Summary Prospectus by Investment Company (Form 497K)

ON BlackRock Balanced Allocation Portfolio

Supplement to Summary Prospectus Dated May 1, 2021

Under the section "Management," references to Nick Trivett, CFA, Second Vice President, Investments, are deleted. The following information replaces the first paragraph in the corresponding section in its entirety:

Ohio National Investments, Inc. serves as the investment adviser for the Portfolio. Gary Rodmaker, CFA, FLMI, Vice President, Fixed Income Securities for Ohio National Life, has been a portfolio manager of the fixed income component of the Portfolio since 2016.

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Please retain this supplement with your Prospectus for future reference.