	$	11.854554	$	9,529,168		1.40	%		17.51	%		0.00	%
Oncore & Firstar Oncore Xtra		484,841	$	11.854554	$	5,747,576		1.40	%		17.51	%		0.00	%
Oncore & Firstar Oncore Lite		70,268	$	11.854554	$	832,997		1.40	%		17.51	%		0.00	%

		1,844,960			$	20,950,930

Van Kampen Universal Institutional Funds — Class I:
Core Plus Fixed Income Subaccount
2008
Oncore Flex		1,793	$	12.894975	$	23,120		1.50	%		-11.54	%		3.93	%
Oncore Value		23,680	$	13.737788	$	325,305		0.90	%		-11.01	%		3.65	%
Oncore Premier		137,092	$	13.031396	$	1,786,510		1.40	%		-11.45	%		4.91	%
Oncore Xtra		106,389	$	13.031396	$	1,386,398		1.40	%		-11.45	%		4.91	%

		268,954			$	3,521,333

(continued)

127

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Van Kampen Universal Institutional Funds — Class I: (continued)
Core Plus Fixed Income Subaccount (continued)
2007
Oncore Flex		10,079	$	14.576485	$	146,922		1.50	%		3.89	%		3.70	%
Oncore & Firstar Oncore Value		20,683	$	15.437100	$	319,289		0.90	%		4.51	%		3.32	%
Oncore & Firstar Oncore Premier		123,199	$	14.716140	$	1,813,013		1.40	%		3.99	%		3.45	%
Oncore & Firstar Oncore Xtra		79,677	$	14.716140	$	1,172,533		1.40	%		3.99	%		3.45	%

		233,638			$	3,451,757

2006
Oncore Flex		8,998	$	14.031191	$	126,254		1.50	%		2.20	%		4.00	%
Oncore & Firstar Oncore Value		17,925	$	14.771299	$	264,778		0.90	%		2.81	%		3.91	%
Oncore & Firstar Oncore Premier		115,939	$	14.151586	$	1,640,718		1.40	%		2.30	%		3.94	%
Oncore & Firstar Oncore Xtra		57,050	$	14.151586	$	807,347		1.40	%		2.30	%		3.94	%

		199,912			$	2,839,097

2005
Oncore Flex		8,349	$	13.728861	$	114,626		1.50	%		2.68	%		2.37	%
Oncore & Firstar Oncore Value		29,160	$	14.367804	$	418,971		0.90	%		3.29	%		3.20	%
Oncore & Firstar Oncore Premier		150,167	$	13.833055	$	2,077,274		1.40	%		2.78	%		3.54	%
Oncore & Firstar Oncore Xtra		60,855	$	13.833055	$	841,801		1.40	%		2.78	%		3.54	%

		248,531			$	3,452,672

2004
Oncore Flex		22,850	$	13.370815	$	305,526		1.50	%		2.82	%		3.77	%
Oncore & Firstar Oncore Value		29,175	$	13.910580	$	405,846		0.90	%		3.43	%		3.83	%
Oncore & Firstar Oncore Premier		225,980	$	13.459054	$	3,041,468		1.40	%		2.92	%		3.81	%
Oncore & Firstar Oncore Xtra		52,236	$	13.459054	$	703,047		1.40	%		2.92	%		3.81	%

		330,241			$	4,455,887

U.S. Real Estate Subaccount
2008
Top I		1,239	$	20.216808	$	25,047		1.10	%		–38.57	%		3.32	%
Top Tradition		30,551	$	20.216808	$	617,653		1.10	%		–38.57	%		3.19	%
Top Plus		6,998	$	20.587464	$	144,067		0.90	%		–38.45	%		3.41	%
Investar Vision & Top Spectrum		1,287	$	16.853900	$	21,698		1.40	%		–38.76	%		3.21	%
Top Explorer		13,082	$	19.853555	$	259,730		1.30	%		–38.70	%		3.31	%
Oncore Flex		5,482	$	16.677517	$	91,425		1.50	%		–38.82	%		3.36	%
Oncore Value		37,771	$	17.767851	$	671,102		0.90	%		–38.45	%		3.48	%
Oncore Premier		63,467	$	16.853900	$	1,069,672		1.40	%		–38.76	%		3.35	%
Oncore Xtra		131,182	$	16.853900	$	2,210,922		1.40	%		–38.76	%		3.35	%

		291,059			$	5,111,316

(continued)

128

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Van Kampen Universal Institutional Funds — Class I: (continued)
U.S. Real Estate Subaccount (continued)
2007
Top I		1,405	$	32.912740	$	46,257		1.10	%		–17.98	%		0.67	%
Top Tradition		41,164	$	32.912740	$	1,354,832		1.10	%		–17.98	%		1.21	%
Top Plus		9,495	$	33.449263	$	317,587		0.90	%		–17.81	%		1.35	%
Investar Vision & Top Spectrum		1,695	$	27.520070	$	46,637		1.40	%		–18.22	%		1.06	%
Top Explorer		19,495	$	32.385796	$	631,362		1.30	%		–18.14	%		1.09	%
Oncore & Firstar Oncore Flex		6,624	$	27.259129	$	180,558		1.50	%		–18.30	%		1.29	%
Oncore & Firstar Oncore Value		51,959	$	28.868135	$	1,499,964		0.90	%		–17.81	%		1.14	%
Oncore & Firstar Oncore Premier		89,112	$	27.520070	$	2,452,351		1.40	%		–18.22	%		1.05	%
Oncore & Firstar Oncore Xtra		196,903	$	27.520070	$	5,418,790		1.40	%		–18.22	%		1.05	%

		417,852			$	11,948,338

2006
Top I		3,701	$	40.127029	$	148,492		1.10	%		36.55	%		0.79	%
Top Tradition		55,869	$	40.127029	$	2,241,851		1.10	%		36.55	%		1.12	%
Top Plus		21,274	$	40.699934	$	865,841		0.90	%		36.82	%		1.10	%
Investar Vision & Top Spectrum		6,690	$	33.652510	$	225,142		1.40	%		36.15	%		1.27	%
Top Explorer		25,498	$	39.563131	$	1,008,772		1.30	%		36.28	%		1.12	%
Oncore & Firstar Oncore Flex		7,278	$	33.366495	$	242,845		1.50	%		36.01	%		1.16	%
Oncore & Firstar Oncore Value		64,971	$	35.125765	$	2,282,162		0.90	%		36.82	%		1.08	%
Oncore & Firstar Oncore Premier		112,572	$	33.652510	$	3,788,352		1.40	%		36.15	%		1.08	%
Oncore & Firstar Oncore Xtra		266,316	$	33.652510	$	8,962,185		1.40	%		36.15	%		1.08	%

		564,169			$	19,765,642

2005
Top I		2,072	$	29.386693	$	60,886		1.10	%		15.78	%		0.79	%
Top Tradition		47,166	$	29.386693	$	1,386,054		1.10	%		15.78	%		1.17	%
Top Plus		21,233	$	29.747497	$	631,626		0.90	%		16.01	%		1.16	%
Investar Vision & Top Spectrum		3,390	$	24.717979	$	83,784		1.40	%		15.44	%		1.19	%
Top Explorer		23,831	$	29.030792	$	691,839		1.30	%		15.55	%		1.17	%
Oncore & Firstar Oncore Flex		7,392	$	24.531963	$	181,331		1.50	%		15.33	%		0.96	%
Oncore & Firstar Oncore Value		65,805	$	25.673351	$	1,689,442		0.90	%		16.01	%		1.18	%
Oncore & Firstar Oncore Premier		121,775	$	24.717979	$	3,010,034		1.40	%		15.44	%		1.19	%
Oncore & Firstar Oncore Xtra		232,734	$	24.717979	$	5,752,735		1.40	%		15.44	%		1.19	%

		525,398			$	13,487,731

(continued)

129

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Van Kampen Universal Institutional Funds — Class I: (continued)
U.S. Real Estate Subaccount (continued)
2004
Top I		7,435	$	25.381114	$	188,715		1.10	%		34.91	%		1.15	%
Top Tradition		33,230	$	25.381114	$	843,421		1.10	%		34.91	%		1.56	%
Top Plus		14,291	$	25.642046	$	366,459		0.90	%		35.18	%		1.56	%
Investar Vision & Top Spectrum		5,660	$	21.411919	$	121,195		1.40	%		34.51	%		1.60	%
Top Explorer		20,125	$	25.123131	$	505,595		1.30	%		34.64	%		1.45	%
Oncore & Firstar Oncore Flex		5,499	$	21.271668	$	116,963		1.50	%		34.37	%		1.73	%
Oncore & Firstar Oncore Value		46,568	$	22.130175	$	1,030,562		0.90	%		35.18	%		1.70	%
Oncore & Firstar Oncore Premier		105,473	$	21.411919	$	2,258,371		1.40	%		34.51	%		1.60	%
Oncore & Firstar Oncore Xtra		186,966	$	21.411919	$	4,003,292		1.40	%		34.51	%		1.60	%

		425,247			$	9,434,573

Value Subaccount
2008
Oncore Value		2,174	$	9.465518	$	20,578		0.90	%		–36.43	%		3.75	%
Oncore Premier		587	$	8.978690	$	5,273		1.40	%		–36.74	%		4.27	%

		2,761			$	25,851

2007
Oncore Value		3,033	$	14.889586	$	45,164		0.90	%		–3.94	%		1.73	%
Oncore & Firstar Oncore Premier		9,529	$	14.194205	$	135,243		1.40	%		–4.41	%		1.73	%
Oncore Xtra		3,037	$	14.194205	$	43,112		1.40	%		–4.41	%		1.73	%

		15,599			$	223,519

2006
Oncore Flex		2,071	$	14.723179	$	30,495		1.50	%		15.17	%		1.74	%
Oncore Value		4,706	$	15.499710	$	72,943		0.90	%		15.85	%		1.63	%
Oncore & Firstar Oncore Premier		35,333	$	14.849503	$	524,680		1.40	%		15.28	%		1.75	%
Oncore Xtra		8,583	$	14.849503	$	127,446		1.40	%		15.28	%		1.75	%

		50,693			$	755,564

2005
Oncore Flex		2,090	$	12.784100	$	26,717		1.50	%		3.02	%		1.32	%
Oncore Value		7,853	$	13.379018	$	105,064		0.90	%		3.63	%		1.36	%
Oncore & Firstar Oncore Premier		43,346	$	12.881115	$	558,345		1.40	%		3.12	%		1.43	%
Oncore Xtra		9,122	$	12.881115	$	117,511		1.40	%		3.12	%		1.43	%

		62,411			$	807,637

2004
Oncore Flex		2,151	$	12.409098	$	26,694		1.50	%		16.09	%		1.07	%
Oncore Value		9,265	$	12.910013	$	119,605		0.90	%		16.78	%		1.19	%
Oncore & Firstar Oncore Premier		67,253	$	12.490986	$	840,064		1.40	%		16.20	%		0.98	%
Oncore Xtra		9,929	$	12.490986	$	124,018		1.40	%		16.20	%		0.98	%

		88,598			$	1,110,381

(continued)

130

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Van Kampen Universal Institutional Funds — Class I: (continued)
Emerging Markets Debt Subaccount
2008
Oncore Premier		345	$	16.066179	$	5,546		1.40	%		–16.15	%		8.43	%
2007
Oncore & Firstar Oncore Premier		3,141	$	19.161597	$	60,189		1.40	%		5.05	%		7.46	%
2006
Oncore & Firstar Oncore Premier		6,672	$	18.239902	$	121,684		1.40	%		9.28	%		8.89	%
Oncore Xtra		1,207	$	18.239902	$	22,024		1.40	%		9.28	%		8.89	%

		7,879			$	143,708

2005
Oncore & Firstar Oncore Value		1,839	$	17.336039	$	31,873		0.90	%		11.25	%		8.20	%
Oncore & Firstar Oncore Premier		9,624	$	16.690775	$	160,631		1.40	%		10.71	%		7.75	%
Oncore Xtra		1,308	$	16.690775	$	21,843		1.40	%		10.71	%		7.75	%

		12,771			$	214,347

2004
Oncore & Firstar Oncore Value		2,238	$	15.582645	$	34,870		0.90	%		9.08	%		10.57	%
Oncore & Firstar Oncore Premier		9,807	$	15.076787	$	147,857		1.40	%		8.54	%		6.88	%
Oncore Xtra		1,317	$	15.076787	$	19,863		1.40	%		8.54	%		6.88	%

		13,362			$	202,590

Goldman Sachs Variable Insurance Trust — Institutional Shares:
Growth and Income Subaccount
2008
Top I		334	$	9.123114	$	3,046		1.10	%		–35.24	%		0.51	%
Top Tradition		37,816	$	9.123114	$	345,002		1.10	%		–35.24	%		1.90	%
Top Plus		20,420	$	9.290355	$	189,713		0.90	%		–35.11	%		2.02	%
Investar Vision & Top Spectrum		6,457	$	7.779764	$	50,233		1.40	%		–35.43	%		1.96	%
Top Explorer		37,228	$	8.959154	$	333,529		1.30	%		–35.37	%		1.76	%
Oncore Flex		258,970	$	7.698328	$	1,993,639		1.50	%		–35.49	%		2.02	%
Oncore Value		5,153,197	$	8.201619	$	42,264,560		0.90	%		–35.11	%		2.12	%
Oncore Premier		4,931,889	$	7.779764	$	38,368,925		1.40	%		–35.43	%		2.16	%
Oncore Xtra		4,683,334	$	7.779764	$	36,435,235		1.40	%		–35.43	%		2.16	%
Oncore Lite		13,976,455	$	7.779764	$	108,733,521		1.40	%		–35.43	%		2.16	%
Oncore Ultra		860,525	$	7.779764	$	6,694,679		1.40	%		–35.43	%		2.16	%
Oncore Wrap		5,536	$	6.841459	$	37,874		0.65	%		–34.95	%		2.14	%

		29,972,161			$	235,449,956

(continued)

131

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Goldman Sachs Variable Insurance Trust — Institutional Shares: (continued)
Growth and Income Subaccount (continued)
2007
Top I		1,522	$	14.087007	$	21,445		1.10	%		0.38	%		1.79	%
Top Tradition		41,159	$	14.087007	$	579,804		1.10	%		0.38	%		1.76	%
Top Plus		22,580	$	14.316704	$	323,269		0.90	%		0.58	%		1.79	%
Investar Vision & Top Spectrum		7,980	$	12.048574	$	96,145		1.40	%		0.08	%		1.63	%
Top Explorer		62,390	$	13.861314	$	864,802		1.30	%		0.18	%		1.86	%
Oncore & Firstar Oncore Flex		223,325	$	11.934256	$	2,665,217		1.50	%		–0.01	%		2.81	%
Oncore & Firstar Oncore Value		4,209,652	$	12.638935	$	53,205,512		0.90	%		0.58	%		2.46	%
Oncore & Firstar Oncore Premier		4,226,601	$	12.048574	$	50,924,533		1.40	%		0.08	%		2.41	%
Oncore & Firstar Oncore Xtra		4,042,739	$	12.048574	$	48,709,241		1.40	%		0.08	%		2.41	%
Oncore & Firstar Oncore Lite		10,894,318	$	12.048574	$	131,260,996		1.40	%		0.08	%		2.41	%
Oncore Ultra		653,112	$	12.048574	$	7,869,071		1.40	%		0.08	%		2.41	%
Oncore Wrap		5,603	$	10.516648	$	58,922		0.65	%		0.83	%		3.86	%

		24,390,981			$	296,578,957

2006
Top I		1,532	$	14.033192	$	21,493		1.10	%		21.30	%		1.24	%
Top Tradition		41,091	$	14.033192	$	576,640		1.10	%		21.30	%		2.00	%
Top Plus		16,084	$	14.233629	$	228,927		0.90	%		21.54	%		2.56	%
Investar Vision & Top Spectrum		9,002	$	12.038372	$	108,372		1.40	%		20.94	%		1.49	%
Top Explorer		42,734	$	13.835818	$	591,254		1.30	%		21.06	%		2.01	%
Oncore & Firstar Oncore Flex		53,116	$	11.935977	$	633,986		1.50	%		20.82	%		2.59	%
Oncore & Firstar Oncore Value		1,957,580	$	12.565600	$	24,598,171		0.90	%		21.54	%		2.31	%
Oncore & Firstar Oncore Premier		2,627,414	$	12.038372	$	31,629,793		1.40	%		20.94	%		2.28	%
Oncore & Firstar Oncore Xtra		2,336,040	$	12.038372	$	28,122,121		1.40	%		20.94	%		2.28	%
Oncore & Firstar Oncore Lite		4,505,669	$	12.038372	$	54,240,924		1.40	%		20.94	%		2.28	%
Oncore Ultra		130,012	$	12.038372	$	1,565,133		1.40	%		10.60	%		2.28	%		8/7/06

		11,720,274			$	142,316,814

2005
Top I		2,285	$	11.568970	$	26,440		1.10	%		2.80	%		1.46	%
Top Tradition		30,489	$	11.568970	$	352,722		1.10	%		2.80	%		1.96	%
Top Plus		6,965	$	11.711069	$	81,563		0.90	%		3.00	%		2.13	%
Investar Vision & Top Spectrum		14,087	$	9.953801	$	140,217		1.40	%		2.50	%		2.29	%
Top Explorer		39,972	$	11.428733	$	456,830		1.30	%		2.60	%		1.77	%
Oncore & Firstar Oncore Flex		33,261	$	9.878831	$	328,581		1.50	%		2.40	%		1.70	%
Oncore & Firstar Oncore Value		1,006,064	$	10.338651	$	10,401,340		0.90	%		3.00	%		2.64	%
Oncore & Firstar Oncore Premier		1,611,015	$	9.953801	$	16,035,723		1.40	%		2.50	%		2.29	%
Oncore & Firstar Oncore Xtra		1,431,110	$	9.953801	$	14,244,987		1.40	%		2.50	%		2.29	%
Oncore & Firstar Oncore Lite		2,219,378	$	9.953801	$	22,091,250		1.40	%		2.50	%		2.29	%

		6,394,626			$	64,159,653

(continued)

132

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Goldman Sachs Variable Insurance Trust — Institutional Shares: (continued)
Growth and Income Subaccount (continued)
2004
Top I		5,276	$	11.253743	$	59,379		1.10	%		17.50	%		2.46	%
Top Tradition		24,067	$	11.253743	$	270,844		1.10	%		17.50	%		2.11	%
Top Plus		5,020	$	11.369495	$	57,075		0.90	%		17.74	%		1.90	%
Investar Vision & Top Spectrum		15,520	$	9.711236	$	150,722		1.40	%		17.15	%		2.46	%
Top Explorer		24,222	$	11.139244	$	269,815		1.30	%		17.27	%		1.84	%
Oncore & Firstar Oncore Flex		31,595	$	9.647559	$	304,818		1.50	%		17.04	%		1.88	%
Oncore & Firstar Oncore Value		266,214	$	10.037103	$	2,672,022		0.90	%		17.74	%		2.84	%
Oncore & Firstar Oncore Premier		738,836	$	9.711236	$	7,174,996		1.40	%		17.15	%		2.46	%
Oncore & Firstar Oncore Xtra		723,459	$	9.711236	$	7,025,682		1.40	%		17.15	%		2.46	%
Oncore & Firstar Oncore Lite		675,997	$	9.711236	$	6,564,765		1.40	%		17.15	%		2.46	%

		2,510,206			$	24,550,118

Structured U.S. Equity Subaccount
2008
Top Tradition		15,915	$	6.824445	$	108,611		1.10	%		–37.69	%		1.65	%
Top Plus		1,326	$	6.949578	$	9,212		0.90	%		–37.56	%		1.31	%
Investar Vision		1,993	$	7.593883	$	15,137		1.40	%		–37.87	%		1.60	%
Top Explorer		6,087	$	6.701796	$	40,794		1.30	%		–37.81	%		1.53	%
Oncore Flex		138,486	$	7.514377	$	1,040,635		1.50	%		–37.94	%		1.66	%
Oncore Value		639,697	$	8.005671	$	5,121,205		0.90	%		–37.56	%		1.49	%
Oncore Premier		1,045,961	$	7.593883	$	7,942,907		1.40	%		–37.87	%		1.52	%
Oncore Xtra		811,563	$	7.593883	$	6,162,915		1.40	%		–37.87	%		1.52	%
Oncore Lite		1,413,633	$	7.593883	$	10,734,962		1.40	%		–37.87	%		1.52	%
Oncore Ultra		466	$	7.593883	$	3,537		1.40	%		–37.87	%		1.52	%

		4,075,127			$	31,179,915

2007
Top Tradition		16,448	$	10.952152	$	180,145		1.10	%		–2.70	%		1.05	%
Top Plus		1,875	$	11.130762	$	20,868		0.90	%		–2.51	%		1.07	%
Investar Vision		2,032	$	12.223335	$	24,840		1.40	%		–2.99	%		1.09	%
Top Explorer		6,859	$	10.776696	$	73,915		1.30	%		–2.90	%		0.98	%
Oncore & Firstar Oncore Flex		126,227	$	12.107356	$	1,528,273		1.50	%		–3.09	%		1.86	%
Oncore & Firstar Oncore Value		731,330	$	12.822248	$	9,377,299		0.90	%		–2.51	%		0.92	%
Oncore & Firstar Oncore Premier		1,183,054	$	12.223335	$	14,460,866		1.40	%		–2.99	%		0.97	%
Oncore & Firstar Oncore Xtra		936,886	$	12.223335	$	11,451,866		1.40	%		–2.99	%		0.97	%
Oncore & Firstar Oncore Lite		1,539,383	$	12.223335	$	18,816,393		1.40	%		–2.99	%		0.97	%
Oncore Ultra		1,994	$	12.223335	$	24,379		1.40	%		–2.99	%		0.97	%

		4,546,088			$	55,958,844

(continued)

133

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Goldman Sachs Variable Insurance Trust — Institutional Shares: (continued)
Structured U.S. Equity Subaccount (continued)
2006
Top Tradition		16,827	$	11.256540	$	189,418		1.10	%		11.67	%		1.12	%
Top Plus		1,875	$	11.417334	$	21,405		0.90	%		11.89	%		1.03	%
Investar Vision		1,899	$	12.600550	$	23,934		1.40	%		11.34	%		1.21	%
Top Explorer		7,851	$	11.098233	$	87,133		1.30	%		11.45	%		0.90	%
Oncore & Firstar Oncore Flex		30,092	$	12.493365	$	375,946		1.50	%		11.23	%		1.15	%
Oncore & Firstar Oncore Value		925,628	$	13.152376	$	12,174,203		0.90	%		11.89	%		1.27	%
Oncore & Firstar Oncore Premier		1,364,557	$	12.600550	$	17,194,178		1.40	%		11.34	%		1.20	%
Oncore & Firstar Oncore Xtra		1,032,253	$	12.600550	$	13,006,955		1.40	%		11.34	%		1.20	%
Oncore & Firstar Oncore Lite		1,764,736	$	12.600550	$	22,236,639		1.40	%		11.34	%		1.20	%
Oncore Ultra		887	$	12.600550	$	11,179		1.40	%		8.47	%		1.20	%		8/7/06

		5,146,605			$	65,320,990

2005
Top Tradition		17,758	$	10.080590	$	179,009		1.10	%		5.36	%		0.70	%
Top Plus		3,357	$	10.204411	$	34,253		0.90	%		5.56	%		0.73	%
Investar Vision & Top Spectrum		1,462	$	11.317571	$	16,551		1.40	%		5.04	%		1.08	%
Top Explorer		13,197	$	9.958408	$	131,423		1.30	%		5.15	%		0.83	%
Oncore & Firstar Oncore Flex		26,434	$	11.232325	$	296,919		1.50	%		4.94	%		0.83	%
Oncore & Firstar Oncore Value		593,339	$	11.755126	$	6,974,771		0.90	%		5.56	%		1.26	%
Oncore & Firstar Oncore Premier		1,100,532	$	11.317571	$	12,455,351		1.40	%		5.04	%		1.08	%
Oncore & Firstar Oncore Xtra		808,383	$	11.317571	$	9,148,934		1.40	%		5.04	%		1.08	%
Oncore & Firstar Oncore Lite		1,186,712	$	11.317571	$	13,430,692		1.40	%		5.04	%		1.08	%

		3,751,174			$	42,667,903

2004
Top I		1,395	$	9.568193	$	13,347		1.10	%		13.69	%		0.93	%
Top Tradition		21,559	$	9.568193	$	206,284		1.10	%		13.69	%		1.24	%
Top Plus		4,797	$	9.666608	$	46,371		0.90	%		13.91	%		1.13	%
Top Spectrum		6	$	10.774073	$	68		1.40	%		13.35	%		1.21	%
Top Explorer		14,453	$	9.470844	$	136,880		1.30	%		13.46	%		0.93	%
Oncore & Firstar Oncore Flex		25,784	$	10.703431	$	275,980		1.50	%		13.24	%		0.99	%
Oncore & Firstar Oncore Value		143,000	$	11.135594	$	1,592,385		0.90	%		13.91	%		1.12	%
Oncore & Firstar Oncore Premier		522,966	$	10.774073	$	5,634,477		1.40	%		13.35	%		1.21	%
Oncore & Firstar Oncore Xtra		420,443	$	10.774073	$	4,529,880		1.40	%		13.35	%		1.21	%
Oncore & Firstar Oncore Lite		256,285	$	10.774073	$	2,761,233		1.40	%		13.35	%		1.21	%

		1,410,688			$	15,196,905

(continued)

134

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Goldman Sachs Variable Insurance Trust — Institutional Shares: (continued)
Capital Growth Subaccount
2008
Top Tradition		14,960	$	5.837700	$	87,335		1.10	%		–42.39	%		0.12	%
Top Plus		288	$	5.944758	$	1,711		0.90	%		–42.28	%		0.11	%
Investar Vision & Top Spectrum		4,687	$	7.383888	$	34,607		1.40	%		–42.56	%		0.13	%
Top Explorer		20,273	$	5.732724	$	116,221		1.30	%		–42.51	%		0.13	%
Oncore Flex		4,987	$	7.059421	$	35,206		1.50	%		–42.62	%		0.20	%
Oncore Value		185,408	$	7.521035	$	1,394,460		0.90	%		–42.28	%		0.12	%
Oncore Premier		271,677	$	7.134080	$	1,938,160		1.40	%		–42.56	%		0.12	%
Oncore Xtra		313,819	$	7.134080	$	2,238,813		1.40	%		–42.56	%		0.12	%
Oncore Lite		410,361	$	7.134080	$	2,927,548		1.40	%		–42.56	%		0.12	%
Oncore Ultra		3,692	$	7.134080	$	26,340		1.40	%		–42.56	%		0.12	%

		1,230,152			$	8,800,401

2007
Top Tradition		17,018	$	10.133575	$	172,455		1.10	%		8.93	%		0.19	%
Top Plus		579	$	10.298874	$	5,962		0.90	%		9.14	%		0.08	%
Investar Vision & Top Spectrum		4,868	$	12.855843	$	62,581		1.40	%		8.60	%		0.15	%
Top Explorer		17,860	$	9.971150	$	178,080		1.30	%		8.71	%		0.19	%
Oncore Flex		4,364	$	12.303117	$	53,691		1.50	%		8.49	%		0.18	%
Oncore & Firstar Oncore Value		186,546	$	13.029658	$	2,430,625		0.90	%		9.14	%		0.19	%
Oncore & Firstar Oncore Premier		302,672	$	12.420910	$	3,759,477		1.40	%		8.60	%		0.18	%
Oncore & Firstar Oncore Xtra		329,885	$	12.420910	$	4,097,472		1.40	%		8.60	%		0.18	%
Oncore & Firstar Oncore Lite		375,637	$	12.420910	$	4,665,750		1.40	%		8.60	%		0.18	%
Oncore Ultra		5,058	$	12.420910	$	62,819		1.40	%		8.60	%		0.18	%

		1,244,487			$	15,488,912

2006
Top Tradition		17,496	$	9.303136	$	162,768		1.10	%		7.38	%		0.13	%
Top Plus		2,417	$	9.436066	$	22,811		0.90	%		7.59	%		0.12	%
Investar Vision & Top Spectrum		8,736	$	11.837536	$	103,407		1.40	%		7.06	%		0.10	%
Top Explorer		15,774	$	9.172218	$	144,686		1.30	%		7.17	%		0.14	%
Oncore Flex		4,876	$	11.339819	$	55,297		1.50	%		6.96	%		0.10	%
Oncore & Firstar Oncore Value		185,627	$	11.938074	$	2,216,026		0.90	%		7.59	%		0.13	%
Oncore & Firstar Oncore Premier		360,092	$	11.437055	$	4,118,380		1.40	%		7.06	%		0.13	%
Oncore & Firstar Oncore Xtra		338,667	$	11.437055	$	3,873,355		1.40	%		7.06	%		0.13	%
Oncore & Firstar Oncore Lite		387,889	$	11.437055	$	4,436,311		1.40	%		7.06	%		0.13	%
Oncore Ultra		3,745	$	11.437055	$	42,830		1.40	%		10.24	%		0.13	%		8/7/06

		1,325,319			$	15,175,871

(continued)

135

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Goldman Sachs Variable Insurance Trust — Institutional Shares: (continued)
Capital Growth Subaccount (continued)
2005
Top I		49	$	8.663631	$	429		1.10	%		1.82	%		0.15	%
Top Tradition		16,732	$	8.663631	$	144,957		1.10	%		1.82	%		0.15	%
Top Plus		2,973	$	8.770072	$	26,072		0.90	%		2.03	%		0.15	%
Investar Vision & Top Spectrum		13,742	$	11.056445	$	151,942		1.40	%		1.52	%		0.15	%
Top Explorer		11,307	$	8.558562	$	96,768		1.30	%		1.62	%		0.15	%
Oncore & Firstar Oncore Flex		9,365	$	10.601986	$	99,285		1.50	%		1.42	%		0.13	%
Oncore & Firstar Oncore Value		175,524	$	11.095490	$	1,947,523		0.90	%		2.03	%		0.15	%
Oncore & Firstar Oncore Premier		398,513	$	10.682403	$	4,257,080		1.40	%		1.52	%		0.15	%
Oncore & Firstar Oncore Xtra		352,790	$	10.682403	$	3,768,645		1.40	%		1.52	%		0.15	%
Oncore & Firstar Oncore Lite		340,851	$	10.682403	$	3,641,113		1.40	%		1.52	%		0.15	%

		1,321,846			$	14,133,814

2004
Top I		58	$	8.508390	$	495		1.10	%		7.90	%		0.60	%
Top Tradition		17,062	$	8.508390	$	145,168		1.10	%		7.90	%		0.63	%
Top Plus		2,591	$	8.595928	$	22,275		0.90	%		8.11	%		0.66	%
Investar Vision & Top Spectrum		13,942	$	10.890456	$	151,832		1.40	%		7.58	%		0.55	%
Top Explorer		12,326	$	8.421774	$	103,805		1.30	%		7.68	%		0.60	%
Oncore & Firstar Oncore Flex		13,111	$	10.453079	$	137,047		1.50	%		7.47	%		0.72	%
Oncore & Firstar Oncore Value		174,593	$	10.875163	$	1,898,728		0.90	%		8.11	%		1.21	%
Oncore & Firstar Oncore Premier		416,483	$	10.522029	$	4,382,251		1.40	%		7.58	%		1.11	%
Oncore & Firstar Oncore Xtra		386,602	$	10.522029	$	4,067,839		1.40	%		7.58	%		1.11	%
Oncore & Firstar Oncore Lite		341,142	$	10.522029	$	3,589,506		1.40	%		7.58	%		1.11	%

		1,377,910			$	14,498,946

Lazard Retirement Series, Inc.:
Emerging Markets Equity Subaccount
2008
Top I		538	$	19.041976	$	10,240		1.10	%		–49.28	%		0.79	%
Top Tradition		64,376	$	19.041976	$	1,225,851		1.10	%		–49.28	%		2.05	%
Top Plus		13,729	$	19.391114	$	266,226		0.90	%		–49.18	%		1.84	%
Investar Vision & Top Spectrum		4,803	$	17.013645	$	81,722		1.40	%		–49.43	%		1.71	%
Top Explorer		65,087	$	18.699770	$	1,217,103		1.30	%		–49.38	%		2.09	%
Oncore Flex		113,914	$	16.854864	$	1,920,004		1.50	%		–49.48	%		2.69	%
Oncore Value		1,267,503	$	17.833024	$	22,603,409		0.90	%		–49.18	%		2.90	%
Oncore Premier		1,000,988	$	17.013645	$	17,030,454		1.40	%		–49.43	%		2.58	%
Oncore Xtra		1,005,237	$	17.013645	$	17,102,747		1.40	%		–49.43	%		2.58	%
Oncore Lite		3,263,573	$	17.013645	$	55,525,279		1.40	%		–49.43	%		2.58	%
Oncore Ultra		105,455	$	17.013645	$	1,794,179		1.40	%		–49.43	%		2.58	%
Oncore Wrap		28,896	$	7.370432	$	212,974		0.65	%		–49.06	%		4.15	%

		6,934,099			$	118,990,188

(continued)

136

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Lazard Retirement Series, Inc.: (continued)
Emerging Markets Equity Subaccount (continued)
2007
Top I		4,644	$	37.545785	$	174,366		1.10	%		31.85	%		1.41	%
Top Tradition		76,326	$	37.545785	$	2,865,710		1.10	%		31.85	%		1.21	%
Top Plus		23,028	$	38.158022	$	878,694		0.90	%		32.11	%		1.16	%
Investar Vision & Top Spectrum		7,460	$	33.646647	$	250,991		1.40	%		31.45	%		1.12	%
Top Explorer		77,112	$	36.944411	$	2,848,846		1.30	%		31.59	%		1.17	%
Oncore & Firstar Oncore Flex		79,776	$	33.365713	$	2,661,796		1.50	%		31.32	%		1.61	%
Oncore & Firstar Oncore Value		825,167	$	35.091985	$	28,956,756		0.90	%		32.11	%		1.51	%
Oncore & Firstar Oncore Premier		824,495	$	33.646647	$	27,741,509		1.40	%		31.45	%		1.48	%
Oncore & Firstar Oncore Xtra		921,207	$	33.646647	$	30,995,523		1.40	%		31.45	%		1.48	%
Oncore & Firstar Oncore Lite		2,062,240	$	33.646647	$	69,387,461		1.40	%		31.45	%		1.48	%
Oncore Ultra		45,990	$	33.646647	$	1,547,399		1.40	%		31.45	%		1.48	%
Oncore Wrap		3,371	$	14.467461	$	48,776		0.65	%		32.44	%		1.97	%

		4,950,816			$	168,357,827

2006
Top I		2,956	$	28.476888	$	84,181		1.10	%		28.54	%		0.27	%
Top Tradition		67,867	$	28.476888	$	1,932,630		1.10	%		28.54	%		0.49	%
Top Plus		25,045	$	28.883706	$	723,384		0.90	%		28.79	%		0.45	%
Investar Vision & Top Spectrum		8,469	$	25.595623	$	216,780		1.40	%		28.16	%		0.45	%
Top Explorer		80,129	$	28.076418	$	2,249,734		1.30	%		28.28	%		0.46	%
Oncore & Firstar Oncore Flex		32,365	$	25.407056	$	822,293		1.50	%		28.03	%		0.41	%
Oncore & Firstar Oncore Value		440,423	$	26.562868	$	11,698,898		0.90	%		28.79	%		0.50	%
Oncore & Firstar Oncore Premier		611,683	$	25.595623	$	15,656,441		1.40	%		28.16	%		0.49	%
Oncore & Firstar Oncore Xtra		604,652	$	25.595623	$	15,476,434		1.40	%		28.16	%		0.49	%
Oncore & Firstar Oncore Lite		905,939	$	25.595623	$	23,188,064		1.40	%		28.16	%		0.49	%
Oncore Ultra		11,152	$	25.595623	$	285,447		1.40	%		20.22	%		0.49	%		8/7/06

		2,790,680			$	72,334,286

2005
Top I		7,746	$	22.154733	$	171,610		1.10	%		39.25	%		0.31	%
Top Tradition		55,759	$	22.154733	$	1,235,323		1.10	%		39.25	%		0.35	%
Top Plus		26,504	$	22.426883	$	594,400		0.90	%		39.52	%		0.37	%
Investar Vision & Top Spectrum		11,475	$	19.972051	$	229,179		1.40	%		38.84	%		0.32	%
Top Explorer		79,402	$	21.886225	$	1,737,812		1.30	%		38.98	%		0.32	%
Oncore & Firstar Oncore Flex		35,311	$	19.844405	$	700,717		1.50	%		38.70	%		0.32	%
Oncore & Firstar Oncore Value		314,166	$	20.624860	$	6,479,623		0.90	%		39.52	%		0.35	%
Oncore & Firstar Oncore Premier		446,998	$	19.972051	$	8,927,462		1.40	%		38.84	%		0.32	%
Oncore & Firstar Oncore Xtra		499,600	$	19.972051	$	9,978,043		1.40	%		38.84	%		0.32	%
Oncore & Firstar Oncore Lite		550,527	$	19.972051	$	10,995,178		1.40	%		38.84	%		0.32	%

		2,027,488			$	41,049,347

(continued)

137

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Lazard Retirement Series, Inc.: (continued)
Emerging Markets Equity Subaccount (continued)
2004
Top I		2,677	$	15.910050	$	42,589		1.10	%		29.16	%		0.49	%
Top Tradition		32,890	$	15.910050	$	523,281		1.10	%		29.16	%		0.70	%
Top Plus		17,239	$	16.073745	$	277,101		0.90	%		29.42	%		0.71	%
Investar Vision & Top Spectrum		12,143	$	14.384975	$	174,674		1.40	%		28.78	%		0.78	%
Top Explorer		67,157	$	15.748173	$	1,057,603		1.30	%		28.91	%		0.66	%
Oncore & Firstar Oncore Flex		16,447	$	14.307077	$	235,307		1.50	%		28.65	%		0.69	%
Oncore & Firstar Oncore Value		118,442	$	14.782215	$	1,750,831		0.90	%		29.42	%		0.64	%
Oncore & Firstar Oncore Premier		208,062	$	14.384975	$	2,992,974		1.40	%		28.78	%		0.78	%
Oncore & Firstar Oncore Xtra		184,797	$	14.384975	$	2,658,294		1.40	%		28.78	%		0.78	%
Oncore & Firstar Oncore Lite		271,393	$	14.384975	$	3,903,978		1.40	%		28.78	%		0.78	%

		931,247			$	13,616,632

U.S. Small Cap Equity Subaccount
2008
Top I		288	$	12.663600	$	3,649		1.10	%		–37.17	%		0.00	%
Top Tradition		32,150	$	12.663600	$	407,133		1.10	%		–37.17	%		0.00	%
Top Plus		7,699	$	12.895786	$	99,280		0.90	%		–37.04	%		0.00	%
Investar Vision & Top Spectrum		316	$	10.867505	$	3,435		1.40	%		–37.36	%		0.00	%
Top Explorer		27,233	$	12.436030	$	338,675		1.30	%		–37.29	%		0.00	%
Oncore Flex		12,244	$	10.766094	$	131,825		1.50	%		–37.42	%		0.00	%
Oncore Value		182,691	$	11.390934	$	2,081,021		0.90	%		–37.04	%		0.00	%
Oncore Premier		411,251	$	10.867505	$	4,469,272		1.40	%		–37.36	%		0.00	%
Oncore Xtra		386,777	$	10.867505	$	4,203,297		1.40	%		–37.36	%		0.00	%
Oncore Lite		751,427	$	10.867505	$	8,166,137		1.40	%		–37.36	%		0.00	%
Oncore Ultra		9,890	$	10.867505	$	107,476		1.40	%		–37.36	%		0.00	%

		1,821,966			$	20,011,200

2007
Top I		1,128	$	20.154740	$	22,731		1.10	%		–8.21	%		0.00	%
Top Tradition		44,868	$	20.154740	$	904,297		1.10	%		–8.21	%		0.00	%
Top Plus		16,327	$	20.483410	$	334,442		0.90	%		–8.03	%		0.00	%
Investar Vision & Top Spectrum		411	$	17.347767	$	7,130		1.40	%		–8.49	%		0.00	%
Top Explorer		32,736	$	19.831893	$	649,223		1.30	%		–8.40	%		0.00	%
Oncore & Firstar Oncore Flex		18,277	$	17.202940	$	314,419		1.50	%		–8.58	%		0.00	%
Oncore & Firstar Oncore Value		183,452	$	18.093147	$	3,319,232		0.90	%		–8.03	%		0.00	%
Oncore & Firstar Oncore Premier		473,238	$	17.347767	$	8,209,614		1.40	%		–8.49	%		0.00	%
Oncore & Firstar Oncore Xtra		464,736	$	17.347767	$	8,062,133		1.40	%		–8.49	%		0.00	%
Oncore & Firstar Oncore Lite		625,826	$	17.347767	$	10,856,679		1.40	%		–8.49	%		0.00	%
Oncore Ultra		6,227	$	17.347767	$	108,021		1.40	%		–8.49	%		0.00	%

		1,867,226			$	32,787,921

(continued)

138

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Lazard Retirement Series, Inc.: (continued)
U.S. Small Cap Equity Subaccount (continued)
2006
Top I		1,424	$	21.958579	$	31,267		1.10	%		14.81	%		0.00	%
Top Tradition		54,064	$	21.958579	$	1,187,168		1.10	%		14.81	%		0.00	%
Top Plus		21,869	$	22.272208	$	487,075		0.90	%		15.04	%		0.00	%
Investar Vision & Top Spectrum		2,424	$	18.956827	$	45,957		1.40	%		14.47	%		0.00	%
Top Explorer		40,553	$	21.649823	$	877,956		1.30	%		14.58	%		0.00	%
Oncore & Firstar Oncore Flex		20,982	$	18.817209	$	394,824		1.50	%		14.36	%		0.00	%
Oncore & Firstar Oncore Value		212,797	$	19.673197	$	4,186,390		0.90	%		15.04	%		0.00	%
Oncore & Firstar Oncore Premier		562,916	$	18.956827	$	10,671,108		1.40	%		14.47	%		0.00	%
Oncore & Firstar Oncore Xtra		585,478	$	18.956827	$	11,098,803		1.40	%		14.47	%		0.00	%
Oncore & Firstar Oncore Lite		496,818	$	18.956827	$	9,418,102		1.40	%		14.47	%		0.00	%
Oncore Ultra		1,819	$	18.956827	$	34,475		1.40	%		13.55	%		0.00	%		8/7/06

		2,001,144			$	38,433,125

2005
Top I		1,350	$	19.126277	$	25,820		1.10	%		2.87	%		0.00	%
Top Tradition		68,240	$	19.126277	$	1,305,171		1.10	%		2.87	%		0.00	%
Top Plus		30,037	$	19.361165	$	581,551		0.90	%		3.07	%		0.00	%
Investar Vision & Top Spectrum		5,290	$	16.560566	$	87,613		1.40	%		2.56	%		0.00	%
Top Explorer		54,422	$	18.894531	$	1,028,286		1.30	%		2.66	%		0.00	%
Oncore & Firstar Oncore Flex		24,959	$	16.454758	$	410,686		1.50	%		2.46	%		0.00	%
Oncore & Firstar Oncore Value		216,601	$	17.101848	$	3,704,272		0.90	%		3.07	%		0.00	%
Oncore & Firstar Oncore Premier		709,556	$	16.560566	$	11,750,647		1.40	%		2.56	%		0.00	%
Oncore & Firstar Oncore Xtra		669,899	$	16.560566	$	11,093,914		1.40	%		2.56	%		0.00	%
Oncore & Firstar Oncore Lite		343,406	$	16.560566	$	5,687,000		1.40	%		2.56	%		0.00	%

		2,123,760			$	35,674,960

2004
Top I		2,062	$	18.593323	$	38,338		1.10	%		13.63	%		0.00	%
Top Tradition		76,754	$	18.593323	$	1,427,113		1.10	%		13.63	%		0.00	%
Top Plus		29,999	$	18.784536	$	563,525		0.90	%		13.86	%		0.00	%
Investar Vision & Top Spectrum		4,166	$	16.146731	$	67,269		1.40	%		13.30	%		0.00	%
Top Explorer		55,688	$	18.404237	$	1,024,903		1.30	%		13.41	%		0.00	%
Oncore & Firstar Oncore Flex		49,757	$	16.059334	$	799,056		1.50	%		13.19	%		0.00	%
Oncore & Firstar Oncore Value		229,934	$	16.592504	$	3,815,182		0.90	%		13.86	%		0.00	%
Oncore & Firstar Oncore Premier		684,580	$	16.146731	$	11,053,703		1.40	%		13.30	%		0.00	%
Oncore & Firstar Oncore Xtra		723,166	$	16.146731	$	11,676,774		1.40	%		13.30	%		0.00	%
Oncore & Firstar Oncore Lite		303,487	$	16.146731	$	4,900,327		1.40	%		13.30	%		0.00	%

		2,159,593			$	35,366,190

(continued)

139

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Lazard Retirement Series, Inc.: (continued)
U.S. Strategic Equity Subaccount
2008
Top Tradition		1,488	$	7.470513	$	11,114		1.10	%		–35.99	%		1.41	%
Top Plus		1,805	$	7.517521	$	13,572		0.90	%		–35.86	%		0.82	%
Top Explorer		1,606	$	7.423922	$	11,921		1.30	%		–36.12	%		2.57	%
Oncore Value		15,207	$	7.786554	$	118,412		0.90	%		–35.86	%		0.89	%
Oncore Premier		33,528	$	7.646521	$	256,373		1.40	%		–36.18	%		1.19	%
Oncore Xtra		66,926	$	7.646521	$	511,751		1.40	%		–36.18	%		1.19	%
Oncore Lite		59,357	$	7.646521	$	453,871		1.40	%		–36.18	%		1.19	%
Oncore Ultra		4,149	$	7.646521	$	31,726		1.40	%		–36.18	%		1.19	%

		184,066			$	1,408,740

2007
Top Tradition		939	$	11.671254	$	10,955		1.10	%		–2.04	%		1.26	%
Top Explorer		318	$	11.621527	$	3,698		1.30	%		–2.23	%		1.37	%
Oncore Value		8,693	$	12.140826	$	105,545		0.90	%		–1.84	%		1.61	%
Oncore & Firstar Oncore Premier		28,364	$	11.981882	$	339,844		1.40	%		–2.33	%		1.48	%
Oncore & Firstar Oncore Xtra		20,091	$	11.981882	$	240,727		1.40	%		–2.33	%		1.48	%
Oncore Lite		45,730	$	11.981882	$	547,937		1.40	%		–2.33	%		1.48	%
Oncore Ultra		3,402	$	11.981882	$	40,760		1.40	%		–2.33	%		1.48	%

		107,537			$	1,289,466

2006
Top Tradition		478	$	11.914135	$	5,692		1.10	%		16.21	%		0.97	%
Oncore Value		2,393	$	12.368823	$	29,598		0.90	%		16.44	%		0.63	%
Oncore & Firstar Oncore Premier		12,314	$	12.267727	$	151,066		1.40	%		15.87	%		0.84	%
Oncore & Firstar Oncore Xtra		13,377	$	12.267727	$	164,106		1.40	%		15.87	%		0.84	%
Oncore Lite		10,661	$	12.267727	$	130,788		1.40	%		15.87	%		0.84	%

		39,223			$	481,250

2005
Oncore Premier		1,859	$	10.587937	$	19,684		1.40	%		5.88	%		0.92	%		5/2/05
Oncore Xtra		6,323	$	10.587937	$	66,949		1.40	%		5.88	%		0.92	%		5/2/05
Oncore Lite		2,252	$	10.587937	$	23,843		1.40	%		5.88	%		0.92	%		5/2/05

		10,434			$	110,476

International Equity Subaccount
2008
Top Tradition		5,090	$	8.628466	$	43,919		1.10	%		–37.70	%		1.17	%
Top Plus		8,210	$	8.682752	$	71,283		0.90	%		–37.58	%		1.46	%
Top Explorer		8,728	$	8.574678	$	74,844		1.30	%		–37.83	%		1.05	%
Oncore Flex		158,562	$	9.334070	$	1,480,027		1.50	%		–37.95	%		2.26	%
Oncore Value		3,286,503	$	9.539440	$	31,351,401		0.90	%		–37.58	%		1.84	%
Oncore Premier		2,337,349	$	9.367909	$	21,896,069		1.40	%		–37.89	%		1.88	%
Oncore Xtra		2,017,440	$	9.367909	$	18,899,197		1.40	%		–37.89	%		1.88	%
Oncore Lite		9,036,565	$	9.367909	$	84,653,716		1.40	%		–37.89	%		1.88	%
Oncore Ultra		555,621	$	9.367909	$	5,205,010		1.40	%		–37.89	%		1.88	%
Oncore Wrap		13,323	$	7.245326	$	96,527		0.65	%		–37.42	%		1.84	%

		17,427,391			$	163,771,993

(continued)

140

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Lazard Retirement Series, Inc.: (continued)
International Equity Subaccount (continued)
2007
Top Tradition		7,176	$	13.850956	$	99,391		1.10	%		9.57	%		2.91	%
Top Plus		7,662	$	13.910386	$	106,579		0.90	%		9.79	%		2.35	%
Top Explorer		21,206	$	13.791967	$	292,475		1.30	%		9.36	%		2.78	%
Oncore & Firstar Oncore Flex		43,669	$	15.043229	$	656,923		1.50	%		9.14	%		4.03	%
Oncore & Firstar Oncore Value		1,544,679	$	15.282850	$	23,607,094		0.90	%		9.79	%		5.00	%
Oncore & Firstar Oncore Premier		1,030,616	$	15.082802	$	15,544,581		1.40	%		9.25	%		4.90	%
Oncore & Firstar Oncore Xtra		1,141,663	$	15.082802	$	17,219,477		1.40	%		9.25	%		4.90	%
Oncore & Firstar Oncore Lite		3,787,712	$	15.082802	$	57,129,314		1.40	%		9.25	%		4.90	%
Oncore Ultra		204,628	$	15.082802	$	3,086,363		1.40	%		9.25	%		4.90	%
Oncore Wrap		4,319	$	11.578624	$	50,005		0.65	%		10.07	%		5.05	%

		7,793,330			$	117,792,202

2006
Top Tradition		3,043	$	12.640844	$	38,470		1.10	%		21.20	%		1.82	%
Top Plus		6,646	$	12.669820	$	84,202		0.90	%		21.44	%		1.10	%
Top Explorer		4,951	$	12.612029	$	62,440		1.30	%		20.96	%		0.48	%
Oncore & Firstar Oncore Flex		11,708	$	13.783561	$	161,381		1.50	%		20.72	%		0.98	%
Oncore & Firstar Oncore Value		137,496	$	13.919887	$	1,913,924		0.90	%		21.44	%		1.25	%
Oncore & Firstar Oncore Premier		152,623	$	13.806134	$	2,107,141		1.40	%		20.84	%		1.08	%
Oncore & Firstar Oncore Xtra		102,764	$	13.806134	$	1,418,767		1.40	%		20.84	%		1.08	%
Oncore Lite		322,849	$	13.806134	$	4,457,290		1.40	%		20.84	%		1.08	%
Oncore Ultra		5,417	$	13.806134	$	74,792		1.40	%		12.00	%		1.08	%		8/7/06

		747,497			$	10,318,407

2005
Top Tradition		94	$	10.429757	$	984		1.10	%		4.30	%		0.00	%		11/2/05
Top Plus		2,531	$	10.433037	$	26,404		0.90	%		4.33	%		0.00	%		11/2/05
Top Explorer		429	$	10.426488	$	4,474		1.30	%		4.26	%		0.00	%		11/2/05
Oncore & Firstar Oncore Value		15,803	$	11.462413	$	181,144		0.90	%		14.62	%		0.70	%		5/2/05
Oncore & Firstar Oncore Premier		39,721	$	11.424916	$	453,813		1.40	%		14.25	%		1.26	%		5/2/05
Oncore Xtra		10,912	$	11.424916	$	124,673		1.40	%		14.25	%		1.26	%		5/2/05
Oncore Lite		47,283	$	11.424916	$	540,191		1.40	%		14.25	%		1.26	%		5/2/05

		116,773			$	1,331,683

(continued)

141

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

The Prudential Series Fund, Inc.:
Jennison 20/20 Focus Subaccount
2008
Top Tradition		26,507	$	12.416768	$	329,136		1.10	%		–40.06	%		0.00	%
Top Plus		2,401	$	12.557140	$	30,147		0.90	%		–39.94	%		0.00	%
Top Spectrum		94	$	12.586082	$	1,184		1.40	%		–40.24	%		0.00	%
Top Explorer		18,138	$	12.278342	$	222,702		1.30	%		–40.18	%		0.00	%
Oncore Flex		260,496	$	8.998456	$	2,344,064		1.50	%		–40.30	%		0.00	%
Oncore Value		2,555,754	$	9.491842	$	24,258,810		0.90	%		–39.94	%		0.00	%
Oncore Premier		2,361,657	$	9.078621	$	21,440,591		1.40	%		–40.24	%		0.00	%
Oncore Xtra		1,685,212	$	9.078621	$	15,299,402		1.40	%		–40.24	%		0.00	%
Oncore Lite		7,020,608	$	9.078621	$	63,737,442		1.40	%		–40.24	%		0.00	%
Oncore Ultra		305,823	$	9.078621	$	2,776,452		1.40	%		–40.24	%		0.00	%
Oncore Wrap		13,488	$	6.894263	$	92,989		0.65	%		–39.79	%		0.00	%

		14,250,178			$	130,532,919

2007
Top Tradition		24,709	$	20.715979	$	511,881		1.10	%		8.91	%		0.13	%
Top Plus		1,556	$	20.908461	$	32,537		0.90	%		9.13	%		0.07	%
Top Spectrum		175	$	21.061139	$	3,686		1.40	%		8.59	%		0.03	%
Top Explorer		15,825	$	20.525766	$	324,829		1.30	%		8.70	%		0.13	%
Oncore Flex		164,331	$	15.072658	$	2,476,908		1.50	%		8.48	%		0.21	%
Oncore & Firstar Oncore Value		1,165,897	$	15.804539	$	18,426,468		0.90	%		9.13	%		0.22	%
Oncore & Firstar Oncore Premier		1,484,309	$	15.191887	$	22,549,433		1.40	%		8.59	%		0.18	%
Oncore & Firstar Oncore Xtra		1,030,495	$	15.191887	$	15,655,168		1.40	%		8.59	%		0.18	%
Oncore & Firstar Oncore Lite		3,181,433	$	15.191887	$	48,331,966		1.40	%		8.59	%		0.18	%
Oncore Ultra		105,966	$	15.191887	$	1,609,827		1.40	%		8.59	%		0.18	%
Oncore Wrap		5,994	$	11.450802	$	68,632		0.65	%		9.40	%		0.19	%

		7,180,690			$	109,991,335

(continued)

142

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

The Prudential Series Fund, Inc.: (continued)
Jennison 20/20 Focus Subaccount (continued)
2006
Top Tradition		17,592	$	19.020474	$	334,604		1.10	%		12.38	%		0.00	%
Top Plus		2,650	$	19.158989	$	50,766		0.90	%		12.60	%		0.00	%
Top Spectrum		4,772	$	19.395079	$	92,555		1.40	%		12.05	%		0.00	%
Top Explorer		10,286	$	18.883289	$	194,224		1.30	%		12.16	%		0.00	%
Oncore & Firstar Oncore Flex		33,897	$	13.894080	$	470,973		1.50	%		11.94	%		0.00	%
Oncore & Firstar Oncore Value		328,438	$	14.482124	$	4,756,474		0.90	%		12.60	%		0.00	%
Oncore & Firstar Oncore Premier		852,751	$	13.990120	$	11,930,103		1.40	%		12.05	%		0.00	%
Oncore & Firstar Oncore Xtra		553,562	$	13.990120	$	7,744,396		1.40	%		12.05	%		0.00	%
Oncore & Firstar Oncore Lite		910,846	$	13.990120	$	12,742,845		1.40	%		12.05	%		0.00	%
Oncore Ultra		3,458	$	13.990120	$	48,377		1.40	%		11.99	%		0.00	%		8/7/06

		2,718,252			$	38,365,317

2005
Top Tradition		3,919	$	16.925595	$	66,329		1.10	%		19.94	%		0.00	%
Top Plus		1,499	$	17.015200	$	25,504		0.90	%		20.18	%		0.00	%
Top Spectrum		857	$	17.310022	$	14,842		1.40	%		19.59	%		0.00	%
Top Explorer		6,174	$	16.836643	$	103,945		1.30	%		19.71	%		0.00	%
Oncore & Firstar Oncore Flex		17,810	$	12.412592	$	221,067		1.50	%		19.47	%		0.00	%
Oncore & Firstar Oncore Value		165,087	$	12.861660	$	2,123,294		0.90	%		20.18	%		0.00	%
Oncore & Firstar Oncore Premier		501,863	$	12.486109	$	6,266,314		1.40	%		19.59	%		0.00	%
Oncore & Firstar Oncore Xtra		374,772	$	12.486109	$	4,679,447		1.40	%		19.59	%		0.00	%
Oncore & Firstar Oncore Lite		373,608	$	12.486109	$	4,664,905		1.40	%		19.59	%		0.00	%

		1,445,589			$	18,165,647

2004
Top Tradition		1,270	$	14.111196	$	17,926		1.10	%		14.12	%		0.00	%
Top Spectrum		814	$	14.474365	$	11,780		1.40	%		13.78	%		0.00	%
Top Explorer		1,563	$	14.064683	$	21,981		1.30	%		13.89	%		0.00	%
Oncore & Firstar Oncore Flex		5,391	$	10.389413	$	56,013		1.50	%		13.67	%		0.00	%
Oncore & Firstar Oncore Value		112,073	$	10.701866	$	1,199,391		0.90	%		14.35	%		0.00	%
Oncore & Firstar Oncore Premier		471,111	$	10.440691	$	4,918,725		1.40	%		13.78	%		0.00	%
Oncore & Firstar Oncore Xtra		366,339	$	10.440691	$	3,824,829		1.40	%		13.78	%		0.00	%
Oncore & Firstar Oncore Lite		305,389	$	10.440691	$	3,188,473		1.40	%		13.78	%		0.00	%

		1,263,950			$	13,239,118

(continued)

143

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

The Prudential Series Fund, Inc.: (continued)
Jennison Subaccount
2008
Top Tradition		1,335	$	10.121332	$	13,508		1.10	%		–38.24	%		0.08	%
Top Explorer		1,278	$	10.008477	$	12,789		1.30	%		–38.36	%		0.08	%
Oncore Flex		4,640	$	4.851161	$	22,511		1.50	%		–38.48	%		0.07	%
Oncore Value		273,902	$	5.117245	$	1,401,622		0.90	%		–38.11	%		0.07	%
Oncore Premier		275,423	$	4.894424	$	1,348,042		1.40	%		–38.42	%		0.07	%
Oncore Xtra		277,667	$	4.894424	$	1,359,018		1.40	%		–38.42	%		0.07	%
Oncore Lite		410,273	$	4.894424	$	2,008,052		1.40	%		–38.42	%		0.07	%
Oncore Ultra		11,701	$	4.894424	$	57,269		1.40	%		–38.42	%		0.07	%
Oncore Wrap		96	$	7.087324	$	677		0.65	%		–37.96	%		0.00	%

		1,256,315			$	6,223,488

2007
Top Tradition		520	$	16.387638	$	8,518		1.10	%		10.33	%		0.00	%
Top Plus		452	$	16.539895	$	7,483		0.90	%		10.55	%		0.00	%
Top Explorer		519	$	16.237137	$	8,431		1.30	%		10.12	%		0.00	%
Oncore & Firstar Oncore Flex		4,680	$	7.885871	$	36,910		1.50	%		9.90	%		0.00	%
Oncore & Firstar Oncore Value		257,071	$	8.268942	$	2,125,707		0.90	%		10.55	%		0.00	%
Oncore & Firstar Oncore Premier		367,599	$	7.948311	$	2,921,776		1.40	%		10.01	%		0.00	%
Oncore & Firstar Oncore Xtra		298,415	$	7.948311	$	2,371,897		1.40	%		10.01	%		0.00	%
Oncore & Firstar Oncore Lite		493,015	$	7.948311	$	3,918,639		1.40	%		10.01	%		0.00	%
Oncore Ultra		10,933	$	7.948311	$	86,903		1.40	%		10.01	%		0.00	%

		1,433,204			$	11,486,264

2006
Top Tradition		749	$	14.852684	$	11,125		1.10	%		0.27	%		0.00	%
Top Plus		2,129	$	14.960835	$	31,851		0.90	%		0.46	%		0.00	%
Top Explorer		250	$	14.745520	$	3,694		1.30	%		0.07	%		0.00	%
Oncore & Firstar Oncore Flex		6,490	$	7.175673	$	46,572		1.50	%		–0.13	%		0.00	%
Oncore & Firstar Oncore Value		252,293	$	7.479515	$	1,887,028		0.90	%		0.46	%		0.00	%
Oncore & Firstar Oncore Premier		383,741	$	7.225319	$	2,772,656		1.40	%		–0.03	%		0.00	%
Oncore & Firstar Oncore Xtra		333,935	$	7.225319	$	2,412,783		1.40	%		–0.03	%		0.00	%
Oncore & Firstar Oncore Lite		319,160	$	7.225319	$	2,306,029		1.40	%		–0.03	%		0.00	%
Oncore Ultra		374	$	7.225319	$	2,703		1.40	%		11.84	%		0.00	%		8/7/06

		1,299,121			$	9,474,441

(continued)

144

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

The Prudential Series Fund, Inc.: (continued)
Jennison Subaccount (continued)
2005
Top Tradition		2,034	$	14.813275	$	30,130		1.10	%		12.79	%		0.00	%
Top Plus		2,483	$	14.891678	$	36,980		0.90	%		13.01	%		0.00	%
Top Explorer		153	$	14.735402	$	2,259		1.30	%		12.57	%		0.00	%
Oncore & Firstar Oncore Flex		5,577	$	7.184883	$	40,071		1.50	%		12.34	%		0.00	%
Oncore & Firstar Oncore Value		144,362	$	7.444939	$	1,074,768		0.90	%		13.01	%		0.00	%
Oncore & Firstar Oncore Premier		361,192	$	7.227488	$	2,610,514		1.40	%		12.45	%		0.00	%
Oncore & Firstar Oncore Xtra		319,469	$	7.227488	$	2,308,958		1.40	%		12.45	%		0.00	%
Oncore & Firstar Oncore Lite		226,412	$	7.227488	$	1,636,380		1.40	%		12.45	%		0.00	%

		1,061,682			$	7,740,060

2004
Top Tradition		2,153	$	13.133861	$	28,271		1.10	%		8.03	%		0.05	%
Top Plus		1,955	$	13.177341	$	25,759		0.90	%		8.24	%		0.08	%
Top Explorer		213	$	13.090566	$	2,783		1.30	%		7.81	%		0.08	%
Oncore & Firstar Oncore Flex		6,199	$	6.395441	$	39,648		1.50	%		7.60	%		0.04	%
Oncore & Firstar Oncore Value		81,191	$	6.587872	$	534,879		0.90	%		8.24	%		0.04	%
Oncore & Firstar Oncore Premier		392,291	$	6.427045	$	2,521,273		1.40	%		7.71	%		0.04	%
Oncore & Firstar Oncore Xtra		343,789	$	6.427045	$	2,209,549		1.40	%		7.71	%		0.04	%
Oncore & Firstar Oncore Lite		258,410	$	6.427045	$	1,660,813		1.40	%		7.71	%		0.04	%

		1,086,201			$	7,022,975

UBS Series Trust — Class I:
U.S. Allocation Subaccount
2008
Top Tradition		1,768	$	9.862719	$	17,441		1.10	%		–36.04	%		2.70	%
Oncore Flex		4,184	$	6.613763	$	27,672		1.50	%		–36.29	%		3.26	%
Oncore Value		41,414	$	6.997612	$	289,796		0.90	%		–35.91	%		2.74	%
Oncore Premier		124,244	$	6.676062	$	829,466		1.40	%		–36.23	%		2.77	%
Oncore Xtra		127,244	$	6.676062	$	849,488		1.40	%		–36.23	%		2.77	%
Oncore Lite		130,621	$	6.676062	$	872,031		1.40	%		–36.23	%		2.77	%

		429,475			$	2,885,894

(continued)

145

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

UBS Series Trust — Class I: (continued)
U.S. Allocation Subaccount (continued)
2007
Top Tradition		1,769	$	15.420281	$	27,276		1.10	%		0.78	%		2.12	%
Oncore Flex		6,051	$	10.381689	$	62,822		1.50	%		0.39	%		2.17	%
Oncore & Firstar Oncore Value		48,022	$	10.918948	$	524,352		0.90	%		0.99	%		1.98	%
Oncore & Firstar Oncore Premier		152,434	$	10.469115	$	1,595,846		1.40	%		0.49	%		2.38	%
Oncore & Firstar Oncore Xtra		149,268	$	10.469115	$	1,562,707		1.40	%		0.49	%		2.38	%
Oncore Lite		141,364	$	10.469115	$	1,479,953		1.40	%		0.49	%		2.38	%

		498,908			$	5,252,956

2006
Top Tradition		1,909	$	15.300176	$	29,210		1.10	%		9.79	%		2.74	%
Top Explorer		250	$	15.189822	$	3,791		1.30	%		9.57	%		2.32	%
Oncore Flex		8,986	$	10.341806	$	92,937		1.50	%		9.36	%		2.80	%
Oncore & Firstar Oncore Value		69,509	$	10.812345	$	751,556		0.90	%		10.01	%		2.62	%
Oncore & Firstar Oncore Premier		227,905	$	10.418568	$	2,374,432		1.40	%		9.47	%		2.45	%
Oncore & Firstar Oncore Xtra		257,696	$	10.418568	$	2,684,826		1.40	%		9.47	%		2.45	%
Oncore Lite		169,197	$	10.418568	$	1,762,792		1.40	%		9.47	%		2.45	%

		735,452			$	7,699,544

2005
Top Tradition		3,290	$	13.935835	$	45,844		1.10	%		5.44	%		1.21	%
Top Explorer		308	$	13.862590	$	4,265		1.30	%		5.24	%		1.17	%
Oncore Flex		12,694	$	9.456771	$	120,045		1.50	%		5.03	%		1.34	%
Oncore & Firstar Oncore Value		92,279	$	9.828756	$	906,989		0.90	%		5.65	%		1.35	%
Oncore & Firstar Oncore Premier		269,215	$	9.517604	$	2,562,281		1.40	%		5.13	%		1.36	%
Oncore & Firstar Oncore Xtra		301,996	$	9.517604	$	2,874,275		1.40	%		5.13	%		1.36	%
Oncore Lite		182,675	$	9.517604	$	1,738,637		1.40	%		5.13	%		1.36	%

		862,457			$	8,252,336

2004
Top Tradition		3,081	$	13.216506	$	40,722		1.10	%		9.17	%		0.79	%
Top Plus		1,089	$	13.260274	$	14,445		0.90	%		9.39	%		1.02	%
Top Explorer		368	$	13.172955	$	4,842		1.30	%		8.96	%		0.70	%
Oncore Flex		18,043	$	9.004017	$	162,460		1.50	%		8.74	%		0.71	%
Oncore & Firstar Oncore Value		141,986	$	9.303016	$	1,320,896		0.90	%		9.39	%		0.73	%
Oncore & Firstar Oncore Premier		299,779	$	9.053038	$	2,713,911		1.40	%		8.85	%		0.72	%
Oncore & Firstar Oncore Xtra		362,102	$	9.053038	$	3,278,122		1.40	%		8.85	%		0.72	%
Oncore Lite		172,629	$	9.053038	$	1,562,816		1.40	%		8.85	%		0.72	%

		999,077			$	9,098,214

(continued)

146

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Old Mutual Insurance Series Fund:
Technology & Communications
2007
Top I		31	$	2.577072	$	79		1.10	%		31.88	%		0.00	%
Top Tradition		36,312	$	2.577072	$	93,579		1.10	%		31.88	%		0.00	%
Top Plus		5,863	$	2.616619	$	15,341		0.90	%		32.14	%		0.00	%
Top Spectrum		2,639	$	2.519089	$	6,649		1.40	%		31.48	%		0.00	%
Top Explorer		44,196	$	2.538280	$	112,181		1.30	%		31.61	%		0.00	%
Oncore Flex		11,908	$	2.500055	$	29,772		1.50	%		31.35	%		0.00	%
Oncore Value		45,436	$	2.616619	$	118,887		0.90	%		32.14	%		0.00	%
Oncore & Firstar Oncore Premier		236,488	$	2.519089	$	595,734		1.40	%		31.48	%		0.00	%
Oncore & Firstar Oncore Xtra		199,176	$	2.519089	$	501,742		1.40	%		31.48	%		0.00	%
Oncore Lite		79,629	$	2.519089	$	200,593		1.40	%		31.48	%		0.00	%

		661,678			$	1,674,557

2006
Top I		32	$	1.954167	$	62		1.10	%		3.57	%		0.00	%
Top Tradition		65,552	$	1.954167	$	128,100		1.10	%		3.57	%		0.00	%
Top Plus		5,905	$	1.980207	$	11,694		0.90	%		3.77	%		0.00	%
Top Spectrum		3,156	$	1.915891	$	6,046		1.40	%		3.26	%		0.00	%
Top Explorer		86,117	$	1.928576	$	166,083		1.30	%		3.37	%		0.00	%
Oncore Flex		16,336	$	1.903298	$	31,093		1.50	%		3.16	%		0.00	%
Oncore & Firstar Oncore Value		97,039	$	1.980207	$	192,157		0.90	%		3.77	%		0.00	%
Oncore & Firstar Oncore Premier		382,215	$	1.915891	$	732,283		1.40	%		3.26	%		0.00	%
Oncore & Firstar Oncore Xtra		446,614	$	1.915891	$	855,663		1.40	%		3.26	%		0.00	%
Oncore & Firstar Oncore Lite		92,286	$	1.915891	$	176,810		1.40	%		3.26	%		0.00	%

		1,195,252			$	2,299,991

2005
Top I		33	$	1.886830	$	62		1.10	%		8.72	%		0.00	%
Top Tradition		77,348	$	1.886830	$	145,942		1.10	%		8.72	%		0.00	%
Top Plus		5,905	$	1.908197	$	11,269		0.90	%		8.94	%		0.00	%
Top Spectrum		3,156	$	1.855347	$	5,856		1.40	%		8.40	%		0.00	%
Top Explorer		85,963	$	1.865781	$	160,389		1.30	%		8.51	%		0.00	%
Oncore Flex		17,230	$	1.844968	$	31,789		1.50	%		8.29	%		0.00	%
Oncore & Firstar Oncore Value		101,242	$	1.908197	$	193,189		0.90	%		8.94	%		0.00	%
Oncore & Firstar Oncore Premier		514,376	$	1.855347	$	954,346		1.40	%		8.40	%		0.00	%
Oncore & Firstar Oncore Xtra		567,341	$	1.855347	$	1,052,615		1.40	%		8.40	%		0.00	%
Oncore & Firstar Oncore Lite		118,032	$	1.855347	$	218,988		1.40	%		8.40	%		0.00	%

		1,490,626			$	2,774,445

(continued)

147

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Old Mutual Insurance Series Fund: (continued)
Technology & Communications (continued)
2004
Top I		34	$	1.735475	$	59		1.10	%		5.26	%		0.00	%
Top Tradition		103,858	$	1.735475	$	180,243		1.10	%		5.26	%		0.00	%
Top Plus		8,853	$	1.751658	$	15,508		0.90	%		5.47	%		0.00	%
Investar Vision & Top Spectrum		5,204	$	1.711570	$	8,906		1.40	%		4.95	%		0.00	%
Top Explorer		110,490	$	1.719496	$	189,988		1.30	%		5.05	%		0.00	%
Oncore Flex		19,306	$	1.703667	$	32,892		1.50	%		4.85	%		0.00	%
Oncore & Firstar Oncore Value		116,967	$	1.751658	$	204,886		0.90	%		5.47	%		0.00	%
Oncore & Firstar Oncore Premier		640,924	$	1.711570	$	1,096,985		1.40	%		4.95	%		0.00	%
Oncore & Firstar Oncore Xtra		624,692	$	1.711570	$	1,069,204		1.40	%		4.95	%		0.00	%
Oncore & Firstar Oncore Lite		138,992	$	1.711570	$	237,895		1.40	%		4.95	%		0.00	%

		1,769,320			$	3,036,566

Fidelity Variable Insurance Products Fund — Service Class 2:
VIP Mid Cap Subaccount
2008
Top I		5,494	$	14.143534	$	77,703		1.10	%		–40.27	%		0.22	%
Top Tradition		122,437	$	14.143534	$	1,731,687		1.10	%		–40.27	%		0.24	%
Top Plus		47,569	$	14.388551	$	684,451		0.90	%		–40.15	%		0.25	%
Investar Vision & Top Spectrum		4,740	$	13.784456	$	65,335		1.40	%		–40.44	%		0.24	%
Top Explorer		109,985	$	13.903122	$	1,529,132		1.30	%		–40.39	%		0.24	%
Oncore Flex		283,187	$	13.667109	$	3,870,353		1.50	%		–40.50	%		0.26	%
Oncore Value		1,184,774	$	14.388551	$	17,047,188		0.90	%		–40.15	%		0.25	%
Oncore Premier		2,026,707	$	13.784456	$	27,937,057		1.40	%		–40.44	%		0.24	%
Oncore Xtra		1,838,677	$	13.784456	$	25,345,162		1.40	%		–40.44	%		0.24	%
Oncore Lite		4,386,535	$	13.784456	$	60,465,999		1.40	%		–40.44	%		0.24	%
Oncore Ultra		110,065	$	13.784456	$	1,517,182		1.40	%		–40.44	%		0.24	%
Oncore Wrap		27,638	$	7.124459	$	196,903		0.65	%		–40.00	%		0.37	%

		10,147,808			$	140,468,152

(continued)

148

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Mid Cap Subaccount (continued)
2007
Top I		8,487	$	23.677772	$	200,963		1.10	%		14.08	%		0.49	%
Top Tradition		142,016	$	23.677772	$	3,362,625		1.10	%		14.08	%		0.48	%
Top Plus		66,044	$	24.040022	$	1,587,690		0.90	%		14.30	%		0.50	%
Investar Vision & Top Spectrum		5,512	$	23.145481	$	127,567		1.40	%		13.74	%		0.50	%
Top Explorer		125,146	$	23.321564	$	2,918,607		1.30	%		13.85	%		0.49	%
Oncore & Firstar Oncore Flex		175,993	$	22.971200	$	4,042,765		1.50	%		13.62	%		0.55	%
Oncore & Firstar Oncore Value		972,387	$	24.040022	$	23,376,199		0.90	%		14.30	%		0.50	%
Oncore & Firstar Oncore Premier		2,159,325	$	23.145481	$	49,978,653		1.40	%		13.74	%		0.50	%
Oncore & Firstar Oncore Xtra		1,983,595	$	23.145481	$	45,911,252		1.40	%		13.74	%		0.50	%
Oncore & Firstar Oncore Lite		3,703,381	$	23.145481	$	85,716,524		1.40	%		13.74	%		0.50	%
Oncore Ultra		83,800	$	23.145481	$	1,939,597		1.40	%		13.74	%		0.50	%
Oncore Wrap		3,057	$	11.873742	$	36,295		0.65	%		14.59	%		0.44	%

		9,428,743			$	219,198,737

2006
Top I		8,511	$	20.756062	$	176,649		1.10	%		11.18	%		0.18	%
Top Tradition		174,221	$	20.756062	$	3,616,149		1.10	%		11.18	%		0.17	%
Top Plus		83,265	$	21.031676	$	1,751,193		0.90	%		11.40	%		0.18	%
Investar Vision & Top Spectrum		5,564	$	20.349982	$	113,224		1.40	%		10.86	%		0.22	%
Top Explorer		133,020	$	20.484447	$	2,724,847		1.30	%		10.96	%		0.18	%
Oncore & Firstar Oncore Flex		67,583	$	20.216775	$	1,366,307		1.50	%		10.75	%		0.19	%
Oncore & Firstar Oncore Value		844,421	$	21.031676	$	17,759,595		0.90	%		11.40	%		0.16	%
Oncore & Firstar Oncore Premier		2,336,969	$	20.349982	$	47,557,268		1.40	%		10.86	%		0.15	%
Oncore & Firstar Oncore Xtra		2,029,122	$	20.349982	$	41,292,605		1.40	%		10.86	%		0.15	%
Oncore & Firstar Oncore Lite		2,487,471	$	20.349982	$	50,619,995		1.40	%		10.86	%		0.15	%
Oncore Ultra		21,068	$	20.349982	$	428,741		1.40	%		6.25	%		0.15	%		8/7/06

		8,191,215			$	167,406,573

(continued)

149

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Mid Cap Subaccount (continued)
2005
Top I		10,004	$	18.668363	$	186,753		1.10	%		16.74	%		0.00	%
Top Tradition		171,224	$	18.668363	$	3,196,478		1.10	%		16.74	%		0.00	%
Top Plus		87,829	$	18.878915	$	1,658,125		0.90	%		16.97	%		0.00	%
Investar Vision & Top Spectrum		9,823	$	18.357292	$	180,322		1.40	%		16.39	%		0.00	%
Top Explorer		142,125	$	18.460394	$	2,623,693		1.30	%		16.51	%		0.00	%
Oncore & Firstar Oncore Flex		73,719	$	18.255071	$	1,345,750		1.50	%		16.28	%		0.00	%
Oncore & Firstar Oncore Value		680,743	$	18.878915	$	12,851,692		0.90	%		16.97	%		0.00	%
Oncore & Firstar Oncore Premier		2,092,498	$	18.357292	$	38,412,599		1.40	%		16.39	%		0.00	%
Oncore & Firstar Oncore Xtra		1,815,549	$	18.357292	$	33,328,559		1.40	%		16.39	%		0.00	%
Oncore & Firstar Oncore Lite		1,402,517	$	18.357292	$	25,746,395		1.40	%		16.39	%		0.00	%

		6,486,031			$	119,530,366

2004
Top I		6,642	$	15.992023	$	106,221		1.10	%		23.30	%		0.00	%
Top Tradition		149,737	$	15.992023	$	2,394,593		1.10	%		23.30	%		0.00	%
Top Plus		102,881	$	16.140487	$	1,660,552		0.90	%		23.54	%		0.00	%
Investar Vision & Top Spectrum		8,169	$	15.772044	$	128,838		1.40	%		22.93	%		0.00	%
Top Explorer		124,238	$	15.845027	$	1,968,550		1.30	%		23.05	%		0.00	%
Oncore & Firstar Oncore Flex		77,331	$	15.699630	$	1,214,062		1.50	%		22.81	%		0.00	%
Oncore & Firstar Oncore Value		447,592	$	16.140487	$	7,224,357		0.90	%		23.54	%		0.00	%
Oncore & Firstar Oncore Premier		1,608,799	$	15.772044	$	25,374,063		1.40	%		22.93	%		0.00	%
Oncore & Firstar Oncore Xtra		1,516,757	$	15.772044	$	23,922,355		1.40	%		22.93	%		0.00	%
Oncore & Firstar Oncore Lite		549,996	$	15.772044	$	8,674,559		1.40	%		22.93	%		0.00	%

		4,592,142			$	72,668,150

(continued)

150

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Contrafund Subaccount
2008
Top I		6,495	$	8.642925	$	56,133		1.10	%		–43.32	%		0.70	%
Top Tradition		268,258	$	8.642925	$	2,318,536		1.10	%		–43.32	%		0.77	%
Top Plus		59,846	$	8.792713	$	526,209		0.90	%		–43.20	%		0.70	%
Investar Vision & Top Spectrum		4,177	$	8.423451	$	35,184		1.40	%		–43.49	%		0.80	%
Top Explorer		199,493	$	8.495973	$	1,694,887		1.30	%		–43.43	%		0.74	%
Oncore Flex		646,526	$	8.351731	$	5,399,609		1.50	%		–43.54	%		1.13	%
Oncore Value		4,544,339	$	8.792713	$	39,957,066		0.90	%		–43.20	%		0.96	%
Oncore Premier		4,190,137	$	8.423451	$	35,295,422		1.40	%		–43.49	%		0.87	%
Oncore Xtra		4,073,813	$	8.423451	$	34,315,568		1.40	%		–43.49	%		0.87	%
Oncore Lite		10,636,072	$	8.423451	$	89,592,430		1.40	%		–43.49	%		0.87	%
Oncore Ultra		306,678	$	8.423451	$	2,583,289		1.40	%		–43.49	%		0.87	%
Oncore Wrap		20,531	$	6.860326	$	140,847		0.65	%		–43.06	%		0.94	%

		24,956,365			$	211,915,180

2007
Top I		11,506	$	15.247903	$	175,436		1.10	%		16.02	%		0.74	%
Top Tradition		282,418	$	15.247903	$	4,306,288		1.10	%		16.02	%		0.75	%
Top Plus		79,190	$	15.481257	$	1,225,961		0.90	%		16.25	%		0.74	%
Investar Vision & Top Spectrum		5,743	$	14.905057	$	85,606		1.40	%		15.67	%		0.43	%
Top Explorer		231,912	$	15.018449	$	3,482,960		1.30	%		15.79	%		0.77	%
Oncore & Firstar Oncore Flex		345,272	$	14.792803	$	5,107,534		1.50	%		15.56	%		1.31	%
Oncore & Firstar Oncore Value		3,248,750	$	15.481257	$	50,294,729		0.90	%		16.25	%		0.95	%
Oncore & Firstar Oncore Premier		3,808,539	$	14.905057	$	56,766,478		1.40	%		15.67	%		0.89	%
Oncore & Firstar Oncore Xtra		4,047,077	$	14.905057	$	60,321,910		1.40	%		15.67	%		0.89	%
Oncore & Firstar Oncore Lite		7,652,517	$	14.905057	$	114,061,208		1.40	%		15.67	%		0.89	%
Oncore Ultra		226,057	$	14.905057	$	3,369,397		1.40	%		15.67	%		0.89	%
Oncore Wrap		6,953	$	12.048841	$	83,780		0.65	%		16.54	%		1.67	%

		19,945,934			$	299,281,287

(continued)

151

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Contrafund Subaccount (continued)

2006
Top I		12,104	$	13.142530	$	159,080		1.10	%		10.22	%		0.98	%
Top Tradition		284,381	$	13.142530	$	3,737,489		1.10	%		10.22	%		1.01	%
Top Plus		86,470	$	13.317115	$	1,151,529		0.90	%		10.44	%		0.99	%
Investar Vision & Top Spectrum		11,103	$	12.885341	$	143,060		1.40	%		9.90	%		0.96	%
Top Explorer		219,614	$	12.970476	$	2,848,502		1.30	%		10.01	%		1.00	%
Oncore & Firstar Oncore Flex		96,104	$	12.800970	$	1,230,222		1.50	%		9.79	%		1.00	%
Oncore & Firstar Oncore Value		1,926,325	$	13.317115	$	25,653,098		0.90	%		10.44	%		1.08	%
Oncore & Firstar Oncore Premier		3,279,015	$	12.885341	$	42,251,220		1.40	%		9.90	%		1.07	%
Oncore & Firstar Oncore Xtra		3,430,873	$	12.885341	$	44,207,973		1.40	%		9.90	%		1.07	%
Oncore & Firstar Oncore Lite		3,831,444	$	12.885341	$	49,369,459		1.40	%		9.90	%		1.07	%
Oncore Ultra		64,429	$	12.885341	$	830,193		1.40	%		8.27	%		1.07	%		8/7/06

		13,241,862			$	171,581,825

2005
Top I		13,160	$	11.923636	$	156,911		1.10	%		15.38	%		0.13	%
Top Tradition		234,958	$	11.923636	$	2,801,553		1.10	%		15.38	%		0.10	%
Top Plus		86,323	$	12.058187	$	1,040,901		0.90	%		15.61	%		0.11	%
Investar Vision & Top Spectrum		12,539	$	11.724900	$	147,016		1.40	%		15.04	%		0.14	%
Top Explorer		199,981	$	11.790742	$	2,357,929		1.30	%		15.15	%		0.11	%
Oncore & Firstar Oncore Flex		94,484	$	11.659576	$	1,101,644		1.50	%		14.93	%		0.09	%
Oncore & Firstar Oncore Value		1,228,615	$	12.058187	$	14,814,868		0.90	%		15.61	%		0.09	%
Oncore & Firstar Oncore Premier		2,104,925	$	11.724900	$	24,680,032		1.40	%		15.04	%		0.10	%
Oncore & Firstar Oncore Xtra		2,364,951	$	11.724900	$	27,728,819		1.40	%		15.04	%		0.10	%
Oncore & Firstar Oncore Lite		1,657,605	$	11.724900	$	19,435,256		1.40	%		15.04	%		0.10	%

		7,997,541			$	94,264,929

2004
Top I		6,505	$	10.334117	$	67,221		1.10	%		13.90	%		0.20	%
Top Tradition		147,010	$	10.334117	$	1,519,221		1.10	%		13.90	%		0.17	%
Top Plus		68,693	$	10.430125	$	716,475		0.90	%		14.13	%		0.23	%
Investar Vision & Top Spectrum		14,766	$	10.191930	$	150,493		1.40	%		13.56	%		0.15	%
Top Explorer		142,693	$	10.239077	$	1,461,046		1.30	%		13.68	%		0.18	%
Oncore & Firstar Oncore Flex		47,346	$	10.145103	$	480,329		1.50	%		13.45	%		0.20	%
Oncore & Firstar Oncore Value		597,830	$	10.430125	$	6,235,444		0.90	%		14.13	%		0.17	%
Oncore & Firstar Oncore Premier		1,433,277	$	10.191930	$	14,607,855		1.40	%		13.56	%		0.18	%
Oncore & Firstar Oncore Xtra		1,621,864	$	10.191930	$	16,529,924		1.40	%		13.56	%		0.18	%
Oncore & Firstar Oncore Lite		841,473	$	10.191930	$	8,576,234		1.40	%		13.56	%		0.18	%

		4,921,457			$	50,344,242

(continued)

152

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Growth Subaccount
2008
Top I		5,482	$	4.556287	$	24,978		1.10	%		–47.88	%		0.55	%
Top Tradition		82,178	$	4.556287	$	374,427		1.10	%		–47.88	%		0.63	%
Top Plus		20,145	$	4.635272	$	93,377		0.90	%		–47.78	%		0.58	%
Investar Vision & Top Spectrum		2,966	$	4.440528	$	13,169		1.40	%		–48.04	%		0.40	%
Top Explorer		90,846	$	4.478764	$	406,878		1.30	%		–47.99	%		0.59	%
Oncore Flex		52,991	$	4.402679	$	233,302		1.50	%		–48.09	%		0.66	%
Oncore Value		445,097	$	4.635272	$	2,063,144		0.90	%		–47.78	%		0.67	%
Oncore Premier		1,162,688	$	4.440528	$	5,162,949		1.40	%		–48.04	%		0.60	%
Oncore Xtra		1,230,191	$	4.440528	$	5,462,696		1.40	%		–48.04	%		0.60	%
Oncore Lite		1,661,444	$	4.440528	$	7,377,689		1.40	%		–48.04	%		0.60	%
Oncore Ultra		15,114	$	4.440528	$	67,116		1.40	%		–48.04	%		0.60	%

		4,769,142			$	21,279,725

2007
Top I		5,963	$	8.742642	$	52,136		1.10	%		25.27	%		0.38	%
Top Tradition		70,718	$	8.742642	$	618,261		1.10	%		25.27	%		0.39	%
Top Plus		12,567	$	8.876477	$	111,552		0.90	%		25.52	%		0.47	%
Investar Vision & Top Spectrum		6,289	$	8.545979	$	53,745		1.40	%		24.90	%		0.54	%
Top Explorer		88,053	$	8.610988	$	758,221		1.30	%		25.03	%		0.38	%
Oncore & Firstar Oncore Flex		35,409	$	8.481547	$	300,322		1.50	%		24.78	%		0.24	%
Oncore & Firstar Oncore Value		337,940	$	8.876477	$	2,999,714		0.90	%		25.52	%		0.34	%
Oncore & Firstar Oncore Premier		1,128,017	$	8.545979	$	9,640,020		1.40	%		24.90	%		0.36	%
Oncore & Firstar Oncore Xtra		1,423,456	$	8.545979	$	12,164,822		1.40	%		24.90	%		0.36	%
Oncore & Firstar Oncore Lite		1,112,214	$	8.545979	$	9,504,959		1.40	%		24.90	%		0.36	%
Oncore Ultra		4,077	$	8.545979	$	34,838		1.40	%		24.90	%		0.36	%

		4,224,703			$	36,238,590

(continued)

153

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Growth Subaccount (continued)
2006
Top I		6,185	$	6.978809	$	43,167		1.10	%		5.42	%		0.16	%
Top Tradition		72,036	$	6.978809	$	502,726		1.10	%		5.42	%		0.16	%
Top Plus		20,080	$	7.071552	$	141,998		0.90	%		5.62	%		0.19	%
Investar Vision & Top Spectrum		16,778	$	6.842161	$	114,795		1.40	%		5.10	%		0.18	%
Top Explorer		84,124	$	6.887375	$	579,394		1.30	%		5.21	%		0.16	%
Oncore & Firstar Oncore Flex		26,248	$	6.797314	$	178,413		1.50	%		5.00	%		0.18	%
Oncore & Firstar Oncore Value		259,391	$	7.071552	$	1,834,294		0.90	%		5.62	%		0.16	%
Oncore & Firstar Oncore Premier		1,210,491	$	6.842161	$	8,282,371		1.40	%		5.10	%		0.16	%
Oncore & Firstar Oncore Xtra		1,309,150	$	6.842161	$	8,957,415		1.40	%		5.10	%		0.16	%
Oncore & Firstar Oncore Lite		466,218	$	6.842161	$	3,189,942		1.40	%		5.10	%		0.16	%
Oncore Ultra		1,824	$	6.842161	$	12,482		1.40	%		8.89	%		0.16	%		8/7/06

		3,472,525			$	23,836,997

2005
Top I		6,227	$	6.620268	$	41,228		1.10	%		4.36	%		0.33	%
Top Tradition		68,531	$	6.620268	$	453,693		1.10	%		4.36	%		0.27	%
Top Plus		36,291	$	6.694999	$	242,968		0.90	%		4.56	%		0.28	%
Investar Vision & Top Spectrum		20,540	$	6.509857	$	133,714		1.40	%		4.05	%		0.28	%
Top Explorer		91,639	$	6.546422	$	599,911		1.30	%		4.15	%		0.27	%
Oncore & Firstar Oncore Flex		29,401	$	6.473550	$	190,328		1.50	%		3.95	%		0.39	%
Oncore & Firstar Oncore Value		256,585	$	6.694999	$	1,717,839		0.90	%		4.56	%		0.27	%
Oncore & Firstar Oncore Premier		1,357,846	$	6.509857	$	8,839,381		1.40	%		4.05	%		0.27	%
Oncore & Firstar Oncore Xtra		1,255,453	$	6.509857	$	8,172,820		1.40	%		4.05	%		0.27	%
Oncore & Firstar Oncore Lite		427,263	$	6.509857	$	2,781,416		1.40	%		4.05	%		0.27	%

		3,549,776			$	23,173,298

2004
Top I		11,489	$	6.343833	$	72,885		1.10	%		2.00	%		0.14	%
Top Tradition		74,724	$	6.343833	$	474,034		1.10	%		2.00	%		0.12	%
Top Plus		33,614	$	6.402777	$	215,222		0.90	%		2.20	%		0.15	%
Investar Vision & Top Spectrum		17,382	$	6.256481	$	108,748		1.40	%		1.69	%		0.10	%
Top Explorer		81,693	$	6.285430	$	513,478		1.30	%		1.80	%		0.13	%
Oncore & Firstar Oncore Flex		55,798	$	6.227715	$	347,495		1.50	%		1.59	%		0.13	%
Oncore & Firstar Oncore Value		260,661	$	6.402777	$	1,668,954		0.90	%		2.20	%		0.12	%
Oncore & Firstar Oncore Premier		1,404,305	$	6.256481	$	8,786,013		1.40	%		1.69	%		0.13	%
Oncore & Firstar Oncore Xtra		1,375,206	$	6.256481	$	8,603,951		1.40	%		1.69	%		0.13	%
Oncore & Firstar Oncore Lite		344,710	$	6.256481	$	2,156,668		1.40	%		1.69	%		0.13	%

		3,659,582			$	22,947,448

(continued)

154

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Equity-Income Subaccount
2008
Top Tradition		27,087	$	6.958029	$	188,475		1.10	%		–43.44	%		1.92	%
Top Plus		7,838	$	8.702160	$	68,205		0.90	%		–43.32	%		1.41	%
Top Spectrum		93	$	6.893024	$	640		1.40	%		–43.61	%		2.34	%
Top Explorer		42,934	$	8.523023	$	365,931		1.30	%		–43.55	%		2.33	%
Oncore Flex		308,754	$	8.180833	$	2,525,862		1.50	%		–43.66	%		3.63	%
Oncore Value		2,253,121	$	8.437969	$	19,011,766		0.90	%		–43.32	%		3.00	%
Oncore Premier		1,958,464	$	8.223037	$	16,104,528		1.40	%		–43.61	%		2.28	%
Oncore Xtra		1,745,492	$	8.223037	$	14,353,243		1.40	%		–43.61	%		2.28	%
Oncore Lite		4,687,454	$	8.223037	$	38,545,111		1.40	%		–43.61	%		2.28	%
Oncore Ultra		374,904	$	8.223037	$	3,082,847		1.40	%		–43.61	%		2.28	%
Oncore Wrap		11,768	$	5.981504	$	70,388		0.65	%		–43.18	%		6.66	%

		11,417,909			$	94,316,996

2007
Top I		1,383	$	12.301477	$	17,010		1.10	%		0.16	%		1.75	%
Top Tradition		46,011	$	12.301477	$	566,007		1.10	%		0.16	%		1.71	%
Top Plus		17,764	$	15.354360	$	272,758		0.90	%		0.36	%		1.53	%
Top Spectrum		93	$	12.222932	$	1,142		1.40	%		–0.13	%		1.61	%
Top Explorer		51,497	$	15.098291	$	777,517		1.30	%		–0.03	%		1.77	%
Oncore & Firstar Oncore Flex		182,684	$	14.520915	$	2,652,735		1.50	%		–0.23	%		3.33	%
Oncore & Firstar Oncore Value		1,653,224	$	14.888227	$	24,613,571		0.90	%		0.36	%		2.05	%
Oncore & Firstar Oncore Premier		2,001,011	$	14.581349	$	29,177,437		1.40	%		–0.13	%		1.85	%
Oncore & Firstar Oncore Xtra		1,760,720	$	14.581349	$	25,673,669		1.40	%		–0.13	%		1.85	%
Oncore & Firstar Oncore Lite		4,481,238	$	14.581349	$	65,342,492		1.40	%		–0.13	%		1.85	%
Oncore Ultra		377,244	$	14.581349	$	5,500,728		1.40	%		–0.13	%		1.85	%
Oncore Wrap		5,401	$	10.527662	$	56,859		0.65	%		0.61	%		2.68	%

		10,578,270			$	154,651,925

(continued)

155

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Equity-Income Subaccount (continued)
2006
Top I		746	$	12.281283	$	9,167		1.10	%		18.63	%		6.94	%
Top Tradition		26,219	$	12.281283	$	322,008		1.10	%		18.63	%		4.27	%
Top Plus		16,060	$	15.298642	$	245,698		0.90	%		18.86	%		3.20	%
Top Spectrum		94	$	12.239288	$	1,149		1.40	%		18.28	%		2.89	%
Top Explorer		27,485	$	15.103470	$	415,115		1.30	%		18.39	%		3.20	%
Oncore & Firstar Oncore Flex		39,152	$	14.554758	$	569,844		1.50	%		18.16	%		3.18	%
Oncore & Firstar Oncore Value		603,255	$	14.834207	$	8,948,804		0.90	%		18.86	%		4.63	%
Oncore & Firstar Oncore Premier		1,401,746	$	14.600850	$	20,466,676		1.40	%		18.28	%		3.68	%
Oncore & Firstar Oncore Xtra		1,034,143	$	14.600850	$	15,099,362		1.40	%		18.28	%		3.68	%
Oncore & Firstar Oncore Lite		1,987,538	$	14.600850	$	29,019,751		1.40	%		18.28	%		3.68	%
Oncore Ultra		122,320	$	14.600850	$	1,785,976		1.40	%		12.00	%		3.68	%		8/7/06

		5,258,758			$	76,883,550

2005
Top Plus		14,967	$	12.870922	$	192,633		0.90	%		4.63	%		1.36	%
Top Explorer		21,012	$	12.756942	$	268,048		1.30	%		4.22	%		1.20	%
Oncore & Firstar Oncore Flex		27,497	$	12.317694	$	338,694		1.50	%		4.01	%		0.93	%
Oncore & Firstar Oncore Value		113,923	$	12.480194	$	1,421,775		0.90	%		4.63	%		0.90	%
Oncore & Firstar Oncore Premier		814,934	$	12.344563	$	10,060,001		1.40	%		4.12	%		1.07	%
Oncore & Firstar Oncore Xtra		579,698	$	12.344563	$	7,156,119		1.40	%		4.12	%		1.07	%
Oncore & Firstar Oncore Lite		640,980	$	12.344563	$	7,912,636		1.40	%		4.12	%		1.07	%

		2,213,011			$	27,349,906

2004
Top Plus		14,449	$	12.301227	$	177,742		0.90	%		10.24	%		0.55	%
Top Explorer		9,966	$	12.240475	$	121,992		1.30	%		9.80	%		0.38	%
Oncore & Firstar Oncore Flex		14,591	$	11.842290	$	172,794		1.50	%		9.58	%		0.47	%
Oncore & Firstar Oncore Value		46,981	$	11.927794	$	560,379		0.90	%		10.24	%		0.50	%
Oncore & Firstar Oncore Premier		398,660	$	11.856466	$	4,726,689		1.40	%		9.69	%		0.28	%
Oncore & Firstar Oncore Xtra		369,540	$	11.856466	$	4,381,442		1.40	%		9.69	%		0.28	%
Oncore & Firstar Oncore Lite		305,967	$	11.856466	$	3,627,690		1.40	%		9.69	%		0.28	%

		1,160,154			$	13,768,728

(continued)

156

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Fidelity Variable Insurance Products Fund — Service Class 2: (continued)
VIP Real Estate Subaccount
2008
Top Tradition		2,948	$	5.295206	$	15,609		1.10	%		–47.05	%		0.86	%		5/1/08
Top Explorer		16	$	5.288159	$	83		1.30	%		–47.12	%		0.22	%		5/1/08
Oncore Flex		1,914	$	5.281117	$	10,106		1.50	%		–47.19	%		0.11	%		5/1/08
Oncore Value		40,133	$	5.302295	$	212,797		0.90	%		–46.98	%		0.03	%		5/1/08
Oncore Premier		23,933	$	5.284628	$	126,476		1.40	%		–47.15	%		0.36	%		5/1/08
Oncore Xtra		11,890	$	5.284628	$	62,835		1.40	%		–47.15	%		0.36	%		5/1/08
Oncore Lite		125,414	$	5.284628	$	662,768		1.40	%		–47.15	%		0.36	%		5/1/08
Oncore Ultra		13,189	$	5.284628	$	69,701		1.40	%		–47.15	%		0.36	%		5/1/08

		219,437			$	1,160,375
Janus Aspen Series — Service Shares:
Large Cap Growth Subaccount
2008
Top Tradition		55,202	$	4.459908	$	246,197		1.10	%		–40.53	%		0.59	%
Top Plus		7,670	$	4.537226	$	34,802		0.90	%		–40.41	%		0.58	%
Top Explorer		103,369	$	4.384037	$	453,175		1.30	%		–40.64	%		0.61	%
Oncore Flex		54,047	$	4.309559	$	232,918		1.50	%		–40.76	%		0.72	%
Oncore Value		479,486	$	4.537226	$	2,175,538		0.90	%		–40.41	%		0.62	%
Oncore Premier		688,779	$	4.346585	$	2,993,830		1.40	%		–40.70	%		0.60	%
Oncore Xtra		1,192,325	$	4.346585	$	5,182,544		1.40	%		–40.70	%		0.60	%
Oncore Lite		900,295	$	4.346585	$	3,913,208		1.40	%		–40.70	%		0.60	%
Oncore Ultra		58,359	$	4.346585	$	253,662		1.40	%		–40.70	%		0.60	%

		3,539,532			$	15,485,874

2007
Top Tradition		56,117	$	7.498836	$	420,811		1.10	%		13.54	%		0.58	%
Top Plus		10,283	$	7.613665	$	78,291		0.90	%		13.77	%		0.55	%
Top Explorer		90,320	$	7.385919	$	667,096		1.30	%		13.32	%		0.57	%
Oncore Flex		31,524	$	7.274860	$	229,330		1.50	%		13.09	%		0.58	%
Oncore & Firstar Oncore Value		271,952	$	7.613665	$	2,070,548		0.90	%		13.77	%		0.63	%
Oncore & Firstar Oncore Premier		762,402	$	7.330106	$	5,588,494		1.40	%		13.20	%		0.57	%
Oncore & Firstar Oncore Xtra		1,130,060	$	7.330106	$	8,283,462		1.40	%		13.20	%		0.57	%
Oncore & Firstar Oncore Lite		480,949	$	7.330106	$	3,525,409		1.40	%		13.20	%		0.57	%
Oncore Ultra		20,902	$	7.330106	$	153,214		1.40	%		13.20	%		0.57	%

		2,854,509			$	21,016,655

(continued)

157

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Janus Aspen Series — Service Shares: (continued)
Large Cap Growth Subaccount (continued)
2006
Top Tradition		57,146	$	6.604523	$	377,422		1.10	%		9.93	%		0.28	%
Top Plus		13,130	$	6.692308	$	87,869		0.90	%		10.14	%		0.26	%
Top Explorer		105,189	$	6.517998	$	685,624		1.30	%		9.71	%		0.28	%
Oncore & Firstar Oncore Flex		39,579	$	6.432734	$	254,603		1.50	%		9.49	%		0.26	%
Oncore & Firstar Oncore Value		196,216	$	6.692308	$	1,313,140		0.90	%		10.14	%		0.28	%
Oncore & Firstar Oncore Premier		1,005,686	$	6.475172	$	6,511,980		1.40	%		9.60	%		0.28	%
Oncore & Firstar Oncore Xtra		1,159,142	$	6.475172	$	7,505,646		1.40	%		9.60	%		0.28	%
Oncore & Firstar Oncore Lite		509,964	$	6.475172	$	3,302,107		1.40	%		9.60	%		0.28	%
Oncore Ultra		1,188	$	6.475172	$	7,695		1.40	%		10.77	%		0.28	%		8/7/06

		3,087,240			$	20,046,086

2005
Top Tradition		56,229	$	6.008117	$	337,828		1.10	%		2.88	%		0.13	%
Top Plus		20,034	$	6.075961	$	121,727		0.90	%		3.09	%		0.12	%
Top Explorer		119,176	$	5.941109	$	708,038		1.30	%		2.68	%		0.12	%
Oncore & Firstar Oncore Flex		52,402	$	5.874944	$	307,857		1.50	%		2.48	%		0.13	%
Oncore & Firstar Oncore Value		228,716	$	6.075961	$	1,389,667		0.90	%		3.09	%		0.13	%
Oncore & Firstar Oncore Premier		1,252,888	$	5.907893	$	7,401,931		1.40	%		2.58	%		0.13	%
Oncore & Firstar Oncore Xtra		1,270,210	$	5.907893	$	7,504,265		1.40	%		2.58	%		0.13	%
Oncore & Firstar Oncore Lite		307,216	$	5.907893	$	1,815,001		1.40	%		2.58	%		0.13	%

		3,306,871			$	19,586,314

2004
Top Tradition		62,889	$	5.839672	$	367,251		1.10	%		3.06	%		0.00	%
Top Plus		21,338	$	5.893969	$	125,767		0.90	%		3.27	%		0.00	%
Top Explorer		125,636	$	5.785921	$	726,918		1.30	%		2.86	%		0.00	%
Oncore & Firstar Oncore Flex		68,683	$	5.732766	$	393,741		1.50	%		2.66	%		0.00	%
Oncore & Firstar Oncore Value		286,066	$	5.893969	$	1,686,064		0.90	%		3.27	%		0.00	%
Oncore & Firstar Oncore Premier		1,454,352	$	5.759254	$	8,375,991		1.40	%		2.76	%		0.00	%
Oncore & Firstar Oncore Xtra		1,484,119	$	5.759254	$	8,547,417		1.40	%		2.76	%		0.00	%
Oncore & Firstar Oncore Lite		143,353	$	5.759254	$	825,604		1.40	%		2.76	%		0.00	%

		3,646,436			$	21,048,753

(continued)

158

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Janus Aspen Series — Service Shares: (continued)
Worldwide Growth Subaccount
2008
Top Tradition		63,112	$	4.091642	$	258,232		1.10	%		–45.41	%		1.01	%
Top Plus		8,407	$	4.162571	$	34,995		0.90	%		–45.30	%		0.91	%
Top Explorer		95,523	$	4.022007	$	384,194		1.30	%		–45.52	%		1.00	%
Oncore Flex		30,329	$	3.953693	$	119,912		1.50	%		–45.63	%		0.94	%
Oncore Value		436,688	$	4.162571	$	1,817,745		0.90	%		–45.30	%		1.23	%
Oncore Premier		610,097	$	3.987666	$	2,432,857		1.40	%		–45.57	%		1.00	%
Oncore Xtra		658,179	$	3.987666	$	2,624,599		1.40	%		–45.57	%		1.00	%
Oncore Lite		489,372	$	3.987666	$	1,951,454		1.40	%		–45.57	%		1.00	%
Oncore Ultra		32,551	$	3.987666	$	129,804		1.40	%		–45.57	%		1.00	%

		2,424,258			$	9,753,792

2007
Top Tradition		66,977	$	7.495319	$	502,016		1.10	%		8.17	%		0.56	%
Top Plus		14,703	$	7.610074	$	111,892		0.90	%		8.38	%		0.54	%
Top Explorer		105,835	$	7.382430	$	781,321		1.30	%		7.95	%		0.56	%
Oncore Flex		38,073	$	7.271464	$	276,845		1.50	%		7.74	%		0.49	%
Oncore & Firstar Oncore Value		240,523	$	7.610074	$	1,830,400		0.90	%		8.38	%		0.57	%
Oncore & Firstar Oncore Premier		677,668	$	7.326674	$	4,965,046		1.40	%		7.85	%		0.57	%
Oncore & Firstar Oncore Xtra		833,275	$	7.326674	$	6,105,137		1.40	%		7.85	%		0.57	%
Oncore & Firstar Oncore Lite		389,540	$	7.326674	$	2,854,031		1.40	%		7.85	%		0.57	%
Oncore Ultra		24,746	$	7.326674	$	181,307		1.40	%		7.85	%		0.57	%
Oncore Wrap		767	$	11.494099	$	8,819		0.65	%		8.65	%		0.91	%

		2,392,107			$	17,616,814

2006
Top Tradition		73,429	$	6.929407	$	508,823		1.10	%		16.66	%		1.63	%
Top Plus		15,588	$	7.021490	$	109,449		0.90	%		16.89	%		1.53	%
Top Explorer		104,349	$	6.838605	$	713,601		1.30	%		16.43	%		1.61	%
Oncore Flex		24,745	$	6.749191	$	167,006		1.50	%		16.20	%		1.57	%
Oncore & Firstar Oncore Value		210,709	$	7.021490	$	1,479,488		0.90	%		16.89	%		1.66	%
Oncore & Firstar Oncore Premier		776,540	$	6.793699	$	5,275,583		1.40	%		16.31	%		1.63	%
Oncore & Firstar Oncore Xtra		894,939	$	6.793699	$	6,079,944		1.40	%		16.31	%		1.63	%
Oncore & Firstar Oncore Lite		214,490	$	6.793699	$	1,457,184		1.40	%		16.31	%		1.63	%
Oncore Ultra		24,417	$	6.793699	$	165,884		1.40	%		18.53	%		1.63	%		8/7/06

		2,339,206			$	15,956,962

(continued)

159

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Janus Aspen Series — Service Shares: (continued)
Worldwide Growth Subaccount (continued)
2005
Top Tradition		79,457	$	5.940015	$	471,973		1.10	%		4.42	%		1.22	%
Top Plus		22,398	$	6.007072	$	134,549		0.90	%		4.63	%		1.23	%
Top Explorer		142,411	$	5.873732	$	836,486		1.30	%		4.22	%		1.18	%
Oncore Flex		28,961	$	5.808349	$	168,213		1.50	%		4.01	%		1.15	%
Oncore & Firstar Oncore Value		258,878	$	6.007072	$	1,555,100		0.90	%		4.63	%		1.27	%
Oncore & Firstar Oncore Premier		943,741	$	5.840921	$	5,512,314		1.40	%		4.11	%		1.20	%
Oncore & Firstar Oncore Xtra		1,055,526	$	5.840921	$	6,165,245		1.40	%		4.11	%		1.20	%
Oncore & Firstar Oncore Lite		182,235	$	5.840921	$	1,064,424		1.40	%		4.11	%		1.20	%

		2,713,607			$	15,908,304

2004
Top Tradition		80,195	$	5.688478	$	456,190		1.10	%		3.39	%		0.94	%
Top Plus		23,884	$	5.741345	$	137,129		0.90	%		3.59	%		0.91	%
Top Explorer		169,944	$	5.636093	$	957,823		1.30	%		3.18	%		0.90	%
Oncore & Firstar Oncore Flex		41,746	$	5.584344	$	233,126		1.50	%		2.98	%		0.80	%
Oncore & Firstar Oncore Value		265,504	$	5.741345	$	1,524,350		0.90	%		3.59	%		0.87	%
Oncore & Firstar Oncore Premier		1,144,260	$	5.610137	$	6,419,444		1.40	%		3.08	%		0.87	%
Oncore & Firstar Oncore Xtra		1,225,751	$	5.610137	$	6,876,632		1.40	%		3.08	%		0.87	%
Oncore & Firstar Oncore Lite		173,925	$	5.610137	$	975,745		1.40	%		3.08	%		0.87	%

		3,125,209			$	17,580,439

Balanced Subaccount
2008
Top Tradition		84,251	$	10.731157	$	904,106		1.10	%		–16.98	%		2.40	%
Top Plus		32,838	$	10.917092	$	358,498		0.90	%		–16.81	%		2.27	%
Top Explorer		110,740	$	10.548734	$	1,168,162		1.30	%		–17.14	%		2.31	%
Oncore Flex		52,543	$	10.369682	$	544,858		1.50	%		–17.30	%		2.08	%
Oncore Value		673,390	$	10.917092	$	7,351,462		0.90	%		–16.81	%		2.71	%
Oncore Premier		1,307,743	$	10.458701	$	13,677,293		1.40	%		–17.22	%		2.42	%
Oncore Xtra		1,555,858	$	10.458701	$	16,272,251		1.40	%		–17.22	%		2.42	%
Oncore Lite		1,279,696	$	10.458701	$	13,383,963		1.40	%		–17.22	%		2.42	%
Oncore Ultra		52,287	$	10.458701	$	546,851		1.40	%		–17.22	%		2.42	%

		5,149,346			$	54,207,444

(continued)

160

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Janus Aspen Series — Service Shares: (continued)
Balanced Subaccount (continued)
2007
Top Tradition		89,362	$	12.925414	$	1,155,038		1.10	%		9.08	%		2.31	%
Top Plus		44,976	$	13.123249	$	590,232		0.90	%		9.30	%		2.23	%
Top Explorer		141,512	$	12.730901	$	1,801,581		1.30	%		8.86	%		2.27	%
Oncore & Firstar Oncore Flex		71,660	$	12.539631	$	898,595		1.50	%		8.65	%		2.09	%
Oncore & Firstar Oncore Value		427,992	$	13.123249	$	5,616,648		0.90	%		9.30	%		2.46	%
Oncore & Firstar Oncore Premier		1,624,888	$	12.634772	$	20,530,076		1.40	%		8.76	%		2.26	%
Oncore & Firstar Oncore Xtra		1,754,774	$	12.634772	$	22,171,165		1.40	%		8.76	%		2.26	%
Oncore & Firstar Oncore Lite		958,548	$	12.634772	$	12,111,041		1.40	%		8.76	%		2.26	%
Oncore Ultra		26,769	$	12.634772	$	338,222		1.40	%		8.76	%		2.26	%

		5,140,481			$	65,212,598

2006
Top Tradition		86,356	$	11.849393	$	1,023,272		1.10	%		9.22	%		1.94	%
Top Plus		49,641	$	12.006817	$	596,028		0.90	%		9.43	%		1.88	%
Top Explorer		145,130	$	11.694270	$	1,697,190		1.30	%		9.00	%		1.86	%
Oncore & Firstar Oncore Flex		94,470	$	11.541444	$	1,090,315		1.50	%		8.79	%		1.91	%
Oncore & Firstar Oncore Value		340,165	$	12.006817	$	4,084,299		0.90	%		9.43	%		1.91	%
Oncore & Firstar Oncore Premier		1,948,408	$	11.617502	$	22,635,637		1.40	%		8.89	%		1.92	%
Oncore & Firstar Oncore Xtra		1,802,951	$	11.617502	$	20,945,787		1.40	%		8.89	%		1.92	%
Oncore & Firstar Oncore Lite		792,312	$	11.617502	$	9,204,682		1.40	%		8.89	%		1.92	%
Oncore Ultra		7,281	$	11.617502	$	84,584		1.40	%		8.22	%		1.92	%		8/7/06

		5,266,714			$	61,361,794

2005
Top Tradition		86,840	$	10.849455	$	942,170		1.10	%		6.49	%		2.11	%
Top Plus		55,547	$	10.971891	$	609,456		0.90	%		6.70	%		2.04	%
Top Explorer		179,272	$	10.728530	$	1,923,330		1.30	%		6.28	%		2.06	%
Oncore & Firstar Oncore Flex		103,359	$	10.609175	$	1,096,549		1.50	%		6.07	%		2.04	%
Oncore & Firstar Oncore Value		360,722	$	10.971891	$	3,957,800		0.90	%		6.70	%		2.11	%
Oncore & Firstar Oncore Premier		2,290,071	$	10.668607	$	24,431,864		1.40	%		6.18	%		2.06	%
Oncore & Firstar Oncore Xtra		1,926,248	$	10.668607	$	20,550,388		1.40	%		6.18	%		2.06	%
Oncore & Firstar Oncore Lite		734,655	$	10.668607	$	7,837,742		1.40	%		6.18	%		2.06	%

		5,736,714			$	61,349,299

(continued)

161

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Janus Aspen Series — Service Shares: (continued)
International Growth Subaccount (continued)
2007
Top I		11,812	$	20.092188	$	237,328		1.10	%		26.62	%		0.44	%
Top Tradition		58,552	$	38.244328	$	2,239,283		1.10	%		26.62	%		0.45	%
Top Plus		15,272	$	38.599410	$	589,487		0.90	%		26.87	%		0.45	%
Investar Vision & Top Spectrum		616	$	19.964015	$	12,304		1.40	%		26.24	%		0.37	%
Top Explorer		41,560	$	37.893296	$	1,574,863		1.30	%		26.37	%		0.47	%
Oncore & Firstar Oncore Flex		285,419	$	15.946344	$	4,551,392		1.50	%		26.12	%		0.57	%
Oncore & Firstar Oncore Value		2,696,152	$	16.688619	$	44,995,055		0.90	%		26.87	%		0.51	%
Oncore & Firstar Oncore Premier		2,738,743	$	16.067383	$	44,004,429		1.40	%		26.24	%		0.50	%
Oncore & Firstar Oncore Xtra		3,284,190	$	16.067383	$	52,768,337		1.40	%		26.24	%		0.50	%
Oncore & Firstar Oncore Lite		7,942,909	$	16.067383	$	127,621,765		1.40	%		26.24	%		0.50	%
Oncore Ultra		461,958	$	16.067383	$	7,422,455		1.40	%		26.24	%		0.50	%
Oncore Wrap		8,395	$	13.844343	$	116,219		0.65	%		27.19	%		0.58	%

		17,545,578			$	286,132,917

2006
Top I		10,899	$	15.868292	$	172,955		1.10	%		45.04	%		1.57	%
Top Tradition		43,537	$	30.204391	$	1,314,999		1.10	%		45.04	%		2.03	%
Top Plus		14,907	$	30.424189	$	453,521		0.90	%		45.33	%		1.87	%
Investar Vision & Top Spectrum		1,573	$	15.814085	$	24,881		1.40	%		44.61	%		2.05	%
Top Explorer		24,513	$	29.986607	$	735,058		1.30	%		44.75	%		2.05	%
Oncore & Firstar Oncore Flex		51,058	$	12.644092	$	645,582		1.50	%		44.47	%		2.02	%
Oncore & Firstar Oncore Value		1,236,468	$	13.154029	$	16,264,538		0.90	%		45.33	%		2.07	%
Oncore & Firstar Oncore Premier		1,643,327	$	12.727444	$	20,915,346		1.40	%		44.61	%		2.06	%
Oncore & Firstar Oncore Xtra		2,097,322	$	12.727444	$	26,693,547		1.40	%		44.61	%		2.06	%
Oncore & Firstar Oncore Lite		3,267,231	$	12.727444	$	41,583,504		1.40	%		44.61	%		2.06	%
Oncore Ultra		162,982	$	12.727444	$	2,074,342		1.40	%		26.22	%		2.06	%		8/7/06

		8,553,817			$	110,878,273

(continued)

163

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

J.P. Morgan Series Trust II:
Small Company Subaccount
2008
Top Tradition		6,251	$	10.708240	$	66,934		1.10	%		–32.73	%		0.19	%
Top Plus		322	$	10.861433	$	3,500		0.90	%		–32.59	%		0.19	%
Top Explorer		5,407	$	10.557541	$	57,088		1.30	%		–32.86	%		0.20	%
Oncore Flex		29,174	$	8.733704	$	254,793		1.50	%		–33.00	%		0.16	%
Oncore Value		206,409	$	9.304827	$	1,920,601		0.90	%		–32.59	%		0.19	%
Oncore Premier		275,209	$	8.826097	$	2,429,025		1.40	%		–32.93	%		0.19	%
Oncore Xtra		308,074	$	8.826097	$	2,719,092		1.40	%		–32.93	%		0.19	%
Oncore Lite		464,564	$	8.826097	$	4,100,283		1.40	%		–32.93	%		0.19	%
Oncore Ultra		102	$	8.826097	$	897		1.40	%		–32.93	%		0.19	%

		1,295,512			$	11,552,213

2007
Top Tradition		6,853	$	15.918076	$	109,082		1.10	%		–6.70	%		0.01	%
Top Plus		358	$	16.113660	$	5,761		0.90	%		–6.52	%		0.01	%
Investar Vision		33	$	10.763953	$	360		1.40	%		–6.98	%		0.01	%
Top Explorer		7,575	$	15.725263	$	119,122		1.30	%		–6.89	%		0.01	%
Oncore & Firstar Oncore Flex		12,544	$	13.034509	$	163,507		1.50	%		–7.07	%		0.01	%
Oncore & Firstar Oncore Value		236,276	$	13.804330	$	3,261,634		0.90	%		–6.52	%		0.01	%
Oncore & Firstar Oncore Premier		338,789	$	13.159363	$	4,458,260		1.40	%		–6.98	%		0.01	%
Oncore & Firstar Oncore Xtra		363,057	$	13.159363	$	4,777,596		1.40	%		–6.98	%		0.01	%
Oncore & Firstar Oncore Lite		542,883	$	13.159363	$	7,143,992		1.40	%		–6.98	%		0.01	%
Oncore Ultra		100	$	13.159363	$	1,311		1.40	%		–6.98	%		0.01	%

		1,508,468			$	20,040,625

2006
Top Tradition		9,414	$	17.061467	$	160,622		1.10	%		13.76	%		0.00	%
Top Plus		358	$	17.236701	$	6,163		0.90	%		13.98	%		0.00	%
Investar Vision		33	$	11.571579	$	387		1.40	%		13.42	%		0.00	%
Top Explorer		7,941	$	16.888335	$	134,103		1.30	%		13.53	%		0.00	%
Oncore & Firstar Oncore Flex		12,602	$	14.026402	$	176,754		1.50	%		13.31	%		0.00	%
Oncore & Firstar Oncore Value		277,280	$	14.766425	$	4,094,429		0.90	%		13.98	%		0.00	%
Oncore & Firstar Oncore Premier		401,922	$	14.146719	$	5,685,889		1.40	%		13.42	%		0.00	%
Oncore & Firstar Oncore Xtra		408,916	$	14.146719	$	5,784,818		1.40	%		13.42	%		0.00	%
Oncore & Firstar Oncore Lite		505,709	$	14.146719	$	7,154,120		1.40	%		13.42	%		0.00	%

		1,624,175			$	23,197,285

(continued)

165

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

J.P. Morgan Series Trust II: (continued)
Small Company Subaccount (continued)
2005
Top Tradition		11,271	$	14.998025	$	169,049		1.10	%		2.29	%		0.00	%
Top Plus		358	$	15.122149	$	5,407		0.90	%		2.50	%		0.00	%
Top Explorer		7,189	$	14.875109	$	106,939		1.30	%		2.09	%		0.00	%
Oncore & Firstar Oncore Flex		10,774	$	12.378673	$	133,371		1.50	%		1.89	%		0.00	%
Oncore & Firstar Oncore Value		268,177	$	12.954923	$	3,474,210		0.90	%		2.50	%		0.00	%
Oncore & Firstar Oncore Premier		472,685	$	12.472601	$	5,895,609		1.40	%		1.99	%		0.00	%
Oncore & Firstar Oncore Xtra		388,876	$	12.472601	$	4,850,301		1.40	%		1.99	%		0.00	%
Oncore & Firstar Oncore Lite		410,658	$	12.472601	$	5,121,968		1.40	%		1.99	%		0.00	%

		1,569,988			$	19,756,854

2004
Top Tradition		14,340	$	14.661716	$	210,245		1.10	%		25.78	%		0.00	%
Top Plus		7	$	14.753893	$	101		0.90	%		26.03	%		0.00	%
Top Explorer		9,420	$	14.570212	$	137,250		1.30	%		25.53	%		0.00	%
Oncore & Firstar Oncore Flex		14,233	$	12.148814	$	172,911		1.50	%		25.29	%		0.00	%
Oncore & Firstar Oncore Value		244,935	$	12.639448	$	3,095,843		0.90	%		26.03	%		0.00	%
Oncore & Firstar Oncore Premier		475,235	$	12.228991	$	5,811,659		1.40	%		25.41	%		0.00	%
Oncore & Firstar Oncore Xtra		418,229	$	12.228991	$	5,114,514		1.40	%		25.41	%		0.00	%
Oncore & Firstar Oncore Lite		324,871	$	12.228991	$	3,972,841		1.40	%		25.41	%		0.00	%

		1,501,270			$	18,515,364

Mid Cap Value Subaccount
2008
Top Tradition		33,769	$	14.024564	$	473,590		1.10	%		–33.94	%		1.11	%
Top Plus		10,534	$	14.225140	$	149,850		0.90	%		–33.81	%		1.04	%
Investar Vision		2,129	$	7.942122	$	16,908		1.40	%		–34.13	%		0.99	%
Top Explorer		33,576	$	13.827257	$	464,259		1.30	%		–34.07	%		1.04	%
Oncore Flex		63,058	$	13.632945	$	859,667		1.50	%		–34.20	%		1.07	%
Oncore Value		1,310,611	$	14.225140	$	18,643,620		0.90	%		–33.81	%		1.10	%
Oncore Premier		1,411,581	$	13.729628	$	19,380,496		1.40	%		–34.13	%		1.11	%
Oncore Xtra		1,090,860	$	13.729628	$	14,977,104		1.40	%		–34.13	%		1.11	%
Oncore Lite		3,972,576	$	13.729628	$	54,541,985		1.40	%		–34.13	%		1.11	%
Oncore Ultra		13,576	$	13.729628	$	186,396		1.40	%		–34.13	%		1.11	%

		7,942,270			$	109,693,875

(continued)

166

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

J.P. Morgan Series Trust II: (continued)
Mid Cap Value Subaccount (continued)
2007
Top I		519	$	12.135480	$	6,301		1.10	%		1.33	%		1.23	%
Top Tradition		50,781	$	21.229255	$	1,078,045		1.10	%		1.33	%		0.90	%
Top Plus		18,195	$	21.490012	$	391,007		0.90	%		1.53	%		0.93	%
Investar Vision		2,201	$	12.058008	$	26,536		1.40	%		1.03	%		0.86	%
Top Explorer		53,770	$	20.972190	$	1,127,669		1.30	%		1.13	%		0.92	%
Oncore & Firstar Oncore Flex		48,277	$	20.718539	$	1,000,233		1.50	%		0.93	%		0.72	%
Oncore & Firstar Oncore Value		1,267,739	$	21.490012	$	27,243,730		0.90	%		1.53	%		0.90	%
Oncore & Firstar Oncore Premier		1,546,924	$	20.844801	$	32,245,317		1.40	%		1.03	%		0.85	%
Oncore & Firstar Oncore Xtra		1,254,515	$	20.844801	$	26,150,115		1.40	%		1.03	%		0.85	%
Oncore & Firstar Oncore Lite		4,149,622	$	20.844801	$	86,498,043		1.40	%		1.03	%		0.85	%
Oncore Ultra		19,421	$	20.844801	$	404,828		1.40	%		1.03	%		0.85	%

		8,411,964			$	176,171,824

2006
Top Tradition		53,757	$	20.950091	$	1,126,210		1.10	%		15.57	%		0.59	%
Top Plus		17,798	$	21.165211	$	376,700		0.90	%		15.80	%		0.66	%
Investar Vision		2,049	$	11.934948	$	24,458		1.40	%		15.23	%		0.48	%
Top Explorer		50,948	$	20.737536	$	1,056,542		1.30	%		15.34	%		0.62	%
Oncore & Firstar Oncore Flex		20,421	$	20.527414	$	419,191		1.50	%		15.12	%		0.61	%
Oncore & Firstar Oncore Value		1,145,779	$	21.165211	$	24,250,647		0.90	%		15.80	%		0.56	%
Oncore & Firstar Oncore Premier		1,496,978	$	20.632066	$	30,885,755		1.40	%		15.23	%		0.56	%
Oncore & Firstar Oncore Xtra		1,297,496	$	20.632066	$	26,770,014		1.40	%		15.23	%		0.56	%
Oncore & Firstar Oncore Lite		2,977,195	$	20.632066	$	61,425,678		1.40	%		15.23	%		0.56	%
Oncore Ultra		10,920	$	20.632066	$	225,303		1.40	%		9.40	%		0.56	%		8/7/06

		7,073,341			$	146,560,498

2005
Top Tradition		68,469	$	18.127282	$	1,241,150		1.10	%		8.03	%		0.19	%
Top Plus		24,543	$	18.277281	$	448,582		0.90	%		8.24	%		0.18	%
Investar Vision		1,488	$	10.357397	$	15,412		1.40	%		3.57	%		0.00	%		11/02/05
Top Explorer		54,480	$	17.978735	$	979,475		1.30	%		7.81	%		0.17	%
Oncore & Firstar Oncore Flex		22,931	$	17.831615	$	408,905		1.50	%		7.60	%		0.19	%
Oncore & Firstar Oncore Value		822,286	$	18.277281	$	15,029,151		0.90	%		8.24	%		0.15	%
Oncore & Firstar Oncore Premier		1,185,325	$	17.904933	$	21,223,165		1.40	%		7.71	%		0.15	%
Oncore & Firstar Oncore Xtra		1,063,060	$	17.904933	$	19,034,019		1.40	%		7.71	%		0.15	%
Oncore & Firstar Oncore Lite		1,903,328	$	17.904933	$	34,078,970		1.40	%		7.71	%		0.15	%

		5,145,910			$	92,458,829

(continued)

167

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

J.P. Morgan Series Trust II: (continued)
Mid Cap Value Subaccount (continued)
2004
Top Tradition		42,936	$	16.780309	$	720,484		1.10	%		19.74	%		0.26	%
Top Plus		19,008	$	16.885789	$	320,973		0.90	%		19.98	%		0.24	%
Top Explorer		37,732	$	16.675598	$	629,202		1.30	%		19.50	%		0.23	%
Oncore & Firstar Oncore Flex		17,986	$	16.571704	$	298,066		1.50	%		19.27	%		0.27	%
Oncore & Firstar Oncore Value		254,317	$	16.885789	$	4,294,342		0.90	%		19.98	%		0.26	%
Oncore & Firstar Oncore Premier		571,517	$	16.623513	$	9,500,602		1.40	%		19.38	%		0.25	%
Oncore & Firstar Oncore Xtra		652,219	$	16.623513	$	10,842,172		1.40	%		19.38	%		0.25	%
Oncore & Firstar Oncore Lite		516,511	$	16.623513	$	8,586,223		1.40	%		19.38	%		0.25	%

		2,112,226			$	35,192,064

AllianceBernstein Variable Series Product Fund, Inc. — Class B:
Global Bond Subaccount
2007
Oncore Value		6,610	$	13.641675	$	90,167		0.90	%		9.16	%		2.97	%
Oncore Premier		5,675	$	13.079810	$	74,227		1.40	%		8.62	%		2.84	%
Oncore & Firstar Oncore Xtra		8,002	$	13.079810	$	104,666		1.40	%		8.62	%		2.84	%

		20,287			$	269,060

2006
Oncore Value		6,661	$	12.497051	$	83,239		0.90	%		3.71	%		1.46	%
Oncore & Firstar Oncore Premier		6,939	$	12.042043	$	83,560		1.40	%		3.20	%		1.32	%
Oncore & Firstar Oncore Xtra		14,105	$	12.042043	$	169,854		1.40	%		3.20	%		1.32	%

		27,705			$	336,653

2005
Oncore Flex		109	$	11.593853	$	1,259		1.50	%		–9.22	%		9.31	%
Oncore Value		8,959	$	12.049779	$	107,951		0.90	%		–8.69	%		8.88	%
Oncore & Firstar Oncore Premier		7,251	$	11.668441	$	84,612		1.40	%		–9.13	%		9.00	%
Oncore Xtra		14,360	$	11.668441	$	167,558		1.40	%		–9.13	%		9.00	%

		30,679			$	361,380

2004
Oncore Flex		329	$	12.771964	$	4,207		1.50	%		7.71	%		4.78	%
Oncore Value		8,961	$	13.195901	$	118,245		0.90	%		8.36	%		5.52	%
Oncore & Firstar Oncore Premier		9,172	$	12.841488	$	117,787		1.40	%		7.82	%		5.68	%
Oncore Xtra		12,022	$	12.841488	$	154,379		1.40	%		7.82	%		5.68	%

		30,484			$	394,618

(continued)

168

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

AllianceBernstein Variable Series Product Fund, Inc. — Class B: (continued)
Growth & Income Subaccount
2008
Oncore Premier		22,232	$	7.676043	$	170,655		1.40	%		–41.52	%		2.08	%
Oncore Xtra		1,823	$	7.676043	$	13,994		1.40	%		–41.52	%		2.08	%

		24,055			$	184,649

2007
Oncore Flex		956	$	13.015680	$	12,443		1.50	%		3.30	%		1.19	%
Oncore Value		2,528	$	13.689129	$	34,601		0.90	%		3.92	%		1.08	%
Oncore & Firstar Oncore Premier		34,167	$	13.125243	$	448,464		1.40	%		3.40	%		1.19	%
Oncore & Firstar Oncore Xtra		21,958	$	13.125243	$	288,199		1.40	%		3.40	%		1.19	%
Oncore Lite		653	$	13.125243	$	8,573		1.40	%		3.40	%		1.19	%

		60,262			$	792,280

2006
Oncore Flex		1,824	$	12.599638	$	22,983		1.50	%		15.26	%		1.25	%
Oncore Value		3,689	$	13.172788	$	48,591		0.90	%		15.94	%		1.07	%
Oncore & Firstar Oncore Premier		50,025	$	12.693113	$	634,970		1.40	%		15.37	%		1.17	%
Oncore & Firstar Oncore Xtra		47,650	$	12.693113	$	604,823		1.40	%		15.37	%		1.17	%
Oncore Lite		3,163	$	12.693113	$	40,154		1.40	%		15.37	%		1.17	%

		106,351			$	1,351,521

2005
Oncore & Firstar Oncore Flex		5,297	$	10.931504	$	57,903		1.50	%		3.05	%		1.26	%
Oncore Value		5,785	$	11.361422	$	65,725		0.90	%		3.67	%		1.28	%
Oncore & Firstar Oncore Premier		69,499	$	11.001805	$	764,614		1.40	%		3.16	%		1.31	%
Oncore & Firstar Oncore Xtra		44,739	$	11.001805	$	492,212		1.40	%		3.16	%		1.31	%
Oncore Lite		4,733	$	11.001805	$	52,075		1.40	%		3.16	%		1.31	%

		130,053			$	1,432,529

2004
Oncore & Firstar Oncore Flex		7,338	$	10.607514	$	77,837		1.50	%		9.57	%		0.72	%
Oncore & Firstar Oncore Value		6,254	$	10.959703	$	68,545		0.90	%		10.23	%		0.85	%
Oncore & Firstar Oncore Premier		92,775	$	10.665247	$	989,464		1.40	%		9.68	%		0.74	%
Oncore & Firstar Oncore Xtra		48,168	$	10.665247	$	513,725		1.40	%		9.68	%		0.74	%
Oncore Lite		4,881	$	10.665247	$	52,054		1.40	%		9.68	%		0.74	%

		159,416			$	1,701,625

(continued)

169

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

MFS Variable Insurance Trust — Service Class:
New Discovery Subaccount
2008
Top Tradition		3,064	$	7.586099	$	23,246		1.10	%		–40.18	%		0.00	%
Top Plus		360	$	7.694636	$	2,773		0.90	%		–40.06	%		0.00	%
Top Spectrum		246	$	9.344784	$	2,296		1.40	%		–40.36	%		0.00	%
Top Explorer		2,803	$	7.479307	$	20,963		1.30	%		–40.30	%		0.00	%
Oncore Flex		26,278	$	7.374183	$	193,782		1.50	%		–40.42	%		0.00	%
Oncore Value		94,361	$	7.694636	$	726,070		0.90	%		–40.06	%		0.00	%
Oncore Premier		124,494	$	7.426480	$	924,557		1.40	%		–40.36	%		0.00	%
Oncore Xtra		73,320	$	7.426480	$	544,509		1.40	%		–40.36	%		0.00	%
Oncore Lite		69,468	$	7.426480	$	515,899		1.40	%		–40.36	%		0.00	%
Oncore Ultra		11,370	$	7.426480	$	84,438		1.40	%		–40.36	%		0.00	%

		405,764			$	3,038,533

2007
Top Tradition		3,463	$	12.681684	$	43,916		1.10	%		1.13	%		0.00	%
Top Plus		290	$	12.837514	$	3,717		0.90	%		1.33	%		0.00	%
Top Spectrum		268	$	15.668310	$	4,195		1.40	%		0.83	%		0.00	%
Top Explorer		3,085	$	12.528022	$	38,647		1.30	%		0.93	%		0.00	%
Oncore Flex		26,150	$	12.376474	$	323,641		1.50	%		0.73	%		0.00	%
Oncore & Firstar Oncore Value		48,398	$	12.837514	$	621,310		0.90	%		1.33	%		0.00	%
Oncore & Firstar Oncore Premier		89,487	$	12.451903	$	1,114,300		1.40	%		0.83	%		0.00	%
Oncore & Firstar Oncore Xtra		57,056	$	12.451903	$	710,450		1.40	%		0.83	%		0.00	%
Oncore & Firstar Oncore Lite		104,674	$	12.451903	$	1,303,388		1.40	%		0.83	%		0.00	%
Oncore Ultra		5,400	$	12.451903	$	67,246		1.40	%		0.83	%		0.00	%

		338,271			$	4,230,810

2006
Top Tradition		2,506	$	12.539731	$	31,428		1.10	%		11.70	%		0.00	%
Top Plus		241	$	12.668542	$	3,047		0.90	%		11.93	%		0.00	%
Investar Vision & Top Spectrum		6,065	$	15.539169	$	94,251		1.40	%		11.37	%		0.00	%
Top Explorer		2,263	$	12.412427	$	28,088		1.30	%		11.48	%		0.00	%
Oncore Flex		967	$	12.286635	$	11,878		1.50	%		11.27	%		0.00	%
Oncore & Firstar Oncore Value		50,574	$	12.668542	$	640,702		0.90	%		11.93	%		0.00	%
Oncore & Firstar Oncore Premier		76,140	$	12.349275	$	940,286		1.40	%		11.37	%		0.00	%
Oncore & Firstar Oncore Xtra		47,922	$	12.349275	$	591,797		1.40	%		11.37	%		0.00	%
Oncore & Firstar Oncore Lite		54,284	$	12.349275	$	670,367		1.40	%		11.37	%		0.00	%
Oncore Ultra		1,597	$	12.349275	$	19,719		1.40	%		17.39	%		0.00	%		8/7/06

		242,559			$	3,031,563

(continued)

171

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

MFS Variable Insurance Trust — Service Class: (continued)
New Discovery Subaccount (continued)
2005
Top Tradition		2,664	$	11.225808	$	29,907		1.10	%		3.89	%		0.00	%
Top Plus		571	$	11.318722	$	6,457		0.90	%		4.10	%		0.00	%
Investar Vision & Top Spectrum		6,065	$	13.952143	$	84,625		1.40	%		3.58	%		0.00	%
Top Explorer		10,246	$	11.133753	$	114,072		1.30	%		3.69	%		0.00	%
Oncore & Firstar Oncore Value		49,231	$	11.318722	$	557,234		0.90	%		4.10	%		0.00	%
Oncore & Firstar Oncore Premier		77,781	$	11.088033	$	862,434		1.40	%		3.58	%		0.00	%
Oncore & Firstar Oncore Xtra		58,523	$	11.088033	$	648,905		1.40	%		3.58	%		0.00	%
Oncore & Firstar Oncore Lite		39,581	$	11.088033	$	438,878		1.40	%		3.58	%		0.00	%

		244,662			$	2,742,512

2004
Top Tradition		4,849	$	10.805330	$	52,395		1.10	%		5.05	%		0.00	%
Top Plus		571	$	10.873273	$	6,203		0.90	%		5.26	%		0.00	%
Investar Vision & Top Spectrum		6,065	$	13.469273	$	81,696		1.40	%		4.74	%		0.00	%
Top Explorer		10,550	$	10.737853	$	113,280		1.30	%		4.84	%		0.00	%
Oncore & Firstar Oncore Flex		1,454	$	10.670943	$	15,519		1.50	%		4.64	%		0.00	%
Oncore & Firstar Oncore Value		19,767	$	10.873273	$	214,928		0.90	%		5.26	%		0.00	%
Oncore & Firstar Oncore Premier		83,654	$	10.704295	$	895,461		1.40	%		4.74	%		0.00	%
Oncore & Firstar Oncore Xtra		54,972	$	10.704295	$	588,439		1.40	%		4.74	%		0.00	%
Oncore & Firstar Oncore Lite		41,765	$	10.704295	$	447,063		1.40	%		4.74	%		0.00	%

		223,647			$	2,414,984

Investors Growth Stock Subaccount
2008
Top Tradition		3,780	$	7.499617	$	28,349		1.10	%		–37.67	%		0.29	%
Top Plus		2,207	$	7.606911	$	16,789		0.90	%		–37.54	%		0.31	%
Top Explorer		1,248	$	7.394042	$	9,225		1.30	%		–37.79	%		0.31	%
Oncore Flex		231	$	7.290106	$	1,681		1.50	%		–37.92	%		0.07	%
Oncore Value		128,984	$	7.606911	$	981,173		0.90	%		–37.54	%		0.23	%
Oncore Premier		101,584	$	7.341830	$	745,810		1.40	%		–37.85	%		0.29	%
Oncore Xtra		194,244	$	7.341830	$	1,426,107		1.40	%		–37.85	%		0.29	%
Oncore Lite		117,311	$	7.341830	$	861,275		1.40	%		–37.85	%		0.29	%
Oncore Ultra		4,806	$	7.341830	$	35,288		1.40	%		–37.85	%		0.29	%

		554,395			$	4,105,697

(continued)

172

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

MFS Variable Insurance Trust — Service Class: (continued)
Investors Growth Stock Subaccount (continued)
2007
Top Tradition		4,086	$	12.031833	$	49,166		1.10	%		9.81	%		0.09	%
Top Plus		4,127	$	12.179685	$	50,263		0.90	%		10.03	%		0.11	%
Top Explorer		1,481	$	11.886051	$	17,602		1.30	%		9.59	%		0.08	%
Oncore Flex		2,328	$	11.742244	$	27,341		1.50	%		9.38	%		0.08	%
Oncore Value		65,982	$	12.179685	$	803,646		0.90	%		10.03	%		0.08	%
Oncore & Firstar Oncore Premier		104,535	$	11.813853	$	1,234,952		1.40	%		9.48	%		0.09	%
Oncore & Firstar Oncore Xtra		196,951	$	11.813853	$	2,326,749		1.40	%		9.48	%		0.09	%
Oncore & Firstar Oncore Lite		87,802	$	11.813853	$	1,037,275		1.40	%		9.48	%		0.09	%
Oncore Ultra		2,162	$	11.813853	$	25,540		1.40	%		9.48	%		0.09	%

		469,454			$	5,572,534

2006
Top Tradition		2,060	$	10.956952	$	22,576		1.10	%		6.14	%		0.00	%
Top Plus		3,866	$	11.069521	$	42,790		0.90	%		6.35	%		0.00	%
Top Explorer		1,563	$	10.845711	$	16,957		1.30	%		5.93	%		0.00	%
Oncore Flex		2,331	$	10.735763	$	25,026		1.50	%		5.72	%		0.00	%
Oncore Value		52,228	$	11.069521	$	578,140		0.90	%		6.35	%		0.00	%
Oncore & Firstar Oncore Premier		126,187	$	10.790536	$	1,361,614		1.40	%		5.83	%		0.00	%
Oncore & Firstar Oncore Xtra		184,333	$	10.790536	$	1,989,054		1.40	%		5.83	%		0.00	%
Oncore & Firstar Oncore Lite		72,462	$	10.790536	$	781,903		1.40	%		5.83	%		0.00	%
Oncore Ultra		771	$	10.790536	$	8,324		1.40	%		11.30	%		0.00	%		8/7/06

		445,801			$	4,826,384

2005
Top Tradition		2,307	$	10.323124	$	23,818		1.10	%		3.10	%		0.16	%
Top Plus		6,523	$	10.408592	$	67,898		0.90	%		3.30	%		0.15	%
Top Explorer		2,544	$	10.238472	$	26,051		1.30	%		2.89	%		0.11	%
Oncore Flex		2,334	$	10.154653	$	23,702		1.50	%		2.69	%		0.15	%
Oncore & Firstar Oncore Value		49,450	$	10.408592	$	514,706		0.90	%		3.30	%		0.12	%
Oncore & Firstar Oncore Premier		144,380	$	10.196440	$	1,472,160		1.40	%		2.79	%		0.14	%
Oncore & Firstar Oncore Xtra		193,837	$	10.196440	$	1,976,449		1.40	%		2.79	%		0.14	%
Oncore & Firstar Oncore Lite		44,799	$	10.196440	$	456,783		1.40	%		2.79	%		0.14	%

		446,174			$	4,561,567

(continued)

173

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

MFS Variable Insurance Trust — Service Class: (continued)
Investors Growth Stock Subaccount (continued)
2004
Top Tradition		4,968	$	10.013159	$	49,749		1.10	%		7.80	%		0.00	%
Top Plus		6,338	$	10.076135	$	63,860		0.90	%		8.01	%		0.00	%
Top Explorer		1,451	$	9.950631	$	14,434		1.30	%		7.58	%		0.00	%
Oncore Flex		1,485	$	9.888605	$	14,686		1.50	%		7.37	%		0.00	%
Oncore & Firstar Oncore Value		38,931	$	10.076135	$	392,269		0.90	%		8.01	%		0.00	%
Oncore & Firstar Oncore Premier		160,946	$	9.919542	$	1,596,520		1.40	%		7.48	%		0.00	%
Oncore & Firstar Oncore Xtra		147,730	$	9.919542	$	1,465,413		1.40	%		7.48	%		0.00	%
Oncore & Firstar Oncore Lite		47,262	$	9.919542	$	468,813		1.40	%		7.48	%		0.00	%

		409,111			$	4,065,744

Mid Cap Growth Subaccount
2008
Top Tradition		5,657	$	5.069714	$	28,679		1.10	%		–52.12	%		0.00	%
Top Plus		5,652	$	5.142267	$	29,066		0.90	%		–52.03	%		0.00	%
Top Spectrum		766	$	7.970349	$	6,103		1.40	%		–52.27	%		0.00	%
Top Explorer		31,648	$	4.998344	$	158,186		1.30	%		–52.22	%		0.00	%
Oncore Flex		28,715	$	4.928058	$	141,510		1.50	%		–52.31	%		0.00	%
Oncore Value		452,285	$	5.142267	$	2,325,768		0.90	%		–52.03	%		0.00	%
Oncore Premier		544,713	$	4.963011	$	2,703,416		1.40	%		–52.27	%		0.00	%
Oncore Xtra		398,190	$	4.963011	$	1,976,223		1.40	%		–52.27	%		0.00	%
Oncore Lite		1,332,181	$	4.963011	$	6,611,631		1.40	%		–52.27	%		0.00	%
Oncore Ultra		132,838	$	4.963011	$	659,276		1.40	%		–52.27	%		0.00	%
Oncore Wrap		255	$	5.496890	$	1,400		0.65	%		–51.91	%		0.00	%

		2,932,900			$	14,641,258

2007
Top Tradition		5,467	$	10.589068	$	57,886		1.10	%		8.31	%		0.00	%
Top Plus		6,067	$	10.719214	$	65,035		0.90	%		8.53	%		0.00	%
Investar Vision & Top Spectrum		983	$	16.697336	$	16,416		1.40	%		7.99	%		0.00	%
Top Explorer		29,939	$	10.460762	$	313,186		1.30	%		8.10	%		0.00	%
Oncore & Firstar Oncore Flex		22,908	$	10.334185	$	236,740		1.50	%		7.88	%		0.00	%
Oncore & Firstar Oncore Value		412,365	$	10.719214	$	4,420,232		0.90	%		8.53	%		0.00	%
Oncore & Firstar Oncore Premier		529,101	$	10.397166	$	5,501,147		1.40	%		7.99	%		0.00	%
Oncore & Firstar Oncore Xtra		396,911	$	10.397166	$	4,126,749		1.40	%		7.99	%		0.00	%
Oncore & Firstar Oncore Lite		1,168,055	$	10.397166	$	12,144,467		1.40	%		7.99	%		0.00	%
Oncore Ultra		112,691	$	10.397166	$	1,171,664		1.40	%		7.99	%		0.00	%
Oncore Wrap		176	$	11.429880	$	2,007		0.65	%		8.80	%		0.00	%

		2,684,663			$	28,055,529

(continued)

174

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

MFS Variable Insurance Trust — Service Class: (continued)
Mid Cap Growth Subaccount (continued)
2006
Top Tradition		7,718	$	9.776518	$	75,456		1.10	%		1.19	%		0.00	%
Top Plus		7,385	$	9.876987	$	72,946		0.90	%		1.39	%		0.00	%
Investar Vision & Top Spectrum		1,023	$	15.462066	$	15,815		1.40	%		0.89	%		0.00	%
Top Explorer		28,329	$	9.677244	$	274,146		1.30	%		0.99	%		0.00	%
Oncore & Firstar Oncore Flex		4,911	$	9.579140	$	47,047		1.50	%		0.79	%		0.00	%
Oncore & Firstar Oncore Value		190,828	$	9.876987	$	1,884,802		0.90	%		1.39	%		0.00	%
Oncore & Firstar Oncore Premier		357,007	$	9.627990	$	3,437,269		1.40	%		0.89	%		0.00	%
Oncore & Firstar Oncore Xtra		188,960	$	9.627990	$	1,819,301		1.40	%		0.89	%		0.00	%
Oncore & Firstar Oncore Lite		493,294	$	9.627990	$	4,749,430		1.40	%		0.89	%		0.00	%
Oncore Ultra		39,056	$	9.627990	$	376,027		1.40	%		9.09	%		0.00	%		8/7/06

		1,318,511			$	12,752,239

2005
Top Tradition		8,035	$	9.661860	$	77,632		1.10	%		1.74	%		0.00	%
Top Plus		7,619	$	9.741876	$	74,224		0.90	%		1.94	%		0.00	%
Investar Vision & Top Spectrum		1,131	$	15.325981	$	17,334		1.40	%		1.44	%		0.00	%
Top Explorer		30,195	$	9.582619	$	289,345		1.30	%		1.54	%		0.00	%
Oncore Flex		2,640	$	9.504178	$	25,089		1.50	%		1.34	%		0.00	%
Oncore & Firstar Oncore Value		50,988	$	9.741876	$	496,723		0.90	%		1.94	%		0.00	%
Oncore & Firstar Oncore Premier		230,285	$	9.543251	$	2,197,664		1.40	%		1.44	%		0.00	%
Oncore & Firstar Oncore Xtra		98,195	$	9.543251	$	937,103		1.40	%		1.44	%		0.00	%
Oncore & Firstar Oncore Lite		69,956	$	9.543251	$	667,604		1.40	%		1.44	%		0.00	%

		499,044			$	4,782,718

2004
Top Tradition		9,905	$	9.496516	$	94,067		1.10	%		13.13	%		0.00	%
Top Plus		6,140	$	9.556262	$	58,680		0.90	%		13.36	%		0.00	%
Investar Vision & Top Spectrum		1,757	$	15.108281	$	26,538		1.40	%		12.80	%		0.00	%
Top Explorer		15,501	$	9.437194	$	146,290		1.30	%		12.91	%		0.00	%
Oncore & Firstar Oncore Flex		7,456	$	9.378381	$	69,921		1.50	%		12.68	%		0.00	%
Oncore & Firstar Oncore Value		42,864	$	9.556262	$	409,622		0.90	%		13.36	%		0.00	%
Oncore & Firstar Oncore Premier		237,675	$	9.407690	$	2,235,958		1.40	%		12.80	%		0.00	%
Oncore & Firstar Oncore Xtra		119,645	$	9.407690	$	1,125,586		1.40	%		12.80	%		0.00	%
Oncore & Firstar Oncore Lite		54,171	$	9.407690	$	509,628		1.40	%		12.80	%		0.00	%

		495,114			$	4,676,290

(continued)

175

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

MFS Variable Insurance Trust — Service Class: (continued)
Total Return Subaccount
2008
Top Tradition		75,410	$	10.709937	$	807,636		1.10	%		–23.17	%		2.93	%
Top Plus		48,050	$	10.863126	$	521,972		0.90	%		–23.02	%		2.88	%
Investar Vision & Top Spectrum		20,472	$	11.153053	$	228,330		1.40	%		–23.40	%		2.94	%
Top Explorer		56,664	$	10.559245	$	598,327		1.30	%		–23.32	%		2.77	%
Oncore Flex		155,265	$	10.410864	$	1,616,444		1.50	%		–23.47	%		2.79	%
Oncore Value		742,596	$	10.863126	$	8,066,909		0.90	%		–23.02	%		2.79	%
Oncore Premier		1,612,192	$	10.484710	$	16,903,378		1.40	%		–23.40	%		2.93	%
Oncore Xtra		805,227	$	10.484710	$	8,442,572		1.40	%		–23.40	%		2.93	%
Oncore Lite		1,370,785	$	10.484710	$	14,372,285		1.40	%		–23.40	%		2.93	%
Oncore Ultra		52,285	$	10.484710	$	548,188		1.40	%		–23.40	%		2.93	%
Oncore Wrap		1,441	$	8.207309	$	11,823		0.65	%		–22.82	%		3.41	%

		4,940,387			$	52,117,864

2007
Top Tradition		87,083	$	13.939668	$	1,213,911		1.10	%		2.80	%		2.38	%
Top Plus		62,275	$	14.110952	$	878,757		0.90	%		3.00	%		2.57	%
Investar Vision & Top Spectrum		25,460	$	14.559673	$	370,695		1.40	%		2.49	%		2.23	%
Top Explorer		75,394	$	13.770825	$	1,038,237		1.30	%		2.59	%		2.37	%
Oncore & Firstar Oncore Flex		133,610	$	13.604245	$	1,817,658		1.50	%		2.39	%		1.53	%
Oncore & Firstar Oncore Value		800,532	$	14.110952	$	11,296,271		0.90	%		3.00	%		2.25	%
Oncore & Firstar Oncore Premier		2,106,738	$	13.687185	$	28,835,315		1.40	%		2.49	%		2.32	%
Oncore & Firstar Oncore Xtra		1,016,114	$	13.687185	$	13,907,745		1.40	%		2.49	%		2.32	%
Oncore & Firstar Oncore Lite		1,350,696	$	13.687185	$	18,487,225		1.40	%		2.49	%		2.32	%
Oncore Ultra		62,817	$	13.687185	$	859,783		1.40	%		2.49	%		2.32	%

		5,720,719			$	78,705,597

2006
Top Tradition		90,029	$	13.560219	$	1,220,810		1.10	%		10.41	%		2.30	%
Top Plus		82,282	$	13.699522	$	1,127,228		0.90	%		10.63	%		2.29	%
Investar Vision & Top Spectrum		27,199	$	14.205597	$	386,384		1.40	%		10.09	%		2.33	%
Top Explorer		81,353	$	13.422599	$	1,091,975		1.30	%		10.19	%		2.23	%
Oncore & Firstar Oncore Flex		48,364	$	13.286570	$	642,589		1.50	%		9.98	%		2.20	%
Oncore & Firstar Oncore Value		679,107	$	13.699522	$	9,303,437		0.90	%		10.63	%		2.11	%
Oncore & Firstar Oncore Premier		2,227,641	$	13.354330	$	29,748,644		1.40	%		10.09	%		2.17	%
Oncore & Firstar Oncore Xtra		1,135,745	$	13.354330	$	15,167,119		1.40	%		10.09	%		2.17	%
Oncore & Firstar Oncore Lite		1,086,554	$	13.354330	$	14,510,198		1.40	%		10.09	%		2.17	%
Oncore Ultra		16,815	$	13.354330	$	224,559		1.40	%		8.08	%		2.17	%		8/7/06

		5,475,089			$	73,422,943

(continued)

176

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

MFS Variable Insurance Trust — Service Class: (continued)
Total Return Subaccount (continued)
2005
Top Tradition		123,025	$	12.281462	$	1,510,931		1.10	%		1.48	%		1.91	%
Top Plus		110,150	$	12.383129	$	1,364,001		0.90	%		1.69	%		1.85	%
Investar Vision & Top Spectrum		36,869	$	12.904044	$	475,760		1.40	%		1.18	%		1.72	%
Top Explorer		98,575	$	12.180780	$	1,200,714		1.30	%		1.28	%		1.80	%
Oncore & Firstar Oncore Flex		52,087	$	12.081085	$	629,264		1.50	%		1.09	%		2.01	%
Oncore & Firstar Oncore Value		668,633	$	12.383129	$	8,279,765		0.90	%		1.69	%		1.72	%
Oncore & Firstar Oncore Premier		2,562,775	$	12.130767	$	31,088,426		1.40	%		1.18	%		1.82	%
Oncore & Firstar Oncore Xtra		1,389,861	$	12.130767	$	16,860,079		1.40	%		1.18	%		1.82	%
Oncore & Firstar Oncore Lite		954,019	$	12.130767	$	11,572,998		1.40	%		1.18	%		1.82	%

		5,995,994			$	72,981,938

2004
Top Tradition		117,586	$	12.101817	$	1,423,003		1.10	%		9.82	%		1.48	%
Top Plus		114,704	$	12.177912	$	1,396,858		0.90	%		10.03	%		1.52	%
Investar Vision & Top Spectrum		28,501	$	12.752922	$	363,471		1.40	%		9.49	%		1.04	%
Top Explorer		95,731	$	12.026280	$	1,151,292		1.30	%		9.60	%		1.45	%
Oncore & Firstar Oncore Flex		64,564	$	11.951339	$	771,621		1.50	%		9.38	%		1.52	%
Oncore & Firstar Oncore Value		463,212	$	12.177912	$	5,640,952		0.90	%		10.03	%		1.43	%
Oncore & Firstar Oncore Premier		2,269,205	$	11.988710	$	27,204,845		1.40	%		9.49	%		1.48	%
Oncore & Firstar Oncore Xtra		1,424,045	$	11.988710	$	17,072,462		1.40	%		9.49	%		1.48	%
Oncore & Firstar Oncore Lite		699,452	$	11.988710	$	8,385,524		1.40	%		9.49	%		1.48	%

		5,277,000			$	63,410,028

PIMCO Variable Insurance Trust — Administrative Shares:
Real Return Subaccount
2008
Top Tradition		75,006	$	12.537931	$	940,426		1.10	%		–8.05	%		3.55	%
Top Plus		37,696	$	12.698430	$	478,684		0.90	%		–7.87	%		3.52	%
Investar Vision & Top Spectrum		5,019	$	12.301525	$	61,745		1.40	%		–8.32	%		3.51	%
Top Explorer		72,586	$	12.379853	$	898,607		1.30	%		–8.23	%		3.56	%
Oncore Flex		146,828	$	12.223933	$	1,794,821		1.50	%		–8.41	%		3.58	%
Oncore Value		3,168,480	$	12.698430	$	40,234,716		0.90	%		–7.87	%		3.52	%
Oncore Premier		3,630,481	$	12.301525	$	44,660,442		1.40	%		–8.32	%		3.51	%
Oncore Xtra		3,385,257	$	12.301525	$	41,643,825		1.40	%		–8.32	%		3.51	%
Oncore Lite		5,913,565	$	12.301525	$	72,745,866		1.40	%		–8.32	%		3.51	%
Oncore Ultra		265,643	$	12.301525	$	3,267,811		1.40	%		–8.32	%		3.51	%
Oncore Wrap		9,807	$	10.037066	$	98,429		0.65	%		–7.64	%		3.63	%

		16,710,368			$	206,825,372

(continued)

177

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

PIMCO Variable Insurance Trust — Administrative Shares: (continued)
Real Return Subaccount (continued)
2007
Top I		367	$	10.986548	$	4,037		1.10	%		9.46	%		4.83	%
Top Tradition		66,093	$	13.635395	$	901,200		1.10	%		9.46	%		4.65	%
Top Plus		42,244	$	13.782516	$	582,230		0.90	%		9.68	%		4.55	%
Investar Vision & Top Spectrum		5,607	$	13.418119	$	75,233		1.40	%		9.13	%		4.64	%
Top Explorer		61,305	$	13.490184	$	827,010		1.30	%		9.24	%		4.54	%
Oncore & Firstar Oncore Flex		50,979	$	13.346672	$	680,398		1.50	%		9.02	%		4.71	%
Oncore & Firstar Oncore Value		2,981,292	$	13.782516	$	41,089,703		0.90	%		9.68	%		4.69	%
Oncore & Firstar Oncore Premier		3,786,391	$	13.418119	$	50,806,258		1.40	%		9.13	%		4.67	%
Oncore & Firstar Oncore Xtra		3,377,056	$	13.418119	$	45,313,733		1.40	%		9.13	%		4.67	%
Oncore & Firstar Oncore Lite		5,234,092	$	13.418119	$	70,231,675		1.40	%		9.13	%		4.67	%
Oncore Ultra		107,688	$	13.418119	$	1,444,970		1.40	%		9.13	%		4.67	%
Oncore Wrap		1,571	$	10.866893	$	17,068		0.65	%		9.95	%		4.64	%

		15,714,685			$	211,973,515

2006
Top I		268	$	10.037231	$	2,685		1.10	%		–0.38	%		4.14	%
Top Tradition		75,554	$	12.457193	$	941,185		1.10	%		–0.38	%		4.18	%
Top Plus		73,608	$	12.566552	$	924,994		0.90	%		–0.18	%		4.35	%
Investar Vision & Top Spectrum		7,567	$	12.295258	$	93,032		1.40	%		–0.67	%		4.20	%
Top Explorer		122,592	$	12.349018	$	1,513,894		1.30	%		–0.57	%		4.40	%
Oncore & Firstar Oncore Flex		31,833	$	12.241908	$	389,695		1.50	%		–0.77	%		4.09	%
Oncore & Firstar Oncore Value		2,654,325	$	12.566552	$	33,355,708		0.90	%		–0.18	%		4.32	%
Oncore & Firstar Oncore Premier		4,045,717	$	12.295258	$	49,743,160		1.40	%		–0.67	%		4.26	%
Oncore & Firstar Oncore Xtra		3,363,850	$	12.295258	$	41,359,399		1.40	%		–0.67	%		4.26	%
Oncore & Firstar Oncore Lite		4,989,096	$	12.295258	$	61,342,225		1.40	%		–0.67	%		4.26	%
Oncore Ultra		12,426	$	12.295258	$	152,781		1.40	%		–1.18	%		4.26	%		8/7/06

		15,376,836			$	189,818,758

(continued)

178

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

PIMCO Variable Insurance Trust — Administrative Shares: (continued)
Real Return Subaccount (continued)
2005
Top Tradition		74,919	$	12.504455	$	936,817		1.10	%		0.99	%		2.79	%
Top Plus		52,018	$	12.589324	$	654,871		0.90	%		1.19	%		2.74	%
Investar Vision & Top Spectrum		7,103	$	12.378441	$	87,921		1.40	%		0.69	%		2.64	%
Top Explorer		68,471	$	12.420313	$	850,426		1.30	%		0.79	%		2.70	%
Oncore & Firstar Oncore Flex		41,815	$	12.336855	$	515,866		1.50	%		0.59	%		2.53	%
Oncore & Firstar Oncore Value		1,679,093	$	12.589324	$	21,138,648		0.90	%		1.19	%		3.00	%
Oncore & Firstar Oncore Premier		3,082,173	$	12.378441	$	38,152,497		1.40	%		0.69	%		2.90	%
Oncore & Firstar Oncore Xtra		2,768,850	$	12.378441	$	34,274,050		1.40	%		0.69	%		2.90	%
Oncore & Firstar Oncore Lite		3,648,614	$	12.378441	$	45,164,164		1.40	%		0.69	%		2.90	%

		11,423,056			$	141,775,260

2004
Top Tradition		57,850	$	12.381890	$	716,297		1.10	%		7.73	%		0.95	%
Top Plus		41,648	$	12.441318	$	518,155		0.90	%		7.94	%		0.95	%
Investar Vision & Top Spectrum		6,996	$	12.293387	$	85,999		1.40	%		7.41	%		0.95	%
Top Explorer		65,261	$	12.322822	$	804,197		1.30	%		7.52	%		1.01	%
Oncore & Firstar Oncore Flex		50,207	$	12.264135	$	615,750		1.50	%		7.30	%		0.97	%
Oncore & Firstar Oncore Value		561,294	$	12.441318	$	6,983,237		0.90	%		7.94	%		1.16	%
Oncore & Firstar Oncore Premier		1,548,335	$	12.293387	$	19,034,280		1.40	%		7.41	%		1.06	%
Oncore & Firstar Oncore Xtra		1,657,418	$	12.293387	$	20,375,283		1.40	%		7.41	%		1.06	%
Oncore & Firstar Oncore Lite		1,317,123	$	12.293387	$	16,191,902		1.40	%		7.41	%		1.06	%

		5,306,132			$	65,325,100

Total Return Subaccount
2008
Top Tradition		59,494	$	13.054217	$	776,642		1.10	%		3.67	%		4.47	%
Top Plus		42,397	$	13.221299	$	560,541		0.90	%		3.87	%		4.46	%
Investar Vision & Top Spectrum		1,835	$	12.808109	$	23,499		1.40	%		3.36	%		4.47	%
Top Explorer		67,589	$	12.889622	$	871,202		1.30	%		3.46	%		4.50	%
Oncore Flex		644,145	$	12.727285	$	8,198,214		1.50	%		3.26	%		4.62	%
Oncore Value		5,920,408	$	13.221299	$	78,275,485		0.90	%		3.87	%		4.44	%
Oncore Premier		6,532,441	$	12.808109	$	83,668,213		1.40	%		3.36	%		4.45	%
Oncore Xtra		5,933,708	$	12.808109	$	75,999,584		1.40	%		3.36	%		4.45	%
Oncore Lite		15,833,994	$	12.808109	$	202,803,522		1.40	%		3.36	%		4.45	%
Oncore Ultra		1,120,772	$	12.808109	$	14,354,968		1.40	%		3.36	%		4.45	%
Oncore Wrap		13,528	$	11.264055	$	152,382		0.65	%		4.13	%		4.43	%

		36,170,311			$	465,684,252

(continued)

179

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

PIMCO Variable Insurance Trust — Administrative Shares: (continued)
Total Return Subaccount (continued)
2007
Top I		133	$	11.213583	$	1,493		1.10	%		7.57	%		4.64	%
Top Tradition		62,116	$	12.592535	$	782,194		1.10	%		7.57	%		4.62	%
Top Plus		43,433	$	12.728410	$	552,833		0.90	%		7.79	%		4.69	%
Investar Vision & Top Spectrum		1,896	$	12.391894	$	23,493		1.40	%		7.25	%		4.57	%
Top Explorer		63,673	$	12.458408	$	793,262		1.30	%		7.36	%		4.69	%
Oncore & Firstar Oncore Flex		245,216	$	12.325867	$	3,022,496		1.50	%		7.15	%		4.85	%
Oncore & Firstar Oncore Value		5,235,746	$	12.728410	$	66,642,722		0.90	%		7.79	%		4.89	%
Oncore & Firstar Oncore Premier		5,734,503	$	12.391894	$	71,061,364		1.40	%		7.25	%		4.81	%
Oncore & Firstar Oncore Xtra		5,540,521	$	12.391894	$	68,657,543		1.40	%		7.25	%		4.81	%
Oncore & Firstar Oncore Lite		12,222,703	$	12.391894	$	151,462,444		1.40	%		7.25	%		4.81	%
Oncore Ultra		1,124,591	$	12.391894	$	13,935,810		1.40	%		7.25	%		4.81	%
Oncore Wrap		8,794	$	10.817213	$	95,130		0.65	%		8.06	%		5.19	%

		30,283,325			$	377,030,784

2006
Top I		133	$	10.424276	$	1,388		1.10	%		2.72	%		4.29	%
Top Tradition		59,001	$	11.706171	$	690,678		1.10	%		2.72	%		4.29	%
Top Plus		40,019	$	11.808941	$	472,584		0.90	%		2.93	%		4.25	%
Investar Vision & Top Spectrum		2,467	$	11.554016	$	28,503		1.40	%		2.42	%		4.04	%
Top Explorer		52,289	$	11.604508	$	606,790		1.30	%		2.52	%		4.25	%
Oncore & Firstar Oncore Flex		87,231	$	11.503847	$	1,003,487		1.50	%		2.32	%		5.06	%
Oncore & Firstar Oncore Value		1,377,798	$	11.808941	$	16,270,338		0.90	%		2.93	%		4.57	%
Oncore & Firstar Oncore Premier		3,345,505	$	11.554016	$	38,654,026		1.40	%		2.42	%		4.48	%
Oncore & Firstar Oncore Xtra		2,879,631	$	11.554016	$	33,271,299		1.40	%		2.42	%		4.48	%
Oncore & Firstar Oncore Lite		3,826,908	$	11.554016	$	44,216,152		1.40	%		2.42	%		4.48	%
Oncore Ultra		272,486	$	11.554016	$	3,148,304		1.40	%		2.16	%		4.48	%		8/7/06

		11,943,468			$	138,363,549

(continued)

180

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

PIMCO Variable Insurance Trust — Administrative Shares: (continued)
Total Return Subaccount (continued)
2005
Top Tradition		47,776	$	11.395691	$	544,444		1.10	%		1.34	%		3.44	%
Top Plus		41,173	$	11.473039	$	472,379		0.90	%		1.54	%		3.41	%
Investar Vision & Top Spectrum		7,338	$	11.280852	$	82,773		1.40	%		1.04	%		3.65	%
Top Explorer		50,501	$	11.319001	$	571,620		1.30	%		1.14	%		3.36	%
Oncore & Firstar Oncore Flex		17,516	$	11.242927	$	196,931		1.50	%		0.94	%		3.31	%
Oncore & Firstar Oncore Value		429,164	$	11.473039	$	4,923,818		0.90	%		1.54	%		3.52	%
Oncore & Firstar Oncore Premier		1,678,924	$	11.280852	$	18,939,688		1.40	%		1.04	%		3.47	%
Oncore & Firstar Oncore Xtra		1,413,795	$	11.280852	$	15,948,814		1.40	%		1.04	%		3.47	%
Oncore & Firstar Oncore Lite		1,243,220	$	11.280852	$	14,024,590		1.40	%		1.04	%		3.47	%

		4,929,407			$	55,705,057

2004
Top Tradition		38,222	$	11.244848	$	429,797		1.10	%		3.75	%		1.88	%
Top Plus		38,494	$	11.298824	$	434,937		0.90	%		3.95	%		1.89	%
Investar Vision & Top Spectrum		2,058	$	11.164475	$	22,976		1.40	%		3.44	%		1.83	%
Top Explorer		49,501	$	11.191194	$	553,977		1.30	%		3.54	%		1.85	%
Oncore & Firstar Oncore Flex		20,424	$	11.137894	$	227,484		1.50	%		3.34	%		1.89	%
Oncore & Firstar Oncore Value		275,893	$	11.298824	$	3,117,269		0.90	%		3.95	%		1.88	%
Oncore & Firstar Oncore Premier		1,174,175	$	11.164475	$	13,109,046		1.40	%		3.44	%		1.90	%
Oncore & Firstar Oncore Xtra		1,196,240	$	11.164475	$	13,355,390		1.40	%		3.44	%		1.90	%
Oncore & Firstar Oncore Lite		885,944	$	11.164475	$	9,891,103		1.40	%		3.44	%		1.90	%

		3,680,951			$	41,141,979

Global Bond Subaccount
2008
Top I		330	$	11.013312	$	3,637		1.10	%		–1.92	%		2.65	%
Top Tradition		31,935	$	13.476539	$	430,370		1.10	%		–1.92	%		3.31	%
Top Plus		6,173	$	13.649026	$	84,255		0.90	%		–1.73	%		3.17	%
Investar Vision & Top Spectrum		2,475	$	13.222468	$	32,721		1.40	%		–2.21	%		3.34	%
Top Explorer		27,318	$	13.306610	$	363,514		1.30	%		–2.11	%		3.17	%
Oncore Flex		129,017	$	13.139058	$	1,695,159		1.50	%		–2.31	%		3.35	%
Oncore Value		1,362,477	$	13.649026	$	18,596,489		0.90	%		–1.73	%		3.44	%
Oncore Premier		1,303,898	$	13.222468	$	17,240,760		1.40	%		–2.21	%		3.43	%
Oncore Xtra		1,266,823	$	13.222468	$	16,750,529		1.40	%		–2.21	%		3.43	%
Oncore Lite		3,339,832	$	13.222468	$	44,160,821		1.40	%		–2.21	%		3.43	%
Oncore Ultra		208,688	$	13.222468	$	2,759,367		1.40	%		–2.21	%		3.43	%
Oncore Wrap		9,958	$	10.771704	$	107,260		0.65	%		–1.48	%		3.41	%

		7,688,924			$	102,224,882

(continued)

181

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

PIMCO Variable Insurance Trust — Administrative Shares: (continued)
Global Bond Subaccount (continued)
2007
Top Tradition		20,178	$	13.740471	$	277,261		1.10	%		8.55	%		3.21	%
Top Plus		2,635	$	13.888722	$	36,598		0.90	%		8.76	%		3.09	%
Investar Vision & Top Spectrum		1,556	$	13.521529	$	21,041		1.40	%		8.22	%		3.29	%
Top Explorer		14,957	$	13.594097	$	203,324		1.30	%		8.33	%		3.22	%
Oncore Flex		27,914	$	13.449508	$	375,424		1.50	%		8.12	%		3.39	%
Oncore & Firstar Oncore Value		437,377	$	13.888722	$	6,074,608		0.90	%		8.76	%		3.29	%
Oncore & Firstar Oncore Premier		352,143	$	13.521529	$	4,761,504		1.40	%		8.22	%		3.31	%
Oncore & Firstar Oncore Xtra		585,367	$	13.521529	$	7,915,053		1.40	%		8.22	%		3.31	%
Oncore & Firstar Oncore Lite		850,296	$	13.521529	$	11,497,306		1.40	%		8.22	%		3.31	%
Oncore Ultra		35,617	$	13.521529	$	481,600		1.40	%		8.22	%		3.31	%
Oncore Wrap		493	$	10.933659	$	5,395		0.65	%		9.03	%		3.50	%

		2,328,533			$	31,649,114

2006
Top Tradition		22,023	$	12.658636	$	278,778		1.10	%		3.51	%		3.28	%
Top Plus		6,803	$	12.769755	$	86,872		0.90	%		3.72	%		3.56	%
Investar Vision & Top Spectrum		1,342	$	12.494102	$	16,769		1.40	%		3.21	%		3.23	%
Top Explorer		13,689	$	12.548684	$	171,785		1.30	%		3.31	%		3.27	%
Oncore Flex		10,486	$	12.439870	$	130,440		1.50	%		3.11	%		3.46	%
Oncore & Firstar Oncore Value		296,361	$	12.769755	$	3,784,462		0.90	%		3.72	%		3.31	%
Oncore & Firstar Oncore Premier		319,339	$	12.494102	$	3,989,857		1.40	%		3.21	%		3.32	%
Oncore & Firstar Oncore Xtra		396,960	$	12.494102	$	4,959,657		1.40	%		3.21	%		3.32	%
Oncore & Firstar Oncore Lite		431,636	$	12.494102	$	5,392,906		1.40	%		3.21	%		3.32	%
Oncore Ultra		5,156	$	12.494102	$	64,416		1.40	%		0.59	%		3.32	%		8/7/06

		1,503,795			$	18,875,942

2005
Top Tradition		17,154	$	12.228882	$	209,779		1.10	%		–7.64	%		2.51	%
Top Plus		2,779	$	12.311876	$	34,216		0.90	%		–7.45	%		2.27	%
Investar Vision & Top Spectrum		1,362	$	12.105658	$	16,485		1.40	%		–7.91	%		2.51	%
Top Explorer		13,458	$	12.146562	$	163,466		1.30	%		–7.82	%		2.46	%
Oncore Flex		4,754	$	12.064953	$	57,358		1.50	%		–8.00	%		2.51	%
Oncore & Firstar Oncore Value		195,504	$	12.311876	$	2,407,016		0.90	%		–7.45	%		2.66	%
Oncore & Firstar Oncore Premier		206,521	$	12.105658	$	2,500,074		1.40	%		–7.91	%		2.57	%
Oncore & Firstar Oncore Xtra		327,971	$	12.105658	$	3,970,304		1.40	%		–7.91	%		2.57	%
Oncore & Firstar Oncore Lite		232,808	$	12.105658	$	2,818,295		1.40	%		–7.91	%		2.57	%

		1,002,311			$	12,176,993

(continued)

182

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

PIMCO Variable Insurance Trust — Administrative Shares: (continued)
Global Bond Subaccount (continued)
2004
Top Tradition		15,010	$	13.239901	$	198,736		1.10	%		9.40	%		1.83	%
Top Plus		6,872	$	13.303437	$	91,416		0.90	%		9.61	%		1.84	%
Investar Vision & Top Spectrum		1,030	$	13.145307	$	13,535		1.40	%		9.07	%		1.82	%
Top Explorer		13,258	$	13.176725	$	174,700		1.30	%		9.18	%		1.86	%
Oncore Flex		3,656	$	13.113999	$	47,946		1.50	%		8.96	%		1.84	%
Oncore & Firstar Oncore Value		81,063	$	13.303437	$	1,078,420		0.90	%		9.61	%		1.88	%
Oncore & Firstar Oncore Premier		133,027	$	13.145307	$	1,748,688		1.40	%		9.07	%		1.87	%
Oncore & Firstar Oncore Xtra		218,689	$	13.145307	$	2,874,731		1.40	%		9.07	%		1.87	%
Oncore & Firstar Oncore Lite		123,337	$	13.145307	$	1,621,300		1.40	%		9.07	%		1.87	%

		595,942			$	7,849,472

VIT CommodityRealReturn Strategy Subaccount
2008
Oncore Value		25,792	$	6.254089	$	161,305		0.90	%		–37.46	%		0.69	%		10/1/08
Oncore Premier		7,749	$	6.246349	$	48,396		1.40	%		–37.54	%		0.33	%		10/1/08
Oncore Xtra		6,282	$	6.246349	$	39,242		1.40	%		–37.54	%		0.33	%		10/1/08
Oncore Lite		170,979	$	6.246349	$	1,067,996		1.40	%		–37.54	%		0.33	%		10/1/08
Oncore Ultra		16,133	$	6.246349	$	100,774		1.40	%		–37.54	%		0.33	%		10/1/08

		226,935			$	1,417,713

Calvert Variable Series, Inc.:
Social Equity Subaccount
2008
Top Tradition		15,745	$	5.516434	$	86,854		1.10	%		–36.50	%		0.00	%
Top Plus		2,985	$	5.649135	$	16,865		0.90	%		–36.37	%		0.00	%
Investar Vision		245	$	5.490817	$	1,344		1.40	%		–36.68	%		0.00	%
Top Explorer		21,079	$	5.750601	$	121,216		1.30	%		–36.62	%		0.00	%

		40,054			$	226,279

2007
Top Tradition		15,967	$	8.686641	$	138,699		1.10	%		8.79	%		0.00	%
Top Plus		3,967	$	8.877902	$	35,217		0.90	%		9.00	%		0.00	%
Investar Vision		246	$	8.672105	$	2,133		1.40	%		8.46	%		0.00	%
Top Explorer		21,056	$	9.073375	$	191,048		1.30	%		8.57	%		0.00	%

		41,236			$	367,097

(continued)

183

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Dreyfus Variable Investment Fund — Service Shares: (continued)
Appreciation Subaccount (continued)
2007
Top Tradition		3,349	$	15.191304	$	50,879		1.10	%		5.68	%		1.33	%
Top Explorer		6,724	$	15.051804	$	101,202		1.30	%		5.47	%		1.13	%
Oncore Flex		56,182	$	14.913728	$	837,884		1.50	%		5.26	%		0.24	%
Oncore & Firstar Oncore Value		73,473	$	15.332459	$	1,126,522		0.90	%		5.89	%		1.18	%
Oncore & Firstar Oncore Premier		160,177	$	14.982507	$	2,399,852		1.40	%		5.37	%		1.31	%
Oncore & Firstar Oncore Xtra		148,186	$	14.982507	$	2,220,200		1.40	%		5.37	%		1.31	%
Oncore & Firstar Oncore Lite		260,757	$	14.982507	$	3,906,798		1.40	%		5.37	%		1.31	%
Oncore Ultra		1,297	$	14.982507	$	19,430		1.40	%		5.37	%		1.31	%

		710,145			$	10,662,767

2006
Top Tradition		3,747	$	14.374427	$	53,864		1.10	%		14.95	%		1.37	%
Top Explorer		5,513	$	14.270734	$	78,673		1.30	%		14.72	%		1.02	%
Oncore & Firstar Oncore Flex		2,185	$	14.167917	$	30,957		1.50	%		14.49	%		1.27	%
Oncore & Firstar Oncore Value		60,389	$	14.479107	$	874,385		0.90	%		15.17	%		1.29	%
Oncore & Firstar Oncore Premier		159,183	$	14.219150	$	2,263,443		1.40	%		14.61	%		1.27	%
Oncore & Firstar Oncore Xtra		141,608	$	14.219150	$	2,013,540		1.40	%		14.61	%		1.27	%
Oncore & Firstar Oncore Lite		257,849	$	14.219150	$	3,666,391		1.40	%		14.61	%		1.27	%

		630,474			$	8,981,253

2005
Top Tradition		3,560	$	12.505328	$	44,514		1.10	%		2.99	%		0.00	%
Top Explorer		2,041	$	12.439582	$	25,386		1.30	%		2.79	%		0.00	%
Oncore & Firstar Oncore Flex		1,913	$	12.374283	$	23,669		1.50	%		2.58	%		0.00	%
Oncore & Firstar Oncore Value		49,666	$	12.571534	$	624,374		0.90	%		3.19	%		0.00	%
Oncore & Firstar Oncore Premier		161,502	$	12.406830	$	2,003,726		1.40	%		2.68	%		0.00	%
Oncore & Firstar Oncore Xtra		144,433	$	12.406830	$	1,791,960		1.40	%		2.68	%		0.00	%
Oncore & Firstar Oncore Lite		192,509	$	12.406830	$	2,388,441		1.40	%		2.68	%		0.00	%

		555,624			$	6,902,070

(continued)

185

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Royce Capital Fund: (continued)
Small-Cap Subaccount (continued)
2007
Top I		4,554	$	11.419865	$	52,003		1.10	%		–3.21	%		0.05	%
Top Tradition		116,002	$	20.532740	$	2,381,838		1.10	%		–3.21	%		0.05	%
Top Plus		24,131	$	20.723514	$	500,084		0.90	%		–3.01	%		0.04	%
Top Spectrum		522	$	11.346923	$	5,928		1.40	%		–3.50	%		0.04	%
Top Explorer		69,132	$	20.344208	$	1,406,438		1.30	%		–3.40	%		0.04	%
Oncore & Firstar Oncore Flex		134,153	$	20.157634	$	2,704,207		1.50	%		–3.59	%		0.11	%
Oncore & Firstar Oncore Value		1,092,702	$	20.723514	$	22,644,633		0.90	%		–3.01	%		0.06	%
Oncore & Firstar Oncore Premier		1,262,462	$	20.250592	$	25,565,587		1.40	%		–3.50	%		0.06	%
Oncore & Firstar Oncore Xtra		1,174,610	$	20.250592	$	23,786,553		1.40	%		–3.50	%		0.06	%
Oncore & Firstar Oncore Lite		2,546,951	$	20.250592	$	51,577,263		1.40	%		–3.50	%		0.06	%
Oncore Ultra		77,339	$	20.250592	$	1,566,167		1.40	%		–3.50	%		0.06	%
Oncore Wrap		1,401	$	10.249880	$	14,356		0.65	%		–2.77	%		0.11	%

		6,503,959			$	132,205,057

2006
Top I		3,239	$	11.798314	$	38,212		1.10	%		14.31	%		0.06	%
Top Tradition		123,896	$	21.213200	$	2,628,237		1.10	%		14.31	%		0.06	%
Top Plus		27,390	$	21.367645	$	585,258		0.90	%		14.54	%		0.06	%
Top Spectrum		898	$	11.757964	$	10,561		1.40	%		13.98	%		0.08	%
Top Explorer		76,795	$	21.060230	$	1,617,315		1.30	%		14.09	%		0.06	%
Oncore & Firstar Oncore Flex		30,082	$	20.908560	$	628,975		1.50	%		13.86	%		0.06	%
Oncore & Firstar Oncore Value		741,796	$	21.367645	$	15,850,433		0.90	%		14.54	%		0.07	%
Oncore & Firstar Oncore Premier		1,064,768	$	20.984162	$	22,343,264		1.40	%		13.98	%		0.07	%
Oncore & Firstar Oncore Xtra		983,586	$	20.984162	$	20,639,737		1.40	%		13.98	%		0.07	%
Oncore & Firstar Oncore Lite		1,382,513	$	20.984162	$	29,010,887		1.40	%		13.98	%		0.07	%
Oncore Ultra		9,402	$	20.984162	$	197,283		1.40	%		13.07	%		0.07	%		8/7/06

		4,444,365			$	93,550,162

(continued)

187

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Royce Capital Fund: (continued)
Small-Cap Subaccount (continued)

2005
Top I		1,535	$	10.321008	$	15,841		1.10	%		3.21	%		0.00	%		11/02/05
Top Tradition		130,655	$	18.557011	$	2,424,561		1.10	%		7.38	%		0.00	%
Top Plus		30,127	$	18.655224	$	562,024		0.90	%		7.59	%		0.00	%
Top Spectrum		368	$	10.316145	$	3,798		1.40	%		3.16	%		0.00	%		11/02/05
Top Explorer		65,936	$	18.459522	$	1,217,141		1.30	%		7.17	%		0.00	%
Oncore & Firstar Oncore Flex		32,732	$	18.362685	$	601,054		1.50	%		6.96	%		0.00	%
Oncore & Firstar Oncore Value		604,546	$	18.655224	$	11,277,949		0.90	%		7.59	%		0.00	%
Oncore & Firstar Oncore Premier		897,864	$	18.410976	$	16,530,546		1.40	%		7.07	%		0.00	%
Oncore & Firstar Oncore Xtra		764,812	$	18.410976	$	14,080,935		1.40	%		7.07	%		0.00	%
Oncore & Firstar Oncore Lite		924,397	$	18.410976	$	17,019,052		1.40	%		7.07	%		0.00	%

		3,452,972			$	63,732,901

2004
Top Tradition		91,396	$	17.281311	$	1,579,438		1.10	%		23.59	%		0.00	%
Top Plus		23,735	$	17.338503	$	411,535		0.90	%		23.83	%		0.00	%
Top Explorer		44,551	$	17.224399	$	767,363		1.30	%		23.34	%		0.00	%
Oncore & Firstar Oncore Flex		35,643	$	17.167760	$	611,917		1.50	%		23.10	%		0.00	%
Oncore & Firstar Oncore Value		302,187	$	17.338503	$	5,239,468		0.90	%		23.83	%		0.00	%
Oncore & Firstar Oncore Premier		555,026	$	17.196019	$	9,544,232		1.40	%		23.22	%		0.00	%
Oncore & Firstar Oncore Xtra		509,022	$	17.196019	$	8,753,153		1.40	%		23.22	%		0.00	%
Oncore & Firstar Oncore Lite		420,426	$	17.196019	$	7,229,659		1.40	%		23.22	%		0.00	%

		1,981,986			$	34,136,765

Micro-Cap Subaccount
2008
Top I		17	$	7.263370	$	120		1.10	%		–43.89	%		8.13	%
Top Tradition		38,410	$	12.637562	$	485,409		1.10	%		–43.89	%		2.36	%
Top Plus		7,864	$	12.780398	$	100,500		0.90	%		–43.78	%		2.31	%
Top Explorer		32,076	$	12.496672	$	400,849		1.30	%		–44.00	%		2.68	%
Oncore Flex		61,937	$	12.357494	$	765,392		1.50	%		–44.11	%		3.59	%
Oncore Value		648,026	$	12.780398	$	8,282,027		0.90	%		–43.78	%		2.98	%
Oncore Premier		807,268	$	12.426798	$	10,031,759		1.40	%		–44.06	%		2.79	%
Oncore Xtra		632,740	$	12.426798	$	7,862,931		1.40	%		–44.06	%		2.79	%
Oncore Lite		2,446,315	$	12.426798	$	30,399,857		1.40	%		–44.06	%		2.79	%
Oncore Ultra		39,762	$	12.426798	$	494,111		1.40	%		–44.06	%		2.79	%
Oncore Wrap		7,503	$	6.229244	$	46,741		0.65	%		–43.64	%		5.16	%

		4,721,918			$	58,869,696

(continued)

188

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Royce Capital Fund: (continued)
Micro-Cap Subaccount
2007
Top Tradition		49,616	$	22.523045	$	1,117,513		1.10	%		2.84	%		1.38	%
Top Plus		9,096	$	22.732284	$	206,774		0.90	%		3.05	%		1.49	%
Top Explorer		34,657	$	22.316242	$	773,408		1.30	%		2.64	%		1.40	%
Oncore & Firstar Oncore Flex		41,526	$	22.111549	$	918,213		1.50	%		2.43	%		1.91	%
Oncore & Firstar Oncore Value		524,190	$	22.732284	$	11,916,030		0.90	%		3.05	%		1.68	%
Oncore & Firstar Oncore Premier		678,838	$	22.213525	$	15,079,366		1.40	%		2.53	%		1.69	%
Oncore & Firstar Oncore Xtra		631,677	$	22.213525	$	14,031,773		1.40	%		2.53	%		1.69	%
Oncore & Firstar Oncore Lite		2,159,640	$	22.213525	$	47,973,212		1.40	%		2.53	%		1.69	%
Oncore Ultra		52,500	$	22.213525	$	1,166,221		1.40	%		2.53	%		1.69	%
Oncore Wrap		379	$	11.052249	$	4,187		0.65	%		3.30	%		2.80	%

		4,182,119			$	93,186,697

2006
Top I		2,625	$	12.587521	$	33,048		1.10	%		19.76	%		0.39	%
Top Tradition		59,463	$	21.901040	$	1,302,310		1.10	%		19.76	%		0.19	%
Top Plus		8,704	$	22.060499	$	192,014		0.90	%		19.99	%		0.17	%
Top Explorer		36,097	$	21.743096	$	784,866		1.30	%		19.52	%		0.20	%
Oncore & Firstar Oncore Flex		19,860	$	21.586489	$	428,698		1.50	%		19.29	%		0.15	%
Oncore & Firstar Oncore Value		373,562	$	22.060499	$	8,240,967		0.90	%		19.99	%		0.21	%
Oncore & Firstar Oncore Premier		572,889	$	21.664558	$	12,411,368		1.40	%		19.40	%		0.23	%
Oncore & Firstar Oncore Xtra		553,103	$	21.664558	$	11,982,734		1.40	%		19.40	%		0.23	%
Oncore & Firstar Oncore Lite		1,253,113	$	21.664558	$	27,148,131		1.40	%		19.40	%		0.23	%
Oncore Ultra		19,747	$	21.664558	$	427,821		1.40	%		10.80	%		0.23	%		8/7/06

		2,899,163			$	62,951,957

2005
Top Tradition		52,354	$	18.287958	$	957,450		1.10	%		10.40	%		0.52	%
Top Plus		9,689	$	18.384755	$	178,124		0.90	%		10.62	%		0.56	%
Top Explorer		30,603	$	18.191857	$	556,724		1.30	%		10.18	%		0.56	%
Oncore & Firstar Oncore Flex		25,177	$	18.096399	$	455,608		1.50	%		9.97	%		0.78	%
Oncore & Firstar Oncore Value		251,572	$	18.384755	$	4,625,098		0.90	%		10.62	%		0.70	%
Oncore & Firstar Oncore Premier		327,335	$	18.144006	$	5,939,168		1.40	%		10.07	%		0.68	%
Oncore & Firstar Oncore Xtra		426,126	$	18.144006	$	7,731,642		1.40	%		10.07	%		0.68	%
Oncore & Firstar Oncore Lite		597,291	$	18.144006	$	10,837,248		1.40	%		10.07	%		0.68	%

		1,720,147			$	31,281,062

(continued)

189

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Royce Capital Fund: (continued)
Micro-Cap Subaccount (continued)
2004
Top Tradition		63,769	$	16.565345	$	1,056,349		1.10	%		12.60	%		0.00	%
Top Plus		8,973	$	16.620168	$	149,125		0.90	%		12.83	%		0.00	%
Top Explorer		32,698	$	16.510766	$	539,869		1.30	%		12.38	%		0.00	%
Oncore & Firstar Oncore Flex		15,824	$	16.456460	$	260,399		1.50	%		12.16	%		0.00	%
Oncore & Firstar Oncore Value		148,433	$	16.620168	$	2,466,982		0.90	%		12.83	%		0.00	%
Oncore & Firstar Oncore Premier		210,692	$	16.483556	$	3,472,981		1.40	%		12.27	%		0.00	%
Oncore & Firstar Oncore Xtra		378,186	$	16.483556	$	6,233,851		1.40	%		12.27	%		0.00	%
Oncore & Firstar Oncore Lite		243,632	$	16.483556	$	4,015,917		1.40	%		12.27	%		0.00	%

		1,102,207			$	18,195,473

Van Kampen Universal Institutional Funds — Class II:
Core Plus Fixed Income Subaccount
2008
Top Tradition		2,951	$	11.521327	$	33,999		1.10	%		–11.43	%		3.46	%
Investar Vision		986	$	9.477796	$	9,342		1.40	%		–11.70	%		4.57	%
Top Explorer		4,459	$	11.392917	$	50,805		1.30	%		–11.61	%		4.61	%
Oncore Flex		76,140	$	11.266049	$	857,793		1.50	%		–11.78	%		4.48	%
Oncore Value		1,717,365	$	11.651574	$	20,010,002		0.90	%		–11.26	%		4.51	%
Oncore Premier		1,298,306	$	11.329219	$	14,708,801		1.40	%		–11.70	%		4.47	%
Oncore Xtra		1,169,875	$	11.329219	$	13,253,766		1.40	%		–11.70	%		4.47	%
Oncore Lite		3,659,756	$	11.329219	$	41,462,174		1.40	%		–11.70	%		4.47	%
Oncore Ultra		320,577	$	11.329219	$	3,631,892		1.40	%		–11.70	%		4.47	%
Oncore Wrap		5,314	$	9.331692	$	49,592		0.65	%		–11.04	%		2.89	%

		8,255,729			$	94,068,166

2007
Top Tradition		3,977	$	13.008548	$	51,739		1.10	%		4.07	%		3.46	%
Top Plus		332	$	13.129493	$	4,353		0.90	%		4.27	%		3.15	%
Investar Vision		986	$	10.733084	$	10,579		1.40	%		3.76	%		3.58	%
Top Explorer		5,020	$	12.889075	$	64,708		1.30	%		3.86	%		4.38	%
Oncore Flex		24,883	$	12.770796	$	317,775		1.50	%		3.65	%		0.00	%
Oncore & Firstar Oncore Value		924,171	$	13.129493	$	12,133,903		0.90	%		4.27	%		1.80	%
Oncore & Firstar Oncore Premier		622,860	$	12.829716	$	7,991,121		1.40	%		3.76	%		1.75	%
Oncore & Firstar Oncore Xtra		654,701	$	12.829716	$	8,399,623		1.40	%		3.76	%		1.75	%
Oncore & Firstar Oncore Lite		1,748,385	$	12.829716	$	22,431,284		1.40	%		3.76	%		1.75	%
Oncore Ultra		136,974	$	12.829716	$	1,757,337		1.40	%		3.76	%		1.75	%
Oncore Wrap		3,048	$	10.489235	$	31,973		0.65	%		4.53	%		0.00	%

		4,125,337			$	53,194,395

(continued)

190

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Van Kampen Universal Institutional Funds — Class II: (continued)
Core Plus Fixed Income Subaccount (continued)
2006
Top Tradition		4,357	$	12.500151	$	54,464		1.10	%		2.44	%		3.57	%
Top Plus		1,067	$	12.591267	$	13,437		0.90	%		2.64	%		3.32	%
Investar Vision		986	$	10.344389	$	10,196		1.40	%		2.13	%		4.01	%
Top Explorer		2,676	$	12.409972	$	33,212		1.30	%		2.24	%		3.94	%
Oncore & Firstar Oncore Value		51,741	$	12.591267	$	651,487		0.90	%		2.64	%		4.07	%
Oncore & Firstar Oncore Premier		81,421	$	12.365096	$	1,006,771		1.40	%		2.13	%		3.89	%
Oncore & Firstar Oncore Xtra		128,553	$	12.365096	$	1,589,568		1.40	%		2.13	%		3.89	%
Oncore Lite		73,184	$	12.365096	$	904,929		1.40	%		2.13	%		3.89	%
Oncore Ultra		821	$	12.365096	$	10,153		1.40	%		2.07	%		3.89	%		8/7/06

		344,806			$	4,274,217

2005
Top Tradition		6,898	$	12.202776	$	84,174		1.10	%		2.81	%		3.49	%
Top Plus		3,038	$	12.267443	$	37,267		0.90	%		3.01	%		1.37	%
Investar Vision		986	$	10.128183	$	9,983		1.40	%		1.28	%		0.00	%		11/02/05
Top Explorer		4,038	$	12.138624	$	49,018		1.30	%		2.60	%		3.73	%
Oncore & Firstar Oncore Value		35,257	$	12.267443	$	432,508		0.90	%		3.01	%		3.25	%
Oncore & Firstar Oncore Premier		61,454	$	12.106652	$	744,000		1.40	%		2.50	%		3.49	%
Oncore & Firstar Oncore Xtra		132,078	$	12.106652	$	1,599,020		1.40	%		2.50	%		3.49	%
Oncore & Firstar Oncore Lite		61,785	$	12.106652	$	748,024		1.40	%		2.50	%		3.49	%

		305,534			$	3,703,994

2004
Top Tradition		5	$	11.869727	$	55		1.10	%		2.94	%		0.00	%
Top Explorer		1,705	$	11.830601	$	20,167		1.30	%		2.73	%		4.52	%
Oncore & Firstar Oncore Value		12,926	$	11.909070	$	153,932		0.90	%		3.14	%		3.51	%
Oncore & Firstar Oncore Premier		58,711	$	11.811075	$	693,451		1.40	%		2.63	%		3.39	%
Oncore & Firstar Oncore Xtra		71,567	$	11.811075	$	845,284		1.40	%		2.63	%		3.39	%
Oncore Lite		18,241	$	11.811075	$	215,445		1.40	%		2.63	%		3.39	%

		163,155			$	1,928,334

(continued)

191

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Van Kampen Universal Institutional Funds — Class II: (continued)
U.S. Real Estate Subaccount
2008
Top Tradition		1,567	$	13.583680	$	21,287		1.10	%		–38.73	%		2.66	%
Top Plus		712	$	13.737265	$	9,778		0.90	%		–38.61	%		2.73	%
Top Explorer		11,656	$	13.432182	$	156,563		1.30	%		–38.85	%		2.60	%
Oncore Flex		48,804	$	13.282539	$	648,242		1.50	%		–38.98	%		2.75	%
Oncore Value		1,359,275	$	13.737265	$	18,672,723		0.90	%		–38.61	%		2.85	%
Oncore Premier		1,173,794	$	13.357038	$	15,678,414		1.40	%		–38.92	%		2.83	%
Oncore Xtra		1,092,709	$	13.357038	$	14,595,359		1.40	%		–38.92	%		2.83	%
Oncore Lite		3,117,756	$	13.357038	$	41,643,985		1.40	%		–38.92	%		2.83	%
Oncore Ultra		165,651	$	13.357038	$	2,212,602		1.40	%		–38.92	%		2.83	%
Oncore Wrap		23,662	$	5.426100	$	128,390		0.65	%		–38.46	%		3.31	%

		6,995,586			$	93,767,343

2007
Top Tradition		2,026	$	22.171078	$	44,917		1.10	%		–18.18	%		1.19	%
Top Plus		781	$	22.377021	$	17,475		0.90	%		–18.01	%		1.30	%
Top Explorer		11,198	$	21.967508	$	246,001		1.30	%		–18.34	%		1.05	%
Oncore Flex		18,356	$	21.766049	$	399,542		1.50	%		–18.50	%		0.89	%
Oncore & Firstar Oncore Value		1,051,361	$	22.377021	$	23,526,319		0.90	%		–18.01	%		0.99	%
Oncore & Firstar Oncore Premier		1,011,997	$	21.866390	$	22,128,715		1.40	%		–18.42	%		1.02	%
Oncore & Firstar Oncore Xtra		1,017,398	$	21.866390	$	22,246,821		1.40	%		–18.42	%		1.02	%
Oncore & Firstar Oncore Lite		2,491,444	$	21.866390	$	54,478,881		1.40	%		–18.42	%		1.02	%
Oncore Ultra		123,205	$	21.866390	$	2,694,056		1.40	%		–18.42	%		1.02	%
Oncore Wrap		2,057	$	8.816655	$	18,138		0.65	%		–17.81	%		0.96	%

		5,729,823			$	125,800,865

2006
Top Tradition		8,068	$	27.096769	$	218,614		1.10	%		36.17	%		0.97	%
Top Plus		5,068	$	27.294010	$	138,333		0.90	%		36.44	%		0.96	%
Top Explorer		14,472	$	26.901401	$	389,308		1.30	%		35.91	%		0.98	%
Oncore Flex		799	$	26.707676	$	21,341		1.50	%		35.64	%		0.00	%
Oncore & Firstar Oncore Value		626,867	$	27.294010	$	17,109,722		0.90	%		36.44	%		0.96	%
Oncore & Firstar Oncore Premier		766,864	$	26.804210	$	20,555,160		1.40	%		35.77	%		0.96	%
Oncore & Firstar Oncore Xtra		755,213	$	26.804210	$	20,242,890		1.40	%		35.77	%		0.96	%
Oncore & Firstar Oncore Lite		1,224,978	$	26.804210	$	32,834,578		1.40	%		35.77	%		0.96	%
Oncore Ultra		28,522	$	26.804210	$	764,522		1.40	%		16.14	%		0.96	%		8/7/06

		3,430,851			$	92,274,468

(continued)

192

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income
	Units***		Unit		Value		Expenses*			Return**			Ratio****

Van Kampen Universal Institutional Funds — Class II: (continued)
U.S. Real Estate Subaccount (continued)
2005
Top Tradition		4,628	$	19.898546	$	92,085		1.10	%		15.48	%		0.64	%
Top Plus		4,221	$	20.003877	$	84,429		0.90	%		15.71	%		1.24	%
Top Explorer		9,851	$	19.793975	$	194,988		1.30	%		15.26	%		1.04	%
Oncore & Firstar Oncore Value		372,174	$	20.003877	$	7,444,925		0.90	%		15.71	%		1.05	%
Oncore & Firstar Oncore Premier		532,637	$	19.741881	$	10,515,249		1.40	%		15.14	%		1.09	%
Oncore & Firstar Oncore Xtra		490,378	$	19.741881	$	9,680,977		1.40	%		15.14	%		1.09	%
Oncore & Firstar Oncore Lite		662,709	$	19.741881	$	13,083,142		1.40	%		15.14	%		1.09	%

		2,076,598			$	41,095,795

2004
Top Tradition		1,413	$	17.230535	$	24,344		1.10	%		34.59	%		1.66	%
Top Plus		5,695	$	17.287564	$	98,454		0.90	%		34.85	%		1.29	%
Top Explorer		2,645	$	17.173754	$	45,422		1.30	%		34.32	%		0.40	%
Oncore & Firstar Oncore Value		115,803	$	17.287564	$	2,001,959		0.90	%		34.85	%		1.42	%
Oncore & Firstar Oncore Premier		220,338	$	17.145445	$	3,777,806		1.40	%		34.19	%		1.39	%
Oncore & Firstar Oncore Xtra		249,859	$	17.145445	$	4,283,935		1.40	%		34.19	%		1.39	%
Oncore & Firstar Oncore Lite		247,102	$	17.145445	$	4,236,673		1.40	%		34.19	%		1.39	%

		842,855			$	14,468,593

International Growth Equity Subaccount
2008
Top Tradition		1,743	$	6.206829	$	10,817		1.10	%		–49.09	%		0.00	%
Top Explorer		1,123	$	6.174146	$	6,932		1.30	%		–49.19	%		0.00	%
Oncore Flex		188,543	$	6.141638	$	1,157,960		1.50	%		–49.29	%		0.00	%
Oncore Value		4,211,895	$	6.239811	$	26,281,427		0.90	%		–48.98	%		0.00	%
Oncore Premier		2,933,348	$	6.157838	$	18,063,091		1.40	%		–49.24	%		0.00	%
Oncore Xtra		2,488,022	$	6.157838	$	15,320,834		1.40	%		–49.24	%		0.00	%
Oncore Lite		11,412,080	$	6.157838	$	70,273,740		1.40	%		–49.24	%		0.00	%
Oncore Ultra		745,489	$	6.157838	$	4,590,602		1.40	%		–49.24	%		0.00	%
Oncore Wrap		12,018	$	6.233378	$	74,911		0.65	%		–48.86	%		0.00	%

		21,994,261			$	135,780,314

(continued)

193

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Van Kampen Universal Institutional Funds — Class II: (continued)
International Growth Equity Subaccount (continued)
2007
Top Tradition		1,745	$	12.190758	$	21,273		1.10	%		13.01	%		0.37	%
Top Explorer		983	$	12.150660	$	11,950		1.30	%		12.79	%		0.64	%
Oncore Flex		20,183	$	12.110705	$	244,431		1.50	%		12.56	%		0.34	%
Oncore & Firstar Oncore Value		782,042	$	12.231130	$	9,565,257		0.90	%		13.24	%		0.38	%
Oncore & Firstar Oncore Premier		498,626	$	12.130632	$	6,048,640		1.40	%		12.68	%		0.41	%
Oncore & Firstar Oncore Xtra		533,646	$	12.130632	$	6,473,459		1.40	%		12.68	%		0.41	%
Oncore & Firstar Oncore Lite		2,172,343	$	12.130632	$	26,351,896		1.40	%		12.68	%		0.41	%
Oncore Ultra		138,752	$	12.130632	$	1,683,150		1.40	%		12.68	%		0.41	%
Oncore Wrap		1,869	$	12.188098	$	22,779		0.65	%		13.52	%		0.38	%

		4,150,189			$	50,422,835

2006
Top Tradition		116	$	10.787192	$	1,254		1.10	%		7.87	%		4.59	%		5/1/06
Oncore Flex		983	$	10.758967	$	10,574		1.50	%		7.59	%		1.35	%		5/1/06
Oncore Value		10,000	$	10.801379	$	108,015		0.90	%		8.01	%		0.65	%		5/1/06
Oncore & Firstar Oncore Premier		6,018	$	10.766000	$	64,786		1.40	%		7.66	%		0.58	%		5/1/06
Oncore Xtra		10,535	$	10.766000	$	113,421		1.40	%		7.66	%		0.58	%		5/1/06
Oncore Lite		21,855	$	10.766000	$	235,292		1.40	%		7.66	%		0.58	%		5/1/06
Oncore Ultra		2,623	$	10.766000	$	28,242		1.40	%		14.48	%		0.58	%		8/7/06

		52,130			$	561,584

Capital Growth Subaccount
2008
Top Tradition		245	$	6.181749	$	1,517		1.10	%		–49.90	%		0.00	%
Top Explorer		596	$	6.149156	$	3,665		1.30	%		–50.00	%		0.00	%
Oncore Flex		5,457	$	6.116787	$	33,381		1.50	%		–50.10	%		0.00	%
Oncore Value		68,681	$	6.214598	$	426,822		0.90	%		–49.80	%		0.00	%
Oncore Premier		76,858	$	6.132935	$	471,363		1.40	%		–50.05	%		0.00	%
Oncore Xtra		109,559	$	6.132935	$	671,919		1.40	%		–50.05	%		0.00	%
Oncore Lite		108,297	$	6.132935	$	664,179		1.40	%		–50.05	%		0.00	%
Oncore Ultra		10,780	$	6.132935	$	66,112		1.40	%		–50.05	%		0.00	%

		380,473			$	2,338,958

(continued)

194

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Van Kampen Universal Institutional Funds — Class II: (continued)
Capital Growth Subaccount (continued)
2007
Top Tradition		602	$	12.339034	$	7,425		1.10	%		20.33	%		0.00	%
Top Plus		344	$	12.379885	$	4,255		0.90	%		20.57	%		0.00	%
Top Explorer		793	$	12.298414	$	9,756		1.30	%		20.09	%		0.00	%
Oncore Flex		1,789	$	12.257991	$	21,935		1.50	%		19.86	%		0.00	%
Oncore Value		34,188	$	12.379885	$	423,243		0.90	%		20.57	%		0.00	%
Oncore & Firstar Oncore Premier		38,359	$	12.278167	$	470,980		1.40	%		19.98	%		0.00	%
Oncore Xtra		44,655	$	12.278167	$	548,280		1.40	%		19.98	%		0.00	%
Oncore Lite		60,761	$	12.278167	$	746,031		1.40	%		19.98	%		0.00	%
Oncore Ultra		3,229	$	12.278167	$	39,646		1.40	%		19.98	%		0.00	%

		184,720			$	2,271,551

2006
Oncore Value		6,956	$	10.267489	$	71,422		0.90	%		2.67	%		0.00	%		5/1/06
Oncore Premier		12,160	$	10.233870	$	124,442		1.40	%		2.34	%		0.00	%		5/1/06
Oncore Xtra		414	$	10.233870	$	4,239		1.40	%		2.34	%		0.00	%		5/1/06
Oncore Lite		5,066	$	10.233870	$	51,843		1.40	%		2.34	%		0.00	%		5/1/06
Oncore Ultra		1,709	$	10.233870	$	17,485		1.40	%		11.92	%		0.00	%		8/7/06

		26,305			$	269,431

Franklin Templeton Variable Insurance Products Trust — Class 2:
Franklin Income Securities Subaccount
2008
Top I		618	$	8.402010	$	5,195		1.10	%		–30.42	%		5.97	%
Top Tradition		83,092	$	8.402010	$	698,137		1.10	%		–30.42	%		5.45	%
Top Plus		27,620	$	8.454845	$	233,525		0.90	%		–30.29	%		5.62	%
Investar Vision & Top Spectrum		930	$	8.323555	$	7,738		1.40	%		–30.63	%		5.37	%
Top Explorer		81,701	$	8.349643	$	682,178		1.30	%		–30.56	%		5.45	%
Oncore Flex		205,896	$	8.547646	$	1,759,927		1.50	%		–30.70	%		5.48	%
Oncore Value		2,373,929	$	8.735668	$	20,737,860		0.90	%		–30.29	%		5.55	%
Oncore Premier		2,992,318	$	8.578615	$	25,669,936		1.40	%		–30.63	%		5.47	%
Oncore Xtra		1,952,056	$	8.578615	$	16,745,940		1.40	%		–30.63	%		5.47	%
Oncore Lite		5,072,245	$	8.578615	$	43,512,835		1.40	%		–30.63	%		5.47	%
Oncore Ultra		348,710	$	8.578615	$	2,991,448		1.40	%		–30.63	%		5.47	%
Oncore Wrap		3,154	$	7.432436	$	23,445		0.65	%		–30.11	%		5.94	%

		13,142,269			$	113,068,164

(continued)

195

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Franklin Templeton Variable Insurance Products Trust — Class 2 (continued)
Franklin Income Securities Subaccount (continued)
2007
Top I		903	$	12.076079	$	10,903		1.10	%		2.62	%		3.36	%
Top Tradition		81,540	$	12.076079	$	984,681		1.10	%		2.62	%		3.58	%
Top Plus		35,839	$	12.127884	$	434,650		0.90	%		2.83	%		3.81	%
Investar Vision & Top Spectrum		931	$	11.998986	$	11,175		1.40	%		2.32	%		5.46	%
Top Explorer		65,946	$	12.024644	$	792,973		1.30	%		2.42	%		3.56	%
Oncore & Firstar Oncore Flex		174,610	$	12.334222	$	2,153,680		1.50	%		2.21	%		3.30	%
Oncore & Firstar Oncore Value		2,002,052	$	12.530700	$	25,087,111		0.90	%		2.83	%		3.39	%
Oncore & Firstar Oncore Premier		2,780,824	$	12.366676	$	34,389,548		1.40	%		2.32	%		3.26	%
Oncore & Firstar Oncore Xtra		2,058,530	$	12.366676	$	25,457,172		1.40	%		2.32	%		3.26	%
Oncore & Firstar Oncore Lite		5,019,514	$	12.366676	$	62,074,698		1.40	%		2.32	%		3.26	%
Oncore Ultra		342,916	$	12.366676	$	4,240,737		1.40	%		2.32	%		3.26	%
Oncore Wrap		3,133	$	10.634791	$	33,323		0.65	%		3.08	%		2.30	%

		12,566,738			$	155,670,651

2006
Top I		968	$	11.767580	$	11,391		1.10	%		16.96	%		1.89	%
Top Tradition		49,185	$	11.767580	$	578,784		1.10	%		16.96	%		2.88	%
Top Plus		18,135	$	11.794551	$	213,892		0.90	%		17.19	%		2.60	%
Top Spectrum		3,555	$	11.727343	$	41,687		1.40	%		16.61	%		1.36	%
Top Explorer		27,993	$	11.740753	$	328,663		1.30	%		16.73	%		3.68	%
Oncore & Firstar Oncore Flex		21,487	$	12.066941	$	259,284		1.50	%		16.50	%		0.87	%
Oncore & Firstar Oncore Value		717,912	$	12.186297	$	8,748,691		0.90	%		17.19	%		3.20	%
Oncore & Firstar Oncore Premier		1,584,690	$	12.086709	$	19,153,692		1.40	%		16.61	%		3.30	%
Oncore & Firstar Oncore Xtra		1,282,394	$	12.086709	$	15,499,919		1.40	%		16.61	%		3.30	%
Oncore & Firstar Oncore Lite		2,106,856	$	12.086709	$	25,464,958		1.40	%		16.61	%		3.30	%
Oncore Ultra		70,092	$	12.086709	$	847,176		1.40	%		7.77	%		3.30	%		8/7/06

		5,883,267			$	71,148,137

(continued)

196

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Franklin Templeton Variable Insurance Products Trust — Class 2 (continued)
Franklin Income Securities Subaccount (continued)
2005
Top Tradition		2,505	$	10.061437	$	25,204		1.10	%		0.61	%		0.00	%		11/2/05
Top Plus		2,445	$	10.064603	$	24,607		0.90	%		0.65	%		0.00	%		11/2/05
Top Spectrum		377	$	10.056698	$	3,794		1.40	%		0.57	%		0.00	%		11/2/05
Top Explorer		4,697	$	10.058278	$	47,244		1.30	%		0.58	%		0.00	%		11/2/05
Oncore Flex		1,564	$	10.358086	$	16,196		1.50	%		3.58	%		0.00	%		5/2/05
Oncore & Firstar Oncore Value		234,702	$	10.398884	$	2,440,640		0.90	%		3.99	%		0.00	%		5/2/05
Oncore & Firstar Oncore Premier		500,590	$	10.364866	$	5,188,551		1.40	%		3.65	%		0.56	%		5/2/05
Oncore & Firstar Oncore Xtra		382,542	$	10.364866	$	3,964,996		1.40	%		3.65	%		0.56	%		5/2/05
Oncore & Firstar Oncore Lite		590,461	$	10.364866	$	6,120,048		1.40	%		3.65	%		0.56	%		5/2/05

		1,719,883			$	17,831,280

Franklin Flex Cap Securities Subaccount
2008
Top Tradition		3,994	$	7.816879	$	31,220		1.10	%		–36.02	%		0.10	%
Top Plus		4,885	$	7.866078	$	38,427		0.90	%		–35.89	%		0.11	%
Top Explorer		7,445	$	7.768134	$	57,832		1.30	%		–36.15	%		0.12	%
Oncore Flex		86,042	$	8.279585	$	712,388		1.50	%		–36.27	%		0.13	%
Oncore Value		3,064,716	$	8.461776	$	25,932,941		0.90	%		–35.89	%		0.12	%
Oncore Premier		2,300,869	$	8.309579	$	19,119,259		1.40	%		–36.21	%		0.12	%
Oncore Xtra		2,075,604	$	8.309579	$	17,247,393		1.40	%		–36.21	%		0.12	%
Oncore Lite		7,799,476	$	8.309579	$	64,810,360		1.40	%		–36.21	%		0.12	%
Oncore Ultra		509,418	$	8.309579	$	4,233,051		1.40	%		–36.21	%		0.12	%
Oncore Wrap		4,707	$	7.487076	$	35,240		0.65	%		–35.73	%		0.11	%

		15,857,156			$	132,218,111

2007
Top Tradition		1,968	$	12.217606	$	24,048		1.10	%		13.07	%		0.09	%
Top Plus		4,680	$	12.270038	$	57,419		0.90	%		13.30	%		0.12	%
Top Explorer		3,410	$	12.165551	$	41,488		1.30	%		12.85	%		0.14	%
Oncore Flex		41,852	$	12.992294	$	543,759		1.50	%		12.62	%		0.04	%
Oncore & Firstar Oncore Value		1,772,609	$	13.199246	$	23,397,108		0.90	%		13.30	%		0.01	%
Oncore & Firstar Oncore Premier		1,162,577	$	13.026446	$	15,144,242		1.40	%		12.74	%		0.02	%
Oncore & Firstar Oncore Xtra		1,205,110	$	13.026446	$	15,698,300		1.40	%		12.74	%		0.02	%
Oncore & Firstar Oncore Lite		4,201,400	$	13.026446	$	54,729,307		1.40	%		12.74	%		0.02	%
Oncore Ultra		235,345	$	13.026446	$	3,065,708		1.40	%		12.74	%		0.02	%
Oncore Wrap		4,161	$	11.649758	$	48,473		0.65	%		13.58	%		0.00	%

		8,633,112			$	112,749,852

(continued)

197

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Franklin Templeton Variable Insurance Products Trust — Class 2 (continued)
Franklin Flex Cap Securities Subaccount (continued)
2006
Top Tradition		2,548	$	10.805199	$	27,529		1.10	%		4.06	%		0.01	%
Top Plus		5,295	$	10.829976	$	57,349		0.90	%		4.27	%		0.01	%
Top Explorer		1,520	$	10.780541	$	16,384		1.30	%		3.86	%		0.00	%
Oncore Flex		1,171	$	11.536024	$	13,507		1.50	%		3.65	%		0.01	%
Oncore & Firstar Oncore Value		50,505	$	11.650134	$	588,388		0.90	%		4.27	%		0.01	%
Oncore & Firstar Oncore Premier		84,915	$	11.554902	$	981,191		1.40	%		3.75	%		0.01	%
Oncore & Firstar Oncore Xtra		39,102	$	11.554902	$	451,815		1.40	%		3.75	%		0.01	%
Oncore & Firstar Oncore Lite		217,024	$	11.554902	$	2,507,692		1.40	%		3.75	%		0.01	%
Oncore Ultra		5,662	$	11.554902	$	65,423		1.40	%		6.94	%		0.01	%		8/7/06

		407,742			$	4,709,278

2005
Top Plus		2,714	$	10.386719	$	28,194		0.90	%		3.87	%		0.63	%		11/2/05
Oncore Flex		1,001	$	11.129509	$	11,136		1.50	%		11.30	%		0.17	%		5/2/05
Oncore & Firstar Oncore Value		14,594	$	11.173307	$	163,066		0.90	%		11.73	%		0.26	%		5/2/05
Oncore & Firstar Oncore Premier		64,425	$	11.136768	$	717,488		1.40	%		11.37	%		0.26	%		5/2/05
Oncore & Firstar Oncore Xtra		34,779	$	11.136768	$	387,328		1.40	%		11.37	%		0.26	%		5/2/05
Oncore & Firstar Oncore Lite		81,614	$	11.136768	$	908,905		1.40	%		11.37	%		0.26	%		5/2/05

		199,127			$	2,216,117

Templeton Foreign Securities Subaccount
2008
Top I		407	$	8.442978	$	3,435		1.10	%		–41.03	%		2.96	%
Top Tradition		13,755	$	8.442978	$	116,132		1.10	%		–41.03	%		2.35	%
Top Plus		18,541	$	8.496104	$	157,524		0.90	%		–40.91	%		2.37	%
Investar Vision		1,064	$	8.364140	$	8,903		1.40	%		–41.21	%		2.37	%
Top Explorer		14,779	$	8.390343	$	123,997		1.30	%		–41.15	%		2.42	%
Oncore Flex		318,758	$	8.932011	$	2,847,152		1.50	%		–41.26	%		2.32	%
Oncore Value		1,295,310	$	9.128505	$	11,824,245		0.90	%		–40.91	%		2.44	%
Oncore Premier		815,835	$	8.964365	$	7,313,453		1.40	%		–41.21	%		2.46	%
Oncore Xtra		737,149	$	8.964365	$	6,608,075		1.40	%		–41.21	%		2.46	%
Oncore Lite		3,653,728	$	8.964365	$	32,753,350		1.40	%		–41.21	%		2.46	%
Oncore Ultra		132,734	$	8.964365	$	1,189,874		1.40	%		–41.21	%		2.46	%
Oncore Wrap		5,009	$	7.179030	$	35,957		0.65	%		–40.76	%		2.02	%

		7,007,069			$	62,982,097

(continued)

198

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Franklin Templeton Variable Insurance Products Trust — Class 2 (continued)
Templeton Foreign Securities Subaccount (continued)
2007
Top I		853	$	14.317313	$	12,220		1.10	%		14.19	%		1.57	%
Top Tradition		15,830	$	14.317313	$	226,638		1.10	%		14.19	%		2.00	%
Top Plus		16,580	$	14.378750	$	238,393		0.90	%		14.42	%		1.32	%
Investar Vision		1,121	$	14.225944	$	15,953		1.40	%		13.85	%		1.99	%
Top Explorer		14,675	$	14.256347	$	209,206		1.30	%		13.97	%		1.86	%
Oncore & Firstar Oncore Flex		328,230	$	15.206838	$	4,991,345		1.50	%		13.74	%		1.03	%
Oncore & Firstar Oncore Value		1,173,146	$	15.449018	$	18,123,953		0.90	%		14.42	%		1.88	%
Oncore & Firstar Oncore Premier		760,893	$	15.246816	$	11,601,188		1.40	%		13.85	%		1.88	%
Oncore & Firstar Oncore Xtra		759,377	$	15.246816	$	11,578,081		1.40	%		13.85	%		1.88	%
Oncore & Firstar Oncore Lite		3,542,699	$	15.246816	$	54,014,880		1.40	%		13.85	%		1.88	%
Oncore Ultra		130,106	$	15.246816	$	1,983,705		1.40	%		13.85	%		1.88	%

		6,743,510			$	102,995,562

2006
Top Tradition		6,970	$	12.537704	$	87,390		1.10	%		20.13	%		0.73	%
Top Plus		257	$	12.566452	$	3,225		0.90	%		20.36	%		0.00	%
Investar Vision		1,016	$	12.494851	$	12,691		1.40	%		19.77	%		1.24	%
Top Explorer		10,620	$	12.509123	$	132,848		1.30	%		19.89	%		0.14	%
Oncore & Firstar Oncore Flex		19,602	$	13.369620	$	262,071		1.50	%		19.66	%		1.73	%
Oncore & Firstar Oncore Value		510,176	$	13.501825	$	6,888,311		0.90	%		20.36	%		1.21	%
Oncore & Firstar Oncore Premier		625,548	$	13.391491	$	8,377,024		1.40	%		19.77	%		1.09	%
Oncore & Firstar Oncore Xtra		463,404	$	13.391491	$	6,205,675		1.40	%		19.77	%		1.09	%
Oncore & Firstar Oncore Lite		1,576,553	$	13.391491	$	21,112,389		1.40	%		19.77	%		1.09	%
Oncore Ultra		31,907	$	13.391491	$	427,287		1.40	%		11.89	%		1.09	%		8/7/06

		3,246,053			$	43,508,911

2005
Top Tradition		2	$	10.437011	$	17		1.10	%		4.37	%		0.00	%		11/2/05
Investar Vision		1,070	$	10.432105	$	11,160		1.40	%		4.32	%		0.00	%		11/2/05
Top Explorer		429	$	10.433740	$	4,479		1.30	%		4.34	%		0.00	%		11/2/05
Oncore Flex		2,606	$	11.173433	$	29,116		1.50	%		11.73	%		0.00	%		5/2/05
Oncore Value		141,246	$	11.217421	$	1,584,420		0.90	%		12.17	%		0.11	%		5/2/05
Oncore & Firstar Oncore Premier		184,816	$	11.180721	$	2,066,380		1.40	%		11.81	%		0.25	%		5/2/05
Oncore & Firstar Oncore Xtra		122,777	$	11.180721	$	1,372,739		1.40	%		11.81	%		0.25	%		5/2/05
Oncore & Firstar Oncore Lite		368,740	$	11.180721	$	4,122,773		1.40	%		11.81	%		0.25	%		5/2/05

		821,686			$	9,191,084

(continued)

199

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Neuberger Berman Advisers Management Trust — S Class: (continued)
AMT Regency Subaccount (continued)
2006
Top Plus		457	$	10.207931	$	4,665		0.90	%		2.08	%		0.00	%		5/1/06
Top Explorer		1	$	10.181172	$	15		1.30	%		1.81	%		0.00	%		5/1/06
Oncore & Firstar Oncore Flex		6,553	$	10.167851	$	66,634		1.50	%		1.68	%		0.46	%		5/1/06
Oncore & Firstar Oncore Value		469,124	$	10.207931	$	4,788,789		0.90	%		2.08	%		0.82	%		5/1/06
Oncore & Firstar Oncore Premier		524,423	$	10.174497	$	5,335,731		1.40	%		1.74	%		0.84	%		5/1/06
Oncore & Firstar Oncore Xtra		370,643	$	10.174497	$	3,771,101		1.40	%		1.74	%		0.84	%		5/1/06
Oncore & Firstar Oncore Lite		1,355,510	$	10.174497	$	13,791,634		1.40	%		1.74	%		0.84	%		5/1/06
Oncore Ultra		125,964	$	10.174497	$	1,281,621		1.40	%		10.46	%		0.84	%		8/7/06

		2,852,675			$	29,040,190

ALPS Variable Insurance Trust — Class II:
AVS Listed Private Equity Subaccount
2008
Oncore Flex		15,321	$	3.712623	$	56,880		1.50	%		–62.87	%		0.00	%		5/1/08
Oncore Value		88,731	$	3.727464	$	330,741		0.90	%		–62.73	%		0.00	%		5/1/08
Oncore Premier		10,714	$	3.715087	$	39,809		1.40	%		–62.85	%		0.00	%		5/1/08
Oncore Xtra		9,103	$	3.715087	$	33,817		1.40	%		–62.85	%		0.00	%		5/1/08
Oncore Lite		205,331	$	3.715087	$	762,822		1.40	%		–62.85	%		0.00	%		5/1/08
Oncore Ultra		16,346	$	3.715087	$	60,725		1.40	%		–62.85	%		0.00	%		5/1/08

		345,546			$	1,284,794

Federated Insurance Series — Service Shares:
Kaufmann Fund II Subaccount
2008
Top Explorer		1,739	$	6.274577	$	10,908		1.30	%		–37.25	%		0.00	%		5/1/08
Oncore Flex		4,015	$	6.266265	$	25,161		1.50	%		–37.34	%		0.00	%		5/1/08
Oncore Value		147,399	$	6.291253	$	927,322		0.90	%		–37.09	%		0.00	%		5/1/08
Oncore Premier		130,598	$	6.270410	$	818,911		1.40	%		–37.30	%		0.00	%		5/1/08
Oncore Xtra		85,445	$	6.270410	$	535,777		1.40	%		–37.30	%		0.00	%		5/1/08
Oncore Lite		180,441	$	6.270410	$	1,131,438		1.40	%		–37.30	%		0.00	%		5/1/08
Oncore Ultra		32,746	$	6.270410	$	205,329		1.40	%		–37.30	%		0.00	%		5/1/08
Oncore Wrap		577	$	6.301727	$	3,636		0.65	%		–36.98	%		0.00	%		5/1/08

		582,960			$	3,658,482

(continued)

201

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Goldman Sachs Variable Insurance Trust — Service Shares:
Growth and Income Subaccount
2008
Top Explorer		17	$	6.556008	$	113		1.30	%		–34.44	%		0.11	%		5/1/08
Oncore Flex		130,300	$	6.547334	$	853,119		1.50	%		–34.53	%		0.34	%		5/1/08
Oncore Value		1,530,091	$	6.573431	$	10,057,947		0.90	%		–34.27	%		0.28	%		5/1/08
Oncore Premier		840,031	$	6.551652	$	5,503,587		1.40	%		–34.48	%		0.29	%		5/1/08
Oncore Xtra		542,770	$	6.551652	$	3,556,040		1.40	%		–34.48	%		0.29	%		5/1/08
Oncore Lite		4,340,549	$	6.551652	$	28,437,769		1.40	%		–34.48	%		0.29	%		5/1/08
Oncore Ultra		287,941	$	6.551652	$	1,886,490		1.40	%		–34.48	%		0.29	%		5/1/08
Oncore Wrap		6,909	$	6.584371	$	45,490		0.65	%		–34.16	%		0.19	%		5/1/08

		7,678,608			$	50,340,555

Structured U.S. Equity Subaccount
2008
Oncore Flex		17,594	$	6.542727	$	115,113		1.50	%		–34.57	%		0.24	%		5/1/08
Oncore Value		3,508	$	6.568815	$	23,041		0.90	%		–34.31	%		0.17	%		5/1/08
Oncore Premier		5,757	$	6.547055	$	37,694		1.40	%		–34.53	%		0.25	%		5/1/08
Oncore Xtra		2,977	$	6.547055	$	19,490		1.40	%		–34.53	%		0.25	%		5/1/08
Oncore Lite		46,234	$	6.547055	$	302,695		1.40	%		–34.53	%		0.25	%		5/1/08
Oncore Ultra		2,662	$	6.547055	$	17,429		1.40	%		–34.53	%		0.25	%		5/1/08

		78,732			$	515,462

Capital Growth Subaccount
2008
Oncore Value		10,049	$	5.933485	$	59,626		0.90	%		–40.67	%		0.00	%		5/1/08
Oncore Premier		5,770	$	5.913812	$	34,117		1.40	%		–40.86	%		0.00	%		5/1/08
Oncore Xtra		8,566	$	5.913812	$	50,660		1.40	%		–40.86	%		0.00	%		5/1/08
Oncore Lite		53,684	$	5.913812	$	317,479		1.40	%		–40.86	%		0.00	%		5/1/08
Oncore Ultra		1,424	$	5.913812	$	8,424		1.40	%		–40.86	%		0.00	%		5/1/08

		79,493			$	470,306

(continued)

202

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Franklin Templeton Variable Insurance Products Trust — Class 4:
Franklin Income Securities Subaccount
2008
Top Explorer		81	$	6.908092	$	559		1.30	%		–30.92	%		0.05	%		5/1/08
Oncore Flex		243,473	$	6.898961	$	1,679,711		1.50	%		–31.01	%		0.05	%		5/1/08
Oncore Value		556,972	$	6.926429	$	3,857,826		0.90	%		–30.74	%		0.05	%		5/1/08
Oncore Premier		340,196	$	6.903522	$	2,348,553		1.40	%		–30.96	%		0.05	%		5/1/08
Oncore Xtra		204,324	$	6.903522	$	1,410,552		1.40	%		–30.96	%		0.05	%		5/1/08
Oncore Lite		870,554	$	6.903522	$	6,009,891		1.40	%		–30.96	%		0.05	%		5/1/08
Oncore Ultra		58,816	$	6.903522	$	406,040		1.40	%		–30.96	%		0.02	%		5/1/08

		2,274,416			$	15,713,132

Franklin Flex Cap Growth Securities Subaccount
2008
Top Explorer		14	$	6.657864	$	94		1.30	%		–33.42	%		0.00	%		5/1/08
Oncore Flex		111,842	$	6.649061	$	743,641		1.50	%		–33.51	%		0.00	%		5/1/08
Oncore Value		1,390,893	$	6.675566	$	9,284,999		0.90	%		–33.24	%		0.00	%		5/1/08
Oncore Premier		857,929	$	6.653450	$	5,708,188		1.40	%		–33.47	%		0.00	%		5/1/08
Oncore Xtra		505,037	$	6.653450	$	3,360,235		1.40	%		–33.47	%		0.00	%		5/1/08
Oncore Lite		4,038,944	$	6.653450	$	26,872,914		1.40	%		–33.47	%		0.00	%		5/1/08
Oncore Ultra		251,885	$	6.653450	$	1,675,906		1.40	%		–33.47	%		0.00	%		5/1/08
Oncore Wrap		6,140	$	6.686687	$	41,056		0.65	%		–33.13	%		0.00	%		5/1/08

		7,162,684			$	47,687,033

Templeton Foreign Securities Subaccount
2008
Top Explorer		88	$	6.196214	$	546		1.30	%		–38.04	%		0.02	%		5/1/08
Oncore Flex		121,973	$	6.188025	$	754,774		1.50	%		–38.12	%		0.01	%		5/1/08
Oncore Value		400,187	$	6.212675	$	2,486,234		0.90	%		–37.87	%		0.02	%		5/1/08
Oncore Premier		93,081	$	6.192114	$	576,365		1.40	%		–38.08	%		0.02	%		5/1/08
Oncore Xtra		178,383	$	6.192114	$	1,104,567		1.40	%		–38.08	%		0.02	%		5/1/08
Oncore Lite		801,847	$	6.192114	$	4,965,129		1.40	%		–38.08	%		0.02	%		5/1/08
Oncore Ultra		65,968	$	6.192114	$	408,481		1.40	%		–38.08	%		0.02	%		5/1/08

		1,661,527			$	10,296,096

(continued)

203

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Franklin Templeton Variable Insurance Products Trust — Class 4: (continued)
Franklin Templeton VIP Founding Funds Allocation Subaccount
2008
Top Tradition		4,100	$	6.616378	$	27,124		1.10	%		–33.84	%		0.31	%		5/1/08
Top Explorer		14	$	6.607627	$	90		1.30	%		–33.92	%		1.60	%		5/1/08
Oncore Flex		21,404	$	6.598888	$	141,243		1.50	%		–34.01	%		0.18	%		5/1/08
Oncore Value		530,323	$	6.625179	$	3,513,482		0.90	%		–33.75	%		0.17	%		5/1/08
Oncore Premier		162,842	$	6.603244	$	1,075,291		1.40	%		–33.97	%		0.12	%		5/1/08
Oncore Xtra		13,188	$	6.603244	$	87,086		1.40	%		–33.97	%		0.12	%		5/1/08
Oncore Lite		560,192	$	6.603244	$	3,699,083		1.40	%		–33.97	%		0.12	%		5/1/08
Oncore Ultra		34,738	$	6.603244	$	229,385		1.40	%		–33.97	%		0.12	%		5/1/08
Oncore Wrap		1,135	$	6.636195	$	7,532		0.65	%		–33.64	%		0.19	%		5/1/08

		1,327,936			$	8,780,316

Ivy Funds Variable Insurance Portfolios, Inc.:
VIP Asset Strategy Subaccount
2008
Oncore Flex		178,685	$	9.101480	$	1,626,298		1.50	%		–8.99	%		0.15	%		10/1/08
Oncore Value		195,311	$	9.114963	$	1,780,252		0.90	%		–8.85	%		0.17	%		10/1/08
Oncore Premier		72,503	$	9.103721	$	660,042		1.40	%		–8.96	%		0.12	%		10/1/08
Oncore Xtra		85,279	$	9.103721	$	776,357		1.40	%		–8.96	%		0.12	%		10/1/08
Oncore Lite		1,106,713	$	9.103721	$	10,075,208		1.40	%		–8.96	%		0.12	%		10/1/08
Oncore Ultra		28,559	$	9.103721	$	259,992		1.40	%		–8.96	%		0.12	%		10/1/08

		1,667,050			$	15,178,149

VIP Global Natural Resources Subaccount
2008
Oncore Flex		3,279	$	6.042800	$	19,817		1.50	%		–39.57	%		0.75	%		10/1/08
Oncore Value		83,765	$	6.051800	$	506,929		0.90	%		–39.48	%		0.64	%		10/1/08
Oncore Premier		17,836	$	6.044292	$	107,810		1.40	%		–39.56	%		0.54	%		10/1/08
Oncore Xtra		23,800	$	6.044292	$	143,852		1.40	%		–39.56	%		0.54	%		10/1/08
Oncore Lite		400,399	$	6.044292	$	2,420,129		1.40	%		–39.56	%		0.54	%		10/1/08
Oncore Ultra		24,422	$	6.044292	$	147,611		1.40	%		–39.56	%		0.54	%		10/1/08

		553,501			$	3,346,148

(continued)

204

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


													Investment
	Accumulation		Value Per		Fair					Total			Income			Inception
	Units***		Unit		Value		Expenses*			Return**			Ratio****			Date

Ivy Funds Variable Insurance Portfolios, Inc.: (continued)
VIP Science and Technology Subaccount
2008
Oncore Flex		16,928	$	8.216614	$	139,094		1.50	%		–17.83	%		0.00	%		10/1/08
Oncore Value		35,192	$	8.228810	$	289,588		0.90	%		–17.71	%		0.00	%		10/1/08
Oncore Premier		6,905	$	8.218643	$	56,750		1.40	%		–17.81	%		0.00	%		10/1/08
Oncore Xtra		2,883	$	8.218643	$	23,698		1.40	%		–17.81	%		0.00	%		10/1/08
Oncore Lite		70,996	$	8.218643	$	583,487		1.40	%		–17.81	%		0.00	%		10/1/08
Oncore Ultra		7,191	$	8.218643	$	59,096		1.40	%		–17.81	%		0.00	%		10/1/08

		140,095			$	1,151,713


*		This represents the annualized contract expense rate of the variable account for the period indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying mutual fund portfolios and charges made directly to contract owner accounts through the redemption of units.

**		This represents the total return for the period indicated and includes a deduction only for expenses assessed through the daily unit value calculation. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction of the total return presented. Investments with a date notation indicate the inception date of that investment in the Subaccount. The total return is calculated for the twelve month period indicated or from the inception date through the end of the period. In the first year of inception, the returns are based on the period from inception date to period end, and are not annualized.

***		Accumulation units are rounded to the nearest whole number.

****		The Investment Income Ratio represents the net investment income dividends that were received by the subaccount for the periods indicated, divided by average net assets (by product). Distributions of net capital gains by the underlying fund and expenses of the subaccount are not included in the calculation. The recognition of investment income by the subaccount is affected by the timing of dividends declared by the underlying fund. Therefore, the Investment Income Ratio is greatly affected by the amount of subaccount assets that are present on specific dividend record dates. The Investment Income Ratios for funds that were eligible for investment during only a portion of a year are calculated by dividing the actual dividends received by the average net assets for the period in which assets were present. The ratio is annualized in these instances.


(7)	Purchases and Sales of Investments

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2008 were as follows:


	Purchases		Sales

Ohio National Fund, Inc.:
Equity Subaccount	$	74,180,998	$	(122,427,773	)
Money Market Subaccount		606,335,118		(547,268,450	)
Bond Subaccount		25,227,256		(71,931,797	)
Omni Subaccount		2,158,371		(5,322,594	)
International Subaccount		75,196,493		(119,399,554	)
Capital Appreciation Subaccount		14,603,041		(30,845,831	)
Millennium Subaccount		7,632,750		(10,156,835	)
International Small-Mid Company Subaccount		23,262,861		(21,517,445	)
Aggressive Growth Subaccount		11,543,378		(6,493,890	)
Small Cap Growth Subaccount		4,821,042		(4,023,362	)

(continued)

205

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


	Purchases		Sales

Ohio National Fund, Inc.: (continued)
Mid Cap Opportunity Subaccount	$	56,135,555	$	(18,615,597	)
S&P 500 Index Subaccount		25,279,151		(26,434,145	)
Strategic Value Subaccount		2,426,578		(10,019,601	)
High Income Bond Subaccount		39,388,766		(26,969,387	)
Capital Growth Subaccount		12,646,511		(8,213,737	)
Nasdaq-100 Index Subaccount		13,532,470		(13,066,037	)
Bristol Subaccount		47,769,371		(16,675,636	)
Bryton Growth Subaccount		41,555,154		(18,297,408	)
U.S. Equity Subaccount		5,272,740		(4,618,247	)
Balanced Subaccount		5,210,996		(3,093,976	)
Income Opportunity Subaccount		1,403,133		(889,842	)
Target VIP Subaccount		12,878,437		(4,814,732	)
Target Equity/Income Subaccount		13,695,841		(10,013,179	)
Bristol Growth Subaccount		837,263		(228,302	)
Dow Target 10 Portfolios:
First Quarter Subaccount		1,134,665		(1,157,007	)
Second Quarter Subaccount		1,094,830		(989,168	)
Third Quarter Subaccount		429,431		(1,164,531	)
Fourth Quarter Subaccount		785,520		(2,491,445	)
Dow Target 5 Portfolios:
First Quarter Subaccount		1,752,861		(601,468	)
Second Quarter Subaccount		726,585		(690,832	)
Third Quarter Subaccount		543,166		(539,731	)
Fourth Quarter Subaccount		390,574		(456,021	)
Fidelity Variable Insurance Products Fund:
VIP Growth Subaccount		80,414		(471,557	)
VIP Equity-Income Subaccount		46,869		(680,706	)
VIP High Income Subaccount		11,283		(76,518	)
Janus Aspen Series – Institutional Shares:
Large Cap Growth Subaccount		310,614		(2,030,692	)
International Growth Subaccount		1,784,993		(3,077,193	)
Worldwide Growth Subaccount		226,896		(1,532,094	)
Balanced Subaccount		1,869,596		(4,602,140	)
Legg Mason Partners Variable Equity Trust – Class I:
Fundamental Value Subaccount		4,556,186		(4,638,636	)
Capital and Income Subaccount		793,807		(1,855,096	)
Investors Subaccount		4,235,850		(2,331,559	)

(continued)

206

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


	Purchases		Sales

Wells Fargo Advantage Variable Trust Funds:
Opportunity Subaccount	$	1,825,444	$	(2,920,796	)
Small/Mid Cap Value Subaccount		140,920		(177,097	)
Discovery Subaccount		18,100		(2,575,079	)
Van Kampen Universal Institutional Funds – Class I:
Core Plus Fixed Income Subaccount		2,180,168		(1,528,905	)
U.S. Real Estate Subaccount		5,238,181		(5,297,861	)
Value Subaccount		22,892		(164,137	)
Emerging Markets Debt Subaccount		2,601		(53,319	)
Goldman Sachs Variable Insurance Trust – Institutional Shares:
Growth and Income Subaccount		120,964,859		(55,038,710	)
Structured U.S. Equity Subaccount		6,176,867		(10,471,214	)
Capital Growth Subaccount		2,850,419		(3,291,272	)
Lazard Retirement Series, Inc:
Emerging Markets Equity Subaccount		126,288,821		(59,791,505	)
U.S. Small Cap Equity Subaccount		6,950,784		(8,260,068	)
U.S. Strategic Equity Subaccount		966,187		(319,767	)
International Equity Subaccount		150,396,745		(31,332,302	)
The Prudential Series Fund, Inc:
Jennison 20/20 Focus Subaccount		128,598,097		(32,462,052	)
Jennison Subaccount		1,757,484		(2,964,444	)
UBS Series Trust – Class I:
U.S. Allocation Subaccount		117,000		(712,741	)
Old Mutual Insurance Series Fund:
Technology & Communications Subaccount		0		(1,276,898	)
Fidelity Variable Insurance Products Fund – Service Class 2:
VIP Mid Cap Subaccount		93,283,090		(51,257,022	)
VIP Contrafund Subaccount		141,597,590		(73,105,022	)
VIP Growth Subaccount		16,130,104		(11,846,540	)
VIP Equity-Income Subaccount		45,281,638		(35,532,521	)
VIP Real Estate Subaccount		1,757,518		(212,013	)
Janus Aspen Series – Service Shares:
Large Cap Growth Subaccount		8,848,002		(4,735,987	)
Worldwide Growth Subaccount		4,674,687		(4,628,180	)
Balanced Subaccount		30,590,914		(25,075,787	)
International Growth Subaccount		165,786,839		(78,776,579	)

(continued)

207

Ohio National Variable Account A


Notes to Financial Statements (Continued)	December 31, 2008


	Purchases		Sales

J.P. Morgan Series Trust II:
Small Company Subaccount	$	4,383,233	$	(5,574,014	)
Mid Cap Value Subaccount		44,662,191		(42,214,183	)
AllianceBernstein Variable Product Series Fund, Inc. – Class B:
Global Bond Subaccount		0		(285,440	)
Growth & Income Subaccount		109,977		(401,984	)
Small Cap Growth Subaccount		0		(81,156	)
MFS Variable Insurance Trust – Service Class:
New Discovery Subaccount		3,367,255		(1,863,048	)
Investors Growth Stock Subaccount		2,283,683		(1,255,065	)
Mid Cap Growth Subaccount		11,224,100		(8,121,647	)
Total Return Subaccount		17,850,144		(21,987,539	)
PIMCO Variable Insurance Trust – Administrative Shares:
Real Return Subaccount		142,171,674		(117,740,183	)
Total Return Subaccount		332,079,259		(234,937,298	)
Global Bond Subaccount		121,698,946		(43,655,420	)
CommodityRealReturn Strategy Subaccount		2,102,405		(281,134	)
Calvert Variable Series, Inc:
Social Equity Subaccount		19,138		(28,987	)
Dreyfus Variable Investment Fund – Service Shares:
Appreciation Subaccount		4,450,339		(2,292,974	)
Royce Capital Fund:
Small-Cap Subaccount		74,593,918		(43,129,439	)
Micro-Cap Subaccount		43,081,216		(21,670,344	)
Van Kampen Universal Institutional Funds – Class II:
Core Plus Fixed Income Subaccount		91,773,660		(39,318,172	)
U.S. Real Estate Subaccount		112,963,579		(48,251,711	)
International Growth Equity Subaccount		177,228,594		(15,543,733	)
Capital Growth Subaccount		3,156,125		(1,148,673	)
Franklin Templeton Variable Insurance Products Trust – Class 2:
Franklin Income Securities Subaccount		69,232,642		(49,501,406	)
Franklin Flex Cap Growth Securities Subaccount		108,107,771		(26,889,338	)
Templeton Foreign Securities Subaccount		41,756,254		(25,326,945	)
Neuberger Berman Advisers Management Trust – S Class:
AMT Regency Subaccount		79,329,014		(27,093,982	)
ALPS Variable Insurance Trust – Class II:
AVS Listed Private Equity Subaccount		2,514,153		(220,390	)

(continued)

208

Ohio National Variable Account A

Report of Independent Registered Public Accounting Firm

The Board of Directors of The Ohio National Life Insurance Company

and Contract Owners of Ohio National Variable Account A:

We have audited the accompanying statement of assets and contract owners’ equity of Ohio National Variable Account A (comprised of the sub-accounts listed in note 1) (collectively, “the Accounts”) as of December 31, 2008, and the related statements of operations and changes in contract owners’ equity, and the financial highlights for each of the periods indicated herein. These financial statements and financial highlights are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2008, by correspondence with the transfer agents of the underlying mutual funds. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2008, the results of their operations, changes in contract owners’ equity, and the financial highlights for each of the periods indicated herein, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Columbus, Ohio

February 18, 2009

210


(2	)	N/A

(3	)(a)	Principal Underwriting Agreement for Variable Annuities between the Depositor and Ohio National Equities, Inc. was filed as Exhibit (3)(a) of the Registrant’s Form N-4 on December 30, 1997 (File no. 333-43515) and incorporated by reference herein.

(3	)(b)	Registered Representative’s Sales Contract with Variable Annuity Supplement was filed as Exhibit (3)(b) of the Registrant’s Form N-4, Post-effective Amendment no. 9 on February 27, 1991 (File no. 2-91213) and incorporated by reference herein.

(3	)(c)	Variable Annuity Sales Commission Schedule was filed as Exhibit A(3)(c) of the Registrant’s registration statement on Form S-6 on May 18, 1984 (File no. 2-91213) and incorporated by reference herein.

(3	)(d)	Selling Agreement and commission schedule between Ohio National Equities, Inc. and other broker-dealers for the distribution of “ONcore” Variable Annuities was filed as Exhibit (3)(d) of the Registrant’s Form N-4, Pre-effective Amendment No. 2 on April 16, 1998 and incorporated by reference herein.

(4	)(a)	Variable Deferred Annuity Contract, Form 00-VA-2, was filed as Exhibit (4) of the Registrant’s registration statement on Form N-4 on December 18, 2000 (File no. 333-52006) and incorporated by reference herein.

(4	)(b)	Variable Deferred Annuity Contract, Form 06-VA-1 was filed as Exhibit 99(4)(b) of the Registrant’s registration statement on Form N-4, Post-Effective Amendment No. 21 on December 5, 2008 (File no. 333-52006) and is incorporated by reference herein.

(4	)(c)	Guaranteed Minimum Income Benefit (Annual Reset Option), Form 08-GMI-1 was filed as Exhibit 99(4)(c) of the Registrant’s registration statement on Form N-4, Post-Effective Amendment No. 21 on December 5, 2008 (File no. 333-52006) and is incorporated by reference herein.

(4	)(d)	Guaranteed Minimum Income Benefit (Five Year Reset Option), Form 08-GMI-2 was filed as Exhibit 99(4)(d) of the Registrant’s registration statement on Form N-4, Post-Effective Amendment No. 21 on December 5, 2008 (File no. 333-52006) and is incorporated by reference herein.

(4	)(e)	Annual Reset Death Benefit, Form 08-ARD-1 was filed as Exhibit 99(4)(e) of the Registrant’s registration statement on Form N-4, Post-Effective Amendment No. 21 on December 5, 2008 (File no. 333-52006) and is incorporated by reference herein.

(4	)(f)	Guaranteed Lifetime Withdrawal Benefit and Death Benefit Single Life, Form 08-GLW-1 was filed as Exhibit 99(4)(f) of the Registrant’s registration statement on Form N-4, Post-Effective Amendment No. 21 on December 5, 2008 (File no. 333-52006) and is incorporated by reference herein.

(4	)(g)	Guaranteed Lifetime Withdrawal Benefit and Death Benefit Joint Life, Form 08-GLW-2 was filed as Exhibit 99(4)(g) of the Registrant’s registration statement on Form N-4, Post-Effective Amendment No. 21 on December 5, 2008 (File no. 333-52006) and is incorporated by reference herein.


(4	)(h)	Form of Annual Reset Death Benefit Rider, Form 09-ARD-1, was filed as Exhibit 99(4)(f) of the Registrant’s registration statement, Form N-4, Pre-Effective Amendment No. 1 on April 10, 2009 (File No. 333-156432) and is incorporated by reference herein.



(4	)(i)	Form of Guaranteed Minimum Death Benefit Rider, Form 09-GMD-1, was filed as Exhibit 99(4)(g) of the Registrant’s registration statement, Form N-4, Pre-Effective Amendment No. 1 on April 10, 2009 (File No. 333-156432) and is incorporated by reference herein.



(4	)(j)	Form of Guaranteed Minimum Death Benefit Rider, Form 09-GMD-2, was filed as Exhibit 99(4)(h) of the Registrant’s registration statement, Form N-4, Pre-Effective Amendment No. 1 on April 10, 2009 (File No. 333-156432) and is incorporated by reference herein.



(4	)(k)	Form of Annual Step Up Death Benefit Rider, Form 05-AMD-1, was filed as Exhibit 99(4)(i) of the Registrant’s registration statement, Form N-4, Pre-Effective Amendment No. 1 on April 10, 2009 (File No. 333-156432) and is incorporated by reference herein.



(4	)(l)	Form of Guaranteed Principal Protection Rider, Form 03-GPP-1, was filed as Exhibit 99(4)(j) of the Registrant’s registration statement, Form N-4, Pre-Effective Amendment No. 1 on April 10, 2009 (File No. 333-156432) and is incorporated by reference herein.


(5	)(a)	Tax-Qualified Variable Annuity Application, Form V-4890-A, was filed as Exhibit (5)(a) of the Registrant’s registration statement on Form N-4, Post-effective Amendment no. 18 on April 25, 1996 (File No. 2-91213) and incorporated by reference herein.

(6	)(a)	Articles of Incorporation of the Depositor were filed as Exhibit A(6)(a) of Ohio National Variable Interest Account registration statement on Form N-8B-2 on July 11, 1980 (File no. 811-3060) and incorporated by reference herein.

(6	)(b)	Code of Regulations (by-laws) of the Depositor were filed as Exhibit A(6)(b) of Ohio National Variable Interest Account registration statement on Form N-8B-2 on July 11, 1980 (File no. 811-3060) and incorporated by reference herein.

(7	)(a)	Variable Annuity GEB Reinsurance Agreement, as amended, between Depositor and ACE Tempest Life Reinsurance LTD. was filed as Exhibit (7)(a) of Registrant’s registration statement on Form N-4, post-effective amendment no. 29 (File No. 333-43515) on April 30, 2008 and incorporated by reference herein.

(7	)(b)	Variable Annuity GMIB Reinsurance Agreement, as amended, between Depositor and ACE Tempest Life Reinsurance LTD. was filed as Exhibit (7)(b) of Registrant’s registration statement on Form N-4, post-effective amendment no. 29 (File No. 333-43515) on April 30, 2008 and incorporated by reference herein.

(7	)(c)	Variable Annuity Reinsurance Agreement, as amended, between Depositor and ACE Tempest Life Reinsurance LTD. was filed as Exhibit (7)(c) of Registrant’s registration statement on Form N-4, post-effective amendment no. 29 (File No. 333-43515) on April 30, 2008 and incorporated by reference herein.

(7	)(d)	Variable Annuity GMDB Reinsurance Agreement, as amended, between Depositor and ACE Tempest Life Reinsurance LTD. was filed as Exhibit (7)(d) of Registrant’s registration statement on Form N-4, post-effective amendment no. 29 (File No. 333-43515) on April 30, 2008 and is incorporated by reference herein.

(8	)(a)	Fund Participation Agreement between the Depositor and Janus Aspen Series was filed as Exhibit (3)(e) of the Registrant’s Form N-4, Pre-effective Amendment no. 1 on April 10, 1998 (File no. 333-43515) and is incorporated by reference herein.

(8	)(b)	Participation Agreement between the Depositor and Strong Variable Insurance Funds, Inc. was filed as Exhibit (3)(f) of the Registrant’s Form N-4, Pre-effective Amendment no. 1 on April 10, 1998 (File no. 333-43515) and is incorporated by reference herein.

(8	)(c)	Fund Participation Agreement between the Depositor and Prudential Funds were filed as Exhibit (3)(g) of the Registrant’s Post Effective Amendment No. 51 (File No. 333-43515) on April 26, 2006 and is incorporated by reference herein.

(8	)(d)	Fund Participation Agreement between the Depositor and Neuberger Berman Advisers Management Trust were filed as Exhibit (3)(h) of the Registrant’s Post Effective Amendment No. 51 (File No. 333-43515) on April 26, 2006 and is incorporated by reference herein.

(8	)(e)	Amendment to Fund Participation Agreement between the Depositor and The Universal Institutional Funds were filed as Exhibit (3)(i) of the Registrant’s Post Effective Amendment No. 51 (File No. 333-43515) on April 26, 2006 and is incorporated by reference herein.

(8	)(f)	Participation Agreement between The Ohio National Life Insurance Company, Ohio National Equities, Inc., Franklin Templeton Variable Insurance Products Trust and Franklin/Templeton Distributors, Inc. was filed as Exhibit 99(h)(4) of Post-Effective Amendment No. 3 of Ohio national Life Assurance Corporation’s registration statement on Form N-6 on April 26, 2006 (File No. 333-109900) and is incorporated by reference herein.

(8	)(g)	Amendment to Participation Agreement between The Ohio National Life Insurance Company, Ohio National Equities, Inc., Franklin Templeton Variable Insurance Products Trust and Franklin/Templeton Distributors, Inc. was filed as Exhibit 99(h)(5) of Post-Effective Amendment No. 3 of Ohio national Life Assurance Corporation’s registration statement on Form N-6 on April 26, 2006 (File No. 333-109900) and is incorporated by reference herein.

(8	)(h)	First Amendment to the Participation Agreement by and between Salomon Brothers Variable Series Funds Inc, The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation was filed as Exhibit 99(h)(6) of Post-Effective Amendment No. 3 of Ohio national Life Assurance Corporation’s registration statement on Form N-6 on April 26, 2006 (File No. 333-109900) and is incorporated by reference herein.

(9	)	Opinion of Counsel and consent to its use filed herewith as Exhibit 99(9)


(10	)	Consent of KPMG LLP is filed herewith as Exhibit 99(10)



(13	)(a)	Form of Asset Allocation Model Investor Risk Profile was filed Exhibit 99(13)(a) of the Registrant’s registration statement, Form N-4, Post-Effective Amendment No. 31 on April 30, 2009 (File No. 333-43515) and is incorporated by reference herein.



(13	)(b)	Form of Asset Allocation Model Determining Your Investor Risk Profile brochure was filed Exhibit 99(13)(b) of the Registrant’s registration statement, Form N-4, Post-Effective Amendment No. 31 on April 30, 2009 (File No. 333-43515) and is incorporated by reference herein.



(13	)(c)	Form of Asset Allocation Model Descriptions effective July 1, 2008 was filed Exhibit 99(13)(c) of the Registrant’s registration statement, Form N-4, Post-Effective Amendment No. 31 on April 30, 2009 (File No. 333-43515) and is incorporated by reference herein.


(24	)	Powers of Attorney filed herewith as Exhibit 99(24)

-2-

Item 25. Directors and Officers of the Depositor


Name and Principal		Positions and Offices
Business Address		with Depositor

Larry Adams*		Senior Vice President and Chief Agency Officer

Trudy K. Backus*		Vice President, Administrative Projects

Thomas A. Barefield*		Executive Vice President, Chief Marketing Officer-Institutional Sales

Lee E. Bartels*		Vice President, Underwriting

Howard C. Becker*		Senior Vice President and Chief Administrative Officer

G. Timothy Biggs*		Vice President, Mortgages and Real Estate

Jeffery A. Bley, Jr.*		Vice President, ONESCO Compliance

Richard J. Bodner*		Vice President, Insurance Services

Robert A. Bowen*		Senior Vice President, Information Systems

Jack E. Brown 50 E. Rivercenter Blvd. Covington, Kentucky 41011		Director

William R. Burleigh One West Fourth Street Suite 1100 Cincinnati, Ohio 45202		Director

Victoria B. Buyniski Gluckman 2343 Auburn Avenue Cincinnati, Ohio 45219		Director

Philip C. Byrde*		Vice President, Fixed Income Securities

Joseph A. Campanella 6179 Paderbourne Drive Hudson, Ohio 44236		Director

Timothy C. Cardinal*		Vice President and Actuary, Financial Reporting

Christopher A. Carlson*		Senior Vice President, Chief Investment Officer

Thomas G. Cody 7 West Seventh Street Cincinnati, Ohio 45202		Director

Robert W. Conway*		Vice President, PGA Marketing, Eastern Division

Cletus Davis*		Senior Tax Officer

Ronald J. Dolan*		Director and Vice Chairman, Chief Risk Officer

Anthony G. Esposito*		Senior Vice President, Human Resources & Administration

Joseph M. Fischer*		Assistant Secretary

Rosemary Gatto*		Vice President, Claims

Robert K. Gongwer*		Second Vice President, Taxes

Dianne S. Hagenbuch*		Senior Vice President, Corporate Relations & Communications

Michael F. Haverkamp*		Senior Vice President and General Counsel

John W. Hayden 7000 Midland Boulevard Batavia, Ohio 45103		Director

Ronald G. Heibert*		Senior Vice President, Life Product Management, Life Illustration Actuary

Gary T. Huffman		Vice Chairman, Distribution

Jed R. Martin*		Vice President, Private Placements

-3-

Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant

The Registrant is a separate account of the Depositor. The Depositor is a wholly-owned subsidiary of Ohio National Financial Services, Inc., an Ohio intermediate holding company which is owned by Ohio National Mutual Holdings, Inc., an Ohio mutual holding company owned by the life insurance and annuity policyholders of the Depositor.

Ohio National Financial Services, Inc. owns the percentage of voting securities shown for the following entities which were organized under the laws of the jurisdictions listed:


Name (and Business)	Jurisdiction	% Owned
The Ohio National Life Insurance Company	Ohio		100	%

OnFlight, Inc. (aviation)	Ohio		100	%

ON Global Holdings, Inc. (holding company, foreign insurance)	Delaware		100	%

Fiduciary Capital Management, Inc. (investment adviser)	Connecticut		80	%

Suffolk Capital Management LLC (investment adviser)	Delaware		81	%

Sycamore Re, Ltd. (captive reinsurance company)	Bermuda		100	%

The Ohio National Life Insurance Company owns the percentage of voting securities shown for the following entities which were organized under the laws of the jurisdictions listed:

Ohio National Life Assurance Corporation	Ohio		100	%

Ohio National Equities, Inc. (securities broker dealer)	Ohio		100	%

Ohio National Investments, Inc. (investment adviser)	Ohio		100	%

The O.N. Equity Sales Company (securities broker dealer)	Ohio		100	%

Ohio National Fund, Inc. (registered investment company	Maryland	(more than) 90%

Dow Target Variable Fund LLC (registered investment company)	Ohio		100	%

National Security Life and Annuity Company (insurance company)	New York		80.5	%

Montgomery Re, Inc. (captive reinsurance company)	Vermont		100	%

The O.N. Equity Sales Company owns the percentage of voting securities shown for the following entities which were organized under the laws of the jurisdictions listed:

O.N. Investment Management Company (investment adviser)	Ohio		100	%

Ohio National Insurance Agency of Alabama, Inc.	Alabama		100	%

Ohio National Insurance Agency, Inc.	Ohio		100	%

ON Global Holdings, Inc. owns 100% of the voting securities of Ohio National Sudamerica S.A., an insurance holding company organized under the laws of Chile.

Ohio National Sudamerica S.A. owns 100% of the voting securities of Ohio National Seguros de Vida S.A., a life insurance company organized under the laws of Chile.

-5-

Separate financial statements are filed with the Commission for Ohio National Life Assurance Corporation under registrant Ohio National Variable Account R and National Security Life and Annuity Company under registrants National Security Variable Account L and National Security Variable Account N. All subsidiaries of the Depositor are included in the consolidated financial statements of the Depositor, The Ohio National Life Insurance Company.

Item 27. Number of Contract Owners

As of April 3, 2009, this series of the Registrant’s contracts were owned by 29,348 owners.

Item 28. Indemnification

The sixth article of the Depositor’s Articles of Incorporation, as amended, provides as follows:

Each former, present and future Director, Officer or Employee of the Corporation (and his heirs, executors or administrators), or any such person (and his heirs, executors or administrators) who serves at the Corporation’s request as a director, officer, partner, member or employee of another corporation, partnership or business organization or association of any type whatsoever shall be indemnified by the Corporation against reasonable expenses, including attorneys’ fees, judgments, fine and amounts paid in settlement actually and reasonably incurred by him in connection with the defense of any contemplated, pending or threatened action, suit or proceeding, civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, to which he is or may be made a party by reason of being or having been such Director, Officer, or Employee of the Corporation or having served at the Corporation’s request as such director, officer, partner, member or employee of any other business organization or association, or in connection with any appeal therein, provided a determination is made by majority vote of a disinterested quorum of the Board of Directors (a) that such a person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and (b) that, in any matter the subject of criminal action, suit or proceeding, such person had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself create a presumption that the person did not act in good faith in any manner which he reasonably believed to be in or not opposed to the best interests of the Corporation, and with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful. Such right of indemnification shall not be deemed exclusive of any other rights to which such person may be entitled. The manner by which the right to indemnification shall be determined in the absence of a disinterested quorum of the Board of Directors shall be set forth in the Code of Regulations or in such other manner as permitted by law. Each former, present, and future Director, Officer or Employee of the Corporation (and his heirs, executors or administrators) who serves at the Corporation’s request as a director, officer, partner, member or employee of another corporation, partnership or business organization or association of any type whatsoever shall be indemnified by the Corporation against reasonable expenses, including attorneys’ fees, actually and reasonably incurred by him in connection with the defense or settlement of any contemplated, pending or threatened action, suit or proceeding, by or in the right of the Corporation to procure a judgment in its favor, to which he is or may be a party by reason of being or having been such Director, Officer or Employee of the Corporation or having served at the Corporation’s request as such director, officer, partner, member or employee of any other business organization or association, or in connection with any appeal therein, provided a determination is made by majority vote of a disinterested quorum of the Board of Directors (a) that such person was not, and has not been adjudicated to have been negligent or guilty of misconduct in the performance of his duty to the Corporation or to such other business organization or association, and (b) that such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation.

-6-

Such right of indemnification shall not be deemed exclusive of any other rights to which such person may be entitled. The manner by which the right of indemnification shall be determined in the absence of a disinterested quorum of the Board of Directors shall be as set forth in the Code of Regulations or in such other manner as permitted by law.

In addition, Article XII of the Depositor’s Code of Regulations states as follows:

If any director, officer or employee of the Corporation may be entitled to indemnification by reason of Article Sixth of the Amended Articles of Corporation, indemnification shall be made upon either (a) a determination in writing of the majority of disinterested directors present, at a meeting of the Board at which all disinterested directors present constitute a quorum, that the director, officer or employee in question was acting in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of this Corporation or of such other business organization or association in which he served at the Corporation’s request, and that, in any matter which is the subject of a criminal action, suit or proceeding, he had no reasonable cause to believe that his conduct was unlawful and in an action by or in the right of the Corporation to procure a judgment in its favor that such person was not and has not been adjudicated to have been negligent or guilty of misconduct in the performance of his duty to the Corporation or to such other business organization or association; or (b) if the number of all disinterested directors would not be sufficient at any time to constitute a quorum, or if the number of disinterested directors present at two consecutive meetings of the Board has not been sufficient to constitute a quorum, a determination to the same effect as set forth in the foregoing clause (a) shall be made in a written opinion by independent legal counsel other than an attorney, or a firm having association with it an attorney, who has been retained by or who has performed services for this Corporation, or any person to be indemnified within the past five years, or by the majority vote of the policyholders, or by the Court of Common Pleas or the court in which such action, suit or proceeding was brought. Prior to making any such determination, the Board of Directors shall first have received the written opinion of General Counsel that a number of directors sufficient to constitute a quorum, as named therein, are disinterested directors. Any director who is a party to or threatened with the action, suit or proceeding in question, or any related action, suit or proceeding, or has had or has an interest therein adverse to that of the Corporation, or who for any other reason has been or would be affected thereby, shall not be deemed a disinterested director and shall not be qualified to vote on the question of indemnification. Anything in this Article to the contrary notwithstanding, if a judicial or administrative body determines as part of the settlement of any action, suit or proceeding that the Corporation should indemnify a director, officer or employee for the amount of the settlement, the Corporation shall so indemnify such person in accordance with such determination. Expenses incurred with respect to any action, suit or proceeding which may qualify for indemnification may be advanced by the Corporation prior to final disposition thereof upon receipt of an undertaking by or on behalf of the director, officer or employee to repay such amount if it is ultimately determined hereunder that he is not entitled to indemnification or to the extent that the amount so advanced exceeds the indemnification to which he is ultimately determined to be entitled.

Item 29. Principal Underwriters

The principal underwriter of the Registrant’s securities is presently Ohio National Equities, Inc. (“ONEQ”). ONEQ is a wholly-owned subsidiary of the Depositor. ONEQ also serves as the principal underwriter of securities issued by Ohio National Variable Accounts B and D, other separate accounts of the Depositor which are registered as unit investment trusts; and Ohio National Variable Account R, a separate account of the Depositor’s subsidiary, Ohio National Life Assurance Corporation, which separate account is also registered as a unit investment trust. ONEQ also serves as the principal underwriter of securities issued by National Security Variable Accounts N and L, separate accounts of the Depositor’s affiliate, National Security Life and Annuity Company.

-7-

(b) The Registrant hereby undertakes to file a post-effective amendment to this registration statement as frequently as is necessary to ensure audited financial statements in this registration statement are never more than 16 months old for so long as payments under variable annuity contracts may be accepted.

(c) The Registration hereby undertakes to include either (1) as part of any application to purchase any contract offered by the prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a post card or similar written communication affixed to or included in the prospectus that the applicant can remove to send for a Statement of Additional Information.

(d) The Registration hereby undertakes to deliver any Statement of Additional Information and any financial statements required to be made under Form N-4 promptly upon written or oral request.

(e) Rule 484 Undertaking — Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by final adjudication of such issue.

(f) Undertaking to File Reports — Ohio National Life believes that, consistent with well established industry and SEC practice, the periodic reporting requirements of the Securities Exchange Act of 1934 do not apply to it as the depositor of one or more variable insurance product separate accounts. If such requirements are deemed to apply to it as such a depositor, Ohio National Life intends to rely on the exemption from such requirements provided by Rule 12h-7 under that Act.

-10-


	Year Ended		Unit Value at		Unit Value at		Number of Units
	December 31		Beginning of Year		End of Year		at End of Year

Ohio National Fund, Inc.

Money Market Portfolio		2001	$	11.14	$	11.41		212,331
		2002		11.41		11.40		1,232,114
		2003		11.40		11.33		1,776,895
		2004		11.33		11.29		1,754,461
		2005		11.29		11.46		2,743,376
		2006		11.46		11.84		5,472,912
		2007		11.84		12.25		7,012,389
		2008		12.25		12.30		8,840,916

Equity Portfolio		2001		9.95		8.98		993,612
		2002		8.98		7.20		1,598,962
		2003		7.20		10.24		2,284,880
		2004		10.24		11.36		3,393,994
		2005		11.36		11.89		5,548,866
		2006		11.89		12.50		7,279,217
		2007		12.50		11.60		9,988,394
		2008		11.60		5.17		9,001,014

Bond Portfolio		2001		10.58		11.31		46,771
		2002		11.31		12.12		260,014
		2003		12.12		13.21		370,329
		2004		13.21		13.79		1,034,178
		2005		13.79		13.66		1,837,114
		2006		13.66		14.07		2,663,961
		2007		14.07		14.39		2,864,411
		2008		14.39		12.56		1,927,922

Onmi Portfolio		2001		8.65		7.42		2,754
		2002		7.42		5.65		4,063
		2003		5.65		7.03		4,823
		2004		7.03		7.42		370,533
		2005		7.42		8.02		322,242
		2006		8.02		8.96		305,343
		2007		8.96		9.45		251,215
		2008		9.45		6.39		203,292


	Year Ended		Unit Value at		Unit Value at		Number of Units
	December 31		Beginning of Year		End of Year		at End of Year

S&P 500^® Index Portfolio		2001	$	12.30	$	10.51		38,670
		2002		10.51		8.02		128,490
		2003		8.02		10.11		313,876
		2004		10.11		11.00		459,684
		2005		11.00		11.33		396,816
		2006		11.33		12.88		581,184
		2007		12.88		13.35		989,275
		2008		13.35		8.25		181,360

International Portfolio		2001		11.85		8.23		5,154
		2002		8.23		6.44		17,662
		2003		6.44		8.42		232,432
		2004		8.42		9.38		1,858,646
		2005		9.38		10.12		5,032,602
		2006		10.12		11.90		8,151,307
		2007		11.90		12.84		9,986,947
		2008		12.84		6.83		8,401,936

International Small-Mid Company Portfolio		2001		10.38		7.24		462
		2002		7.24		6.07		5,370
		2003		6.07		9.21		23,495
		2004		9.21		10.98		52,162
		2005		10.98		13.97		263,401
		2006		13.97		17.40		763,733
		2007		17.40		20.16		1,451,256
		2008		20.16		9.68		1,657,123

Capital Appreciation Portfolio		2001		13.39		14.49		35,450
		2002		14.49		11.41		138,520
		2003		11.41		14.80		198,357
		2004		14.80		16.42		494,374
		2005		16.42		17.05		1,550,322
		2006		17.05		19.56		2,324,128
		2007		19.56		20.03		1,985,561
		2008		20.03		12.05		1,876,189

Mid Cap Opportunity Portfolio		2001		13.45		11.54		15,551
		2002		11.54		8.47		29,735
		2003		8.47		12.22		47,347
		2004		12.22		13.68		244,454
		2005		13.68		14.84		268,274
		2006		14.84		16.05		422,053
		2007		16.05		18.65		1,230,343
		2008		18.65		8.96		2,987,136

Capital Growth Portfolio		2001		22.58		19.01		87,098
		2002		19.01		10.86		107,337


Ohio National Life Custodian
Independent Registered Public Accounting Firm
Underwriter
Calculation of Money Market Yield
Total Return
Financial Statements

1940 Act File Number 811-1978
1933 Act File Number 333-52006


Ohio National Life			2
Custodian			2
Independent Registered Public Accounting Firm			2
Underwriter			2
Calculation of Money Market Yield			3
Total Return			3
Financial Statements			4


	Aggregate		Retained
Year	Commissions		Commissions
2008	$	104,098,342	$	19,487,825
2007	$	117,751,720	$	22,706,307
2006	$	80,123,822	$	13,243,555


					Accumulated
	Class A		Additional		other						Total
	common		paid-in		comprehensive			Retained			stockholder’s
	stock		capital		(loss) income			earnings			equity
Balance, December 31, 2005	$	10,000		162,939		103,862			1,068,023			1,344,824

Dividends to stockholder		—		—		—			(30,000	)		(30,000	)

Comprehensive income:
Net income		—		—		—			107,323			107,323
Other comprehensive loss		—		—		(47,990	)		—			(47,990	)

Total comprehensive income												59,333

Balance, December 31, 2006		10,000		162,939		55,872			1,145,346			1,374,157

Dividends to stockholder		—		—		—			(49,000	)		(49,000	)

Comprehensive income:
Net income		—		—		—			138,220			138,220
Other comprehensive loss		—		—		(35,973	)		—			(35,973	)


Total comprehensive income												102,247
SFAS 158 pension adjustment, net of federal income tax of $1,001		—		—		(1,860	)		—			(1,860	)


Balance, December 31, 2007		10,000		162,939		18,039			1,234,566			1,425,544

Capital contribution from parent		—		24,334		—			—			24,334

Dividends to stockholder		—		—		—			(62,000	)		(62,000	)

Comprehensive loss:
Net income		—		—		—			139,061			139,061
Other comprehensive loss		—		—		(290,886	)		—			(290,886	)

Total comprehensive loss												(151,825	)

Balance, December 31, 2008	$	10,000		187,273		(272,847	)		1,311,627			1,236,053

			Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block.

			Summarized financial information of the Closed Block as of December 31, 2008 and 2007, and for each of the years in the three-year period ended December 31, 2008 follows:


	2008		2007
Closed Block assets:
Fixed maturity securities available for sale, at fair value (amortized cost of $319,565 and $328,930, as of December 31, 2008 and 2007, respectively)	$	283,629		337,232
Fixed maturity securities held-to-maturity, at amortized cost		53,418		59,994
Mortgage loans on real estate, net		107,633		120,256
Policy loans		127,538		126,232
Short-term investments		28,680		4,742
Accrued investment income		5,536		5,489
Deferred policy acquisition costs		73,599		75,606
Reinsurance recoverable		1,750		1,711
Deferred federal income taxes		12,578		—
Other assets		14,619		1,725

	$	708,980		732,987


Closed Block liabilities:
Future policy benefits and claims	$	694,811		696,996
Policyholders’ dividend accumulations		51,159		52,900
Other policyholder funds		—		15,530
Deferred federal income taxes		—		2,906
Other liabilities		3,067		3,039

	$	749,037		771,371


	Realized gains (losses) on investments
	2008			2007			2006
Securities available-for-sale:
Fixed maturity securities	$	(121,463	)		(4,438	)		(16,488	)
Equity securities		(692	)		296			1,386
Fixed maturity held-to-maturity securities		(8,695	)		(51	)		13
Mortgage loans on real estate		—			—			(8	)
Real estate		(353	)		(77	)		219

Total realized losses on investments		(131,203	)		(4,270	)		(14,878	)

Change in valuation allowances for mortgage loans on real estate		(320	)		(169	)		265

Net realized losses on investments	$	(131,523	)		(4,439	)		(14,613	)

			Realized losses on investments, as shown in the table above, include write-downs for OTI of $144,938, $9,142, and $15,065 for the years ended December 31, 2008, 2007, and 2006, respectively. As of December 31, 2008, fixed maturity securities with a carrying value of $65,524, which had a cumulative write-down of $147,859 due to OTI, remained in the Company’s investment portfolio.

			The following table summarizes other-than-temporary impairments by asset type for the years ended December 31:


	December 31, 2008
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gains		losses			fair value
Securities available-for-sale:
Fixed maturity securities:
U.S. Treasury securities and obligations of U.S. government	$	89,652		6,265		(465	)		95,452
Federal agency issued securities¹		132,760		542		—			133,302
Obligations of states and political subdivisions		36,854		1,477		(1,139	)		37,192
Debt securities issued by foreign governments		4,328		570		(117	)		4,781
Corporate securities		3,755,454		90,002		(564,148	)		3,281,308
Mortgage-backed securities		1,415,332		33,468		(215,773	)		1,233,027

Total fixed maturity securities	$	5,434,380		132,324		(781,642	)		4,785,062

Equity securities	$	25,985		2,927		(9	)		28,903


Trading securities:
Fixed maturity corporate securities	$	3,058		72		(280	)		2,850

Equity securities		7,736		—		(2,764	)		4,972

Fixed maturity held-to-maturity securities:
Obligations of states and political subdivisions	$	2,150		—		(106	)		2,044
Debt securities issued by foreign governments		1,000		—		—			1,000
Corporate securities		731,470		8,673		(56,681	)		683,462
Mortgage-backed securities		514		3		(39	)		478

Total held-to-maturity	$	735,134		8,676		(56,826	)		686,984


¹		Federal agency issued securities are not backed by the full faith and credit of the U.S. Government.


	December 31, 2007
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gains		losses			fair value
Securities available-for-sale:
Fixed maturity securities:
U.S. Treasury securities and obligations of U.S. government	$	282,831		7,923		(449	)		290,305
Federal agency issued securities¹		163,213		339		(221	)		163,331
Obligations of states and political subdivisions		75,121		10,857		—			85,978
Debt securities issued by foreign governments		22,260		520		(563	)		22,217
Corporate securities		3,723,563		182,526		(140,670	)		3,765,419
Mortgage-backed securities		1,400,035		21,202		(51,718	)		1,369,519

Total fixed maturity securities	$	5,667,023		223,367		(193,621	)		5,696,769

Equity securities	$	16,849		2,967		(1	)		19,815


Trading securities:
Fixed maturity corporate securities	$	5,028		7		(241	)		4,794

Equity securities		7,736		887		—			8,623

Fixed maturity held-to-maturity securities:
Obligations of states and political subdivisions	$	2,210		284		—			2,494
Debt securities issued by foreign governments		1,000		—		—			1,000
Corporate securities		669,821		32,387		(5,346	)		696,862
Mortgage-backed securities		7,064		955		—			8,019

Total held-to-maturity	$	680,095		33,626		(5,346	)		708,375


¹		Equity put options transferred to the Company from ONFS as a non-cash capital contribution on December 31, 2008.

	*(c)*		*General Agents’ Pension Plan*

			The Company sponsors an unfunded, nonqualified defined benefit pension plan covering its general agents. The Plan provides benefits based on years of service and average compensation during the final five and ten years of service. Effective January 1, 2005, no agents hired after 2004 will participate in the Plan.

			The measurement date was December 31, 2008 and 2007.

	*(d)*		*Agents’ Post-Retirement Benefits Plans*

			The Company sponsors a post-retirement health and group life plan. Only agents with contracts effective prior to January 1, 1998 who meet the retirement age and service requirements are eligible for these benefits. The health and group life plans are contributory, with retirees contributing approximately 50% of premium for coverage. As with all plan participants, the Company reserves the right to change the retiree premium contribution at renewal.

			The post-retirement health plan does not provide benefits which are actuarially equivalent to Medicare Part D benefits. Therefore, the Company does not receive the associated federal Medicare subsidy.

			The measurement date was December 31, 2008 and 2007.

	*(e)*		*Obligations and Funded Status*

			Information regarding the funded status of the pension plans as a whole and other benefit plans as a whole as of December 31, 2008 and 2007 is as follows:


	Pension benefits						Other benefits
	2008			2007			2008			2007
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	53,005			49,450			5,925			8,207
Service cost		1,688			1,937			54			70
Interest cost		3,424			3,079			376			488
Actuarial (gain) loss		(3,144	)		(30	)		(268	)		(2,549	)
Benefits paid*		(6,260	)		(1,431	)		(151	)		(291	)


Projected benefit obligation at end of year	$	48,713			53,005

Accumulated benefit obligation	$	39,777			43,330			5,936			5,925


Change in plan assets:
Fair value of plan assets at beginning of year	$	42,168			40,111			—			—
Actual return on plan assets		(14,827	)		3,066			—			—
Benefits and expenses paid		(3,986	)		(1,009	)		—			—


Fair value of plan assets at end of year	$	23,355			42,168			—			—


Funded status	$	(25,358	)		(10,837	)		(5,936	)		(5,925	)


*		Benefits paid include amounts paid from both funded and unfunded benefit plans.


	1-percentage-		1-percentage-
	point increase		point decrease
Effect on total of 2008 service cost and interest cost	$	56		(47	)
Effect on 2008 other post-retirement benefit obligation		688		(582	)

	(ii)		Estimated Future Benefit Payments

			The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


	Pension		Other
	benefits		benefits
2009	$	5,122		155
2010		4,614		145
2011		4,003		140
2012		6,088		136
2013		4,553		132
2014-2018		22,682		599

	*(i)*		*Other Plan Expenses*

			The Company also maintains a qualified contributory defined contribution profit-sharing plan covering substantially all employees. Company contributions to the profit-sharing plan are based on the net earnings of the Company and are payable at the sole discretion of management. The expense for contributions to the Plan for 2008, 2007, and 2006 were $2,732, $5,317, and $2,309, respectively.

			Employees hired on or after January 1, 1998 are covered by a defined contribution pension plan. The expense reported for this Plan was $943, $667, and $512, in 2008, 2007, and 2006, respectively.

	*(j)*		*ONFS Employees*

			The Company’s qualified pension and post retirement benefit plans include participants who are employees of ONFS. Participating ONFS employees are vice presidents and other executive officers of ONFS and devote substantially all of their time to service for the Company. Most of ONFS’s employees were employees of the Company prior to January 1, 2001 and were participants in the benefit plan at that time.

	(17)		Reinsurance

			The Company routinely enters into reinsurance transactions with other insurance companies. This reinsurance involves either ceding certain risks to or assuming risks from other insurance companies. The primary purpose of ceded reinsurance is to protect the Company from potential losses in excess of levels that it is prepared to accept. Reinsurance does not discharge the Company from its primary liability to policyholders and to the extent that a reinsurer should be unable to meet its obligations, the Company would be liable to policyholders. Ceded premiums approximated 19%, 14%, and 14% of gross earned life and accident and health premiums during 2008, 2007, and 2006, respectively.

			The Company has entered into various coinsurance agreements to facilitate additional sales of fixed annuity products. Ceded amounts under these agreements range from one-third to two-thirds of the business produced. The ceded reserves attributable to coinsurance agreements were $869,084 and $1,043,748 as of December 31, 2008 and 2007, respectively.

			Effective October 1, 2008, the Company has entered into a reinsurance agreement with Sycamore Re, an affiliated reinsurance company which is 100% owned by ONFS. The reinsurer is unauthorized in the State of Ohio. The reinsurance agreement covers variable annuity policies with a GMIB rider and the optional ARDBR rider that were issued from April 1, 2008 and forward.


	Fidelity Variable Insurance Products
	Fund — Service Class 2
							VIP Real
	VIP Equity-Income						Estate
	Subaccount						Subaccount
	2008			2007			2008(b)

Increase (decrease) in contract owners’ equity from operations:
Net investment activity	$	1,419,506		$	764,665		$	33,320
Reinvested capital gains		128,629			12,732,909			16,241
Realized gain (loss)		(13,398,864	)		736,765			(125,371	)
Unrealized gain (loss)		(56,707,066	)		(16,902,088	)		(259,759	)

Net increase (decrease) in contract owners’ equity from operations		(68,557,795	)		(2,667,749	)		(335,569	)

Equity transactions:
Contract purchase payments (note 1)		10,344,576			40,897,178			792,238
Extra credit fund deposit (note 1)		20,222			228,671			1,565
Transfers (to) and from other subaccounts		(155,528	)		12,171,317			563,088
Transfers (to) and from fixed dollar contract		6,096,778			34,459,852			151,976
Withdrawals and surrenders		(4,246,188	)		(4,094,246	)		(6,060	)
Surrender charges (note 2)		(89,044	)		(78,422	)		0
Annual contract charges (note 2)		(1,075,932	)		(507,101	)		(1,256	)
Annuity and death benefit payments		(2,693,902	)		(2,646,139	)		(5,607	)

Net equity transactions		8,200,982			80,431,110			1,495,944

Net change in contract owners’ equity		(60,356,813	)		77,763,361			1,160,375
Contract owners’ equity:
Beginning of period		154,709,876			76,946,515			0

End of period	$	94,353,063		$	154,709,876		$	1,160,375

Change in units:
Beginning units		10,578,270			5,258,758			0

Units purchased		3,777,560			8,056,270			252,977
Units redeemed		(2,937,921	)		(2,736,758	)		(33,540	)

Ending units		11,417,909			10,578,270			219,437


	Purchases		Sales

Federated Insurance Series – Service Shares:
Kaufmann Fund II Subaccount	$	5,341,479	$	(423,047	)
Goldman Sachs Variable Insurance Trust – Service Shares:
Growth and Income Subaccount		62,434,179		(2,352,019	)
Structured U.S. Equity Subaccount		602,099		(6,722	)
Capital Growth Subaccount		934,702		(364,783	)
Franklin Templeton Variable Insurance Products Trust – Class 4:
Franklin Income Securities Subaccount		19,046,798		(1,114,298	)
Franklin Flex Cap Growth Securities Subaccount		58,539,887		(1,914,539	)
Templeton Foreign Securities Subaccount		13,495,955		(967,573	)
Franklin Templeton VIP Founding Funds Allocation Subaccount		11,853,984		(861,567	)
Ivy Funds Variable Insurance Portfolios, Inc.:
VIP Asset Strategy Subaccount		16,611,231		(323,396	)
VIP Global Natural Resources Subaccount		4,329,006		(180,928	)
VIP Science and Technology Subaccount		1,258,240		(137,514	)

Totals	$	3,890,800,195	$	(2,421,992,160	)


*		The principal business address for these individuals is One Financial Way, Montgomery, Ohio 45242.


Name		Position with ONEQ
David B. O’Maley		Chairman and Director
John J. Palmer		President and Director
Thomas A. Barefield		Senior Vice President
Gary T. Huffman		Director
Michael F. Haverkamp		Secretary and Director
Barbara A. Turner		Director, Vice President of Operations & Comptroller and Treasurer
H. Douglas Cooke		Vice President, Institutional Sales
Richard J. Dowdle		Vice President, Institutional Sales
Laurens N. Sullivan		Vice President, Institutional Sales
Kimberly A. Plante		Assistant Secretary
Jeffery A. Bley		Chief Compliance Officer



Net Underwriting	Compensation
Discounts and	on	Brokerage
Commissions	Redepemtion	Commissions	Compensation
$104,098,342	None	None	None


(1)		Journals and other records of original entry:

		The Ohio National Life Insurance Company (“Depositor”)
		One Financial Way
		Montgomery, Ohio 45242





(2)		General and auxiliary ledgers:


		Depositor


(3)		Securities records for portfolio securities:


		Depositor


(4)		Corporate charter, by-laws and minute books:

		Registrant has no such documents.

(5)		Records of brokerage orders:

		Not applicable.

(6)		Records of other portfolio transactions:


		Depositor


(7)		Records of options:

		Not applicable

(8)		Records of trial balances:


		Depositor


(9)		Quarterly records of allocation of brokerage orders and commissions:

		Not applicable

(10)		Records identifying persons or group authorizing portfolio transactions:

		Depositor

(11)		Files of advisory materials:

		Not applicable

(12)		Other records


		Depositor