-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P4QC8GHBkaStGUaJubYsXzRvy6riwUWsmYsT70ag1vap5ZChHfxfKsNjUcJsrr2K yR3WU6eJDwqhstmEjiJAUw== 0000950152-06-007399.txt : 20060901 0000950152-06-007399.hdr.sgml : 20060901 20060901110934 ACCESSION NUMBER: 0000950152-06-007399 CONFORMED SUBMISSION TYPE: 485APOS PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060901 DATE AS OF CHANGE: 20060901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHIO NATIONAL VARIABLE ACCOUNT A CENTRAL INDEX KEY: 0000073981 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485APOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-43511 FILM NUMBER: 061070379 BUSINESS ADDRESS: STREET 1: ONE FINANCIAL WAY CITY: CINCINNATI STATE: OH ZIP: 45242 BUSINESS PHONE: 513-794-6230 MAIL ADDRESS: STREET 1: ONE FINANCIAL WAY CITY: CINCINNATI STATE: OH ZIP: 45242 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHIO NATIONAL VARIABLE ACCOUNT A CENTRAL INDEX KEY: 0000073981 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485APOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01978 FILM NUMBER: 061070380 BUSINESS ADDRESS: STREET 1: ONE FINANCIAL WAY CITY: CINCINNATI STATE: OH ZIP: 45242 BUSINESS PHONE: 513-794-6230 MAIL ADDRESS: STREET 1: ONE FINANCIAL WAY CITY: CINCINNATI STATE: OH ZIP: 45242 0000073981 S000007957 OHIO NATIONAL VARIABLE ACCOUNT A C000021576 ONcore Flex 485APOS 1 l20405be485apos.txt OHIO NATIONAL 485APOS File No. 333-43511 811-1978 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/ Pre-Effective Amendment No. / / Post-Effective Amendment No. 25 /X/ REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/ Amendment No. 26 /X/ (Exact Name of Registrant) OHIO NATIONAL VARIABLE ACCOUNT A (Name of Depositor) THE OHIO NATIONAL LIFE INSURANCE COMPANY (Address of Depositor's Principal Executive Offices) One Financial Way Montgomery, Ohio 45242 (Depositor's Telephone Number) (513) 794-6100 (Name and Address of Agent for Service) Marc L. Collins, Second Vice President and Counsel The Ohio National Life Insurance Company P.O. Box 237 Cincinnati, Ohio 45201 Notice to: John Blouch, Esq. Dykema Gossett, PLLC. Suite 300 West 1300 I Street, NW Washington, D.C. 20005 Approximate Date of Proposed Public Offering: As soon after the effective date of this amendment as is practicable. It is proposed that this filing will become effective (check appropriate space): ___ immediately upon filing pursuant to paragraph (b) of Rule 485 ___ on (date) pursuant to paragraph (b) of Rule 485 ___ 60 days after filing pursuant to paragraph (a)(i) of Rule 485 _X_ on September 15, 2006 pursuant to paragraph (a)(i) of Rule 485. If appropriate, check the following box: this post-effective amendment designates a new effective date for _X_ a previously filed post-effective amendment. PROSPECTUS FLEXIBLE PURCHASE PAYMENT INDIVIDUAL VARIABLE ANNUITY CONTRACTS ONCORE FLEX OHIO NATIONAL VARIABLE ACCOUNT A THE OHIO NATIONAL LIFE INSURANCE COMPANY One Financial Way Montgomery, Ohio 45242 Telephone (800) 667-3078 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 details regarding your variable annuity contract. 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 (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 $10,000 ($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 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 Guaranteed Account (if available). However, your initial allocation can be to no more than 10 of the available subaccounts. Following application of your initial purchase payment, your subsequent allocation of contract values may be to no more than 18 of the available subaccounts. 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., Dow Target Variable Fund LLC, Dreyfus Variable Investment Fund, Fidelity Variable Insurance Products Fund, Franklin Templeton Variable Insurance Products Trust, Goldman Sachs Variable Insurance Trust, Janus Aspen Series, J.P. Morgan Series Trust II, Lazard Retirement Series, Inc., Legg Mason Partners Variable Portfolios I, Inc. (formerly Salomon Brothers Variable Series Funds, Inc.), MFS Variable Insurance Trust, Neuberger Berman Advisers Management Trust, PIMCO Variable Insurance Trust, The Prudential Series Fund, Inc., Royce Capital Fund, UBS Series Trust, and Van Kampen Universal Institutional Funds. 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. 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 SEPTEMBER 15, 2006. 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. SEPTEMBER 15, 2006 FORM 8523 TABLE OF CONTENTS Available Funds............................... 2 Glossary...................................... 4 Fee Table..................................... 5 Financial Statements.......................... 7 Accumulation Unit Values...................... 7 Ohio National Life.......................... 9 Ohio National Variable Account A............ 9 The Funds................................... 9 Mixed and Shared Funding.................... 10 Voting Rights............................... 10 Distribution of Variable Annuity Contracts.... 11 Deductions and Expenses....................... 11 Sales Charge................................ 11 Annual Contract Fee......................... 11 Deduction for Account Expense Fee........... 11 Deduction for Mortality and Expense Risk Fee....................................... 11 Charges for Optional Benefits............... 12 Transfer Fee and Withdrawal Fee............. 12 Deduction for State Premium Tax............. 13 Fund Expenses............................... 13 Description of Variable Annuity Contracts..... 13 10-Day Free Look............................ 13 Accumulation Period........................... 13 Purchase Payments........................... 13 Accumulation Units.......................... 13 Crediting Accumulation Units................ 13 Allocation of Purchase Payments............. 14 Optional Asset Allocation Models............ 14 Accumulation Unit Value and Accumulation Value..................................... 15 Net Investment Factor....................... 15 Surrender and Withdrawal.................... 15 Transfers among Subaccounts................. 16 Effective Time for Purchase, Transfer and Redemption Orders......................... 17 Electronic Access........................... 18 Scheduled Transfers (Dollar Cost Averaging)................................ 18 Portfolio Rebalancing....................... 19 Optional Guaranteed Principal Access ("GPA")................................... 19 Optional Guaranteed Principal Protection ("GPP")................................... 21 Death Benefit............................... 21 Guaranteed Account.......................... 24 Annuity Period................................ 25 Annuity Payout Date......................... 25 Annuity Options............................. 25 Determination of Amount of the First Variable Annuity Payment.................. 26 Annuity Units and Variable Payments......... 26 Transfers During Annuity Payout............. 26 Optional Guaranteed Minimum Income Benefit ("GMIB") Riders........................... 27 Other Contract Provisions..................... 29 Assignment.................................. 29 Reports and Confirmations................... 29 Substitution for Fund Shares................ 30 Contract Owner Inquiries.................... 30 Performance Data............................ 30 Federal Tax Status............................ 30 Tax-Deferred Annuities...................... 32 Qualified Pension or Profit-Sharing Plans... 32 Withholding on Annuity Payments............. 33 Individual Retirement Annuities (IRA)....... 33 IRA Disclosure Statement...................... 34 Free Look Period............................ 34 Eligibility Requirements.................... 34 Contributions and Deductions................ 34 IRA for Non-working Spouse.................. 35 Rollover Contribution....................... 36 Premature Distributions..................... 36 Distribution at Retirement.................. 36 Inadequate Distributions -- 50% Tax......... 36 Death Benefits.............................. 37 Roth IRAs................................... 37 Savings Incentive Match Plan for Employees (SIMPLE).................................. 37 Reporting to the IRS........................ 38 Illustration of IRA Fixed Accumulations....... 38 Statement of Additional Information Contents.................................... 50
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(R) Portfolio Ohio National Investments, Inc. International Portfolio (Federated Global Investment Management Corp.) International Small Company Portfolio (Federated Global Investment Management Corp.) Capital Appreciation Portfolio (Jennison Associates LLC) Millennium (formerly called Discovery) Portfolio (Neuberger Berman Management Inc.) Aggressive Growth Portfolio (Janus Capital Management LLC) Mid Cap Opportunity (formerly Growth & Income) Portfolio (RS Investment Management, L.P.) Capital Growth Portfolio (Eagle Asset Management, Inc.) High Income Bond Portfolio (Federated Investment Management Co.) Blue Chip Portfolio (Federated Equity Management Company of Pennsylvania) Small Cap Growth (formerly called Core Growth) Portfolio (Janus Capital Management, LLC) Nasdaq-100(R) 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.) Covered Call Portfolio (ICON Advisers, Inc.)
FORM 8523 2 Target VIP Portfolio (First Trust Advisors, L.P.) Target Equity/Income Portfolio (First Trust Advisors, L.P.) THE DOW(SM) 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.) FIDELITY(R) VARIABLE INSURANCE PRODUCTS FUND (SERVICE CLASS 2) VIP Contrafund(R) 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 FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (CLASS 2 SHARES) Franklin Income Securities Fund Franklin Advisers, Inc. Franklin Flex Cap Growth Securities Fund Franklin Advisers, Inc. Templeton Foreign Securities Fund Templeton Investment Counsel, LLC GOLDMAN SACHS VARIABLE INSURANCE TRUST Goldman Sachs Growth and Income Fund Goldman Sachs Asset Management, L.P. Goldman Sachs Structured U.S. Equity Fund Goldman Sachs Asset Management, L.P. Goldman Sachs Capital Growth Fund Goldman Sachs Asset Management, L.P. JANUS ASPEN SERIES (SERVICE SHARES) Large Cap Growth Portfolio Janus Capital Management LLC International Growth Portfolio Janus Capital Management LLC Worldwide Growth Portfolio Janus Capital Management LLC Balanced Portfolio Janus Capital Management LLC J.P. MORGAN SERIES TRUST II JPMorgan Mid Cap Value Portfolio JPMorgan Investment Management Inc. JPMorgan Small Company Portfolio JPMorgan Investment Management Inc. LAZARD RETIREMENT SERIES, INC. Lazard Retirement Small Cap Portfolio Lazard Asset Management LLC Lazard Retirement Emerging Markets Portfolio Lazard Asset Management LLC Lazard Retirement International Equity Portfolio Lazard Asset Management LLC Lazard Retirement Equity Portfolio Lazard Asset Management LLC LEGG MASON PARTNERS VARIABLE PORTFOLIOS I, INC. (FORMERLY SALOMON BROTHERS VARIABLE SERIES FUNDS, INC.) Legg Mason Partners Variable All Cap Portfolio Salomon Brothers Asset Management, Inc. Legg Mason Partners Variable Total Return Portfolio Salomon Brothers Asset Management, Inc. Legg Mason Partners Variable Investors Portfolio Salomon Brothers Asset Management, Inc. MFS(R) 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 Massachusetts Financial Services Company MFS Total Return Series Massachusetts Financial Services Company NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST AMT Regency Portfolio Neuberger Berman Management Inc. 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 Pacific Investment Management Company LLC THE PRUDENTIAL SERIES FUND, INC. Jennison Portfolio Jennison Associates LLC Jennison 20/20 Focus Portfolio Jennison Associates LLC ROYCE CAPITAL FUND Royce Small-Cap Portfolio Royce & Associates, LLC Royce Micro-Cap Portfolio Royce & Associates, LLC VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS (CLASS II) Core Plus Fixed Income (formerly called Fixed Income) Portfolio Van Kampen* U.S. Real Estate Portfolio Van Kampen* International Growth Equity Portfolio Van Kampen* Equity Growth Portfolio Van Kampen*
* Morgan Stanley Investment Management Inc., the investment adviser to these portfolios, does business in certain instances as Van Kampen. FORM 8523 3 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 rider offered with this contract. Eligible Contract Value -- The contract value protected or guaranteed by a particular rider. The eligible contract value may be more or less than the total contract value. In most cases, the eligible contract value is the initial purchase payment, plus additional purchase payments made during a limited period of time after the contract is issued. 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. GMDB -- The guaranteed minimum death benefit amount provided for by the GMDBR80 Plus, GMDBR85 Plus or the ARDBR offered with this contract. The GMDBR80 Plus, GMDBR85 Plus and ARDBR are the GMDB riders. GMIB -- The guaranteed minimum income benefit rider offered with this contract. The GMIB, GMIB Plus, GMIB Plus with Five Year Reset and GMIB Plus with Annual Reset are the GMIB riders. GPA -- The guaranteed principal access rider offered with this contract. GPP -- The guaranteed principal protection rider offered with this contract. 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. Valuation Period -- A period of time usually ending at 4:00 p.m. Eastern time on each day the New York Stock Exchange is open for unrestricted trading. The valuation period may end sooner to correspond to earlier closing of the New York Stock Exchange. Accumulation unit and annuity unit values for each annuity period are determined at the end of that valuation period. VAA (Variable Account A) -- A separate account of The Ohio National Life Insurance Company consisting of assets segregated from Ohio National's general assets for the purpose of funding annuity contracts whose values vary with the investment results of the separate account's underlying Funds. Withdraw -- To receive part of the contract's value without entirely redeeming the contract. FORM 8523 4 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 Surrender Charge (also called a Contingent Deferred Sales None Charge) Transfer Fee (Currently no charge for the first 12 transfers $10 each contract year) Withdrawal Fee (for withdrawals in excess of 14 in each The lesser of 2% of the* contract year; currently no charge) amount withdrawn or $15 Premium Tax (Charged at annuitization, surrender or when 0.0% to 5.0% assessed) depending on state law
- --------------- *Fee applies to contracts issued on or after September 15, 2006. 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 variable account value) Mortality and Expense Risk Charge 1.15% Account Charge 0.35% ----- Total Separate Account Annual Expenses (without optional added benefits) 1.50%
OPTIONAL SEPARATE ACCOUNT EXPENSES (Some of the optional riders are mutually exclusive. See the individual discussion of each rider later in the prospectus). If you choose the annual stepped-up death benefit, the GMDBR80 Plus, the GMDBR85 Plus, or the ARDBR riders 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% (currently the charge is 0.10%) GMDBR80 Plus 0.30% (currently the charge is 0.25%) GMDBR85 Plus 045% ARDBR 1.20% (currently the charge is 0.60%)
If you choose the GEB rider, 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%
FORM 8523 5 If you choose the GMIB, the GMIB Plus, the GMIB Plus with Five Year Reset or the GMIB Plus with Annual Reset riders, the annual charge is the following percentage of your guaranteed income base as described under "Optional Guaranteed Minimum Income Benefit ("GMIB")": Percent of GMIB guaranteed income base 0.45% Percent of GMIB Plus guaranteed income base 0.55% Percent of GMIB Plus with Five Year Reset guaranteed income base 1.10% (currently the charge is 0.55%) Percent of GMIB Plus with Annual Reset guaranteed income base 1.40% (currently the charge is 0.70%)
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 0.40% For the 8% guaranteed annual withdrawal 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 0.25%*
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 of the GMIB riders - ---------------------------------------------------------------------------- One of the GMIB riders Any other GMIB rider or GPA - ---------------------------------------------------------------------------- One of the GMDB riders Any other GMDB rider - ---------------------------------------------------------------------------- Annual stepped-up death benefit ARDBR - ----------------------------------------------------------------------------
Further, if you have the ARDBR, you must have the GMIB Plus with Annual Reset. Therefore, the optional benefits included in "Total Separate Account Annual Expenses with all optional benefits added at their maximum cost" are ARDBR, GEB "Plus" at issue ages 71 through 75, GMIB Plus with Annual Reset and GPP. Total Separate Account Annual Expenses 1.50% Total Optional Separate Account Expenses based on contract value (including the GEB Plus at issue ages 71 to 75, GMIB Plus with Annual Reset and GPP) 2.25% Total Optional Separate Account Expenses based on death benefit amount (ARDBR) 1.20% ---- Total Separate Account Annual Expenses with all optional benefits added at their maximum cost 4.95%
In the event the contract value and death benefit amounts are not the same, the maximum charges would be 2.25% of the contract value plus 1.20% of the death benefit amount. FORM 8523 6 - --------------- (*) For contracts issued prior to September 15, 2006, the charge for GPP is 0.20%. THE NEXT ITEM SHOWS THE MINIMUM AND MAXIMUM TOTAL OPERATING EXPENSES INCURRED BY THE FUNDS DURING THE TIME YOU OWN THE CONTRACT. MORE DETAIL CONCERNING EACH FUND'S FEES AND EXPENSES IS CONTAINED IN THE PROSPECTUS FOR EACH FUND. TOTAL ANNUAL FUND OPERATING EXPENSES (expenses deducted from MINIMUM MAXIMUM Fund assets, including management fees, distribution (12b-1) WITHOUT WITHOUT fees and other Fund operating expenses) WAIVERS WAIVERS ------- ------- 0.37% 7.39%*
* The Maximum Total Annual Fund Operating Expenses were for a portfolio that had an inception date of November 1, 2005. Therefore, the portfolio's normal annual expenses were assessed against low asset levels in the new portfolio resulting in an unusually high percentage of operating expense. EXAMPLE THIS EXAMPLE IS 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. AS INDICATED ABOVE, CERTAIN OPTIONAL EXPENSES ARE BASED ON DEATH BENEFIT AMOUNTS. UNDER SOME CIRCUMSTANCES, THESE CHARGES COULD BE HIGHER WHEN ASSESS AS A PERCENTAGE OF THE CONTRACT VALUE. FOR PURPOSES OF THESE EXAMPLES, THE DEATH BENEFIT AMOUNT AND THE CONTRACT VALUE ARE ASSUMED TO BE EQUAL. THE 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 THE COSTS FOR THOSE BENEFITS ARE BASED ON CONTRACT VALUES OR DEATH BENEFIT AMOUNTS 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 YEAR 3 YEARS 5 YEARS 10 YEARS $1,250 $3,520 $5,532 $9,725
FINANCIAL STATEMENTS The complete financial statements of VAA and Ohio National Life, including the Independent Registered Public Accounting Firm's Reports for them, are included in the Statement of Additional Information. ACCUMULATION UNIT VALUES Attached as Appendix B is a table showing selected information concerning Accumulation Units for each Sub-Account 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 Sub-Account's financial status and performance, you should review the Separate Account's financial statements which are contained in the Statement of Additional Information. FORM 8523 7 This series of variable annuity contracts began on May 1, 1998. Since then, the following changes have been made to available Funds: January 6, 1999 The Dow Target Variable Funds added May 1, 1999 Ohio National Fund International Small Company portfolio and Lazard Retirement Series portfolios added July 1, 1999 Ohio National Fund Equity portfolio and UBS Series (formerly called Mitchell Hutchins or Brinson Series) portfolios added January 3, 2000 Ohio National Fund Discovery (formerly called Small Cap) and Aggressive Growth portfolios and Prudential Series Fund portfolios added May 1, 2000 Ohio National Fund Small Cap Growth (formerly called Core Growth) and Nasdaq-100 Index portfolios, Janus Aspen Series Service Shares portfolios, PBHG Technology & Communications portfolio and Fidelity Variable Insurance Products portfolios added; Janus Aspen Series Institutional Shares portfolios and Van Kampen (formerly called Morgan Stanley) Universal Institutional Funds Value portfolio discontinued for new contracts September 15, 2000 UBS Series (formerly called Mitchell Hutchins or Brinson Series) Strategic Income and Small Cap portfolios discontinued for new contracts March 19, 2001 Strong Multi Cap Value Fund II (formerly called Strong Schafer Value Fund II) discontinued for new contracts October 26, 2001 UBS Series (formerly Mitchell Hutchins or Brinson Series) Growth & Income portfolio discontinued for new contracts; Brinson Growth & Income, Small Cap and Strategic Income portfolios merged into Alliance Variable Products Series Growth & Income, Quasar and Global Bond portfolios, respectively November 1, 2001 J.P. Morgan 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 and Royce Capital Fund portfolios added. The Dow Target Variable Fund LLC Quarterly portfolios replaced monthly portfolios through mergers. Van Kampen Universal Institutional Funds (Class I) Core Plus Fixed Income and U.S. Real Estate portfolios discontinued for new contracts, and Van Kampen Universal Institutional Funds (Class II) Core Plus Fixed Income and U.S. Real Estate portfolios added for new contracts 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.
FORM 8523 8 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.
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 $20 billion and equity of approximately $1.7 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. 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. However, your initial allocation can be to no more than 10 of the available subaccounts. Following application of your initial purchase payment, your subsequent allocation of contract values may be to no more than 18 of the available subaccounts. 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. 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 FORM 8523 9 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. 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. 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. 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. 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 FORM 8523 10 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 votes 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-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 National Association of Securities Dealers, Inc. We pay ONEQ 7.25% 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. 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 SALES CHARGE No deduction is made for sales expense. 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. 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. DEDUCTION FOR ACCOUNT EXPENSE FEE At the end of each valuation period before annuity payments begin we deduct an amount equal to 0.35% on an annual basis of the variable account value. This deduction reimburses us for expenses not covered by the annual contract fee. Examples of these expenses 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, FORM 8523 11 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. The additional charge is made on each contract anniversary. Not all optional benefits 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, the GMDBR85 Plus or the ARDBR 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% (currently the charge is 0.10%) GMDBR80 Plus 0.30% (currently the charge is 0.25%) GMDBR85 Plus 0.45% ARDBR 1.20% (currently the charge is 0.60%)
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 or the GMIB Plus with Annual Reset riders the annual charge is the following percentage of your guaranteed income base as described under "Optional Guaranteed Minimum Income Benefit ("GMIB")": Percent of GMIB guaranteed income base 0.45% Percent of GMIB Plus guaranteed income base 0.55% Percent of GMIB Plus with Five Year Reset guaranteed income base 1.10% (currently the charge is 0.55%) Percent of GMIB Plus with Annual Reset guaranteed income base 1.40% (currently the charge is 0.70%)
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 0.40% For the 8% guaranteed annual withdrawal 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 0.25%
TRANSFER FEE AND WITHDRAWAL FEE We may charge a transfer fee of $10 for each transfer 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 FORM 8523 12 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 on transfers may apply. See "Transfers among Subaccounts" below. We may also charge a withdrawal fee of up to the lesser of 2% of the amount withdrawn or $15 per withdrawal on each withdrawal in excess of 14 each contract year. We are not currently charging the fee. 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 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, state law requires that the original purchase price be returned in lieu of 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. ACCUMULATION PERIOD PURCHASE PAYMENTS Your first purchase payment must be at least $10,000 ($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 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 FORM 8523 13 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 everything 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. You must send any additional purchase payments directly to our home office. They will then be applied 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 (except on 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 the Guaranteed Account (if your contract includes the Guaranteed Account rider which we may offer). However, your initial allocation can be to no more than 10 of the available subaccounts. Following application of your initial purchase payment, your subsequent allocation of contract values may be to no more than 18 of the available subaccounts. The amount you allocate to any Fund or the Guaranteed 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 administrative office. 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. However, some optional benefits require participation in the asset allocation models. You may not use more than one model at a time. 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. We have retained Ibbotson Associates to develop 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. Ibbotson selects the Funds for each of the models in accordance with risk/return profiles they have developed. Currently there are 5 models range from Model 1 (having relatively conservative investments with a lower risk/return profile) to Model 5 (having relatively aggressive investments with a higher risk/return profile). FORM 8523 14 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 originally 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. 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 models. The GPP or GPA rider will be cancelled if you are no longer using any model. 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. 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 any amount in the Guaranteed 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. 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 $500; $300 for contracts issued prior to September 15, 2006). You must make all surrender or withdrawal requests in writing delivered to us at the address on the first page of this prospectus. 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 Guaranteed Account values as described below. Surrenders and withdrawals are limited or not permitted in connection with certain retirement plans. For tax consequences of a surrender or withdrawal, see "Federal Tax Status" below. FORM 8523 15 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 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 power of attorney 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. 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. FORM 8523 16 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, the transfer of contract values will only be permitted into the money market portfolio and all transfer privileges will be suspended. 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 mentions 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. EFFECTIVE TIME FOR PURCHASE, TRANSFER AND REDEMPTION ORDERS Orders to purchase, redeem or transfer shares received after the close of the New York Stock Exchange, typically 4:00 p.m. (Eastern Time) on any process day (earlier on those days when the New York Stock Exchange closes early) will not become effective until the next business day. FORM 8523 17 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 a pre-authorization form, 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 allocations on our website. You may only make one electronic, facsimile or telephone (collectively, "electronic") transfer 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, you 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 may, but are not obligated to, offer a scheduled transfer ("DCA") program enabling you to preauthorize automatic monthly or quarterly transfers of a specified dollar amount of at least $300 each time. At least 12 DCA transfers must be scheduled, but we may permit fewer under some special DCA programs. The transfers may be from any variable Funds to any other variable Funds. Transfers may be made from the Guaranteed Account to any other Funds 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 Guaranteed Account may not exceed 2 years. For transfers from variable Funds, the DCA program may not exceed 5 years. There is no transfer fee for DCA transfers. DCA transfers do not count against the 12 free transfers you are allowed each contract year. We may discontinue the DCA program at any time. You may also discontinue further DCA transfers by giving us written notice at least 7 business days before the next scheduled transfer. DCA generally has the effect of reducing the risk of purchasing at the top, and selling at the bottom, of market cycles. DCA transfers from the Guaranteed 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. Moreover, for transfers from a variable Fund, DCA has the effect of reducing the average price of the shares being redeemed. FORM 8523 18 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. OPTIONAL GUARANTEED PRINCIPAL ACCESS ("GPA") We may offer a Guaranteed Principal Access ("GPA") rider in those states where permitted. With certain restrictions, this rider guarantees: i. you will be able to withdraw a portion (up to 7% or 8%, 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 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 FORM 8523 19 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, we reserve the right to assess a pro rata charge for the part of the year the rider is in effect. 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. 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 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 FORM 8523 20 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, you may choose 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. The charge for the GPP rider is made on each contract anniversary at the rate of 0.25% of the average of your guaranteed principal amount at the beginning and the end of each contract year. This charge will discontinue if the GPP rider is cancelled. 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. DEATH BENEFIT If the annuitant dies before annuity payments begin, the contract pays a death benefit to a designated beneficiary. We may require that any designated beneficiary have an insurable interest in the life of the annuitant. The amount of the death benefit will be determined at the date we receive proof of the annuitant's death and satisfactory instructions from the beneficiary for disposition of the contract. If there are multiple beneficiaries, and FORM 8523 21 the owner has not selected a settlement option, all of the beneficiaries must agree on a settlement option or the payout value will be paid to all of them proportionally. It will be paid to the beneficiary in a single sum unless you elect settlement under one or more of the settlement options. In lieu of the death benefit, the beneficiary may surrender the contract anytime within 60 months (60 days for contracts issued prior to September 15, 2006) after the annuitant's death. If the total contract value as of the date of death is less than the death benefit, we will add an amount equal to that difference to the Money Market portfolio. This death benefit will be the greatest of: - - the total contract value; or - - your total purchase payments minus any amounts you have withdrawn from the contract; or - - the optional annual stepped-up death benefit amount if you chose that option; or - - the guaranteed minimum death benefit ("GMDB") amount if you chose that option; or - - the optional enhanced death benefit ("GEB" or "GEB Plus"), plus the greatest of the other options you choose, if you chose that option. "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 that resulted from the withdrawal. In those states where permitted, you may choose 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. The stepped-up death benefit amount is increased by purchase payments and decreased by pro-rata withdrawals made during the period between contract anniversaries. There is an additional annual charge (presently at an annual rate of 0.10% of the optional death benefit amount, which rate may be increased to no more than 0.25% on contracts issued in the future) for this optional benefit. Any increase in this charge will not apply to contracts issued before the increase occurs. In those states where permitted, you may choose the GMDBR80 Plus or GMDBR85 Plus at the time the contract is issued. We may, at our sole option, allow you to add these riders upon a subsequent contract anniversary. With this option, the death benefit is the greater of (a) the contract value on the date of death or (b) the GMDB amount. The GMDB amount is (i) total net purchase payments made when you purchase the contract and within the first three months after the contract is issued minus any amounts you have withdrawn from the contract plus (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%, but values in the Money Market portfolio or the Guaranteed Account which are not in one of the asset allocation models will earn the rate being credited to the Money Market portfolio or the Guaranteed Account on those days in which the values are so allocated. During the free look period, a different rate may apply in certain states. This total death benefit amount shall not exceed two times (i). Any withdrawals in a contract year equal to or less than 6% of the GMDB amount as of the beginning of that year will reduce the GMDB amount by the amount of such withdrawals. There is no maximum benefit amount for the GMDBR85 Plus. 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. 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. FORM 8523 22 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, you may choose 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 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 on the date of death, or (b) the GMDB amount. The GMDB amount with this rider is the greater of the (i) Earnings Base or (ii) the Step-up Base. The 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 adjusted by withdrawals plus an increase for each valuation period, until the annuitant reaches age 85, at an annual effective rate of 6%. However, contract values allocated in the Money Market portfolio or the Guaranteed Account which are not in one of the asset allocation models will earn 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. At contract issue, the Step-Up base equals net purchase payments less pro rata withdrawals. 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. On any contract anniversary, you may elect to reset the ARDBR by resetting the GMIB Plus with Annual Reset. On reset, the ARDBR Earnings Base and the GMIB Plus with Annual Reset's Guaranteed Earnings 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. If you reset the ARDBR, the charge for the ARDBR will be equal to the then-current charge for the ARDBR. However, we guarantee that that annual charge will not be in excess of 1.20% of your death benefit amount. In those states where permitted, you may choose GEB 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 you are 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. FORM 8523 23 The beneficiary for any death proceeds may choose to wait up to 5 years to surrender the contract for the then current contract value. If the beneficiary is the deceased annuitant's spouse, he or she may continue the contract as the new owner and annuitant, and the 5-year limit will not apply. GUARANTEED ACCOUNT For contracts issued on or after September 15, 2006, we may, but are not obligated to, offer a Guaranteed Account as a rider to your contract. 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 Guaranteed Account as the Fixed Account or the Fixed Accumulation Account. The Guaranteed 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 Guaranteed Account consists of all of our general assets other than those allocated to a separate account. If the Guaranteed Account is available on your contract, you may allocate purchase payments and contract values between the Guaranteed Account and the Funds. There might be periods when we will not make the Guaranteed 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 Guaranteed 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. We guarantee that, before annuity payments begin, the value of a contract in the Guaranteed Account will never be less than: - - the amount of purchase payments allocated to, and transfers into, the Guaranteed Account, plus - - interest credited at the rate of 3% per year (or such other 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 loan interest, state premium taxes, transfer fees, and the portion of the $30 annual contract administration charge allocable to the Guaranteed Account. No deductions are made from the Guaranteed Account for Account Expenses or Mortality and Expense Risk Charges. Insurance risk charges for optional benefit riders are taken pro rata from the Guaranteed Account and variable subaccounts. Other than pursuant to a DCA (scheduled transfer) or portfolio rebalancing program, we may restrict transfers of your Guaranteed 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 Guaranteed Account for up to six months from the date we receive your written request for withdrawal. FORM 8523 24 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. Under this annuity option, it is possible to receive only one annuity payment.. 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. 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. FORM 8523 25 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. 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 $100 ($25 for contracts issued prior to September 15, 2006), we may change the frequency of payments so that the first payment is at least $100 ($25 for contracts issued prior to September 15, 2006). 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 2003 under Scale G with compound interest at the effective rate of 3% per year. A higher interest assumption would mean a 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 contacting 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. 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. FORM 8523 26 OPTIONAL GUARANTEED MINIMUM INCOME BENEFIT ("GMIB") RIDERS This section describes the various optional Guaranteed Minimum Income Benefit ("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 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 reduced proportionately for any withdrawals. If the annuitant is age 76 to 80 when GMIB is purchased, the guaranteed annual rate is 4% instead of 6%. You may not purchase GMIB after the annuitant is age 80. 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 rider, we will pay the larger amounts. If you choose GMIB, 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 GMIB 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. If you choose GMIB, you cannot later discontinue it. The annual charge for GMIB will continue even if the underlying Funds' investment performance surpasses the GMIB guarantees. You may not begin to receive GMIB payments until the GMIB rider has been in effect for at least 10 years. 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 GMIB, 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 currently-offered annuities. In those states where permitted, we may also offer a GMIB "Plus" rider. You may not have both GMIB and GMIB Plus on the same contract, and we may limit the availability of one or the other of the riders in any state. GMIB Plus is identical to GMIB except for these three differences: (1) For GMIB Plus, 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 GMIB Plus is 0.55% of the guaranteed income base. FORM 8523 27 In those states where permitted, we may also offer a GMIB Plus with Five Year Reset rider. You may only have one of the GMIB, GMIB Plus or GMIB Plus with Five Year Reset riders on the same contract, and we may limit the availability of the riders in any state. You may not purchase the GMIB Plus with Five Year Reset after the annuitant is age 79. The GMIB Plus with Five Year Reset rider is identical to GMIB Plus except: (1) For the GMIB Plus with Five Year Reset you may reset the Guaranteed Earnings Base on the fifth contract anniversary and the maximum annual charge is 1.10% of the Guaranteed Income Base. We are currently only charging 0.55% for the GMIB Plus with Five Year Reset rider. (2) There is a "no lapse" provision allowing annuitization if your contract value is reduced to zero before the ten year annuitization waiting period, and 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 permanently forfeit this protection. That is to say, if during any one contract year you withdraw more than 6% of the Guaranteed Earnings 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. In those states where permitted, we may also offer a GMIB Plus with Annual Reset rider. You may only have one of the GMIB, GMIB Plus, GMIB Plus with Five Year Reset or GMIB Plus with Annual Reset riders on the same contract, and we may limit the availability of the riders in any state. You may not purchase GMIB Plus with Annual Reset after the annuitant is age 74. GMIB Plus with Annual Reset rider is identical to GMIB Plus with Five Year Reset rider except that you may reset the Guaranteed Earnings Base on each contract anniversary and the maximum annual charge is 1.40% of the Guaranteed Income Base. We are currently only charging 0.70% for the GMIB Plus with Annual Reset rider. The effect of GMIB riders is to allow you to withdraw an amount equal to the amount by which your guaranteed earnings base has grown without reducing the guaranteed earnings base below its amount as of the beginning of the current contract year. The GMIB Plus, GMIB Plus with Five Year Reset and GMIB Plus with Annual Reset allow those contract owners to access cash values for income immediately, provided no more than 6% (or 4% depending on age at the time the rider is issued) is withdrawn yearly, while leaving the guaranteed earnings 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) of the contract year's beginning guaranteed earnings base year after year and the guaranteed earnings base would then remain at its original level if you make no other purchase payments or withdrawals. In contrast, the GMIB's pro rata deduction against the guaranteed earnings base could adversely impact the contract owners taking income in that the guaranteed amount could be reduced more aggressively than with the GMIB Plus, GMIB Plus with Five Year Reset and GMIB Plus with Annual Reset riders. In any event, the step-up base is adjusted pro rata for any withdrawals. Subject to certain limitations, the GMIB Plus, the GMIB Plus with Five Year Reset and the GMIB Plus with Annual Reset riders provide you the option of resetting the Guaranteed Earnings Base to the then-current contract value. The GMIB Plus with Five Year Reset rider allows you to reset every 5th contract anniversary with the last reset available on the later age 75 or the fifth anniversary of the rider. The GMIB Plus with Annual Reset rider allows you to reset each and every policy anniversary up to the later of age 75 or with a minimum opportunity of 5 annual resets. If the contract value at the time of reset is higher than the Guaranteed Earnings Base, you may make larger withdrawals on a dollar for dollar basis from the new Guaranteed Earnings Base. At every eligible reset anniversary, you can reset the Guaranteed Earnings Base by notifying the Company within 30 days prior the contract anniversary date in writing or other method the Company agrees to. If you elect to reset the Guaranteed Earnings 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 FORM 8523 28 year period following the reset. Upon reset, we will charge the then-current charge for the rider, as determined by us, even if we are not issuing the rider on new contracts. The resulting charge following a reset may be higher or lower than the charge under your existing rider. In any event, resetting may not be elected after the annuitant's 79th birthday. Because of this, and because the rider charge is assessed over the ten year term of the rider, contract owners close to age 75 should consider whether the annual reset option is of benefit to them. Resetting the GMIB riders will also reset the rider charge to the current fee we are charging for the respective rider, at the time you reset. The fees after reset cannot exceed 1.10% for the GMIB Plus with Five Year Reset and 1.40% for the GMIB Plus with Annual Reset rider, regardless. 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. 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. 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 assignee or owner 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. FORM 8523 29 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. CONTRACT OWNER INQUIRIES Direct any questions to Ohio National Life, Variable Annuity Administration, P.O. Box 2669, Cincinnati, Ohio 45201; telephone 1-800-366-6654 (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. The deduction of a contract administration 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 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. FORM 8523 30 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. 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 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 59 1/2; - - 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. FORM 8523 31 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. 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 59 1/2, - - 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 59 1/2, 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 70 1/2. 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. FORM 8523 32 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 8523 33 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 return the contract for a full refund within 10 days after it is delivered. 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 you have Adjusted Gross Income which does not exceed the "applicable dollar limit". For a single taxpayer, the applicable dollar limitation is $50,000, with the amount of IRA contribution which may be deducted reduced proportionately for Adjusted Gross Income between $50,000-$60,000. For married couples filing jointly, the applicable dollar limitation is $75,000, with the amount of IRA contribution which may be deducted reduced proportionately for Adjusted Gross Income between $75,000-$80,000. There is no deduction allowed for IRA contributions when Adjusted Gross Income reaches $60,000 for individuals and $80,000 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. 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 and if the employer has 25 or fewer employees at all times during the preceding year. New salary-reduction SAR SEPPs may no longer be established. Elective deferrals under a salary-reduction SEPP-IRA are subject to an inflation-adjusted limit which is $15,000 for 2006. The IRA maximum annual contribution and the associated tax deduction is limited to the lesser of: (1) $4,000 in 2006 (increasing to $5,000 in 2008) or (2) 100% of your earned compensation. Those age 50 or older may make FORM 8523 34 an additional IRA contribution of $1,000 per year in 2006 and later. Contributions in excess of the deduction limits may be subject to penalty. See below. 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 25% of your salary or $44,000. 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. The maximum tax deductible annual contribution that a divorced spouse with no other income may make to an IRA is the lesser of (1) $4,000 or (2) 100% of taxable alimony. (See scheduled increases above.) 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 $8,000 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) $8,000; 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 8523 35 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 59 1/2 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 59 1/2 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 59 1/2 or are disabled. DISTRIBUTION AT RETIREMENT Once you have attained age 59 1/2 (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 70 1/2 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. FORM 8523 36 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 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 $160,000 for married individuals filing jointly and less than $110,000 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 $150,000 and $160,000 for married and between $95,000 and $110,000 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. 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 59 1/2; (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 70 1/2. 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 $10,000 in 2005. Employees age 50 and older may contribute an additional $2,500 in 2006 (increasing to $2,500 in 2006). 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. FORM 8523 37 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. ILLUSTRATION OF IRA FIXED ACCUMULATIONS
$1,000 ONE $1,000 ONE $1,000 ANNUAL TIME $1,000 ANNUAL TIME YEAR CONTRIBUTION CONTRIBUTION YEAR CONTRIBUTION CONTRIBUTION - ---- ------------- ------------ ---- ------------- ------------ 1 $ 1,020.00 $1,020.00 36 $ 53,034.25 $2,039.87 2 $ 2,060.40 $1,040.40 37 $ 55,114.94 $2,080.67 3 $ 3,121.61 $1,061.21 38 $ 57,237.24 $2,122.28 4 $ 4,204.04 $1,082.43 39 $ 59,401.98 $2,164.73 5 $ 5,308.12 $1,104.08 40 $ 61,610.02 $2,208.02 6 $ 6,434.28 $1,126.16 41 $ 63,862.22 $2,252.18 7 $ 7,582.97 $1,148.68 42 $ 66,159.47 $2,297.22 8 $ 8,754.63 $1,171.65 43 $ 68,502.66 $2,343.16 9 $ 9,949.72 $1,195.08 44 $ 70,892.71 $2,390.02 10 $11,168.71 $1,218.98 45 $ 73,330.56 $2,437.82 11 $12,412.09 $1,243.36 46 $ 75,817.18 $2,486.58 12 $13,680.33 $1,268.23 47 $ 78,353.52 $2,536.31 13 $14,973.94 $1,293.59 48 $ 80,940.59 $2,587.04 14 $16,293.42 $1,319.46 49 $ 83,579.40 $2,638.78 15 $17,639.28 $1,345.85 50 $ 86,270.99 $2,691.56 16 $19,012.07 $1,372.77 51 $ 89,016.41 $2,745.39 17 $20,412.31 $1,400.23 52 $ 91,816.74 $2,800.30 18 $21,840.56 $1,428.23 53 $ 94,673.07 $2,856.31 19 $23,297.37 $1,456.79 54 $ 97,586.53 $2,913.44 20 $24,783.32 $1,485.93 55 $100,558.26 $2,971.71 21 $26,298.98 $1,515.65 56 $103,589.43 $3,031.14 22 $27,844.96 $1,545.96 57 $106,681.22 $3,091.76 23 $29,421.86 $1,576.88 58 $109,834.84 $3,153.60 24 $31,030.30 $1,608.42 59 $113,051.54 $3,216.67 25 $32,670.91 $1,640.59 60 $116,332.57 $3,281.00 26 $34,344.32 $1,673.40 61 $119,679.22 $3,346.62 27 $36,051.21 $1,706.87 62 $123,092.81 $3,413.55 28 $37,792.23 $1,741.01 63 $126,574.66 $3,481.82 29 $39,568.08 $1,775.83 64 $130,126.16 $3,551.46 30 $41,379.44 $1,811.35 65 $133,748.68 $3,622.49 31 $43,227.03 $1,847.58 66 $137,443.65 $3,694.94 32 $45,111.57 $1,884.53 67 $141,212.53 $3,768.84 33 $47,033.80 $1,922.22 68 $145,056.78 $3,844.22 34 $48,994.48 $1,960.66 69 $148,977.91 $3,921.10 35 $50,994.37 $1,999.87 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. FORM 8523 38 APPENDIX B
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 Money Market 1998 $10.00 $ 10.25 354,726 1999 10.25 10.61 580,948 2000 10.61 11.11 1,121,411 2001 11.11 11.36 2,979,971 2002 11.36 11.35 737,004 2003 11.35 11.26 141,448 2004 11.26 11.21 71,225 2005 11.21 11.37 55,353 Equity 1999 10.00 10.80 225,183 2000 10.80 9.93 513,241 2001 9.93 8.96 578,730 2002 8.96 7.17 550,182 2003 7.17 10.19 469,009 2004 10.19 11.30 446,498 2005 11.30 11.81 381,999 Bond 1998 10.00 10.21 0 1999 10.21 10.12 3,335 2000 10.12 10.55 26,511 2001 10.55 11.27 116,131 2002 11.27 12.07 115,317 2003 12.07 13.13 80,510 2004 13.13 13.70 59,475 2005 13.70 13.55 50,040 Omni 1998 10.00 9.37 0 1999 9.37 10.28 264 2000 10.28 8.63 4,238 2001 8.63 7.39 8,533 2002 7.39 5.62 7,412 2003 5.62 6.99 6,976 2004 6.99 7.38 7,425 2005 7.38 7.96 7,131 S&P 500 Index(R) 1998 10.00 11.13 14,746 1999 11.13 13.78 168,968 2000 13.78 12.26 248,461 2001 12.26 10.47 267,760 2002 10.47 7.98 243,608 2003 7.98 10.05 129,328 2004 10.05 10.92 111,642 2005 10.92 11.24 91,530
FORM 8523 39
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- International 1998 $10.00 $ 9.35 0 1999 9.35 15.41 62,643 2000 15.41 11.82 11,974 2001 11.82 8.20 423,863 2002 8.20 6.41 14,067 2003 6.41 8.37 12,078 2004 8.37 9.32 29,221 2005 9.32 10.04 36,228 International Small Company 1999 10.00 15.09 108 2000 15.09 10.37 26,179 2001 10.37 7.22 24,799 2002 7.22 6.05 12,122 2003 6.05 9.17 12,846 2004 9.17 10.92 14,030 2005 10.92 13.88 22,385 Capital Appreciation 1998 10.00 9.83 6,258 1999 9.83 10.31 18,630 2000 10.31 13.35 18,770 2001 13.35 14.44 85,646 2002 14.44 11.36 101,635 2003 11.36 14.72 73,347 2004 14.72 16.31 61,316 2005 16.31 16.92 38,144 Mid Cap Opportunity 1998 10.00 9.29 3,517 1999 9.29 14.85 8,452 2000 14.85 13.41 24,474 2001 13.41 11.50 27,193 2002 11.50 8.43 21,042 2003 8.43 12.15 13,825 2004 12.15 13.59 6,433 2005 13.59 14.73 4,624 Capital Growth 1998 10.00 10.36 5,017 1999 10.36 30.89 33,970 2000 30.89 22.52 54,605 2001 22.52 18.95 42,695 2002 18.95 10.81 28,289 2003 10.81 14.93 21,129 2004 14.93 17.60 16,045 2005 17.60 17.80 12,445 High Income Bond 1998 10.00 9.88 0 1999 9.88 9.94 12,856 2000 9.94 9.09 16,249 2001 9.09 9.34 19,112 2002 9.34 9.57 20,238 2003 9.57 11.57 24,151 2004 11.57 12.62 59,855 2005 12.62 12.80 14,409
FORM 8523 40
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- Blue Chip 1998 $10.00 $ 10.13 2,508 1999 10.13 10.58 17,773 2000 10.58 10.54 23,576 2001 10.54 9.94 27,221 2002 9.94 7.89 25,179 2003 7.89 9.84 77,873 2004 9.84 10.63 65,506 2005 10.63 10.97 40,707 Millennium 2000 10.00 9.31 55,063 2001 9.31 7.49 47,002 2002 7.49 4.96 48,398 2003 4.96 6.73 26,637 2004 6.73 7.35 23,795 2005 7.35 7.24 18,765 Aggressive Growth 2000 10.00 7.57 112,492 2001 7.57 5.08 57,060 2002 5.08 3.61 32,552 2003 3.61 4.68 24,163 2004 4.68 5.02 25,098 2005 5.02 5.60 25,766 Small Cap Growth 2000 10.00 7.72 17,124 2001 7.72 4.60 12,441 2002 4.60 3.21 5,620 2003 3.21 4.60 5,613 2004 4.60 5.05 5,361 2005 5.05 5.30 4,023 Nasdaq 100 Index 2000 10.00 6.03 30,378 2001 6.03 4.00 65,240 2002 4.00 2.47 103,807 2003 2.47 3.60 49,395 2004 3.60 3.90 14,917 2005 3.90 3.90 24,926 Bristol 2002 10.00 7.82 0 2003 7.82 10.20 637 2004 10.20 10.92 635 2005 10.92 12.06 4,281 Bryton Growth 2002 10.00 6.81 0 2003 6.81 9.10 0 2004 9.10 9.64 142 2005 9.64 9.91 570 Balanced 2004 10.00 11.22 178 2005 11.22 11.44 724 U.S. Equity 2004 10.00 11.60 3,337 2005 11.60 12.42 360 Covered Call 2004 10.00 10.64 3,003 2005 10.64 10.80 4,917
FORM 8523 41
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- Target VIP 2005 $10.00 $ 10.12 75,791 Target Equity/Income 2005 10.00 10.11 75,000 DOW TARGET VARIABLE FUND LLC DOW TARGET 10 PORTFOLIOS First Quarter 2000 10.00 10.18 740 2001 10.18 9.68 725 2002 9.68 8.51 492 2003 8.51 10.50 28,325 2004 10.50 10.70 23,583 2005 10.70 9.87 6,493 Second Quarter 2000 10.00 10.27 1,836 2001 10.27 9.90 1,455 2002 9.90 9.11 923 2003 9.11 11.52 1,446 2004 11.52 11.57 1,299 2005 11.57 11.10 496 Third Quarter 2000 10.00 9.08 117 2001 9.08 8.65 455 2002 8.65 7.80 338 2003 7.80 9.56 0 2004 9.56 9.74 0 2005 9.74 9.07 11,590 Fourth Quarter 2000 10.00 9.94 347 2001 9.94 9.62 0 2002 9.62 8.94 0 2003 8.94 10.91 0 2004 10.91 10.87 0 2005 10.87 10.23 7,472 DOW TARGET 5 PORTFOLIOS Third Quarter 2005 10.00 9.22 257 DREYFUS VARIABLE INSURANCE FUND (SERVICE SHARES) Appreciation 2003 10.00 11.68 74 2004 11.68 12.06 410 2005 12.06 12.37 1,913 GOLDMAN SACHS VARIABLE INSURANCE TRUST Goldman Sachs Growth and Income 1998 10.00 8.84 10,579 1999 8.84 9.18 32,934 2000 9.18 8.62 34,930 2001 8.62 7.70 40,776 2002 7.70 6.73 50,672 2003 6.73 8.24 22,040 2004 8.24 9.65 31,595 2005 9.65 9.88 33,261
FORM 8523 42
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- Goldman Sachs Structured U.S. Equity 1998 $10.00 $ 10.18 13,701 1999 10.18 12.47 31,465 2000 12.47 11.10 50,813 2001 11.10 9.63 46,745 2002 9.63 7.41 38,034 2003 7.41 9.45 33,028 2004 9.45 10.70 25,784 2005 10.70 11.23 26,434 Goldman Sachs Capital Growth 1998 10.00 11.18 0 1999 11.18 14.01 8,621 2000 14.01 12.70 28,384 2001 12.70 10.70 16,103 2002 10.70 7.98 17,297 2003 7.98 9.73 12,960 2004 9.73 10.45 13,111 2005 10.45 10.60 9,365 JANUS ASPEN SERIES (INSTITUTIONAL SHARES) Large Cap Growth 1998 10.00 11.55 7,103 1999 11.55 16.39 181,724 2000 16.39 13.79 271,837 2001 13.79 10.23 205,284 2002 10.23 7.40 147,202 2003 7.40 9.61 94,757 2004 9.61 9.90 67,586 2005 9.90 10.17 38,389 International Growth 1998 10.00 9.87 0 1999 9.87 17.72 228,884 2000 17.72 14.67 70,851 2001 14.67 11.10 53,202 2002 11.10 8.14 39,242 2003 8.14 10.81 30,477 2004 10.81 12.67 27,970 2005 12.67 16.52 33,269 Worldwide Growth 1998 10.00 10.50 2,063 1999 10.50 17.01 370,658 2000 17.01 14.13 194,391 2001 14.13 10.80 172,729 2002 10.80 7.93 118,759 2003 7.93 9.68 87,186 2004 9.68 9.99 68,077 2005 9.99 10.42 34,988
FORM 8523 43
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- Balanced 1998 $10.00 $ 11.62 10,515 1999 11.62 14.51 123,188 2000 14.51 13.97 164,477 2001 13.97 13.12 143,653 2002 13.12 12.09 115,864 2003 12.09 13.59 92,627 2004 13.59 14.53 68,297 2005 14.53 15.45 29,405 JANUS ASPEN SERIES (SERVICE SHARES) Large Cap Growth 2000 10.00 8.07 177,113 2001 8.07 5.97 169,611 2002 5.97 4.31 124,579 2003 4.31 5.58 85,350 2004 5.58 5.73 68,683 2005 5.73 5.87 52,402 International Growth 2000 10.00 7.87 313,411 2001 7.87 5.94 501,432 2002 5.94 4.34 351,975 2003 4.34 5.76 55,592 2004 5.76 6.73 32,254 2005 6.73 8.75 33,250 Worldwide Growth 2000 10.00 7.98 89,498 2001 7.98 6.08 501,610 2002 6.08 4.45 664,319 2003 4.45 5.42 62,160 2004 5.42 5.58 41,746 2005 5.58 5.81 28,961 Balanced 2000 10.00 9.71 92,866 2001 9.71 9.10 149,183 2002 9.10 8.37 157,176 2003 8.37 9.37 145,008 2004 9.37 10.00 120,930 2005 10.00 10.61 103,359 J.P. MORGAN SERIES TRUST II JPMorgan Small Company 1998 10.00 8.33 3,544 1999 8.33 11.85 7,491 2000 11.85 10.35 6,635 2001 10.35 9.38 25,983 2002 9.38 7.24 21,130 2003 7.24 9.70 19,288 2004 9.70 12.15 14,233 2005 12.15 12.38 10,774
FORM 8523 44
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- JPMorgan Mid Cap Value 2002 $10.00 $ 10.88 15,626 2003 10.88 13.89 11,193 2004 13.89 16.57 17,986 2005 16.57 17.83 22,931 LAZARD RETIREMENT SERIES, INC. Lazard Retirement Small Cap 1999 10.00 9.28 0 2000 9.28 11.07 1,890 2001 11.07 12.94 8,258 2002 12.94 10.49 40,710 2003 10.49 14.19 57,563 2004 14.19 16.06 49,757 2005 16.06 16.45 24,959 Lazard Retirement Emerging Markets 1999 10.00 11.48 2,966 2000 11.48 9.91 1,210 2001 9.91 7.61 6,437 2002 7.61 7.38 13,220 2003 7.38 11.12 13,674 2004 11.12 14.31 16,447 2005 14.31 19.84 35,311 UBS SERIES TRUST U.S. Allocation 1999 10.00 10.46 84,698 2000 10.46 10.09 95,153 2001 10.09 8.69 80,744 2002 8.69 6.60 49,430 2003 6.60 8.28 20,437 2004 8.28 9.00 18,043 2005 9.00 9.46 12,694 MFS VARIABLE INSURANCE TRUST (SERVICE CLASS) MFS Investors Growth Stock 2002 10.00 7.62 195 2003 7.62 9.21 387 2004 9.21 9.89 1,485 2005 9.89 10.15 2,334 MFS Mid Cap Growth 2001 10.00 11.10 102 2002 11.10 6.18 4,185 2003 6.18 8.32 7,240 2004 8.32 9.38 7,456 2005 9.38 9.50 2,640 MFS New Discovery 2001 10.00 11.55 99 2002 11.55 7.76 1,455 2003 7.76 10.20 1,455 2004 10.20 10.67 1,454 2005 10.67 11.04 0
FORM 8523 45
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- MFS Total Return 2001 $10.00 $ 10.25 1,121 2002 10.25 9.56 44,426 2003 9.56 10.93 72,156 2004 10.93 11.95 64,564 2005 11.95 12.08 52,087 VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS (CLASS I) Core Plus Fixed Income 1998 10.00 10.44 3,925 1999 10.44 10.12 30,259 2000 10.12 11.07 30,755 2001 11.07 11.93 26,172 2002 11.93 12.61 27,114 2003 12.61 13.00 24,259 2004 13.00 13.37 22,850 2005 13.37 13.73 8,349 Value 1998 10.00 8.79 0 1999 8.79 8.51 4,534 2000 8.51 10.47 6,697 2001 10.47 10.55 4,627 2002 10.55 8.09 3,716 2003 8.09 10.69 3,746 2004 10.69 12.41 2,151 2005 12.41 12.78 2,090 U.S. Real Estate 1998 10.00 8.94 0 1999 8.94 8.67 1,698 2000 8.67 11.05 3,787 2001 11.05 11.95 3,776 2002 11.95 11.68 4,405 2003 11.68 15.83 6,045 2004 15.83 21.27 5,499 2005 21.27 24.53 7,392 OLD MUTUAL INSURANCE SERIES FUND (FORMERLY PBHG INSURANCE SERIES FUND) Technology & Communications 2000 10.00 5.33 31,721 2001 5.33 2.50 33,099 2002 2.50 1.13 49,216 2003 1.13 1.62 44,820 2004 1.62 1.70 19,306 2005 1.70 1.84 17,230 PIMCO VARIABLE INSURANCE TRUST (ADMINISTRATIVE SHARES) Real Return 2002 10.00 10.66 9,001 2003 10.66 11.43 48,829 2004 11.43 12.26 50,207 2005 12.26 12.34 41,815
FORM 8523 46
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- Total Return 2002 $10.00 $ 10.41 8,040 2003 10.41 10.78 17,528 2004 10.78 11.14 20,424 2005 11.14 11.24 17,516 Global Bond 2002 10.00 10.67 730 2003 10.67 12.04 3,159 2004 12.04 13.11 3,656 2005 13.11 12.06 4,754 THE PRUDENTIAL SERIES FUND, INC. Jennison 2000 10.00 8.56 14,322 2001 8.56 6.86 10,192 2002 6.86 4.65 9,479 2003 4.65 5.94 5,792 2004 5.94 6.40 6,199 2005 6.40 7.18 5,577 Jennison 20/20 Focus 2000 10.00 9.71 1,781 2001 9.71 9.44 3,686 2002 9.44 7.20 15,829 2003 7.20 9.14 11,827 2004 9.14 10.39 5,391 2005 10.39 12.41 17,810 LEGG MASON PARTNERS VARIABLE PORTFOLIOS I, INC. (FORMERLY SALOMON BROTHERS VARIABLE SERIES FUNDS, INC.) All Cap 1998 10.00 10.66 3,518 1999 10.66 12.82 22,316 2000 12.82 14.94 24,021 2001 14.94 15.00 45,028 2002 15.00 11.07 49,079 2003 11.07 15.17 26,439 2004 15.17 16.18 21,872 2005 16.18 16.59 11,000 Total Return 1998 10.00 10.00 3,757 1999 10.00 9.93 4,263 2000 9.93 10.55 5,656 2001 10.55 10.31 17,591 2002 10.31 9.46 16,555 2003 9.46 10.81 13,053 2004 10.81 11.58 12,141 2005 11.58 11.79 9,120
FORM 8523 47
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- Investors 1998 $10.00 $ 10.31 4,237 1999 10.31 11.14 7,637 2000 11.14 12.65 9,729 2001 12.65 11.94 62,628 2002 11.94 9.05 71,598 2003 9.05 11.80 60,640 2004 11.80 12.83 54,406 2005 12.83 13.47 22,993 WELLS FARGO ADVANTAGE TRUST FUNDS (FORMERLY STRONG VARIABLE INSURANCE FUNDS) Discovery 1998 10.00 11.52 0 1999 11.52 21.55 20,343 2000 21.55 18.08 82,985 2001 18.08 12.33 70,801 2002 12.33 7.59 46,933 2003 7.59 10.03 28,993 2004 10.03 11.78 21,336 2005 11.78 12.72 15286 Opportunity 1998 10.00 9.53 42,277 1999 9.53 12.67 33,803 2000 12.67 13.31 24,993 2001 13.31 12.63 38,737 2002 12.63 9.10 38,242 2003 9.10 12.29 27,067 2004 12.29 14.31 23,707 2005 14.31 15.21 16,360 Multi Cap Value 1998 10.00 9.39 0 1999 9.39 8.98 3,497 2000 8.98 9.54 2,432 2001 9.54 9.79 10,625 2002 9.79 7.41 10,619 2003 7.41 10.10 10,577 2004 10.10 11.62 9,933 2005 11.62 13.34 2,985 FIDELITY VARIABLE INSURANCE PRODUCTS FUND (SERVICE CLASS 2) VIP ContraFund(R) 2000 10.00 9.22 8,945 2001 9.22 7.95 26,048 2002 7.95 7.08 45,890 2003 7.08 8.94 39,892 2004 8.94 10.15 47,346 2005 10.15 11.66 94,484
FORM 8523 48
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR ----------- ----------------- ------------- --------------- VIP MidCap 2000 $10.00 $ 11.14 51,696 2001 11.14 10.59 49,172 2002 10.59 9.39 74,049 2003 9.39 12.78 60,509 2004 12.78 15.70 77,331 2005 15.70 18.26 73,719 VIP Equity-Income 2003 10.00 10.81 3106 2004 10.81 11.84 14591 2005 11.84 12.32 27497 VIP Growth 2000 10.00 8.45 54,910 2001 8.45 6.84 107,909 2002 6.84 4.69 39,024 2003 4.69 6.13 53,550 2004 6.13 6.23 55,798 2005 6.23 6.47 29,401 ALLIANCE VARIABLE PRODUCTS SERIES Growth & Income 2001 10.00 9.71 12,805 2002 9.71 7.43 11,739 2003 7.43 9.68 8,265 2004 9.68 10.61 7,338 2005 10.61 10.93 5,297 Global Bond 2001 10.00 9.27 1,043 2002 9.27 10.64 688 2003 10.64 11.86 484 2004 11.86 12.77 329 2005 12.77 11.59 109 ROYCE CAPITAL FUND Small Cap 2003 10.00 13.95 13,595 2004 13.95 17.17 35,643 2005 17.17 18.36 32,732 Micro-Cap 2003 10.00 14.67 10,269 2004 14.67 16.46 15,824 2005 16.46 18.10 25,177 FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (CLASS 2 SHARES) Franklin Income Securities Fund 2005 10.00 10.36 1,564 Franklin Flex Cap Securities Fund 2005 10.00 11.13 1,001 Templeton Foreign Securities Fund 2005 10.00 11.17 2,606
FORM 8523 49 STATEMENT OF ADDITIONAL INFORMATION CONTENTS 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 333-43511 FORM 8523 50 OHIO NATIONAL VARIABLE ACCOUNT A OF THE OHIO NATIONAL LIFE INSURANCE COMPANY One Financial Way Montgomery, Ohio 45242 Telephone 800-366-6654 STATEMENT OF ADDITIONAL INFORMATION September 15, 2006 This Statement of Additional Information is not a prospectus. Read it along with the prospectus for Ohio National Variable Account A ("VAA") flexible purchase payment individual variable annuity contracts dated September 15, 2006. To get a free copy of the prospectus for VAA, write or call us at the above address. Table of Contents Custodian ...........................................2 Independent Registered Public Accounting Firm........2 Underwriter..........................................2 Calculation of Money Market Yield....................3 Total Return.........................................3 Financial Statements "ONCORE FLEX VA" CUSTODIAN U.S. Bank, N.A., 425 Walnut Street, Cincinnati, Ohio 45202, holds custody of VAA's assets. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The financial statements of Ohio National Variable Account A and The Ohio National Life Insurance Company and subsidiaries for the periods indicated have been included herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. The report of KPMG LLP covering the December 31, 2005 consolidated financial statements of The Ohio National Life Insurance Company and subsidiaries refers to the adoption of AICPA Statement of Position 03-1, Accounting and Reporting by Insurance Enterprises for Certain Non-Traditional Long Duration Contracts and for Separate Accounts, in 2004 and a change in the method of accounting for embedded reinsurance derivatives in 2003. KPMG LLP is located at 191 West Nationwide Blvd., Columbus, Ohio, 43215. UNDERWRITER We offer the contracts continuously. The principal underwriter of the contracts is Ohio National Equities, Inc. ("ONEQ"), a wholly-owned subsidiary of ours. The aggregate amount of commissions paid to ONEQ for contracts issued by VAA, and the amounts retained by ONEQ, for each of the last three years have been:
Aggregate Retained Year Commissions Commissions - ---- ----------- ----------- 2005 $55,437,760 $10,292,152 2004 $57,887,088 $10,504,630 2003 $91,054,326 $12,995,595
2 CALCULATION OF MONEY MARKET YIELD The annualized current yield of the Money Market subaccount for the seven days ended on December 31, 2005, was 3.91%. This was 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)(exponent 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 May 1, 1998. 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 do not include the $30 annual contract administration charge as a percentage of contract value because the average value of this series of contracts is $99,278. 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 below do not reflect any additional charges for optional additional benefit riders. If those charges were to apply, the returns below would be decreased accordingly. 3 The average annual total returns for the contracts from the inception of each Fund and for the one-, five- and ten-year periods ending on December 31, 2005 (assuming surrender of the contract then) are as follows:
Fund Inception Account Since Date Life of Fund 1 Yr. 5 Yr. 10 Yr. Inception * Inception * ONCORE FLEX 12/31/05 OHIO NATIONAL FUND, INC. Aggressive Growth Portfolio 3/31/95 -1.93% 11.61% -5.83% -4.28% 3/31/95 -1.93% Appreciation Portfolio 12/31/00 -1.05% 2.58% -1.53% ---- 5/1/03 8.32% Balanced Portfolio 5/3/04 8.40% 1.95% ---- ---- 5/3/04 8.42% Blue Chip Portfolio 5/1/98 1.21% 3.19% 0.80% ---- 5/1/98 1.21% Bond Portfolio 11/2/82 6.04% -1.06% 5.13% 4.23% 11/2/82 6.04% Bristol Portfolio 5/1/02 5.23% 10.38% ---- ---- 5/1/02 5.23% Bryton Growth Portfolio 5/1/02 -0.26% 2.77% ---- ---- 5/1/02 -0.26% Capital Appreciation Portfolio 4/30/94 9.64% 3.72% 4.84% 8.80% 4/30/94 9.64% Capital Growth Portfolio 5/1/98 7.81% 1.11% -4.60% ---- 5/1/98 7.81% Covered Call Portfolio 5/3/04 4.73% 1.46% ---- ---- 5/3/04 4.74% Millennium Portfolio 4/30/94 9.69% -1.47% -4.89% 6.46% 4/30/94 9.69% Equity Portfolio 1/14/71 8.11% 4.54% 3.53% 6.21% 1/14/71 8.11% High Income Bond Portfolio 5/1/98 3.28% 1.47% 7.08% ---- 5/1/98 3.28% International Portfolio 4/30/93 4.81% 7.79% -3.20% 2.24% 4/30/93 4.81% International Small Company Portfolio 3/31/95 8.98% 27.10% 6.01% 8.88% 3/31/95 8.98% Mid Cap Opportunity Portfolio 1/3/97 9.45% 8.36% 1.92% ---- 1/3/97 9.45% Money Market Portfolio 7/31/80 4.46% 1.42% 0.46% 2.16% 7/31/80 4.46% Nasdaq-100(R) Index Portfolio 5/1/00 -15.33% -0.06% -8.36% ---- 5/1/00 -15.33% Omni Portfolio 9/10/84 5.71% 7.87% -1.61% 1.48% 9/10/84 5.71% S&P 500 Index(R) Portfolio 1/3/97 5.94% 2.93% -1.72% ---- 1/3/97 5.94% Small Cap Growth Portfolio 1/3/97 1.69% 4.91% -7.25% ---- 1/3/97 1.69% Target Equity/Income Portfolio 11/2/05 1.06% ---- ---- ---- 11/9/05 1.06% Target VIP Portfolio 11/2/05 1.16% ---- ---- ---- 11/9/05 1.16% U.S. Equity Portfolio 5/3/04 13.89% 7.11% ---- ---- 5/3/04 13.94% FIDELITY(R) VARIABLE INSURANCE PRODUCTS (SERVICE CLASS 2 SHARES) VIP Contrafund(R) Portfolio 1/3/95 12.59% 14.93% 4.81% 10.11% 5/1/00 2.75% VIP Growth Portfolio 10/9/86 8.94% 3.95% -5.19% 5.39% 5/1/00 -7.39% VIP Mid Cap Portfolio 12/28/98 17.81% 16.28% 10.38% ---- 5/1/00 11.21% VIP Equity-Income Portfolio 10/9/86 9.13% 4.01% 2.16% 6.84% 10/1/03 11.23% THE PRUDENTIAL SERIES FUND, INC. (CLASS II SHARES) Jennison 20/20 Focus Portfolio 5/3/99 5.15% 19.47% 5.03% ---- 1/3/00 3.67% Jennison Portfolio 4/25/95 8.31% 12.34% -3.44% 6.56% 1/3/00 -5.37% GOLDMAN SACHS VARIABLE INSURANCE TRUST Goldman Sachs Growth and Income Fund 1/12/98 1.90% 2.40% 2.76% ---- 5/1/98 -0.16% Goldman Sachs Structured U.S. Equity Fund 2/13/98 2.87% 4.94% 0.24% ---- 5/1/98 1.53% Goldman Sachs Capital Growth Fund 4/30/98 0.82% 1.42% -3.55% ---- 5/1/98 0.77% MFS(R) VARIABLE INSURANCE TRUST(SM) (SERVICE CLASS SHARES) MFS New Discovery Series 5/1/00 -3.29% 3.48% -2.24% ---- 11/1/01 2.41% MFS Investors Growth Stock Series 5/1/00 -7.91% 2.69% -6.82% ---- 11/1/01 0.37% MFS Mid Cap Growth Series 5/1/00 -6.85% 1.34% -7.02% ---- 11/1/01 -1.21% MFS Total Return Series 5/1/00 4.88% 1.09% 3.03% ---- 11/1/01 4.65% LAZARD RETIREMENT SERIES, INC. Lazard Retirement Small Cap Portfolio 11/4/97 6.89% 2.46% 8.25% ---- 7/1/99 7.96% Lazard Retirement Emerging Markets Portfolio 11/4/97 7.96% 38.70% 19.53% ---- 7/1/99 11.12% Lazard Retirement Equity Portfolio 3/18/98 2.14% 1.85% 0.61% ---- 5/2/05 5.81% Lazard Retirement International Equity Portfolio 9/1/98 2.81% 9.02% 0.58% ---- 5/2/05 14.17% PIMCO VARIABLE INSURANCE TRUST (ADMINISTRATIVE CLASS SHARES) Real Return Portfolio 9/30/99 8.07% 0.59% 7.73% ---- 8/1/02 6.35% Total Return Portfolio 12/31/97 4.38% 0.94% 4.37% ---- 8/1/02 3.49% Global Bond Portfolio (Unhedged) 1/10/02 7.66% -8.00% ---- ---- 8/1/02 5.65% FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (CLASS 2 SHARES) Franklin Income Securities Fund 1/24/89 6.91% 0.11% 7.21% ---- 5/2/05 3.58% Franklin Flex Cap Growth Securities Fund 3/1/05 11.30% ---- ---- ---- 5/2/05 11.30% Templeton Foreign Securities Fund 5/1/92 4.72% 8.55% 1.86% ---- 5/2/05 11.73% ROYCE CAPITAL FUND Royce Micro-Cap Portfolio 12/27/96 14.37% 9.97% 14.19% ---- 5/1/03 24.92% Royce Small-Cap Portfolio 12/27/96 13.21% 6.96% 13.94% ---- 5/1/03 25.61% J.P. MORGAN SERIES TRUST II JPMorgan Small Company Portfolio 1/3/95 9.02% 1.89% 3.65% 7.03% 5/1/98 2.82% JPMorgan Mid Cap Value Portfolio 9/28/01 14.88% 7.60% ---- ---- 11/1/01 14.91% (VAN KAMPEN) THE UNIVERSAL INSTITUTIONAL FUNDS, INC. (CLASS II SHARES) Core Plus Fixed Income Portfolio 5/1/03 7.32% 2.40% ---- ---- 5/1/03 7.33% U.S. Real Estate Portfolio 5/1/03 28.94% 15.03% ---- ---- 5/1/03 28.94% LEGG MASON PARTNERS VARIABLE PORTFOLIOS I, INC. (FORMERLY SALOMON BROTHERS VARIABLE SERIES FUNDS, INC.) All Cap Fund 2/17/98 7.87% 2.51% 2.12% ---- 5/1/98 6.83% Total Return Fund 2/17/98 2.68% 1.79% 2.23% ---- 5/1/98 2.17% Investors Fund 2/17/98 4.85% 4.96% 1.27% ---- 5/1/98 3.96% JANUS ASPEN SERIES (SERVICE SHARES) Large Cap Growth Portfolio 9/13/93 6.40% 2.48% -6.15% 4.92% 4/30/98 0.06% International Growth Portfolio 5/2/94 11.34% 30.00% 2.14% 11.30% 4/30/98 6.44% Worldwide Growth Portfolio 9/13/93 8.66% 4.01% -6.15% 6.49% 4/30/98 0.35% Balanced Portfolio 9/13/93 9.72% 6.07% 1.78% 9.12% 4/30/98 5.80% THE DOW(SM) TARGET VARIABLE FUND LLC Dow Target 10 - First Quarter Portfolio 1/4/99 -0.19% -7.61% -0.63% ---- 1/4/99 -0.19% Dow Target 10 - Second Quarter Portfolio 4/1/99 1.56% -4.05% 1.58% ---- 4/1/99 1.56% Dow Target 10 - Third Quarter Portfolio 7/1/99 -1.49% -6.82% -0.04% ---- 7/1/99 -1.49% Dow Target 10 - Fourth Quarter Portfolio 10/1/99 0.36% -5.91% 0.60% ---- 10/1/99 0.36% Dow Target 5 - First Quarter Portfolio 1/1/00 2.09% -3.64% 0.30% ---- 1/3/00 2.09% Dow Target 5 - Second Quarter Portfolio 4/1/00 3.59% -4.52% -0.11% ---- 4/1/00 3.59% Dow Target 5 - Third Quarter Portfolio 7/1/00 -1.47% -20.37% - 4.72% ---- 7/1/00 -1.47% Dow Target 5 - Fourth Quarter Portfolio 10/1/99 -1.37% -13.79% 0.10% ---- 10/1/99 -1.37%
* Account inception is the date the portfolio became part of Variable Account A. Since inception is the annualized return since that date. 4 THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES (A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.) Consolidated Financial Statements December 31, 2005 and 2004 (With Report of Independent Registered Public Accounting Firm Thereon) 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, 2005 and 2004, 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, 2005. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements 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, 2005 and 2004, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2005, in conformity with U.S. generally accepted accounting principles. As discussed in note 2(n) to the consolidated financial statements, effective January 1, 2004, the Company adopted Statement of Position 03-1, Accounting and Reporting by Insurance Enterprises for Certain Non-Traditional Long-Duration Contracts and for Separate Accounts. Also, as discussed in note 2(n) to the consolidated financial statements, the Company changed its method of accounting for embedded reinsurance derivatives in 2003. /s/ KPMG LLP Columbus, OH April 24, 2006 THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES (A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.) Consolidated Balance Sheets December 31, 2005 and 2004 (Dollars in thousands, except share amounts)
2005 2004 ----------- ---------- ASSETS Investments (notes 5, 10, and 11): Securities available-for-sale, at fair value: Fixed maturities $ 6,585,431 6,718,615 Equity securities 22,213 16,244 Fixed maturities held-to-maturity, at amortized cost 511,719 618,628 Trading securities, at fair value: Reinsurance portfolio 6,697 6,364 Seed money 1,429 7,321 Mortgage loans on real estate, net 1,264,158 1,200,919 Real estate, net 5,959 8,654 Policy loans 195,242 189,608 Other long-term investments 12,996 13,518 Short-term investments -- 10,703 ----------- ---------- Total investments 8,605,844 8,790,574 Cash 76,491 41,859 Accrued investment income 96,016 98,847 Deferred policy acquisition costs 774,299 643,809 Reinsurance recoverable (note 16) 1,354,499 1,227,363 Other assets (note 8) 55,129 52,063 Federal income tax receivable 4,239 -- Assets held in separate accounts (note 10) 3,702,369 2,861,577 ----------- ---------- Total assets $14,668,886 13,716,092 =========== ========== LIABILITIES AND STOCKHOLDER'S EQUITY Future policy benefits and claims (note 6) $ 9,121,942 9,047,697 Policyholders' dividend accumulations 56,372 57,584 Other policyholder funds 41,255 39,444 Notes payable (net of unamortized discount of $450 in 2005 and $472 in 2004) (note 7) 99,550 99,528 Federal income taxes (note 9): Current -- 17,387 Deferred 121,204 123,654 Other liabilities 181,370 164,554 Liabilities related to separate accounts (note 10) 3,702,369 2,861,577 ----------- ---------- Total liabilities 13,324,062 12,411,425 ----------- ---------- Commitments and contingencies (notes 9, 11, 15 and 16) Stockholder's equity (notes 3 and 13): Class A common stock, $1 par value. Authorized, issued, and outstanding 10,000,000 shares 10,000 10,000 Additional paid-in capital 162,939 162,939 Accumulated other comprehensive income 103,862 153,499 Retained earnings 1,068,023 978,229 ----------- ---------- Total stockholder's equity 1,344,824 1,304,667 ----------- ---------- Total liabilities and stockholder's equity $14,668,886 13,716,092 =========== ==========
See accompanying notes to consolidated financial statements. 2 THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES (A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.) Consolidated Statements of Income Years ended December 31, 2005, 2004, and 2003 (Dollars in thousands)
2005 2004 2003 --------- ------- ------- Revenues: Traditional life insurance premiums $ 187,443 162,789 138,669 Annuity premiums and charges 56,079 48,106 44,968 Universal life policy charges 86,124 83,918 76,110 Accident and health insurance premiums 20,201 20,611 17,139 Investment management fees 6,290 5,144 4,224 Change in value of trading portfolio 279 (30,860) 31,267 Change in value of reinsurance derivatives (notes 2(n) and 16) (204) 31,083 11,423 Net investment income (note 5) 564,385 565,775 546,864 Net realized losses on investments (note 5) (38,355) (24,109) (3,350) Other income 40,800 32,987 24,295 --------- ------- ------- 923,042 895,444 891,609 --------- ------- ------- Benefits and expenses: Benefits and claims 525,465 515,268 475,250 Provision for policyholders' dividends on participating policies 31,709 31,003 31,331 Amortization of deferred policy acquisition costs, excluding impact of realized losses 90,668 76,032 64,050 Amortization of deferred policy acquisition costs due to realized losses (3,544) (2,480) (2,663) Other operating costs and expenses (note 12) 110,313 102,518 99,076 --------- ------- ------- 754,611 722,341 667,044 --------- ------- ------- Income before income taxes and cumulative effect of change in accounting principle 168,431 173,103 224,565 --------- ------- ------- Income taxes (note 9): Current expense 24,087 51,560 42,932 Deferred expense 26,550 7,847 31,010 --------- ------- ------- 50,637 59,407 73,942 --------- ------- ------- Income before cumulative effect of change in accounting principle 117,794 113,696 150,623 Cumulative effect of change in accounting principle, net of tax (notes 2(n) and 9) -- 498 (27,797) --------- ------- ------- Net income $ 117,794 114,194 122,826 ========= ======= =======
See accompanying notes to consolidated financial statements. 3 THE OHIO NATIONAL LIFE INSURANCE COMPANY AND SUBSIDIARIES (A Wholly Owned Subsidiary of Ohio National Financial Services, Inc.) Consolidated Statements of Changes in Stockholder's Equity Years ended December 31, 2005, 2004, and 2003 (Dollars in thousands)
ACCUMULATED CLASS A ADDITIONAL OTHER TOTAL COMMON PAID-IN COMPREHENSIVE RETAINED STOCKHOLDER'S STOCK CAPITAL INCOME EARNINGS EQUITY -------- ---------- ------------- --------- ------------- 2003: Balance, beginning of year $10,000 53,976 50,838 779,209 894,023 Capital contribution from parent (note 13) -- 96,000 -- -- 96,000 Dividends to stockholder (note 13) -- -- -- (8,000) (8,000) Comprehensive income: Net income -- -- 122,826 122,826 Other comprehensive income (note 4) -- -- 24,776 -- 24,776 --------- Total comprehensive income 147,602 ------- ------- ------- --------- --------- Balance, end of year $10,000 149,976 75,614 894,035 1,129,625 ======= ======= ======= ========= ========= 2004: Balance, beginning of year $10,000 149,976 75,614 894,035 1,129,625 Capital contribution from parent (note 13) -- 12,963 -- -- 12,963 Dividends to stockholder (note 13) -- -- -- (30,000) (30,000) Comprehensive income: Net income -- -- -- 114,194 114,194 Other comprehensive income (note 4) -- -- 77,885 -- 77,885 --------- Total comprehensive income 192,079 ------- ------- ------- --------- --------- Balance, end of year $10,000 162,939 153,499 978,229 1,304,667 ======= ======= ======= ========= ========= 2005: Balance, beginning of year $10,000 162,939 153,499 978,229 1,304,667 Dividends to stockholder (note 13) -- -- -- (28,000) (28,000) Comprehensive income: Net income -- -- -- 117,794 117,794 Other comprehensive loss (note 4) -- -- (49,637) -- (49,637) --------- Total comprehensive income 68,157 ------- ------- ------- --------- --------- Balance, end of year $10,000 162,939 103,862 1,068,023 1,344,824 ======= ======= ======= ========= =========
See accompanying notes to consolidated financial statements. 4 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, 2005, 2004, and 2003 (Dollars in thousands)
2005 2004 2003 ----------- ---------- ---------- Cash flows from operating activities: Net income $ 117,794 114,194 122,826 Adjustments to reconcile net income to net cash provided by operating activities: Proceeds from sale of fixed maturities trading 1,191 629,870 -- Proceeds from sale of equity securities trading 5,969 -- -- Cost of fixed maturities trading acquired (1,375) (17,599) -- Cost of equity securities trading acquired (2) -- -- Interest credited to policyholder account values 299,990 313,721 343,286 Universal life and investment-type product policy fees (83,796) (75,841) (70,363) Capitalization of deferred policy acquisition costs (162,034) (147,012) (178,011) Amortization of deferred policy acquisition costs 87,124 73,552 61,387 Amortization and depreciation 1,433 7,670 205 Realized losses on invested assets, net 38,355 24,109 3,350 Change in value of trading securities (279) 30,860 (31,267) Deferred federal income tax expense 26,550 7,847 31,010 Cumulative effect of change in accounting principle -- (498) 27,797 Change in value of reinsurance derivatives 204 (31,083) (11,423) Decrease (increase) in accrued investment income 2,831 11,503 (13,676) Increase in other assets (20,838) (75,110) (10,521) Net increase (decrease) in Separate Accounts -- 10,928 (215) Increase (decrease) in policyholder liabilities 84,395 129,931 (68,484) Increase (decrease) in policyholders' dividend accumulations and other funds 21,285 (2,715) 652 (Decrease) increase in current income tax payable (21,626) 11,161 10,210 Increase (decrease) in other liabilities 16,612 (355,347) (48,740) Other, net 657 (3,231) 12,821 ----------- ---------- ---------- Net cash provided by operating activities 414,440 656,910 180,844 ----------- ---------- ---------- Cash flows from investing activities: Proceeds from maturity of fixed maturities available-for-sale 49,854 56,508 31,595 Proceeds from sale of fixed maturities available-for-sale 759,844 920,058 1,056,320 Proceeds from sale of equity securities 5,559 15 1,026 Proceeds from maturity of fixed maturities held-to-maturity 146,607 113,867 155,611 Proceeds from the sale of held-to-maturity securities -- 9,936 -- Proceeds from repayment of mortgage loans on real estate 136,099 161,044 131,600 Proceeds from sale of real estate 2,690 543 38,280 Cost of fixed maturities available-for-sale acquired (868,905) (1,316,910) (2,429,285) Cost of equity securities acquired (10,283) (14,755) (5) Cost of fixed maturities held-to-maturity acquired (37,402) (93,827) (116,153) Cost of mortgage loans on real estate acquired (199,559) (152,107) (230,603) Cost of real estate acquired (155) (252) (121) Change in policy loans, net (5,634) (5,344) (5,006) Change in other invested assets, net 2,626 37,831 11,092 ----------- ---------- ---------- Net cash used in investing activities (18,659) (283,393) (1,355,649) ----------- ---------- ---------- Cash flows from financing activities: Universal life and investment product account deposits 1,571,730 1,549,369 2,355,436 Universal life and investment product account withdrawals (1,915,582) (1,894,145) (1,279,768) Capital contribution from parent -- -- 96,000 Dividends paid to parent (28,000) (30,000) (8,000) Debt repayment -- (35,000) -- ----------- ---------- ---------- Net cash (used in) provided by financing activities (371,852) (409,776) 1,163,668 ----------- ---------- ---------- Net increase (decrease) in cash and cash equivalents 23,929 (36,259) (11,137) Cash and cash equivalents, beginning of year 52,562 88,821 99,958 ----------- ---------- ---------- Cash and cash equivalents, end of year $ 76,491 52,562 88,821 =========== ========== ========== Supplemental disclosures: Income taxes paid $ 32,720 40,947 39,500 Interest paid on notes payable 8,000 9,683 11,106
See accompanying notes to consolidated financial statements 5 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, 2005 and 2004 (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 51% of SMON Holdings, Inc. (SMON). SMON is a holding company formed in New York during 2002 by Ohio National Financial Services, Inc. (ONFS) and Security Mutual Life Insurance Company of New York (SML) to acquire National Security Life and Annuity Company (NSLAC), formerly known as First ING Life Insurance Company of New York. During 2004, ONFS contributed its ownership share in SMON to ONLIC. Also during 2004, ONLIC began including the activity of SMON in its consolidated results. 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(m)), 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. The Company offers a full range of life, health, and annuity products through independent agents and other distribution channels and is subject to competition from other insurers throughout the United States. The Company is subject to regulation by the insurance departments of states in which it is licensed and undergoes periodic examinations by those departments. NSLAC is licensed in 18 states and the District of Columbia and markets a portfolio of variable life insurance and variable annuity products through its general agency system. The following is a description of the most significant risks facing life and health insurers and how the Company mitigates those risks: 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. The Company attempts to mitigate this risk by offering a wide range of products and by operating throughout the United States, thus reducing its exposure to any single product or jurisdiction, and also by employing underwriting practices which identify and minimize the adverse impact of this risk. 6 (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, 2005 and 2004 (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. The Company attempts to minimize this risk by adhering to a conservative investment strategy that includes adequate diversification of the investment portfolio, by maintaining reinsurance and credit and collection policies and by closely monitoring the credit worthiness of investees and reinsurers and taking prompt actions as necessary. 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. The Company attempts to mitigate this risk by charging fees for nonconformance with certain policy provisions, by offering products that transfer this risk to the purchaser, and/or by attempting to match the maturity schedule of its assets with the expected payouts of its liabilities. 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 27% of total fixed annuity deposits in 2005 and approximately 41% of total fixed annuity deposits in 2004. A change in the status of the Company's relationship with the largest producer would, at a minimum, require time and effort on the Company's behalf to replace the stream of new assets. Some of the new production exposure risk is attempted to be mitigated by the use of reinsurance. Each reinsurance contract covers up to 1 1/2 years of new annuity issuances. As such, with each new reinsurance contract the Company has the ability to retain a larger share of a reduced production number, thereby preventing the Company's total new business retention from dropping directly proportional to a decline in direct sales. Based on policyholder account balances, the Company's largest distributor accounted for approximately 55% and 58% of total fixed annuity reserves as of December 31, 2005 and 2004, 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. Second, in order to minimize statutory capital strain related to the large increase in fixed annuity sales, the Company has entered into various coinsurance arrangements. The Company has limited its relationships under this type of arrangement to only a few, select reinsurers. If the Company is unable to continue to negotiate acceptable coinsurance arrangements in the future, management could be required to limit future annuity sales, seek additional capital, or both. 7 (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, 2005 and 2004 (Dollars in thousands) 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 minimum death benefit (GMDB) features. 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 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. As of December 31, 2005, direct GMDB reserves were $7.1 million, ceded GMDB reserves were $4.2 million and net GMDB reserves were $2.9 million. As of December 31, 2004, direct GMDB reserves were $6.0 million, ceded GMDB reserves were $4.0 million and net GMDB reserves were $2.0 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, 2005 was $98 million, of which $76 million was reinsured, with a net amount at risk of $22 million. The total amount at risk under GMDB features as of December 31, 2004 was $102 million, of which $94 million was reinsured, with a net amount at risk of $8 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 and 63 as of December 31, 2005 and 2004, respectively. 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. 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 $1,354,499 and $1,227,363 as of December 31, 2005 and 2004, 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. 8 (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, 2005 and 2004 (Dollars in thousands) (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. During 2004, ONLIC's funds withheld reinsurance agreement was converted to coinsurance and the related fixed maturity securities were returned to the reinsurer. The remaining reinsurance portfolio at December 31, 2004 was attributable to NSLAC. Beginning in 2004, pursuant to the Company's adoption of Statement of Position 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts (SOP 03-1), the mutual fund shares that comprised Separate Account seed money were classified as general account trading securities and stated at fair value, with the unrealized gains and losses included in the accompanying consolidated statements of income. Prior to 2004, seed money was reported as a component of Separate Account assets. Fixed maturity securities not classified as held-to-maturity or trading and all 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. The adjustment to future policy benefits and claims represents the increase in policy reserves from using a discount rate that would have been required if such unrealized gains had been realized and the proceeds reinvested at then current market interest rates, which were lower than the existing effective portfolio rate. 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 versus the U.S. Treasury yield 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 are used to determine a corresponding spread that is added to the U.S. Treasury yield to create an estimated market yield for the 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 9 (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, 2005 and 2004 (Dollars in thousands) mortgage-backed and asset-backed securities, qualified company representatives determine 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, 2005, 82.0% of the fair values of fixed maturity securities were obtained from independent pricing services, 17.5% from the Company's pricing matrices and .5% 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 actual prepayments differ from anticipated 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. The measurement of impaired loans is based on 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. Loans in foreclosure and loans considered to be impaired as of the balance sheet date are placed on nonaccrual status. Cash receipts on nonaccrual status mortgage loans on real estate are included in interest income in the period received. Real estate is carried at cost less accumulated depreciation and valuation allowances. Other long-term investments are carried on the equity basis, adjusted for valuation allowances. 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(m)) portfolio are offset by increases in the deferred policyholder obligation for that group of policies. Estimates for valuation allowances and other-than-temporary declines of the fair value of invested assets are included in realized gains and losses on investments. Management regularly reviews its fixed maturity and equity securities portfolios to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of investments. A number of criteria are considered during this process including, but not limited to, the current fair value as compared to amortized cost or cost, as appropriate, the length of time the security's fair value has been below amortized cost or cost, and by how much, specific credit issues related to the issuer, and current economic conditions. Also, the Company estimates the cash flows over the life of certain purchased beneficial interests in the securitized financial assets. Based on current information and events, if the Company estimates that the fair value of its beneficial interest is not greater than or equal to its carrying value and if there has been a decrease in the estimated cash flows since the last revised estimate, considering both timing and amount, then an other-than-temporary impairment (OTI) is recognized and the purchased beneficial interest is written down to fair value. OTI losses result in a permanent reduction of the cost basis of the underlying 10 (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, 2005 and 2004 (Dollars in thousands) investment. OTI losses on mortgage backed securities result in the effective yield on an impaired security being revised to current prevailing rates and estimated cash flows. Dividends are recorded on the ex-dividend date and interest is accrued as earned. (B) 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 by the provision for future policy benefits and the deferral and amortization of policy acquisition costs. 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 interest margins, cost of insurance charges, policy administration charges 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 charges assessed on investment contracts and universal life contracts are determined based upon the nature of such charges. All charges 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. (C) DEFERRED POLICY ACQUISITION COSTS (DAC) 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 have been capitalized. For traditional nonparticipating life insurance products, DAC is predominantly being 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 being 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, 11 (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, 2005 and 2004 (Dollars in thousands) surrender benefits, administrative costs, expected policyholder dividends, and the increase in reserve for future policy benefits. For investment and universal life products, DAC is being 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, cost of insurance charges, policy administration charges, and surrender charges. 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 Company's long-term assumption for net separate account performance is 8.54%, a blend of expected returns from stock, money market and bond funds after deductions for policy charges. The Company assumes that the level of separate accounts resulting from market performance will revert, over a three year period, to the level expected if the long-term assumed trend rate had applied. This refinement to the estimation of long-term returns is commonly referred to as a reversion to the mean. The Company's policy regarding the reversion to the mean process does not permit projected returns to be below 2.72% or in excess of 16.65% 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 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. Pursuant to SOP 03-1, these sales inducement costs are deferred and amortized using the same methodology and assumptions used to amortize capitalized acquisition costs. (D) SEPARATE ACCOUNTS Separate Account assets and liabilities represent contractholders' funds, which have been segregated into accounts with specific investment objectives. The investment income and gains or losses of these accounts accrue directly to the contractholders. 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. Prior to 2004, the consolidated balance sheets reported shares of Separate Account seed money as a component of Separate Account assets. During 2004, as a result of the Company's adoption of SOP 03-1, Separate Account seed money was reclassified as a general account trading security (see note 2(a)). 12 (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, 2005 and 2004 (Dollars in thousands) The variable annuities that comprise the Separate Account generally provide an incidental death benefit of the greater of account value or minimum guaranteed death benefit. 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 provide 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 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 guaranteed minimum death benefit increased at 6% per year (until age 85) with no cap, adjusted for any withdrawals prior to death. The second provides a guaranteed minimum death benefit 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. 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 guaranteed minimum income benefit (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 13 (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, 2005 and 2004 (Dollars in thousands) 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. 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 guaranteed minimum account benefit (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 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 guaranteed minimum withdrawal benefit (GMWB) riders 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. (E) FUTURE POLICY BENEFITS 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 6). 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 6). (F) PARTICIPATING BUSINESS Participating business represents approximately 8%, 9%, and 8% of the Company's ordinary life insurance in force as of December 31, 2005, 2004, and 2003, respectively. The provision for policyholders' dividends is based on current dividend scales. 14 (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, 2005 and 2004 (Dollars in thousands) (G) 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. (H) 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. 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. The Company and its subsidiaries, excluding SMON and NSLAC, are included as part of the consolidated Federal income tax return of its common parent, Ohio National Mutual Holdings, Inc. (ONMH). ONMH cannot include the subsidiaries SMON and NSLAC since ownership requirements of 80% have not been met to file a consolidated return. SMON and NSLAC each file separately their own Federal income tax returns. (I) 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. (J) 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, the liability for future policy benefits and claims, contingencies, income taxes, valuation allowances for mortgage loans on real estate, and impairment losses on investments. Although some variability is inherent in these estimates, management believes the amounts provided are appropriate. (K) GOODWILL As a result of the consolidation of SMON into ONLIC's consolidated financial results during 2004, the Company included the NSLAC related goodwill and other intangible assets as a component of other assets in the consolidated balance sheet (see note 8). 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, 2005 and 2004 (Dollars in thousands) In accordance with GAAP, goodwill is not amortized, but rather evaluated periodically, at the reporting unit level, for impairment. 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 carry amount. The Company conducts annual goodwill impairment testing in the fourth quarter. (L) INVESTMENT MANAGEMENT FEES Investment management fees are earned by various subsidiaries in conjunction with money management activities. The fees are recognized in income as earned. (M) 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 therefrom, 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 Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. 16 (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, 2005 and 2004 (Dollars in thousands) Summarized financial information of the Closed Block as of December 31, 2005 and 2004, and for each of the years in the three-year period ended December 31, 2005 follows:
2005 2004 -------- ------- Closed Block assets: Fixed maturity securities available for sale, at fair value (amortized cost of $341,993 and $351,808, as of December 31, 2005 and 2004, respectively) $358,287 374,349 Fixed maturity securities held to maturity, at amortized cost 37,874 45,191 Mortgage loans on real estate, net 109,773 97,292 Policy loans 118,544 122,264 Short-term investments 22,175 16,271 Accrued investment income 5,248 5,600 Deferred policy acquisition costs 78,286 79,796 Reinsurance recoverable 1,649 1,729 Other assets 2,293 2,050 -------- ------- $734,129 744,542 ======== ======= Closed Block liabilities: Future policy benefits and claims $749,263 750,940 Policyholders' dividend accumulations 21,720 26,926 Other policyowner funds 5,374 5,611 Deferred tax liability 5,703 7,889 -------- ------- $782,060 791,366 ======== =======
17 (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, 2005 and 2004 (Dollars in thousands)
2005 2004 2003 -------- ------- ------- Closed Block revenues and expenses: Traditional life insurance premiums $ 50,304 54,588 58,324 Net investment income 46,850 48,467 51,389 Net realized losses on investments (2,781) (2,094) (32) Benefits and claims (57,476) (61,186) (64,730) Provision for policyholders' dividends on participating policies (21,196) (23,297) (24,833) Amortization of deferred policy acquisition costs (4,049) (4,144) (4,041) Other operating costs and expenses (3,688) (3,701) (3,936) -------- ------- ------- Income before federal income taxes $ 7,964 8,633 12,141 ======== ======= =======
(N) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS On February 16, 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (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 fair value remeasurement for any hybrid financial instrument that contains an embedded derivative that otherwise would require bifurcation; (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; (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. Earlier adoption is permitted as of the beginning of an entity's fiscal year, provided the entity has not yet issued financial statements, including financial statements for any interim period for that fiscal year. 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 is currently evaluating the potential effects of SFAS 155 on the Company's financial position and results of operations. 18 (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, 2005 and 2004 (Dollars in thousands) In September 2005, the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants (AICPA) issued Statement of Position (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 by the exchange of a contract for a new contract, or by amendment, endorsement or rider to a contract, or by the election of a 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 should be as of the beginning of an entity's fiscal year. The Company plans to adopt SOP 05-1 effective January 1, 2007. Although the Company is currently unable to quantify the impact of adoption, SOP 05-1 could have a material impact on the Company's financial position and/or results of operations once adopted. In May 2005, the FASB issued SFAS No. 154, Accounting Changes and Error Corrections (SFAS 154), which replaces Accounting Principles Board (APB) Opinion No. 20, Accounting Changes (APB 20), and SFAS No. 3, Reporting Accounting Changes in Interim Financial Statements. SFAS 154 applies to all voluntary changes in accounting principle as well as to changes required by an accounting pronouncement in the unusual instance that the pronouncement does not include specific transition provisions. SFAS 154 requires retrospective application of changes in accounting principle to prior period financial statements, unless it is impracticable to determine either the period - specific effects or the cumulative effect of the change. When it is impracticable to determine the period - specific effects of an accounting change on one or more individual prior periods presented, SFAS 154 requires that the new accounting principle be applied to the balances of assets and liabilities as of the beginning of the earliest period for which retrospective application is practicable and that a corresponding adjustment be made to the opening balance of retained earnings for that period rather than being reported on the income statement. When it is impracticable to determine the cumulative effect of applying a change in accounting principle to all periods, SFAS 154 requires that the new accounting principle be applied as if it were adopted prospectively from the earliest date practicable. SFAS 154 carries forward without change the guidance contained in APB 20 for reporting the correction of an error in previously issued financial statements and a change in accounting estimate and justifying a change in accounting principle on the basis of preferability. SFAS 154 is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005, with earlier adoption permitted. The Company will adopt SFAS 154 effective January 1, 2006. SFAS 154 is not expected to have any impact on the Company's financial position or results of operations upon adoption. In December 2003, the FASB issued SFAS No. 132 (revised 2003) Employers' Disclosures about Pensions and Other Postretirement Benefits an amendment of FASB Statements No. 87, 88, and 106 19 (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, 2005 and 2004 (Dollars in thousands) (SFAS 132R). SFAS 132R provides revised disclosure guidance for pension and other postretirement benefit plans but does not change any measurement or recognition of those plans from current guidance. In addition to previously existing disclosures, SFAS 132R requires disclosures about the assets, obligations, cash flows and net periodic benefit cost of defined benefit pension plans and other defined benefit plans. The Company adopted SFAS 132R effective December 31, 2003 except for certain disclosures regarding estimated benefit payments. These disclosures were adopted in 2004 as permitted by SFAS 132R. The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the Act) was signed into law on December 8, 2003. In January 2004, the FASB issued Staff Position (FSP) SFAS 106-1, Accounting and Disclosure Requirements Related to The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (FSP SFAS 106-1) and in May 2004, the FASB issued FSP SFAS 106-2, Accounting and Disclosure Requirements Related to The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (FSP SFAS 106-2), which superceded FSP SFAS 106-1 and provided guidance on accounting and disclosures related to the Act. Specifically, measures of the accumulated postretirement benefit obligation and net periodic postretirement benefit cost on or after the date of enactment must reflect the effects of the Act. The Company has determined that its plans' prescription drug benefits are not actuarially equivalent to the Medicare Part D benefit. Therefore, neither the accumulated postretirement benefit obligation nor the net periodic postretirement benefit cost include any amounts reflecting the Medicare Act's federal subsidiary component. Emerging Issues Task Force (EITF) Issue No. 03-1, The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments (EITF 03-1) was issued on October 23, 2003. On September 8, 2004, the FASB exposed for comment FSP EITF Issue 03-1-a, which was intended to provide guidance related to the application of paragraph 16 of EITF 03-1, and proposed FSP EITF Issue 03-1-b, which proposed a delay in the effective date of EITF 03-1 for debt securities that are impaired because of interest rate and/or sector spread increases. Based on comments received on these proposals, on September 30, 2004 the FASB issued FSP EITF Issue 03-1-1, Effective Date of Paragraphs 10-20 of EITF Issue No. 03-1, which delayed the effectiveness of the guidance in EITF 03-1 in its entirety, with the exception of certain disclosure requirements. The delay had no impact on the Company's financial position or results of operations. At its June 29, 2005 meeting, the FASB decided not to provide additional guidance on the meaning of other-than-temporary impairment. Instead, the FASB decided to issue proposed FSP EITF 03-1-a, Implementation Guidance for the Application of Paragraph 16 of EITF Issue No. 03-1, as final. The final FSP supersedes EITF 03-1 and EITF Topic No. D-44, Recognition of Other-Than-Temporary Impairment upon the Planned Sale of a Security Whose Cost Exceeds Fair Value (EITF Topic D-44). The final FSP, re-titled FSP FAS 115-1, The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments (FSP FAS 115-1), was issued on November 3, 2005 and replaces the guidance set forth in paragraphs 10 - 18 of EITF 03-1 with references to existing other-than-temporary impairment guidance. FSP FAS 115-1 codifies the guidance set forth in EITF Topic D-44 and clarifies that an investor should recognize an impairment loss no later than when the impairment 20 (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, 2005 and 2004 (Dollars in thousands) is deemed other-than-temporary, even if a decision to sell has not been made. At its September 14, 2005 meeting, the FASB decided that FSP FAS 115-1 would be applied prospectively effective for periods beginning after December 15, 2005. FSP FAS 115-1 does not address when a debt security should be designated as non-accrual or how to subsequently report income on a non-accrual debt security. The Company continues to actively monitor its portfolio for any securities deemed to be other-than-temporarily impaired based on the guidelines in SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities, and SEC SAB No. 59, Accounting for Noncurrent Marketable Equity Securities, which is expected to be the guidance referenced in FSP FAS 115-1. Because the Company's existing policies are consistent with the guidance in FSP FAS 115-1, the adoption of FSP FAS 115-1 had no impact on the Company's financial position or results of operations. In July 2003, the AICPA issued SOP 03-1. SOP 03-1 addresses a number of topics, the most significant of which is the appropriate accounting for policies with GMDB. SOP 03-1 requires companies to determine whether the presence of a GMDB causes a contract to be an insurance contract rather than an investment contract. For insurance contracts, companies are required to establish a reserve to recognize a portion of current period revenues that are compensation for future insurance benefits. SOP 03-1 also provides guidance on separate account presentation, interest in separate accounts, sales inducements, annuitization options and indexed returns on separate accounts. The Company adopted SOP 03-1 on January 1, 2004. As a result, the Company's seed money interest in separate accounts was reclassified from a separate account asset to a trading security general account asset. The amount of unrealized gain related to the seed money interest at the date of the reclassification was $498, net of a federal tax expense of $268. This gain was reported as a cumulative effect of change in accounting principle on the consolidated statement of income. There was no material impact on policyholder liabilities as a result of the adoption of SOP 03-1. In June 2004, the FASB issued a FSP of SFAS 97-1, Situations in Which Paragraphs 17(b) and 20 of FASB Statement No. 97, Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments, Permit or Require Accrual of an Unearned Revenue Liability (FSP SFAS 97-1), to clarify the guidance related to unearned revenue reserves (URR). The primary purpose of FSP SFAS 97-1 is to address the practice question of whether SOP 03-1 restricts the application of the URR guidance in SFAS No. 97 to situations in which profits are expected to be followed by losses. Because the Company was computing its URR in accordance with FSP SFAS 97-1 at the time SOP 03-1 was adopted, the issuance of FSP SFAS 97-1 had no impact on the Company's financial position or results of operations at the time of adoption. In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (SFAS 150). SFAS 150 establishes standards for the classification and measurement of certain freestanding financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. Further, SFAS 150 requires disclosure regarding the terms of those instruments and settlement alternatives. As originally issued, the guidance in SFAS 150 was generally effective for financial instruments entered into or modified 21 (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, 2005 and 2004 (Dollars in thousands) after May 31, 2003, and otherwise effective at the beginning of the first interim period beginning after June 15, 2003. Adjustments required as a result of the application of SFAS 150 to existing instruments should be reported as a cumulative effect of a change in accounting principle. In November 2003, the FASB issued FSP No. 150-3, Effective Date, Disclosures, and Transition for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests under FASB Statement No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (FSP 150-3). FSP 150-3 clarified that SFAS 150 does not apply to certain mandatorily redeemable financial instruments issued by limited-life subsidiaries, including those issued by subsidiary trusts of the Company. The adoption of SFAS 150 on July 1, 2003 did not have any impact on the Company's results of operations or financial position. In April 2003, the FASB released SFAS No. 149, Amendment of Statement 133 on Derivative Instruments and Hedging Activities (SFAS 149). SFAS 149 amends and clarifies financial accounting and reporting for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities under SFAS No. 133, (SFAS 133). SFAS 149 is generally effective for contracts entered into or modified after June 30, 2003. The adoption of SFAS 149 on July 1, 2003 did not have any impact on the results of operations or financial position of the Company. In April 2003, the FASB issued Derivatives Implementation Group (DIG) Issue B36, Modified Coinsurance Arrangements and Debt Instruments That Incorporate Credit Risk Exposures That Are Unrelated or Only Partially Related to the Creditworthiness of the Obligor under Those Instruments (DIG B36), which addresses the need to separately account for an embedded derivative within a reinsurer's receivable and ceding company's payable arising from modified coinsurance or similar arrangements. Paragraph 12.a. of SFAS 133 indicates that an embedded derivative must be separated from the host contract (bifurcated) if the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract. DIG B36 concludes that bifurcation is necessary in a modified coinsurance or similar arrangement because the yield on the receivable and payable is based on or referenced to a specified proportion of the ceding company's return on either its general account assets or a specified block of those assets, rather than the overall creditworthiness of the ceding company. For valuation purposes, the Company defines the derivative in each contract as a swap of a variable rate loan for a total return on a pool of assets. As such, the value of the derivative is defined as the difference between the change in value of the "base" loan and the change in the value of the reinsurer's share of the assets in the asset pool. By defining the base loan as a variable rate loan, changes in the value of the base loan are effectively eliminated. That is, we are able to assume that rates on the theoretical variable rate loan could be reset often enough so that the present value of the loan at any time is equal to the loan's carrying value. With the change in the value of the loan set at zero, the value of the derivative becomes the change in the value of the reinsurer's share of the pool of assets. The determination of this value is the fair value of the assets in the pool less the book value of those assets. For marketable securities that are in the asset pool, fair value will be based upon 22 (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, 2005 and 2004 (Dollars in thousands) market quoted prices where available. In the event that market prices are unavailable, alternative valuation methods will be determined by investment personnel of ONFS. Any alternative valuation techniques employed will be consistent with those used by ONFS for its portfolio valuation purposes. Any mortgage loans subject to valuation will have its fair value determined based on the present value of cash flows method. This is consistent with methods currently used by ONFS for disclosures pursuant to SFAS No. 107, Disclosures about Fair Value of Financial Instruments (SFAS 107). The adoption of DIG B36 resulted in the Company recognizing a cumulative effect adjustment as of September 30, 2003, which reduced net income by $27,797, net of a federal tax benefit of $14,968. The changes in value of the embedded reinsurance derivative are a component of continuing operations from October 1, 2003 and forward. During 2004, the reinsurance agreement related to ONLIC's embedded reinsurance derivative was converted to a coinsurance agreement. Therefore, at December 31, 2004, the remaining embedded reinsurance derivative was solely related to NSLAC. For additional information about the impact of DIG B36, see note 16. In January 2003, the FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities - An Interpretation of ARB No. 51 (FIN 46). Accounting Research Bulletin No. 51, Consolidated Financial Statements (ARB 51) states that consolidation is usually necessary when a company has a "controlling financial interest" in another company, a condition most commonly achieved via ownership of a majority voting interest. FIN 46 clarifies the application of ARB 51 to certain "variable interest entities" (VIE) where the equity investors do not have all of the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Companies adopting FIN 46 must first identify VIEs with which they are involved and then determine if the company is the "primary beneficiary" of a VIE. The primary beneficiary is the company that absorbs a majority of the VIE's expected losses, residual returns, or both. The primary beneficiary is required to consolidate the VIE. A company holding a significant variable interest in a VIE but not deemed the primary beneficiary is subject to certain disclosure requirements specified by FIN 46. In December 2003, the FASB issued FIN 46R, which required all public companies to apply the provisions of FIN 46 or FIN 46R to special purpose entities created prior to February 1, 2003. The primary difference between FIN 46R and FIN 46 was the criteria to be followed in determining the primary beneficiary. The adoption of FIN 46 did not have any impact on the results of operations or financial position of the Company. (O) RECLASSIFICATIONS Certain amounts in the 2004 and 2003 consolidated financial statements have been reclassified to conform to the 2005 presentation. 23 (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, 2005 and 2004 (Dollars in thousands) (3) BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared in accordance with GAAP, which differs from statutory accounting practices prescribed or permitted by regulatory authorities. Annual Statements for ONLIC, ONLAC and NSLAC, 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 so prescribed. ONLIC, ONLAC and NSLAC have no material permitted statutory accounting practices. The combined statutory basis net income of ONLIC and ONLAC, after intercompany eliminations, was $68,685, $75,190, and $67,647 for the years ended December 31, 2005, 2004, and 2003, respectively. The combined statutory basis capital and surplus of ONLIC and ONLAC, after intercompany eliminations, was $749,816 and $686,365, as of December 31, 2005 and 2004, respectively. The statutory basis net loss of NSLAC was $(352), $(463) and $(742) for the years ended December 31, 2005, 2004, and 2003, respectively. The statutory basis capital and surplus of NSLAC was $20,735 and $21,159 as of December 31, 2005 and 2004, respectively. The primary reasons for the differences between equity and net income (loss) on a GAAP basis versus capital and surplus and net income (loss) on a statutory basis 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 bonds available-for-sale 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 is based on whether the Company has voting control, or for certain variable interest entities, has the majority of the entity's expected losses or expected residual returns, or both; (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. 24 (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, 2005 and 2004 (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 stockholders' 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, 2005, 2004, and 2003 were as follows:
2005 2004 2003 -------- -------- -------- Foreign currency translation adjustment $ 357 $ 1,426 $ -- Pension liability adjustment, net of tax (240) 992 (981) Unrealized gains (losses) on securities available-for-sale arising during the period: Net of adjustment to deferred policy acquisition costs and future policy benefits and claims (74,064) 101,426 56,400 Related income tax (expense) benefit 25,854 (35,385) (20,437) -------- -------- -------- (48,093) 68,459 34,982 -------- -------- -------- Less: Reclassification adjustment for: Net (losses) gains on securities available-for-sale realized during the period: Gross 2,376 (14,501) (25,557) Related income tax (expense) benefit (832) 5,075 8,945 Securities transferred from available- for-sale to trading: Gross -- -- 41,258 Related income tax (expense) benefit -- -- (14,440) -------- -------- -------- 1,544 (9,426) 10,206 -------- -------- -------- Total other comprehensive (loss) income $(49,637) $ 77,885 $ 24,776 ======== ======== ========
25 (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, 2005 and 2004 (Dollars in thousands) (5) INVESTMENTS Analyses of investment income and realized gains (losses) by investment type follows for the years ended December 31:
INVESTMENT INCOME ----------------------------- 2005 2004 2003 --------- ------- ------- Gross investment income Securities available-for-sale: Fixed maturities $390,936 418,084 428,696 Equity securities 206 (126) 44 Fixed maturity trading securities 269 24,332 9,149 Fixed maturities held-to-maturity 74,980 50,640 60,034 Mortgage loans on real estate 95,042 98,956 94,702 Real estate 844 914 5,703 Policy loans 11,945 12,091 13,447 Other long-term investments 2,028 3,377 2,561 Short-term 2,429 507 388 -------- ------- ------- Total gross investment income 578,679 608,775 614,724 Investment income due to reinsurers -- (25,907) (46,706) Interest expense (8,000) (9,683) (11,106) Other investment expenses (6,294) (7,410) (10,048) -------- ------- ------- Net investment income $564,385 565,775 546,864 ======== ======= =======
26 (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, 2005 and 2004 (Dollars in thousands)
REALIZED GAINS (LOSSES) ON INVESTMENTS ---------------------------- 2005 2004 2003 -------- ------- ------- Securities available-for-sale: Fixed maturities $(38,395) (20,171) 5,392 Equity securities 182 (217) 702 Fixed maturities held-to-maturity 406 (1,494) (18,564) Mortgage loans on real estate (258) (2,841) (420) Real estate (290) (75) 8,104 -------- ------- ------- Total realized losses on investments (38,355) (24,798) (4,786) Realized losses recoverable from reinsurers -- 727 1,436 Change in valuation allowances for mortgage loans on real estate -- (38) -- -------- ------- ------- Net realized losses on investments $(38,355) (24,109) (3,350) ======== ======= =======
Realized losses on investments, as shown in the table above, include write-downs for OTI of $41,472, $31,240, and $37,247 for the years ended December 31, 2005, 2004, and 2003, respectively. As of December 31, 2005, fixed maturity securities with a carrying value of $82,400, which had a cumulative write-down of $84,381 due to OTI, remained in the Company's investment portfolio. As part of the Company's adoption of DIG B36 in 2003, certain fixed maturity securities were transferred from the available-for-sale category to trading. The gain realized from this transfer was $41,258. During 2004, ONLIC transferred $663 million of securities to a reinsurer as part of the conversion from funds withheld reinsurance to coinsurance (see note 2(n)). All gains and losses associated with this transfer were offset by corresponding changes in the DIG B36 reinsurance derivative. 27 (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, 2005 and 2004 (Dollars in thousands) Amortized cost and estimated fair value of fixed maturities available-for-sale, trading and held-to-maturity and equities available-for-sale were as follows:
DECEMBER 31, 2005 ------------------------------------------------- GROSS GROSS AMORTIZED UNREALIZED UNREALIZED ESTIMATED COST GAINS LOSSES FAIR VALUE ---------- ---------- ---------- ---------- Securities available-for-sale: Fixed maturities: U.S. Treasury securities and obligations of U.S. government $ 197,242 9,750 (2,138) 204,854 Federal agency issued securities 232,785 85 (4,327) 228,543 Obligations of states and political subdivisions 82,818 10,871 (42) 93,647 Debt securities issued by foreign governments 58,300 676 (1,759) 57,217 Corporate securities 4,119,172 270,679 (77,180) 4,312,671 Mortgage-backed securities 1,676,902 39,914 (28,317) 1,688,499 ---------- ------- -------- --------- Total fixed maturities $6,367,219 331,975 (113,763) 6,585,431 ========== ======= ======== ========= Equity securities $ 20,246 2,177 (210) 22,213 ========== ======= ======== ========= Trading securities: Fixed maturity corporate securities $ 6,901 49 (253) 6,697 ========== ======= ======== ========= Equity securities seed money mutual fund shares $ 1,354 75 -- 1,429 ========== ======= ======== ========= Fixed maturity securities held-to-maturity: Obligations of states and political subdivisions $ 2,310 424 -- 2,734 Debt securities issued by foreign governments 1,000 -- -- 1,000 Corporate securities 497,124 32,026 (2,163) 526,987 Mortgage-backed securities 11,285 1,622 -- 12,907 ---------- ------- -------- --------- Total fixed maturities $ 511,719 34,072 (2,163) 543,628 ========== ======= ======== =========
28 (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, 2005 and 2004 (Dollars in thousands)
DECEMBER 31, 2004 ------------------------------------------------- GROSS GROSS AMORTIZED UNREALIZED UNREALIZED ESTIMATED COST GAINS LOSSES FAIR VALUE ---------- ---------- ---------- ---------- Securities available-for-sale: Fixed maturities: U.S. Treasury securities and obligations of U.S. government $ 427,258 8,517 (8,609) 427,166 Federal agency issued securities 170,640 37 (2,063) 168,614 Obligations of states and political subdivisions 59,190 3,742 (239) 62,693 Debt securities issued by foreign governments 73,970 3,496 (29) 77,437 Corporate securities 3,769,162 344,357 (39,504) 4,074,015 Mortgage-backed securities 1,850,747 129,328 (71,385) 1,908,690 ---------- ------- -------- --------- Total fixed maturities $6,350,967 489,477 (121,829) 6,718,615 ========== ======= ======== ========= Equity securities $ 15,214 1,120 (90) 16,244 ========== ======= ======== ========= Trading securities: Fixed maturity corporate securities $ 6,356 104 (96) 6,364 ========== ======= ======== ========= Equity securities seed money mutual fund shares $ 6,976 345 -- 7,321 ========== ======= ======== ========= Fixed maturity securities held-to-maturity: Obligations of states and political subdivisions $ 2,355 451 -- 2,806 Debt securities issued by foreign governments 1,000 -- -- 1,000 Corporate securities 598,515 56,514 (927) 654,102 Mortgage-backed securities 16,758 2,647 -- 19,405 ---------- ------- -------- --------- Total fixed maturities $ 618,628 59,612 (927) 677,313 ========== ======= ======== =========
29 (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, 2005 and 2004 (Dollars in thousands) The components of unrealized gains on securities available-for-sale, net, were as follows as of December 31:
2005 2004 -------- ------- Gross unrealized gains $220,178 368,678 Less: Unrealized gains related to Closed Block 16,294 22,546 Unrealized gain due to reinsurers (note 16) -- -- Adjustment to future policy benefits and claims 2,965 1,498 Adjustment to deferred policy acquisition costs 48,817 116,939 Deferred federal income tax 54,009 79,577 -------- ------- $ 98,093 148,118 ======== =======
An analysis of the change in gross unrealized gains (losses) on securities available-for-sale is as follows for the years ended December 31:
2005 2004 2003 --------- ------- ------ Securities available-for-sale: Fixed maturities $(149,437) 145,839 30,565 Equity securities 937 594 114
The amortized cost and estimated fair value of fixed maturity securities available-for-sale, trading and held-to-maturity as of December 31, 2005, 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 allocated based on the last payment date of the underlying mortgage loans with the longest contractual duration as of December 31, 2005.
AVAILABLE-FOR-SALE TRADING SECURITIES HELD-TO-MATURITY ----------------------- ---------------------- ---------------------- AMORTIZED ESTIMATED AMORTIZED ESTIMATED AMORTIZED ESTIMATED COST FAIR VALUE COST FAIR VALUE COST FAIR VALUE ---------- ---------- --------- ---------- --------- ---------- Due in one year or less $ 97,625 84,951 250 250 8,788 8,876 Due after one year through five years 776,205 798,253 4,891 4,692 156,162 163,395 Due after five years through ten years 2,349,271 2,389,650 1,634 1,651 228,733 239,058 Due after ten years 3,144,118 3,312,577 126 104 118,036 132,299 ---------- --------- ----- ----- ------- ------- $6,367,219 6,585,431 6,901 6,697 511,719 543,628 ========== ========= ===== ===== ======= =======
30 (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, 2005 and 2004 (Dollars in thousands) The Company reviews investments for OTI based on a number of factors. Each security subject to review is analyzed by investment personnel to determine the nature of the price decline. For fixed income securities, declines in value related to interest rate changes are deemed to be temporary provided the Company determines that there is the ability and intent to hold those securities until maturity or until price recovery. Declines related to credit quality issues are looked at to determine whether or not the issues involved are of a long-term nature or simply short term. Examples of short-term phenomena that can have adverse impacts on bond prices include trading imbalances due to speculation activity or low overall trading volume. As with interest rate declines, the Company analyzes temporary impairments due to these short-term issues and determines whether or not there is both the ability and intent to hold the security in question until maturity or until price recovery. Based upon analysis as described above, the Company believes that no securities reflected in the table below as of December 31, 2005 were other-than-temporarily impaired and, therefore, no write-downs were deemed necessary.
LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL ----------------------- -------------------- ----------------------- UNREALIZED FAIR UNREALIZED UNREALIZED FAIR VALUE LOSSES VALUE LOSSES FAIR VALUE LOSSES ---------- ---------- ------- ---------- ---------- ---------- U.S. Treasury securities and obligations of U.S. government $ 138,495 (2,138) -- -- 138,495 (2,138) Federal agency issued securities 165,211 (3,206) 27,279 (1,121) 192,490 (4,327) Obligations of states and political subdivisions 8,709 (42) -- -- 8,709 (42) Debt securities issued by foreign governments 45,108 (1,636) 3,444 (123) 48,552 (1,759) Corporate securities 1,239,323 (42,639) 399,098 (36,957) 1,638,421 (79,596) Mortgage-backed securities 408,456 (10,453) 182,706 (17,864) 591,162 (28,317) ---------- ------- ------- ------- --------- -------- Total fixed maturity securities 2,005,302 (60,114) 612,527 (56,065) 2,617,829 (116,179) Equity securities 2,358 (125) 69 (85) 2,427 (210) ---------- ------- ------- ------- --------- -------- Total impaired securities $2,007,660 (60,239) 612,596 (56,150) 2,620,256 (116,389) ========== ======= ======= ======= ========= ========
Proceeds from the sale of securities available-for-sale (excluding calls) during 2005, 2004, and 2003 were $553,306, $684,925, and $909,767, respectively. Gross gains of $9,381 ($11,324 in 2004 and $32,633 in 2003) and gross losses of $8,607 (36,880 in 2004 and $9,834 in 2003) were realized on those sales. The Company may sell securities 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. In 2004, the Company sold certain held-to-maturities as a result of issuer financial fraud, substantial expected earnings decline by an issuer, and change in investor status from a bondholder to an equity investor through an issuer bankruptcy distribution. 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, 2005 and 2004 (Dollars in thousands) Proceeds from the sale of securities held-to-maturity during 2005, 2004 and 2003 were $0, $9,936 and $0, respectively. Gross gains of $0 ($429 in 2004 and $0 in 2003) and gross losses of $0 ($40 in 2004 and $0 in 2003) were realized on those sales. Investments with a fair value of $16,022 and $16,947 as of December 31, 2005 and 2004, respectively, were on deposit with various regulatory agencies as required by law. Real estate is presented at cost less accumulated depreciation of $160 in 2005 ($193 in 2004), and corresponding valuation allowance of $0 and $0 in 2005 and 2004, respectively. The Company generally initiates foreclosure proceedings on all mortgage loans on real estate delinquent sixty days. There were no foreclosures of mortgage loans in 2005, and one foreclosure in 2004. The Company participates in an indemnified securities lending program administered by U.S. Bank in which certain securities are made available for lending. The borrower must deliver to U.S. Bank collateral having a market value at least equal to 102% of the market value of the securities loaned. The collateral received by U.S. Bank from the borrower to secure loans on behalf of the Company is in the form of cash, securities issued or guaranteed by the U.S. government or its agencies, or bank letter of credit or equivalent obligation as may be acceptable to U.S. Bank. The Company does not receive the collateral from the borrower. Since the Company does not receive collateral as part of its securities lending agreements, there are no adjustments for collateral recorded in the financial statements. Securities with a market value of $577,985 and $945,581 were on loan as of December 31, 2005 and 2004, respectively. (6) FUTURE POLICY BENEFITS AND CLAIMS The liability for future policy benefits for universal life policies and investment contracts (approximately 83% and 84% of the total liability for future policy benefits as of December 31, 2005 and 2004, respectively) has been established based on accumulated contract values without reduction for surrender penalty provisions. The average interest rate credited on investment product policies was 4.5%, 4.7%, and 5.4% for the years ended December 31, 2005, 2004, and 2003, respectively. The liability for future policy benefits for traditional life policies has been established based upon the net level premium method using the following assumptions:
YEAR OF ISSUE INTEREST RATE - -------------------- ------------- 2005, 2004, and 2003 4.0% 2002 and prior 2.25 - 6.00%
(A) WITHDRAWALS Rates, which vary by issue age, type of coverage and policy duration, are based on Company experience. 32 (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, 2005 and 2004 (Dollars in thousands) (B) MORTALITY AND MORBIDITY Mortality and morbidity rates are based on published tables, guaranteed in insurance contracts. (7) NOTES PAYABLE 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 July 11, 1994, ONLIC issued $50,000, 8.875% surplus notes, due July 15, 2004. On May 21, 1996, ONLIC issued $50,000, 8.5% surplus notes, due May 15, 2026. Concurrent with the issue of the new notes, $15,000 of the notes issued on July 11, 1994 were retired. The remaining balance of the 1994 issue was paid off in 2004. Total interest expense was $8,000, $9,683, and $11,106 for the years ended December 31, 2005, 2004, and 2003, respectively. Included in total interest expense were amounts paid to ONFS in 2005, 2004, and 2003 of $3,750, $3,750, and $3,750, respectively. 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. (8) GOODWILL AND OTHER INTANGIBLE ASSETS In connection with the acquisition of NSLAC by SMON in 2002, SMON identified intangible assets related to the insurance licenses acquired. These licenses are indefinite lived intangible assets as defined under SFAS No. 142, Goodwill and Other Intangible Assets. As a result of the consolidation of SMON into ONLIC's consolidated financial results during 2005 and 2004, the Company included the NSLAC related goodwill and other intangible assets in the amount of $1,068 for both periods, as a component of other assets in the consolidated balance sheet. The Company's only intangible asset is related to insurance licenses acquired with the purchase of NSLAC. The value of the intangible is primarily dependent upon the maintenance of the New York license. As this license remains in good standing with all regulatory requirements met, no impairment was recognized on this asset. The goodwill asset is also entirely attributable to the NSLAC purchase. NSLAC is not consolidated for tax purposes and currently pays no federal income taxes. However, if NSLAC becomes a taxpayer in the future, NLSAC would take a tax deduction for goodwill over a 15-year life. Goodwill is tested annually for impairment. Impairment testing consists of determining a fair value for NSLAC. When evaluating whether goodwill is impaired, the Company compares the fair value of NSLAC to NSLAC's carrying value, including goodwill. If the carrying amount of NSLAC exceeds its fair value, an impairment loss must be measured. Based upon impairment testing for the years ended December 31, 2005, 2004 and 2003, no impairment was deemed necessary. 33 (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, 2005 and 2004 (Dollars in thousands) (9) INCOME TAX The provision for income taxes (benefit) is as follows:
2005 2004 2003 ------- ------ ------- Current $24,087 51,560 42,932 Deferred 26,550 7,847 31,010 ------- ------ ------- Provision for income taxes before cumulative effect of change in accounting principle 50,637 59,407 73,942 Provision for cumulative effect of change in accounting principle -- 268 (14,968) ------- ------ ------- Income tax expense $50,637 59,675 58,974 ======= ====== =======
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, 2005, 2004, and 2003:
2005 2004 2003 ------- ------ ------- Pre-tax income times U.S. enacted tax rate $58,951 60,586 78,598 Tax-preferred investment income (6,626) (1,146) (1,267) Resolution of tax matters (2,114) -- -- Other, net 426 (33) (3,389) ------- ------ ------ Income taxes $50,637 59,407 73,942 ======= ====== ====== Effective tax rate 30.1% 34.3% 32.9%
The U.S. Federal tax authorities completed their examination of the years ending December 31, 1999 through December 31, 2002. The resolution of tax matters is reported in the components of the rate reconciliation. 34 (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, 2005 and 2004 (Dollars in thousands) 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, 2005 and 2004 relate to the following:
2005 2004 --------- --------- Deferred tax assets: Pension and benefit obligations $ 17,805 $ 15,916 Future policy benefits 639,441 580,098 Mortgage loans on real estate 2,224 2,558 Net operating loss carryforwards 404 367 Other 6,519 24,944 --------- --------- Total gross deferred tax assets 666,393 623,883 Valuation allowance on deferred tax assets 297 297 --------- --------- Net deferred tax assets 666,096 623,586 --------- --------- Deferred tax liabilities: Fixed maturity securities available-for-sale 76,380 129,131 Deferred policy acquisition costs 199,687 160,347 Other fixed maturities, equity securities, and other long-term investments 688 361 Fixed assets 4,034 5,264 Reinsurance recoverable 492,949 445,063 Other 13,562 7,074 --------- --------- Total gross deferred tax liabilities 787,300 747,240 --------- --------- Net deferred tax liability $(121,204) $(123,654) --------- ---------
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, 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, 2005. NSLAC has net operating loss carryforwards of $2,694 that can only be used to offset future taxable income of NSLAC. The Company believes it is unlikely the net operating losses will be fully utilized within the allowable carryforward period and established the valuation allowance using the lowest enacted 35 (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, 2005 and 2004 (Dollars in thousands) tax rate of 15%. The change in the valuation allowance for period ending December 31, 2005 and December 31, 2004 was zero and $60, respectively. The Life Insurance Company Income Tax Act of 1959, as amended by the Deficit Reduction Act of 1984 (DRA), statutorily permitted the deferral from taxation a portion of income in a special tax account designated as the Policyholders' Surplus Account (PSA). DRA eliminated additions to the PSA and the pre-tax balance of the PSA was approximately $5,257 as of December 31, 2004 and 2003. In those years, the Company considered the likelihood of distributions from the PSA to be remote; therefore, no Federal income tax was provided for such distributions in the financial statements. The American Jobs Creation Act of 2004 provided for the suspension of tax on distributions from the PSA made during the period January 1, 2005 through December 31, 2006. The Company evaluated the potential of such provisions. As the Company made distributions in excess of $5,257 during 2005, the PSA liability was eliminated tax free. (10) 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. Accordingly, for this and other reasons, the aggregate fair value amounts presented do not represent the underlying value of the Company. The tax ramifications of the related unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following methods and assumptions were used by the Company in estimating its fair value disclosures: - CASH, SHORT-TERM INVESTMENTS, AND POLICY LOANS - The carrying amount reported in the consolidated balance sheets for these instruments approximate their fair value. - INVESTMENT SECURITIES - Fair value for equity securities and fixed maturity securities generally are determined from quoted market prices traded in the public market place. For fixed 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. - SEPARATE ACCOUNT ASSETS AND LIABILITIES - The fair value of assets held in Separate Accounts is based on quoted market prices. The fair value of liabilities related to Separate Accounts is the accumulated contract value in the Separate Account portfolios. - 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. - DEFERRED AND IMMEDIATE ANNUITY AND INVESTMENT CONTRACTS - Fair value for the Company's liabilities under investment type contracts is disclosed using two methods. For investment contracts 36 (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, 2005 and 2004 (Dollars in thousands) without defined maturities, fair value is the amount payable on demand. For investment contracts with known or determined maturities, fair value is estimated using discounted cash flow analyses. Interest rates used are similar to currently offered contracts with maturities consistent with those remaining for the contracts being valued. - NOTES PAYABLE - The fair value for the 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. - POLICYHOLDERS' DIVIDEND ACCUMULATIONS AND OTHER POLICYHOLDER FUNDS - The carrying amount reported in the consolidated balance sheets for these instruments approximates their fair value. The carrying amount and estimated fair value of financial instruments subject to SFAS 107 disclosure were as follows as of December 31:
2005 ----------------------- CARRYING ESTIMATED AMOUNT FAIR VALUE ---------- ---------- Assets: Investments: Securities available for-sale: Fixed maturities $6,585,431 6,585,431 Equity securities 22,213 22,213 Fixed maturities held-to-maturity 511,719 543,628 Trading securities: Reinsurance portfolio 6,697 6,697 Seed money 1,429 1,429 Mortgage loans on real estate 1,264,158 1,323,338 Policy loans 195,242 195,242 Cash 76,491 76,491 Assets held in Separate Accounts 3,702,369 3,702,369 Liabilities: Guaranteed investment contracts $ 296,222 292,296 Individual deferred annuity contracts 4,278,084 4,365,543 Other annuity contracts 674,140 691,434 Policyholders' dividend accumulations and other policyholder funds 97,627 97,627 Notes payable 99,550 125,969 Liabilities related to Separate Accounts 3,702,369 3,702,369
37 (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, 2005 and 2004 (Dollars in thousands)
2004 ----------------------- CARRYING ESTIMATED AMOUNT FAIR VALUE ---------- ---------- Assets: Investments: Securities available for-sale: Fixed maturities $6,718,615 6,718,615 Equity securities 16,244 16,244 Fixed maturities held-to-maturity 618,628 677,313 Trading securities: Reinsurance portfolio 6,364 6,364 Seed money 7,321 7,321 Mortgage loans on real estate 1,200,919 1,290,152 Policy loans 189,608 189,608 Short-term investments 10,703 10,703 Cash 41,859 41,859 Assets held in Separate Accounts 2,861,577 2,861,577 Liabilities: Guaranteed investment contracts $ 311,462 312,283 Individual deferred annuity contracts 4,500,101 4,516,760 Other annuity contracts 710,694 737,378 Policyholders' dividend accumulations and other policyholder funds 97,028 97,028 Notes payable 99,528 123,898 Liabilities related to Separate Accounts 2,861,577 2,861,577
(11) 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 $72,376 and $43,563 as of December 31, 2005 and 2004, 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. 38 (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, 2005 and 2004 (Dollars in thousands) (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, 2005. At December 31, 2005, the states that exceeded 10% of the total loan portfolio were Ohio and Texas with carrying values of $143.4 million and $135.3 million, respectively. The summary below depicts loan exposure of remaining principal balances by type as of December 31, 2005 and 2004:
2005 2004 ---------- --------- Mortgage assets by type: Retail $ 354,475 366,214 Office 427,252 382,456 Apartment 140,918 160,103 Industrial 205,570 164,245 Other 142,300 134,001 ---------- --------- 1,270,515 1,207,019 Less valuation allowances 6,357 6,100 ---------- --------- Total mortgage loans on real estate, net $1,264,158 1,200,919 ========== =========
(12) 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. Participating Company employees are vice presidents and other executive officers 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 Company also sponsors unfunded pension plans covering certain home office employees where benefits exceed Code 401(a)(17) and Code 415 limits. The Company also has other deferred compensation and supplementary plans. The measurement date was December 31. 39 (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, 2005 and 2004 (Dollars in thousands) (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. Participating Company employees are vice presidents and other executive officers 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, ONLI does not receive the associated federal Medicare subsidy. The measurement date was December 31. (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. (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, 1996 who meet the retirement age and service requirements are eligible for these benefits. The health plan is contributory, with retirees contributing approximately 50% of premium for coverage. The retired participants pay for 100% of the group life plan cost. The post-retirement health plan does not provide benefits which are actuarially equivalent to Medicare Part D benefits. Therefore, ONLI does not receive the associated federal Medicare subsidy. The measurement date was December 31. 40 (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, 2005 and 2004 (Dollars in thousands) (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, 2005 and 2004 is as follows:
PENSION BENEFITS OTHER BENEFITS ------------------ ----------------- 2005 2004 2005 2004 -------- ------- ------- ------- Change in benefit obligation: Projected benefit obligation at beginning of year $ 63,785 59,783 8,538 8,939 Service cost 2,229 2,771 93 178 Interest cost 4,125 3,821 456 535 Actuarial (gain)/loss 5,441 (67) (1,099) (756) Benefits paid* (5,799) (2,523) (345) (358) -------- ------- ------- ------- Projected Benefit Obligation at end of year $ 69,781 63,785 7,643 8,538 ======== ======= ======= ======= Accumulated benefit obligation $ 61,023 55,135 -- -- ======== ======= ======= ======= Change in plan assets: Fair value of plan assets at beginning of year $ 32,769 31,007 -- -- Actual return on plan assets 3,562 3,937 -- -- Employer Contribution 4,894 -- -- -- Benefits and expenses paid (3,553) (2,175) -- -- -------- ------- ------- ------- Fair Value of Plan Assets at end of year $ 37,672 32,769 -- -- ======== ======= ======= ======= Funded status $(32,109) (31,016) (7,643) (8,538) Unrecognized net actuarial (gain)/loss 17,657 14,452 (2,736) (1,947) Unrecognized prior service benefit (820) (1,039) (3,216) (3,721) -------- ------- ------- ------- Net Amount Recognized $(15,272) (17,603) (13,595) (14,206) ======== ======= ======= =======
* Benefits paid include amounts paid from both funded and unfunded benefit plans. 41 (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, 2005 and 2004 (Dollars in thousands)
PENSION BENEFITS OTHER BENEFITS ------------------ ----------------- 2005 2004 2005 2004 -------- ------- ------- ------- Amounts recognized in the statement of financial position consist of: Prepaid benefit costs $ 8,173 4,567 -- -- Accrued benefit costs (28,840) (24,310) (13,595) (14,206) Intangible assets 532 597 -- -- Accumulated other comprehensive income 4,863 1,543 -- -- -------- ------- ------- ------- Net Amount Recognized $(15,272) (17,603) (13,595) (14,206) ======== ======= ======= =======
PENSION BENEFITS -------------------------- 2005 2004 2003 -------- ------ ------ Components of net periodic benefit cost: Service cost $ 2,229 2,771 2,337 Interest costs 4,125 3,821 3,720 Expected return on plan assets (2,582) (2,551) (2,124) Amortization of prior service cost (220) (220) (220) Amortization of net loss 1,256 1,247 1,626 -------- ------ ------ Net Periodic Benefit Cost $ 4,808 5,068 5,339 ======== ====== ======
OTHER BENEFITS ------------------- 2005 2004 2003 ----- ---- ---- Components of net periodic benefit cost: Service cost $ 93 178 260 Interest costs 456 535 704 Amortization of prior service cost (505) (505) (505) Amortization of net gain (310) (162) -- ----- ---- ---- Net Periodic Benefit Cost $(266) 46 459 ===== ==== ====
42 (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, 2005 and 2004 (Dollars in thousands) Information for pension plans with an accumulated benefit obligation in excess of fair value of plan assets as of December 31, 2005 and 2004 is as follows:
PENSION BENEFITS OTHER BENEFITS ---------------- -------------- 2005 2004 2005 2004 ------- ------ ---- ---- Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $30,546 26,530 -- -- Accumulated benefit obligation 28,840 24,310 -- -- Fair value of plan assets -- -- -- --
(F) ASSUMPTIONS
PENSION BENEFITS OTHER BENEFITS ---------------- -------------- 2005 2004 2005 2004 ---- ---- ----- ----- Weighted-average assumptions used to determine net periodic benefit cost at January 1: Discount rate 5.40% 5.40% 6.25% 6.25% Expected long-term return on plan assets 8.00% 8.50% -- -- Rate of compensation increase 3.75% 4.00% -- -- Health care cost trend rate assumed for next year -- -- 10.00% 10.00% Rate to which the health cost trend rate is assumed to decline (the ultimate trend rate) -- -- 6.00% 6.00% Year that the rate reaches the ultimate trend rate -- -- 2009 2008 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 5.20% 5.40% 5.90% 6.25% Rate of compensation increase 3.60% 4.00% -- --
43 (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, 2005 and 2004 (Dollars in thousands) Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:
1 PERCENTAGE 1 PERCENTAGE POINT INCREASE POINT DECREASE -------------- -------------- Effect on total of 2005 service cost and interest cost $ 65 (27) Effect on 2005 other post-retirement benefit obligation 872 (407)
(G) PLAN ASSETS The Company's qualified pension plan had weighted-average asset allocations at December 31, 2005 and 2004 by asset category as follows:
PLAN ASSETS AT DECEMBER 31 -------------------------- 2005 2004 ---- ---- Equity securities 73% 75% Debt securities 21% 18% Real estate 3% 5% Other 3% 2% --- --- Total 100% 100% === ===
The assets of the Company's defined benefit pension plan (the Plan) are invested in a group variable annuity contract 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. 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 of 30% of the weighted average return and equity securities make up 70% of the weighted average return. 44 (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, 2005 and 2004 (Dollars in thousands) (H) CASH FLOWS (I) CONTRIBUTIONS The Company expects to contribute $949 to its qualified pension plan and $0 to its other post-retirement benefit plans in 2006. (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 -------- -------- 2006 $ 5,298 357 2007 6,668 355 2008 7,929 353 2009 15,798 352 2010 6,940 351 2011 - 2015 30,450 1,858
(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 2005, 2004, and 2003 were $2,281, $2,040, and $2,292 respectively. Employees hired on or after January 1, 1998 are covered by a defined contribution pension plan. The expense reported for this Plan was $730, $696, and $484, in 2005, 2004, and 2003, 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. (13) REGULATORY RISK-BASED CAPITAL, RETAINED EARNINGS AND DIVIDEND RESTRICTIONS As of December 31, 2005, ONLIC, ONLAC and NSLAC 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 45 (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, 2005 and 2004 (Dollars in thousands) 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 $94,400 may be paid by ONLIC to ONFS in 2006 without prior approval. Dividends of approximately $28,000, $30,000, and $8,000 were paid by ONLIC to ONFS in 2005, 2004, and 2003, 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 $15,400 may be paid by ONLAC to ONLIC in 2006 without prior approval. ONLAC paid $5,500 to ONLIC in 2005, $5,000 in 2004, and $8,438 in 2003. The payment of dividends by NSLAC to ONLIC is limited by New York insurance laws. NSLAC cannot pay any dividends in 2006 without prior approval of the New York Department of Insurance. No dividends were paid by NSLAC in 2005, 2004, or 2003. In order to strengthen ONLIC's statutory capital position, ONFS made capital contributions to ONLIC of $12,963 and $96,000 in 2004 and 2003, respectively. No capital contribution was made by ONFS in 2005. (14) BANK LINE OF CREDIT As of December 31, 2005, 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 2005 and 2004 for amounts up to $50,000. Total interest and fees paid on this line of credit were $186 in 2005 and $323 in 2004. There was no borrowing outstanding on this facility as of December 31, 2005 or as of December 31, 2004. 46 (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, 2005 and 2004 (Dollars in thousands) (15) 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 $5,355, $5,291, and $5,045 during 2005, 2004, and 2003, respectively. The lease on the Home Office constitutes 99.7% of the $24,401 future minimum operating lease payments. The future minimum lease payments under both operating and capital leases that have remaining non-cancelable lease terms in excess of one year at December 31, 2005 are:
OPERATING CAPITAL --------- ------- 2006 2,363 1,654 2007 2,280 1,654 2008 2,280 1,082 2009 2,280 640 2010 2,280 513 After 2010 12,918 226 ------ ----- Total minimum lease payments 24,401 5,769 ====== Less interest on capital leases 542 ----- Liability for capitalized leases 5,227 =====
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. (16) 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 17%, 18%, and 17% of gross earned life and accident and health premiums during 2005, 2004, and 2003, respectively. The Company has entered into various coinsurance agreements to facilitate additional sales of fixed annuity products. Ceded amounts under these agreements range from 1/3 to 2/3 of the business produced. Prior to August 2004, one of these contracts was on a funds withheld basis and was subject to the parameters of the DIG B36. DIG B36 requires the bifurcation and valuation of the embedded derivative associated with a funds-withheld contract. After August 1, 2004, the remaining embedded reinsurance derivative was solely related to NSLAC. The change in the value of this derivative is shown on the face of the income statement. 47 (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, 2005 and 2004 (Dollars in thousands) The ceded reserves attributable to coinsurance agreements were $1,117,005 and $1,012,149 as of December 31, 2005 and 2004, respectively. (17) SEGMENT INFORMATION The Company conducts its business in four segments: individual life insurance, pension and annuities, other insurance, and corporate. Individual life insurance includes whole life, universal life, variable universal life and term life. All products within this segment share similar distribution systems and some degree of mortality (loss of life) risk. Pension and annuities include fixed and variable deferred and immediate annuities issued to individuals as well as guaranteed investment and accumulated deposit contracts issued to groups. The products in this segment are primarily designed for asset accumulation and generation of investment returns. Other insurance includes NSLAC joint venture results as well as individual disability insurance and group life and disability insurance. These lines are viewed as "complementary" lines that allow us to provide a broad portfolio of products to enhance sales in our two primary operating segments. The corporate segment includes the assets that have not been allocated to any other segment, along with various corporate expenses and liabilities. All revenue, expense, asset, and liability amounts are allocated to one of the four segments. As such, the sum of the financial information from these segments equals the information for the Company as a whole. 48 (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, 2005 and 2004 (Dollars in thousands)
YEAR ENDED OR AS OF DECEMBER 31, 2005 -------------------------------------------------------------------- INDIVIDUAL PENSION OTHER LIFE INSURANCE AND ANNUITIES INSURANCE CORPORATE TOTAL -------------- ------------- --------- --------- ----------- Revenues: Traditional life insurance premiums $ 187,443 $ -- $ -- $ -- $ 187,443 Annuity premiums and charges -- 55,921 158 -- 56,079 Universal life policy charges 86,120 -- 4 -- 86,124 Accident and health insurance premiums -- -- 20,201 -- 20,201 Investment management fees 544 5,746 -- -- 6,290 Change in value of trading portfolio -- -- -- 279 279 Change in value of reinsurance derivative -- -- -- (204) (204) Net investment income 173,966 382,823 12,517 (4,921) 564,385 Net realized investment losses -- -- -- (38,355) (38,355) Other income 774 39,380 57 589 40,800 ---------- ----------- -------- -------- ----------- 448,847 483,870 32,937 (42,612) 923,042 ---------- ----------- -------- -------- ----------- Benefits and expenses: Benefits and claims 261,179 238,698 24,396 1,192 525,465 Provision for policyholders' dividends on participating policies 30,377 5 1,327 -- 31,709 Operating expenses 72,340 112,850 4,792 7,455 197,437 ---------- ----------- -------- -------- ----------- 363,896 351,553 30,515 8,647 754,611 ---------- ----------- -------- -------- ----------- Income before income taxes and cumulative effect of change in accounting principle $ 84,951 $ 132,317 $ 2,422 $(51,259) $ 168,431 ========== =========== ======== ======== =========== Total assets as of December 31, 2005 $3,513,829 $10,104,749 $311,727 $738,581 $14,668,886
49 (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, 2005 and 2004 (Dollars in thousands)
YEAR ENDED OR AS OF DECEMBER 31, 2004 -------------------------------------------------------------------- INDIVIDUAL PENSION OTHER LIFE INSURANCE AND ANNUITIES INSURANCE CORPORATE TOTAL -------------- ------------- --------- --------- ----------- Revenues: Traditional life insurance premiums $ 162,789 -- -- -- 162,789 Annuity premiums and charges -- 47,873 233 -- 48,106 Universal life policy charges 83,918 -- -- -- 83,918 Accident and health insurance premiums -- -- 20,611 -- 20,611 Investment management fees 496 4,648 -- -- 5,144 Change in value of trading portfolio -- -- -- (30,860) (30,860) Change in value of reinsurance derivative -- -- -- 31,083 31,083 Net investment income 162,867 389,776 10,419 2,713 565,775 Net realized investment losses -- -- -- (24,109) (24,109) Other income 915 31,071 -- 1,001 32,987 ---------- --------- ------- ------- ---------- 410,985 473,368 31,263 (20,172) 895,444 ---------- --------- ------- ------- ---------- Benefits and expenses: Benefits and claims 241,087 251,673 22,017 491 515,268 Provision for policyholders' dividends on participating policies 29,934 1 1,068 -- 31,003 Operating expenses 73,034 98,391 3,318 1,327 176,070 ---------- --------- ------- ------- ---------- 344,055 350,065 26,403 1,818 722,341 ---------- --------- ------- ------- ---------- Income before income taxes and cumulative effect of change in accounting principle $ 66,930 123,303 4,860 (21,990) 173,103 ========== ========= ======= ======= ========== Total assets as of December 31, 2004 $2,961,050 9,616,431 299,405 839,206 13,716,092
50 (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, 2005 and 2004 (Dollars in thousands)
YEAR ENDED OR AS OF DECEMBER 31, 2003 -------------------------------------------------------------------- INDIVIDUAL PENSION OTHER LIFE INSURANCE AND ANNUITIES INSURANCE CORPORATE TOTAL -------------- ------------- --------- --------- ----------- Revenues: Traditional life insurance premiums $ 138,669 -- -- -- 138,669 Annuity premiums and charges -- 44,968 -- -- 44,968 Universal life policy charges 76,110 -- -- -- 76,110 Accident and health insurance premiums -- -- 17,139 -- 17,139 Investment management fees 449 3,775 -- -- 4,224 Change in value of trading portfolio -- -- -- 31,267 31,267 Change in value of reinsurance derivative -- -- -- 11,423 11,423 Net investment income 152,373 369,299 9,971 15,221 546,864 Net realized investment losses -- -- -- (3,350) (3,350) Other income 430 21,799 286 1,780 24,295 ---------- --------- ------- ------- ---------- 368,031 439,841 27,396 56,341 891,609 ---------- --------- ------- ------- ---------- Benefits and expenses: Benefits and claims 220,443 237,892 16,915 -- 475,250 Provision for policyholders' dividends on participating policies 30,592 7 732 -- 31,331 Operating expenses 57,544 97,096 4,400 1,423 160,463 ---------- --------- ------- ------- ---------- 308,579 334,995 22,047 1,423 667,044 ---------- --------- ------- ------- ---------- Income before income taxes and cumulative effect of change in accounting principle $ 59,452 104,846 5,349 54,918 224,565 ========== ========= ======= ======= ========== Total assets as of December 31, 2003 $2,896,301 9,226,722 226,171 668,586 13,017,780
(18) RELATED PARTY TRANSACTIONS On December 30, 2003, the Company closed on a $28,000 mortgage with ONFS, its parent. This loan, on the Company's home office building, is at 6.0% for a 10 year term based on a 25 year amortization with monthly payments of $180 beginning February 1, 2004, and a balloon maturity date of January 1, 2014. Refer to note 15 for lease information on the Company's home office building. 51 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF ASSETS AND CONTRACT OWNERS' EQUITY DECEMBER 31, 2005
ASSETS CONTRACT OWNERS' EQUITY -------------- ----------------------------------------------------- CONTRACTS IN ANNUITY RESERVES INVESTMENTS AT ACCUMULATION FOR CONTRACTS IN TOTAL CONTRACT FAIR VALUE PERIOD (NOTE 5) PAYMENT PERIOD OWNERS' EQUITY -------------- --------------- ---------------- -------------- OHIO NATIONAL FUND, INC.: Equity Subaccount 13,145,515 Shares (Cost $327,502,683)........... $ 388,449,960 $ 387,845,294 $ 604,666 $ 388,449,960 Money Market Subaccount 12,539,180 Shares (Cost $125,391,803)........... 125,391,803 125,280,049 111,754 125,391,803 Bond Subaccount 10,469,212 Shares (Cost $112,591,258)........... 114,742,561 114,661,276 81,285 114,742,561 Omni Subaccount 2,232,203 Shares (Cost $34,824,895)............. 31,496,386 31,426,831 69,555 31,496,386 International Subaccount 15,734,914 Shares (Cost $141,557,275)........... 169,307,673 169,244,488 63,185 169,307,673 Capital Appreciation Subaccount 6,996,887 Shares (Cost $102,571,702)............ 119,506,826 119,406,698 100,128 119,506,826 Discovery Subaccount 1,547,383 Shares (Cost $34,929,728)............. 28,734,895 28,727,223 7,672 28,734,895 International Small Company Subaccount 1,302,815 Shares (Cost $16,492,391)............. 24,584,118 24,580,985 3,133 24,584,118 Aggressive Growth Subaccount 596,156 Shares (Cost $4,868,232)................ 4,024,055 4,024,055 0 4,024,055 Small Cap Growth Subaccount 664,620 Shares (Cost $6,776,696)................ 5,788,837 5,781,671 7,166 5,788,837 Mid Cap Opportunity Subaccount 2,720,169 Shares (Cost $41,019,385)............. 47,358,139 47,316,028 42,111 47,358,139 S&P 500 Index Subaccount 7,475,575 Shares (Cost $96,580,837)............. 97,107,718 97,065,077 42,641 97,107,718 Blue Chip Subaccount 2,043,034 Shares (Cost $18,930,495)............. 23,208,869 23,208,869 0 23,208,869 High Income Bond Subaccount 4,807,211 Shares (Cost $38,649,513)............. 40,813,219 40,740,225 72,994 40,813,219 Capital Growth Subaccount 1,116,798 Shares (Cost $17,589,003)............. 19,700,316 19,700,316 0 19,700,316 Nasdaq-100 Index Subaccount 5,479,511 Shares (Cost $20,466,491)............. 23,233,126 23,233,126 0 23,233,126 Bristol Subaccount 2,200,190 Shares (Cost $23,210,207)............. 24,796,136 24,796,136 0 24,796,136 Bryton Growth Subaccount 832,488 Shares (Cost $8,027,562)................ 8,707,821 8,707,821 0 8,707,821 U.S. Equity Subaccount 962,098 Shares (Cost $10,844,349)............... 12,247,510 12,247,510 0 12,247,510 Balanced Subaccount 349,192 Shares (Cost $3,835,599)................ 4,085,543 4,085,543 0 4,085,543
The accompanying notes are an integral part of these financial statements. 3 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF ASSETS AND CONTRACT OWNERS' EQUITY DECEMBER 31, 2005
ASSETS CONTRACT OWNERS' EQUITY -------------- ----------------------------------------------------- CONTRACTS IN ANNUITY RESERVES INVESTMENTS AT ACCUMULATION FOR CONTRACTS IN TOTAL CONTRACT FAIR VALUE PERIOD (NOTE 5) PAYMENT PERIOD OWNERS' EQUITY -------------- --------------- ---------------- -------------- OHIO NATIONAL FUND, INC.: (CONTINUED) Covered Call Subaccount 371,012 Shares (Cost $3,908,997)................ $ 4,107,102 $ 4,107,102 $ 0 $ 4,107,102 Target VIP Subaccount 139,876 Shares (Cost $1,415,300)................ 1,418,338 1,418,338 0 1,418,338 Target Equity/Income Subaccount 351,667 Shares (Cost $3,545,751)................ 3,562,387 3,562,387 0 3,562,387 DOW TARGET 10 PORTFOLIOS: First Quarter Subaccount 228,328 Shares (Cost $1,980,923)................ 2,201,084 2,201,084 0 2,201,084 Second Quarter Subaccount 275,452 Shares (Cost $2,658,675)................ 2,977,640 2,977,640 0 2,977,640 Third Quarter Subaccount 318,438 Shares (Cost $2,714,391)................ 2,888,230 2,888,230 0 2,888,230 Fourth Quarter Subaccount 199,154 Shares (Cost $1,879,089)................ 2,027,383 2,027,383 0 2,027,383 DOW TARGET 5 PORTFOLIOS: First Quarter Subaccount 71,596 Shares (Cost $663,692)................... 732,426 732,426 0 732,426 Second Quarter Subaccount 56,321 Shares (Cost $503,785)................... 546,874 546,874 0 546,874 Third Quarter Subaccount 62,824 Shares (Cost $564,491)................... 508,244 508,244 0 508,244 Fourth Quarter Subaccount 66,958 Shares (Cost $602,409)................... 609,322 609,322 0 609,322 FIDELITY VARIABLE INSURANCE PRODUCTS FUND: VIP Growth Subaccount 92,841 Shares (Cost $3,665,703)................. 3,128,754 3,128,754 0 3,128,754 VIP Equity-Income Subaccount 116,290 Shares (Cost $2,774,011)................ 2,964,244 2,964,244 0 2,964,244 VIP High Income Bond Subaccount 113,101 Shares (Cost $1,044,446)................ 697,835 697,835 0 697,835 JANUS ASPEN SERIES -- INSTITUTIONAL SHARES: Large Cap Growth Subaccount 702,130 Shares (Cost $21,050,456)............... 14,646,435 14,646,435 0 14,646,435 International Growth Subaccount 157,694 Shares (Cost $3,436,582)................ 5,602,870 5,601,201 1,669 5,602,870
The accompanying notes are an integral part of these financial statements. 4 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF ASSETS AND CONTRACT OWNERS' EQUITY DECEMBER 31, 2005
ASSETS CONTRACT OWNERS' EQUITY -------------- ----------------------------------------------------- CONTRACTS IN ANNUITY RESERVES INVESTMENTS AT ACCUMULATION FOR CONTRACTS IN TOTAL CONTRACT FAIR VALUE PERIOD (NOTE 5) PAYMENT PERIOD OWNERS' EQUITY -------------- --------------- ---------------- -------------- JANUS ASPEN SERIES -- INSTITUTIONAL SHARES: (CONTINUED) Worldwide Growth Subaccount 337,991 Shares (Cost $11,514,457)............... $ 9,450,234 $ 9,444,224 $ 6,010 $ 9,450,234 Balanced Subaccount 967,306 Shares (Cost $24,277,430)............... 24,898,454 24,864,825 33,629 24,898,454 SALOMON BROTHERS VARIABLE SERIES FUNDS INC.: All Cap Subaccount 822,845 Shares (Cost $12,131,264)............... 14,276,355 14,186,840 89,515 14,276,355 Total Return Subaccount 618,030 Shares (Cost $6,494,650)................ 7,008,457 6,992,421 16,036 7,008,457 Investors Subaccount 410,311 Shares (Cost $5,013,070)................ 5,965,917 5,965,917 0 5,965,917 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS: Opportunity Subaccount 728,996 Shares (Cost $15,513,415)............... 17,656,279 17,651,010 5,269 17,656,279 Multi Cap Value Subaccount 115,995 Shares (Cost $1,152,902)................ 1,584,494 1,584,494 0 1,584,494 Discovery Subaccount 1,290,523 Shares (Cost $15,973,340)............. 18,506,104 18,462,149 43,955 18,506,104 VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS -- CLASS I: Core Plus Fixed Income Subaccount 299,451 Shares (Cost $3,303,120)................ 3,452,672 3,452,672 0 3,452,672 U.S. Real Estate Subaccount 585,497 Shares (Cost $10,172,859)............... 13,513,266 13,487,731 25,535 13,513,266 Value Subaccount 55,738 Shares (Cost $667,451)................... 807,637 807,637 0 807,637 Emerging Markets Debt Subaccount 23,711 Shares (Cost $179,002)................... 214,347 214,347 0 214,347 GOLDMAN SACHS VARIABLE INSURANCE TRUST: Growth & Income Subaccount 5,363,151 Shares (Cost $60,288,130)............. 64,196,920 64,159,653 37,267 64,196,920 Core U.S. Equity Subaccount 3,251,531 Shares (Cost $39,019,012)............. 42,692,599 42,667,903 24,696 42,692,599 Capital Growth Subaccount 1,324,797 Shares (Cost $13,425,109)............. 14,148,830 14,133,814 15,016 14,148,830
The accompanying notes are an integral part of these financial statements. 5 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF ASSETS AND CONTRACT OWNERS' EQUITY DECEMBER 31, 2005
ASSETS CONTRACT OWNERS' EQUITY -------------- ----------------------------------------------------- CONTRACTS IN ANNUITY RESERVES INVESTMENTS AT ACCUMULATION FOR CONTRACTS IN TOTAL CONTRACT FAIR VALUE PERIOD (NOTE 5) PAYMENT PERIOD OWNERS' EQUITY -------------- --------------- ---------------- -------------- LAZARD RETIREMENT SERIES, INC.: Emerging Markets Subaccount 2,185,400 Shares (Cost $31,614,210)............. $ 41,107,377 $ 41,049,347 $ 58,030 $ 41,107,377 Small Cap Subaccount 2,188,822 Shares (Cost $30,133,544)............. 35,699,686 35,674,960 24,726 35,699,686 Equity Subaccount 10,025 Shares (Cost $107,842)................... 110,476 110,476 0 110,476 International Equity Subaccount 103,794 Shares (Cost $1,263,493)................ 1,331,683 1,331,683 0 1,331,683 THE PRUDENTIAL SERIES FUND, INC.: Jennison 20/20 Focus Subaccount 1,225,390 Shares (Cost $14,033,028)............. 18,172,538 18,165,647 6,891 18,172,538 Jennison Subaccount 377,748 Shares (Cost $7,069,279)................ 7,740,060 7,740,060 0 7,740,060 UBS SERIES TRUST: U.S. Allocation Subaccount 583,973 Shares (Cost $7,842,574)................ 8,269,061 8,252,336 16,725 8,269,061 OLD MUTUAL INSURANCE SERIES FUND: Technology & Communications Subaccount 1,088,018 Shares (Cost $4,625,487).............. 2,774,445 2,774,445 0 2,774,445 FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- SERVICE CLASS 2: VIP Mid Cap Subaccount 3,450,559 Shares (Cost $82,732,341)............. 119,630,878 119,530,366 100,512 119,630,878 VIP Contrafund Subaccount 3,073,090 Shares (Cost $73,339,327)............. 94,313,146 94,264,929 48,217 94,313,146 VIP Growth Subaccount 696,404 Shares (Cost $24,586,742)............... 23,183,294 23,173,298 9,996 23,183,294 VIP Equity-Income Subaccount 1,086,678 Shares (Cost $25,555,540)............. 27,351,695 27,349,906 1,789 27,351,695 JANUS ASPEN SERIES -- SERVICE SHARES: Large Cap Growth Subaccount 950,331 Shares (Cost $24,691,676)............... 19,586,314 19,586,314 0 19,586,314 Worldwide Growth Subaccount 573,066 Shares (Cost $12,665,226)............... 15,908,304 15,908,304 0 15,908,304 Balanced Subaccount 2,304,720 Shares (Cost $55,644,748)............. 61,351,651 61,349,299 2,352 61,351,651 International Growth Subaccount 791,766 Shares (Cost $19,097,089)............... 27,846,402 27,835,212 11,190 27,846,402
The accompanying notes are an integral part of these financial statements. 6 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF ASSETS AND CONTRACT OWNERS' EQUITY DECEMBER 31, 2005
ASSETS CONTRACT OWNERS' EQUITY -------------- ----------------------------------------------------- CONTRACTS IN ANNUITY RESERVES INVESTMENTS AT ACCUMULATION FOR CONTRACTS IN TOTAL CONTRACT FAIR VALUE PERIOD (NOTE 5) PAYMENT PERIOD OWNERS' EQUITY -------------- --------------- ---------------- -------------- J.P. MORGAN SERIES TRUST II: Small Company Subaccount 1,241,718 Shares (Cost $18,045,392)............. $ 19,768,143 $ 19,756,854 $ 11,289 $ 19,768,143 Mid Cap Value Subaccount 3,321,623 Shares (Cost $82,058,109)............. 92,473,997 92,458,829 15,168 92,473,997 ALLIANCEBERSTEIN VARIABLE SERIES PRODUCT FUND, INC. -- CLASS B: Global Bond Subaccount 32,237 Shares (Cost $374,963)................... 361,380 361,380 0 361,380 Growth & Income Subaccount 58,115 Shares (Cost $1,237,767)................. 1,432,529 1,432,529 0 1,432,529 Small Cap Growth Subaccount 18,608 Shares (Cost $165,672)................... 224,972 224,972 0 224,972 MFS VARIABLE INSURANCE TRUST -- SERVICE CLASS: New Discovery Subaccount 177,509 Shares (Cost $2,349,673)................ 2,742,512 2,742,512 0 2,742,512 Investors Growth Stock Subaccount 469,297 Shares (Cost $4,009,679)................ 4,561,567 4,561,567 0 4,561,567 Mid Cap Growth Subaccount 664,266 Shares (Cost $4,107,482)................ 4,782,718 4,782,718 0 4,782,718 Total Return Subaccount 3,570,665 Shares (Cost $67,235,301)............. 73,198,640 72,981,938 216,702 73,198,640 PIMCO VARIABLE INSURANCE TRUST -- ADMINISTRATIVE SHARES: Real Return Subaccount 11,187,621 Shares (Cost $142,403,181)........... 141,970,908 141,775,260 195,648 141,970,908 Total Return Subaccount 5,439,947 Shares (Cost $56,634,455)............. 55,705,057 55,705,057 0 55,705,057 Global Bond Subaccount 1,022,419 Shares (Cost $12,874,026)............. 12,176,993 12,176,993 0 12,176,993 CALVERT VARIABLE SERIES, INC.: Social Equity Subaccount 25,102 Shares (Cost $350,893)................... 444,303 444,303 0 444,303 DREYFUS VARIABLE INVESTMENT FUND -- SERVICE SHARES: Appreciation Subaccount 187,172 Shares (Cost $6,488,225)................ 6,910,403 6,902,070 8,333 6,910,403 ROYCE CAPITAL FUND: Small-Cap Subaccount 6,600,190 Shares (Cost $56,625,663)............. 63,823,840 63,732,901 90,939 63,823,840 Micro-Cap Subaccount 2,488,549 Shares (Cost $28,129,178)............. 31,281,062 31,281,062 0 31,281,062
The accompanying notes are an integral part of these financial statements. 7 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF ASSETS AND CONTRACT OWNERS' EQUITY DECEMBER 31, 2005
ASSETS CONTRACT OWNERS' EQUITY -------------- ----------------------------------------------------- CONTRACTS IN ANNUITY RESERVES INVESTMENTS AT ACCUMULATION FOR CONTRACTS IN TOTAL CONTRACT FAIR VALUE PERIOD (NOTE 5) PAYMENT PERIOD OWNERS' EQUITY -------------- --------------- ---------------- -------------- VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS -- CLASS II: Core Plus Fixed Income Subaccount 323,211 Shares (Cost $3,705,536)................ $ 3,703,994 $ 3,703,994 $ 0 $ 3,703,994 U.S. Real Estate Subaccount 1,793,082 Shares (Cost $35,042,734)............. 41,097,429 41,095,795 1,634 41,097,429 FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST -- CLASS 2: Franklin Income Securities Subaccount 1,163,922 Shares (Cost $17,960,722)............. 17,831,280 17,831,280 0 17,831,280 Franklin Flex Cap Growth Securities Subaccount 209,265 Shares (Cost $2,127,261)................ 2,216,117 2,216,117 0 2,216,117 Templeton Foreign Securities Subaccount 588,418 Shares (Cost $8,719,857)................ 9,191,084 9,191,084 0 9,191,084 -------------- -------------- ---------- -------------- TOTALS.......................................... $2,690,553,182 $2,688,228,154 $2,325,028 $2,690,553,182 ============== ============== ========== ==============
The accompanying notes are an integral part of these financial statements. 8 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2005
OHIO NATIONAL FUND, INC. -------------------------------------------------------------------------------------------------- MONEY CAPITAL EQUITY MARKET BOND OMNI INTERNATIONAL APPRECIATION DISCOVERY SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ----------- ----------- ----------- ----------- ------------- ------------ ----------- 2005 2005 2005 2005 2005 2005 2005 ----------- ----------- ----------- ----------- ------------- ------------ ----------- Investment activity: Reinvested dividends....... $ 0 $ 3,316,422 $ 4,209,056 $ 393,713 $ 74,032 $ 620,140 $ 0 Risk & administrative expense (note 2)........ (4,492,083) (1,491,267) (1,300,995) (396,275) (1,508,094) (1,193,481) (364,712) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net investment activity........... (4,492,083) 1,825,155 2,908,061 (2,562) (1,434,062) (573,341) (364,712) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Reinvested capital gains..... 0 0 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Realized & unrealized gain (loss) on investments: Realized gain (loss)....... 2,164,215 30,610 160,248 (1,147,482) 699,404 140,961 (2,033,628) Unrealized gain (loss)..... 20,699,494 0 (3,926,954) 3,684,054 14,209,270 5,343,057 1,771,354 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net gain (loss) on investments........ 22,863,709 30,610 (3,766,706) 2,536,572 14,908,674 5,484,018 (262,274) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net increase (decrease) in contracts owner's equity from operations....... $18,371,626 $ 1,855,765 $ (858,645) $ 2,534,010 $13,474,612 $ 4,910,677 $ (626,986) =========== =========== =========== =========== =========== =========== ===========
OHIO NATIONAL FUND, INC. ---------------------------------------------------------------------------------------------- INTERNATIONAL AGGRESSIVE SMALL CAP MID CAP S&P HIGH INCOME SMALL CO. GROWTH GROWTH OPPORTUNITY 500 INDEX BLUE CHIP BOND SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------- ---------- ---------- ----------- ----------- ---------- ----------- 2005 2005 2005 2005 2005 2005 2005 ------------- ---------- ---------- ----------- ----------- ---------- ----------- Investment activity: Reinvested dividends........... $ 102,327 $ 902 $ 0 $ 0 $ 971,299 $ 220,630 $ 1,915,434 Risk & administrative expense (note 2).................... (202,173) (48,863) (68,309) (572,453) (1,232,410) (327,281) (463,001) ---------- --------- --------- ---------- ----------- --------- ----------- Net investment activity... (99,846) (47,961) (68,309) (572,453) (261,111) (106,651) 1,452,433 ---------- --------- --------- ---------- ----------- --------- ----------- Reinvested capital gains......... 0 0 0 0 0 0 0 ---------- --------- --------- ---------- ----------- --------- ----------- Realized & unrealized gain (loss) on investments: Realized gain (loss)........... 401,942 (405,869) (322,386) 504,611 (335,400) 639,255 400,068 Unrealized gain (loss)......... 4,151,697 881,024 675,468 3,880,574 3,589,963 233,444 (1,202,521) ---------- --------- --------- ---------- ----------- --------- ----------- Net gain (loss) on investments............ 4,553,639 475,155 353,082 4,385,185 3,254,563 872,699 (802,453) ---------- --------- --------- ---------- ----------- --------- ----------- Net increase (decrease) in contracts owner's equity from operations........... $4,453,793 $ 427,194 $ 284,773 $3,812,732 $ 2,993,452 $ 766,048 $ 649,980 ========== ========= ========= ========== =========== ========= ===========
The accompanying notes are an integral part of these financial statements. 9 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2005
OHIO NATIONAL FUND, INC. ----------------------------------------------------------------------------------------- CAPITAL NASDAQ-100 BRYTON COVERED GROWTH INDEX BRISTOL GROWTH U.S. EQUITY BALANCED CALL SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ---------- ---------- ---------- ---------- ----------- ---------- ---------- 2005 2005 2005 2005 2005 2005 2005 ---------- ---------- ---------- ---------- ----------- ---------- ---------- Investment activity: Reinvested dividends................ $ 0 $ 0 $ 0 $ 1,452 $ 0 $ 8,210 $ 0 Risk & administrative expense (note 2)............................... (252,408) (211,468) (166,017) (63,113) (105,473) (38,560) (41,234) --------- --------- ---------- -------- --------- -------- -------- Net investment activity........ (252,408) (211,468) (166,017) (61,661) (105,473) (30,350) (41,234) --------- --------- ---------- -------- --------- -------- -------- Reinvested capital gains.............. 0 0 0 0 0 0 0 --------- --------- ---------- -------- --------- -------- -------- Realized & unrealized gain (loss) on investments: Realized gain (loss)................ 324,807 187,002 7,738 29,406 17,663 11,373 36,630 Unrealized gain (loss).............. 114,502 610,617 1,520,248 428,639 896,106 121,060 92,975 --------- --------- ---------- -------- --------- -------- -------- Net gain (loss) on investments................. 439,309 797,619 1,527,986 458,045 913,769 132,433 129,605 --------- --------- ---------- -------- --------- -------- -------- Net increase (decrease) in contracts owner's equity from operations........... $ 186,901 $ 586,151 $1,361,969 $396,384 $ 808,296 $102,083 $ 88,371 ========= ========= ========== ======== ========= ======== ========
OHIO NATIONAL FUND, INC. DOW TARGET 10 PORTFOLIOS -------------------------- --------------------------------------------------- TARGET FIRST SECOND THIRD FOURTH TARGET VIP EQUITY/INCOME QUARTER QUARTER QUARTER QUARTER SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ---------- ------------- ---------- ---------- ----------- ----------- 2005(C) 2005(C) 2005 2005 2005 2005 ---------- ------------- ---------- ---------- ----------- ----------- Investment activity: Reinvested dividends........................ $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Risk & administrative expense (note 2)...... (2,278) (5,310) (33,316) (42,273) (38,406) (25,651) ------- ------- --------- --------- --------- --------- Net investment activity................ (2,278) (5,310) (33,316) (42,273) (38,406) (25,651) ------- ------- --------- --------- --------- --------- Reinvested capital gains...................... 0 0 0 0 0 0 ------- ------- --------- --------- --------- --------- Realized & unrealized gain (loss) on investments: Realized gain (loss)........................ (359) (326) 91,960 84,758 60,013 43,010 Unrealized gain (loss)...................... 3,038 16,636 (263,215) (176,651) (230,317) (134,482) ------- ------- --------- --------- --------- --------- Net gain (loss) on investments......... 2,679 16,310 (171,255) (91,893) (170,304) (91,472) ------- ------- --------- --------- --------- --------- Net increase (decrease) in contracts owner's equity from operations.... $ 401 $11,000 $(204,571) $(134,166) $(208,710) $(117,123) ======= ======= ========= ========= ========= =========
- --------------- (c) Period from November 2, 2005, date of commencement of operations. The accompanying notes are an integral part of these financial statements. 10 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2005
DOW TARGET 5 PORTFOLIOS FIDELITY VARIABLE INSURANCE PRODUCTS FUND ------------------------------------------------- ----------------------------------------- FIRST SECOND THIRD FOURTH VIP EQUITY- VIP HIGH QUARTER QUARTER QUARTER QUARTER VIP GROWTH INCOME INCOME BOND SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ---------- ---------- ---------- ---------- ----------- ------------ ------------ 2005 2005 2005 2005 2005 2005 2005 ---------- ---------- ---------- ---------- ----------- ------------ ------------ Investment activity: Reinvested dividends............ $ 0 $ 0 $ 0 $ 0 $ 21,105 $ 58,068 $ 117,987 Risk & administrative expense (note 2)..................... (10,082) (7,605) (7,117) (8,995) (45,958) (42,857) (10,419) -------- -------- --------- -------- --------- -------- --------- Net investment activity.... (10,082) (7,605) (7,117) (8,995) (24,853) 15,211 107,568 -------- -------- --------- -------- --------- -------- --------- Reinvested capital gains.......... 0 0 0 0 0 127,606 0 -------- -------- --------- -------- --------- -------- --------- Realized & unrealized gain (loss) on investments: Realized gain (loss)............ 14,886 21,932 623 9,479 (467,323) 28,278 (102,921) Unrealized gain (loss).......... (25,553) (42,040) (114,233) (98,730) 599,094 (41,378) 4,395 -------- -------- --------- -------- --------- -------- --------- Net gain (loss) on investments............. (10,667) (20,108) (113,610) (89,251) 131,771 (13,100) (98,526) -------- -------- --------- -------- --------- -------- --------- Net increase (decrease) in contracts owner's equity from operations............ $(20,749) $(27,713) $(120,727) $(98,246) $ 106,918 $129,717 $ 9,042 ======== ======== ========= ======== ========= ======== =========
JANUS ASPEN SERIES -- INSTITUTIONAL SHARES -------------------------------------------------------- LARGE CAP INTERNATIONAL WORLDWIDE GROWTH GROWTH GROWTH BALANCED SUBACCOUNT(D) SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------- ------------- ----------- ---------- 2005 2005 2005 2005 ------------- ------------- ----------- ---------- Investment activity: Reinvested dividends................................. $ 52,641 $ 58,801 $ 139,265 $ 609,275 Risk & administrative expense (note 2)............... (209,727) (62,014) (136,232) (367,304) ----------- ---------- ----------- ---------- Net investment activity......................... (157,086) (3,213) 3,033 241,971 ----------- ---------- ----------- ---------- Reinvested capital gains............................... 0 0 0 0 ----------- ---------- ----------- ---------- Realized & unrealized gain (loss) on investments: Realized gain (loss)................................. (2,481,172) 300,079 (1,098,640) (158,330) Unrealized gain (loss)............................... 3,015,613 1,082,041 1,474,390 1,571,300 ----------- ---------- ----------- ---------- Net gain (loss) on investments.................. 534,441 1,382,120 375,750 1,412,970 ----------- ---------- ----------- ---------- Net increase (decrease) in contracts owner's equity from operations..................... $ 377,355 $1,378,907 $ 378,783 $1,654,941 =========== ========== =========== ========== SALOMON BROTHERS VARIABLE SERIES FUNDS INC. --------------------------------------------- TOTAL ALL CAP RETURN INVESTORS SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------ ------------ ------------ 2005 2005 2005 ------------ ------------ ------------ Investment activity: Reinvested dividends................................. $ 121,961 $138,582 $ 70,062 Risk & administrative expense (note 2)............... (178,557) (99,285) (79,686) --------- -------- -------- Net investment activity......................... (56,596) 39,297 (9,624) --------- -------- -------- Reinvested capital gains............................... 10,048 46,741 0 --------- -------- -------- Realized & unrealized gain (loss) on investments: Realized gain (loss)................................. 278,101 88,091 160,770 Unrealized gain (loss)............................... 145,618 (51,938) 137,786 --------- -------- -------- Net gain (loss) on investments.................. 423,719 36,153 298,556 --------- -------- -------- Net increase (decrease) in contracts owner's equity from operations..................... $ 377,171 $122,191 $288,932 ========= ======== ========
- --------------- (d) Formerly known as Growth Subaccount. The accompanying notes are an integral part of these financial statements. 11 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2005
STRONG VARIABLE INSURANCE WELLS FARGO ADVANTAGE VARIABLE FUNDS INC. TRUST FUNDS (NOTE 4) (NOTE 4) ------------------------------------- ------------ MULTI CAP MID CAP OPPORTUNITY VALUE DISCOVERY GROWTH II SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ----------- ---------- ---------- ------------ 2005 2005 2005 2005 ----------- ---------- ---------- ------------ Investment activity: Reinvested dividends.................................................... $ 0 $ 5,433 $ 0 $ 0 Risk & administrative expense (note 2).................................. (242,059) (18,585) (177,243) (69,022) ---------- -------- ---------- ------------ Net investment activity............................................ (242,059) (13,152) (177,243) (69,022) ---------- -------- ---------- ------------ Reinvested capital gains.................................................. 0 0 0 0 ---------- -------- ---------- ------------ Realized & unrealized gain (loss) on investments: Realized gain (loss).................................................... 282,960 47,986 218,603 (11,798,834) Unrealized gain (loss).................................................. 1,066,265 155,040 2,532,763 10,695,283 ---------- -------- ---------- ------------ Net gain (loss) on investments..................................... 1,349,225 203,026 2,751,366 (1,103,551) ---------- -------- ---------- ------------ Net increase (decrease) in contracts owner's equity from operations................................................................ $1,107,166 $189,874 $2,574,123 $ (1,172,573) ========== ======== ========== ============
VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS -- CLASS I GOLDMAN SACHS VARIABLE INSURANCE TRUST ----------------------------------------------------- ---------------------------------------- CORE PLUS U.S. REAL EMERGING GROWTH & CORE U.S. CAPITAL FIXED INCOME ESTATE VALUE MARKETS DEBT INCOME EQUITY GROWTH SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------ ---------- ---------- ------------ ------------ ----------- ----------- 2005 2005 2005 2005 2005 2005 2005 ------------ ---------- ---------- ------------ ------------ ----------- ----------- Investment activity: Reinvested dividends......... $141,594 $ 133,664 $ 14,248 $15,923 $1,017,408 $ 305,072 $ 20,947 Risk & administrative expense (note 2).................. (54,920) (144,386) (13,405) (2,656) (573,246) (363,912) (181,609) -------- ---------- -------- ------- ---------- ---------- --------- Net investment activity............. 86,674 (10,722) 843 13,267 444,162 (58,840) (160,662) -------- ---------- -------- ------- ---------- ---------- --------- Reinvested capital gains....... 29,036 295,233 59,076 3,384 0 0 0 -------- ---------- -------- ------- ---------- ---------- --------- Realized & unrealized gain (loss) on investments: Realized gain (loss)......... 75,432 386,616 57,059 2,248 16,818 25,349 (19,872) Unrealized gain (loss)....... (77,551) 1,087,009 (94,194) 2,007 924,298 2,426,038 367,405 -------- ---------- -------- ------- ---------- ---------- --------- Net gain (loss) on investments.......... (2,119) 1,473,625 (37,135) 4,255 941,116 2,451,387 347,533 -------- ---------- -------- ------- ---------- ---------- --------- Net increase (decrease) in contracts owner's equity from operations......... $113,591 $1,758,136 $ 22,784 $20,906 $1,385,278 $2,392,547 $ 186,871 ======== ========== ======== ======= ========== ========== =========
The accompanying notes are an integral part of these financial statements. 12 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2005
LAZARD RETIREMENT THE PRUDENTIAL SERIES UBS SERIES SERIES, INC. FUND, INC. TRUST ----------------------------------------------------- ------------------------ ---------- EMERGING INTERNATIONAL JENNISON U.S. MARKETS SMALL CAP EQUITY EQUITY 20/20 FOCUS JENNISON ALLOCATION SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ---------- ----------- ---------- ------------- ----------- ---------- ---------- 2005 2005 2005(B) 2005(B) 2005 2005 2005 ---------- ----------- ---------- ------------- ----------- ---------- ---------- Investment activity: Reinvested dividends............ $ 72,967 $ 0 $ 248 $ 3,917 $ 0 $ 0 $ 123,782 Risk & administrative expense (note 2)..................... (283,623) (456,782) (367) (4,301) (185,446) (95,316) (120,486) ---------- ----------- ------ ------- ---------- -------- --------- Net investment activity........... (210,656) (456,782) (119) (384) (185,446) (95,316) 3,296 ---------- ----------- ------ ------- ---------- -------- --------- Reinvested capital gains.......... 869,616 2,552,120 0 5,965 0 0 0 ---------- ----------- ------ ------- ---------- -------- --------- Realized & unrealized gain (loss) on investments: Realized gain (loss)............ 1,263,903 1,019,564 5 105 485,245 (19,066) 44,880 Unrealized gain (loss).......... 6,174,583 (2,156,218) 2,634 68,190 2,260,476 988,851 413,111 ---------- ----------- ------ ------- ---------- -------- --------- Net gain (loss) on investments............. 7,438,486 (1,136,654) 2,639 68,295 2,745,721 969,785 457,991 ---------- ----------- ------ ------- ---------- -------- --------- Net increase (decrease) in contracts owner's equity from operations............ $8,097,446 $ 958,684 $2,520 $73,876 $2,560,275 $874,469 $ 461,287 ========== =========== ====== ======= ========== ======== =========
OLD MUTUAL INSURANCE SERIES FUND FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- (E) SERVICE CLASS 2 ------------ ---------------------------------------------------- TECHN. & VIP VIP EQUITY- COMM. VIP MID CAP CONTRAFUND VIP GROWTH INCOME SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------ ----------- ----------- ---------- ----------- 2005 2005 2005 2005 2005 ------------ ----------- ----------- ---------- ----------- Investment activity: Reinvested dividends...................................... $ 0 $ 0 $ 69,982 $ 61,471 $ 221,499 Risk & administrative expense (note 2).................... (35,580) (1,215,956) (888,293) (301,877) (282,098) --------- ----------- ----------- ---------- ---------- Net investment activity.............................. (35,580) (1,215,956) (818,311) (240,406) (60,599) --------- ----------- ----------- ---------- ---------- Reinvested capital gains.................................... 0 1,282,659 9,997 0 547,595 --------- ----------- ----------- ---------- ---------- Realized & unrealized gain (loss) on investments: Realized gain (loss)...................................... (715,094) 483,339 95,438 (408,134) 18,007 Unrealized gain (loss).................................... 947,358 14,776,422 11,422,692 1,536,425 667,231 --------- ----------- ----------- ---------- ---------- Net gain (loss) on investments....................... 232,264 15,259,761 11,518,130 1,128,291 685,238 --------- ----------- ----------- ---------- ---------- Net increase (decrease) in contracts owner's equity from operations............................ $ 196,684 $15,326,464 $10,709,816 $ 887,885 $1,172,234 ========= =========== =========== ========== ==========
- --------------- (b) Period from May 2, 2005, date of commencement of operations. (e) Formerly known as PBHG Insurance Series Fund. The accompanying notes are an integral part of these financial statements. 13 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2005
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(D) SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT -------------- ---------- ---------- ------------- ------------- ------------ 2005 2005 2005 2005 2005 2005 -------------- ---------- ---------- ------------- ------------- ------------ Investment activity: Reinvested dividends.................. $ 24,500 $ 193,509 $1,244,129 $ 209,047 $ 0 $ 96,338 Risk & administrative expense (note 2)................................. (260,450) (213,379) (811,951) (234,035) (239,103) (807,458) ----------- --------- ---------- ---------- ----------- ---------- Net investment activity.......... (235,950) (19,870) 432,178 (24,988) (239,103) (711,120) ----------- --------- ---------- ---------- ----------- ---------- Reinvested capital gains................ 0 0 0 0 2,249,247 712,277 ----------- --------- ---------- ---------- ----------- ---------- Realized & unrealized gain (loss) on investments: Realized gain (loss).................. (1,092,408) 541,782 403,243 163,536 483,492 53,340 Unrealized gain (loss)................ 1,767,296 91,178 2,781,640 5,464,385 (2,093,367) 4,667,493 ----------- --------- ---------- ---------- ----------- ---------- Net gain (loss) on investments... 674,888 632,960 3,184,883 5,627,921 (1,609,875) 4,720,833 ----------- --------- ---------- ---------- ----------- ---------- Net increase (decrease) in contracts owner's equity from operations............. $ 438,938 $ 613,090 $3,617,061 $5,602,933 $ 400,269 $4,721,990 =========== ========= ========== ========== =========== ==========
ALLIANCEBERSTEIN VARIABLE SERIES PRODUCT FUND, INC. -- CLASS B MFS VARIABLE INSURANCE TRUST -- SERVICE CLASS --------------------------------------- ----------------------------------------------------- GLOBAL GROWTH & SMALL CAP NEW INVESTORS MID CAP BOND INCOME GROWTH DISCOVERY GROWTH STOCK GROWTH TOTAL RETURN SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ---------- ---------- ---------- ---------- ------------ ---------- ------------ 2005 2005 2005 2005 2005 2005 2005 ---------- ---------- ---------- ---------- ------------ ---------- ------------ Investment activity: Reinvested dividends.......... $ 35,950 $ 20,781 $ 0 $ 0 $ 5,767 $ 0 $ 1,238,417 Risk & administrative expense (note 2)................... (4,999) (21,785) (3,034) (31,212) (55,218) (58,337) (889,070) -------- -------- ------- -------- -------- -------- ----------- Net investment activity.... 30,951 (1,004) (3,034) (31,212) (49,451) (58,337) 349,347 -------- -------- ------- -------- -------- -------- ----------- Reinvested capital gains........ 4,701 0 0 0 0 0 2,663,168 -------- -------- ------- -------- -------- -------- ----------- Realized & unrealized gain (loss) on investments: Realized gain (loss).......... 1,741 47,455 6,011 43,403 77,355 110,900 499,983 Unrealized gain (loss)........ (74,950) (2,194) 1,751 81,270 89,844 (1,384) (2,585,562) -------- -------- ------- -------- -------- -------- ----------- Net gain (loss) on investments.............. (73,209) 45,261 7,762 124,673 167,199 109,516 (2,085,579) -------- -------- ------- -------- -------- -------- ----------- Net increase (decrease) in contracts owner's equity from operations............ $(37,557) $ 44,257 $ 4,728 $ 93,461 $117,748 $ 51,179 $ 926,936 ======== ======== ======= ======== ======== ======== ===========
- --------------- (d) Formerly known as Growth Subaccount. The accompanying notes are an integral part of these financial statements. 14 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2005
DREYFUS VARIABLE CALVERT INVESTMENT PIMCO VARIABLE INSURANCE TRUST -- VARIABLE FUND-SERVICE ADMINISTRATIVE SHARES SERIES INC. SHARES ROYCE CAPITAL FUND ----------------------------------------- ------------- ------------- ----------------------- REAL RETURN TOTAL RETURN GLOBAL BOND SOCIAL EQUITY APPRECIATION SMALL-CAP MICRO-CAP SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------ ------------ ----------- ------------- ------------- ---------- ---------- 2005 2005 2005 2005 2005 2005 2005 ------------ ------------ ----------- ------------- ------------- ---------- ---------- Investment activity: Reinvested dividends...... $ 2,998,149 $ 1,620,833 $ 260,800 $ 243 $ 0 $ 0 $ 154,077 Risk & administrative expense (note 2)....... (1,353,457) (623,854) (129,978) (5,061) (82,770) (617,690) (295,536) ----------- ----------- ----------- ------- -------- ---------- ---------- Net investment activity............. 1,644,692 996,979 130,822 (4,818) (82,770) (617,690) (141,459) ----------- ----------- ----------- ------- -------- ---------- ---------- Reinvested capital gains.... 1,508,593 876,325 172,056 0 0 651,082 465,523 ----------- ----------- ----------- ------- -------- ---------- ---------- Realized & unrealized gain (loss) on investments: Realized gain (loss)...... 20,918 31,323 (6,612) 14,615 39,910 89,729 10,116 Unrealized gain (loss).... (2,410,902) (1,434,140) (1,110,002) 3,254 209,309 3,541,561 2,432,139 ----------- ----------- ----------- ------- -------- ---------- ---------- Net gain (loss) on investments.......... (2,389,984) (1,402,817) (1,116,614) 17,869 249,219 3,631,290 2,442,255 ----------- ----------- ----------- ------- -------- ---------- ---------- Net increase (decrease) in contracts owner's equity from operations........ $ 763,301 $ 470,487 $ (813,736) $13,051 $166,449 $3,664,682 $2,766,319 =========== =========== =========== ======= ======== ========== ==========
VAN KAMPEN UNIVERSAL FRANKLIN TEMPLETON VARIABLE INSURANCE INSTITUTIONAL FUNDS -- CLASS II PRODUCTS TRUST CLASS 2 ------------------------------- --------------------------------------- FRANKLIN FRANKLIN FLEX TEMPLETON CORE PLUS U.S. REAL INCOME CAP GROWTH FOREIGN FIXED INCOME ESTATE SECURITIES SECURITIES SECURITIES TOTAL SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNTS --------------- ------------- ---------- ------------- ---------- ------------ 2005 2005 2005(B) 2005(B) 2005(B) 2005 --------------- ------------- ---------- ------------- ---------- ------------ Investment activity: Reinvested dividends................. $ 94,537 $ 290,905 $ 23,411 $ 1,839 $ 5,583 $ 23,948,334 Risk & administrative expense (note 2)................................ (36,164) (348,008) (62,713) (9,417) (31,572) (28,890,161) -------- ---------- --------- ------- -------- ------------ Net investment activity........... 58,373 (57,103) (39,302) (7,578) (25,989) (4,941,827) -------- ---------- --------- ------- -------- ------------ Reinvested capital gains............... 20,016 685,730 2,032 0 0 15,849,826 -------- ---------- --------- ------- -------- ------------ Realized & unrealized gain (loss) on investments: Realized gain (loss)................. 4,285 290,796 (2,076) 555 842 (8,219,132) Unrealized gain (loss)............... (17,655) 3,583,278 (129,442) 88,856 471,227 136,246,446 -------- ---------- --------- ------- -------- ------------ Net gain (loss) on investments.... (13,370) 3,874,074 (131,518) 89,411 472,069 128,027,314 -------- ---------- --------- ------- -------- ------------ Net increase (decrease) in contracts owner's equity from operations..................... $ 65,019 $4,502,701 $(168,788) $81,833 $446,080 $138,935,313 ======== ========== ========= ======= ======== ============
- --------------- (b) Period from May 2, 2005, date of commencement of operations. The accompanying notes are an integral part of these financial statements. 15 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
OHIO NATIONAL FUND, INC. --------------------------------------------------------------------------------------- EQUITY MONEY MARKET BOND SUBACCOUNT SUBACCOUNT SUBACCOUNT --------------------------- ---------------------------- -------------------------- 2005 2004 2005 2004 2005 2004 ------------ ------------ ------------- ------------ ------------ ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity........... $ (4,492,083) $ (3,629,250) $ 1,825,155 $ (257,390) $ 2,908,061 $ (967,702) Reinvested capital gains.......... 0 0 0 0 0 0 Realized gain (loss).............. 2,164,215 307,837 30,610 (3) 160,248 215,259 Unrealized gain (loss)............ 20,699,494 38,703,302 0 0 (3,926,954) 3,817,955 ------------ ------------ ------------- ------------ ------------ ----------- Net increase (decrease) in contract owners' equity from operations................... 18,371,626 35,381,889 1,855,765 (257,393) (858,645) 3,065,512 ------------ ------------ ------------- ------------ ------------ ----------- Equity transactions: Contract purchase payments (note 1)............................. 32,019,901 28,070,717 216,138,343 114,827,216 15,560,204 12,674,936 Transfers to & from fixed & other subaccounts.................... 21,130,882 39,937,851 (170,266,791) (91,094,456) 21,142,945 15,527,149 Withdrawals & surrenders.......... (25,106,861) (22,856,424) (15,165,863) (11,637,634) (5,558,564) (3,943,066) Surrender charges (note 2)........ (373,221) (310,557) (260,485) (274,057) (123,650) (82,636) Annual contract charges (note 2)............................. (594,731) (348,632) (189,925) (81,967) (196,705) (72,152) Annuity & death benefit payments....................... (6,001,070) (4,204,788) (3,728,673) (3,231,048) (1,986,672) (1,308,309) ------------ ------------ ------------- ------------ ------------ ----------- Net equity transactions........ 21,074,900 40,288,167 26,526,606 8,508,054 28,837,558 22,795,922 ------------ ------------ ------------- ------------ ------------ ----------- Net change in contract owners' equity............ 39,446,526 75,670,056 28,382,371 8,250,661 27,978,913 25,861,434 Contract owners' equity: Beginning of period............... 349,003,434 273,333,378 97,009,432 88,758,771 86,763,648 60,902,214 ------------ ------------ ------------- ------------ ------------ ----------- End of period..................... $388,449,960 $349,003,434 $ 125,391,803 $ 97,009,432 $114,742,561 $86,763,648 ============ ============ ============= ============ ============ =========== Change in units: Beginning units................... 25,847,040 21,310,002 8,410,026 7,590,090 6,034,033 4,318,609 ------------ ------------ ------------- ------------ ------------ ----------- Units purchased................... 8,291,557 9,056,148 27,272,641 22,942,494 3,432,305 3,060,400 Units redeemed.................... (5,737,585) (4,519,110) (24,906,037) (22,122,558) (1,314,751) (1,344,976) ------------ ------------ ------------- ------------ ------------ ----------- Ending units...................... 28,401,012 25,847,040 10,776,630 8,410,026 8,151,587 6,034,033 ============ ============ ============= ============ ============ =========== OHIO NATIONAL FUND, INC. ------------------------- OMNI SUBACCOUNT ------------------------- 2005 2004 ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity........... $ (2,562) $ 132,922 Reinvested capital gains.......... 0 0 Realized gain (loss).............. (1,147,482) (963,962) Unrealized gain (loss)............ 3,684,054 2,761,999 ----------- ----------- Net increase (decrease) in contract owners' equity from operations................... 2,534,010 1,930,959 ----------- ----------- Equity transactions: Contract purchase payments (note 1)............................. 1,271,033 3,003,627 Transfers to & from fixed & other subaccounts.................... (2,031,884) 4,866,406 Withdrawals & surrenders.......... (3,764,098) (3,100,455) Surrender charges (note 2)........ (44,792) (42,454) Annual contract charges (note 2)............................. (60,812) (37,689) Annuity & death benefit payments....................... (523,015) (899,328) ----------- ----------- Net equity transactions........ (5,153,568) 3,790,107 ----------- ----------- Net change in contract owners' equity............ (2,619,558) 5,721,066 Contract owners' equity: Beginning of period............... 34,115,944 28,394,878 ----------- ----------- End of period..................... $31,496,386 $34,115,944 =========== =========== Change in units: Beginning units................... 2,707,818 1,838,399 ----------- ----------- Units purchased................... 588,875 1,316,302 Units redeemed.................... (943,079) (446,883) ----------- ----------- Ending units...................... 2,353,614 2,707,818 =========== ===========
The accompanying notes are an integral part of these financial statements. 16 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
OHIO NATIONAL FUND, INC. ----------------------------------------------------------------------------------- INTERNATIONAL CAPITAL APPRECIATION DISCOVERY SUBACCOUNT SUBACCOUNT SUBACCOUNT -------------------------- -------------------------- ------------------------- 2005 2004 2005 2004 2005 2004 ------------ ----------- ------------ ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity.............. $ (1,434,062) $ (622,031) $ (573,341) $ (499,764) $ (364,712) $ (431,742) Reinvested capital gains............. 0 0 0 0 0 0 Realized gain (loss)................. 699,404 227,482 140,961 280,904 (2,033,628) (2,117,361) Unrealized gain (loss)............... 14,209,270 8,130,298 5,343,057 7,416,242 1,771,354 5,792,510 ------------ ----------- ------------ ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations...................... 13,474,612 7,735,749 4,910,677 7,197,382 (626,986) 3,243,407 ------------ ----------- ------------ ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)................................ 32,949,549 18,052,504 19,513,294 5,512,960 1,144,210 1,031,302 Transfers to & from fixed & other subaccounts....................... 49,041,600 28,223,331 30,357,251 9,731,293 (3,314,609) (1,350,832) Withdrawals & surrenders............. (5,275,958) (3,664,394) (7,374,359) (4,308,398) (4,241,306) (4,401,330) Surrender charges (note 2)........... (102,482) (53,958) (88,799) (73,236) (53,799) (75,808) Annual contract charges (note 2)..... (295,512) (54,564) (173,235) (64,497) (40,647) (43,557) Annuity & death benefit payments..... (1,753,948) (542,508) (1,327,378) (1,171,146) (411,279) (454,881) ------------ ----------- ------------ ----------- ----------- ----------- Net equity transactions........... 74,563,249 41,960,411 40,906,774 9,626,976 (6,917,430) (5,295,106) ------------ ----------- ------------ ----------- ----------- ----------- Net change in contract owners' equity....................... 88,037,861 49,696,160 45,817,451 16,824,358 (7,544,416) (2,051,699) Contract owners' equity: Beginning of period.................. 81,269,812 31,573,652 73,689,375 56,865,017 36,279,311 38,331,010 ------------ ----------- ------------ ----------- ----------- ----------- End of period........................ $169,307,673 $81,269,812 $119,506,826 $73,689,375 $28,734,895 $36,279,311 ============ =========== ============ =========== =========== =========== Change in units: Beginning units...................... 7,840,678 2,828,421 4,035,544 3,333,112 2,802,728 3,107,511 ------------ ----------- ------------ ----------- ----------- ----------- Units purchased...................... 9,683,394 5,849,439 3,386,747 1,319,034 272,237 338,479 Units redeemed....................... (1,583,359) (837,182) (808,028) (616,602) (735,007) (643,262) ------------ ----------- ------------ ----------- ----------- ----------- Ending units......................... 15,940,713 7,840,678 6,614,263 4,035,544 2,339,958 2,802,728 ============ =========== ============ =========== =========== =========== OHIO NATIONAL FUND, INC. ------------------------- INTERNATIONAL SMALL COMPANY SUBACCOUNT ------------------------- 2005 2004 ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity.............. $ (99,846) $ (12,972) Reinvested capital gains............. 0 0 Realized gain (loss)................. 401,942 338,426 Unrealized gain (loss)............... 4,151,697 1,618,929 ----------- ----------- Net increase (decrease) in contract owners' equity from operations...................... 4,453,793 1,944,383 ----------- ----------- Equity transactions: Contract purchase payments (note 1)................................ 3,857,419 601,504 Transfers to & from fixed & other subaccounts....................... 5,515,106 1,483,385 Withdrawals & surrenders............. (1,244,006) (1,035,568) Surrender charges (note 2)........... (18,709) (17,666) Annual contract charges (note 2)..... (21,168) (13,845) Annuity & death benefit payments..... (224,238) (120,495) ----------- ----------- Net equity transactions........... 7,864,404 897,315 ----------- ----------- Net change in contract owners' equity....................... 12,318,197 2,841,698 Contract owners' equity: Beginning of period.................. 12,265,921 9,424,223 ----------- ----------- End of period........................ $24,584,118 $12,265,921 =========== =========== Change in units: Beginning units...................... 928,177 807,410 ----------- ----------- Units purchased...................... 938,194 313,831 Units redeemed....................... (304,480) (193,064) ----------- ----------- Ending units......................... 1,561,891 928,177 =========== ===========
The accompanying notes are an integral part of these financial statements. 17 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
OHIO NATIONAL FUND, INC. ----------------------------------------------------------------------------- AGGRESSIVE GROWTH SMALL CAP GROWTH MID CAP OPPORTUNITY SUBACCOUNT SUBACCOUNT SUBACCOUNT ----------------------- ----------------------- ------------------------- 2005 2004 2005 2004 2005 2004 ---------- ---------- ---------- ---------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity.................. $ (47,961) $ (54,709) $ (68,309) $ (67,470) $ (572,453) $ (522,150) Reinvested capital gains................. 0 0 0 0 0 0 Realized gain (loss)..................... (405,869) (697,392) (322,386) (635,660) 504,611 (275,548) Unrealized gain (loss)................... 881,024 1,025,625 675,468 1,234,501 3,880,574 6,202,277 ---------- ---------- ---------- ---------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations... 427,194 273,524 284,773 531,371 3,812,732 5,404,579 ---------- ---------- ---------- ---------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)...... 244,577 301,411 403,195 358,004 2,556,425 3,376,381 Transfers to & from fixed & other subaccounts........................... (96,979) (329,402) (78,389) (500,313) (3,739,225) 3,118,762 Withdrawals & surrenders................. (712,549) (648,874) (546,416) (516,936) (4,667,908) (4,376,457) Surrender charges (note 2)............... (17,859) (18,383) (12,608) (9,055) (60,269) (80,193) Annual contract charges (note 2)......... (7,205) (7,783) (11,260) (10,107) (69,716) (47,851) Annuity & death benefit payments......... (39,245) (114,131) (31,077) (81,199) (613,361) (688,968) ---------- ---------- ---------- ---------- ----------- ----------- Net equity transactions............. (629,260) (817,162) (276,555) (759,606) (6,594,054) 1,301,674 ---------- ---------- ---------- ---------- ----------- ----------- Net change in contract owners' equity......................... (202,066) (543,638) 8,218 (228,235) (2,781,322) 6,706,253 Contract owners' equity: Beginning of period...................... 4,226,121 4,769,759 5,780,619 6,008,854 50,139,461 43,433,208 ---------- ---------- ---------- ---------- ----------- ----------- End of period............................ $4,024,055 $4,226,121 $5,788,837 $5,780,619 $47,358,139 $50,139,461 ========== ========== ========== ========== =========== =========== Change in units: Beginning units.......................... 746,923 908,525 771,074 839,506 3,013,264 2,802,199 ---------- ---------- ---------- ---------- ----------- ----------- Units purchased.......................... 137,332 119,074 244,038 176,136 502,455 831,196 Units redeemed........................... (244,930) (280,676) (227,469) (244,568) (866,696) (620,131) ---------- ---------- ---------- ---------- ----------- ----------- Ending units............................. 639,325 746,923 787,643 771,074 2,649,023 3,013,264 ========== ========== ========== ========== =========== =========== OHIO NATIONAL FUND, INC. --------------------------- S&P 500 INDEX SUBACCOUNT --------------------------- 2005 2004 ------------ ------------ Increase (decrease) in contract owners' equity from operations: Net investment activity.................. $ (261,111) $ (144,789) Reinvested capital gains................. 0 0 Realized gain (loss)..................... (335,400) (1,131,849) Unrealized gain (loss)................... 3,589,963 9,444,986 ------------ ------------ Net increase (decrease) in contract owners' equity from operations... 2,993,452 8,168,348 ------------ ------------ Equity transactions: Contract purchase payments (note 1)...... 4,919,478 5,074,401 Transfers to & from fixed & other subaccounts........................... 1,585,535 3,330,266 Withdrawals & surrenders................. (11,184,946) (8,848,699) Surrender charges (note 2)............... (150,932) (223,824) Annual contract charges (note 2)......... (141,152) (119,813) Annuity & death benefit payments......... (1,166,042) (1,332,384) ------------ ------------ Net equity transactions............. (6,138,059) (2,120,053) ------------ ------------ Net change in contract owners' equity......................... (3,144,607) 6,048,295 Contract owners' equity: Beginning of period...................... 100,252,325 94,204,030 ------------ ------------ End of period............................ $ 97,107,718 $100,252,325 ============ ============ Change in units: Beginning units.......................... 8,103,050 8,170,261 ------------ ------------ Units purchased.......................... 1,512,729 1,789,072 Units redeemed........................... (1,891,387) (1,856,283) ------------ ------------ Ending units............................. 7,724,392 8,103,050 ============ ============
The accompanying notes are an integral part of these financial statements. 18 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
OHIO NATIONAL FUND, INC. --------------------------------------------------------------------------------- BLUE CHIP HIGH INCOME BOND CAPITAL GROWTH SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------- ------------------------- ------------------------- 2005 2004 2005 2004 2005 2004 ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity................. $ (106,651) $ 5,622 $ 1,452,433 $ (265,633) $ (252,408) $ (263,041) Reinvested capital gains................ 0 0 0 0 0 0 Realized gain (loss).................... 639,255 264,470 400,068 144,560 324,807 (48,847) Unrealized gain (loss).................. 233,444 1,600,225 (1,202,521) 2,577,219 114,502 3,697,911 ----------- ----------- ----------- ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations...................... 766,048 1,870,317 649,980 2,456,146 186,901 3,386,023 ----------- ----------- ----------- ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)..... 633,891 1,205,352 4,946,245 3,175,900 762,368 655,040 Transfers to & from fixed & other subaccounts.......................... (651,815) 1,506,615 7,368,642 4,680,502 99,202 (397,274) Withdrawals & surrenders................ (2,259,353) (1,549,600) (3,057,320) (1,117,991) (1,984,350) (2,328,978) Surrender charges (note 2).............. (35,873) (45,125) (50,349) (26,328) (43,200) (28,447) Annual contract charges (note 2)........ (52,474) (29,620) (57,604) (33,341) (32,345) (29,494) Annuity & death benefit payments........ (397,284) (416,253) (580,049) (399,186) (281,996) (263,942) ----------- ----------- ----------- ----------- ----------- ----------- Net equity transactions............ (2,762,908) 671,369 8,569,565 6,279,556 (1,480,321) (2,393,095) ----------- ----------- ----------- ----------- ----------- ----------- Net change in contract owners' equity........................ (1,996,860) 2,541,686 9,219,545 8,735,702 (1,293,420) 992,928 Contract owners' equity: Beginning of period..................... 25,205,729 22,664,043 31,593,674 22,857,972 20,993,736 20,000,808 ----------- ----------- ----------- ----------- ----------- ----------- End of period........................... $23,208,869 $25,205,729 $40,813,219 $31,593,674 $19,700,316 $20,993,736 =========== =========== =========== =========== =========== =========== Change in units: Beginning units......................... 2,353,715 2,288,155 2,469,538 1,948,964 1,317,109 1,476,885 ----------- ----------- ----------- ----------- ----------- ----------- Units purchased......................... 164,519 445,015 1,435,457 1,034,574 272,987 247,257 Units redeemed.......................... (420,934) (379,455) (768,331) (514,000) (386,908) (407,033) ----------- ----------- ----------- ----------- ----------- ----------- Ending units............................ 2,097,300 2,353,715 3,136,664 2,469,538 1,203,188 1,317,109 =========== =========== =========== =========== =========== =========== OHIO NATIONAL FUND, INC. ------------------------- NASDAQ-100 INDEX SUBACCOUNT ------------------------- 2005 2004 ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity................. $ (211,468) $ (133,617) Reinvested capital gains................ 0 0 Realized gain (loss).................... 187,002 248,033 Unrealized gain (loss).................. 610,617 755,598 ----------- ----------- Net increase (decrease) in contract owners' equity from operations...................... 586,151 870,014 ----------- ----------- Equity transactions: Contract purchase payments (note 1)..... 4,645,709 731,515 Transfers to & from fixed & other subaccounts.......................... 7,872,941 617,872 Withdrawals & surrenders................ (854,363) (512,626) Surrender charges (note 2).............. (19,155) (15,526) Annual contract charges (note 2)........ (30,040) (14,746) Annuity & death benefit payments........ (256,514) (72,082) ----------- ----------- Net equity transactions............ 11,358,578 734,407 ----------- ----------- Net change in contract owners' equity........................ 11,944,729 1,604,421 Contract owners' equity: Beginning of period..................... 11,288,397 9,683,976 ----------- ----------- End of period........................... $23,233,126 $11,288,397 =========== =========== Change in units: Beginning units......................... 2,868,696 2,673,662 ----------- ----------- Units purchased......................... 4,232,638 1,101,125 Units redeemed.......................... (1,205,676) (906,091) ----------- ----------- Ending units............................ 5,895,658 2,868,696 =========== ===========
The accompanying notes are an integral part of these financial statements. 19 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
OHIO NATIONAL FUND, INC. -------------------------------------------------- BRISTOL BRYTON GROWTH SUBACCOUNT SUBACCOUNT ------------------------ ----------------------- 2005 2004 2005 2004 ----------- ---------- ---------- ---------- Increase (decrease) in contract owners' equity from operations: Net investment activity....................... $ (166,017) $ (2,820) $ (61,661) $ (21,802) Reinvested capital gains...................... 0 179,685 0 0 Realized gain (loss).......................... 7,738 31,137 29,406 71,317 Unrealized gain (loss)........................ 1,520,248 (91,684) 428,639 57,775 ----------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity from operations........ 1,361,969 116,318 396,384 107,290 ----------- ---------- ---------- ---------- Equity transactions: Contract purchase payments (note 1)........... 7,603,094 174,253 2,449,283 484,785 Transfers to & from fixed & other subaccounts................................ 14,608,554 204,013 4,185,655 (103,017) Withdrawals & surrenders...................... (270,907) (65,854) (89,920) (40,734) Surrender charges (note 2).................... (7,782) (605) (1,573) (182) Annual contract charges (note 2).............. (23,498) (556) (11,533) (1,804) Annuity & death benefit payments.............. (233,956) (38,927) (39,775) (3,987) ----------- ---------- ---------- ---------- Net equity transactions.................. 21,675,505 272,324 6,492,137 335,061 ----------- ---------- ---------- ---------- Net change in contract owners' equity.............................. 23,037,474 388,642 6,888,521 442,351 Contract owners' equity: Beginning of period........................... 1,758,662 1,370,020 1,819,300 1,376,949 ----------- ---------- ---------- ---------- End of period................................. $24,796,136 $1,758,662 $8,707,821 $1,819,300 =========== ========== ========== ========== Change in units: Beginning units............................... 160,090 133,762 187,686 150,735 ----------- ---------- ---------- ---------- Units purchased............................... 1,997,738 60,089 756,807 123,849 Units redeemed................................ (115,828) (33,761) (71,858) (86,898) ----------- ---------- ---------- ---------- Ending units.................................. 2,042,000 160,090 872,635 187,686 =========== ========== ========== ========== OHIO NATIONAL FUND, INC. -------------------------------------------------- U.S. EQUITY BALANCED SUBACCOUNT SUBACCOUNT ------------------------ ----------------------- 2005 2004(A) 2005 2004(A) ----------- ---------- ---------- ---------- Increase (decrease) in contract owners' equity from operations: Net investment activity....................... $ (105,473) $ (19,591) $ (30,350) $ (9,531) Reinvested capital gains...................... 0 0 0 0 Realized gain (loss).......................... 17,663 12,172 11,373 24,680 Unrealized gain (loss)........................ 896,106 507,055 121,060 128,884 ----------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity from operations........ 808,296 499,636 102,083 144,033 ----------- ---------- ---------- ---------- Equity transactions: Contract purchase payments (note 1)........... 3,772,274 3,628,492 800,601 1,256,851 Transfers to & from fixed & other subaccounts................................ 3,065,819 1,165,975 1,570,735 805,894 Withdrawals & surrenders...................... (56,649) (582,249) (40,407) (539,051) Surrender charges (note 2).................... (507) (787) (201) (534) Annual contract charges (note 2).............. (18,100) (853) (3,070) 0 Annuity & death benefit payments.............. (30,770) (3,067) (10,095) (1,296) ----------- ---------- ---------- ---------- Net equity transactions.................. 6,732,067 4,207,511 2,317,563 1,521,864 ----------- ---------- ---------- ---------- Net change in contract owners' equity.............................. 7,540,363 4,707,147 2,419,646 1,665,897 Contract owners' equity: Beginning of period........................... 4,707,147 0 1,665,897 0 ----------- ---------- ---------- ---------- End of period................................. $12,247,510 $4,707,147 $4,085,543 $1,665,897 =========== ========== ========== ========== Change in units: Beginning units............................... 405,606 0 148,370 0 ----------- ---------- ---------- ---------- Units purchased............................... 605,675 464,441 232,714 207,548 Units redeemed................................ (27,324) (58,835) (24,704) (59,178) ----------- ---------- ---------- ---------- Ending units.................................. 983,957 405,606 356,380 148,370 =========== ========== ========== ==========
- --------------- (a) Period from May 1, 2004, date of commencement of operations. The accompanying notes are an integral part of these financial statements. 20 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
OHIO NATIONAL FUND, INC. ----------------------------------------------------- TARGET COVERED CALL TARGET VIP EQUITY/INCOME SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------ ---------- ------------- 2005 2004(A) 2005(C) 2005(C) ---------- ----------- ---------- ------------- Increase (decrease) in contract owners' equity from operations: Net investment activity................................... $ (41,234) $ (13,738) $ (2,278) $ (5,310) Reinvested capital gains.................................. 0 0 0 0 Realized gain (loss)...................................... 36,630 25,399 (359) (326) Unrealized gain (loss).................................... 92,975 105,131 3,038 16,636 ---------- ----------- ---------- ---------- Net increase (decrease) in contract owners' equity from operations..................................... 88,371 116,792 401 11,000 ---------- ----------- ---------- ---------- Equity transactions: Contract purchase payments (note 1)....................... 1,047,414 1,791,717 1,047,489 1,494,690 Transfers to & from fixed & other subaccounts............. 1,105,669 1,149,865 370,834 2,062,204 Withdrawals & surrenders.................................. (79,081) (1,094,211) 0 (4,583) Surrender charges (note 2)................................ (1,030) (870) 0 (18) Annual contract charges (note 2).......................... (6,459) (1,097) 0 0 Annuity & death benefit payments.......................... (8,103) (1,875) (386) (906) ---------- ----------- ---------- ---------- Net equity transactions.............................. 2,058,410 1,843,529 1,417,937 3,551,387 ---------- ----------- ---------- ---------- Net change in contract owners' equity............. 2,146,781 1,960,321 1,418,338 3,562,387 Contract owners' equity: Beginning of period....................................... 1,960,321 0 0 0 ---------- ----------- ---------- ---------- End of period............................................. $4,107,102 $ 1,960,321 $1,418,338 $3,562,387 ========== =========== ========== ========== Change in units: Beginning units........................................... 183,953 0 0 0 ---------- ----------- ---------- ---------- Units purchased........................................... 473,843 298,020 140,329 353,181 Units redeemed............................................ (278,656) (114,067) (135) (749) ---------- ----------- ---------- ---------- Ending units.............................................. 379,140 183,953 140,194 352,432 ========== =========== ========== ==========
- --------------- (a) Period from May 1, 2004, date of commencement of operations. (c) Period from November 2, 2005, date of commencement of operations. The accompanying notes are an integral part of these financial statements. 21 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
DOW TARGET 10 PORTFOLIOS ----------------------------------------------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ----------------------- ----------------------- ----------------------- ----------------------- 2005 2004 2005 2004 2005 2004 2005 2004 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Increase (decrease) in contract owners' equity from operations: Net investment activity............. $ (33,316) $ (38,196) $ (42,273) $ (42,755) $ (38,406) $ (39,445) $ (25,651) $ (27,883) Reinvested capital gains................ 0 0 0 0 0 0 0 0 Realized gain (loss).... 91,960 92,858 84,758 72,055 60,013 49,055 43,010 70,037 Unrealized gain (loss)............... (263,215) (20,015) (176,651) (17,839) (230,317) 50,384 (134,482) (52,725) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity from operations...... (204,571) 34,647 (134,166) 11,461 (208,710) 59,994 (117,123) (10,571) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Equity transactions: Contract purchase payments (note 1).... 83,833 97,225 315,612 57,669 195,847 340,184 152,763 95,467 Transfers to & from fixed & other subaccounts.......... (157,266) 81,588 42,478 131,942 63,706 55,635 65,461 (290,619) Withdrawals & surrenders........... (274,677) (120,429) (327,754) (335,654) (398,202) (329,488) (195,963) (131,990) Surrender charges (note 2)................... (977) (1,647) (1,358) (12,459) (3,637) (11,171) (1,715) (1,632) Annual contract charges (note 2)............. (5,742) (5,892) (4,931) (5,510) (5,516) (5,071) (4,462) (4,036) Annuity & death benefit payments............. (29,240) (42,183) (57,469) (52,196) (33,988) (31,529) (39,812) (28,505) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net equity transactions.... (384,069) 8,662 (33,422) (216,208) (181,790) 18,560 (23,728) (361,315) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net change in contract owners' equity........ (588,640) 43,309 (167,588) (204,747) (390,500) 78,554 (140,851) (371,886) Contract owners' equity: Beginning of period..... 2,789,724 2,746,415 3,145,228 3,349,975 3,278,730 3,200,176 2,168,234 2,540,120 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- End of period........... $2,201,084 $2,789,724 $2,977,640 $3,145,228 $2,888,230 $3,278,730 $2,027,383 $2,168,234 ========== ========== ========== ========== ========== ========== ========== ========== Change in units: Beginning units......... 258,822 259,371 269,232 288,451 329,746 328,615 197,285 230,081 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Units purchased......... 43,569 54,119 58,275 42,604 54,655 73,999 42,008 26,646 Units redeemed.......... (81,689) (54,668) (62,311) (61,823) (73,201) (72,868) (43,311) (59,442) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Ending units............ 220,702 258,822 265,196 269,232 311,200 329,746 195,982 197,285 ========== ========== ========== ========== ========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements. 22 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
DOW TARGET 5 PORTFOLIOS --------------------------------------------------------------------------------------- FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------- ------------------- -------------------- -------------------- 2005 2004 2005 2004 2005 2004 2005 2004 -------- -------- -------- -------- --------- -------- --------- -------- Increase (decrease) in contract owners' equity from operations: Net investment activity............... $(10,082) $ (7,842) $ (7,605) $ (6,433) $ (7,117) $ (7,903) $ (8,995) $ (9,809) Reinvested capital gains.............. 0 0 0 0 0 0 0 0 Realized gain (loss).................. 14,886 7,273 21,932 6,971 623 22,734 9,479 14,146 Unrealized gain (loss)................ (25,553) 48,292 (42,040) 44,307 (114,233) 22,034 (98,730) 32,144 -------- -------- -------- -------- --------- -------- --------- -------- Net increase (decrease) in contract owners' equity from operations.................... (20,749) 47,723 (27,713) 44,845 (120,727) 36,865 (98,246) 36,481 -------- -------- -------- -------- --------- -------- --------- -------- Equity transactions: Contract purchase payments (note 1)... 122,937 32,430 32,615 5,084 119,941 12,805 23,174 11,430 Transfers to & from fixed & other subaccounts........................ 81,239 9,287 70,600 106,633 (18,472) (40,640) 26,080 20,642 Withdrawals & surrenders.............. (25,760) (9,686) (31,961) (63,943) (52,776) (25,228) (73,712) (32,222) Surrender charges (note 2)............ (38) (366) (216) (1,427) (544) (732) (589) (439) Annual contract charges (note 2)...... (1,178) (607) (855) (603) (1,592) (1,327) (1,736) (1,483) Annuity & death benefit payments...... (9,297) (4,195) (6,347) (6,689) (10,327) (26,815) (25,060) (1,122) -------- -------- -------- -------- --------- -------- --------- -------- Net equity transactions.......... 167,903 26,863 63,836 39,055 36,230 (81,937) (51,843) (3,194) -------- -------- -------- -------- --------- -------- --------- -------- Net change in contract owners' equity...................... 147,154 74,586 36,123 83,900 (84,497) (45,072) (150,089) 33,287 Contract owners' equity: Beginning of period................... 585,272 510,686 510,751 426,851 592,741 637,813 759,411 726,124 -------- -------- -------- -------- --------- -------- --------- -------- End of period......................... $732,426 $585,272 $546,874 $510,751 $ 508,244 $592,741 $ 609,322 $759,411 ======== ======== ======== ======== ========= ======== ========= ======== Change in units: Beginning units....................... 49,534 47,150 39,617 36,229 50,896 58,293 70,645 70,809 -------- -------- -------- -------- --------- -------- --------- -------- Units purchased....................... 33,506 9,847 14,943 10,045 18,032 26,908 8,212 10,514 Units redeemed........................ (18,776) (7,463) (10,177) (6,657) (14,188) (34,305) (13,165) (10,678) -------- -------- -------- -------- --------- -------- --------- -------- Ending units.......................... 64,264 49,534 44,383 39,617 54,740 50,896 65,692 70,645 ======== ======== ======== ======== ========= ======== ========= ========
The accompanying notes are an integral part of these financial statements. 23 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
FIDELITY VARIABLE INSURANCE PRODUCTS FUND -------------------------------------------------------------------------- VIP GROWTH VIP EQUITY-INCOME VIP HIGH INCOME BOND SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------ ----------------------- --------------------- 2005 2004 2005 2004 2005 2004 ----------- ---------- ---------- ---------- --------- --------- Increase (decrease) in contract owners' equity from operations: Net investment activity............................ $ (24,853) $ (48,996) $ 15,211 $ 11,410 $ 107,568 $ 69,026 Reinvested capital gains........................... 0 0 127,606 14,695 0 0 Realized gain (loss)............................... (467,323) (286,922) 28,278 (10,999) (102,921) (92,429) Unrealized gain (loss)............................. 599,094 407,350 (41,378) 348,312 4,395 95,757 ----------- ---------- ---------- ---------- --------- --------- Net increase (decrease) in contract owners' equity from operations....................... 106,918 71,432 129,717 363,418 9,042 72,354 ----------- ---------- ---------- ---------- --------- --------- Equity transactions: Contract purchase payments (note 1)................ 61,253 87,813 36,521 50,122 1,304 8,267 Transfers to & from fixed & other subaccounts...... (618,552) (164,960) (145,892) (85,817) (11,009) (8,220) Withdrawals & surrenders........................... (958,108) (542,728) (732,220) (504,233) (199,223) (156,459) Surrender charges (note 2)......................... (4,307) (7,026) (5,067) (9,867) (1,318) (2,729) Annual contract charges (note 2)................... (3,936) (4,872) (3,119) (3,538) (587) (667) Annuity & death benefit payments................... (8,336) (47,893) (134,703) (30,711) (3,809) (2,406) ----------- ---------- ---------- ---------- --------- --------- Net equity transactions....................... (1,531,986) (679,666) (984,480) (584,044) (214,642) (162,214) ----------- ---------- ---------- ---------- --------- --------- Net change in contract owners' equity...... (1,425,068) (608,234) (854,763) (220,626) (205,600) (89,860) Contract owners' equity: Beginning of period................................ 4,553,822 5,162,056 3,819,007 4,039,633 903,435 993,295 ----------- ---------- ---------- ---------- --------- --------- End of period...................................... $ 3,128,754 $4,553,822 $2,964,244 $3,819,007 $ 697,835 $ 903,435 =========== ========== ========== ========== ========= ========= Change in units: Beginning units.................................... 295,990 342,395 226,431 263,690 82,781 98,462 ----------- ---------- ---------- ---------- --------- --------- Units purchased.................................... 17,465 16,952 6,508 8,243 172 2,037 Units redeemed..................................... (118,746) (63,357) (64,773) (45,502) (19,886) (17,718) ----------- ---------- ---------- ---------- --------- --------- Ending units....................................... 194,709 295,990 168,166 226,431 63,067 82,781 =========== ========== ========== ========== ========= =========
The accompanying notes are an integral part of these financial statements. 24 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
JANUS ASPEN SERIES -- INSTITUTIONAL SHARES --------------------------------------------------- LARGE CAP GROWTH INTERNATIONAL GROWTH SUBACCOUNT(D) SUBACCOUNT ------------------------- ----------------------- 2005 2004 2005 2004 ----------- ----------- ---------- ---------- Increase (decrease) in contract owners' equity from operations: Net investment activity.................. $ (157,086) $ (239,141) $ (3,213) $ (17,826) Reinvested capital gains................. 0 0 0 0 Realized gain (loss)..................... (2,481,172) (3,715,170) 300,079 156,410 Unrealized gain (loss)................... 3,015,613 4,388,057 1,082,041 512,505 ----------- ----------- ---------- ---------- Net increase (decrease) in contract owners' equity from operations... 377,355 433,746 1,378,907 651,089 ----------- ----------- ---------- ---------- Equity transactions: Contract purchase payments (note 1)...... 102,689 212,884 10,299 17,518 Transfers to & from fixed & other subaccounts........................... (1,756,560) (3,484,837) 436,267 (258,902) Withdrawals & surrenders................. (2,731,172) (1,842,569) (439,892) (308,056) Surrender charges (note 2)............... (23,065) (29,189) (3,874) (4,043) Annual contract charges (note 2)......... (29,502) (37,822) (8,287) (8,282) Annuity & death benefit payments......... (254,071) (427,145) (104,769) (82,958) ----------- ----------- ---------- ---------- Net equity transactions............. (4,691,681) (5,608,678) (110,256) (644,723) ----------- ----------- ---------- ---------- Net change in contract owners' equity......................... (4,314,326) (5,174,932) 1,268,651 6,366 Contract owners' equity: Beginning of period...................... 18,960,761 24,135,693 4,334,219 4,327,853 ----------- ----------- ---------- ---------- End of period............................ $14,646,435 $18,960,761 $5,602,870 $4,334,219 =========== =========== ========== ========== Change in units: Beginning units.......................... 2,002,578 2,630,883 337,765 396,336 ----------- ----------- ---------- ---------- Units purchased.......................... 35,887 100,631 77,691 33,610 Units redeemed........................... (533,764) (728,936) (81,280) (92,181) ----------- ----------- ---------- ---------- Ending units............................. 1,504,701 2,002,578 334,176 337,765 =========== =========== ========== ========== JANUS ASPEN SERIES -- INSTITUTIONAL SHARES ----------------------------------------------------- WORLDWIDE GROWTH BALANCED SUBACCOUNT SUBACCOUNT ------------------------- ------------------------- 2005 2004 2005 2004 ----------- ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity.................. $ 3,033 $ (45,972) $ 241,971 $ 289,536 Reinvested capital gains................. 0 0 0 0 Realized gain (loss)..................... (1,098,640) (1,566,500) (158,330) (770,051) Unrealized gain (loss)................... 1,474,390 1,913,546 1,571,300 2,715,335 ----------- ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations... 378,783 301,074 1,654,941 2,234,820 ----------- ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)...... 83,479 156,237 149,520 260,190 Transfers to & from fixed & other subaccounts........................... (1,742,666) (2,576,571) (3,009,095) (4,431,936) Withdrawals & surrenders................. (1,738,357) (1,280,333) (5,871,448) (3,583,159) Surrender charges (note 2)............... (16,274) (18,855) (40,536) (51,509) Annual contract charges (note 2)......... (19,197) (22,900) (37,914) (37,783) Annuity & death benefit payments......... (243,533) (239,649) (621,559) (793,072) ----------- ----------- ----------- ----------- Net equity transactions............. (3,676,548) (3,982,071) (9,431,032) (8,637,269) ----------- ----------- ----------- ----------- Net change in contract owners' equity......................... (3,297,765) (3,680,997) (7,776,091) (6,402,449) Contract owners' equity: Beginning of period...................... 12,747,999 16,428,996 32,674,545 39,076,994 ----------- ----------- ----------- ----------- End of period............................ $9,450,234 $12,747,999 $24,898,454 $32,674,545 =========== =========== =========== =========== Change in units: Beginning units.......................... 1,334,120 1,778,626 2,339,609 2,991,279 ----------- ----------- ----------- ----------- Units purchased.......................... 30,422 57,498 42,677 117,423 Units redeemed........................... (415,397) (502,004) (699,770) (769,093) ----------- ----------- ----------- ----------- Ending units............................. 949,145 1,334,120 1,682,516 2,339,609 =========== =========== =========== ===========
- --------------- (d) Formerly known as Growth Subaccount. The accompanying notes are an integral part of these financial statements. 25 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
SALOMON BROTHERS VARIABLE SERIES FUNDS INC. ----------------------------------------------------------------------------- ALL CAP TOTAL RETURN INVESTORS SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------- ----------------------- ----------------------- 2005 2004 2005 2004 2005 2004 ----------- ----------- ---------- ---------- ---------- ---------- Increase (decrease) in contract owners' equity from operations: Net investment activity......................... $ (56,596) $ (111,847) $ 39,297 $ 40,313 $ (9,624) $ 6,244 Reinvested capital gains........................ 10,048 0 46,741 137,341 0 0 Realized gain (loss)............................ 278,101 227,888 88,091 91,325 160,770 125,753 Unrealized gain (loss).......................... 145,618 804,468 (51,938) 238,477 137,786 422,676 ----------- ----------- ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity from operations.................... 377,171 920,509 122,191 507,456 288,932 554,673 ----------- ----------- ---------- ---------- ---------- ---------- Equity transactions: Contract purchase payments (note 1)............. 743,515 820,560 220,557 189,706 94,289 43,238 Transfers to & from fixed & other subaccounts... 423,437 492,772 (395,481) 1,023,333 (13,635) 615,551 Withdrawals & surrenders........................ (860,398) (861,279) (534,879) (390,307) (592,038) (383,124) Surrender charges (note 2)...................... (11,639) (22,003) (4,709) (14,145) (4,294) (6,351) Annual contract charges (note 2)................ (28,436) (22,068) (8,826) (9,426) (7,848) (8,009) Annuity & death benefit payments................ (305,286) (352,653) (113,052) (723,824) (129,591) (203,889) ----------- ----------- ---------- ---------- ---------- ---------- Net equity transactions.................... (38,807) 55,329 (836,390) 75,337 (653,117) 57,416 ----------- ----------- ---------- ---------- ---------- ---------- Net change in contract owners' equity... 338,364 975,838 (714,199) 582,793 (364,185) 612,089 Contract owners' equity: Beginning of period............................. 13,937,991 12,962,153 7,722,656 7,139,863 6,330,102 5,718,013 ----------- ----------- ---------- ---------- ---------- ---------- End of period................................... $14,276,355 $13,937,991 $7,008,457 $7,722,656 $5,965,917 $6,330,102 =========== =========== ========== ========== ========== ========== Change in units: Beginning units................................. 845,895 840,411 659,241 655,519 488,333 480,529 ----------- ----------- ---------- ---------- ---------- ---------- Units purchased................................. 205,602 208,282 53,592 152,123 59,909 111,316 Units redeemed.................................. (207,127) (202,798) (125,503) (148,401) (110,575) (103,512) ----------- ----------- ---------- ---------- ---------- ---------- Ending units.................................... 844,370 845,895 587,330 659,241 437,667 488,333 =========== =========== ========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements. 26 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
STRONG VARIABLE INSURANCE WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS (NOTE 4) FUNDS, INC. (NOTE 4) ----------------------------------------------------------------- -------------------------- OPPORTUNITY MULTI CAP VALUE DISCOVERY MID-CAP GROWTH II SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------- ----------------------- ----------- -------------------------- 2005 2004 2005 2004 2005 2005 2004 ----------- ----------- ---------- ---------- ----------- ------------ ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity........ $ (242,059) $ (286,414) $ (13,152) $ (19,087) $ (177,243) $ (69,022) $ (279,621) Reinvested capital gains....... 0 0 0 0 0 0 0 Realized gain (loss)........... 282,960 (273,157) 47,986 36,099 218,603 (11,798,834) (3,848,851) Unrealized gain (loss)......... 1,066,265 3,819,783 155,040 182,530 2,532,763 10,695,283 7,447,709 ----------- ----------- ---------- ---------- ----------- ------------ ----------- Net increase (decrease) in contract owners' equity from operations........ 1,107,166 3,260,212 189,874 199,542 2,574,123 (1,172,573) 3,319,237 ----------- ----------- ---------- ---------- ----------- ------------ ----------- Equity transactions: Contract purchase payments (note 1).................... 130,738 529,332 4,273 6,874 65,715 30,944 225,048 Transfers to & from fixed & other subaccounts........... (1,783,551) (2,156,240) 53,746 (168,233) 17,331,252 (19,185,733) (2,266,725) Withdrawals & surrenders....... (1,778,604) (2,925,812) (83,455) (185,771) (1,226,347) (566,246) (2,254,213) Surrender charges (note 2)..... (26,340) (36,048) (1,454) (3,059) (17,489) (8,009) (40,262) Annual contract charges (note 2).......................... (41,916) (27,316) (1,876) (1,912) (31,494) (7,766) (30,320) Annuity & death benefit payments.................... (511,895) (344,089) (12,710) (28,754) (189,656) (84,038) (342,009) ----------- ----------- ---------- ---------- ----------- ------------ ----------- Net equity transactions... (4,011,568) (4,960,173) (41,476) (380,855) 15,931,981 (19,820,848) (4,708,481) ----------- ----------- ---------- ---------- ----------- ------------ ----------- Net change in contract owners' equity....... (2,904,402) (1,699,961) 148,398 (181,313) 18,506,104 (20,993,421) (1,389,244) Contract owners' equity: Beginning of period............ 20,560,681 22,260,642 1,436,096 1,617,409 0 20,993,421 22,382,665 ----------- ----------- ---------- ---------- ----------- ------------ ----------- End of period.................. $17,656,279 $20,560,681 $1,584,494 $1,436,096 $18,506,104 $ 0 $20,993,421 =========== =========== ========== ========== =========== ============ =========== Change in units: Beginning units................ 1,434,165 1,813,163 120,196 155,713 0 1,844,960 2,318,174 ----------- ----------- ---------- ---------- ----------- ------------ ----------- Units purchased................ 29,941 167,764 16,676 3,112 1,744,839 11,559 114,949 Units redeemed................. (308,166) (546,762) (21,731) (38,629) (241,990) (1,856,519) (588,163) ----------- ----------- ---------- ---------- ----------- ------------ ----------- Ending units................... 1,155,940 1,434,165 115,141 120,196 1,502,849 0 1,844,960 =========== =========== ========== ========== =========== ============ ===========
The accompanying notes are an integral part of these financial statements. 27 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS -- CLASS I ----------------------------------------------------------------------------------------------------- CORE PLUS FIXED INCOME U.S. REAL ESTATE VALUE EMERGING MARKETS DEBT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------ ------------------------ ----------------------- --------------------- 2005 2004 2005 2004 2005 2004 2005 2004 ----------- ---------- ----------- ---------- ---------- ---------- --------- --------- Increase (decrease) in contract owners' equity from operations: Net investment activity............. $ 86,674 $ 112,531 $ (10,722) $ 18,850 $ 843 $ (3,464) $ 13,267 $ 11,027 Reinvested capital gains................ 29,036 10,522 295,233 108,716 59,076 33,565 3,384 6,304 Realized gain (loss).... 75,432 42,489 386,616 86,434 57,059 30,193 2,248 5,043 Unrealized gain (loss)............... (77,551) (31,928) 1,087,009 1,802,931 (94,194) 98,270 2,007 (4,791) ----------- ---------- ----------- ---------- ---------- ---------- -------- -------- Net increase (decrease) in contract owners' equity from operations......... 113,591 133,614 1,758,136 2,016,931 22,784 158,564 20,906 17,583 ----------- ---------- ----------- ---------- ---------- ---------- -------- -------- Equity transactions: Contract purchase payments (note 1).... 16,912 35,666 173,019 179,463 0 0 0 0 Transfers to & from fixed & other subaccounts.......... 162,240 20,448 3,252,773 4,260,937 (65,189) 44,517 (5,407) 3,189 Withdrawals & surrenders........... (1,088,195) (253,127) (937,612) (554,167) (248,249) (93,546) (3,463) 0 Surrender charges (note 2)................... (1,706) (4,291) (11,495) (11,057) (117) (898) 0 0 Annual contract charges (note 2)............. (3,233) (3,725) (11,445) (5,843) (616) (892) (100) (138) Annuity & death benefit payments............. (202,824) (168,285) (155,445) (71,181) (11,357) (9,649) (179) (341) ----------- ---------- ----------- ---------- ---------- ---------- -------- -------- Net equity transactions....... (1,116,806) (373,314) 2,309,795 3,798,152 (325,528) (60,468) (9,149) 2,710 ----------- ---------- ----------- ---------- ---------- ---------- -------- -------- Net change in contract owners' equity.......... (1,003,215) (239,700) 4,067,931 5,815,083 (302,744) 98,096 11,757 20,293 Contract owners' equity: Beginning of period..... 4,455,887 4,695,587 9,445,335 3,630,252 1,110,381 1,012,285 202,590 182,297 ----------- ---------- ----------- ---------- ---------- ---------- -------- -------- End of period........... $ 3,452,672 $4,455,887 $13,513,266 $9,445,335 $ 807,637 $1,110,381 $214,347 $202,590 =========== ========== =========== ========== ========== ========== ======== ======== Change in units: Beginning units......... 330,241 358,294 425,247 217,916 88,598 93,889 13,362 13,109 ----------- ---------- ----------- ---------- ---------- ---------- -------- -------- Units purchased......... 33,460 35,543 228,193 281,367 434 15,916 281 2,156 Units redeemed.......... (115,170) (63,596) (128,042) (74,036) (26,621) (21,207) (872) (1,903) ----------- ---------- ----------- ---------- ---------- ---------- -------- -------- Ending units............ 248,531 330,241 525,398 425,247 62,411 88,598 12,771 13,362 =========== ========== =========== ========== ========== ========== ======== ========
The accompanying notes are an integral part of these financial statements. 28 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
GOLDMAN SACHS VARIABLE INSURANCE TRUST --------------------------------------------------------------------------------- GROWTH & INCOME CORE U.S. EQUITY CAPITAL GROWTH SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------- ------------------------- ------------------------- 2005 2004 2005 2004 2005 2004 ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity..................... $ 444,162 $ 154,842 $ (58,840) $ (17,786) $ (160,662) $ (20,374) Reinvested capital gains.................... 0 0 0 0 0 0 Realized gain (loss)........................ 16,818 60,738 25,349 2,972 (19,872) (54,063) Unrealized gain (loss)...................... 924,298 2,434,517 2,426,038 1,689,559 367,405 1,040,377 ----------- ----------- ----------- ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations......... 1,385,278 2,650,097 2,392,547 1,674,745 186,871 965,940 ----------- ----------- ----------- ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)......... 14,622,361 3,670,452 9,206,874 2,942,580 1,180,262 2,893,147 Transfers to & from fixed & other subaccounts.............................. 26,101,796 9,917,489 17,647,344 1,592,112 (952,760) 5,111,410 Withdrawals & surrenders.................... (1,712,673) (597,789) (1,130,372) (613,698) (561,717) (682,135) Surrender charges (note 2).................. (27,943) (12,349) (26,233) (11,827) (12,949) (11,926) Annual contract charges (note 2)............ (95,940) (21,175) (60,177) (16,536) (39,397) (11,611) Annuity & death benefit payments............ (669,297) (227,051) (535,533) (228,956) (165,155) (139,329) ----------- ----------- ----------- ----------- ----------- ----------- Net equity transactions.................. 38,218,304 12,729,577 25,101,903 3,663,675 (551,716) 7,159,556 ----------- ----------- ----------- ----------- ----------- ----------- Net change in contract owners' equity.............................. 39,603,582 15,379,674 27,494,450 5,338,420 (364,845) 8,125,496 Contract owners' equity: Beginning of period......................... 24,593,338 9,213,664 15,198,149 9,859,729 14,513,675 6,388,179 ----------- ----------- ----------- ----------- ----------- ----------- End of period............................... $64,196,920 $24,593,338 $42,692,599 $15,198,149 $14,148,830 $14,513,675 =========== =========== =========== =========== =========== =========== Change in units: Beginning units............................. 2,510,206 1,102,470 1,410,688 1,038,874 1,377,910 658,977 ----------- ----------- ----------- ----------- ----------- ----------- Units purchased............................. 4,358,643 1,629,741 2,637,317 928,737 419,319 897,569 Units redeemed.............................. (474,223) (222,005) (296,831) (556,923) (475,383) (178,636) ----------- ----------- ----------- ----------- ----------- ----------- Ending units................................ 6,394,626 2,510,206 3,751,174 1,410,688 1,321,846 1,377,910 =========== =========== =========== =========== =========== ===========
The accompanying notes are an integral part of these financial statements. 29 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
LAZARD RETIREMENT SERIES, INC. ---------------------------------------------------------------------------------- INTERNATIONAL EMERGING MARKETS SMALL CAP EQUITY EQUITY SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------- ------------------------- ---------- ------------- 2005 2004 2005 2004 2005(B) 2005(B) ----------- ----------- ----------- ----------- ---------- ------------- Increase (decrease) in contract owners' equity from operations: Net investment activity.................... $ (210,656) $ (47,674) $ (456,782) $ (365,560) $ (119) $ (384) Reinvested capital gains................... 869,616 0 2,552,120 0 0 5,965 Realized gain (loss)....................... 1,263,903 746,280 1,019,564 266,390 5 105 Unrealized gain (loss)..................... 6,174,583 1,963,685 (2,156,218) 4,025,210 2,634 68,190 ----------- ----------- ----------- ----------- -------- ---------- Net increase (decrease) in contract owners' equity from operations......... 8,097,446 2,662,291 958,684 3,926,040 2,520 73,876 ----------- ----------- ----------- ----------- -------- ---------- Equity transactions: Contract purchase payments (note 1)........ 6,721,037 3,235,493 2,565,938 3,458,999 18,876 471,241 Transfers to & from fixed & other subaccounts............................. 14,091,278 2,172,291 (491,583) 5,302,425 89,214 798,018 Withdrawals & surrenders................... (1,203,253) (672,973) (2,138,092) (1,215,720) 0 (303) Surrender charges (note 2)................. (12,377) (12,230) (41,514) (35,316) 0 0 Annual contract charges (note 2)........... (29,042) (10,120) (67,663) (33,740) (134) (11) Annuity & death benefit payments........... (174,344) (45,234) (476,963) (340,521) 0 (11,138) ----------- ----------- ----------- ----------- -------- ---------- Net equity transactions................. 19,393,299 4,667,227 (649,877) 7,136,127 107,956 1,257,807 ----------- ----------- ----------- ----------- -------- ---------- Net change in contract owners' equity............................... 27,490,745 7,329,518 308,807 11,062,167 110,476 1,331,683 Contract owners' equity: Beginning of period........................ 13,616,632 6,287,114 35,390,879 24,328,712 0 0 ----------- ----------- ----------- ----------- -------- ---------- End of period.............................. $41,107,377 $13,616,632 $35,699,686 $35,390,879 $110,476 $1,331,683 =========== =========== =========== =========== ======== ========== Change in units: Beginning units............................ 931,247 551,249 2,159,593 1,674,079 0 0 ----------- ----------- ----------- ----------- -------- ---------- Units purchased............................ 1,692,073 855,688 593,443 857,221 10,447 120,134 Units redeemed............................. (595,832) (475,690) (629,276) (371,707) (13) (3,361) ----------- ----------- ----------- ----------- -------- ---------- Ending units............................... 2,027,488 931,247 2,123,760 2,159,593 10,434 116,773 =========== =========== =========== =========== ======== ==========
- --------------- (b) Period from May 2, 2005, date of commencement of operations. The accompanying notes are an integral part of these financial statements. 30 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
THE PRUDENTIAL SERIES FUND, INC. UBS SERIES TRUST --------------------------------------------------- ------------------------ JENNISON 20/20 FOCUS JENNISON U.S. ALLOCATION SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------- ----------------------- ------------------------ 2005 2004 2005 2004 2005 2004 ----------- ----------- ---------- ---------- ----------- ---------- Increase (decrease) in contract owners' equity from operations: Net investment activity.................... $ (185,446) $ (148,630) $ (95,316) $ (87,696) $ 3,296 $ (53,692) Reinvested capital gains................... 0 0 0 0 0 0 Realized gain (loss)....................... 485,245 222,017 (19,066) (233,143) 44,880 (176,816) Unrealized gain (loss)..................... 2,260,476 1,452,832 988,851 814,222 413,111 996,932 ----------- ----------- ---------- ---------- ----------- ---------- Net increase (decrease) in contract owners' equity from operations........ 2,560,275 1,526,219 874,469 493,383 461,287 766,424 ----------- ----------- ---------- ---------- ----------- ---------- Equity transactions: Contract purchase payments (note 1)........ 1,867,720 3,904,323 308,598 729,679 363,141 331,643 Transfers to & from fixed & other subaccounts............................. 1,536,994 2,468,037 159,493 531,527 (573,069) (286,686) Withdrawals & surrenders................... (741,376) (388,760) (488,143) (705,839) (965,404) (554,833) Surrender charges (note 2)................. (24,105) (7,822) (7,404) (27,443) (17,485) (14,484) Annual contract charges (note 2)........... (35,759) (13,021) (16,054) (12,594) (19,643) (19,794) Annuity & death benefit payments........... (230,329) (193,294) (113,874) (398,956) (99,100) (312,003) ----------- ----------- ---------- ---------- ----------- ---------- Net equity transactions................. 2,373,145 5,769,463 (157,384) 116,374 (1,311,560) (856,157) ----------- ----------- ---------- ---------- ----------- ---------- Net change in contract owners' equity............................. 4,933,420 7,295,682 717,085 609,757 (850,273) (89,733) Contract owners' equity: Beginning of period........................ 13,239,118 5,943,436 7,022,975 6,413,218 9,119,334 9,209,067 ----------- ----------- ---------- ---------- ----------- ---------- End of period.............................. $18,172,538 $13,239,118 $7,740,060 $7,022,975 $ 8,269,061 $9,119,334 =========== =========== ========== ========== =========== ========== Change in units: Beginning units............................ 1,263,950 646,176 1,086,201 1,071,538 999,077 1,103,320 ----------- ----------- ---------- ---------- ----------- ---------- Units purchased............................ 547,477 1,370,588 200,476 405,016 101,149 173,391 Units redeemed............................. (365,838) (752,814) (224,995) (390,353) (237,769) (277,634) ----------- ----------- ---------- ---------- ----------- ---------- Ending units............................... 1,445,589 1,263,950 1,061,682 1,086,201 862,457 999,077 =========== =========== ========== ========== =========== ========== OLD MUTUAL INSURANCE SERIES FUND(E) ---------------------------- TECHNOLOGY & COMMUNICATIONS SUBACCOUNT ---------------------------- 2005 2004 ------------ ------------- Increase (decrease) in contract owners' equity from operations: Net investment activity.................... $ (35,580) $ (42,834) Reinvested capital gains................... 0 0 Realized gain (loss)....................... (715,094) (1,753,179) Unrealized gain (loss)..................... 947,358 1,905,388 ---------- ----------- Net increase (decrease) in contract owners' equity from operations........ 196,684 109,375 ---------- ----------- Equity transactions: Contract purchase payments (note 1)........ 34,030 138,229 Transfers to & from fixed & other subaccounts............................. (247,742) (441,900) Withdrawals & surrenders................... (208,090) (338,827) Surrender charges (note 2)................. (6,024) (11,603) Annual contract charges (note 2)........... (5,035) (6,057) Annuity & death benefit payments........... (25,944) (43,833) ---------- ----------- Net equity transactions................. (458,805) (703,991) ---------- ----------- Net change in contract owners' equity............................. (262,121) (594,616) Contract owners' equity: Beginning of period........................ 3,036,566 3,631,182 ---------- ----------- End of period.............................. $2,774,445 $ 3,036,566 ========== =========== Change in units: Beginning units............................ 1,769,320 2,221,954 ---------- ----------- Units purchased............................ 194,904 529,043 Units redeemed............................. (473,598) (981,677) ---------- ----------- Ending units............................... 1,490,626 1,769,320 ========== ===========
- --------------- (e) Formerly known as PBHG Insurance Series fund. The accompanying notes are in integral part of these financial statements. 31 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- SERVICE CLASS 2 -------------------------------------------------------------------- VIP MID CAP VIP CONTRAFUND VIP GROWTH SUBACCOUNT SUBACCOUNT SUBACCOUNT -------------------------- ------------------------- ----------- 2005 2004 2005 2004 2005 ------------ ----------- ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity............... $ (1,215,956) $ (714,033) $ (818,311) $ (435,174) $ (240,406) Reinvested capital gains.............. 1,282,659 0 9,997 0 0 Realized gain (loss).................. 483,339 436,568 95,438 122,933 (408,134) Unrealized gain (loss)................ 14,776,422 12,844,729 11,422,692 5,775,127 1,536,425 ------------ ----------- ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations... 15,326,464 12,567,264 10,709,816 5,462,886 887,885 ------------ ----------- ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)... 15,059,577 6,485,273 13,170,627 5,270,802 1,163,771 Transfers to & from fixed & other subaccounts........................ 23,451,239 12,768,834 24,617,318 11,961,607 (166,008) Withdrawals & surrenders.............. (5,428,458) (2,348,435) (3,438,124) (1,915,192) (1,291,240) Surrender charges (note 2)............ (110,370) (66,515) (59,327) (56,847) (25,205) Annual contract charges (note 2)...... (167,563) (68,668) (118,683) (52,580) (31,780) Annuity & death benefit payments...... (1,217,598) (695,024) (912,723) (564,227) (315,192) ------------ ----------- ----------- ----------- ----------- Net equity transactions............ 31,586,827 16,075,465 33,259,088 14,643,563 (665,654) ------------ ----------- ----------- ----------- ----------- Net change in contract owners' equity........................ 46,913,291 28,642,729 43,968,904 20,106,449 222,231 Contract owners' equity: Beginning of period................... 72,717,587 44,074,858 50,344,242 30,237,793 22,961,063 ------------ ----------- ----------- ----------- ----------- End of period......................... $119,630,878 $72,717,587 $94,313,146 $50,344,242 $23,183,294 ============ =========== =========== =========== =========== Change in units: Beginning units....................... 4,592,142 3,423,104 4,921,457 3,360,059 3,659,582 ------------ ----------- ----------- ----------- ----------- Units purchased....................... 2,892,683 1,840,469 3,924,845 2,131,282 574,441 Units redeemed........................ (998,794) (671,431) (848,761) (569,884) (684,247) ------------ ----------- ----------- ----------- ----------- Ending units.......................... 6,486,031 4,592,142 7,997,541 4,921,457 3,549,776 ============ =========== =========== =========== =========== FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- SERVICE CLASS 2 --------------------------------------- VIP GROWTH VIP EQUITY-INCOME SUBACCOUNT SUBACCOUNT ----------- ------------------------- 2004 2005 2004 ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity............... $ (264,501) $ (60,599) $ (69,603) Reinvested capital gains.............. 0 547,595 5,174 Realized gain (loss).................. (482,316) 18,007 26,472 Unrealized gain (loss)................ 1,075,883 667,231 1,060,310 ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations... 329,066 1,172,234 1,022,353 ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)... 1,292,660 4,129,863 3,464,990 Transfers to & from fixed & other subaccounts........................ 2,828,619 9,370,622 8,528,903 Withdrawals & surrenders.............. (1,001,213) (786,580) (163,118) Surrender charges (note 2)............ (35,374) (13,437) (3,700) Annual contract charges (note 2)...... (28,317) (48,211) (4,642) Annuity & death benefit payments...... (339,032) (243,380) (120,604) ----------- ----------- ----------- Net equity transactions............ 2,717,343 12,408,877 11,701,829 ----------- ----------- ----------- Net change in contract owners' equity........................ 3,046,409 13,581,111 12,724,182 Contract owners' equity: Beginning of period................... 19,914,654 13,770,584 1,046,402 ----------- ----------- ----------- End of period......................... $22,961,063 $27,351,695 $13,770,584 =========== =========== =========== Change in units: Beginning units....................... 3,227,912 1,160,154 96,708 ----------- ----------- ----------- Units purchased....................... 1,152,310 1,270,066 1,176,071 Units redeemed........................ (720,640) (217,209) (112,625) ----------- ----------- ----------- Ending units.......................... 3,659,582 2,213,011 1,160,154 =========== =========== ===========
The accompanying notes are an integral part of these financial statements. 32 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
JANUS ASPEN SERIES -- SERVICE SHARES ------------------------------------------------------------------- LARGE CAP GROWTH WORLDWIDE GROWTH BALANCED SUBACCOUNT(D) SUBACCOUNT SUBACCOUNT ------------------------- ------------------------- ----------- 2005 2004 2005 2004 2005 ----------- ----------- ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity................ $ (235,950) $ (289,015) $ (19,870) $ (87,956) $ 432,178 Reinvested capital gains............... 0 0 0 0 0 Realized gain (loss)................... (1,092,408) (1,536,570) 541,782 670,142 403,243 Unrealized gain (loss)................. 1,767,296 2,318,332 91,178 (88,921) 2,781,640 ----------- ----------- ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations.... 438,938 492,747 613,090 493,265 3,617,061 ----------- ----------- ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1).... 767,598 665,155 400,732 570,109 3,554,516 Transfers to & from fixed & other subaccounts......................... (914,077) (1,749,465) (1,134,376) (1,867,801) (1,484,720) Withdrawals & surrenders............... (1,336,153) (1,271,802) (1,257,434) (2,015,425) (5,125,072) Surrender charges (note 2)............. (40,223) (44,201) (42,678) (46,112) (122,751) Annual contract charges (note 2)....... (28,489) (30,217) (38,730) (26,575) (105,813) Annuity & death benefit payments....... (351,429) (378,709) (214,104) (260,545) (1,538,058) ----------- ----------- ----------- ----------- ----------- Net equity transactions............. (1,902,773) (2,809,239) (2,286,590) (3,646,349) (4,821,898) ----------- ----------- ----------- ----------- ----------- Net change in contract owners' equity......................... (1,463,835) (2,316,492) (1,673,500) (3,153,084) (1,204,837) Contract owners' equity: Beginning of period.................... 21,050,149 23,366,641 17,581,804 20,734,888 62,556,488 ----------- ----------- ----------- ----------- ----------- End of period.......................... $19,586,314 $21,050,149 $15,908,304 $17,581,804 $61,351,651 =========== =========== =========== =========== =========== Change in units: Beginning units........................ 3,646,436 4,161,378 3,125,209 3,801,740 6,214,230 ----------- ----------- ----------- ----------- ----------- Units purchased........................ 332,847 334,650 256,620 353,683 680,092 Units redeemed......................... (672,412) (849,592) (668,222) (1,030,214) (1,157,608) ----------- ----------- ----------- ----------- ----------- Ending units........................... 3,306,871 3,646,436 2,713,607 3,125,209 5,736,714 =========== =========== =========== =========== =========== JANUS ASPEN SERIES -- SERVICE SHARES --------------------------------------- BALANCED INTERNATIONAL GROWTH SUBACCOUNT SUBACCOUNT ----------- ------------------------- 2004 2005 2004 ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity................ $ 497,498 $ (24,988) $ (50,255) Reinvested capital gains............... 0 0 0 Realized gain (loss)................... 61,002 163,536 333,624 Unrealized gain (loss)................. 3,526,677 5,464,385 1,499,839 ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations.... 4,085,177 5,602,933 1,783,208 ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1).... 2,900,677 4,450,906 1,606,886 Transfers to & from fixed & other subaccounts......................... (4,537,818) 6,583,659 777,265 Withdrawals & surrenders............... (4,503,504) (1,227,460) (862,312) Surrender charges (note 2)............. (137,596) (21,640) (28,322) Annual contract charges (note 2)....... (69,691) (28,562) (15,470) Annuity & death benefit payments....... (1,620,851) (217,238) (250,028) ----------- ----------- ----------- Net equity transactions............. (7,968,783) 9,539,665 1,228,019 ----------- ----------- ----------- Net change in contract owners' equity......................... (3,883,606) 15,142,598 3,011,227 Contract owners' equity: Beginning of period.................... 66,440,094 12,703,804 9,692,577 ----------- ----------- ----------- End of period.......................... $62,556,488 $27,846,402 $12,703,804 =========== =========== =========== Change in units: Beginning units........................ 7,052,378 1,857,675 1,674,737 ----------- ----------- ----------- Units purchased........................ 870,341 1,643,888 680,172 Units redeemed......................... (1,708,489) (416,697) (497,234) ----------- ----------- ----------- Ending units........................... 6,214,230 3,084,866 1,857,675 =========== =========== ===========
- --------------- (d) Formerly known as Growth Subaccount. The accompanying notes are an integral part of these financial statements. 33 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
J.P. MORGAN SERIES TRUST II ----------------------------------------------------- SMALL COMPANY MID CAP VALUE SUBACCOUNT SUBACCOUNT ------------------------- ------------------------- 2005 2004 2005 2004 ----------- ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity................................... $ (239,103) $ (142,357) $ (711,120) $ (220,978) Reinvested capital gains.................................. 2,249,247 0 712,277 88,999 Realized gain (loss)...................................... 483,492 130,274 53,340 116,495 Unrealized gain (loss).................................... (2,093,367) 3,079,786 4,667,493 4,215,210 ----------- ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations............................................ 400,269 3,067,703 4,721,990 4,199,726 ----------- ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)....................... 2,141,430 3,110,718 24,093,418 7,848,084 Transfers to & from fixed & other subaccounts............. (31,201) 5,504,770 31,426,215 13,204,389 Withdrawals & surrenders.................................. (971,311) (539,583) (2,003,432) (739,400) Surrender charges (note 2)................................ (12,029) (9,214) (41,782) (20,550) Annual contract charges (note 2).......................... (46,090) (15,470) (133,768) (27,877) Annuity & death benefit payments.......................... (237,320) (147,113) (789,202) (238,480) ----------- ----------- ----------- ----------- Net equity transactions................................ 843,479 7,904,108 52,551,449 20,026,166 ----------- ----------- ----------- ----------- Net change in contract owners' equity................ 1,243,748 10,971,811 57,273,439 24,225,892 Contract owners' equity: Beginning of period....................................... 18,524,395 7,552,584 35,200,558 10,974,666 ----------- ----------- ----------- ----------- End of period............................................. $19,768,143 $18,524,395 $92,473,997 $35,200,558 =========== =========== =========== =========== Change in units: Beginning units........................................... 1,501,270 768,658 2,112,226 786,900 ----------- ----------- ----------- ----------- Units purchased........................................... 613,344 943,350 3,473,083 1,688,692 Units redeemed............................................ (544,626) (210,738) (439,399) (363,366) ----------- ----------- ----------- ----------- Ending units.............................................. 1,569,988 1,501,270 5,145,910 2,112,226 =========== =========== =========== ===========
The accompanying notes are an integral part of these financial statements. 34 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
ALLIANCEBERSTEIN VARIABLE SERIES PRODUCT FUND, INC. -- CLASS B ------------------------------------------------------------------- GLOBAL BOND GROWTH & INCOME SMALL CAP GROWTH SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------- ----------------------- ------------------- 2005 2004 2005 2004 2005 2004 -------- -------- ---------- ---------- -------- -------- Increase (decrease) in contract owners' equity from operations: Net investment activity................................... $ 30,951 $ 17,088 $ (1,004) $ (10,359) $ (3,034) $ (3,364) Reinvested capital gains.................................. 4,701 7,963 0 0 0 0 Realized gain (loss)...................................... 1,741 8,764 47,455 17,310 6,011 5,000 Unrealized gain (loss).................................... (74,950) (4,492) (2,194) 145,746 1,751 25,655 -------- -------- ---------- ---------- -------- -------- Net increase (decrease) in contract owners' equity from operations............................................ (37,557) 29,323 44,257 152,697 4,728 27,291 -------- -------- ---------- ---------- -------- -------- Equity transactions: Contract purchase payments (note 1)....................... 450 385 700 700 876 0 Transfers to & from fixed & other subaccounts............. 43,617 (11,621) (50,226) 16,849 (20,779) (40,294) Withdrawals & surrenders.................................. (34,099) (37,608) (231,535) (99,620) (10,241) (5,169) Surrender charges (note 2)................................ (530) (1,360) (2,579) (2,325) (151) (34) Annual contract charges (note 2).......................... (130) (116) (1,880) (1,740) (285) (316) Annuity & death benefit payments.......................... (4,989) (2,173) (27,833) (15,523) (988) (935) -------- -------- ---------- ---------- -------- -------- Net equity transactions................................ 4,319 (52,493) (313,353) (101,659) (31,568) (46,748) -------- -------- ---------- ---------- -------- -------- Net change in contract owners' equity................ (33,238) (23,170) (269,096) 51,038 (26,840) (19,457) Contract owners' equity: Beginning of period....................................... 394,618 417,788 1,701,625 1,650,587 251,812 271,269 -------- -------- ---------- ---------- -------- -------- End of period............................................. $361,380 $394,618 $1,432,529 $1,701,625 $224,972 $251,812 ======== ======== ========== ========== ======== ======== Change in units: Beginning units........................................... 30,484 34,876 159,416 169,563 19,676 23,925 -------- -------- ---------- ---------- -------- -------- Units purchased........................................... 4,357 2,119 8,451 23,420 117 12 Units redeemed............................................ (4,162) (6,511) (37,814) (33,567) (2,810) (4,261) -------- -------- ---------- ---------- -------- -------- Ending units.............................................. 30,679 30,484 130,053 159,416 16,983 19,676 ======== ======== ========== ========== ======== ========
The accompanying notes are an integral part of these financial statements. 35 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
MFS VARIABLE INSURANCE TRUST -- SERVICE CLASS ---------------------------------------------------- NEW DISCOVERY INVESTORS GROWTH STOCK SUBACCOUNT SUBACCOUNT ------------------------ ------------------------ 2005 2004 2005 2004 ---------- ---------- ---------- ---------- Increase (decrease) in contract owners' equity from operations: Net investment activity.............. $ (31,212) $ (32,237) $ (49,451) $ (45,325) Reinvested capital gains............. 0 0 0 0 Realized gain (loss)................. 43,403 70,641 77,355 26,541 Unrealized gain (loss)............... 81,270 64,462 89,844 288,449 ---------- ---------- ---------- ---------- Net increase (decrease) in contract owners' equity from operations...................... 93,461 102,866 117,748 269,665 ---------- ---------- ---------- ---------- Equity transactions: Contract purchase payments (note 1)................................ 163,742 273,441 539,305 620,267 Transfers to & from fixed & other subaccounts....................... 246,778 (7,565) 41,064 977,479 Withdrawals & surrenders............. (145,869) (290,002) (166,028) (255,554) Surrender charges (note 2)........... (1,997) (9,878) (1,050) (6,471) Annual contract charges (note 2)..... (5,046) (4,500) (6,446) (4,569) Annuity & death benefit payments..... (23,541) (18,093) (28,770) (44,249) ---------- ---------- ---------- ---------- Net equity transactions........... 234,067 (56,597) 378,075 1,286,903 ---------- ---------- ---------- ---------- Net change in contract owners' equity....................... 327,528 46,269 495,823 1,556,568 Contract owners' equity: Beginning of period.................. 2,414,984 2,368,715 4,065,744 2,509,176 ---------- ---------- ---------- ---------- End of period........................ $2,742,512 $2,414,984 $4,561,567 $4,065,744 ========== ========== ========== ========== Change in units: Beginning units...................... 223,647 231,222 409,111 271,373 ---------- ---------- ---------- ---------- Units purchased...................... 63,530 91,691 131,513 195,050 Units redeemed....................... (42,515) (99,266) (94,450) (57,312) ---------- ---------- ---------- ---------- Ending units......................... 244,662 223,647 446,174 409,111 ========== ========== ========== ========== MFS VARIABLE INSURANCE TRUST -- SERVICE CLASS ------------------------------------------------------ MID CAP GROWTH TOTAL RETURN SUBACCOUNT SUBACCOUNT ------------------------ -------------------------- 2005 2004 2005 2004 ---------- ---------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity.............. $ (58,337) $ (52,191) $ 349,347 $ 63,026 Reinvested capital gains............. 0 0 2,663,168 0 Realized gain (loss)................. 110,900 60,040 499,983 241,050 Unrealized gain (loss)............... (1,384) 458,539 (2,585,562) 4,865,061 ---------- ---------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations...................... 51,179 466,388 926,936 5,169,137 ---------- ---------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)................................ 474,640 645,248 6,918,931 5,733,929 Transfers to & from fixed & other subaccounts....................... (124,050) 1,073,968 8,903,894 13,929,427 Withdrawals & surrenders............. (248,518) (276,527) (5,460,655) (2,635,558) Surrender charges (note 2)........... (4,564) (7,831) (108,506) (78,558) Annual contract charges (note 2)..... (22,374) (4,559) (96,989) (58,557) Annuity & death benefit payments..... (19,885) (16,448) (1,563,416) (1,289,117) ---------- ---------- ----------- ----------- Net equity transactions........... 55,249 1,413,851 8,593,259 15,601,566 ---------- ---------- ----------- ----------- Net change in contract owners' equity....................... 106,428 1,880,239 9,520,195 20,770,703 Contract owners' equity: Beginning of period.................. 4,676,290 2,796,051 63,678,445 42,907,742 ---------- ---------- ----------- ----------- End of period........................ $4,782,718 $4,676,290 $73,198,640 $63,678,445 ========== ========== =========== =========== Change in units: Beginning units...................... 495,114 334,686 5,277,000 3,885,956 ---------- ---------- ----------- ----------- Units purchased...................... 147,241 319,840 2,124,621 2,285,946 Units redeemed....................... (143,311) (159,412) (1,405,627) (894,902) ---------- ---------- ----------- ----------- Ending units......................... 499,044 495,114 5,995,994 5,277,000 ========== ========== =========== ===========
The accompanying notes are an integral part of these financial statements. 36 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
FIRST AMERICAN INSURANCE PORTFOLIOS, INC. (CLASS IB) (NOTE 4) PIMCO VARIABLE INSURANCE TRUST -- ADMINISTRATIVE SHARES -------------------------- ------------------------------------------------------ CORPORATE EQUITY BOND INCOME REAL RETURN TOTAL RETURN SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ----------- ------------ -------------------------- ------------------------- 2004 2004 2005 2004 2005 2004 ----------- ------------ ------------ ----------- ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity............... $ 46,315 $ (36,144) $ 1,644,692 $ (107,489) $ 996,979 $ 194,485 Reinvested capital gains.............. 0 0 1,508,593 1,913,958 876,325 577,954 Realized gain (loss).................. 25,736 534,820 20,918 113,188 31,323 70,122 Unrealized gain (loss)................ (55,925) (534,975) (2,410,902) 1,283,626 (1,434,140) 373,168 ----------- ------------ ------------ ----------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations... 16,126 (36,299) 763,301 3,203,283 470,487 1,215,729 ----------- ------------ ------------ ----------- ----------- ----------- Equity transactions: Contract purchase payments (note 1)... 6,561 26,150 28,214,182 9,885,826 6,402,133 6,750,770 Transfers to & from fixed & other subaccounts........................ (2,302,097) (10,094,158) 53,448,042 25,171,062 11,792,190 7,031,962 Withdrawals & surrenders.............. (119,146) (902,791) (3,783,747) (1,706,955) (2,982,604) (1,496,623) Surrender charges (note 2)............ (1,973) (11,678) (77,695) (53,219) (61,312) (39,081) Annual contract charges (note 2)...... (1,786) (8,550) (219,708) (51,288) (188,330) (43,896) Annuity & death benefit payments...... (431,033) (183,465) (1,912,435) (781,465) (869,486) (591,963) ----------- ------------ ------------ ----------- ----------- ----------- Net equity transactions............ (2,849,474) (11,174,492) 75,668,639 32,463,961 14,092,591 11,611,169 ----------- ------------ ------------ ----------- ----------- ----------- Net change in contract owners' equity........................ (2,833,348) (11,210,791) 76,431,940 35,667,244 14,563,078 12,826,898 Contract owners' equity: Beginning of period................... 2,833,348 11,210,791 65,538,968 29,871,724 41,141,979 28,315,081 ----------- ------------ ------------ ----------- ----------- ----------- End of period......................... $ 0 $ 0 $141,970,908 $65,538,968 $55,705,057 $41,141,979 =========== ============ ============ =========== =========== =========== Change in units: Beginning units....................... 228,909 1,047,407 5,306,132 2,596,696 3,680,951 2,621,563 ----------- ------------ ------------ ----------- ----------- ----------- Units purchased....................... 10,948 33,195 7,274,951 3,569,970 2,081,102 2,558,138 Units redeemed........................ (239,857) (1,080,602) (1,158,027) (860,534) (832,646) (1,498,750) ----------- ------------ ------------ ----------- ----------- ----------- Ending units.......................... 0 0 11,423,056 5,306,132 4,929,407 3,680,951 =========== ============ ============ =========== =========== =========== PIMCO VARIABLE INSURANCE TRUST -- ADMINISTRATIVE SHARES ------------------------- GLOBAL BOND SUBACCOUNT ------------------------- 2005 2004 ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity............... $ 130,822 $ 34,502 Reinvested capital gains.............. 172,056 471,068 Realized gain (loss).................. (6,612) 48,052 Unrealized gain (loss)................ (1,110,002) 72,819 ----------- ----------- Net increase (decrease) in contract owners' equity from operations... (813,736) 626,441 ----------- ----------- Equity transactions: Contract purchase payments (note 1)... 2,774,796 958,724 Transfers to & from fixed & other subaccounts........................ 3,108,271 1,676,356 Withdrawals & surrenders.............. (594,758) (333,652) Surrender charges (note 2)............ (11,568) (11,787) Annual contract charges (note 2)...... (15,898) (9,003) Annuity & death benefit payments...... (119,586) (109,089) ----------- ----------- Net equity transactions............ 5,141,257 2,171,549 ----------- ----------- Net change in contract owners' equity........................ 4,327,521 2,797,990 Contract owners' equity: Beginning of period................... 7,849,472 5,051,482 ----------- ----------- End of period......................... $12,176,993 $ 7,849,472 =========== =========== Change in units: Beginning units....................... 595,942 418,703 ----------- ----------- Units purchased....................... 587,586 312,511 Units redeemed........................ (181,217) (135,272) ----------- ----------- Ending units.......................... 1,002,311 595,942 =========== ===========
The accompanying notes are an integral part of these financial statements. 37 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
CALVERT VARIABLE DREYFUS VARIABLE INVESTMENT SERIES, INC. (NOTE 4) FUND -- SERVICE SHARES ROYCE CAPITAL FUND --------------------- --------------------------- ------------------------- SOCIAL EQUITY APPRECIATION SMALL-CAP SUBACCOUNT SUBACCOUNT SUBACCOUNT --------------------- --------------------------- ------------------------- 2005 2004 2005 2004 2005 2004 --------- --------- ------------ ------------ ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity...................... $ (4,818) $ (5,156) $ (82,770) $ 22,211 $ (617,690) $ (260,791) Reinvested capital gains..................... 0 0 0 0 651,082 1,599,869 Realized gain (loss)......................... 14,615 11,917 39,910 11,542 89,729 103,164 Unrealized gain (loss)....................... 3,254 17,927 209,309 124,973 3,541,561 3,358,325 -------- -------- ---------- ---------- ----------- ----------- Net increase (decrease) in contract owners' equity from operations.......... 13,051 24,688 166,449 158,726 3,664,682 4,800,567 -------- -------- ---------- ---------- ----------- ----------- Equity transactions: Contract purchase payments (note 1).......... 19,460 25,329 886,513 1,741,467 11,718,100 6,817,813 Transfers to & from fixed & other subaccounts............................... 14,635 (23,875) 849,619 1,933,179 16,683,899 14,435,142 Withdrawals & surrenders..................... (55,926) (58,642) (285,919) (95,645) (1,642,214) (601,373) Surrender charges (note 2)................... (644) (1,019) (6,316) (2,144) (24,496) (16,382) Annual contract charges (note 2)............. (863) (960) (18,876) (3,947) (98,199) (24,333) Annuity & death benefit payments............. (430) (529) (80,828) (41,055) (640,782) (283,787) -------- -------- ---------- ---------- ----------- ----------- Net equity transactions................... (23,768) (59,696) 1,344,193 3,531,855 25,996,308 20,327,080 -------- -------- ---------- ---------- ----------- ----------- Net change in contract owners' equity... (10,717) (35,008) 1,510,642 3,690,581 29,660,990 25,127,647 Contract owners' equity: Beginning of period.......................... 455,020 490,028 5,399,761 1,709,180 34,162,850 9,035,203 -------- -------- ---------- ---------- ----------- ----------- End of period................................ $444,303 $455,020 $6,910,403 $5,399,761 $63,823,840 $34,162,850 ======== ======== ========== ========== =========== =========== Change in units: Beginning units.............................. 62,226 70,908 445,917 146,140 1,981,986 646,944 -------- -------- ---------- ---------- ----------- ----------- Units purchased.............................. 7,330 3,686 214,509 477,332 1,883,574 1,732,308 Units redeemed............................... (10,766) (12,368) (104,802) (177,555) (412,588) (397,266) -------- -------- ---------- ---------- ----------- ----------- Ending units................................. 58,790 62,226 555,624 445,917 3,452,972 1,981,986 ======== ======== ========== ========== =========== =========== ROYCE CAPITAL FUND ------------------------- MICRO-CAP SUBACCOUNT ------------------------- 2005 2004 ----------- ----------- Increase (decrease) in contract owners' equity from operations: Net investment activity...................... $ (141,459) $ (146,550) Reinvested capital gains..................... 465,523 1,249,599 Realized gain (loss)......................... 10,116 15,779 Unrealized gain (loss)....................... 2,432,139 427,590 ----------- ----------- Net increase (decrease) in contract owners' equity from operations.......... 2,766,319 1,546,418 ----------- ----------- Equity transactions: Contract purchase payments (note 1).......... 5,306,840 4,794,561 Transfers to & from fixed & other subaccounts............................... 6,118,429 8,275,294 Withdrawals & surrenders..................... (749,616) (535,857) Surrender charges (note 2)................... (16,426) (16,191) Annual contract charges (note 2)............. (62,515) (14,704) Annuity & death benefit payments............. (277,442) (179,582) ----------- ----------- Net equity transactions................... 10,319,270 12,323,521 ----------- ----------- Net change in contract owners' equity... 13,085,589 13,869,939 Contract owners' equity: Beginning of period.......................... 18,195,473 4,325,534 ----------- ----------- End of period................................ $31,281,062 $18,195,473 =========== =========== Change in units: Beginning units.............................. 1,102,207 294,414 ----------- ----------- Units purchased.............................. 875,250 985,550 Units redeemed............................... (257,310) (177,757) ----------- ----------- Ending units................................. 1,720,147 1,102,207 =========== ===========
The accompanying notes are an integral part of these financial statements. 38 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
FRANKLIN TEMPLETON VARIABLE INSURANCE VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS -- CLASS II PRODUCTS TRUST CLASS 2: ------------------------------------------------------- ------------------------------------------ FRANKLIN FRANKLIN FLEX TEMPLETON INCOME CAP GROWTH FOREIGN CORE PLUS FIXED INCOME U.S. REAL ESTATE SECURITIES SECURITIES SECURITIES SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT ------------------------- --------------------------- ----------- --------------- ---------- 2005 2004 2005 2004 2005(B) 2005(B) 2005(B) ----------- ----------- ------------ ------------ ----------- --------------- ---------- Increase (decrease) in contract owners' equity from operations: Net investment activity.............. $ 58,373 $ 30,230 $ (57,103) $ 4,602 $ (39,302) $ (7,578) $ (25,989) Reinvested capital gains................. 20,016 3,029 685,730 105,349 2,032 0 0 Realized gain (loss)..... 4,285 8,668 290,796 93,754 (2,076) 555 842 Unrealized gain (loss)... (17,655) (1,646) 3,583,278 2,338,382 (129,442) 88,856 471,227 ---------- ---------- ----------- ----------- ----------- ---------- ---------- Net increase (decrease) in contract owners' equity from operations.......... 65,019 40,281 4,502,701 2,542,087 (168,788) 81,833 446,080 ---------- ---------- ----------- ----------- ----------- ---------- ---------- Equity transactions: Contract purchase payments (note 1)..... 605,388 525,836 10,054,929 4,476,718 4,922,388 708,453 3,003,332 Transfers to & from fixed & other subaccounts... 1,208,162 308,768 13,663,377 5,798,039 13,409,353 1,455,611 5,838,248 Withdrawals & surrenders............ (76,622) (38,475) (970,320) (132,672) (220,272) (25,228) (47,965) Surrender charges (note 2).................... (125) (2,106) (32,533) (3,620) (2,261) (213) (139) Annual contract charges (note 2).............. (4,369) (2,007) (71,964) (8,488) (5,606) (258) (1,786) Annuity & death benefit payments.............. (21,793) (10,000) (520,682) (97,796) (103,534) (4,081) (46,686) ---------- ---------- ----------- ----------- ----------- ---------- ---------- Net equity transactions........ 1,710,641 782,016 22,122,807 10,032,181 18,000,068 2,134,284 8,745,004 ---------- ---------- ----------- ----------- ----------- ---------- ---------- Net change in contract owners' equity........... 1,775,660 822,297 26,625,508 12,574,268 17,831,280 2,216,117 9,191,084 Contract owners' equity: Beginning of period...... 1,928,334 1,106,037 14,471,921 1,897,653 0 0 0 ---------- ---------- ----------- ----------- ----------- ---------- ---------- End of period............ $3,703,994 $1,928,334 $41,097,429 $14,471,921 $17,831,280 $2,216,117 $9,191,084 ========== ========== =========== =========== =========== ========== ========== Change in units: Beginning units.......... 163,155 96,069 842,855 148,459 0 0 0 ---------- ---------- ----------- ----------- ----------- ---------- ---------- Units purchased.......... 186,664 78,510 1,519,198 795,181 1,776,389 205,513 838,129 Units redeemed........... (44,285) (11,424) (285,455) (100,785) (56,506) (6,386) (16,443) ---------- ---------- ----------- ----------- ----------- ---------- ---------- Ending units............. 305,534 163,155 2,076,598 842,855 1,719,883 199,127 821,686 ========== ========== =========== =========== =========== ========== ==========
- --------------- (b) Period from May 2, 2005, date of commencement of operations. The accompanying notes are an integral part of these financial statements. 39 OHIO NATIONAL VARIABLE ACCOUNT A STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY FOR THE PERIODS ENDED DECEMBER 31, 2005 AND 2004
TOTAL SUBACCOUNTS ------------------------------- 2005 2004 -------------- -------------- Increase (decrease) in contract owners' equity from operations: Net investment activity................................... $ (4,941,827) $ (11,167,820) Reinvested capital gains.................................. 15,849,826 6,513,790 Realized gain (loss)...................................... (8,219,132) (12,680,354) Unrealized gain (loss).................................... 136,246,446 185,631,685 -------------- -------------- Net increase (decrease) in contract owners' equity from operations............................................ 138,935,313 168,297,301 -------------- -------------- Equity transactions: Contract purchase payments (note 1)....................... 551,760,109 307,267,704 Transfers to & from fixed & other subaccounts............. 270,512,441 155,440,582 Withdrawals & surrenders.................................. (165,257,301) (125,089,479) Surrender charges (note 2)................................ (2,676,641) (2,530,524) Annual contract charges (note 2).......................... (4,247,367) (1,991,484) Annuity & death benefit payments.......................... (37,749,293) (30,051,634) -------------- -------------- Net equity transactions................................ 612,341,948 303,045,165 -------------- -------------- Net change in contract owners' equity................ 751,277,261 471,342,466 Contract owners' equity: Beginning of period....................................... 1,939,275,921 1,467,933,455 -------------- -------------- End of period............................................. $2,690,553,182 $1,939,275,921 ============== ============== Change in units: Beginning units........................................... 162,564,799 134,983,619 -------------- -------------- Units purchased........................................... 116,264,216 85,070,548 Units redeemed............................................ (63,778,875) (57,489,368) -------------- -------------- Ending units.............................................. 215,050,140 162,564,799 ============== ==============
The accompanying notes are an integral part of these financial statements. 40 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2005 (1)BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Ohio National Variable Account A (the Account) is a separate account of 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. Assets of the Account are invested in portfolio shares of Ohio National Fund, Inc., The Dow Target Variable Fund LLC, Fidelity Variable Insurance Products Fund and Fidelity Variable Insurance Products Fund -- Service Class 2, Janus Aspen Series (Institutional and Service Shares), Salomon Brothers Variable Series Fund, Inc., Wells Fargo Advantage Variable Trust Funds, Van Kampen Universal Institutional Funds, Inc. (Class I & II), Goldman Sachs Variable Insurance Trust, Lazard Retirement Series, Inc., The Prudential Series Fund, Inc., UBS Series Trust, Old Mutual Insurance Series Fund, J. P. Morgan Series Trust II, Alliance Berstein Variable Series Product Fund, Inc. -- Class B, MFS Variable Insurance Trust -- Service Class, PIMCO Variable Insurance Trust -- Administrative Shares, Calvert Variable Series, Inc., Dreyfus Variable Investment Fund -- Service Class, Royce Capital Fund, and Franklin Templeton Variable Insurance Products Class 2, (collectively, the "Funds"). All the Funds, other than The Dow Target Variable Fund LLC, are diversified open-end management investment companies. The Dow Target Variable Fund LLC is a non-diversified open-end management investment company. The 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. 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. The fair value of the underlying mutual funds is based on the closing net asset value of fund shares held at December 31, 2005. 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. Ohio National Investments, Inc. ("ONI"), a wholly owned subsidiary of The Ohio National Life Insurance Company (ONLIC), performs investment advisory services on behalf of the Ohio National Fund, Inc. (ON Fund) and the Dow Target Variable Fund LLC (Dow Fund), in which the Account invests. For these services, ONI received fees from the ON Fund of approximately $12.2 million and $10.4 million for the years ended December 31, 2005 and 2004, respectively. 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. For the years ended December 31, 2005 and 2004, ONLIC paid into the Account approximately $3.5 million and $2.8 million, respectively, under this feature. The extra credits are recorded as a component of contract purchase payments. Contract owners may, with certain restrictions, transfer their assets between the Account and a fixed dollar contract (fixed account) maintained in the accounts 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. Net transfers from the ONLIC fixed portion of annuity contracts from the Account totaled approximately $270.5 million and $155.4 million for the years ended December 31, 2005 and 2004, respectively. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets 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. (continued) 41 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005 Some of the underlying mutual funds have been established by investment advisors which manage publicly traded mutual funds, having similar names and investment objectives. While some of the underlying mutual funds may be similar to publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual fund may differ substantially. The Company offers deferred variable annuity contracts through the Account. The primary distribution for the contracts is through an affiliate, although other distributions are also utilized. (2) RISK & ADMINISTRATIVE EXPENSE AND CONTRACT CHARGES Although variable annuity payments differ according to the investment performance of the underlying mutual funds within the Account, 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, based on the contract value for mortality and expense risk, on an annual basis. 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 on an annual basis for administrative expenses. Examples of these expenses would include accounting, legal, contract owner services, reports to regulatory authorities and contract owners, contract issue, etc. The expense risk assumed by ONLIC is the risk that the deductions for sales and administrative expenses provided for in the variable annuity contracts may prove insufficient to cover the cost at the terms stated in the contracts. (continued) 42 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005 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 not more than 1.55%)................................. 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% 1.1% 1.1% to 1.3% The following charges are assessed through the redemption of units: ANNUAL CONTRACT FEE Each year on the contract anniversary (or at the time of surrender of the contract)...... No charge $25 $25 $30 TRANSFER FEE -- per transfer (currently no charge for the first 4 transfers each contract year)............... $3 to $15 NA $3 to $15 $3 to $15 3.3% to 6.3% for sales expense, 1.2% to 2.2% for administrative expense, and 0.5% for death benefit PURCHASE PAYMENT CHARGES.................... premium 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 5% of payments is made for any other reason than to make a in the last plan payment to a participant. Percentages 6% in the first eight years on vary with the number of years from year to 0% in amount purchase.................................... No charge No charge the seventh year surrendered STATE PREMIUM TAXES In those jurisdictions permitting, such taxes will be deducted when annuity payments begin. Otherwise, they will be deducted from purchase payments........................... 0.5% to 4.0% 0.5% to 4.0% 0.5% to 4.0% 0.5% to 4.0%
(continued) 43 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005 The following basic charges are assessed through reduction of daily unit values:
INVESTAR VISION & TOP TOP TRADITION TOP PLUS SPECTRUM TOP EXPLORER MORTALITY AND EXPENSE RISK FEES (May increase annually to not more than 1.55%)....................................... 0.85% 0.65% 1.15% 1.05% ADMINISTRATIVE EXPENSES...................... 0.25% 0.25% 0.25% 0.25% Total expenses............................... 1.10% 0.90% 1.40% 1.30% The following charges are assessed through the redemption of units: ANNUAL CONTRACT FEE Each year on the contract anniversary (or at the time of surrender of the contract)....... $30 No charge $35 $35 TRANSFER FEE -- per transfer (currently no charge for the first 4 transfers each contract year)................ $3 to $15 $3 to $15 $3 to $15 $3 to $15 SALES CHARGE MADE FROM PURCHASE PAYMENTS..... No charge No charge No charge No charge SURRENDER CHARGES A withdrawal charge may be assessed by ONLIC when a contract is surrendered or a partial 7.75% of withdrawal of a participant's account value payments in is made for any other reason than to make a the last 6% in the 7% in the plan payment to a participant. Percentages eight years first year 7% in the first year first year vary with the number of years from on amount to 0% in the to 0% in the eighth to 0% in the purchase..................................... surrendered seventh year year 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............................ 0.5% to 4.0% 0.5% to 4.0% 0.5% to 4.0% 0.5% to 4.0%
(continued) 44 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005 The following basic charges are assessed through reduction of daily unit values:
ONCORE & ONCORE & ONCORE & ONCORE & ONCORE & FIRSTAR ONCORE FIRSTAR ONCORE FIRSTAR ONCORE FIRSTAR ONCORE FIRSTAR ONCORE FLEX VALUE PREMIER XTRA LITE MORTALITY AND EXPENSE RISK FEES.......................... 1.25% 0.65% 1.15% 1.15% 1.15% ADMINISTRATIVE EXPENSES......... 0.25% 0.25% 0.25% 0.25% 0.25% Total expenses.................. 1.50% 0.90% 1.40% 1.40% 1.40% The following charges are assessed through the redemption of units: 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 $30 $30 TRANSFER FEE -- (currently no charge for the first 12 transfers each contract year) per transfer.............. $10 $10 $10 $10 $10 SALES CHARGE MADE FROM PURCHASE PAYMENTS........................ No charge No charge 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 6% in the first 6% in the first 9% in the first 7% in the first with the number of years from year to 0% in the year to 0% in the year to 0% in year to 0% in purchase........................ No charge seventh year seventh year the ninth year the fourth 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........................ 0.5% to 4.0% 0.5% to 4.0% 0.5% to 4.0% 0.5% to 4.0% 0.5% to 4.0% OPTIONAL DEATH BENEFITS These annual charges are the following percentages of the optional death benefit amounts: Optional Annual Stepped-up Death Benefit......................... 0.25% 0.25% 0.25% 0.25% 0.25% Optional Guaranteed Minimum Death Benefit ("GMDB").......... 0.25% 0.25% 0.25% 0.25% 0.25% Optional Guaranteed Minimum Death Benefit Plus ("GMDB Plus")...... NA 0.45% 0.45% 0.45% 0.45% OPTIONAL ENHANCED DEATH BENEFIT ("GEB") These annual charges are the following percentages of average variable account value: GEB at issue ages through 70.... 0.30% 0.15% 0.15% 0.15% 0.15% GEB at issue ages 71 through 75.............................. 0.60% 0.30% 0.30% 0.30% 0.30% GEB "Plus" at issue ages through 70.............................. NA 0.30% 0.30% 0.30% 0.30% GEB "Plus" at issue ages 71 through 75...................... NA 0.60% 0.60% 0.60% 0.60%
(continued) 45 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
ONCORE & ONCORE & ONCORE & ONCORE & ONCORE & FIRSTAR ONCORE FIRSTAR ONCORE FIRSTAR ONCORE FIRSTAR ONCORE FIRSTAR ONCORE FLEX VALUE PREMIER XTRA LITE OPTIONAL GUARANTEED MINIMUM INCOME BENEFIT ("GMIB") This annual charge is the following percentage of guaranteed income base: GMIB............................ 0.45% 0.45% 0.45% 0.45% 0.45% GMIB Plus....................... NA 0.55% 0.55% 0.55% 0.55% OPTIONAL GUARANTEED PRINCIPAL ACCESS ("GPA") GPA with 8% guarantee........... NA 0.50% 0.50% 0.50% 0.50% GPA with 7% guarantee........... NA 0.40% 0.40% 0.40% 0.40% OPTIONAL GUARANTEED PRINCIPAL PROTECTION ("GPP") These annual charges are the following percentage of contract values as of the beginning of the ten-year term............... 0.20% 0.20% 0.20% 0.20% 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 a life 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 on redemption of the Fund shares. Accordingly, ONLIC does not provide income taxes within the Account. (4) FUND MERGERS & REPLACEMENTS Effective April 29, 2003, the Subaccount of the Ohio National Fund, Inc. Equity Income Portfolio was merged into the Subaccount of the Ohio National Fund, Inc. Blue Chip Portfolio. (continued) 46 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005 Effective April 29, 2003, Subaccounts of The Dow Target Variable Fund entered into two Plans of Merger and Reorganization pursuant to which all of the assets and liabilities of the Dow Target 10 and Dow Target 5 second and third monthly portfolios of each calendar quarter were transferred to the first monthly Portfolio of each calendar quarter in exchange for shares of the first month's Portfolio. The Portfolios listed below transferred all of its assets and liabilities to the corresponding Portfolio identified opposite its name in exchange for shares of such Portfolio. The remaining Portfolios were subsequently identified as quarterly portfolios.
ACQUIRED PORTFOLIOS ACQUIRING PORTFOLIOS ------------------- -------------------- Dow Target 10 -- February Portfolio Dow Target 10 -- January Portfolio Dow Target 10 -- March Portfolio Dow Target 10 -- May Portfolio Dow Target 10 -- April Portfolio Dow Target 10 -- June Portfolio Dow Target 10 -- August Portfolio Dow Target 10 -- July Portfolio Dow Target 10 -- September Portfolio Dow Target 10 -- November Portfolio Dow Target 10 -- October Portfolio Dow Target 10 -- December Portfolio Dow Target 5 -- February Portfolio Dow Target 5 -- January Portfolio Dow Target 5 -- March Portfolio Dow Target 5 -- May Portfolio Dow Target 5 -- April Portfolio Dow Target 5 -- June Portfolio Dow Target 5 -- August Portfolio Dow Target 5 -- July Portfolio Dow Target 5 -- September Portfolio Dow Target 5 -- November Portfolio Dow Target 5 -- October Portfolio Dow Target 5 -- December Portfolio
Effective May 2, 2003, the Subaccount of the Ohio National Fund, Inc. Social Awareness Portfolio was terminated and replaced with the Subaccount of the Calvert Variable Series Social Equity Portfolio. Effective August 27, 2004, the Subaccounts of the First American Insurance Corporate Bond and Equity Income Portfolios were terminated. The remaining value on the day of termination was moved to the Subaccount of the Ohio National Fund, Inc. Money Market Portfolio. Effective April 8, 2005, the Strong Variable Insurance Funds, Inc. had a fund reorganization resulting in the newly created Wells Fargo Advantage Variable Trust Funds. Opportunity Fund II was renamed Opportunity Fund, Multi Cap Value Fund II was renamed Multi Cap Value Fund, and Discovery Fund II and Mid Cap Growth Fund II were merged and renamed Discovery Fund with the Discovery Fund II as the successor fund. (continued) 47 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005 (5) 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 2005 Annual Payment Combination................ 11,298 $186.140212 $ 2,102,963 1.0% 5.06% 0.00% Flexible Payment Combination.............. 4,490 $103.779142 $ 466,008 1.1% 4.95% 0.00% Top I..................................... 55,439 $ 83.058068 $ 4,604,627 1.1% 4.95% 0.00% Top Tradition............................. 600,566 $ 71.475875 $ 42,926,004 1.1% 4.95% 0.00% Top Plus.................................. 312,123 $ 24.856418 $ 7,758,252 0.9% 5.16% 0.00% Investar Vision & Top Spectrum............ 101,320 $ 15.730740 $ 1,593,840 1.4% 4.64% 0.00% Top Explorer.............................. 481,244 $ 16.195237 $ 7,793,853 1.3% 4.75% 0.00% Oncore & Firstar Oncore Flex.............. 381,999 $ 11.810265 $ 4,511,512 1.5% 4.54% 0.00% Oncore & Firstar Oncore Value............. 4,292,293 $ 12.274730 $ 52,686,733 0.9% 5.16% 0.00% Oncore & Firstar Oncore Premier........... 9,122,126 $ 11.886220 $108,427,596 1.4% 4.64% 0.00% Oncore & Firstar Oncore Xtra.............. 7,489,248 $ 11.886220 $ 89,018,846 1.4% 4.64% 0.00% Oncore & Firstar Oncore Lite.............. 5,548,866 $ 11.886220 $ 65,955,060 1.4% 4.64% 0.00% ------------ ------------ 28,401,012 $387,845,294 ------------ ------------ 2004 Annual Payment Combination................ 12,256 $177.180659 $ 2,171,529 1.0% 11.32% 0.05% Flexible Payment Combination.............. 5,271 $ 98.881397 $ 521,180 1.1% 11.21% 0.04% Top I..................................... 61,451 $ 79.138232 $ 4,863,084 1.1% 11.21% 0.04% Top Tradition............................. 693,379 $ 68.102644 $ 47,220,910 1.1% 11.21% 0.04% Top Plus.................................. 406,952 $ 23.636618 $ 9,618,976 0.9% 11.43% 0.04% Investar Vision & Top Spectrum............ 137,163 $ 15.032687 $ 2,061,925 1.4% 10.88% 0.04% Top Explorer.............................. 518,844 $ 15.461335 $ 8,022,019 1.3% 10.99% 0.05% Oncore & Firstar Oncore Flex.............. 446,498 $ 11.297273 $ 5,044,214 1.5% 10.77% 0.04% Oncore & Firstar Oncore Value............. 3,704,388 $ 11.672365 $ 43,238,964 0.9% 11.43% 0.05% Oncore & Firstar Oncore Premier........... 8,444,254 $ 11.358762 $ 95,916,295 1.4% 10.88% 0.05% Oncore & Firstar Oncore Xtra.............. 8,022,590 $ 11.358762 $ 91,126,692 1.4% 10.88% 0.05% Oncore & Firstar Oncore Lite.............. 3,393,994 $ 11.358762 $ 38,551,566 1.4% 10.88% 0.05% ------------ ------------ 25,847,040 $348,357,354 ------------ ------------ 2003 Annual Payment Combination................ 12,825 $159.164373 $ 2,041,273 1.0% 42.92% 0.18% Flexible Payment Combination.............. 5,999 $ 88.914984 $ 533,442 1.1% 42.78% 0.18% Top I..................................... 68,121 $ 71.161763 $ 4,847,631 1.1% 42.78% 0.19% Top Tradition............................. 780,609 $ 61.238468 $ 47,803,300 1.1% 42.78% 0.18% Top Plus.................................. 468,185 $ 21.212109 $ 9,931,191 0.9% 43.06% 0.18% Investar Vision & Top Spectrum............ 142,254 $ 13.557748 $ 1,928,641 1.4% 42.36% 0.18% Top Explorer.............................. 496,092 $ 13.930542 $ 6,910,827 1.3% 42.50% 0.18% Oncore & Firstar Oncore Flex.............. 469,009 $ 10.198917 $ 4,783,388 1.5% 42.22% 0.18% Oncore & Firstar Oncore Value............. 2,772,163 $ 10.475080 $ 29,038,630 0.9% 43.06% 0.18% Oncore & Firstar Oncore Premier........... 6,845,493 $ 10.244290 $ 70,127,202 1.4% 42.36% 0.18% Oncore & Firstar Oncore Xtra.............. 6,964,372 $ 10.244290 $ 71,345,046 1.4% 42.36% 0.18% Oncore & Firstar Oncore Lite.............. 2,284,880 $ 10.244290 $ 23,406,976 1.4% 42.36% 0.18% ------------ ------------ 21,310,002 $272,697,547 ------------ ------------
(continued) 48 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) EQUITY SUBACCOUNT (CONTINUED) 2002 Annual Payment Combination....... 15,237 $111.365423 $ 1,696,864 1.0% -19.55% 0.36% Flexible Payment Combination..... 6,091 $ 62.274254 $ 379,332 1.1% -19.63% 0.35% Top I............................ 82,392 $ 49.840260 $ 4,106,433 1.1% -19.63% 0.36% Top Tradition.................... 847,700 $ 42.890194 $ 36,358,007 1.1% -19.63% 0.36% Top Plus......................... 519,281 $ 14.827204 $ 7,699,481 0.9% -19.47% 0.36% Investar Vision & Top Spectrum... 158,025 $ 9.523728 $ 1,504,993 1.4% -19.86% 0.35% Top Explorer..................... 454,784 $ 9.775953 $ 4,445,950 1.3% -19.79% 0.36% Oncore & Firstar Oncore Flex..... 550,182 $ 7.171343 $ 3,945,546 1.5% -19.94% 0.36% Oncore & Firstar Oncore Value.... 2,332,617 $ 7.322063 $ 17,079,568 0.9% -19.47% 0.37% Oncore & Firstar Oncore Premier....................... 5,614,225 $ 7.196170 $ 40,400,909 1.4% -19.86% 0.37% Oncore & Firstar Oncore Xtra..... 5,186,993 $ 7.196170 $ 37,326,486 1.4% -19.86% 0.37% Oncore & Firstar Oncore Lite..... 1,598,962 $ 7.196170 $ 11,506,403 1.4% -19.86% 0.37% ------------ ------------ 17,366,489 $166,449,972 ------------ ------------ 2001 Annual Payment Combination....... 17,324 $138.422362 $ 2,398,046 1.0% -9.34% 0.29% Flexible Payment Combination..... 7,488 $ 77.480966 $ 580,167 1.1% -9.43% 0.29% Top I............................ 92,024 $ 62.010721 $ 5,706,477 1.1% -9.43% 0.29% Top Tradition.................... 987,197 $ 53.363524 $ 52,680,295 1.1% -9.43% 0.29% Top Plus......................... 605,052 $ 18.411312 $ 11,139,794 0.9% -9.25% 0.29% Investar Vision & Top Spectrum... 226,355 $ 11.884581 $ 2,690,139 1.4% -9.70% 0.29% Top Explorer..................... 542,718 $ 12.187242 $ 6,614,232 1.3% -9.61% 0.29% Oncore & Firstar Oncore Flex..... 578,730 $ 8.957888 $ 5,184,196 1.5% -9.79% 0.29% Oncore & Firstar Oncore Value.... 2,343,298 $ 9.091985 $ 21,305,232 0.9% -9.25% 0.29% Oncore & Firstar Oncore Premier....................... 5,582,578 $ 8.980038 $ 50,131,758 1.4% -9.70% 0.29% Oncore & Firstar Oncore Xtra..... 4,944,037 $ 8.980038 $ 44,397,644 1.4% -9.70% 0.29% Oncore & Firstar Oncore Lite..... 993,611 $ 8.980038 $ 8,922,671 1.4% -8.18% 0.29% 4/17/01 ------------ ------------ 16,920,412 $211,750,651 ------------ ------------ MONEY MARKET SUBACCOUNT 2005 Variable Interest Annuity "VIA"......................... 1,662 $ 31.887866 $ 52,997 1.3% 1.62% 1.84% Top I............................ 5,113 $ 24.162099 $ 123,538 1.3% 1.62% 3.08% Top Tradition.................... 85,123 $ 21.786258 $ 1,854,510 1.1% 1.82% 2.76% Top Plus......................... 38,666 $ 14.247177 $ 550,880 0.9% 2.02% 2.89% Investar Vision & Top Spectrum... 149,232 $ 12.059261 $ 1,799,622 1.4% 1.52% 2.70% Top Explorer..................... 109,579 $ 12.052402 $ 1,320,696 1.3% 1.62% 2.83% Oncore & Firstar Oncore Flex..... 55,353 $ 11.370759 $ 629,409 1.5% 1.42% 2.93% Oncore & Firstar Oncore Value.... 1,299,573 $ 11.899930 $ 15,464,822 0.9% 2.02% 3.06% Oncore & Firstar Oncore Premier....................... 2,993,289 $ 11.457019 $ 34,294,170 1.4% 1.52% 2.93% Oncore & Firstar Oncore Xtra..... 3,295,664 $ 11.457019 $ 37,758,488 1.4% 1.52% 2.93% Oncore & Firstar Oncore Lite..... 2,743,376 $ 11.457019 $ 31,430,917 1.4% 1.52% 2.93% ------------ ------------ 10,776,630 $125,280,049 ------------ ------------
(continued) 49 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 1.3% -0.29% 0.97% Top I...................................... 7,798 $23.777267 $ 185,422 1.3% -0.29% 0.95% Top Tradition.............................. 122,529 $21.397075 $ 2,621,757 1.1% -0.09% 0.91% Top Plus................................... 35,635 $13.965057 $ 497,650 0.9% 0.11% 0.86% Investar Vision & Top Spectrum............. 253,390 $11.878886 $ 3,009,994 1.4% -0.39% 1.60% Top Explorer............................... 148,305 $11.860446 $ 1,758,962 1.3% -0.29% 0.97% Oncore & Firstar Oncore Flex............... 71,225 $11.211700 $ 798,555 1.5% -0.49% 0.89% Oncore & Firstar Oncore Value.............. 718,003 $11.664280 $ 8,374,993 0.9% 0.11% 1.08% Oncore & Firstar Oncore Premier............ 2,431,771 $11.285650 $ 27,444,115 1.4% -0.39% 1.04% Oncore & Firstar Oncore Xtra............... 2,865,034 $11.285650 $ 32,333,767 1.4% -0.39% 1.04% Oncore & Firstar Oncore Lite............... 1,754,461 $11.285650 $ 19,800,230 1.4% -0.39% 1.04% ------------ ------------ 8,410,026 $ 96,884,281 ------------ ------------ 2003 Variable Interest Annuity "VIA"............ 2,093 $31.471062 $ 65,859 1.3% -0.55% 0.74% Top I...................................... 9,193 $23.846280 $ 219,207 1.3% -0.55% 0.74% Top Tradition.............................. 198,840 $21.416684 $ 4,258,499 1.1% -0.36% 0.75% Top Plus................................... 98,745 $13.950124 $ 1,377,509 0.9% -0.16% 0.73% Investar Vision & Top Spectrum............. 29,942 $11.925179 $ 357,061 1.4% -0.65% 0.74% Top Explorer............................... 221,969 $11.894875 $ 2,640,290 1.3% -0.55% 0.71% Oncore & Firstar Oncore Flex............... 141,448 $11.266515 $ 1,593,627 1.5% -0.75% 0.79% Oncore & Firstar Oncore Value.............. 483,179 $11.651817 $ 5,629,909 0.9% -0.16% 0.74% Oncore & Firstar Oncore Premier............ 1,777,705 $11.329626 $ 20,140,737 1.4% -0.65% 0.74% Oncore & Firstar Oncore Xtra............... 2,850,081 $11.329626 $ 32,290,352 1.4% -0.65% 0.74% Oncore & Firstar Oncore Lite............... 1,776,895 $11.329626 $ 20,131,560 1.4% -0.65% 0.74% ------------ ------------ 7,590,090 $ 88,704,610 ------------ ------------ 2002 Variable Interest Annuity "VIA"............ 5,024 $31.645984 $ 158,987 1.3% 0.09% 1.39% Top I...................................... 9,936 $23.978825 $ 238,259 1.3% 0.09% 1.42% Top Tradition.............................. 244,915 $21.493179 $ 5,264,001 1.1% 0.28% 1.40% Top Plus................................... 130,479 $13.972279 $ 1,823,094 0.9% 0.48% 1.41% Investar Vision & Top Spectrum............. 49,201 $12.003323 $ 590,578 1.4% -0.01% 1.41% Top Explorer............................... 724,890 $11.960997 $ 8,670,409 1.3% 0.09% 1.41% Oncore & Firstar Oncore Flex............... 737,004 $11.351522 $ 8,366,119 1.5% -0.11% 1.35% Oncore & Firstar Oncore Value.............. 787,110 $11.670305 $ 9,185,812 0.9% 0.48% 1.41% Oncore & Firstar Oncore Premier............ 2,430,581 $11.403858 $ 27,717,986 1.4% -0.01% 1.41% Oncore & Firstar Oncore Xtra............... 3,967,690 $11.403858 $ 45,246,974 1.4% -0.01% 1.41% Oncore & Firstar Oncore Lite............... 1,232,114 $11.403858 $ 14,050,853 1.4% -0.01% 1.41% ------------ ------------ 10,318,944 $121,313,072 ------------ ------------
(continued) 50 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) MONEY MARKET SUBACCOUNT (CONTINUED) 2001 Variable Interest Annuity "VIA"......................... 5,646 $ 31.618739 $ 178,519 1.3% 2.46% 3.90% Top I............................ 16,138 $ 23.958179 $ 386,630 1.3% 2.46% 3.66% Top Tradition.................... 238,064 $ 21.432248 $ 5,102,243 1.1% 2.67% 3.55% Top Plus......................... 135,493 $ 13.905126 $ 1,884,051 0.9% 2.87% 3.59% Investar Vision & Top Spectrum... 70,835 $ 12.004844 $ 850,366 1.4% 2.36% 3.64% Top Explorer..................... 782,097 $ 11.950712 $ 9,346,618 1.3% 2.46% 3.34% Oncore & Firstar Oncore Flex..... 2,979,971 $ 11.363815 $ 33,863,838 1.5% 2.26% 3.23% Oncore & Firstar Oncore Value.... 726,435 $ 11.614214 $ 8,436,973 0.9% 2.87% 3.61% Oncore & Firstar Oncore Premier....................... 2,239,859 $ 11.405310 $ 25,546,283 1.4% 2.36% 3.40% Oncore & Firstar Oncore Xtra..... 2,560,944 $ 11.405310 $ 29,208,362 1.4% 2.36% 3.40% Oncore & Firstar Oncore Lite..... 212,331 $ 11.405310 $ 2,421,697 1.4% 1.20% 3.40% 4/17/01 ------------ ------------ 9,967,813 $117,225,580 ------------ ------------ BOND SUBACCOUNT 2005 Top I............................ 6,131 $ 42.621163 $ 261,309 1.1% -0.67% 3.43% Top Tradition.................... 83,474 $ 38.547683 $ 3,217,742 1.1% -0.67% 3.50% Top Plus......................... 74,786 $ 17.875999 $ 1,336,875 0.9% -0.48% 3.42% Investar Vision & Top Spectrum... 50,332 $ 14.965486 $ 753,250 1.4% -0.96% 3.21% Top Explorer..................... 98,933 $ 15.149050 $ 1,498,744 1.3% -0.87% 3.12% Oncore & Firstar Oncore Flex..... 50,040 $ 13.553460 $ 678,217 1.5% -1.06% 3.74% Oncore & Firstar Oncore Value.... 1,063,209 $ 14.184181 $ 15,080,754 0.9% -0.48% 4.95% Oncore & Firstar Oncore Premier....................... 2,551,114 $ 13.656320 $ 34,838,836 1.4% -0.96% 4.23% Oncore & Firstar Oncore Xtra..... 2,336,454 $ 13.656320 $ 31,907,364 1.4% -0.96% 4.23% Oncore & Firstar Oncore Lite..... 1,837,114 $ 13.656320 $ 25,088,185 1.4% -0.96% 4.23% ------------ ------------ 8,151,587 $114,661,276 ------------ ------------ 2004 Top I............................ 6,923 $ 42.909437 $ 297,074 1.1% 4.73% 0.00% Top Tradition.................... 91,364 $ 38.808413 $ 3,545,686 1.1% 4.73% 0.00% Top Plus......................... 88,151 $ 17.961382 $ 1,583,322 0.9% 4.94% 0.00% Investar Vision & Top Spectrum... 62,994 $ 15.111299 $ 951,914 1.4% 4.42% 0.00% Top Explorer..................... 127,643 $ 15.281586 $ 1,950,589 1.3% 4.53% 0.00% Oncore & Firstar Oncore Flex..... 59,475 $ 13.698981 $ 814,740 1.5% 4.32% 0.00% Oncore & Firstar Oncore Value.... 604,979 $ 14.251932 $ 8,622,115 0.9% 4.94% 0.00% Oncore & Firstar Oncore Premier....................... 1,912,728 $ 13.789373 $ 26,375,328 1.4% 4.42% 0.00% Oncore & Firstar Oncore Xtra..... 2,045,598 $ 13.789373 $ 28,207,517 1.4% 4.42% 0.00% Oncore & Firstar Oncore Lite..... 1,034,178 $ 13.789373 $ 14,260,665 1.4% 4.42% 0.00% ------------ ------------ 6,034,033 $ 86,608,950 ------------ ------------
(continued) 51 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) BOND SUBACCOUNT (CONTINUED) 2003 Top I............................ 7,320 $ 40.970435 $ 299,892 1.1% 9.26% 5.52% Top Tradition.................... 109,687 $ 37.054730 $ 4,064,420 1.1% 9.26% 5.58% Top Plus......................... 111,289 $ 17.115732 $ 1,904,795 0.9% 9.48% 5.70% Investar Vision & Top Spectrum... 74,590 $ 14.471405 $ 1,079,421 1.4% 8.94% 5.63% Top Explorer..................... 146,536 $ 14.619995 $ 2,142,363 1.3% 9.04% 5.55% Oncore & Firstar Oncore Flex..... 80,510 $ 13.131854 $ 1,057,250 1.5% 8.83% 5.33% Oncore & Firstar Oncore Value.... 328,037 $ 13.580929 $ 4,455,051 0.9% 9.48% 5.69% Oncore & Firstar Oncore Premier....................... 1,393,108 $ 13.205450 $ 18,396,617 1.4% 8.94% 5.73% Oncore & Firstar Oncore Xtra..... 1,697,203 $ 13.205450 $ 22,412,327 1.4% 8.94% 5.73% Oncore & Firstar Oncore Lite..... 370,329 $ 13.205450 $ 4,890,355 1.4% 8.94% 5.73% ------------ ------------ 4,318,609 $ 60,702,491 ------------ ------------ 2002 Top I............................ 7,642 $ 37.498443 $ 286,572 1.1% 7.47% 6.31% Top Tradition.................... 134,726 $ 33.914567 $ 4,569,173 1.1% 7.47% 6.08% Top Plus......................... 107,791 $ 15.634301 $ 1,685,240 0.9% 7.69% 5.94% Investar Vision & Top Spectrum... 81,359 $ 13.284382 $ 1,080,797 1.4% 7.16% 6.07% Top Explorer..................... 188,034 $ 13.407531 $ 2,521,067 1.3% 7.26% 6.06% Oncore & Firstar Oncore Flex..... 115,317 $ 12.066589 $ 1,391,487 1.5% 7.05% 5.95% Oncore & Firstar Oncore Value.... 304,941 $ 12.405457 $ 3,782,932 0.9% 7.69% 6.36% Oncore & Firstar Oncore Premier....................... 1,312,628 $ 12.122261 $ 15,912,021 1.4% 7.16% 6.52% Oncore & Firstar Oncore Xtra..... 1,798,295 $ 12.122261 $ 21,799,403 1.4% 7.16% 6.52% Oncore & Firstar Oncore Lite..... 260,014 $ 12.122261 $ 3,151,954 1.4% 7.16% 6.52% ------------ ------------ 4,310,747 $ 56,180,646 ------------ ------------ 2001 Top I............................ 8,407 $ 34.890873 $ 293,341 1.1% 7.23% 6.01% Top Tradition.................... 118,879 $ 31.556212 $ 3,751,372 1.1% 7.23% 6.42% Top Plus......................... 129,082 $ 14.518370 $ 1,874,054 0.9% 7.45% 6.52% Investar Vision & Top Spectrum... 69,466 $ 12.397321 $ 861,188 1.4% 6.92% 6.11% Top Explorer..................... 163,050 $ 12.499894 $ 2,038,111 1.3% 7.02% 6.09% Oncore & Firstar Oncore Flex..... 116,131 $ 11.271953 $ 1,309,027 1.5% 6.81% 6.24% Oncore & Firstar Oncore Value.... 147,427 $ 11.519987 $ 1,698,353 0.9% 7.45% 6.70% Oncore & Firstar Oncore Premier....................... 786,392 $ 11.312805 $ 8,896,299 1.4% 6.92% 6.97% Oncore & Firstar Oncore Xtra..... 897,927 $ 11.312805 $ 10,158,075 1.4% 6.92% 6.97% Oncore & Firstar Oncore Lite..... 46,771 $ 11.312805 $ 529,115 1.4% 4.58% 6.97% 4/17/01 ------------ ------------ 2,483,532 $ 31,408,935 ------------ ------------
(continued) 52 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- OHIO NATIONAL FUND, INC.: (CONTINUED) OMNI SUBACCOUNT 2005 Top I..................................... 25,224 $ 35.432087 $ 893,733 1.1% 8.30% 1.19% Top Tradition............................. 372,611 $ 35.351060 $ 13,172,181 1.1% 8.30% 1.20% Top Plus.................................. 136,855 $ 14.952467 $ 2,046,327 0.9% 8.51% 1.21% Investar Vision & Top Spectrum............ 62,008 $ 10.228225 $ 634,229 1.4% 7.98% 1.06% Top Explorer.............................. 217,854 $ 10.414309 $ 2,268,794 1.3% 8.08% 1.18% Oncore & Firstar Oncore Flex.............. 7,131 $ 7.956659 $ 56,737 1.5% 7.87% 1.29% Oncore & Firstar Oncore Value............. 236,240 $ 8.327064 $ 1,967,184 0.9% 8.51% 1.35% Oncore & Firstar Oncore Premier........... 524,881 $ 8.017060 $ 4,207,999 1.4% 7.98% 1.27% Oncore & Firstar Oncore Xtra.............. 448,568 $ 8.017060 $ 3,596,195 1.4% 7.98% 1.27% Oncore & Firstar Oncore Lite.............. 322,242 $ 8.017060 $ 2,583,452 1.4% 7.98% 1.27% ------------ ------------ 2,353,614 $ 31,426,831 ------------ ------------ 2004 Top I..................................... 31,922 $ 32.717333 $ 1,044,410 1.1% 5.95% 1.31% Top Tradition............................. 444,510 $ 32.642511 $ 14,509,935 1.1% 5.95% 1.32% Top Plus.................................. 170,747 $ 13.779581 $ 2,352,818 0.9% 6.16% 1.22% Investar Vision & Top Spectrum............ 89,833 $ 9.472492 $ 850,938 1.4% 5.63% 1.22% Top Explorer.............................. 260,177 $ 9.635338 $ 2,506,894 1.3% 5.74% 1.28% Oncore & Firstar Oncore Flex.............. 7,425 $ 7.376007 $ 54,770 1.5% 5.53% 1.48% Oncore & Firstar Oncore Value............. 249,892 $ 7.673885 $ 1,917,644 0.9% 6.16% 2.62% Oncore & Firstar Oncore Premier........... 572,873 $ 7.424696 $ 4,253,407 1.4% 5.63% 2.70% Oncore & Firstar Oncore Xtra.............. 509,906 $ 7.424696 $ 3,785,896 1.4% 5.63% 2.70% Oncore & Firstar Oncore Lite.............. 370,533 $ 7.424696 $ 2,751,094 1.4% 5.63% 2.70% ------------ ------------ 2,707,818 $ 34,027,806 ------------ ------------ 2003 Top I..................................... 35,929 $ 30.880633 $ 1,109,522 1.1% 24.83% 1.75% Top Tradition............................. 517,789 $ 30.810015 $ 15,953,075 1.1% 24.83% 1.76% Top Plus.................................. 222,441 $ 12.980233 $ 2,887,331 0.9% 25.07% 1.76% Investar Vision & Top Spectrum............ 114,672 $ 8.967345 $ 1,028,305 1.4% 24.46% 1.77% Top Explorer.............................. 314,477 $ 9.112481 $ 2,865,666 1.3% 24.58% 1.77% Oncore & Firstar Oncore Flex.............. 6,976 $ 6.989558 $ 48,762 1.5% 24.33% 1.76% Oncore & Firstar Oncore Value............. 91,379 $ 7.228729 $ 660,552 0.9% 25.07% 1.81% Oncore & Firstar Oncore Premier........... 327,302 $ 7.028751 $ 2,300,520 1.4% 24.46% 1.81% Oncore & Firstar Oncore Xtra.............. 202,611 $ 7.028751 $ 1,424,102 1.4% 24.46% 1.81% Oncore & Firstar Oncore Lite.............. 4,823 $ 7.028751 $ 33,902 1.4% 24.46% 1.81% ------------ ------------ 1,838,399 $ 28,311,737 ------------ ------------
(continued) 53 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) OMNI SUBACCOUNT (CONTINUED) 2002 Top I............................ 44,935 $ 24.739011 $ 1,111,651 1.1% -23.62% 1.88% Top Tradition.................... 594,964 $ 24.682445 $ 14,685,169 1.1% -23.62% 1.87% Top Plus......................... 270,802 $ 10.378160 $ 2,810,424 0.9% -23.46% 1.83% Investar Vision & Top Spectrum... 121,552 $ 7.205209 $ 875,810 1.4% -23.84% 1.81% Top Explorer..................... 353,453 $ 7.314604 $ 2,585,367 1.3% -23.77% 1.85% Oncore & Firstar Oncore Flex..... 7,412 $ 5.621597 $ 41,666 1.5% -23.92% 1.85% Oncore & Firstar Oncore Value.... 74,721 $ 5.779630 $ 431,862 0.9% -23.46% 1.87% Oncore & Firstar Oncore Premier....................... 260,319 $ 5.647558 $ 1,470,161 1.4% -23.84% 1.94% Oncore & Firstar Oncore Xtra..... 196,176 $ 5.647558 $ 1,107,916 1.4% -23.84% 1.94% Oncore & Firstar Oncore Lite..... 4,063 $ 5.647558 $ 22,948 1.4% -23.84% 1.94% ------------ ------------ 1,928,397 $ 25,142,974 ------------ ------------ 2001 Top I............................ 55,327 $ 32.387407 $ 1,791,903 1.1% -14.02% 1.80% Top Tradition.................... 716,682 $ 32.313336 $ 23,158,398 1.1% -14.02% 1.81% Top Plus......................... 379,923 $ 13.559807 $ 5,151,686 0.9% -13.84% 1.79% Investar Vision & Top Spectrum... 179,388 $ 9.460866 $ 1,697,165 1.4% -14.27% 1.81% Top Explorer..................... 476,238 $ 9.595001 $ 4,569,510 1.3% -14.19% 1.83% Oncore & Firstar Oncore Flex..... 8,533 $ 7.388778 $ 63,048 1.5% -14.36% 2.17% Oncore & Firstar Oncore Value.... 91,519 $ 7.551492 $ 691,101 0.9% -13.84% 1.92% Oncore & Firstar Oncore Premier....................... 253,526 $ 7.415572 $ 1,880,037 1.4% -14.27% 1.92% Oncore & Firstar Oncore Xtra..... 202,433 $ 7.415572 $ 1,501,155 1.4% -14.27% 1.92% Oncore & Firstar Oncore Lite..... 2,754 $ 7.415572 $ 20,422 1.4% -3.69% 1.92% 4/17/01 ------------ ------------ 2,366,323 $ 40,524,425 ------------ ------------ INTERNATIONAL SUBACCOUNT 2005 Top I............................ 21,559 $ 19.091962 $ 411,606 1.1% 8.21% 0.04% Top Tradition.................... 616,609 $ 19.091962 $ 11,772,272 1.1% 8.21% 0.04% Top Plus......................... 129,409 $ 17.076646 $ 2,209,867 0.9% 8.42% 0.04% Investar Vision & Top Spectrum... 37,720 $ 11.214716 $ 423,014 1.4% 7.89% 0.04% Top Explorer..................... 195,976 $ 11.028787 $ 2,161,373 1.3% 8.00% 0.05% Oncore & Firstar Oncore Flex..... 36,228 $ 10.044769 $ 363,900 1.5% 7.79% 0.05% Oncore & Firstar Oncore Value.... 2,725,079 $ 10.512396 $ 28,647,114 0.9% 8.42% 0.07% Oncore & Firstar Oncore Premier....................... 3,962,206 $ 10.121037 $ 40,101,633 1.4% 7.89% 0.06% Oncore & Firstar Oncore Xtra..... 3,183,325 $ 10.121037 $ 32,218,553 1.4% 7.89% 0.06% Oncore & Firstar Oncore Lite..... 5,032,602 $ 10.121037 $ 50,935,156 1.4% 7.89% 0.06% ------------ ------------ 15,940,713 $169,244,488 ------------ ------------
(continued) 54 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 1.1% 11.74% 0.00% Top Tradition............................. 706,998 $ 17.643397 $ 12,473,845 1.1% 11.74% 0.00% Top Plus.................................. 167,103 $ 15.749854 $ 2,631,855 0.9% 11.96% 0.00% Investar Vision & Top Spectrum............ 44,121 $ 10.394495 $ 458,611 1.4% 11.41% 0.00% Top Explorer.............................. 183,083 $ 10.212099 $ 1,869,657 1.3% 11.52% 0.00% Oncore & Firstar Oncore Flex.............. 29,221 $ 9.319260 $ 272,319 1.5% 11.30% 0.00% Oncore & Firstar Oncore Value............. 1,017,534 $ 9.695624 $ 9,865,629 0.9% 11.96% 0.00% Oncore & Firstar Oncore Premier........... 1,960,786 $ 9.380801 $ 18,393,746 1.4% 11.41% 0.00% Oncore & Firstar Oncore Xtra.............. 1,843,156 $ 9.380801 $ 17,290,282 1.4% 11.41% 0.00% Oncore & Firstar Oncore Lite.............. 1,858,646 $ 9.380801 $ 17,435,587 1.4% 11.41% 0.00% ------------ ------------ 7,840,678 $ 81,221,364 ------------ ------------ 2003 Top I..................................... 33,316 $ 15.789447 $ 526,034 1.1% 31.15% 0.47% Top Tradition............................. 823,762 $ 15.789447 $ 13,006,739 1.1% 31.15% 0.46% Top Plus.................................. 208,100 $ 14.066942 $ 2,927,330 0.9% 31.41% 0.46% Investar Vision & Top Spectrum............ 50,496 $ 9.329934 $ 471,123 1.4% 30.76% 0.47% Top Explorer.............................. 179,729 $ 9.157148 $ 1,645,807 1.3% 30.89% 0.47% Oncore & Firstar Oncore Flex.............. 12,078 $ 8.373086 $ 101,127 1.5% 30.64% 1.62% Oncore & Firstar Oncore Value............. 322,930 $ 8.659624 $ 2,796,456 0.9% 31.41% 0.41% Oncore & Firstar Oncore Premier........... 468,878 $ 8.420052 $ 3,947,979 1.4% 30.76% 0.47% Oncore & Firstar Oncore Xtra.............. 496,700 $ 8.420052 $ 4,182,239 1.4% 30.76% 0.47% Oncore & Firstar Oncore Lite.............. 232,432 $ 8.420052 $ 1,957,092 1.4% 30.76% 0.47% ------------ ------------ 2,828,421 $ 31,561,926 ------------ ------------ 2002 Top I..................................... 37,403 $ 12.039008 $ 450,297 1.1% -21.51% 0.26% Top Tradition............................. 933,614 $ 12.039008 $ 11,239,782 1.1% -21.51% 0.26% Top Plus.................................. 257,163 $ 10.704470 $ 2,752,790 0.9% -21.36% 0.25% Investar Vision & Top Spectrum............ 50,787 $ 7.134928 $ 362,364 1.4% -21.75% 0.26% Top Explorer.............................. 201,956 $ 6.995874 $ 1,412,860 1.3% -21.67% 0.26% Oncore & Firstar Oncore Flex.............. 14,067 $ 6.409494 $ 90,162 1.5% -21.82% 0.03% Oncore & Firstar Oncore Value............. 84,460 $ 6.589677 $ 556,566 0.9% -21.36% 0.27% Oncore & Firstar Oncore Premier........... 178,571 $ 6.439106 $ 1,149,846 1.4% -21.75% 0.20% Oncore & Firstar Oncore Xtra.............. 153,208 $ 6.439106 $ 986,519 1.4% -21.75% 0.20% Oncore & Firstar Oncore Lite.............. 17,662 $ 6.439106 $ 113,724 1.4% -21.75% 0.20% ------------ ------------ 1,928,891 $ 19,114,910 ------------ ------------
(continued) 55 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) INTERNATIONAL SUBACCOUNT (CONTINUED) 2001 Top I............................ 41,535 $ 15.338791 $ 637,098 1.1% -30.33% 0.00% Top Tradition.................... 1,077,389 $ 15.338791 $ 16,525,840 1.1% -30.33% 0.00% Top Plus......................... 336,597 $ 13.611451 $ 4,581,579 0.9% -30.19% 0.00% Investar Vision & Top Spectrum... 65,664 $ 9.117591 $ 598,699 1.4% -30.54% 0.00% Top Explorer..................... 246,419 $ 8.931051 $ 2,200,779 1.3% -30.47% 0.00% Oncore & Firstar Oncore Flex..... 423,863 $ 8.198667 $ 3,475,109 1.5% -30.61% 0.00% Oncore & Firstar Oncore Value.... 71,854 $ 8.379223 $ 602,082 0.9% -30.19% 0.00% Oncore & Firstar Oncore Premier....................... 140,861 $ 8.228415 $ 1,159,061 1.4% -30.54% 0.00% Oncore & Firstar Oncore Xtra..... 538,177 $ 8.228415 $ 4,428,347 1.4% -30.54% 0.00% Oncore Lite...................... 5,154 $ 8.228415 $ 42,406 1.4% -17.65% 0.00% 4/17/01 ------------ ------------ 2,947,513 $ 34,251,000 ------------ ------------ CAPITAL APPRECIATION SUBACCOUNT 2005 Top I............................ 6,683 $ 27.490513 $ 183,719 1.1% 4.12% 0.56% Top Tradition.................... 297,867 $ 27.490513 $ 8,188,506 1.1% 4.12% 0.50% Top Plus......................... 137,079 $ 31.137683 $ 4,268,319 0.9% 4.33% 0.48% Investar Vision & Top Spectrum... 47,804 $ 20.572205 $ 983,434 1.4% 3.82% 0.46% Top Explorer..................... 201,904 $ 20.802256 $ 4,200,060 1.3% 3.92% 0.49% Oncore & Firstar Oncore Flex..... 38,144 $ 16.917170 $ 645,294 1.5% 3.72% 0.42% Oncore & Firstar Oncore Value.... 953,450 $ 17.704447 $ 16,880,302 0.9% 4.33% 0.80% Oncore & Firstar Oncore Premier....................... 1,804,587 $ 17.045507 $ 30,760,094 1.4% 3.82% 0.69% Oncore & Firstar Oncore Xtra..... 1,576,423 $ 17.045507 $ 26,870,932 1.4% 3.82% 0.69% Oncore & Firstar Oncore Lite..... 1,550,322 $ 17.045507 $ 26,426,038 1.4% 3.82% 0.69% ------------ ------------ 6,614,263 $119,406,698 ------------ ------------ 2004 Top I............................ 9,412 $ 26.401629 $ 248,485 1.1% 11.27% 0.37% Top Tradition.................... 352,542 $ 26.401629 $ 9,307,696 1.1% 11.27% 0.36% Top Plus......................... 178,030 $ 29.845326 $ 5,313,371 0.9% 11.49% 0.36% Investar Vision & Top Spectrum... 65,541 $ 19.815804 $ 1,298,741 1.4% 10.94% 0.34% Top Explorer..................... 245,754 $ 20.017664 $ 4,919,414 1.3% 11.05% 0.38% Oncore & Firstar Oncore Flex..... 61,316 $ 16.311173 $ 1,000,134 1.5% 10.83% 0.35% Oncore & Firstar Oncore Value.... 390,386 $ 16.969627 $ 6,624,712 0.9% 11.49% 0.50% Oncore & Firstar Oncore Premier....................... 1,135,299 $ 16.418770 $ 18,640,209 1.4% 10.94% 0.48% Oncore & Firstar Oncore Xtra..... 1,102,890 $ 16.418770 $ 18,108,091 1.4% 10.94% 0.48% Oncore & Firstar Oncore Lite..... 494,374 $ 16.418770 $ 8,117,015 1.4% 10.94% 0.48% ------------ ------------ 4,035,544 $ 73,577,868 ------------ ------------
(continued) 56 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) CAPITAL APPRECIATION SUBACCOUNT (CONTINUED) 2003 Top I............................ 10,658 $ 23.726799 $ 252,889 1.1% 30.10% 0.25% Top Tradition.................... 418,784 $ 23.726799 $ 9,936,415 1.1% 30.10% 0.26% Top Plus......................... 202,810 $ 26.768431 $ 5,428,904 0.9% 30.35% 0.25% Investar Vision & Top Spectrum... 81,920 $ 17.861213 $ 1,463,185 1.4% 29.71% 0.25% Top Explorer..................... 258,031 $ 18.025307 $ 4,651,085 1.3% 29.84% 0.25% Oncore & Firstar Oncore Flex..... 73,347 $ 14.716804 $ 1,079,431 1.5% 29.58% 0.25% Oncore & Firstar Oncore Value.... 271,812 $ 15.220145 $ 4,137,025 0.9% 30.35% 0.26% Oncore & Firstar Oncore Premier....................... 944,419 $ 14.799258 $ 13,976,687 1.4% 29.71% 0.26% Oncore & Firstar Oncore Xtra..... 872,974 $ 14.799258 $ 12,919,371 1.4% 29.71% 0.26% Oncore & Firstar Oncore Lite..... 198,357 $ 14.799258 $ 2,935,537 1.4% 29.71% 0.26% ------------ ------------ 3,333,112 $ 56,780,529 ------------ ------------ 2002 Top I............................ 14,507 $ 18.237893 $ 264,570 1.1% -21.02% 0.19% Top Tradition.................... 468,721 $ 18.237893 $ 8,548,492 1.1% -21.02% 0.21% Top Plus......................... 231,188 $ 20.535249 $ 4,747,498 0.9% -20.86% 0.21% Investar Vision & Top Spectrum... 92,584 $ 13.769972 $ 1,274,873 1.4% -21.25% 0.21% Top Explorer..................... 292,382 $ 13.882772 $ 4,059,076 1.3% -21.18% 0.21% Oncore & Firstar Oncore Flex..... 101,635 $ 11.356986 $ 1,154,270 1.5% -21.33% 0.20% Oncore & Firstar Oncore Value.... 287,639 $ 11.676046 $ 3,358,483 0.9% -20.86% 0.21% Oncore & Firstar Oncore Premier....................... 951,564 $ 11.409383 $ 10,856,753 1.4% -21.25% 0.21% Oncore & Firstar Oncore Xtra..... 853,498 $ 11.409383 $ 9,737,887 1.4% -21.25% 0.21% Oncore & Firstar Oncore Lite..... 138,520 $ 11.409383 $ 1,580,431 1.4% -21.25% 0.21% ------------ ------------ 3,432,238 $ 45,582,333 ------------ ------------ 2001 Top I............................ 15,753 $ 23.091636 $ 363,754 1.1% 8.50% 0.50% Top Tradition.................... 506,990 $ 23.091636 $ 11,707,217 1.1% 8.50% 0.50% Top Plus......................... 269,879 $ 25.948909 $ 7,003,065 0.9% 8.72% 0.49% Investar Vision & Top Spectrum... 123,301 $ 17.486540 $ 2,156,108 1.4% 8.18% 0.49% Top Explorer..................... 330,320 $ 17.612333 $ 5,817,699 1.3% 8.29% 0.49% Oncore & Firstar Oncore Flex..... 85,646 $ 14.436518 $ 1,236,433 1.5% 8.07% 0.51% Oncore & Firstar Oncore Value.... 247,596 $ 14.754171 $ 3,653,074 0.9% 8.72% 0.50% Oncore & Firstar Oncore Premier....................... 734,536 $ 14.488811 $ 10,642,579 1.4% 8.18% 0.51% Oncore & Firstar Oncore Xtra..... 572,224 $ 14.488811 $ 8,290,839 1.4% 8.18% 0.51% Oncore & Firstar Oncore Lite..... 35,450 $ 14.488811 $ 513,622 1.4% 6.43% 0.51% 4/17/01 ------------ ------------ 2,921,695 $ 51,384,390 ------------ ------------
(continued) 57 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- OHIO NATIONAL FUND, INC.: (CONTINUED) DISCOVERY SUBACCOUNT 2005 Top I..................................... 9,070 $ 23.732936 $ 215,260 1.1% -1.08% 0.00% Top Tradition............................. 350,949 $ 23.732936 $ 8,329,061 1.1% -1.08% 0.00% Top Plus.................................. 109,228 $ 31.524814 $ 3,443,399 0.9% -0.89% 0.00% Investar Vision & Top Spectrum............ 42,489 $ 16.506873 $ 701,364 1.4% -1.38% 0.00% Top Explorer.............................. 218,018 $ 19.502215 $ 4,251,840 1.3% -1.28% 0.00% Oncore & Firstar Oncore Flex.............. 18,765 $ 7.244308 $ 135,937 1.5% -1.47% 0.00% Oncore & Firstar Oncore Value............. 242,251 $ 7.506592 $ 1,818,483 0.9% -0.89% 0.00% Oncore & Firstar Oncore Premier........... 631,803 $ 7.287265 $ 4,604,114 1.4% -1.38% 0.00% Oncore & Firstar Oncore Xtra.............. 614,444 $ 7.287265 $ 4,477,618 1.4% -1.38% 0.00% Oncore & Firstar Oncore Lite.............. 102,941 $ 7.287265 $ 750,147 1.4% -1.38% 0.00% ------------ ------------ 2,339,958 $ 28,727,223 ------------ ------------ 2004 Top I..................................... 16,110 $ 23.993241 $ 386,521 1.1% 9.72% 0.00% Top Tradition............................. 442,116 $ 23.993241 $ 10,607,791 1.1% 9.72% 0.00% Top Plus.................................. 162,308 $ 31.807684 $ 5,162,655 0.9% 9.94% 0.00% Investar Vision & Top Spectrum............ 59,278 $ 16.737295 $ 992,158 1.4% 9.40% 0.00% Top Explorer.............................. 272,018 $ 19.754975 $ 5,373,713 1.3% 9.50% 0.00% Oncore & Firstar Oncore Flex.............. 23,795 $ 7.352652 $ 174,955 1.5% 9.29% 0.00% Oncore & Firstar Oncore Value............. 343,161 $ 7.573944 $ 2,599,079 0.9% 9.94% 0.00% Oncore & Firstar Oncore Premier........... 717,035 $ 7.388987 $ 5,298,160 1.4% 9.40% 0.00% Oncore & Firstar Oncore Xtra.............. 698,642 $ 7.388987 $ 5,162,258 1.4% 9.40% 0.00% Oncore & Firstar Oncore Lite.............. 68,265 $ 7.388987 $ 504,413 1.4% 9.40% 0.00% ------------ ------------ 2,802,728 $ 36,261,703 ------------ ------------ 2003 Top I..................................... 21,084 $ 21.867330 $ 461,057 1.1% 36.17% 0.00% Top Tradition............................. 541,497 $ 21.867330 $ 11,841,091 1.1% 36.17% 0.00% Top Plus.................................. 203,338 $ 28.931906 $ 5,882,957 0.9% 36.44% 0.00% Investar Vision & Top Spectrum............ 79,920 $ 15.299718 $ 1,222,760 1.4% 35.77% 0.00% Top Explorer.............................. 316,662 $ 18.040312 $ 5,712,681 1.3% 35.90% 0.00% Oncore & Firstar Oncore Flex.............. 26,637 $ 6.727774 $ 179,208 1.5% 35.63% 0.00% Oncore & Firstar Oncore Value............. 360,171 $ 6.889175 $ 2,481,282 0.9% 36.44% 0.00% Oncore & Firstar Oncore Premier........... 769,694 $ 6.754339 $ 5,198,768 1.4% 35.77% 0.00% Oncore & Firstar Oncore Xtra.............. 726,422 $ 6.754339 $ 4,906,500 1.4% 35.77% 0.00% Oncore & Firstar Oncore Lite.............. 62,086 $ 6.754339 $ 419,349 1.4% 35.77% 0.00% ------------ ------------ 3,107,511 $ 38,305,653 ------------ ------------
(continued) 58 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) DISCOVERY SUBACCOUNT (CONTINUED) 2002 Top I............................ 27,567 $ 16.058949 $ 442,690 1.1% -33.47% 0.00% Top Tradition.................... 605,966 $ 16.058949 $ 9,731,180 1.1% -33.47% 0.00% Top Plus......................... 229,639 $ 21.205098 $ 4,869,517 0.9% -33.34% 0.00% Investar Vision & Top Spectrum... 94,937 $ 11.269135 $ 1,069,853 1.4% -33.67% 0.00% Top Explorer..................... 367,097 $ 13.274634 $ 4,873,082 1.3% -33.60% 0.00% Oncore & Firstar Oncore Flex..... 48,398 $ 4.960280 $ 240,066 1.5% -33.73% 0.00% Oncore & Firstar Oncore Value.... 274,120 $ 5.049289 $ 1,384,110 0.9% -33.34% 0.00% Oncore & Firstar Oncore Premier....................... 793,400 $ 4.974966 $ 3,947,141 1.4% -33.67% 0.00% Oncore & Firstar Oncore Xtra..... 753,989 $ 4.974966 $ 3,751,071 1.4% -33.67% 0.00% Oncore & Firstar Oncore Lite..... 61,177 $ 4.974966 $ 304,354 1.4% -33.67% 0.00% ------------ ------------ 3,256,290 $ 30,613,064 ------------ ------------ 2001 Top I............................ 29,355 $ 24.137799 $ 708,571 1.1% -19.25% 0.00% Top Tradition.................... 679,746 $ 24.137799 $ 16,407,580 1.1% -19.25% 0.00% Top Plus......................... 271,408 $ 31.809662 $ 8,633,382 0.9% -19.09% 0.00% Investar Vision & Top Spectrum... 129,693 $ 16.988803 $ 2,203,331 1.4% -19.49% 0.00% Top Explorer..................... 418,403 $ 19.992369 $ 8,364,870 1.3% -19.41% 0.00% Oncore & Firstar Oncore Flex..... 47,002 $ 7.485265 $ 351,822 1.5% -19.57% 0.00% Oncore & Firstar Oncore Value.... 212,203 $ 7.574405 $ 1,607,310 0.9% -19.09% 0.00% Oncore & Firstar Oncore Premier....................... 768,394 $ 7.500015 $ 5,762,966 1.4% -19.49% 0.00% Oncore & Firstar Oncore Xtra..... 733,425 $ 7.500015 $ 5,500,695 1.4% -19.49% 0.00% Oncore & Firstar Oncore Lite..... 24,306 $ 7.500015 $ 182,298 1.4% 1.79% 0.00% 4/17/01 ------------ ------------ 3,313,935 $ 49,722,825 ------------ ------------ INTERNATIONAL SMALL CO. SUBACCOUNT 2005 Top I............................ 6,104 $ 24.667115 $ 150,563 1.1% 27.60% 0.54% Top Tradition.................... 116,404 $ 24.667115 $ 2,871,350 1.1% 27.60% 0.50% Top Plus......................... 42,137 $ 26.876546 $ 1,132,488 0.9% 27.85% 0.49% Investar Vision & Top Spectrum... 22,876 $ 21.441408 $ 490,500 1.4% 27.22% 0.49% Top Explorer..................... 88,292 $ 21.058920 $ 1,859,339 1.3% 27.35% 0.50% Oncore & Firstar Oncore Flex..... 22,385 $ 13.878402 $ 310,673 1.5% 27.10% 0.76% Oncore & Firstar Oncore Value.... 265,950 $ 14.409653 $ 3,832,254 0.9% 27.85% 0.76% Oncore & Firstar Oncore Premier....................... 352,430 $ 13.965342 $ 4,921,808 1.4% 27.22% 0.67% Oncore & Firstar Oncore Xtra..... 381,912 $ 13.965342 $ 5,333,534 1.4% 27.22% 0.67% Oncore & Firstar Oncore Lite..... 263,401 $ 13.965342 $ 3,678,476 1.4% 27.22% 0.67% ------------ ------------ 1,561,891 $ 24,580,985 ------------ ------------
(continued) 59 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- OHIO NATIONAL FUND, INC.: (CONTINUED) INTERNATIONAL SMALL CO. SUBACCOUNT (CONTINUED) 2004 Top I..................................... 2,137 $ 19.332118 $ 41,306 1.1% 19.55% 0.67% Top Tradition............................. 116,939 $ 19.332118 $ 2,260,673 1.1% 19.55% 0.99% Top Plus.................................. 45,038 $ 21.022163 $ 946,800 0.9% 19.79% 0.97% Investar Vision & Top Spectrum............ 23,943 $ 16.853745 $ 403,522 1.4% 19.20% 1.05% Top Explorer.............................. 82,828 $ 16.536802 $ 1,369,708 1.3% 19.32% 1.02% Oncore & Firstar Oncore Flex.............. 14,030 $ 10.919657 $ 153,198 1.5% 19.08% 1.01% Oncore & Firstar Oncore Value............. 91,275 $ 11.270879 $ 1,028,751 0.9% 19.79% 1.27% Oncore & Firstar Oncore Premier........... 263,335 $ 10.977275 $ 2,890,720 1.4% 19.20% 1.21% Oncore & Firstar Oncore Xtra.............. 236,490 $ 10.977275 $ 2,596,013 1.4% 19.20% 1.21% Oncore & Firstar Oncore Lite.............. 52,162 $ 10.977275 $ 572,591 1.4% 19.20% 1.21% ------------ ------------ 928,177 $ 12,263,282 ------------ ------------ 2003 Top I..................................... 4,373 $ 16.170236 $ 70,710 1.1% 52.24% 0.17% Top Tradition............................. 131,050 $ 16.170236 $ 2,119,102 1.1% 52.24% 0.22% Top Plus.................................. 57,050 $ 17.549014 $ 1,001,163 0.9% 52.54% 0.22% Investar Vision & Top Spectrum............ 25,391 $ 14.139164 $ 359,011 1.4% 51.79% 0.23% Top Explorer.............................. 92,568 $ 13.859543 $ 1,282,954 1.3% 51.94% 0.22% Oncore Flex............................... 12,896 $ 9.169918 $ 118,253 1.5% 51.64% 0.20% Oncore & Firstar Oncore Value............. 62,867 $ 9.408776 $ 591,500 0.9% 52.54% 0.22% Oncore & Firstar Oncore Premier........... 224,145 $ 9.209200 $ 2,064,211 1.4% 51.79% 0.21% Oncore & Firstar Oncore Xtra.............. 173,575 $ 9.209200 $ 1,598,485 1.4% 51.79% 0.21% Oncore & Firstar Oncore Lite.............. 23,495 $ 9.209200 $ 216,369 1.4% 51.79% 0.21% ------------ ------------ 807,410 $ 9,421,757 ------------ ------------ 2002 Top I..................................... 2,198 $ 10.621378 $ 23,343 1.1% -15.93% 0.00% Top Tradition............................. 134,150 $ 10.621378 $ 1,424,853 1.1% -15.93% 0.00% Top Plus.................................. 74,427 $ 11.504273 $ 856,230 0.9% -15.77% 0.00% Investar Vision & Top Spectrum............ 24,648 $ 9.314799 $ 229,595 1.4% -16.18% 0.00% Top Explorer.............................. 97,436 $ 9.121594 $ 888,775 1.3% -16.10% 0.00% Oncore Flex............................... 12,122 $ 6.047041 $ 73,303 1.5% -16.27% 0.00% Oncore & Firstar Oncore Value............. 52,385 $ 6.167936 $ 323,105 0.9% -15.77% 0.00% Oncore & Firstar Oncore Premier........... 198,627 $ 6.066974 $ 1,205,063 1.4% -16.18% 0.00% Oncore & Firstar Oncore Xtra.............. 135,773 $ 6.066974 $ 823,732 1.4% -16.18% 0.00% Oncore Lite............................... 5,370 $ 6.066974 $ 32,582 1.4% -16.18% 0.00% ------------ ------------ 737,136 $ 5,880,581 ------------ ------------
(continued) 60 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) INTERNATIONAL SMALL CO. SUBACCOUNT (CONTINUED) 2001 Top I............................ 1,074 $ 12.634695 $ 13,575 1.1% -30.05% 0.00% Top Tradition.................... 148,637 $ 12.634695 $ 1,877,988 1.1% -30.05% 0.00% Top Plus......................... 95,273 $ 13.657853 $ 1,301,228 0.9% -29.91% 0.00% Investar Vision & Top Spectrum... 28,137 $ 11.113392 $ 312,702 1.4% -30.26% 0.00% Top Explorer..................... 110,579 $ 10.872126 $ 1,202,225 1.3% -30.19% 0.00% Oncore & Firstar Oncore Flex..... 24,799 $ 7.221789 $ 179,092 1.5% -30.33% 0.00% Oncore & Firstar Oncore Value.... 55,262 $ 7.322572 $ 404,657 0.9% -29.91% 0.00% Oncore & Firstar Oncore Premier....................... 218,498 $ 7.238439 $ 1,581,584 1.4% -30.26% 0.00% Oncore & Firstar Oncore Xtra..... 96,639 $ 7.238439 $ 699,512 1.4% -30.26% 0.00% Oncore Lite...................... 462 $ 7.238439 $ 3,344 1.4% -16.18% 0.00% 4/17/01 ------------ ------------ 779,360 $ 7,575,907 ------------ ------------ AGGRESSIVE GROWTH SUBACCOUNT 2005 Top Tradition.................... 162,770 $ 7.052988 $ 1,148,017 1.1% 12.05% 0.02% Top Plus......................... 25,046 $ 8.640452 $ 216,407 0.9% 12.27% 0.02% Investar Vision & Top Spectrum... 19,393 $ 6.594137 $ 127,879 1.4% 11.72% 0.02% Top Explorer..................... 52,726 $ 7.387077 $ 389,493 1.3% 11.83% 0.02% Oncore Flex...................... 25,766 $ 5.604112 $ 144,397 1.5% 11.61% 0.02% Oncore Value..................... 25,661 $ 5.807078 $ 149,018 0.9% 12.27% 0.02% Oncore & Firstar Oncore Premier....................... 139,309 $ 5.637364 $ 785,335 1.4% 11.72% 0.02% Oncore & Firstar Oncore Xtra..... 168,971 $ 5.637364 $ 952,548 1.4% 11.72% 0.02% Oncore & Firstar Oncore Lite..... 19,683 $ 5.637364 $ 110,961 1.4% 11.72% 0.02% ------------ ------------ 639,325 $ 4,024,055 ------------ ------------ 2004 Top I............................ 422 $ 6.294415 $ 2,657 1.1% 7.77% 0.00% Top Tradition.................... 192,494 $ 6.294415 $ 1,211,636 1.1% 7.77% 0.00% Top Plus......................... 33,943 $ 7.695920 $ 261,224 0.9% 7.98% 0.00% Investar Vision & Top Spectrum... 25,931 $ 5.902318 $ 153,054 1.4% 7.45% 0.00% Top Explorer..................... 64,534 $ 6.605557 $ 426,282 1.3% 7.56% 0.00% Oncore Flex...................... 25,098 $ 5.021097 $ 126,020 1.5% 7.34% 0.00% Oncore & Firstar Oncore Value.... 32,977 $ 5.172269 $ 170,565 0.9% 7.98% 0.00% Oncore & Firstar Oncore Premier....................... 148,721 $ 5.045926 $ 750,436 1.4% 7.45% 0.00% Oncore & Firstar Oncore Xtra..... 214,747 $ 5.045926 $ 1,083,599 1.4% 7.45% 0.00% Oncore & Firstar Oncore Lite..... 8,056 $ 5.045926 $ 40,648 1.4% 7.45% 0.00% ------------ ------------ 746,923 $ 4,226,121 ------------ ------------
(continued) 61 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) AGGRESSIVE GROWTH SUBACCOUNT (CONTINUED) 2003 Top I............................ 422 $ 5.840646 $ 2,466 1.1% 30.06% 0.00% Top Tradition.................... 212,331 $ 5.840646 $ 1,240,151 1.1% 30.06% 0.00% Top Plus......................... 46,881 $ 7.126951 $ 334,120 0.9% 30.32% 0.00% Investar Vision & Top Spectrum... 32,512 $ 5.493122 $ 178,594 1.4% 29.68% 0.00% Top Explorer..................... 78,758 $ 6.141509 $ 483,694 1.3% 29.80% 0.00% Oncore Flex...................... 24,163 $ 4.677618 $ 113,024 1.5% 29.55% 0.00% Oncore & Firstar Oncore Value.... 68,946 $ 4.789877 $ 330,244 0.9% 30.32% 0.00% Oncore & Firstar Oncore Premier....................... 197,271 $ 4.696098 $ 926,400 1.4% 29.68% 0.00% Oncore & Firstar Oncore Xtra..... 239,688 $ 4.696098 $ 1,125,598 1.4% 29.68% 0.00% Oncore & Firstar Oncore Lite..... 7,553 $ 4.696098 $ 35,468 1.4% 29.68% 0.00% ------------ ------------ 908,525 $ 4,769,759 ------------ ------------ 2002 Top I............................ 422 $ 4.490665 $ 1,897 1.1% -28.70% 0.00% Top Tradition.................... 214,617 $ 4.490665 $ 963,775 1.1% -28.70% 0.00% Top Plus......................... 69,054 $ 5.468849 $ 377,648 0.9% -28.56% 0.00% Investar Vision & Top Spectrum... 45,864 $ 4.236001 $ 194,281 1.4% -28.91% 0.00% Top Explorer..................... 96,543 $ 4.731338 $ 456,778 1.3% -28.84% 0.00% Oncore Flex...................... 32,552 $ 3.610684 $ 117,536 1.5% -28.98% 0.00% Oncore & Firstar Oncore Value.... 76,997 $ 3.675501 $ 283,001 0.9% -28.56% 0.00% Oncore & Firstar Oncore Premier....................... 210,910 $ 3.621377 $ 763,783 1.4% -28.91% 0.00% Oncore & Firstar Oncore Xtra..... 279,017 $ 3.621377 $ 1,010,424 1.4% -28.91% 0.00% Oncore & Firstar Oncore Lite..... 3,972 $ 3.621377 $ 14,383 1.4% -28.91% 0.00% ------------ ------------ 1,029,948 $ 4,183,506 ------------ ------------ 2001 Top I............................ 423 $ 6.298389 $ 2,662 1.1% -32.56% 1.00% Top Tradition.................... 220,085 $ 6.298389 $ 1,386,181 1.1% -32.56% 1.02% Top Plus......................... 80,930 $ 7.655137 $ 619,527 0.9% -32.43% 1.00% Investar Vision & Top Spectrum... 67,253 $ 5.958895 $ 400,752 1.4% -32.76% 0.99% Top Explorer..................... 100,958 $ 6.649110 $ 671,282 1.3% -32.69% 1.00% Oncore Flex...................... 57,060 $ 5.084258 $ 290,109 1.5% -32.83% 0.77% Oncore & Firstar Oncore Value.... 140,922 $ 5.144865 $ 725,023 0.9% -32.43% 1.14% Oncore & Firstar Oncore Premier....................... 272,824 $ 5.094282 $ 1,389,843 1.4% -32.76% 1.13% Oncore & Firstar Oncore Xtra..... 257,022 $ 5.094282 $ 1,309,344 1.4% -32.76% 1.13% Oncore & Firstar Oncore Lite..... 4,818 $ 5.094282 $ 24,546 1.4% -11.64% 1.13% 4/17/01 ------------ ------------ 1,202,295 $ 6,819,269 ------------ ------------
(continued) 62 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- OHIO NATIONAL FUND, INC.: (CONTINUED) SMALL CAP GROWTH SUBACCOUNT 2005 Top I..................................... 4,190 $ 8.130715 $ 34,065 1.1% 5.32% 0.00% Top Tradition............................. 97,972 $ 12.042400 $ 1,179,817 1.1% 5.32% 0.00% Top Plus.................................. 48,640 $ 12.258855 $ 596,272 0.9% 5.53% 0.00% Investar Vision & Top Spectrum............ 2,258 $ 7.983258 $ 18,024 1.4% 5.01% 0.00% Top Explorer.............................. 64,456 $ 14.038597 $ 904,865 1.3% 5.12% 0.00% Oncore Flex............................... 4,023 $ 5.296644 $ 21,310 1.5% 4.91% 0.00% Oncore & Firstar Oncore Value............. 79,387 $ 5.477934 $ 434,875 0.9% 5.53% 0.00% Oncore & Firstar Oncore Premier........... 173,681 $ 5.326372 $ 925,088 1.4% 5.01% 0.00% Oncore & Firstar Oncore Xtra.............. 194,351 $ 5.326372 $ 1,035,186 1.4% 5.01% 0.00% Oncore Lite............................... 118,685 $ 5.326372 $ 632,169 1.4% 5.01% 0.00% ------------ ------------ 787,643 $ 5,781,671 ------------ ------------ 2004 Top I..................................... 1,864 $ 7.719698 $ 14,387 1.1% 10.23% 0.00% Top Tradition............................. 122,489 $ 11.433639 $ 1,400,500 1.1% 10.23% 0.00% Top Plus.................................. 55,394 $ 11.616196 $ 643,473 0.9% 10.45% 0.00% Investar Vision & Top Spectrum............ 2,692 $ 7.602113 $ 20,462 1.4% 9.90% 0.00% Top Explorer.............................. 84,511 $ 13.355197 $ 1,128,655 1.3% 10.01% 0.00% Oncore Flex............................... 5,361 $ 5.048725 $ 27,066 1.5% 9.79% 0.00% Oncore & Firstar Oncore Value............. 76,298 $ 5.190763 $ 396,045 0.9% 10.45% 0.00% Oncore & Firstar Oncore Premier........... 158,973 $ 5.072075 $ 806,324 1.4% 9.90% 0.00% Oncore & Firstar Oncore Xtra.............. 195,801 $ 5.072075 $ 993,118 1.4% 9.90% 0.00% Oncore Lite............................... 67,691 $ 5.072075 $ 343,333 1.4% 9.90% 0.00% ------------ ------------ 771,074 $ 5,773,363 ------------ ------------ 2003 Top I..................................... 13,349 $ 7.003370 $ 93,489 1.1% 43.77% 0.00% Top Tradition............................. 151,471 $ 10.372684 $ 1,571,165 1.1% 43.77% 0.00% Top Plus.................................. 76,690 $ 10.517403 $ 806,577 0.9% 44.05% 0.00% Investar Vision & Top Spectrum............ 2,693 $ 6.917226 $ 18,628 1.4% 43.34% 0.00% Top Explorer.............................. 100,526 $ 12.139983 $ 1,220,389 1.3% 43.48% 0.00% Oncore Flex............................... 5,613 $ 4.598419 $ 25,810 1.5% 43.20% 0.00% Oncore & Firstar Oncore Value............. 95,546 $ 4.699759 $ 449,042 0.9% 44.05% 0.00% Oncore & Firstar Oncore Premier........... 186,335 $ 4.615120 $ 859,956 1.4% 43.34% 0.00% Oncore & Firstar Oncore Xtra.............. 173,566 $ 4.615120 $ 801,026 1.4% 43.34% 0.00% Oncore Lite............................... 33,717 $ 4.615120 $ 155,609 1.4% 43.34% 0.00% ------------ ------------ 839,506 $ 6,001,691 ------------ ------------
(continued) 63 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) SMALL CAP GROWTH SUBACCOUNT (CONTINUED) 2002 Top I............................ 3,365 $ 4.871298 $ 16,390 1.1% -29.90% 0.00% Top Tradition.................... 174,699 $ 7.214868 $ 1,260,430 1.1% -29.90% 0.00% Top Plus......................... 84,761 $ 7.301096 $ 618,849 0.9% -29.76% 0.00% Top Spectrum..................... 2,950 $ 4.825638 $ 14,236 1.4% -30.10% 0.00% Top Explorer..................... 105,060 $ 8.460821 $ 888,896 1.3% -30.03% 0.00% Oncore Flex...................... 5,620 $ 3.211139 $ 18,047 1.5% -30.17% 0.00% Oncore & Firstar Oncore Value.... 67,854 $ 3.262529 $ 221,375 0.9% -29.76% 0.00% Oncore & Firstar Oncore Premier....................... 141,646 $ 3.219625 $ 456,048 1.4% -30.10% 0.00% Oncore & Firstar Oncore Xtra..... 124,440 $ 3.219625 $ 400,650 1.4% -30.10% 0.00% Oncore Lite...................... 4,883 $ 3.219625 $ 15,720 1.4% -30.10% 0.00% ------------ ------------ 715,278 $ 3,910,641 ------------ ------------ 2001 Top I............................ 5,020 $ 6.948667 $ 34,881 1.1% -40.16% 0.00% Top Tradition.................... 201,045 $ 10.291639 $ 2,069,080 1.1% -40.16% 0.00% Top Plus......................... 91,360 $ 10.393992 $ 949,598 0.9% -40.04% 0.00% Top Spectrum..................... 3,437 $ 6.904016 $ 23,729 1.4% -40.34% 0.00% Top Explorer..................... 128,754 $ 12.092892 $ 1,557,011 1.3% -40.28% 0.00% Oncore Flex...................... 12,441 $ 4.598712 $ 57,214 1.5% -40.40% 0.00% Oncore & Firstar Oncore Value.... 63,172 $ 4.644610 $ 293,411 0.9% -40.04% 0.00% Oncore & Firstar Oncore Premier....................... 208,184 $ 4.606304 $ 958,963 1.4% -40.34% 0.00% Oncore & Firstar Oncore Xtra..... 108,841 $ 4.606304 $ 501,356 1.4% -40.34% 0.00% Oncore Lite...................... 4,469 $ 4.606304 $ 20,577 1.4% -10.08% 0.00% 4/17/01 ------------ ------------ 826,723 $ 6,465,820 ------------ ------------ MID CAP OPPORTUNITY SUBACCOUNT 2005 Top I............................ 6,768 $ 13.401489 $ 90,703 1.1% 8.79% 0.00% Top Tradition.................... 419,408 $ 23.330098 $ 9,784,824 1.1% 8.79% 0.00% Top Plus......................... 166,804 $ 23.749133 $ 3,961,458 0.9% 9.00% 0.00% Investar Vision & Top Spectrum... 4,178 $ 14.840842 $ 62,007 1.4% 8.47% 0.00% Top Explorer..................... 330,716 $ 23.260264 $ 7,692,547 1.3% 8.57% 0.00% Oncore & Firstar Oncore Flex..... 4,624 $ 14.729016 $ 68,113 1.5% 8.36% 0.00% Oncore & Firstar Oncore Value.... 316,665 $ 15.414658 $ 4,881,277 0.9% 9.00% 0.00% Oncore & Firstar Oncore Premier....................... 686,907 $ 14.840842 $ 10,194,276 1.4% 8.47% 0.00% Oncore & Firstar Oncore Xtra..... 444,679 $ 14.840842 $ 6,599,406 1.4% 8.47% 0.00% Oncore & Firstar Oncore Lite..... 268,274 $ 14.840842 $ 3,981,417 1.4% 8.47% 0.00% ------------ ------------ 2,649,023 $ 47,316,028 ------------ ------------
(continued) 64 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 1.1% 12.32% 0.00% Top Tradition............................. 504,422 $ 21.445455 $ 10,817,556 1.1% 12.32% 0.00% Top Plus.................................. 225,163 $ 21.787570 $ 4,905,745 0.9% 12.54% 0.00% Investar Vision & Top Spectrum............ 2,983 $ 13.682335 $ 40,812 1.4% 11.99% 0.00% Top Explorer.............................. 382,243 $ 21.423407 $ 8,188,955 1.3% 12.10% 0.00% Oncore & Firstar Oncore Flex.............. 6,433 $ 13.592579 $ 87,444 1.5% 11.88% 0.00% Oncore & Firstar Oncore Value............. 361,287 $ 14.141487 $ 5,109,139 0.9% 12.54% 0.00% Oncore & Firstar Oncore Premier........... 780,144 $ 13.682335 $ 10,674,180 1.4% 11.99% 0.00% Oncore & Firstar Oncore Xtra.............. 498,288 $ 13.682335 $ 6,817,744 1.4% 11.99% 0.00% Oncore & Firstar Oncore Lite.............. 244,454 $ 13.682335 $ 3,344,705 1.4% 11.99% 0.00% ------------ ------------ 3,013,264 $ 50,082,951 ------------ ------------ 2003 Top I..................................... 7,168 $ 10.967734 $ 78,614 1.1% 44.75% 0.04% Top Tradition............................. 582,520 $ 19.093264 $ 11,122,204 1.1% 44.75% 0.04% Top Plus.................................. 267,784 $ 19.359387 $ 5,184,130 0.9% 45.04% 0.04% Investar Vision & Top Spectrum............ 4,665 $ 12.217876 $ 57,000 1.4% 44.32% 0.04% Top Explorer.............................. 454,152 $ 19.111464 $ 8,679,515 1.3% 44.47% 0.04% Oncore & Firstar Oncore Flex.............. 13,825 $ 12.149723 $ 167,969 1.5% 44.18% 0.04% Oncore & Firstar Oncore Value............. 299,086 $ 12.565438 $ 3,758,150 0.9% 45.04% 0.04% Oncore & Firstar Oncore Premier........... 738,274 $ 12.217876 $ 9,020,134 1.4% 44.32% 0.04% Oncore & Firstar Oncore Xtra.............. 387,378 $ 12.217876 $ 4,732,941 1.4% 44.32% 0.04% Oncore & Firstar Oncore Lite.............. 47,347 $ 12.217876 $ 578,480 1.4% 44.32% 0.04% ------------ ------------ 2,802,199 $ 43,379,137 ------------ ------------ 2002 Top I..................................... 18,199 $ 7.576987 $ 137,895 1.1% -26.44% 0.00% Top Tradition............................. 616,115 $ 13.190461 $ 8,126,842 1.1% -26.44% 0.00% Top Plus.................................. 300,119 $ 13.347926 $ 4,005,969 0.9% -26.29% 0.00% Investar Vision & Top Spectrum............ 3,301 $ 8.465667 $ 27,947 1.4% -26.66% 0.00% Top Explorer.............................. 522,652 $ 13.229122 $ 6,914,227 1.3% -26.58% 0.00% Oncore & Firstar Oncore Flex.............. 21,042 $ 8.426738 $ 177,314 1.5% -26.73% 0.00% Oncore & Firstar Oncore Value............. 294,737 $ 8.663624 $ 2,553,489 0.9% -26.29% 0.00% Oncore & Firstar Oncore Premier........... 794,097 $ 8.465667 $ 6,722,556 1.4% -26.66% 0.00% Oncore & Firstar Oncore Xtra.............. 376,288 $ 8.465667 $ 3,185,525 1.4% -26.66% 0.00% Oncore & Firstar Oncore Lite.............. 29,735 $ 8.465667 $ 251,730 1.4% -26.66% 0.00% ------------ ------------ 2,976,285 $ 32,103,494 ------------ ------------
(continued) 65 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2001 Top I............................ 16,457 $ 10.300307 $ 169,511 1.1% -13.79% 1.27% Top Tradition.................... 694,773 $ 17.931371 $ 12,458,235 1.1% -13.79% 1.26% Top Plus......................... 363,743 $ 18.109480 $ 6,587,204 0.9% -13.61% 1.26% Investar Vision & Top Spectrum... 5,613 $ 11.542658 $ 64,788 1.4% -14.04% 1.30% Top Explorer..................... 603,213 $ 18.019610 $ 10,869,659 1.3% -13.96% 1.26% Oncore & Firstar Oncore Flex..... 27,193 $ 11.500928 $ 312,744 1.5% -14.13% 1.29% Oncore & Firstar Oncore Value.... 304,951 $ 11.754163 $ 3,584,444 0.9% -13.61% 1.28% Oncore & Firstar Oncore Premier....................... 944,476 $ 11.542658 $ 10,901,770 1.4% -14.04% 1.30% Oncore & Firstar Oncore Xtra..... 461,170 $ 11.542658 $ 5,323,123 1.4% -14.04% 1.30% Oncore & Firstar Oncore Lite..... 15,551 $ 11.542658 $ 179,500 1.4% -7.94% 1.30% 4/17/01 ------------ ------------ 3,437,140 $ 50,450,978 ------------ ------------ S&P 500 INDEX SUBACCOUNT 2005 Top I............................ 11,960 $ 9.271844 $ 110,888 1.1% 3.33% 1.00% Top Tradition.................... 722,817 $ 17.402963 $ 12,579,164 1.1% 3.33% 0.94% Top Plus......................... 229,126 $ 17.715460 $ 4,059,075 0.9% 3.54% 0.92% Investar Vision & Top Spectrum... 102,279 $ 11.649395 $ 1,191,490 1.4% 3.03% 0.91% Top Explorer..................... 619,152 $ 16.703578 $ 10,342,053 1.3% 3.13% 0.93% Oncore & Firstar Oncore Flex..... 91,530 $ 11.244364 $ 1,029,195 1.5% 2.93% 0.97% Oncore & Firstar Oncore Value.... 843,939 $ 11.767737 $ 9,931,252 0.9% 3.54% 1.20% Oncore & Firstar Oncore Premier....................... 2,932,440 $ 11.329667 $ 33,223,573 1.4% 3.03% 1.01% Oncore & Firstar Oncore Xtra..... 1,774,333 $ 11.329667 $ 20,102,603 1.4% 3.03% 1.01% Oncore & Firstar Oncore Lite..... 396,816 $ 11.329667 $ 4,495,784 1.4% 3.03% 1.01% ------------ ------------ 7,724,392 $ 97,065,077 ------------ ------------ 2004 Top I............................ 13,918 $ 8.972855 $ 124,882 1.1% 9.10% 1.18% Top Tradition.................... 865,003 $ 16.841761 $ 14,568,168 1.1% 9.10% 1.06% Top Plus......................... 308,745 $ 17.110362 $ 5,282,732 0.9% 9.32% 1.01% Investar Vision & Top Spectrum... 131,066 $ 11.307096 $ 1,481,973 1.4% 8.78% 1.01% Top Explorer..................... 749,308 $ 16.196798 $ 12,136,386 1.3% 8.88% 1.08% Oncore & Firstar Oncore Flex..... 111,642 $ 10.924689 $ 1,219,649 1.5% 8.67% 1.03% Oncore & Firstar Oncore Value.... 647,913 $ 11.365793 $ 7,364,047 0.9% 9.32% 1.14% Oncore & Firstar Oncore Premier....................... 2,915,101 $ 10.996761 $ 32,056,676 1.4% 8.78% 1.16% Oncore & Firstar Oncore Xtra..... 1,900,670 $ 10.996761 $ 20,901,216 1.4% 8.78% 1.16% Oncore & Firstar Oncore Lite..... 459,684 $ 10.996761 $ 5,055,040 1.4% 8.78% 1.16% ------------ ------------ 8,103,050 $100,190,769 ------------ ------------
(continued) 66 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2003 Top I............................ 10,513 $ 8.224458 $ 86,462 1.1% 26.45% 1.15% Top Tradition.................... 986,495 $ 15.437040 $ 15,228,556 1.1% 26.45% 1.20% Top Plus......................... 386,328 $ 15.652148 $ 6,046,868 0.9% 26.70% 1.18% Investar Vision & Top Spectrum... 160,544 $ 10.394851 $ 1,668,828 1.4% 26.08% 1.18% Top Explorer..................... 824,604 $ 14.875317 $ 12,266,244 1.3% 26.20% 1.20% Oncore & Firstar Oncore Flex..... 129,328 $ 10.053229 $ 1,300,164 1.5% 25.95% 1.11% Oncore & Firstar Oncore Value.... 664,592 $ 10.397150 $ 6,909,862 0.9% 26.70% 1.24% Oncore & Firstar Oncore Premier....................... 2,952,652 $ 10.109565 $ 29,850,032 1.4% 26.08% 1.24% Oncore & Firstar Oncore Xtra..... 1,741,329 $ 10.109565 $ 17,604,081 1.4% 26.08% 1.24% Oncore & Firstar Oncore Lite..... 313,876 $ 10.109565 $ 3,173,153 1.4% 26.08% 1.24% ------------ ------------ 8,170,261 $ 94,134,249 ------------ ------------ 2002 Top I............................ 18,843 $ 6.504141 $ 122,555 1.1% -23.47% 1.09% Top Tradition.................... 1,062,848 $ 12.208071 $ 12,975,329 1.1% -23.47% 1.09% Top Plus......................... 454,870 $ 12.353754 $ 5,619,351 0.9% -23.32% 1.08% Investar Vision & Top Spectrum... 189,257 $ 8.244948 $ 1,560,417 1.4% -23.70% 1.07% Top Explorer..................... 888,209 $ 11.787111 $ 10,469,416 1.3% -23.62% 1.09% Oncore & Firstar Oncore Flex..... 243,608 $ 7.981824 $ 1,944,432 1.5% -23.77% 1.10% Oncore & Firstar Oncore Value.... 598,915 $ 8.206149 $ 4,914,786 0.9% -23.32% 1.10% Oncore & Firstar Oncore Premier....................... 2,645,161 $ 8.018669 $ 21,210,670 1.4% -23.70% 1.11% Oncore & Firstar Oncore Xtra..... 1,486,199 $ 8.018669 $ 11,917,339 1.4% -23.70% 1.11% Oncore & Firstar Oncore Lite..... 128,490 $ 8.018669 $ 1,030,320 1.4% -23.70% 1.11% ------------ ------------ 7,716,400 $ 71,764,615 ------------ ------------ 2001 Top I............................ 13,014 $ 8.499003 $ 110,605 1.1% -14.28% 2.08% Top Tradition.................... 1,203,210 $ 15.952375 $ 19,194,063 1.1% -14.28% 2.03% Top Plus......................... 568,161 $ 16.110753 $ 9,153,499 0.9% -14.11% 2.03% Investar Vision & Top Spectrum... 261,808 $ 10.805793 $ 2,829,042 1.4% -14.53% 2.00% Top Explorer..................... 1,009,929 $ 15.432853 $ 15,586,092 1.3% -14.45% 2.03% Oncore & Firstar Oncore Flex..... 267,760 $ 10.471290 $ 2,803,792 1.5% -14.62% 2.02% Oncore & Firstar Oncore Value.... 662,230 $ 10.701790 $ 7,087,049 0.9% -14.11% 2.06% Oncore & Firstar Oncore Premier....................... 2,803,334 $ 10.509245 $ 29,460,937 1.4% -14.53% 2.09% Oncore & Firstar Oncore Xtra..... 1,463,282 $ 10.509245 $ 15,377,990 1.4% -14.53% 2.09% Oncore & Firstar Oncore Lite..... 38,672 $ 10.509245 $ 406,397 1.4% -4.95% 2.09% 4/17/01 ------------ ------------ 8,291,400 $102,009,466 ------------ ------------ SOCIAL AWARENESS SUBACCOUNT (NOTE 4) 2002 Top Tradition.................... 20,531 $ 5.388262 $ 110,627 1.1% -29.10% 0.00% Top Plus......................... 15,048 $ 5.452617 $ 82,053 0.9% -28.95% 0.00% Top Explorer..................... 50,017 $ 5.684032 $ 284,294 1.3% -29.24% 0.00% ------------ ------------ 85,596 $ 476,974 ------------ ------------
(continued) 67 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- OHIO NATIONAL FUND, INC.: (CONTINUED) SOCIAL AWARENESS SUBACCOUNT (NOTE 4) (CONTINUED) 2001 Top Tradition............................. 21,057 $ 7.599331 $ 160,020 1.1% -20.66% 0.00% Top Plus.................................. 16,390 $ 7.674852 $ 125,794 0.9% -20.50% 0.00% Top Explorer.............................. 53,593 $ 8.032375 $ 430,478 1.3% -20.82% 0.00% ------------ ------------ 91,040 $ 716,292 ------------ ------------ BLUE CHIP SUBACCOUNT 2005 Top I..................................... 1,542 $ 10.993372 $ 16,951 1.1% 3.60% 0.98% Top Tradition............................. 47,952 $ 10.993372 $ 527,149 1.1% 3.60% 0.97% Top Plus.................................. 6,365 $ 11.128423 $ 70,836 0.9% 3.80% 0.85% Investar Vision & Top Spectrum............ 1,769 $ 11.048572 $ 19,541 1.4% 3.29% 0.92% Top Explorer.............................. 28,570 $ 10.860149 $ 310,278 1.3% 3.40% 0.86% Oncore & Firstar Oncore Flex.............. 40,707 $ 10.965373 $ 446,372 1.5% 3.19% 0.74% Oncore & Firstar Oncore Value............. 111,649 $ 11.475703 $ 1,281,246 0.9% 3.80% 0.90% Oncore & Firstar Oncore Premier........... 640,038 $ 11.048572 $ 7,071,503 1.4% 3.29% 0.92% Oncore & Firstar Oncore Xtra.............. 1,017,109 $ 11.048572 $ 11,237,605 1.4% 3.29% 0.92% Oncore & Firstar Oncore Lite.............. 201,599 $ 11.048572 $ 2,227,388 1.4% 3.29% 0.92% ------------ ------------ 2,097,300 $ 23,208,869 ------------ ------------ 2004 Top I..................................... 1,542 $ 10.611435 $ 16,366 1.1% 8.41% 1.24% Top Tradition............................. 50,399 $ 10.611435 $ 534,806 1.1% 8.41% 1.26% Top Plus.................................. 9,015 $ 10.720596 $ 96,651 0.9% 8.62% 1.28% Investar Vision & Top Spectrum............ 5,780 $ 10.696275 $ 61,822 1.4% 8.09% 1.40% Top Explorer.............................. 36,448 $ 10.503505 $ 382,829 1.3% 8.19% 1.29% Oncore & Firstar Oncore Flex.............. 65,506 $ 10.626161 $ 696,081 1.5% 7.98% 1.19% Oncore & Firstar Oncore Value............. 126,918 $ 11.055144 $ 1,403,102 0.9% 8.62% 1.38% Oncore & Firstar Oncore Premier........... 779,857 $ 10.696275 $ 8,341,568 1.4% 8.09% 1.40% Oncore & Firstar Oncore Xtra.............. 1,065,624 $ 10.696275 $ 11,398,203 1.4% 8.09% 1.40% Oncore & Firstar Oncore Lite.............. 212,626 $ 10.696275 $ 2,274,301 1.4% 8.09% 1.40% ------------ ------------ 2,353,715 $ 25,205,729 ------------ ------------ 2003 Top I..................................... 1,543 $ 9.788494 $ 15,100 1.1% 25.21% 1.35% Top Tradition............................. 57,233 $ 9.788494 $ 560,226 1.1% 25.21% 1.37% Top Plus.................................. 9,843 $ 9.869589 $ 97,150 0.9% 25.45% 1.45% Investar Vision & Top Spectrum............ 5,708 $ 9.896131 $ 56,486 1.4% 24.84% 1.43% Top Explorer.............................. 36,165 $ 9.708148 $ 351,100 1.3% 24.96% 1.39% Oncore & Firstar Oncore Flex.............. 77,873 $ 9.840980 $ 766,351 1.5% 24.71% 1.52% Oncore & Firstar Oncore Value............. 134,460 $ 10.177576 $ 1,368,474 0.9% 25.45% 1.40% Oncore & Firstar Oncore Premier........... 835,051 $ 9.896131 $ 8,263,770 1.4% 24.84% 1.43% Oncore & Firstar Oncore Xtra.............. 970,247 $ 9.896131 $ 9,601,690 1.4% 24.84% 1.43% Oncore & Firstar Oncore Lite.............. 160,032 $ 9.896131 $ 1,583,696 1.4% 24.84% 1.43% ------------ ------------ 2,288,155 $ 22,664,043 ------------ ------------
(continued) 68 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) BLUE CHIP SUBACCOUNT (CONTINUED) 2002 Top I............................ 1,543 $ 7.817892 $ 12,064 1.1% -20.31% 0.88% Top Tradition.................... 47,593 $ 7.817892 $ 372,077 1.1% -20.31% 0.90% Top Plus......................... 2,729 $ 7.867097 $ 21,472 0.9% -20.15% 0.80% Investar Vision.................. 198 $ 7.927309 $ 1,570 1.4% -20.54% 0.94% Top Explorer..................... 22,003 $ 7.769060 $ 170,939 1.3% -20.47% 0.86% Oncore Flex...................... 25,179 $ 7.890890 $ 198,687 1.5% -20.62% 0.93% Oncore & Firstar Oncore Value.... 76,041 $ 8.112600 $ 616,891 0.9% -20.15% 0.89% Oncore & Firstar Oncore Premier....................... 396,963 $ 7.927309 $ 3,146,839 1.4% -20.54% 0.94% Oncore & Firstar Oncore Xtra..... 474,853 $ 7.927309 $ 3,764,310 1.4% -20.54% 0.94% Oncore & Firstar Oncore Lite..... 30,308 $ 7.927309 $ 240,263 1.4% -20.54% 0.94% ------------ ------------ 1,077,410 $ 8,545,112 ------------ ------------ 2001 Top I............................ 1,544 $ 9.810085 $ 15,142 1.1% -5.27% 0.33% Top Tradition.................... 42,464 $ 9.810085 $ 416,576 1.1% -5.27% 0.80% Top Plus......................... 6,350 $ 9.852275 $ 62,562 0.9% -5.08% 0.72% Investar Vision.................. 198 $ 9.976974 $ 1,975 1.4% -5.56% 0.67% Top Explorer..................... 29,931 $ 9.768135 $ 292,374 1.3% -5.46% 0.69% Oncore Flex...................... 27,221 $ 9.940933 $ 270,606 1.5% -5.65% 0.63% Oncore & Firstar Oncore Value.... 76,008 $ 10.159728 $ 772,224 0.9% -5.08% 0.60% Oncore & Firstar Oncore Premier....................... 377,958 $ 9.976974 $ 3,770,875 1.4% -5.56% 0.67% Oncore & Firstar Oncore Xtra..... 261,426 $ 9.976974 $ 2,608,236 1.4% -5.56% 0.67% Oncore & Firstar Oncore Lite..... 9,624 $ 9.976974 $ 96,017 1.4% -2.03% 0.67% 4/17/01 ------------ ------------ 832,724 $ 8,306,587 ------------ ------------
EQUITY INCOME SUBACCOUNT (NOTE 4) 2002 Top Tradition.................... 10,408 $ 6.447392 $ 67,105 1.1% -21.74% 1.32% Top Plus......................... 11,034 $ 6.487970 $ 71,587 0.9% -21.58% 1.35% Investar Vision & Top Spectrum... 4,484 $ 7.194067 $ 32,260 1.4% -21.97% 1.38% Top Explorer..................... 10,580 $ 6.407080 $ 67,786 1.3% -21.89% 1.26% Oncore & Firstar Oncore Flex..... 23,385 $ 7.160990 $ 167,461 1.5% -22.05% 1.52% Oncore & Firstar Oncore Value.... 66,432 $ 7.362248 $ 489,091 0.9% -21.58% 1.28% Oncore & Firstar Oncore Premier....................... 505,254 $ 7.194067 $ 3,634,836 1.4% -21.97% 1.38% Oncore & Firstar Oncore Xtra..... 399,504 $ 7.194067 $ 2,874,056 1.4% -21.97% 1.38% Oncore & Firstar Oncore Lite..... 81,631 $ 7.194067 $ 587,256 1.4% -21.97% 1.38% ------------ ------------ 1,112,712 $ 7,991,438 ------------ ------------ 2001 Top Tradition.................... 11,904 $ 8.238360 $ 98,072 1.1% -12.79% 1.41% Top Plus......................... 11,174 $ 8.273785 $ 92,450 0.9% -12.61% 1.37% Investar Vision & Top Spectrum... 4,485 $ 9.219791 $ 41,355 1.4% -13.05% 1.48% Top Explorer..................... 14,443 $ 8.203088 $ 118,478 1.3% -12.96% 1.34% Oncore & Firstar Oncore Flex..... 13,322 $ 9.186470 $ 122,384 1.5% -13.13% 1.36% Oncore & Firstar Oncore Value.... 90,357 $ 9.388717 $ 848,338 0.9% -12.61% 1.37% Oncore & Firstar Oncore Premier....................... 516,754 $ 9.219791 $ 4,764,365 1.4% -13.05% 1.48% Oncore & Firstar Oncore Xtra..... 302,814 $ 9.219791 $ 2,791,873 1.4% -13.05% 1.48% Oncore & Firstar Oncore Lite..... 36,875 $ 9.219791 $ 339,979 1.4% -4.10% 1.48% 4/17/01 ------------ ------------ 1,002,128 $ 9,217,294 ------------ ------------
(continued) 69 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- OHIO NATIONAL FUND, INC.: (CONTINUED) HIGH INCOME BOND SUBACCOUNT 2005 Top I..................................... 3,303 $ 13.573436 $ 44,829 1.1% 1.87% 5.94% Top Tradition............................. 41,596 $ 13.573436 $ 564,603 1.1% 1.87% 5.49% Top Plus.................................. 14,685 $ 13.740101 $ 201,777 0.9% 2.08% 6.90% Investar Vision & Top Spectrum............ 5,409 $ 12.901575 $ 69,790 1.4% 1.57% 5.38% Top Explorer.............................. 47,917 $ 13.408981 $ 642,521 1.3% 1.67% 5.17% Oncore & Firstar Oncore Flex.............. 14,409 $ 12.804436 $ 184,493 1.5% 1.47% 4.03% Oncore & Firstar Oncore Value............. 414,973 $ 13.400215 $ 5,560,726 0.9% 2.08% 6.11% Oncore & Firstar Oncore Premier........... 1,041,558 $ 12.901575 $ 13,437,733 1.4% 1.57% 5.38% Oncore & Firstar Oncore Xtra.............. 970,510 $ 12.901575 $ 12,521,108 1.4% 1.57% 5.38% Oncore & Firstar Oncore Lite.............. 582,304 $ 12.901575 $ 7,512,645 1.4% 1.57% 5.38% ------------ ------------ 3,136,664 $ 40,740,225 ------------ ------------ 2004 Top I..................................... 1,470 $ 13.323676 $ 19,579 1.1% 9.46% 0.26% Top Tradition............................. 31,474 $ 13.323676 $ 419,346 1.1% 9.46% 0.32% Top Plus.................................. 4,357 $ 13.460648 $ 58,646 0.9% 9.68% 0.25% Investar Vision & Top Spectrum............ 5,873 $ 13.682335 $ 74,596 1.4% 9.14% 0.36% Top Explorer.............................. 36,892 $ 13.188188 $ 486,542 1.3% 9.25% 0.36% Oncore & Firstar Oncore Flex.............. 59,855 $ 12.618415 $ 755,281 1.5% 9.03% 0.41% Oncore & Firstar Oncore Value............. 226,445 $ 13.127684 $ 2,972,705 0.9% 9.68% 0.37% Oncore & Firstar Oncore Premier........... 859,441 $ 12.701656 $ 10,916,318 1.4% 9.14% 0.36% Oncore & Firstar Oncore Xtra.............. 843,534 $ 12.701656 $ 10,714,278 1.4% 9.14% 0.36% Oncore & Firstar Oncore Lite.............. 400,197 $ 12.701656 $ 5,083,170 1.4% 9.14% 0.36% ------------ ------------ 2,469,538 $ 31,500,461 ------------ ------------ 2003 Top I..................................... 2,432 $ 12.171803 $ 29,597 1.1% 21.45% 8.13% Top Tradition............................. 36,128 $ 12.171803 $ 439,745 1.1% 21.45% 7.84% Top Plus.................................. 6,539 $ 12.272560 $ 80,249 0.9% 21.69% 7.91% Investar Vision & Top Spectrum............ 4,594 $ 11.638098 $ 53,463 1.4% 21.09% 7.77% Top Explorer.............................. 27,234 $ 12.071928 $ 328,770 1.3% 21.21% 7.72% Oncore & Firstar Oncore Flex.............. 24,151 $ 11.573251 $ 279,506 1.5% 20.97% 8.85% Oncore & Firstar Oncore Value............. 203,555 $ 11.968977 $ 2,436,345 0.9% 21.69% 7.73% Oncore & Firstar Oncore Premier........... 715,211 $ 11.638098 $ 8,323,702 1.4% 21.09% 7.77% Oncore & Firstar Oncore Xtra.............. 658,534 $ 11.638098 $ 7,664,084 1.4% 21.09% 7.77% Oncore & Firstar Oncore Lite.............. 270,586 $ 11.638098 $ 3,149,101 1.4% 21.09% 7.77% ------------ ------------ 1,948,964 $ 22,784,562 ------------ ------------
(continued) 70 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2002 Top I............................ 2,413 $ 10.021930 $ 24,185 1.1% 2.81% 8.93% Top Tradition.................... 27,079 $ 10.021930 $ 271,386 1.1% 2.81% 10.69% Top Plus......................... 1,748 $ 10.084932 $ 17,629 0.9% 3.02% 9.92% Investar Vision & Top Spectrum... 499 $ 9.610925 $ 4,794 1.4% 2.51% 10.29% Top Explorer..................... 26,410 $ 9.959353 $ 263,031 1.3% 2.61% 10.21% Oncore & Firstar Oncore Flex..... 20,238 $ 9.566784 $ 193,609 1.5% 2.41% 8.52% Oncore & Firstar Oncore Value.... 165,141 $ 9.835460 $ 1,624,237 0.9% 3.02% 10.31% Oncore & Firstar Oncore Premier....................... 681,899 $ 9.610925 $ 6,553,679 1.4% 2.51% 10.29% Oncore & Firstar Oncore Xtra..... 514,987 $ 9.610925 $ 4,949,498 1.4% 2.51% 10.29% Oncore & Firstar Oncore Lite..... 113,924 $ 9.610925 $ 1,094,914 1.4% 2.51% 10.29% ------------ ------------ 1,554,338 $ 14,996,962 ------------ ------------ 2001 Top Tradition.................... 20,599 $ 9.747713 $ 200,790 1.1% 3.14% 19.40% Top Plus......................... 1,024 $ 9.789608 $ 10,027 0.9% 3.34% 11.62% Top Explorer..................... 26,382 $ 9.706019 $ 256,060 1.3% 2.93% 14.51% Oncore & Firstar Oncore Flex..... 19,112 $ 9.341858 $ 178,542 1.5% 2.73% 14.34% Oncore & Firstar Oncore Value.... 108,594 $ 9.547443 $ 1,036,793 0.9% 3.34% 13.05% Oncore & Firstar Oncore Premier....................... 649,708 $ 9.375706 $ 6,091,478 1.4% 2.83% 13.19% Oncore & Firstar Oncore Xtra..... 276,289 $ 9.375706 $ 2,590,404 1.4% 2.83% 13.19% Oncore & Firstar Oncore Lite..... 24,855 $ 9.375706 $ 233,030 1.4% 0.40% 13.19% 4/17/01 ------------ ------------ 1,126,563 $ 10,597,124 ------------ ------------ CAPITAL GROWTH SUBACCOUNT 2005 Top I............................ 1,564 $ 8.375158 $ 13,100 1.1% 1.50% 0.00% Top Tradition.................... 90,457 $ 8.375158 $ 757,595 1.1% 1.50% 0.00% Top Plus......................... 32,916 $ 8.478128 $ 279,067 0.9% 1.71% 0.00% Investar Vision & Top Spectrum... 1,524 $ 17.932886 $ 27,328 1.4% 1.21% 0.00% Top Explorer..................... 84,338 $ 8.273551 $ 697,774 1.3% 1.30% 0.00% Oncore & Firstar Oncore Flex..... 12,445 $ 17.797778 $ 221,501 1.5% 1.11% 0.00% Oncore & Firstar Oncore Value.... 188,504 $ 18.626477 $ 3,511,173 0.9% 1.71% 0.00% Oncore & Firstar Oncore Premier....................... 440,971 $ 17.932886 $ 7,907,886 1.4% 1.21% 0.00% Oncore & Firstar Oncore Xtra..... 282,513 $ 17.932886 $ 5,066,273 1.4% 1.21% 0.00% Oncore & Firstar Oncore Lite..... 67,956 $ 17.932886 $ 1,218,619 1.4% 1.21% 0.00% ------------ ------------ 1,203,188 $ 19,700,316 ------------ ------------ 2004 Top I............................ 3,935 $ 8.251025 $ 32,465 1.1% 18.40% 0.00% Top Tradition.................... 112,136 $ 8.251025 $ 925,233 1.1% 18.40% 0.00% Top Plus......................... 40,287 $ 8.335993 $ 335,829 0.9% 18.64% 0.00% Investar Vision & Top Spectrum... 2,536 $ 17.719361 $ 44,942 1.4% 18.05% 0.00% Top Explorer..................... 103,206 $ 8.166981 $ 842,885 1.3% 18.17% 0.00% Oncore & Firstar Oncore Flex..... 16,045 $ 17.603150 $ 282,451 1.5% 17.93% 0.00% Oncore & Firstar Oncore Value.... 201,998 $ 18.314193 $ 3,699,432 0.9% 18.64% 0.00% Oncore & Firstar Oncore Premier....................... 460,491 $ 17.719361 $ 8,159,614 1.4% 18.05% 0.00% Oncore & Firstar Oncore Xtra..... 315,048 $ 17.719361 $ 5,582,445 1.4% 18.05% 0.00% Oncore & Firstar Oncore Lite..... 61,427 $ 17.719361 $ 1,088,440 1.4% 18.05% 0.00% ------------ ------------ 1,317,109 $ 20,993,736 ------------ ------------
(continued) 71 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) CAPITAL GROWTH SUBACCOUNT (CONTINUED) 2003 Top I............................ 3,201 $ 6.968653 $ 22,303 1.1% 38.58% 0.00% Top Tradition.................... 114,522 $ 6.968653 $ 798,061 1.1% 38.58% 0.00% Top Plus......................... 44,349 $ 7.026460 $ 311,619 0.9% 38.85% 0.00% Investar Vision & Top Spectrum... 2,472 $ 15.009966 $ 37,101 1.4% 38.17% 0.00% Top Explorer..................... 118,213 $ 6.911348 $ 817,008 1.3% 38.30% 0.00% Oncore & Firstar Oncore Flex..... 21,129 $ 14.926259 $ 315,376 1.5% 38.03% 0.00% Oncore & Firstar Oncore Value.... 216,887 $ 15.437146 $ 3,348,118 0.9% 38.85% 0.00% Oncore & Firstar Oncore Premier....................... 508,996 $ 15.009966 $ 7,640,028 1.4% 38.17% 0.00% Oncore & Firstar Oncore Xtra..... 328,439 $ 15.009966 $ 4,929,855 1.4% 38.17% 0.00% Oncore & Firstar Oncore Lite..... 118,677 $ 15.009966 $ 1,781,339 1.4% 38.17% 0.00% ------------ ------------ 1,476,885 $ 20,000,808 ------------ ------------ 2002 Top I............................ 4,269 $ 5.028760 $ 21,470 1.1% -42.69% 0.00% Top Tradition.................... 139,042 $ 5.028760 $ 699,211 1.1% -42.69% 0.00% Top Plus......................... 46,297 $ 5.060464 $ 234,283 0.9% -42.58% 0.00% Investar Vision & Top Spectrum... 2,916 $ 10.863704 $ 31,678 1.4% -42.86% 0.00% Top Explorer..................... 123,131 $ 4.997266 $ 615,320 1.3% -42.81% 0.00% Oncore & Firstar Oncore Flex..... 28,289 $ 10.813744 $ 305,906 1.5% -42.92% 0.00% Oncore & Firstar Oncore Value.... 226,829 $ 11.117866 $ 2,521,851 0.9% -42.58% 0.00% Oncore & Firstar Oncore Premier....................... 572,349 $ 10.863704 $ 6,217,828 1.4% -42.86% 0.00% Oncore & Firstar Oncore Xtra..... 337,868 $ 10.863704 $ 3,670,497 1.4% -42.86% 0.00% Oncore & Firstar Oncore Lite..... 107,337 $ 10.863704 $ 1,166,080 1.4% -42.86% 0.00% ------------ ------------ 1,588,327 $ 15,484,124 ------------ ------------ 2001 Top I............................ 3,639 $ 8.775196 $ 31,931 1.1% -15.54% 0.00% Top Tradition.................... 153,164 $ 8.775196 $ 1,344,048 1.1% -15.54% 0.00% Top Plus......................... 53,979 $ 8.812997 $ 475,720 0.9% -15.37% 0.00% Investar Vision & Top Spectrum... 4,784 $ 19.013727 $ 90,958 1.4% -15.79% 0.00% Top Explorer..................... 125,366 $ 8.737578 $ 1,095,395 1.3% -15.71% 0.00% Oncore & Firstar Oncore Flex..... 42,695 $ 18.945002 $ 808,862 1.5% -15.88% 0.00% Oncore & Firstar Oncore Value.... 230,722 $ 19.362240 $ 4,467,288 0.9% -15.37% 0.00% Oncore & Firstar Oncore Premier....................... 781,423 $ 19.013727 $ 14,857,776 1.4% -15.79% 0.00% Oncore & Firstar Oncore Xtra..... 361,869 $ 19.013727 $ 6,880,471 1.4% -15.79% 0.00% Oncore & Firstar Oncore Lite..... 87,098 $ 19.013727 $ 1,656,054 1.4% 6.59% 0.00% 4/17/01 ------------ ------------ 1,844,739 $ 31,708,503 ------------ ------------
(continued) 72 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- OHIO NATIONAL FUND, INC.: (CONTINUED) NASDAQ-100 INDEX SUBACCOUNT 2005 Top I..................................... 945 $ 3.984706 $ 3,764 1.1% 0.33% 0.00% Top Tradition............................. 100,761 $ 3.984706 $ 401,502 1.1% 0.33% 0.00% Top Plus.................................. 55,705 $ 4.029756 $ 224,477 0.9% 0.53% 0.00% Investar Vision & Top Spectrum............ 2,754 $ 3.918202 $ 10,791 1.4% 0.04% 0.00% Top Explorer.............................. 92,399 $ 3.940267 $ 364,075 1.3% 0.14% 0.00% Oncore Flex............................... 24,926 $ 3.896373 $ 97,119 1.5% -0.06% 0.00% Oncore & Firstar Oncore Value............. 1,060,246 $ 4.029756 $ 4,272,531 0.9% 0.53% 0.00% Oncore & Firstar Oncore Premier........... 1,808,807 $ 3.918202 $ 7,087,271 1.4% 0.04% 0.00% Oncore & Firstar Oncore Xtra.............. 1,186,324 $ 3.918202 $ 4,648,258 1.4% 0.04% 0.00% Oncore & Firstar Oncore Lite.............. 1,562,791 $ 3.918202 $ 6,123,338 1.4% 0.04% 0.00% ------------ ------------ 5,895,658 $ 23,233,126 ------------ ------------ 2004 Top I..................................... 3,327 $ 3.971406 $ 13,211 1.1% 8.80% 0.00% Top Tradition............................. 134,268 $ 3.971406 $ 533,233 1.1% 8.80% 0.00% Top Plus.................................. 67,200 $ 4.008381 $ 269,365 0.9% 9.02% 0.00% Top Spectrum.............................. 3,474 $ 3.916679 $ 13,607 1.4% 8.48% 0.00% Top Explorer.............................. 122,789 $ 3.934857 $ 483,157 1.3% 8.59% 0.00% Oncore Flex............................... 14,917 $ 3.898693 $ 58,158 1.5% 8.37% 0.00% Oncore & Firstar Oncore Value............. 403,259 $ 4.008381 $ 1,616,417 0.9% 9.02% 0.00% Oncore & Firstar Oncore Premier........... 1,071,195 $ 3.916679 $ 4,195,521 1.4% 8.48% 0.00% Oncore & Firstar Oncore Xtra.............. 773,192 $ 3.916679 $ 3,028,347 1.4% 8.48% 0.00% Oncore & Firstar Oncore Lite.............. 275,075 $ 3.916679 $ 1,077,381 1.4% 8.48% 0.00% ------------ ------------ 2,868,696 $ 11,288,397 ------------ ------------ 2003 Top I..................................... 17,203 $ 3.650175 $ 62,795 1.1% 46.26% 0.00% Top Tradition............................. 140,108 $ 3.650175 $ 511,418 1.1% 46.26% 0.00% Top Plus.................................. 69,975 $ 3.676860 $ 257,287 0.9% 46.54% 0.00% Top Spectrum.............................. 5,090 $ 3.610591 $ 18,379 1.4% 45.82% 0.00% Top Explorer.............................. 149,069 $ 3.623755 $ 540,189 1.3% 45.97% 0.00% Oncore & Firstar Oncore Flex.............. 49,395 $ 3.597556 $ 177,700 1.5% 45.68% 0.00% Oncore & Firstar Oncore Value............. 276,066 $ 3.676860 $ 1,015,058 0.9% 46.54% 0.00% Oncore & Firstar Oncore Premier........... 950,712 $ 3.610591 $ 3,432,633 1.4% 45.82% 0.00% Oncore & Firstar Oncore Xtra.............. 820,115 $ 3.610591 $ 2,961,099 1.4% 45.82% 0.00% Oncore & Firstar Oncore Lite.............. 195,929 $ 3.610591 $ 707,418 1.4% 45.82% 0.00% ------------ ------------ 2,673,662 $ 9,683,976 ------------ ------------ 2002 Top I..................................... 18,145 $ 2.495758 $ 45,286 1.1% -38.02% 0.00% Top Tradition............................. 86,697 $ 2.495758 $ 216,374 1.1% -38.02% 0.00% Top Plus.................................. 74,774 $ 2.509045 $ 187,611 0.9% -37.89% 0.00% Top Spectrum.............................. 6,071 $ 2.476013 $ 15,031 1.4% -38.20% 0.00% Top Explorer.............................. 133,298 $ 2.482587 $ 330,924 1.3% -38.14% 0.00% Oncore & Firstar Oncore Flex.............. 103,807 $ 2.469492 $ 256,351 1.5% -38.26% 0.00% Oncore & Firstar Oncore Value............. 192,327 $ 2.509045 $ 482,558 0.9% -37.89% 0.00% Oncore & Firstar Oncore Premier........... 534,845 $ 2.476013 $ 1,324,285 1.4% -38.20% 0.00% Oncore & Firstar Oncore Xtra.............. 673,042 $ 2.476013 $ 1,666,460 1.4% -38.20% 0.00% Oncore & Firstar Oncore Lite.............. 90,603 $ 2.476013 $ 224,334 1.4% -38.20% 0.00% ------------ ------------ 1,913,609 $ 4,749,214 ------------ ------------
(continued) 73 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) NASDAQ-100 INDEX SUBACCOUNT (CONTINUED) 2001 Top I............................ 10,989 $ 4.026481 $ 44,247 1.1% -33.39% 0.00% Top Tradition.................... 69,922 $ 4.026481 $ 281,541 1.1% -33.39% 0.00% Top Plus......................... 67,348 $ 4.039873 $ 272,079 0.9% -33.26% 0.00% Top Spectrum..................... 1,804 $ 4.006520 $ 7,229 1.4% -33.59% 0.00% Top Explorer..................... 105,192 $ 4.013175 $ 422,155 1.3% -33.52% 0.00% Oncore & Firstar Oncore Flex..... 65,240 $ 3.999920 $ 260,956 1.5% -33.66% 0.00% Oncore Value..................... 105,531 $ 4.039873 $ 426,331 0.9% -33.26% 0.00% Oncore & Firstar Oncore Premier....................... 441,286 $ 4.006520 $ 1,768,017 1.4% -33.59% 0.00% Oncore & Firstar Oncore Xtra..... 514,531 $ 4.006520 $ 2,061,476 1.4% -33.59% 0.00% Oncore & Firstar Oncore Lite..... 47,945 $ 4.006520 $ 192,093 1.4% -6.22% 0.00% 4/17/01 ------------ ------------ 1,429,788 $ 5,736,124 ------------ ------------ BRISTOL SUBACCOUNT 2005 Top I............................ 308 $ 10.321480 $ 3,176 1.1% 3.21% 0.00% 11/2/05 Top Tradition.................... 8,423 $ 12.232704 $ 103,034 1.1% 10.81% 0.00% Top Plus......................... 11,409 $ 12.321848 $ 140,579 0.9% 11.03% 0.00% Investar Vision & Top Spectrum... 1,050 $ 10.316620 $ 10,837 1.4% 3.17% 0.00% 11/2/05 Top Explorer..................... 37,724 $ 12.144310 $ 458,133 1.3% 10.59% 0.00% Oncore & Firstar Oncore Flex..... 4,281 $ 12.056721 $ 51,617 1.5% 10.38% 0.00% Oncore & Firstar Oncore Value.... 381,338 $ 12.321848 $ 4,698,786 0.9% 11.03% 0.00% Oncore & Firstar Oncore Premier....................... 514,265 $ 12.100392 $ 6,222,814 1.4% 10.49% 0.00% Oncore & Firstar Oncore Xtra..... 397,514 $ 12.100392 $ 4,810,070 1.4% 10.49% 0.00% Oncore & Firstar Oncore Lite..... 685,688 $ 12.100392 $ 8,297,090 1.4% 10.49% 0.00% ------------ ------------ 2,042,000 $ 24,796,136 ------------ ------------ 2004 Top Tradition.................... 6,694 $ 11.039073 $ 73,896 1.1% 7.44% 0.90% Top Plus......................... 12,814 $ 11.097582 $ 142,201 0.9% 7.65% 0.95% Top Explorer..................... 37,425 $ 10.980911 $ 410,958 1.3% 7.23% 1.09% Oncore Flex...................... 635 $ 10.923170 $ 6,941 1.5% 7.01% 1.06% Oncore & Firstar Oncore Value.... 12,661 $ 11.097582 $ 140,506 0.9% 7.65% 1.33% Oncore & Firstar Oncore Premier....................... 40,686 $ 10.951971 $ 445,597 1.4% 7.12% 1.12% Oncore & Firstar Oncore Xtra..... 44,385 $ 10.951971 $ 486,099 1.4% 7.12% 1.12% Oncore Lite...................... 4,790 $ 10.951971 $ 52,464 1.4% 7.12% 1.12% ------------ ------------ 160,090 $ 1,758,662 ------------ ------------ 2003 Top Tradition.................... 6,755 $ 10.274749 $ 69,401 1.1% 31.02% 0.48% Top Plus......................... 8,601 $ 10.308725 $ 88,661 0.9% 31.28% 0.46% Top Explorer..................... 34,505 $ 10.240892 $ 353,366 1.3% 30.76% 0.59% Oncore Flex...................... 637 $ 10.207211 $ 6,498 1.5% 30.50% 1.52% Oncore Value..................... 9,401 $ 10.308725 $ 96,912 0.9% 31.28% 0.33% Oncore Premier................... 41,234 $ 10.224018 $ 421,579 1.4% 30.63% 0.78% Oncore & Firstar Oncore Xtra..... 31,261 $ 10.224018 $ 319,617 1.4% 30.63% 0.78% Oncore Lite...................... 1,368 $ 10.224018 $ 13,986 1.4% 30.63% 0.78% ------------ ------------ 133,762 $ 1,370,020 ------------ ------------
(continued) 74 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) BRISTOL SUBACCOUNT (CONTINUED) 2002 Top Tradition.................... 2,114 $ 7.842290 $ 16,579 1.1% -21.58% 0.00% 5/1/02 Top Plus......................... 4,625 $ 7.852697 $ 36,321 0.9% -21.47% 0.00% 5/1/02 Top Explorer..................... 15,474 $ 7.831903 $ 121,193 1.3% -21.68% 0.00% 5/1/02 Oncore Value..................... 9,173 $ 7.852697 $ 72,037 0.9% -21.47% 0.00% 5/1/02 Oncore Premier................... 5,413 $ 7.826725 $ 42,360 1.4% -21.73% 0.00% 5/1/02 Oncore Xtra...................... 5,313 $ 7.826725 $ 41,582 1.4% -21.73% 0.00% 5/1/02 Oncore Lite...................... 576 $ 7.826725 $ 4,507 1.4% -21.73% 0.00% 5/1/02 ------------ ------------ 42,688 $ 334,579 ------------ ------------ BRYTON GROWTH SUBACCOUNT 2005 Top Tradition.................... 7,262 $ 10.050205 $ 72,989 1.1% 3.17% 0.02% Top Plus......................... 6,105 $ 10.123465 $ 61,800 0.9% 3.38% 0.02% Top Explorer..................... 12,938 $ 9.977577 $ 129,087 1.3% 2.97% 0.02% Oncore Flex...................... 570 $ 9.905614 $ 5,651 1.5% 2.77% 0.02% Oncore & Firstar Oncore Value.... 165,846 $ 10.123465 $ 1,678,940 0.9% 3.38% 0.03% Oncore & Firstar Oncore Premier....................... 200,956 $ 9.941498 $ 1,997,807 1.4% 2.87% 0.03% Oncore & Firstar Oncore Xtra..... 199,913 $ 9.941498 $ 1,987,435 1.4% 2.87% 0.03% Oncore & Firstar Oncore Lite..... 279,045 $ 9.941498 $ 2,774,112 1.4% 2.87% 0.03% ------------ ------------ 872,635 $ 8,707,821 ------------ ------------ 2004 Top Tradition.................... 9,643 $ 9.741115 $ 93,929 1.1% 6.33% 0.00% Top Plus......................... 11,068 $ 9.792756 $ 108,383 0.9% 6.54% 0.00% Top Explorer..................... 24,711 $ 9.689786 $ 239,446 1.3% 6.12% 0.00% Oncore Flex...................... 142 $ 9.638831 $ 1,372 1.5% 5.91% 0.00% Oncore Value..................... 20,773 $ 9.792756 $ 203,422 0.9% 6.54% 0.00% Oncore Premier................... 42,009 $ 9.664253 $ 405,985 1.4% 6.01% 0.00% Oncore & Firstar Oncore Xtra..... 76,016 $ 9.664253 $ 734,640 1.4% 6.01% 0.00% Oncore Lite...................... 3,324 $ 9.664253 $ 32,123 1.4% 6.01% 0.00% ------------ ------------ 187,686 $ 1,819,300 ------------ ------------ 2003 Top Tradition.................... 13,953 $ 9.161204 $ 127,830 1.1% 34.14% 0.00% Top Plus......................... 9,615 $ 9.191509 $ 88,378 0.9% 34.40% 0.00% Top Explorer..................... 24,726 $ 9.131024 $ 225,776 1.3% 33.87% 0.00% Oncore Value..................... 14,798 $ 9.191509 $ 136,013 0.9% 34.40% 0.00% Oncore Premier................... 40,264 $ 9.115981 $ 367,051 1.4% 33.74% 0.00% Oncore Xtra...................... 45,266 $ 9.115981 $ 412,642 1.4% 33.74% 0.00% Oncore Lite...................... 2,113 $ 9.115981 $ 19,259 1.4% 33.74% 0.00% ------------ ------------ 150,735 $ 1,376,949 ------------ ------------
(continued) 75 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) BRYTON GROWTH SUBACCOUNT (CONTINUED) 2002 Top Tradition.................... 3,554 $ 6.829705 $ 24,272 1.1% -31.70% 0.00% 5/1/02 Top Plus......................... 7,090 $ 6.838775 $ 48,485 0.9% -31.61% 0.00% 5/1/02 Top Explorer..................... 14,319 $ 6.820655 $ 97,662 1.3% -31.79% 0.00% 5/1/02 Oncore Value..................... 9,188 $ 6.838775 $ 62,838 0.9% -31.61% 0.00% 5/1/02 Oncore Premier................... 18,551 $ 6.816137 $ 126,448 1.4% -31.84% 0.00% 5/1/02 Oncore Xtra...................... 6,525 $ 6.816137 $ 44,475 1.4% -31.84% 0.00% 5/1/02 Oncore Lite...................... 690 $ 6.816137 $ 4,702 1.4% -31.84% 0.00% 5/1/02 ------------ ------------ 59,917 $ 408,882 ------------ ------------ U.S. EQUITY SUBACCOUNT 2005 Oncore Flex...................... 360 $ 12.419343 $ 4,467 1.5% 7.11% 0.00% Oncore Value..................... 72,503 $ 12.542147 $ 909,348 0.9% 7.74% 0.00% Oncore & Firstar Oncore Premier....................... 356,148 $ 12.439661 $ 4,430,357 1.4% 7.21% 0.00% Oncore & Firstar Oncore Xtra..... 165,953 $ 12.439661 $ 2,064,401 1.4% 7.21% 0.00% Oncore Lite...................... 388,993 $ 12.439661 $ 4,838,937 1.4% 7.21% 0.00% ------------ ------------ 983,957 $ 12,247,510 ------------ ------------ 2004 Oncore Flex...................... 3,337 $ 11.595024 $ 38,690 1.5% 15.95% 0.00% 5/3/04 Oncore Value..................... 28,484 $ 11.640680 $ 331,579 0.9% 16.41% 0.00% 5/3/04 Oncore & Firstar Oncore Premier....................... 190,848 $ 11.602603 $ 2,214,332 1.4% 16.03% 0.00% 5/3/04 Oncore & Firstar Oncore Xtra..... 59,312 $ 11.602603 $ 688,173 1.4% 16.03% 0.00% 5/3/04 Oncore Lite...................... 123,625 $ 11.602603 $ 1,434,373 1.4% 16.03% 0.00% 5/3/04 ------------ ------------ 405,606 $ 4,707,147 ------------ ------------ BALANCED SUBACCOUNT 2005 Oncore Flex...................... 724 $ 11.437239 $ 8,276 1.5% 1.95% 0.35% Oncore Value..................... 30,508 $ 11.550361 $ 352,384 0.9% 2.55% 0.29% Oncore & Firstar Oncore Premier....................... 62,832 $ 11.455950 $ 719,798 1.4% 2.05% 0.28% Oncore Xtra...................... 100,685 $ 11.455950 $ 1,153,443 1.4% 2.05% 0.28% Oncore Lite...................... 161,631 $ 11.455950 $ 1,851,642 1.4% 2.05% 0.28% ------------ ------------ 356,380 $ 4,085,543 ------------ ------------ 2004 Oncore Flex...................... 178 $ 11.218760 $ 1,998 1.5% 12.19% 0.00% 5/3/04 Oncore Value..................... 7,633 $ 11.262923 $ 85,969 0.9% 12.63% 0.00% 5/3/04 Oncore & Firstar Oncore Premier....................... 28,154 $ 11.226079 $ 316,065 1.4% 12.26% 0.00% 5/3/04 Oncore Xtra...................... 53,809 $ 11.226079 $ 604,060 1.4% 12.26% 0.00% 5/3/04 Oncore Lite...................... 58,596 $ 11.226079 $ 657,805 1.4% 12.26% 0.00% 5/3/04 ------------ ------------ 148,370 $ 1,665,897 ------------ ------------
(continued) 76 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OHIO NATIONAL FUND, INC.: (CONTINUED) COVERED CALL SUBACCOUNT 2005 Top Plus......................... 196 $ 10.235413 $ 2,006 0.9% 2.35% 0.00% 11/2/05 Oncore Flex...................... 4,917 $ 10.799790 $ 53,100 1.5% 1.46% 0.00% Oncore Value..................... 66,981 $ 10.906590 $ 730,530 0.9% 2.06% 0.00% Oncore & Firstar Oncore Premier....................... 65,416 $ 10.817466 $ 707,632 1.4% 1.56% 0.00% Oncore & Firstar Oncore Xtra..... 73,699 $ 10.817466 $ 797,232 1.4% 1.56% 0.00% Oncore & Firstar Oncore Lite..... 167,931 $ 10.817466 $ 1,816,602 1.4% 1.56% 0.00% ------------ ------------ 379,140 $ 4,107,102 ------------ ------------ 2004 Oncore Flex...................... 3,003 $ 10.644429 $ 31,962 1.5% 6.44% 0.00% 5/3/04 Oncore Value..................... 28,221 $ 10.686342 $ 301,580 0.9% 6.86% 0.00% 5/3/04 Oncore & Firstar Oncore Premier....................... 11,817 $ 10.651383 $ 125,872 1.4% 6.51% 0.00% 5/3/04 Oncore & Firstar Oncore Xtra..... 63,366 $ 10.651383 $ 674,940 1.4% 6.51% 0.00% 5/3/04 Oncore & Firstar Oncore Lite..... 77,546 $ 10.651383 $ 825,967 1.4% 6.51% 0.00% 5/3/04 ------------ ------------ 183,953 $ 1,960,321 ------------ ------------ TARGET VIP SUBACCOUNT 2005 Top Tradition.................... 254 $ 10.122377 $ 2,572 1.1% 1.22% 0.00% 11/2/05 Oncore Flex...................... 75,791 $ 10.116026 $ 766,705 1.5% 1.16% 0.00% 11/2/05 Oncore Value..................... 3,605 $ 10.125566 $ 36,505 0.9% 1.26% 0.00% 11/2/05 Oncore Premier................... 1,731 $ 10.117607 $ 17,516 1.4% 1.18% 0.00% 11/2/05 Oncore Xtra...................... 7,135 $ 10.117607 $ 72,193 1.4% 1.18% 0.00% 11/2/05 Oncore Lite...................... 51,678 $ 10.117607 $ 522,847 1.4% 1.18% 0.00% 11/2/05 ------------ ------------ 140,194 $ 1,418,338 ------------ ------------ TARGET EQUITY/INCOME SUBACCOUNT 2005 Top Tradition.................... 2,020 $ 10.112390 $ 20,429 1.1% 1.12% 0.00% 11/2/05 Oncore Flex...................... 75,000 $ 10.106042 $ 757,953 1.5% 1.06% 0.00% 11/2/05 Oncore Value..................... 30,860 $ 10.115577 $ 312,169 0.9% 1.16% 0.00% 11/2/05 Oncore Premier................... 139,489 $ 10.107627 $ 1,409,904 1.4% 1.08% 0.00% 11/2/05 Oncore Xtra...................... 6,746 $ 10.107627 $ 68,186 1.4% 1.08% 0.00% 11/2/05 Oncore Lite...................... 98,317 $ 10.107627 $ 993,746 1.4% 1.08% 0.00% 11/2/05 ------------ ------------ 352,432 $ 3,562,387 ------------ ------------ DOW TARGET 10 PORTFOLIOS (NOTE 4): FIRST QUARTER SUBACCOUNT 2005 Top Tradition.................... 555 $ 10.122592 $ 5,617 1.1% -7.24% 0.00% Top Plus......................... 491 $ 10.243391 $ 5,032 0.9% -7.06% 0.00% Top Explorer..................... 1,096 $ 10.003354 $ 10,959 1.3% -7.43% 0.00% Oncore Flex...................... 6,493 $ 9.867028 $ 64,064 1.5% -7.61% 0.00% Oncore & Firstar Oncore Value.... 24,235 $ 10.284567 $ 249,245 0.9% -7.06% 0.00% Oncore & Firstar Oncore Premier....................... 133,633 $ 9.935236 $ 1,327,671 1.4% -7.52% 0.00% Oncore & Firstar Oncore Xtra..... 35,345 $ 9.935236 $ 351,160 1.4% -7.52% 0.00% Oncore Lite...................... 18,854 $ 9.935236 $ 187,336 1.4% -7.52% 0.00% ------------ ------------ 220,702 $ 2,201,084 ------------ ------------
(continued) 77 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 10 PORTFOLIOS (NOTE 4): (CONTINUED) FIRST QUARTER SUBACCOUNT (CONTINUED) 2004 Top Tradition............................. 1,889 $ 10.913089 $ 20,610 1.1% 2.09% 0.00% Top Plus.................................. 491 $ 11.021522 $ 5,414 0.9% 2.29% 0.00% Top Explorer.............................. 941 $ 10.805814 $ 10,165 1.3% 1.88% 0.00% Oncore Flex............................... 23,583 $ 10.679548 $ 251,858 1.5% 1.68% 0.00% Oncore & Firstar Oncore Value............. 31,655 $ 11.065824 $ 350,294 0.9% 2.29% 0.00% Oncore & Firstar Oncore Premier........... 144,729 $ 10.742820 $ 1,554,795 1.4% 1.78% 0.00% Oncore & Firstar Oncore Xtra.............. 39,970 $ 10.742820 $ 429,386 1.4% 1.78% 0.00% Oncore Lite............................... 15,564 $ 10.742820 $ 167,202 1.4% 1.78% 0.00% ------------ ------------ 258,822 $ 2,789,724 ------------ ------------ 2003 Top Tradition............................. 1,589 $ 10.689982 $ 16,981 1.1% 23.88% 3.26% Top Explorer.............................. 3,025 $ 10.605901 $ 32,086 1.3% 23.64% 3.25% Oncore Flex............................... 28,325 $ 10.502718 $ 297,487 1.5% 23.40% 3.25% Oncore & Firstar Oncore Value............. 37,842 $ 10.818103 $ 409,382 0.9% 24.13% 3.10% Oncore & Firstar Oncore Premier........... 153,537 $ 10.554517 $ 1,620,518 1.4% 23.52% 3.18% Oncore & Firstar Oncore Xtra.............. 27,667 $ 10.554517 $ 292,010 1.4% 23.52% 3.18% Oncore Lite............................... 7,386 $ 10.554517 $ 77,951 1.4% 23.52% 3.18% ------------ ------------ 259,371 $ 2,746,415 ------------ ------------ 2002 Top Tradition............................. 63 $ 8.628992 $ 540 1.1% -11.72% 2.01% Top Explorer.............................. 112 $ 8.578048 $ 964 1.3% -11.89% 3.15% Oncore Flex............................... 492 $ 8.511345 $ 4,191 1.5% -12.07% 2.89% Oncore & Firstar Oncore Value............. 14,343 $ 8.715175 $ 125,005 0.9% -11.54% 2.74% Oncore & Firstar Oncore Premier........... 25,594 $ 8.544896 $ 218,690 1.4% -11.98% 2.93% Oncore & Firstar Oncore Xtra.............. 2,225 $ 8.544896 $ 19,015 1.4% -11.98% 2.93% Oncore Lite............................... 933 $ 8.544896 $ 7,972 1.4% -11.98% 2.93% ------------ ------------ 43,762 $ 376,377 ------------ ------------ 2001 Top Tradition............................. 264 $ 9.774322 $ 2,576 1.1% -4.57% 1.67% Top Explorer.............................. 48 $ 9.735872 $ 467 1.3% -4.76% 1.65% Oncore Flex............................... 725 $ 9.679279 $ 7,020 1.5% -4.95% 1.64% Oncore & Firstar Oncore Value............. 24,143 $ 9.852414 $ 237,865 0.9% -4.38% 1.65% Oncore & Firstar Oncore Premier........... 29,963 $ 9.707846 $ 290,888 1.4% -4.86% 1.62% Oncore & Firstar Oncore Xtra.............. 733 $ 9.707846 $ 7,112 1.4% -4.86% 1.62% ------------ ------------ 55,876 $ 545,928 ------------ ------------ SECOND QUARTER SUBACCOUNT 2005 Top Tradition............................. 162 $ 12.157413 $ 1,965 1.1% -3.67% 0.00% Top Explorer.............................. 2,151 $ 12.020151 $ 25,861 1.3% -3.86% 0.00% Oncore Flex............................... 496 $ 11.102141 $ 5,505 1.5% -4.05% 0.00% Oncore & Firstar Oncore Value............. 31,140 $ 11.555629 $ 359,844 0.9% -3.48% 0.00% Oncore & Firstar Oncore Premier........... 134,973 $ 11.176238 $ 1,508,487 1.4% -3.95% 0.00% Oncore & Firstar Oncore Xtra.............. 75,262 $ 11.176238 $ 841,146 1.4% -3.95% 0.00% Oncore & Firstar Oncore Lite.............. 21,012 $ 11.176238 $ 234,832 1.4% -3.95% 0.00% ------------ ------------ 265,196 $ 2,977,640 ------------ ------------
(continued) 78 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 10 PORTFOLIOS (NOTE 4): (CONTINUED) SECOND QUARTER SUBACCOUNT (CONTINUED) 2004 Top Tradition............................. 467 $ 12.620548 $ 5,888 1.1% 0.82% 0.00% Top Explorer.............................. 2,155 $ 12.502660 $ 26,938 1.3% 0.62% 0.00% Oncore Flex............................... 1,299 $ 11.570552 $ 15,026 1.5% 0.42% 0.00% Oncore & Firstar Oncore Value............. 30,100 $ 11.972150 $ 360,360 0.9% 1.02% 0.00% Oncore & Firstar Oncore Premier........... 155,610 $ 11.636337 $ 1,810,745 1.4% 0.52% 0.00% Oncore & Firstar Oncore Xtra.............. 65,873 $ 11.636337 $ 766,526 1.4% 0.52% 0.00% Oncore & Firstar Oncore Lite.............. 13,728 $ 11.636337 $ 159,745 1.4% 0.52% 0.00% ------------ ------------ 269,232 $ 3,145,228 ------------ ------------ 2003 Top Tradition............................. 385 $ 12.518333 $ 4,821 1.1% 26.97% 2.80% Top Explorer.............................. 2,252 $ 12.426010 $ 27,989 1.3% 26.72% 2.93% Oncore Flex............................... 1,446 $ 11.522391 $ 16,665 1.5% 26.47% 2.72% Oncore & Firstar Oncore Value............. 30,998 $ 11.851641 $ 367,382 0.9% 27.22% 2.76% Oncore & Firstar Oncore Premier........... 165,780 $ 11.576462 $ 1,919,135 1.4% 26.59% 2.89% Oncore & Firstar Oncore Xtra.............. 79,238 $ 11.576462 $ 917,292 1.4% 26.59% 2.89% Oncore Lite............................... 8,352 $ 11.576462 $ 96,691 1.4% 26.59% 2.89% ------------ ------------ 288,451 $ 3,349,975 ------------ ------------ 2002 Top Tradition............................. 3 $ 9.859315 $ 32 1.1% -7.63% 2.06% Top Explorer.............................. 263 $ 9.805947 $ 2,577 1.3% -7.81% 2.12% Oncore Flex............................... 923 $ 9.110784 $ 8,409 1.5% -7.99% 3.01% Oncore & Firstar Oncore Value............. 12,414 $ 9.315805 $ 115,643 0.9% -7.44% 4.21% Oncore & Firstar Oncore Premier........... 62,170 $ 9.144547 $ 568,521 1.4% -7.90% 4.39% Oncore & Firstar Oncore Xtra.............. 3,466 $ 9.144547 $ 31,698 1.4% -7.90% 4.39% Oncore Lite............................... 516 $ 9.144547 $ 4,719 1.4% -7.90% 4.39% ------------ ------------ 79,755 $ 731,599 ------------ ------------ 2001 Top Explorer.............................. 101 $ 10.636662 $ 1,078 1.3% -3.36% 1.88% Oncore Flex............................... 1,455 $ 9.902143 $ 14,403 1.5% -3.55% 1.78% Oncore & Firstar Oncore Value............. 22,941 $ 10.065069 $ 230,906 0.9% -2.97% 1.79% Oncore & Firstar Oncore Premier........... 100,471 $ 9.929047 $ 997,570 1.4% -3.45% 1.77% Oncore & Firstar Oncore Xtra.............. 1,239 $ 9.929047 $ 12,307 1.4% -3.45% 1.77% ------------ ------------ 126,207 $ 1,256,264 ------------ ------------ THIRD QUARTER SUBACCOUNT 2005 Top Tradition............................. 1,612 $ 11.849075 $ 19,107 1.1% -6.45% 0.00% Top Explorer.............................. 7,558 $ 11.721071 $ 88,583 1.3% -6.63% 0.00% Oncore & Firstar Oncore Flex.............. 11,590 $ 9.072397 $ 105,145 1.5% -6.82% 0.00% Oncore & Firstar Oncore Value............. 78,645 $ 9.429101 $ 741,553 0.9% -6.26% 0.00% Oncore & Firstar Oncore Premier........... 131,028 $ 9.130719 $ 1,196,378 1.4% -6.72% 0.00% Oncore & Firstar Oncore Xtra.............. 42,047 $ 9.130719 $ 383,924 1.4% -6.72% 0.00% Oncore Lite............................... 38,720 $ 9.130719 $ 353,540 1.4% -6.72% 0.00% ------------ ------------ 311,200 $ 2,888,230 ------------ ------------
(continued) 79 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 10 PORTFOLIOS (NOTE 4): (CONTINUED) THIRD QUARTER SUBACCOUNT (CONTINUED) 2004 Top Tradition............................. 2,487 $ 12.665868 $ 31,496 1.1% 2.21% 0.00% Top Explorer.............................. 8,719 $ 12.553757 $ 109,462 1.3% 2.01% 0.00% Oncore & Firstar Oncore Flex.............. 11,626 $ 9.736068 $ 113,189 1.5% 1.81% 0.00% Oncore & Firstar Oncore Value............. 74,755 $ 10.059185 $ 751,972 0.9% 2.42% 0.00% Oncore & Firstar Oncore Premier........... 155,269 $ 9.789027 $ 1,519,938 1.4% 1.91% 0.00% Oncore & Firstar Oncore Xtra.............. 46,071 $ 9.789027 $ 450,986 1.4% 1.91% 0.00% Oncore Lite............................... 30,819 $ 9.789027 $ 301,687 1.4% 1.91% 0.00% ------------ ------------ 329,746 $ 3,278,730 ------------ ------------ 2003 Top Tradition............................. 2,474 $ 12.391628 $ 30,659 1.1% 23.11% 3.07% Top Explorer.............................. 8,658 $ 12.306306 $ 106,552 1.3% 22.87% 2.02% Oncore & Firstar Oncore Flex.............. 11,291 $ 9.563072 $ 107,974 1.5% 22.63% 3.19% Oncore & Firstar Oncore Value............. 63,987 $ 9.821865 $ 628,468 0.9% 23.36% 3.04% Oncore & Firstar Oncore Premier........... 169,253 $ 9.605588 $ 1,625,778 1.4% 22.75% 2.93% Oncore & Firstar Oncore Xtra.............. 56,680 $ 9.605588 $ 544,440 1.4% 22.75% 3.03% Oncore Lite............................... 16,272 $ 9.605588 $ 156,305 1.4% 22.75% 3.03% ------------ ------------ 328,615 $ 3,200,176 ------------ ------------ 2002 Top Tradition............................. 688 $ 10.065103 $ 6,925 1.1% -9.51% 3.19% Top Plus.................................. 1,160 $ 10.114945 $ 11,732 0.9% -9.34% 1.70% Top Explorer.............................. 192 $ 10.015563 $ 1,927 1.3% -9.69% 2.57% Oncore Flex............................... 338 $ 7.798307 $ 2,637 1.5% -9.87% 2.40% Oncore & Firstar Oncore Value............. 35,258 $ 7.962073 $ 280,727 0.9% -9.34% 2.50% Oncore & Firstar Oncore Premier........... 68,176 $ 7.825283 $ 533,493 1.4% -9.78% 2.45% Oncore & Firstar Oncore Xtra.............. 16,111 $ 7.825283 $ 126,075 1.4% -9.78% 2.45% Oncore Lite............................... 1,289 $ 7.825283 $ 10,087 1.4% -9.78% 2.45% ------------ ------------ 123,212 $ 973,603 ------------ ------------ 2001 Top Tradition............................. 166 $ 11.123504 $ 1,848 1.1% -4.43% 1.82% Top Explorer.............................. 153 $ 11.090680 $ 1,692 1.3% -4.62% 1.65% Oncore Flex............................... 455 $ 8.652487 $ 3,940 1.5% -4.81% 0.93% Oncore & Firstar Oncore Value............. 32,826 $ 8.781917 $ 288,271 0.9% -4.24% 1.59% Oncore & Firstar Oncore Premier........... 80,730 $ 8.673860 $ 700,246 1.4% -4.71% 1.58% Oncore & Firstar Oncore Xtra.............. 9,709 $ 8.673860 $ 84,212 1.4% -4.71% 1.58% ------------ ------------ 124,039 $ 1,080,209 ------------ ------------
(continued) 80 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 10 PORTFOLIOS (NOTE 4): (CONTINUED) FOURTH QUARTER SUBACCOUNT 2005 Top Tradition............................. 944 $ 12.230451 $ 11,542 1.1% -5.54% 0.00% Top Plus.................................. 339 $ 12.358123 $ 4,185 0.9% -5.35% 0.00% Top Explorer.............................. 702 $ 12.104285 $ 8,498 1.3% -5.73% 0.00% Oncore Flex............................... 7,472 $ 10.227332 $ 76,422 1.5% -5.91% 0.00% Oncore & Firstar Oncore Value............. 22,574 $ 10.613529 $ 239,592 0.9% -5.35% 0.00% Oncore & Firstar Oncore Premier........... 87,456 $ 10.290509 $ 899,969 1.4% -5.82% 0.00% Oncore & Firstar Oncore Xtra.............. 41,856 $ 10.290509 $ 430,720 1.4% -5.82% 0.00% Oncore Lite............................... 34,639 $ 10.290509 $ 356,455 1.4% -5.82% 0.00% ------------ ------------ 195,982 $ 2,027,383 ------------ ------------ 2004 Top Tradition............................. 1,874 $ 12.947669 $ 24,267 1.1% 0.04% 0.00% Top Plus.................................. 348 $ 13.056995 $ 4,543 0.9% 0.23% 0.00% Top Explorer.............................. 738 $ 12.839375 $ 9,480 1.3% -0.16% 0.00% Oncore & Firstar Oncore Flex.............. 8,286 $ 10.869807 $ 90,062 1.5% -0.36% 0.00% Oncore & Firstar Oncore Value............. 24,956 $ 11.213748 $ 279,851 0.9% 0.23% 0.00% Oncore & Firstar Oncore Premier........... 97,060 $ 10.926212 $ 1,060,497 1.4% -0.26% 0.00% Oncore & Firstar Oncore Xtra.............. 41,599 $ 10.926212 $ 454,522 1.4% -0.26% 0.00% Oncore Lite............................... 22,424 $ 10.926212 $ 245,012 1.4% -0.26% 0.00% ------------ ------------ 197,285 $ 2,168,234 ------------ ------------ 2003 Top Tradition............................. 1,882 $ 12.943122 $ 24,357 1.1% 22.47% 2.74% Top Plus.................................. 586 $ 13.026525 $ 7,632 0.9% 22.71% 2.58% Top Explorer.............................. 2,051 $ 12.860334 $ 26,376 1.3% 22.23% 2.86% Oncore & Firstar Oncore Flex.............. 9,876 $ 10.909110 $ 107,740 1.5% 21.99% 2.59% Oncore & Firstar Oncore Value............. 48,093 $ 11.187585 $ 538,048 0.9% 22.71% 2.73% Oncore & Firstar Oncore Premier........... 111,363 $ 10.954905 $ 1,219,963 1.4% 22.11% 2.83% Oncore & Firstar Oncore Xtra.............. 47,113 $ 10.954905 $ 516,123 1.4% 22.11% 2.83% Oncore Lite............................... 9,117 $ 10.954905 $ 99,881 1.4% 22.11% 2.83% ------------ ------------ 230,081 $ 2,540,120 ------------ ------------ 2002 Top Tradition............................. 727 $ 10.568571 $ 7,684 1.1% -6.70% 2.48% Top Explorer.............................. 169 $ 10.521716 $ 1,780 1.3% -6.89% 2.52% Oncore & Firstar Oncore Flex.............. 8,445 $ 8.942927 $ 75,521 1.5% -7.07% 2.43% Oncore & Firstar Oncore Value............. 10,579 $ 9.117076 $ 96,453 0.9% -6.52% 2.26% Oncore & Firstar Oncore Premier........... 37,078 $ 8.971626 $ 332,645 1.4% -6.98% 2.38% Oncore & Firstar Oncore Xtra.............. 10,433 $ 8.971626 $ 93,600 1.4% -6.98% 2.38% Oncore Lite............................... 1,530 $ 8.971626 $ 13,727 1.4% -6.98% 2.38% ------------ ------------ 68,961 $ 621,410 ------------ ------------
(continued) 81 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- DOW TARGET 10 PORTFOLIOS (NOTE 4): (CONTINUED) FOURTH QUARTER SUBACCOUNT (CONTINUED) 2001 Top Tradition.................... 620 $ 11.327983 $ 7,023 1.1% -2.66% 1.85% Top Explorer..................... 123 $ 11.300106 $ 1,392 1.3% -2.85% 1.61% Oncore & Firstar Oncore Flex..... 8,584 $ 9.623510 $ 82,605 1.5% -3.04% 1.45% Oncore & Firstar Oncore Value.... 14,100 $ 9.752850 $ 137,519 0.9% -2.46% 1.48% Oncore & Firstar Oncore Premier....................... 48,811 $ 9.644863 $ 470,769 1.4% -2.95% 1.43% Oncore & Firstar Oncore Xtra..... 3,228 $ 9.644863 $ 31,134 1.4% -2.95% 1.43% Oncore Lite...................... 1,073 $ 9.644863 $ 10,350 1.4% 0.55% 1.43% 4/17/01 ------------ ------------ 76,539 $ 740,792 ------------ ------------ FEBRUARY SUBACCOUNT 2002 Top Tradition.................... 1,581 $ 9.415504 $ 14,889 1.1% -11.16% 4.35% Top Explorer..................... 1,932 $ 9.361415 $ 18,083 1.3% -11.33% 4.27% Oncore Flex...................... 22,458 $ 9.138457 $ 205,228 1.5% -11.51% 4.97% Oncore & Firstar Oncore Value.... 11,033 $ 9.353078 $ 103,188 0.9% -10.98% 3.99% Oncore & Firstar Oncore Premier....................... 52,528 $ 9.173787 $ 481,884 1.4% -11.42% 4.04% Oncore & Firstar Oncore Xtra..... 2,576 $ 9.173787 $ 23,636 1.4% -11.42% 4.04% Oncore Lite...................... 632 $ 9.173787 $ 5,796 1.4% -11.42% 4.04% ------------ ------------ 92,740 $ 852,704 ------------ ------------ 2001 Top Tradition.................... 1,216 $ 10.597795 $ 12,884 1.1% -5.49% 1.73% Top Explorer..................... 1,377 $ 10.557785 $ 14,543 1.3% -5.67% 1.75% Oncore Flex...................... 30,185 $ 10.326726 $ 311,708 1.5% -5.86% 1.73% Oncore & Firstar Oncore Value.... 15,392 $ 10.506686 $ 161,721 0.9% -5.30% 1.67% Oncore & Firstar Oncore Premier....................... 62,475 $ 10.356416 $ 647,023 1.4% -5.77% 1.75% Oncore & Firstar Oncore Xtra..... 1,676 $ 10.356416 $ 17,356 1.4% -5.77% 1.75% ------------ ------------ 112,321 $ 1,165,235 ------------ ------------ MARCH SUBACCOUNT 2002 Top Tradition.................... 316 $ 10.180415 $ 3,215 1.1% -11.65% 4.17% Top Explorer..................... 442 $ 10.123510 $ 4,472 1.3% -11.83% 5.06% Oncore Flex...................... 8,515 $ 8.711499 $ 74,175 1.5% -12.00% 4.07% Oncore & Firstar Oncore Value.... 14,966 $ 8.912035 $ 133,377 0.9% -11.48% 4.08% Oncore & Firstar Oncore Premier....................... 66,995 $ 8.744519 $ 585,844 1.4% -11.91% 4.15% Oncore & Firstar Oncore Xtra..... 3,048 $ 8.744519 $ 26,656 1.4% -11.91% 4.15% Oncore Lite...................... 1,048 $ 8.744519 $ 9,166 1.4% -11.91% 4.15% ------------ ------------ 95,330 $ 836,905 ------------ ------------ 2001 Top Tradition.................... 285 $ 11.523204 $ 3,285 1.1% -6.01% 1.80% Top Explorer..................... 91 $ 11.481491 $ 1,049 1.3% -6.20% 1.83% Oncore Flex...................... 9,713 $ 9.899611 $ 96,156 1.5% -6.38% 1.67% Oncore & Firstar Oncore Value.... 18,688 $ 10.067556 $ 188,146 0.9% -5.82% 1.69% Oncore & Firstar Oncore Premier....................... 72,336 $ 9.927334 $ 718,094 1.4% -6.29% 1.68% Oncore & Firstar Oncore Xtra..... 184 $ 9.927334 $ 1,827 1.4% -6.29% 1.68% ------------ ------------ 101,297 $ 1,008,557 ------------ ------------
(continued) 82 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 10 PORTFOLIOS (NOTE 4): (CONTINUED) MAY SUBACCOUNT 2002 Top Tradition............................. 349 $ 10.234544 $ 3,573 1.1% -8.93% 3.08% Top Explorer.............................. 1,594 $ 10.180683 $ 16,227 1.3% -9.11% 3.23% Oncore & Firstar Oncore Value............. 15,461 $ 8.436159 $ 130,431 0.9% -8.75% 3.59% Oncore & Firstar Oncore Premier........... 61,041 $ 8.284283 $ 505,682 1.4% -9.20% 3.64% Oncore & Firstar Oncore Xtra.............. 11,143 $ 8.284283 $ 92,311 1.4% -9.20% 3.64% Oncore Lite............................... 627 $ 8.284283 $ 5,193 1.4% -9.20% 3.64% ------------ ------------ 90,215 $ 753,417 ------------ ------------ 2001 Top Tradition............................. 8 $ 11.238224 $ 88 1.1% -2.58% 1.63% Top Explorer.............................. 222 $ 11.201228 $ 2,485 1.3% -2.77% 1.66% Oncore Flex............................... 1,112 $ 9.099753 $ 10,116 1.5% -2.97% 1.66% Oncore & Firstar Oncore Value............. 18,283 $ 9.245139 $ 169,028 0.9% -2.39% 1.64% Oncore & Firstar Oncore Premier........... 77,593 $ 9.123748 $ 707,949 1.4% -2.87% 1.61% Oncore & Firstar Oncore Xtra.............. 1,703 $ 9.123748 $ 15,536 1.4% -2.87% 1.61% ------------ ------------ 98,921 $ 905,202 ------------ ------------ JUNE SUBACCOUNT 2002 Top Tradition............................. 131 $ 9.588094 $ 1,260 1.1% -8.62% 3.38% Top Explorer.............................. 317 $ 9.539217 $ 3,020 1.3% -8.80% 3.41% Oncore Flex............................... 891 $ 7.998160 $ 7,128 1.5% -8.98% 3.32% Oncore & Firstar Oncore Value............. 15,904 $ 8.170105 $ 129,936 0.9% -8.43% 3.31% Oncore & Firstar Oncore Premier........... 55,658 $ 8.026498 $ 446,735 1.4% -8.89% 3.37% Oncore & Firstar Oncore Xtra.............. 57,647 $ 8.026498 $ 462,707 1.4% -8.89% 3.37% Oncore Lite............................... 749 $ 8.026498 $ 6,014 1.4% -8.89% 3.37% ------------ ------------ 131,297 $ 1,056,800 ------------ ------------ 2001 Top Tradition............................. 70 $ 10.492033 $ 730 1.1% -2.39% 1.06% Top Explorer.............................. 317 $ 10.459236 $ 3,313 1.3% -2.58% 1.63% Oncore Flex............................... 1,186 $ 8.786883 $ 10,420 1.5% -2.78% 1.51% Oncore & Firstar Oncore Value............. 18,360 $ 8.922657 $ 163,821 0.9% -2.19% 1.50% Oncore & Firstar Oncore Premier........... 72,427 $ 8.809318 $ 638,034 1.4% -2.68% 1.52% Oncore & Firstar Oncore Xtra.............. 14,025 $ 8.809318 $ 123,554 1.4% -2.68% 1.52% ------------ ------------ 106,385 $ 939,872 ------------ ------------ AUGUST SUBACCOUNT 2002 Top Tradition............................. 234 $ 9.674458 $ 2,267 1.1% -8.58% 3.17% Top Explorer.............................. 8,676 $ 9.628330 $ 83,531 1.3% -8.76% 3.31% Oncore Flex............................... 5,113 $ 7.770595 $ 39,735 1.5% -8.94% 2.65% Oncore & Firstar Oncore Value............. 9,922 $ 7.930049 $ 78,681 0.9% -8.39% 2.60% Oncore & Firstar Oncore Premier........... 43,564 $ 7.796877 $ 339,662 1.4% -8.85% 2.67% Oncore & Firstar Oncore Xtra.............. 10,763 $ 7.796877 $ 83,920 1.4% -8.85% 2.67% Oncore Lite............................... 1,914 $ 7.796877 $ 14,923 1.4% -8.85% 2.67% ------------ ------------ 80,186 $ 642,719 ------------ ------------
(continued) 83 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- DOW TARGET 10 PORTFOLIOS (NOTE 4): (CONTINUED) AUGUST SUBACCOUNT (CONTINUED) 2001 Top Tradition.................... 137 $ 10.581981 $ 1,446 1.1% -4.11% 2.08% Top Explorer..................... 3,648 $ 10.552392 $ 38,494 1.3% -4.30% 1.86% Oncore Flex...................... 5,320 $ 8.533203 $ 45,396 1.5% -4.49% 1.65% Oncore & Firstar Oncore Value.... 12,287 $ 8.656762 $ 106,361 0.9% -3.92% 1.66% Oncore & Firstar Oncore Premier....................... 57,718 $ 8.553624 $ 493,710 1.4% -4.39% 1.60% Oncore Xtra...................... 5,567 $ 8.553624 $ 47,618 1.4% -4.39% 1.60% ------------ ------------ 84,677 $ 733,025 ------------ ------------ SEPTEMBER SUBACCOUNT 2002 Top Tradition.................... 2,127 $ 9.110959 $ 19,381 1.1% -8.86% 2.58% Top Explorer..................... 163 $ 9.069034 $ 1,481 1.3% -9.04% 2.90% Oncore & Firstar Oncore Flex..... 12,137 $ 7.692318 $ 93,359 1.5% -9.22% 2.50% Oncore & Firstar Oncore Value.... 22,187 $ 7.845961 $ 174,075 0.9% -8.68% 2.50% Oncore & Firstar Oncore Premier....................... 37,691 $ 7.717646 $ 290,889 1.4% -9.13% 2.55% Oncore & Firstar Oncore Xtra..... 5,053 $ 7.717646 $ 38,999 1.4% -9.13% 2.55% Oncore Lite...................... 668 $ 7.717646 $ 5,155 1.4% -9.13% 2.55% ------------ ------------ 80,026 $ 623,339 ------------ ------------ 2001 Top Tradition.................... 2,071 $ 9.996512 $ 20,705 1.1% -5.07% 2.36% Top Explorer..................... 115 $ 9.970224 $ 1,142 1.3% -5.26% 1.66% Oncore & Firstar Oncore Flex..... 12,905 $ 8.473433 $ 109,346 1.5% -5.45% 1.38% Oncore & Firstar Oncore Value.... 24,810 $ 8.591526 $ 213,162 0.9% -4.88% 1.39% Oncore & Firstar Oncore Premier....................... 51,454 $ 8.492948 $ 437,001 1.4% -5.35% 1.35% Oncore & Firstar Oncore Xtra..... 1,124 $ 8.492948 $ 9,547 1.4% -5.35% 1.35% Oncore Lite...................... 295 $ 8.492948 $ 2,503 1.4% -4.52% 1.35% 4/17/01 ------------ ------------ 92,774 $ 793,406 ------------ ------------ NOVEMBER SUBACCOUNT 2002 Top Tradition.................... 3,163 $ 7.926971 $ 25,072 1.1% -13.99% 2.51% Top Plus......................... 894 $ 7.976817 $ 7,135 0.9% -13.82% 3.33% Top Explorer..................... 1,456 $ 7.877482 $ 11,472 1.3% -14.16% 2.47% Oncore Flex...................... 2,701 $ 7.828372 $ 21,147 1.5% -14.33% 2.25% Oncore & Firstar Oncore Value.... 12,656 $ 7.976817 $ 100,953 0.9% -13.82% 2.36% Oncore & Firstar Oncore Premier....................... 40,536 $ 7.852855 $ 318,319 1.4% -14.24% 2.43% Oncore & Firstar Oncore Xtra..... 15,218 $ 7.852855 $ 119,503 1.4% -14.24% 2.43% Oncore Lite...................... 521 $ 7.852855 $ 4,092 1.4% -14.24% 2.43% ------------ ------------ 77,145 $ 607,693 ------------ ------------
(continued) 84 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- DOW TARGET 10 PORTFOLIOS (NOTE 4): (CONTINUED) NOVEMBER SUBACCOUNT (CONTINUED) 2001 Top Tradition.................... 2,651 $ 9.216288 $ 24,431 1.1% -2.42% 1.41% Top Plus......................... 214 $ 9.255888 $ 1,982 0.9% -2.22% 1.36% Top Explorer..................... 1,240 $ 9.176908 $ 11,382 1.3% -2.61% 2.21% Oncore Flex...................... 4,590 $ 9.137733 $ 41,940 1.5% -2.81% 1.39% Oncore & Firstar Oncore Value.... 14,725 $ 9.255888 $ 136,289 0.9% -2.22% 1.41% Oncore & Firstar Oncore Premier....................... 41,526 $ 9.157275 $ 380,269 1.4% -2.71% 1.35% Oncore & Firstar Oncore Xtra..... 11,728 $ 9.157275 $ 107,397 1.4% -2.71% 1.35% Oncore Lite...................... 246 $ 9.157275 $ 2,250 1.4% -0.32% 1.35% 4/17/01 ------------ ------------ 76,920 $ 705,940 ------------ ------------ DECEMBER SUBACCOUNT 2002 Top Tradition.................... 237 $ 8.263209 $ 1,956 1.1% -14.53% 4.20% Top Plus......................... 331 $ 8.313818 $ 2,754 0.9% -14.36% 2.31% Top Explorer..................... 1,129 $ 8.212927 $ 9,270 1.3% -14.70% 2.50% Oncore Flex...................... 500 $ 8.163072 $ 4,082 1.5% -14.86% 2.34% Oncore & Firstar Oncore Value.... 8,368 $ 8.313818 $ 69,574 0.9% -14.36% 2.29% Oncore & Firstar Oncore Premier....................... 27,878 $ 8.187941 $ 228,266 1.4% -14.78% 2.45% Oncore & Firstar Oncore Xtra..... 10,013 $ 8.187941 $ 81,983 1.4% -14.78% 2.45% Oncore Lite...................... 800 $ 8.187941 $ 6,551 1.4% -14.78% 2.45% ------------ ------------ 49,256 $ 404,436 ------------ ------------ 2001 Top Tradition.................... 61 $ 9.667527 $ 591 1.1% -1.97% 1.28% Top Plus......................... 388 $ 9.707487 $ 3,766 0.9% -1.77% 1.26% Top Explorer..................... 994 $ 9.627760 $ 9,572 1.3% -2.17% 2.62% Oncore Flex...................... 633 $ 9.588243 $ 6,066 1.5% -2.36% 1.28% Oncore & Firstar Oncore Value.... 10,587 $ 9.707487 $ 102,773 0.9% -1.77% 1.28% Oncore & Firstar Oncore Premier....................... 30,835 $ 9.607965 $ 296,260 1.4% -2.26% 1.26% Oncore & Firstar Oncore Xtra..... 7,532 $ 9.607965 $ 72,371 1.4% -2.26% 1.26% Oncore Lite...................... 256 $ 9.607965 $ 2,460 1.4% -0.26% 1.26% 4/17/01 ------------ ------------ 51,286 $ 493,859 ------------ ------------ DOW TARGET 5 PORTFOLIOS (NOTE 4): FIRST QUARTER SUBACCOUNT 2005 Top I............................ 181 $ 11.592905 $ 2,102 1.1% -3.26% 0.00% Top Tradition.................... 180 $ 11.592905 $ 2,086 1.1% -3.26% 0.00% Top Explorer..................... 769 $ 11.456407 $ 8,813 1.3% -3.45% 0.00% Oncore Value..................... 1,190 $ 11.731211 $ 13,955 0.9% -3.07% 0.00% Oncore & Firstar Oncore Premier....................... 31,015 $ 11.388760 $ 353,219 1.4% -3.55% 0.00% Oncore Xtra...................... 26,736 $ 11.388760 $ 304,491 1.4% -3.55% 0.00% Oncore & Firstar Oncore Lite..... 4,193 $ 11.388760 $ 47,760 1.4% -3.55% 0.00% ------------ ------------ 64,264 $ 732,426 ------------ ------------
(continued) 85 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 5 PORTFOLIOS (NOTE 4): (CONTINUED) FIRST QUARTER SUBACCOUNT (CONTINUED) 2004 Top I..................................... 182 $ 11.983597 $ 2,178 1.1% 9.48% 0.00% Top Tradition............................. 174 $ 11.983597 $ 2,086 1.1% 9.48% 0.00% Top Explorer.............................. 772 $ 11.865840 $ 9,165 1.3% 9.26% 0.00% Oncore Value.............................. 995 $ 12.102624 $ 12,046 0.9% 9.70% 0.00% Oncore & Firstar Oncore Premier........... 23,813 $ 11.807403 $ 281,166 1.4% 9.16% 0.00% Oncore Xtra............................... 19,583 $ 11.807403 $ 231,224 1.4% 9.16% 0.00% Oncore & Firstar Oncore Lite.............. 4,015 $ 11.807403 $ 47,407 1.4% 9.16% 0.00% ------------ ------------ 49,534 $ 585,272 ------------ ------------ 2003 Top I..................................... 182 $ 10.945819 $ 1,994 1.1% 18.25% 2.68% Top Tradition............................. 274 $ 10.945819 $ 3,004 1.1% 18.25% 2.65% Top Plus.................................. 1,579 $ 11.032629 $ 17,419 0.9% 18.48% 2.68% Top Explorer.............................. 1,273 $ 10.859753 $ 13,823 1.3% 18.02% 2.43% Oncore Value.............................. 996 $ 11.032629 $ 10,994 0.9% 18.48% 2.53% Oncore & Firstar Oncore Premier........... 22,283 $ 10.816974 $ 241,028 1.4% 17.90% 2.55% Oncore & Firstar Oncore Xtra.............. 17,444 $ 10.816974 $ 188,691 1.4% 17.90% 2.55% Oncore Lite............................... 3,119 $ 10.816974 $ 33,734 1.4% 17.90% 2.55% ------------ ------------ 47,150 $ 510,687 ------------ ------------ 2002 Top Tradition............................. 16 $ 9.256458 $ 145 1.1% -13.55% 3.06% Top Explorer.............................. 824 $ 9.201833 $ 7,586 1.3% -13.72% 3.07% Oncore & Firstar Oncore Premier........... 4,606 $ 9.174638 $ 42,255 1.4% -13.81% 2.89% Oncore & Firstar Oncore Xtra.............. 5,681 $ 9.174638 $ 52,124 1.4% -13.81% 2.89% Oncore Lite............................... 1,928 $ 9.174638 $ 17,691 1.4% -13.81% 2.89% ------------ ------------ 13,055 $ 119,801 ------------ ------------ 2001 Top Tradition............................. 16 $ 10.707627 $ 169 1.1% -4.35% 1.93% Top Explorer.............................. 782 $ 10.665537 $ 8,345 1.3% -4.54% 1.89% Oncore Flex............................... 4 $ 10.623676 $ 46 1.5% -4.73% 1.89% Oncore Value.............................. 65 $ 10.749930 $ 701 0.9% -4.16% 1.46% Oncore & Firstar Oncore Premier........... 5,882 $ 10.644549 $ 62,608 1.4% -4.63% 1.86% Oncore & Firstar Oncore Xtra.............. 6,131 $ 10.644549 $ 65,253 1.4% -4.63% 1.86% ------------ ------------ 12,880 $ 137,122 ------------ ------------ SECOND QUARTER SUBACCOUNT 2005 Top I..................................... 384 $ 12.528382 $ 4,813 1.1% -4.15% 0.00% Top Tradition............................. 393 $ 12.528382 $ 4,927 1.1% -4.15% 0.00% Oncore Value.............................. 145 $ 12.671608 $ 1,840 0.9% -3.96% 0.00% Oncore & Firstar Oncore Premier........... 17,557 $ 12.316883 $ 216,243 1.4% -4.43% 0.00% Oncore Xtra............................... 23,649 $ 12.316883 $ 291,285 1.4% -4.43% 0.00% Oncore & Firstar Oncore Lite.............. 2,255 $ 12.316883 $ 27,766 1.4% -4.43% 0.00% ------------ ------------ 44,383 $ 546,874 ------------ ------------
(continued) 86 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 5 PORTFOLIOS (NOTE 4): (CONTINUED) SECOND QUARTER SUBACCOUNT (CONTINUED) 2004 Top I..................................... 384 $ 13.070210 $ 5,025 1.1% 9.75% 0.00% Top Tradition............................. 388 $ 13.070210 $ 5,070 1.1% 9.75% 0.00% Oncore Value.............................. 146 $ 13.193528 $ 1,923 0.9% 9.97% 0.00% Oncore & Firstar Oncore Premier........... 19,312 $ 12.887587 $ 248,884 1.4% 9.43% 0.00% Oncore Xtra............................... 18,053 $ 12.887587 $ 232,662 1.4% 9.43% 0.00% Oncore & Firstar Oncore Lite.............. 1,334 $ 12.887587 $ 17,187 1.4% 9.43% 0.00% ------------ ------------ 39,617 $ 510,751 ------------ ------------ 2003 Top I..................................... 385 $ 11.908693 $ 4,582 1.1% 21.91% 2.53% Top Tradition............................. 382 $ 11.908693 $ 4,544 1.1% 21.91% 2.14% Top Explorer.............................. 171 $ 11.820891 $ 2,025 1.3% 21.67% 2.30% Oncore Value.............................. 276 $ 11.997233 $ 3,314 0.9% 22.15% 2.27% Oncore & Firstar Oncore Premier........... 15,509 $ 11.777236 $ 182,657 1.4% 21.55% 2.48% Oncore Xtra............................... 18,430 $ 11.777236 $ 217,058 1.4% 21.55% 2.48% Oncore Lite............................... 1,076 $ 11.777236 $ 12,671 1.4% 21.55% 2.48% ------------ ------------ 36,229 $ 426,851 ------------ ------------ 2002 Top Tradition............................. 366 $ 9.768484 $ 3,576 1.1% -10.51% 3.10% Top Explorer.............................. 83 $ 9.715627 $ 805 1.5% -10.69% 2.11% Oncore Value.............................. 146 $ 9.821690 $ 1,438 0.9% -10.33% 2.88% Oncore Premier............................ 3,952 $ 9.689305 $ 38,280 1.4% -10.78% 3.06% Oncore Xtra............................... 4,701 $ 9.689305 $ 45,552 1.4% -10.78% 3.06% Oncore Lite............................... 361 $ 9.689305 $ 3,500 1.4% -10.78% 3.06% ------------ ------------ 9,609 $ 93,151 ------------ ------------ 2001 Top Tradition............................. 364 $ 10.916013 $ 3,973 1.1% -11.61% 1.66% Oncore Flex............................... 4 $ 10.841084 $ 48 1.5% -11.96% 1.66% Oncore Value.............................. 221 $ 10.953742 $ 2,424 0.9% -11.43% 1.61% Oncore Premier............................ 3,963 $ 10.859730 $ 43,039 1.4% -11.87% 1.67% Oncore Xtra............................... 3,792 $ 10.859730 $ 41,171 1.4% -11.87% 1.67% ------------ ------------ 8,344 $ 90,655 ------------ ------------ THIRD QUARTER SUBACCOUNT 2005 Top Tradition............................. 109 $ 9.421328 $ 1,026 1.1% -20.06% 0.00% Oncore Flex............................... 257 $ 9.218989 $ 2,367 1.5% -20.37% 0.00% Oncore Value.............................. 3,341 $ 9.524383 $ 31,821 0.9% -19.90% 0.00% Oncore & Firstar Oncore Premier........... 27,566 $ 9.269049 $ 255,507 1.4% -20.29% 0.00% Oncore Xtra............................... 17,912 $ 9.269049 $ 166,028 1.4% -20.29% 0.00% Oncore Lite............................... 5,555 $ 9.269049 $ 51,495 1.4% -20.29% 0.00% ------------ ------------ 54,740 $ 508,244 ------------ ------------
(continued) 87 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 5 PORTFOLIOS (NOTE 4): (CONTINUED) THIRD QUARTER SUBACCOUNT (CONTINUED) 2004 Top Tradition............................. 341 $ 11.785236 $ 4,015 1.1% 6.69% 0.00% Top Explorer.............................. 2,418 $ 11.680872 $ 28,240 1.3% 6.48% 0.00% Oncore Flex............................... 257 $ 11.577647 $ 2,973 1.5% 6.27% 0.00% Oncore Value.............................. 2,704 $ 11.890616 $ 32,149 0.9% 6.90% 0.00% Oncore & Firstar Oncore Premier........... 26,796 $ 11.629080 $ 311,627 1.4% 6.37% 0.00% Oncore Xtra............................... 17,189 $ 11.629080 $ 199,892 1.4% 6.37% 0.00% Oncore Lite............................... 1,191 $ 11.629080 $ 13,845 1.4% 6.37% 0.00% ------------ ------------ 50,896 $ 592,741 ------------ ------------ 2003 Top Tradition............................. 337 $ 11.046269 $ 3,720 1.1% 13.64% 3.27% Top Explorer.............................. 3,347 $ 10.970174 $ 36,715 1.3% 13.41% 3.35% Oncore Flex............................... 257 $ 10.894764 $ 2,800 1.5% 13.19% 2.66% Oncore Value.............................. 1,957 $ 11.122949 $ 21,765 0.9% 13.86% 2.45% Oncore & Firstar Oncore Premier........... 35,323 $ 10.932361 $ 386,172 1.4% 13.30% 3.18% Oncore & Firstar Oncore Xtra.............. 16,583 $ 10.932361 $ 181,295 1.4% 13.30% 3.18% Oncore Lite............................... 489 $ 10.932361 $ 5,346 1.4% 13.30% 3.18% ------------ ------------ 58,293 $ 637,813 ------------ ------------ 2002 Top Tradition............................. 7 $ 9.720700 $ 67 1.1% -11.76% 2.57% Oncore Flex............................... 257 $ 9.625278 $ 2,475 1.5% -12.11% 2.34% Oncore Value.............................. 20,766 $ 9.768851 $ 202,861 0.9% -11.58% 3.49% Oncore & Firstar Oncore Premier........... 2,045 $ 9.648991 $ 19,724 1.4% -12.02% 1.71% Oncore Xtra............................... 1,058 $ 9.648991 $ 10,211 1.4% -12.02% 1.71% Oncore Lite............................... 326 $ 9.648991 $ 3,149 1.4% -12.02% 1.71% ------------ ------------ 24,459 $ 238,487 ------------ ------------ 2001 Top Tradition............................. 4 $ 11.016026 $ 49 1.1% -6.33% 0.82% Top Explorer.............................. 3 $ 10.983500 $ 38 1.3% -6.51% 0.82% Oncore Flex............................... 266 $ 10.951136 $ 2,918 1.5% -6.70% 1.76% Oncore Value.............................. 62 $ 11.048678 $ 681 0.9% -6.14% 1.56% Oncore & Firstar Oncore Premier........... 2,180 $ 10.967284 $ 23,904 1.4% -6.61% 1.67% Oncore & Firstar Oncore Xtra.............. 7,339 $ 10.967284 $ 80,480 1.4% -6.61% 1.67% ------------ ------------ 9,854 $ 108,070 ------------ ------------ FOURTH QUARTER SUBACCOUNT 2005 Top Tradition............................. 113 $ 12.749342 $ 1,440 1.1% -13.45% 0.00% Top Plus.................................. 600 $ 12.882396 $ 7,734 0.9% -13.28% 0.00% Oncore Value.............................. 876 $ 9.521994 $ 8,342 0.9% -13.28% 0.00% Oncore & Firstar Oncore Premier........... 40,652 $ 9.232197 $ 375,307 1.4% -13.71% 0.00% Oncore Xtra............................... 18,941 $ 9.232197 $ 174,869 1.4% -13.71% 0.00% Oncore Lite............................... 4,510 $ 9.232197 $ 41,630 1.4% -13.71% 0.00% ------------ ------------ 65,692 $ 609,322 ------------ ------------
(continued) 88 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- DOW TARGET 5 PORTFOLIOS (NOTE 4): (CONTINUED) FOURTH QUARTER SUBACCOUNT (CONTINUED) 2004 Top Tradition.................... 107 $ 14.730567 $ 1,581 1.1% 5.40% 0.00% Top Plus......................... 600 $ 14.854913 $ 8,918 0.9% 5.60% 0.00% Top Explorer..................... 104 $ 14.607342 $ 1,526 1.3% 5.19% 0.00% Oncore Value..................... 1,023 $ 10.979975 $ 11,232 0.9% 5.60% 0.00% Oncore & Firstar Oncore Premier....................... 45,950 $ 10.698436 $ 491,577 1.4% 5.08% 0.00% Oncore Xtra...................... 21,508 $ 10.698436 $ 230,106 1.4% 5.08% 0.00% Oncore Lite...................... 1,353 $ 10.698436 $ 14,471 1.4% 5.08% 0.00% ------------ ------------ 70,645 $ 759,411 ------------ ------------ 2003 Top Tradition.................... 102 $ 13.976503 $ 1,432 1.1% 18.25% 2.46% Top Plus......................... 816 $ 14.066554 $ 11,478 0.9% 18.48% 2.12% Top Explorer..................... 341 $ 13.887085 $ 4,738 1.3% 18.01% 2.42% Oncore Value..................... 1,828 $ 10.397256 $ 19,003 0.9% 18.48% 2.46% Oncore & Firstar Oncore Premier....................... 46,700 $ 10.180997 $ 475,442 1.4% 17.90% 2.67% Oncore & Firstar Oncore Xtra..... 20,189 $ 10.180997 $ 205,546 1.4% 17.90% 2.67% Oncore Lite...................... 833 $ 10.180997 $ 8,485 1.4% 17.90% 2.67% ------------ ------------ 70,809 $ 726,124 ------------ ------------ 2002 Top Tradition.................... 15 $ 11.819898 $ 178 1.1% -6.92% 2.49% Top Plus......................... 761 $ 11.872577 $ 9,034 0.9% -6.73% 2.45% Top Explorer..................... 38 $ 11.767492 $ 450 1.3% -7.10% 2.36% Oncore Value..................... 3,179 $ 8.775583 $ 27,899 0.9% -6.73% 2.78% Oncore & Firstar Oncore Premier....................... 10,316 $ 8.635585 $ 89,088 1.4% -7.19% 2.29% Oncore & Firstar Oncore Xtra..... 1,257 $ 8.635585 $ 10,853 1.4% -7.19% 2.29% Oncore Lite...................... 129 $ 8.635585 $ 1,110 1.4% -7.19% 2.29% ------------ ------------ 15,695 $ 138,612 ------------ ------------ 2001 Top Tradition.................... 13 $ 12.698301 $ 162 1.1% 2.08% 1.61% Top Plus......................... 761 $ 12.729653 $ 9,686 0.9% 2.28% 0.54% Top Explorer..................... 42 $ 12.667052 $ 530 1.3% 1.87% 0.54% Oncore Flex...................... 13 $ 9.284298 $ 116 1.5% 1.67% 1.62% Oncore Value..................... 1,206 $ 9.409087 $ 11,352 0.9% 2.28% 1.52% Oncore & Firstar Oncore Premier....................... 12,987 $ 9.304931 $ 120,843 1.4% 1.77% 1.30% Oncore & Firstar Oncore Xtra..... 3,306 $ 9.304931 $ 30,765 1.4% 1.77% 1.30% Oncore Lite...................... 129 $ 9.304931 $ 1,202 1.4% 1.73% 1.30% 4/17/01 ------------ ------------ 18,457 $ 174,656 ------------ ------------ FEBRUARY SUBACCOUNT 2002 Top I............................ 95 $ 10.766311 $ 1,021 1.1% -8.49% 2.77% Top Tradition.................... 1 $ 10.766311 $ 15 1.1% -8.49% 2.79% Oncore Value..................... 26 $ 10.828569 $ 281 0.9% -8.31% 2.21% Oncore & Firstar Oncore Premier....................... 4,975 $ 10.673665 $ 53,093 1.4% -8.76% 2.73% Oncore & Firstar Oncore Xtra..... 7,960 $ 10.673665 $ 84,961 1.4% -8.76% 2.73% Oncore Lite...................... 343 $ 10.673665 $ 3,666 1.4% -8.76% 2.73% ------------ ------------ 13,400 $ 143,037 ------------ ------------
(continued) 89 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 5 PORTFOLIOS (NOTE 4): (CONTINUED) FEBRUARY SUBACCOUNT (CONTINUED) 2001 Top I..................................... 95 $ 11.765062 $ 1,118 1.1% -2.52% 2.01% Oncore Flex............................... 4 $ 11.676483 $ 49 1.5% -2.91% 2.19% Oncore Value.............................. 96 $ 11.809675 $ 1,130 0.9% -2.33% 1.85% Oncore & Firstar Oncore Premier........... 5,028 $ 11.698512 $ 58,819 1.4% -2.81% 1.99% Oncore & Firstar Oncore Xtra.............. 7,066 $ 11.698512 $ 82,658 1.4% -2.81% 1.99% ------------ ------------ 12,289 $ 143,774 ------------ ------------ MARCH SUBACCOUNT 2002 Top I..................................... 52 $ 11.504336 $ 603 1.1% -9.91% 3.31% Top Tradition............................. 559 $ 11.504336 $ 6,426 1.1% -9.91% 4.36% Top Plus.................................. 1,223 $ 11.569043 $ 14,148 0.9% -9.73% 4.38% Top Explorer.............................. 350 $ 11.440015 $ 4,008 1.5% -10.09% 3.36% Oncore Value.............................. 686 $ 11.569043 $ 7,932 0.9% -9.73% 4.21% Oncore & Firstar Oncore Premier........... 5,191 $ 11.408008 $ 59,224 1.4% -10.18% 3.34% Oncore Xtra............................... 4,124 $ 11.408008 $ 47,049 1.4% -10.18% 3.34% Oncore Lite............................... 290 $ 11.408008 $ 3,307 1.4% -10.18% 3.34% ------------ ------------ 12,475 $ 142,697 ------------ ------------ 2001 Top I..................................... 53 $ 12.769902 $ 671 1.1% -5.63% 1.59% Top Tradition............................. 9 $ 12.769902 $ 119 1.1% -5.63% 1.58% Top Plus.................................. 642 $ 12.816307 $ 8,229 0.9% -5.45% 1.32% Oncore Flex............................... 4 $ 12.677705 $ 48 1.5% -6.01% 1.59% Oncore Value.............................. 85 $ 12.816307 $ 1,090 0.9% -5.45% 1.32% Oncore & Firstar Oncore Premier........... 6,159 $ 12.700642 $ 78,234 1.4% -5.92% 1.29% Oncore & Firstar Oncore Xtra.............. 3,534 $ 12.700642 $ 44,879 1.4% -5.92% 1.29% ------------ ------------ 10,486 $ 133,270 ------------ ------------ MAY SUBACCOUNT 2002 Top Tradition............................. 2 $ 9.747448 $ 20 1.1% -15.16% 2.21% Top Explorer.............................. 89 $ 9.696156 $ 859 1.5% -15.32% 2.18% Oncore Value.............................. 25 $ 9.799062 $ 246 0.9% -14.99% 2.81% Oncore & Firstar Oncore Premier........... 3,741 $ 9.670632 $ 36,176 1.4% -15.41% 3.24% Oncore Xtra............................... 4,004 $ 9.670632 $ 38,723 1.4% -15.41% 3.24% Oncore Lite............................... 269 $ 9.670632 $ 2,604 1.4% -15.41% 3.24% ------------ ------------ 8,130 $ 78,628 ------------ ------------ 2001 Oncore Flex............................... 976 $ 11.413128 $ 11,140 1.5% -10.60% 1.65% Oncore Value.............................. 65 $ 11.526500 $ 746 0.9% -10.07% 1.61% Oncore & Firstar Oncore Premier........... 3,882 $ 11.431892 $ 44,384 1.4% -10.51% 1.67% Oncore & Firstar Oncore Xtra.............. 3,607 $ 11.431892 $ 41,233 1.4% -10.51% 1.67% ------------ ------------ 8,530 $ 97,503 ------------ ------------
(continued) 90 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- DOW TARGET 5 PORTFOLIOS (NOTE 4): (CONTINUED) JUNE SUBACCOUNT 2002 Top I..................................... 421 $ 9.228008 $ 3,888 1.1% -12.65% 2.93% Top Tradition............................. 7 $ 9.228008 $ 63 1.1% -12.65% 3.31% Oncore Value.............................. 25 $ 9.275316 $ 236 0.9% -12.47% 2.18% Oncore & Firstar Oncore Premier........... 3,673 $ 9.157556 $ 33,632 1.4% -12.90% 2.26% Oncore Xtra............................... 4,221 $ 9.157556 $ 38,656 1.4% -12.90% 2.26% Oncore Lite............................... 308 $ 9.157556 $ 2,817 1.4% -12.90% 2.26% ------------ ------------ 8,655 $ 79,292 ------------ ------------ 2001 Top I..................................... 422 $ 10.563869 $ 4,455 1.1% -9.40% 1.47% Top Tradition............................. 4 $ 10.563869 $ 47 1.1% -9.40% 1.47% Oncore Flex............................... 9 $ 10.498008 $ 95 1.5% -9.76% 1.34% Oncore Value.............................. 63 $ 10.597004 $ 672 0.9% -9.22% 1.24% Oncore & Firstar Oncore Premier........... 3,898 $ 10.514396 $ 40,989 1.4% -9.67% 1.42% Oncore & Firstar Oncore Xtra.............. 14,083 $ 10.514396 $ 148,061 1.4% -9.67% 1.42% ------------ ------------ 18,479 $ 194,319 ------------ ------------ AUGUST SUBACCOUNT 2002 Top Tradition............................. 122 $ 11.617437 $ 1,421 1.1% -2.20% 1.85% Top Explorer.............................. 2,091 $ 11.562059 $ 24,173 1.3% -2.40% 2.03% Oncore & Firstar Oncore Premier........... 13,591 $ 11.534489 $ 156,768 1.4% -2.49% 2.02% Oncore & Firstar Oncore Xtra.............. 2,739 $ 11.534489 $ 31,594 1.4% -2.49% 2.02% ------------ ------------ 18,543 $ 213,956 ------------ ------------ 2001 Top Tradition............................. 424 $ 11.879245 $ 5,035 1.1% 0.78% 2.34% Top Plus.................................. 703 $ 11.912570 $ 8,380 0.9% 0.98% 1.01% Top Explorer.............................. 2,137 $ 11.846045 $ 25,310 1.3% 0.58% 1.01% Oncore Flex............................... 9 $ 11.812984 $ 106 1.5% 0.38% 1.88% Oncore Value.............................. 35 $ 11.912570 $ 420 0.9% 0.98% 1.66% Oncore & Firstar Oncore Premier........... 14,847 $ 11.829490 $ 175,634 1.4% 0.48% 2.39% Oncore & Firstar Oncore Xtra.............. 1,695 $ 11.829490 $ 20,051 1.4% 0.48% 2.39% ------------ ------------ 19,850 $ 234,936 ------------ ------------ SEPTEMBER SUBACCOUNT 2002 Top Tradition............................. 239 $ 10.028142 $ 2,395 1.1% -14.77% 2.24% Oncore Value.............................. 3,107 $ 7.523456 $ 23,372 0.9% -14.60% 4.81% Oncore & Firstar Oncore Premier........... 11,392 $ 7.400409 $ 84,316 1.4% -15.03% 2.27% Oncore & Firstar Oncore Xtra.............. 1,537 $ 7.400409 $ 11,372 1.4% -15.03% 2.27% ------------ ------------ 16,275 $ 121,455 ------------ ------------
(continued) 91 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- DOW TARGET 5 PORTFOLIOS (NOTE 4): (CONTINUED) SEPTEMBER SUBACCOUNT (CONTINUED) 2001 Top Tradition.................... 236 $ 11.766432 $ 2,778 1.1% 1.24% 0.36% Top Explorer..................... 4 $ 11.735516 $ 44 1.3% 1.04% 0.36% Oncore Flex...................... 12 $ 8.689052 $ 107 1.5% 0.84% 1.03% Oncore Value..................... 270 $ 8.810112 $ 2,375 0.9% 1.44% 0.99% Oncore & Firstar Oncore Premier....................... 11,935 $ 8.709050 $ 103,948 1.4% 0.94% 1.00% Oncore & Firstar Oncore Xtra..... 621 $ 8.709050 $ 5,405 1.4% 0.94% 1.00% ------------ ------------ 13,078 $ 114,657 ------------ ------------ NOVEMBER SUBACCOUNT 2002 Top Tradition.................... 649 $ 7.231070 $ 4,691 1.1% -16.30% 3.84% Top Plus......................... 732 $ 7.276536 $ 5,329 0.9% -16.13% 0.90% Top Explorer..................... 1,217 $ 7.185911 $ 8,743 1.3% -16.46% 2.52% Oncore Value..................... 4,107 $ 7.276536 $ 29,886 0.9% -16.13% 2.95% Oncore & Firstar Oncore Premier....................... 6,732 $ 7.163439 $ 48,217 1.4% -16.54% 2.26% Oncore & Firstar Oncore Xtra..... 2,463 $ 7.163439 $ 17,646 1.4% -16.54% 2.26% Oncore Lite...................... 102 $ 7.163439 $ 732 1.4% -16.54% 2.26% ------------ ------------ 16,002 $ 115,244 ------------ ------------ 2001 Top Tradition.................... 112 $ 8.638926 $ 966 1.1% 1.15% 1.42% Top Explorer..................... 1,062 $ 8.602000 $ 9,133 1.3% 0.95% 1.42% Oncore Flex...................... 12 $ 8.565296 $ 107 1.5% 0.75% 1.50% Oncore Value..................... 2,044 $ 8.676037 $ 17,733 0.9% 1.35% 1.42% Oncore & Firstar Oncore Premier....................... 7,098 $ 8.583584 $ 60,929 1.4% 0.85% 1.45% Oncore & Firstar Oncore Xtra..... 5,671 $ 8.583584 $ 48,675 1.4% 0.85% 1.45% Oncore Lite...................... 205 $ 8.583584 $ 1,758 1.4% -3.06% 1.45% 4/17/01 ------------ ------------ 16,204 $ 139,301 ------------ ------------ DECEMBER SUBACCOUNT 2002 Top Tradition.................... 8 $ 8.918335 $ 72 1.1% -18.44% 2.77% Top Plus......................... 792 $ 8.972972 $ 7,105 0.9% -18.28% 2.33% Top Explorer..................... 345 $ 8.864105 $ 3,061 1.3% -18.60% 2.89% Oncore Value..................... 2,047 $ 8.972972 $ 18,368 0.9% -18.28% 12.68% Oncore & Firstar Oncore Premier....................... 8,227 $ 8.837123 $ 72,706 1.4% -18.68% 2.23% Oncore & Firstar Oncore Xtra..... 7,777 $ 8.837123 $ 68,724 1.4% -18.68% 2.23% Oncore Lite...................... 76 $ 8.837123 $ 672 1.4% -18.68% 2.23% ------------ ------------ 19,272 $ 170,708 ------------ ------------
(continued) 92 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- DOW TARGET 5 PORTFOLIOS (NOTE 4): (CONTINUED) DECEMBER SUBACCOUNT (CONTINUED) 2001 Top Tradition.................... 5 $ 10.934492 $ 59 1.1% 3.20% 0.96% Top Plus......................... 792 $ 10.979675 $ 8,693 0.9% 3.41% 0.97% Top Explorer..................... 211 $ 10.889552 $ 2,303 1.3% 3.00% 0.94% Oncore Flex...................... 10 $ 10.844863 $ 106 1.5% 2.79% 0.93% Oncore Value..................... 63 $ 10.979675 $ 690 0.9% 3.41% 0.97% Oncore & Firstar Oncore Premier....................... 7,632 $ 10.867159 $ 82,941 1.4% 2.90% 0.96% Oncore & Firstar Oncore Xtra..... 10,095 $ 10.867159 $ 109,689 1.4% 2.90% 0.96% Oncore Lite...................... 152 $ 10.867159 $ 1,656 1.4% 0.93% 0.96% 4/17/01 ------------ ------------ 18,960 $ 206,137 ------------ ------------ FIDELITY VARIABLE INSURANCE PRODUCTS FUND: VIP GROWTH SUBACCOUNT 2005 Top Explorer..................... 194,709 $ 16.068911 $ 3,128,754 1.3% 4.44% 0.59% 2004 Top Explorer..................... 295,990 $ 15.385058 $ 4,553,822 1.3% 2.05% 0.28% 2003 Top Explorer..................... 342,395 $ 15.076312 $ 5,162,056 1.3% 31.15% 0.28% 2002 Top Explorer..................... 378,768 $ 11.495896 $ 4,354,282 1.3% -31.00% 0.26% 2001 Top Explorer..................... 429,163 $ 16.661660 $ 7,150,565 1.3% -18.71% 0.08% VIP EQUITY-INCOME SUBACCOUNT 2005 Top Explorer..................... 168,166 $ 17.626890 $ 2,964,244 1.3% 4.51% 1.75% 2004 Top Explorer..................... 226,431 $ 16.866119 $ 3,819,007 1.3% 10.09% 1.59% 2003 Top Explorer..................... 263,690 $ 15.319655 $ 4,039,633 1.3% 28.66% 2.00% 2002 Top Explorer..................... 336,449 $ 11.907187 $ 4,006,164 1.3% -18.01% 1.83% 2001 Top Explorer..................... 396,056 $ 14.523453 $ 5,752,099 1.3% -6.18% 1.81% VIP HIGH INCOME BOND SUBACCOUNT 2005 Top Explorer..................... 63,067 $ 11.064892 $ 697,835 1.3% 1.39% 14.60% 2004 Top Explorer..................... 82,781 $ 10.913572 $ 903,435 1.3% 8.18% 8.67% 2003 Top Explorer..................... 98,462 $ 10.088071 $ 993,295 1.3% 25.63% 7.51% 2002 Top Explorer..................... 115,348 $ 8.029812 $ 926,225 1.3% 2.12% 11.48% 2001 Top Explorer..................... 144,957 $ 7.863433 $ 1,139,858 1.3% -12.87% 14.55%
(continued) 93 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- JANUS ASPEN SERIES -- INSTITUTIONAL SHARES: LARGE CAP GROWTH SUBACCOUNT 2005 Top I..................................... 4,648 $ 7.407944 $ 34,431 1.1% 3.16% 0.34% Top Tradition............................. 174,095 $ 7.407944 $ 1,289,686 1.1% 3.16% 0.33% Top Plus.................................. 47,032 $ 7.498999 $ 352,696 0.9% 3.36% 0.33% Investar Vision & Top Spectrum............ 11,602 $ 10.245288 $ 118,861 1.4% 2.85% 0.32% Top Explorer.............................. 69,223 $ 7.318094 $ 506,582 1.3% 2.95% 0.32% Oncore & Firstar Oncore Flex.............. 38,389 $ 10.168070 $ 390,344 1.5% 2.75% 0.30% Oncore & Firstar Oncore Value............. 182,354 $ 10.641533 $ 1,940,522 0.9% 3.36% 0.32% Oncore & Firstar Oncore Premier........... 892,972 $ 10.245288 $ 9,148,757 1.4% 2.85% 0.32% Oncore & Firstar Oncore Xtra.............. 84,386 $ 10.245288 $ 864,556 1.4% 2.85% 0.32% ------------ ------------ 1,504,701 $ 14,646,435 ------------ ------------ 2004 Top I..................................... 5,953 $ 7.181339 $ 42,752 1.1% 3.38% 0.14% Top Tradition............................. 211,039 $ 7.181339 $ 1,515,540 1.1% 3.38% 0.13% Top Plus.................................. 76,951 $ 7.255263 $ 558,298 0.9% 3.58% 0.14% Investar Vision & Top Spectrum............ 17,072 $ 9.961271 $ 170,054 1.4% 3.07% 0.13% Top Explorer.............................. 90,047 $ 7.108215 $ 640,074 1.3% 3.17% 0.12% Oncore & Firstar Oncore Flex.............. 67,586 $ 9.895909 $ 668,820 1.5% 2.97% 0.13% Oncore & Firstar Oncore Value............. 255,162 $ 10.295650 $ 2,627,055 0.9% 3.58% 0.13% Oncore & Firstar Oncore Premier........... 1,167,051 $ 9.961271 $ 11,625,323 1.4% 3.07% 0.13% Oncore & Firstar Oncore Xtra.............. 111,717 $ 9.961271 $ 1,112,845 1.4% 3.07% 0.13% ------------ ------------ 2,002,578 $ 18,960,761 ------------ ------------ 2003 Top I..................................... 7,382 $ 6.946735 $ 51,283 1.1% 30.30% 0.08% Top Tradition............................. 266,246 $ 6.946735 $ 1,849,544 1.1% 30.30% 0.08% Top Plus.................................. 87,949 $ 7.004322 $ 616,020 0.9% 30.56% 0.08% Investar Vision & Top Spectrum............ 23,316 $ 9.664556 $ 225,339 1.4% 29.91% 0.09% Top Explorer.............................. 145,041 $ 6.889647 $ 999,283 1.3% 30.04% 0.08% Oncore & Firstar Flex..................... 94,757 $ 9.610625 $ 910,674 1.5% 29.79% 0.08% Oncore & Firstar Oncore Value............. 343,998 $ 9.939562 $ 3,419,189 0.9% 30.56% 0.09% Oncore & Firstar Oncore Premier........... 1,492,481 $ 9.664556 $ 14,424,164 1.4% 29.91% 0.09% Oncore & Firstar Oncore Xtra.............. 169,713 $ 9.664556 $ 1,640,197 1.4% 29.91% 0.09% ------------ ------------ 2,630,883 $ 24,135,693 ------------ ------------ 2002 Top I..................................... 9,833 $ 5.331366 $ 52,422 1.1% -27.31% 0.00% Top Tradition............................. 334,455 $ 5.331366 $ 1,783,101 1.1% -27.31% 0.00% Top Plus.................................. 112,249 $ 5.364950 $ 602,209 0.9% -27.17% 0.00% Investar Vision & Top Spectrum............ 35,416 $ 7.439185 $ 263,469 1.4% -27.53% 0.00% Top Explorer.............................. 164,853 $ 5.298008 $ 873,390 1.3% -27.45% 0.00% Oncore & Firstar Flex..................... 147,202 $ 7.404975 $ 1,090,025 1.5% -27.60% 0.00% Oncore & Firstar Oncore Value............. 463,086 $ 7.613192 $ 3,525,559 0.9% -27.17% 0.00% Oncore & Firstar Oncore Premier........... 1,813,000 $ 7.439185 $ 13,487,247 1.4% -27.53% 0.00% Oncore & Firstar Oncore Xtra.............. 221,111 $ 7.439185 $ 1,644,893 1.4% -27.53% 0.00% ------------ ------------ 3,301,205 $ 23,322,315 ------------ ------------
(continued) 94 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- JANUS ASPEN SERIES -- INSTITUTIONAL SHARES: (CONTINUED) LARGE CAP GROWTH SUBACCOUNT (CONTINUED) 2001 Top I..................................... 17,297 $ 7.334439 $ 126,864 1.1% -25.56% 0.07% Top Tradition............................. 402,977 $ 7.334439 $ 2,955,608 1.1% -25.56% 0.07% Top Plus.................................. 149,573 $ 7.366024 $ 1,101,755 0.9% -25.41% 0.07% Investar Vision & Top Spectrum............ 40,381 $ 10.264673 $ 414,499 1.4% -25.78% 0.06% Top Explorer.............................. 212,895 $ 7.303014 $ 1,554,775 1.3% -25.71% 0.06% Oncore & Firstar Flex..................... 205,284 $ 10.227571 $ 2,099,558 1.5% -25.86% 0.06% Oncore & Firstar Oncore Value............. 596,168 $ 10.452831 $ 6,231,643 0.9% -25.41% 0.07% Oncore & Firstar Oncore Premier........... 2,524,855 $ 10.264673 $ 25,916,820 1.4% -25.78% 0.06% Oncore & Firstar Oncore Xtra.............. 329,196 $ 10.264673 $ 3,379,086 1.4% -25.78% 0.06% ------------ ------------ 4,478,626 $ 43,780,608 ------------ ------------ INTERNATIONAL GROWTH SUBACCOUNT 2005 Oncore & Firstar Oncore Flex.............. 33,269 $ 16.519053 $ 549,569 1.5% 30.34% 1.29% Oncore & Firstar Oncore Value............. 67,171 $ 17.287798 $ 1,161,235 0.9% 31.12% 1.22% Oncore & Firstar Oncore Premier........... 166,642 $ 16.644398 $ 2,773,655 1.4% 30.47% 1.22% Oncore & Firstar Oncore Xtra.............. 67,094 $ 16.644398 $ 1,116,742 1.4% 30.47% 1.22% ------------ ------------ 334,176 $ 5,601,201 ------------ ------------ 2004 Oncore & Firstar Oncore Flex.............. 27,970 $ 12.673406 $ 354,473 1.5% 17.19% 0.90% Oncore & Firstar Oncore Value............. 61,451 $ 13.185067 $ 810,234 0.9% 17.89% 0.91% Oncore & Firstar Oncore Premier........... 189,524 $ 12.757043 $ 2,417,774 1.4% 17.30% 0.88% Oncore & Firstar Oncore Xtra.............. 58,820 $ 12.757043 $ 750,364 1.4% 17.30% 0.88% ------------ ------------ 337,765 $ 4,332,845 ------------ ------------ 2003 Oncore & Firstar Oncore Flex.............. 30,477 $ 10.814633 $ 329,597 1.5% 32.92% 1.00% Oncore & Firstar Oncore Value............. 62,869 $ 11.184582 $ 703,160 0.9% 33.71% 1.21% Oncore & Firstar Oncore Premier........... 232,971 $ 10.875254 $ 2,533,622 1.4% 33.05% 1.22% Oncore & Firstar Oncore Xtra.............. 70,019 $ 10.875254 $ 761,474 1.4% 33.05% 1.22% ------------ ------------ 396,336 $ 4,327,853 ------------ ------------ 2002 Oncore & Firstar Oncore Flex.............. 39,242 $ 8.136008 $ 319,276 1.5% -26.69% 0.56% Oncore & Firstar Oncore Value............. 82,021 $ 8.364642 $ 686,078 0.9% -26.25% 0.82% Oncore & Firstar Oncore Premier........... 275,525 $ 8.173564 $ 2,252,018 1.4% -26.61% 0.80% Oncore & Firstar Oncore Xtra.............. 79,167 $ 8.173564 $ 647,077 1.4% -26.61% 0.80% ------------ ------------ 475,955 $ 3,904,449 ------------ ------------
(continued) 95 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- JANUS ASPEN SERIES -- INSTITUTIONAL SHARES: (CONTINUED) INTERNATIONAL GROWTH SUBACCOUNT (CONTINUED) 2001 Oncore & Firstar Oncore Flex.............. 53,202 $ 11.097464 $ 590,405 1.5% -24.38% 1.06% Oncore & Firstar Oncore Value............. 104,233 $ 11.341733 $ 1,182,178 0.9% -23.92% 1.01% Oncore & Firstar Oncore Premier........... 380,072 $ 11.137690 $ 4,233,123 1.4% -24.30% 1.00% Oncore & Firstar Oncore Xtra.............. 108,231 $ 11.137690 $ 1,205,455 1.4% -24.30% 1.00% ------------ ------------ 645,738 $ 7,211,161 ------------ ------------ WORLDWIDE GROWTH SUBACCOUNT 2005 Top I..................................... 9,299 $ 8.300095 $ 77,183 1.1% 4.72% 1.30% Top Tradition............................. 125,911 $ 8.300095 $ 1,045,076 1.1% 4.72% 1.35% Top Plus.................................. 21,516 $ 8.402063 $ 180,775 0.9% 4.92% 1.24% Investar Vision & Top Spectrum............ 39,235 $ 10.307219 $ 404,408 1.4% 4.41% 1.33% Top Explorer.............................. 91,796 $ 8.199446 $ 752,679 1.3% 4.51% 1.35% Oncore & Firstar Oncore Flex.............. 34,988 $ 10.424300 $ 364,731 1.5% 4.30% 1.17% Oncore & Firstar Oncore Value............. 98,568 $ 10.909551 $ 1,075,337 0.9% 4.92% 1.31% Oncore & Firstar Oncore Premier........... 458,681 $ 10.503437 $ 4,817,732 1.4% 4.41% 1.31% Oncore & Firstar Oncore Xtra.............. 69,151 $ 10.503437 $ 726,303 1.4% 4.41% 1.31% ------------ ------------ 949,145 $ 9,444,224 ------------ ------------ 2004 Top I..................................... 14,579 $ 7.926252 $ 115,553 1.1% 3.64% 1.02% Top Tradition............................. 164,556 $ 7.926252 $ 1,304,311 1.1% 3.64% 0.96% Top Plus.................................. 39,696 $ 8.007801 $ 317,874 0.9% 3.84% 0.91% Investar Vision & Top Spectrum............ 51,613 $ 9.872113 $ 509,534 1.4% 3.33% 0.94% Top Explorer.............................. 113,552 $ 7.845571 $ 890,882 1.3% 3.43% 0.95% Oncore & Firstar Oncore Flex.............. 68,077 $ 9.994066 $ 680,363 1.5% 3.23% 0.95% Oncore & Firstar Oncore Value............. 147,886 $ 10.397621 $ 1,537,658 0.9% 3.84% 0.91% Oncore & Firstar Oncore Premier........... 629,370 $ 10.060040 $ 6,331,497 1.4% 3.33% 0.97% Oncore & Firstar Oncore Xtra.............. 104,791 $ 10.060040 $ 1,054,205 1.4% 3.33% 0.97% ------------ ------------ 1,334,120 $ 12,741,877 ------------ ------------ 2003 Top I..................................... 14,297 $ 7.648142 $ 109,346 1.1% 22.64% 0.97% Top Tradition............................. 213,452 $ 7.648142 $ 1,632,511 1.1% 22.64% 1.11% Top Plus.................................. 59,560 $ 7.711505 $ 459,296 0.9% 22.89% 1.07% Investar Vision & Top Spectrum............ 66,624 $ 9.554088 $ 636,534 1.4% 22.28% 1.10% Top Explorer.............................. 162,508 $ 7.585312 $ 1,232,672 1.3% 22.40% 1.11% Oncore & Firstar Oncore Flex.............. 87,186 $ 9.681675 $ 844,106 1.5% 22.16% 1.06% Oncore & Firstar Oncore Value............. 247,172 $ 10.012904 $ 2,474,912 0.9% 22.89% 1.10% Oncore & Firstar Oncore Premier........... 810,029 $ 9.735966 $ 7,886,412 1.4% 22.28% 1.09% Oncore & Firstar Oncore Xtra.............. 117,798 $ 9.735966 $ 1,146,879 1.4% 22.28% 1.09% ------------ ------------ 1,778,626 $ 16,422,668 ------------ ------------
(continued) 96 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- JANUS ASPEN SERIES -- INSTITUTIONAL SHARES: (CONTINUED) WORLDWIDE GROWTH SUBACCOUNT (CONTINUED) 2002 Top I..................................... 23,137 $ 6.236113 $ 144,287 1.1% -26.31% 0.87% Top Tradition............................. 250,428 $ 6.236113 $ 1,561,694 1.1% -26.31% 0.86% Top Plus.................................. 84,760 $ 6.275358 $ 531,899 0.9% -26.17% 0.82% Investar Vision & Top Spectrum............ 86,447 $ 7.813288 $ 675,436 1.4% -26.53% 0.83% Top Explorer.............................. 201,998 $ 6.197110 $ 1,251,802 1.3% -26.46% 0.87% Oncore & Firstar Oncore Flex.............. 118,759 $ 7.925431 $ 941,213 1.5% -26.60% 0.72% Oncore & Firstar Oncore Value............. 321,826 $ 8.148162 $ 2,622,290 0.9% -26.17% 0.85% Oncore & Firstar Oncore Premier........... 1,039,628 $ 7.962021 $ 8,277,550 1.4% -26.53% 0.83% Oncore & Firstar Oncore Xtra.............. 168,250 $ 7.962021 $ 1,339,607 1.4% -26.53% 0.83% ------------ ------------ 2,295,233 $ 17,345,778 ------------ ------------ 2001 Top I..................................... 27,965 $ 8.463030 $ 236,665 1.1% -23.29% 0.49% Top Tradition............................. 307,065 $ 8.463030 $ 2,598,700 1.1% -23.29% 0.47% Top Plus.................................. 134,429 $ 8.499423 $ 1,142,572 0.9% -23.13% 0.48% Investar Vision & Top Spectrum............ 113,857 $ 10.634980 $ 1,210,864 1.4% -23.51% 0.44% Top Explorer.............................. 242,670 $ 8.426786 $ 2,044,926 1.3% -23.44% 0.46% Oncore & Firstar Oncore Flex.............. 172,729 $ 10.798282 $ 1,865,173 1.5% -23.59% 0.41% Oncore & Firstar Oncore Value............. 397,264 $ 11.035976 $ 4,384,201 0.9% -23.13% 0.45% Oncore & Firstar Oncore Premier........... 1,408,490 $ 10.837423 $ 15,264,397 1.4% -23.51% 0.46% Oncore & Firstar Oncore Xtra.............. 225,665 $ 10.837423 $ 2,445,632 1.4% -23.51% 0.46% ------------ ------------ 3,030,134 $ 31,193,130 ------------ ------------ BALANCED SUBACCOUNT 2005 Top I..................................... 15,867 $ 12.024522 $ 190,795 1.1% 6.78% 2.14% Top Tradition............................. 222,441 $ 12.024522 $ 2,674,743 1.1% 6.78% 2.22% Top Plus.................................. 65,259 $ 12.172221 $ 794,347 0.9% 6.99% 2.15% Investar Vision & Top Spectrum............ 135,505 $ 16.012022 $ 2,169,708 1.4% 6.46% 2.15% Top Explorer.............................. 110,233 $ 11.878778 $ 1,309,430 1.3% 6.57% 2.21% Oncore & Firstar Oncore Flex.............. 29,405 $ 15.454765 $ 454,451 1.5% 6.36% 1.86% Oncore & Firstar Oncore Value............. 137,650 $ 16.174009 $ 2,226,356 0.9% 6.99% 2.21% Oncore & Firstar Oncore Premier........... 887,368 $ 15.572016 $ 13,818,106 1.4% 6.46% 2.13% Oncore & Firstar Oncore Xtra.............. 78,788 $ 15.572016 $ 1,226,889 1.4% 6.46% 2.13% ------------ ------------ 1,682,516 $ 24,864,825 ------------ ------------ 2004 Top I..................................... 19,532 $ 11.261194 $ 219,949 1.1% 7.34% 2.24% Top Tradition............................. 260,603 $ 11.261194 $ 2,934,697 1.1% 7.34% 2.20% Top Plus.................................. 104,122 $ 11.377016 $ 1,184,601 0.9% 7.56% 2.15% Investar Vision & Top Spectrum............ 189,347 $ 15.039919 $ 2,847,761 1.4% 7.02% 2.10% Top Explorer.............................. 133,548 $ 11.146615 $ 1,488,604 1.3% 7.13% 2.09% Oncore & Firstar Oncore Flex.............. 68,297 $ 14.530765 $ 992,413 1.5% 6.92% 2.08% Oncore & Firstar Oncore Value............. 193,173 $ 15.117361 $ 2,920,272 0.9% 7.56% 2.06% Oncore & Firstar Oncore Premier........... 1,270,762 $ 14.626630 $ 18,586,974 1.4% 7.02% 2.11% Oncore & Firstar Oncore Xtra.............. 100,225 $ 14.626630 $ 1,465,957 1.4% 7.02% 2.11% ------------ ------------ 2,339,609 $ 32,641,228 ------------ ------------
(continued) 97 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- JANUS ASPEN SERIES -- INSTITUTIONAL SHARES: (CONTINUED) BALANCED SUBACCOUNT (CONTINUED) 2003 Top I..................................... 22,397 $ 10.490828 $ 234,963 1.1% 12.81% 2.07% Top Tradition............................. 303,570 $ 10.490828 $ 3,184,705 1.1% 12.81% 2.21% Top Plus.................................. 132,623 $ 10.577712 $ 1,402,852 0.9% 13.03% 2.03% Investar Vision & Top Spectrum............ 244,365 $ 14.052762 $ 3,434,007 1.4% 12.48% 2.17% Top Explorer.............................. 177,315 $ 10.404689 $ 1,844,906 1.3% 12.59% 2.22% Oncore & Firstar Oncore Flex.............. 92,627 $ 13.590452 $ 1,258,843 1.5% 12.36% 2.16% Oncore & Firstar Oncore Value............. 268,663 $ 14.055270 $ 3,776,128 0.9% 13.03% 2.10% Oncore & Firstar Oncore Premier........... 1,615,730 $ 13.666613 $ 22,081,546 1.4% 12.48% 2.15% Oncore & Firstar Oncore Xtra.............. 133,989 $ 13.666613 $ 1,831,171 1.4% 12.48% 2.15% ------------ ------------ 2,991,279 $ 39,049,121 ------------ ------------ 2002 Top I..................................... 30,791 $ 9.299613 $ 286,346 1.1% -7.46% 2.53% Top Tradition............................. 325,549 $ 9.299613 $ 3,027,481 1.1% -7.46% 2.44% Top Plus.................................. 198,509 $ 9.358103 $ 1,857,669 0.9% -7.28% 2.43% Investar Vision & Top Spectrum............ 291,172 $ 12.494084 $ 3,637,923 1.4% -7.74% 2.31% Top Explorer.............................. 200,267 $ 9.241501 $ 1,850,770 1.3% -7.65% 2.44% Oncore & Firstar Oncore Flex.............. 115,864 $ 12.094948 $ 1,401,367 1.5% -7.83% 2.33% Oncore & Firstar Oncore Value............. 358,015 $ 12.434696 $ 4,451,811 0.9% -7.28% 2.29% Oncore & Firstar Oncore Premier........... 1,969,882 $ 12.150767 $ 23,935,571 1.4% -7.74% 2.30% Oncore & Firstar Oncore Xtra.............. 176,260 $ 12.150767 $ 2,141,689 1.4% -7.74% 2.30% ------------ ------------ 3,666,309 $ 42,590,627 ------------ ------------ 2001 Top I..................................... 23,511 $ 10.049646 $ 236,279 1.1% -5.71% 2.66% Top Tradition............................. 326,327 $ 10.049646 $ 3,279,466 1.1% -5.71% 2.72% Top Plus.................................. 197,509 $ 10.092837 $ 1,993,425 0.9% -5.52% 2.63% Investar Vision & Top Spectrum............ 360,910 $ 13.541875 $ 4,887,401 1.4% -5.99% 2.52% Top Explorer.............................. 201,883 $ 10.006634 $ 2,020,170 1.3% -5.90% 2.51% Oncore & Firstar Oncore Flex.............. 143,653 $ 13.122207 $ 1,885,048 1.5% -6.08% 2.53% Oncore & Firstar Oncore Value............. 459,055 $ 13.410992 $ 6,156,377 0.9% -5.52% 2.55% Oncore & Firstar Oncore Premier........... 2,465,027 $ 13.169779 $ 32,463,869 1.4% -5.99% 2.55% Oncore & Firstar Oncore Xtra.............. 267,010 $ 13.169779 $ 3,516,464 1.4% -5.99% 2.55% ------------ ------------ 4,444,885 $ 56,438,499 ------------ ------------ SALOMON BROTHERS VARIABLE SERIES FUNDS INC.: ALL CAP SUBACCOUNT 2005 Oncore Flex............................... 11,000 $ 16.589881 $ 182,493 1.5% 2.51% 0.66% Oncore & Firstar Oncore Value............. 114,467 $ 17.361907 $ 1,987,362 0.9% 3.12% 0.98% Oncore & Firstar Oncore Premier........... 269,215 $ 16.715728 $ 4,500,121 1.4% 2.61% 0.87% Oncore & Firstar Oncore Xtra.............. 219,832 $ 16.715728 $ 3,674,657 1.4% 2.61% 0.87% Oncore & Firstar Oncore Lite.............. 229,856 $ 16.715728 $ 3,842,207 1.4% 2.61% 0.87% ------------ ------------ 844,370 $ 14,186,840 ------------ ------------
(continued) 98 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- SALOMON BROTHERS VARIABLE SERIES FUNDS INC.: (CONTINUED) ALL CAP SUBACCOUNT (CONTINUED) 2004 Oncore & Firstar Oncore Flex..... 21,872 $ 16.183237 $ 353,954 1.5% 6.71% 0.47% Oncore & Firstar Oncore Value.... 93,302 $ 16.836502 $ 1,570,887 0.9% 7.34% 0.66% Oncore & Firstar Oncore Premier....................... 306,133 $ 16.289995 $ 4,986,912 1.4% 6.81% 0.54% Oncore & Firstar Oncore Xtra..... 251,883 $ 16.289995 $ 4,103,173 1.4% 6.81% 0.54% Oncore & Firstar Oncore Lite..... 172,705 $ 16.289995 $ 2,813,360 1.4% 6.81% 0.54% ------------ ------------ 845,895 $ 13,828,286 ------------ ------------ 2003 Oncore & Firstar Oncore Flex..... 26,439 $ 15.166107 $ 400,974 1.5% 36.98% 0.23% Oncore & Firstar Oncore Value.... 67,026 $ 15.684793 $ 1,051,284 0.9% 37.79% 0.28% Oncore & Firstar Oncore Premier....................... 335,212 $ 15.251089 $ 5,112,352 1.4% 37.12% 0.27% Oncore & Firstar Oncore Xtra..... 268,577 $ 15.251089 $ 4,096,098 1.4% 37.12% 0.27% Oncore & Firstar Oncore Lite..... 143,157 $ 15.251089 $ 2,183,294 1.4% 37.12% 0.27% ------------ ------------ 840,411 $ 12,844,002 ------------ ------------ 2002 Oncore & Firstar Oncore Flex..... 49,079 $ 11.071684 $ 543,383 1.5% -26.17% 0.43% Oncore & Firstar Oncore Value.... 60,895 $ 11.382739 $ 693,149 0.9% -25.73% 0.42% Oncore & Firstar Oncore Premier....................... 365,296 $ 11.122785 $ 4,063,117 1.4% -26.09% 0.47% Oncore & Firstar Oncore Xtra..... 250,504 $ 11.122785 $ 2,786,304 1.4% -26.09% 0.47% Oncore & Firstar Oncore Lite..... 113,837 $ 11.122785 $ 1,266,185 1.4% -26.09% 0.47% ------------ ------------ 839,611 $ 9,352,138 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 45,028 $ 14.995451 $ 675,221 1.5% 0.39% 0.81% Oncore & Firstar Oncore Value.... 58,830 $ 15.325385 $ 901,600 0.9% 0.99% 1.15% Oncore & Firstar Oncore Premier....................... 299,673 $ 15.049789 $ 4,510,016 1.4% 0.49% 1.21% Oncore & Firstar Oncore Xtra..... 175,876 $ 15.049789 $ 2,646,885 1.4% 0.49% 1.21% Oncore Lite...................... 32,054 $ 15.049789 $ 482,406 1.4% -0.41% 1.21% 4/17/01 ------------ ------------ 611,461 $ 9,216,128 ------------ ------------ TOTAL RETURN SUBACCOUNT 2005 Oncore & Firstar Oncore Flex..... 9,120 $ 11.786214 $ 107,494 1.5% 1.79% 1.77% Oncore & Firstar Oncore Value.... 39,870 $ 12.334736 $ 491,789 0.9% 2.40% 1.88% Oncore & Firstar Oncore Premier....................... 211,646 $ 11.875653 $ 2,513,439 1.4% 1.89% 1.89% Oncore & Firstar Oncore Xtra..... 221,490 $ 11.875653 $ 2,630,335 1.4% 1.89% 1.89% Oncore & Firstar Oncore Lite..... 105,204 $ 11.875653 $ 1,249,364 1.4% 1.89% 1.89% ------------ ------------ 587,330 $ 6,992,421 ------------ ------------ 2004 Oncore & Firstar Oncore Flex..... 12,141 $ 11.578627 $ 140,580 1.5% 7.13% 1.78% Oncore & Firstar Oncore Value.... 49,135 $ 12.046054 $ 591,878 0.9% 7.77% 1.80% Oncore & Firstar Oncore Premier....................... 252,002 $ 11.655037 $ 2,937,089 1.4% 7.23% 1.92% Oncore & Firstar Oncore Xtra..... 245,292 $ 11.655037 $ 2,858,891 1.4% 7.23% 1.92% Oncore & Firstar Oncore Lite..... 100,671 $ 11.655037 $ 1,173,324 1.4% 7.23% 1.92% ------------ ------------ 659,241 $ 7,701,762 ------------ ------------
(continued) 99 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- SALOMON BROTHERS VARIABLE SERIES FUNDS INC.: (CONTINUED) TOTAL RETURN SUBACCOUNT (CONTINUED) 2003 Oncore & Firstar Oncore Flex..... 13,053 $ 10.808286 $ 141,079 1.5% 14.20% 1.66% Oncore & Firstar Oncore Value.... 51,447 $ 11.177969 $ 575,077 0.9% 14.88% 1.60% Oncore & Firstar Oncore Premier....................... 301,022 $ 10.868872 $ 3,271,760 1.4% 14.32% 1.75% Oncore & Firstar Oncore Xtra..... 253,603 $ 10.868872 $ 2,756,380 1.4% 14.32% 1.75% Oncore & Firstar Oncore Lite..... 36,394 $ 10.868872 $ 395,567 1.4% 14.32% 1.75% ------------ ------------ 655,519 $ 7,139,863 ------------ ------------ 2002 Oncore & Firstar Oncore Flex..... 16,555 $ 9.464057 $ 156,680 1.5% -8.24% 1.39% Oncore & Firstar Oncore Value.... 55,689 $ 9.729919 $ 541,846 0.9% -7.70% 1.51% Oncore & Firstar Oncore Premier....................... 275,575 $ 9.507740 $ 2,620,094 1.4% -8.15% 1.63% Oncore & Firstar Oncore Xtra..... 218,416 $ 9.507740 $ 2,076,644 1.4% -8.15% 1.63% Oncore & Firstar Oncore Lite..... 17,231 $ 9.507740 $ 163,829 1.4% -8.15% 1.63% ------------ ------------ 583,466 $ 5,559,093 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 17,591 $ 10.314460 $ 181,441 1.5% -2.27% 3.01% Oncore & Firstar Oncore Value.... 52,597 $ 10.541475 $ 554,455 0.9% -1.69% 2.29% Oncore & Firstar Oncore Premier....................... 235,953 $ 10.351859 $ 2,442,545 1.4% -2.18% 3.10% Oncore & Firstar Oncore Xtra..... 143,967 $ 10.351859 $ 1,490,321 1.4% -2.18% 3.10% Oncore & Firstar Oncore Lite..... 4,546 $ 10.351859 $ 47,062 1.4% 0.58% 3.10% 4/17/01 ------------ ------------ 454,654 $ 4,715,824 ------------ ------------ INVESTORS SUBACCOUNT 2005 Oncore & Firstar Oncore Flex..... 22,993 $ 13.470984 $ 309,732 1.5% 4.96% 0.75% Oncore & Firstar Oncore Value.... 52,860 $ 14.097887 $ 745,210 0.9% 5.58% 1.17% Oncore & Firstar Oncore Premier....................... 167,895 $ 13.573192 $ 2,278,865 1.4% 5.06% 1.22% Oncore & Firstar Oncore Xtra..... 121,680 $ 13.573192 $ 1,651,590 1.4% 5.06% 1.22% Oncore Lite...................... 72,239 $ 13.573192 $ 980,520 1.4% 5.06% 1.22% ------------ ------------ 437,667 $ 5,965,917 ------------ ------------ 2004 Oncore & Firstar Oncore Flex..... 54,406 $ 12.834716 $ 698,287 1.5% 8.74% 1.38% Oncore & Firstar Oncore Value.... 59,379 $ 13.352844 $ 792,875 0.9% 9.39% 1.56% Oncore & Firstar Oncore Premier....................... 170,824 $ 12.919400 $ 2,206,953 1.4% 8.85% 1.44% Oncore & Firstar Oncore Xtra..... 147,871 $ 12.919400 $ 1,910,399 1.4% 8.85% 1.44% Oncore & Firstar Oncore Lite..... 55,853 $ 12.919400 $ 721,588 1.4% 8.85% 1.44% ------------ ------------ 488,333 $ 6,330,102 ------------ ------------ 2003 Oncore & Firstar Oncore Flex..... 60,640 $ 11.803030 $ 715,735 1.5% 30.38% 1.81% Oncore & Firstar Oncore Value.... 54,924 $ 12.206734 $ 670,437 0.9% 31.15% 1.48% Oncore & Firstar Oncore Premier....................... 184,492 $ 11.869178 $ 2,189,772 1.4% 30.51% 1.47% Oncore & Firstar Oncore Xtra..... 125,056 $ 11.869178 $ 1,484,313 1.4% 30.51% 1.47% Oncore Lite...................... 55,417 $ 11.869178 $ 657,756 1.4% 30.51% 1.47% ------------ ------------ 480,529 $ 5,718,013 ------------ ------------
(continued) 100 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- SALOMON BROTHERS VARIABLE SERIES FUNDS INC.: (CONTINUED) INVESTORS SUBACCOUNT (CONTINUED) 2002 Oncore & Firstar Oncore Flex..... 71,598 $ 9.053003 $ 648,180 1.5% -24.19% 1.18% Oncore & Firstar Oncore Value.... 50,000 $ 9.307368 $ 465,371 0.9% -23.74% 1.37% Oncore & Firstar Oncore Premier....................... 234,005 $ 9.094795 $ 2,128,222 1.4% -24.11% 1.33% Oncore & Firstar Oncore Xtra..... 106,559 $ 9.094795 $ 969,133 1.4% -24.11% 1.33% Oncore Lite...................... 45,433 $ 9.094795 $ 413,200 1.4% -24.11% 1.33% ------------ ------------ 507,595 $ 4,624,106 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 62,628 $ 11.941223 $ 747,853 1.5% -5.57% 1.30% Oncore & Firstar Oncore Value.... 32,448 $ 12.204028 $ 395,995 0.9% -5.01% 0.88% Oncore & Firstar Oncore Premier....................... 173,272 $ 11.984510 $ 2,076,578 1.4% -5.48% 1.26% Oncore & Firstar Oncore Xtra..... 88,848 $ 11.984510 $ 1,064,808 1.4% -5.48% 1.26% Oncore Lite...................... 6,269 $ 11.984510 $ 75,134 1.4% -4.24% 1.26% 4/17/01 ------------ ------------ 363,465 $ 4,360,368 ------------ ------------ WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS (NOTE 4): OPPORTUNITY SUBACCOUNT 2005 Top I............................ 3,214 $ 13.716021 $ 44,083 1.1% 6.71% 0.00% Top Tradition.................... 46,503 $ 13.716021 $ 637,831 1.1% 6.71% 0.00% Top Plus......................... 12,755 $ 13.884465 $ 177,090 0.9% 6.92% 0.00% Investar Vision & Top Spectrum... 4,622 $ 15.328247 $ 70,854 1.4% 6.40% 0.00% Top Explorer..................... 33,232 $ 13.549801 $ 450,281 1.3% 6.50% 0.00% Oncore & Firstar Oncore Flex..... 16,360 $ 15.212835 $ 248,879 1.5% 6.29% 0.00% Oncore & Firstar Oncore Value.... 155,307 $ 15.920809 $ 2,472,618 0.9% 6.92% 0.00% Oncore & Firstar Oncore Premier....................... 339,865 $ 15.328247 $ 5,209,540 1.4% 6.40% 0.00% Oncore & Firstar Oncore Xtra..... 435,281 $ 15.328247 $ 6,672,090 1.4% 6.40% 0.00% Oncore & Firstar Oncore Lite..... 108,801 $ 15.328247 $ 1,667,744 1.4% 6.40% 0.00% ------------ ------------ 1,155,940 $ 17,651,010 ------------ ------------ 2004 Top I............................ 3,842 $ 12.853057 $ 49,381 1.1% 16.93% 0.00% Top Tradition.................... 53,542 $ 12.853057 $ 688,176 1.1% 16.93% 0.00% Top Plus......................... 20,696 $ 12.985241 $ 268,747 0.9% 17.16% 0.00% Investar Vision & Top Spectrum... 6,383 $ 14.406341 $ 91,954 1.4% 16.58% 0.00% Top Explorer..................... 43,658 $ 12.722318 $ 555,435 1.3% 16.70% 0.00% Oncore & Firstar Oncore Flex..... 23,707 $ 14.311919 $ 339,290 1.5% 16.47% 0.00% Oncore & Firstar Oncore Value.... 183,977 $ 14.889703 $ 2,739,361 0.9% 17.16% 0.00% Oncore & Firstar Oncore Premier....................... 428,808 $ 14.406341 $ 6,177,548 1.4% 16.58% 0.00% Oncore & Firstar Oncore Xtra..... 513,308 $ 14.406341 $ 7,394,885 1.4% 16.58% 0.00% Oncore & Firstar Oncore Lite..... 156,244 $ 14.406341 $ 2,250,910 1.4% 16.58% 0.00% ------------ ------------ 1,434,165 $ 20,555,687 ------------ ------------
(continued) 101 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS (NOTE 4): (CONTINUED) OPPORTUNITY SUBACCOUNT (CONTINUED) 2003 Top I............................ 3,670 $ 10.992008 $ 40,346 1.1% 35.52% 0.05% Top Tradition.................... 65,730 $ 10.992008 $ 722,501 1.1% 35.52% 0.08% Top Plus......................... 31,462 $ 11.083042 $ 348,692 0.9% 35.79% 0.09% Investar Vision & Top Spectrum... 6,973 $ 12.357050 $ 86,164 1.4% 35.12% 0.08% Top Explorer..................... 56,933 $ 10.901773 $ 620,670 1.3% 35.25% 0.08% Oncore & Firstar Oncore Flex..... 27,067 $ 12.288188 $ 332,600 1.5% 34.98% 0.07% Oncore & Firstar Oncore Value.... 212,892 $ 12.708516 $ 2,705,540 0.9% 35.79% 0.08% Oncore & Firstar Oncore Premier....................... 583,589 $ 12.357050 $ 7,211,452 1.4% 35.12% 0.08% Oncore & Firstar Oncore Xtra..... 554,398 $ 12.357050 $ 6,850,725 1.4% 35.12% 0.08% Oncore & Firstar Oncore Lite..... 270,449 $ 12.357050 $ 3,341,952 1.4% 35.12% 0.08% ------------ ------------ 1,813,163 $ 22,260,642 ------------ ------------ 2002 Top I............................ 7,767 $ 8.111148 $ 62,998 1.1% -27.62% 0.39% Top Tradition.................... 64,592 $ 8.111148 $ 523,914 1.1% -27.62% 0.43% Top Plus......................... 28,890 $ 8.162179 $ 235,807 0.9% -27.47% 0.44% Investar Vision & Top Spectrum... 7,451 $ 9.145475 $ 68,144 1.4% -27.83% 0.40% Top Explorer..................... 52,049 $ 8.060463 $ 419,540 1.3% -27.76% 0.43% Oncore & Firstar Oncore Flex..... 38,242 $ 9.103468 $ 348,130 1.5% -27.90% 0.39% Oncore & Firstar Oncore Value.... 225,389 $ 9.359256 $ 2,109,472 0.9% -27.47% 0.43% Oncore & Firstar Oncore Premier....................... 613,606 $ 9.145475 $ 5,611,716 1.4% -27.83% 0.40% Oncore & Firstar Oncore Xtra..... 596,327 $ 9.145475 $ 5,453,697 1.4% -27.83% 0.40% Oncore & Firstar Oncore Lite..... 241,758 $ 9.145475 $ 2,210,991 1.4% -27.83% 0.40% ------------ ------------ 1,876,071 $ 17,044,409 ------------ ------------ 2001 Top I............................ 8,307 $ 11.205725 $ 93,090 1.1% -4.76% 0.52% Top Tradition.................... 44,704 $ 11.205725 $ 500,942 1.1% -4.76% 0.41% Top Plus......................... 23,185 $ 11.253894 $ 260,924 0.9% -4.57% 0.46% Top Spectrum..................... 3,911 $ 12.672277 $ 49,565 1.4% -5.04% 0.54% Top Explorer..................... 45,268 $ 11.157790 $ 505,096 1.3% -4.95% 0.28% Oncore & Firstar Oncore Flex..... 38,737 $ 12.626529 $ 489,112 1.5% -5.14% 0.42% Oncore & Firstar Oncore Value.... 180,541 $ 12.904401 $ 2,329,774 0.9% -4.57% 0.44% Oncore & Firstar Oncore Premier....................... 615,990 $ 12.672277 $ 7,805,989 1.4% -5.04% 0.54% Oncore & Firstar Oncore Xtra..... 534,528 $ 12.672277 $ 6,773,672 1.4% -5.04% 0.54% Oncore & Firstar Oncore Lite..... 144,783 $ 12.672277 $ 1,834,732 1.4% -1.09% 0.54% 4/17/01 ------------ ------------ 1,639,954 $ 20,642,896 ------------ ------------ MULTI CAP VALUE SUBACCOUNT 2005 Top I............................ 616 $ 15.641554 $ 9,637 1.1% 15.24% 0.36% Top Tradition.................... 5,635 $ 15.641554 $ 88,136 1.1% 15.24% 0.36% Top Plus......................... 5,600 $ 15.833700 $ 88,665 0.9% 15.47% 0.36% Investar Vision & Top Spectrum... 2,057 $ 13.442715 $ 27,646 1.4% 14.90% 0.00% Top Explorer..................... 2,976 $ 15.451988 $ 45,980 1.3% 15.01% 0.37% Oncore & Firstar Oncore Flex..... 2,985 $ 13.341494 $ 39,819 1.5% 14.78% 0.77% Oncore & Firstar Oncore Value.... 7,453 $ 13.962519 $ 104,059 0.9% 15.47% 0.42% Oncore & Firstar Oncore Premier....................... 48,531 $ 13.442715 $ 652,394 1.4% 14.90% 0.37% Oncore & Firstar Oncore Xtra..... 39,288 $ 13.442715 $ 528,158 1.4% 14.90% 0.37% ------------ ------------ 115,141 $ 1,584,494 ------------ ------------
(continued) 102 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS (NOTE 4): (CONTINUED) MULTI CAP VALUE SUBACCOUNT (CONTINUED) 2004 Top I..................................... 617 $ 13.573321 $ 8,368 1.1% 15.49% 0.00% Top Tradition............................. 5,182 $ 13.573321 $ 70,343 1.1% 15.49% 0.00% Top Plus.................................. 5,600 $ 13.712955 $ 76,789 0.9% 15.72% 0.00% Top Explorer.............................. 3,320 $ 13.435239 $ 44,609 1.3% 15.26% 0.00% Oncore & Firstar Oncore Flex.............. 9,933 $ 11.623051 $ 115,448 1.5% 15.04% 0.00% Oncore & Firstar Oncore Value............. 6,857 $ 12.092388 $ 82,920 0.9% 15.72% 0.00% Oncore & Firstar Oncore Premier........... 50,453 $ 11.699730 $ 590,289 1.4% 15.15% 0.00% Oncore & Firstar Oncore Xtra.............. 38,234 $ 11.699730 $ 447,330 1.4% 15.15% 0.00% ------------ ------------ 120,196 $ 1,436,096 ------------ ------------ 2003 Top I..................................... 617 $ 11.752588 $ 7,252 1.1% 36.89% 0.11% Top Tradition............................. 9,480 $ 11.752588 $ 111,412 1.1% 36.89% 0.12% Top Plus.................................. 7,179 $ 11.849948 $ 85,067 0.9% 37.16% 0.10% Top Explorer.............................. 3,416 $ 11.656107 $ 39,817 1.3% 36.62% 0.12% Oncore & Firstar Oncore Flex.............. 10,577 $ 10.103864 $ 106,864 1.5% 36.35% 0.11% Oncore & Firstar Oncore Value............. 8,927 $ 10.449547 $ 93,284 0.9% 37.16% 0.12% Oncore & Firstar Oncore Premier........... 72,909 $ 10.160486 $ 740,795 1.4% 36.49% 0.10% Oncore & Firstar Oncore Xtra.............. 42,608 $ 10.160486 $ 432,918 1.4% 36.49% 0.10% ------------ ------------ 155,713 $ 1,617,409 ------------ ------------ 2002 Top I..................................... 618 $ 8.585353 $ 5,303 1.1% -24.00% 0.46% Top Tradition............................. 9,258 $ 8.585353 $ 79,486 1.1% -24.00% 0.37% Top Plus.................................. 8,155 $ 8.639387 $ 70,457 0.9% -23.85% 0.44% Top Explorer.............................. 2,955 $ 8.531704 $ 25,214 1.3% -24.15% 0.10% Oncore & Firstar Oncore Flex.............. 10,619 $ 7.410125 $ 78,686 1.5% -24.30% 0.46% Oncore & Firstar Oncore Value............. 8,108 $ 7.618396 $ 61,770 0.9% -23.85% 0.43% Oncore & Firstar Oncore Premier........... 85,631 $ 7.444322 $ 637,464 1.4% -24.22% 0.37% Oncore & Firstar Oncore Xtra.............. 52,316 $ 7.444322 $ 389,456 1.4% -24.22% 0.37% ------------ ------------ 177,660 $ 1,347,836 ------------ ------------ 2001 Top I..................................... 618 $ 11.296049 $ 6,984 1.1% 2.98% 0.00% Top Tradition............................. 17,541 $ 11.296049 $ 198,142 1.1% 2.98% 0.00% Top Plus.................................. 5,765 $ 11.344630 $ 65,401 0.9% 3.19% 0.00% Top Spectrum.............................. 2,201 $ 9.823899 $ 21,623 1.4% 2.68% 0.00% Top Explorer.............................. 20,612 $ 11.247728 $ 231,833 1.3% 2.78% 0.00% Oncore & Firstar Oncore Flex.............. 10,625 $ 9.788424 $ 104,005 1.5% 2.58% 0.00% Oncore & Firstar Oncore Value............. 9,576 $ 10.003931 $ 95,793 0.9% 3.19% 0.00% Oncore & Firstar Oncore Premier........... 129,856 $ 9.823899 $ 1,275,701 1.4% 2.68% 0.00% Oncore & Firstar Oncore Xtra.............. 63,207 $ 9.823899 $ 620,940 1.4% 2.68% 0.00% ------------ ------------ 260,001 $ 2,620,422 ------------ ------------
(continued) 103 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 2005 Top I............................ 2,472 $ 7.806074 $ 19,297 1.1% 14.91% 0.00% 4/8/05 Top Tradition.................... 93,265 $ 7.806074 $ 728,035 1.1% 14.91% 0.00% 4/8/05 Top Plus......................... 11,311 $ 7.902076 $ 89,378 0.9% 15.08% 0.00% 4/8/05 Investar Vision & Top Spectrum... 5,091 $ 12.813905 $ 65,238 1.4% 14.67% 0.00% 4/8/05 Top Explorer..................... 69,987 $ 7.711352 $ 539,698 1.3% 14.75% 0.00% 4/8/05 Oncore & Firstar Oncore Flex..... 15,286 $ 12.717314 $ 194,393 1.5% 14.58% 0.00% 4/8/05 Oncore & Firstar Oncore Value.... 198,475 $ 13.309549 $ 2,641,610 0.9% 15.08% 0.00% 4/8/05 Oncore & Firstar Oncore Premier....................... 667,544 $ 12.813905 $ 8,553,847 1.4% 14.67% 0.00% 4/8/05 Oncore & Firstar Oncore Xtra..... 412,846 $ 12.813905 $ 5,290,164 1.4% 14.67% 0.00% 4/8/05 Oncore & Firstar Oncore Lite..... 26,572 $ 12.813905 $ 340,489 1.4% 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 1.1% 17.86% 0.00% Top Tradition.................... 114,311 $ 7.200348 $ 823,079 1.1% 17.86% 0.00% Top Plus......................... 13,515 $ 7.274512 $ 98,313 0.9% 18.09% 0.00% Investar Vision & Top Spectrum... 9,754 $ 11.854554 $ 115,629 1.4% 17.51% 0.00% Top Explorer..................... 86,079 $ 7.127003 $ 613,486 1.3% 17.62% 0.00% Oncore & Firstar Oncore Flex..... 21,336 $ 11.776774 $ 251,275 1.5% 17.39% 0.00% Oncore & Firstar Oncore Value.... 238,314 $ 12.252554 $ 2,919,953 0.9% 18.09% 0.00% Oncore & Firstar Oncore Premier....................... 803,840 $ 11.854554 $ 9,529,168 1.4% 17.51% 0.00% Oncore & Firstar Oncore Xtra..... 484,841 $ 11.854554 $ 5,747,576 1.4% 17.51% 0.00% Oncore & Firstar Oncore Lite..... 70,268 $ 11.854554 $ 832,997 1.4% 17.51% 0.00% ------------ ------------ 1,844,960 $ 20,950,930 ------------ ------------ 2003 Top I............................ 2,834 $ 6.109458 $ 17,317 1.1% 32.75% 0.00% Top Tradition.................... 136,978 $ 6.109458 $ 836,859 1.1% 32.75% 0.00% Top Plus......................... 24,446 $ 6.160144 $ 150,593 0.9% 33.02% 0.00% Investar Vision & Top Spectrum... 9,422 $ 10.088450 $ 95,057 1.4% 32.36% 0.00% Top Explorer..................... 110,618 $ 6.059228 $ 670,262 1.3% 32.49% 0.00% Oncore & Firstar Oncore Flex..... 28,993 $ 10.032151 $ 290,858 1.5% 32.23% 0.00% Oncore & Firstar Oncore Value.... 284,194 $ 10.375611 $ 2,948,686 0.9% 33.02% 0.00% Oncore & Firstar Oncore Premier....................... 991,015 $ 10.088450 $ 9,997,796 1.4% 32.36% 0.00% Oncore & Firstar Oncore Xtra..... 590,657 $ 10.088450 $ 5,958,818 1.4% 32.36% 0.00% Oncore & Firstar Oncore Lite..... 139,017 $ 10.088450 $ 1,402,464 1.4% 32.36% 0.00% ------------ ------------ 2,318,174 $ 22,368,710 ------------ ------------
(continued) 104 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- STRONG VARIABLE INSURANCE FUNDS, INC. (NOTE 4): (CONTINUED) MID-CAP GROWTH II SUBACCOUNT (CONTINUED) 2002 Top I............................ 1,699 $ 4.602057 $ 7,819 1.1% -38.23% 0.00% Top Tradition.................... 131,912 $ 4.602057 $ 607,065 1.1% -38.23% 0.00% Top Plus......................... 32,322 $ 4.631070 $ 149,685 0.9% -38.10% 0.00% Investar Vision & Top Spectrum... 9,488 $ 7.621828 $ 72,317 1.4% -38.41% 0.00% Top Explorer..................... 114,697 $ 4.573237 $ 524,538 1.3% -38.35% 0.00% Oncore & Firstar Oncore Flex..... 46,933 $ 7.586758 $ 356,067 1.5% -38.47% 0.00% Oncore & Firstar Oncore Value.... 303,965 $ 7.800175 $ 2,370,983 0.9% -38.10% 0.00% Oncore & Firstar Oncore Premier....................... 1,100,189 $ 7.621828 $ 8,385,453 1.4% -38.41% 0.00% Oncore & Firstar Oncore Xtra..... 626,229 $ 7.621828 $ 4,773,008 1.4% -38.41% 0.00% Oncore & Firstar Oncore Lite..... 130,895 $ 7.621828 $ 997,660 1.4% -38.41% 0.00% ------------ ------------ 2,498,329 $ 18,244,595 ------------ ------------ 2001 Top I............................ 1,733 $ 7.449973 $ 12,912 1.1% -31.53% 0.00% Top Tradition.................... 132,257 $ 7.449973 $ 985,308 1.1% -31.53% 0.00% Top Plus......................... 48,707 $ 7.482075 $ 364,426 0.9% -31.39% 0.00% Investar Vision & Top Spectrum... 11,444 $ 12.375260 $ 141,628 1.4% -31.73% 0.00% Top Explorer..................... 141,857 $ 7.418030 $ 1,052,301 1.3% -31.67% 0.00% Oncore & Firstar Oncore Flex..... 70,801 $ 12.330516 $ 873,010 1.5% -31.80% 0.00% Oncore & Firstar Oncore Value.... 321,910 $ 12.602189 $ 4,056,775 0.9% -31.39% 0.00% Oncore & Firstar Oncore Premier....................... 1,468,041 $ 12.375260 $ 18,167,386 1.4% -31.73% 0.00% Oncore & Firstar Oncore Xtra..... 763,291 $ 12.375260 $ 9,445,917 1.4% -31.73% 0.00% Oncore & Firstar Oncore Lite..... 82,615 $ 12.375260 $ 1,022,388 1.4% -14.73% 0.00% 4/17/01 ------------ ------------ 3,042,656 $ 36,122,051 ------------ ------------ VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS -- CLASS I: CORE PLUS FIXED INCOME SUBACCOUNT 2005 Oncore Flex...................... 8,349 $ 13.728861 $ 114,626 1.5% 2.68% 2.37% Oncore & Firstar Oncore Value.... 29,160 $ 14.367804 $ 418,971 0.9% 3.29% 3.20% Oncore & Firstar Oncore Premier....................... 150,167 $ 13.833055 $ 2,077,274 1.4% 2.78% 3.54% Oncore & Firstar Oncore Xtra..... 60,855 $ 13.833055 $ 841,801 1.4% 2.78% 3.54% ------------ ------------ 248,531 $ 3,452,672 ------------ ------------ 2004 Oncore Flex...................... 22,850 $ 13.370815 $ 305,526 1.5% 2.82% 3.77% Oncore & Firstar Oncore Value.... 29,175 $ 13.910580 $ 405,846 0.9% 3.43% 3.83% Oncore & Firstar Oncore Premier....................... 225,980 $ 13.459054 $ 3,041,468 1.4% 2.92% 3.81% Oncore & Firstar Oncore Xtra..... 52,236 $ 13.459054 $ 703,047 1.4% 2.92% 3.81% ------------ ------------ 330,241 $ 4,455,887 ------------ ------------ 2003 Oncore Flex...................... 24,259 $ 13.004005 $ 315,465 1.5% 3.09% 0.06% Oncore & Firstar Oncore Value.... 32,204 $ 13.448755 $ 433,100 0.9% 3.71% 0.06% Oncore & Firstar Oncore Premier....................... 251,670 $ 13.076897 $ 3,291,073 1.4% 3.19% 0.06% Oncore Xtra...................... 50,161 $ 13.076897 $ 655,949 1.4% 3.19% 0.06% ------------ ------------ 358,294 $ 4,695,587 ------------ ------------
(continued) 105 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2002 Oncore Flex............................... 27,114 $ 12.614010 $ 342,013 1.5% 5.74% 3.57% Oncore & Firstar Oncore Value............. 42,121 $ 12.968279 $ 546,239 0.9% 6.37% 3.36% Oncore & Firstar Oncore Premier........... 284,568 $ 12.672219 $ 3,606,106 1.4% 5.84% 3.42% Oncore & Firstar Oncore Xtra.............. 3,142 $ 12.672219 $ 39,820 1.4% 5.84% 3.42% ------------ ------------ 356,945 $ 4,534,178 ------------ ------------ 2001 Oncore & Firstar Oncore Flex.............. 26,172 $ 11.929215 $ 312,212 1.5% 7.70% 3.67% Oncore & Firstar Oncore Value............. 48,463 $ 12.191749 $ 590,853 0.9% 8.34% 3.87% Oncore & Firstar Oncore Premier........... 332,091 $ 11.972451 $ 3,975,944 1.4% 7.80% 3.78% Oncore & Firstar Oncore Xtra.............. 3,512 $ 11.972451 $ 42,044 1.4% 7.80% 3.78% ------------ ------------ 410,238 $ 4,921,053 ------------ ------------ U.S. REAL ESTATE SUBACCOUNT 2005 Top I..................................... 2,072 $ 29.386693 $ 60,886 1.1% 15.78% 0.79% Top Tradition............................. 47,166 $ 29.386693 $ 1,386,054 1.1% 15.78% 1.17% Top Plus.................................. 21,233 $ 29.747497 $ 631,626 0.9% 16.01% 1.16% Investar Vision & Top Spectrum............ 3,390 $ 24.717979 $ 83,784 1.4% 15.44% 1.19% Top Explorer.............................. 23,831 $ 29.030792 $ 691,839 1.3% 15.55% 1.17% Oncore & Firstar Oncore Flex.............. 7,392 $ 24.531963 $ 181,331 1.5% 15.33% 0.96% Oncore & Firstar Oncore Value............. 65,805 $ 25.673351 $ 1,689,442 0.9% 16.01% 1.18% Oncore & Firstar Oncore Premier........... 121,775 $ 24.717979 $ 3,010,034 1.4% 15.44% 1.19% Oncore & Firstar Oncore Xtra.............. 232,734 $ 24.717979 $ 5,752,735 1.4% 15.44% 1.19% ------------ ------------ 525,398 $ 13,487,731 ------------ ------------ 2004 Top I..................................... 7,435 $ 25.381114 $ 188,715 1.1% 34.91% 1.15% Top Tradition............................. 33,230 $ 25.381114 $ 843,421 1.1% 34.91% 1.56% Top Plus.................................. 14,291 $ 25.642046 $ 366,459 0.9% 35.18% 1.56% Investar Vision & Top Spectrum............ 5,660 $ 21.411919 $ 121,195 1.4% 34.51% 1.60% Top Explorer.............................. 20,125 $ 25.123131 $ 505,595 1.3% 34.64% 1.45% Oncore & Firstar Oncore Flex.............. 5,499 $ 21.271668 $ 116,963 1.5% 34.37% 1.73% Oncore & Firstar Oncore Value............. 46,568 $ 22.130175 $ 1,030,562 0.9% 35.18% 1.70% Oncore & Firstar Oncore Premier........... 105,473 $ 21.411919 $ 2,258,371 1.4% 34.51% 1.60% Oncore & Firstar Oncore Xtra.............. 186,966 $ 21.411919 $ 4,003,292 1.4% 34.51% 1.60% ------------ ------------ 425,247 $ 9,434,573 ------------ ------------
(continued) 106 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2003 Top I..................................... 1,089 $ 18.813690 $ 20,481 1.1% 36.02% 0.00% Top Tradition............................. 22,541 $ 18.813690 $ 424,077 1.1% 36.02% 0.00% Top Plus.................................. 12,211 $ 18.969437 $ 231,635 0.9% 36.29% 0.00% Top Spectrum.............................. 771 $ 15.918756 $ 12,279 1.4% 35.61% 0.00% Top Explorer.............................. 13,271 $ 18.659388 $ 247,624 1.3% 35.75% 0.00% Oncore & Firstar Oncore Flex.............. 6,045 $ 15.830110 $ 95,694 1.5% 35.48% 0.00% Oncore & Firstar Oncore Value............. 31,222 $ 16.371443 $ 511,144 0.9% 36.29% 0.00% Oncore & Firstar Oncore Premier........... 65,997 $ 15.918756 $ 1,050,609 1.4% 35.61% 0.00% Oncore & Firstar Oncore Xtra.............. 64,769 $ 15.918756 $ 1,031,037 1.4% 35.61% 0.00% ------------ ------------ 217,916 $ 3,624,580 ------------ ------------ 2002 Top I..................................... 1,779 $ 13.831866 $ 24,607 1.1% -1.87% 9.58% Top Tradition............................. 15,072 $ 13.831866 $ 208,477 1.1% -1.87% 3.09% Top Plus.................................. 1,996 $ 13.918838 $ 27,778 0.9% -1.67% 3.77% Top Spectrum.............................. 391 $ 11.738222 $ 4,594 1.4% -2.16% 23.74% Top Explorer.............................. 2,402 $ 13.745536 $ 33,011 1.3% -2.06% 1.99% Oncore & Firstar Oncore Flex.............. 4,405 $ 11.684341 $ 51,468 1.5% -2.25% 3.02% Oncore & Firstar Oncore Value............. 12,813 $ 12.012559 $ 153,920 0.9% -1.67% 2.80% Oncore & Firstar Oncore Premier........... 45,545 $ 11.738222 $ 534,621 1.4% -2.16% 23.74% Oncore Xtra............................... 1,277,332 $ 11.738222 $ 14,993,603 1.4% -2.16% 23.74% ------------ ------------ 1,361,735 $ 16,032,079 ------------ ------------ 2001 Top I..................................... 365 $ 14.094975 $ 5,144 1.1% 8.64% 1.25% Top Tradition............................. 13,869 $ 14.094975 $ 195,489 1.1% 8.64% 2.79% Top Plus.................................. 1,196 $ 14.155556 $ 16,928 0.9% 8.86% 5.66% Top Spectrum.............................. 10,323 $ 11.997048 $ 123,850 1.4% 8.32% 3.41% Top Explorer.............................. 3,884 $ 14.034732 $ 54,514 1.3% 8.42% 0.55% Oncore & Firstar Oncore Flex.............. 3,776 $ 11.953743 $ 45,142 1.5% 8.21% 3.67% Oncore & Firstar Oncore Value............. 15,975 $ 12.216854 $ 195,159 0.9% 8.86% 3.12% Oncore & Firstar Oncore Premier........... 73,851 $ 11.997048 $ 885,982 1.4% 8.32% 3.41% Oncore & Firstar Oncore Xtra.............. 3,123 $ 11.997048 $ 37,472 1.4% 8.32% 3.41% ------------ ------------ 126,362 $ 1,559,680 ------------ ------------ VALUE SUBACCOUNT 2005 Oncore Flex............................... 2,090 $ 12.784100 $ 26,717 1.5% 3.02% 1.32% Oncore Value.............................. 7,853 $ 13.379018 $ 105,064 0.9% 3.63% 1.36% Oncore & Firstar Oncore Premier........... 43,346 $ 12.881115 $ 558,345 1.4% 3.12% 1.43% Oncore Xtra............................... 9,122 $ 12.881115 $ 117,511 1.4% 3.12% 1.43% ------------ ------------ 62,411 $ 807,637 ------------ ------------ 2004 Oncore Flex............................... 2,151 $ 12.409098 $ 26,694 1.5% 16.09% 1.07% Oncore Value.............................. 9,265 $ 12.910013 $ 119,605 0.9% 16.78% 1.19% Oncore & Firstar Oncore Premier........... 67,253 $ 12.490986 $ 840,064 1.4% 16.20% 0.98% Oncore Xtra............................... 9,929 $ 12.490986 $ 124,018 1.4% 16.20% 0.98% ------------ ------------ 88,598 $ 1,110,381 ------------ ------------
(continued) 107 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS -- CLASS I: (CONTINUED) VALUE SUBACCOUNT (CONTINUED) 2003 Oncore Flex............................... 3,746 $ 10.689314 $ 40,040 1.5% 32.10% 0.00% Oncore Value.............................. 10,715 $ 11.054926 $ 118,456 0.9% 32.88% 0.00% Oncore & Firstar Oncore Premier........... 69,251 $ 10.749233 $ 744,395 1.4% 32.23% 0.00% Oncore Xtra............................... 10,177 $ 10.749233 $ 109,394 1.4% 32.23% 0.00% ------------ ------------ 93,889 $ 1,012,285 ------------ ------------ 2002 Oncore Flex............................... 3,716 $ 8.091822 $ 30,069 1.5% -23.31% 0.82% Oncore Value.............................. 8,393 $ 8.319174 $ 69,823 0.9% -22.85% 0.58% Oncore & Firstar Oncore Premier........... 74,364 $ 8.129174 $ 604,520 1.4% -23.23% 0.92% Oncore Xtra............................... 14,377 $ 8.129174 $ 116,874 1.4% -23.23% 0.92% ------------ ------------ 100,850 $ 821,286 ------------ ------------ 2001 Oncore Flex............................... 4,627 $ 10.551021 $ 48,823 1.5% 0.75% 0.79% Oncore Value.............................. 15,465 $ 10.783192 $ 166,758 0.9% 1.35% 0.91% Oncore & Firstar Oncore Premier........... 83,555 $ 10.589267 $ 884,781 1.4% 0.85% 0.95% Oncore & Firstar Oncore Xtra.............. 15,876 $ 10.589267 $ 168,120 1.4% 0.85% 0.95% ------------ ------------ 119,523 $ 1,268,482 ------------ ------------ EMERGING MARKETS DEBT SUBACCOUNT 2005 Oncore & Firstar Oncore Value............. 1,839 $ 17.336039 $ 31,873 0.9% 11.25% 8.20% Oncore & Firstar Oncore Premier........... 9,624 $ 16.690775 $ 160,631 1.4% 10.71% 7.75% Oncore Xtra............................... 1,308 $ 16.690775 $ 21,843 1.4% 10.71% 7.75% ------------ ------------ 12,771 $ 214,347 ------------ ------------ 2004 Oncore & Firstar Oncore Value............. 2,238 $ 15.582645 $ 34,870 0.9% 9.08% 10.57% Oncore & Firstar Oncore Premier........... 9,807 $ 15.076787 $ 147,857 1.4% 8.54% 6.88% Oncore Xtra............................... 1,317 $ 15.076787 $ 19,863 1.4% 8.54% 6.88% ------------ ------------ 13,362 $ 202,590 ------------ ------------ 2003 Oncore & Firstar Oncore Value............. 527 $ 14.285833 $ 7,535 0.9% 26.72% 0.00% Oncore & Firstar Oncore Premier........... 11,156 $ 13.890773 $ 154,958 1.4% 26.10% 0.00% Oncore Xtra............................... 1,426 $ 13.890773 $ 19,804 1.4% 26.10% 0.00% ------------ ------------ 13,109 $ 182,297 ------------ ------------ 2002 Oncore & Firstar Oncore Value............. 4,551 $ 11.273140 $ 51,308 0.9% 8.25% 6.62% Oncore & Firstar Oncore Premier........... 11,716 $ 11.015680 $ 129,059 1.4% 7.71% 7.28% Oncore Xtra............................... 2,122 $ 11.015680 $ 23,373 1.4% 7.71% 7.28% ------------ ------------ 18,389 $ 203,740 ------------ ------------
(continued) 108 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 (CONTINUED) 2001 Oncore & Firstar Oncore Value............. 5,107 $ 10.414207 $ 53,187 0.9% 9.11% 7.46% Oncore & Firstar Oncore Premier........... 12,854 $ 10.226805 $ 131,454 1.4% 8.57% 7.51% Oncore & Firstar Oncore Xtra.............. 2,379 $ 10.226805 $ 24,326 1.4% 8.57% 7.51% ------------ ------------ 20,340 $ 208,967 ------------ ------------ GOLDMAN SACHS VARIABLE INSURANCE TRUST: GROWTH & INCOME SUBACCOUNT 2005 Top I..................................... 2,285 $ 11.568970 $ 26,440 1.1% 2.80% 1.46% Top Tradition............................. 30,489 $ 11.568970 $ 352,722 1.1% 2.80% 1.96% Top Plus.................................. 6,965 $ 11.711069 $ 81,563 0.9% 3.00% 2.13% Investar Vision & Top Spectrum............ 14,087 $ 9.953801 $ 140,217 1.4% 2.50% 2.29% Top Explorer.............................. 39,972 $ 11.428733 $ 456,830 1.3% 2.60% 1.77% Oncore & Firstar Oncore Flex.............. 33,261 $ 9.878831 $ 328,581 1.5% 2.40% 1.70% Oncore & Firstar Oncore Value............. 1,006,064 $ 10.338651 $ 10,401,340 0.9% 3.00% 2.64% Oncore & Firstar Oncore Premier........... 1,611,015 $ 9.953801 $ 16,035,723 1.4% 2.50% 2.29% Oncore & Firstar Oncore Xtra.............. 1,431,110 $ 9.953801 $ 14,244,987 1.4% 2.50% 2.29% Oncore & Firstar Oncore Lite.............. 2,219,378 $ 9.953801 $ 22,091,250 1.4% 2.50% 2.29% ------------ ------------ 6,394,626 $ 64,159,653 ------------ ------------ 2004 Top I..................................... 5,276 $ 11.253743 $ 59,379 1.1% 17.50% 2.46% Top Tradition............................. 24,067 $ 11.253743 $ 270,844 1.1% 17.50% 2.11% Top Plus.................................. 5,020 $ 11.369495 $ 57,075 0.9% 17.74% 1.90% Investar Vision & Top Spectrum............ 15,520 $ 9.711236 $ 150,722 1.4% 17.15% 2.46% Top Explorer.............................. 24,222 $ 11.139244 $ 269,815 1.3% 17.27% 1.84% Oncore & Firstar Oncore Flex.............. 31,595 $ 9.647559 $ 304,818 1.5% 17.04% 1.88% Oncore & Firstar Oncore Value............. 266,214 $ 10.037103 $ 2,672,022 0.9% 17.74% 2.84% Oncore & Firstar Oncore Premier........... 738,836 $ 9.711236 $ 7,174,996 1.4% 17.15% 2.46% Oncore & Firstar Oncore Xtra.............. 723,459 $ 9.711236 $ 7,025,682 1.4% 17.15% 2.46% Oncore & Firstar Oncore Lite.............. 675,997 $ 9.711236 $ 6,564,765 1.4% 17.15% 2.46% ------------ ------------ 2,510,206 $ 24,550,118 ------------ ------------ 2003 Top I..................................... 1,417 $ 9.577460 $ 13,574 1.1% 23.01% 1.36% Top Tradition............................. 19,436 $ 9.577460 $ 186,143 1.1% 23.01% 1.47% Top Plus.................................. 1,774 $ 9.656808 $ 17,131 0.9% 23.25% 1.56% Top Spectrum.............................. 935 $ 8.289314 $ 7,749 1.4% 22.64% 1.73% Top Explorer.............................. 19,586 $ 9.498828 $ 186,046 1.3% 22.77% 1.31% Oncore Flex............................... 22,040 $ 8.243099 $ 181,675 1.5% 22.52% 0.90% Oncore & Firstar Oncore Value............. 97,467 $ 8.525128 $ 830,919 0.9% 23.25% 1.47% Oncore & Firstar Oncore Premier........... 313,813 $ 8.289314 $ 2,601,299 1.4% 22.64% 1.56% Oncore & Firstar Oncore Xtra.............. 365,089 $ 8.289314 $ 3,026,337 1.4% 22.64% 1.56% Oncore & Firstar Oncore Lite.............. 260,913 $ 8.289314 $ 2,162,791 1.4% 22.64% 1.56% ------------ ------------ 1,102,470 $ 9,213,664 ------------ ------------
(continued) 109 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- GOLDMAN SACHS VARIABLE INSURANCE TRUST: (CONTINUED) GROWTH & INCOME SUBACCOUNT (CONTINUED) 2002 Top I............................ 1,418 $ 7.786048 $ 11,042 1.1% -12.30% 1.51% Top Tradition.................... 16,086 $ 7.786048 $ 125,246 1.1% -12.30% 1.37% Top Plus......................... 1,512 $ 7.835039 $ 11,847 0.9% -12.13% 1.28% Top Explorer..................... 19,154 $ 7.737388 $ 148,199 1.3% -12.48% 1.78% Oncore Flex...................... 50,672 $ 6.727773 $ 340,910 1.5% -12.65% 1.56% Oncore & Firstar Oncore Value.... 83,623 $ 6.916855 $ 578,409 0.9% -12.13% 1.57% Oncore & Firstar Oncore Premier....................... 310,061 $ 6.758832 $ 2,095,651 1.4% -12.56% 1.57% Oncore & Firstar Oncore Xtra..... 295,724 $ 6.758832 $ 1,998,748 1.4% -12.56% 1.57% Oncore & Firstar Oncore Lite..... 101,941 $ 6.758832 $ 689,001 1.4% -12.56% 1.57% ------------ ------------ 880,191 $ 5,999,053 ------------ ------------ 2001 Top I............................ 1,419 $ 8.878447 $ 12,601 1.1% -10.33% 0.47% Top Tradition.................... 19,256 $ 8.878447 $ 170,961 1.1% -10.33% 0.43% Top Plus......................... 916 $ 8.916630 $ 8,171 0.9% -10.15% 0.35% Top Explorer..................... 15,077 $ 8.840448 $ 133,290 1.3% -10.51% 0.65% Oncore & Firstar Oncore Flex..... 40,776 $ 7.702095 $ 314,064 1.5% -10.69% 0.53% Oncore & Firstar Oncore Value.... 79,514 $ 7.871689 $ 625,912 0.9% -10.15% 0.44% Oncore & Firstar Oncore Premier....................... 309,046 $ 7.730038 $ 2,388,929 1.4% -10.60% 0.59% Oncore & Firstar Oncore Xtra..... 235,382 $ 7.730038 $ 1,819,503 1.4% -10.60% 0.59% Oncore Lite...................... 17,578 $ 7.730038 $ 135,881 1.4% -1.77% 0.59% 4/17/01 ------------ ------------ 718,964 $ 5,609,312 ------------ ------------ CORE U.S. EQUITY SUBACCOUNT 2005 Top Tradition.................... 17,758 $ 10.080590 $ 179,009 1.1% 5.36% 0.70% Top Plus......................... 3,357 $ 10.204411 $ 34,253 0.9% 5.56% 0.73% Investar Vision & Top Spectrum... 1,462 $ 11.317571 $ 16,551 1.4% 5.04% 1.08% Top Explorer..................... 13,197 $ 9.958408 $ 131,423 1.3% 5.15% 0.83% Oncore & Firstar Oncore Flex..... 26,434 $ 11.232325 $ 296,919 1.5% 4.94% 0.83% Oncore & Firstar Oncore Value.... 593,339 $ 11.755126 $ 6,974,771 0.9% 5.56% 1.26% Oncore & Firstar Oncore Premier....................... 1,100,532 $ 11.317571 $ 12,455,351 1.4% 5.04% 1.08% Oncore & Firstar Oncore Xtra..... 808,383 $ 11.317571 $ 9,148,934 1.4% 5.04% 1.08% Oncore & Firstar Oncore Lite..... 1,186,712 $ 11.317571 $ 13,430,692 1.4% 5.04% 1.08% ------------ ------------ 3,751,174 $ 42,667,903 ------------ ------------ 2004 Top I............................ 1,395 $ 9.568193 $ 13,347 1.1% 13.69% 0.93% Top Tradition.................... 21,559 $ 9.568193 $ 206,284 1.1% 13.69% 1.24% Top Plus......................... 4,797 $ 9.666608 $ 46,371 0.9% 13.91% 1.13% Top Spectrum..................... 6 $ 10.774073 $ 68 1.4% 13.35% 1.21% Top Explorer..................... 14,453 $ 9.470844 $ 136,880 1.3% 13.46% 0.93% Oncore & Firstar Oncore Flex..... 25,784 $ 10.703431 $ 275,980 1.5% 13.24% 0.99% Oncore & Firstar Oncore Value.... 143,000 $ 11.135594 $ 1,592,385 0.9% 13.91% 1.12% Oncore & Firstar Oncore Premier....................... 522,966 $ 10.774073 $ 5,634,477 1.4% 13.35% 1.21% Oncore & Firstar Oncore Xtra..... 420,443 $ 10.774073 $ 4,529,880 1.4% 13.35% 1.21% Oncore & Firstar Oncore Lite..... 256,285 $ 10.774073 $ 2,761,233 1.4% 13.35% 1.21% ------------ ------------ 1,410,688 $ 15,196,905 ------------ ------------
(continued) 110 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- GOLDMAN SACHS VARIABLE INSURANCE TRUST: (CONTINUED) CORE U.S. EQUITY SUBACCOUNT (CONTINUED) 2003 Top Tradition.................... 18,201 $ 8.416223 $ 153,181 1.1% 28.07% 0.76% Top Plus......................... 4,818 $ 8.485938 $ 40,884 0.9% 28.32% 1.15% Investar Vision & Top Spectrum... 2,232 $ 9.505131 $ 21,213 1.4% 27.69% 0.94% Top Explorer..................... 18,179 $ 8.347120 $ 151,744 1.3% 27.81% 0.71% Oncore & Firstar Oncore Flex..... 33,028 $ 9.452134 $ 312,184 1.5% 27.56% 0.73% Oncore & Firstar Oncore Value.... 120,665 $ 9.775513 $ 1,179,564 0.9% 28.32% 0.90% Oncore & Firstar Oncore Premier....................... 417,384 $ 9.505131 $ 3,967,287 1.4% 27.69% 0.94% Oncore & Firstar Oncore Xtra..... 317,336 $ 9.505131 $ 3,016,325 1.4% 27.69% 0.94% Oncore & Firstar Oncore Lite..... 107,031 $ 9.505131 $ 1,017,347 1.4% 27.69% 0.94% ------------ ------------ 1,038,874 $ 9,859,729 ------------ ------------ 2002 Top Tradition.................... 14,974 $ 6.571707 $ 98,405 1.1% -22.75% 0.66% Top Plus......................... 2,145 $ 6.613061 $ 14,188 0.9% -22.59% 0.41% Investar Vision & Top Spectrum... 11,603 $ 7.443985 $ 86,373 1.4% -22.97% 0.54% Top Explorer..................... 18,931 $ 6.530631 $ 123,628 1.3% -22.90% 0.51% Oncore & Firstar Oncore Flex..... 38,034 $ 7.409765 $ 281,822 1.5% -23.05% 0.50% Oncore & Firstar Oncore Value.... 101,320 $ 7.618013 $ 771,854 0.9% -22.59% 0.59% Oncore & Firstar Oncore Premier....................... 385,471 $ 7.443985 $ 2,869,442 1.4% -22.97% 0.54% Oncore & Firstar Oncore Xtra..... 210,179 $ 7.443985 $ 1,564,568 1.4% -22.97% 0.54% Oncore Lite...................... 19,240 $ 7.443985 $ 143,226 1.4% -22.97% 0.54% ------------ ------------ 801,897 $ 5,953,506 ------------ ------------ 2001 Top I............................ 83 $ 8.506573 $ 707 1.1% -12.91% 0.61% Top Tradition.................... 11,782 $ 8.506573 $ 100,228 1.1% -12.91% 0.37% Top Plus......................... 3,786 $ 8.543146 $ 32,343 0.9% -12.73% 0.56% Investar Vision & Top Spectrum... 12,090 $ 9.664349 $ 116,847 1.4% -13.17% 0.50% Top Explorer..................... 20,857 $ 8.470176 $ 176,658 1.3% -13.08% 0.40% Oncore & Firstar Oncore Flex..... 46,745 $ 9.629429 $ 450,132 1.5% -13.25% 0.40% Oncore & Firstar Oncore Value.... 99,007 $ 9.841404 $ 974,364 0.9% -12.73% 0.42% Oncore & Firstar Oncore Premier....................... 423,371 $ 9.664349 $ 4,091,606 1.4% -13.17% 0.50% Oncore & Firstar Oncore Xtra..... 231,011 $ 9.664349 $ 2,232,569 1.4% -13.17% 0.50% Oncore Lite...................... 9,168 $ 9.664349 $ 88,599 1.4% -3.70% 0.50% 4/17/01 ------------ ------------ 857,900 $ 8,264,053 ------------ ------------ GLOBAL INCOME SUBACCOUNT 2001 Oncore & Firstar Oncore Flex..... 15,465 $ 11.427883 $ 176,732 1.5% 3.25% 3.69% Oncore & Firstar Oncore Value.... 35,579 $ 11.679374 $ 415,540 0.9% 3.86% 4.92% Oncore & Firstar Oncore Premier....................... 156,735 $ 11.469316 $ 1,797,641 1.4% 3.35% 5.43% Oncore & Firstar Oncore Xtra..... 102,601 $ 11.469316 $ 1,176,773 1.4% 3.35% 5.43% Oncore & Firstar Oncore Lite..... 18,686 $ 11.469316 $ 214,312 1.4% 1.80% 5.43% 4/17/01 ------------ ------------ 329,066 $ 3,780,998 ------------ ------------
(continued) 111 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- GOLDMAN SACHS VARIABLE INSURANCE TRUST: (CONTINUED) CAPITAL GROWTH SUBACCOUNT 2005 Top I..................................... 49 $ 8.663631 $ 429 1.1% 1.82% 0.15% Top Tradition............................. 16,732 $ 8.663631 $ 144,957 1.1% 1.82% 0.15% Top Plus.................................. 2,973 $ 8.770072 $ 26,072 0.9% 2.03% 0.15% Investar Vision & Top Spectrum............ 13,742 $ 11.056445 $ 151,942 1.4% 1.52% 0.15% Top Explorer.............................. 11,307 $ 8.558562 $ 96,768 1.3% 1.62% 0.15% Oncore & Firstar Oncore Flex.............. 9,365 $ 10.601986 $ 99,285 1.5% 1.42% 0.13% Oncore & Firstar Oncore Value............. 175,524 $ 11.095490 $ 1,947,523 0.9% 2.03% 0.15% Oncore & Firstar Oncore Premier........... 398,513 $ 10.682403 $ 4,257,080 1.4% 1.52% 0.15% Oncore & Firstar Oncore Xtra.............. 352,790 $ 10.682403 $ 3,768,645 1.4% 1.52% 0.15% Oncore & Firstar Oncore Lite.............. 340,851 $ 10.682403 $ 3,641,113 1.4% 1.52% 0.15% ------------ ------------ 1,321,846 $ 14,133,814 ------------ ------------ 2004 Top I..................................... 58 $ 8.508390 $ 495 1.1% 7.90% 0.60% Top Tradition............................. 17,062 $ 8.508390 $ 145,168 1.1% 7.90% 0.63% Top Plus.................................. 2,591 $ 8.595928 $ 22,275 0.9% 8.11% 0.66% Investar Vision & Top Spectrum............ 13,942 $ 10.890456 $ 151,832 1.4% 7.58% 0.55% Top Explorer.............................. 12,326 $ 8.421774 $ 103,805 1.3% 7.68% 0.60% Oncore & Firstar Oncore Flex.............. 13,111 $ 10.453079 $ 137,047 1.5% 7.47% 0.72% Oncore & Firstar Oncore Value............. 174,593 $ 10.875163 $ 1,898,728 0.9% 8.11% 1.21% Oncore & Firstar Oncore Premier........... 416,483 $ 10.522029 $ 4,382,251 1.4% 7.58% 1.11% Oncore & Firstar Oncore Xtra.............. 386,602 $ 10.522029 $ 4,067,839 1.4% 7.58% 1.11% Oncore & Firstar Oncore Lite.............. 341,142 $ 10.522029 $ 3,589,506 1.4% 7.58% 1.11% ------------ ------------ 1,377,910 $ 14,498,946 ------------ ------------ 2003 Top I..................................... 73 $ 7.885625 $ 576 1.1% 22.39% 0.14% Top Tradition............................. 22,684 $ 7.885625 $ 178,874 1.1% 22.39% 0.28% Top Plus.................................. 3,825 $ 7.950961 $ 30,413 0.9% 22.63% 0.25% Investar Vision & Top Spectrum............ 27,886 $ 10.123381 $ 282,304 1.4% 22.03% 0.26% Top Explorer.............................. 17,352 $ 7.820835 $ 135,704 1.3% 22.15% 0.25% Oncore Flex............................... 12,960 $ 9.726410 $ 126,053 1.5% 21.91% 0.27% Oncore & Firstar Oncore Value............. 64,973 $ 10.059169 $ 653,577 0.9% 22.63% 0.26% Oncore & Firstar Oncore Premier........... 232,062 $ 9.780917 $ 2,269,777 1.4% 22.03% 0.29% Oncore & Firstar Oncore Xtra.............. 195,821 $ 9.780917 $ 1,915,308 1.4% 22.03% 0.29% Oncore & Firstar Oncore Lite.............. 81,341 $ 9.780917 $ 795,593 1.4% 22.03% 0.29% ------------ ------------ 658,977 $ 6,388,179 ------------ ------------
(continued) 112 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- GOLDMAN SACHS VARIABLE INSURANCE TRUST: (CONTINUED) CAPITAL GROWTH SUBACCOUNT (CONTINUED) 2002 Top I............................ 89 $ 6.442916 $ 571 1.1% -25.16% 0.03% Top Tradition.................... 20,955 $ 6.442916 $ 135,014 1.1% -25.16% 0.20% Top Plus......................... 5,440 $ 6.483475 $ 35,270 0.9% -25.01% 0.16% Investar Vision & Top Spectrum... 30,917 $ 8.295824 $ 256,479 1.4% -25.38% 0.14% Top Explorer..................... 26,820 $ 6.402630 $ 171,721 1.3% -25.30% 0.32% Oncore & Firstar................. 17,297 $ 7.978356 $ 138,003 1.5% -25.45% 0.19% Oncore & Firstar Oncore Value.... 68,203 $ 8.202587 $ 559,439 0.9% -25.01% 0.19% Oncore & Firstar Oncore Premier....................... 252,183 $ 8.015187 $ 2,021,293 1.4% -25.38% 0.18% Oncore & Firstar Oncore Xtra..... 173,153 $ 8.015187 $ 1,387,856 1.4% -25.38% 0.18% Oncore Lite...................... 40,034 $ 8.015187 $ 320,881 1.4% -25.38% 0.18% ------------ ------------ 635,091 $ 5,026,527 ------------ ------------ 2001 Top I............................ 106 $ 8.608436 $ 915 1.1% -15.40% 0.14% Top Tradition.................... 18,972 $ 8.608436 $ 163,323 1.1% -15.40% 0.16% Top Plus......................... 7,509 $ 8.645455 $ 64,916 0.9% -15.23% 0.20% Investar Vision & Top Spectrum... 47,707 $ 11.117097 $ 530,366 1.4% -15.65% 0.10% Top Explorer..................... 11,056 $ 8.571580 $ 94,768 1.3% -15.57% 0.04% Oncore & Firstar Oncore Flex..... 16,103 $ 10.702228 $ 172,334 1.5% -15.73% 0.10% Oncore & Firstar Oncore Value.... 62,797 $ 10.937818 $ 686,862 0.9% -15.23% 0.19% Oncore & Firstar Oncore Premier....................... 310,825 $ 10.741026 $ 3,338,583 1.4% -15.65% 0.18% Oncore & Firstar Oncore Xtra..... 142,219 $ 10.741026 $ 1,527,575 1.4% -15.65% 0.18% Oncore Lite...................... 14,354 $ 10.741026 $ 154,177 1.4% -5.71% 0.18% 4/17/01 ------------ ------------ 631,648 $ 6,733,819 ------------ ------------ LAZARD RETIREMENT SERIES, INC.: EMERGING MARKETS SUBACCOUNT 2005 Top I............................ 7,746 $ 22.154733 $ 171,610 1.1% 39.25% 0.31% Top Tradition.................... 55,759 $ 22.154733 $ 1,235,323 1.1% 39.25% 0.35% Top Plus......................... 26,504 $ 22.426883 $ 594,400 0.9% 39.52% 0.37% Investar Vision & Top Spectrum... 11,475 $ 19.972051 $ 229,179 1.4% 38.84% 0.32% Top Explorer..................... 79,402 $ 21.886225 $ 1,737,812 1.3% 38.98% 0.32% Oncore & Firstar Oncore Flex..... 35,311 $ 19.844405 $ 700,717 1.5% 38.70% 0.32% Oncore & Firstar Oncore Value.... 314,166 $ 20.624860 $ 6,479,623 0.9% 39.52% 0.35% Oncore & Firstar Oncore Premier....................... 446,998 $ 19.972051 $ 8,927,462 1.4% 38.84% 0.32% Oncore & Firstar Oncore Xtra..... 499,600 $ 19.972051 $ 9,978,043 1.4% 38.84% 0.32% Oncore & Firstar Oncore Lite..... 550,527 $ 19.972051 $ 10,995,178 1.4% 38.84% 0.32% ------------ ------------ 2,027,488 $ 41,049,347 ------------ ------------
(continued) 113 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- LAZARD RETIREMENT SERIES, INC.: (CONTINUED) EMERGING MARKETS SUBACCOUNT (CONTINUED) 2004 Top I..................................... 2,677 $ 15.910050 $ 42,589 1.1% 29.16% 0.49% Top Tradition............................. 32,890 $ 15.910050 $ 523,281 1.1% 29.16% 0.70% Top Plus.................................. 17,239 $ 16.073745 $ 277,101 0.9% 29.42% 0.71% Investar Vision & Top Spectrum............ 12,143 $ 14.384975 $ 174,674 1.4% 28.78% 0.78% Top Explorer.............................. 67,157 $ 15.748173 $ 1,057,603 1.3% 28.91% 0.66% Oncore & Firstar Oncore Flex.............. 16,447 $ 14.307077 $ 235,307 1.5% 28.65% 0.69% Oncore & Firstar Oncore Value............. 118,442 $ 14.782215 $ 1,750,831 0.9% 29.42% 0.64% Oncore & Firstar Oncore Premier........... 208,062 $ 14.384975 $ 2,992,974 1.4% 28.78% 0.78% Oncore & Firstar Oncore Xtra.............. 184,797 $ 14.384975 $ 2,658,294 1.4% 28.78% 0.78% Oncore & Firstar Oncore Lite.............. 271,393 $ 14.384975 $ 3,903,978 1.4% 28.78% 0.78% ------------ ------------ 931,247 $ 13,616,632 ------------ ------------ 2003 Top Tradition............................. 28,285 $ 12.317740 $ 348,406 1.1% 51.28% 0.06% Top Plus.................................. 11,990 $ 12.419811 $ 148,916 0.9% 51.58% 0.06% Investar Vision & Top Spectrum............ 21,514 $ 11.170138 $ 240,312 1.4% 50.83% 0.06% Top Explorer.............................. 59,118 $ 12.216585 $ 722,225 1.3% 50.98% 0.06% Oncore Flex............................... 13,674 $ 11.120629 $ 152,065 1.5% 50.68% 0.05% Oncore & Firstar Oncore Value............. 83,226 $ 11.421882 $ 950,600 0.9% 51.58% 0.06% Oncore & Firstar Oncore Premier........... 110,955 $ 11.170138 $ 1,239,386 1.4% 50.83% 0.06% Oncore & Firstar Oncore Xtra.............. 198,677 $ 11.170138 $ 2,219,248 1.4% 50.83% 0.06% Oncore & Firstar Oncore Lite.............. 23,810 $ 11.170138 $ 265,956 1.4% 50.83% 0.06% ------------ ------------ 551,249 $ 6,287,114 ------------ ------------ 2002 Top I..................................... 1,492 $ 8.142509 $ 12,151 1.1% -2.57% 0.16% Top Tradition............................. 31,520 $ 8.142509 $ 256,654 1.1% -2.57% 0.57% Top Plus.................................. 10,946 $ 8.193782 $ 89,692 0.9% -2.38% 1.15% Investar Vision & Top Spectrum............ 28,005 $ 7.405782 $ 207,401 1.4% -2.86% 0.86% Top Explorer.............................. 60,165 $ 8.091598 $ 486,834 1.3% -2.76% 0.58% Oncore Flex............................... 13,220 $ 7.380214 $ 97,565 1.5% -2.96% 0.56% Oncore & Firstar Oncore Value............. 54,024 $ 7.535403 $ 407,090 0.9% -2.38% 0.65% Oncore & Firstar Oncore Premier........... 100,263 $ 7.405782 $ 742,521 1.4% -2.86% 0.86% Oncore & Firstar Oncore Xtra.............. 214,181 $ 7.405782 $ 1,586,180 1.4% -2.86% 0.86% Oncore Lite............................... 9,097 $ 7.405782 $ 67,368 1.4% -2.86% 0.86% ------------ ------------ 522,913 $ 3,953,456 ------------ ------------ 2001 Top Tradition............................. 12,483 $ 8.357476 $ 104,325 1.1% -6.11% 0.47% Top Plus.................................. 1,047 $ 8.393462 $ 8,787 0.9% -5.93% 0.44% Investar Vision & Top Spectrum............ 32,274 $ 7.623890 $ 246,050 1.4% -6.39% 0.40% Top Explorer.............................. 54,145 $ 8.321677 $ 450,579 1.3% -6.30% 0.46% Oncore & Firstar Oncore Flex.............. 6,437 $ 7.605066 $ 48,953 1.5% -6.49% 0.19% Oncore & Firstar Oncore Value............. 42,948 $ 7.719036 $ 331,515 0.9% -5.93% 0.64% Oncore & Firstar Oncore Premier........... 67,943 $ 7.623890 $ 518,001 1.4% -6.39% 0.40% Oncore Xtra............................... 12,782 $ 7.623890 $ 97,446 1.4% -6.39% 0.40% ------------ ------------ 230,059 $ 1,805,656 ------------ ------------
(continued) 114 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- LAZARD RETIREMENT SERIES, INC.: (CONTINUED) SMALL CAP SUBACCOUNT 2005 Top I..................................... 1,350 $ 19.126277 $ 25,820 1.1% 2.87% 0.00% Top Tradition............................. 68,240 $ 19.126277 $ 1,305,171 1.1% 2.87% 0.00% Top Plus.................................. 30,037 $ 19.361165 $ 581,551 0.9% 3.07% 0.00% Investar Vision & Top Spectrum............ 5,290 $ 16.560566 $ 87,613 1.4% 2.56% 0.00% Top Explorer.............................. 54,422 $ 18.894531 $ 1,028,286 1.3% 2.66% 0.00% Oncore & Firstar Oncore Flex.............. 24,959 $ 16.454758 $ 410,686 1.5% 2.46% 0.00% Oncore & Firstar Oncore Value............. 216,601 $ 17.101848 $ 3,704,272 0.9% 3.07% 0.00% Oncore & Firstar Oncore Premier........... 709,556 $ 16.560566 $ 11,750,647 1.4% 2.56% 0.00% Oncore & Firstar Oncore Xtra.............. 669,899 $ 16.560566 $ 11,093,914 1.4% 2.56% 0.00% Oncore & Firstar Oncore Lite.............. 343,406 $ 16.560566 $ 5,687,000 1.4% 2.56% 0.00% ------------ ------------ 2,123,760 $ 35,674,960 ------------ ------------ 2004 Top I..................................... 2,062 $ 18.593323 $ 38,338 1.1% 13.63% 0.00% Top Tradition............................. 76,754 $ 18.593323 $ 1,427,113 1.1% 13.63% 0.00% Top Plus.................................. 29,999 $ 18.784536 $ 563,525 0.9% 13.86% 0.00% Investar Vision & Top Spectrum............ 4,166 $ 16.146731 $ 67,269 1.4% 13.30% 0.00% Top Explorer.............................. 55,688 $ 18.404237 $ 1,024,903 1.3% 13.41% 0.00% Oncore & Firstar Oncore Flex.............. 49,757 $ 16.059334 $ 799,056 1.5% 13.19% 0.00% Oncore & Firstar Oncore Value............. 229,934 $ 16.592504 $ 3,815,182 0.9% 13.86% 0.00% Oncore & Firstar Oncore Premier........... 684,580 $ 16.146731 $ 11,053,703 1.4% 13.30% 0.00% Oncore & Firstar Oncore Xtra.............. 723,166 $ 16.146731 $ 11,676,774 1.4% 13.30% 0.00% Oncore & Firstar Oncore Lite.............. 303,487 $ 16.146731 $ 4,900,327 1.4% 13.30% 0.00% ------------ ------------ 2,159,593 $ 35,366,190 ------------ ------------ 2003 Top I..................................... 614 $ 16.362380 $ 10,050 1.1% 35.73% 0.00% Top Tradition............................. 102,226 $ 16.362380 $ 1,672,660 1.1% 35.73% 0.00% Top Plus.................................. 29,707 $ 16.497870 $ 490,107 0.9% 36.00% 0.00% Investar Vision & Top Spectrum............ 2,895 $ 14.251640 $ 41,252 1.4% 35.33% 0.00% Top Explorer.............................. 62,888 $ 16.228101 $ 1,020,554 1.3% 35.46% 0.00% Oncore & Firstar Oncore Flex.............. 57,563 $ 14.188521 $ 816,735 1.5% 35.20% 0.00% Oncore & Firstar Oncore Value............. 156,880 $ 14.572671 $ 2,286,167 0.9% 36.00% 0.00% Oncore & Firstar Oncore Premier........... 536,066 $ 14.251640 $ 7,639,815 1.4% 35.33% 0.00% Oncore & Firstar Oncore Xtra.............. 589,418 $ 14.251640 $ 8,400,174 1.4% 35.33% 0.00% Oncore & Firstar Oncore Lite.............. 135,822 $ 14.251640 $ 1,935,682 1.4% 35.33% 0.00% ------------ ------------ 1,674,079 $ 24,313,196 ------------ ------------
(continued) 115 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- LAZARD RETIREMENT SERIES, INC.: (CONTINUED) SMALL CAP SUBACCOUNT (CONTINUED) 2002 Top I............................ 2,760 $ 12.055137 $ 33,274 1.1% -18.57% 0.00% Top Tradition.................... 103,931 $ 12.055137 $ 1,252,905 1.1% -18.57% 0.00% Top Plus......................... 30,599 $ 12.130971 $ 371,198 0.9% -18.41% 0.00% Investar Vision & Top Spectrum... 3,908 $ 10.531174 $ 41,155 1.4% -18.81% 0.00% Top Explorer..................... 63,418 $ 11.979836 $ 759,737 1.3% -18.73% 0.00% Oncore & Firstar Oncore Flex..... 40,710 $ 10.494853 $ 427,249 1.5% -18.89% 0.00% Oncore & Firstar Oncore Value.... 147,305 $ 10.715360 $ 1,578,421 0.9% -18.41% 0.00% Oncore & Firstar Oncore Premier....................... 416,026 $ 10.531174 $ 4,381,234 1.4% -18.81% 0.00% Oncore & Firstar Oncore Xtra..... 463,842 $ 10.531174 $ 4,884,805 1.4% -18.81% 0.00% Oncore & Firstar Oncore Lite..... 77,031 $ 10.531174 $ 811,222 1.4% -18.81% 0.00% ------------ ------------ 1,349,530 $ 14,541,200 ------------ ------------ 2001 Top I............................ 5,795 $ 14.804778 $ 85,796 1.1% 17.33% 0.14% Top Tradition.................... 54,750 $ 14.804778 $ 810,563 1.1% 17.33% 0.13% Top Plus......................... 20,065 $ 14.868406 $ 298,331 0.9% 17.57% 0.14% Top Spectrum..................... 2,946 $ 12.971690 $ 38,213 1.4% 16.98% 0.14% Top Explorer..................... 59,793 $ 14.741471 $ 881,439 1.3% 17.10% 0.05% Oncore & Firstar Oncore Flex..... 8,258 $ 12.939715 $ 106,852 1.5% 16.87% 0.11% Oncore & Firstar Oncore Value.... 60,187 $ 13.133345 $ 790,458 0.9% 17.57% 0.14% Oncore & Firstar Oncore Premier....................... 230,069 $ 12.971690 $ 2,984,377 1.4% 16.98% 0.14% Oncore & Firstar Oncore Xtra..... 195,238 $ 12.971690 $ 2,532,586 1.4% 16.98% 0.14% Oncore & Firstar Oncore Lite..... 10,077 $ 12.971690 $ 130,710 1.4% 20.44% 0.14% 4/17/01 ------------ ------------ 647,178 $ 8,659,325 ------------ ------------ EQUITY SUBACCOUNT 2005 Oncore Premier................... 1,859 $ 10.587937 $ 19,684 1.4% 5.88% 0.92% 5/2/05 Oncore Xtra...................... 6,323 $ 10.587937 $ 66,949 1.4% 5.88% 0.92% 5/2/05 Oncore Lite...................... 2,252 $ 10.587937 $ 23,843 1.4% 5.88% 0.92% 5/2/05 ------------ ------------ 10,434 $ 110,476 ------------ ------------ INTERNATIONAL EQUITY SUBACCOUNT 2005 Top Tradition.................... 94 $ 10.429757 $ 984 1.1% 4.30% 0.00% 11/2/05 Top Plus......................... 2,531 $ 10.433037 $ 26,404 0.9% 4.33% 0.00% 11/2/05 Top Explorer..................... 429 $ 10.426488 $ 4,474 1.3% 4.26% 0.00% 11/2/05 Oncore & Firstar Oncore Value.... 15,803 $ 11.462413 $ 181,144 0.9% 14.62% 0.70% 5/2/05 Oncore & Firstar Oncore Premier....................... 39,721 $ 11.424916 $ 453,813 1.4% 14.25% 1.26% 5/2/05 Oncore Xtra...................... 10,912 $ 11.424916 $ 124,673 1.4% 14.25% 1.26% 5/2/05 Oncore Lite...................... 47,283 $ 11.424916 $ 540,191 1.4% 14.25% 1.26% 5/2/05 ------------ ------------ 116,773 $ 1,331,683 ------------ ------------
(continued) 116 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- THE PRUDENTIAL SERIES FUND, INC.: JENNISON 20/20 FOCUS SUBACCOUNT 2005 Top Tradition.................... 3,919 $ 16.925595 $ 66,329 1.1% 19.94% 0.00% Top Plus......................... 1,499 $ 17.015200 $ 25,504 0.9% 20.18% 0.00% Investar Vision & Top Spectrum... 857 $ 17.310022 $ 14,842 1.4% 19.59% 0.00% Top Explorer..................... 6,174 $ 16.836643 $ 103,945 1.3% 19.71% 0.00% Oncore & Firstar Oncore Flex..... 17,810 $ 12.412592 $ 221,067 1.5% 19.47% 0.00% Oncore & Firstar Oncore Value.... 165,087 $ 12.861660 $ 2,123,294 0.9% 20.18% 0.00% Oncore & Firstar Oncore Premier....................... 501,863 $ 12.486109 $ 6,266,314 1.4% 19.59% 0.00% Oncore & Firstar Oncore Xtra..... 374,772 $ 12.486109 $ 4,679,447 1.4% 19.59% 0.00% Oncore & Firstar Oncore Lite..... 373,608 $ 12.486109 $ 4,664,905 1.4% 19.59% 0.00% ------------ ------------ 1,445,589 $ 18,165,647 ------------ ------------ 2004 Top Tradition.................... 1,270 $ 14.111196 $ 17,926 1.1% 14.12% 0.00% Top Spectrum..................... 814 $ 14.474365 $ 11,780 1.4% 13.78% 0.00% Top Explorer..................... 1,563 $ 14.064683 $ 21,981 1.3% 13.89% 0.00% Oncore & Firstar Oncore Flex..... 5,391 $ 10.389413 $ 56,013 1.5% 13.67% 0.00% Oncore & Firstar Oncore Value.... 112,073 $ 10.701866 $ 1,199,391 0.9% 14.35% 0.00% Oncore & Firstar Oncore Premier....................... 471,111 $ 10.440691 $ 4,918,725 1.4% 13.78% 0.00% Oncore & Firstar Oncore Xtra..... 366,339 $ 10.440691 $ 3,824,829 1.4% 13.78% 0.00% Oncore & Firstar Oncore Lite..... 305,389 $ 10.440691 $ 3,188,473 1.4% 13.78% 0.00% ------------ ------------ 1,263,950 $ 13,239,118 ------------ ------------ 2003 Top Tradition.................... 167 $ 12.365330 $ 2,066 1.1% 23.65% 0.00% 5/1/03 Top Explorer..................... 505 $ 12.349020 $ 6,239 1.3% 23.49% 0.00% 5/1/03 Oncore & Firstar Oncore Flex..... 11,827 $ 9.140135 $ 108,098 1.5% 26.90% 0.00% Oncore & Firstar Oncore Value.... 67,222 $ 9.359209 $ 629,148 0.9% 27.65% 0.00% Oncore & Firstar Oncore Premier....................... 228,307 $ 9.176173 $ 2,094,988 1.4% 27.02% 0.00% Oncore & Firstar Oncore Xtra..... 217,921 $ 9.176173 $ 1,999,677 1.4% 27.02% 0.00% Oncore & Firstar Oncore Lite..... 120,227 $ 9.176173 $ 1,103,220 1.4% 27.02% 0.00% ------------ ------------ 646,176 $ 5,943,436 ------------ ------------ 2002 Oncore & Firstar Oncore Flex..... 15,829 $ 7.202884 $ 114,015 1.5% -23.72% 0.00% Oncore & Firstar Oncore Value.... 6,681 $ 7.331959 $ 48,982 0.9% -23.27% 0.00% Oncore & Firstar Oncore Premier....................... 77,648 $ 7.224177 $ 560,948 1.4% -23.65% 0.00% Oncore & Firstar Oncore Xtra..... 54,142 $ 7.224177 $ 391,129 1.4% -23.65% 0.00% Oncore Lite...................... 14,196 $ 7.224177 $ 102,556 1.4% -23.65% 0.00% ------------ ------------ 168,496 $ 1,217,630 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 3,686 $ 9.443234 $ 34,808 1.5% -2.77% 0.28% Oncore & Firstar Oncore Value.... 5,108 $ 9.555500 $ 48,809 0.9% -2.19% 0.30% Oncore & Firstar Oncore Premier....................... 71,494 $ 9.461789 $ 676,467 1.4% -2.68% 0.30% Oncore & Firstar Oncore Xtra..... 26,650 $ 9.461789 $ 252,154 1.4% -2.68% 0.30% Oncore Lite...................... 3,204 $ 9.461789 $ 30,311 1.4% -1.28% 0.30% 4/17/01 ------------ ------------ 110,142 $ 1,042,549 ------------ ------------
(continued) 117 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- THE PRUDENTIAL SERIES FUND, INC.: (CONTINUED) JENNISON SUBACCOUNT 2005 Top Tradition.................... 2,034 $ 14.813275 $ 30,130 1.1% 12.79% 0.00% Top Plus......................... 2,483 $ 14.891678 $ 36,980 0.9% 13.01% 0.00% Top Explorer..................... 153 $ 14.735402 $ 2,259 1.3% 12.57% 0.00% Oncore & Firstar Oncore Flex..... 5,577 $ 7.184883 $ 40,071 1.5% 12.34% 0.00% Oncore & Firstar Oncore Value.... 144,362 $ 7.444939 $ 1,074,768 0.9% 13.01% 0.00% Oncore & Firstar Oncore Premier....................... 361,192 $ 7.227488 $ 2,610,514 1.4% 12.45% 0.00% Oncore & Firstar Oncore Xtra..... 319,469 $ 7.227488 $ 2,308,958 1.4% 12.45% 0.00% Oncore & Firstar Oncore Lite..... 226,412 $ 7.227488 $ 1,636,380 1.4% 12.45% 0.00% ------------ ------------ 1,061,682 $ 7,740,060 ------------ ------------ 2004 Top Tradition.................... 2,153 $ 13.133861 $ 28,271 1.1% 8.03% 0.05% Top Plus......................... 1,955 $ 13.177341 $ 25,759 0.9% 8.24% 0.08% Top Explorer..................... 213 $ 13.090566 $ 2,783 1.3% 7.81% 0.08% Oncore & Firstar Oncore Flex..... 6,199 $ 6.395441 $ 39,648 1.5% 7.60% 0.04% Oncore & Firstar Oncore Value.... 81,191 $ 6.587872 $ 534,879 0.9% 8.24% 0.04% Oncore & Firstar Oncore Premier....................... 392,291 $ 6.427045 $ 2,521,273 1.4% 7.71% 0.04% Oncore & Firstar Oncore Xtra..... 343,789 $ 6.427045 $ 2,209,549 1.4% 7.71% 0.04% Oncore & Firstar Oncore Lite..... 258,410 $ 6.427045 $ 1,660,813 1.4% 7.71% 0.04% ------------ ------------ 1,086,201 $ 7,022,975 ------------ ------------ 2003 Top Tradition.................... 1,595 $ 12.157960 $ 19,392 1.1% 21.58% 0.00% 5/1/03 Oncore & Firstar Oncore Flex..... 5,792 $ 5.943733 $ 34,428 1.5% 27.69% 0.00% Oncore & Firstar Oncore Value.... 78,941 $ 6.086276 $ 480,456 0.9% 28.45% 0.00% Oncore & Firstar Oncore Premier....................... 476,587 $ 5.967201 $ 2,843,888 1.4% 27.82% 0.00% Oncore & Firstar Oncore Xtra..... 317,143 $ 5.967201 $ 1,892,455 1.4% 27.82% 0.00% Oncore & Firstar Oncore Lite..... 191,480 $ 5.967201 $ 1,142,599 1.4% 27.82% 0.00% ------------ ------------ 1,071,538 $ 6,413,218 ------------ ------------ 2002 Oncore & Firstar Oncore Flex..... 9,479 $ 4.654701 $ 44,123 1.5% -32.19% 0.00% Oncore & Firstar Oncore Value.... 57,686 $ 4.738185 $ 273,328 0.9% -31.78% 0.00% Oncore & Firstar Oncore Premier....................... 467,403 $ 4.668475 $ 2,182,058 1.4% -32.12% 0.00% Oncore & Firstar Oncore Xtra..... 353,812 $ 4.668475 $ 1,651,762 1.4% -32.12% 0.00% Oncore Lite...................... 68,648 $ 4.668475 $ 320,483 1.4% -32.12% 0.00% ------------ ------------ 957,028 $ 4,471,754 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 10,192 $ 6.863855 $ 69,957 1.5% -19.82% 0.00% Oncore & Firstar Oncore Value.... 42,197 $ 6.945545 $ 293,082 0.9% -19.33% 0.00% Oncore & Firstar Oncore Premier....................... 460,025 $ 6.877368 $ 3,163,761 1.4% -19.74% 0.00% Oncore & Firstar Oncore Xtra..... 308,693 $ 6.877368 $ 2,122,996 1.4% -19.74% 0.00% Oncore Lite...................... 3,341 $ 6.877368 $ 22,978 1.4% -5.58% 0.00% 4/17/01 ------------ ------------ 824,448 $ 5,672,774 ------------ ------------
(continued) 118 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- UBS SERIES TRUST: U.S. ALLOCATION SUBACCOUNT 2005 Top Tradition.................... 3,290 $ 13.935835 $ 45,844 1.1% 5.44% 1.21% Top Explorer..................... 308 $ 13.862590 $ 4,265 1.3% 5.24% 1.17% Oncore Flex...................... 12,694 $ 9.456771 $ 120,045 1.5% 5.03% 1.34% Oncore & Firstar Oncore Value.... 92,279 $ 9.828756 $ 906,989 0.9% 5.65% 1.35% Oncore & Firstar Oncore Premier....................... 269,215 $ 9.517604 $ 2,562,281 1.4% 5.13% 1.36% Oncore & Firstar Oncore Xtra..... 301,996 $ 9.517604 $ 2,874,275 1.4% 5.13% 1.36% Oncore Lite...................... 182,675 $ 9.517604 $ 1,738,637 1.4% 5.13% 1.36% ------------ ------------ 862,457 $ 8,252,336 ------------ ------------ 2004 Top Tradition.................... 3,081 $ 13.216506 $ 40,722 1.1% 9.17% 0.79% Top Plus......................... 1,089 $ 13.260274 $ 14,445 0.9% 9.39% 1.02% Top Explorer..................... 368 $ 13.172955 $ 4,842 1.3% 8.96% 0.70% Oncore Flex...................... 18,043 $ 9.004017 $ 162,460 1.5% 8.74% 0.71% Oncore & Firstar Oncore Value.... 141,986 $ 9.303016 $ 1,320,896 0.9% 9.39% 0.73% Oncore & Firstar Oncore Premier....................... 299,779 $ 9.053038 $ 2,713,911 1.4% 8.85% 0.72% Oncore & Firstar Oncore Xtra..... 362,102 $ 9.053038 $ 3,278,122 1.4% 8.85% 0.72% Oncore Lite...................... 172,629 $ 9.053038 $ 1,562,816 1.4% 8.85% 0.72% ------------ ------------ 999,077 $ 9,098,214 ------------ ------------ 2003 Top Tradition.................... 1,565 $ 12.105933 $ 18,948 1.1% 21.06% 0.00% 5/1/03 Oncore Flex...................... 20,437 $ 8.280140 $ 169,225 1.5% 25.49% 1.18% Oncore & Firstar Oncore Value.... 147,157 $ 8.504395 $ 1,251,482 0.9% 26.24% 0.67% Oncore & Firstar Oncore Premier....................... 434,217 $ 8.316999 $ 3,611,380 1.4% 25.61% 0.81% Oncore & Firstar Oncore Xtra..... 396,099 $ 8.316999 $ 3,294,355 1.4% 25.61% 0.81% Oncore & Firstar Oncore Lite..... 103,845 $ 8.316999 $ 863,677 1.4% 25.61% 0.81% ------------ ------------ 1,103,320 $ 9,209,067 ------------ ------------ 2002 Oncore & Firstar Oncore Flex..... 49,130 $ 6.598255 $ 324,173 1.5% -24.10% 0.68% Oncore & Firstar Oncore Value.... 88,576 $ 6.736942 $ 596,728 0.9% -23.64% 0.49% Oncore & Firstar Oncore Premier....................... 478,276 $ 6.621106 $ 3,166,723 1.4% -24.02% 0.60% Oncore & Firstar Oncore Xtra..... 419,260 $ 6.621106 $ 2,775,962 1.4% -24.02% 0.60% Oncore Lite...................... 54,906 $ 6.621106 $ 363,535 1.4% -24.02% 0.60% ------------ ------------ 1,090,148 $ 7,227,121 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 80,744 $ 8.692861 $ 701,893 1.5% -13.85% 2.18% Oncore & Firstar Oncore Value.... 74,273 $ 8.822999 $ 655,309 0.9% -13.33% 1.52% Oncore & Firstar Oncore Premier....................... 746,759 $ 8.714367 $ 6,507,533 1.4% -13.76% 1.66% Oncore & Firstar Oncore Xtra..... 416,163 $ 8.714367 $ 3,626,605 1.4% -13.76% 1.66% Oncore Lite...................... 34,619 $ 8.714367 $ 301,682 1.4% -4.30% 1.66% 4/17/01 ------------ ------------ 1,352,558 $ 11,793,022 ------------ ------------
(continued) 119 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- OLD MUTUAL INSURANCE SERIES FUND: TECHNOLOGY & COMMUNICATIONS SUBACCOUNT 2005 Top I..................................... 33 $ 1.886830 $ 62 1.1% 8.72% 0.00% Top Tradition............................. 77,348 $ 1.886830 $ 145,942 1.1% 8.72% 0.00% Top Plus.................................. 5,905 $ 1.908197 $ 11,269 0.9% 8.94% 0.00% Investar Vision & Top Spectrum............ 3,156 $ 1.855347 $ 5,856 1.4% 8.40% 0.00% Top Explorer.............................. 85,963 $ 1.865781 $ 160,389 1.3% 8.51% 0.00% Oncore Flex............................... 17,230 $ 1.844968 $ 31,789 1.5% 8.29% 0.00% Oncore & Firstar Oncore Value............. 101,242 $ 1.908197 $ 193,189 0.9% 8.94% 0.00% Oncore & Firstar Oncore Premier........... 514,376 $ 1.855347 $ 954,346 1.4% 8.40% 0.00% Oncore & Firstar Oncore Xtra.............. 567,341 $ 1.855347 $ 1,052,615 1.4% 8.40% 0.00% Oncore & Firstar Oncore Lite.............. 118,032 $ 1.855347 $ 218,988 1.4% 8.40% 0.00% ------------ ------------ 1,490,626 $ 2,774,445 ------------ ------------ 2004 Top I..................................... 34 $ 1.735475 $ 59 1.1% 5.26% 0.00% Top Tradition............................. 103,858 $ 1.735475 $ 180,243 1.1% 5.26% 0.00% Top Plus.................................. 8,853 $ 1.751658 $ 15,508 0.9% 5.47% 0.00% Investar Vision & Top Spectrum............ 5,204 $ 1.711570 $ 8,906 1.4% 4.95% 0.00% Top Explorer.............................. 110,490 $ 1.719496 $ 189,988 1.3% 5.05% 0.00% Oncore Flex............................... 19,306 $ 1.703667 $ 32,892 1.5% 4.85% 0.00% Oncore & Firstar Oncore Value............. 116,967 $ 1.751658 $ 204,886 0.9% 5.47% 0.00% Oncore & Firstar Oncore Premier........... 640,924 $ 1.711570 $ 1,096,985 1.4% 4.95% 0.00% Oncore & Firstar Oncore Xtra.............. 624,692 $ 1.711570 $ 1,069,204 1.4% 4.95% 0.00% Oncore & Firstar Oncore Lite.............. 138,992 $ 1.711570 $ 237,895 1.4% 4.95% 0.00% ------------ ------------ 1,769,320 $ 3,036,566 ------------ ------------ 2003 Top I..................................... 5,940 $ 1.648743 $ 9,794 1.1% 43.75% 0.00% Top Tradition............................. 109,806 $ 1.648743 $ 181,042 1.1% 43.75% 0.00% Top Plus.................................. 16,840 $ 1.660811 $ 27,968 0.9% 44.04% 0.00% Investar Vision & Top Spectrum............ 11,329 $ 1.630860 $ 18,476 1.4% 43.33% 0.00% Top Explorer.............................. 165,598 $ 1.636796 $ 271,051 1.3% 43.47% 0.00% Oncore & Firstar Oncore Flex.............. 44,820 $ 1.624937 $ 72,830 1.5% 43.19% 0.00% Oncore & Firstar Oncore Value............. 140,033 $ 1.660811 $ 232,568 0.9% 44.04% 0.00% Oncore & Firstar Oncore Premier........... 897,921 $ 1.630860 $ 1,464,383 1.4% 43.33% 0.00% Oncore & Firstar Oncore Xtra.............. 679,249 $ 1.630860 $ 1,107,760 1.4% 43.33% 0.00% Oncore & Firstar Oncore Lite.............. 150,418 $ 1.630860 $ 245,310 1.4% 43.33% 0.00% ------------ ------------ 2,221,954 $ 3,631,182 ------------ ------------
(continued) 120 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- OLD MUTUAL INSURANCE SERIES FUND: (CONTINUED) TECHNOLOGY & COMMUNICATIONS SUBACCOUNT (CONTINUED) 2002 Top I............................ 5,943 $ 1.146913 $ 6,816 1.1% -54.49% 0.00% Top Tradition.................... 96,108 $ 1.146913 $ 110,228 1.1% -54.49% 0.00% Top Plus......................... 16,948 $ 1.153023 $ 19,542 0.9% -54.40% 0.00% Investar Vision & Top Spectrum... 5,966 $ 1.137825 $ 6,788 1.4% -54.63% 0.00% Top Explorer..................... 143,375 $ 1.140850 $ 163,570 1.3% -54.58% 0.00% Oncore & Firstar Oncore Flex..... 49,216 $ 1.134817 $ 55,851 1.5% -54.67% 0.00% Oncore & Firstar Oncore Value.... 111,881 $ 1.153023 $ 129,001 0.9% -54.40% 0.00% Oncore & Firstar Oncore Premier....................... 708,865 $ 1.137825 $ 806,564 1.4% -54.63% 0.00% Oncore & Firstar Oncore Xtra..... 647,284 $ 1.137825 $ 736,495 1.4% -54.63% 0.00% Oncore & Firstar Oncore Lite..... 60,583 $ 1.137825 $ 68,933 1.4% -54.63% 0.00% ------------ ------------ 1,846,169 $ 2,103,788 ------------ ------------ 2001 Top I............................ 5,945 $ 2.520168 $ 14,982 1.1% -52.84% 0.00% Top Tradition.................... 89,491 $ 2.520168 $ 225,532 1.1% -52.84% 0.00% Top Plus......................... 20,410 $ 2.528557 $ 51,607 0.9% -52.75% 0.00% Investar Vision & Top Spectrum... 4,693 $ 2.507635 $ 11,769 1.4% -52.98% 0.00% Top Explorer..................... 95,767 $ 2.511810 $ 240,548 1.3% -52.94% 0.00% Oncore & Firstar Oncore Flex..... 33,099 $ 2.503488 $ 82,863 1.5% -53.03% 0.00% Oncore & Firstar Oncore Value.... 135,208 $ 2.528557 $ 341,881 0.9% -52.75% 0.00% Oncore & Firstar Oncore Premier....................... 799,692 $ 2.507635 $ 2,005,339 1.4% -52.98% 0.00% Oncore & Firstar Oncore Xtra..... 701,061 $ 2.507635 $ 1,758,006 1.4% -52.98% 0.00% Oncore Lite...................... 17,191 $ 2.507635 $ 43,108 1.4% -22.13% 0.00% 4/17/01 ------------ ------------ 1,902,557 $ 4,775,635 ------------ ------------ FIDELITY VARIABLE INSURANCE PRODUCTS FUND -- SERVICE CLASS 2: VIP MID CAP SUBACCOUNT 2005 Top I............................ 10,004 $ 18.668363 $ 186,753 1.1% 16.74% 0.00% Top Tradition.................... 171,224 $ 18.668363 $ 3,196,478 1.1% 16.74% 0.00% Top Plus......................... 87,829 $ 18.878915 $ 1,658,125 0.9% 16.97% 0.00% Investar Vision & Top Spectrum... 9,823 $ 18.357292 $ 180,322 1.4% 16.39% 0.00% Top Explorer..................... 142,125 $ 18.460394 $ 2,623,693 1.3% 16.51% 0.00% Oncore & Firstar Oncore Flex..... 73,719 $ 18.255071 $ 1,345,750 1.5% 16.28% 0.00% Oncore & Firstar Oncore Value.... 680,743 $ 18.878915 $ 12,851,692 0.9% 16.97% 0.00% Oncore & Firstar Oncore Premier....................... 2,092,498 $ 18.357292 $ 38,412,599 1.4% 16.39% 0.00% Oncore & Firstar Oncore Xtra..... 1,815,549 $ 18.357292 $ 33,328,559 1.4% 16.39% 0.00% Oncore & Firstar Oncore Lite..... 1,402,517 $ 18.357292 $ 25,746,395 1.4% 16.39% 0.00% ------------ ------------ 6,486,031 $119,530,366 ------------ ------------
(continued) 121 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2004 Top I..................................... 6,642 $ 15.992023 $ 106,221 1.1% 23.30% 0.00% Top Tradition............................. 149,737 $ 15.992023 $ 2,394,593 1.1% 23.30% 0.00% Top Plus.................................. 102,881 $ 16.140487 $ 1,660,552 0.9% 23.54% 0.00% Investar Vision & Top Spectrum............ 8,169 $ 15.772044 $ 128,838 1.4% 22.93% 0.00% Top Explorer.............................. 124,238 $ 15.845027 $ 1,968,550 1.3% 23.05% 0.00% Oncore & Firstar Oncore Flex.............. 77,331 $ 15.699630 $ 1,214,062 1.5% 22.81% 0.00% Oncore & Firstar Oncore Value............. 447,592 $ 16.140487 $ 7,224,357 0.9% 23.54% 0.00% Oncore & Firstar Oncore Premier........... 1,608,799 $ 15.772044 $ 25,374,063 1.4% 22.93% 0.00% Oncore & Firstar Oncore Xtra.............. 1,516,757 $ 15.772044 $ 23,922,355 1.4% 22.93% 0.00% Oncore & Firstar Oncore Lite.............. 549,996 $ 15.772044 $ 8,674,559 1.4% 22.93% 0.00% ------------ ------------ 4,592,142 $ 72,668,150 ------------ ------------ 2003 Top I..................................... 8,320 $ 12.970347 $ 107,916 1.1% 36.75% 0.17% Top Tradition............................. 142,617 $ 12.970347 $ 1,849,791 1.1% 36.75% 0.25% Top Plus.................................. 80,477 $ 13.064822 $ 1,051,418 0.9% 37.02% 0.23% Investar Vision & Top Spectrum............ 5,181 $ 12.829995 $ 66,466 1.4% 36.34% 0.22% Top Explorer.............................. 109,214 $ 12.876605 $ 1,406,300 1.3% 36.48% 0.29% Oncore & Firstar Oncore Flex.............. 60,509 $ 12.783713 $ 773,532 1.5% 36.21% 0.34% Oncore & Firstar Oncore Value............. 307,771 $ 13.064822 $ 4,020,973 0.9% 37.02% 0.21% Oncore & Firstar Oncore Premier........... 1,265,141 $ 12.829995 $ 16,231,763 1.4% 36.34% 0.23% Oncore & Firstar Oncore Xtra.............. 1,151,800 $ 12.829995 $ 14,777,582 1.4% 36.34% 0.23% Oncore & Firstar Oncore Lite.............. 292,074 $ 12.829995 $ 3,747,314 1.4% 36.34% 0.23% ------------ ------------ 3,423,104 $ 44,033,055 ------------ ------------ 2002 Top I..................................... 5,173 $ 9.484819 $ 49,061 1.1% -11.00% 0.34% Top Tradition............................. 130,804 $ 9.484819 $ 1,240,654 1.1% -11.00% 0.54% Top Plus.................................. 64,497 $ 9.535043 $ 614,985 0.9% -10.83% 0.56% Investar Vision & Top Spectrum............ 3,942 $ 9.410021 $ 37,099 1.4% -11.27% 0.46% Top Explorer.............................. 117,955 $ 9.434886 $ 1,112,889 1.3% -11.18% 0.51% Oncore & Firstar Oncore Flex.............. 74,049 $ 9.385302 $ 694,972 1.5% -11.36% 0.69% Oncore & Firstar Oncore Value............. 219,089 $ 9.535043 $ 2,089,022 0.9% -10.83% 0.70% Oncore & Firstar Oncore Premier........... 1,044,212 $ 9.410021 $ 9,826,064 1.4% -11.27% 0.76% Oncore & Firstar Oncore Xtra.............. 982,822 $ 9.410021 $ 9,248,373 1.4% -11.27% 0.76% Oncore & Firstar Oncore Lite.............. 145,844 $ 9.410021 $ 1,372,391 1.4% -11.27% 0.76% ------------ ------------ 2,788,387 $ 26,285,510 ------------ ------------
(continued) 122 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2001 Top I............................ 1,489 $ 10.657617 $ 15,871 1.1% -4.57% 0.00% Top Tradition.................... 59,049 $ 10.657617 $ 629,321 1.1% -4.57% 0.00% Top Plus......................... 29,783 $ 10.692863 $ 318,466 0.9% -4.38% 0.00% Investar Vision & Top Spectrum... 1,406 $ 10.605012 $ 14,915 1.4% -4.86% 0.00% Top Explorer..................... 44,983 $ 10.622516 $ 477,836 1.3% -4.76% 0.00% Oncore & Firstar Oncore Flex..... 49,172 $ 10.587597 $ 520,614 1.5% -4.95% 0.00% Oncore & Firstar Oncore Value.... 133,190 $ 10.692863 $ 1,424,183 0.9% -4.38% 0.00% Oncore & Firstar Oncore Premier....................... 700,708 $ 10.605012 $ 7,431,015 1.4% -4.86% 0.00% Oncore & Firstar Oncore Xtra..... 818,683 $ 10.605012 $ 8,682,138 1.4% -4.86% 0.00% Oncore & Firstar Oncore Lite..... 45,694 $ 10.605012 $ 484,586 1.4% 5.17% 0.00% 4/17/01 ------------ ------------ 1,884,157 19,998,945 ------------ ------------ VIP CONTRAFUND SUBACCOUNT 2005 Top I............................ 13,160 $ 11.923636 $ 156,911 1.1% 15.38% 0.13% Top Tradition.................... 234,958 $ 11.923636 $ 2,801,553 1.1% 15.38% 0.10% Top Plus......................... 86,323 $ 12.058187 $ 1,040,901 0.9% 15.61% 0.11% Investar Vision & Top Spectrum... 12,539 $ 11.724900 $ 147,016 1.4% 15.04% 0.14% Top Explorer..................... 199,981 $ 11.790742 $ 2,357,929 1.3% 15.15% 0.11% Oncore & Firstar Oncore Flex..... 94,484 $ 11.659576 $ 1,101,644 1.5% 14.93% 0.09% Oncore & Firstar Oncore Value.... 1,228,615 $ 12.058187 $ 14,814,868 0.9% 15.61% 0.09% Oncore & Firstar Oncore Premier....................... 2,104,925 $ 11.724900 $ 24,680,032 1.4% 15.04% 0.10% Oncore & Firstar Oncore Xtra..... 2,364,951 $ 11.724900 $ 27,728,819 1.4% 15.04% 0.10% Oncore & Firstar Oncore Lite..... 1,657,605 $ 11.724900 $ 19,435,256 1.4% 15.04% 0.10% ------------ ------------ 7,997,541 $ 94,264,929 ------------ ------------ 2004 Top I............................ 6,505 $ 10.334117 $ 67,221 1.1% 13.90% 0.20% Top Tradition.................... 147,010 $ 10.334117 $ 1,519,221 1.1% 13.90% 0.17% Top Plus......................... 68,693 $ 10.430125 $ 716,475 0.9% 14.13% 0.23% Investar Vision & Top Spectrum... 14,766 $ 10.191930 $ 150,493 1.4% 13.56% 0.15% Top Explorer..................... 142,693 $ 10.239077 $ 1,461,046 1.3% 13.68% 0.18% Oncore & Firstar Oncore Flex..... 47,346 $ 10.145103 $ 480,329 1.5% 13.45% 0.20% Oncore & Firstar Oncore Value.... 597,830 $ 10.430125 $ 6,235,444 0.9% 14.13% 0.17% Oncore & Firstar Oncore Premier....................... 1,433,277 $ 10.191930 $ 14,607,855 1.4% 13.56% 0.18% Oncore & Firstar Oncore Xtra..... 1,621,864 $ 10.191930 $ 16,529,924 1.4% 13.56% 0.18% Oncore & Firstar Oncore Lite..... 841,473 $ 10.191930 $ 8,576,234 1.4% 13.56% 0.18% ------------ ------------ 4,921,457 $ 50,344,242 ------------ ------------
(continued) 123 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2003 Top I............................ 7,770 $ 9.072746 $ 70,495 1.1% 26.80% 0.30% Top Tradition.................... 85,522 $ 9.072746 $ 775,923 1.1% 26.80% 0.22% Top Plus......................... 69,265 $ 9.138874 $ 633,003 0.9% 27.05% 0.24% Investar Vision & Top Spectrum... 9,200 $ 8.974539 $ 82,567 1.4% 26.43% 0.16% Top Explorer..................... 94,161 $ 9.007136 $ 848,121 1.3% 26.55% 0.30% Oncore & Firstar Oncore Flex..... 39,892 $ 8.942128 $ 356,722 1.5% 26.30% 0.32% Oncore & Firstar Oncore Value.... 368,098 $ 9.138874 $ 3,363,999 0.9% 27.05% 0.23% Oncore & Firstar Oncore Premier....................... 1,039,505 $ 8.974539 $ 9,329,076 1.4% 26.43% 0.25% Oncore & Firstar Oncore Xtra..... 1,194,552 $ 8.974539 $ 10,720,550 1.4% 26.43% 0.25% Oncore & Firstar Oncore Lite..... 452,094 $ 8.974539 $ 4,057,337 1.4% 26.43% 0.25% ------------ ------------ 3,360,059 $ 30,237,793 ------------ ------------ 2002 Top I............................ 4,584 $ 7.155031 $ 32,796 1.1% -10.59% 0.63% Top Tradition.................... 41,004 $ 7.155031 $ 293,386 1.1% -10.59% 0.58% Top Plus......................... 41,886 $ 7.192959 $ 301,283 0.9% -10.41% 0.49% Investar Vision & Top Spectrum... 2,365 $ 7.098583 $ 16,791 1.4% -10.85% 0.68% Top Explorer..................... 74,604 $ 7.117333 $ 530,980 1.3% -10.77% 0.44% Oncore & Firstar Oncore Flex..... 45,890 $ 7.079920 $ 324,896 1.5% -10.94% 0.51% Oncore & Firstar Oncore Value.... 209,793 $ 7.192959 $ 1,509,034 0.9% -10.41% 0.67% Oncore & Firstar Oncore Premier....................... 793,344 $ 7.098583 $ 5,631,617 1.4% -10.85% 0.60% Oncore & Firstar Oncore Xtra..... 888,668 $ 7.098583 $ 6,308,286 1.4% -10.85% 0.60% Oncore & Firstar Oncore Lite..... 138,341 $ 7.098583 $ 982,025 1.4% -10.85% 0.60% ------------ ------------ 2,240,479 $ 15,931,094 ------------ ------------ 2001 Top I............................ 4,044 $ 8.002343 $ 32,361 1.1% -13.43% 0.00% Top Tradition.................... 20,366 $ 8.002343 $ 162,975 1.1% -13.43% 0.27% Top Plus......................... 17,151 $ 8.028835 $ 137,699 0.9% -13.25% 0.22% Investar Vision & Top Spectrum... 2,725 $ 7.962821 $ 21,696 1.4% -13.69% 0.00% Top Explorer..................... 27,636 $ 7.975964 $ 220,425 1.3% -13.60% 0.58% Oncore & Firstar Oncore Flex..... 26,048 $ 7.949721 $ 207,078 1.5% -13.77% 0.40% Oncore & Firstar Oncore Value.... 157,198 $ 8.028835 $ 1,262,118 0.9% -13.25% 0.48% Oncore & Firstar Oncore Premier....................... 497,783 $ 7.962821 $ 3,963,760 1.4% -13.69% 0.40% Oncore & Firstar Oncore Xtra..... 529,099 $ 7.962821 $ 4,213,122 1.4% -13.69% 0.40% Oncore & Firstar Oncore Lite..... 36,987 $ 7.962821 $ 294,522 1.4% -1.23% 0.40% 4/17/01 ------------ ------------ 1,319,037 $ 10,515,756 ------------ ------------
(continued) 124 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 2005 Top I..................................... 6,227 $ 6.620268 $ 41,228 1.1% 4.36% 0.33% Top Tradition............................. 68,531 $ 6.620268 $ 453,693 1.1% 4.36% 0.27% Top Plus.................................. 36,291 $ 6.694999 $ 242,968 0.9% 4.56% 0.28% Investar Vision & Top Spectrum............ 20,540 $ 6.509857 $ 133,714 1.4% 4.05% 0.28% Top Explorer.............................. 91,639 $ 6.546422 $ 599,911 1.3% 4.15% 0.27% Oncore & Firstar Oncore Flex.............. 29,401 $ 6.473550 $ 190,328 1.5% 3.95% 0.39% Oncore & Firstar Oncore Value............. 256,585 $ 6.694999 $ 1,717,839 0.9% 4.56% 0.27% Oncore & Firstar Oncore Premier........... 1,357,846 $ 6.509857 $ 8,839,381 1.4% 4.05% 0.27% Oncore & Firstar Oncore Xtra.............. 1,255,453 $ 6.509857 $ 8,172,820 1.4% 4.05% 0.27% Oncore & Firstar Oncore Lite.............. 427,263 $ 6.509857 $ 2,781,416 1.4% 4.05% 0.27% ------------ ------------ 3,549,776 $ 23,173,298 ------------ ------------ 2004 Top I..................................... 11,489 $ 6.343833 $ 72,885 1.1% 2.00% 0.14% Top Tradition............................. 74,724 $ 6.343833 $ 474,034 1.1% 2.00% 0.12% Top Plus.................................. 33,614 $ 6.402777 $ 215,222 0.9% 2.20% 0.15% Investar Vision & Top Spectrum............ 17,382 $ 6.256481 $ 108,748 1.4% 1.69% 0.10% Top Explorer.............................. 81,693 $ 6.285430 $ 513,478 1.3% 1.80% 0.13% Oncore & Firstar Oncore Flex.............. 55,798 $ 6.227715 $ 347,495 1.5% 1.59% 0.13% Oncore & Firstar Oncore Value............. 260,661 $ 6.402777 $ 1,668,954 0.9% 2.20% 0.12% Oncore & Firstar Oncore Premier........... 1,404,305 $ 6.256481 $ 8,786,013 1.4% 1.69% 0.13% Oncore & Firstar Oncore Xtra.............. 1,375,206 $ 6.256481 $ 8,603,951 1.4% 1.69% 0.13% Oncore & Firstar Oncore Lite.............. 344,710 $ 6.256481 $ 2,156,668 1.4% 1.69% 0.13% ------------ ------------ 3,659,582 $ 22,947,448 ------------ ------------ 2003 Top I..................................... 10,525 $ 6.219608 $ 65,464 1.1% 31.10% 0.13% Top Tradition............................. 58,159 $ 6.219608 $ 361,727 1.1% 31.10% 0.10% Top Plus.................................. 50,194 $ 6.264948 $ 314,461 0.9% 31.36% 0.11% Investar Vision & Top Spectrum............ 9,718 $ 6.152233 $ 59,789 1.4% 30.71% 0.10% Top Explorer.............................. 80,868 $ 6.174579 $ 499,326 1.3% 30.84% 0.11% Oncore & Firstar Oncore Flex.............. 53,550 $ 6.129997 $ 328,260 1.5% 30.58% 0.09% Oncore & Firstar Oncore Value............. 246,113 $ 6.264948 $ 1,541,885 0.9% 31.36% 0.10% Oncore & Firstar Oncore Premier........... 1,197,622 $ 6.152233 $ 7,368,049 1.4% 30.71% 0.11% Oncore & Firstar Oncore Xtra.............. 1,241,472 $ 6.152233 $ 7,637,826 1.4% 30.71% 0.11% Oncore & Firstar Oncore Lite.............. 279,691 $ 6.152233 $ 1,720,724 1.4% 30.71% 0.11% ------------ ------------ 3,227,912 $ 19,897,511 ------------ ------------ 2002 Top I..................................... 13,980 $ 4.744149 $ 66,324 1.1% -31.06% 0.13% Top Tradition............................. 40,662 $ 4.744149 $ 192,905 1.1% -31.06% 0.12% Top Plus.................................. 24,373 $ 4.769312 $ 116,240 0.9% -30.92% 0.13% Investar Vision & Top Spectrum............ 5,217 $ 4.706684 $ 24,555 1.4% -31.26% 0.15% Top Explorer.............................. 63,190 $ 4.719133 $ 298,201 1.3% -31.19% 0.13% Oncore & Firstar Oncore Flex.............. 39,024 $ 4.694294 $ 183,190 1.5% -31.33% 0.19% Oncore & Firstar Oncore Value............. 201,437 $ 4.769312 $ 960,718 0.9% -30.92% 0.12% Oncore & Firstar Oncore Premier........... 1,017,060 $ 4.706684 $ 4,786,979 1.4% -31.26% 0.15% Oncore & Firstar Oncore Xtra.............. 1,208,959 $ 4.706684 $ 5,690,189 1.4% -31.26% 0.15% Oncore & Firstar Oncore Lite.............. 163,350 $ 4.706684 $ 768,839 1.4% -31.26% 0.15% ------------ ------------ 2,777,252 $ 13,088,140 ------------ ------------
(continued) 125 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2001 Top I............................ 12,332 $ 6.881110 $ 84,859 1.1% -18.77% 0.07% Top Tradition.................... 29,089 $ 6.881110 $ 200,165 1.1% -18.77% 0.05% Top Plus......................... 18,402 $ 6.903910 $ 127,046 0.9% -18.60% 0.04% Investar Vision & Top Spectrum... 5,871 $ 6.847093 $ 40,198 1.4% -19.01% 0.04% Top Explorer..................... 54,548 $ 6.858397 $ 374,110 1.3% -18.93% 0.07% Oncore & Firstar Oncore Flex..... 107,909 $ 6.835818 $ 737,644 1.5% -19.09% 0.06% Oncore & Firstar Oncore Value.... 134,439 $ 6.903910 $ 928,154 0.9% -18.60% 0.05% Oncore & Firstar Oncore Premier....................... 983,576 $ 6.847093 $ 6,734,634 1.4% -19.01% 0.06% Oncore & Firstar Oncore Xtra..... 1,355,448 $ 6.847093 $ 9,280,881 1.4% -19.01% 0.06% Oncore & Firstar Oncore Lite..... 61,682 $ 6.847093 $ 422,344 1.4% -5.73% 0.06% 4/17/01 ------------ ------------ 2,763,296 $ 18,930,035 ------------ ------------ VIP EQUITY-INCOME SUBACCOUNT 2005 Top Plus......................... 14,967 $ 12.870922 $ 192,633 0.9% 4.63% 1.36% Top Explorer..................... 21,012 $ 12.756942 $ 268,048 1.3% 4.22% 1.20% Oncore & Firstar Oncore Flex..... 27,497 $ 12.317694 $ 338,694 1.5% 4.01% 0.93% Oncore & Firstar Oncore Value.... 113,923 $ 12.480194 $ 1,421,775 0.9% 4.63% 0.90% Oncore & Firstar Oncore Premier....................... 814,934 $ 12.344563 $ 10,060,001 1.4% 4.12% 1.07% Oncore & Firstar Oncore Xtra..... 579,698 $ 12.344563 $ 7,156,119 1.4% 4.12% 1.07% Oncore & Firstar Oncore Lite..... 640,980 $ 12.344563 $ 7,912,636 1.4% 4.12% 1.07% ------------ ------------ 2,213,011 $ 27,349,906 ------------ ------------ 2004 Top Plus......................... 14,449 $ 12.301227 $ 177,742 0.9% 10.24% 0.55% Top Explorer..................... 9,966 $ 12.240475 $ 121,992 1.3% 9.80% 0.38% Oncore & Firstar Oncore Flex..... 14,591 $ 11.842290 $ 172,794 1.5% 9.58% 0.47% Oncore & Firstar Oncore Value.... 46,981 $ 11.927794 $ 560,379 0.9% 10.24% 0.50% Oncore & Firstar Oncore Premier....................... 398,660 $ 11.856466 $ 4,726,689 1.4% 9.69% 0.28% Oncore & Firstar Oncore Xtra..... 369,540 $ 11.856466 $ 4,381,442 1.4% 9.69% 0.28% Oncore & Firstar Oncore Lite..... 305,967 $ 11.856466 $ 3,627,690 1.4% 9.69% 0.28% ------------ ------------ 1,160,154 $ 13,768,728 ------------ ------------ 2003 Top Plus......................... 1,749 $ 11.158744 $ 19,514 0.9% 11.59% 0.00% 10/1/03 Top Explorer..................... 1,298 $ 11.147766 $ 14,471 1.3% 11.48% 0.00% 10/1/03 Oncore Flex...................... 3,106 $ 10.806489 $ 33,564 1.5% 8.06% 0.00% 10/15/03 Oncore Value..................... 6,119 $ 10.819985 $ 66,206 0.9% 8.20% 0.00% 10/15/03 Oncore & Firstar Oncore Premier....................... 41,389 $ 10.808731 $ 447,372 1.4% 8.09% 0.00% 10/15/03 Oncore & Firstar Oncore Xtra..... 35,448 $ 10.808731 $ 383,143 1.4% 8.09% 0.00% 10/15/03 Oncore & Firstar Oncore Lite..... 7,599 $ 10.808731 $ 82,132 1.4% 8.09% 0.00% 10/15/03 ------------ ------------ 96,708 $ 1,046,402 ------------ ------------
(continued) 126 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- JANUS ASPEN SERIES -- SERVICE SHARES: LARGE CAP GROWTH SUBACCOUNT 2005 Top Tradition............................. 56,229 $ 6.008117 $ 337,828 1.1% 2.88% 0.13% Top Plus.................................. 20,034 $ 6.075961 $ 121,727 0.9% 3.09% 0.12% Top Explorer.............................. 119,176 $ 5.941109 $ 708,038 1.3% 2.68% 0.12% Oncore & Firstar Oncore Flex.............. 52,402 $ 5.874944 $ 307,857 1.5% 2.48% 0.13% Oncore & Firstar Oncore Value............. 228,716 $ 6.075961 $ 1,389,667 0.9% 3.09% 0.13% Oncore & Firstar Oncore Premier........... 1,252,888 $ 5.907893 $ 7,401,931 1.4% 2.58% 0.13% Oncore & Firstar Oncore Xtra.............. 1,270,210 $ 5.907893 $ 7,504,265 1.4% 2.58% 0.13% Oncore & Firstar Oncore Lite.............. 307,216 $ 5.907893 $ 1,815,001 1.4% 2.58% 0.13% ------------ ------------ 3,306,871 $ 19,586,314 ------------ ------------ 2004 Top Tradition............................. 62,889 $ 5.839672 $ 367,251 1.1% 3.06% 0.00% Top Plus.................................. 21,338 $ 5.893969 $ 125,767 0.9% 3.27% 0.00% Top Explorer.............................. 125,636 $ 5.785921 $ 726,918 1.3% 2.86% 0.00% Oncore & Firstar Oncore Flex.............. 68,683 $ 5.732766 $ 393,741 1.5% 2.66% 0.00% Oncore & Firstar Oncore Value............. 286,066 $ 5.893969 $ 1,686,064 0.9% 3.27% 0.00% Oncore & Firstar Oncore Premier........... 1,454,352 $ 5.759254 $ 8,375,991 1.4% 2.76% 0.00% Oncore & Firstar Oncore Xtra.............. 1,484,119 $ 5.759254 $ 8,547,417 1.4% 2.76% 0.00% Oncore & Firstar Oncore Lite.............. 143,353 $ 5.759254 $ 825,604 1.4% 2.76% 0.00% ------------ ------------ 3,646,436 $ 21,048,753 ------------ ------------ 2003 Top Tradition............................. 58,463 $ 5.666017 $ 331,253 1.1% 30.06% 0.00% Top Plus.................................. 23,594 $ 5.707363 $ 134,657 0.9% 30.32% 0.00% Top Explorer.............................. 128,282 $ 5.625002 $ 721,589 1.3% 29.81% 0.00% Oncore & Firstar Oncore Flex.............. 85,350 $ 5.584367 $ 476,627 1.5% 29.55% 0.00% Oncore & Firstar Oncore Value............. 343,417 $ 5.707363 $ 1,960,007 0.9% 30.32% 0.00% Oncore & Firstar Oncore Premier........... 1,661,880 $ 5.604628 $ 9,314,217 1.4% 29.68% 0.00% Oncore & Firstar Oncore Xtra.............. 1,738,954 $ 5.604628 $ 9,746,189 1.4% 29.68% 0.00% Oncore & Firstar Oncore Lite.............. 121,438 $ 5.604628 $ 680,617 1.4% 29.68% 0.00% ------------ ------------ 4,161,378 $ 23,365,156 ------------ ------------ 2002 Top Tradition............................. 74,617 $ 4.356366 $ 325,059 1.1% -27.52% 0.00% Top Plus.................................. 42,173 $ 4.379486 $ 184,695 0.9% -27.38% 0.00% Top Explorer.............................. 132,552 $ 4.333374 $ 574,396 1.3% -27.66% 0.00% Oncore & Firstar Oncore Flex.............. 124,579 $ 4.310559 $ 537,004 1.5% -27.81% 0.00% Oncore & Firstar Oncore Value............. 420,322 $ 4.379486 $ 1,840,793 0.9% -27.38% 0.00% Oncore & Firstar Oncore Premier........... 1,944,519 $ 4.321940 $ 8,404,101 1.4% -27.73% 0.00% Oncore & Firstar Oncore Xtra.............. 2,052,917 $ 4.321940 $ 8,872,582 1.4% -27.73% 0.00% Oncore & Firstar Oncore Lite.............. 88,062 $ 4.321940 $ 380,598 1.4% -27.73% 0.00% ------------ ------------ 4,879,741 $ 21,119,228 ------------ ------------
(continued) 127 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2001 Top Tradition.................... 62,090 $ 6.010424 $ 373,188 1.1% -25.72% 0.00% Top Plus......................... 67,858 $ 6.030349 $ 409,209 0.9% -25.57% 0.00% Top Explorer..................... 138,508 $ 5.990572 $ 829,740 1.3% -25.87% 0.00% Oncore & Firstar Oncore Flex..... 169,611 $ 5.970827 $ 1,012,715 1.5% -26.02% 0.00% Oncore & Firstar Oncore Value.... 446,943 $ 6.030349 $ 2,695,223 0.9% -25.57% 0.00% Oncore & Firstar Oncore Premier....................... 2,409,324 $ 5.980677 $ 14,409,391 1.4% -25.94% 0.00% Oncore & Firstar Oncore Xtra..... 2,442,837 $ 5.980677 $ 14,609,814 1.4% -25.94% 0.00% Oncore & Firstar Oncore Lite..... 49,195 $ 5.980677 $ 294,222 1.4% -13.53% 0.00% 4/17/01 ------------ ------------ 5,786,366 $ 34,633,502 ------------ ------------ WORLDWIDE GROWTH SUBACCOUNT 2005 Top Tradition.................... 79,457 $ 5.940015 $ 471,973 1.1% 4.42% 1.22% Top Plus......................... 22,398 $ 6.007072 $ 134,549 0.9% 4.63% 1.23% Top Explorer..................... 142,411 $ 5.873732 $ 836,486 1.3% 4.22% 1.18% Oncore Flex...................... 28,961 $ 5.808349 $ 168,213 1.5% 4.01% 1.15% Oncore & Firstar Oncore Value.... 258,878 $ 6.007072 $ 1,555,100 0.9% 4.63% 1.27% Oncore & Firstar Oncore Premier....................... 943,741 $ 5.840921 $ 5,512,314 1.4% 4.11% 1.20% Oncore & Firstar Oncore Xtra..... 1,055,526 $ 5.840921 $ 6,165,245 1.4% 4.11% 1.20% Oncore & Firstar Oncore Lite..... 182,235 $ 5.840921 $ 1,064,424 1.4% 4.11% 1.20% ------------ ------------ 2,713,607 $ 15,908,304 ------------ ------------ 2004 Top Tradition.................... 80,195 $ 5.688478 $ 456,190 1.1% 3.39% 0.94% Top Plus......................... 23,884 $ 5.741345 $ 137,129 0.9% 3.59% 0.91% Top Explorer..................... 169,944 $ 5.636093 $ 957,823 1.3% 3.18% 0.90% Oncore & Firstar Oncore Flex..... 41,746 $ 5.584344 $ 233,126 1.5% 2.98% 0.80% Oncore & Firstar Oncore Value.... 265,504 $ 5.741345 $ 1,524,350 0.9% 3.59% 0.87% Oncore & Firstar Oncore Premier....................... 1,144,260 $ 5.610137 $ 6,419,444 1.4% 3.08% 0.87% Oncore & Firstar Oncore Xtra..... 1,225,751 $ 5.610137 $ 6,876,632 1.4% 3.08% 0.87% Oncore & Firstar Oncore Lite..... 173,925 $ 5.610137 $ 975,745 1.4% 3.08% 0.87% ------------ ------------ 3,125,209 $ 17,580,439 ------------ ------------ 2003 Top Tradition.................... 78,874 $ 5.502103 $ 433,971 1.1% 22.34% 0.78% Top Plus......................... 28,186 $ 5.542235 $ 156,215 0.9% 22.58% 0.83% Top Explorer..................... 184,594 $ 5.462268 $ 1,008,304 1.3% 22.09% 0.86% Oncore & Firstar Oncore Flex..... 62,160 $ 5.422827 $ 337,082 1.5% 21.85% 2.02% Oncore & Firstar Oncore Value.... 326,572 $ 5.542235 $ 1,809,938 0.9% 22.58% 0.83% Oncore & Firstar Oncore Premier....................... 1,449,981 $ 5.442491 $ 7,891,508 1.4% 21.97% 0.78% Oncore & Firstar Oncore Xtra..... 1,393,690 $ 5.442491 $ 7,585,147 1.4% 21.97% 0.78% Oncore & Firstar Oncore Lite..... 277,683 $ 5.442491 $ 1,511,287 1.4% 21.97% 0.78% ------------ ------------ 3,801,740 $ 20,733,452 ------------ ------------
(continued) 128 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- JANUS ASPEN SERIES -- SERVICE SHARES: (CONTINUED) WORLDWIDE GROWTH SUBACCOUNT (CONTINUED) 2002 Top Tradition.................... 91,603 $ 4.497548 $ 411,987 1.1% -26.52% 0.62% Top Plus......................... 35,573 $ 4.521400 $ 160,842 0.9% -26.37% 0.54% Top Explorer..................... 191,295 $ 4.473819 $ 855,819 1.3% -26.66% 0.59% Oncore & Firstar Oncore Flex..... 644,319 $ 4.450281 $ 2,867,400 1.5% -26.81% 0.31% Oncore & Firstar Oncore Value.... 398,989 $ 4.521400 $ 1,803,989 0.9% -26.37% 0.56% Oncore & Firstar Oncore Premier....................... 1,680,823 $ 4.462021 $ 7,499,866 1.4% -26.73% 0.60% Oncore & Firstar Oncore Xtra..... 3,982,164 $ 4.462021 $ 17,768,499 1.4% -26.73% 0.60% Oncore & Firstar Oncore Lite..... 231,665 $ 4.462021 $ 1,033,695 1.4% -26.73% 0.60% ------------ ------------ 7,256,431 $ 32,402,097 ------------ ------------ 2001 Top Tradition.................... 73,156 $ 6.120494 $ 447,753 1.1% -23.46% 0.27% Top Plus......................... 48,371 $ 6.140770 $ 297,032 0.9% -23.31% 0.29% Top Explorer..................... 182,581 $ 6.100292 $ 1,113,798 1.3% -23.62% 0.28% Oncore & Firstar Oncore Flex..... 501,610 $ 6.080193 $ 3,049,885 1.5% -23.77% 0.23% Oncore & Firstar Oncore Value.... 449,841 $ 6.140770 $ 2,762,371 0.9% -23.31% 0.29% Oncore & Firstar Oncore Premier....................... 1,992,495 $ 6.090225 $ 12,134,743 1.4% -23.69% 0.28% Oncore & Firstar Oncore Xtra..... 2,395,604 $ 6.090225 $ 14,589,771 1.4% -23.69% 0.28% Oncore & Firstar Oncore Lite..... 167,728 $ 6.090225 $ 1,021,499 1.4% -10.27% 0.28% 4/17/01 ------------ ------------ 5,811,386 $ 35,416,852 ------------ ------------ BALANCED SUBACCOUNT 2005 Top Tradition.................... 86,840 $ 10.849455 $ 942,170 1.1% 6.49% 2.11% Top Plus......................... 55,547 $ 10.971891 $ 609,456 0.9% 6.70% 2.04% Top Explorer..................... 179,272 $ 10.728530 $ 1,923,330 1.3% 6.28% 2.06% Oncore & Firstar Oncore Flex..... 103,359 $ 10.609175 $ 1,096,549 1.5% 6.07% 2.04% Oncore & Firstar Oncore Value.... 360,722 $ 10.971891 $ 3,957,800 0.9% 6.70% 2.11% Oncore & Firstar Oncore Premier....................... 2,290,071 $ 10.668607 $ 24,431,864 1.4% 6.18% 2.06% Oncore & Firstar Oncore Xtra..... 1,926,248 $ 10.668607 $ 20,550,388 1.4% 6.18% 2.06% Oncore & Firstar Oncore Lite..... 734,655 $ 10.668607 $ 7,837,742 1.4% 6.18% 2.06% ------------ ------------ 5,736,714 $ 61,349,299 ------------ ------------ 2004 Top Tradition.................... 85,175 $ 10.188011 $ 867,762 1.1% 7.11% 2.23% Top Plus......................... 62,865 $ 10.282656 $ 646,417 0.9% 7.32% 2.32% Top Explorer..................... 185,996 $ 10.094323 $ 1,877,508 1.3% 6.90% 2.22% Oncore & Firstar Oncore Flex..... 120,930 $ 10.001677 $ 1,209,502 1.5% 6.69% 2.09% Oncore & Firstar Oncore Value.... 351,147 $ 10.282656 $ 3,610,726 0.9% 7.32% 2.23% Oncore & Firstar Oncore Premier....................... 2,583,237 $ 10.047828 $ 25,955,914 1.4% 6.79% 2.13% Oncore & Firstar Oncore Xtra..... 2,093,026 $ 10.047828 $ 21,030,365 1.4% 6.79% 2.13% Oncore & Firstar Oncore Lite..... 731,854 $ 10.047828 $ 7,353,547 1.4% 6.79% 2.13% ------------ ------------ 6,214,230 $ 62,551,741 ------------ ------------
(continued) 129 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- JANUS ASPEN SERIES--SERVICE SHARES: (CONTINUED) BALANCED SUBACCOUNT (CONTINUED) 2003 Top Tradition.................... 87,012 $ 9.511581 $ 827,623 1.1% 12.49% 1.89% Top Plus......................... 62,173 $ 9.580905 $ 595,674 0.9% 12.71% 1.78% Top Explorer..................... 188,592 $ 9.442810 $ 1,780,834 1.3% 12.26% 1.84% Oncore & Firstar Oncore Flex..... 145,008 $ 9.374671 $ 1,359,403 1.5% 12.04% 1.80% Oncore & Firstar Oncore Value.... 367,126 $ 9.580905 $ 3,517,403 0.9% 12.71% 1.79% Oncore & Firstar Oncore Premier....................... 2,925,435 $ 9.408634 $ 27,524,349 1.4% 12.15% 1.79% Oncore & Firstar Oncore Xtra..... 2,526,974 $ 9.408634 $ 23,775,371 1.4% 12.15% 1.79% Oncore & Firstar Oncore Lite..... 750,058 $ 9.408634 $ 7,057,019 1.4% 12.15% 1.79% ------------ ------------ 7,052,378 $ 66,437,676 ------------ ------------ 2002 Top Tradition.................... 74,427 $ 8.455853 $ 629,346 1.1% -7.69% 2.24% Top Plus......................... 68,185 $ 8.500668 $ 579,620 0.9% -7.51% 1.96% Top Explorer..................... 180,189 $ 8.411342 $ 1,515,635 1.3% -7.87% 2.02% Oncore & Firstar Oncore Flex..... 157,176 $ 8.367134 $ 1,315,109 1.5% -8.05% 1.91% Oncore & Firstar Oncore Value.... 388,415 $ 8.500668 $ 3,301,789 0.9% -7.51% 1.96% Oncore & Firstar Oncore Premier....................... 3,334,140 $ 8.389176 $ 27,970,681 1.4% -7.96% 2.06% Oncore & Firstar Oncore Xtra..... 2,937,078 $ 8.389176 $ 24,639,663 1.4% -7.96% 2.06% Oncore & Firstar Oncore Lite..... 619,150 $ 8.389176 $ 5,194,162 1.4% -7.96% 2.06% ------------ ------------ 7,758,760 $ 65,146,005 ------------ ------------ 2001 Top Tradition.................... 45,265 $ 9.160280 $ 414,643 1.1% -5.95% 2.07% Top Plus......................... 76,989 $ 9.190598 $ 707,577 0.9% -5.76% 1.93% Top Explorer..................... 163,510 $ 9.130104 $ 1,492,867 1.3% -6.13% 1.97% Oncore & Firstar Oncore Flex..... 149,183 $ 9.100077 $ 1,357,576 1.5% -6.32% 1.81% Oncore & Firstar Oncore Value.... 360,002 $ 9.190598 $ 3,308,632 0.9% -5.76% 1.94% Oncore & Firstar Oncore Premier....................... 2,990,319 $ 9.115046 $ 27,256,899 1.4% -6.23% 2.01% Oncore & Firstar Oncore Xtra..... 2,354,358 $ 9.115046 $ 21,460,068 1.4% -6.23% 2.01% Oncore & Firstar Oncore Lite..... 198,397 $ 9.115046 $ 1,808,402 1.4% -1.20% 2.01% 4/17/01 ------------ ------------ 6,338,023 $ 57,806,664 ------------ ------------ INTERNATIONAL GROWTH SUBACCOUNT 2005 Top I............................ 730 $ 10.940746 $ 7,982 1.1% 9.41% 5.29% 11/2/05 Top Tradition.................... 21,603 $ 20.825080 $ 449,892 1.1% 30.51% 1.18% Top Plus......................... 9,531 $ 20.935255 $ 199,528 0.9% 30.77% 1.18% Investar Vision & Top Spectrum... 1,092 $ 10.935612 $ 11,946 1.4% 9.36% 2.77% 11/2/05 Top Explorer..................... 15,727 $ 20.715657 $ 325,802 1.3% 30.25% 1.32% Oncore & Firstar Oncore Flex..... 33,250 $ 8.752122 $ 291,012 1.5% 30.00% 1.12% Oncore & Firstar Oncore Value.... 478,472 $ 9.051443 $ 4,330,866 0.9% 30.77% 1.22% Oncore & Firstar Oncore Premier....................... 751,663 $ 8.801164 $ 6,615,512 1.4% 30.12% 1.16% Oncore & Firstar Oncore Xtra..... 1,114,171 $ 8.801164 $ 9,806,004 1.4% 30.12% 1.16% Oncore & Firstar Oncore Lite..... 658,627 $ 8.801164 $ 5,796,668 1.4% 30.12% 1.16% ------------ ------------ 3,084,866 $ 27,835,212 ------------ ------------
(continued) 130 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2004 Top Tradition.................... 4,102 $ 15.956850 $ 65,458 1.1% 17.39% 0.95% Top Plus......................... 1,674 $ 16.009646 $ 26,796 0.9% 17.63% 2.98% Top Explorer..................... 5,167 $ 15.904258 $ 82,173 1.3% 17.16% 1.24% Oncore & Firstar Oncore Flex..... 32,254 $ 6.732589 $ 217,152 1.5% 16.93% 0.80% Oncore & Firstar Oncore Value.... 196,732 $ 6.921832 $ 1,361,749 0.9% 17.63% 0.94% Oncore & Firstar Oncore Premier....................... 620,333 $ 6.763671 $ 4,195,727 1.4% 17.04% 0.86% Oncore & Firstar Oncore Xtra..... 789,810 $ 6.763671 $ 5,342,017 1.4% 17.04% 0.86% Oncore & Firstar Oncore Lite..... 207,603 $ 6.763671 $ 1,404,156 1.4% 17.04% 0.86% ------------ ------------ 1,857,675 $ 12,695,228 ------------ ------------ 2003 Top Tradition.................... 150 $ 13.592795 $ 2,034 1.1% 35.93% 1.04% 5/1/03 Top Explorer..................... 33 $ 13.574869 $ 451 1.3% 35.75% 0.70% 5/1/03 Oncore & Firstar Oncore Flex..... 55,592 $ 5.757890 $ 320,091 1.5% 32.55% 2.89% Oncore & Firstar Oncore Value.... 136,058 $ 5.884653 $ 800,653 0.9% 33.33% 0.96% Oncore & Firstar Oncore Premier....................... 739,566 $ 5.778757 $ 4,273,781 1.4% 32.68% 0.88% Oncore & Firstar Oncore Xtra..... 618,597 $ 5.778757 $ 3,574,719 1.4% 32.68% 0.88% Oncore & Firstar Oncore Lite..... 124,741 $ 5.778757 $ 720,848 1.4% 32.68% 0.88% ------------ ------------ 1,674,737 $ 9,692,577 ------------ ------------ 2002 Oncore & Firstar Oncore Flex..... 351,975 $ 4.344038 $ 1,528,994 1.5% -26.86% 0.94% Oncore & Firstar Oncore Value.... 181,433 $ 4.413465 $ 800,750 0.9% -26.42% 0.67% Oncore & Firstar Oncore Premier....................... 759,977 $ 4.355499 $ 3,310,077 1.4% -26.78% 0.68% Oncore & Firstar Oncore Xtra..... 2,998,591 $ 4.355499 $ 13,060,358 1.4% -26.78% 0.68% Oncore Lite...................... 47,413 $ 4.355499 $ 206,509 1.4% -26.78% 0.68% ------------ ------------ 4,339,389 $ 18,906,688 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 501,432 $ 5.939104 $ 2,978,056 1.5% -24.57% 0.57% Oncore & Firstar Oncore Value.... 166,194 $ 5.998270 $ 996,877 0.9% -24.12% 0.75% Oncore & Firstar Oncore Premier....................... 846,346 $ 5.948893 $ 5,034,822 1.4% -24.49% 0.67% Oncore & Firstar Oncore Xtra..... 982,000 $ 5.948893 $ 5,841,813 1.4% -24.49% 0.67% Oncore & Firstar Oncore Lite..... 17,235 $ 5.948893 $ 102,530 1.4% -10.20% 0.67% 4/17/01 ------------ ------------ 2,513,207 $ 14,954,098 ------------ ------------ J.P. MORGAN SERIES TRUST II: SMALL COMPANY SUBACCOUNT 2005 Top Tradition.................... 11,271 $ 14.998025 $ 169,049 1.1% 2.29% 0.00% Top Plus......................... 358 $ 15.122149 $ 5,407 0.9% 2.50% 0.00% Top Explorer..................... 7,189 $ 14.875109 $ 106,939 1.3% 2.09% 0.00% Oncore & Firstar Oncore Flex..... 10,774 $ 12.378673 $ 133,371 1.5% 1.89% 0.00% Oncore & Firstar Oncore Value.... 268,177 $ 12.954923 $ 3,474,210 0.9% 2.50% 0.00% Oncore & Firstar Oncore Premier....................... 472,685 $ 12.472601 $ 5,895,609 1.4% 1.99% 0.00% Oncore & Firstar Oncore Xtra..... 388,876 $ 12.472601 $ 4,850,301 1.4% 1.99% 0.00% Oncore & Firstar Oncore Lite..... 410,658 $ 12.472601 $ 5,121,968 1.4% 1.99% 0.00% ------------ ------------ 1,569,988 $ 19,756,854 ------------ ------------
(continued) 131 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- J.P. MORGAN SERIES TRUST II: (CONTINUED) SMALL COMPANY SUBACCOUNT (CONTINUED) 2004 Top Tradition.................... 14,340 $ 14.661716 $ 210,245 1.1% 25.78% 0.00% Top Plus......................... 7 $ 14.753893 $ 101 0.9% 26.03% 0.00% Top Explorer..................... 9,420 $ 14.570212 $ 137,250 1.3% 25.53% 0.00% Oncore & Firstar Oncore Flex..... 14,233 $ 12.148814 $ 172,911 1.5% 25.29% 0.00% Oncore & Firstar Oncore Value.... 244,935 $ 12.639448 $ 3,095,843 0.9% 26.03% 0.00% Oncore & Firstar Oncore Premier....................... 475,235 $ 12.228991 $ 5,811,659 1.4% 25.41% 0.00% Oncore & Firstar Oncore Xtra..... 418,229 $ 12.228991 $ 5,114,514 1.4% 25.41% 0.00% Oncore & Firstar Oncore Lite..... 324,871 $ 12.228991 $ 3,972,841 1.4% 25.41% 0.00% ------------ ------------ 1,501,270 $ 18,515,364 ------------ ------------ 2003 Top Tradition.................... 6,664 $ 11.656374 $ 77,675 1.1% 34.50% 0.00% Top Plus......................... 351 $ 11.706405 $ 4,114 0.9% 34.77% 0.00% Top Explorer..................... 2,865 $ 11.606593 $ 33,252 1.3% 34.23% 0.00% Oncore & Firstar Oncore Flex..... 19,288 $ 9.696858 $ 187,032 1.5% 33.97% 0.00% Oncore & Firstar Oncore Value.... 142,615 $ 10.028713 $ 1,430,248 0.9% 34.77% 0.00% Oncore & Firstar Oncore Premier....................... 272,609 $ 9.751226 $ 2,658,270 1.4% 34.10% 0.00% Oncore & Firstar Oncore Xtra..... 235,409 $ 9.751226 $ 2,295,525 1.4% 34.10% 0.00% Oncore & Firstar Oncore Lite..... 88,857 $ 9.751226 $ 866,468 1.4% 34.10% 0.00% ------------ ------------ 768,658 $ 7,552,584 ------------ ------------ 2002 Top Tradition.................... 5,552 $ 8.666477 $ 48,113 1.1% -22.51% 0.10% Top Plus......................... 626 $ 8.686498 $ 5,435 0.9% -22.35% 0.00% Top Explorer..................... 1,556 $ 8.646528 $ 13,454 1.3% -22.66% 0.19% Oncore & Firstar Oncore Flex..... 21,130 $ 7.238086 $ 152,943 1.5% -22.81% 0.20% Oncore & Firstar Oncore Value.... 119,187 $ 7.441595 $ 886,940 0.9% -22.35% 0.18% Oncore & Firstar Oncore Premier....................... 276,669 $ 7.271507 $ 2,011,799 1.4% -22.74% 0.19% Oncore & Firstar Oncore Xtra..... 206,205 $ 7.271507 $ 1,499,424 1.4% -22.74% 0.19% Oncore & Firstar Oncore Lite..... 35,249 $ 7.271507 $ 256,316 1.4% -22.74% 0.19% ------------ ------------ 666,174 $ 4,874,424 ------------ ------------ 2001 Top Explorer..................... 222 $ 11.179691 $ 2,479 1.3% 11.80% 0.00% 11/1/01 Oncore & Firstar Oncore Flex..... 25,983 $ 9.377155 $ 243,642 1.5% -9.40% 0.04% Oncore & Firstar Oncore Value.... 92,257 $ 9.583696 $ 884,158 0.9% -8.85% 0.04% Oncore & Firstar Oncore Premier....................... 276,176 $ 9.411151 $ 2,599,141 1.4% -9.31% 0.04% Oncore & Firstar Oncore Xtra..... 132,426 $ 9.411151 $ 1,246,282 1.4% -9.31% 0.04% Oncore & Firstar Oncore Lite..... 9,841 $ 9.411151 $ 92,619 1.4% 3.94% 0.04% 4/17/01 ------------ ------------ 536,905 $ 5,068,321 ------------ ------------
(continued) 132 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 2005 Top Tradition.................... 68,469 $ 18.127282 $ 1,241,150 1.1% 8.03% 0.19% Top Plus......................... 24,543 $ 18.277281 $ 448,582 0.9% 8.24% 0.18% Investar Vision & Top Spectrum... 1,488 $ 10.357397 $ 15,412 1.4% 3.57% 0.00% 11/02/05 Top Explorer..................... 54,480 $ 17.978735 $ 979,475 1.3% 7.81% 0.17% Oncore & Firstar Oncore Flex..... 22,931 $ 17.831615 $ 408,905 1.5% 7.60% 0.19% Oncore & Firstar Oncore Value.... 822,286 $ 18.277281 $ 15,029,151 0.9% 8.24% 0.15% Oncore & Firstar Oncore Premier....................... 1,185,325 $ 17.904933 $ 21,223,165 1.4% 7.71% 0.15% Oncore & Firstar Oncore Xtra..... 1,063,060 $ 17.904933 $ 19,034,019 1.4% 7.71% 0.15% Oncore & Firstar Oncore Lite..... 1,903,328 $ 17.904933 $ 34,078,970 1.4% 7.71% 0.15% ------------ ------------ 5,145,910 $ 92,458,829 ------------ ------------ 2004 Top Tradition.................... 42,936 $ 16.780309 $ 720,484 1.1% 19.74% 0.26% Top Plus......................... 19,008 $ 16.885789 $ 320,973 0.9% 19.98% 0.24% Top Explorer..................... 37,732 $ 16.675598 $ 629,202 1.3% 19.50% 0.23% Oncore & Firstar Oncore Flex..... 17,986 $ 16.571704 $ 298,066 1.5% 19.27% 0.27% Oncore & Firstar Oncore Value.... 254,317 $ 16.885789 $ 4,294,342 0.9% 19.98% 0.26% Oncore & Firstar Oncore Premier....................... 571,517 $ 16.623513 $ 9,500,602 1.4% 19.38% 0.25% Oncore & Firstar Oncore Xtra..... 652,219 $ 16.623513 $ 10,842,172 1.4% 19.38% 0.25% Oncore & Firstar Oncore Lite..... 516,511 $ 16.623513 $ 8,586,223 1.4% 19.38% 0.25% ------------ ------------ 2,112,226 $ 35,192,064 ------------ ------------ 2003 Top Tradition.................... 23,192 $ 14.014070 $ 325,008 1.1% 28.22% 0.34% Top Plus......................... 9,801 $ 14.074209 $ 137,946 0.9% 28.47% 0.20% Top Explorer..................... 17,936 $ 13.954242 $ 250,289 1.3% 27.96% 0.29% Oncore Flex...................... 11,193 $ 13.894758 $ 155,518 1.5% 27.71% 0.37% Oncore & Firstar Oncore Value.... 91,955 $ 14.074209 $ 1,294,198 0.9% 28.47% 0.27% Oncore & Firstar Oncore Premier....................... 209,131 $ 13.924440 $ 2,912,030 1.4% 27.84% 0.28% Oncore & Firstar Oncore Xtra..... 295,312 $ 13.924440 $ 4,112,057 1.4% 27.84% 0.28% Oncore & Firstar Oncore Lite..... 128,380 $ 13.924440 $ 1,787,620 1.4% 27.84% 0.28% ------------ ------------ 786,900 $ 10,974,666 ------------ ------------ 2002 Top Tradition.................... 18,428 $ 10.929952 $ 201,413 1.1% -0.28% 0.03% Top Plus......................... 2,940 $ 10.955173 $ 32,213 0.9% -0.08% 0.01% Top Explorer..................... 11,555 $ 10.904797 $ 126,009 1.3% -0.48% 0.04% Oncore Flex...................... 15,626 $ 10.879760 $ 170,009 1.5% -0.67% 0.04% Oncore & Firstar Oncore Value.... 29,825 $ 10.955173 $ 326,735 0.9% -0.08% 0.03% Oncore & Firstar Oncore Premier....................... 100,375 $ 10.892268 $ 1,093,306 1.4% -0.57% 0.05% Oncore & Firstar Oncore Xtra..... 126,635 $ 10.892268 $ 1,379,345 1.4% -0.57% 0.05% Oncore & Firstar Oncore Lite..... 27,090 $ 10.892268 $ 295,071 1.4% -0.57% 0.05% ------------ ------------ 332,474 $ 3,624,101 ------------ ------------
(continued) 133 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2001 Top Tradition.................... 2,675 $ 10.960581 $ 29,315 1.1% 9.61% 0.00% 11/1/01 Top Explorer..................... 2,777 $ 10.957023 $ 30,422 1.3% 9.57% 0.00% 11/1/01 Oncore & Firstar Oncore Value.... 480 $ 10.964136 $ 5,268 0.9% 9.64% 0.00% 11/1/01 Oncore & Firstar Oncore Premier....................... 9,060 $ 10.955254 $ 99,258 1.4% 9.55% 0.00% 11/1/01 Oncore & Firstar Oncore Xtra..... 4,270 $ 10.955254 $ 46,780 1.4% 9.55% 0.00% 11/1/01 ------------ ------------ 19,262 $ 211,043 ------------ ------------ ALLIANCEBERSTEIN VARIABLE SERIES PRODUCT FUND, INC. -- CLASS B: GLOBAL BOND SUBACCOUNT 2005 Oncore Flex...................... 109 $ 11.593853 $ 1,259 1.5% -9.22% 9.31% Oncore Value..................... 8,959 $ 12.049779 $ 107,951 0.9% -8.69% 8.88% Oncore & Firstar Oncore Premier....................... 7,251 $ 11.668441 $ 84,612 1.4% -9.13% 9.00% Oncore Xtra...................... 14,360 $ 11.668441 $ 167,558 1.4% -9.13% 9.00% ------------ ------------ 30,679 $ 361,380 ------------ ------------ 2004 Oncore Flex...................... 329 $ 12.771964 $ 4,207 1.5% 7.71% 4.78% Oncore Value..................... 8,961 $ 13.195901 $ 118,245 0.9% 8.36% 5.52% Oncore & Firstar Oncore Premier....................... 9,172 $ 12.841488 $ 117,787 1.4% 7.82% 5.68% Oncore Xtra...................... 12,022 $ 12.841488 $ 154,379 1.4% 7.82% 5.68% ------------ ------------ 30,484 $ 394,618 ------------ ------------ 2003 Oncore Flex...................... 484 $ 11.857282 $ 5,734 1.5% 11.41% 5.58% Oncore Value..................... 9,103 $ 12.178251 $ 110,857 0.9% 12.07% 5.84% Oncore & Firstar Oncore Premier....................... 11,291 $ 11.910051 $ 134,483 1.4% 11.52% 6.07% Oncore Xtra...................... 13,998 $ 11.910051 $ 166,714 1.4% 11.52% 6.07% ------------ ------------ 34,876 $ 417,788 ------------ ------------ 2002 Oncore Flex...................... 688 $ 10.643034 $ 7,327 1.5% 14.87% 0.95% Oncore Value..................... 9,238 $ 10.866508 $ 100,380 0.9% 15.55% 0.99% Oncore & Firstar Oncore Premier....................... 18,234 $ 10.679870 $ 194,738 1.4% 14.98% 0.91% Oncore & Firstar Oncore Xtra..... 17,308 $ 10.679870 $ 184,845 1.4% 14.98% 0.91% ------------ ------------ 45,468 $ 487,290 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 1,043 $ 9.265430 $ 9,660 1.5% -2.51% 0.00% 10/26/01 Oncore Value..................... 10,060 $ 9.404076 $ 94,604 0.9% -2.41% 0.00% 10/26/01 Oncore & Firstar Oncore Premier....................... 27,939 $ 9.288341 $ 259,512 1.4% -2.50% 0.00% 10/26/01 Oncore & Firstar Oncore Xtra..... 19,926 $ 9.288341 $ 185,075 1.4% -2.50% 0.00% 10/26/01 ------------ ------------ 58,968 $ 548,851 ------------ ------------
(continued) 134 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- ALLIANCEBERSTEIN VARIABLE SERIES PRODUCT FUND, INC. -- CLASS B: (CONTINUED) GROWTH & INCOME SUBACCOUNT 2005 Oncore & Firstar Oncore Flex..... 5,297 $ 10.931504 $ 57,903 1.5% 3.05% 1.26% Oncore Value..................... 5,785 $ 11.361422 $ 65,725 0.9% 3.67% 1.28% Oncore & Firstar Oncore Premier....................... 69,499 $ 11.001805 $ 764,614 1.4% 3.16% 1.31% Oncore & Firstar Oncore Xtra..... 44,739 $ 11.001805 $ 492,212 1.4% 3.16% 1.31% Oncore Lite...................... 4,733 $ 11.001805 $ 52,075 1.4% 3.16% 1.31% ------------ ------------ 130,053 $ 1,432,529 ------------ ------------ 2004 Oncore & Firstar Oncore Flex..... 7,338 $ 10.607514 $ 77,837 1.5% 9.57% 0.72% Oncore & Firstar Oncore Value.... 6,254 $ 10.959703 $ 68,545 0.9% 10.23% 0.85% Oncore & Firstar Oncore Premier....................... 92,775 $ 10.665247 $ 989,464 1.4% 9.68% 0.74% Oncore & Firstar Oncore Xtra..... 48,168 $ 10.665247 $ 513,725 1.4% 9.68% 0.74% Oncore Lite...................... 4,881 $ 10.665247 $ 52,054 1.4% 9.68% 0.74% ------------ ------------ 159,416 $ 1,701,625 ------------ ------------ 2003 Oncore & Firstar Oncore Flex..... 8,265 $ 9.680716 $ 80,015 1.5% 30.23% 0.80% Oncore & Firstar Oncore Value.... 9,831 $ 9.942851 $ 97,749 0.9% 31.01% 0.91% Oncore & Firstar Oncore Premier....................... 102,467 $ 9.723783 $ 996,355 1.4% 30.36% 0.82% Oncore & Firstar Oncore Xtra..... 44,288 $ 9.723783 $ 430,650 1.4% 30.36% 0.82% Oncore Lite...................... 4,712 $ 9.723783 $ 45,818 1.4% 30.36% 0.82% ------------ ------------ 169,563 $ 1,650,587 ------------ ------------ 2002 Oncore & Firstar Oncore Flex..... 11,739 $ 7.433432 $ 87,264 1.5% -23.42% 0.54% Oncore & Firstar Oncore Value.... 10,093 $ 7.589638 $ 76,599 0.9% -22.96% 0.57% Oncore & Firstar Oncore Premier....................... 121,016 $ 7.459150 $ 902,673 1.4% -23.34% 0.57% Oncore & Firstar Oncore Xtra..... 76,208 $ 7.459150 $ 568,450 1.4% -23.34% 0.57% Oncore Lite...................... 4,761 $ 7.459150 $ 35,510 1.4% -23.34% 0.57% ------------ ------------ 223,817 $ 1,670,496 ------------ ------------ 2001 Oncore & Firstar Oncore Flex..... 12,805 $ 9.706239 $ 124,285 1.5% 2.14% 0.00% 10/26/01 Oncore & Firstar Oncore Value.... 12,170 $ 9.851512 $ 119,893 0.9% 2.25% 0.00% 10/26/01 Oncore & Firstar Oncore Premier....................... 144,854 $ 9.730225 $ 1,409,461 1.4% 2.16% 0.00% 10/26/01 Oncore & Firstar Oncore Xtra..... 116,164 $ 9.730225 $ 1,130,300 1.4% 2.16% 0.00% 10/26/01 Oncore Lite...................... 1,180 $ 9.730225 $ 11,485 1.4% 2.16% 0.00% 10/26/01 ------------ ------------ 287,173 $ 2,795,424 ------------ ------------ SMALL CAP GROWTH SUBACCOUNT 2005 Oncore & Firstar Oncore Value.... 1,693 $ 13.635838 $ 23,091 0.9% 3.92% 0.00% Oncore & Firstar Oncore Premier....................... 13,925 $ 13.204143 $ 183,871 1.4% 3.41% 0.00% Oncore Xtra...................... 1,365 $ 13.204143 $ 18,010 1.4% 3.41% 0.00% ------------ ------------ 16,983 $ 224,972 ------------ ------------
(continued) 135 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- ALLIANCEBERSTEIN VARIABLE SERIES PRODUCT FUND, INC. -- CLASS B: (CONTINUED) SMALL CAP GROWTH SUBACCOUNT (CONTINUED) 2004 Oncore & Firstar Oncore Value.... 1,668 $ 13.120908 $ 21,888 0.9% 13.36% 0.00% Oncore & Firstar Oncore Premier....................... 16,273 $ 12.768290 $ 207,768 1.4% 12.80% 0.00% Oncore Xtra...................... 1,735 $ 12.768290 $ 22,156 1.4% 12.80% 0.00% ------------ ------------ 19,676 $ 251,812 ------------ ------------ 2003 Oncore & Firstar Oncore Value.... 1,766 $ 11.574351 $ 20,439 0.9% 47.35% 0.00% Oncore & Firstar Oncore Premier....................... 20,043 $ 11.319260 $ 226,879 1.4% 46.62% 0.00% Oncore Xtra...................... 2,116 $ 11.319260 $ 23,951 1.4% 46.62% 0.00% ------------ ------------ 23,925 $ 271,269 ------------ ------------ 2002 Oncore & Firstar Oncore Value.... 1,733 $ 7.855064 $ 13,614 0.9% -32.67% 0.00% Oncore & Firstar Oncore Premier....................... 22,103 $ 7.719950 $ 170,633 1.4% -33.00% 0.00% Oncore Xtra...................... 2,407 $ 7.719950 $ 18,583 1.4% -33.00% 0.00% ------------ ------------ 26,243 $ 202,830 ------------ ------------ 2001 Oncore & Firstar Oncore Value.... 1,865 $ 11.666823 $ 21,761 0.9% 11.33% 0.00% 10/26/01 Oncore & Firstar Oncore Premier....................... 27,336 $ 11.523134 $ 314,998 1.4% 11.23% 0.00% 10/26/01 Oncore & Firstar Oncore Xtra..... 6,046 $ 11.523134 $ 69,663 1.4% 11.23% 0.00% 10/26/01 ------------ ------------ 35,247 $ 406,422 ------------ ------------ MFS VARIABLE INSURANCE TRUST -- SERVICE CLASS: NEW DISCOVERY SUBACCOUNT 2005 Top Tradition.................... 2,664 $ 11.225808 $ 29,907 1.1% 3.89% 0.00% Top Plus......................... 571 $ 11.318722 $ 6,457 0.9% 4.10% 0.00% Investar Vision & Top Spectrum... 6,065 $ 13.952143 $ 84,625 1.4% 3.58% 0.00% Top Explorer..................... 10,246 $ 11.133753 $ 114,072 1.3% 3.69% 0.00% Oncore & Firstar Oncore Value.... 49,231 $ 11.318722 $ 557,234 0.9% 4.10% 0.00% Oncore & Firstar Oncore Premier....................... 77,781 $ 11.088033 $ 862,434 1.4% 3.58% 0.00% Oncore & Firstar Oncore Xtra..... 58,523 $ 11.088033 $ 648,905 1.4% 3.58% 0.00% Oncore & Firstar Oncore Lite..... 39,581 $ 11.088033 $ 438,878 1.4% 3.58% 0.00% ------------ ------------ 244,662 $ 2,742,512 ------------ ------------ 2004 Top Tradition.................... 4,849 $ 10.805330 $ 52,395 1.1% 5.05% 0.00% Top Plus......................... 571 $ 10.873273 $ 6,203 0.9% 5.26% 0.00% Investar Vision & Top Spectrum... 6,065 $ 13.469273 $ 81,696 1.4% 4.74% 0.00% Top Explorer..................... 10,550 $ 10.737853 $ 113,280 1.3% 4.84% 0.00% Oncore & Firstar Oncore Flex..... 1,454 $ 10.670943 $ 15,519 1.5% 4.64% 0.00% Oncore & Firstar Oncore Value.... 19,767 $ 10.873273 $ 214,928 0.9% 5.26% 0.00% Oncore & Firstar Oncore Premier....................... 83,654 $ 10.704295 $ 895,461 1.4% 4.74% 0.00% Oncore & Firstar Oncore Xtra..... 54,972 $ 10.704295 $ 588,439 1.4% 4.74% 0.00% Oncore & Firstar Oncore Lite..... 41,765 $ 10.704295 $ 447,063 1.4% 4.74% 0.00% ------------ ------------ 223,647 $ 2,414,984 ------------ ------------
(continued) 136 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- MFS VARIABLE INSURANCE TRUST -- SERVICE CLASS: (CONTINUED) NEW DISCOVERY SUBACCOUNT (CONTINUED) 2003 Top Tradition.................... 7,421 $ 10.285838 $ 76,332 1.1% 31.98% 0.00% Top Plus......................... 571 $ 10.329989 $ 5,893 0.9% 32.24% 0.00% Investar Vision & Top Spectrum... 832 $ 12.859907 $ 10,698 1.4% 31.59% 0.00% Top Explorer..................... 9,663 $ 10.241899 $ 98,964 1.3% 31.72% 0.00% Oncore & Firstar Oncore Flex..... 1,455 $ 10.198239 $ 14,834 1.5% 31.46% 0.00% Oncore & Firstar Oncore Value.... 24,472 $ 10.329989 $ 252,796 0.9% 32.24% 0.00% Oncore & Firstar Oncore Premier....................... 110,180 $ 10.220014 $ 1,126,064 1.4% 31.59% 0.00% Oncore & Firstar Oncore Xtra..... 43,538 $ 10.220014 $ 444,956 1.4% 31.59% 0.00% Oncore & Firstar Oncore Lite..... 33,090 $ 10.220014 $ 338,178 1.4% 31.59% 0.00% ------------ ------------ 231,222 $ 2,368,715 ------------ ------------ 2002 Top Tradition.................... 5,703 $ 7.793469 $ 44,446 1.1% -32.54% 0.00% Top Plus......................... 459 $ 7.811473 $ 3,583 0.9% -32.41% 0.00% Top Explorer..................... 6,130 $ 7.775513 $ 47,667 1.3% -32.68% 0.00% Oncore & Firstar Oncore Flex..... 1,455 $ 7.757636 $ 11,286 1.5% -32.81% 0.00% Oncore & Firstar Oncore Value.... 21,801 $ 7.811473 $ 170,301 0.9% -32.41% 0.00% Oncore & Firstar Oncore Premier....................... 75,537 $ 7.766559 $ 586,659 1.4% -32.74% 0.00% Oncore & Firstar Oncore Xtra..... 17,239 $ 7.766559 $ 133,889 1.4% -32.74% 0.00% Oncore & Firstar Oncore Lite..... 27,475 $ 7.766559 $ 213,384 1.4% -32.74% 0.00% ------------ ------------ 155,799 $ 1,211,215 ------------ ------------ 2001 Top Tradition.................... 3,624 $ 11.553432 $ 41,864 1.1% 15.53% 0.00% 11/1/01 Top Explorer..................... 215 $ 11.549693 $ 2,483 1.3% 15.50% 0.00% 11/1/01 Oncore Flex...................... 99 $ 11.545965 $ 1,141 1.5% 15.46% 0.00% 11/1/01 Oncore Value..................... 13,022 $ 11.557175 $ 150,500 0.9% 15.57% 0.00% 11/1/01 Oncore & Firstar Oncore Premier....................... 13,879 $ 11.547828 $ 160,270 1.4% 15.48% 0.00% 11/1/01 Oncore Xtra...................... 1,610 $ 11.547828 $ 18,592 1.4% 15.48% 0.00% 11/1/01 Firstar Oncore Lite.............. 552 $ 11.547828 $ 6,378 1.4% 15.48% 0.00% 11/1/01 ------------ ------------ 33,001 $ 381,228 ------------ ------------ INVESTORS GROWTH SUBACCOUNT 2005 Top Tradition.................... 2,307 $ 10.323124 $ 23,818 1.1% 3.10% 0.16% Top Plus......................... 6,523 $ 10.408592 $ 67,898 0.9% 3.30% 0.15% Top Explorer..................... 2,544 $ 10.238472 $ 26,051 1.3% 2.89% 0.11% Oncore Flex...................... 2,334 $ 10.154653 $ 23,702 1.5% 2.69% 0.15% Oncore & Firstar Oncore Value.... 49,450 $ 10.408592 $ 514,706 0.9% 3.30% 0.12% Oncore & Firstar Oncore Premier....................... 144,380 $ 10.196440 $ 1,472,160 1.4% 2.79% 0.14% Oncore & Firstar Oncore Xtra..... 193,837 $ 10.196440 $ 1,976,449 1.4% 2.79% 0.14% Oncore & Firstar Oncore Lite..... 44,799 $ 10.196440 $ 456,783 1.4% 2.79% 0.14% ------------ ------------ 446,174 $ 4,561,567 ------------ ------------
(continued) 137 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- MFS VARIABLE INSURANCE TRUST -- SERVICE CLASS: (CONTINUED) INVESTORS GROWTH SUBACCOUNT (CONTINUED) 2004 Top Tradition.................... 4,968 $ 10.013159 $ 49,749 1.1% 7.80% 0.00% Top Plus......................... 6,338 $ 10.076135 $ 63,860 0.9% 8.01% 0.00% Top Explorer..................... 1,451 $ 9.950631 $ 14,434 1.3% 7.58% 0.00% Oncore Flex...................... 1,485 $ 9.888605 $ 14,686 1.5% 7.37% 0.00% Oncore & Firstar Oncore Value.... 38,931 $ 10.076135 $ 392,269 0.9% 8.01% 0.00% Oncore & Firstar Oncore Premier....................... 160,946 $ 9.919542 $ 1,596,520 1.4% 7.48% 0.00% Oncore & Firstar Oncore Xtra..... 147,730 $ 9.919542 $ 1,465,413 1.4% 7.48% 0.00% Oncore & Firstar Oncore Lite..... 47,262 $ 9.919542 $ 468,813 1.4% 7.48% 0.00% ------------ ------------ 409,111 $ 4,065,744 ------------ ------------ 2003 Top Tradition.................... 4,377 $ 9.288989 $ 40,661 1.1% 21.27% 0.00% Top Plus......................... 3,715 $ 9.328880 $ 34,654 0.9% 21.51% 0.00% Top Explorer..................... 1,954 $ 9.249306 $ 18,072 1.3% 21.03% 0.00% Oncore Flex...................... 387 $ 9.209858 $ 3,569 1.5% 20.79% 0.00% Oncore Value..................... 38,894 $ 9.328880 $ 362,839 0.9% 21.51% 0.00% Oncore & Firstar Oncore Premier....................... 97,785 $ 9.229545 $ 902,504 1.4% 20.91% 0.00% Oncore & Firstar Oncore Xtra..... 92,928 $ 9.229545 $ 857,685 1.4% 20.91% 0.00% Oncore & Firstar Oncore Lite..... 31,333 $ 9.229545 $ 289,192 1.4% 20.91% 0.00% ------------ ------------ 271,373 $ 2,509,176 ------------ ------------ 2002 Top Tradition.................... 3,427 $ 7.659680 $ 26,248 1.1% -28.50% 0.00% Top Plus......................... 3,906 $ 7.677381 $ 29,990 0.9% -28.36% 0.00% Top Explorer..................... 1,309 $ 7.642033 $ 10,006 1.3% -28.64% 0.00% Oncore Flex...................... 195 $ 7.624457 $ 1,485 1.5% -28.79% 0.00% Oncore Value..................... 12,078 $ 7.677381 $ 92,731 0.9% -28.36% 0.00% Oncore & Firstar Oncore Premier....................... 52,655 $ 7.633237 $ 401,929 1.4% -28.72% 0.00% Oncore & Firstar Oncore Xtra..... 23,728 $ 7.633237 $ 181,120 1.4% -28.72% 0.00% Oncore & Firstar Oncore Lite..... 9,047 $ 7.633237 $ 69,057 1.4% -28.72% 0.00% ------------ ------------ 106,345 $ 812,566 ------------ ------------ 2001 Top Tradition.................... 2,511 $ 10.713272 $ 26,901 1.1% 7.13% 0.00% 11/1/01 Top Plus......................... 910 $ 10.716750 $ 9,754 0.9% 7.17% 0.00% 11/1/01 Top Explorer..................... 227 $ 10.709798 $ 2,428 1.3% 7.10% 0.00% 11/1/01 Oncore Value..................... 3,466 $ 10.716750 $ 37,140 0.9% 7.17% 0.00% 11/1/01 Oncore & Firstar Oncore Premier....................... 8,434 $ 10.708061 $ 90,308 1.4% 7.08% 0.00% 11/1/01 Oncore Xtra...................... 2,756 $ 10.708061 $ 29,515 1.4% 7.08% 0.00% 11/1/01 Oncore Lite...................... 352 $ 10.708061 $ 3,775 1.4% 7.08% 0.00% 11/1/01 ------------ ------------ 18,656 $ 199,821 ------------ ------------
(continued) 138 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** ------------ ----------- ------------ --------- -------- ---------- MFS VARIABLE INSURANCE TRUST -- SERVICE CLASS: (CONTINUED) MID CAP GROWTH SUBACCOUNT 2005 Top Tradition............................. 8,035 $ 9.661860 $ 77,632 1.1% 1.74% 0.00% Top Plus.................................. 7,619 $ 9.741876 $ 74,224 0.9% 1.94% 0.00% Investar Vision & Top Spectrum............ 1,131 $ 15.325981 $ 17,334 1.4% 1.44% 0.00% Top Explorer.............................. 30,195 $ 9.582619 $ 289,345 1.3% 1.54% 0.00% Oncore Flex............................... 2,640 $ 9.504178 $ 25,089 1.5% 1.34% 0.00% Oncore & Firstar Oncore Value............. 50,988 $ 9.741876 $ 496,723 0.9% 1.94% 0.00% Oncore & Firstar Oncore Premier........... 230,285 $ 9.543251 $ 2,197,664 1.4% 1.44% 0.00% Oncore & Firstar Oncore Xtra.............. 98,195 $ 9.543251 $ 937,103 1.4% 1.44% 0.00% Oncore & Firstar Oncore Lite.............. 69,956 $ 9.543251 $ 667,604 1.4% 1.44% 0.00% ------------ ------------ 499,044 $ 4,782,718 ------------ ------------ 2004 Top Tradition............................. 9,905 $ 9.496516 $ 94,067 1.1% 13.13% 0.00% Top Plus.................................. 6,140 $ 9.556262 $ 58,680 0.9% 13.36% 0.00% Investar Vision & Top Spectrum............ 1,757 $ 15.108281 $ 26,538 1.4% 12.80% 0.00% Top Explorer.............................. 15,501 $ 9.437194 $ 146,290 1.3% 12.91% 0.00% Oncore & Firstar Oncore Flex.............. 7,456 $ 9.378381 $ 69,921 1.5% 12.68% 0.00% Oncore & Firstar Oncore Value............. 42,864 $ 9.556262 $ 409,622 0.9% 13.36% 0.00% Oncore & Firstar Oncore Premier........... 237,675 $ 9.407690 $ 2,235,958 1.4% 12.80% 0.00% Oncore & Firstar Oncore Xtra.............. 119,645 $ 9.407690 $ 1,125,586 1.4% 12.80% 0.00% Oncore & Firstar Oncore Lite.............. 54,171 $ 9.407690 $ 509,628 1.4% 12.80% 0.00% ------------ ------------ 495,114 $ 4,676,290 ------------ ------------ 2003 Top Tradition............................. 8,022 $ 8.394263 $ 67,335 1.1% 35.12% 0.00% Top Plus.................................. 14,883 $ 8.430327 $ 125,468 0.9% 35.39% 0.00% Top Explorer.............................. 6,691 $ 8.358381 $ 55,927 1.3% 34.86% 0.00% Oncore & Firstar Oncore Flex.............. 7,240 $ 8.322741 $ 60,260 1.5% 34.59% 0.00% Oncore & Firstar Oncore Value............. 31,657 $ 8.430327 $ 266,876 0.9% 35.39% 0.00% Oncore & Firstar Oncore Premier........... 163,533 $ 8.340512 $ 1,363,954 1.4% 34.72% 0.00% Oncore & Firstar Oncore Xtra.............. 69,757 $ 8.340512 $ 581,805 1.4% 34.72% 0.00% Oncore & Firstar Oncore Lite.............. 32,903 $ 8.340512 $ 274,426 1.4% 34.72% 0.00% ------------ ------------ 334,686 $ 2,796,051 ------------ ------------ 2002 Top Tradition............................. 1,979 $ 6.212309 $ 12,296 1.1% -44.05% 0.00% Top Plus.................................. 660 $ 6.226681 $ 4,109 0.9% -43.94% 0.00% Top Explorer.............................. 110 $ 6.197979 $ 681 1.3% -44.16% 0.00% Oncore & Firstar Oncore Flex.............. 4,185 $ 6.183729 $ 25,882 1.5% -44.27% 0.00% Oncore & Firstar Oncore Value............. 12,149 $ 6.226681 $ 75,649 0.9% -43.94% 0.00% Oncore & Firstar Oncore Premier........... 57,352 $ 6.190843 $ 355,056 1.4% -44.22% 0.00% Oncore & Firstar Oncore Xtra.............. 27,359 $ 6.190843 $ 169,373 1.4% -44.22% 0.00% Oncore & Firstar Oncore Lite.............. 17,411 $ 6.190843 $ 107,790 1.4% -44.22% 0.00% ------------ ------------ 121,205 $ 750,836 ------------ ------------
(continued) 139 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2001 Top Tradition.................... 425 $ 11.103671 $ 4,718 1.1% 11.04% 0.00% 11/1/01 Top Plus......................... 48 $ 11.107272 $ 531 0.9% 11.07% 0.00% 11/1/01 Top Explorer..................... 955 $ 11.100071 $ 10,597 1.3% 11.00% 0.00% 11/1/01 Oncore Flex...................... 102 $ 11.096484 $ 1,130 1.5% 10.96% 0.00% 11/1/01 Oncore Value..................... 320 $ 11.107272 $ 3,558 0.9% 11.07% 0.00% 11/1/01 Oncore & Firstar Oncore Premier....................... 15,246 $ 11.098274 $ 169,198 1.4% 10.98% 0.00% 11/1/01 Oncore Xtra...................... 4,291 $ 11.098274 $ 47,627 1.4% 10.98% 0.00% 11/1/01 Oncore Lite...................... 765 $ 11.098274 $ 8,493 1.4% 10.98% 0.00% 11/1/01 ------------ ------------ 22,152 $ 245,852 ------------ ------------ TOTAL RETURN SUBACCOUNT 2005 Top Tradition.................... 123,025 $ 12.281462 $ 1,510,931 1.1% 1.48% 1.91% Top Plus......................... 110,150 $ 12.383129 $ 1,364,001 0.9% 1.69% 1.85% Investar Vision & Top Spectrum... 36,869 $ 12.904044 $ 475,760 1.4% 1.18% 1.72% Top Explorer..................... 98,575 $ 12.180780 $ 1,200,714 1.3% 1.28% 1.80% Oncore & Firstar Oncore Flex..... 52,087 $ 12.081085 $ 629,264 1.5% 1.09% 2.01% Oncore & Firstar Oncore Value.... 668,633 $ 12.383129 $ 8,279,765 0.9% 1.69% 1.72% Oncore & Firstar Oncore Premier....................... 2,562,775 $ 12.130767 $ 31,088,426 1.4% 1.18% 1.82% Oncore & Firstar Oncore Xtra..... 1,389,861 $ 12.130767 $ 16,860,079 1.4% 1.18% 1.82% Oncore & Firstar Oncore Lite..... 954,019 $ 12.130767 $ 11,572,998 1.4% 1.18% 1.82% ------------ ------------ 5,995,994 $ 72,981,938 ------------ ------------ 2004 Top Tradition.................... 117,586 $ 12.101817 $ 1,423,003 1.1% 9.82% 1.48% Top Plus......................... 114,704 $ 12.177912 $ 1,396,858 0.9% 10.03% 1.52% Investar Vision & Top Spectrum... 28,501 $ 12.752922 $ 363,471 1.4% 9.49% 1.04% Top Explorer..................... 95,731 $ 12.026280 $ 1,151,292 1.3% 9.60% 1.45% Oncore & Firstar Oncore Flex..... 64,564 $ 11.951339 $ 771,621 1.5% 9.38% 1.52% Oncore & Firstar Oncore Value.... 463,212 $ 12.177912 $ 5,640,952 0.9% 10.03% 1.43% Oncore & Firstar Oncore Premier....................... 2,269,205 $ 11.988710 $ 27,204,845 1.4% 9.49% 1.48% Oncore & Firstar Oncore Xtra..... 1,424,045 $ 11.988710 $ 17,072,462 1.4% 9.49% 1.48% Oncore & Firstar Oncore Lite..... 699,452 $ 11.988710 $ 8,385,524 1.4% 9.49% 1.48% ------------ ------------ 5,277,000 $ 63,410,028 ------------ ------------ 2003 Top Tradition.................... 104,144 $ 11.020053 $ 1,147,670 1.1% 14.74% 1.54% Top Plus......................... 97,808 $ 11.067354 $ 1,082,480 0.9% 14.97% 1.76% Investar Vision & Top Spectrum... 8,712 $ 11.647527 $ 101,470 1.4% 14.40% 1.49% Top Explorer..................... 80,644 $ 10.972988 $ 884,901 1.3% 14.52% 1.60% Oncore & Firstar Oncore Flex..... 72,156 $ 10.926217 $ 788,388 1.5% 14.29% 1.24% Oncore & Firstar Oncore Value.... 321,878 $ 11.067354 $ 3,562,335 0.9% 14.97% 1.45% Oncore & Firstar Oncore Premier....................... 1,838,602 $ 10.949550 $ 20,131,879 1.4% 14.40% 1.40% Oncore & Firstar Oncore Xtra..... 1,010,353 $ 10.949550 $ 11,062,910 1.4% 14.40% 1.40% Oncore & Firstar Oncore Lite..... 351,659 $ 10.949550 $ 3,850,511 1.4% 14.40% 1.40% ------------ ------------ 3,885,956 $ 42,612,544 ------------ ------------
(continued) 140 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 (CONTINUED) 2002 Top Tradition.................... 77,880 $ 9.604094 $ 747,972 1.1% -6.38% 1.41% Top Plus......................... 71,435 $ 9.626258 $ 687,653 0.9% -6.20% 0.94% Investar Vision & Top Spectrum... 4,080 $ 10.181083 $ 41,535 1.4% 1.81% 0.00% Top Explorer..................... 37,201 $ 9.581997 $ 356,461 1.3% -6.57% 1.37% Oncore & Firstar Oncore Flex..... 44,426 $ 9.559994 $ 424,713 1.5% -6.75% 0.70% Oncore & Firstar Oncore Value.... 174,723 $ 9.626258 $ 1,681,931 0.9% -6.20% 0.95% Oncore & Firstar Oncore Premier....................... 848,217 $ 9.570975 $ 8,118,255 1.4% -6.66% 0.97% Oncore & Firstar Oncore Xtra..... 466,512 $ 9.570975 $ 4,464,978 1.4% -6.66% 0.97% Oncore & Firstar Oncore Lite..... 163,094 $ 9.570975 $ 1,560,965 1.4% -6.66% 0.97% ------------ ------------ 1,887,568 $ 18,084,463 ------------ ------------ 2001 Top Tradition.................... 4,371 $ 10.258711 $ 44,844 1.1% 2.59% 0.00% 11/1/01 Top Plus......................... 537 $ 10.262047 $ 5,509 0.9% 2.62% 0.00% 11/1/01 Top Explorer..................... 1,296 $ 10.255375 $ 13,287 1.3% 2.55% 0.00% 11/1/01 Oncore & Firstar Oncore Flex..... 1,121 $ 10.252051 $ 11,497 1.5% 2.52% 0.00% 11/1/01 Oncore & Firstar Oncore Value.... 3,722 $ 10.262047 $ 38,198 0.9% 2.62% 0.00% 11/1/01 Oncore & Firstar Oncore Premier....................... 51,822 $ 10.253712 $ 531,356 1.4% 2.54% 0.00% 11/1/01 Oncore & Firstar Oncore Xtra..... 15,070 $ 10.253712 $ 154,522 1.4% 2.54% 0.00% 11/1/01 Oncore & Firstar Oncore Lite..... 1,520 $ 10.253712 $ 15,590 1.4% 2.54% 0.00% 11/1/01 ------------ ------------ 79,459 $ 814,803 ------------ ------------ FIRST AMERICAN INSURANCE PORTFOLIOS, INC. (CLASS IB) (NOTE 4): CORPORATE BOND SUBACCOUNT 2003 Investar Vision & Top Spectrum... 53,559 $ 12.851835 $ 688,329 1.4% 6.54% 3.67% Firstar Oncore Flex.............. 1,462 $ 12.171651 $ 17,792 1.5% 6.44% 3.70% Firstar Oncore Value............. 1,451 $ 12.531629 $ 18,186 0.9% 7.07% 3.98% Firstar Oncore Premier........... 59,269 $ 12.230767 $ 724,910 1.4% 6.54% 4.25% Firstar Oncore Xtra.............. 63,146 $ 12.230767 $ 772,326 1.4% 6.54% 4.25% Firstar Oncore Lite.............. 50,022 $ 12.230767 $ 611,805 1.4% 6.54% 4.25% ------------ ------------ 228,909 $ 2,833,348 ------------ ------------ 2002 Investar Vision & Top Spectrum... 67,190 $ 12.062575 $ 810,494 1.4% 4.60% 4.41% Firstar Oncore Flex.............. 2,784 $ 11.435421 $ 31,832 1.5% 4.50% 1.68% Firstar Oncore Value............. 1,763 $ 11.704016 $ 20,635 0.9% 5.12% 4.67% Firstar Oncore Premier........... 58,239 $ 11.479639 $ 668,555 1.4% 4.60% 4.43% Firstar Oncore Xtra.............. 55,735 $ 11.479639 $ 639,817 1.4% 4.60% 4.43% Firstar Oncore Lite.............. 48,688 $ 11.479639 $ 558,923 1.4% 4.60% 4.43% ------------ ------------ 234,399 $ 2,730,256 ------------ ------------
(continued) 141 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- FIRST AMERICAN INSURANCE PORTFOLIOS, INC. (CLASS IB) (NOTE 4): (CONTINUED) CORPORATE BOND SUBACCOUNT (CONTINUED) 2001 Investar Vision & Top Spectrum... 73,787 $ 11.531621 $ 850,884 1.4% 6.76% 5.28% Firstar Oncore Flex.............. 11,350 $ 10.942862 $ 124,200 1.5% 6.65% 4.42% Firstar Oncore Value............. 1,020 $ 11.133667 $ 11,361 0.9% 7.29% 5.32% Firstar Oncore Premier........... 113,823 $ 10.974344 $ 1,249,144 1.4% 6.76% 5.10% Firstar Oncore Xtra.............. 28,202 $ 10.974344 $ 309,496 1.4% 6.76% 5.10% Firstar Oncore Lite.............. 12,147 $ 10.974344 $ 133,301 1.4% 3.48% 5.10% 4/17/01 ------------ ------------ 240,329 $ 2,678,386 ------------ ------------ EQUITY INCOME SUBACCOUNT 2003 Investar Vision & Top Spectrum... 309,372 $ 13.986596 $ 4,327,059 1.4% 24.92% 1.67% Firstar Oncore Flex.............. 11,011 $ 9.267727 $ 102,048 1.5% 24.80% 1.75% Firstar Oncore Value............. 48,399 $ 9.541858 $ 461,815 0.9% 25.54% 1.70% Firstar Oncore Premier........... 408,713 $ 9.312748 $ 3,806,249 1.4% 24.92% 1.89% Firstar Oncore Xtra.............. 197,781 $ 9.312748 $ 1,841,880 1.4% 24.92% 1.89% Firstar Oncore Lite.............. 72,131 $ 9.312748 $ 671,740 1.4% 24.92% 1.89% ------------ ------------ 1,047,407 $ 11,210,791 ------------ ------------ 2002 Investar Vision & Top Spectrum... 365,994 $ 11.196201 $ 4,097,744 1.4% -18.48% 1.64% Firstar Oncore Flex.............. 13,676 $ 7.426072 $ 101,557 1.5% -18.56% 1.47% Firstar Oncore Value............. 57,292 $ 7.600579 $ 435,452 0.9% -18.07% 1.95% Firstar Oncore Premier........... 400,681 $ 7.454809 $ 2,987,002 1.4% -18.48% 2.01% Firstar Oncore Xtra.............. 199,422 $ 7.454809 $ 1,486,652 1.4% -18.48% 2.01% Firstar Oncore Lite.............. 41,568 $ 7.454809 $ 309,885 1.4% -18.48% 2.01% ------------ ------------ 1,078,633 $ 9,418,292 ------------ ------------ 2001 Investar Vision & Top Spectrum... 483,385 $ 13.734218 $ 6,638,921 1.4% 2.17% 0.00% 12/14/01 Firstar Oncore Flex.............. 19,999 $ 9.118447 $ 182,356 1.5% 2.16% 0.00% 12/14/01 Firstar Oncore Value............. 56,040 $ 9.277449 $ 519,912 0.9% 2.19% 0.00% 12/14/01 Firstar Oncore Premier........... 402,235 $ 9.144698 $ 3,678,316 1.4% 2.17% 0.00% 12/14/01 Firstar Oncore Xtra.............. 182,743 $ 9.144698 $ 1,671,126 1.4% 2.17% 0.00% 12/14/01 Firstar Oncore Lite.............. 7,847 $ 9.144698 $ 71,759 1.4% 2.17% 0.00% 12/14/01 ------------ ------------ 1,152,249 $ 12,762,390 ------------ ------------ PIMCO VARIABLE INSURANCE TRUST -- ADMINISTRATIVE SHARES: REAL RETURN SUBACCOUNT 2005 Top Tradition.................... 74,919 $ 12.504455 $ 936,817 1.1% 0.99% 2.79% Top Plus......................... 52,018 $ 12.589324 $ 654,871 0.9% 1.19% 2.74% Investar Vision & Top Spectrum... 7,103 $ 12.378441 $ 87,921 1.4% 0.69% 2.64% Top Explorer..................... 68,471 $ 12.420313 $ 850,426 1.3% 0.79% 2.70% Oncore & Firstar Oncore Flex..... 41,815 $ 12.336855 $ 515,866 1.5% 0.59% 2.53% Oncore & Firstar Oncore Value.... 1,679,093 $ 12.589324 $ 21,138,648 0.9% 1.19% 3.00% Oncore & Firstar Oncore Premier....................... 3,082,173 $ 12.378441 $ 38,152,497 1.4% 0.69% 2.90% Oncore & Firstar Oncore Xtra..... 2,768,850 $ 12.378441 $ 34,274,050 1.4% 0.69% 2.90% Oncore & Firstar Oncore Lite..... 3,648,614 $ 12.378441 $ 45,164,164 1.4% 0.69% 2.90% ------------ ------------ 11,423,056 $141,775,260 ------------ ------------
(continued) 142 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2004 Top Tradition.................... 57,850 $ 12.381890 $ 716,297 1.1% 7.73% 0.95% Top Plus......................... 41,648 $ 12.441318 $ 518,155 0.9% 7.94% 0.95% Investar Vision & Top Spectrum... 6,996 $ 12.293387 $ 85,999 1.4% 7.41% 0.95% Top Explorer..................... 65,261 $ 12.322822 $ 804,197 1.3% 7.52% 1.01% Oncore & Firstar Oncore Flex..... 50,207 $ 12.264135 $ 615,750 1.5% 7.30% 0.97% Oncore & Firstar Oncore Value.... 561,294 $ 12.441318 $ 6,983,237 0.9% 7.94% 1.16% Oncore & Firstar Oncore Premier....................... 1,548,335 $ 12.293387 $ 19,034,280 1.4% 7.41% 1.06% Oncore & Firstar Oncore Xtra..... 1,657,418 $ 12.293387 $ 20,375,283 1.4% 7.41% 1.06% Oncore & Firstar Oncore Lite..... 1,317,123 $ 12.293387 $ 16,191,902 1.4% 7.41% 1.06% ------------ ------------ 5,306,132 $ 65,325,100 ------------ ------------ 2003 Top Tradition.................... 60,928 $ 11.493370 $ 700,273 1.1% 7.67% 2.71% Top Plus......................... 40,178 $ 11.525641 $ 463,080 0.9% 7.88% 2.23% Investar Vision & Top Spectrum... 5,612 $ 11.445189 $ 64,228 1.4% 7.35% 2.41% Top Explorer..................... 47,963 $ 11.461227 $ 549,719 1.3% 7.46% 2.61% Oncore & Firstar Oncore Flex..... 48,829 $ 11.429238 $ 558,075 1.5% 7.25% 2.41% Oncore & Firstar Oncore Value.... 174,108 $ 11.525641 $ 2,006,709 0.9% 7.88% 2.16% Oncore & Firstar Oncore Premier....................... 993,812 $ 11.445189 $ 11,374,353 1.4% 7.35% 2.34% Oncore & Firstar Oncore Xtra..... 762,023 $ 11.445189 $ 8,721,501 1.4% 7.35% 2.34% Oncore & Firstar Oncore Lite..... 463,243 $ 11.445189 $ 5,301,900 1.4% 7.35% 2.34% ------------ ------------ 2,596,696 $ 29,739,838 ------------ ------------ 2002 Top Tradition.................... 33,034 $ 10.674607 $ 352,623 1.1% 6.75% 1.44% 8/1/02 Top Plus......................... 6,412 $ 10.683401 $ 68,505 0.9% 6.83% 1.12% 8/1/02 Investar Vision.................. 1,781 $ 10.661440 $ 18,990 1.4% 6.61% 0.93% 8/1/02 Top Explorer..................... 23,722 $ 10.665826 $ 253,014 1.3% 6.66% 1.37% 8/1/02 Oncore & Firstar Oncore Flex..... 9,001 $ 10.657072 $ 95,929 1.5% 6.57% 1.18% 8/1/02 Oncore & Firstar Oncore Value.... 30,817 $ 10.683401 $ 329,229 0.9% 6.83% 1.36% 8/1/02 Oncore & Firstar Oncore Premier....................... 543,705 $ 10.661440 $ 5,796,675 1.4% 6.61% 1.41% 8/1/02 Oncore & Firstar Oncore Xtra..... 338,497 $ 10.661440 $ 3,608,861 1.4% 6.61% 1.41% 8/1/02 Oncore & Firstar Oncore Lite..... 78,966 $ 10.661440 $ 841,896 1.4% 6.61% 1.41% 8/1/02 ------------ ------------ 1,065,935 $ 11,365,722 ------------ ------------ TOTAL RETURN SUBACCOUNT 2005 Top Tradition.................... 47,776 $ 11.395691 $ 544,444 1.1% 1.34% 3.44% Top Plus......................... 41,173 $ 11.473039 $ 472,379 0.9% 1.54% 3.41% Investar Vision & Top Spectrum... 7,338 $ 11.280852 $ 82,773 1.4% 1.04% 3.65% Top Explorer..................... 50,501 $ 11.319001 $ 571,620 1.3% 1.14% 3.36% Oncore & Firstar Oncore Flex..... 17,516 $ 11.242927 $ 196,931 1.5% 0.94% 3.31% Oncore & Firstar Oncore Value.... 429,164 $ 11.473039 $ 4,923,818 0.9% 1.54% 3.52% Oncore & Firstar Oncore Premier....................... 1,678,924 $ 11.280852 $ 18,939,688 1.4% 1.04% 3.47% Oncore & Firstar Oncore Xtra..... 1,413,795 $ 11.280852 $ 15,948,814 1.4% 1.04% 3.47% Oncore & Firstar Oncore Lite..... 1,243,220 $ 11.280852 $ 14,024,590 1.4% 1.04% 3.47% ------------ ------------ 4,929,407 $ 55,705,057 ------------ ------------
(continued) 143 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2004 Top Tradition.................... 38,222 $ 11.244848 $ 429,797 1.1% 3.75% 1.88% Top Plus......................... 38,494 $ 11.298824 $ 434,937 0.9% 3.95% 1.89% Investar Vision & Top Spectrum... 2,058 $ 11.164475 $ 22,976 1.4% 3.44% 1.83% Top Explorer..................... 49,501 $ 11.191194 $ 553,977 1.3% 3.54% 1.85% Oncore & Firstar Oncore Flex..... 20,424 $ 11.137894 $ 227,484 1.5% 3.34% 1.89% Oncore & Firstar Oncore Value.... 275,893 $ 11.298824 $ 3,117,269 0.9% 3.95% 1.88% Oncore & Firstar Oncore Premier....................... 1,174,175 $ 11.164475 $ 13,109,046 1.4% 3.44% 1.90% Oncore & Firstar Oncore Xtra..... 1,196,240 $ 11.164475 $ 13,355,390 1.4% 3.44% 1.90% Oncore & Firstar Oncore Lite..... 885,944 $ 11.164475 $ 9,891,103 1.4% 3.44% 1.90% ------------ ------------ 3,680,951 $ 41,141,979 ------------ ------------ 2003 Top Tradition.................... 30,940 $ 10.838704 $ 335,348 1.1% 3.49% 2.75% Top Plus......................... 33,227 $ 10.869124 $ 361,153 0.9% 3.90% 2.64% Investar Vision & Top Spectrum... 2,505 $ 10.793274 $ 27,032 1.4% 4.11% 2.79% Top Explorer..................... 49,708 $ 10.808385 $ 537,265 1.3% 3.59% 2.69% Oncore & Firstar Oncore Flex..... 17,528 $ 10.778221 $ 188,923 1.5% 3.70% 2.81% Oncore & Firstar Oncore Value.... 203,238 $ 10.869124 $ 2,209,014 0.9% 4.11% 2.77% Oncore & Firstar Oncore Premier....................... 768,632 $ 10.793274 $ 8,296,065 1.4% 3.59% 2.75% Oncore & Firstar Oncore Xtra..... 997,250 $ 10.793274 $ 10,763,590 1.4% 3.59% 2.75% Oncore & Firstar Oncore Lite..... 518,535 $ 10.793274 $ 5,596,691 1.4% 3.59% 2.75% ------------ ------------ 2,621,563 $ 28,315,081 ------------ ------------ 2002 Top Tradition.................... 12,084 $ 10.431677 $ 126,057 1.1% 4.32% 1.41% 8/1/02 Top Plus......................... 10,820 $ 10.440268 $ 112,964 0.9% 4.40% 1.23% 8/1/02 Investar Vision.................. 247 $ 10.418807 $ 2,575 1.4% 4.19% 1.05% 8/1/02 Top Explorer..................... 28,667 $ 10.423086 $ 298,795 1.3% 4.23% 1.45% 8/1/02 Oncore Flex...................... 8,040 $ 10.414532 $ 83,729 1.5% 4.15% 1.19% 8/1/02 Oncore & Firstar Oncore Value.... 61,436 $ 10.440268 $ 641,404 0.9% 4.40% 1.37% 8/1/02 Oncore & Firstar Oncore Premier....................... 255,511 $ 10.418807 $ 2,662,134 1.4% 4.19% 1.41% 8/1/02 Oncore & Firstar Oncore Xtra..... 297,287 $ 10.418807 $ 3,097,374 1.4% 4.19% 1.41% 8/1/02 Oncore & Firstar Oncore Lite..... 83,119 $ 10.418807 $ 865,996 1.4% 4.19% 1.41% 8/1/02 ------------ ------------ 757,211 $ 7,891,028 GLOBAL BOND SUBACCOUNT 2005 Top Tradition.................... 17,154 $ 12.228882 $ 209,779 1.1% -7.64% 2.51% Top Plus......................... 2,779 $ 12.311876 $ 34,216 0.9% -7.45% 2.27% Investar Vision & Top Spectrum... 1,362 $ 12.105658 $ 16,485 1.4% -7.91% 2.51% Top Explorer..................... 13,458 $ 12.146562 $ 163,466 1.3% -7.82% 2.46% Oncore Flex...................... 4,754 $ 12.064953 $ 57,358 1.5% -8.00% 2.51% Oncore & Firstar Oncore Value.... 195,504 $ 12.311876 $ 2,407,016 0.9% -7.45% 2.66% Oncore & Firstar Oncore Premier....................... 206,521 $ 12.105658 $ 2,500,074 1.4% -7.91% 2.57% Oncore & Firstar Oncore Xtra..... 327,971 $ 12.105658 $ 3,970,304 1.4% -7.91% 2.57% Oncore & Firstar Oncore Lite..... 232,808 $ 12.105658 $ 2,818,295 1.4% -7.91% 2.57% ------------ ------------ 1,002,311 $ 12,176,993 ------------ ------------
(continued) 144 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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 1.1% 9.40% 1.83% Top Plus......................... 6,872 $ 13.303437 $ 91,416 0.9% 9.61% 1.84% Investar Vision & Top Spectrum... 1,030 $ 13.145307 $ 13,535 1.4% 9.07% 1.82% Top Explorer..................... 13,258 $ 13.176725 $ 174,700 1.3% 9.18% 1.86% Oncore Flex...................... 3,656 $ 13.113999 $ 47,946 1.5% 8.96% 1.84% Oncore & Firstar Oncore Value.... 81,063 $ 13.303437 $ 1,078,420 0.9% 9.61% 1.88% Oncore & Firstar Oncore Premier....................... 133,027 $ 13.145307 $ 1,748,688 1.4% 9.07% 1.87% Oncore & Firstar Oncore Xtra..... 218,689 $ 13.145307 $ 2,874,731 1.4% 9.07% 1.87% Oncore & Firstar Oncore Lite..... 123,337 $ 13.145307 $ 1,621,300 1.4% 9.07% 1.87% ------------ ------------ 595,942 $ 7,849,472 ------------ ------------ 2003 Top Tradition.................... 12,396 $ 12.102667 $ 150,024 1.1% 13.19% 1.87% Top Plus......................... 5,227 $ 12.136628 $ 63,443 0.9% 13.42% 1.94% Top Spectrum..................... 914 $ 12.051967 $ 11,021 1.4% 12.86% 2.53% Top Explorer..................... 8,281 $ 12.068818 $ 99,943 1.3% 12.97% 1.85% Oncore & Firstar Oncore Flex..... 3,159 $ 12.035152 $ 38,017 1.5% 12.75% 2.16% Oncore & Firstar Oncore Value.... 48,795 $ 12.136628 $ 592,211 0.9% 13.42% 2.06% Oncore & Firstar Oncore Premier....................... 96,298 $ 12.051967 $ 1,160,572 1.4% 12.86% 2.12% Oncore & Firstar Oncore Xtra..... 140,630 $ 12.051967 $ 1,694,868 1.4% 12.86% 2.12% Oncore & Firstar Oncore Lite..... 103,003 $ 12.051967 $ 1,241,383 1.4% 12.86% 2.12% ------------ ------------ 418,703 $ 5,051,482 ------------ ------------ 2002 Top Tradition.................... 8,062 $ 10.691996 $ 86,203 1.1% 6.92% 0.94% 8/1/02 Top Plus......................... 2,033 $ 10.700805 $ 21,759 0.9% 7.01% 0.61% 8/1/02 Top Explorer..................... 6,465 $ 10.683196 $ 69,065 1.3% 6.83% 0.82% 8/1/02 Oncore Flex...................... 730 $ 10.674433 $ 7,789 1.5% 6.74% 0.59% 8/1/02 Oncore & Firstar Oncore Value.... 5,341 $ 10.700805 $ 57,154 0.9% 7.01% 0.95% 8/1/02 Oncore Premier................... 12,893 $ 10.678814 $ 137,675 1.4% 6.79% 0.94% 8/1/02 Oncore & Firstar Oncore Xtra..... 17,584 $ 10.678814 $ 187,775 1.4% 6.79% 0.94% 8/1/02 Oncore Lite...................... 3,492 $ 10.678814 $ 37,292 1.4% 6.79% 0.94% 8/1/02 ------------ ------------ 56,600 $ 604,712 ------------ ------------ CALVERT VARIABLE SERIES, INC. (NOTE 4): SOCIAL EQUITY SUBACCOUNT 2005 Top Tradition.................... 17,644 $ 7.335001 $ 129,422 1.1% 3.41% 0.05% Top Plus......................... 7,136 $ 7.466812 $ 53,284 0.9% 3.61% 0.05% Top Explorer..................... 34,010 $ 7.691931 $ 261,597 1.3% 3.21% 0.06% ------------ ------------ 58,790 $ 444,303 ------------ ------------ 2004 Top Tradition.................... 18,932 $ 7.093183 $ 134,289 1.1% 5.99% 0.08% Top Plus......................... 7,858 $ 7.206401 $ 56,626 0.9% 6.20% 0.07% Top Explorer..................... 35,436 $ 7.452996 $ 264,105 1.3% 5.78% 0.07% ------------ ------------ 62,226 $ 455,020 ------------ ------------
(continued) 145 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- CALVERT VARIABLE SERIES, INC. (CONTINUED) SOCIAL EQUITY SUBACCOUNT (CONTINUED) 2003 Top Tradition.................... 19,291 $ 6.692392 $ 129,106 1.1% 16.96% 0.02% 5/2/03 Top Plus......................... 10,620 $ 6.785729 $ 72,066 0.9% 17.11% 0.02% 5/2/03 Top Explorer..................... 40,997 $ 7.045823 $ 288,856 1.3% 16.80% 0.02% 5/2/03 ------------ ------------ 70,908 490,028 ------------ ------------ DREYFUS VARIABLE INVESTMENT FUND -- SERVICE SHARES: APPRECIATION SUBACCOUNT 2005 Top Tradition.................... 3,560 $ 12.505328 $ 44,514 1.1% 2.99% 0.00% Top Explorer..................... 2,041 $ 12.439582 $ 25,386 1.3% 2.79% 0.00% Oncore & Firstar Oncore Flex..... 1,913 $ 12.374283 $ 23,669 1.5% 2.58% 0.00% Oncore & Firstar Oncore Value.... 49,666 $ 12.571534 $ 624,374 0.9% 3.19% 0.00% Oncore & Firstar Oncore Premier....................... 161,502 $ 12.406830 $ 2,003,726 1.4% 2.68% 0.00% Oncore & Firstar Oncore Xtra..... 144,433 $ 12.406830 $ 1,791,960 1.4% 2.68% 0.00% Oncore & Firstar Oncore Lite..... 192,509 $ 12.406830 $ 2,388,441 1.4% 2.68% 0.00% ------------ ------------ 555,624 $ 6,902,070 ------------ ------------ 2004 Top Tradition.................... 2,964 $ 12.142541 $ 35,992 1.1% 3.65% 1.84% Top Explorer..................... 1,914 $ 12.102515 $ 23,164 1.3% 3.45% 2.07% Oncore Flex...................... 410 $ 12.062701 $ 4,942 1.5% 3.24% 1.78% Oncore & Firstar Oncore Value.... 32,155 $ 12.182745 $ 391,736 0.9% 3.86% 1.54% Oncore & Firstar Oncore Premier....................... 137,799 $ 12.082562 $ 1,664,964 1.4% 3.35% 1.96% Oncore & Firstar Oncore Xtra..... 111,546 $ 12.082562 $ 1,347,762 1.4% 3.35% 1.96% Oncore & Firstar Oncore Lite..... 159,129 $ 12.082562 $ 1,922,688 1.4% 3.35% 1.96% ------------ ------------ 445,917 $ 5,391,248 ------------ ------------ 2003 Top Tradition.................... 1,874 $ 11.714615 $ 21,957 1.1% 17.15% 6.38% 5/1/03 Top Explorer..................... 554 $ 11.699161 $ 6,481 1.3% 16.99% 6.70% 5/1/03 Oncore Flex...................... 74 $ 11.683757 $ 860 1.5% 16.84% 5.37% 5/1/03 Oncore & Firstar Oncore Value.... 14,079 $ 11.730095 $ 165,142 0.9% 17.30% 5.85% 5/1/03 Oncore & Firstar Oncore Premier....................... 38,966 $ 11.691446 $ 455,579 1.4% 16.91% 5.42% 5/1/03 Oncore & Firstar Oncore Xtra..... 57,055 $ 11.691446 $ 667,056 1.4% 16.91% 5.42% 5/1/03 Oncore & Firstar Oncore Lite..... 33,538 $ 11.691446 $ 392,105 1.4% 16.91% 5.42% 5/1/03 ------------ ------------ 146,140 $ 1,709,180 ------------ ------------
(continued) 146 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- ROYCE CAPITAL FUND: SMALL-CAP SUBACCOUNT 2005 Top I............................ 1,535 $ 10.321008 $ 15,841 1.1% 3.21% 0.00% 11/02/05 Top Tradition.................... 130,655 $ 18.557011 $ 2,424,561 1.1% 7.38% 0.00% Top Plus......................... 30,127 $ 18.655224 $ 562,024 0.9% 7.59% 0.00% Investar Vision & Top Spectrum... 368 $ 10.316145 $ 3,798 1.4% 3.16% 0.00% 11/02/05 Top Explorer..................... 65,936 $ 18.459522 $ 1,217,141 1.3% 7.17% 0.00% Oncore & Firstar Oncore Flex..... 32,732 $ 18.362685 $ 601,054 1.5% 6.96% 0.00% Oncore & Firstar Oncore Value.... 604,546 $ 18.655224 $ 11,277,949 0.9% 7.59% 0.00% Oncore & Firstar Oncore Premier....................... 897,864 $ 18.410976 $ 16,530,546 1.4% 7.07% 0.00% Oncore & Firstar Oncore Xtra..... 764,812 $ 18.410976 $ 14,080,935 1.4% 7.07% 0.00% Oncore & Firstar Oncore Lite..... 924,397 $ 18.410976 $ 17,019,052 1.4% 7.07% 0.00% ------------ ------------ 3,452,972 $ 63,732,901 ------------ ------------ 2004 Top Tradition.................... 91,396 $ 17.281311 $ 1,579,438 1.1% 23.59% 0.00% Top Plus......................... 23,735 $ 17.338503 $ 411,535 0.9% 23.83% 0.00% Top Explorer..................... 44,551 $ 17.224399 $ 767,363 1.3% 23.34% 0.00% Oncore & Firstar Oncore Flex..... 35,643 $ 17.167760 $ 611,917 1.5% 23.10% 0.00% Oncore & Firstar Oncore Value.... 302,187 $ 17.338503 $ 5,239,468 0.9% 23.83% 0.00% Oncore & Firstar Oncore Premier....................... 555,026 $ 17.196019 $ 9,544,232 1.4% 23.22% 0.00% Oncore & Firstar Oncore Xtra..... 509,022 $ 17.196019 $ 8,753,153 1.4% 23.22% 0.00% Oncore & Firstar Oncore Lite..... 420,426 $ 17.196019 $ 7,229,659 1.4% 23.22% 0.00% ------------ ------------ 1,981,986 $ 34,136,765 ------------ ------------ 2003 Top Tradition.................... 19,826 $ 13.982845 $ 277,225 1.1% 39.83% 0.00% 5/1/03 Top Plus......................... 4,071 $ 14.001322 $ 57,003 0.9% 40.01% 0.00% 5/1/03 Top Explorer..................... 7,363 $ 13.964419 $ 102,823 1.3% 39.64% 0.00% 5/1/03 Oncore Flex...................... 13,595 $ 13.946057 $ 189,598 1.5% 39.46% 0.00% 5/1/03 Oncore & Firstar Oncore Value.... 136,253 $ 14.001322 $ 1,907,715 0.9% 40.01% 0.00% 5/1/03 Oncore & Firstar Oncore Premier....................... 132,077 $ 13.955225 $ 1,843,151 1.4% 39.55% 0.00% 5/1/03 Oncore & Firstar Oncore Xtra..... 191,582 $ 13.955225 $ 2,673,571 1.4% 39.55% 0.00% 5/1/03 Oncore & Firstar Oncore Lite..... 142,177 $ 13.955225 $ 1,984,117 1.4% 39.55% 0.00% 5/1/03 ------------ ------------ 646,944 $ 9,035,203 ------------ ------------ MICRO-CAP SUBACCOUNT 2005 Top Tradition.................... 52,354 $ 18.287958 $ 957,450 1.1% 10.40% 0.52% Top Plus......................... 9,689 $ 18.384755 $ 178,124 0.9% 10.62% 0.56% Top Explorer..................... 30,603 $ 18.191857 $ 556,724 1.3% 10.18% 0.56% Oncore & Firstar Oncore Flex..... 25,177 $ 18.096399 $ 455,608 1.5% 9.97% 0.78% Oncore & Firstar Oncore Value.... 251,572 $ 18.384755 $ 4,625,098 0.9% 10.62% 0.70% Oncore & Firstar Oncore Premier....................... 327,335 $ 18.144006 $ 5,939,168 1.4% 10.07% 0.68% Oncore & Firstar Oncore Xtra..... 426,126 $ 18.144006 $ 7,731,642 1.4% 10.07% 0.68% Oncore & Firstar Oncore Lite..... 597,291 $ 18.144006 $ 10,837,248 1.4% 10.07% 0.68% ------------ ------------ 1,720,147 $ 31,281,062 ------------ ------------
(continued) 147 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- ROYCE CAPITAL FUND: (CONTINUED) MICRO-CAP SUBACCOUNT (CONTINUED) 2004 Top Tradition.................... 63,769 $ 16.565345 $ 1,056,349 1.1% 12.60% 0.00% Top Plus......................... 8,973 $ 16.620168 $ 149,125 0.9% 12.83% 0.00% Top Explorer..................... 32,698 $ 16.510766 $ 539,869 1.3% 12.38% 0.00% Oncore & Firstar Oncore Flex..... 15,824 $ 16.456460 $ 260,399 1.5% 12.16% 0.00% Oncore & Firstar Oncore Value.... 148,433 $ 16.620168 $ 2,466,982 0.9% 12.83% 0.00% Oncore & Firstar Oncore Premier....................... 210,692 $ 16.483556 $ 3,472,981 1.4% 12.27% 0.00% Oncore & Firstar Oncore Xtra..... 378,186 $ 16.483556 $ 6,233,851 1.4% 12.27% 0.00% Oncore & Firstar Oncore Lite..... 243,632 $ 16.483556 $ 4,015,917 1.4% 12.27% 0.00% ------------ ------------ 1,102,207 $ 18,195,473 ------------ ------------ 2003 Top Tradition.................... 15,361 $ 14.711160 $ 225,980 1.1% 47.11% 0.00% 5/1/03 Top Plus......................... 4,460 $ 14.730584 $ 65,704 0.9% 47.31% 0.00% 5/1/03 Top Explorer..................... 5,226 $ 14.691774 $ 76,777 1.3% 46.92% 0.00% 5/1/03 Oncore Flex...................... 10,269 $ 14.672453 $ 150,669 1.5% 46.72% 0.00% 5/1/03 Oncore & Firstar Oncore Value.... 47,410 $ 14.730584 $ 698,382 0.9% 47.31% 0.00% 5/1/03 Oncore & Firstar Oncore Premier....................... 51,178 $ 14.682104 $ 751,396 1.4% 46.82% 0.00% 5/1/03 Oncore & Firstar Oncore Xtra..... 106,280 $ 14.682104 $ 1,560,410 1.4% 46.82% 0.00% 5/1/03 Oncore & Firstar Oncore Lite..... 54,230 $ 14.682104 $ 796,216 1.4% 46.82% 0.00% 5/1/03 ------------ ------------ 294,414 $ 4,325,534 ------------ ------------ VAN KAMPEN UNIVERSAL INSTITUTIONAL FUNDS -- CLASS II: CORE PLUS FIXED INCOME SUBACCOUNT 2005 Top Tradition.................... 6,898 $ 12.202776 $ 84,174 1.1% 2.81% 3.49% Top Plus......................... 3,038 $ 12.267443 $ 37,267 0.9% 3.01% 1.37% Investar Vision & Top Spectrum... 986 $ 10.128183 $ 9,983 1.4% 1.28% 0.00% 11/02/05 Top Explorer..................... 4,038 $ 12.138624 $ 49,018 1.3% 2.60% 3.73% Oncore & Firstar Oncore Value.... 35,257 $ 12.267443 $ 432,508 0.9% 3.01% 3.25% Oncore & Firstar Oncore Premier....................... 61,454 $ 12.106652 $ 744,000 1.4% 2.50% 3.49% Oncore & Firstar Oncore Xtra..... 132,078 $ 12.106652 $ 1,599,020 1.4% 2.50% 3.49% Oncore & Firstar Oncore Lite..... 61,785 $ 12.106652 $ 748,024 1.4% 2.50% 3.49% ------------ ------------ 305,534 $ 3,703,994 ------------ ------------ 2004 Top Tradition.................... 5 $ 11.869727 $ 55 1.1% 2.94% 0.00% Top Explorer..................... 1,705 $ 11.830601 $ 20,167 1.3% 2.73% 4.52% Oncore & Firstar Oncore Value.... 12,926 $ 11.909070 $ 153,932 0.9% 3.14% 3.51% Oncore & Firstar Oncore Premier....................... 58,711 $ 11.811075 $ 693,451 1.4% 2.63% 3.39% Oncore & Firstar Oncore Xtra..... 71,567 $ 11.811075 $ 845,284 1.4% 2.63% 3.39% Oncore Lite...................... 18,241 $ 11.811075 $ 215,445 1.4% 2.63% 3.39% ------------ ------------ 163,155 $ 1,928,334 ------------ ------------
(continued) 148 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
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) 2003 Top Tradition.................... 291 $ 11.531016 $ 3,353 1.1% 15.31% 0.00% 5/2/03 Oncore & Firstar Oncore Value.... 11,734 $ 11.546281 $ 135,480 0.9% 15.46% 0.00% 5/2/03 Oncore & Firstar Oncore Premier....................... 14,011 $ 11.508186 $ 161,236 1.4% 15.08% 0.02% 5/2/03 Oncore & Firstar Oncore Xtra..... 64,107 $ 11.508186 $ 737,776 1.4% 15.08% 0.02% 5/2/03 Oncore Lite...................... 5,926 $ 11.508186 $ 68,192 1.4% 15.08% 0.02% 5/2/03 ------------ ------------ 96,069 $ 1,106,037 ------------ ------------ U.S. REAL ESTATE SUBACCOUNT 2005 Top Tradition.................... 4,628 $ 19.898546 $ 92,085 1.1% 15.48% 0.64% Top Plus......................... 4,221 $ 20.003877 $ 84,429 0.9% 15.71% 1.24% Top Explorer..................... 9,851 $ 19.793975 $ 194,988 1.3% 15.26% 1.04% Oncore & Firstar Oncore Value.... 372,174 $ 20.003877 $ 7,444,925 0.9% 15.71% 1.05% Oncore & Firstar Oncore Premier....................... 532,637 $ 19.741881 $ 10,515,249 1.4% 15.14% 1.09% Oncore & Firstar Oncore Xtra..... 490,378 $ 19.741881 $ 9,680,977 1.4% 15.14% 1.09% Oncore & Firstar Oncore Lite..... 662,709 $ 19.741881 $ 13,083,142 1.4% 15.14% 1.09% ------------ ------------ 2,076,598 $ 41,095,795 ------------ ------------ 2004 Top Tradition.................... 1,413 $ 17.230535 $ 24,344 1.1% 34.59% 1.66% Top Plus......................... 5,695 $ 17.287564 $ 98,454 0.9% 34.85% 1.29% Top Explorer..................... 2,645 $ 17.173754 $ 45,422 1.3% 34.32% 0.40% Oncore & Firstar Oncore Value.... 115,803 $ 17.287564 $ 2,001,959 0.9% 34.85% 1.42% Oncore & Firstar Oncore Premier....................... 220,338 $ 17.145445 $ 3,777,806 1.4% 34.19% 1.39% Oncore & Firstar Oncore Xtra..... 249,859 $ 17.145445 $ 4,283,935 1.4% 34.19% 1.39% Oncore & Firstar Oncore Lite..... 247,102 $ 17.145445 $ 4,236,673 1.4% 34.19% 1.39% ------------ ------------ 842,855 $ 14,468,593 ------------ ------------ 2003 Top Tradition.................... 1,033 $ 12.802466 $ 13,229 1.1% 28.02% 0.00% 5/1/03 Top Plus......................... 3,423 $ 12.819379 $ 43,885 0.9% 28.19% 0.00% 5/1/03 Top Explorer..................... 9 $ 12.785578 $ 115 1.3% 27.86% 0.00% 5/1/03 Oncore & Firstar Oncore Value.... 14,316 $ 12.819379 $ 183,525 0.9% 28.19% 0.00% 5/1/03 Oncore & Firstar Oncore Premier....................... 34,371 $ 12.777148 $ 439,141 1.4% 27.77% 0.00% 5/1/03 Oncore & Firstar Oncore Xtra..... 41,013 $ 12.777148 $ 524,033 1.4% 27.77% 0.00% 5/1/03 Oncore & Firstar Oncore Lite..... 54,294 $ 12.777148 $ 693,725 1.4% 27.77% 0.00% 5/1/03 ------------ ------------ 148,459 $ 1,897,653 ------------ ------------
(continued) 149 OHIO NATIONAL VARIABLE ACCOUNT A NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2005
INVESTMENT ACCUMULATION VALUE PER FAIR TOTAL INCOME INCEPTION UNITS*** UNIT VALUE EXPENSES* RETURN** RATIO**** DATE ------------ ----------- ------------ --------- -------- ---------- --------- FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST -- CLASS 2: FRANKLIN INCOME SECURITIES SUBACCOUNT 2005 Top Tradition.................... 2,505 $ 10.061437 $ 25,204 1.1% 0.61% 0.00% 11/2/05 Top Plus......................... 2,445 $ 10.064603 $ 24,607 0.9% 0.65% 0.00% 11/2/05 Investar Vision & Top Spectrum... 377 $ 10.056698 $ 3,794 1.4% 0.57% 0.00% 11/2/05 Top Explorer..................... 4,697 $ 10.058278 $ 47,244 1.3% 0.58% 0.00% 11/2/05 Oncore Flex...................... 1,564 $ 10.358086 $ 16,196 1.5% 3.58% 0.00% 5/2/05 Oncore & Firstar Oncore Value.... 234,702 $ 10.398884 $ 2,440,640 0.9% 3.99% 0.00% 5/2/05 Oncore & Firstar Oncore Premier....................... 500,590 $ 10.364866 $ 5,188,551 1.4% 3.65% 0.56% 5/2/05 Oncore & Firstar Oncore Xtra..... 382,542 $ 10.364866 $ 3,964,996 1.4% 3.65% 0.56% 5/2/05 Oncore & Firstar Oncore Lite..... 590,461 $ 10.364866 $ 6,120,048 1.4% 3.65% 0.56% 5/2/05 ------------ ------------ 1,719,883 $ 17,831,280 ------------ ------------ FRANKLIN FLEX CAP SECURITIES SUBACCOUNT 2005 Top Plus......................... 2,714 $ 10.386719 $ 28,194 0.9% 3.87% 0.63% 11/2/05 Oncore Flex...................... 1,001 $ 11.129509 $ 11,136 1.5% 11.30% 0.17% 5/2/05 Oncore & Firstar Oncore Value.... 14,594 $ 11.173307 $ 163,066 0.9% 11.73% 0.26% 5/2/05 Oncore & Firstar Oncore Premier....................... 64,425 $ 11.136768 $ 717,488 1.4% 11.37% 0.26% 5/2/05 Oncore & Firstar Oncore Xtra..... 34,779 $ 11.136768 $ 387,328 1.4% 11.37% 0.26% 5/2/05 Oncore & Firstar Oncore Lite..... 81,614 $ 11.136768 $ 908,905 1.4% 11.37% 0.26% 5/2/05 ------------ ------------ 199,127 $ 2,216,117 ------------ ------------ TEMPLETON FOREIGN SECURITIES SUBACCOUNT 2005 Top Tradition.................... 2 $ 10.437011 $ 17 1.1% 4.37% 0.00% 11/2/05 Investar Vision & Top Spectrum... 1,070 $ 10.432105 $ 11,160 1.4% 4.32% 0.00% 11/2/05 Top Explorer..................... 429 $ 10.433740 $ 4,479 1.3% 4.34% 0.00% 11/2/05 Oncore Flex...................... 2,606 $ 11.173433 $ 29,116 1.5% 11.73% 0.00% 5/2/05 Oncore Value..................... 141,246 $ 11.217421 $ 1,584,420 0.9% 12.17% 0.11% 5/2/05 Oncore & Firstar Oncore Premier....................... 184,816 $ 11.180721 $ 2,066,380 1.4% 11.81% 0.25% 5/2/05 Oncore & Firstar Oncore Xtra..... 122,777 $ 11.180721 $ 1,372,739 1.4% 11.81% 0.25% 5/2/05 Oncore & Firstar Oncore Lite..... 368,740 $ 11.180721 $ 4,122,773 1.4% 11.81% 0.25% 5/2/05 ------------ ------------ 821,686 $ 9,191,084 ------------ ------------
- --------------- * 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. *** Accumulation units are rounded to the nearest whole number. **** The Investment Income Ratio represents the dividends for the periods indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by average net assets (by product). This ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions to contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests. The investment income ratios for funds that were eligible for investment during only a portion of the year are annualized. 150 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 statements of assets and contract owners' equity of Ohio National Variable Account A (comprised of the sub-accounts listed in note 2) (collectively, "the Account") as of December 31, 2005, 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 Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures include confirmation of securities owned as of December 31, 2005, 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 Account as of December 31, 2005, and the results of its 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. KPMG LLP Columbus, OH February 20, 2006 151 OHIO NATIONAL VARIABLE ACCOUNT A FORM N-4 PART C OTHER INFORMATION ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS The following financial statements of the Registrant are included in Part B of this Registration Statement: Report of Independent Registered Public Accounting Firm KPMG LLP dated February 20, 2006 Statements of Assets and Contract Owners' Equity, December 31, 2005 Statements of Operations for the Period Ended December 31, 2005 Statements of Changes in Contract Owners' Equity for the Periods Ended December 31, 2005 and 2004 Notes to Financial Statements, December 31, 2005 The following consolidated financial statements of the Depositor and its subsidiaries are also included by reference in Part B of this Registration Statement: Report of Independent Registered Public Accounting Firm KPMG LLP dated April 24, 2006 Consolidated Balance Sheets, December 31, 2005 and 2004 Consolidated Statements of Income for the Years Ended December 31, 2005, 2004 and 2003 Consolidated Statements of Changes in Stockholder's Equity for the Years Ended December 31, 2005, 2004 and 2003 Consolidated Statements of Cash Flows for the Years Ended December 31, 2005, 2004 and 2003 Notes to Consolidated Financial Statements, December 31, 2005, 2004 and 2003 Consent of the following: KPMG LLP Exhibits: The following is filed herewith: Powers of Attorney All relevant exhibits, which have previously been filed with the Commission and are incorporated herein by reference, are as follows: (1) Resolution of Board of Directors of the Depositor authorizing establishment of the Registrant was filed as Exhibit A(1) of the Registrant's registration statement on Form S-6 on August 3, 1982 (File no. 2-78652). -1- (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. 333-43511). (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). (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). (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. (3)(e) 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. 333-43511). (3)(f) 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. 333-43511). (3)(g) 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. (3)(h) 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. (3)(i) 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. (3)(j) 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). (3)(k) 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). (3)(l) 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). (4) Form of Variable Deferred Annuity Contract, Form 06-VA-4 was filed as Exhibit (4) of the Registrant's registration statement on Form N-4, Post-effective Amendment No. 24 on June 30, 2006 (File No. 333-43511) (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). (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). (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). -2- ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR
Name and Principal Positions and Offices Business Address with Depositor - ---------------- -------------- Trudy K. Backus* Vice President, Individual Insurance Services Thomas A. Barefield* Senior Vice President, Institutional Sales Lee E. Bartels* Vice President, Underwriting Howard C. Becker* Senior Vice President, Individual Insurance & Corporate Services G. Timothy Biggs* Vice President, Mortgages and Real Estate Jeffery A. Bley* Vice President, ONESCO Compliance Richard J. Bodner* Vice President, Corporate Services Robert A. Bowen* Senior Vice President, Information Systems Jack E. Brown Director 50 E. Rivercenter Blvd. Covington, Kentucky 41011 William R. Burleigh Director One West Fourth Street Suite 1100 Cincinnati, Ohio 45202 Victoria B. Buyniski Gluckman Director 2343 Auburn Avenue Cincinnati, Ohio 45219 Phillip C. Byrde* Vice President, Fixed Income Christopher A. Carlson* Senior Vice President, Chief Investment Officer George E. Castrucci Director 8355 Old Stable Road Cincinnati, Ohio 45243 Raymond R. Clark Director 201 East Fourth Street Cincinnati, Ohio 45202 Thomas G. Cody Director 7 West Seventh Street Cincinnati, Ohio 45202 Robert Conway* Vice President, PGA Marketing, Eastern Division Ronald J. Dolan* Director and Executive Vice President and Chief Financial Officer Anthony G. Esposito* Vice President, Human Resources & Corporate Services Donald W. Flannery* Information Technology Head 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 Jed R. Martin* Vice President, Private Placements
-3-
Name and Principal Positions and Offices Business Address with Depositor - ---------------- -------------- Therese S. McDonough* Second Vice President, Counsel and Corporate Secretary William J. McFadden* Vice President, PGA Marketing, Western Division James I. Miller, II* Senior Vice President, Life Product Management Stephen R. Murphy* Vice President, Annuity Product Management Edward P. Nolan* Vice President, Stable Asset Management David B. O'Maley* Director, Chairman, President and Chief Executive Officer Jeffrey K. Oehler* Vice President, Information Systems James F. Orr Director 201 East Fourth Street Cincinnati, Ohio 45202 John J. Palmer* Director and Vice Chairman George B. Pearson, Jr.* Senior Vice President, PGA Marketing John R. Phillips Director 200 E. Randolph Drive, 43rd Floor Chicago, IL 60601 William C. Price* Vice President and Assistant General Counsel Arthur J. Roberts* Senior Vice President, Controller and Treasurer D. Gates Smith* Director and Executive Vice President, Agency and Group Distribution James C. Smith* Senior Vice President, Internal Audit & Compliance Edith F. Thompson* Vice President, Individual Annuity Operations Barbara A. Turner* Senior Vice President, ONESCO Paul J. Twilling* Vice President, Information Systems Dr. David S. Williams* Vice President and Medical Director
- ---------- *The principal business address for these individuals is One Financial Way, Montgomery, Ohio 45242. -4- 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. Ohio 100% (aviation) ON Global Holdings, Inc. Delaware 100% (holding company, foreign insurance) Fiduciary Capital Management, Inc. Connecticut 51% (investment adviser) Suffolk Capital Management LLC Delaware 81% (investment adviser) 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. Ohio 100% (securities broker dealer) Ohio National Investments, Inc. Ohio 100% (investment adviser) The O.N. Equity Sales Company Ohio 100% (securities broker dealer) Enterprise Park, Inc. Georgia 100% (real estate holding company) Ohio National Fund, Inc. Maryland (more than) 90% (registered investment company Dow Target Variable Fund LLC Ohio 100% (registered investment company) SMON Holdings, Inc. Delaware 50% (insurance holding company) 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 Ohio 100% (investment adviser) 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. SMON Holdings, Inc. owns 100% of the voting securities of National Security Life and Annuity Company, a life insurance company organized under the laws of New York. ITEM 27. NUMBER OF CONTRACTOWNERS As of April 18, 2006, the Registrant's contracts were owned by 64,627 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. -5- 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. -6- The directors and officers of ONEQ are:
Name Position with ONEQ ---- ----------------------- David B. O'Maley Chairman and Director John J. Palmer President and Director Thomas A. Barefield Senior Vice President James I. Miller Vice President and Director Trudy K. Backus Vice President and Director Michael F. Haverkamp Secretary and Director Barbara A. Turner Vice President of Operations & Comptroller and Treasurer Jeffery A. Bley Chief Compliance Officer
The principal business address of each of the foregoing is One Financial Way, Montgomery, Ohio 45242. During the last fiscal year, ONEQ received the following commissions and other compensation, directly or indirectly, from the Registrant:
Net Underwriting Compensation Discounts and on Redemption Brokerage Commissions or Annuitization Commissions Compensation - ----------- ---------------- ----------- ------------ $49,989,223 None None None
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS The books and records of the Registrant which are required under Section 31(a) of the 1940 Act and Rules thereunder are maintained in the possession of the following persons: (1) Journals and other records of original entry: The Ohio National Life Insurance Company ("Depositor") One Financial Way Montgomery, Ohio 45242 -7- U.S. Bank, N.A. ("Custodian") 425 Walnut Street Cincinnati, Ohio 45202 (2) General and auxiliary ledgers: Depositor and Custodian (3) Securities records for portfolio securities: Custodian (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: Custodian (7) Records of options: Not applicable (8) Records of trial balances: Custodian (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 Custodian and Depositor ITEM 31. MANAGEMENT SERVICES Not applicable. ITEM 32. UNDERTAKINGS AND REPRESENTATIONS (a) Pursuant to Section 26(f)(2)(A) of the Investment Company Act of 1940, as amended, the Registrant by its Depositor, The Ohio National Life Insurance Company, hereby represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by The Ohio National Life Insurance Company. -8- (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 the variable annuity contracts may be accepted. (c) The Registrant 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 Registrant hereby undertakes to deliver any Statement of Additional Information and any financial statements required to be made available under Form N-4 promptly upon written or oral request. (e) 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 the final adjudication of such issue. -9- SIGNATURES As required by the Securities Act of 1933 and the Investment Company Act of 1940, the registrant, Ohio National Variable Account A certifies that it has caused this post-effective amendment to the registration statement to be signed on its behalf in the City of Montgomery and the State of Ohio on this 1st day of September, 2006. OHIO NATIONAL VARIABLE ACCOUNT A (Registrant) By THE OHIO NATIONAL LIFE INSURANCE COMPANY (Depositor) By /s/John J. Palmer ----------------------------------------- John J. Palmer, Vice Chairman Attest: /s/ Marc L. Collins - -------------------------------- Marc L. Collins Second Vice President and Counsel As required by the Securities Act of 1933 and the Investment Company Act of 1940, the depositor, The Ohio National Life Insurance Company, has caused this post-effective amendment to the registration statement to be signed on its behalf in the City of Montgomery and the State of Ohio on the 1st day of September, 2006. THE OHIO NATIONAL LIFE INSURANCE COMPANY (Depositor) By /s/John J. Palmer ------------------------------------------ John J. Palmer, Vice Chairman Attest: /s/ Marc L. Collins - -------------------------------- Marc L. Collins Second Vice President and Counsel As required by the Securities Act of 1933, this post-effective amendment to the registration statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature Title Date - --------- ----- ---- */s/David B. O'Maley Chairman, President, September 1, 2006 - -------------------------------- Chief Executive Officer David B. O'Maley and Director */s/Jack E. Brown Director September 1, 2006 - -------------------------------- Jack E. Brown */s/William R. Burleigh Director September 1, 2006 - -------------------------------- William R. Burleigh */s/Victoria B. Buyniski Gluckman Director September 1, 2006 - -------------------------------- Victoria B. Buyniski Gluckman */s/George E. Castrucci Director September 1, 2006 - -------------------------------- George E. Castrucci */s/Raymond R. Clark Director September 1, 2006 - -------------------------------- Raymond R. Clark */s/Thomas G. Cody Director September 1, 2006 - -------------------------------- Thomas G. Cody */s/Ronald J. Dolan Director, Principal September 1, 2006 - -------------------------------- Financial and Accounting Ronald J. Dolan Officer */s/John W. Hayden Director September 1, 2006 - -------------------------------- John W. Hayden */s/James F. Orr Director September 1, 2006 - -------------------------------- James F. Orr /s/John J. Palmer Director September 1, 2006 - -------------------------------- John J. Palmer */s/John R. Phillips Director September 1, 2006 - -------------------------------- John R. Phillips
*/s/D. Gates Smith Director September 1, 2006 - ------------------------- D. Gates Smith
*By /s/ John J. Palmer - ------------------------- John J. Palmer, Attorney in Fact pursuant to Powers of Attorney filed herewith. INDEX OF CONSENTS AND EXHIBITS
Page Number in Exhibit Sequential Number Description Numbering System - ------ ----------- ---------------- Consent of KPMG LLP Powers of Attorney
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors of The Ohio National Life Insurance Company: We consent to use of our reports for Ohio National Variable Account A dated February 20, 2006, and for The Ohio National Life Insurance Company and subsidiaries dated April 24, 2006 included herein and to the reference to our firm under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information in post-effective amendment no. 25 to File No. 333-43511. The report of KPMG LLP covering the December 31, 2005 consolidated financial statements of The Ohio National Life Insurance Company and subsidiaries refers to the adoption of AICPA Statement of Position 03-1, Accounting and Reporting by Insurance Enterprises for Certain Non-Traditional Long-Duration Contracts and for Separate Accounts, in 2004 and a change in the method of accounting for embedded reinsurance derivatives in 2003. /s/ KPMG LLP Columbus, Ohio September 1, 2006 THE OHIO NATIONAL LIFE INSURANCE COMPANY POWER OF ATTORNEY ------------------------- David B. O'Maley Jack E. Brown William R. Burleigh Victoria B. Buyniski Gluckman George E. Castrucci Raymond R. Clark Thomas G. Cody Ronald J. Dolan John W. Hayden James F. Orr John R. Phillips John J. Palmer D. Gates Smith as Directors of The Ohio National Life Insurance Company, we do hereby jointly and severally authorize John J. Palmer and/or Therese S. McDonough, individually, to sign as our agent, any and all registration statements under the Securities Act of 1933 and/or the Investment Company Act of 1940, filed on Form N-4, the file numbers for which are included as Appendix A, and any and all initial registration statement filings filed on or after July 20, 2006, with respect to The Ohio National Life Insurance Company and do hereby jointly and severally ratify such signatures heretofore made by such persons. IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney for the purpose herein set forth.
Signature Position Date - --------------------------------------------------------------------------------------------- Chairman, President, /s/ David B. O'Maley Chief Executive Officer July 20, 2006 - --------------------------------- and Director David B. O'Maley /s/ Jack E. Brown Director July 20, 2006 - --------------------------------- Jack E. Brown /s/ William R. Burleigh Director July 20, 2006 - --------------------------------- William R. Burleigh /s/ Victoria B. Buyniski Gluckman Director July 20, 2006 - --------------------------------- Victoria B. Buyniski Gluckman /s/ George E. Castrucci Director July 20, 2006 - --------------------------------- George E. Castrucci /s/ Raymond R. Clark Director July 20, 2006 - --------------------------------- Raymond R. Clark /s/ Thomas G. Cody Director July 20, 2006 - --------------------------------- Thomas G. Cody
/s/ Ronald J. Dolan Principal Financial and July 20, 2006 - --------------------------------- Accounting Officer Ronald J. Dolan /s/ John W. Hayden Director July 26, 2006 - --------------------------------- John W. Hayden /s/ James F. Orr Director July 20, 2006 - --------------------------------- James F. Orr /s/ John J. Palmer Director July 19, 2006 - --------------------------------- John J. Palmer /s/ John R. Phillips Director July 20, 2006 - --------------------------------- John R. Phillips /s/ D. Gates Smith Director July 20, 2006 - --------------------------------- D. Gates Smith
APPENDIX A Separate Account 1940 Act File Number - -------------------------------------------- -------------------- Ohio National Variable Account A 811-1978 Ohio National Variable Account B 811-1979 Ohio National Variable Account D 811-8642 Product 1933 Act File Number - -------------------------------------------- -------------------- ONcore Premier 333-43515 ONcore Value 333-43513 ONcore Flex 333-43511 ONcore Xtra 333-86603 ONcore Lite 333-52006 ONcore Wrap 333-134982 ONcore Ultra 333-134288 TOP Series A 33-62282 TOP Series B 33-62284 TOP Explorer 333-5848 Retirement Advantage 33-81784 -----END PRIVACY-ENHANCED MESSAGE-----