Janus Aspen INTECH US Low Volatility Portfolio

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Now Available through: Ohio National ONcore Variable Annuities Managed Volatility Portfolios

Janus Aspen INTECH U.S. Low Volatility Portfolio

Janus Aspen INTECH U.S. Low Volatility Portfolio

What is this Portfolio?

s Equity portfolio

Who is the portfolio manager?

s Portfolio manager has more than a 20-year track record managing mathematical equity investment strategies

INTECH, a Janus subsidiary, is the portfolio manager.

s Targets returns similar to S&P 500® Index with lower volatility over a market cycle s A different approach from most other low volatility portfolios

Janus Aspen INTECH U.S. Low Volatility Portfolio targets market-like returns over time as compared to its benchmark, the S&P 500® Index, with lower absolute volatility.

How does it manage volatility? INTECH’s optimization process seeks to minimize the standard deviation of the portfolio while targeting market-like returns over time through its rules-based, mathematical approach to stock selection.

What is INTECH’s investment process? s INTECH starts with the stocks in the S&P 500® Index as its universe. s INTECH adjusts the weights of the stocks in the S&P 500® Index using statistical techniques based on stock price volatility and correlations between stocks. s As volatilities and correlations change over time, INTECH’s process aims to adapt its holdings accordingly and rebalance to target weights.

What this Portfolio is…

What this Portfolio is not…

An equity portfolio

The portfolio does not invest in fixed income or commodities

A long-only portfolio that seeks to reduce volatility through its rules-based mathematical approach to stock selection

The portfolio does not use any hedging, overlay strategies or derivatives as part of the process

A math-based portfolio

The portfolio does not use fundamental predictions or forecasts in the stock selection process; it bases its process on mathematical principles not data mining; the process does not depend on the mispricing of individual stocks

A rules-based portfolio

The portfolio does not rely on or utilize fundamental data, nor does it require any top-down or bottom-up sector or industry analysis

A portfolio that seeks to provide investors equity market-like returns with lower volatility

The portfolio may not keep pace with the upside performance of the market in the short term, however its goal of increased downside protection can help investors achieve return objectives over a market cycle

Variable Annuity Issuer: The Ohio National Life Insurance Company One Financial Way Cincinnati, Ohio 45242 Telephone: 513.794.6100 Variable Annuity Distributor: Ohio National Equities, Inc. Member, FINRA One Financial Way Cincinnati, OH 45242 Telephone: 513.794.6100 NOT A DEPOSIT

NOT FDIC INSURED

NOT INSURED BY ANY GOVERNMENT AGENCY

MAY LOSE VALUE

NOT GUARANTEED BY ANY BANK

Variable annuities are long-term investment vehicles designed to accumulate money on a tax-deferred basis for retirement purposes. Upon retirement, variable annuities may pay out an income stream of a series of payments or a lump sum. If you die during the accumulation or payout phase, your beneficiary may be eligible to receive any remaining contract value. Variable annuities are sold by prospectuses, which contain more complete information including fees, surrender charges, and other costs that may apply. As with any investment, investing in variable portfolios involves risk, including possible loss of principal. Past performance is not a guarantee of future results. Contact your financial adviser or visit www.ohionational.com/fundinfo to obtain current prospectuses. Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios. Early withdrawals or surrenders may be subject to surrender charges. Withdrawals are also subject to ordinary income tax and, if taken prior to age 59½, a 10% federal tax penalty may apply. For tax purposes only, withdrawals will come first from any gain in the contract. Federal and state tax laws in this area are complex and subject to change. Consult your personal tax adviser on all tax matters. Withdrawals may reduce the death benefit, cash surrender value and any living benefit amount. Product, product features and rider availability vary by state. Issuer not licensed to conduct business and products not distributed in AK, HI or NY. Guarantees are based upon the claims-paying ability of The Ohio National Life Insurance Company. Guarantees do not apply to the investment performance or account value of the underlying variable portfolios. Such benefits and payments are subject to the financial condition of the insurance company A Fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales and companies with relatively small market capitalizations. Each Fund has different risks. Please see a Janus prospectus for more information about risks, Fund holdings and other details. The proprietary mathematical process used by INTECH may not achieve the desired results. Since the Fund’s portfolio is periodically re-balanced, this may result in a higher portfolio turnover rate and higher expenses compared to a “buy and hold” or index fund strategy. INTECH’s low volatility strategy may underperform its benchmark during certain periods of up markets and may not achieve the desired level of protection in down markets. Standard deviation measures historical volatility. Higher standard deviation implies greater volatility. S&P 500® Index is a commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. Janus Distributors LLC is the distributor of Janus Aspen Series portfolios. INTECH Investment Management LLC is an indirect subsidiary of Janus Capital Group Inc. and serves as the sub-adviser on certain products. 9242 10-12 C-0912-19826 9-30-13

198-15-22385 09-12