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THE OHIO NATIONAL LIFE INSURANCE COMPANY and
OHIO NATIONAL VARIABLE ACCOUNT A
OHIO NATIONAL LIFE ASSURANCE CORPORATION and
OHIO NATIONAL VARIABLE ACCOUNT R
SUPPLEMENT DATED MARCH 29, 1999 TO THE FOLLOWING PROSPECTUSES:
ONcore Variable Annuities, dated January 4, 1999
Firstar ONcore Variable Annuities, dated February 1, 1999
TOP Explorer Variable Annuities, dated May 1, 1998
TOP Spectrum Variable Annuities, dated May 1, 1998
Investar Vision Variable Annuities, dated May 1, 1998
Vari-Vest V Variable Life Insurance, dated May 1, 1998
SUBSTITUTION OF FUNDS
We have applied for an order by the Securities and Exchange Commission to allow
us to substitute the securities issued by other mutual funds in place of those
issued by the Montgomery Variable Series of the Montgomery Fund III. There is no
assurance that the SEC will grant the requested order. If the requested order is
issued we will move all contract values that are then invested in the Montgomery
Funds into shares of the substitute funds. The substitutions will be made at net
asset value without any cost to you.
We are terminating our relationship with Montgomery because:
- Montgomery Asset Management (the investment adviser to the Montgomery
Funds) has decided to discontinue its Small Cap Opportunities Fund
which has been offered in the ONcore and Firstar Vision variable
annuities.
- The Montgomery Funds have performed poorly compared with other funds of
their respective types.
The Montgomery Emerging Markets Fund will be replaced by the Lazard Emerging
Markets Portfolio. The Montgomery Emerging Markets Fund experienced total return
of -37.53% in 1998. While emerging markets securities in general faired poorly
in 1998, the Lazard Emerging Markets Portfolio's 1998 total return was -22.85%.
The Lazard Emerging Markets Portfolio is managed by Lazard Asset Management.
The Montgomery Small Cap Opportunities Fund, which will no longer exist after
the substitution, will be replaced by the Small Cap Growth Portfolio of Ohio
National Fund, Inc. The total return for the Montgomery Small Cap Opportunities
Fund from May 1, 1998 until the end of 1998 was -7.20%. The total return for the
Small Cap Growth Portfolio from May 1, 1998 until the end of 1998 was +4.62%.
(Both of these funds began their operation on May 1, 1998.) The Small Cap Growth
Portfolio is managed by Robertson Stephens Investment Management.
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Between now and for up to 30 days after the date that we are permitted to make
the substitution, you may make one transfer of your contract values from each of
the Montgomery Funds to any other available portfolio. There is no charge for
this transfer, and it will not count as one of the limited number of "free"
transfers that you are otherwise allowed. If you do nothing, your contract
values in the Montgomery Funds will automatically be transferred to the Lazard
Emerging Markets Portfolio and/or the Small Cap Growth Portfolio if the SEC
issues an order allowing us to make the substitution.
As of the date the SEC may grant the order we have requested, the Lazard
Emerging Markets Portfolio will be added as an available investment for your
contract. The Small Cap Growth Portfolio is already available in those ONcore
and Firstar Vision variable annuities that presently include the Montgomery
Small Cap Opportunities Fund.
