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N-CSRS 1 d547739dncsrs.htm OHIO NATIONAL FUND INC. Ohio National Fund Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03015

Ohio National Fund, Inc.

(Exact name of registrant as specified in charter)


One Financial Way, Cincinnati, Ohio		45242

(Address of principal executive offices)		(Zip Code)

CT Corporation 300 E. Lombard St., Suite 1400 Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: 513-794-6971

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1. Reports To Stockholders.

(a)

LOGO

OHIO NATIONAL FUND, INC.

TABLE OF CONTENTS


President’s Message			1

The following pages contain Performance, Comments from Adviser/Sub-Adviser, Change in Value of $10,000 Investment, Portfolio Composition, Top Holdings and Schedule of Investments (all of which are unaudited) for each of the Fund’s Portfolios:

ON Bond Portfolio			4

ON BlackRock Balanced Allocation Portfolio			10

ON BlackRock Advantage International Equity Portfolio			17

ON Janus Henderson Forty Portfolio (renamed ON Fidelity Institutional AM^®Equity Growth Portfolio as of July 28, 2023)			23

ON AB Small Cap Portfolio			26

ON AB Mid Cap Core Portfolio			33

ON S&P 500^®Index Portfolio			41

ON BlackRock Advantage Large Cap Value Portfolio			49

ON Federated High Income Bond Portfolio			54

ON Nasdaq-100^®Index Portfolio			64

ON BlackRock Advantage Large Cap Core Portfolio			68

ON BlackRock Advantage Small Cap Growth Portfolio			72

ON S&P MidCap 400^®Index Portfolio			78

ON BlackRock Advantage Large Cap Growth Portfolio			85

ON Risk Managed Balanced Portfolio			89

ON Federated Core Plus Bond Portfolio			107

ON U.S. Low Volatility Portfolio			122

ON AB Relative Value Portfolio			126

ON iShares Managed Risk Balanced Portfolio			130

ON iShares Managed Risk Moderate Growth Portfolio			132

ON iShares Managed Risk Growth Portfolio			134

ON Moderately Conservative Model Portfolio			136

ON Balanced Model Portfolio			139

ON Moderate Growth Model Portfolio			142

ON Growth Model Portfolio			145

Statements of Assets and Liabilities (Unaudited)			148

Statements of Operations (Unaudited)			151

Statements of Changes in Net Assets			154

Financial Highlights			161

Notes to Financial Statements (Unaudited)			167

Additional Information (Unaudited)			188

Information about Directors and Officers (Unaudited)			192

President’s

Message

Dear Investor:

In our letter at the end of 2022, we said, “Undoubtedly, 2023 will be eventful.” The first half of 2023 has, indeed, proved to be quite eventful. From a global perspective, inflation, and the reactions to it, defined the state of the global economy. Inflation in most developed economies reached highs in 2022. Despite falling from a U.S. high of 9.1% in mid-year 2022, stubbornly high inflation readings continued to put pressure on consumers. The best tool to tame inflation (as in too much borrowing and spending) is to raise interest rates, thus making borrowing more expensive. In response to high inflation, the U.S. Federal Reserve (the “Fed”) continually raised the Fed Funds Rate throughout the first half of the year. After starting the year at 4.10%, by June of 2023, the rate reached 5.08%, its highest reading since late 2007.

Raising interest rates is a heavy tool that can push the economy into a recession. While a recession has not yet happened in the U.S., we did see some dramatic consequences of higher interest rates during 2023 with the liquidity crunch and eventual collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank. Additionally, in Switzerland, the venerable Credit Suisse was rescued by its competitor, UBS. Beyond the banking crisis, other measures of economic health, including labor markets, remain quite strong.

From a geopolitical perspective, the conflict resulting from Russia’s invasion of Ukraine continued to stress economic and financial markets across Europe. Also, many European countries have experienced higher and much stickier inflation than the U.S. Looking to Asia, the U.S./China relationship has cooled significantly. A major contributor to negative relations this year was the shooting down of a Chinese spy balloon after drifting across the continental U.S. Additionally, the possibility of conflict over Taiwan and the South China Sea are some of the more challenging issues these two global powers will face.

During the first half of the year, stocks experienced a strong bull market. The largest rally occurred within technology stocks, particularly larger cap names. The seven stocks with outsized performance have been dubbed the “magnificent seven.” They include Apple, Microsoft, Nvidia, Amazon, Meta, Alphabet, and Tesla. As the market capitalization of these stocks grows, so does their concentration within indexes. This concentration effect has pushed up passive investments that track the technology indexes and negatively impacted the relative performance of many active managers so far in 2023. Fixed income investments generally produced positive returns during the first half of the year—a reversal of the trend in 2022, which saw a large decline in bond markets. The yield curve remains inverted, as it has been since mid-2022. While there is some historical precedent indicating that a yield curve inversion is indicative of a coming recession, we do not yet know where this inversion will lead. Overall, though, stock and bond markets experienced positive results, causing the overall economic picture to brighten when compared to the end of last year.

Equity Markets

Equity markets experienced strong performance during the first half of 2023. Within domestic equity markets, the S&P 500^®, S&P MidCap 400^®, and Russell 2000^® indices all posted positive returns, with double-digit positive returns across the large capitalization spectrum. Growth stocks outperformed value stocks by a wide margin during the six months ended June 30, 2023. The S&P 500^® Value Index returned 12.15%, while the S&P 500^® Growth Index returned 21.25%. This outperformance of growth is a reversal from the end of 2022 but is a realignment of the decade-long trend

favoring growth companies. Given the inflationary difficulties and general economic weakness within foreign equity markets, returns for foreign large-capitalization stocks underperformed their U.S. large-cap peers. However, global developed market equities outperformed U.S. mid-cap and small-cap stocks.

A summary of returns for key equity benchmarks is presented below:


	YTD June 30, 2023 U.S. Dollar Total Returns
Index	(price and dividend)
S&P 500^®		16.89	%
S&P 500^®Growth		21.25	%
S&P 500^®Value		12.15	%
S&P MidCap 400^®		8.84	%
Russell 2000^®		8.09	%
MSCI All Country World Ex-USA (Net)		9.47	%
MSCI Emerging Markets (Net)		4.89	%

Fixed Income Markets

Fixed-income markets experienced moderately positive returns during the first half of 2023. As discussed previously, interest rates moved upward, but at a slower pace than in 2022, and the yield curve (defined here as the difference between a 2-year interest rate vs. a 10-year interest rate) remained inverted. Generally, fixed-income credit markets, specifically lower-quality issues, have a higher correlation to that of stocks. As economic news strengthens, lower-quality securities tend to outperform U.S. Treasuries and agency securities. Throughout the first half of the year, credit risk was rewarded more than interest rate risk, leading to returns in corporate bonds, both low and high quality, that outperformed Treasuries and other agency securities.

The Bloomberg U.S. Aggregate Bond Index posted a total return of 2.09% during the first half of 2023. Lower-quality indices, like the Bloomberg Corporate Bond Index and the Bloomberg U.S. Corporate High Yield Bond Index, provided total returns of 3.21% and 5.38%, respectively. The Bloomberg U.S. Securitized Index, a higher quality, shorter duration index, provided a return of 1.82% for the six-month period. The table below illustrates the returns of the various indices.


	YTD June 30, 2023 U.S. Dollar Total Returns
Index	(price and interest)
Bloomberg U.S. Aggregate Bond		2.09	%
Bloomberg U.S. Treasury		1.59	%
Bloomberg U.S. Securitized		1.82	%
Bloomberg U.S. Corporate Bond		3.21	%
Bloomberg U.S. Corporate High Yield Bond		5.38	%

The Ohio National Fund, Inc.

The Ohio National Fund continues to offer a wide array of investment options that can be used to build a diversified portfolio. During the first half of 2023, 15 of the 22 actively managed Portfolios beat their respective peer groups, substantially beating the success rate of active managers as a whole. In addition, before expenses, the returns of the three index Portfolios performed in line with their respective indices during the six-month period.

Looking Ahead

The prospect of a soft landing, in which inflation can be tamed while avoiding recession, increased in the first half of 2023. However, recession remains a fear as the Fed continues to signal a willingness to bring down inflation, even at the expense of economic growth. Additionally, the full consequences of the Fed’s tightening tend to lag, meaning that even without meaningful interest rate changes moving forward, the effects of the previous year will continue to be felt. Generally, uncertainty abounds as we move to the second half of 2023. However, the general fear of a recession has dimmed during the last six months, and there are plenty of opportunities for a surprise to the upside. Within equity markets, valuations are, on the whole, not stretched. The Nasdaq-100^® index, which is weighted heavily towards technology, has announced a special rebalance with the purpose of bringing the “magnificent seven” stocks to a more manageable weight across the index. Within fixed-income markets, we continue to look for a resolution or improvement in the unusually long yield curve inversion. However, we believe that the worst of the Fed’s interest rate hikes are behind us.

Thank you for entrusting your assets with Ohio National Fund, Inc. We look forward to serving your financial needs in the years ahead.

Thank you for your trust,

Thomas G. Mooney

Interim President, Ohio National Fund, Inc.


Ohio National Fund, Inc.		ON Bond Portfolio (Unaudited)

Objective/Strategy

The ON Bond Portfolio seeks a high level of income and opportunity for capital appreciation consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in corporate debt securities.



Performance as of June 30, 2023


Average Annual returns
One year	1.71	%
Five years	1.64	%
Ten years	2.31	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price and reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information up to the most recent month end, call toll-free 1-877-781-6392.

The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Total expense ratio is 0.61% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 3.09% versus 3.24% for its benchmark, the ICE BofA U.S. Corporate Index.

Q. What affected the Portfolio’s performance?

A. Fixed income markets registered positive returns during the first half of 2023, despite the Federal Reserve raising the Fed Funds rate. While shorter term interest rates increased, longer term interest rates declined slightly. Credit spreads also declined slightly during the period. In this environment, longer duration and lower quality bonds outperformed the benchmark, while shorter duration and higher quality bonds underperformed the benchmark.

The Portfolio’s duration was slightly shorter than the benchmark during the period, which detracted from performance compared to the benchmark. In addition, industry allocation detracted modestly from performance. Lastly, the performance of regional bank bonds in the Portfolio detracted from performance. These items were the primary drivers contributing to the Portfolio’s underperformance. On the positive side, security selection contributed to positive performance versus the benchmark. The Portfolio’s exposure to longer duration, non-cyclical bonds also provided positive relative performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.

The ICE BofA U.S. Corporate Index tracks the performance of all U.S. dollar-denominated, investment grade corporate public debt issued in the U.S. domestic bond market. Qualifying bonds must have an investment grade rating (based on an average of Moody’s, S&P, and Fitch). In addition, qualifying securities must have at least one year remaining term to maturity, a fixed coupon schedule, and a minimum amount outstanding of $250 million.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


				4		(continued)


Ohio National Fund, Inc.		ON Bond Portfolio (Unaudited) (Continued)

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Corporate Bonds ⁽⁴⁾		92.7
Asset-Backed Securities ⁽⁴⁾		2.3
U.S. Treasury Obligations		0.9
Other Net Assets		4.1

		100.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Corporate Bonds, Asset-Backed Securities):


	% of Net Assets
Financials		25.7
Industrials		10.4
Consumer Staples		10.0
Consumer Discretionary		9.1
Energy		8.5
Utilities		7.7
Materials		6.9
Health Care		5.7
Communication Services		4.7
Information Technology		3.5
Real Estate		2.8

		95.0

Top 10 Portfolio Holdings as of June 30, 2023 ^{(1) (2) (3)}



		% of Net Assets
1.	Lear Corp. 4.250%, 05/15/2029	1.7
2.	Amgen, Inc. 5.600%, 03/02/2043	1.3
3.	Marriott International, Inc. 4.900%, 04/15/2029	1.3
4.	MPLX LP 5.000%, 03/01/2033	1.3
5.	Kinross Gold Corp. 4.500%, 07/15/2027	1.3
6.	Mosaic Co. / The 4.050%, 11/15/2027	1.3
7.	Hasbro, Inc. 3.900%, 11/19/2029	1.2
8.	Ares Capital Corp. 3.200%, 11/15/2031	1.2
9.	Boeing Co. / The 3.200%, 03/01/2029	1.2
10.	Bank of Montreal 3.803%, 12/15/2032	1.1


				5


Ohio National Fund, Inc.		ON Bond Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds – 92.7%			Rate		Maturity		Face Amount		Value

COMMUNICATION SERVICES – 4.7%
AT&T, Inc. (Diversified Telecom. Svs.)				4.900%		08/15/2037		$1,000,000	$	938,540
Charter Communications Operating LLC / Charter Communications Operating Capital (Media)				3.700%		04/01/2051		1,000,000		631,879
Comcast Corp. (Media)				3.250%		11/01/2039		3,000,000		2,379,673
Meta Platforms, Inc. (Interactive Media & Svs.)				4.950%		05/15/2033		1,000,000		999,226
Time Warner Cable LLC (Media)				6.550%		05/01/2037		2,000,000		1,917,348
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)				3.875%		04/15/2030		1,800,000		1,658,283
Verizon Communications, Inc. (Diversified Telecom. Svs.)				4.400%		11/01/2034		1,500,000		1,384,460
Verizon Communications, Inc. (Diversified Telecom. Svs.)				2.875%		11/20/2050		1,000,000		651,488

										10,560,897


CONSUMER DISCRETIONARY – 9.1%
Amazon.com, Inc. (Broadline Retail)				3.875%		08/22/2037		1,000,000		913,151
Aptiv PLC (Automobile Components)				4.350%		03/15/2029		1,000,000		960,382
Aptiv PLC / Aptiv Corp. (Automobile Components)				3.250%		03/01/2032		2,000,000		1,712,317
Best Buy Co., Inc. (Specialty Retail)				1.950%		10/01/2030		1,500,000		1,208,287
Expedia Group, Inc. (Hotels, Restaurants & Leisure)				4.625%		08/01/2027		1,000,000		969,048
Hasbro, Inc. (Leisure Products)				3.900%		11/19/2029		3,000,000		2,710,921
Home Depot, Inc. / The (Specialty Retail)				2.375%		03/15/2051		2,000,000		1,239,117
Lear Corp. (Automobile Components)				4.250%		05/15/2029		4,000,000		3,735,616
Lowe’s Cos., Inc. (Specialty Retail)				3.000%		10/15/2050		2,000,000		1,310,859
M.D.C. Holdings, Inc. (Household Durables)				3.850%		01/15/2030		2,000,000		1,754,910
Magna International, Inc. (Automobile Components)				3.625%		06/15/2024		1,000,000		980,037
Marriott International, Inc. (Hotels, Restaurants & Leisure)				4.900%		04/15/2029		3,000,000		2,918,826

										20,413,471


CONSUMER STAPLES – 10.0%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)				4.700%		02/01/2036		2,000,000		1,945,229
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)				4.900%		02/01/2046		1,000,000		955,791
Anheuser-Busch InBev Worldwide, Inc. (Beverages)				4.600%		04/15/2048		2,000,000		1,856,501
B.A.T. Capital Corp. (Tobacco)				3.215%		09/06/2026		1,000,000		929,412
B.A.T. Capital Corp. (Tobacco)				4.700%		04/02/2027		2,000,000		1,936,449
Brown-Forman Corp. (Beverages)				4.750%		04/15/2033		2,000,000		2,007,491
Coca-Cola Co. / The (Beverages)				3.000%		03/05/2051		1,000,000		761,877
Coca-Cola Co. / The (Beverages)				2.500%		03/15/2051		1,000,000		683,185
Constellation Brands, Inc. (Beverages)				5.000%		02/02/2026		500,000		498,129
Hershey Co. / The (Food Products)				1.700%		06/01/2030		1,800,000		1,493,213
JBS U.S.A. LUX SA / JBS U.S.A. Food Co. / JBS U.S.A. Finance, Inc. (Food Products)	(a	)		5.750%		04/01/2033		1,200,000		1,127,943
Kimberly-Clark Corp. (Household Products)				1.050%		09/15/2027		2,000,000		1,726,207
Kraft Heinz Foods Co. (Food Products)				4.625%		10/01/2039		1,200,000		1,084,297
Philip Morris International, Inc. (Tobacco)				3.375%		08/15/2029		2,500,000		2,258,926
Pilgrim’s Pride Corp. (Food Products)				6.250%		07/01/2033		1,500,000		1,452,888
Smithfield Foods, Inc. (Food Products)	(a	)		3.000%		10/15/2030		2,000,000		1,568,113

										22,285,651


ENERGY – 8.5%
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.)				4.080%		12/15/2047		2,000,000		1,614,596
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)				3.017%		01/16/2027		1,000,000		940,869
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)				1.749%		08/10/2030		1,000,000		818,853
Chevron Corp. (Oil, Gas & Consumable Fuels)				2.236%		05/11/2030		1,800,000		1,566,407
Energy Transfer LP (Oil, Gas & Consumable Fuels)				4.950%		06/15/2028		2,000,000		1,939,942
Halliburton Co. (Energy Equip. & Svs.)				4.850%		11/15/2035		1,000,000		941,647
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)				5.300%		12/01/2034		1,000,000		962,822
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)				4.750%		09/15/2044		1,000,000		836,354
MPLX LP (Oil, Gas & Consumable Fuels)				5.000%		03/01/2033		3,000,000		2,873,654
ONEOK, Inc. (Oil, Gas & Consumable Fuels)				5.850%		01/15/2026		1,200,000		1,204,440
ONEOK, Inc. (Oil, Gas & Consumable Fuels)				6.000%		06/15/2035		1,000,000		994,878
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)				4.000%		05/10/2046		1,000,000		849,283
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels)	(a	)		2.900%		03/01/2030		1,000,000		853,978
Texas Eastern Transmission LP (Oil, Gas & Consumable Fuels)	(a	)		4.150%		01/15/2048		1,000,000		791,960
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)				3.750%		06/15/2027		1,000,000		943,699
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)				5.400%		03/04/2044		1,000,000		921,090

										19,054,472


FINANCIALS – 25.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services)				3.300%		01/30/2032		1,500,000		1,227,148
American Express Co. (Rate is fixed until 08/03/2032, at which point, the rate becomes SOFR + 176) (Consumer Finance)	(b	)		4.420%		08/03/2033		1,800,000		1,698,479
Ares Capital Corp. (Capital Markets)				3.200%		11/15/2031		3,500,000		2,682,974
Bank of America Corp. (Banks)				3.875%		08/01/2025		1,000,000		971,625


		6		(continued)


Ohio National Fund, Inc.		ON Bond Portfolio (Continued)



Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)			Rate		Maturity		Face Amount		Value

FINANCIALS (continued)
Bank of America Corp. (Rate is fixed until 03/08/2032, at which point, the rate becomes H15T5Y + 200) (Banks)	(b	)		3.846%		03/08/2037		$1,000,000	$	855,124
Bank of Montreal (Rate is fixed until 12/15/2027, at which point, the rate becomes USSW5 + 143) (Banks)	(b	)		3.803%		12/15/2032		2,800,000		2,468,187
BlackRock, Inc. (Capital Markets)				2.400%		04/30/2030		1,000,000		865,301
BlackRock, Inc. (Capital Markets)				2.100%		02/25/2032		2,000,000		1,612,874
Capital One Bank U.S.A. N.A. (Rate is fixed until 01/28/2025, at which point, the rate becomes SOFR + 91) (Consumer Finance)	(b	)		2.280%		01/28/2026		1,500,000		1,399,626
Charles Schwab Corp. / The (Capital Markets)				3.300%		04/01/2027		2,000,000		1,850,624
Citigroup, Inc. (Banks)				3.700%		01/12/2026		1,000,000		959,299
Citigroup, Inc. (Banks)				4.450%		09/29/2027		2,000,000		1,909,657
Credit Suisse AG (Banks)				7.950%		01/09/2025		2,000,000		2,040,485
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USISOA05 + 173) (Banks)	(b	)		4.682%		08/09/2028		2,000,000		1,828,615
General Motors Financial Co., Inc. (Consumer Finance)				6.400%		01/09/2033		2,000,000		2,032,881
Goldman Sachs Group, Inc. / The (Capital Markets)				3.750%		05/22/2025		2,000,000		1,930,321
Intercontinental Exchange, Inc. (Capital Markets)				3.750%		12/01/2025		1,000,000		970,634
Jefferies Financial Group, Inc. (Capital Markets)				4.850%		01/15/2027		1,800,000		1,763,239
JPMorgan Chase & Co. (Banks)				3.625%		12/01/2027		2,000,000		1,874,922
JPMorgan Chase & Co. (Rate is fixed until 05/13/2030, at which point, the rate becomes TSFR3M + 252) (Banks)	(b	)		2.956%		05/13/2031		2,000,000		1,714,901
KeyCorp (Rate is fixed until 06/01/2032, at which point, the rate becomes SOFRINDX + 206) (Banks)	(b	)		4.789%		06/01/2033		2,500,000		2,095,846
Marsh & McLennan Cos., Inc. (Insurance)				3.500%		06/03/2024		1,400,000		1,370,675
Mitsubishi UFJ Financial Group, Inc. (Rate is fixed until 02/22/2033, at which point, the rate becomes H15T1Y + 163) (Banks)	(b	)		5.441%		02/22/2034		2,000,000		1,992,494
Morgan Stanley (Capital Markets)				3.950%		04/23/2027		1,000,000		946,832
Morgan Stanley (Rate is fixed until 10/18/2027, at which point, the rate becomes SOFR + 224) (Capital Markets)	(b	)		6.296%		10/18/2028		2,000,000		2,055,100
PNC Bank N.A. (Banks)				2.700%		10/22/2029		2,500,000		2,089,082
State Street Corp. (Capital Markets)				2.200%		03/03/2031		2,000,000		1,624,965
Synchrony Financial (Consumer Finance)				4.250%		08/15/2024		1,000,000		964,131
Synchrony Financial (Consumer Finance)				5.150%		03/19/2029		2,000,000		1,814,567
Truist Financial Corp. (Rate is fixed until 10/28/2032, at which point, the rate becomes SOFR + 230) (Banks)	(b	)		6.123%		10/28/2033		1,000,000		1,014,823
U.S. Bancorp (Banks)				1.375%		07/22/2030		2,000,000		1,529,505
Wells Fargo & Co. (Banks)				3.000%		04/22/2026		1,000,000		940,299
Wells Fargo & Co. (Rate is fixed until 10/30/2029, at which point, the rate becomes TSFR3M + 143) (Banks)	(b	)		2.879%		10/30/2030		2,000,000		1,727,369
Wells Fargo & Co. (Rate is fixed until 04/30/2040, at which point, the rate becomes SOFR + 253) (Banks)	(b	)		3.068%		04/30/2041		1,200,000		882,619
Wells Fargo & Co. (Banks)				4.650%		11/04/2044		1,000,000		848,317
Westpac Banking Corp. (Rate is fixed until 02/04/2025, at which point, the rate becomes H15T5Y + 135) (Banks)	(b	)		2.894%		02/04/2030		1,500,000		1,401,490
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISOA05 + 224) (Banks)	(b	)		4.322%		11/23/2031		1,800,000		1,667,477

										57,622,507


HEALTH CARE – 5.7%
AbbVie, Inc. (Biotechnology)				3.200%		11/21/2029		1,000,000		904,276
AbbVie, Inc. (Biotechnology)				4.250%		11/21/2049		2,000,000		1,726,259
Amgen, Inc. (Biotechnology)				5.600%		03/02/2043		3,000,000		3,009,078
HCA, Inc. (Health Care Providers & Svs.)				5.250%		06/15/2026		1,000,000		989,070
Quest Diagnostics, Inc. (Health Care Providers & Svs.)				2.950%		06/30/2030		2,000,000		1,758,639
Quest Diagnostics, Inc. (Health Care Providers & Svs.)				2.800%		06/30/2031		1,000,000		860,761
Regeneron Pharmaceuticals, Inc. (Biotechnology)				1.750%		09/15/2030		1,800,000		1,434,725
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				5.050%		04/15/2053		2,000,000		1,987,894

										12,670,702


INDUSTRIALS – 8.1%
Air Lease Corp. (Trading Companies & Distributors)				2.300%		02/01/2025		2,000,000		1,880,652
BAE Systems PLC (Aerospace & Defense)	(a	)		1.900%		02/15/2031		2,000,000		1,605,813
Boeing Co. / The (Aerospace & Defense)				3.200%		03/01/2029		3,000,000		2,682,298
Canadian Pacific Railway Co. (Ground Transportation)				2.050%		03/05/2030		1,300,000		1,090,494
FedEx Corp. (Air Freight & Logistics)				4.900%		01/15/2034		2,000,000		1,955,307
Lockheed Martin Corp. (Aerospace & Defense)				1.850%		06/15/2030		1,200,000		998,405
Lockheed Martin Corp. (Aerospace & Defense)				3.600%		03/01/2035		1,000,000		893,854
Northrop Grumman Corp. (Aerospace & Defense)				2.930%		01/15/2025		1,000,000		960,967
Parker-Hannifin Corp. (Machinery)				4.200%		11/21/2034		1,400,000		1,281,884
TTX Co. (Ground Transportation)	(a	)		5.650%		12/01/2052		2,000,000		2,119,846


		7		(continued)


Ohio National Fund, Inc.		ON Bond Portfolio (Continued)



Schedule of Investments		June 30, 2023 (Unaudited)



Corporate Bonds (Continued)			Rate		Maturity		Face Amount		Value

INDUSTRIALS (continued)
Union Pacific Corp. (Ground Transportation)				3.250%		08/15/2025		$1,000,000	$	961,435
Waste Connections, Inc. (Commercial Svs. & Supplies)				4.250%		12/01/2028		1,800,000		1,731,760

										18,162,715


INFORMATION TECHNOLOGY – 3.5%
Broadcom, Inc. (Semiconductors & Equip.)	(a	)		2.600%		02/15/2033		2,000,000		1,562,987
Intel Corp. (Semiconductors & Equip.)				4.875%		02/10/2026		2,000,000		1,994,198
Micron Technology, Inc. (Semiconductors & Equip.)				6.750%		11/01/2029		2,000,000		2,078,983
VMware, Inc. (Software)				2.200%		08/15/2031		2,800,000		2,200,240

										7,836,408


MATERIALS – 6.9%
Anglo American Capital PLC (Metals & Mining)	(a	)		4.750%		04/10/2027		1,000,000		966,438
Anglo American Capital PLC (Metals & Mining)	(a	)		4.000%		09/11/2027		800,000		751,998
Dow Chemical Co. / The (Chemicals)				4.250%		10/01/2034		1,402,000		1,273,165
Glencore Funding LLC (Metals & Mining)	(a	)		2.850%		04/27/2031		2,000,000		1,650,875
Kinross Gold Corp. (Metals & Mining)				4.500%		07/15/2027		3,000,000		2,872,573
Mosaic Co. / The (Chemicals)				4.050%		11/15/2027		3,000,000		2,856,526
Nutrien Ltd. (Chemicals)				4.200%		04/01/2029		1,900,000		1,793,835
RPM International, Inc. (Chemicals)				4.250%		01/15/2048		3,000,000		2,292,017
Steel Dynamics, Inc. (Metals & Mining)				3.250%		01/15/2031		1,200,000		1,040,051

										15,497,478


REAL ESTATE – 2.8%
Alexandria Real Estate Equities, Inc. (Office REITs)				3.950%		01/15/2028		1,000,000		931,787
Healthcare Realty Holdings LP (Health Care REITs)				3.875%		05/01/2025		1,400,000		1,328,121
Healthcare Realty Holdings LP (Health Care REITs)				3.625%		01/15/2028		1,000,000		884,803
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)	(a	)		4.625%		12/01/2029		1,300,000		1,180,231
Welltower OP LLC (Health Care REITs)				4.250%		04/01/2026		1,000,000		966,950
Welltower OP LLC (Health Care REITs)				2.700%		02/15/2027		1,000,000		904,850

										6,196,742


UTILITIES – 7.7%
AEP Transmission Co. LLC (Electric Utilities)				4.000%		12/01/2046		1,000,000		838,186
AEP Transmission Co. LLC (Electric Utilities)				3.750%		12/01/2047		1,351,000		1,077,889
Ameren Corp. (Multi-Utilities)				3.500%		01/15/2031		2,000,000		1,784,752
Berkshire Hathaway Energy Co. (Multi-Utilities)				3.250%		04/15/2028		1,900,000		1,748,732
Commonwealth Edison Co. (Electric Utilities)				4.350%		11/15/2045		2,000,000		1,743,138
Connecticut Light & Power Co. / The (Electric Utilities)				4.000%		04/01/2048		1,000,000		841,870
Duke Energy Corp. (Electric Utilities)				3.750%		09/01/2046		1,000,000		756,423
Duke Energy Indiana LLC (Electric Utilities)				5.400%		04/01/2053		500,000		503,939
Eversource Energy (Electric Utilities)				3.300%		01/15/2028		1,000,000		920,635
FirstEnergy Transmission LLC (Electric Utilities)	(a	)		4.550%		04/01/2049		1,800,000		1,501,607
Florida Power & Light Co. (Electric Utilities)				3.150%		10/01/2049		2,000,000		1,457,999
Jersey Central Power & Light Co. (Electric Utilities)	(a	)		4.300%		01/15/2026		900,000		870,512
NiSource, Inc. (Multi-Utilities)				5.250%		03/30/2028		2,000,000		1,998,418
Public Service Electric & Gas Co. (Multi-Utilities)				3.600%		12/01/2047		1,500,000		1,177,695

										17,221,795


Total Corporate Bonds (Cost $232,496,734)									$	207,522,838


Asset-Backed Securities – 2.3%			Rate		Maturity		Face Amount		Value

INDUSTRIALS – 2.3%
Air Canada 2017-1 Class B Pass Through Trust	(a	)		3.700%		01/15/2026		$1,398,809	$	1,298,163
FedEx Corp. 2020-1 Class AA Pass Through Trust				1.875%		02/20/2034		2,598,955		2,120,137
United Airlines 2016-1 Class B Pass Through Trust				3.650%		01/07/2026		1,029,167		947,348
United Airlines 2019-2 Class AA Pass Through Trust				2.700%		05/01/2032		858,997		719,437


Total Asset-Backed Securities (Cost $5,885,929)										$5,085,085


U.S. Treasury Obligations – 0.9%			Rate		Maturity		Face Amount		Value
U.S. Treasury Note				4.500%		11/15/2025		$2,000,000	$	1,989,609

Total U.S. Treasury Obligations (Cost $2,016,148)									$	1,989,609

Total Investments – 95.9% (Cost $240,398,811)	(c	)							$	214,597,532

Other Assets in Excess of Liabilities – 4.1%										9,137,866

Net Assets – 100.0%									$	223,735,398

Percentages are stated as a percent of net assets.


		8		(continued)


Ohio National Fund, Inc.		ON Bond Portfolio (Continued)



Schedule of Investments		June 30, 2023 (Unaudited)

Abbreviations:


H15T1Y:		U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 5.400% at 06/30/2023
H15T5Y:		U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 4.130% at 06/30/2023
REITs:		Real Estate Investment Trusts SOFR: Secured Overnight Financing Rate, 5.090% at 06/30/2023
TSFR3M:		Quarterly CME Term SOFR, 5.268% at 06/30/2023
USSW5:		USD Swap Semi 30/360 5 Year, 4.219% at 06/30/2023

Footnotes:

(a)

Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $17,850,464, or 8.0% of the Portfolio’s net assets.

(b)

Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates stated, including interest rate caps and floors, if any, are those in effect at June 30, 2023.

(c)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.


		9


Ohio National Fund, Inc.		ON BlackRock Balanced Allocation Portfolio (Unaudited)

Objective/Strategy

The ON BlackRock Balanced Allocation Portfolio seeks a high level of long-term total return consistent with preservation of capital by investing in stocks, bonds, and money market instruments.



Performance as of June 30, 2023


Average Annual returns
One year	13.33	%
Five years	6.97	%
Ten years	9.73	%

Total expense ratio is 0.55% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser/Adviser

Q. How did the Portfolio perform in comparison to its benchmarks during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 12.65% versus 16.89% for its benchmark, the S&P 500^®Index. The Portfolio’s secondary benchmark, which is comprised of 70% S&P 500^® Index and 30% ICE BofA U.S. Corporate Index, returned 12.67% for the six-month period ended June 30, 2023.

Q. What affected the Portfolio’s performance?

A. The Portfolio’s equity and fixed income sleeves underperformed the primary benchmark, and the fixed income sleeve slightly underperformed the fixed income portion of the secondary benchmark. As equities had higher returns than fixed income securities during the period, the Portfolio’s allocation to fixed income securities was the primary driver of underperformance compared to the primary benchmark.

In the equity sleeve, security selection in Health Care was the primary source of weakness, with adverse performance across providers and health insurers. This includes positioning around sentiment for weight loss drugs, deal activity for biopharma amid patent expiration, and the impact to health insurers amid an expected surge in expenses.

Sentiment measures detracted, as insights designed to capture sentiment from bond markets and measures that evaluate institutional investor interest struggled during the six-month period.

Fundamental measures that evaluate managerial quality also detracted. Other nontraditional measures of company quality, such as those that evaluate company benefits and insights with a preference for founder led companies, also struggled.

Macro thematic insights helped offset the weakness by capturing the artificial intelligence (”AI”) related market rally. Specifically, industry positioning driven by inventory trends, expectations of a soft economic

landing and news sentiment motivated an overweight to the Information Technology sector. Elsewhere, fundamental valuation measures also provided ballast. Derivatives had no significant impact on performance.

In the fixed income sleeve, security selection in the Financials sector was the primary source of weakness, driven by exposure to regional banks following the bank failures that occurred in the first half of 2023. Security selection in the Consumer Staples sector also detracted from performance vs. the benchmark. On the positive side, security selection in the Utilities and Information Technology sectors enhanced performance. Lastly, a small allocation to government bonds detracted from performance during the period, as corporate bonds outperformed. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The S&P 500^® Index is a capitalization-weighted index designed to measure performance of the broad domestic market through changes in the aggregate market value of 500 stocks representing all major industries. The index presented includes the effects of reinvested dividends.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		10		(continued)


Ohio National Fund, Inc.		ON BlackRock Balanced Allocation Portfolio (Unaudited) (Continued)

Portfolio Composition as of June 30, 2023 ⁽¹⁾



	% of Net Assets
Common Stocks ⁽⁴⁾		73.8
Corporate Bonds ⁽⁴⁾		24.6
Asset-Backed Securities ⁽⁴⁾		0.5
U.S. Treasury Obligations		0.2
Other Net Assets		0.9

		100.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks, Corporate Bonds, Asset-Backed Securities):


	% of Net Assets
Information Technology		22.3
Financials		15.6
Health Care		11.7
Consumer Discretionary		9.6
Industrials		9.3
Consumer Staples		8.6
Communication Services		7.5
Energy		5.3
Utilities		3.7
Materials		2.8
Real Estate		2.5

		98.9

Top 10 Portfolio Holdings as of June 30, 2023 ^{(1) (2) (3)}



		% of Net Assets
1.	Apple, Inc.		6.1
2.	Microsoft Corp.		5.8
3.	NVIDIA Corp.		2.9
4.	Amazon.com, Inc.		2.8
5.	Alphabet, Inc. Class A		2.2
6.	Meta Platforms, Inc. Class A		1.5
7.	Chevron Corp.		1.3
8.	Alphabet, Inc. Class C		1.3
9.	Walmart, Inc.		1.3
10.	PepsiCo, Inc.		1.3


				11


Ohio National Fund, Inc.		ON BlackRock Balanced Allocation Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 73.8%			Shares		Value

COMMUNICATION SERVICES – 6.1%
Activision Blizzard, Inc. (Entertainment)	(a	)		4,540	$	382,722
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a	)		77,701		9,300,810
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		45,942		5,557,604
Comcast Corp. Class A (Media)				44,921		1,866,467
Fox Corp. Class A (Media)				78,014		2,652,476
Fox Corp. Class B (Media)				1,481		47,229
Meta Platforms, Inc. Class A (Interactive Media & Svs.)	(a	)		22,569		6,476,852
Warner Bros Discovery, Inc. (Entertainment)	(a	)		13,685		171,610

						26,455,770


CONSUMER DISCRETIONARY – 8.2%
Amazon.com, Inc. (Broadline Retail)	(a	)		94,094		12,266,094
AutoNation, Inc. (Specialty Retail)	(a	)		3,060		503,706
Best Buy Co., Inc. (Specialty Retail)				8,753		717,308
eBay, Inc. (Broadline Retail)				52,785		2,358,962
Five Below, Inc. (Specialty Retail)	(a	)		2,468		485,061
General Motors Co. (Automobiles)				61,500		2,371,440
Home Depot, Inc. / The (Specialty Retail)				10,009		3,109,196
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		4,096		1,550,336
McDonald’s Corp. (Hotels, Restaurants & Leisure)				3,149		939,693
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				6,085		671,601
Tesla, Inc. (Automobiles)	(a	)		19,961		5,225,191
TJX Cos., Inc. / The (Specialty Retail)				29,778		2,524,877
Travel + Leisure Co. (Hotels, Restaurants & Leisure)				44,055		1,777,179
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)				5,459		756,344

						35,256,988


CONSUMER STAPLES – 5.1%
Hershey Co. / The (Food Products)				14,587		3,642,374
Kimberly-Clark Corp. (Household Products)				23,817		3,288,175
PepsiCo, Inc. (Beverages)				29,333		5,433,058
Procter & Gamble Co. / The (Household Products)				28,760		4,364,043
Walmart, Inc. (Consumer Staples Distribution & Retail)				34,749		5,461,848

						22,189,498


ENERGY – 2.6%
Chevron Corp. (Oil, Gas & Consumable Fuels)				35,977		5,660,981
ConocoPhillips (Oil, Gas & Consumable Fuels)				16,127		1,670,918
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)				6,347		726,351
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)				10,252		1,099,527
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)				5,014		584,632
Phillips 66 (Oil, Gas & Consumable Fuels)				5,039		480,620
Targa Resources Corp. (Oil, Gas & Consumable Fuels)				12,018		914,570

						11,137,599


FINANCIALS – 9.0%
Allstate Corp. / The (Insurance)				12,522		1,365,399
American Express Co. (Consumer Finance)				15,077		2,626,413
Bank of America Corp. (Banks)				118,666		3,404,528
Bank of New York Mellon Corp. / The (Capital Markets)				15,420		686,498
Berkshire Hathaway, Inc. Class B (Financial Services)	(a	)		5,893		2,009,513
Citigroup, Inc. (Banks)				30,002		1,381,292
JPMorgan Chase & Co. (Banks)				8,296		1,206,570
Marsh & McLennan Cos., Inc. (Insurance)				19,334		3,636,339
Mastercard, Inc. Class A (Financial Services)				12,206		4,800,620
MetLife, Inc. (Insurance)				70,167		3,966,540
Moody’s Corp. (Capital Markets)				1,244		432,564
Nasdaq, Inc. (Capital Markets)				56,880		2,835,468
PayPal Holdings, Inc. (Financial Services)	(a	)		28,964		1,932,768
S&P Global, Inc. (Capital Markets)				1,746		699,954
Travelers Cos., Inc. / The (Insurance)				14,927		2,592,223
Visa, Inc. (Financial Services)				22,749		5,402,432

						38,979,121


HEALTH CARE – 10.4%
Abbott Laboratories (Health Care Equip. & Supplies)				16,852		1,837,205
AbbVie, Inc. (Biotechnology)				8,097		1,090,909
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)				23,260		2,797,015
Amgen, Inc. (Biotechnology)				19,351		4,296,309


		12		(continued)


Ohio National Fund, Inc.		ON BlackRock Balanced Allocation Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
Becton Dickinson & Co. (Health Care Equip. & Supplies)				4,674	$	1,233,983
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a	)		75,256		4,070,597
Bristol-Myers Squibb Co. (Pharmaceuticals)				66,300		4,239,885
Cigna Group / The (Health Care Providers & Svs.)				9,818		2,754,931
CVS Health Corp. (Health Care Providers & Svs.)				52,766		3,647,714
Danaher Corp. (Life Sciences Tools & Svs.)				5,934		1,424,160
Elevance Health, Inc. (Health Care Providers & Svs.)				7,469		3,318,402
Eli Lilly & Co. (Pharmaceuticals)				3,865		1,812,608
Gilead Sciences, Inc. (Biotechnology)				13,022		1,003,605
Incyte Corp. (Biotechnology)	(a	)		52,277		3,254,243
Johnson & Johnson (Pharmaceuticals)				9,001		1,489,845
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a	)		1,709		1,227,985
Stryker Corp. (Health Care Equip. & Supplies)				6,971		2,126,782
Ultragenyx Pharmaceutical, Inc. (Biotechnology)	(a	)		11,242		518,593
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				6,140		2,951,130

						45,095,901


INDUSTRIALS – 6.8%
AECOM (Construction & Engineering)				32,531		2,755,050
Allegion PLC (Building Products)				12,547		1,505,891
AMETEK, Inc. (Electrical Equip.)				2,273		367,953
Cintas Corp. (Commercial Svs. & Supplies)				3,505		1,742,265
Cummins, Inc. (Machinery)				2,723		667,571
Deere & Co. (Machinery)				6,152		2,492,729
Eaton Corp. PLC (Electrical Equip.)				6,281		1,263,109
General Dynamics Corp. (Aerospace & Defense)				12,434		2,675,175
Honeywell International, Inc. (Industrial Conglomerates)				13,304		2,760,580
Illinois Tool Works, Inc. (Machinery)				12,424		3,107,988
Lockheed Martin Corp. (Aerospace & Defense)				4,771		2,196,473
Snap-on, Inc. (Machinery)				4,927		1,419,912
Timken Co. / The (Machinery)				11,972		1,095,797
W.W. Grainger, Inc. (Trading Companies & Distributors)				4,323		3,409,075
Xylem, Inc. (Machinery)				15,143		1,705,405

						29,164,973


INFORMATION TECHNOLOGY – 21.1%
Adobe, Inc. (Software)	(a	)		6,145		3,004,844
Apple, Inc. (Tech. Hardware, Storage & Periph.)				136,096		26,398,541
Applied Materials, Inc. (Semiconductors & Equip.)				32,436		4,688,299
Autodesk, Inc. (Software)	(a	)		2,928		599,098
Dropbox, Inc. Class A (Software)	(a	)		23,093		615,890
Flex Ltd. (Electronic Equip., Instr. & Comp.)	(a	)		46,047		1,272,739
Fortinet, Inc. (Software)	(a	)		11,174		844,643
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)				148,631		2,497,001
HP, Inc. (Tech. Hardware, Storage & Periph.)				33,956		1,042,789
Intel Corp. (Semiconductors & Equip.)				68,940		2,305,354
Intuit, Inc. (Software)				2,519		1,154,181
Juniper Networks, Inc. (Communications Equip.)				20,456		640,886
Lattice Semiconductor Corp. (Semiconductors & Equip.)	(a	)		4,705		452,009
Manhattan Associates, Inc. (Software)	(a	)		11,171		2,232,859
Micron Technology, Inc. (Semiconductors & Equip.)				14,685		926,770
Microsoft Corp. (Software)				74,235		25,279,987
NVIDIA Corp. (Semiconductors & Equip.)				30,024		12,700,753
NXP Semiconductors N.V. (Semiconductors & Equip.)				2,629		538,104
QUALCOMM, Inc. (Semiconductors & Equip.)				6,506		774,474
Salesforce, Inc. (Software)	(a	)		12,231		2,583,921
Synopsys, Inc. (Software)	(a	)		1,637		712,766

						91,265,908


MATERIALS – 1.5%
Ecolab, Inc. (Chemicals)				21,205		3,958,761
FMC Corp. (Chemicals)				10,254		1,069,902
LyondellBasell Industries N.V. Class A (Chemicals)				6,932		636,566
Steel Dynamics, Inc. (Metals & Mining)				6,714		731,356

						6,396,585


REAL ESTATE – 1.5%
Equity Residential (Residential REITs)				32,721		2,158,604


		13		(continued)


Ohio National Fund, Inc.		ON BlackRock Balanced Allocation Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)					Shares		Value

REAL ESTATE (continued)
SBA Communications Corp. (Specialized REITs)						8,343	$	1,933,574
Simon Property Group, Inc. (Retail REITs)						21,322		2,462,265

								6,554,443


UTILITIES – 1.5%
DTE Energy Co. (Multi-Utilities)						26,131		2,874,933
PPL Corp. (Electric Utilities)						135,160		3,576,333

								6,451,266

Total Common Stocks (Cost $283,659,299)							$	318,948,052


Corporate Bonds – 24.6%		Rate		Maturity	Face Amount		Value

COMMUNICATION SERVICES – 1.4%
AT&T, Inc. (Diversified Telecom. Svs.)			4.900%	08/15/2037	$	1,000,000	$	938,541
Comcast Corp. (Media)			3.250%	11/01/2039		2,000,000		1,586,448
Time Warner Cable LLC (Media)			6.550%	05/01/2037		1,000,000		958,674
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			3.875%	04/15/2030		1,200,000		1,105,522
Verizon Communications, Inc. (Diversified Telecom. Svs.)			4.400%	11/01/2034		1,000,000		922,973
Verizon Communications, Inc. (Diversified Telecom. Svs.)			2.875%	11/20/2050		1,000,000		651,488

								6,163,646


CONSUMER DISCRETIONARY – 1.4%
Amazon.com, Inc. (Broadline Retail)			3.875%	08/22/2037		1,000,000		913,151
Best Buy Co., Inc. (Specialty Retail)			1.950%	10/01/2030		1,000,000		805,525
Expedia Group, Inc. (Hotels, Restaurants & Leisure)			4.625%	08/01/2027		1,000,000		969,048
Hasbro, Inc. (Leisure Products)			3.900%	11/19/2029		2,000,000		1,807,281
Lear Corp. (Automobile Components)			3.500%	05/30/2030		1,000,000		875,860
Lowe’s Cos., Inc. (Specialty Retail)			3.000%	10/15/2050		1,000,000		655,429

								6,026,294


CONSUMER STAPLES – 3.5%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)			4.700%	02/01/2036		2,000,000		1,945,229
B.A.T. Capital Corp. (Tobacco)			3.215%	09/06/2026		1,000,000		929,412
B.A.T. Capital Corp. (Tobacco)			4.700%	04/02/2027		1,000,000		968,224
Campbell Soup Co. (Food Products)			4.150%	03/15/2028		2,000,000		1,914,500
Coca-Cola Co. / The (Beverages)			3.000%	03/05/2051		2,000,000		1,523,754
Diageo Capital PLC (Beverages)			2.375%	10/24/2029		2,000,000		1,733,460
Hershey Co. / The (Food Products)			1.700%	06/01/2030		1,200,000		995,476
JBS U.S.A. LUX SA / JBS U.S.A. Food Co. / JBS U.S.A. Finance, Inc. (Food Products)	(b)		5.750%	04/01/2033		800,000		751,962
Kraft Heinz Foods Co. (Food Products)			4.625%	10/01/2039		800,000		722,865
Philip Morris International, Inc. (Tobacco)			3.375%	08/15/2029		1,000,000		903,570
Pilgrim’s Pride Corp. (Food Products)			6.250%	07/01/2033		1,000,000		968,592
Target Corp. (Consumer Staples Distribution & Retail)			2.350%	02/15/2030		2,000,000		1,731,999

								15,089,043


ENERGY – 2.7%
Baker Hughes Holdings LLC (Energy Equip. & Svs.)			3.337%	12/15/2027		1,000,000		926,445
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)			3.017%	01/16/2027		1,000,000		940,869
Chevron Corp. (Oil, Gas & Consumable Fuels)			2.236%	05/11/2030		1,200,000		1,044,271
Energy Transfer LP (Oil, Gas & Consumable Fuels)			4.950%	06/15/2028		1,000,000		969,971
Halliburton Co. (Energy Equip. & Svs.)			4.850%	11/15/2035		1,000,000		941,648
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)			5.300%	12/01/2034		1,000,000		962,822
MPLX LP (Oil, Gas & Consumable Fuels)			5.000%	03/01/2033		2,000,000		1,915,769
ONEOK, Inc. (Oil, Gas & Consumable Fuels)			5.850%	01/15/2026		800,000		802,960
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)			4.000%	05/10/2046		1,500,000		1,273,925
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels)	(b)		2.900%	03/01/2030		1,000,000		853,978
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			3.750%	06/15/2027		1,000,000		943,699
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			5.400%	03/04/2044		100,000		92,109

								11,668,466


FINANCIALS – 6.6%
AerCap Ireland Capital DAC (Financial Services)			4.875%	01/16/2024		1,000,000		992,973
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services)			3.300%	01/30/2032		1,000,000		818,099
American Express Co. (Rate is fixed until 08/03/2032, at which point, the rate becomes SOFR + 176) (Consumer Finance)	(c)		4.420%	08/03/2033		1,200,000		1,132,319
Ares Capital Corp. (Capital Markets)			3.200%	11/15/2031		1,500,000		1,149,846
Bank of Montreal (Rate is fixed until 12/15/2027, at which point, the rate becomes USSW5 + 143) (Banks)	(c)		3.803%	12/15/2032		200,000		176,299
BlackRock, Inc. (Capital Markets)			2.100%	02/25/2032		1,000,000		806,437


		14		(continued)


Ohio National Fund, Inc.		ON BlackRock Balanced Allocation Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity		Face Amount		Value

FINANCIALS (continued)
Capital One Bank U.S.A. N.A. (Rate is fixed until 01/28/2025, at which point, the rate becomes SOFR + 91) (Consumer Finance)	(c)	2.280%		01/28/2026	$	1,000,000	$	933,084
Charles Schwab Corp. / The (Capital Markets)		3.300%		04/01/2027		1,000,000		925,312
Citigroup, Inc. (Banks)		4.125%		07/25/2028		1,000,000		942,567
Citigroup, Inc. (Rate is fixed until 11/05/2029, at which point, the rate becomes SOFR + 142) (Banks)	(c)	2.976%		11/05/2030		1,000,000		866,571
Citigroup, Inc. (Rate is fixed until 05/01/2031, at which point, the rate becomes SOFR + 117) (Banks)	(c)	2.561%		05/01/2032		2,000,000		1,633,053
Discover Bank (Banks)		2.450%		09/12/2024		1,000,000		947,018
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USISOA05 + 173) (Banks)	(c)	4.682%		08/09/2028		250,000		228,577
General Motors Financial Co., Inc. (Consumer Finance)		2.700%		06/10/2031		2,000,000		1,595,202
Goldman Sachs Group, Inc. / The (Capital Markets)		3.750%		05/22/2025		1,000,000		965,161
JPMorgan Chase & Co. (Banks)		3.625%		12/01/2027		1,000,000		937,461
JPMorgan Chase & Co. (Rate is fixed until 05/13/2030, at which point, the rate becomes TSFR3M + 252) (Banks)	(c)	2.956%		05/13/2031		1,000,000		857,450
Morgan Stanley (Capital Markets)		3.950%		04/23/2027		1,000,000		946,832
Morgan Stanley (Rate is fixed until 01/22/2030, at which point, the rate becomes SOFR + 114) (Capital Markets)	(c)	2.699%		01/22/2031		1,500,000		1,275,740
PNC Bank N.A. (Banks)		4.050%		07/26/2028		1,950,000		1,796,409
State Street Corp. (Capital Markets)		2.200%		03/03/2031		1,000,000		812,483
Synchrony Financial (Consumer Finance)		4.250%		08/15/2024		1,000,000		964,131
Truist Bank (Rate is fixed until 09/17/2024, at which point, the rate becomes H15T5Y + 115) (Banks)	(c)	2.636%		09/17/2029		2,500,000		2,307,744
U.S. Bancorp (Banks)		1.375%		07/22/2030		1,000,000		764,752
Wells Fargo & Co. (Banks)		3.000%		04/22/2026		1,500,000		1,410,449
Wells Fargo & Co. (Rate is fixed until 04/30/2040, at which point, the rate becomes SOFR + 253) (Banks)	(c)	3.068%		04/30/2041		800,000		588,413
Westpac Banking Corp. (Rate is fixed until 02/04/2025, at which point, the rate becomes H15T5Y + 135) (Banks)	(c)	2.894%		02/04/2030		1,500,000		1,401,490
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISOA05 + 224) (Banks)	(c)	4.322%		11/23/2031		200,000		185,275

								28,361,147


HEALTH CARE – 1.3%
AbbVie, Inc. (Biotechnology)		3.200%		11/21/2029		1,000,000		904,276
HCA, Inc. (Health Care Providers & Svs.)		5.250%		06/15/2026		2,000,000		1,978,141
Regeneron Pharmaceuticals, Inc. (Biotechnology)		1.750%		09/15/2030		1,200,000		956,483
UnitedHealth Group, Inc. (Health Care Providers & Svs.)		3.875%		12/15/2028		2,000,000		1,915,981

								5,754,881


INDUSTRIALS – 2.0%
Air Lease Corp. (Trading Companies & Distributors)		2.300%		02/01/2025		2,000,000		1,880,652
Boeing Co. / The (Aerospace & Defense)		3.200%		03/01/2029		1,500,000		1,341,149
FedEx Corp. (Air Freight & Logistics)		4.900%		01/15/2034		1,000,000		977,653
Lockheed Martin Corp. (Aerospace & Defense)		1.850%		06/15/2030		800,000		665,603
TTX Co. (Ground Transportation)	(b)	5.650%		12/01/2052		1,000,000		1,059,923
United Rentals North America, Inc. (Trading Companies & Distributors)		4.875%		01/15/2028		1,000,000		951,590
Waste Connections, Inc. (Commercial Svs. & Supplies)		2.600%		02/01/2030		2,000,000		1,730,364

								8,606,934


INFORMATION TECHNOLOGY – 1.2%
Broadcom, Inc. (Semiconductors & Equip.)	(b)	2.600%		02/15/2033		1,000,000		781,494
HP, Inc. (Tech. Hardware, Storage & Periph.)		2.650%		06/17/2031		2,000,000		1,612,199
Oracle Corp. (Software)		4.300%		07/08/2034		2,100,000		1,907,144
VMware, Inc. (Software)		2.200%		08/15/2031		1,200,000		942,960

								5,243,797


MATERIALS – 1.3%
Dow Chemical Co. / The (Chemicals)		4.250%		10/01/2034		1,402,000		1,273,165
Glencore Funding LLC (Metals & Mining)	(b)	2.850%		04/27/2031		2,000,000		1,650,875
Kinross Gold Corp. (Metals & Mining)		4.500%		07/15/2027		1,000,000		957,525
Mosaic Co. / The (Chemicals)		4.050%		11/15/2027		1,000,000		952,175
Steel Dynamics, Inc. (Metals & Mining)		3.250%		01/15/2031		800,000		693,367

								5,527,107


REAL ESTATE – 1.0%
Alexandria Real Estate Equities, Inc. (Office REITs)		3.950%		01/15/2028		1,000,000		931,787
American Tower Corp. (Specialized REITs)		2.750%		01/15/2027		2,000,000		1,819,541
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)	(b)	4.625%		12/01/2029		700,000		635,509
Welltower OP LLC (Health Care REITs)		2.700%		02/15/2027		1,000,000		904,850

								4,291,687


		15		(continued)


Ohio National Fund, Inc.		ON BlackRock Balanced Allocation Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value

UTILITIES – 2.2%
AEP Transmission Co. LLC (Electric Utilities)			4.000%	12/01/2046	$	1,000,000	$	838,186
AEP Transmission Co. LLC (Electric Utilities)			3.750%	12/01/2047		1,000,000		797,845
Ameren Corp. (Multi-Utilities)			2.500%	09/15/2024		1,000,000		958,252
Ameren Corp. (Multi-Utilities)			3.500%	01/15/2031		1,000,000		892,376
Black Hills Corp. (Multi-Utilities)			3.050%	10/15/2029		1,000,000		856,026
Commonwealth Edison Co. (Electric Utilities)			4.350%	11/15/2045		1,000,000		871,569
Connecticut Light & Power Co. / The (Electric Utilities)			4.000%	04/01/2048		1,000,000		841,870
Duke Energy Corp. (Electric Utilities)			3.750%	09/01/2046		1,500,000		1,134,635
Duke Energy Indiana LLC (Electric Utilities)			3.250%	10/01/2049		1,000,000		715,060
FirstEnergy Transmission LLC (Electric Utilities)	(b)		4.550%	04/01/2049		200,000		166,845
Florida Power & Light Co. (Electric Utilities)			3.150%	10/01/2049		1,000,000		728,999
Public Service Electric & Gas Co. (Multi-Utilities)			3.600%	12/01/2047		1,000,000		785,130

								9,586,793

Total Corporate Bonds (Cost $123,202,580)							$	106,319,795


Asset-Backed Securities – 0.5%		Rate		Maturity	Face Amount		Value

INDUSTRIALS – 0.5%
FedEx Corp. 2020-1 Class AA Pass Through Trust			1.875%	02/20/2034	$	1,732,637	$	1,413,425
United Airlines 2016-1 Class B Pass Through Trust			3.650%	01/07/2026		114,352		105,261
United Airlines 2019-2 Class AA Pass Through Trust			2.700%	05/01/2032		858,997		719,437

Total Asset-Backed Securities (Cost $2,705,986)							$	2,238,123

U.S. Treasury Obligations – 0.2%		Rate		Maturity	Face Amount		Value

U.S. Treasury Note			1.875%	02/15/2032	$	1,000,000	$	856,563

Total U.S. Treasury Obligations (Cost $957,192)							$	856,563

Total Investments – 99.1% (Cost $410,525,057)	(d)						$	428,362,533
Other Assets in Excess of Liabilities – 0.9%	(e)							4,027,964

Net Assets – 100.0%							$	432,390,497

Percentages are stated as a percent of net assets.

Abbreviations:


H15T5Y:		U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 4.130% at 06/30/2023
REITs:		Real Estate Investment Trusts SOFR: Secured Overnight Financing Rate, 5.090% at 06/30/2023
TSFR3M:		Quarterly CME Term SOFR, 5.268% at 06/30/2023
USSW5:		USD Swap Semi 30/360 5 Year, 4.219% at 06/30/2023

Footnotes:

(a)

Non-income producing security.

(b)

Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $5,900,586, or 1.4% of the Portfolio’s net assets.

(c)

(d)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(e)

Includes $212,800 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.

Schedule of Open Futures Contracts

June 30, 2023 (Unaudited)


Description	Number of contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)	Variation Margin Receivable (Payable)
CME E-mini S&P 500 Index - Long	19		September 15, 2023	$	4,152,718	$	4,263,838	$111,120	$45,569

The accompanying notes are an integral part of these financial statements.


				16


Ohio National Fund, Inc.		ON BlackRock Advantage International Equity Portfolio (Unaudited)

Objective/Strategy

The ON Blackrock Advantage International Equity Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE Index (Net - USD).

Performance as of June 30, 2023


Average Annual returns
One year	21.08	%
Five years	4.92	%
Ten years	4.47	%

Total expense ratio is 0.89% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 12.91% versus 11.67% for its benchmark, the MSCI EAFE Index (Net –USD).

Q. What affected the Portfolio’s performance?

A. The broadening market rally near period-end provided a strong tailwind to the performance of overall stock selection. Traditional valuation insights that evaluate financial statement data, and contrarian quality measures, such as a firm’s ability to internally finance operations and balance sheet strength, collectively drove overweight positions into economically sensitive parts of the market. This included cyclicals, such as consumer travel and capital goods names, which benefited returns amid declining recession concerns. Sentiment insights that capture both management and analyst views drove gains as focus shifted towards growth and the outlook for earnings. Despite positive performance from more contrarian fundamental quality insights, nontraditional measures of company quality with a growth flavor struggled. These insights that evaluate company controversy exposure, board diversity, and employee turnover proved less relevant as markets focused on macro dynamics.

Elsewhere, macro thematic insights that evaluate company revenue derived from China detracted as economic momentum in the region slowed. This was highlighted through an unsuccessful underweight to Machinery names. Derivatives had no significant impact on performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The MSCI EAFE Index (Net-USD) is a free-float-adjusted market-capitalization weighted index that is designed to measure the equity market performance of 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. The returns for this index include the effects of reinvested dividends, net of taxes, and adjustment to U.S. Dollar denomination.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


				17		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage International Equity Portfolio (Unaudited) (Continued)

Portfolio Composition as of June 30, 2023 ⁽¹⁾


			% of Net Assets
Common Stocks ⁽⁴⁾⁽⁵⁾			96.9
Preferred Securities ⁽⁴⁾⁽⁵⁾			0.7
Other Net Assets			2.4

			100.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks, Preferred Securities):


	% of Net Assets
Japan		20.4
France		12.8
United Kingdom		12.3
Switzerland		10.3
Germany		10.0
Australia		6.4
Netherlands		5.3
Spain		3.8
Denmark		2.8
Hong Kong		2.3

⁽⁵⁾

Sectors (Common Stocks, Preferred Securities):


	% of Net Assets
Industrials		18.1
Financials		14.9
Health Care		12.0
Consumer Discretionary		11.5
Consumer Staples		11.0
Information Technology		10.0
Materials		8.7
Communication Services		3.9
Energy		3.6
Utilities		2.7
Real Estate		1.2

		97.6



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Nestle SA		3.0
2.	ASML Holding N.V.		2.7
3.	Novartis AG		2.2
4.	LVMH Moet Hennessy Louis Vuitton SE		2.2
5.	Novo Nordisk A/S Class B		2.2
6.	SAP SE		1.8
7.	Shell PLC		1.6
8.	Schneider Electric SE		1.5
9.	BHP Group Ltd.		1.5
10.	Mitsubishi UFJ Financial Group, Inc.		1.4


				18


Ohio National Fund, Inc.		ON BlackRock Advantage International Equity Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 96.9%		Shares		Value

JAPAN – 20.4%
Advantest Corp. (Information Technology)	(a)		900	$	120,568
ANA Holdings, Inc. (Industrials)	(a)(b)		3,900		93,049
Asahi Kasei Corp. (Materials)	(a)		26,200		177,847
Astellas Pharma, Inc. (Health Care)	(a)		202,600		3,019,038
Central Japan Railway Co. (Industrials)	(a)		14,900		1,868,554
Concordia Financial Group Ltd. (Financials)	(a)		13,800		54,388
Dai-ichi Life Holdings, Inc. (Financials)	(a)		41,300		792,232
Daito Trust Construction Co. Ltd. (Real Estate)	(a)		12,000		1,217,593
Daiwa House Industry Co. Ltd. (Real Estate)	(a)		48,700		1,287,117
DMG Mori Co. Ltd. (Industrials)	(a)		26,200		457,406
ENEOS Holdings, Inc. (Energy)	(a)		16,400		56,191
Fast Retailing Co. Ltd. (Consumer Discretionary)	(a)		3,500		898,530
FUJIFILM Holdings Corp. (Information Technology)	(a)		25,300		1,502,590
Hitachi Ltd. (Industrials)	(a)		39,300		2,432,340
Honda Motor Co. Ltd. (Consumer Discretionary)	(a)		15,100		456,149
J. Front Retailing Co. Ltd. (Consumer Discretionary)	(a)		34,600		332,699
Japan Airport Terminal Co. Ltd. (Industrials)	(a)		2,900		131,272
Japan Post Bank Co. Ltd. (Financials)	(a)		50,000		391,735
Japan Post Holdings Co. Ltd. (Financials)	(a)		32,600		234,412
Japan Tobacco, Inc. (Consumer Staples)	(a)		170,800		3,743,777
JGC Holdings Corp. (Industrials)	(a)		6,800		88,638
Kakaku.com, Inc. (Communication Services)	(a)		37,400		538,516
Kao Corp. (Consumer Staples)	(a)		25,100		909,112
KDDI Corp. (Communication Services)	(a)		22,700		701,563
Kirin Holdings Co. Ltd. (Consumer Staples)	(a)		7,900		115,374
Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)	(a)		9,700		527,779
Konica Minolta, Inc. (Information Technology)	(a)		9,700		33,456
Lawson, Inc. (Consumer Staples)	(a)		71,100		3,158,445
Marui Group Co. Ltd. (Financials)	(a)		39,300		687,214
Mitsubishi Chemical Group Corp. (Materials)	(a)		198,200		1,195,031
Mitsubishi Corp. (Industrials)	(a)		91,900		4,454,768
Mitsubishi Electric Corp. (Industrials)	(a)		2,600		36,537
Mitsubishi Gas Chemical Co., Inc. (Materials)	(a)		107,900		1,574,651
Mitsubishi HC Capital, Inc. (Financials)	(a)		65,600		390,877
Mitsubishi UFJ Financial Group, Inc. (Financials)	(a)		685,100		5,056,972
Mitsui Fudosan Co. Ltd. (Real Estate)	(a)		16,500		329,209
Mizuho Financial Group, Inc. (Financials)	(a)		50,500		770,786
MS&AD Insurance Group Holdings, Inc. (Financials)	(a)		97,000		3,456,268
Murata Manufacturing Co. Ltd. (Information Technology)	(a)		700		40,166
Nexon Co. Ltd. (Communication Services)	(a)		13,800		264,435
NIDEC CORP (Industrials)	(a)		23,600		1,297,196
Nikon Corp. (Consumer Discretionary)	(a)		3,800		49,384
Nintendo Co. Ltd. (Communication Services)	(a)		6,100		277,475
Nippon Express Holdings, Inc. (Industrials)	(a)		21,800		1,229,475


Common Stocks (Continued)		Shares		Value

JAPAN (continued)
Nippon Paint Holdings Co. Ltd. (Materials)	(a)		6,300	$	52,082
Nippon Telegraph & Telephone Corp. (Communication Services)	(a)		198,800		235,557
Nissan Motor Co. Ltd. (Consumer Discretionary)	(a)		11,400		47,078
Nitto Denko Corp. (Materials)	(a)		1,100		81,537
Nomura Holdings, Inc. (Financials)	(a)		15,400		58,447
Obic Co. Ltd. (Information Technology)	(a)		2,900		464,936
Olympus Corp. (Health Care)	(a)		6,700		106,053
Omron Corp. (Information Technology)	(a)		4,800		294,043
Ono Pharmaceutical Co. Ltd. (Health Care)	(a)		1,900		34,450
Oracle Corp. (Information Technology)	(a)		5,700		423,570
Oriental Land Co. Ltd (Consumer Discretionary)	(a)		3,400		132,740
ORIX Corp. (Financials)	(a)		47,100		861,392
Otsuka Holdings Co. Ltd. (Health Care)	(a)		23,800		872,284
Recruit Holdings Co. Ltd. (Industrials)	(a)		70,100		2,237,138
Renesas Electronics Corp. (Information Technology)	(a)(b)		10,900		206,280
Resona Holdings, Inc. (Financials)	(a)		161,900		775,799
Sega Sammy Holdings, Inc. (Consumer Discretionary)	(a)		30,300		648,422
Sekisui House Ltd. (Consumer Discretionary)	(a)		41,600		841,822
Shionogi & Co. Ltd. (Health Care)	(a)		26,800		1,132,304
Skylark Holdings Co. Ltd. (Consumer Discretionary)	(a)(b)		5,400		67,520
SoftBank Corp. (Communication Services)	(a)		62,800		671,833
SoftBank Group Corp. (Communication Services)	(a)		23,000		1,091,618
Sompo Holdings, Inc. (Financials)	(a)		20,600		923,502
Sumitomo Chemical Co. Ltd. (Materials)	(a)		56,000		170,463
Sumitomo Mitsui Financial Group, Inc. (Financials)	(a)		11,200		479,373
Sumitomo Mitsui Trust Holdings, Inc. (Financials)	(a)		4,900		175,334
Sumitomo Realty & Development Co. Ltd. (Real Estate)	(a)		10,700		265,198
T&D Holdings, Inc. (Financials)	(a)		54,700		808,150
Takeda Pharmaceutical Co. Ltd. (Health Care)	(a)		100,100		3,146,248
Terumo Corp. (Health Care)	(a)		16,900		537,490
Tokio Marine Holdings, Inc. (Financials)	(a)		115,300		2,662,184
Tokyo Electron Ltd. (Information Technology)	(a)		10,500		1,503,638
Toshiba Corp. (Industrials)	(a)		8,600		269,559
Toyota Motor Corp. (Consumer Discretionary)	(a)		150,800		2,409,940
Unicharm Corp. (Consumer Staples)	(a)		10,200		377,920
Yamada Holdings Co. Ltd. (Consumer Discretionary)	(a)		243,400		717,093
ZOZO, Inc. (Consumer Discretionary)	(a)		50,900		1,053,464

					73,287,275

FRANCE – 12.8%
Air Liquide SA (Materials)	(a)		342		61,315
Arkema SA (Materials)	(a)		10,387		979,801
Bureau Veritas SA (Industrials)	(a)		41,804		1,146,675
Capgemini SE (Information Technology)	(a)		8,109		1,536,179
Carrefour SA (Consumer Staples)	(a)		79,277		1,502,392
Credit Agricole SA (Financials)	(a)		62,148		738,279
Dassault Aviation SA (Industrials)	(a)		11,871		2,375,260
Dassault Systemes SE (Information Technology)	(a)		62,987		2,793,228
Engie SA (Utilities)	(a)		101,910		1,695,083


				19		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage International Equity Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

FRANCE (continued)
EssilorLuxottica SA (Health Care)	(a)		473	$	89,514
Getlink SE (Industrials)	(a)		4,654		79,185
Hermes International (Consumer Discretionary)	(a)		2,265		4,927,388
La Francaise des Jeux SAEM (Consumer Discretionary)	(a)		3,440		135,443
Legrand SA (Industrials)	(a)		471		46,724
L’Oreal SA (Consumer Staples)	(a)		10,024		4,677,976
LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)	(a)		8,228		7,764,976
Pernod Ricard SA (Consumer Staples)	(a)		7,052		1,558,064
Safran SA (Industrials)	(a)		21,989		3,454,729
Sanofi (Health Care)	(a)		18,621		1,996,228
Schneider Electric SE (Industrials)	(a)		29,723		5,417,526
Thales SA (Industrials)	(a)		5,807		869,238
TotalEnergies SE (Energy)	(a)		4,773		273,553
Ubisoft Entertainment SA (Communication Services)	(a)(b)		36,733		1,038,298
Vallourec SA (Energy)	(a)(b)		1,948		22,997
Veolia Environnement SA (Utilities)	(a)		26,771		846,405

					46,026,456


UNITED KINGDOM – 12.3%
Anglo American PLC (Materials)	(a)		10,903		309,039
AstraZeneca PLC (Health Care)	(a)		34,827		4,988,557
Auto Trader Group PLC (Communication Services)	(a)		164,724		1,276,715
Aviva PLC (Financials)	(a)		13,506		68,071
BAE Systems PLC (Industrials)	(a)		13,443		158,613
Barclays PLC (Financials)	(a)		192,853		376,707
BP PLC (Energy)	(a)		758,568		4,444,331
British American Tobacco PLC (Consumer Staples)	(a)		142,206		4,717,887
Bunzl PLC (Industrials)	(a)		1,671		63,620
Centrica PLC (Utilities)	(a)		460,463		725,152
CNH Industrial N.V. (Industrials)	(a)		12,395		179,153
Compass Group PLC (Consumer Discretionary)	(a)		2,093		58,548
ConvaTec Group PLC (Health Care)	(a)		53,777		140,235
Endeavour Mining PLC (Materials)	(a)		7,523		180,902
Greggs PLC (Consumer Discretionary)	(a)		622		20,177
GSK PLC (Health Care)	(a)		79,996		1,413,104
Halma PLC (Information Technology)	(a)		3,953		114,425
HSBC Holdings PLC (Financials)	(a)		247,765		1,959,673
IG Group Holdings PLC (Financials)	(a)		25,654		220,505
IMI PLC (Industrials)	(a)		20,815		434,959
Intertek Group PLC (Industrials)	(a)		4,705		255,388
London Stock Exchange Group PLC (Financials)	(a)		11,713		1,241,188
Reckitt Benckiser Group PLC (Consumer Staples)	(a)		6,665		500,543
RELX PLC (Industrials)	(a)		10,748		358,321
Rightmove PLC (Communication Services)	(a)		76,728		509,699
Rio Tinto PLC (Materials)	(a)		48,078		3,054,372
Rotork PLC (Industrials)	(a)		132		512
Shell PLC (Energy)	(a)		197,706		5,886,418
Smiths Group PLC (Industrials)	(a)		157,616		3,297,887
Spectris PLC (Information Technology)	(a)		24,282		1,108,570
Standard Chartered PLC (Financials)	(a)		131,908		1,150,386
Tesco PLC (Consumer Staples)	(a)		512,847		1,620,613
Travis Perkins PLC (Industrials)	(a)		6,709		69,434
Unilever PLC (Consumer Staples)	(a)		36,166		1,885,786
Vodafone Group PLC (Communication Services)	(a)		1,366,639		1,289,450

					44,078,940


SWITZERLAND – 10.3%
ABB Ltd. (Industrials)	(a)		122,656		4,826,305


Common Stocks (Continued)		Shares		Value

SWITZERLAND (continued)
Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)	(a)		2	$	248,116
Chocoladefabriken Lindt & Spruengli AG NVS (Consumer Staples)	(a)		146		1,833,999
Cie Financiere Richemont SA (Consumer Discretionary)	(a)		17,946		3,044,963
Clariant AG (Materials)	(a)		6,799		98,281
Dufry AG (Consumer Discretionary)	(a)(b)		1,571		71,613
Flughafen Zurich AG (Industrials)	(a)		137		28,475
Givaudan SA (Materials)	(a)		748		2,481,446
Holcim AG (Materials)	(a)		3,949		265,501
Logitech International SA (Information Technology)	(a)		33,797		2,009,467
Nestle SA (Consumer Staples)	(a)		88,548		10,654,512
Novartis AG (Health Care)	(a)		80,131		8,087,413
Roche Holding AG NVS (Health Care)	(a)		9,397		2,871,681
Sika AG (Materials)	(a)		752		215,089
Sonova Holding AG (Health Care)	(a)		74		19,713
Temenos AG (Information Technology)	(a)		2,514		200,170

					36,956,744


GERMANY – 9.3%
Aurubis AG (Materials)	(a)		1,157		99,137
BASF SE (Materials)	(a)		9,710		471,445
Bayer AG (Health Care)	(a)		9,478		524,001
Bayerische Motoren Werke AG (Consumer Discretionary)	(a)		19,692		2,418,500
Covestro AG (Materials)	(a)(b)		27,277		1,416,369
Deutsche Bank AG (Financials)	(a)		99,786		1,047,083
Deutsche Telekom AG (Communication Services)	(a)		31,754		692,140
Evonik Industries AG (Materials)	(a)		40,850		776,478
Freenet AG (Communication Services)	(a)		26,955		676,083
Fresenius SE & Co. KGaA (Health Care)	(a)		1,242		34,379
GEA Group AG (Industrials)	(a)		37,999		1,588,056
HUGO BOSS AG (Consumer Discretionary)	(a)		5,990		467,586
Infineon Technologies AG (Information Technology)	(a)		108,155		4,460,369
KION Group AG (Industrials)	(a)		582		23,403
Mercedes-Benz Group AG (Consumer Discretionary)	(a)		58,925		4,742,377
Nemetschek SE (Information Technology)	(a)		6,895		516,350
SAP SE (Information Technology)	(a)		47,826		6,530,350
Scout24 SE (Communication Services)	(a)		20,512		1,300,254
Siemens AG (Industrials)	(a)		25,303		4,211,647
Siemens Energy AG (Industrials)	(a)(b)		7,360		129,919
TeamViewer SE (Information Technology)	(a)(b)		72,516		1,163,836
Zalando SE (Consumer Discretionary)	(a)(b)		7,304		210,146

					33,499,908


AUSTRALIA – 6.4%
Ampol Ltd. (Energy)	(a)		8,419		168,865
Aristocrat Leisure Ltd. (Consumer Discretionary)	(a)		135,814		3,516,835
Beach Energy Ltd. (Energy)	(a)		90,993		82,266
BHP Group Ltd. (Materials)	(a)		177,289		5,289,777
Brambles Ltd. (Industrials)	(a)		78,527		755,805
Cochlear Ltd. (Health Care)	(a)		226		34,582
Commonwealth Bank of Australia (Financials)	(a)		6,404		429,419
CSL Ltd. (Health Care)	(a)		9,945		1,840,311
Flight Centre Travel Group Ltd. (Consumer Discretionary)	(a)(b)		14,528		185,140
Fortescue Metals Group Ltd. (Materials)	(a)		188,977		2,814,434
GPT Group / The (Real Estate)	(a)		94,150		260,200


				20		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage International Equity Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

AUSTRALIA (continued)
JB Hi-Fi Ltd. (Consumer Discretionary)	(a)		870	$	25,440
Lottery Corp. Ltd. / The (Consumer Discretionary)	(a)		115,564		396,362
Macquarie Group Ltd. (Financials)	(a)		21,363		2,545,727
Rio Tinto Ltd. (Materials)	(a)		13,915		1,070,877
Sandfire Resources Ltd. (Materials)	(a)(b)		7,878		31,234
Santos Ltd. (Energy)	(a)		15,512		78,129
Sonic Healthcare Ltd. (Health Care)	(a)		57,342		1,363,916
Steadfast Group Ltd. (Financials)	(a)		32,010		128,292
Westpac Banking Corp. (Financials)	(a)		51,803		738,979
Worley Ltd. (Industrials)	(a)		100,362		1,061,860

					22,818,450


NETHERLANDS – 5.3%
Argenx SE (Health Care)	(a)(b)		820		319,033
ASML Holding N.V. (Information Technology)	(a)		13,501		9,772,982
BE Semiconductor Industries N.V. (Information Technology)	(a)		225		24,392
ING Groep N.V. (Financials)	(a)		185,726		2,508,151
Koninklijke KPN N.V. (Communication Services)	(a)		281,936		1,006,482
NN Group N.V. (Financials)	(a)		2,323		86,197
QIAGEN N.V. (Health Care)	(a)(b)		2,936		131,701
Signify N.V. (Industrials)	(a)		37,850		1,061,342
Wolters Kluwer N.V. (Industrials)	(a)		32,676		4,149,031

					19,059,311


SPAIN – 3.8%
Acciona SA (Utilities)	(a)		7,799		1,324,526
ACS Actividades de Construccion y Servicios SA (Industrials)	(a)		7,442		261,659
Amadeus IT Group SA (Consumer Discretionary)	(a)(b)		20,741		1,581,320
Banco Bilbao Vizcaya Argentaria SA (Financials)	(a)		348,208		2,684,934
Banco Santander SA (Financials)	(a)		674,932		2,504,326
Bankinter SA (Financials)	(a)		96,947		597,789
CaixaBank SA (Financials)	(a)		388,851		1,612,896
Grifols SA (Health Care)	(a)(b)		5,347		68,578
Industria de Diseno Textil SA (Consumer Discretionary)	(a)		24,016		933,076
Repsol SA (Energy)	(a)		42,330		615,479
Telefonica SA (Communication Services)	(a)		383,664		1,556,459

					13,741,042


DENMARK – 2.8%
Genmab A/S (Health Care)	(a)(b)		1,930		732,524
Novo Nordisk A/S Class B (Health Care)	(a)		47,911		7,738,285
Novozymes A/S (Materials)	(a)		31,683		1,475,610

					9,946,419


HONG KONG – 2.3%
AIA Group Ltd. (Financials)	(a)		470,400		4,799,577
Galaxy Entertainment Group Ltd. (Consumer Discretionary)	(a)(b)		7,000		44,676
Jardine Matheson Holdings Ltd. (Industrials)	(a)		42,300		2,145,494
New World Development Co. Ltd. (Real Estate)	(a)		421,000		1,039,857
Sino Land Co. Ltd. (Real Estate)	(a)		40,000		49,188

					8,078,792


ITALY – 2.2%
Assicurazioni Generali SpA (Financials)	(a)		24,139		491,623
Enel SpA (Utilities)	(a)		418,905		2,821,866
Ferrari N.V. (Consumer Discretionary)	(a)		82		26,846


Common Stocks (Continued)		Shares		Value

ITALY (continued)
Intesa Sanpaolo SpA (Financials)	(a)		377,707	$	992,732
Mediobanca Banca di Credito Finanziario SpA (Financials)	(a)		59,438		712,764
Moncler SpA (Consumer Discretionary)	(a)		616		42,623
Poste Italiane SpA (Financials)	(a)		11,264		122,205
Recordati Industria Chimica e Farmaceutica SpA (Health Care)	(a)		10,807		516,529
Snam SpA (Utilities)	(a)		219,198		1,145,535
UniCredit SpA (Financials)	(a)		41,277		962,587

					7,835,310


SWEDEN – 1.7%
Assa Abloy AB Class B (Industrials)	(a)		101,566		2,438,019
Electrolux AB Class B (Consumer Discretionary)	(a)		11,297		154,396
Elekta AB Class B (Health Care)	(a)		134,688		1,041,682
Evolution AB (Consumer Discretionary)	(a)		1,482		187,799
Industrivarden AB Class C (Financials)	(a)		17,327		478,135
Investor AB Class B (Financials)	(a)		25,539		511,035
Saab AB Class B (Industrials)	(a)		22,775		1,231,188
Swedish Orphan Biovitrum AB (Health Care)	(a)(b)		3,683		71,829

					6,114,083


BELGIUM – 1.6%
Anheuser-Busch InBev SA / N.V. (Consumer Staples)	(a)		27,300		1,546,169
Elia Group SA / N.V. (Utilities)	(a)		1,812		230,188
Groupe Bruxelles Lambert N.V. (Financials)	(a)		2,893		228,003
Sofina SA (Financials)	(a)		1,284		266,193
Solvay SA (Materials)	(a)		30,035		3,363,845

					5,634,398


NORWAY – 1.4%
DNB Bank ASA (Financials)	(a)		93,391		1,746,015
Equinor ASA (Energy)	(a)		22,480		653,037
Gjensidige Forsikring ASA (Financials)	(a)		73,858		1,183,754
Kongsberg Gruppen ASA (Industrials)	(a)		8,180		372,095
Telenor ASA (Communication Services)	(a)		92,972		942,478
Var Energi ASA (Energy)	(a)		16,516		44,929

					4,942,308


LUXEMBOURG – 1.1%
ArcelorMittal SA (Materials)	(a)		132,248		3,603,032
Tenaris SA (Energy)	(a)		20,572		307,833

					3,910,865


SINGAPORE – 1.1%
Jardine Cycle & Carriage Ltd. (Industrials)	(a)		61,100		1,577,027
Singapore Airlines Ltd. (Industrials)	(a)		437,800		2,316,995

					3,894,022


IRELAND – 0.9%
Experian PLC (Industrials)	(a)		84,115		3,232,165


AUSTRIA – 0.8%
ams-OSRAM AG (Information Technology)	(a)(b)		64,839		466,888
ANDRITZ AG (Industrials)	(a)		12,606		703,454
BAWAG Group AG (Financials)	(a)		9,094		419,935
OMV AG (Energy)	(a)		3,098		131,268
Raiffeisen Bank International AG (Financials)	(a)(b)		66,922		1,062,934

					2,784,479


PORTUGAL – 0.2%
EDP - Energias de Portugal SA (Utilities)	(a)		157,162		769,283


				21		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage International Equity Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

NEW ZEALAND – 0.1%
Xero Ltd. (Information Technology)	(a)(b)		6,603	$	527,717


ISRAEL – 0.1%
Bank Hapoalim BM (Financials)	(a)		13,193		108,201
Teva Pharmaceutical Industries Ltd. (Health Care)	(a)(b)		30,924		234,820

					343,021

Total Common Stocks (Cost $320,560,892)				$	347,480,988


Preferred Securities – 0.7%	Rate		Quantity		Value

GERMANY – 0.7%
Bayerische Motoren Werke AG (Consumer Discretionary)	(a)	8.216% (c)		3,215	$	365,556
Volkswagen AG (Consumer Discretionary)	(a)	22.622% (c)		15,660		2,100,436

Total Preferred Securities (Cost $2,486,442)					$	2,465,992

Total Investments – 97.6% (Cost $323,047,334)			(d)		$	349,946,980
Other Assets in Excess of Liabilities – 2.4%			(e)			8,614,270

Net Assets – 100.0%					$	358,561,250

Percentages are stated as a percent of net assets.

Abbreviations:

NVS: Non Voting Shares

Footnotes:

(a)

Security traded on a foreign exchange has been valued at an estimate of fair value that is different than the local market close price. These fair value estimates are determined by an independent fair valuation service that has been approved by the Board. These securities represent $349,946,980 or 97.6% of the Portfolio’s net assets.

(b)

Non-income producing security.

(c)

Represents twelve-month dividend yield. Rates are determined by actual distributions, which are impacted by factors unique to each preference share such as board authorization, distributable earnings, and preferred payout features compared to other classes of equity.

(d)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(e)

Includes $235,555 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.

Schedule of Open Futures Contracts

June 30, 2023 (Unaudited)

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

MSCI EAFE Index - Long

September 15, 2023

$6,739,816

$6,789,825

$50,009

$86,680

The accompanying notes are an integral part of these financial statements.


		22


Ohio National Fund, Inc.		ON Janus Henderson Forty Portfolio (Unaudited)

Objective/Strategy

The ON Janus Henderson Forty Portfolio (renamed ON Fidelity Institutional AM^® Equity Growth Portfolio as of July 28, 2023) seeks long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.



Performance as of June 30, 2023



Average Annual returns
One year	27.66	%
Five years	11.42	%
Ten years	14.43	%

Total expense ratio is 0.85% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 26.05% versus 29.02% for its benchmark, the Russell 1000^® Growth Index.

Q. What affected the Portfolio’s performance?

A. Due to the concentrated nature of the Portfolio, relative underperformance was largely due to the individual stocks in the Portfolio rather than a market condition or investment strategy that worked for or against the Portfolio. At the sector level, stock selection in the Financials sector, as well as stock selection and an overweight allocation to the Materials sector, were the largest detractors from benchmark-relative performance. From an individual stock perspective, Apple, Inc., The Charles Schwab Corp., and Deere and Co. were the top detractors from performance.

At the sector level, stock selection in the Communication Services sector and an underweight allocation to the Consumer Staples sector contributed to benchmark-relative performance. From an individual stock perspective, Meta Platforms, Inc. Class A, Advanced Micro Devices, Inc., and Core & Main, Inc. Class A were the top contributors to performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The Russell 1000^® Growth Index is a market-capitalization weighted index of those firms in the Russell 1000^® Index with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The index presented includes the effects of reinvested dividends.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


				23		(continued)


Ohio National Fund, Inc.		ON Janus Henderson Forty Portfolio (Unaudited) (Continued)

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		98.8
Discount Notes		0.9
Other Net Assets		0.3

		100.0

Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Microsoft Corp.		11.1
2.	Apple, Inc.		8.3
3.	Amazon.com, Inc.		6.5
4.	NVIDIA Corp.		4.3
5.	Workday, Inc. Class A		3.6
6.	Meta Platforms, Inc. Class A		3.3
7.	Core & Main, Inc. Class A		3.1
8.	Howmet Aerospace, Inc.		3.1
9.	Mastercard, Inc. Class A		3.0
10.	ASML Holding N.V.		2.9

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		38.2
Consumer Discretionary		14.7
Health Care		11.0
Financials		9.4
Industrials		8.9
Materials		6.0
Communication Services		5.6
Real Estate		5.0

		98.8


				24


Ohio National Fund, Inc.		ON Janus Henderson Forty Portfolio



Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 98.8%			Shares		Value

COMMUNICATION SERVICES – 5.6%
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		9,896	$	1,197,119
Meta Platforms, Inc. Class A (Interactive Media & Svs.)	(a	)		5,890		1,690,312

						2,887,431

CONSUMER DISCRETIONARY – 14.7%
Amazon.com, Inc. (Broadline Retail)	(a	)		25,845		3,369,154
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)	(a	)		414		1,117,937
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a	)		10,481		534,217
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)	(b	)		1,087		1,025,830
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				3,831		422,827
Rivian Automotive, Inc. Class A (Automobiles)	(a	)		10,624		176,996
TJX Cos., Inc. / The (Specialty Retail)				10,946		928,111

						7,575,072

FINANCIALS – 9.4%
Charles Schwab Corp. / The (Capital Markets)				13,192		747,723
Cullen / Frost Bankers, Inc. (Banks)				5,988		643,890
Mastercard, Inc. Class A (Financial Services)				3,889		1,529,544
Progressive Corp. / The (Insurance)				5,190		687,000
Visa, Inc. (Financial Services)				5,217		1,238,933

						4,847,090

HEALTH CARE – 11.0%
AbbVie, Inc. (Biotechnology)				8,650		1,165,414
Apellis Pharmaceuticals, Inc. (Biotechnology)	(a	)		2,865		261,002
Argenx SE – ADR (Biotechnology)	(a	)		694		270,473
Danaher Corp. (Life Sciences Tools & Svs.)				5,315		1,275,600
Illumina, Inc. (Life Sciences Tools & Svs.)	(a	)		5,417		1,015,633
Madrigal Pharmaceuticals, Inc. (Biotechnology)	(a	)		1,489		343,959
Teleflex, Inc. (Health Care Equip. & Supplies)				4,602		1,113,822
Vaxcyte, Inc. (Biotechnology)	(a	)		4,474		223,432

						5,669,335

INDUSTRIALS – 8.9%
Core & Main, Inc. Class A (Trading Companies & Distributors)	(a	)		51,307		1,607,961


Common Stocks (Continued)			Shares		Value

INDUSTRIALS (continued)
Deere & Co. (Machinery)				3,338	$	1,352,524
Howmet Aerospace, Inc. (Aerospace & Defense)				32,176		1,594,643

						4,555,128

INFORMATION TECHNOLOGY – 38.2%
Adobe, Inc. (Software)	(a	)		1,254		613,193
Advanced Micro Devices, Inc. (Semiconductors & Equip.)	(a	)		11,648		1,326,824
Apple, Inc. (Tech. Hardware, Storage & Periph.)				22,093		4,285,379
ASML Holding N.V. (Semiconductors & Equip.)				2,025		1,467,619
Atlassian Corp. Class A (Software)	(a	)		6,304		1,057,874
Microsoft Corp. (Software)				16,727		5,696,213
NVIDIA Corp. (Semiconductors & Equip.)				5,258		2,224,239
Texas Instruments, Inc. (Semiconductors & Equip.)				6,324		1,138,447
Workday, Inc. Class A (Software)	(a	)		8,105		1,830,838

						19,640,626

MATERIALS – 6.0%
Crown Holdings, Inc. (Containers & Packaging)				13,798		1,198,632
Freeport-McMoRan, Inc. (Metals & Mining)				13,650		546,000
Linde PLC (Chemicals)				2,388		910,019
Sherwin-Williams Co. / The (Chemicals)				1,575		418,194

						3,072,845

REAL ESTATE – 5.0%
American Tower Corp. (Specialized REITs)				5,963		1,156,464
CoStar Group, Inc. (Real Estate Mgmt. & Development)	(a	)		15,910		1,415,990

						2,572,454

Total Common Stocks (Cost $40,825,902)					$	50,819,981


Discount Notes – 0.9%			Shares		Value
Fannie Mae Discount Notes. 4.652%, 7/03/2023				500,000	$	500,000

Total Discount Notes (Cost $499,871)					$	500,000

Total Investments – 99.7% (Cost $41,325,773)	(c	)			$	51,319,981
Other Assets in Excess of Liabilities – 0.3%						129,036

Net Assets – 100.0%					$	51,449,017

Percentages are stated as a percent of net assets.

Abbreviations:

ADR:

American Depositary Receipts

REITs:

Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

(c)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.


		25


Ohio National Fund, Inc.		ON AB Small Cap Portfolio (Unaudited)

Objective/Strategy

The ON AB Small Cap Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of smaller capitalization companies with market capitalizations at the time of investment that fall within the lowest 20% of the total U.S. equity market capitalization (excluding companies with market capitalizations of less than $10 million).



Performance as of June 30, 2023



Average Annual returns
One year	12.51	%
Five years	4.37	%
Ten years	9.54	%

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 11.10% versus 8.09% for its benchmark, the Russell 2000^® Index.

Q. What affected the Portfolio’s performance?

A. Both security selection and sector allocation contributed to the Portfolio’s relative return. From a security selection perspective, selections within Information Technology, Consumer Discretionary and Materials were the largest contributors to relative returns, while selections within Health Care, Real Estate and Consumer Staples were the largest detractors. From a sector allocation perspective, the Portfolio’s overweight to Information Technology, underweight to Financials and underweight to Utilities were the largest contributors to relative returns. An underweight to Materials and overweight to Consumer Staples detracted slightly. During the six-month period, small-cap growth outperformed small-cap core and small-cap value, which contributed to the Portfolio’s relative performance.

Leading contributors to relative performance included Onto Innovation, Inc., SPS Commerce, Inc., and Manhattan Associates, Inc. Individual detractors from relative performance included National Vision Holdings, Inc., Helmerich & Payne, Inc., and Silk Road Medical, Inc. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index includes the 2,000 firms from the Russell 3000^® Index with the smallest market capitalizations. The Russell 3000^® Index represents 98% of the investable U.S. equity market.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


				26		(continued)


Ohio National Fund, Inc.		ON AB Small Cap Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		99.6
Exchange Traded Funds		0.2
Other Net Assets		0.2

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^(2) (3)


		% of Net Assets
1.	SPS Commerce, Inc.		1.4
2.	Comfort Systems U.S.A., Inc.		1.1
3.	Onto Innovation, Inc.		1.1
4.	Meritage Homes Corp.		1.1
5.	Lantheus Holdings, Inc.		0.9
6.	Novanta, Inc.		0.9
7.	Altair Engineering, Inc. Class A		0.8
8.	RLI Corp.		0.8
9.	Hilton Grand Vacations, Inc.		0.8
10.	Chefs’ Warehouse, Inc. / The		0.8

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Industrials		18.9
Information Technology		18.7
Health Care		16.4
Consumer Discretionary		14.2
Financials		12.3
Consumer Staples		5.0
Energy		4.9
Real Estate		3.8
Materials		3.3
Communication Services		1.1
Utilities		1.0

		99.6


				27


Ohio National Fund, Inc.		ON AB Small Cap Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 99.6%			Shares		Value

COMMUNICATION SERVICES – 1.1%
AMC Networks, Inc. Class A (Media)	(a	)		3,530	$	42,184
Cargurus, Inc. (Interactive Media & Svs.)	(a	)		5,410		122,428
Cars.com, Inc. (Interactive Media & Svs.)	(a	)		5,115		101,379
Cinemark Holdings, Inc. (Entertainment)	(a	)		9,019		148,814
Cogent Communications Holdings, Inc. (Diversified Telecom. Svs.)				3,530		237,534
EW Scripps Co. / The Class A (Media)	(a	)		8,220		75,213
Gogo, Inc. (Wireless Telecom. Svs.)	(a	)		4,843		82,379
Lumen Technologies, Inc. (Diversified Telecom. Svs.)				57,080		129,001
Shutterstock, Inc. (Interactive Media & Svs.)				2,040		99,287
TechTarget, Inc. (Media)	(a	)		2,320		72,222
Telephone and Data Systems, Inc. (Wireless Telecom. Svs.)				11,170		91,929
Yelp, Inc. (Interactive Media & Svs.)	(a	)		4,550		165,665

						1,368,035

CONSUMER DISCRETIONARY – 14.2%
Abercrombie & Fitch Co. Class A (Specialty Retail)	(a	)		3,030		114,170
Academy Sports & Outdoors, Inc. (Specialty Retail)				6,319		341,542
Adtalem Global Education, Inc. (Diversified Consumer Svs.)	(a	)		3,040		104,394
American Axle & Manufacturing Holdings, Inc. (Automobile Components)	(a	)		19,150		158,370
American Eagle Outfitters, Inc. (Specialty Retail)				10,150		119,770
Asbury Automotive Group, Inc. (Specialty Retail)	(a	)		1,306		313,989
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure)				6,750		181,507
Boot Barn Holdings, Inc. (Specialty Retail)	(a	)		2,520		213,419
Buckle, Inc. / The (Specialty Retail)				948		32,801
Cavco Industries, Inc. (Household Durables)	(a	)		600		177,000
Century Communities, Inc. (Household Durables)				1,830		140,215
Cheesecake Factory, Inc. / The (Hotels, Restaurants & Leisure)				3,690		127,600
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)				1,380		128,588
Dana, Inc. (Automobile Components)				7,780		132,260
Dave & Buster’s Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a	)		3,360		149,722
Designer Brands, Inc. Class A (Specialty Retail)				10,040		101,404
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)				1,080		62,672
Dorman Products, Inc. (Automobile Components)	(a	)		2,510		197,863
European Wax Center, Inc. Class A (Diversified Consumer Svs.)	(a	)		22,178		413,176
Five Below, Inc. (Specialty Retail)	(a	)		3,887		763,951
Floor & Decor Holdings, Inc. Class A (Specialty Retail)	(a	)		335		34,827
Fox Factory Holding Corp. (Automobile Components)	(a	)		7,221		783,551
Frontdoor, Inc. (Diversified Consumer Svs.)	(a	)		5,721		182,500
Gentherm, Inc. (Automobile Components)	(a	)		2,750		155,402
Global-e Online Ltd. (Broadline Retail)	(a	)		3,943		161,426
Green Brick Partners, Inc. (Household Durables)	(a	)		3,212		182,442
Group 1 Automotive, Inc. (Specialty Retail)				920		237,452
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)				21,640		98,246
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure)	(a	)		21,163		961,647
Installed Building Products, Inc. (Household Durables)				1,958		274,433


Common Stocks (Continued)			Shares		Value

CONSUMER DISCRETIONARY (continued)
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)				1,400	$	136,542
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)				3,960		166,716
La-Z-Boy, Inc. (Household Durables)				4,820		138,045
LCI Industries (Automobile Components)				2,180		275,465
Leslie’s, Inc. (Specialty Retail)	(a	)		9,849		92,482
LGI Homes, Inc. (Household Durables)	(a	)		1,930		260,338
Life Time Group Holdings, Inc. (Hotels, Restaurants & Leisure)	(a	)		36,255		713,136
Lithia Motors, Inc. (Specialty Retail)				2,598		790,078
M.D.C. Holdings, Inc. (Household Durables)				4,850		226,834
M/I Homes, Inc. (Household Durables)	(a	)		1,770		154,326
Meritage Homes Corp. (Household Durables)				8,684		1,235,473
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)				1,660		116,947
National Vision Holdings, Inc. (Specialty Retail)	(a	)		5,680		137,967
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)				950		93,499
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure)	(a	)		8,475		571,554
Sabre Corp. (Hotels, Restaurants & Leisure)	(a	)		21,199		67,625
Savers Value Village, Inc. (Consumer Staples Distribution & Retail)	(a	)		14,806		350,902
Shake Shack, Inc. Class A (Hotels, Restaurants & Leisure)	(a	)		3,100		240,932
Signet Jewelers Ltd. (Specialty Retail)				2,810		183,381
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)	(a	)		5,473		142,189
Skyline Champion Corp. (Household Durables)	(a	)		10,420		681,989
Sonos, Inc. (Household Durables)	(a	)		9,149		149,403
Steven Madden Ltd. (Textiles, Apparel & Luxury Goods)				6,550		214,119
Stride, Inc. (Diversified Consumer Svs.)	(a	)		2,963		110,312
Sturm Ruger & Co., Inc. (Leisure Products)				2,740		145,110
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)				7,324		822,339
Tri Pointe Homes, Inc. (Household Durables)	(a	)		7,833		257,392
Urban Outfitters, Inc. (Specialty Retail)	(a	)		4,130		136,827
Vista Outdoor, Inc. (Leisure Products)	(a	)		5,450		150,802
Wingstop, Inc. (Hotels, Restaurants & Leisure)				4,106		821,857
Winnebago Industries, Inc. (Automobiles)				2,890		192,734
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)				7,240		106,356

						16,930,010

CONSUMER STAPLES – 5.0%
Cal-Maine Foods, Inc. (Food Products)				2,520		113,400
Central Garden & Pet Co. Class A (Household Products)	(a	)		3,610		131,621
Chefs’ Warehouse, Inc. / The (Consumer Staples Distribution & Retail)	(a	)		26,535		948,892
e.l.f. Beauty, Inc. (Personal Care Products)	(a	)		3,300		376,959
Edgewell Personal Care Co. (Personal Care Products)				4,650		192,091
Fresh Del Monte Produce, Inc. (Food Products)				6,300		161,973
Freshpet, Inc. (Food Products)	(a	)		10,716		705,220
Grocery Outlet Holding Corp. (Consumer Staples Distribution & Retail)	(a	)		25,269		773,484
Hain Celestial Group, Inc. / The (Food Products)	(a	)		5,981		74,822
Hostess Brands, Inc. (Food Products)	(a	)		10,075		255,099
Inter Parfums, Inc. (Personal Care Products)				1,150		155,515
J & J Snack Foods Corp. (Food Products)				1,300		205,868
Medifast, Inc. (Personal Care Products)				1,020		94,003
MGP Ingredients, Inc. (Beverages)				1,020		108,406
National Beverage Corp. (Beverages)	(a	)		2,645		127,886


		28		(continued)


Ohio National Fund, Inc.		ON AB Small Cap Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

CONSUMER STAPLES (continued)
Nu Skin Enterprises, Inc. Class A (Personal Care Products)				3,254	$	108,033
PriceSmart, Inc. (Consumer Staples Distribution & Retail)				1,900		140,714
Simply Good Foods Co. / The (Food Products)	(a	)		7,200		263,448
TreeHouse Foods, Inc. (Food Products)	(a	)		4,709		237,239
United Natural Foods, Inc. (Consumer Staples Distribution & Retail)	(a	)		4,820		94,231
Vector Group Ltd. (Tobacco)				13,620		174,472
Vital Farms, Inc. (Food Products)	(a	)		21,851		261,993
WD-40 Co. (Household Products)				1,140		215,061

						5,920,430

ENERGY – 4.9%
Archrock, Inc. (Energy Equip. & Svs.)				12,140		124,435
California Resources Corp. (Oil, Gas & Consumable Fuels)				4,270		193,388
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)	(a	)		4,750		166,582
ChampionX Corp. (Energy Equip. & Svs.)				29,322		910,155
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)				3,439		238,563
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)				2,250		152,572
Core Laboratories, Inc. (Energy Equip. & Svs.)				7,290		169,492
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)				3,470		103,961
Green Plains, Inc. (Oil, Gas & Consumable Fuels)	(a	)		3,850		124,124
Helmerich & Payne, Inc. (Energy Equip. & Svs.)				6,780		240,351
Matador Resources Co. (Oil, Gas & Consumable Fuels)				6,406		335,162
NexTier Oilfield Solutions, Inc. (Energy Equip. & Svs.)	(a	)		14,580		130,345
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)				4,380		150,322
Oceaneering International, Inc. (Energy Equip. & Svs.)	(a	)		6,440		120,428
Patterson-UTI Energy, Inc. (Energy Equip. & Svs.)				15,640		187,211
Permian Resources Corp. (Oil, Gas & Consumable Fuels)				51,479		564,210
RPC, Inc. (Energy Equip. & Svs.)				15,490		110,754
SM Energy Co. (Oil, Gas & Consumable Fuels)				8,360		264,427
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)	(a	)		84,258		506,391
Talos Energy, Inc. (Oil, Gas & Consumable Fuels)	(a	)		7,240		100,419
TechnipFMC PLC (Energy Equip. & Svs.)	(a	)		44,737		743,529
U.S. Silica Holdings, Inc. (Energy Equip. & Svs.)	(a	)		7,450		90,369
World Kinect Corp. (Oil, Gas & Consumable Fuels)				4,930		101,952

						5,829,142

FINANCIALS – 12.3%
American Equity Investment Life Holding Co. (Insurance)				4,630		241,269
Ameris Bancorp (Banks)				5,910		202,181
Apollo Commercial Real Estate Finance, Inc. (Mortgage REIT)				11,680		132,218
Arbor Realty Trust, Inc. (Mortgage REIT)				10,954		162,338
Artisan Partners Asset Management, Inc.
Class A (Capital Markets)				4,150		163,137
Assured Guaranty Ltd. (Insurance)				4,380		244,404
Atlantic Union Bankshares Corp. (Banks)				4,630		120,149
Axos Financial, Inc. (Banks)	(a	)		4,330		170,775
BancFirst Corp. (Banks)				1,079		99,268
Bancorp, Inc. / The (Banks)	(a	)		3,600		117,540
Bank of Hawaii Corp. (Banks)				2,400		98,952


Common Stocks (Continued)			Shares		Value

FINANCIALS (continued)
BankUnited, Inc. (Banks)				8,010	$	172,616
Banner Corp. (Banks)				3,130		136,687
Bread Financial Holdings, Inc. (Consumer Finance)				3,242		101,766
Brightsphere Investment Group, Inc. (Capital Markets)				2,827		59,226
Brookline Bancorp, Inc. (Banks)				11,040		96,490
Community Bank System, Inc. (Banks)				4,580		214,710
Customers Bancorp, Inc. (Banks)	(a	)		2,500		75,650
CVB Financial Corp. (Banks)				10,890		144,619
Dime Community Bancshares, Inc. (Banks)				5,370		94,673
Eagle Bancorp, Inc. (Banks)				3,330		70,463
EVERTEC, Inc. (Financial Services)				5,340		196,672
First BanCorp (Banks)				18,380		224,604
First Financial Bancorp (Banks)				7,980		163,111
First Hawaiian, Inc. (Banks)				11,000		198,110
Flywire Corp. (Financial Services)	(a	)		25,953		805,581
Fulton Financial Corp. (Banks)				10,030		119,558
Genworth Financial, Inc. Class A (Insurance)	(a	)		48,010		240,050
Hilltop Holdings, Inc. (Banks)				3,760		118,290
Houlihan Lokey, Inc. (Capital Markets)				8,527		838,289
Independent Bank Corp. (Banks)				3,783		168,381
Independent Bank Group, Inc. (Banks)				2,520		87,016
James River Group Holdings Ltd. (Insurance)				4,800		87,648
Kinsale Capital Group, Inc. (Insurance)				81		30,310
KKR Real Estate Finance Trust, Inc. (Mortgage REIT)				8,420		102,471
Lakeland Financial Corp. (Banks)				1,840		89,277
Mercury General Corp. (Insurance)				2,302		69,682
Moelis & Co. Class A (Capital Markets)				4,030		182,720
Mr. Cooper Group, Inc. (Financial Services)	(a	)		6,180		312,955
National Bank Holdings Corp. Class A (Banks)				270		7,841
Navient Corp. (Consumer Finance)				5,980		111,108
NBT Bancorp, Inc. (Banks)				2,870		91,410
New York Mortgage Trust, Inc. (Mortgage REIT)				9,680		96,026
NMI Holdings, Inc. Class A (Financial Services)	(a	)		7,570		195,457
Northwest Bancshares, Inc. (Banks)				9,360		99,216
P10, Inc. Class A (Capital Markets)				22,908		258,860
Pacific Premier Bancorp, Inc. (Banks)				8,070		166,888
Park National Corp. (Banks)				1,420		145,294
Payoneer Global, Inc. (Financial Services)	(a	)		13,287		63,911
Piper Sandler Cos. (Capital Markets)				1,530		197,768
PRA Group, Inc. (Consumer Finance)	(a	)		4,720		107,852
ProAssurance Corp. (Insurance)				7,110		107,290
PROG Holdings, Inc. (Consumer Finance)	(a	)		4,081		131,082
Radian Group, Inc. (Financial Services)				9,730		245,974
Ready Capital Corp. (Mortgage REIT)				9,780		110,318
Renasant Corp. (Banks)				4,640		121,243
RLI Corp. (Insurance)				7,149		975,624
Ryan Specialty Holdings, Inc. Class A (Insurance)	(a	)		15,543		697,725
Seacoast Banking Corp. of Florida (Banks)				5,331		117,815
ServisFirst Bancshares, Inc. (Banks)				3,930		160,816
Shift4 Payments, Inc. Class A (Financial Services)	(a	)		9,999		679,032
Simmons First National Corp. Class A (Banks)				9,350		161,288
Southside Bancshares, Inc. (Banks)				4,430		115,889
StepStone Group, Inc. Class A (Capital Markets)				21,567		535,077
Stewart Information Services Corp. (Insurance)				3,030		124,654
Stifel Financial Corp. (Capital Markets)				9,169		547,114
StoneX Group, Inc. (Capital Markets)	(a	)		1,380		114,650
Triumph Financial, Inc. (Banks)	(a	)		2,360		143,299
Trupanion, Inc. (Insurance)	(a	)		2,899		57,052
Trustmark Corp. (Banks)				4,200		88,704
Two Harbors Investment Corp. (Mortgage REIT)				10,558		146,545


		29		(continued)


Ohio National Fund, Inc.		ON AB Small Cap Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

FINANCIALS (continued)
United Community Banks, Inc. (Banks)				8,232	$	205,718
Walker & Dunlop, Inc. (Financial Services)				2,560		202,470
Washington Federal, Inc. (Banks)				4,050		107,406
Westamerica BanCorp (Banks)				2,230		85,409
WSFS Financial Corp. (Banks)				5,151		194,296

						14,671,977

HEALTH CARE – 16.4%
AdaptHealth Corp. (Health Care Providers & Svs.)	(a	)		6,591		80,212
Addus HomeCare Corp. (Health Care Providers & Svs.)	(a	)		1,090		101,043
Agiliti, Inc. (Health Care Providers & Svs.)	(a	)		7,300		120,450
AMN Healthcare Services, Inc. (Health Care Providers & Svs.)	(a	)		2,870		313,174
Amphastar Pharmaceuticals, Inc. (Pharmaceuticals)	(a	)		3,480		199,996
Apollo Medical Holdings, Inc. (Health Care Providers & Svs.)	(a	)		2,740		86,584
Ascendis Pharma A/S – ADR (Biotechnology)	(a	)		2,978		265,787
AtriCure, Inc. (Health Care Equip. & Supplies)	(a	)		16,002		789,859
Blueprint Medicines Corp. (Biotechnology)	(a	)		8,293		524,118
Catalyst Pharmaceuticals, Inc. (Biotechnology)	(a	)		6,422		86,312
Certara, Inc. (Health Care Technology)	(a	)		6,570		119,640
CONMED Corp. (Health Care Equip. & Supplies)				2,520		342,443
Corcept Therapeutics, Inc. (Pharmaceuticals)	(a	)		9,360		208,260
CorVel Corp. (Health Care Providers & Svs.)	(a	)		840		162,540
Cytek Biosciences, Inc. (Life Sciences Tools & Svs.)	(a	)		10,000		85,400
Cytokinetics, Inc. (Biotechnology)	(a	)		6,940		226,383
Dynavax Technologies Corp. (Biotechnology)	(a	)		7,903		102,107
Embecta Corp. (Health Care Equip. & Supplies)				4,021		86,854
Emergent BioSolutions, Inc. (Biotechnology)	(a	)		3,789		27,849
Enhabit, Inc. (Health Care Providers & Svs.)	(a	)		3,459		39,779
Ensign Group, Inc. / The (Health Care Providers & Svs.)				4,350		415,251
Glaukos Corp. (Health Care Equip. & Supplies)	(a	)		3,959		281,920
Guardant Health, Inc. (Health Care Providers & Svs.)	(a	)		21,823		781,263
Harmony Biosciences Holdings, Inc. (Pharmaceuticals)	(a	)		1,940		68,269
Inari Medical, Inc. (Health Care Equip. & Supplies)	(a	)		11,314		657,796
Insmed, Inc. (Biotechnology)	(a	)		18,735		395,308
Integer Holdings Corp. (Health Care Equip. & Supplies)	(a	)		2,840		251,652
Intellia Therapeutics, Inc. (Biotechnology)	(a	)		8,320		339,290
Intra-Cellular Therapies, Inc. (Pharmaceuticals)	(a	)		10,366		656,375
iRhythm Technologies, Inc. (Health Care Equip. & Supplies)	(a	)		5,347		557,799
Ironwood Pharmaceuticals, Inc. (Biotechnology)	(a	)		10,510		111,826
IVERIC bio, Inc. (Biotechnology)	(a	)		5,210		204,961
Karuna Therapeutics, Inc. (Biotechnology)	(a	)		1,432		310,529
Lantheus Holdings, Inc. (Health Care Equip. & Supplies)	(a	)		12,722		1,067,630
Legend Biotech Corp. – ADR (Biotechnology)	(a	)		6,695		462,156
Ligand Pharmaceuticals, Inc. (Pharmaceuticals)	(a	)		20		1,442
Madrigal Pharmaceuticals, Inc. (Biotechnology)	(a	)		1,844		425,964
Merit Medical Systems, Inc. (Health Care Equip. & Supplies)	(a	)		4,190		350,452
Mesa Laboratories, Inc. (Life Sciences Tools & Svs.)				710		91,235
ModivCare, Inc. (Health Care Providers & Svs.)	(a	)		1,273		57,552


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
MoonLake Immunotherapeutics (Biotechnology)	(a	)		7,028	$	358,428
Morphic Holding, Inc. (Biotechnology)	(a	)		5,911		338,878
Myriad Genetics, Inc. (Biotechnology)	(a	)		6,470		149,975
Natera, Inc. (Biotechnology)	(a	)		13,052		635,110
NeoGenomics, Inc. (Health Care Providers & Svs.)	(a	)		10,157		163,223
NuVasive, Inc. (Health Care Equip. & Supplies)	(a	)		3,370		140,158
Orthofix Medical, Inc. (Health Care Equip. & Supplies)	(a	)		2,169		39,172
Pacira BioSciences, Inc. (Pharmaceuticals)	(a	)		3,660		146,656
Pediatrix Medical Group, Inc. (Health Care Providers & Svs.)	(a	)		7,430		105,580
Prestige Consumer Healthcare, Inc. (Pharmaceuticals)	(a	)		4,080		242,474
Privia Health Group, Inc. (Health Care Providers & Svs.)	(a	)		5,845		152,613
RadNet, Inc. (Health Care Providers & Svs.)	(a	)		3,880		126,566
REGENXBIO, Inc. (Biotechnology)	(a	)		5,120		102,349
Relay Therapeutics, Inc. (Biotechnology)	(a	)		14,673		184,293
Repligen Corp. (Life Sciences Tools & Svs.)	(a	)		2,896		409,668
Revance Therapeutics, Inc. (Pharmaceuticals)	(a	)		13,288		336,319
Schrodinger, Inc. (Health Care Technology)	(a	)		3,250		162,240
Select Medical Holdings Corp. (Health Care Providers & Svs.)				9,420		300,121
Silk Road Medical, Inc. (Health Care Equip. & Supplies)	(a	)		12,495		405,963
Simulations Plus, Inc. (Health Care Technology)				2,050		88,827
Supernus Pharmaceuticals, Inc. (Pharmaceuticals)	(a	)		5,118		153,847
Tandem Diabetes Care, Inc. (Health Care Equip. & Supplies)	(a	)		3,980		97,669
Treace Medical Concepts, Inc. (Health Care Equip. & Supplies)	(a	)		29,956		766,274
Ultragenyx Pharmaceutical, Inc. (Biotechnology)	(a	)		6,232		287,482
Vaxcyte, Inc. (Biotechnology)	(a	)		9,639		481,372
Veradigm, Inc. (Health Care Technology)	(a	)		11,420		143,892
Vericel Corp. (Biotechnology)	(a	)		3,990		149,904
Viking Therapeutics, Inc. (Biotechnology)	(a	)		15,092		244,641
Vir Biotechnology, Inc. (Biotechnology)	(a	)		18,041		442,546
Viridian Therapeutics, Inc. (Biotechnology)	(a	)		12,547		298,493
Xencor, Inc. (Biotechnology)	(a	)		3,850		96,135
Zentalis Pharmaceuticals, Inc. (Biotechnology)	(a	)		10,928		308,279

						19,516,607

INDUSTRIALS – 18.9%
3D Systems Corp. (Machinery)	(a	)		10,730		106,549
AAON, Inc. (Building Products)				3,530		334,679
AAR Corp. (Aerospace & Defense)	(a	)		2,140		123,606
ABM Industries, Inc. (Commercial Svs. & Supplies)				5,880		250,782
ACV Auctions, Inc. Class A (Commercial Svs. & Supplies)	(a	)		44,488		768,308
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)	(a	)		6,090		334,158
AeroVironment, Inc. (Aerospace & Defense)	(a	)		1,930		197,400
Alamo Group, Inc. (Machinery)				640		117,702
Albany International Corp. Class A (Machinery)				2,590		241,595
Allegiant Travel Co. (Passenger Airlines)	(a	)		1,130		142,696
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)				2,480		359,178
ArcBest Corp. (Ground Transportation)				2,440		241,072
Arcosa, Inc. (Construction & Engineering)				4,130		312,930
Astec Industries, Inc. (Machinery)				2,850		129,504
Axon Enterprise, Inc. (Aerospace & Defense)	(a	)		2,523		492,288
AZEK Co., Inc. / The (Building Products)	(a	)		3,049		92,354


		30		(continued)


Ohio National Fund, Inc.		ON AB Small Cap Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

INDUSTRIALS (continued)
AZZ, Inc. (Building Products)				3,380	$	146,895
Barnes Group, Inc. (Machinery)				3,250		137,118
Boise Cascade Co. (Trading Companies & Distributors)				2,160		195,156
Brady Corp. Class A (Commercial Svs. & Supplies)				4,230		201,221
Comfort Systems U.S.A., Inc. (Construction & Engineering)				8,225		1,350,545
CSG Systems International, Inc. (Professional Svs.)				2,350		123,939
Curtiss-Wright Corp. (Aerospace & Defense)				3,985		731,885
Deluxe Corp. (Commercial Svs. & Supplies)				5,150		90,022
Driven Brands Holdings, Inc. (Commercial Svs. & Supplies)	(a	)		25,834		699,068
Dycom Industries, Inc. (Construction & Engineering)	(a	)		1,830		207,980
Encore Wire Corp. (Electrical Equip.)				1,350		251,006
EnPro Industries, Inc. (Machinery)				1,080		144,212
Esab Corp. (Machinery)				11,476		763,613
ESCO Technologies, Inc. (Machinery)				2,290		237,313
Federal Signal Corp. (Machinery)				5,150		329,754
Forward Air Corp. (Air Freight & Logistics)				2,420		256,786
Franklin Electric Co., Inc. (Machinery)				3,280		337,512
FTI Consulting, Inc. (Professional Svs.)	(a	)		3,164		601,793
Generac Holdings, Inc. (Electrical Equip.)	(a	)		1,086		161,955
Gibraltar Industries, Inc. (Building Products)	(a	)		1,840		115,773
GMS, Inc. (Trading Companies & Distributors)	(a	)		2,500		173,000
Granite Construction, Inc. (Construction & Engineering)				2,660		105,815
Griffon Corp. (Building Products)				3,260		131,378
Hexcel Corp. (Aerospace & Defense)				11,376		864,804
Hillenbrand, Inc. (Machinery)				4,220		216,402
HNI Corp. (Commercial Svs. & Supplies)				4,200		118,356
Hub Group, Inc. Class A (Air Freight & Logistics)	(a	)		2,970		238,550
Insperity, Inc. (Professional Svs.)				5,345		635,841
ITT, Inc. (Machinery)				7,674		715,294
John Bean Technologies Corp. (Machinery)				2,745		332,968
Kennametal, Inc. (Machinery)				4,990		141,666
Korn Ferry (Professional Svs.)				4,710		233,333
Matson, Inc. (Marine Transportation)				2,170		168,674
Middleby Corp. / The (Machinery)	(a	)		4,725		698,497
MillerKnoll, Inc. (Commercial Svs. & Supplies)				5,062		74,816
Moog, Inc. Class A (Aerospace & Defense)				2,460		266,738
Mueller Industries, Inc. (Machinery)				3,090		269,695
MYR Group, Inc. (Construction & Engineering)	(a	)		1,370		189,526
NEXTracker, Inc. Class A (Electrical Equip.)	(a	)		8,291		330,065
NV5 Global, Inc. (Professional Svs.)	(a	)		779		86,290
OPENLANE, Inc. (Commercial Svs. & Supplies)	(a	)		420		6,392
Pitney Bowes, Inc. (Commercial Svs. & Supplies)				23,790		84,217
Resideo Technologies, Inc. (Building Products)	(a	)		12,440		219,690
RXO, Inc. (Ground Transportation)	(a	)		7,405		167,871
Saia, Inc. (Ground Transportation)	(a	)		2,320		794,391
Shoals Technologies Group, Inc. Class A (Electrical Equip.)	(a	)		29,547		755,221
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)	(a	)		4,005		670,277
SkyWest, Inc. (Passenger Airlines)	(a	)		5,280		215,002
SPX Technologies, Inc. (Machinery)	(a	)		3,807		323,481
Sun Country Airlines Holdings, Inc. (Passenger Airlines)	(a	)		2,170		48,782
Tetra Tech, Inc. (Commercial Svs. & Supplies)				4,458		729,953
Trinity Industries, Inc. (Machinery)				4,950		127,265
TTEC Holdings, Inc. (Professional Svs.)				1,750		59,220
UniFirst Corp. (Commercial Svs. & Supplies)				1,270		196,863
Veritiv Corp. (Trading Companies & Distributors)				1,000		125,610


Common Stocks (Continued)			Shares		Value

INDUSTRIALS (continued)
Verra Mobility Corp. (Professional Svs.)	(a	)		8,958	$	176,652
XPO, Inc. (Ground Transportation)	(a	)		8,038		474,242

						22,495,184

INFORMATION TECHNOLOGY – 18.7%
ADTRAN Holdings, Inc. (Communications Equip.)				5,190		54,651
Advanced Energy Industries, Inc. (Electronic Equip., Instr. & Comp.)				3,220		358,869
Agilysys, Inc. (Software)	(a	)		1,420		97,469
Alarm.com Holdings, Inc. (Software)	(a	)		3,760		194,317
Allegro MicroSystems, Inc. (Semiconductors & Equip.)	(a	)		9,626		434,518
Altair Engineering, Inc. Class A (Software)	(a	)		12,992		985,313
Axcelis Technologies, Inc. (Semiconductors & Equip.)	(a	)		2,350		430,825
Badger Meter, Inc. (Electronic Equip., Instr. & Comp.)				1,780		262,657
BlackLine, Inc. (Software)	(a	)		10,918		587,607
Braze, Inc. Class A (Software)	(a	)		19,171		839,498
Cohu, Inc. (Semiconductors & Equip.)	(a	)		4,400		182,864
Corsair Gaming, Inc. (Tech. Hardware, Storage & Periph.)	(a	)		9,060		160,724
Digital Turbine, Inc. (Software)	(a	)		6,023		55,893
DigitalOcean Holdings, Inc. (IT Svs.)	(a	)		17,042		684,066
Diodes, Inc. (Semiconductors & Equip.)	(a	)		3,700		342,213
DoubleVerify Holdings, Inc. (Software)	(a	)		5,445		211,919
Extreme Networks, Inc. (Communications Equip.)	(a	)		8,430		219,602
Fabrinet (Electronic Equip., Instr. & Comp.)	(a	)		2,200		285,736
Five9, Inc. (Software)	(a	)		11,336		934,653
FormFactor, Inc. (Semiconductors & Equip.)	(a	)		6,810		233,038
Freshworks, Inc. Class A (Software)	(a	)		7,379		129,723
Harmonic, Inc. (Communications Equip.)	(a	)		6,990		113,028
Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		1,950		285,363
Instructure Holdings, Inc. (Software)	(a	)		16,828		423,392
InterDigital, Inc. (Software)				2,560		247,168
Itron, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		3,750		270,375
Knowles Corp. (Electronic Equip., Instr. & Comp.)	(a	)		8,500		153,510
Kulicke & Soffa Industries, Inc. (Semiconductors & Equip.)				3,430		203,914
Lattice Semiconductor Corp. (Semiconductors & Equip.)	(a	)		8,480		814,674
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.)				2,815		820,038
LiveRamp Holdings, Inc. (Software)	(a	)		4,660		133,090
MACOM Technology Solutions Holdings, Inc. (Semiconductors & Equip.)	(a	)		9,720		636,952
Manhattan Associates, Inc. (Software)	(a	)		4,017		802,918
MaxLinear, Inc. (Semiconductors & Equip.)	(a	)		5,930		187,151
Monday.com Ltd. (Software)	(a	)		3,755		642,931
N-able, Inc. (Software)	(a	)		8,840		127,384
NetScout Systems, Inc. (Communications Equip.)	(a	)		5,976		184,957
Novanta, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		5,789		1,065,755
Onto Innovation, Inc. (Semiconductors & Equip.)	(a	)		11,196		1,303,998
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		1,080		127,256
PC Connection, Inc. (Electronic Equip., Instr. & Comp.)				2,690		121,319
Perficient, Inc. (IT Svs.)	(a	)		2,710		225,824
Plexus Corp. (Electronic Equip., Instr. & Comp.)	(a	)		2,500		245,600
Progress Software Corp. (Software)				3,160		183,596
Rambus, Inc. (Semiconductors & Equip.)	(a	)		6,660		427,372


		31		(continued)


Ohio National Fund, Inc.		ON AB Small Cap Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

INFORMATION TECHNOLOGY (continued)
Rogers Corp. (Electronic Equip., Instr. & Comp.)	(a	)		1,630	$	263,946
Sanmina Corp. (Electronic Equip., Instr. & Comp.)	(a	)		3,720		224,204
Silicon Laboratories, Inc. (Semiconductors & Equip.)	(a	)		4,120		649,889
SiTime Corp. (Semiconductors & Equip.)	(a	)		1,000		117,970
Smartsheet, Inc. Class A (Software)	(a	)		15,236		582,929
SPS Commerce, Inc. (Software)	(a	)		8,477		1,628,093
Ultra Clean Holdings, Inc. (Semiconductors & Equip.)	(a	)		1,621		62,344
Universal Display Corp. (Semiconductors & Equip.)				6,205		894,327
Viasat, Inc. (Communications Equip.)	(a	)		4,730		195,160
Viavi Solutions, Inc. (Communications Equip.)	(a	)		19,550		221,501
Xperi, Inc. (Software)	(a	)		3,460		45,499

						22,319,582

MATERIALS – 3.3%
Arconic Corp. (Metals & Mining)	(a	)		8,080		239,006
ATI, Inc. (Metals & Mining)	(a	)		7,790		344,552
Balchem Corp. (Chemicals)				1,890		254,791
Carpenter Technology Corp. (Metals & Mining)				4,690		263,250
Element Solutions, Inc. (Chemicals)				31,166		598,387
H.B. Fuller Co. (Chemicals)				4,520		323,225
Ingevity Corp. (Chemicals)	(a	)		2,070		120,391
Innospec, Inc. (Chemicals)				2,190		219,964
Livent Corp. (Chemicals)	(a	)		12,820		351,653
Materion Corp. (Metals & Mining)				1,320		150,744
Mativ Holdings, Inc. (Chemicals)				3,890		58,817
Minerals Technologies, Inc. (Chemicals)				2,160		124,610
O-I Glass, Inc. (Containers & Packaging)	(a	)		10,397		221,768
Quaker Chemical Corp. (Chemicals)				1,100		214,390
Stepan Co. (Chemicals)				1,770		169,141
Sylvamo Corp. (Paper & Forest Products)				2,721		110,064
Warrior Met Coal, Inc. (Metals & Mining)				3,860		150,347

						3,915,100

REAL ESTATE – 3.8%
American Assets Trust, Inc. (Diversified REITs)				5,070		97,344
Brandywine Realty Trust (Office REITs)				14,450		67,192
CareTrust REIT, Inc. (Health Care REITs)				8,080		160,469
Cushman & Wakefield PLC (Real Estate Mgmt. & Development)	(a	)		10,490		85,808
DiamondRock Hospitality Co. (Hotel & Resort REITs)				18,760		150,268
Douglas Emmett, Inc. (Office REITs)				10,290		129,345
Easterly Government Properties, Inc. (Office REITs)				6,200		89,900
Elme Communities (Residential REITs)				7,650		125,766
Essential Properties Realty Trust, Inc. (Diversified REITs)				9,500		223,630
Four Corners Property Trust, Inc. (Specialized REITs)				6,770		171,958
Getty Realty Corp. (Retail REITs)				5,630		190,407


Common Stocks (Continued)			Shares		Value

REAL ESTATE (continued)
Global Net Lease, Inc. (Diversified REITs)				9,430	$	96,940
Innovative Industrial Properties, Inc. (Industrial REITs)				2,040		148,940
JBG SMITH Properties (Office REITs)				8,040		120,922
Kennedy-Wilson Holdings, Inc. (Real Estate Mgmt. & Development)				7,260		118,556
LTC Properties, Inc. (Health Care REITs)				60		1,981
LXP Industrial Trust (Industrial REITs)				23,230		226,492
Macerich Co. / The (Retail REITs)				13,030		146,848
Marcus & Millichap, Inc. (Real Estate Mgmt. & Development)				2,590		81,611
NexPoint Residential Trust, Inc. (Residential REITs)				1,600		72,768
Office Properties Income Trust (Office REITs)				6,400		49,280
Outfront Media, Inc. (Specialized REITs)				9,680		152,170
Pebblebrook Hotel Trust (Hotel & Resort REITs)				8,200		114,308
Phillips Edison & Co., Inc. (Retail REITs)				7,110		242,309
Retail Opportunity Investments Corp. (Retail REITs)				10,100		136,451
Safehold, Inc. (Specialized REITs)				3,330		79,021
SITE Centers Corp. (Retail REITs)				14,460		191,161
SL Green Realty Corp. (Office REITs)				3,900		117,195
St. Joe Co. / The (Real Estate Mgmt. & Development)				70		3,384
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs)				15,043		152,235
Tanger Factory Outlet Centers, Inc. (Retail REITs)				10,180		224,673
Uniti Group, Inc. (Specialized REITs)				20,270		93,647
Urban Edge Properties (Retail REITs)				8,010		123,594
Veris Residential, Inc. (Residential REITs)	(a	)		10,860		174,303
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs)				10,060		123,839

						4,484,715

UTILITIES – 1.0%
American States Water Co. (Water Utilities)				3,140		273,180
Avista Corp. (Multi-Utilities)				5,790		227,373
California Water Service Group (Water Utilities)				4,230		218,395
Chesapeake Utilities Corp. (Gas Utilities)				1,500		178,500
Otter Tail Corp. (Electric Utilities)				2,681		211,692
SJW Group (Water Utilities)				1,720		120,589

						1,229,729

Total Common Stocks (Cost $118,524,712)					$	118,680,511


Exchange Traded Funds – 0.2%			Shares		Value
iShares Core S&P Small-Cap ETF				1,920	$	191,328

Total Exchange Traded Funds (Cost $189,742)					$	191,328

Total Investments – 99.8% (Cost $118,714,454)	(b	)			$	118,871,839
Other Assets in Excess of Liabilities – 0.2%						296,071

Net Assets – 100.0%					$	119,167,910


Percentages are stated as a percent of net assets.
Abbreviations:
ADR:		American Depositary Receipts
ETF:		Exchange Traded Fund
REITs:		Real Estate Investment Trusts
Footnotes:

(a)

Non-income producing security.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.


		32


Ohio National Fund, Inc.		ON AB Mid Cap Core Portfolio (Unaudited)

Objective/Strategy

The ON AB Mid Cap Core Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of mid-capitalization companies with public stock market capitalization at the time of investment that are within the range of market capitalizations of the companies constituting the Russell Midcap^® Index.



Performance as of June 30, 2023


Average Annual returns
One year	14.19	%
Five years	7.90	%
Ten years	9.65	%

Total expense ratio is 0.88% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 9.18% versus 9.01% for its benchmark, the Russell Midcap^® Index.

Q. What affected the Portfolio’s performance?

A. Security selection detracted from relative returns while sector allocation was the driver of the Portfolio’s relative outperformance. From a security selection perspective, selections within Information Technology, Financials and Materials were the largest contributors to relative returns, while selections within Consumer Discretionary, Consumer Staples and Health Care were the largest detractors from returns. From a sector allocation perspective, the Portfolio’s overweight to Industrials, underweight to Utilities and overweight to Information Technology were the largest contributors to relative returns. An underweight to Communication Services and overweights to Financials and Energy were the largest detractors. During the performance period, mid-caps outperformed small to mid-caps, which detracted from the Portfolio’s performance.

Leading contributors to relative performance included First Citizens Bancshares, Inc. Class A, Vertiv Holdings Co. and XPO, Inc. Leading detractors from relative performance included Zions Bancorp N.A., National Vision Holdings, Inc. and Comerica, Inc. Derivatives had no significant impact on performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.



Change in Value of $10,000 Investment

LOGO

The Russell Midcap^® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		33		(continued)


Ohio National Fund, Inc.		ON AB Mid Cap Core Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		99.6
Exchange Traded Funds		0.2
Other Net Assets		0.2

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^(2) (3)


		% of Net Assets
1.	Builders FirstSource, Inc.		0.9
2.	PTC, Inc.		0.7
3.	Fair Isaac Corp.		0.7
4.	First Citizens BancShares, Inc. Class A		0.6
5.	Five Below, Inc.		0.6
6.	Dynatrace, Inc.		0.6
7.	PulteGroup, Inc.		0.6
8.	Howmet Aerospace, Inc.		0.6
9.	Kinsale Capital Group, Inc.		0.6
10.	Lattice Semiconductor Corp.		0.6

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Industrials		22.0
Information Technology		16.3
Financials		14.4
Consumer Discretionary		12.9
Health Care		12.3
Real Estate		5.4
Energy		4.5
Materials		3.8
Utilities		3.1
Consumer Staples		3.0
Communication Services		1.9

		99.6


		34


Ohio National Fund, Inc.		ON AB Mid Cap Core Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 99.6%		Shares		Value

COMMUNICATION SERVICES – 1.9%
Criteo SA – ADR (Media)	(a)		8,980	$	302,985
Electronic Arts, Inc. (Entertainment)			960		124,512
Fox Corp. Class A (Media)			2,040		69,360
Interpublic Group of Cos., Inc. / The (Media)			2,400		92,592
Liberty Broadband Corp. Class A (Media)	(a)		480		38,270
Liberty Broadband Corp. Class C (Media)	(a)		660		52,873
Liberty Media Corp. - Liberty Formula One Class C (Entertainment)	(a)		1,385		104,263
Match Group, Inc. (Interactive Media & Svs.)	(a)		920		38,502
Omnicom Group, Inc. (Media)			930		88,489
Paramount Global Class B (Media)			126		2,005
Pinterest, Inc. Class A (Interactive Media & Svs.)	(a)		3,220		88,035
ROBLOX Corp. Class A (Entertainment)	(a)		1,750		70,525
Sirius XM Holdings, Inc. (Media)			10,060		45,572
Spotify Technology SA (Entertainment)	(a)		550		88,302
Take-Two Interactive Software, Inc. (Entertainment)	(a)		470		69,165
Trade Desk, Inc. / The Class A (Media)	(a)		1,700		131,274
Warner Bros Discovery, Inc. (Entertainment)	(a)		7,731		96,947
ZoomInfo Technologies, Inc. (Interactive Media & Svs.)	(a)		1,570		39,862

					1,543,533

CONSUMER DISCRETIONARY – 12.9%
ADT, Inc. (Diversified Consumer Svs.)			43,096		259,869
Advance Auto Parts, Inc. (Specialty Retail)			380		26,714
Aptiv PLC (Automobile Components)	(a)		1,100		112,299
Aramark (Hotels, Restaurants & Leisure)			1,962		84,464
Bath & Body Works, Inc. (Specialty Retail)			7,120		267,000
Best Buy Co., Inc. (Specialty Retail)			940		77,033
Burlington Stores, Inc. (Specialty Retail)	(a)		1,842		289,912
CarMax, Inc. (Specialty Retail)	(a)		671		56,163
Cava Group, Inc. (Hotels, Restaurants & Leisure)	(a)		3,192		130,712
Coupang, Inc. (Broadline Retail)	(a)		3,690		64,206
D.R. Horton, Inc. (Household Durables)			1,350		164,281
Dana, Inc. (Automobile Components)			10,800		183,600
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)			530		88,552
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)	(a)		768		405,243
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)			3,790		219,934
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)			180		60,658
DoorDash, Inc. Class A (Hotels, Restaurants & Leisure)	(a)		1,011		77,261
DraftKings, Inc. Class A (Hotels, Restaurants & Leisure)	(a)		3,400		90,338
eBay, Inc. (Broadline Retail)			1,920		85,805
Etsy, Inc. (Broadline Retail)	(a)		484		40,951
Expedia Group, Inc. (Hotels, Restaurants & Leisure)	(a)		570		62,352
Five Below, Inc. (Specialty Retail)	(a)		2,548		500,784
Garmin Ltd. (Household Durables)			610		63,617
Gentex Corp. (Automobile Components)			2,170		63,494
Genuine Parts Co. (Distributors)			610		103,230
Global-e Online Ltd. (Broadline Retail)	(a)		1,468		60,100
Goodyear Tire & Rubber Co. / The (Automobile Components)	(a)		15,620		213,682
Hasbro, Inc. (Leisure Products)			770		49,873
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure)	(a)		7,386		335,620
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)			1,120		163,016
Hyatt Hotels Corp. Class A (Hotels, Restaurants & Leisure)			690		79,060
Lennar Corp. Class A (Household Durables)			1,100		137,841
Lithia Motors, Inc. (Specialty Retail)			1,127		342,732
LKQ Corp. (Distributors)			1,630		94,980
Lucid Group, Inc. (Automobiles)	(a)		5,190		35,759
MGM Resorts International (Hotels, Restaurants & Leisure)			1,930		84,766
Mohawk Industries, Inc. (Household Durables)	(a)		370		38,169


Common Stocks (Continued)		Shares		Value

CONSUMER DISCRETIONARY (continued)
NVR, Inc. (Household Durables)	(a)		67	$	425,492
Papa John’s International, Inc. (Hotels, Restaurants & Leisure)			2,680		197,864
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure)	(a)		4,286		289,048
Pool Corp. (Distributors)			1,049		392,997
PulteGroup, Inc. (Household Durables)			6,170		479,286
PVH Corp. (Textiles, Apparel & Luxury Goods)			4,020		341,579
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)			3,133		386,299
RH (Specialty Retail)	(a)		110		36,255
Rivian Automotive, Inc. Class A (Automobiles)	(a)		5,850		97,461
Ross Stores, Inc. (Specialty Retail)			1,180		132,313
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)	(a)		790		81,955
Sally Beauty Holdings, Inc. (Specialty Retail)	(a)		15,960		197,106
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)			8,046		344,369
Taylor Morrison Home Corp. (Household Durables)	(a)		5,256		256,335
Tractor Supply Co. (Specialty Retail)			470		103,917
Ulta Beauty, Inc. (Specialty Retail)	(a)		230		108,237
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)	(a)		3,140		22,671
V.F. Corp. (Textiles, Apparel & Luxury Goods)			1,330		25,390
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)			1,399		352,212
Victoria’s Secret & Co. (Specialty Retail)	(a)		386		6,728
Williams-Sonoma, Inc. (Specialty Retail)			2,330		291,576
Wingstop, Inc. (Hotels, Restaurants & Leisure)			2,143		428,943
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)			1,150		159,333

					10,371,436

CONSUMER STAPLES – 3.0%
Boston Beer Co., Inc. / The Class A (Beverages)	(a)		60		18,506
Brown-Forman Corp. Class B (Beverages)			1,000		66,780
Bunge Ltd. (Food Products)			860		81,141
Campbell Soup Co. (Food Products)			1,600		73,136
Church & Dwight Co., Inc. (Household Products)			1,020		102,235
Clorox Co. / The (Household Products)			510		81,110
Conagra Brands, Inc. (Food Products)			2,060		69,463
Dollar Tree, Inc. (Consumer Staples Distribution & Retail)	(a)		970		139,195
Freshpet, Inc. (Food Products)	(a)		4,827		317,665
Grocery Outlet Holding Corp. (Consumer Staples Distribution & Retail)	(a)		10,945		335,026
Hain Celestial Group, Inc. / The (Food Products)	(a)		15,650		195,782
Hormel Foods Corp. (Food Products)			1,650		66,363
J.M. Smucker Co. / The (Food Products)			580		85,649
Kellogg Co. (Food Products)			1,220		82,228
Kroger Co. / The (Consumer Staples Distribution & Retail)			3,100		145,700
Lamb Weston Holdings, Inc. (Food Products)			510		58,625
McCormick & Co., Inc. (Food Products)			1,010		88,102
Nomad Foods Ltd. (Food Products)	(a)		17,662		309,438
Tyson Foods, Inc. Class A (Food Products)			1,180		60,227
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)			2,410		68,661

					2,445,032

ENERGY – 4.5%
APA Corp. (Oil, Gas & Consumable Fuels)			1,270		43,396
Baker Hughes Co. (Energy Equip. & Svs.)			3,800		120,118
Cameco Corp. (Oil, Gas & Consumable Fuels)			12,030		376,900
ChampionX Corp. (Energy Equip. & Svs.)			9,790		303,881
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)			980		149,313
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			690		57,739
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)			2,820		71,346


		35		(continued)


Ohio National Fund, Inc.		ON AB Mid Cap Core Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

ENERGY (continued)
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			2,370	$	114,566
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)			650		85,384
Halliburton Co. (Energy Equip. & Svs.)			3,900		128,661
Hess Corp. (Oil, Gas & Consumable Fuels)			1,130		153,623
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)			4,554		203,154
Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels)			14,144		295,610
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			2,720		62,614
Matador Resources Co. (Oil, Gas & Consumable Fuels)			3,476		181,864
ONEOK, Inc. (Oil, Gas & Consumable Fuels)			1,810		111,713
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)			1,180		44,923
Permian Resources Corp. (Oil, Gas & Consumable Fuels)			20,256		222,006
Phillips 66 (Oil, Gas & Consumable Fuels)			1,700		162,146
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)	(a)		31,878		191,587
Targa Resources Corp. (Oil, Gas & Consumable Fuels)			910		69,251
TechnipFMC PLC (Energy Equip. & Svs.)	(a)		15,137		251,577
Texas Pacific Land Corp. (Oil, Gas & Consumable Fuels)			40		52,660
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			5,010		163,476

					3,617,508

FINANCIALS – 14.4%
Aflac, Inc. (Insurance)			2,600		181,480
AGNC Investment Corp. (Mortgage REIT)			4,250		43,053
Allstate Corp. / The (Insurance)			940		102,498
Ally Financial, Inc. (Consumer Finance)			1,520		41,055
American Financial Group, Inc. (Insurance)			2,830		336,062
Ameriprise Financial, Inc. (Capital Markets)			480		159,437
Apollo Global Management, Inc. (Financial Services)			1,752		134,571
Arch Capital Group Ltd. (Insurance)	(a)		1,920		143,712
Ares Management Corp. Class A (Capital Markets)			3,350		322,772
Arthur J. Gallagher & Co. (Insurance)			780		171,265
Bank of New York Mellon Corp. / The (Capital Markets)			2,520		112,190
BankUnited, Inc. (Banks)			5,260		113,353
Block, Inc. (Financial Services)	(a)		1,820		121,157
Brown & Brown, Inc. (Insurance)			1,430		98,441
Carlyle Group, Inc. / The (Capital Markets)			1,790		57,191
CBOE Global Markets, Inc. (Capital Markets)			2,884		398,021
Cincinnati Financial Corp. (Insurance)			680		66,178
Citizens Financial Group, Inc. (Banks)			1,740		45,379
Comerica, Inc. (Banks)			8,162		345,742
Discover Financial Services (Consumer Finance)			1,250		146,063
East West Bancorp, Inc. (Banks)			1,000		52,790
Euronet Worldwide, Inc. (Financial Services)	(a)		536		62,910
Everest Re Group Ltd. (Insurance)			1,040		355,534
FactSet Research Systems, Inc. (Capital Markets)			230		92,150
Fidelity National Information Services, Inc. (Financial Services)			1,990		108,853
Fifth Third Bancorp (Banks)			2,900		76,009
First BanCorp (Banks)			24,490		299,268
First Citizens BancShares, Inc. Class A (Banks)			398		510,813
First Hawaiian, Inc. (Banks)			15,725		283,207
First Horizon Corp. (Banks)			2,360		26,597
FleetCor Technologies, Inc. (Financial Services)	(a)		340		85,367
Flywire Corp. (Financial Services)	(a)		10,188		316,236
Franklin Resources, Inc. (Capital Markets)			2,540		67,843
Global Payments, Inc. (Financial Services)			960		94,579
Hanover Insurance Group, Inc. / The (Insurance)			2,050		231,712
Hartford Financial Services Group, Inc. / The (Insurance)			1,470		105,869
Huntington Bancshares, Inc. (Banks)			4,980		53,684


Common Stocks (Continued)		Shares		Value

FINANCIALS (continued)
Invesco Ltd. (Capital Markets)			2,820	$	47,404
Jack Henry & Associates, Inc. (Financial Services)			470		78,645
Kemper Corp. (Insurance)			4,140		199,796
KeyCorp (Banks)			3,650		33,726
Kinsale Capital Group, Inc. (Insurance)			1,242		464,756
KKR & Co., Inc. (Capital Markets)			2,230		124,880
Loews Corp. (Insurance)			1,370		81,351
LPL Financial Holdings, Inc. (Capital Markets)			280		60,880
M&T Bank Corp. (Banks)			520		64,355
Markel Group, Inc. (Insurance)	(a)		60		82,991
MarketAxess Holdings, Inc. (Capital Markets)			802		209,659
Moelis & Co. Class A (Capital Markets)			5,177		234,725
MSCI, Inc. (Capital Markets)			329		154,396
Nasdaq, Inc. (Capital Markets)			1,410		70,289
Northern Trust Corp. (Capital Markets)			780		57,829
NU Holdings Ltd. Class A (Banks)	(a)		7,760		61,226
PJT Partners, Inc. Class A (Capital Markets)			3,522		245,272
Principal Financial Group, Inc. (Insurance)			1,190		90,250
Prudential Financial, Inc. (Insurance)			1,630		143,799
Raymond James Financial, Inc. (Capital Markets)			870		90,280
Regions Financial Corp. (Banks)			3,530		62,905
Reinsurance Group of America, Inc. (Insurance)			1,523		211,225
Rocket Cos., Inc. Class A (Financial Services)	(a)		5,490		49,190
Selective Insurance Group, Inc. (Insurance)			2,120		203,414
Shift4 Payments, Inc. Class A (Financial Services)	(a)		4,557		309,466
State Street Corp. (Capital Markets)			1,440		105,379
Stifel Financial Corp. (Capital Markets)			5,280		315,058
Synchrony Financial (Consumer Finance)			2,390		81,069
Synovus Financial Corp. (Banks)			6,710		202,978
T. Rowe Price Group, Inc. (Capital Markets)			920		103,058
Texas Capital Bancshares, Inc. (Banks)	(a)		4,959		255,389
Tradeweb Markets, Inc. Class A (Capital Markets)			940		64,371
W.R. Berkley Corp. (Insurance)			1,432		85,290
Webster Financial Corp. (Banks)			5,786		218,422
Willis Towers Watson PLC (Insurance)			530		124,815
Wintrust Financial Corp. (Banks)			4,000		290,480
XP, Inc. Class A (Capital Markets)	(a)		2,360		55,366
Zions Bancorp N.A. (Banks)			8,600		230,996

					11,528,421

HEALTH CARE – 12.3%
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)	(a)		4,040		321,746
ACELYRIN, Inc. (Biotechnology)	(a)		4,131		86,338
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)			1,260		151,515
Align Technology, Inc. (Health Care Equip. & Supplies)	(a)		270		95,483
Alnylam Pharmaceuticals, Inc. (Biotechnology)	(a)		540		102,568
AmerisourceBergen Corp. (Health Care Providers & Svs.)			630		121,231
Arcus Biosciences, Inc. (Biotechnology)	(a)		3,917		79,554
Ascendis Pharma A/S – ADR (Biotechnology)	(a)		996		88,893
AtriCure, Inc. (Health Care Equip. & Supplies)	(a)		5,772		284,906
Avantor, Inc. (Life Sciences Tools & Svs.)	(a)		14,606		300,007
Baxter International, Inc. (Health Care Equip. & Supplies)			1,700		77,452
Biogen, Inc. (Biotechnology)	(a)		500		142,425
BioMarin Pharmaceutical, Inc. (Biotechnology) .	(a)		640		55,475
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.)	(a)		120		45,494
Blueprint Medicines Corp. (Biotechnology)	(a)		2,464		155,725
Cardinal Health, Inc. (Health Care Providers & Svs.)			950		89,841
Catalent, Inc. (Pharmaceuticals)	(a)		679		29,441
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)	(a)		230		48,358
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)			201		77,069
DaVita, Inc. (Health Care Providers & Svs.)	(a)		650		65,306


		36		(continued)


Ohio National Fund, Inc.		ON AB Mid Cap Core Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

HEALTH CARE (continued)
Dexcom, Inc. (Health Care Equip. & Supplies)	(a)		1,480	$	190,195
Envista Holdings Corp. (Health Care Equip. & Supplies)	(a)		10,350		350,244
Exact Sciences Corp. (Biotechnology)	(a)		640		60,096
Guardant Health, Inc. (Health Care Providers & Svs.)	(a)		8,044		287,975
Hologic, Inc. (Health Care Equip. & Supplies)	(a)		1,160		93,925
Horizon Therapeutics PLC (Biotechnology)	(a)		810		83,309
ICON PLC (Life Sciences Tools & Svs.)	(a)		871		217,924
ICU Medical, Inc. (Health Care Equip. & Supplies)	(a)		274		48,824
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)	(a)		350		175,780
Illumina, Inc. (Life Sciences Tools & Svs.)	(a)		530		99,370
Inari Medical, Inc. (Health Care Equip. & Supplies)	(a)		3,918		227,793
Incyte Corp. (Biotechnology)	(a)		740		46,065
Insulet Corp. (Health Care Equip. & Supplies)	(a)		977		281,708
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies)	(a)		6,617		272,157
Intellia Therapeutics, Inc. (Biotechnology)	(a)		2,766		112,797
Intra-Cellular Therapies, Inc. (Pharmaceuticals)	(a)		3,002		190,087
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.)	(a)		780		175,321
iRhythm Technologies, Inc. (Health Care Equip. & Supplies)	(a)		1,792		186,941
IVERIC bio, Inc. (Biotechnology)	(a)		943		37,098
Karuna Therapeutics, Inc. (Biotechnology)	(a)		853		184,973
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)			400		96,532
Lantheus Holdings, Inc. (Health Care Equip. & Supplies)	(a)		4,248		356,492
Legend Biotech Corp. – ADR (Biotechnology)	(a)		2,289		158,010
Madrigal Pharmaceuticals, Inc. (Biotechnology)	(a)		544		125,664
Maravai LifeSciences Holdings, Inc. Class A (Life Sciences Tools & Svs.)	(a)		1,960		24,363
Masimo Corp. (Health Care Equip. & Supplies)	(a)		330		54,302
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)	(a)		90		118,048
Molina Healthcare, Inc. (Health Care Providers & Svs.)	(a)		300		90,372
Morphic Holding, Inc. (Biotechnology)	(a)		1,848		105,946
Natera, Inc. (Biotechnology)	(a)		6,590		320,669
Neurocrine Biosciences, Inc. (Biotechnology)	(a)		802		75,629
Pediatrix Medical Group, Inc. (Health Care Providers & Svs.)	(a)		19,115		271,624
QIAGEN N.V. (Life Sciences Tools & Svs.)	(a)		1,580		71,147
Quest Diagnostics, Inc. (Health Care Providers & Svs.)			580		81,525
Repligen Corp. (Life Sciences Tools & Svs.)	(a)		1,483		209,785
ResMed, Inc. (Health Care Equip. & Supplies)			590		128,915
Revance Therapeutics, Inc. (Pharmaceuticals)	(a)		4,062		102,809
Revvity, Inc. (Life Sciences Tools & Svs.)			420		49,892
Royalty Pharma PLC Class A (Pharmaceuticals)			1,610		49,491
Sarepta Therapeutics, Inc. (Biotechnology)	(a)		2,287		261,907
Seagen, Inc. (Biotechnology)	(a)		530		102,004
Shockwave Medical, Inc. (Health Care Equip. & Supplies)	(a)		200		57,082
Silk Road Medical, Inc. (Health Care Equip. & Supplies)	(a)		4,456		144,775
STERIS PLC (Health Care Equip. & Supplies)			346		77,843
Ultragenyx Pharmaceutical, Inc. (Biotechnology)	(a)		2,928		135,069
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)			510		80,463
Vaxcyte, Inc. (Biotechnology)	(a)		2,745		137,085
Veeva Systems, Inc. Class A (Health Care Technology)	(a)		560		110,729
Viatris, Inc. (Pharmaceuticals)			5,730		57,185
Viking Therapeutics, Inc. (Biotechnology)	(a)		4,643		75,263
Vir Biotechnology, Inc. (Biotechnology)	(a)		4,312		105,773


Common Stocks (Continued)		Shares		Value

HEALTH CARE (continued)
Waters Corp. (Life Sciences Tools & Svs.)	(a)		253	$	67,435
West Pharmaceutical Services, Inc. (Life Sciences Tools & Svs.)			300		114,741
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			850		123,760

					9,883,738

INDUSTRIALS – 22.0%
A.O. Smith Corp. (Building Products)			1,130		82,241
AECOM (Construction & Engineering)			670		56,742
AGCO Corp. (Machinery)			520		68,338
Alaska Air Group, Inc. (Passenger Airlines)	(a)		5,989		318,495
Allegion PLC (Building Products)			570		68,411
AMETEK, Inc. (Electrical Equip.)			943		152,653
Arcosa, Inc. (Construction & Engineering)			1,512		114,564
Axon Enterprise, Inc. (Aerospace & Defense)	(a)		2,258		440,581
AZEK Co., Inc. / The (Building Products)	(a)		1,378		41,740
Booz Allen Hamilton Holding Corp. (Professional Svs.)			920		102,672
Broadridge Financial Solutions, Inc. (Professional Svs.)			477		79,006
Builders FirstSource, Inc. (Building Products)	(a)		5,682		772,752
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)			790		74,537
Carlisle Cos., Inc. (Building Products)			1,493		382,999
Carrier Global Corp. (Building Products)			3,550		176,470
Cintas Corp. (Commercial Svs. & Supplies)			360		178,949
Clarivate PLC (Professional Svs.)	(a)		4,040		38,501
CNH Industrial N.V. (Machinery)			3,960		57,024
Copart, Inc. (Commercial Svs. & Supplies)	(a)		1,688		153,962
Crane NXT Co. (Machinery)			3,508		197,992
Cummins, Inc. (Machinery)			610		149,548
Curtiss-Wright Corp. (Aerospace & Defense)			1,569		288,163
Delta Air Lines, Inc. (Passenger Airlines)	(a)		2,620		124,555
Dover Corp. (Machinery)			590		87,114
Driven Brands Holdings, Inc. (Commercial Svs. & Supplies)	(a)		11,458		310,053
Dycom Industries, Inc. (Construction & Engineering)	(a)		3,849		437,439
Equifax, Inc. (Professional Svs.)			490		115,297
Expeditors International of Washington, Inc. (Air Freight & Logistics)			540		65,410
Fastenal Co. (Trading Companies & Distributors)			2,350		138,626
Ferguson PLC (Trading Companies & Distributors)			690		108,544
Fluor Corp. (Construction & Engineering)	(a)		10,300		304,880
Fortive Corp. (Machinery)			1,210		90,472
FTI Consulting, Inc. (Professional Svs.)	(a)		1,376		261,715
Generac Holdings, Inc. (Electrical Equip.)	(a)		250		37,283
Genpact Ltd. (Professional Svs.)			6,480		243,454
Graco, Inc. (Machinery)			990		85,487
HEICO Corp. Class A (Aerospace & Defense)			600		84,360
Herc Holdings, Inc. (Trading Companies & Distributors)			2,843		389,065
Hexcel Corp. (Aerospace & Defense)			3,920		297,998
Howmet Aerospace, Inc. (Aerospace & Defense)			9,641		477,808
Hubbell, Inc. (Electrical Equip.)			180		59,681
Huntington Ingalls Industries, Inc. (Aerospace & Defense)			260		59,176
IDEX Corp. (Machinery)			350		75,341
Ingersoll Rand, Inc. (Machinery)			6,111		399,415
ITT, Inc. (Machinery)			3,162		294,730
J.B. Hunt Transport Services, Inc. (Ground Transportation)			195		35,301
Jacobs Solutions, Inc. (Professional Svs.)			500		59,445
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)			6,695		371,974
Korn Ferry (Professional Svs.)			3,250		161,005
Leidos Holdings, Inc. (Professional Svs.)			750		66,360
Lennox International, Inc. (Building Products)			230		74,996
Lyft, Inc. Class A (Ground Transportation)	(a)		1,370		13,138
Masco Corp. (Building Products)			1,190		68,282


		37		(continued)


Ohio National Fund, Inc.		ON AB Mid Cap Core Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

INDUSTRIALS (continued)
Masonite International Corp. (Building Products)	(a)		2,500	$	256,100
MasTec, Inc. (Construction & Engineering)	(a)		2,551		300,941
Middleby Corp. / The (Machinery)	(a)		1,958		289,451
Nordson Corp. (Machinery)			360		89,345
Old Dominion Freight Line, Inc. (Ground Transportation)			400		147,900
Oshkosh Corp. (Machinery)			3,700		320,383
Otis Worldwide Corp. (Machinery)			1,680		149,537
Owens Corning (Building Products)			790		103,095
PACCAR, Inc. (Machinery)			2,085		174,410
Parker-Hannifin Corp. (Machinery)			520		202,821
Paychex, Inc. (Professional Svs.)			1,320		147,668
Pentair PLC (Machinery)			1,180		76,228
Quanta Services, Inc. (Construction & Engineering)			480		94,296
Regal Rexnord Corp. (Electrical Equip.)			2,530		389,367
Republic Services, Inc. (Commercial Svs. & Supplies)			860		131,726
Robert Half International, Inc. (Professional Svs.)			3,520		264,774
Rockwell Automation, Inc. (Electrical Equip.)			470		154,841
Rollins, Inc. (Commercial Svs. & Supplies)			2,040		87,373
Saia, Inc. (Ground Transportation)	(a)		997		341,383
Sensata Technologies Holding PLC (Electrical Equip.)			7,031		316,325
Shoals Technologies Group, Inc. Class A (Electrical Equip.)	(a)		11,342		289,902
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)	(a)		2,010		336,394
Snap-on, Inc. (Machinery)			210		60,520
Southwest Airlines Co. (Passenger Airlines)			2,410		87,266
Spirit AeroSystems Holdings, Inc. Class A (Aerospace & Defense)			7,118		207,774
SS&C Technologies Holdings, Inc. (Professional Svs.)			1,030		62,418
Star Bulk Carriers Corp. (Marine Transportation)			10,960		193,992
Tetra Tech, Inc. (Commercial Svs. & Supplies)			1,955		320,112
TFI International, Inc. (Ground Transportation)			2,304		262,564
Timken Co. / The (Machinery)			3,430		313,948
Toro Co. / The (Machinery)			670		68,106
Trane Technologies PLC (Building Products)			980		187,435
TransDigm Group, Inc. (Aerospace & Defense)			220		196,717
TransUnion (Professional Svs.)			780		61,097
Trex Co., Inc. (Building Products)	(a)		710		46,548
U-Haul Holding Co. (Ground Transportation)			100		5,532
U-Haul Holding Co. NVS (Ground Transportation)			900		45,603
United Airlines Holdings, Inc. (Passenger Airlines)	(a)		1,100		60,357
United Rentals, Inc. (Trading Companies & Distributors)			298		132,720
Verisk Analytics, Inc. (Professional Svs.)			649		146,693
Vertiv Holdings Co. (Electrical Equip.)			14,936		369,965
W.W. Grainger, Inc. (Trading Companies & Distributors)			180		141,946
Watsco, Inc. (Trading Companies & Distributors)			260		99,182
Westinghouse Air Brake Technologies Corp. (Machinery)			930		101,993
XPO, Inc. (Ground Transportation)	(a)		6,118		360,962
Xylem, Inc. (Machinery)			730		82,213

					17,674,667

INFORMATION TECHNOLOGY – 16.3%
ACI Worldwide, Inc. (Software)	(a)		8,580		198,799
Akamai Technologies, Inc. (IT Svs.)	(a)		660		59,314
Amdocs Ltd. (IT Svs.)			1,000		98,850
Amkor Technology, Inc. (Semiconductors & Equip.)			8,970		266,857
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)			2,390		203,030
ANSYS, Inc. (Software)	(a)		350		115,595
Aspen Technology, Inc. (Software)	(a)		310		51,959
Avnet, Inc. (Electronic Equip., Instr. & Comp.)			6,699		337,965


Common Stocks (Continued)		Shares		Value

INFORMATION TECHNOLOGY (continued)
Belden, Inc. (Electronic Equip., Instr. & Comp.)			2,960	$	283,124
Bentley Systems, Inc. Class B (Software)			1,100		59,653
BILL Holdings, Inc. (Software)	(a)		490		57,257
CDW Corp. (Electronic Equip., Instr. & Comp.)			590		108,265
Cloudflare, Inc. Class A (IT Svs.)	(a)		900		58,833
Cognizant Technology Solutions Corp. Class A (IT Svs.)			1,710		111,629
CommVault Systems, Inc. (Software)	(a)		3,930		285,397
Corning, Inc. (Electronic Equip., Instr. & Comp.)			3,080		107,923
Crowdstrike Holdings, Inc. Class A (Software)	(a)		727		106,774
Datadog, Inc. Class A (Software)	(a)		924		90,903
DigitalOcean Holdings, Inc. (IT Svs.)	(a)		6,059		243,208
DocuSign, Inc. (Software)	(a)		740		37,807
Dropbox, Inc. Class A (Software)	(a)		2,970		79,210
Dynatrace, Inc. (Software)	(a)		9,642		496,274
Enphase Energy, Inc. (Semiconductors & Equip.)	(a)		550		92,114
Entegris, Inc. (Semiconductors & Equip.)			680		75,358
EPAM Systems, Inc. (IT Svs.)	(a)		220		49,445
Fair Isaac Corp. (Software)	(a)		658		532,460
First Solar, Inc. (Semiconductors & Equip.)	(a)		370		70,333
Five9, Inc. (Software)	(a)		5,119		422,062
FormFactor, Inc. (Semiconductors & Equip.)	(a)		8,670		296,687
Freshworks, Inc. Class A (Software)	(a)		16,246		285,605
Gartner, Inc. (IT Svs.)	(a)		390		136,621
Gen Digital, Inc. (Software)			15,880		294,574
GLOBALFOUNDRIES, Inc. (Semiconductors & Equip.)	(a)		860		55,539
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)			5,300		89,040
HP, Inc. (Tech. Hardware, Storage & Periph.)			3,620		111,170
HubSpot, Inc. (Software)	(a)		741		394,279
Jabil, Inc. (Electronic Equip., Instr. & Comp.)			301		32,487
Juniper Networks, Inc. (Communications Equip.)			2,480		77,698
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a)		760		127,262
Kulicke & Soffa Industries, Inc. (Semiconductors & Equip.)			4,130		245,528
Lattice Semiconductor Corp. (Semiconductors & Equip.)	(a)		4,777		458,926
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.)			1,147		334,133
Lumentum Holdings, Inc. (Communications Equip.)	(a)		4,720		267,766
MACOM Technology Solutions Holdings, Inc. (Semiconductors & Equip.)	(a)		3,293		215,790
Manhattan Associates, Inc. (Software)	(a)		2,269		453,528
Marvell Technology, Inc. (Semiconductors & Equip.)			2,880		172,166
Microchip Technology, Inc. (Semiconductors & Equip.)			2,046		183,301
Monday.com Ltd. (Software)	(a)		1,441		246,728
MongoDB, Inc. (IT Svs.)	(a)		1,081		444,280
Monolithic Power Systems, Inc. (Semiconductors & Equip.)			576		311,172
National Instruments Corp. (Electronic Equip., Instr. & Comp.)			1,449		83,173
Novanta, Inc. (Electronic Equip., Instr. & Comp.)	(a)		2,063		379,798
ON Semiconductor Corp. (Semiconductors & Equip.)	(a)		1,964		185,755
Palantir Technologies, Inc. Class A (Software)	(a)		6,290		96,426
PTC, Inc. (Software)	(a)		3,834		545,578
Qorvo, Inc. (Semiconductors & Equip.)	(a)		470		47,954
Skyworks Solutions, Inc. (Semiconductors & Equip.)			680		75,269
Smartsheet, Inc. Class A (Software)	(a)		7,016		268,432
Splunk, Inc. (Software)	(a)		660		70,019
Synaptics, Inc. (Semiconductors & Equip.)	(a)		2,800		239,064
Teledyne Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a)		175		71,944
Teradyne, Inc. (Semiconductors & Equip.)			680		75,704
Twilio, Inc. Class A (IT Svs.)	(a)		620		39,444
Tyler Technologies, Inc. (Software)	(a)		180		74,965
Ubiquiti, Inc. (Communications Equip.)			200		35,150
Unity Software, Inc. (Software)	(a)		2,300		99,866


		38		(continued)


Ohio National Fund, Inc.		ON AB Mid Cap Core Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

INFORMATION TECHNOLOGY (continued)
Universal Display Corp. (Semiconductors & Equip.)			2,744	$	395,493
VeriSign, Inc. (IT Svs.)	(a)		410		92,648
Western Digital Corp. (Tech. Hardware, Storage & Periph.)	(a)		1,250		47,413
Wolfspeed, Inc. (Semiconductors & Equip.)	(a)		772		42,915
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)	(a)		220		65,083
Zoom Video Communications, Inc. Class A (Software)	(a)		870		59,056
Zscaler, Inc. (Software)	(a)		370		54,131

					13,079,958

MATERIALS – 3.8%
Albemarle Corp. (Chemicals)			470		104,852
Alcoa Corp. (Metals & Mining)			894		30,333
Amcor PLC (Containers & Packaging)			6,490		64,770
ATI, Inc. (Metals & Mining)	(a)		7,660		338,802
Avery Dennison Corp. (Containers & Packaging)			30		5,154
Ball Corp. (Containers & Packaging)			1,300		75,673
Berry Global Group, Inc. (Containers & Packaging)			6,370		409,846
Celanese Corp. (Chemicals)			490		56,742
CF Industries Holdings, Inc. (Chemicals)			221		15,342
Corteva, Inc. (Chemicals)			3,080		176,484
Crown Holdings, Inc. (Containers & Packaging)			630		54,728
DuPont de Nemours, Inc. (Chemicals)			1,582		113,018
Eastman Chemical Co. (Chemicals)			660		55,255
FMC Corp. (Chemicals)			2,342		244,364
Huntsman Corp. (Chemicals)			9,215		248,989
International Flavors & Fragrances, Inc. (Chemicals)			939		74,735
International Paper Co. (Containers & Packaging)			1,610		51,214
LyondellBasell Industries N.V. Class A (Chemicals)			1,050		96,422
Martin Marietta Materials, Inc. (Construction Materials)			250		115,423
Mosaic Co. / The (Chemicals)			1,320		46,200
Nucor Corp. (Metals & Mining)			850		139,383
Packaging Corp. of America (Containers & Packaging)			520		68,723
PPG Industries, Inc. (Chemicals)			970		143,851
Sealed Air Corp. (Containers & Packaging)			1,230		49,200
Steel Dynamics, Inc. (Metals & Mining)			662		72,112
Vulcan Materials Co. (Construction Materials)			540		121,738
Westrock Co. (Containers & Packaging)			1,370		39,826

					3,013,179

REAL ESTATE – 5.4%
Alexandria Real Estate Equities, Inc. (Office REITs)			550		62,419
American Homes 4 Rent Class A (Residential REITs)			2,060		73,027
Americold Realty Trust, Inc. (Industrial REITs)			1,890		61,047
Apartment Income REIT Corp. (Residential REITs)			7,714		278,398
AvalonBay Communities, Inc. (Residential REITs)			570		107,884
Boston Properties, Inc. (Office REITs)			700		40,313
Broadstone Net Lease, Inc. (Diversified REITs)			12,131		187,303
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)	(a)		1,370		110,573
CoStar Group, Inc. (Real Estate Mgmt. & Development)	(a)		1,620		144,180
CubeSmart (Specialized REITs)			6,990		312,173
Digital Realty Trust, Inc. (Specialized REITs)			980		111,593
Equity LifeStyle Properties, Inc. (Residential REITs)			1,100		73,579
Equity Residential (Residential REITs)			1,510		99,615


Common Stocks (Continued)		Shares		Value

REAL ESTATE (continued)
Essex Property Trust, Inc. (Residential REITs)			270	$	63,261
Extra Space Storage, Inc. (Specialized REITs)			530		78,890
First Industrial Realty Trust, Inc. (Industrial REITs)			3,069		161,552
Gaming and Leisure Properties, Inc. (Specialized REITs)			1,640		79,474
Healthpeak Properties, Inc. (Health Care REITs)			2,220		44,622
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)			3,060		51,500
Invitation Homes, Inc. (Residential REITs)			2,300		79,120
Iron Mountain, Inc. (Specialized REITs)			1,900		107,958
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)	(a)		410		63,878
Kimco Realty Corp. (Retail REITs)			3,630		71,584
Lamar Advertising Co. Class A (Specialized REITs)			767		76,125
Mid-America Apartment Communities, Inc. (Residential REITs)			480		72,893
Physicians Realty Trust (Health Care REITs)			18,364		256,912
Realty Income Corp. (Retail REITs)			2,650		158,443
Regency Centers Corp. (Retail REITs)			1,200		74,124
SBA Communications Corp. (Specialized REITs)			420		97,339
Simon Property Group, Inc. (Retail REITs)			1,340		154,743
STAG Industrial, Inc. (Industrial REITs)			9,820		352,342
Sun Communities, Inc. (Residential REITs)			460		60,012
UDR, Inc. (Residential REITs)			1,640		70,454
Ventas, Inc. (Health Care REITs)			1,530		72,323
VICI Properties, Inc. (Specialized REITs)			3,360		105,605
W.P. Carey, Inc. (Diversified REITs)			1,020		68,911
Welltower, Inc. (Health Care REITs)			1,710		138,322
Weyerhaeuser Co. (Specialized REITs)			3,060		102,541

					4,325,032

UTILITIES – 3.1%
AES Corp. / The (Ind. Power & Renewable Elec.)			2,310		47,886
Ameren Corp. (Multi-Utilities)			1,010		82,487
American Water Works Co., Inc. (Water Utilities)			750		107,062
Atmos Energy Corp. (Gas Utilities)			530		61,660
Avangrid, Inc. (Electric Utilities)			1,500		56,520
CenterPoint Energy, Inc. (Multi-Utilities)			2,070		60,341
CMS Energy Corp. (Multi-Utilities)			1,180		69,325
Consolidated Edison, Inc. (Multi-Utilities)			1,410		127,464
Constellation Energy Corp. (Electric Utilities)			1,120		102,536
DTE Energy Co. (Multi-Utilities)			790		86,916
Edison International (Electric Utilities)			1,470		102,092
Entergy Corp. (Electric Utilities)			830		80,817
Essential Utilities, Inc. (Water Utilities)			1,620		64,654
Eversource Energy (Electric Utilities)			1,400		99,288
FirstEnergy Corp. (Electric Utilities)			2,210		85,925
IDACORP, Inc. (Electric Utilities)			3,550		364,230
PG&E Corp. (Electric Utilities)	(a)		7,056		121,928
Portland General Electric Co. (Electric Utilities)			6,910		323,595
PPL Corp. (Electric Utilities)			3,140		83,084
Public Service Enterprise Group, Inc. (Multi-Utilities)			2,070		129,603
WEC Energy Group, Inc. (Multi-Utilities)			1,290		113,830
Xcel Energy, Inc. (Electric Utilities)			2,150		133,665

					2,504,908

Total Common Stocks (Cost $80,210,066)				$	79,987,412


Exchange Traded Funds – 0.2%			Shares		Value
iShares Russell Mid-Cap ETF				2,096	$	153,071

Total Exchange Traded Funds (Cost $146,466)					$	153,071

Total Investments – 99.8% (Cost $80,356,532)	(b	)			$	80,140,483

Other Assets in Excess of Liabilities – 0.2%						179,848

Net Assets – 100.0%					$	80,320,331

Percentages are stated as a percent of net assets.

(continued)


Ohio National Fund, Inc.		ON AB Mid Cap Core Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)

Abbreviations:

ADR:

American Depositary Receipts

ETF:

Exchange Traded Fund

NVS:

Non Voting Shares

REITs:

Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.


		40


Ohio National Fund, Inc.		ON S&P 500^®Index Portfolio (Unaudited)

Objective/Strategy

The ON S&P 500^® Index Portfolio seeks total return approximating that of the Standard & Poor’s 500^® Index (S&P 500^® Index), at a risk level consistent with that of the S&P 500^® Index by investing, under normal circumstances, more than 80% of its net assets in the common stocks and other securities of companies that are included in the S&P 500^® Index.



Performance as of June 30, 2023



Average Annual returns
One year	19.15	%
Five years	11.89	%
Ten years	12.40	%

Total expense ratio is 0.38% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 16.68% versus 16.89% for its benchmark, the S&P 500^® Index.

Q. What affected the Portfolio’s performance?

A. The Portfolio intends to track the underlying return of the S&P 500^® Index. There were no material market events or changes in

strategy during the six-month period that materially impacted the Portfolio’s relative return. Sources of return variance were related to the cumulative impact of investing the day-to-day cash flows in the Portfolio. There was no impact from either sector allocation or stock selection that caused any significant performance variance between the Portfolio and its benchmark. Information Technology, Consumer Discretionary and Communication Services were the top contributors for the six-month period. Energy, Health Care and Utilities were the top detractors from performance. Because the Portfolio weights its holdings to be similar to those utilized by the benchmark, there were no holdings that significantly contributed to, or detracted from, the Portfolio’s benchmark-relative performance. Benchmark constituents that contributed the most to Portfolio and benchmark returns were Apple, Inc., Microsoft Corp., and NVIDIA Corp. Pfizer, Inc., UnitedHealth Group, Inc., and Abbvie, Inc. were the leading detractors. Derivatives had no significant impact on the Portfolio’s performance.⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.



Change in Value of $10,000 Investment

LOGO

The S&P 500^® Index is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index presented includes the effects of reinvested dividends.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.

The S&P 500^® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Ohio National Investments, Inc. (“ONI”). Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by ONI. The S&P 500^® Index Portfolio of Ohio National Fund, Inc. is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500^® Index.


		41		(continued)


Ohio National Fund, Inc.		ON S&P 500^®Index Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		100.3
U.S. Treasury Obligations		0.0
Less Net Liabilities		(0.3	)

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^(2) (3)



		% of Net Assets
1.	Apple, Inc.		7.7
2.	Microsoft Corp.		6.8
3.	Amazon.com, Inc.		3.2
4.	NVIDIA Corp.		2.8
5.	Alphabet, Inc. Class A		1.9
6.	Tesla, Inc.		1.9
7.	Meta Platforms, Inc. Class A		1.7
8.	Alphabet, Inc. Class C		1.7
9.	Berkshire Hathaway, Inc. Class B		1.7
10.	UnitedHealth Group, Inc.		1.2

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		28.3
Health Care		13.5
Financials		12.5
Consumer Discretionary		10.7
Industrials		8.5
Communication Services		8.4
Consumer Staples		6.7
Energy		4.1
Utilities		2.6
Materials		2.5
Real Estate		2.5

		100.3


		42


Ohio National Fund, Inc.		ON S&P 500^®Index Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 100.3%			Shares		Value

COMMUNICATION SERVICES – 8.4%
Activision Blizzard, Inc. (Entertainment)	(a	)		21,008	$	1,770,974
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a	)		174,462		20,883,102
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		150,025		18,148,524
AT&T, Inc. (Diversified Telecom. Svs.)				209,915		3,348,144
Charter Communications, Inc. Class A (Media)	(a	)		3,049		1,120,111
Comcast Corp. Class A (Media)				122,121		5,074,128
Electronic Arts, Inc. (Entertainment)				7,651		992,335
Fox Corp. Class A (Media)				7,999		271,966
Fox Corp. Class B (Media)				3,791		120,895
Interpublic Group of Cos., Inc. / The (Media)				11,411		440,236
Live Nation Entertainment, Inc. (Entertainment)	(a	)		4,258		387,946
Match Group, Inc. (Interactive Media & Svs.)	(a	)		8,235		344,635
Meta Platforms, Inc. Class A (Interactive Media & Svs.)	(a	)		64,953		18,640,212
Netflix, Inc. (Entertainment)	(a	)		13,053		5,749,716
News Corp. Class A (Media)				10,971		213,935
News Corp. Class B (Media)				3,846		75,843
Omnicom Group, Inc. (Media)				5,831		554,820
Paramount Global Class B (Media)				14,876		236,677
Take-Two Interactive Software, Inc. (Entertainment)	(a	)		4,636		682,234
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)	(a	)		16,920		2,350,188
Verizon Communications, Inc. (Diversified Telecom. Svs.)				123,428		4,590,287
Walt Disney Co. / The (Entertainment)	(a	)		53,647		4,789,604
Warner Bros Discovery, Inc. (Entertainment)	(a	)		65,091		816,241

						91,602,753

CONSUMER DISCRETIONARY – 10.7%
Advance Auto Parts, Inc. (Specialty Retail)				1,781		125,204
Amazon.com, Inc. (Broadline Retail)	(a	)		262,093		34,166,444
Aptiv PLC (Automobile Components)	(a	)		7,921		808,655
AutoZone, Inc. (Specialty Retail)	(a	)		540		1,346,414
Bath & Body Works, Inc. (Specialty Retail)				6,766		253,725
Best Buy Co., Inc. (Specialty Retail)				5,760		472,032
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)	(a	)		1,085		2,929,858
BorgWarner, Inc. (Automobile Components)				6,824		333,762
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a	)		6,262		319,174
CarMax, Inc. (Specialty Retail)	(a	)		4,655		389,624
Carnival Corp. (Hotels, Restaurants & Leisure)	(a	)		29,695		559,157
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a	)		811		1,734,729
D.R. Horton, Inc. (Household Durables)				9,106		1,108,109
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)				3,545		592,299
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)				1,029		346,763
eBay, Inc. (Broadline Retail)				15,675		700,516
Etsy, Inc. (Broadline Retail)	(a	)		3,656		309,334
Expedia Group, Inc. (Hotels, Restaurants & Leisure)	(a	)		4,158		454,844
Ford Motor Co. (Automobiles)				115,401		1,746,017
Garmin Ltd. (Household Durables)				4,480		467,219
General Motors Co. (Automobiles)				40,829		1,574,366
Genuine Parts Co. (Distributors)				4,109		695,366
Hasbro, Inc. (Leisure Products)				3,824		247,680
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)				7,780		1,132,379
Home Depot, Inc. / The (Specialty Retail)				29,728		9,234,706
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)	(a	)		9,644		559,352
Lennar Corp. Class A (Household Durables)				7,442		932,557
LKQ Corp. (Distributors)				7,413		431,956
Lowe’s Cos., Inc. (Specialty Retail)				17,505		3,950,879
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)				7,575		1,391,452


Common Stocks (Continued)			Shares		Value
CONSUMER DISCRETIONARY (continued)
McDonald’s Corp. (Hotels, Restaurants & Leisure)				21,440	$	6,397,910
MGM Resorts International (Hotels, Restaurants & Leisure)				8,780		385,618
Mohawk Industries, Inc. (Household Durables)	(a	)		1,584		163,405
Newell Brands, Inc. (Household Durables)				11,274		98,084
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				36,154		3,990,317
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a	)		12,458		271,211
NVR, Inc. (Household Durables)	(a	)		89		565,205
O’Reilly Automotive, Inc. (Specialty Retail)	(a	)		1,787		1,707,121
Pool Corp. (Distributors)				1,153		431,960
PulteGroup, Inc. (Household Durables)				6,536		507,716
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)				1,221		150,549
Ross Stores, Inc. (Specialty Retail)				10,039		1,125,673
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)	(a	)		6,441		668,189
Starbucks Corp. (Hotels, Restaurants & Leisure)				33,667		3,335,053
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)				6,861		293,651
Tesla, Inc. (Automobiles)	(a	)		79,104		20,707,054
TJX Cos., Inc. / The (Specialty Retail)				33,801		2,865,987
Tractor Supply Co. (Specialty Retail)				3,214		710,615
Ulta Beauty, Inc. (Specialty Retail)	(a	)		1,467		690,363
V.F. Corp. (Textiles, Apparel & Luxury Goods)				9,852		188,075
Whirlpool Corp. (Household Durables)				1,623		241,486
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)				3,053		322,427
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)				8,231		1,140,405

						116,272,646

CONSUMER STAPLES – 6.7% Altria Group, Inc. (Tobacco)				52,442		2,375,623
Archer-Daniels-Midland Co. (Food Products)				16,000		1,208,960
Brown-Forman Corp. Class B (Beverages)				5,329		355,871
Bunge Ltd. (Food Products)				4,393		414,480
Campbell Soup Co. (Food Products)				5,819		265,986
Church & Dwight Co., Inc. (Household Products)				7,175		719,150
Clorox Co. / The (Household Products)				3,630		577,315
Coca-Cola Co. / The (Beverages)				114,289		6,882,484
Colgate-Palmolive Co. (Household Products)				24,354		1,876,232
Conagra Brands, Inc. (Food Products)				13,983		471,507
Constellation Brands, Inc. Class A (Beverages)				4,737		1,165,918
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)				13,022		7,010,784
Dollar General Corp. (Consumer Staples Distribution & Retail)				6,434		1,092,365
Dollar Tree, Inc. (Consumer Staples Distribution & Retail)	(a	)		6,096		874,776
Estee Lauder Cos., Inc. / The Class A (Personal Care Products)				6,806		1,336,562
General Mills, Inc. (Food Products)				17,266		1,324,302
Hershey Co. / The (Food Products)				4,332		1,081,700
Hormel Foods Corp. (Food Products)				8,419		338,612
J.M. Smucker Co. / The (Food Products)				3,118		460,435
Kellogg Co. (Food Products)				7,540		508,196
Keurig Dr Pepper, Inc. (Beverages)				24,707		772,588
Kimberly-Clark Corp. (Household Products)				9,905		1,367,484
Kraft Heinz Co. / The (Food Products)				23,464		832,972
Kroger Co. / The (Consumer Staples Distribution & Retail)				19,187		901,789
Lamb Weston Holdings, Inc. (Food Products)				4,309		495,320
McCormick & Co., Inc. (Food Products)				7,359		641,926
Molson Coors Beverage Co. Class B (Beverages)				5,474		360,408


		43		(continued)


Ohio National Fund, Inc.		ON S&P 500^®Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value
CONSUMER STAPLES (continued)
Mondelez International, Inc. Class A (Food Products)				40,015	$	2,918,694
Monster Beverage Corp. (Beverages)	(a	)		22,463		1,290,275
PepsiCo, Inc. (Beverages)				40,459		7,493,816
Philip Morris International, Inc. (Tobacco)				45,583		4,449,812
Procter & Gamble Co. / The (Household Products)				69,207		10,501,470
Sysco Corp. (Consumer Staples Distribution & Retail)				14,876		1,103,799
Target Corp. (Consumer Staples Distribution & Retail)				13,551		1,787,377
Tyson Foods, Inc. Class A (Food Products)				8,416		429,553
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)				21,031		599,173
Walmart, Inc. (Consumer Staples Distribution & Retail)				41,187		6,473,773

						72,761,487

ENERGY – 4.1%
APA Corp. (Oil, Gas & Consumable Fuels)				9,146		312,519
Baker Hughes Co. (Energy Equip. & Svs.)				29,729		939,734
Chevron Corp. (Oil, Gas & Consumable Fuels)				51,170		8,051,599
ConocoPhillips (Oil, Gas & Consumable Fuels)				35,535		3,681,781
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)				22,134		559,990
Devon Energy Corp. (Oil, Gas & Consumable Fuels)				18,838		910,629
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)				5,306		696,996
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)				17,177		1,965,736
EQT Corp. (Oil, Gas & Consumable Fuels)				10,705		440,297
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)				118,715		12,732,184
Halliburton Co. (Energy Equip. & Svs.)				26,494		874,037
Hess Corp. (Oil, Gas & Consumable Fuels)				8,119		1,103,778
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)				57,912		997,245
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)				17,980		413,900
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)				12,462		1,453,069
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)				21,098		1,240,562
ONEOK, Inc. (Oil, Gas & Consumable Fuels)				13,138		810,877
Phillips 66 (Oil, Gas & Consumable Fuels)				13,478		1,285,532
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)				6,864		1,422,083
Schlumberger Ltd. / N.V. (Energy Equip. & Svs.)				41,862		2,056,261
Targa Resources Corp. (Oil, Gas & Consumable Fuels)				6,616		503,478
Valero Energy Corp. (Oil, Gas & Consumable Fuels)				10,617		1,245,374
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)				35,768		1,167,110

						44,864,771

FINANCIALS – 12.5%
Aflac, Inc. (Insurance)				16,153		1,127,479
Allstate Corp. / The (Insurance)				7,713		841,026
American Express Co. (Consumer Finance)				17,456		3,040,835
American International Group, Inc.
(Insurance)				21,253		1,222,898
Ameriprise Financial, Inc. (Capital Markets)				3,062		1,017,074
Aon PLC Class A (Insurance)				5,998		2,070,510
Arch Capital Group Ltd. (Insurance)	(a	)		10,927		817,886
Arthur J. Gallagher & Co. (Insurance)				6,293		1,381,754
Assurant, Inc. (Insurance)				1,534		192,854
Bank of America Corp. (Banks)				203,561		5,840,165


Common Stocks (Continued)			Shares		Value
FINANCIALS (continued)
Bank of New York Mellon Corp. / The (Capital Markets)				21,101	$	939,417
Berkshire Hathaway, Inc. Class B (Financial Services)	(a	)		52,361		17,855,101
BlackRock, Inc. (Capital Markets)				4,398		3,039,634
Brown & Brown, Inc. (Insurance)				6,953		478,645
Capital One Financial Corp. (Consumer Finance)				11,206		1,225,600
CBOE Global Markets, Inc. (Capital Markets)				3,117		430,177
Charles Schwab Corp. / The (Capital Markets)				43,635		2,473,232
Chubb Ltd. (Insurance)				12,163		2,342,107
Cincinnati Financial Corp. (Insurance)				4,594		447,088
Citigroup, Inc. (Banks)				57,161		2,631,692
Citizens Financial Group, Inc. (Banks)				14,344		374,092
CME Group, Inc. (Capital Markets)				10,565		1,957,589
Comerica, Inc. (Banks)				3,931		166,517
Discover Financial Services (Consumer Finance)				7,452		870,766
Everest Re Group Ltd. (Insurance)				1,252		428,009
FactSet Research Systems, Inc. (Capital Markets)				1,120		448,728
Fidelity National Information Services, Inc. (Financial Services)				17,395		951,506
Fifth Third Bancorp (Banks)				19,852		520,321
Fiserv, Inc. (Financial Services)	(a	)		18,131		2,287,226
FleetCor Technologies, Inc. (Financial Services)	(a	)		2,163		543,086
Franklin Resources, Inc. (Capital Markets)				8,395		224,230
Global Payments, Inc. (Financial Services)				7,689		757,520
Globe Life, Inc. (Insurance)				2,635		288,849
Goldman Sachs Group, Inc. / The (Capital Markets)				9,762		3,148,635
Hartford Financial Services Group, Inc. / The (Insurance)				9,085		654,302
Huntington Bancshares, Inc. (Banks)				42,606		459,293
Intercontinental Exchange, Inc. (Capital Markets)				16,447		1,859,827
Invesco Ltd. (Capital Markets)				13,584		228,347
Jack Henry & Associates, Inc. (Financial Services)				2,154		360,429
JPMorgan Chase & Co. (Banks)				85,806		12,479,625
KeyCorp (Banks)				27,179		251,134
Lincoln National Corp. (Insurance)				4,648		119,732
Loews Corp. (Insurance)				5,607		332,944
M&T Bank Corp. (Banks)				4,854		600,731
MarketAxess Holdings, Inc. (Capital Markets)				1,094		285,993
Marsh & McLennan Cos., Inc. (Insurance)				14,525		2,731,862
Mastercard, Inc. Class A (Financial Services)				24,570		9,663,381
MetLife, Inc. (Insurance)				18,885		1,067,569
Moody’s Corp. (Capital Markets)				4,635		1,611,682
Morgan Stanley (Capital Markets)				38,251		3,266,635
MSCI, Inc. (Capital Markets)				2,351		1,103,301
Nasdaq, Inc. (Capital Markets)				9,888		492,917
Northern Trust Corp. (Capital Markets)				6,093		451,735
PayPal Holdings, Inc. (Financial Services)	(a	)		32,759		2,186,008
PNC Financial Services Group, Inc. / The (Banks)				11,719		1,476,008
Principal Financial Group, Inc. (Insurance)				6,581		499,103
Progressive Corp. / The (Insurance)				17,190		2,275,440
Prudential Financial, Inc. (Insurance)				10,711		944,924
Raymond James Financial, Inc. (Capital Markets)				5,574		578,414
Regions Financial Corp. (Banks)				27,438		488,945
S&P Global, Inc. (Capital Markets)				9,632		3,861,372
State Street Corp. (Capital Markets)				9,800		717,164
Synchrony Financial (Consumer Finance)				12,665		429,597
T. Rowe Price Group, Inc. (Capital Markets)				6,597		738,996
Travelers Cos., Inc. / The (Insurance)				6,786		1,178,457
Truist Financial Corp. (Banks)				39,106		1,186,867
U.S. Bancorp (Banks)				40,958		1,353,252


		44		(continued)


Ohio National Fund, Inc.		ON S&P 500^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

FINANCIALS (continued)
Visa, Inc. (Financial Services)				47,515	$	11,283,862
W.R. Berkley Corp. (Insurance)				5,953		354,561
Wells Fargo & Co. (Banks)				110,179		4,702,440
Willis Towers Watson PLC (Insurance)				3,121		734,996
Zions Bancorp N.A. (Banks)				4,379		117,620
						135,511,713

HEALTH CARE – 13.5%
Abbott Laboratories (Health Care Equip. & Supplies)				51,060		5,566,561
AbbVie, Inc. (Biotechnology)				51,803		6,979,418
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)				8,691		1,045,093
Align Technology, Inc. (Health Care Equip. & Supplies)	(a	)		2,086		737,693
AmerisourceBergen Corp. (Health Care Providers & Svs.)				4,746		913,273
Amgen, Inc. (Biotechnology)				15,688		3,483,050
Baxter International, Inc. (Health Care Equip. & Supplies)				14,822		675,290
Becton Dickinson & Co. (Health Care Equip. & Supplies)				8,341		2,202,107
Biogen, Inc. (Biotechnology)	(a	)		4,252		1,211,182
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.)	(a	)		628		238,087
Bio-Techne Corp. (Life Sciences Tools & Svs.)				4,589		374,600
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a	)		42,227		2,284,058
Bristol-Myers Squibb Co. (Pharmaceuticals)				61,697		3,945,523
Cardinal Health, Inc. (Health Care Providers & Svs.)				7,461		705,587
Catalent, Inc. (Pharmaceuticals)	(a	)		5,205		225,689
Centene Corp. (Health Care Providers & Svs.)	(a	)		16,118		1,087,159
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)	(a	)		1,485		312,221
Cigna Group / The (Health Care Providers & Svs.)				8,689		2,438,133
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)				1,446		554,440
CVS Health Corp. (Health Care Providers & Svs.)				37,642		2,602,191
Danaher Corp. (Life Sciences Tools & Svs.)				19,503		4,680,720
DaVita, Inc. (Health Care Providers & Svs.)	(a	)		1,631		163,867
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)				6,322		253,006
Dexcom, Inc. (Health Care Equip. & Supplies)	(a	)		11,384		1,462,958
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)	(a	)		17,802		1,679,263
Elevance Health, Inc. (Health Care Providers & Svs.)				6,961		3,092,703
Eli Lilly & Co. (Pharmaceuticals)				23,136		10,850,321
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies)				11,481		932,716
Gilead Sciences, Inc. (Biotechnology)				36,629		2,822,997
HCA Healthcare, Inc. (Health Care Providers & Svs.)				6,060		1,839,089
Henry Schein, Inc. (Health Care Providers & Svs.)	(a	)		3,883		314,911
Hologic, Inc. (Health Care Equip. & Supplies)	(a	)		7,186		581,850
Humana, Inc. (Health Care Providers & Svs.)				3,670		1,640,967
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)	(a	)		2,438		1,224,437
Illumina, Inc. (Life Sciences Tools & Svs.)	(a	)		4,643		870,516
Incyte Corp. (Biotechnology)	(a	)		5,458		339,760
Insulet Corp. (Health Care Equip. & Supplies)	(a	)		2,043		589,079
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a	)		10,290		3,518,563
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.)	(a	)		5,451		1,225,221
Johnson & Johnson (Pharmaceuticals)				76,309		12,630,666


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)				2,602	$	627,941
McKesson Corp. (Health Care Providers & Svs.)				3,984		1,702,403
Medtronic PLC (Health Care Equip. & Supplies)				39,064		3,441,538
Merck & Co., Inc. (Pharmaceuticals)				74,520		8,598,863
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)	(a	)		645		846,008
Moderna, Inc. (Biotechnology)	(a	)		9,627		1,169,680
Molina Healthcare, Inc. (Health Care Providers & Svs.)	(a	)		1,699		511,807
Organon & Co. (Pharmaceuticals)				7,448		154,993
Pfizer, Inc. (Pharmaceuticals)				165,767		6,080,334
Quest Diagnostics, Inc. (Health Care Providers & Svs.)				3,278		460,756
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a	)		3,168		2,276,335
ResMed, Inc. (Health Care Equip. & Supplies)				4,316		943,046
Revvity, Inc. (Life Sciences Tools & Svs.)				3,656		434,296
STERIS PLC (Health Care Equip. & Supplies)				2,916		656,042
Stryker Corp. (Health Care Equip. & Supplies)				9,921		3,026,798
Teleflex, Inc. (Health Care Equip. & Supplies)				1,392		336,906
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)				11,327		5,909,862
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				27,337		13,139,256
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)				1,864		294,083
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a	)		7,564		2,661,847
Viatris, Inc. (Pharmaceuticals)				34,858		347,883
Waters Corp. (Life Sciences Tools & Svs.)	(a	)		1,746		465,379
West Pharmaceutical Services, Inc. (Life Sciences Tools & Svs.)				2,180		833,785
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)				6,128		892,237
Zoetis, Inc. (Pharmaceuticals)				13,572		2,337,234
						146,444,277

INDUSTRIALS – 8.5%
3M Co. (Industrial Conglomerates)				16,197		1,621,158
A.O. Smith Corp. (Building Products)				3,678		267,685
Alaska Air Group, Inc. (Passenger Airlines)	(a	)		3,783		201,180
Allegion PLC (Building Products)				2,610		313,252
American Airlines Group, Inc. (Passenger Airlines)	(a	)		19,370		347,498
AMETEK, Inc. (Electrical Equip.)				6,767		1,095,442
Automatic Data Processing, Inc. (Professional Svs.)				12,129		2,665,833
Axon Enterprise, Inc. (Aerospace & Defense)	(a	)		2,044		398,825
Boeing Co. / The (Aerospace & Defense)	(a	)		16,605		3,506,312
Broadridge Financial Solutions, Inc. (Professional Svs.)				3,481		576,558
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)				3,380		318,903
Carrier Global Corp. (Building Products)				24,491		1,217,448
Caterpillar, Inc. (Machinery)				15,132		3,723,229
Ceridian HCM Holding, Inc. (Professional Svs.)	(a	)		4,598		307,928
Cintas Corp. (Commercial Svs. & Supplies)				2,541		1,263,080
Copart, Inc. (Commercial Svs. & Supplies)	(a	)		12,604		1,149,611
CSX Corp. (Ground Transportation)				59,700		2,035,770
Cummins, Inc. (Machinery)				4,157		1,019,130
Deere & Co. (Machinery)				7,917		3,207,889
Delta Air Lines, Inc. (Passenger Airlines)	(a	)		18,872		897,175
Dover Corp. (Machinery)				4,086		603,298
Eaton Corp. PLC (Electrical Equip.)				11,702		2,353,272
Emerson Electric Co. (Electrical Equip.)				16,774		1,516,202
Equifax, Inc. (Professional Svs.)				3,601		847,315
Expeditors International of Washington, Inc. (Air Freight & Logistics)				4,461		540,361


		45		(continued)


Ohio National Fund, Inc.		ON S&P 500^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

INDUSTRIALS (continued)
Fastenal Co. (Trading Companies & Distributors)				16,764	$	988,908
FedEx Corp. (Air Freight & Logistics)				6,794		1,684,233
Fortive Corp. (Machinery)				10,386		776,561
Generac Holdings, Inc. (Electrical Equip.)	(a	)		1,848		275,592
General Dynamics Corp. (Aerospace & Defense)				6,606		1,421,281
General Electric Co. (Industrial Conglomerates)				31,989		3,513,992
Honeywell International, Inc. (Industrial Conglomerates)				19,542		4,054,965
Howmet Aerospace, Inc. (Aerospace & Defense)				10,875		538,965
Huntington Ingalls Industries, Inc. (Aerospace & Defense)				1,177		267,885
IDEX Corp. (Machinery)				2,233		480,676
Illinois Tool Works, Inc. (Machinery)				8,120		2,031,299
Ingersoll Rand, Inc. (Machinery)				11,869		775,758
J.B. Hunt Transport Services, Inc. (Ground Transportation)				2,455		444,429
Jacobs Solutions, Inc. (Professional Svs.)				3,745		445,243
Johnson Controls International PLC (Building Products)				20,137		1,372,135
L3Harris Technologies, Inc. (Aerospace & Defense)				5,563		1,089,068
Leidos Holdings, Inc. (Professional Svs.)				3,995		353,478
Lockheed Martin Corp. (Aerospace & Defense)				6,619		3,047,255
Masco Corp. (Building Products)				6,576		377,331
Nordson Corp. (Machinery)				1,567		388,898
Norfolk Southern Corp. (Ground Transportation)				6,684		1,515,664
Northrop Grumman Corp. (Aerospace & Defense)				4,192		1,910,714
Old Dominion Freight Line, Inc. (Ground Transportation)				2,641		976,510
Otis Worldwide Corp. (Machinery)				12,133		1,079,958
PACCAR, Inc. (Machinery)				15,352		1,284,195
Parker-Hannifin Corp. (Machinery)				3,767		1,469,281
Paychex, Inc. (Professional Svs.)				9,419		1,053,703
Paycom Software, Inc. (Professional Svs.)				1,419		455,839
Pentair PLC (Machinery)				4,862		314,085
Quanta Services, Inc. (Construction & Engineering)				4,263		837,466
Raytheon Technologies Corp. (Aerospace & Defense)				42,906		4,203,072
Republic Services, Inc. (Commercial Svs. & Supplies)				6,042		925,453
Robert Half International, Inc. (Professional Svs.)				3,163		237,921
Rockwell Automation, Inc. (Electrical Equip.)				3,372		1,110,905
Rollins, Inc. (Commercial Svs. & Supplies)				6,734		288,417
Snap-on, Inc. (Machinery)				1,560		449,576
Southwest Airlines Co. (Passenger Airlines)				17,372		629,040
Stanley Black & Decker, Inc. (Machinery)				4,456		417,572
Textron, Inc. (Aerospace & Defense)				5,879		397,597
Trane Technologies PLC (Building Products)				6,692		1,279,912
TransDigm Group, Inc. (Aerospace & Defense)				1,533		1,370,763
Union Pacific Corp. (Ground Transportation)				17,901		3,662,903
United Airlines Holdings, Inc.
(Passenger Airlines)	(a	)		9,611		527,356
United Parcel Service, Inc. Class B (Air Freight & Logistics)				21,290		3,816,232
United Rentals, Inc. (Trading Companies & Distributors)				2,018		898,757
Verisk Analytics, Inc. (Professional Svs.)				4,251		960,853
W.W. Grainger, Inc. (Trading Companies & Distributors)				1,311		1,033,841
Waste Management, Inc. (Commercial Svs. & Supplies)				10,873		1,885,596


Common Stocks (Continued)			Shares		Value

INDUSTRIALS (continued)
Westinghouse Air Brake Technologies Corp. (Machinery)				5,313	$	582,677
Xylem, Inc. (Machinery)				7,029		791,606

						92,689,770


INFORMATION TECHNOLOGY – 28.3%
Accenture PLC Class A (IT Svs.)				18,544		5,722,308
Adobe, Inc. (Software)	(a	)		13,468		6,585,717
Advanced Micro Devices, Inc. (Semiconductors & Equip.)	(a	)		47,284		5,386,120
Akamai Technologies, Inc. (IT Svs.)	(a	)		4,432		398,304
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)				17,502		1,486,795
Analog Devices, Inc. (Semiconductors & Equip.)				14,854		2,893,708
ANSYS, Inc. (Software)	(a	)		2,545		840,537
Apple, Inc. (Tech. Hardware, Storage & Periph.)				434,123		84,206,838
Applied Materials, Inc. (Semiconductors & Equip.)				24,818		3,587,194
Arista Networks, Inc. (Communications Equip.)	(a	)		7,334		1,188,548
Autodesk, Inc. (Software)	(a	)		6,287		1,286,383
Broadcom, Inc. (Semiconductors & Equip.)				12,242		10,619,078
Cadence Design Systems, Inc. (Software)	(a	)		8,007		1,877,802
CDW Corp. (Electronic Equip., Instr. & Comp.)				3,962		727,027
Cisco Systems, Inc. (Communications Equip.)				120,279		6,223,235
Cognizant Technology Solutions Corp. Class A (IT Svs.)				14,909		973,260
Corning, Inc. (Electronic Equip., Instr. & Comp.)				22,456		786,858
DXC Technology Co. (IT Svs.)	(a	)		6,680		178,490
Enphase Energy, Inc. (Semiconductors & Equip.)	(a	)		4,018		672,935
EPAM Systems, Inc. (IT Svs.)	(a	)		1,713		384,997
F5, Inc. (Communications Equip.)	(a	)		1,755		256,686
Fair Isaac Corp. (Software)	(a	)		734		593,960
First Solar, Inc. (Semiconductors & Equip.)	(a	)		2,910		553,162
Fortinet, Inc. (Software)	(a	)		19,136		1,446,490
Gartner, Inc. (IT Svs.)	(a	)		2,317		811,668
Gen Digital, Inc. (Software)				16,820		312,011
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)				37,947		637,510
HP, Inc. (Tech. Hardware, Storage & Periph.)				25,488		782,736
Intel Corp. (Semiconductors & Equip.)				122,469		4,095,363
International Business Machines Corp. (IT Svs.)				26,663		3,567,776
Intuit, Inc. (Software)				8,237		3,774,111
Juniper Networks, Inc. (Communications Equip.)				9,518		298,199
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		5,233		876,266
KLA Corp. (Semiconductors & Equip.)				4,029		1,954,146
Lam Research Corp. (Semiconductors & Equip.)				3,945		2,536,083
Microchip Technology, Inc. (Semiconductors & Equip.)				16,089		1,441,413
Micron Technology, Inc. (Semiconductors & Equip.)				32,136		2,028,103
Microsoft Corp. (Software)				218,320		74,346,693
Monolithic Power Systems, Inc. (Semiconductors & Equip.)				1,317		711,483
Motorola Solutions, Inc. (Communications Equip.)				4,928		1,445,284
NetApp, Inc. (Tech. Hardware, Storage & Periph.)				6,258		478,111
NVIDIA Corp. (Semiconductors & Equip.)				72,617		30,718,443
NXP Semiconductors N.V. (Semiconductors & Equip.)				7,628		1,561,299
ON Semiconductor Corp. (Semiconductors & Equip.)	(a	)		12,684		1,199,653
Oracle Corp. (Software)				45,184		5,380,963


		46		(continued)


Ohio National Fund, Inc.		ON S&P 500^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

INFORMATION TECHNOLOGY (continued)
Palo Alto Networks, Inc. (Software)	(a	)		8,885	$	2,270,206
PTC, Inc. (Software)	(a	)		3,145		447,533
Qorvo, Inc. (Semiconductors & Equip.)	(a	)		2,951		301,091
QUALCOMM, Inc. (Semiconductors & Equip.)				32,708		3,893,560
Roper Technologies, Inc. (Software)				3,130		1,504,904
Salesforce, Inc. (Software)	(a	)		28,745		6,072,669
Seagate Technology Holdings PLC (Tech. Hardware, Storage & Periph.)				5,596		346,225
ServiceNow, Inc. (Software)	(a	)		5,982		3,361,705
Skyworks Solutions, Inc. (Semiconductors & Equip.)				4,704		520,686
SolarEdge Technologies, Inc. (Semiconductors & Equip.)	(a	)		1,641		441,511
Synopsys, Inc. (Software)	(a	)		4,472		1,947,154
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)				9,261		1,298,022
Teledyne Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		1,374		564,865
Teradyne, Inc. (Semiconductors & Equip.)				4,574		509,223
Texas Instruments, Inc. (Semiconductors & Equip.)				26,652		4,797,893
Trimble, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		7,345		388,844
Tyler Technologies, Inc. (Software)	(a	)		1,237		515,173
VeriSign, Inc. (IT Svs.)	(a	)		2,651		599,046
Western Digital Corp. (Tech. Hardware, Storage & Periph.)	(a	)		9,412		356,997
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)	(a	)		1,500		443,745

						308,414,798


MATERIALS – 2.5%
Air Products and Chemicals, Inc. (Chemicals)				6,522		1,953,535
Albemarle Corp. (Chemicals)				3,445		768,545
Amcor PLC (Containers & Packaging)				43,394		433,072
Avery Dennison Corp. (Containers & Packaging)				2,356		404,761
Ball Corp. (Containers & Packaging)				9,196		535,299
Celanese Corp. (Chemicals)				2,942		340,684
CF Industries Holdings, Inc. (Chemicals)				5,753		399,373
Corteva, Inc. (Chemicals)				20,879		1,196,367
Dow, Inc. (Chemicals)				20,762		1,105,784
DuPont de Nemours, Inc. (Chemicals)				13,480		963,011
Eastman Chemical Co. (Chemicals)				3,454		289,169
Ecolab, Inc. (Chemicals)				7,272		1,357,610
FMC Corp. (Chemicals)				3,691		385,119
Freeport-McMoRan, Inc. (Metals & Mining)				42,102		1,684,080
International Flavors & Fragrances, Inc. (Chemicals)				7,532		599,472
International Paper Co. (Containers & Packaging)				10,266		326,561
Linde PLC (Chemicals)				14,376		5,478,406
LyondellBasell Industries N.V. Class A (Chemicals)				7,422		681,562
Martin Marietta Materials, Inc. (Construction Materials)				1,817		838,891
Mosaic Co. / The (Chemicals)				9,845		344,575
Newmont Corp. (Metals & Mining)				23,316		994,660
Nucor Corp. (Metals & Mining)				7,381		1,210,336
Packaging Corp. of America (Containers & Packaging)				2,660		351,546
PPG Industries, Inc. (Chemicals)				6,912		1,025,050
Sealed Air Corp. (Containers & Packaging)				4,334		173,360
Sherwin-Williams Co. / The (Chemicals)				6,889		1,829,167
Steel Dynamics, Inc. (Metals & Mining)				4,688		510,664
Vulcan Materials Co. (Construction Materials)				3,902		879,667
Westrock Co. (Containers & Packaging)				7,394		214,943

						27,275,269


REAL ESTATE – 2.5%
Alexandria Real Estate Equities, Inc.
(Office REITs)				4,593		521,260


Common Stocks (Continued)			Shares		Value

REAL ESTATE (continued)
American Tower Corp. (Specialized REITs)				13,689	$	2,654,845
AvalonBay Communities, Inc. (Residential REITs)				4,172		789,634
Boston Properties, Inc. (Office REITs)				4,189		241,245
Camden Property Trust (Residential REITs)				3,103		337,824
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)	(a	)		9,116		735,752
CoStar Group, Inc. (Real Estate Mgmt. & Development)	(a	)		11,999		1,067,911
Crown Castle, Inc. (Specialized REITs)				12,744		1,452,051
Digital Realty Trust, Inc. (Specialized REITs)				8,560		974,727
Equinix, Inc. (Specialized REITs)				2,748		2,154,267
Equity Residential (Residential REITs)				9,992		659,172
Essex Property Trust, Inc. (Residential REITs)				1,869		437,907
Extra Space Storage, Inc. (Specialized REITs)				3,952		588,255
Federal Realty Investment Trust (Retail REITs)				2,156		208,636
Healthpeak Properties, Inc. (Health Care REITs)				16,096		323,530
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)				20,996		353,363
Invitation Homes, Inc. (Residential REITs)				17,051		586,554
Iron Mountain, Inc. (Specialized REITs)				8,505		483,254
Kimco Realty Corp. (Retail REITs)				18,024		355,433
Mid-America Apartment Communities, Inc. (Residential REITs)				3,411		517,994
Prologis, Inc. (Industrial REITs)				27,133		3,327,320
Public Storage (Specialized REITs)				4,652		1,357,826
Realty Income Corp. (Retail REITs)				19,829		1,185,576
Regency Centers Corp. (Retail REITs)				4,543		280,621
SBA Communications Corp. (Specialized REITs)				3,179		736,765
Simon Property Group, Inc. (Retail REITs)				9,612		1,109,994
UDR, Inc. (Residential REITs)				9,115		391,580
Ventas, Inc. (Health Care REITs)				11,728		554,383
VICI Properties, Inc. (Specialized REITs)				29,507		927,405
Welltower, Inc. (Health Care REITs)				14,612		1,181,965
Weyerhaeuser Co. (Specialized REITs)				21,514		720,934

						27,217,983


UTILITIES – 2.6%
AES Corp. / The (Ind. Power & Renewable Elec.)				19,576		405,810
Alliant Energy Corp. (Electric Utilities)				7,416		389,192
Ameren Corp. (Multi-Utilities)				7,682		627,389
American Electric Power Co., Inc. (Electric Utilities)				15,130		1,273,946
American Water Works Co., Inc. (Water Utilities)				5,715		815,816
Atmos Energy Corp. (Gas Utilities)				4,217		490,606
CenterPoint Energy, Inc. (Multi-Utilities)				18,513		539,654
CMS Energy Corp. (Multi-Utilities)				8,536		501,490
Consolidated Edison, Inc. (Multi-Utilities)				10,177		920,001
Constellation Energy Corp. (Electric Utilities)				9,515		871,098
Dominion Energy, Inc. (Multi-Utilities)				24,549		1,271,393
DTE Energy Co. (Multi-Utilities)				6,035		663,971
Duke Energy Corp. (Electric Utilities)				22,641		2,031,803
Edison International (Electric Utilities)				11,242		780,757
Entergy Corp. (Electric Utilities)				6,193		603,012
Evergy, Inc. (Electric Utilities)				6,685		390,538
Eversource Energy (Electric Utilities)				10,238		726,079
Exelon Corp. (Electric Utilities)				29,213		1,190,137
FirstEnergy Corp. (Electric Utilities)				15,943		619,864
NextEra Energy, Inc. (Electric Utilities)				59,415		4,408,593
NiSource, Inc. (Multi-Utilities)				12,239		334,736
NRG Energy, Inc. (Electric Utilities)				6,779		253,467
PG&E Corp. (Electric Utilities)	(a	)		47,461		820,126
Pinnacle West Capital Corp. (Electric Utilities)				3,364		274,031
PPL Corp. (Electric Utilities)				21,645		572,727
Public Service Enterprise Group, Inc. (Multi-Utilities)				14,664		918,113
Sempra Energy (Multi-Utilities)				9,249		1,346,562


		47		(continued)


Ohio National Fund, Inc.		ON S&P 500^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)	Shares		Value

UTILITIES (continued)
Southern Co. / The (Electric Utilities)		32,032	$	2,250,248
WEC Energy Group, Inc. (Multi-Utilities)		9,253		816,485
Xcel Energy, Inc. (Electric Utilities)		16,181		1,005,973

				28,113,617

Total Common Stocks (Cost $681,835,024)			$	1,091,169,084


U.S. Treasury Obligations – 0.0%	Rate			Maturity		Face Amount	Value
U.S. Treasury Bill (b)		0.000	%		09/07/2023	$200,000	$	198,117

Total U.S. Treasury Obligations (Cost $198,062)							$	198,117

Total Investments – 100.3% (Cost $682,033,086)						(c)	$	1,091,367,201
Liabilities in Excess of Other Assets – (0.3)%						(b)		(3,442,193	)

Net Assets – 100.0%							$	1,087,925,008

Percentages are stated as a percent of net assets.

Abbreviations:

REITs: Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Security is fully pledged, in addition to $50,281 of the Portfolio’s cash holdings, as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

(c)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

CME E-mini S&P 500 Index - Long

September 15, 2023

$4,850,225

$4,937,075

$86,850

$55,099

The accompanying notes are an integral part of these financial statements.


		48


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Value Portfolio (Unaudited)

Objective/Strategy

The ON BlackRock Advantage Large Cap Value Portfolio seeks growth of capital by investing under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000^® Value Index for the previous twelve months.



Performance as of June 30, 2023



Average Annual returns
One year	11.25	%
Five years	7.36	%
Ten years	8.25	%

Total expense ratio is 0.73% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 5.33% versus 5.12% for its benchmark, the Russell 1000^® Value Index.

Q. What affected the Portfolio’s performance?

A. Fundamental and macro thematic stock selection insights drove outperformance. Macro thematic insights contributed to performance by capturing the artificial intelligence (“AI”) related market rally. Specifically, industry positioning driven by inventory trends, expectations of a soft economic landing and news sentiment motivated an overweight to the Information Technology sector. Within fundamental measures, traditional valuation insights that evaluate company sales, cash flows, research expenditures, and other financial statement metrics also drove positive performance. These measures helped to positively position the Portfolio around the Banks industry during the financial crisis earlier in the six-month period.

Security selection in Health Care was the primary source of weakness, with adverse performance across providers and health insurers. This includes positioning around sentiment for weight loss drugs, deal activity for biopharma amid patent expiration, and the impact to health insurers amid an expected surge in expenses. Sentiment measures detracted, as insights designed to capture sentiment from bond markets and measures that evaluate institutional investor interest struggled. Nontraditional measures of company quality declined, with insights that evaluate

company benefits detracting from performance. Defensive quality insights also declined amid the market rally later in the six-month period. Derivatives had no significant impact on the Portfolio’s performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected and historical growth rates.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		49		(continued)

Ohio National Fund, Inc.

ON BlackRock Advantage Large Cap Value Portfolio

(Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾



	% of Net Assets
Common Stocks ⁽⁴⁾		99.7
Other Net Assets		0.3

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}



		% of Net Assets
1.	Chevron Corp.		2.6
2.	Berkshire Hathaway, Inc. Class B		2.3
3.	Walmart, Inc.		2.3
4.	Honeywell International, Inc.		1.7
5.	Bristol-Myers Squibb Co.		1.6
6.	Comcast Corp. Class A		1.5
7.	CVS Health Corp.		1.5
8.	Procter & Gamble Co. / The		1.5
9.	JPMorgan Chase & Co.		1.5
10.	Boston Scientific Corp.		1.4

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Financials		19.2
Health Care		16.9
Industrials		13.8
Information Technology		9.8
Consumer Staples		9.3
Energy		6.9
Consumer Discretionary		6.4
Communication Services		4.8
Real Estate		4.5
Utilities		4.2
Materials		3.9

		99.7


		50


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Value Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 99.7%		Shares		Value

COMMUNICATION SERVICES – 4.8%
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a)		18,180	$	2,176,146
AT&T, Inc. (Diversified Telecom. Svs.)			38,903		620,503
Comcast Corp. Class A (Media)			73,972		3,073,537
Electronic Arts, Inc. (Entertainment)			5,082		659,135
Fox Corp. Class A (Media)			69,518		2,363,612
Fox Corp. Class B (Media)			1,498		47,771
Verizon Communications, Inc. (Diversified Telecom. Svs.)			18,836		700,511
Warner Bros Discovery, Inc. (Entertainment)	(a)		6,688		83,868

					9,725,083

CONSUMER DISCRETIONARY – 6.4%
Amazon.com, Inc. (Broadline Retail)	(a)		10,603		1,382,207
AutoNation, Inc. (Specialty Retail)	(a)		2,149		353,747
Best Buy Co., Inc. (Specialty Retail)			8,825		723,209
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)			3,161		219,279
Cava Group, Inc. (Hotels, Restaurants & Leisure)	(a)		2,648		108,436
eBay, Inc. (Broadline Retail)			38,580		1,724,140
General Motors Co. (Automobiles)			72,362		2,790,279
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a)		1,833		693,790
McDonald’s Corp. (Hotels, Restaurants & Leisure)			2,310		689,327
MGM Resorts International (Hotels, Restaurants & Leisure)			14,012		615,407
Savers Value Village, Inc. (Consumer Staples Distribution & Retail)	(a)		3,429		81,267
Taylor Morrison Home Corp. (Household Durables)	(a)		23,961		1,168,578
TJX Cos., Inc. / The (Specialty Retail)			8,358		708,675
Toll Brothers, Inc. (Household Durables)			4,727		373,764
Travel + Leisure Co. (Hotels, Restaurants & Leisure)			16,929		682,916
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods)	(a)		1,944		13,044
Whirlpool Corp. (Household Durables)			4,307		640,838

					12,968,903

CONSUMER STAPLES – 9.3%
Archer-Daniels-Midland Co. (Food Products)			22,862		1,727,453
Coca-Cola Co. / The (Beverages)			12,077		727,277
General Mills, Inc. (Food Products)			4,813		369,157
Hershey Co. / The (Food Products)			8,670		2,164,899
Kellogg Co. (Food Products)			5,190		349,806
Keurig Dr Pepper, Inc. (Beverages)			6,515		203,724
Kimberly-Clark Corp. (Household Products)			15,690		2,166,161
PepsiCo, Inc. (Beverages)			14,861		2,752,554
Procter & Gamble Co. / The (Household Products)			19,767		2,999,445
Target Corp. (Consumer Staples Distribution & Retail)			5,088		671,107
Walmart, Inc. (Consumer Staples Distribution & Retail)			29,200		4,589,656

					18,721,239

ENERGY – 6.9%
Chevron Corp. (Oil, Gas & Consumable Fuels)			33,383		5,252,815
ConocoPhillips (Oil, Gas & Consumable Fuels)			25,231		2,614,184
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)			7,772		889,428
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			23,152		2,483,052
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			33,141		762,906
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)			2,953		344,320
Phillips 66 (Oil, Gas & Consumable Fuels)			7,355		701,520


Common Stocks (Continued)			Shares		Value

ENERGY (continued)
Valero Energy Corp. (Oil, Gas & Consumable Fuels)				4,072	$	477,645
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)				13,366		436,132

						13,962,002

FINANCIALS – 19.2%
Allstate Corp. / The (Insurance)				15,521		1,692,410
American Express Co. (Consumer Finance)				12,751		2,221,224
Bank of America Corp. (Banks)				81,719		2,344,518
Bank of New York Mellon Corp. / The (Capital Markets)				46,313		2,061,855
Berkshire Hathaway, Inc. Class B (Financial Services)	(a	)		13,581		4,631,121
Block, Inc. (Financial Services)	(a	)		6,768		450,546
Citigroup, Inc. (Banks)				43,357		1,996,156
Everest Re Group Ltd. (Insurance)				873		298,444
Fidelity National Information Services, Inc. (Financial Services)				7,001		382,955
Intercontinental Exchange, Inc. (Capital Markets)				6,807		769,736
Invesco Ltd. (Capital Markets)				34,272		576,112
JPMorgan Chase & Co. (Banks)				20,384		2,964,649
KeyCorp (Banks)				87,085		804,665
Marsh & McLennan Cos., Inc. (Insurance)				10,999		2,068,692
Mastercard, Inc. Class A (Financial Services)				1,384		544,327
MetLife, Inc. (Insurance)				49,014		2,770,761
Nasdaq, Inc. (Capital Markets)				38,607		1,924,559
PayPal Holdings, Inc. (Financial Services)	(a	)		19,365		1,292,226
Prudential Financial, Inc. (Insurance)				3,915		345,381
S&P Global, Inc. (Capital Markets)				3,353		1,344,184
Synchrony Financial (Consumer Finance)				23,943		812,147
Travelers Cos., Inc. / The (Insurance)				14,587		2,533,178
Truist Financial Corp. (Banks)				11,902		361,226
U.S. Bancorp (Banks)				19,597		647,485
Unum Group (Insurance)				8,997		429,157
Visa, Inc. (Financial Services)				4,077		968,206
Wells Fargo & Co. (Banks)				34,354		1,466,229

						38,702,149

HEALTH CARE – 16.9%
Abbott Laboratories (Health Care Equip. & Supplies)				9,092		991,210
ACELYRIN, Inc. (Biotechnology)	(a	)		3,353		70,078
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)				11,937		1,435,424
Amgen, Inc. (Biotechnology)				8,459		1,878,067
Becton Dickinson & Co. (Health Care Equip. & Supplies)				5,769		1,523,074
Biogen, Inc. (Biotechnology)	(a	)		1,063		302,796
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a	)		53,594		2,898,899
Bristol-Myers Squibb Co. (Pharmaceuticals)				49,799		3,184,646
Cigna Group / The (Health Care Providers & Svs.)				6,984		1,959,710
CVS Health Corp. (Health Care Providers & Svs.)				43,764		3,025,405
Danaher Corp. (Life Sciences Tools & Svs.)				8,214		1,971,360
Elevance Health, Inc. (Health Care Providers & Svs.)				5,209		2,314,307
Gilead Sciences, Inc. (Biotechnology)				11,375		876,671
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)	(a	)		780		391,739
Incyte Corp. (Biotechnology)	(a	)		33,067		2,058,421
Johnson & Johnson (Pharmaceuticals)				16,398		2,714,197
Merck & Co., Inc. (Pharmaceuticals)				2,083		240,357
Neurocrine Biosciences, Inc. (Biotechnology)	(a	)		5,045		475,744
Pfizer, Inc. (Pharmaceuticals)				55,234		2,025,983
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a	)		1,341		963,562


		51		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Value Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
Stryker Corp. (Health Care Equip. & Supplies)				5,677	$	1,731,996
Teladoc Health, Inc. (Health Care Technology)	(a	)		24,849		629,177
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)				710		370,443

						34,033,266

INDUSTRIALS – 13.8%
A.O. Smith Corp. (Building Products)				6,141		446,942
AECOM (Construction & Engineering)				25,183		2,132,748
Allegion PLC (Building Products)				6,483		778,090
AMETEK, Inc. (Electrical Equip.)				4,404		712,920
Cintas Corp. (Commercial Svs. & Supplies)				1,385		688,456
Cummins, Inc. (Machinery)				2,736		670,758
Curtiss-Wright Corp. (Aerospace & Defense)				3,490		640,973
Deere & Co. (Machinery)				3,225		1,306,738
Eaton Corp. PLC (Electrical Equip.)				9,570		1,924,527
General Dynamics Corp. (Aerospace & Defense)				9,956		2,142,033
Honeywell International, Inc. (Industrial Conglomerates)				16,899		3,506,543
Illinois Tool Works, Inc. (Machinery)				6,663		1,666,816
Insperity, Inc. (Professional Svs.)				1,915		227,808
Johnson Controls International PLC (Building Products)				4,367		297,567
Lockheed Martin Corp. (Aerospace & Defense)				3,817		1,757,271
Norfolk Southern Corp. (Ground Transportation)				1,600		362,816
Northrop Grumman Corp. (Aerospace & Defense)				1,258		573,396
Oshkosh Corp. (Machinery)				9,073		785,631
Ryder System, Inc. (Ground Transportation)				737		62,490
Schneider National, Inc. Class B (Ground Transportation)				14,258		409,490
Snap-on, Inc. (Machinery)				6,562		1,891,103
Textron, Inc. (Aerospace & Defense)				3,792		256,453
Timken Co. / The (Machinery)				15,783		1,444,618
Trane Technologies PLC (Building Products)				1,477		282,491
W.W. Grainger, Inc. (Trading Companies & Distributors)				1,697		1,338,237
Xylem, Inc. (Machinery)				14,213		1,600,668

						27,907,583

INFORMATION TECHNOLOGY – 9.8%
Apple, Inc. (Tech. Hardware, Storage & Periph.)				3,567		691,891
Applied Materials, Inc. (Semiconductors & Equip.)				13,129		1,897,666
Flex Ltd. (Electronic Equip., Instr. & Comp.)	(a	)		52,592		1,453,643
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)				147,830		2,483,544
HP, Inc. (Tech. Hardware, Storage & Periph.)				11,167		342,939
Intel Corp. (Semiconductors & Equip.)				66,362		2,219,145


Common Stocks (Continued)			Shares		Value

INFORMATION TECHNOLOGY (continued)
Juniper Networks, Inc. (Communications Equip.)				44,892	$	1,406,466
Manhattan Associates, Inc. (Software)	(a	)		6,113		1,221,867
Micron Technology, Inc. (Semiconductors & Equip.)				21,057		1,328,907
Microsoft Corp. (Software)				6,510		2,216,915
NVIDIA Corp. (Semiconductors & Equip.)				4,017		1,699,271
QUALCOMM, Inc. (Semiconductors & Equip.)				4,483		533,656
Salesforce, Inc. (Software)	(a	)		9,033		1,908,312
Zoom Video Communications, Inc. Class A (Software)	(a	)		6,877		466,811

						19,871,033

MATERIALS – 3.9%
Ecolab, Inc. (Chemicals)				13,386		2,499,032
FMC Corp. (Chemicals)				8,722		910,053
Huntsman Corp. (Chemicals)				7,830		211,567
LyondellBasell Industries N.V. Class A (Chemicals)				10,488		963,113
Newmont Corp. (Metals & Mining)				14,659		625,353
Reliance Steel & Aluminum Co. (Metals & Mining)				1,584		430,199

Steel Dynamics, Inc. (Metals & Mining)				6,583		717,086

United States Steel Corp. (Metals & Mining)				19,192		479,992
Westlake Corp. (Chemicals)				8,762		1,046,796
						7,883,191
REAL ESTATE – 4.5%
Alexandria Real Estate Equities, Inc. (Office REITs)				4,707		534,197
Brixmor Property Group, Inc. (Retail REITs)				16,120		354,640
Equity Residential (Residential REITs)				39,291		2,592,027
Kimco Realty Corp. (Retail REITs)				51,631		1,018,163
Prologis, Inc. (Industrial REITs)				10,611		1,301,227
SBA Communications Corp. (Specialized REITs)				4,392		1,017,890
Simon Property Group, Inc. (Retail REITs)				19,801		2,286,620

						9,104,764

UTILITIES – 4.2%
CMS Energy Corp. (Multi-Utilities)				26,383		1,550,001
DTE Energy Co. (Multi-Utilities)				21,297		2,343,096
Entergy Corp. (Electric Utilities)				6,586		641,279
Evergy, Inc. (Electric Utilities)				17,358		1,014,055
PPL Corp. (Electric Utilities)				87,648		2,319,166
Xcel Energy, Inc. (Electric Utilities)				9,947		618,405

						8,486,002

Total Common Stocks (Cost $202,046,386)					$	201,365,215

Total Investments – 99.7% (Cost $202,046,386)	(b	)			$	201,365,215
Other Assets in Excess of Liabilities – 0.3%	(c	)				655,662

Net Assets – 100.0%					$	202,020,877

Percentages are stated as a percent of net assets.

Abbreviations:

REITs: Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(c)

Includes $135,520 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.


		52


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Value Portfolio (Continued)

Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)


Description	Number of contracts	Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)	Variation Margin Receivable (Payable)
CME E-mini S&P 500 Index - Long	11		September 15, 2023	$	2,407,788	$	2,468,538	$60,750	$28,875

The accompanying notes are an integral part of these financial statements.


		53


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Unaudited)

Objective/Strategy

The ON Federated High Income Bond Portfolio seeks high current income by investing, under normal circumstances, at least 80% of its net assets in lower rated corporate debt obligations commonly referred to as “junk bonds”. The Portfolio’s investments are generally rated BB or lower by Standard & Poor’s or Fitch, or Ba or lower by Moody’s.



Performance as of June 30, 2023



Average Annual returns
One year	7.73	%
Five years	3.08	%
Ten years	4.05	%

Total expense ratio is 0.84% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 5.01% versus 5.42% for its benchmark, the ICE BofA U.S. High Yield Constrained Index.

Q. What affected the Portfolio’s performance?

A. During the reporting period, the Portfolio’s investment strategy focused on: (a) sector allocation; and (b) security selection. These were the most significant factors affecting the Portfolio’s performance relative to the benchmark. Allocation was the main driver of underperformance, specifically within media. Top contributors to performance were an overweight to the capital goods sector and security selection therein, an underweight to the poorly performing telecommunications sector, and selection within the technology and electronics sector. Top detractors were an overweight to the poorly performing media sector, as well as selection therein, an underweight to the strong performing leisure sector, specifically not owning cruise line companies, as well as selection and an underweight to the retail sector. Top individual contributors were Diamond BC BV 4.625%, 10/01/2029, Madison IAQ LLC 5.875%, 06/30/2029, and Polar U.S. Borrower LLC / Schenectady International Group, Inc. 6.75%, 05/15/2026. Top individual detractors were iHeartCommunications, Inc. 8.375%, 05/01/2027, Enviva Partners LP / Enviva Partners Finance Corp., 6.500%, 01/15/2026, and DISH DBS Corp. 5.125% 06/01/2029. Derivatives had no significant impact on the Portfolio’s performance. ⁽¹⁾

(1)	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Hypothetical illustration based on past performance. Future performance will vary. All returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.

The ICE BofA U.S. High Yield Constrained Index tracks the performance of below investment grade, but not in default, U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		54		(continued)


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Unaudited) (Continued)

Portfolio Composition as of June 30, 2023


	% of Net Assets
Corporate Bonds ⁽⁴⁾		96.1
Common Stocks ⁽⁴⁾		0.0
Rights ⁽⁴⁾		0.0
Other Net Assets		3.9

		100.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks, Corporate Bonds, Rights):


	% of Net Assets
Communication Services		14.8
Energy		13.2
Consumer Discretionary		12.7
Financials		12.3
Materials		10.4
Industrials		9.9
Information Technology		7.8
Health Care		7.4
Utilities		3.7
Consumer Staples		2.9
Real Estate		1.0

		96.1

Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}



		% of Net Assets
1.	HUB International Ltd. 7.000%, 05/01/2026		1.6
2.	1011778 B.C. ULC / New Red Finance, Inc. 4.000%, 10/15/2030		1.0
3.	CCO Holdings LLC / CCO Holdings Capital Corp. 4.750%, 03/01/2030		1.0
4.	Clarios Global LP / Clarios U.S. Finance Co. 8.500%, 05/15/2027		1.0
5.	BroadStreet Partners, Inc. 5.875%, 04/15/2029		0.9
6.	Allied Universal Holdco LLC / Allied Universal Finance Corp. 9.750%, 07/15/2027		0.9
7.	Clydesdale Acquisition Holdings, Inc. 8.750%, 04/15/2030		0.9
8.	McAfee Corp. 7.375%, 02/15/2030		0.9
9.	NFP Corp. 6.875%, 08/15/2028		0.9
10.	Garda World Security Corp. 9.500%, 11/01/2027		0.8


		55


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds – 96.1%		Rate	Maturity	Face Amount		Value

COMMUNICATION SERVICES – 14.8%
Audacy Capital Corp. (Media)	(a)	6.750%	03/31/2029		$ 350,000	$	7,920
Cars.com, Inc. (Interactive Media & Svs.)	(a)	6.375%	11/01/2028		375,000		345,300
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(a)	5.125%	05/01/2027		200,000		186,249
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(a)	5.000%	02/01/2028		650,000		592,208
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(a)	5.375%	06/01/2029		125,000		113,012
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(a)	4.750%	03/01/2030		1,425,000		1,218,494
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(a)	4.500%	08/15/2030		250,000		208,173
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(a)	4.250%	01/15/2034		100,000		75,577
CMG Media Corp. (Media)	(a)	8.875%	12/15/2027		950,000		665,804
CSC Holdings LLC (Media)		5.250%	06/01/2024		375,000		348,766
CSC Holdings LLC (Media)	(a)	5.500%	04/15/2027		600,000		499,193
CSC Holdings LLC (Media)	(a)	7.500%	04/01/2028		200,000		113,994
CSC Holdings LLC (Media)	(a)	4.125%	12/01/2030		200,000		139,905
CSC Holdings LLC (Media)	(a)	4.625%	12/01/2030		675,000		300,333
CSC Holdings LLC (Media)	(a)	3.375%	02/15/2031		200,000		135,378
CSC Holdings LLC (Media)	(a)	4.500%	11/15/2031		150,000		104,582
Cumulus Media New Holdings, Inc. (Media)	(a)	6.750%	07/01/2026		181,000		124,412
Directv Financing LLC / Directv Financing Co-Obligor, Inc. (Media)	(a)	5.875%	08/15/2027		400,000		362,254
DISH DBS Corp. (Media)	(a)	5.250%	12/01/2026		450,000		360,978
DISH DBS Corp. (Media)		7.375%	07/01/2028		100,000		53,500
DISH DBS Corp. (Media)		5.125%	06/01/2029		600,000		278,608
DISH Network Corp. (Media)	(a)	11.750%	11/15/2027		125,000		121,989
Entegris Escrow Corp. (Media)	(a)	5.950%	06/15/2030		350,000		335,521
Gray Escrow II, Inc. (Media)	(a)	5.375%	11/15/2031		175,000		115,988
Gray Television, Inc. (Media)	(a)	5.875%	07/15/2026		750,000		672,481
Gray Television, Inc. (Media)	(a)	7.000%	05/15/2027		75,000		63,986
Gray Television, Inc. (Media)	(a)	4.750%	10/15/2030		75,000		50,860
iHeartCommunications, Inc. (Media)		8.375%	05/01/2027		475,707		316,906
iHeartCommunications, Inc. (Media)	(a)	4.750%	01/15/2028		100,000		75,389
Lamar Media Corp. (Media)		4.875%	01/15/2029		150,000		139,500
Lamar Media Corp. (Media)		3.625%	01/15/2031		100,000		84,250
Match Group Holdings II LLC (Interactive Media & Svs.)	(a)	5.000%	12/15/2027		200,000		185,483
Match Group Holdings II LLC (Interactive Media & Svs.)	(a)	4.625%	06/01/2028		75,000		68,895
Match Group Holdings II LLC (Interactive Media & Svs.)	(a)	4.125%	08/01/2030		350,000		299,775
Match Group Holdings II LLC (Interactive Media & Svs.)	(a)	3.625%	10/01/2031		150,000		123,291
Midas OpCo Holdings LLC (Media)	(a)	5.625%	08/15/2029		1,000,000		855,732
Millennium Escrow Corp. (Interactive Media & Svs.)	(a)	6.625%	08/01/2026		175,000		128,806
Nexstar Media, Inc. (Media)	(a)	5.625%	07/15/2027		175,000		163,116
Nexstar Media, Inc. (Media)	(a)	4.750%	11/01/2028		750,000		650,636
ROBLOX Corp. (Entertainment)	(a)	3.875%	05/01/2030		275,000		231,833
Scripps Escrow II, Inc. (Media)	(a)	3.875%	01/15/2029		100,000		80,744
Scripps Escrow II, Inc. (Media)	(a)	5.375%	01/15/2031		225,000		158,580
Scripps Escrow, Inc. (Media)	(a)	5.875%	07/15/2027		200,000		161,892
Sinclair Television Group, Inc. (Media)	(a)	5.125%	02/15/2027		125,000		105,904
Sinclair Television Group, Inc. (Media)	(a)	5.500%	03/01/2030		525,000		302,636
Sirius XM Radio, Inc. (Media)	(a)	3.125%	09/01/2026		225,000		201,431
Sirius XM Radio, Inc. (Media)	(a)	5.000%	08/01/2027		75,000		69,584
Sirius XM Radio, Inc. (Media)	(a)	4.000%	07/15/2028		175,000		152,053
Sirius XM Radio, Inc. (Media)	(a)	4.125%	07/01/2030		475,000		387,863
Sirius XM Radio, Inc. (Media)	(a)	3.875%	09/01/2031		300,000		231,988
Sprint LLC (Wireless Telecom. Svs.)		7.625%	02/15/2025		300,000		306,440
TEGNA, Inc. (Media)		5.000%	09/15/2029		750,000		647,056
Telenet Finance Luxembourg Notes SARL (Media)	(a)	5.500%	03/01/2028		800,000		733,600
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)		3.375%	04/15/2029		200,000		180,610
Univision Communications, Inc. (Media)	(a)	4.500%	05/01/2029		275,000		236,268
Univision Communications, Inc. (Media)	(a)	7.375%	06/30/2030		150,000		142,818
UPC Broadband Finco B.V. (Media)	(a)	4.875%	07/15/2031		900,000		740,781
Urban One, Inc. (Media)	(a)	7.375%	02/01/2028		400,000		348,452
Virgin Media Finance PLC (Media)	(a)	5.000%	07/15/2030		200,000		159,219
Virgin Media Secured Finance PLC (Media)	(a)	4.500%	08/15/2030		200,000		167,664
Virgin Media Vendor Financing Notes IV DAC (Media)	(a)	5.000%	07/15/2028		575,000		502,971
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.)	(a)	4.250%	01/31/2031		200,000		161,712
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.)	(a)	4.750%	07/15/2031		400,000		332,599
VZ Secured Financing B.V. (Media)	(a)	5.000%	01/15/2032		550,000		442,952
WMG Acquisition Corp. (Entertainment)	(a)	3.750%	12/01/2029		125,000		108,058
WMG Acquisition Corp. (Entertainment)	(a)	3.875%	07/15/2030		75,000		64,696
Ziggo Bond Co. B.V. (Diversified Telecom. Svs.)	(a)	6.000%	01/15/2027		425,000		390,074

							18,437,722


		56		(continued)


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

CONSUMER DISCRETIONARY – 12.7%
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(a)	4.000%	10/15/2030		$1,500,000	$	1,283,749
Academy Ltd. (Specialty Retail)	(a)	6.000%	11/15/2027		300,000		288,000
Adient Global Holdings Ltd. (Automobile Components)	(a)	4.875%	08/15/2026		300,000		284,987
Adient Global Holdings Ltd. (Automobile Components)	(a)	7.000%	04/15/2028		100,000		101,101
Affinity Interactive (Hotels, Restaurants & Leisure)	(a)	6.875%	12/15/2027		400,000		351,999
Aramark Services, Inc. (Hotels, Restaurants & Leisure)	(a)	6.375%	05/01/2025		425,000		424,608
Aramark Services, Inc. (Hotels, Restaurants & Leisure)	(a)	5.000%	02/01/2028		100,000		94,254
Asbury Automotive Group, Inc. (Specialty Retail)	(a)	4.625%	11/15/2029		300,000		266,287
Asbury Automotive Group, Inc. (Specialty Retail)	(a)	5.000%	02/15/2032		200,000		174,139
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		4.750%	12/01/2027		275,000		260,556
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)	(a)	4.750%	06/15/2031		200,000		178,671
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)	6.250%	07/01/2025		325,000		323,495
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)	8.125%	07/01/2027		450,000		460,561
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)	4.625%	10/15/2029		250,000		218,303
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)	7.000%	02/15/2030		150,000		150,636
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure)	(a)	5.750%	07/01/2025		225,000		227,660
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)	(a)	5.500%	04/01/2027		300,000		288,429
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)	(a)	6.750%	05/01/2031		125,000		123,594
Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components)	(a)	6.250%	05/15/2026		112,000		111,279
Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components)	(a)	8.500%	05/15/2027		1,200,000		1,201,963
Dana, Inc. (Automobile Components)		4.250%	09/01/2030		250,000		208,134
Dana, Inc. (Automobile Components)		4.500%	02/15/2032		100,000		83,002
Dornoch Debt Merger Sub, Inc. (Automobile Components)	(a)	6.625%	10/15/2029		625,000		509,859
Garda World Security Corp. (Diversified Consumer Svs.)	(a)	9.500%	11/01/2027		1,103,000		1,065,601
Gates Global LLC / Gates Corp. (Automobile Components)	(a)	6.250%	01/15/2026		950,000		934,804
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)	(a)	5.750%	05/01/2028		50,000		49,236
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)		4.875%	01/15/2030		150,000		139,863
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)	(a)	3.625%	02/15/2032		200,000		166,747
IHO Verwaltungs GmbH (Automobile Components)	(a)(b)	4.750%, 5.500% PIK	09/15/2026		400,000		369,036
IHO Verwaltungs GmbH (Automobile Components)	(a)(b)	6.000%, 6.750% PIK	05/15/2027		500,000		470,262
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & Leisure)	(a)	4.750%	06/01/2027		350,000		337,827
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)	(a)	4.125%	11/15/2029		200,000		167,008
MGM Resorts International (Hotels, Restaurants & Leisure)		4.625%	09/01/2026		198,000		186,708
MGM Resorts International (Hotels, Restaurants & Leisure)		4.750%	10/15/2028		75,000		68,089
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & Leisure)	(a)	4.875%	05/01/2029		200,000		176,610
Mohegan Tribal Gaming Authority (Hotels, Restaurants & Leisure)	(a)	8.000%	02/01/2026		850,000		811,750
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)	5.625%	01/15/2027		50,000		46,754
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)	4.125%	07/01/2029		250,000		205,175
Raptor Acquisition Corp. / Raptor Co-Issuer LLC (Hotels, Restaurants & Leisure)	(a)	4.875%	11/01/2026		50,000		47,125
Real Hero Merger Sub 2, Inc. (Automobile Components)	(a)	6.250%	02/01/2029		300,000		246,000
Scientific Games Holdings LP / Scientific Games U.S. FinCo, Inc. (Hotels, Restaurants & Leisure)	(a)	6.625%	03/01/2030		400,000		352,000
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)	(a)	8.625%	07/01/2025		350,000		357,437
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)	(a)	7.250%	11/15/2029		250,000		250,312
SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)	5.250%	08/15/2029		450,000		402,785
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)	(a)	5.500%	04/15/2027		275,000		258,899
Six Flags Theme Parks, Inc. (Hotels, Restaurants & Leisure)	(a)	7.000%	07/01/2025		25,000		25,125
Station Casinos LLC (Hotels, Restaurants & Leisure)	(a)	4.500%	02/15/2028		200,000		179,514
Station Casinos LLC (Hotels, Restaurants & Leisure)	(a)	4.625%	12/01/2031		200,000		168,500
William Carter Co. / The (Textiles, Apparel & Luxury Goods)	(a)	5.625%	03/15/2027		275,000		266,840
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)	(a)	4.750%	01/15/2030		75,000		70,231
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		4.625%	01/31/2032		100,000		90,334
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		5.375%	04/01/2032		150,000		142,569
ZF North America Capital, Inc. (Automobile Components)	(a)	6.875%	04/14/2028		200,000		202,537

							15,870,944


CONSUMER STAPLES – 2.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail)	(a)	5.875%	02/15/2028		100,000		97,174
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail)	(a)	6.500%	02/15/2028		175,000		175,291
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail)	(a)	3.500%	03/15/2029		300,000		259,692
BellRing Brands, Inc. (Personal Care Products)	(a)	7.000%	03/15/2030		550,000		553,437
Edgewell Personal Care Co. (Personal Care Products)	(a)	5.500%	06/01/2028		175,000		165,414
Edgewell Personal Care Co. (Personal Care Products)	(a)	4.125%	04/01/2029		200,000		174,500
Energizer Holdings, Inc. (Household Products)	(a)	6.500%	12/31/2027		100,000		96,142
Energizer Holdings, Inc. (Household Products)	(a)	4.750%	06/15/2028		150,000		133,740
Energizer Holdings, Inc. (Household Products)	(a)	4.375%	03/31/2029		425,000		366,222


		57		(continued)


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

CONSUMER STAPLES (continued)
Performance Food Group, Inc. (Consumer Staples Distribution & Retail)	(a)	5.500%	10/15/2027		$ 150,000	$	144,530
Performance Food Group, Inc. (Consumer Staples Distribution & Retail)	(a)	4.250%	08/01/2029		250,000		222,578
Post Holdings, Inc. (Food Products)	(a)	5.750%	03/01/2027		230,000		224,508
Post Holdings, Inc. (Food Products)	(a)	5.625%	01/15/2028		450,000		432,383
U.S. Foods, Inc. (Consumer Staples Distribution & Retail)	(a)	6.250%	04/15/2025		100,000		99,958
U.S. Foods, Inc. (Consumer Staples Distribution & Retail)	(a)	4.750%	02/15/2029		350,000		320,442
U.S. Foods, Inc. (Consumer Staples Distribution & Retail)	(a)	4.625%	06/01/2030		175,000		156,842

							3,622,853


ENERGY – 13.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	7.875%	05/15/2026		125,000		126,773
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	5.750%	03/01/2027		250,000		241,109
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	5.750%	01/15/2028		625,000		595,806
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	5.375%	06/15/2029		625,000		580,738
Antero Resources Corp. (Oil, Gas & Consumable Fuels)	(a)	5.375%	03/01/2030		225,000		208,293
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	6.875%	04/01/2027		625,000		600,000
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	6.250%	04/01/2028		450,000		422,487
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	7.000%	11/01/2026		425,000		411,260
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	8.250%	12/31/2028		100,000		98,340
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	5.875%	06/30/2029		75,000		66,911
Berry Petroleum Co. LLC (Oil, Gas & Consumable Fuels)	(a)	7.000%	02/15/2026		175,000		161,875
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)		8.250%	07/15/2025		150,000		148,875
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)		6.375%	07/01/2026		125,000		121,674
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)		4.500%	10/01/2029		100,000		91,776
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)		4.000%	03/01/2031		325,000		286,159
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)		3.250%	01/31/2032		150,000		123,397
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)		4.625%	10/15/2028		50,000		46,689
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)	(a)	5.500%	02/01/2026		50,000		48,748
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)	(a)	5.875%	02/01/2029		50,000		47,494
Chord Energy Corp. (Oil, Gas & Consumable Fuels)	(a)	6.375%	06/01/2026		75,000		74,353
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)	(a)	8.375%	07/01/2028		100,000		101,130
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)	(a)	8.750%	07/01/2031		50,000		50,690
CNX Midstream Partners LP (Oil, Gas & Consumable Fuels)	(a)	4.750%	04/15/2030		425,000		360,479
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)	(a)	6.750%	03/01/2029		500,000		457,473
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)	(a)	5.875%	01/15/2030		100,000		86,817
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	8.000%	04/01/2029		300,000		303,723
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	7.375%	02/01/2031		25,000		24,641
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)	(a)	5.625%	10/15/2025		525,000		517,230
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)	(a)	5.000%	05/01/2029		50,000		46,813
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)	(a)	4.375%	06/15/2031		200,000		172,251
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)	(a)	5.750%	01/30/2028		100,000		97,818
Enviva Partners LP / Enviva Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	6.500%	01/15/2026		700,000		551,250
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)	(a)	7.500%	06/01/2027		275,000		277,632
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)	(a)	6.500%	07/01/2027		275,000		271,225
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)		5.500%	07/15/2028		350,000		331,176
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)	(a)	4.500%	01/15/2029		100,000		89,189
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)	(a)	4.750%	01/15/2031		675,000		591,289
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)		6.500%	07/15/2048		75,000		67,827
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)	(a)	5.125%	06/15/2028		300,000		280,767
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)	(a)	4.250%	02/15/2030		100,000		87,250
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)	(a)	5.500%	10/15/2030		100,000		92,500
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	6.375%	04/15/2027		175,000		172,869
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)	(a)	5.000%	02/01/2028		300,000		276,738
Nabors Industries Ltd. (Energy Equip. & Svs.)	(a)	7.250%	01/15/2026		100,000		93,352
Nabors Industries Ltd. (Energy Equip. & Svs.)	(a)	7.500%	01/15/2028		275,000		240,641
Nabors Industries, Inc. (Oil, Gas & Consumable Fuels)	(a)	7.375%	05/15/2027		50,000		47,577
NuStar Logistics LP (Oil, Gas & Consumable Fuels)		5.625%	04/28/2027		300,000		288,270
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		8.875%	07/15/2030		375,000		431,017
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		6.625%	09/01/2030		200,000		207,820
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)		5.750%	05/15/2026		250,000		248,999
Permian Resources Operating LLC (Oil, Gas & Consumable Fuels)	(a)	6.875%	04/01/2027		350,000		344,750
Precision Drilling Corp. (Energy Equip. & Svs.)	(a)	7.125%	01/15/2026		200,000		197,490
Precision Drilling Corp. (Energy Equip. & Svs.)	(a)	6.875%	01/15/2029		175,000		158,116
Range Resources Corp. (Oil, Gas & Consumable Fuels)		4.875%	05/15/2025		75,000		73,504
Range Resources Corp. (Oil, Gas & Consumable Fuels)		8.250%	01/15/2029		200,000		208,240


		58		(continued)


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

ENERGY (continued)
Range Resources Corp. (Oil, Gas & Consumable Fuels)	(a)	4.750%	02/15/2030		$ 125,000	$	112,031
Rockcliff Energy II LLC (Oil, Gas & Consumable Fuels)	(a)	5.500%	10/15/2029		200,000		184,491
SM Energy Co. (Oil, Gas & Consumable Fuels)		6.750%	09/15/2026		275,000		268,045
SM Energy Co. (Oil, Gas & Consumable Fuels)		6.625%	01/15/2027		25,000		24,281
SM Energy Co. (Oil, Gas & Consumable Fuels)		6.500%	07/15/2028		50,000		48,000
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)		8.375%	09/15/2028		225,000		234,232
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)		5.375%	03/15/2030		75,000		69,990
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)		4.750%	02/01/2032		75,000		66,100
Tap Rock Resources LLC (Oil, Gas & Consumable Fuels)	(a)	7.000%	10/01/2026		325,000		334,750
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)		5.000%	01/15/2028		425,000		405,593
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)		5.500%	03/01/2030		375,000		360,889
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)		4.875%	02/01/2031		75,000		69,310
TransMontaigne Partners LP / TLP Finance Corp. (Oil, Gas & Consumable Fuels)		6.125%	02/15/2026		225,000		194,550
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)		6.875%	04/01/2026		925,000		906,125
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)		6.875%	09/01/2027		150,000		143,234
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)		4.650%	07/01/2026		50,000		48,100
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)		4.500%	03/01/2028		175,000		165,023
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)		4.750%	08/15/2028		75,000		71,183
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)		5.300%	03/01/2048		500,000		417,363

							16,474,600


FINANCIALS – 12.3%
Ally Financial, Inc. (Consumer Finance)		5.750%	11/20/2025		125,000		120,383
AmWINS Group, Inc. (Insurance)	(a)	4.875%	06/30/2029		400,000		361,193
Ardonagh Midco 2 PLC (Insurance)	(a)(b)	11.500%, 12.750% PIK	01/15/2027		700,000		644,000
AssuredPartners, Inc. (Insurance)	(a)	7.000%	08/15/2025		550,000		543,163
AssuredPartners, Inc. (Insurance)	(a)	5.625%	01/15/2029		200,000		173,108
BroadStreet Partners, Inc. (Insurance)	(a)	5.875%	04/15/2029		1,350,000		1,171,178
Ford Motor Credit Co. LLC (Consumer Finance)		4.063%	11/01/2024		375,000		362,879
Ford Motor Credit Co. LLC (Consumer Finance)		5.125%	06/16/2025		400,000		389,012
Ford Motor Credit Co. LLC (Consumer Finance)		3.375%	11/13/2025		575,000		534,678
Ford Motor Credit Co. LLC (Consumer Finance)		4.389%	01/08/2026		225,000		212,941
Ford Motor Credit Co. LLC (Consumer Finance)		2.700%	08/10/2026		200,000		178,555
Ford Motor Credit Co. LLC (Consumer Finance)		4.271%	01/09/2027		450,000		416,551
Ford Motor Credit Co. LLC (Consumer Finance)		7.350%	11/04/2027		225,000		229,752
Ford Motor Credit Co. LLC (Consumer Finance)		5.113%	05/03/2029		525,000		486,890
Ford Motor Credit Co. LLC (Consumer Finance)		4.000%	11/13/2030		275,000		235,010
GTCR AP Finance, Inc. (Insurance)	(a)	8.000%	05/15/2027		500,000		490,121
GYP Holdings III Corp. (Building Products)	(a)	4.625%	05/01/2029		325,000		286,000
HUB International Ltd. (Insurance)	(a)	7.000%	05/01/2026		1,950,000		1,944,842
HUB International Ltd. (Insurance)	(a)	5.625%	12/01/2029		575,000		515,822
HUB International Ltd. (Insurance)	(a)	7.250%	06/15/2030		150,000		154,890
Jones Deslauriers Insurance Management, Inc. (Insurance)	(a)	8.500%	03/15/2030		325,000		331,568
Jones Deslauriers Insurance Management, Inc. (Insurance)	(a)	10.500%	12/15/2030		300,000		300,924
Navient Corp. (Consumer Finance)		6.750%	06/25/2025		175,000		172,060
Navient Corp. (Consumer Finance)		6.750%	06/15/2026		200,000		192,841
Navient Corp. (Consumer Finance)		5.500%	03/15/2029		350,000		298,400
Navient Corp. (Consumer Finance)		9.375%	07/25/2030		125,000		124,331
NFP Corp. (Insurance)	(a)	6.875%	08/15/2028		1,250,000		1,085,025
NFP Corp. (Insurance)	(a)	7.500%	10/01/2030		375,000		363,077
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)	(a)	3.625%	03/01/2029		200,000		168,094
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)	(a)	3.875%	03/01/2031		350,000		283,800
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)	(a)	4.000%	10/15/2033		400,000		312,896
Ryan Specialty Group LLC (Insurance)	(a)	4.375%	02/01/2030		275,000		243,430
United Wholesale Mortgage LLC (Financial Services)	(a)	5.500%	11/15/2025		700,000		666,055
United Wholesale Mortgage LLC (Financial Services)	(a)	5.750%	06/15/2027		175,000		159,768
United Wholesale Mortgage LLC (Financial Services)	(a)	5.500%	04/15/2029		225,000		192,938
USI, Inc. (Insurance)	(a)	6.875%	05/01/2025		1,025,000		1,017,312

							15,363,487


HEALTH CARE – 7.4%
AdaptHealth LLC (Health Care Providers & Svs.)	(a)	4.625%	08/01/2029		250,000		199,542
AdaptHealth LLC (Health Care Providers & Svs.)	(a)	5.125%	03/01/2030		175,000		141,750
AHP Health Partners, Inc. (Health Care Providers & Svs.)	(a)	5.750%	07/15/2029		350,000		301,780
Avantor Funding, Inc. (Health Care Equip. & Supplies)	(a)	4.625%	07/15/2028		575,000		532,981
Avantor Funding, Inc. (Health Care Equip. & Supplies)	(a)	3.875%	11/01/2029		300,000		262,659
Bausch Health Americas, Inc. (Pharmaceuticals)	(a)	8.500%	01/31/2027		400,000		218,968
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)	6.125%	02/01/2027		200,000		128,040


		59		(continued)


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

HEALTH CARE (continued)
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)	5.000%	02/15/2029		$ 175,000	$	72,159
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)	6.250%	02/15/2029		175,000		74,375
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)	7.250%	05/30/2029		350,000		148,750
Centene Corp. (Health Care Providers & Svs.)		4.250%	12/15/2027		450,000		420,730
Centene Corp. (Health Care Providers & Svs.)		4.625%	12/15/2029		300,000		276,131
Centene Corp. (Health Care Providers & Svs.)		3.375%	02/15/2030		50,000		42,972
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)	(a)	6.000%	01/15/2029		50,000		42,062
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)	(a)	6.875%	04/15/2029		300,000		187,356
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)	(a)	6.125%	04/01/2030		150,000		89,358
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)	(a)	5.250%	05/15/2030		225,000		177,239
Embecta Corp. (Health Care Equip. & Supplies)	(a)	5.000%	02/15/2030		100,000		83,028
Embecta Corp. (Health Care Equip. & Supplies)	(a)	6.750%	02/15/2030		250,000		224,040
Garden Spinco Corp. (Health Care Equip. & Supplies)	(a)	8.625%	07/20/2030		100,000		107,475
Grifols Escrow Issuer SA (Biotechnology)	(a)	4.750%	10/15/2028		675,000		585,819
HCA, Inc. (Health Care Providers & Svs.)		3.500%	09/01/2030		200,000		175,310
HealthEquity, Inc. (Health Care Providers & Svs.)	(a)	4.500%	10/01/2029		525,000		462,699
IQVIA, Inc. (Health Care Technology)	(a)	5.000%	10/15/2026		300,000		289,672
IQVIA, Inc. (Life Sciences Tools & Svs.)	(a)	6.500%	05/15/2030		200,000		201,975
Legacy LifePoint Health LLC (Health Care Providers & Svs.)	(a)	6.750%	04/15/2025		150,000		139,323
Legacy LifePoint Health LLC (Health Care Providers & Svs.)	(a)	4.375%	02/15/2027		125,000		96,721
LifePoint Health, Inc. (Health Care Providers & Svs.)	(a)	5.375%	01/15/2029		25,000		14,766
Medline Borrower LP (Health Care Equip. & Supplies)	(a)	3.875%	04/01/2029		325,000		282,446
Medline Borrower LP (Health Care Equip. & Supplies)	(a)	5.250%	10/01/2029		1,075,000		932,776
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)	(a)	5.750%	11/01/2028		100,000		75,250
Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (Pharmaceuticals)	(a)	5.125%	04/30/2031		450,000		371,261
Pediatrix Medical Group, Inc. (Health Care Providers & Svs.)	(a)	5.375%	02/15/2030		125,000		115,000
Prestige Brands, Inc. (Pharmaceuticals)	(a)	3.750%	04/01/2031		175,000		144,881
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. (Health Care Providers & Svs.)	(a)	9.750%	12/01/2026		100,000		83,863
Syneos Health, Inc. (Life Sciences Tools & Svs.)	(a)	3.625%	01/15/2029		175,000		171,076
Tenet Healthcare Corp. (Health Care Providers & Svs.)		4.875%	01/01/2026		300,000		292,197
Tenet Healthcare Corp. (Health Care Providers & Svs.)		6.250%	02/01/2027		125,000		123,721
Tenet Healthcare Corp. (Health Care Providers & Svs.)		5.125%	11/01/2027		400,000		381,871
Tenet Healthcare Corp. (Health Care Providers & Svs.)		6.125%	10/01/2028		300,000		288,810
Tenet Healthcare Corp. (Health Care Providers & Svs.)		4.250%	06/01/2029		150,000		135,514
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(a)	6.750%	05/15/2031		125,000		125,304

							9,221,650


INDUSTRIALS – 9.9%
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)	(a)	6.625%	07/15/2026		200,000		189,789
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)	(a)	9.750%	07/15/2027		1,300,000		1,149,139
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Passenger Airlines)	(a)	5.500%	04/20/2026		175,000		173,371
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Passenger Airlines)	(a)	5.750%	04/20/2029		150,000		145,647
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)	(a)	4.000%	01/15/2028		175,000		159,488
BCPE Empire Holdings, Inc. (Commercial Svs. & Supplies)	(a)	7.625%	05/01/2027		850,000		790,504
Camelot Return Merger Sub, Inc. (Building Products)	(a)	8.750%	08/01/2028		100,000		94,499
Clarivate Science Holdings Corp. (Professional Svs.)	(a)	3.875%	07/01/2028		75,000		66,483
Clarivate Science Holdings Corp. (Professional Svs.)	(a)	4.875%	07/01/2029		400,000		354,842
Cornerstone Building Brands, Inc. (Building Products)	(a)	6.125%	01/15/2029		175,000		138,250
CP Atlas Buyer, Inc. (Building Products)	(a)	7.000%	12/01/2028		525,000		412,125
Dun & Bradstreet Corp. / The (Professional Svs.)	(a)	5.000%	12/15/2029		300,000		264,519
Foundation Building Materials, Inc. (Trading Companies & Distributors)	(a)	6.000%	03/01/2029		800,000		668,000
Garda World Security Corp. (Commercial Svs. & Supplies)	(a)	4.625%	02/15/2027		175,000		160,125
Garda World Security Corp. (Commercial Svs. & Supplies)	(a)	7.750%	02/15/2028		150,000		148,893
Garda World Security Corp. (Commercial Svs. & Supplies)	(a)	6.000%	06/01/2029		300,000		245,837
H&E Equipment Services, Inc. (Trading Companies & Distributors)	(a)	3.875%	12/15/2028		300,000		259,734
Interface, Inc. (Commercial Svs. & Supplies)	(a)	5.500%	12/01/2028		125,000		101,328
Madison IAQ LLC (Commercial Svs. & Supplies)	(a)	4.125%	06/30/2028		50,000		44,015
Madison IAQ LLC (Commercial Svs. & Supplies)	(a)	5.875%	06/30/2029		900,000		728,918
MIWD Holdco II LLC / MIWD Finance Corp. (Building Products)	(a)	5.500%	02/01/2030		75,000		61,875
OPENLANE, Inc. (Commercial Svs. & Supplies)	(a)	5.125%	06/01/2025		45,000		44,099
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies)	(a)	6.750%	03/15/2028		75,000		75,594
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies)	(a)	7.750%	03/15/2031		75,000		77,807
Science Applications International Corp. (Professional Svs.)	(a)	4.875%	04/01/2028		75,000		69,753
Sensata Technologies B.V. (Electrical Equip.)	(a)	5.875%	09/01/2030		200,000		194,457
Sensata Technologies, Inc. (Electrical Equip.)	(a)	4.375%	02/15/2030		125,000		111,781
Sensata Technologies, Inc. (Electrical Equip.)	(a)	3.750%	02/15/2031		25,000		21,387
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies)	(a)	7.625%	04/01/2026		400,000		387,106
SPX FLOW, Inc. (Machinery)	(a)	8.750%	04/01/2030		450,000		404,992
Stena International SA (Transportation Infrastructure)	(a)	6.125%	02/01/2025		300,000		292,231
TK Elevator U.S. Newco, Inc. (Building Products)	(a)	5.250%	07/15/2027		325,000		300,259


		60		(continued)


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

INDUSTRIALS (continued)
TransDigm U.K. Holdings PLC (Aerospace & Defense)		6.875%	05/15/2026		$ 275,000	$	272,439
TransDigm, Inc. (Aerospace & Defense)	(a)	6.250%	03/15/2026		600,000		597,068
TransDigm, Inc. (Aerospace & Defense)		6.375%	06/15/2026		550,000		542,854
TransDigm, Inc. (Aerospace & Defense)		5.500%	11/15/2027		150,000		141,480
TransDigm, Inc. (Aerospace & Defense)		4.625%	01/15/2029		125,000		111,195
TransDigm, Inc. (Aerospace & Defense)		4.875%	05/01/2029		425,000		379,637
United Rentals North America, Inc. (Trading Companies & Distributors)		5.500%	05/15/2027		25,000		24,605
United Rentals North America, Inc. (Trading Companies & Distributors)		4.875%	01/15/2028		325,000		309,267
United Rentals North America, Inc. (Trading Companies & Distributors)		5.250%	01/15/2030		75,000		71,589
United Rentals North America, Inc. (Trading Companies & Distributors)		3.875%	02/15/2031		50,000		43,290
United Rentals North America, Inc. (Trading Companies & Distributors)		3.750%	01/15/2032		150,000		127,044
Watco Cos. LLC / Watco Finance Corp. (Ground Transportation)	(a)	6.500%	06/15/2027		400,000		380,119
WESCO Distribution, Inc. (Trading Companies & Distributors)	(a)	7.125%	06/15/2025		100,000		101,053
WESCO Distribution, Inc. (Trading Companies & Distributors)	(a)	7.250%	06/15/2028		225,000		229,513
White Cap Buyer LLC (Building Products)	(a)	6.875%	10/15/2028		425,000		385,156
White Cap Parent LLC (Building Products)	(a)(b)	8.250%, 9.000% PIK	03/15/2026		325,000		311,327

							12,364,483


INFORMATION TECHNOLOGY – 7.8%
AthenaHealth Group, Inc. (Software)	(a)	6.500%	02/15/2030		1,125,000		946,845
Black Knight InfoServ LLC (IT Svs.)	(a)	3.625%	09/01/2028		275,000		246,125
Boxer Parent Co., Inc. (Software)	(a)	9.125%	03/01/2026		325,000		323,375
Capstone Borrower, Inc. (Software)	(a)	8.000%	06/15/2030		300,000		296,253
Central Parent, Inc. / CDK Global, Inc. (Software)	(a)	7.250%	06/15/2029		550,000		543,835
Ciena Corp. (Communications Equip.)	(a)	4.000%	01/31/2030		75,000		65,344
Cloud Software Group, Inc. (Software)	(a)	6.500%	03/31/2029		400,000		356,152
Cloud Software Group, Inc. (Software)	(a)	9.000%	09/30/2029		225,000		196,523
Coherent Corp. (Electronic Equip., Instr. & Comp.)	(a)	5.000%	12/15/2029		475,000		428,740
Consensus Cloud Solutions, Inc. (Software)	(a)	6.000%	10/15/2026		200,000		181,500
Consensus Cloud Solutions, Inc. (Software)	(a)	6.500%	10/15/2028		300,000		256,500
Elastic N.V. (Software)	(a)	4.125%	07/15/2029		425,000		366,636
Fair Isaac Corp. (Software)	(a)	4.000%	06/15/2028		125,000		114,676
Gartner, Inc. (IT Svs.)	(a)	4.500%	07/01/2028		50,000		46,710
Gartner, Inc. (IT Svs.)	(a)	3.750%	10/01/2030		125,000		108,865
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.)	(a)	5.250%	12/01/2027		350,000		332,500
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL (Software)	(a)	4.625%	05/01/2028		375,000		318,750
McAfee Corp. (Software)	(a)	7.375%	02/15/2030		1,250,000		1,086,903
NCR Corp. (Software)	(a)	5.000%	10/01/2028		225,000		200,797
NCR Corp. (Software)	(a)	5.125%	04/15/2029		50,000		44,263
NCR Corp. (Software)	(a)	6.125%	09/01/2029		50,000		50,042
NCR Corp. (Software)	(a)	5.250%	10/01/2030		325,000		282,556
Open Text Corp. (Software)	(a)	3.875%	12/01/2029		350,000		292,552
Rocket Software, Inc. (Software)	(a)	6.500%	02/15/2029		625,000		526,374
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)	(a)	8.250%	12/15/2029		125,000		130,559
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)	(a)	9.625%	12/01/2032		425,250		469,237
SS&C Technologies, Inc. (Professional Svs.)	(a)	5.500%	09/30/2027		600,000		574,397
Synaptics, Inc. (Semiconductors & Equip.)	(a)	4.000%	06/15/2029		125,000		104,796
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a)	4.000%	03/01/2029		450,000		382,486
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software)	(a)	7.500%	09/01/2025		475,000		385,422
Viavi Solutions, Inc. (Communications Equip.)	(a)	3.750%	10/01/2029		75,000		63,728

							9,723,441


MATERIALS – 10.4%
ARD Finance SA (Containers & Packaging)	(a)(b)	6.500%, 7.250% PIK	06/30/2027		653,176		529,168
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging)	(a)	4.000%	09/01/2029		475,000		376,197
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(a)	5.250%	08/15/2027		775,000		656,488
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(a)	5.250%	08/15/2027		275,000		232,947
Axalta Coating Systems LLC (Chemicals)	(a)	3.375%	02/15/2029		150,000		127,688
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B B.V. (Chemicals)	(a)	4.750%	06/15/2027		150,000		141,382
Ball Corp. (Containers & Packaging)		6.875%	03/15/2028		25,000		25,497
Ball Corp. (Containers & Packaging)		6.000%	06/15/2029		100,000		99,250
Ball Corp. (Containers & Packaging)		2.875%	08/15/2030		325,000		269,791
Ball Corp. (Containers & Packaging)		3.125%	09/15/2031		75,000		61,693
Berry Global, Inc. (Containers & Packaging)	(a)	5.625%	07/15/2027		250,000		244,688
Clearwater Paper Corp. (Paper & Forest Products)	(a)	5.375%	02/01/2025		575,000		560,624
Cleveland-Cliffs, Inc. (Metals & Mining)	(a)	4.875%	03/01/2031		325,000		285,630
Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)	(a)	8.750%	04/15/2030		1,250,000		1,103,405
Coeur Mining, Inc. (Metals & Mining)	(a)	5.125%	02/15/2029		325,000		268,125
Crown Americas LLC / Crown Americas Capital Corp. V (Containers & Packaging)		4.250%	09/30/2026		50,000		47,350
Crown Americas LLC / Crown Americas Capital Corp. VI (Containers & Packaging)		4.750%	02/01/2026		275,000		266,521


		61		(continued)


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

MATERIALS (continued)
Diamond BC B.V. (Chemicals)	(a)	4.625%	10/01/2029		$ `750,000	$	756,571
Element Solutions, Inc. (Chemicals)	(a)	3.875%	09/01/2028		300,000		261,713
Graphic Packaging International LLC (Containers & Packaging)	(a)	4.750%	07/15/2027		150,000		142,615
Graphic Packaging International LLC (Containers & Packaging)	(a)	3.500%	03/15/2028		100,000		89,422
Graphic Packaging International LLC (Containers & Packaging)	(a)	3.500%	03/01/2029		100,000		87,443
Graphic Packaging International LLC (Containers & Packaging)	(a)	3.750%	02/01/2030		25,000		21,563
H.B. Fuller Co. (Chemicals)		4.250%	10/15/2028		125,000		111,255
Herens Holdco SARL (Chemicals)	(a)	4.750%	05/15/2028		500,000		387,500
Mauser Packaging Solutions Holding Co. (Containers & Packaging)	(a)	7.875%	08/15/2026		325,000		322,890
Mauser Packaging Solutions Holding Co. (Containers & Packaging)	(a)	9.250%	04/15/2027		225,000		207,675
OI European Group B.V. (Containers & Packaging)	(a)	4.750%	02/15/2030		300,000		270,768
Olympus Water U.S. Holding Corp. (Chemicals)	(a)	7.125%	10/01/2027		200,000		180,320
Olympus Water U.S. Holding Corp. (Chemicals)	(a)	4.250%	10/01/2028		200,000		158,109
Olympus Water U.S. Holding Corp. (Chemicals)	(a)	9.750%	11/15/2028		275,000		268,207
Olympus Water U.S. Holding Corp. (Chemicals)	(a)	6.250%	10/01/2029		400,000		289,320
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(a)	6.375%	08/15/2025		450,000		450,893
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(a)	6.625%	05/13/2027		38,000		37,627
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(a)	7.250%	05/15/2031		175,000		177,188
Polar U.S. Borrower LLC / Schenectady International Group, Inc. (Chemicals)	(a)	6.750%	05/15/2026		200,000		117,998
Sealed Air Corp. (Containers & Packaging)	(a)	4.000%	12/01/2027		200,000		182,549
Sealed Air Corp. (Containers & Packaging)	(a)	5.000%	04/15/2029		75,000		69,783
SPCM SA (Chemicals)	(a)	3.375%	03/15/2030		200,000		166,371
SRS Distribution, Inc. (Construction Materials)	(a)	6.125%	07/01/2029		200,000		172,726
SRS Distribution, Inc. (Construction Materials)	(a)	6.000%	12/01/2029		750,000		647,287
Standard Industries, Inc. (Construction Materials)	(a)	5.000%	02/15/2027		1,000,000		953,050
Standard Industries, Inc. (Construction Materials)	(a)	4.750%	01/15/2028		25,000		23,281
Trivium Packaging Finance B.V. (Containers & Packaging)	(a)	5.500%	08/15/2026		200,000		192,031
Trivium Packaging Finance B.V. (Containers & Packaging)	(a)	8.500%	08/15/2027		675,000		649,766
W.R. Grace Holdings LLC (Chemicals)	(a)	4.875%	06/15/2027		100,000		92,743
W.R. Grace Holdings LLC (Chemicals)	(a)	5.625%	08/15/2029		250,000		204,825

							12,989,933


REAL ESTATE – 1.0%
Iron Mountain, Inc. (Specialized REITs)	(a)	7.000%	02/15/2029		300,000		300,505
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)	(a)	5.000%	08/15/2027		50,000		45,385
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)	(a)	4.250%	01/15/2029		100,000		84,036
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)	(a)	4.625%	03/15/2030		225,000		187,449
RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs)	(a)	7.250%	07/15/2028		75,000		75,767
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)	(a)	4.625%	06/15/2025		50,000		48,312
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)	(a)	4.250%	12/01/2026		175,000		163,709
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)	(a)	3.875%	02/15/2029		50,000		43,878
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)	(a)	4.625%	12/01/2029		225,000		204,271
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)	(a)	4.125%	08/15/2030		100,000		88,043

							1,241,355


UTILITIES – 3.7%
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)		5.875%	08/20/2026		400,000		376,240
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)		5.750%	05/20/2027		100,000		91,923
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)	5.250%	06/01/2026		50,000		48,285
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)	4.500%	02/15/2028		425,000		384,766
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)	4.625%	02/01/2029		150,000		126,552
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)	5.000%	02/01/2031		100,000		82,707
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)	3.750%	03/01/2031		300,000		243,031
Emerald Debt Merger Sub LLC (Electric Utilities)	(a)	6.625%	12/15/2030		500,000		495,625
NRG Energy, Inc. (Electric Utilities)		6.625%	01/15/2027		76,000		75,444
NRG Energy, Inc. (Electric Utilities)	(a)	3.375%	02/15/2029		25,000		20,447
NRG Energy, Inc. (Electric Utilities)	(a)	3.625%	02/15/2031		25,000		19,516
NRG Energy, Inc. (Electric Utilities)	(a)	3.875%	02/15/2032		775,000		597,126
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)		5.875%	03/01/2027		600,000		579,705
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)	(a)	5.000%	06/01/2031		125,000		104,644
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)	(a)	5.000%	01/31/2028		750,000		690,495
TransAlta Corp. (Ind. Power & Renewable Elec.)		7.750%	11/15/2029		175,000		180,163
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)	(a)	5.500%	09/01/2026		225,000		216,505
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)	(a)	5.000%	07/31/2027		375,000		351,006

							4,684,180

Total Corporate Bonds (Cost $133,607,470)						$	119,994,648


		62		(continued)


Ohio National Fund, Inc.		ON Federated High Income Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 0.0%		Shares		Value

COMMUNICATION SERVICES – 0.0%
iHeartMedia, Inc. Class A (Media)	(c)		7,387	$	26,889

Total Common Stocks (Cost $178,496)				$	26,889


Rights – 0.0%		Quantity		Value

COMMUNICATION SERVICES – 0.0%
Intelsat Jackson Holdings SA (Diversified Telecom. Svs.)	(c)		591	$	2,807

Total Rights (Cost $0)				$	2,807

Total Investments – 96.1% (Cost $133,785,966)	(d)			$	120,024,344
Other Assets in Excess of Liabilities – 3.9%					4,865,738

Net Assets – 100.0%				$	124,890,082

Percentages are stated as a percent of net assets.

Abbreviations:

PIK:

Payment-in-Kind

REITs:

Real Estate Investment Trusts

Footnotes:

(a)

Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $99,992,545, or 80.1% of the Portfolio’s net assets.

(b)

Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind).

(c)

Non-income producing security.

(d)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.


		63


Ohio National Fund, Inc.		ON Nasdaq-100^® Index Portfolio (Unaudited)

Objective/Strategy

The ON Nasdaq-100^® Index Portfolio seeks long-term growth of capital by investing, under normal circumstances, more than 80% of its net assets in the common stocks of companies that are included in the Nasdaq-100^® Index.

Performance as of June 30, 2023


Average Annual returns
One year	32.76	%
Five years	17.21	%
Ten years	18.67	%

Total expense ratio is 0.43% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 39.09% versus 39.35% for its benchmark, the Nasdaq-100^® Index.

Q. What affected the Portfolio’s performance?

A. The Portfolio intends to track the underlying return of the Nasdaq-100^® Index. There were no material market events or changes in strategy during the six-month period that materially impacted the Portfolio’s relative return. Sources of return variance were related to the cumulative impact of investing the day-to-day cash flows in the Portfolio. There was no impact from either sector allocation or stock selection that caused any significant performance variance between the Portfolio and its benchmark. Information Technology, Communication Services and Consumer Discretionary were the top contributors for the six-month period. Utilities and Financials were the top detractors from performance. Because the Portfolio weights its holdings to be similar to those utilized by the benchmark, there were no holdings that significantly contributed to, or detracted from, the Portfolio’s benchmark-relative performance. Benchmark constituents that contributed the most to Portfolio and benchmark returns were NVIDIA Corp., Apple, Inc., and Microsoft Corp. Moderna, Inc., Amgen, Inc., and Enphase Energy, Inc. were leading detractors. Derivatives had no significant impact on the Portfolio’s performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The Nasdaq-100^® Index is a modified capitalization-weighted index of the 100 largest domestic and international non-financial companies listed on the NASDAQ^® Stock Market. The index presented includes the effects of reinvested dividends.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.

The Nasdaq-100^®, Nasdaq-100 Index^®, and Nasdaq^® are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as “NASDAQ OMX”). Ohio National Investments, Inc. has licensed these marks for the Portfolio’s use. NASDAQ OMX has not passed on the Portfolio’s legality or suitability. NASDAQ OMX does not sponsor, endorse, sell or promote the Portfolio. NASDAQ OMX MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE PORTFOLIO.


		64		(continued)


Ohio National Fund, Inc.		ON Nasdaq-100^® Index Portfolio (Unaudited) (Continued)

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		100.2
U.S. Treasury Obligations		0.0
Less Net Liabilities		(0.2	)

		100.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		51.5
Communication Services		16.5
Consumer Discretionary		15.2
Health Care		5.7
Consumer Staples		5.3
Industrials		3.9
Utilities		1.0
Financials		0.5
Energy		0.4
Real Estate		0.2

		100.2

Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Microsoft Corp.		12.9
2.	Apple, Inc.		12.6
3.	NVIDIA Corp.		7.0
4.	Amazon.com, Inc.		6.9
5.	Tesla, Inc.		4.3
6.	Meta Platforms, Inc. Class A		4.2
7.	Alphabet, Inc. Class A		3.7
8.	Alphabet, Inc. Class C		3.6
9.	Broadcom, Inc.		2.4
10.	PepsiCo, Inc.		1.7


		65


Ohio National Fund, Inc.		ON Nasdaq-100^® Index Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 100.2%			Shares		Value

COMMUNICATION SERVICES – 16.5%
Activision Blizzard, Inc. (Entertainment)	(a	)		13,372	$	1,127,260
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a	)		79,396		9,503,701
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		77,020		9,317,109
Charter Communications, Inc. Class A (Media)	(a	)		2,561		940,835
Comcast Corp. Class A (Media)				70,752		2,939,746
Electronic Arts, Inc. (Entertainment)				4,639		601,678
Meta Platforms, Inc. Class A (Interactive Media & Svs.)	(a	)		37,629		10,798,770
Netflix, Inc. (Entertainment)	(a	)		7,562		3,330,985
Sirius XM Holdings, Inc. (Media)				65,796		298,056
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)	(a	)		20,410		2,834,949
Warner Bros Discovery, Inc. (Entertainment)	(a	)		41,442		519,683

						42,212,772


CONSUMER DISCRETIONARY – 15.2%
Airbnb, Inc. Class A (Hotels, Restaurants & Leisure)	(a	)		7,015		899,042
Amazon.com, Inc. (Broadline Retail)	(a	)		134,533		17,537,722
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)	(a	)		628		1,695,807
eBay, Inc. (Broadline Retail)				9,096		406,500
JD.com, Inc. – ADR (Broadline Retail)				7,723		263,586
Lucid Group, Inc. (Automobiles)	(a	)		31,120		214,417
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		2,079		786,902
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)				5,184		952,249
MercadoLibre, Inc. (Broadline Retail)	(a	)		854		1,011,648
O’Reilly Automotive, Inc. (Specialty Retail)	(a	)		1,036		989,691
PDD Holdings, Inc. – ADR (Broadline Retail)	(a	)		10,387		718,157
Ross Stores, Inc. (Specialty Retail)				5,818		652,372
Starbucks Corp. (Hotels, Restaurants & Leisure)				19,500		1,931,670
Tesla, Inc. (Automobiles)	(a	)		41,559		10,878,900

						38,938,663


CONSUMER STAPLES – 5.3%
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)				7,544		4,061,539
Dollar Tree, Inc. (Consumer Staples Distribution & Retail)	(a	)		3,749		537,982
Keurig Dr Pepper, Inc. (Beverages)				23,880		746,728
Kraft Heinz Co. / The (Food Products)				20,876		741,098
Mondelez International, Inc. Class A (Food Products)				23,165		1,689,655
Monster Beverage Corp. (Beverages)	(a	)		17,805		1,022,719
PepsiCo, Inc. (Beverages)				23,434		4,340,445
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)				14,678		418,176

						13,558,342


ENERGY – 0.4%
Baker Hughes Co. (Energy Equip. & Svs.)				17,221		544,356
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)				3,080		404,589

						948,945


FINANCIALS – 0.5%
PayPal Holdings, Inc. (Financial Services)	(a	)		18,979		1,266,469


HEALTH CARE – 5.7%
Align Technology, Inc. (Health Care Equip. & Supplies)	(a	)		1,302		460,439
Amgen, Inc. (Biotechnology)				9,089		2,017,940
AstraZeneca PLC – ADR (Pharmaceuticals)				10,068		720,567
Biogen, Inc. (Biotechnology)	(a	)		2,462		701,301


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
Dexcom, Inc. (Health Care Equip. & Supplies)	(a	)		6,594	$	847,395
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies)				7,734		628,310
Gilead Sciences, Inc. (Biotechnology)				21,218		1,635,271
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)	(a	)		1,412		709,149
Illumina, Inc. (Life Sciences Tools & Svs.)	(a	)		2,689		504,161
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a	)		5,960		2,037,962
Moderna, Inc. (Biotechnology)	(a	)		6,485		787,927
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a	)		1,835		1,318,521
Seagen, Inc. (Biotechnology)	(a	)		3,190		613,947
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a	)		4,381		1,541,718

						14,524,608


INDUSTRIALS – 3.9%
Automatic Data Processing, Inc. (Professional Svs.)				7,027		1,544,464
Cintas Corp. (Commercial Svs. & Supplies)				1,730		859,948
Copart, Inc. (Commercial Svs. & Supplies)	(a	)		8,121		740,716
CSX Corp. (Ground Transportation)				34,583		1,179,280
Fastenal Co. (Trading Companies & Distributors)				9,714		573,029
Honeywell International, Inc. (Industrial Conglomerates)				11,323		2,349,523
Old Dominion Freight Line, Inc. (Ground Transportation)				1,865		689,584
PACCAR, Inc. (Machinery)				8,889		743,565
Paychex, Inc. (Professional Svs.)				6,133		686,099
Verisk Analytics, Inc. (Professional Svs.)				2,463		556,712

						9,922,920


INFORMATION TECHNOLOGY – 51.5%
Adobe, Inc. (Software)	(a	)		7,803		3,815,589
Advanced Micro Devices, Inc. (Semiconductors & Equip.)	(a	)		27,393		3,120,337
Analog Devices, Inc. (Semiconductors & Equip.)				8,529		1,661,534
ANSYS, Inc. (Software)	(a	)		1,474		486,818
Apple, Inc. (Tech. Hardware, Storage & Periph.)				165,874		32,174,580
Applied Materials, Inc. (Semiconductors & Equip.)				14,284		2,064,609
ASML Holding N.V. (Semiconductors & Equip.)				1,493		1,082,052
Atlassian Corp. Class A (Software)	(a	)		2,584		433,621
Autodesk, Inc. (Software)	(a	)		3,643		745,394
Broadcom, Inc. (Semiconductors & Equip.)				7,092		6,151,813
Cadence Design Systems, Inc. (Software)	(a	)		4,638		1,087,704
Cisco Systems, Inc. (Communications Equip.)				69,317		3,586,462
Cognizant Technology Solutions Corp. Class A (IT Svs.)				8,632		563,497
Crowdstrike Holdings, Inc. Class A (Software)	(a	)		3,813		560,015
Datadog, Inc. Class A (Software)	(a	)		5,040		495,835
Enphase Energy, Inc. (Semiconductors & Equip.)	(a	)		2,331		390,396
Fortinet, Inc. (Software)	(a	)		13,356		1,009,580
GLOBALFOUNDRIES, Inc. (Semiconductors & Equip.)	(a	)		9,318		601,756
Intel Corp. (Semiconductors & Equip.)				70,950		2,372,568
Intuit, Inc. (Software)				4,764		2,182,817
KLA Corp. (Semiconductors & Equip.)				2,334		1,132,037
Lam Research Corp. (Semiconductors & Equip.)				2,285		1,468,935
Marvell Technology, Inc. (Semiconductors & Equip.)				14,629		874,522


		66		(continued)


Ohio National Fund, Inc.		ON Nasdaq-100^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

INFORMATION TECHNOLOGY (continued)
Microchip Technology, Inc. (Semiconductors & Equip.)				9,277	$	831,126
Micron Technology, Inc. (Semiconductors & Equip.)				18,616		1,174,856
Microsoft Corp. (Software)				97,089		33,062,688
NVIDIA Corp. (Semiconductors & Equip.)				42,015		17,773,185
NXP Semiconductors N.V. (Semiconductors & Equip.)				4,418		904,276
ON Semiconductor Corp. (Semiconductors & Equip.)	(a	)		7,346		694,785
Palo Alto Networks, Inc. (Software)	(a	)		5,203		1,329,418
QUALCOMM, Inc. (Semiconductors & Equip.)				18,949		2,255,689
Synopsys, Inc. (Software)	(a	)		2,588		1,126,841
Texas Instruments, Inc. (Semiconductors & Equip.)				15,439		2,779,329
Workday, Inc. Class A (Software)	(a	)		3,504		791,519
Zoom Video Communications, Inc. Class A (Software)	(a	)		4,268		289,712
Zscaler, Inc. (Software)	(a	)		2,469		361,215

						131,437,110


Common Stocks (Continued)			Shares		Value

REAL ESTATE – 0.2%
CoStar Group, Inc. (Real Estate Mgmt. & Development)	(a	)		6,949	$	618,461

UTILITIES – 1.0%
American Electric Power Co., Inc. (Electric Utilities)				8,757		737,339
Constellation Energy Corp. (Electric Utilities)				5,518		505,173
Exelon Corp. (Electric Utilities)				16,918		689,239
Xcel Energy, Inc. (Electric Utilities)				9,362		582,036

						2,513,787

Total Common Stocks (Cost $150,236,048)					$	255,942,077


U.S. Treasury Obligations – 0.0%		Rate		Maturity		Face Amount	Value
U.S. Treasury Bill	(b)		0.000%		09/07/2023	$100,000	$	99,059

Total U.S. Treasury Obligations (Cost $99,031)							$	99,059

Total Investments – 100.2% (Cost $150,335,079)						(c)	$	256,041,136
Liabilities in Excess of Other Assets – (0.2)%						(b)		(545,415	)

Net Assets – 100.0%							$	255,495,721

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a)

Non-income producing security.

(b)

Security is fully pledged, in addition to $2,741 of the Portfolio’s cash holdings, as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

(c)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

CME E-mini Nasdaq-100 Index - Long

September 15, 2023

$1,808,545

$1,840,440

$31,895

$28,410

The accompanying notes are an integral part of these financial statements.


		67


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Core Portfolio (Unaudited)

Objective/Strategy

The ON BlackRock Advantage Large Cap Core Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.



Performance as of June 30, 2023


Average Annual returns
One year	17.95	%
Five years	9.01	%
Ten years	12.28	%

Total expense ratio is 0.69% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 16.25% versus 16.89% for its benchmark, the S&P 500^® Index.

Q. What affected the Portfolio’s performance?

A. Security selection in Health Care was the primary source of weakness, with adverse performance across providers and health insurers. This includes positioning around sentiment for weight loss drugs, deal activity for biopharma amid patent expiration, and the impact to health insurers amid an expected surge in expenses. Sentiment measures detracted, as insights designed to capture sentiment from bond markets and measures that evaluate institutional investor interest struggled. Fundamental measures that evaluate managerial quality also detracted. Other nontraditional measures of company quality, such as those that evaluate company benefits and insights with a preference for founder led companies, also struggled.

Macro thematic insights helped offset the weakness by capturing the artificial intelligence (“AI”) related market rally. Specifically, industry positioning driven by inventory trends, expectations of a soft economic landing and news sentiment motivated an overweight to the Information Technology sector. Elsewhere, fundamental valuation measures also provided ballast. Derivatives had no significant impact on the Portfolio’s performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		68		(continued)

Ohio National Fund, Inc.

ON BlackRock Advantage Large Cap Core Portfolio

(Unaudited) (Continued)

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		100.0
Less Net Liabilities		(0.0	)

		100.0

Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Apple, Inc.		8.4
2.	Microsoft Corp.		7.9
3.	NVIDIA Corp.		3.9
4.	Amazon.com, Inc.		3.7
5.	Alphabet, Inc. Class A		3.0
6.	Meta Platforms, Inc. Class A		1.9
7.	Chevron Corp.		1.8
8.	Walmart, Inc.		1.8
9.	Alphabet, Inc. Class C		1.7
10.	PepsiCo, Inc.		1.7

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		28.9
Health Care		14.1
Financials		12.2
Consumer Discretionary		11.1
Industrials		9.0
Communication Services		8.1
Consumer Staples		7.0
Energy		3.4
Real Estate		2.2
Utilities		2.0
Materials		2.0

		100.0


		69


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Core Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 100.0%			Shares		Value

COMMUNICATION SERVICES – 8.1%
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a	)		81,712	$	9,780,926
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		47,455		5,740,631
Comcast Corp. Class A (Media)				46,520		1,932,906
Fox Corp. Class A (Media)				86,254		2,932,636
Fox Corp. Class B (Media)				1,539		49,079
Meta Platforms, Inc. Class A (Interactive Media & Svs.)	(a	)		21,866		6,275,105
Warner Bros Discovery, Inc. (Entertainment)	(a	)		14,128		177,165

						26,888,448


CONSUMER DISCRETIONARY – 11.1%
Amazon.com, Inc. (Broadline Retail)	(a	)		95,117		12,399,452
AutoNation, Inc. (Specialty Retail)	(a	)		3,792		624,201
Best Buy Co., Inc. (Specialty Retail)				9,928		813,600
eBay, Inc. (Broadline Retail)				61,869		2,764,926
Five Below, Inc. (Specialty Retail)	(a	)		2,127		418,041
General Motors Co. (Automobiles)				55,662		2,146,327
Home Depot, Inc. / The (Specialty Retail)				10,141		3,150,200
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		4,866		1,841,781
McDonald’s Corp. (Hotels, Restaurants & Leisure)				4,007		1,195,729
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				4,650		513,221
Tesla, Inc. (Automobiles)	(a	)		20,446		5,352,149
TJX Cos., Inc. / The (Specialty Retail)				31,881		2,703,190
Travel + Leisure Co. (Hotels, Restaurants & Leisure)				50,104		2,021,195
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)				5,850		810,517

						36,754,529


CONSUMER STAPLES – 7.0%
Hershey Co. / The (Food Products)				13,900		3,470,830
Kimberly-Clark Corp. (Household Products)				22,712		3,135,619
PepsiCo, Inc. (Beverages)				30,706		5,687,365
Procter & Gamble Co. / The (Household Products)				30,035		4,557,511
Target Corp. (Consumer Staples Distribution & Retail)				2,943		388,182
Walmart, Inc. (Consumer Staples Distribution & Retail)				36,962		5,809,687

						23,049,194


ENERGY – 3.4%
Chevron Corp. (Oil, Gas & Consumable Fuels)				37,231		5,858,298
ConocoPhillips (Oil, Gas & Consumable Fuels)				17,670		1,830,789
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)				6,222		712,046
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)				11,053		1,185,434
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)				5,311		619,262
Phillips 66 (Oil, Gas & Consumable Fuels)				5,857		558,641
Targa Resources Corp. (Oil, Gas & Consumable Fuels)				5,752		437,727

						11,202,197


FINANCIALS – 12.2%
Allstate Corp. / The (Insurance)				13,914		1,517,183
American Express Co. (Consumer Finance)				15,568		2,711,946
Bank of America Corp. (Banks)				122,539		3,515,644
Bank of New York Mellon Corp. / The (Capital Markets)				16,047		714,412
Berkshire Hathaway, Inc. Class B (Financial Services)	(a	)		6,404		2,183,764
Citigroup, Inc. (Banks)				28,741		1,323,236
JPMorgan Chase & Co. (Banks)				9,103		1,323,940


Common Stocks (Continued)			Shares		Value

FINANCIALS (continued)
Marsh & McLennan Cos., Inc. (Insurance)				21,740	$	4,088,859
Mastercard, Inc. Class A (Financial Services)				12,949		5,092,842
MetLife, Inc. (Insurance)				72,446		4,095,372
Moody’s Corp. (Capital Markets)				1,266		440,214
Nasdaq, Inc. (Capital Markets)				55,450		2,764,182
PayPal Holdings, Inc. (Financial Services)	(a	)		28,789		1,921,090
S&P Global, Inc. (Capital Markets)				1,679		673,094
Travelers Cos., Inc. / The (Insurance)				14,719		2,556,102
Visa, Inc. (Financial Services)				22,849		5,426,180

						40,348,060


HEALTH CARE – 14.1%
Abbott Laboratories (Health Care Equip. & Supplies)				17,428		1,900,001
AbbVie, Inc. (Biotechnology)				11,684		1,574,185
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)				24,351		2,928,208
Amgen, Inc. (Biotechnology)				20,415		4,532,538
Becton Dickinson & Co. (Health Care Equip. & Supplies)				4,622		1,220,254
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a	)		75,268		4,071,246
Bristol-Myers Squibb Co. (Pharmaceuticals)				69,462		4,442,095
Cigna Group / The (Health Care Providers & Svs.)				9,853		2,764,752
CVS Health Corp. (Health Care Providers & Svs.)				55,600		3,843,628
Danaher Corp. (Life Sciences Tools & Svs.)				5,203		1,248,720
Elevance Health, Inc. (Health Care Providers & Svs.)				7,739		3,438,360
Eli Lilly & Co. (Pharmaceuticals)				3,994		1,873,106
Gilead Sciences, Inc. (Biotechnology)				13,136		1,012,391
Incyte Corp. (Biotechnology)	(a	)		52,728		3,282,318
Johnson & Johnson (Pharmaceuticals)				8,556		1,416,189
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a	)		1,803		1,295,528
Stryker Corp. (Health Care Equip. & Supplies)				6,366		1,942,203
Ultragenyx Pharmaceutical, Inc. (Biotechnology)	(a	)		13,581		626,492
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				6,575		3,160,208

						46,572,422


INDUSTRIALS – 9.0%
AECOM (Construction & Engineering)				31,529		2,670,191
Allegion PLC (Building Products)				13,944		1,673,559
Cintas Corp. (Commercial Svs. & Supplies)				3,556		1,767,616
Cummins, Inc. (Machinery)				3,999		980,395
Deere & Co. (Machinery)				5,520		2,236,649
Eaton Corp. PLC (Electrical Equip.)				6,910		1,389,601
General Dynamics Corp. (Aerospace & Defense)				13,819		2,973,158
Honeywell International, Inc. (Industrial Conglomerates)				14,274		2,961,855
Illinois Tool Works, Inc. (Machinery)				12,887		3,223,812
Lockheed Martin Corp. (Aerospace & Defense)				5,353		2,464,414
Snap-on, Inc. (Machinery)				4,324		1,246,134
Timken Co. / The (Machinery)				11,458		1,048,751
W.W. Grainger, Inc. (Trading Companies & Distributors)				3,719		2,932,766
Xylem, Inc. (Machinery)				18,784		2,115,454

						29,684,355


INFORMATION TECHNOLOGY – 28.9%
Adobe, Inc. (Software)	(a	)		6,716		3,284,057
Apple, Inc. (Tech. Hardware, Storage & Periph.)				142,763		27,691,739
Applied Materials, Inc. (Semiconductors & Equip.)				33,609		4,857,845


		70		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Core Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

INFORMATION TECHNOLOGY (continued)
Autodesk, Inc. (Software)	(a	)		2,659	$	544,058
Dropbox, Inc. Class A (Software)	(a	)		29,664		791,139
Flex Ltd. (Electronic Equip., Instr. & Comp.)	(a	)		31,964		883,485
Fortinet, Inc. (Software)	(a	)		13,846		1,046,619
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)				168,274		2,827,003
HP, Inc. (Tech. Hardware, Storage & Periph.)				40,905		1,256,193
Intel Corp. (Semiconductors & Equip.)				72,664		2,429,884
Intuit, Inc. (Software)				2,402		1,100,572
Lattice Semiconductor Corp. (Semiconductors & Equip.)	(a	)		5,927		569,407
Manhattan Associates, Inc. (Software)	(a	)		14,436		2,885,468
Micron Technology, Inc. (Semiconductors & Equip.)				15,104		953,214
Microsoft Corp. (Software)				76,812		26,157,559
NVIDIA Corp. (Semiconductors & Equip.)				30,371		12,847,540
NXP Semiconductors N.V. (Semiconductors & Equip.)				2,349		480,793
QUALCOMM, Inc. (Semiconductors & Equip.)				10,919		1,299,798
Salesforce, Inc. (Software)	(a	)		12,582		2,658,073
Synopsys, Inc. (Software)	(a	)		2,008		874,303

						95,438,749

MATERIALS – 2.0%
Ecolab, Inc. (Chemicals)				22,139		4,133,130


Common Stocks (Continued)			Shares		Value

MATERIALS (continued)
FMC Corp. (Chemicals)				10,736	$	1,120,194
LyondellBasell Industries N.V. Class A (Chemicals)				6,870		630,872
Steel Dynamics, Inc. (Metals & Mining)				7,068		769,917

						6,654,113

REAL ESTATE – 2.2%
Equity Residential (Residential REITs)				34,811		2,296,482
SBA Communications Corp. (Specialized REITs)				9,266		2,147,488
Simon Property Group, Inc. (Retail REITs)				24,319		2,808,358

						7,252,328

UTILITIES – 2.0%
DTE Energy Co. (Multi-Utilities)				27,125		2,984,292
IDACORP, Inc. (Electric Utilities)				1,758		180,371
PPL Corp. (Electric Utilities)				135,909		3,596,152

						6,760,815

Total Common Stocks (Cost $294,878,648)					$	330,605,210

Total Investments – 100.0% (Cost $294,878,648)	(b	)			$	330,605,210
Liabilities in Excess of Other Assets – (0.0)%	(c	)				(95,051	)

Net Assets – 100.0%					$	330,510,159

Percentages are stated as a percent of net assets.

Abbreviations:

REITs:

Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(c)

Includes $212,800 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

CME E-mini S&P 500 Index - Long

September 15, 2023

$4,148,092

$4,263,838

$115,746

$41,261

The accompanying notes are an integral part of these financial statements.


		71


Ohio National Fund, Inc.		ON BlackRock Advantage Small Cap Growth Portfolio (Unaudited)

Objective/Strategy

The ON BlackRock Advantage Small Cap Growth Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of small capitalization companies with a market capitalization at the time of investment that is no greater than the largest market capitalization of a company in the Russell 2000^® Index for the previous twelve months.



Performance as of June 30, 2023


Average Annual returns
One year	17.37	%
Five years	5.15	%
Ten years	8.90	%

Total expense ratio is 0.86% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 12.87% versus 13.55% for its benchmark, the Russell 2000^® Growth Index.

Q. What affected the Portfolio’s performance?

A. Security selection in Health Care was the primary source of weakness, with adverse performance across biotech amid increased deal activity and patent expiration. Sector allocation decisions, in general, also drove underperformance. Fundamental measures detracted, as quality measures struggled. Nontraditional measures of company quality that evaluate corporate culture, employee sentiment, and company benefits also struggled. Although these types of measures have a bit of a growth flavor, they ultimately proved too broad, as the market preference for growth stocks was somewhat narrow. Trending sentiment measures also declined, with insights designed to evaluate forward looking fundamentals and consumer intent measures struggling.

Despite underperformance from other sentiments, select fundamental measures provided ballast. Traditional valuation metrics that evaluate company sales and research expenditures did well, notably near the end of the six-month period. Additionally, defensive quality measures helped motivate a successful underweight to select Financials names, benefiting performance amid banking turmoil. Derivatives had no significant impact on the Portfolio’s performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes the Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000^® Index includes the 2000 firms from the Russell 3000^® Index with the smallest market capitalizations. The Russell 3000^® Index represents 98% of the investable U.S. equity market. The index presented includes the effects of reinvested dividends.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		72		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage Small Cap Growth Portfolio (Unaudited) (Continued)

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		100.1
Rights ⁽⁴⁾		0.0
Less Net Liabilities		(0.1	)

		100.0

Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Franklin Electric Co., Inc.		1.5
2.	Applied Industrial Technologies, Inc.		1.4
3.	EMCOR Group, Inc.		1.2
4.	Lattice Semiconductor Corp.		1.1
5.	Insperity, Inc.		1.1
6.	Atkore, Inc.		1.1
7.	Super Micro Computer, Inc.		1.1
8.	UFP Industries, Inc.		1.0
9.	Terex Corp.		1.0
10.	Power Integrations, Inc.		1.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks, Rights):


	% of Net Assets
Health Care		24.3
Industrials		21.8
Information Technology		19.9
Consumer Discretionary		12.1
Financials		5.3
Consumer Staples		4.1
Energy		4.0
Materials		2.9
Communication Services		2.6
Real Estate		1.9
Utilities		1.2

		100.1


		73


Ohio National Fund, Inc.		ON BlackRock Advantage Small Cap Growth Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 100.1%			Shares		Value

COMMUNICATION SERVICES – 2.6%
Bandwidth, Inc. Class A (Diversified Telecom. Svs.)	(a	)		12,048	$	164,817
Bumble, Inc. Class A (Interactive Media & Svs.)	(a	)		9,827		164,897
Cargurus, Inc. (Interactive Media & Svs.)	(a	)		3,519		79,635
Cinemark Holdings, Inc. (Entertainment)	(a	)		22,619		373,213
Eventbrite, Inc. Class A (Interactive Media & Svs.)	(a	)		9,898		94,526
EverQuote, Inc. Class A (Interactive Media & Svs.)	(a	)		3,933		25,565
IDT Corp. Class B (Diversified Telecom. Svs.)	(a	)		8,567		221,457
Integral Ad Science Holding Corp. (Media)	(a	)		14,747		265,151
Iridium Communications, Inc. (Diversified Telecom. Svs.)				12,894		800,975
Ooma, Inc. (Diversified Telecom. Svs.)	(a	)		7,140		106,886
Shutterstock, Inc. (Interactive Media & Svs.)				8,642		420,606
Yelp, Inc. (Interactive Media & Svs.)	(a	)		16,571		603,350
Ziff Davis, Inc. (Interactive Media & Svs.)	(a	)		5,779		404,877

						3,725,955


CONSUMER DISCRETIONARY – 12.1%
1-800-Flowers.com, Inc. Class A (Specialty Retail)	(a	)		25,190		196,482
2U, Inc. (Diversified Consumer Svs.)	(a	)		27,237		109,765
Accel Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a	)		32,387		342,007
Boot Barn Holdings, Inc. (Specialty Retail)	(a	)		4,266		361,288
Cava Group, Inc. (Hotels, Restaurants & Leisure)	(a	)		1,860		76,167
Chegg, Inc. (Diversified Consumer Svs.)	(a	)		9,955		88,400
Crocs, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		6,996		786,630
Dillard’s, Inc. Class A (Broadline Retail)				1,180		385,010
Duolingo, Inc. (Diversified Consumer Svs.)	(a	)		5,107		729,995
Fox Factory Holding Corp. (Automobile Components)	(a	)		5,638		611,779
Frontdoor, Inc. (Diversified Consumer Svs.)	(a	)		22,712		724,513
GoPro, Inc. Class A (Household Durables)	(a	)		57,623		238,559
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure)	(a	)		17,716		805,015
Installed Building Products, Inc. (Household Durables)				3,389		475,002
iRobot Corp. (Household Durables)	(a	)		2,608		118,012
Laureate Education, Inc. (Diversified Consumer Svs.)				57,044		689,662
LCI Industries (Automobile Components)				4,580		578,729
M.D.C. Holdings, Inc. (Household Durables)				12,799		598,609
Malibu Boats, Inc. Class A (Leisure Products)	(a	)		7,654		448,984
Modine Manufacturing Co. (Automobile Components)	(a	)		8,951		295,562
Murphy U.S.A., Inc. (Specialty Retail)				3,417		1,063,063
Papa John’s International, Inc. (Hotels, Restaurants & Leisure)				8,993		663,953
Patrick Industries, Inc. (Automobile Components)				6,155		492,400
RealReal, Inc. / The (Specialty Retail)	(a	)		25,373		56,328
Revolve Group, Inc. (Specialty Retail)	(a	)		11,844		194,242
Rush Street Interactive, Inc. (Hotels, Restaurants & Leisure)	(a	)		10,070		31,418
Savers Value Village, Inc. (Consumer Staples Distribution & Retail)	(a	)		2,347		55,624
Shake Shack, Inc. Class A (Hotels, Restaurants & Leisure)	(a	)		10,449		812,096
Skyline Champion Corp. (Household Durables)	(a	)		4,109		268,934
Sonic Automotive, Inc. Class A (Specialty Retail)				10,066		479,846
Stitch Fix, Inc. Class A (Specialty Retail)	(a	)		14,615		56,268
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)				11,531		1,294,701


Common Stocks (Continued)			Shares		Value

CONSUMER DISCRETIONARY (continued)
Urban Outfitters, Inc. (Specialty Retail)	(a	)		18,344	$	607,737
Visteon Corp. (Automobile Components)	(a	)		7,584		1,089,138
Wingstop, Inc. (Hotels, Restaurants & Leisure)				5,645		1,129,903

						16,955,821


CONSUMER STAPLES – 4.1%
Andersons, Inc. / The (Consumer Staples Distribution & Retail)				6,606		304,867
BellRing Brands, Inc. (Personal Care Products)	(a	)		11,298		413,507
Cal-Maine Foods, Inc. (Food Products)				5,910		265,950
Central Garden & Pet Co. Class A (Household Products)	(a	)		9,778		356,506
Coca-Cola Consolidated, Inc. (Beverages)				546		347,267
e.l.f. Beauty, Inc. (Personal Care Products)	(a	)		9,154		1,045,662
Hostess Brands, Inc. (Food Products)	(a	)		17,404		440,669
Lancaster Colony Corp. (Food Products)				5,056		1,016,711
Medifast, Inc. (Personal Care Products)				4,164		383,754
MGP Ingredients, Inc. (Beverages)				6,918		735,245
Sprouts Farmers Market, Inc. (Consumer Staples Distribution & Retail)	(a	)		3,892		142,953
Vital Farms, Inc. (Food Products)	(a	)		20,905		250,651

						5,703,742


ENERGY – 4.0%
Borr Drilling Ltd. (Energy Equip. & Svs.)	(a	)		24,439		184,026
ChampionX Corp. (Energy Equip. & Svs.)				12,609		391,383
Energy Fuels, Inc. (Oil, Gas & Consumable Fuels)	(a	)		14,224		88,758
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)				29,730		239,921
Liberty Energy, Inc. (Energy Equip. & Svs.)				44,614		596,489
Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels)				30,008		627,167
Matador Resources Co. (Oil, Gas & Consumable Fuels)				14,515		759,425
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)				8,632		330,606
Nabors Industries Ltd. (Energy Equip. & Svs.)	(a	)		3,022		281,137
Oceaneering International, Inc. (Energy Equip. & Svs.)	(a	)		23,528		439,973
Patterson-UTI Energy, Inc. (Energy Equip. & Svs.)				24,361		291,601
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)				4,584		216,502
SM Energy Co. (Oil, Gas & Consumable Fuels)				34,776		1,099,965
Smart Sand, Inc. (Energy Equip. & Svs.)	(a	)		47,289		77,554

						5,624,507


FINANCIALS – 5.3%
Artisan Partners Asset Management, Inc. Class A (Capital Markets)				12,462		489,881
Cohen & Steers, Inc. (Capital Markets)				6,316		366,265
Federal Agricultural Mortgage Corp. Class C (Financial Services)				5,318		764,409
First Financial Bankshares, Inc. (Banks)				12,534		357,094
Hamilton Lane, Inc. Class A (Capital Markets)				10,125		809,797
Houlihan Lokey, Inc. (Capital Markets)				8,318		817,743
Kinsale Capital Group, Inc. (Insurance)				2,893		1,082,561
Marqeta, Inc. Class A (Financial Services)	(a	)		55,363		269,618
Mercury General Corp. (Insurance)				10,599		320,832
Moelis & Co. Class A (Capital Markets)				7,605		344,811
Pagseguro Digital Ltd. Class A (Financial Services)	(a	)		25,596		241,626
Selective Insurance Group, Inc. (Insurance)				3,253		312,125
Selectquote, Inc. (Insurance)	(a	)		8,673		16,912
StoneCo Ltd. Class A (Financial Services)	(a	)		56,991		726,065


		74		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage Small Cap Growth Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

FINANCIALS (continued)
Trupanion, Inc. (Insurance)	(a	)		5,319	$	104,678
Upstart Holdings, Inc. (Consumer Finance)	(a	)		9,855		352,908

						7,377,325


HEALTH CARE – 24.3%
ACADIA Pharmaceuticals, Inc. (Biotechnology)	(a	)		12,690		303,925
ACELYRIN, Inc. (Biotechnology)	(a	)		2,287		47,798
Aclaris Therapeutics, Inc. (Pharmaceuticals)	(a	)		7,879		81,705
Adaptive Biotechnologies Corp. (Life Sciences Tools & Svs.)	(a	)		22,888		153,578
Agenus, Inc. (Biotechnology)	(a	)		65,236		104,378
Akero Therapeutics, Inc. (Biotechnology)	(a	)		4,481		209,218
Alector, Inc. (Biotechnology)	(a	)		11,265		67,703
Alkermes PLC (Biotechnology)	(a	)		19,720		617,236
ALX Oncology Holdings, Inc. (Biotechnology)	(a	)		1,291		9,695
Amarin Corp. PLC – ADR (Biotechnology)	(a	)		17,101		20,350
American Well Corp. Class A (Health Care Technology)	(a	)		51,120		107,352
Amicus Therapeutics, Inc. (Biotechnology)	(a	)		34,993		439,512
AMN Healthcare Services, Inc. (Health Care Providers & Svs.)	(a	)		6,660		726,739
Amphastar Pharmaceuticals, Inc. (Pharmaceuticals)	(a	)		13,440		772,397
Apellis Pharmaceuticals, Inc. (Biotechnology)	(a	)		3,651		332,606
Applied Molecular Transport, Inc. (Biotechnology)	(a	)		2,404		620
Aptinyx, Inc. (Biotechnology)	(a	)		23,975		1,777
Arrowhead Pharmaceuticals, Inc. (Biotechnology)	(a	)		8,746		311,882
Arvinas, Inc. (Pharmaceuticals)	(a	)		3,865		95,929
Atara Biotherapeutics, Inc. (Biotechnology)	(a	)		26,563		42,766
Athenex, Inc. (Biotechnology)	(a	)		587		76
AtriCure, Inc. (Health Care Equip. & Supplies)	(a	)		7,974		393,597
Atrion Corp. (Health Care Equip. & Supplies)				585		330,934
Avidity Biosciences, Inc. (Biotechnology)	(a	)		5,306		58,844
Axonics, Inc. (Health Care Equip. & Supplies)	(a	)		6,527		329,418
Axsome Therapeutics, Inc. (Pharmaceuticals)	(a	)		3,039		218,383
Beam Therapeutics, Inc. (Biotechnology)	(a	)		12,388		395,549
Beyondspring, Inc. (Biotechnology)	(a	)		5,417		6,392
Blueprint Medicines Corp. (Biotechnology)	(a	)		12,798		808,834
Bridgebio Pharma, Inc. (Biotechnology)	(a	)		17,777		305,764
C4 Therapeutics, Inc. (Biotechnology)	(a	)		6,485		17,834
CareDx, Inc. (Biotechnology)	(a	)		4,195		35,658
Catalyst Pharmaceuticals, Inc. (Biotechnology)	(a	)		17,361		233,332
Cerus Corp. (Health Care Equip. & Supplies)	(a	)		42,400		104,304
Codexis, Inc. (Life Sciences Tools & Svs.)	(a	)		17,805		49,854
Coherus Biosciences, Inc. (Biotechnology)	(a	)		29,534		126,110
Collegium Pharmaceutical, Inc. (Pharmaceuticals)	(a	)		15,250		327,722
Corcept Therapeutics, Inc. (Pharmaceuticals)	(a	)		34,077		758,213
Crinetics Pharmaceuticals, Inc. (Biotechnology)	(a	)		17,472		314,845
Cytokinetics, Inc. (Biotechnology)	(a	)		13,991		456,386
Deciphera Pharmaceuticals, Inc. (Biotechnology)	(a	)		9,562		134,633
Denali Therapeutics, Inc. (Biotechnology)	(a	)		19,937		588,341
Editas Medicine, Inc. (Biotechnology)	(a	)		20,268		166,806
Enanta Pharmaceuticals, Inc. (Biotechnology)	(a	)		3,463		74,108
Ensign Group, Inc. / The (Health Care Providers & Svs.)				11,622		1,109,436
Evolent Health, Inc. Class A (Health Care Technology)	(a	)		21,903		663,661
Fate Therapeutics, Inc. (Biotechnology)	(a	)		35,418		168,590
FibroGen, Inc. (Biotechnology)	(a	)		7,167		19,351
Foghorn Therapeutics, Inc. (Biotechnology)	(a	)		8,256		58,122
Glaukos Corp. (Health Care Equip. & Supplies)	(a	)		2,764		196,824


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
Guardant Health, Inc. (Health Care Providers & Svs.)	(a	)		24,902	$	891,492
Haemonetics Corp. (Health Care Equip. & Supplies)	(a	)		7,098		604,324
Halozyme Therapeutics, Inc. (Biotechnology)	(a	)		16,403		591,656
Harmony Biosciences Holdings, Inc. (Pharmaceuticals)	(a	)		5,031		177,041
Harpoon Therapeutics, Inc. (Biotechnology)	(a	)		849		603
HealthEquity, Inc. (Health Care Providers & Svs.)	(a	)		11,939		753,828
Heron Therapeutics, Inc. (Biotechnology)	(a	)		34,692		40,243
ImmunoGen, Inc. (Biotechnology)	(a	)		15,869		299,448
Insmed, Inc. (Biotechnology)	(a	)		22,842		481,966
Inspire Medical Systems, Inc. (Health Care Equip. & Supplies)	(a	)		3,336		1,082,999
Intellia Therapeutics, Inc. (Biotechnology)	(a	)		9,714		396,137
Intercept Pharmaceuticals, Inc. (Biotechnology)	(a	)		6,783		75,020
Intra-Cellular Therapies, Inc. (Pharmaceuticals)	(a	)		8,120		514,158
Invitae Corp. (Health Care Providers & Svs.)	(a	)		17,449		19,717
iRhythm Technologies, Inc. (Health Care Equip. & Supplies)	(a	)		1,936		201,964
Ironwood Pharmaceuticals, Inc. (Biotechnology)	(a	)		39,694		422,344
IVERIC bio, Inc. (Biotechnology)	(a	)		12,670		498,438
Karyopharm Therapeutics, Inc. (Biotechnology)	(a	)		38,594		69,083
Kiniksa Pharmaceuticals Ltd. Class A (Biotechnology)	(a	)		17,844		251,244
Krystal Biotech, Inc. (Biotechnology)	(a	)		2,344		275,186
Kymera Therapeutics, Inc. (Biotechnology)	(a	)		1,184		27,220
Lantheus Holdings, Inc. (Health Care Equip. & Supplies)	(a	)		8,736		733,125
LivaNova PLC (Health Care Equip. & Supplies)	(a	)		1,609		82,751
MacroGenics, Inc. (Biotechnology)	(a	)		3,552		19,003
Madrigal Pharmaceuticals, Inc. (Biotechnology)	(a	)		884		204,204
Medpace Holdings, Inc. (Life Sciences Tools & Svs.)	(a	)		1,501		360,495
Merit Medical Systems, Inc. (Health Care Equip. & Supplies)	(a	)		11,565		967,297
MiNK Therapeutics, Inc. (Biotechnology)	(a	)		952		1,999
Neoleukin Therapeutics, Inc. (Biotechnology)	(a	)		9,004		7,473
Nevro Corp. (Health Care Equip. & Supplies)	(a	)		3,665		93,164
NGM Biopharmaceuticals, Inc. (Pharmaceuticals)	(a	)		9,360		24,242
NuVasive, Inc. (Health Care Equip. & Supplies)	(a	)		5,761		239,600
Omnicell, Inc. (Health Care Equip. & Supplies)	(a	)		9,174		675,849
Option Care Health, Inc. (Health Care Providers & Svs.)	(a	)		36,691		1,192,091
OraSure Technologies, Inc. (Health Care Equip. & Supplies)	(a	)		4,376		21,924
Pacira BioSciences, Inc. (Pharmaceuticals)	(a	)		4,474		179,273
PhenomeX, Inc. (Life Sciences Tools & Svs.)	(a	)		19,349		9,481
Phreesia, Inc. (Health Care Technology)	(a	)		11,187		346,909
Prestige Consumer Healthcare, Inc. (Pharmaceuticals)	(a	)		7,602		451,787
Privia Health Group, Inc. (Health Care Providers & Svs.)	(a	)		8,041		209,951
Progyny, Inc. (Health Care Providers & Svs.)	(a	)		15,151		596,040
Prothena Corp. PLC (Biotechnology)	(a	)		4,922		336,074
PTC Therapeutics, Inc. (Biotechnology)	(a	)		13,616		553,763
Recursion Pharmaceuticals, Inc. Class A (Biotechnology)	(a	)		7,184		53,664
REGENXBIO, Inc. (Biotechnology)	(a	)		20,826		416,312
Relay Therapeutics, Inc. (Biotechnology)	(a	)		14,951		187,785


		75		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage Small Cap Growth Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

HEALTH CARE (continued)
Relmada Therapeutics, Inc. (Pharmaceuticals)	(a)		5,208	$	12,812
Revance Therapeutics, Inc. (Pharmaceuticals)	(a)		8,096		204,910
REVOLUTION Medicines, Inc. (Biotechnology)	(a)		11,061		295,882
Rigel Pharmaceuticals, Inc. (Biotechnology)	(a)		88,669		114,383
Sage Therapeutics, Inc. (Biotechnology)	(a)		6,247		293,734
Sangamo Therapeutics, Inc. (Biotechnology)	(a)		18,515		24,070
Schrodinger, Inc. (Health Care Technology)	(a)		6,039		301,467
Scilex Holding Co. (Acquired January 06, 2023, Cost $66,789) (Pharmaceuticals)	(a)(b)		6,373		35,498
Seer, Inc. (Life Sciences Tools & Svs.)	(a)		2,905		12,404
Shockwave Medical, Inc. (Health Care Equip. & Supplies)	(a)		3,429		978,671
Sorrento Therapeutics, Inc. (Biotechnology)	(a)		45,196		16,180
STAAR Surgical Co. (Health Care Equip. & Supplies)	(a)		8,570		450,525
Supernus Pharmaceuticals, Inc. (Pharmaceuticals)	(a)		14,551		437,403
Sutro Biopharma, Inc. (Biotechnology)	(a)		13,219		61,468
Tactile Systems Technology, Inc. (Health Care Equip. & Supplies)	(a)		6,253		155,887
TG Therapeutics, Inc. (Biotechnology)	(a)		13,620		338,321
Theravance Biopharma, Inc. (Pharmaceuticals)	(a)		18,256		188,950
Travere Therapeutics, Inc. (Biotechnology)	(a)		23,811		365,737
Twist Bioscience Corp. (Biotechnology)	(a)		18,464		377,773
Vaxcyte, Inc. (Biotechnology)	(a)		10,029		500,848
Vericel Corp. (Biotechnology)	(a)		5,321		199,910
Viemed Healthcare, Inc. (Health Care Providers & Svs.)	(a)		11,958		116,949
Zentalis Pharmaceuticals, Inc. (Biotechnology)	(a)		1,298		36,617
Zynex, Inc. (Health Care Equip. & Supplies)	(a)		4,771		45,754

					34,103,607


INDUSTRIALS – 21.8%
Albany International Corp. Class A (Machinery)			4,267		398,026
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)			13,314		1,928,267
ASGN, Inc. (Professional Svs.)	(a)		4,144		313,411
Astec Industries, Inc. (Machinery)			4,352		197,755
Atkore, Inc. (Electrical Equip.)	(a)		9,433		1,470,982
Bloom Energy Corp. Class A (Electrical Equip.)	(a)		36,804		601,745
Chart Industries, Inc. (Machinery)	(a)		4,266		681,664
Cimpress PLC (Commercial Svs. & Supplies)	(a)		1,170		69,592
Comfort Systems U.S.A., Inc. (Construction & Engineering)			7,051		1,157,774
CSG Systems International, Inc. (Professional Svs.)			15,886		837,828
Dycom Industries, Inc. (Construction & Engineering)	(a)		6,720		763,728
EMCOR Group, Inc. (Construction & Engineering)			9,447		1,745,617
EnerSys (Electrical Equip.)			3,316		359,852
ExlService Holdings, Inc. (Professional Svs.)	(a)		8,226		1,242,620
Exponent, Inc. (Professional Svs.)			3,501		326,713
Fluor Corp. (Construction & Engineering)	(a)		18,123		536,441
Franklin Covey Co. (Professional Svs.)	(a)		19,851		867,092
Franklin Electric Co., Inc. (Machinery)			20,468		2,106,158
Herc Holdings, Inc. (Trading Companies & Distributors)			6,013		822,879
Hub Group, Inc. Class A (Air Freight & Logistics)	(a)		6,232		500,554
Insperity, Inc. (Professional Svs.)			12,702		1,511,030
JELD-WEN Holding, Inc. (Building Products)	(a)		7,549		132,409
Kforce, Inc. (Professional Svs.)			18,664		1,169,486
Korn Ferry (Professional Svs.)			7,395		366,348


Common Stocks (Continued)			Shares		Value

INDUSTRIALS (continued)
Manitowoc Co., Inc. / The (Machinery)	(a	)		2,982	$	56,151
McGrath RentCorp (Trading Companies & Distributors)				6,361		588,265
Moog, Inc. Class A (Aerospace & Defense)				3,441		373,108
MYR Group, Inc. (Construction & Engineering)	(a	)		4,135		572,036
Parsons Corp. (Aerospace & Defense)	(a	)		9,048		435,571
Radiant Logistics, Inc. (Air Freight & Logistics)	(a	)		10,231		68,752
Rush Enterprises, Inc. Class A (Trading Companies & Distributors)				7,764		471,585
Saia, Inc. (Ground Transportation)	(a	)		2,265		775,559
Shoals Technologies Group, Inc. Class A (Electrical Equip.)	(a	)		13,269		339,156
Simpson Manufacturing Co., Inc. (Building Products)				9,162		1,268,937
Sterling Infrastructure, Inc. (Construction & Engineering)	(a	)		2,143		119,579
SunPower Corp. (Electrical Equip.)	(a	)		32,263		316,177
Terex Corp. (Machinery)				23,924		1,431,373
TTEC Holdings, Inc. (Professional Svs.)				6,055		204,901
UFP Industries, Inc. (Building Products)				14,971		1,452,936
Watts Water Technologies, Inc. Class A (Machinery)				4,055		745,025
Werner Enterprises, Inc. (Ground Transportation)				9,069		400,668
Xylem, Inc. (Machinery)				8,147		917,515

						30,645,265


INFORMATION TECHNOLOGY – 19.9%
8x8, Inc. (Software)	(a	)		13,109		55,451
ACI Worldwide, Inc. (Software)	(a	)		22,258		515,718
Alarm.com Holdings, Inc. (Software)	(a	)		7,198		371,993
Altair Engineering, Inc. Class A (Software)	(a	)		6,826		517,684
Ambarella, Inc. (Semiconductors & Equip.)	(a	)		4,999		418,266
Amkor Technology, Inc. (Semiconductors & Equip.)				9,172		272,867
Appfolio, Inc. Class A (Software)	(a	)		2,156		371,134
Appian Corp. Class A (Software)	(a	)		6,661		317,064
Asana, Inc. Class A (Software)	(a	)		9,833		216,719
Axcelis Technologies, Inc. (Semiconductors & Equip.)	(a	)		5,877		1,077,430
Belden, Inc. (Electronic Equip., Instr. & Comp.)				1,304		124,728
BlackLine, Inc. (Software)	(a	)		6,296		338,851
Box, Inc. Class A (Software)	(a	)		30,486		895,679
Calix, Inc. (Communications Equip.)	(a	)		12,639		630,812
CommVault Systems, Inc. (Software)	(a	)		8,168		593,160
DigitalOcean Holdings, Inc. (IT Svs.)	(a	)		4,907		196,967
Domo, Inc. Class B (Software)	(a	)		2,462		36,093
Envestnet, Inc. (Software)	(a	)		4,458		264,582
ePlus, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		11,882		668,957
Everbridge, Inc. (Software)	(a	)		5,062		136,168
Extreme Networks, Inc. (Communications Equip.)	(a	)		21,063		548,691
Fabrinet (Electronic Equip., Instr. & Comp.)	(a	)		1,971		255,993
FormFactor, Inc. (Semiconductors & Equip.)	(a	)		7,991		273,452
Hackett Group, Inc. / The (IT Svs.)				6,448		144,113
Ichor Holdings Ltd. (Semiconductors & Equip.)	(a	)		12,609		472,837
Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		5,306		776,480
Intapp, Inc. (Software)	(a	)		4,993		209,257
Lattice Semiconductor Corp. (Semiconductors & Equip.)	(a	)		16,232		1,559,408
MaxLinear, Inc. (Semiconductors & Equip.)	(a	)		13,361		421,673
MicroStrategy, Inc. Class A (Software)	(a	)		1,143		391,386
Model N, Inc. (Software)	(a	)		7,846		277,435
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		6,773		798,063
PagerDuty, Inc. (Software)	(a	)		25,015		562,337
PC Connection, Inc. (Electronic Equip., Instr. & Comp.)				12,511		564,246


		76		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage Small Cap Growth Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

INFORMATION TECHNOLOGY (continued)
Perficient, Inc. (IT Svs.)	(a)		6,636	$	552,978
Power Integrations, Inc. (Semiconductors & Equip.)			14,977		1,417,873
PROS Holdings, Inc. (Software)	(a)		9,570		294,756
Q2 Holdings, Inc. (Software)	(a)		25,243		780,009
Qualys, Inc. (Software)	(a)		3,401		439,307
Rambus, Inc. (Semiconductors & Equip.)	(a)		12,733		817,077
Rapid7, Inc. (Software)	(a)		13,590		615,355
Sanmina Corp. (Electronic Equip., Instr. & Comp.)	(a)		3,302		199,011
Silicon Laboratories, Inc. (Semiconductors & Equip.)	(a)		6,926		1,092,507
Sprout Social, Inc. Class A (Software)	(a)		10,567		487,773
SPS Commerce, Inc. (Software)	(a)		4,067		781,108
Super Micro Computer, Inc. (Tech. Hardware, Storage & Periph.)	(a)		5,886		1,467,085
Synaptics, Inc. (Semiconductors & Equip.)	(a)		5,081		433,816
Tenable Holdings, Inc. (Software)	(a)		19,521		850,139
Varonis Systems, Inc. (Software)	(a)		30,100		802,165
Workiva, Inc. (Software)	(a)		9,893		1,005,722
Yext, Inc. (Software)	(a)		56,006		633,428

					27,945,803


MATERIALS – 2.9%
Cabot Corp. (Chemicals)			11,289		755,121
Commercial Metals Co. (Metals & Mining)			6,995		368,357
Constellium SE (Metals & Mining)	(a)		29,879		513,919
H.B. Fuller Co. (Chemicals)			8,356		597,537
Ingevity Corp. (Chemicals)	(a)		4,255		247,471
Livent Corp. (Chemicals)	(a)		26,670		731,558
Novagold Resources, Inc. (Metals & Mining)	(a)		65,935		263,081
Quaker Chemical Corp. (Chemicals)			1,818		354,328
Schnitzer Steel Industries, Inc. Class A (Metals & Mining)			7,765		232,872
Venator Materials PLC (Chemicals)	(a)		55,792		2,790

					4,067,034


Common Stocks (Continued)				Shares		Value

REAL ESTATE – 1.9%
Braemar Hotels & Resorts, Inc. (Hotel & Resort REITs)					51,306	$	206,250
Broadstone Net Lease, Inc. (Diversified REITs)					2		31
Corporate Office Properties Trust (Office REITs)					35,452		841,985
Marcus & Millichap, Inc. (Real Estate Mgmt. & Development)					10,682		336,590
NexPoint Residential Trust, Inc. (Residential REITs)					18,946		861,664
Outfront Media, Inc. (Specialized REITs)					20,772		326,536
Redfin Corp. (Real Estate Mgmt. & Development)		(a)			4,977		61,814

							2,634,870


UTILITIES – 1.2%
Brookfield Infrastructure Corp. Class A (Gas Utilities)					18,606		848,062
Clearway Energy, Inc. Class A (Ind. Power & Renewable Elec.)					5,330		143,910
Clearway Energy, Inc. Class C (Ind. Power & Renewable Elec.)					24,102		688,353

							1,680,325

Total Common Stocks (Cost $150,207,150)						$	140,464,254


Rights – 0.0%	Quantity					Value
HEALTH CARE – 0.0%
Flexion Therapeutics, Inc. CVR (Biotechnology)					6,185	$	3,835
Prevail Therapeutics, Inc. CVR (Biotechnology)					2,231		1,115

Total Rights (Cost $4,950)						$	4,950

Total Investments – 100.1% (Cost $150,212,100)		(c	)			$	140,469,204
Liabilities in Excess of Other Assets – (0.1)%		(d	)				(70,380	)

Net Assets – 100.0%						$	140,398,824

Percentages are stated as a percent of net assets.

Abbreviations:

ADR:

American Depositary Receipts

CVR:

Contingent Value Right

REITs:

Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Represents a security deemed to be restricted. At June 30, 2023, the value of restricted securities in the Portfolio totaled $35,498, or 0.0% of the Portfolio’s net assets.

(c)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(d)

Includes $124,000 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

CME E-mini Russell 2000 Index - Long

September 15, 2023

$1,889,481

$1,903,700

$14,219

$5,035

The accompanying notes are an integral part of these financial statements.


		77


Ohio National Fund, Inc.		ON S&P MidCap 400^® Index Portfolio (Unaudited)

Objective/Strategy

The ON S&P MidCap 400^® Index Portfolio seeks total return approximating that of the Standard & Poor’s MidCap 400^® Index (S&P MidCap 400^® Index), including reinvestment of dividends, at a risk level consistent with that of the S&P MidCap 400^® Index by investing, under normal circumstances, more than 80% of its net assets in the common stocks and other securities included in the S&P MidCap 400^® Index.



Performance as of June 30, 2023


Average Annual returns
One year	17.15	%
Five years	7.35	%
Ten years	8.85	%

Total expense ratio is 0.42% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 8.61% versus 8.84% for its benchmark, the S&P MidCap 400^® Index.

Q. What affected the Portfolio’s performance?

A. The Portfolio intends to track the underlying return of the S&P MidCap 400^® Index. There were no material market events or changes in strategy during the six-month period that materially impacted the Portfolio’s relative return. Sources of return variance were related to the cumulative impact of investing the day-to-day cash flows in the Portfolio. There was no impact from either sector allocation or stock selection that caused any significant performance variance between the Portfolio and its benchmark. Industrials, Information Technology and Consumer Discretionary were the top contributors for the six-month period. Financials, Utilities and Energy were the top detractors from performance. Because the Portfolio weights its holdings to be similar to those utilized by the benchmark, there were no holdings that significantly contributed to, or detracted from, the Portfolio’s benchmark-relative performance. Benchmark constituents that contributed the most to Portfolio and benchmark returns were Builders FirstSource, Inc., Super Micro Computer, Inc., and Jabil, Inc. First Horizon Corp., Halozyme Therapeutics, Inc., and Capri Holdings Ltd. were leading detractors. Derivatives had no significant impact on the Portfolio’s performance.⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The S&P MidCap 400^® Index is a capitalization-weighted index of 400 common stocks representing all major industries in the mid-range of the U.S. stock market. The index presented includes the effects of reinvested dividends.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.

Prior to December 19, 2016, the Portfolio was known as the Target VIP Portfolio. The strategy of the Target VIP Portfolio was to seek above average total return by investing in common stocks of companies which were identified by a model that applied separate uniquely specialized strategies.

The S&P MidCap 400^® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Ohio National Investments, Inc. (“ONI”). Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by ONI. The S&P MidCap 400^® Index Portfolio of Ohio National Fund, Inc. is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P MidCap 400^® Index.


		78		(continued)


Ohio National Fund, Inc.		ON S&P MidCap 400^® Index Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		101.1
U.S. Treasury Obligations		0.0
Less Net Liabilities		(1.1	)

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾⁽²⁾⁽³⁾


		% of Net Assets
1.	Hubbell, Inc.		0.8
2.	Builders FirstSource, Inc.		0.8
3.	Reliance Steel & Aluminum Co.		0.7
4.	Graco, Inc.		0.6
5.	Jabil, Inc.		0.6
6.	Deckers Outdoor Corp.		0.6
7.	Lattice Semiconductor Corp.		0.6
8.	Penumbra, Inc.		0.6
9.	Carlisle Cos., Inc.		0.6
10.	Watsco, Inc.		0.6

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Industrials		23.2
Consumer Discretionary		15.1
Financials		13.7
Information Technology		10.5
Health Care		9.6
Real Estate		7.5
Materials		7.4
Consumer Staples		4.4
Energy		4.2
Utilities		3.4
Communication Services		2.1

		101.1


		79


Ohio National Fund, Inc.		ON S&P MidCap 400^® Index Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 101.1%			Shares		Value

COMMUNICATION SERVICES – 2.1%
Cable One, Inc. (Media)				795	$	522,379
Frontier Communications Parent, Inc. (Diversified Telecom. Svs.)	(a	)		37,639		701,591
Iridium Communications, Inc. (Diversified Telecom. Svs.)				21,228		1,318,683
New York Times Co. / The Class A (Media)				27,622		1,087,754
Nexstar Media Group, Inc. (Media)				6,045		1,006,795
TEGNA, Inc. (Media)				37,934		616,048
TripAdvisor, Inc. (Interactive Media & Svs.)	(a	)		17,875		294,759
World Wrestling Entertainment, Inc. Class A (Entertainment)				7,317		793,675
Ziff Davis, Inc. (Interactive Media & Svs.)	(a	)		7,971		558,448
ZoomInfo Technologies, Inc. (Interactive Media & Svs.)	(a	)		45,443		1,153,798

						8,053,930


CONSUMER DISCRETIONARY – 15.1%
Adient PLC (Automobile Components)	(a	)		15,965		611,779
Aramark (Hotels, Restaurants & Leisure)				43,933		1,891,316
Autoliv, Inc. (Automobile Components)				13,022		1,107,391
AutoNation, Inc. (Specialty Retail)	(a	)		5,305		873,256
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)				12,944		897,925
Brunswick Corp. (Leisure Products)				11,921		1,032,835
Capri Holdings Ltd. (Textiles, Apparel & Luxury Goods)	(a	)		21,192		760,581
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)				6,353		461,228
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)				4,470		525,314
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)				11,107		1,545,761
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)				5,961		460,428
Crocs, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		10,456		1,175,673
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)	(a	)		4,444		2,344,921
Dick’s Sporting Goods, Inc. (Specialty Retail)				10,366		1,370,282
Five Below, Inc. (Specialty Retail)	(a	)		9,384		1,844,331
Foot Locker, Inc. (Specialty Retail)				13,388		362,949
Fox Factory Holding Corp. (Automobile Components)	(a	)		7,131		773,785
GameStop Corp. Class A (Specialty Retail)	(a	)		42,636		1,033,923
Gap, Inc. / The (Specialty Retail)				35,965		321,167
Gentex Corp. (Automobile Components)				39,397		1,152,756
Goodyear Tire & Rubber Co. / The (Automobile Components)	(a	)		47,780		653,630
Graham Holdings Co. Class B (Diversified Consumer Svs.)				637		364,033
Grand Canyon Education, Inc. (Diversified Consumer Svs.)	(a	)		5,180		534,628
H&R Block, Inc. (Diversified Consumer Svs.)				25,672		818,167
Harley-Davidson, Inc. (Automobiles)				22,054		776,521
Helen of Troy Ltd. (Household Durables)	(a	)		4,053		437,805
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure)	(a	)		12,959		588,857
KB Home (Household Durables)				13,533		699,791
Kohl’s Corp. (Broadline Retail)				18,670		430,344
Lear Corp. (Automobile Components)				9,950		1,428,323
Leggett & Platt, Inc. (Household Durables)				22,440		664,673
Light & Wonder, Inc. (Hotels, Restaurants & Leisure)	(a	)		15,361		1,056,222
Lithia Motors, Inc. (Specialty Retail)				4,641		1,411,375
Macy’s, Inc. (Broadline Retail)				45,909		736,839
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)				6,205		761,478
Mattel, Inc. (Leisure Products)	(a	)		59,670		1,165,952


Common Stocks (Continued)			Shares		Value

CONSUMER DISCRETIONARY (continued)
Murphy U.S.A., Inc. (Specialty Retail)				3,378	$	1,050,930
Nordstrom, Inc. (Broadline Retail)				19,049		389,933
Ollie’s Bargain Outlet Holdings, Inc. (Broadline Retail)	(a	)		9,704		562,153
Papa John’s International, Inc. (Hotels, Restaurants & Leisure)				5,010		369,888
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a	)		25,981		624,323
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure)	(a	)		14,322		965,876
Polaris, Inc. (Leisure Products)				9,018		1,090,547
PVH Corp. (Textiles, Apparel & Luxury Goods)				10,585		899,407
RH (Specialty Retail)	(a	)		3,010		992,066
Service Corp. International (Diversified Consumer Svs.)				25,484		1,646,012
Skechers U.S.A., Inc. Class A (Textiles, Apparel & Luxury Goods)	(a	)		22,635		1,191,959
Taylor Morrison Home Corp. (Household Durables)	(a	)		18,394		897,075
Tempur Sealy International, Inc. (Household Durables)				29,007		1,162,310
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)				11,295		1,268,203
Thor Industries, Inc. (Automobiles)				9,022		933,777
Toll Brothers, Inc. (Household Durables)				17,360		1,372,655
TopBuild Corp. (Household Durables)	(a	)		5,352		1,423,739
Topgolf Callaway Brands Corp. (Leisure Products)	(a	)		23,467		465,820
Travel + Leisure Co. (Hotels, Restaurants & Leisure)				12,863		518,893
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)	(a	)		31,834		229,841
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods)	(a	)		31,935		214,284
Valvoline, Inc. (Specialty Retail)				23,408		878,034
Visteon Corp. (Automobile Components)	(a	)		4,779		686,312
Wendy’s Co. / The (Hotels, Restaurants & Leisure)				28,420		618,135
Williams-Sonoma, Inc. (Specialty Retail)				11,069		1,385,175
Wingstop, Inc. (Hotels, Restaurants & Leisure)				5,052		1,011,208
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)				14,475		992,551
YETI Holdings, Inc. (Leisure Products)	(a	)		14,607		567,336

						57,484,681


CONSUMER STAPLES – 4.4%
BellRing Brands, Inc. (Personal Care Products)	(a	)		22,387		819,364
BJ’s Wholesale Club Holdings, Inc. (Consumer Staples Distribution & Retail)	(a	)		22,655		1,427,492
Boston Beer Co., Inc. / The Class A (Beverages)	(a	)		1,583		488,260
Casey’s General Stores, Inc. (Consumer Staples Distribution & Retail)				6,282		1,532,054
Celsius Holdings, Inc. (Beverages)	(a	)		6,861		1,023,593
Coca-Cola Consolidated, Inc. (Beverages)				776		493,551
Coty, Inc. Class A (Personal Care Products)	(a	)		61,818		759,743
Darling Ingredients, Inc. (Food Products)	(a	)		26,899		1,715,887
Energizer Holdings, Inc. (Household Products)				11,206		376,297
Flowers Foods, Inc. (Food Products)				32,493		808,426
Grocery Outlet Holding Corp. (Consumer Staples Distribution & Retail)	(a	)		15,078		461,538
Ingredion, Inc. (Food Products)				11,128		1,179,012
Lancaster Colony Corp. (Food Products)				3,340		671,641
Performance Food Group Co. (Consumer Staples Distribution & Retail)	(a	)		26,323		1,585,697
Pilgrim’s Pride Corp. (Food Products)	(a	)		7,610		163,539


		80		(continued)


Ohio National Fund, Inc.		ON S&P MidCap 400^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

CONSUMER STAPLES (continued)
Post Holdings, Inc. (Food Products)	(a	)		9,025	$	782,016
Sprouts Farmers Market, Inc. (Consumer Staples Distribution & Retail)	(a	)		17,372		638,074
U.S. Foods Holding Corp. (Consumer Staples Distribution & Retail)	(a	)		38,205		1,681,020

						16,607,204


ENERGY – 4.2%
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)				56,602		656,583
Antero Resources Corp. (Oil, Gas & Consumable Fuels)	(a	)		46,549		1,072,023
ChampionX Corp. (Energy Equip. & Svs.)				33,374		1,035,929
Chord Energy Corp. (Oil, Gas & Consumable Fuels)				7,004		1,077,215
CNX Resources Corp. (Oil, Gas & Consumable Fuels)	(a	)		27,912		494,601
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)				16,334		809,676
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)				73,026		698,129
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)				21,721		968,974
Matador Resources Co. (Oil, Gas & Consumable Fuels)				19,087		998,632
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)				24,736		947,389
NOV, Inc. (Energy Equip. & Svs.)				66,374		1,064,639
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)				41,222		1,569,322
PBF Energy, Inc. Class A (Oil, Gas & Consumable Fuels)				18,494		757,144
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)				14,743		1,048,817
Range Resources Corp. (Oil, Gas & Consumable Fuels)				40,676		1,195,874
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)	(a	)		185,650		1,115,757
Valaris Ltd. (Energy Equip. & Svs.)	(a	)		10,139		638,047

						16,148,751


FINANCIALS – 13.7%
Affiliated Managers Group, Inc. (Capital Markets)				6,086		912,231
American Financial Group, Inc. (Insurance)				11,775		1,398,281
Annaly Capital Management, Inc. (Mortgage REIT)				83,258		1,665,992
Associated Banc-Corp. (Banks)				25,437		412,843
Bank OZK (Banks)				18,172		729,788
Brighthouse Financial, Inc. (Insurance)	(a	)		11,271		533,682
Cadence Bank (Banks)				30,800		604,912
Cathay General Bancorp (Banks)				12,228		393,619
CNO Financial Group, Inc. (Insurance)				19,312		457,115
Columbia Banking System, Inc. (Banks)				35,142		712,680
Commerce Bancshares, Inc. (Banks)				19,132		931,728
Cullen / Frost Bankers, Inc. (Banks)				10,856		1,167,346
East West Bancorp, Inc. (Banks)				23,847		1,258,883
Essent Group Ltd. (Financial Services)				18,082		846,238
Euronet Worldwide, Inc. (Financial Services)	(a	)		7,948		932,857
Evercore, Inc. Class A (Capital Markets)				5,947		734,990
Federated Hermes, Inc. (Capital Markets)				14,335		513,910
First American Financial Corp. (Insurance)				17,400		992,148
First Financial Bankshares, Inc. (Banks)				21,896		623,817
First Horizon Corp. (Banks)				90,663		1,021,772
FirstCash Holdings, Inc. (Consumer Finance)				6,209		579,486
FNB Corp. (Banks)				60,867		696,318
Glacier Bancorp, Inc. (Banks)				18,691		582,598
Hancock Whitney Corp. (Banks)				14,511		556,932
Hanover Insurance Group, Inc. / The (Insurance)				6,023		680,780


Common Stocks (Continued)			Shares		Value

FINANCIALS (continued)
Home BancShares, Inc. (Banks)				31,795	$	724,926
Interactive Brokers Group, Inc. Class A (Capital Markets)				17,362		1,442,261
International Bancshares Corp. (Banks)				8,901		393,424
Janus Henderson Group PLC (Capital Markets).				22,341		608,792
Jefferies Financial Group, Inc. (Capital Markets)				31,478		1,044,125
Kemper Corp. (Insurance)				10,788		520,629
Kinsale Capital Group, Inc. (Insurance)				3,669		1,372,940
MGIC Investment Corp. (Financial Services)				48,318		762,941
New York Community Bancorp, Inc. (Banks)				121,736		1,368,313
Old National Bancorp (Banks)				49,326		687,604
Old Republic International Corp. (Insurance)				45,899		1,155,278
Pinnacle Financial Partners, Inc. (Banks)				12,937		732,881
Primerica, Inc. (Insurance)				6,107		1,207,720
Prosperity Bancshares, Inc. (Banks)				15,893		897,637
Reinsurance Group of America, Inc. (Insurance)				11,218		1,555,824
RenaissanceRe Holdings Ltd. (Insurance)				8,468		1,579,451
RLI Corp. (Insurance)				6,835		932,772
SEI Investments Co. (Capital Markets)				17,079		1,018,250
Selective Insurance Group, Inc. (Insurance)				10,198		978,498
SLM Corp. (Consumer Finance)				40,860		666,835
SouthState Corp. (Banks)				12,799		842,174
Starwood Property Trust, Inc. (Mortgage REIT)				52,612		1,020,673
Stifel Financial Corp. (Capital Markets)				17,892		1,067,616
Synovus Financial Corp. (Banks)				24,632		745,118
Texas Capital Bancshares, Inc. (Banks)	(a	)		8,070		415,605
UMB Financial Corp. (Banks)				7,360		448,224
United Bankshares, Inc. (Banks)				22,688		673,153
Unum Group (Insurance)				31,228		1,489,576
Valley National Bancorp (Banks)				71,063		550,738
Voya Financial, Inc. (Financial Services)				16,566		1,187,948
Webster Financial Corp. (Banks)				29,458		1,112,039
Western Union Co. / The (Financial Services)				63,128		740,491
WEX, Inc. (Financial Services)	(a	)		7,222		1,314,910
Wintrust Financial Corp. (Banks)				10,316		749,148

						51,949,460


HEALTH CARE – 9.6%
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)	(a	)		15,515		1,235,615
Amedisys, Inc. (Health Care Providers & Svs.)	(a	)		5,493		502,280
Arrowhead Pharmaceuticals, Inc. (Biotechnology)	(a	)		18,021		642,629
Azenta, Inc. (Life Sciences Tools & Svs.)	(a	)		10,986		512,826
Bruker Corp. (Life Sciences Tools & Svs.)				16,820		1,243,334
Chemed Corp. (Health Care Providers & Svs.)				2,532		1,371,508
Doximity, Inc. Class A (Health Care Technology)	(a	)		20,011		680,774
Encompass Health Corp. (Health Care Providers & Svs.)				16,898		1,144,164
Enovis Corp. (Health Care Equip. & Supplies)	(a	)		8,084		518,346
Envista Holdings Corp. (Health Care Equip. & Supplies)	(a	)		27,597		933,883
Exelixis, Inc. (Biotechnology)	(a	)		54,895		1,049,043
Globus Medical, Inc. Class A (Health Care Equip. & Supplies)	(a	)		13,470		802,004
Haemonetics Corp. (Health Care Equip. & Supplies)	(a	)		8,504		724,031
Halozyme Therapeutics, Inc. (Biotechnology)	(a	)		22,199		800,718
HealthEquity, Inc. (Health Care Providers & Svs.)	(a	)		14,408		909,721
ICU Medical, Inc. (Health Care Equip. & Supplies)	(a	)		3,408		607,272
Inari Medical, Inc. (Health Care Equip. & Supplies)	(a	)		8,674		504,306
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies)	(a	)		12,012		494,054


		81		(continued)


Ohio National Fund, Inc.		ON S&P MidCap 400^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
Jazz Pharmaceuticals PLC (Pharmaceuticals)	(a	)		10,790	$	1,337,636
Lantheus Holdings, Inc. (Health Care Equip. & Supplies)	(a	)		11,520		966,758
LivaNova PLC (Health Care Equip. & Supplies)	(a	)		9,064		466,162
Masimo Corp. (Health Care Equip. & Supplies)	(a	)		8,186		1,347,006
Medpace Holdings, Inc. (Life Sciences Tools & Svs.)	(a	)		4,165		1,000,308
Neogen Corp. (Health Care Equip. & Supplies)	(a	)		36,451		792,809
Neurocrine Biosciences, Inc. (Biotechnology)	(a	)		16,449		1,551,141
Omnicell, Inc. (Health Care Equip. & Supplies)	(a	)		7,600		559,892
Option Care Health, Inc. (Health Care Providers & Svs.)	(a	)		27,880		905,821
Patterson Cos., Inc. (Health Care Providers & Svs.)				14,660		487,592
Penumbra, Inc. (Health Care Equip. & Supplies)	(a	)		6,449		2,218,843
Perrigo Co. PLC (Pharmaceuticals)				22,813		774,501
Progyny, Inc. (Health Care Providers & Svs.)	(a	)		12,891		507,132
QuidelOrtho Corp. (Health Care Equip. & Supplies)	(a	)		9,099		753,943
R1 RCM, Inc. (Health Care Providers & Svs.)	(a	)		23,265		429,239
Repligen Corp. (Life Sciences Tools & Svs.)	(a	)		8,730		1,234,946
Shockwave Medical, Inc. (Health Care Equip. & Supplies)	(a	)		6,174		1,762,121
Sotera Health Co. (Life Sciences Tools & Svs.)	(a	)		16,669		314,044
STAAR Surgical Co. (Health Care Equip. & Supplies)	(a	)		8,148		428,340
Syneos Health, Inc. (Life Sciences Tools & Svs.)	(a	)		17,475		736,397
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(a	)		17,184		1,398,434
United Therapeutics Corp. (Biotechnology)	(a	)		7,897		1,743,263

						36,392,836


INDUSTRIALS – 23.2%
Acuity Brands, Inc. (Electrical Equip.)				5,361		874,272
Advanced Drainage Systems, Inc. (Building Products)				10,545		1,199,810
AECOM (Construction & Engineering)				23,432		1,984,456
AGCO Corp. (Machinery)				10,475		1,376,625
ASGN, Inc. (Professional Svs.)	(a	)		8,311		628,561
Avis Budget Group, Inc. (Ground Transportation)	(a	)		4,022		919,711
Brink’s Co. / The (Commercial Svs. & Supplies)				7,826		530,838
Builders FirstSource, Inc. (Building Products)	(a	)		21,607		2,938,552
BWX Technologies, Inc. (Aerospace & Defense)				15,416		1,103,323
CACI International, Inc. Class A (Professional Svs.)	(a	)		3,842		1,309,507
Carlisle Cos., Inc. (Building Products)				8,592		2,204,106
Chart Industries, Inc. (Machinery)	(a	)		7,075		1,130,514
Clean Harbors, Inc. (Commercial Svs. & Supplies)	(a	)		8,482		1,394,695
Concentrix Corp. (Professional Svs.)				7,197		581,158
Crane Co. (Machinery)				8,129		724,456
Crane NXT Co. (Machinery)				8,129		458,801
Curtiss-Wright Corp. (Aerospace & Defense)				6,464		1,187,178
Donaldson Co., Inc. (Machinery)				20,445		1,278,017
EMCOR Group, Inc. (Construction & Engineering)				8,015		1,481,012
EnerSys (Electrical Equip.)				6,887		747,377
Esab Corp. (Machinery)				8,731		580,961
ExlService Holdings, Inc. (Professional Svs.)	(a	)		5,605		846,691
Exponent, Inc. (Professional Svs.)				8,570		799,752
Flowserve Corp. (Machinery)				22,109		821,349
Fluor Corp. (Construction & Engineering)	(a	)		24,147		714,751
Fortune Brands Innovations, Inc. (Building Products)				21,361		1,536,924


Common Stocks (Continued)			Shares		Value

INDUSTRIALS (continued)
FTI Consulting, Inc. (Professional Svs.)	(a	)		5,728	$	1,089,466
GATX Corp. (Trading Companies & Distributors)				5,951		766,132
Genpact Ltd. (Professional Svs.)				28,560		1,072,999
Graco, Inc. (Machinery)				28,379		2,450,527
GXO Logistics, Inc. (Air Freight & Logistics)	(a	)		20,049		1,259,478
Hertz Global Holdings, Inc. (Ground Transportation)	(a	)		26,572		488,659
Hexcel Corp. (Aerospace & Defense)				14,223		1,081,232
Hubbell, Inc. (Electrical Equip.)				9,034		2,995,314
Insperity, Inc. (Professional Svs.)				6,056		720,422
ITT, Inc. (Machinery)				13,891		1,294,780
JetBlue Airways Corp. (Passenger Airlines)	(a	)		55,277		489,754
KBR, Inc. (Professional Svs.)				22,880		1,488,573
Kirby Corp. (Marine Transportation)	(a	)		10,115		778,349
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)				27,146		1,508,232
Landstar System, Inc. (Ground Transportation)				6,058		1,166,407
Lennox International, Inc. (Building Products)				5,446		1,775,777
Lincoln Electric Holdings, Inc. (Machinery)				9,706		1,927,903
ManpowerGroup, Inc. (Professional Svs.)				8,501		674,979
MasTec, Inc. (Construction & Engineering)	(a	)		10,058		1,186,542
Maximus, Inc. (Professional Svs.)				10,247		865,974
MDU Resources Group, Inc. (Construction & Engineering)				34,329		718,849
Mercury Systems, Inc. (Aerospace & Defense)	(a	)		9,810		339,328
Middleby Corp. / The (Machinery)	(a	)		9,022		1,333,722
MSA Safety, Inc. (Commercial Svs. & Supplies)				6,222		1,082,379
MSC Industrial Direct Co., Inc. Class A (Trading Companies & Distributors)				7,967		759,096
nVent Electric PLC (Electrical Equip.)				27,930		1,443,143
Oshkosh Corp. (Machinery)				11,011		953,443
Owens Corning (Building Products)				15,191		1,982,426
Paylocity Holding Corp. (Professional Svs.)	(a	)		6,963		1,284,882
Regal Rexnord Corp. (Electrical Equip.)				11,174		1,719,679
Ryder System, Inc. (Ground Transportation)				7,838		664,584
Saia, Inc. (Ground Transportation)	(a	)		4,473		1,531,600
Science Applications International Corp. (Professional Svs.)				9,102		1,023,793
Simpson Manufacturing Co., Inc. (Building Products)				7,193		996,231
Stericycle, Inc. (Commercial Svs. & Supplies)	(a	)		15,584		723,721
Sunrun, Inc. (Electrical Equip.)	(a	)		36,349		649,193
Terex Corp. (Machinery)				11,430		683,857
Tetra Tech, Inc. (Commercial Svs. & Supplies)				8,973		1,469,239
Timken Co. / The (Machinery)				11,106		1,016,532
Toro Co. / The (Machinery)				17,580		1,787,007
Trex Co., Inc. (Building Products)	(a	)		18,342		1,202,502
UFP Industries, Inc. (Building Products)				10,468		1,015,919
Univar Solutions, Inc. (Trading Companies & Distributors)	(a	)		26,593		953,093
Valmont Industries, Inc. (Construction & Engineering)				3,550		1,033,228
Vicor Corp. (Electrical Equip.)	(a	)		3,763		203,202
Watsco, Inc. (Trading Companies & Distributors)				5,634		2,149,202
Watts Water Technologies, Inc. Class A (Machinery)				4,620		848,833
Werner Enterprises, Inc. (Ground Transportation)				9,936		438,972
WESCO International, Inc. (Trading Companies & Distributors)				7,606		1,361,930
Woodward, Inc. (Aerospace & Defense)				10,121		1,203,488
XPO, Inc. (Ground Transportation)	(a	)		19,531		1,152,329

						88,160,298


		82		(continued)


Ohio National Fund, Inc.		ON S&P MidCap 400^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

INFORMATION TECHNOLOGY – 10.5%
ACI Worldwide, Inc. (Software)	(a	)		18,261	$	423,107
Allegro MicroSystems, Inc. (Semiconductors & Equip.)	(a	)		10,991		496,134
Amkor Technology, Inc. (Semiconductors & Equip.)				16,978		505,096
Arrow Electronics, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		9,523		1,363,979
Aspen Technology, Inc. (Software)	(a	)		4,921		824,809
Avnet, Inc. (Electronic Equip., Instr. & Comp.)				15,408		777,334
Belden, Inc. (Electronic Equip., Instr. & Comp.)				7,173		686,097
Blackbaud, Inc. (Software)	(a	)		7,627		542,890
Calix, Inc. (Communications Equip.)	(a	)		9,716		484,926
Ciena Corp. (Communications Equip.)	(a	)		25,145		1,068,411
Cirrus Logic, Inc. (Semiconductors & Equip.)	(a	)		9,315		754,608
Cognex Corp. (Electronic Equip., Instr. & Comp.)				29,097		1,630,014
Coherent Corp. (Electronic Equip., Instr. & Comp.)	(a	)		23,496		1,197,826
CommVault Systems, Inc. (Software)	(a	)		7,413		538,332
Dropbox, Inc. Class A (Software)	(a	)		45,847		1,222,739
Dynatrace, Inc. (Software)	(a	)		36,546		1,881,023
Envestnet, Inc. (Software)	(a	)		9,171		544,299
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)	(a	)		5,263		714,821
Jabil, Inc. (Electronic Equip., Instr. & Comp.)				22,368		2,414,178
Kyndryl Holdings, Inc. (IT Svs.)	(a	)		34,518		458,399
Lattice Semiconductor Corp. (Semiconductors & Equip.)	(a	)		23,205		2,229,304
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.)				4,186		1,219,424
Lumentum Holdings, Inc. (Communications Equip.)	(a	)		11,581		656,990
MACOM Technology Solutions Holdings, Inc. (Semiconductors & Equip.)	(a	)		8,723		571,618
Manhattan Associates, Inc. (Software)	(a	)		10,456		2,089,945
MKS Instruments, Inc. (Semiconductors & Equip.)				9,680		1,046,408
National Instruments Corp. (Electronic Equip., Instr. & Comp.)				22,168		1,272,443
NCR Corp. (Software)	(a	)		23,669		596,459
Novanta, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		6,036		1,111,228
Power Integrations, Inc. (Semiconductors & Equip.)				9,668		915,270
Qualys, Inc. (Software)	(a	)		5,660		731,102
Silicon Laboratories, Inc. (Semiconductors & Equip.)	(a	)		5,394		850,850
Super Micro Computer, Inc. (Tech. Hardware, Storage & Periph.)	(a	)		7,698		1,918,726
Synaptics, Inc. (Semiconductors & Equip.)	(a	)		6,663		568,887
TD SYNNEX Corp. (Electronic Equip., Instr. & Comp.)				6,999		657,906
Teradata Corp. (Software)	(a	)		17,043		910,267
Universal Display Corp. (Semiconductors & Equip.)				7,341		1,058,058
Vishay Intertechnology, Inc. (Electronic Equip., Instr. & Comp.)				21,508		632,335
Vontier Corp. (Electronic Equip., Instr. & Comp.)				26,234		844,997
Wolfspeed, Inc. (Semiconductors & Equip.)	(a	)		20,984		1,166,501
Xerox Holdings Corp. (Tech. Hardware, Storage & Periph.)				19,051		283,669

						39,861,409


MATERIALS – 7.4%
Alcoa Corp. (Metals & Mining)				30,075		1,020,445
AptarGroup, Inc. (Containers & Packaging)				11,045		1,279,674
Ashland, Inc. (Chemicals)				8,189		711,706
Avient Corp. (Chemicals)				14,432		590,269


Common Stocks (Continued)			Shares		Value

MATERIALS (continued)
Axalta Coating Systems Ltd. (Chemicals)	(a	)		37,346	$	1,225,322
Berry Global Group, Inc. (Containers & Packaging)				20,095		1,292,912
Cabot Corp. (Chemicals)				9,465		633,114
Chemours Co. / The (Chemicals)				25,145		927,599
Cleveland-Cliffs, Inc. (Metals & Mining)	(a	)		86,832		1,455,304
Commercial Metals Co. (Metals & Mining)				19,743		1,039,666
Crown Holdings, Inc. (Containers & Packaging)				20,246		1,758,770
Eagle Materials, Inc. (Construction Materials)				6,078		1,133,061
Graphic Packaging Holding Co. (Containers & Packaging)				51,777		1,244,201
Greif, Inc. Class A (Containers & Packaging)				4,372		301,187
Knife River Corp. (Construction Materials)	(a	)		8,582		373,317
Louisiana-Pacific Corp. (Paper & Forest Products)				12,145		910,632
MP Materials Corp. (Metals & Mining)	(a	)		15,571		356,265
NewMarket Corp. (Chemicals)				1,120		450,374
Olin Corp. (Chemicals)				20,268		1,041,573
Reliance Steel & Aluminum Co. (Metals & Mining)				9,911		2,691,729
Royal Gold, Inc. (Metals & Mining)				11,072		1,270,844
RPM International, Inc. (Chemicals)				21,732		1,950,012
Scotts Miracle-Gro Co. / The (Chemicals)				6,900		432,561
Sensient Technologies Corp. (Chemicals)				7,122		506,588
Silgan Holdings, Inc. (Containers & Packaging)				14,125		662,321
Sonoco Products Co. (Containers & Packaging)				16,513		974,597
United States Steel Corp. (Metals & Mining)				38,175		954,757
Westlake Corp. (Chemicals)				5,810		694,121
Worthington Industries, Inc. (Metals & Mining)				5,117		355,478

						28,238,399


REAL ESTATE – 7.5%
Agree Realty Corp. (Retail REITs)				15,711		1,027,342
Apartment Income REIT Corp. (Residential REITs)				25,152		907,736
Brixmor Property Group, Inc. (Retail REITs)				50,666		1,114,652
Corporate Office Properties Trust (Office REITs)				18,968		450,490
Cousins Properties, Inc. (Office REITs)				25,573		583,064
CubeSmart (Specialized REITs)				37,876		1,691,542
EastGroup Properties, Inc. (Industrial REITs)				7,487		1,299,743
EPR Properties (Specialized REITs)				12,691		593,939
First Industrial Realty Trust, Inc. (Industrial REITs)				22,293		1,173,503
Healthcare Realty Trust, Inc. (Health Care REITs)				64,197		1,210,755
Highwoods Properties, Inc. (Office REITs)				17,778		425,072
Independence Realty Trust, Inc. (Residential REITs)				37,816		689,008
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)	(a	)		8,052		1,254,502
Kilroy Realty Corp. (Office REITs)				17,770		534,699
Kite Realty Group Trust (Retail REITs)				36,974		825,999
Lamar Advertising Co. Class A (Specialized REITs)				14,748		1,463,739
Life Storage, Inc. (Specialized REITs)				14,344		1,907,178
Medical Properties Trust, Inc. (Health Care REITs)				100,861		933,973
National Storage Affiliates Trust (Specialized REITs)				13,844		482,187
NNN REIT, Inc. (Retail REITs)				30,695		1,313,439
Omega Healthcare Investors, Inc. (Health Care REITs)				39,507		1,212,470
Park Hotels & Resorts, Inc. (Hotel & Resort REITs)				36,351		466,020
Physicians Realty Trust (Health Care REITs)				40,189		562,244
PotlatchDeltic Corp. (Specialized REITs)				13,472		711,995


		83		(continued)


Ohio National Fund, Inc.		ON S&P MidCap 400^® Index Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)	Shares		Value

REAL ESTATE (continued)
Rayonier, Inc. (Specialized REITs)		24,987	$	784,592
Rexford Industrial Realty, Inc. (Industrial REITs)		33,876		1,769,005
Sabra Health Care REIT, Inc. (Health Care REITs)		38,975		458,736
Spirit Realty Capital, Inc. (Retail REITs)		23,820		938,032
STAG Industrial, Inc. (Industrial REITs)		30,239		1,084,975
Vornado Realty Trust (Office REITs)		27,172		492,900

				28,363,531


UTILITIES – 3.4%
ALLETE, Inc. (Electric Utilities)		9,662		560,106
Black Hills Corp. (Multi-Utilities)		11,237		677,142
Essential Utilities, Inc. (Water Utilities)		40,558		1,618,670
Hawaiian Electric Industries, Inc. (Electric Utilities)		18,472		668,686
IDACORP, Inc. (Electric Utilities)		8,531		875,281
National Fuel Gas Co. (Gas Utilities)		15,476		794,847
New Jersey Resources Corp. (Gas Utilities)		16,346		771,531
NorthWestern Corp. (Multi-Utilities)		10,080		572,141
OGE Energy Corp. (Electric Utilities)		33,764		1,212,465


Common Stocks (Continued)					Shares		Value

UTILITIES (continued)
ONE Gas, Inc. (Gas Utilities)						9,337	$	717,175
Ormat Technologies, Inc. (Ind. Power & Renewable Elec.)						8,858		712,715
PNM Resources, Inc. (Electric Utilities)						14,470		652,597
Portland General Electric Co. (Electric Utilities).						16,288		762,767
Southwest Gas Holdings, Inc. (Gas Utilities)						11,064		704,224
Spire, Inc. (Gas Utilities)						8,867		562,522
UGI Corp. (Gas Utilities)						35,288		951,717

								12,814,586

Total Common Stocks (Cost $325,162,532)							$	384,075,085


U.S. Treasury Obligations – 0.0%	Rate		Maturity		Face Amount		Value
U.S. Treasury Bill		0.000%		09/07/2023		$100,000	$	99,059

Total U.S. Treasury Obligations (Cost $99,031)							$	99,059

Total Investments – 101.1% (Cost $325,261,563)						(b)	$	384,174,144
Liabilities in Excess of Other Assets – (1.1)%						(c)		(4,215,809	)

Net Assets – 100.0%							$	379,958,335

Percentages are stated as a percent of net assets.

Abbreviations:

REITs:

Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(c)

Includes $216,000 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

CME E-mini S&P MidCap 400 Index - Long

September 15, 2023

$3,935,125

$3,966,150

$31,025

$8,633

The accompanying notes are an integral part of these financial statements.


		84


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Growth Portfolio (Unaudited)

Objective/Strategy

The ON BlackRock Advantage Large Cap Growth Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000^® Growth Index for the previous twelve months.



Performance as of June 30, 2023


Average Annual returns
One year	20.83	%
Five years	10.74	%
Ten years	13.46	%

Total expense ratio is 0.75% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 28.01% versus 29.02% for its benchmark, the Russell 1000^® Growth Index.

Q. What affected the Portfolio’s performance?

A. Security selection, specifically in Health Care, was the primary source of weakness with adverse performance across life sciences and healthcare providers. This includes positioning around sentiment for weight loss drugs, deal activity for biopharma amid patent expiration, and the impact to health insurers amid an expected surge in expenses. Sentiment measures detracted, as insights designed to capture analyst sentiment, insights that evaluate institutional investor interest, and measures designed to gauge sentiment from bond markets struggled. Fundamental measures also struggled, with valuation insights tracking company earnings yield and credit conditions declining. Other nontraditional measures of company quality also detracted from performance.

Macro thematic insights helped offset the weakness by capturing the artificial intelligence (“AI”) related market rally. Specifically, industry positioning driven by inventory trends, expectations of a soft economic landing and news sentiment motivated an overweight to select stocks in the Information Technology sector. Further driving exposure to this theme were select fundamental measures, such as insights that evaluate company research expenditures, which contributed through Information Technology positioning. Derivatives had no significant impact on the Portfolio’s performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		85		(continued)

Ohio National Fund, Inc.

ON BlackRock Advantage Large Cap Growth Portfolio

(Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		99.1
Other Net Assets		0.9

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Apple, Inc.		11.8
2.	Microsoft Corp.		10.8
3.	Amazon.com, Inc.		4.9
4.	NVIDIA Corp.		4.9
5.	Meta Platforms, Inc. Class A		3.8
6.	Tesla, Inc.		3.0
7.	Alphabet, Inc. Class C		2.9
8.	Visa, Inc.		2.4
9.	UnitedHealth Group, Inc.		2.1
10.	Mastercard, Inc. Class A		2.1

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		43.4
Consumer Discretionary		15.2
Health Care		11.3
Communication Services		10.5
Financials		6.3
Industrials		5.9
Consumer Staples		4.7
Materials		1.2
Real Estate		0.6

		99.1


		86


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Growth Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 99.1%			Shares		Value

COMMUNICATION SERVICES – 10.5%
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a	)		72,376	$	8,663,407
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		103,018		12,462,088
Electronic Arts, Inc. (Entertainment)				6,473		839,548
Fox Corp. Class A (Media)				67,865		2,307,410
Meta Platforms, Inc. Class A (Interactive Media & Svs.)	(a	)		58,200		16,702,236
Netflix, Inc. (Entertainment)	(a	)		1,194		525,945
Pinterest, Inc. Class A (Interactive Media & Svs.)	(a	)		25,021		684,074
ROBLOX Corp. Class A (Entertainment)	(a	)		20,707		834,492
Snap, Inc. Class A (Interactive Media & Svs.)	(a	)		166,873		1,975,776
Spotify Technology SA (Entertainment)	(a	)		4,924		790,548

						45,785,524


CONSUMER DISCRETIONARY – 15.2%
Amazon.com, Inc. (Broadline Retail)	(a	)		163,609		21,328,069
AutoNation, Inc. (Specialty Retail)	(a	)		7,924		1,304,370
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)				9,889		686,000
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a	)		25,975		1,323,946
Chewy, Inc. Class A (Specialty Retail)	(a	)		11,902		469,772
Crocs, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		5,403		607,513
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)				3,599		601,321
eBay, Inc. (Broadline Retail)				81,811		3,656,134
Five Below, Inc. (Specialty Retail)	(a	)		4,107		807,190
Home Depot, Inc. / The (Specialty Retail)				12,795		3,974,639
Lowe’s Cos., Inc. (Specialty Retail)				11,815		2,666,645
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		11,150		4,220,275
MercadoLibre, Inc. (Broadline Retail)	(a	)		1,997		2,365,646
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				18,316		2,021,537
Starbucks Corp. (Hotels, Restaurants & Leisure)				20,749		2,055,396
Tesla, Inc. (Automobiles)	(a	)		50,681		13,266,765
TJX Cos., Inc. / The (Specialty Retail)				47,656		4,040,752
Travel + Leisure Co. (Hotels, Restaurants & Leisure)				24,354		982,440

						66,378,410


CONSUMER STAPLES – 4.7%
Hershey Co. / The (Food Products)				17,601		4,394,970
Kimberly-Clark Corp. (Household Products)				9,316		1,286,167
PepsiCo, Inc. (Beverages)				43,088		7,980,760
Procter & Gamble Co. / The
(Household Products)				11,068		1,679,458
Walmart, Inc. (Consumer Staples Distribution & Retail)				32,235		5,066,697

						20,408,052


FINANCIALS – 6.3%
American Express Co. (Consumer Finance)				4,498		783,552
Block, Inc. (Financial Services)	(a	)		23,554		1,567,990
Marsh & McLennan Cos., Inc. (Insurance)				13,960		2,625,597
Mastercard, Inc. Class A (Financial Services)				22,898		9,005,783
MetLife, Inc. (Insurance)				12,011		678,982
PayPal Holdings, Inc. (Financial Services)	(a	)		36,435		2,431,307
Visa, Inc. (Financial Services)				43,371		10,299,745

						27,392,956


HEALTH CARE – 11.3%
AbbVie, Inc. (Biotechnology)				13,177		1,775,337
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)				34,167		4,108,582


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
Amgen, Inc. (Biotechnology)				20,303	$	4,507,672
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a	)		87,072		4,709,724
Bristol-Myers Squibb Co. (Pharmaceuticals)				52,732		3,372,211
CVS Health Corp. (Health Care Providers & Svs.)				27,331		1,889,392
Elevance Health, Inc. (Health Care Providers & Svs.)				4,773		2,120,596
Eli Lilly & Co. (Pharmaceuticals)				13,426		6,296,526
Horizon Therapeutics PLC (Biotechnology)	(a	)		3,965		407,800
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)	(a	)		1,397		701,615
Incyte Corp. (Biotechnology)	(a	)		45,826		2,852,669
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)	(a	)		528		692,546
Neurocrine Biosciences, Inc. (Biotechnology)	(a	)		13,619		1,284,272
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a	)		1,766		1,268,942
Stryker Corp. (Health Care Equip. & Supplies)				4,917		1,500,128
Ultragenyx Pharmaceutical, Inc. (Biotechnology)	(a	)		34,738		1,602,464
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				19,521		9,382,573
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a	)		2,111		742,882

						49,215,931


INDUSTRIALS – 5.9%
AECOM (Construction & Engineering)				18,764		1,589,123
Allegion PLC (Building Products)				24,248		2,910,245
Automatic Data Processing, Inc. (Professional Svs.)				4,623		1,016,089
Cintas Corp. (Commercial Svs. & Supplies)				4,422		2,198,088
Cummins, Inc. (Machinery)				3,253		797,506
Honeywell International, Inc. (Industrial Conglomerates)				7,127		1,478,853
Illinois Tool Works, Inc. (Machinery)				13,721		3,432,445
Lockheed Martin Corp. (Aerospace & Defense)				8,062		3,711,584
Otis Worldwide Corp. (Machinery)				11,738		1,044,799
Trane Technologies PLC (Building Products)				5,762		1,102,040
Uber Technologies, Inc. (Ground Transportation)	(a	)		16,359		706,218
W.W. Grainger, Inc. (Trading Companies & Distributors)				5,919		4,667,664
Xylem, Inc. (Machinery)				10,971		1,235,554

						25,890,208


INFORMATION TECHNOLOGY – 43.4%
Adobe, Inc. (Software)	(a	)		14,875		7,273,726
Apple, Inc. (Tech. Hardware, Storage & Periph.)				266,211		51,636,948
Applied Materials, Inc. (Semiconductors & Equip.)				55,314		7,995,086
Autodesk, Inc. (Software)	(a	)		11,258		2,303,499
Broadcom, Inc. (Semiconductors & Equip.)				2,458		2,132,143
Cadence Design Systems, Inc. (Software)	(a	)		2,929		686,909
Crowdstrike Holdings, Inc. Class A (Software)	(a	)		6,150		903,251
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)				26,392		1,428,071
Dropbox, Inc. Class A (Software)	(a	)		25,333		675,631
Flex Ltd. (Electronic Equip., Instr. & Comp.)	(a	)		102,653		2,837,329
Fortinet, Inc. (Software)	(a	)		45,741		3,457,562
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)				169,545		2,848,356
HP, Inc. (Tech. Hardware, Storage & Periph.)				51,492		1,581,319
Intel Corp. (Semiconductors & Equip.)				40,669		1,359,971
Intuit, Inc. (Software)				9,657		4,424,741
KLA Corp. (Semiconductors & Equip.)				1,322		641,196


		87		(continued)


Ohio National Fund, Inc.		ON BlackRock Advantage Large Cap Growth Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)		Shares		Value

INFORMATION TECHNOLOGY (continued)
Lam Research Corp. (Semiconductors & Equip.)			2,191	$	1,408,506
Lattice Semiconductor Corp. (Semiconductors & Equip.)	(a)		19,246		1,848,963
Manhattan Associates, Inc. (Software)	(a)		20,764		4,150,308
Micron Technology, Inc. (Semiconductors & Equip.)			26,023		1,642,312
Microsoft Corp. (Software)			138,425		47,139,249
NVIDIA Corp. (Semiconductors & Equip.)			50,131		21,206,416
NXP Semiconductors N.V. (Semiconductors & Equip.)			3,026		619,362
Palo Alto Networks, Inc. (Software)	(a)		5,568		1,422,680
QUALCOMM, Inc. (Semiconductors & Equip.)			21,727		2,586,382
RingCentral, Inc. Class A (Software)	(a)		26,931		881,452
Salesforce, Inc. (Software)	(a)		14,372		3,036,229
ServiceNow, Inc. (Software)	(a)		7,165		4,026,515
Splunk, Inc. (Software)	(a)		8,306		881,184
Synopsys, Inc. (Software)	(a)		4,464		1,943,670
Teradata Corp. (Software)	(a)		27,882		1,489,178
VeriSign, Inc. (IT Svs.)	(a)		9,753		2,203,885
Zoom Video Communications, Inc. Class A (Software)	(a)		8,175		554,919

					189,226,948


Common Stocks (Continued)		Shares		Value

MATERIALS – 1.2%
Ecolab, Inc. (Chemicals)			28,211	$	5,266,712


REAL ESTATE – 0.6%
SBA Communications Corp. (Specialized REITs)			10,696		2,478,905
Zillow Group, Inc. Class A (Real Estate Mgmt. & Development)	(a)		80		3,936

					2,482,841

Total Common Stocks (Cost $362,512,261)				$	432,047,582

Total Investments – 99.1% (Cost $362,512,261)	(b)			$	432,047,582
Other Assets in Excess of Liabilities – 0.9%	(c)				4,069,744

Net Assets – 100.0%				$	436,117,326

Percentages are stated as a percent of net assets.

Abbreviations:

REITs: Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(c)

Includes $285,600 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

CME E-mini Nasdaq-100 Index - Long

September 15, 2023

$5,062,710

$5,214,580

$151,870

$73,266

The accompanying notes are an integral part of these financial statements.


		88


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Unaudited)

Objective/Strategy

The ON Risk Managed Balanced Portfolio seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Portfolio invests in a balanced portfolio of equity and fixed-income securities (the “Balanced Component”) and a risk management portfolio intended to enhance the risk adjusted return of the Portfolio (the “Risk Management Component”).



Performance as of June 30, 2023


Average Annual returns
One year	3.41	%
Five years	7.27	%
Since inception (5/1/14)	7.10	%

Comments from Sub-Advisers

Q. How did the Portfolio perform in comparison to its benchmarks during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 6.46% versus 16.89% for its benchmark, the S&P 500^® Index. The Portfolio’s secondary benchmark, which is comprised of 55% S&P 500^® Index and 45% ICE BofA U.S. Broad Market Index, returned 10.08% for the six-month period ended June 30, 2023.

Q. What affected the Portfolio’s performance?

A. The underperformance was driven primarily by security selection within the equity component and an underweight to equities during the six-month period. The Portfolio’s Risk Management Component also did not enhance the Portfolio’s risk-adjusted return for the period. The Portfolio’s return was 2.5% lower than the Balanced Component (the combined active equity and fixed income components) while the Portfolio’s annualized volatility was similar to the Balanced Component.

The equity component underperformance was driven primarily by security selection within Information Technology and Consumer Discretionary, while sector positioning also detracted, led by an overweight to Health Care. Top contributors in the equity sleeve were an overweight to Fortinet, Inc. and underweights to Pfizer, Inc. and Chevron Corp. The Portfolio’s top three laggards were underweights to Apple, Inc. and NVIDIA Corp. and not holding Tesla, Inc.

While the fixed income component underperformed the primary benchmark, it had a positive impact relative to the fixed income portion of the secondary benchmark, driven by sector positioning. Overweights to agency risk and investment grade corporates were the main drivers of

sector outperformance. Security selection also generated outperformance, led by selection in investment grade and non-investment grade corporates. Yield curve positioning was a modest detractor.

The Risk Management Component’s relative underperformance was mainly attributable to losses in options value associated with both premium decay and declines in implied volatilities during the period, as well as the Portfolio having lower average equity exposure, as compared to the Balanced Component, during periods when the equity markets rose. The aggregate impact to the Portfolio’s absolute performance from options for the six-month period was -87 basis points (-0.87%), while the impact from futures was -81 basis points. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The ICE BofA U.S. Broad Market Index measures the performance of U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. Securities are cap-weighted based on their amount outstanding times the market price plus accrued interest.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		89		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		51.9
U.S. Treasury Obligations		15.9
Corporate Bonds ⁽⁴⁾		14.0
Asset-Backed / Mortgage-Backed
Securities ⁽⁴⁾		6.9
U.S. Government Agency Mortgage-Backed Securities		5.0
Purchased Options		4.9
Sovereign Debt Issues		0.1
Preferred Securities ⁽⁴⁾		0.1
Taxable Municipal Bonds		0.0
Rights ⁽⁴⁾		0.0
Money Market Funds
Less Net Liabilities		1.2

		100.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks, Corporate Bonds, Preferred Securities, Asset-Backed / Mortgage Backed Securities, Rights):


	% of Net Assets
Financials		18.1
Information Technology		15.7
Health Care		10.9
Consumer Discretionary		6.2
Industrials		5.2
Communication Services		5.0
Consumer Staples		4.7
Energy		2.9
Utilities		2.2
Materials		1.2
Real Estate		0.8

		72.9



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Microsoft Corp.		3.5
2.	U.S. Treasury Note 1.875%, 02/15/2032		2.9
3.	U.S. Treasury Note 3.875%, 11/30/2027		2.8
4.	U.S. Treasury Note 3.250%, 05/15/2042		1.9
5.	Alphabet, Inc. Class C		1.9
6.	Visa, Inc.		1.6
7.	UnitedHealth Group, Inc.		1.5
8.	U.S. Treasury Note 3.625%, 05/31/2028		1.4
9.	S&P 500 Index Call Option, Expiration December 2024, Exercise price $4,300		1.3
10.	Amazon.com, Inc.		1.2


		90


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 51.9%			Shares		Value

COMMUNICATION SERVICES – 4.3%
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a	)		13,354	$	1,598,474
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		177,837		21,512,942
Charter Communications, Inc. Class A (Media)	(a	)		3,531		1,297,183
Comcast Corp. Class A (Media)				60,984		2,533,885
Electronic Arts, Inc. (Entertainment)				21,815		2,829,406
Fox Corp. Class A (Media)				9,847		334,798
Match Group, Inc. (Interactive Media & Svs.)	(a	)		7,769		325,133
Meta Platforms, Inc. Class A (Interactive Media & Svs.)	(a	)		26,632		7,642,851
Netflix, Inc. (Entertainment)	(a	)		9,386		4,134,439
Trade Desk, Inc. / The Class A (Media)	(a	)		7,739		597,606
Verizon Communications, Inc. (Diversified Telecom. Svs.)				105,974		3,941,173
Walt Disney Co. / The (Entertainment)	(a	)		25,791		2,302,620

						49,050,510


CONSUMER DISCRETIONARY – 4.4%
Amazon.com, Inc. (Broadline Retail)	(a	)		102,369		13,344,823
AutoZone, Inc. (Specialty Retail)	(a	)		1,705		4,251,179
Best Buy Co., Inc. (Specialty Retail)				4,574		374,839
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)	(a	)		497		1,342,064
BorgWarner, Inc. (Automobile Components)				7,025		343,593
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a	)		1,493		3,193,527
Compass Group PLC – ADR (Hotels, Restaurants & Leisure)				50,487		1,439,889
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)				944		318,119
Ferrari N.V. (Automobiles)				5,295		1,721,987
General Motors Co. (Automobiles)				52,368		2,019,310
Home Depot, Inc. / The (Specialty Retail)				20,287		6,301,954
Lennar Corp. Class A (Household Durables)				7,469		935,940
LKQ Corp. (Distributors)				6,240		363,605
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		3,610		1,366,385
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				54,738		6,041,433
NVR, Inc. (Household Durables)	(a	)		122		774,776
O’Reilly Automotive, Inc. (Specialty Retail)	(a	)		2,702		2,581,221
Tractor Supply Co. (Specialty Retail)				9,584		2,119,022
V.F. Corp. (Textiles, Apparel & Luxury Goods)				13,495		257,619
Williams-Sonoma, Inc. (Specialty Retail)				2,365		295,956

						49,387,241


CONSUMER STAPLES – 3.6%
Altria Group, Inc. (Tobacco)				44,115		1,998,409
Archer-Daniels-Midland Co. (Food Products)				21,769		1,644,866
BJ’s Wholesale Club Holdings, Inc. (Consumer Staples Distribution & Retail)	(a	)		3,943		248,448
Bunge Ltd. (Food Products)				3,739		352,775
Casey’s General Stores, Inc. (Consumer Staples Distribution & Retail)				1,394		339,969
Clorox Co. / The (Household Products)				5,259		836,391
Coca-Cola Co. / The (Beverages)				42,688		2,570,671
Colgate-Palmolive Co. (Household Products)				19,286		1,485,793
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)				15,008		8,080,007
General Mills, Inc. (Food Products)				18,029		1,382,824
Keurig Dr Pepper, Inc. (Beverages)				30,665		958,895
Kimberly-Clark Corp. (Household Products)				10,262		1,416,772
Koninklijke Ahold Delhaize N.V. – ADR (Consumer Staples Distribution & Retail)				65,680		2,235,747
Kroger Co. / The (Consumer Staples Distribution & Retail)				21,167		994,849
Monster Beverage Corp. (Beverages)	(a	)		132,414		7,605,860
Philip Morris International, Inc. (Tobacco)				25,845		2,522,989
Procter & Gamble Co. / The (Household Products)				5,932		900,122
Sysco Corp. (Consumer Staples Distribution & Retail)				16,966		1,258,877
Tyson Foods, Inc. Class A (Food Products)				14,865		758,710
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)				27,906		795,042
Walmart, Inc. (Consumer Staples Distribution & Retail)				12,833		2,017,091

						40,405,107


ENERGY – 1.4%
APA Corp. (Oil, Gas & Consumable Fuels)				9,283		317,200
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)				3,987		333,632
Chevron Corp. (Oil, Gas & Consumable Fuels)				2,574		405,019
Devon Energy Corp. (Oil, Gas & Consumable Fuels)				13,008		628,807
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)				16,429		1,762,010
Halliburton Co. (Energy Equip. & Svs.)				20,617		680,155
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)				26,468		609,293


		91		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

ENERGY (continued)
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)				8,102	$	308,443
Phillips 66 (Oil, Gas & Consumable Fuels)				17,492		1,668,387
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)				6,981		1,446,324
Schlumberger Ltd. / N.V. (Energy Equip. & Svs.)				39,547		1,942,549
Shell PLC – ADR (Oil, Gas & Consumable Fuels)				60,153		3,632,038
Valero Energy Corp. (Oil, Gas & Consumable Fuels)				14,938		1,752,227

						15,486,084


FINANCIALS – 6.7%
Ally Financial, Inc. (Consumer Finance)				11,935		322,364
American International Group, Inc. (Insurance)				31,472		1,810,899
Aon PLC Class A (Insurance)				4,115		1,420,498
Bank of New York Mellon Corp. / The (Capital Markets)				29,457		1,311,426
Berkshire Hathaway, Inc. Class B (Financial Services)	(a	)		8,877		3,027,057
Block, Inc. (Financial Services)	(a	)		20,787		1,383,791
Capital One Financial Corp. (Consumer Finance)				13,304		1,455,058
CBOE Global Markets, Inc. (Capital Markets)				7,484		1,032,867
Everest Re Group Ltd. (Insurance)				5,698		1,947,918
Fidelity National Financial, Inc. (Insurance)				9,134		328,824
Fidelity National Information Services, Inc. (Financial Services)				13,601		743,975
Fiserv, Inc. (Financial Services)	(a	)		15,649		1,974,121
Global Payments, Inc. (Financial Services)				11,017		1,085,395
Goldman Sachs Group, Inc. / The (Capital Markets)				6,822		2,200,368
Houlihan Lokey, Inc. (Capital Markets)				16,094		1,582,201
Jack Henry & Associates, Inc. (Financial Services)				1,758		294,166
JPMorgan Chase & Co. (Banks)				32,565		4,736,254
Loews Corp. (Insurance)				5,868		348,442
LPL Financial Holdings, Inc. (Capital Markets)				5,150		1,119,764
Markel Group, Inc. (Insurance)	(a	)		836		1,156,338
Marsh & McLennan Cos., Inc. (Insurance)				16,249		3,056,112
Mastercard, Inc. Class A (Financial Services)				8,042		3,162,919
MSCI, Inc. (Capital Markets)				6,506		3,053,201
Nasdaq, Inc. (Capital Markets)				25,280		1,260,208
Northern Trust Corp. (Capital Markets)				14,703		1,090,080
PayPal Holdings, Inc. (Financial Services)	(a	)		24,483		1,633,751
Progressive Corp. / The (Insurance)				10,342		1,368,970
S&P Global, Inc. (Capital Markets)				5,681		2,277,456
Selective Insurance Group, Inc. (Insurance)				10,625		1,019,469
State Street Corp. (Capital Markets)				16,779		1,227,887
Synchrony Financial (Consumer Finance)				11,932		404,733
T. Rowe Price Group, Inc. (Capital Markets)				10,763		1,205,671
Truist Financial Corp. (Banks)				52,353		1,588,914
U.S. Bancorp (Banks)				50,869		1,680,712
Unum Group (Insurance)				7,541		359,706
Visa, Inc. (Financial Services)				76,241		18,105,713
W.R. Berkley Corp. (Insurance)				5,844		348,069
Willis Towers Watson PLC (Insurance)				15,421		3,631,645

						75,756,942


HEALTH CARE – 10.5%
Abbott Laboratories (Health Care Equip. & Supplies)				24,968		2,722,011
AbbVie, Inc. (Biotechnology)				33,374		4,496,479
Align Technology, Inc. (Health Care Equip. & Supplies)	(a	)		3,143		1,111,491
AmerisourceBergen Corp. (Health Care Providers & Svs.)				10,139		1,951,048
Avantor, Inc. (Life Sciences Tools & Svs.)	(a	)		14,950		307,073
Bristol-Myers Squibb Co. (Pharmaceuticals)				18,385		1,175,721
Cardinal Health, Inc. (Health Care Providers & Svs.)				11,225		1,061,548
Catalent, Inc. (Pharmaceuticals)	(a	)		6,168		267,444
Centene Corp. (Health Care Providers & Svs.)	(a	)		44,263		2,985,539
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)	(a	)		1,499		315,165
Cigna Group / The (Health Care Providers & Svs.)				7,437		2,086,822
CVS Health Corp. (Health Care Providers & Svs.)				29,725		2,054,889
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)	(a	)		74,924		7,067,581
Elevance Health, Inc. (Health Care Providers & Svs.)				4,342		1,929,107
Eli Lilly & Co. (Pharmaceuticals)				15,221		7,138,345
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies)				11,964		971,955
Genmab A/S – ADR (Biotechnology)	(a	)		26,508		1,007,569
Gilead Sciences, Inc. (Biotechnology)				25,118		1,935,844
Humana, Inc. (Health Care Providers & Svs.)				2,801		1,252,411
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)	(a	)		14,159		7,111,075


		92		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

HEALTH CARE (continued)
Incyte Corp. (Biotechnology)	(a	)		4,027	$	250,681
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a	)		23,051		7,882,059
Johnson & Johnson (Pharmaceuticals)				8,589		1,421,651
McKesson Corp. (Health Care Providers & Svs.)				10,582		4,521,794
Medtronic PLC (Health Care Equip. & Supplies)				26,438		2,329,188
Merck & Co., Inc. (Pharmaceuticals)				44,628		5,149,625
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)	(a	)		2,215		2,905,283
Molina Healthcare, Inc. (Health Care Providers & Svs.)	(a	)		2,792		841,062
Pfizer, Inc. (Pharmaceuticals)				79,334		2,909,971
Royalty Pharma PLC Class A (Pharmaceuticals)				9,982		306,847
Teleflex, Inc. (Health Care Equip. & Supplies)				1,280		309,798
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(a	)		4,287		348,876
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)				1,334		696,015
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				34,831		16,741,172
Veeva Systems, Inc. Class A (Health Care Technology)	(a	)		25,218		4,986,355
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a	)		24,237		8,529,243
Viatris, Inc. (Pharmaceuticals)				36,296		362,234
Waters Corp. (Life Sciences Tools & Svs.)	(a	)		8,303		2,213,082
Zoetis, Inc. (Pharmaceuticals)				40,699		7,008,775

						118,662,828


INDUSTRIALS – 4.2%
3M Co. (Industrial Conglomerates)				11,990		1,200,079
AECOM (Construction & Engineering)				14,794		1,252,904
AMETEK, Inc. (Electrical Equip.)				12,878		2,084,691
Automatic Data Processing, Inc. (Professional Svs.)				8,093		1,778,760
Booz Allen Hamilton Holding Corp. (Professional Svs.)				10,306		1,150,150
Builders FirstSource, Inc. (Building Products)	(a	)		3,148		428,128
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)				2,670		251,914
Carrier Global Corp. (Building Products)				16,236		807,092
Copart, Inc. (Commercial Svs. & Supplies)	(a	)		61,799		5,636,687
Deere & Co. (Machinery)				2,912		1,179,913
Expeditors International of Washington, Inc. (Air Freight & Logistics)				4,681		567,009
Experian PLC – ADR (Professional Svs.)				43,607		1,667,532
FedEx Corp. (Air Freight & Logistics)				5,430		1,346,097
General Dynamics Corp. (Aerospace & Defense)				5,660		1,217,749
Genpact Ltd. (Professional Svs.)				76,766		2,884,099
Huntington Ingalls Industries, Inc. (Aerospace & Defense)				1,291		293,832
IDEX Corp. (Machinery)				6,139		1,321,481
J.B. Hunt Transport Services, Inc. (Ground Transportation)				1,485		268,829
Jacobs Solutions, Inc. (Professional Svs.)				2,629		312,562
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)				15,532		862,958
L3Harris Technologies, Inc. (Aerospace & Defense)				3,539		692,830
Leidos Holdings, Inc. (Professional Svs.)				3,119		275,969
Lockheed Martin Corp. (Aerospace & Defense)				8,789		4,046,280
Masco Corp. (Building Products)				5,299		304,057
Northrop Grumman Corp. (Aerospace & Defense)				2,802		1,277,152
Otis Worldwide Corp. (Machinery)				20,853		1,856,125
Owens Corning (Building Products)				2,546		332,253
Paychex, Inc. (Professional Svs.)				20,916		2,339,873
Paycom Software, Inc. (Professional Svs.)				7,529		2,418,616
Raytheon Technologies Corp. (Aerospace & Defense)				18,872		1,848,701
RELX PLC – ADR (Professional Svs.)				32,064		1,071,899
Rockwell Automation, Inc. (Electrical Equip.)				1,965		647,369
SS&C Technologies Holdings, Inc. (Professional Svs.)				4,995		302,697
Textron, Inc. (Aerospace & Defense)				4,476		302,712
Trex Co., Inc. (Building Products)	(a	)		16,480		1,080,429
Waste Management, Inc. (Commercial Svs. & Supplies)				6,277		1,088,557
Westinghouse Air Brake Technologies Corp. (Machinery)				5,696		624,680
WillScot Mobile Mini Holdings Corp. (Construction & Engineering)	(a	)		5,735		274,076

						47,296,741


INFORMATION TECHNOLOGY – 14.0%
Adobe, Inc. (Software)	(a	)		16,604		8,119,190
Amdocs Ltd. (IT Svs.)				21,435		2,118,850
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)				16,843		1,430,813
Apple, Inc. (Tech. Hardware, Storage & Periph.)				47,755		9,263,037
Arista Networks, Inc. (Communications Equip.)	(a	)		31,649		5,129,037
ASML Holding N.V. (Semiconductors & Equip.)				2,564		1,858,259
Autodesk, Inc. (Software)	(a	)		14,750		3,017,997


		93		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value

INFORMATION TECHNOLOGY (continued)
Broadcom, Inc. (Semiconductors & Equip.)				7,673	$	6,655,790
Cadence Design Systems, Inc. (Software)	(a	)		8,890		2,084,883
CDW Corp. (Electronic Equip., Instr. & Comp.)				5,413		993,286
Cognex Corp. (Electronic Equip., Instr. & Comp.)				17,278		967,914
Cognizant Technology Solutions Corp. Class A (IT Svs.)				20,996		1,370,619
Crowdstrike Holdings, Inc. Class A (Software)	(a	)		8,920		1,310,080
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)				13,426		726,481
DocuSign, Inc. (Software)	(a	)		10,968		560,355
Entegris, Inc. (Semiconductors & Equip.)				12,985		1,438,998
EPAM Systems, Inc. (IT Svs.)	(a	)		5,414		1,216,796
Fortinet, Inc. (Software)	(a	)		121,331		9,171,410
Gen Digital, Inc. (Software)				122,601		2,274,249
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)				81,633		1,371,434
Intuit, Inc. (Software)				4,150		1,901,488
KLA Corp. (Semiconductors & Equip.)				1,959		950,154
Manhattan Associates, Inc. (Software)	(a	)		8,844		1,767,739
Microsoft Corp. (Software)				117,419		39,985,866
Motorola Solutions, Inc. (Communications Equip.)				15,619		4,580,740
NetApp, Inc. (Tech. Hardware, Storage & Periph.)				8,763		669,493
Nice Ltd. – ADR (Software)	(a	)		3,806		785,939
NVIDIA Corp. (Semiconductors & Equip.)				24,328		10,291,231
Oracle Corp. (Software)				33,557		3,996,303
PTC, Inc. (Software)	(a	)		10,233		1,456,156
Qorvo, Inc. (Semiconductors & Equip.)	(a	)		6,338		646,666
QUALCOMM, Inc. (Semiconductors & Equip.)				54,973		6,543,986
Roper Technologies, Inc. (Software)				9,905		4,762,324
ServiceNow, Inc. (Software)	(a	)		9,506		5,342,087
Skyworks Solutions, Inc. (Semiconductors & Equip.)				10,935		1,210,395
Synopsys, Inc. (Software)	(a	)		4,737		2,062,537
Texas Instruments, Inc. (Semiconductors & Equip.)				4,132		743,843
Tyler Technologies, Inc. (Software)	(a	)		5,314		2,213,122
VeriSign, Inc. (IT Svs.)	(a	)		13,777		3,113,189
VMware, Inc. Class A (Software)	(a	)		20,369		2,926,822
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)	(a	)		2,954		873,882
Zoom Video Communications, Inc. Class A (Software)	(a	)		9,591		651,037

						158,554,477


MATERIALS – 0.9%
Amcor PLC (Containers & Packaging)				72,714		725,686
Celanese Corp. (Chemicals)				3,200		370,560
Cleveland-Cliffs, Inc. (Metals & Mining)	(a	)		20,467		343,027
Corteva, Inc. (Chemicals)				27,965		1,602,394
Dow, Inc. (Chemicals)				30,493		1,624,057
International Paper Co. (Containers & Packaging)				10,322		328,343
LyondellBasell Industries N.V. Class A (Chemicals)				21,328		1,958,550
Mosaic Co. / The (Chemicals)				8,235		288,225
Packaging Corp. of America (Containers & Packaging)				2,556		337,801
Sherwin-Williams Co. / The (Chemicals)				7,592		2,015,828

						9,594,471


REAL ESTATE – 0.4%
Alexandria Real Estate Equities, Inc. (Office REITs)				2,586		293,485
Boston Properties, Inc. (Office REITs)				4,879		280,982
Camden Property Trust (Residential REITs)				2,366		257,586
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)	(a	)		3,730		301,048
CoStar Group, Inc. (Real Estate Mgmt. & Development)	(a	)		8,163		726,507
Crown Castle, Inc. (Specialized REITs)				6,601		752,118
Equity Residential (Residential REITs)				5,307		350,103
Essex Property Trust, Inc. (Residential REITs)				1,185		277,646
Healthpeak Properties, Inc. (Health Care REITs)				12,017		241,542
Public Storage (Specialized REITs)				2,852		832,442
Simon Property Group, Inc. (Retail REITs)				3,053		352,560
Weyerhaeuser Co. (Specialized REITs)				10,897		365,158

						5,031,177


UTILITIES – 1.5%
Ameren Corp. (Multi-Utilities)				13,488		1,101,565
American Electric Power Co., Inc. (Electric Utilities)				17,638		1,485,120
CenterPoint Energy, Inc. (Multi-Utilities)				56,704		1,652,922
Consolidated Edison, Inc. (Multi-Utilities)				13,034		1,178,274


		94		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)	Shares		Value


UTILITIES (continued)
Dominion Energy, Inc. (Multi-Utilities)		30,542	$	1,581,770
DTE Energy Co. (Multi-Utilities)		10,601		1,166,322
Entergy Corp. (Electric Utilities)		11,200		1,090,544
Essential Utilities, Inc. (Water Utilities)		14,189		566,283
Evergy, Inc. (Electric Utilities)		10,192		595,417
Eversource Energy (Electric Utilities)		15,806		1,120,961
FirstEnergy Corp. (Electric Utilities)		30,229		1,175,303
NextEra Energy, Inc. (Electric Utilities)		13,196		979,143
NiSource, Inc. (Multi-Utilities)		21,696		593,386
Pinnacle West Capital Corp. (Electric Utilities)		7,631		621,621
Xcel Energy, Inc. (Electric Utilities)		24,809		1,542,375

				16,451,006

Total Common Stocks (Cost $511,808,114)			$	585,676,584


U.S. Treasury Obligations – 15.9%		Rate	Maturity	Face Amount		Value

U.S. Treasury Bill		0.000%	08/22/2023		$16,630,000	$	16,510,703
U.S. Treasury Bill		0.000%	09/19/2023		7,754,900		7,668,175
U.S. Treasury Note		2.250%	11/15/2024		1,865,000		1,790,983
U.S. Treasury Note		2.750%	07/31/2027		6,970,600		6,571,696
U.S. Treasury Note		4.125%	10/31/2027		2,729,700		2,715,412
U.S. Treasury Note		3.875%	11/30/2027		31,496,400		31,049,791
U.S. Treasury Note		3.875%	12/31/2027		1,803,600		1,778,307
U.S. Treasury Note		3.625%	03/31/2028		1,822,600		1,780,168
U.S. Treasury Note		3.500%	04/30/2028		8,572,300		8,329,865
U.S. Treasury Note		3.625%	05/31/2028		16,409,600		16,050,640
U.S. Treasury Note	(b)	1.875%	02/15/2032		37,869,800		32,437,850
U.S. Treasury Note		3.500%	02/15/2033		2,468,600		2,404,571
U.S. Treasury Note		3.375%	05/15/2033		2,513,700		2,424,149
U.S. Treasury Note		1.750%	08/15/2041		2,186,300		1,535,961
U.S. Treasury Note		2.375%	02/15/2042		268,200		208,808
U.S. Treasury Note		3.250%	05/15/2042		24,263,600		21,651,472
U.S. Treasury Note		2.750%	08/15/2042		2,036,600		1,678,127
U.S. Treasury Note		4.000%	11/15/2042		4,422,000		4,393,672
U.S. Treasury Note		2.250%	08/15/2049		1,246,800		905,829
U.S. Treasury Note		2.375%	11/15/2049		338,600		252,826
U.S. Treasury Note		1.250%	05/15/2050		3,709,900		2,086,094
U.S. Treasury Note		1.875%	02/15/2051		263,000		174,145
U.S. Treasury Note		2.375%	05/15/2051		338,200		251,444
U.S. Treasury Note		2.000%	08/15/2051		866,300		590,539
U.S. Treasury Note	(b)	2.250%	02/15/2052		16,994,700		12,281,326
U.S. Treasury Note		2.875%	05/15/2052		1,371,700		1,136,743
U.S. Treasury Note		3.625%	05/15/2053		1,176,900		1,131,111

Total U.S. Treasury Obligations (Cost $191,155,103)						$	179,790,407


Corporate Bonds – 14.0%		Rate	Maturity	Face Amount		Value


COMMUNICATION SERVICES – 0.7%
AT&T, Inc. (Diversified Telecom. Svs.)		3.650%	09/15/2059		$ 33,000	$	22,975
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(c)	4.500%	08/15/2030		59,000		49,129
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(c)	4.750%	02/01/2032		102,000		83,179
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(c)	4.500%	06/01/2033		209,000		164,125
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)		5.050%	03/30/2029		519,000		494,902
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)		6.484%	10/23/2045		62,000		58,287
Cox Communications, Inc. (Diversified Telecom. Svs.)	(c)	5.700%	06/15/2033		282,000		284,411
Discovery Communications LLC (Media)		5.200%	09/20/2047		75,000		61,382
Discovery Communications LLC (Media)		5.300%	05/15/2049		35,000		29,003
DISH DBS Corp. (Media)	(c)	5.250%	12/01/2026		1,021,000		819,018
DISH DBS Corp. (Media)	(c)	5.750%	12/01/2028		158,000		117,518
Entegris Escrow Corp. (Media)	(c)	4.750%	04/15/2029		209,000		194,020
Fox Corp. (Media)		5.576%	01/25/2049		1,068,000		999,939
Globo Comunicacao e Participacoes SA (Media)		4.875%	01/22/2030		794,000		632,233
Interpublic Group of Cos., Inc. / The (Media)		5.375%	06/15/2033		544,000		538,290
Level 3 Financing, Inc. (Diversified Telecom. Svs.)	(c)	3.875%	11/15/2029		309,000		245,876
Meta Platforms, Inc. (Interactive Media & Svs.)		4.950%	05/15/2033		410,000		409,683
Netflix, Inc. (Entertainment)		5.875%	11/15/2028		310,000		320,169
Tencent Holdings Ltd. (Interactive Media & Svs.)	(c)	3.240%	06/03/2050		201,000		131,824
Time Warner Cable LLC (Media)		7.300%	07/01/2038		811,000		826,466


		95		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value


COMMUNICATION SERVICES (continued)
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)		2.625%	04/15/2026		$ 70,000	$	64,872
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)		3.875%	04/15/2030		399,000		367,586
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)		5.050%	07/15/2033		272,000		267,076
Warnermedia Holdings, Inc. (Media)		4.279%	03/15/2032		1,122,000		995,074

							8,177,037


CONSUMER DISCRETIONARY – 1.8%
Advance Auto Parts, Inc. (Specialty Retail)		3.900%	04/15/2030		1,335,000		1,137,456
Alibaba Group Holding Ltd. (Broadline Retail)		2.125%	02/09/2031		200,000		162,840
AutoZone, Inc. (Specialty Retail)		3.750%	04/18/2029		303,000		280,126
AutoZone, Inc. (Specialty Retail)		1.650%	01/15/2031		1,010,000		788,158
Bath & Body Works, Inc. (Specialty Retail)	(c)	6.625%	10/01/2030		995,000		960,561
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)		4.625%	04/13/2030		1,302,000		1,268,619
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(c)	7.000%	02/15/2030		235,000		235,996
Carnival Corp. (Hotels, Restaurants & Leisure)	(c)	4.000%	08/01/2028		237,000		210,105
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op (Hotels, Restaurants & Leisure)		5.375%	04/15/2027		1,000,000		950,763
Cooperatieve Rabobank UA (Rate is fixed until 02/28/2028, at which point, the rate becomes H15T1Y + 140) (Household Durables)	(c)(d)	5.564%	02/28/2029		1,027,000		1,013,287
Ford Motor Co. (Automobiles)		6.100%	08/19/2032		441,000		427,398
General Motors Co. (Automobiles)		6.125%	10/01/2025		79,000		79,540
General Motors Co. (Automobiles)		4.200%	10/01/2027		94,000		89,077
General Motors Co. (Automobiles)		6.800%	10/01/2027		107,000		111,149
General Motors Co. (Automobiles)		5.000%	10/01/2028		269,000		261,543
GLP Capital LP / GLP Financing II, Inc. (Hotels, Restaurants & Leisure)		3.250%	01/15/2032		2,123,000		1,714,139
Jaguar Land Rover Automotive PLC (Automobiles)	(c)	5.500%	07/15/2029		1,227,000		1,046,892
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		3.900%	08/08/2029		1,829,000		1,631,945
LKQ Corp. (Distributors)	(c)	5.750%	06/15/2028		520,000		518,309
LKQ Corp. (Distributors)	(c)	6.250%	06/15/2033		305,000		307,299
Lowe’s Cos., Inc. (Specialty Retail)		5.800%	09/15/2062		640,000		632,951
Marriott International, Inc. (Hotels, Restaurants & Leisure)		5.750%	05/01/2025		1,264,000		1,266,381
Mattel, Inc. (Leisure Products)	(c)	3.375%	04/01/2026		128,000		117,785
McDonald’s Corp. (Hotels, Restaurants & Leisure)		3.500%	07/01/2027		272,000		258,940
McDonald’s Corp. (Hotels, Restaurants & Leisure)		2.625%	09/01/2029		1,700,000		1,507,727
McDonald’s Corp. (Hotels, Restaurants & Leisure)		3.625%	09/01/2049		90,000		70,976
MDC Holdings, Inc. (Household Durables)		6.000%	01/15/2043		1,150,000		1,037,232
Nissan Motor Co. Ltd. (Automobiles)	(c)	4.345%	09/17/2027		430,000		391,087
Prosus N.V. (Broadline Retail)	(c)	3.257%	01/19/2027		629,000		568,480
Ross Stores, Inc. (Specialty Retail)		4.700%	04/15/2027		280,000		273,589
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)	(c)	8.250%	01/15/2029		416,000		436,739
Wynn Macau Ltd. (Hotels, Restaurants & Leisure)	(c)	5.625%	08/26/2028		292,000		254,770
ZF North America Capital, Inc. (Automobile Components)	(c)	6.875%	04/14/2028		410,000		415,201
ZF North America Capital, Inc. (Automobile Components)	(c)	7.125%	04/14/2030		205,000		208,496

							20,635,556


CONSUMER STAPLES – 1.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail)	(c)	3.500%	03/15/2029		156,000		135,040
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail)	(c)	4.875%	02/15/2030		971,000		896,447
Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail)	(c)	2.950%	01/25/2030		77,000		66,139
Altria Group, Inc. (Tobacco)		3.400%	05/06/2030		1,934,000		1,706,614
B.A.T. Capital Corp. (Tobacco)		2.259%	03/25/2028		1,460,000		1,251,243
B.A.T. Capital Corp. (Tobacco)		7.750%	10/19/2032		189,000		207,997
Campbell Soup Co. (Food Products)		3.950%	03/15/2025		113,000		109,810
Cargill, Inc. (Food Products)	(c)	1.375%	07/23/2023		77,000		76,847
Cargill, Inc. (Food Products)	(c)	2.125%	04/23/2030		1,301,000		1,089,110
Coca-Cola Co. / The (Beverages)		3.375%	03/25/2027		1,376,000		1,326,551
Coca-Cola Co. / The (Beverages)		3.450%	03/25/2030		182,000		171,718
MARB BondCo PLC (Food Products)		3.950%	01/29/2031		1,483,000		1,061,619
Mars, Inc. (Food Products)	(c)	2.700%	04/01/2025		113,000		107,944
Mondelez International Holdings Netherlands BV (Food Products)	(c)	2.250%	09/19/2024		249,000		238,215
Mondelez International, Inc. (Food Products)		2.750%	04/13/2030		19,000		16,679
Natura Cosmeticos SA (Personal Care Products)		4.125%	05/03/2028		563,000		487,036
Natura Cosmeticos SA (Personal Care Products)	(c)	4.125%	05/03/2028		230,000		198,967
PepsiCo, Inc. (Beverages)		2.625%	03/19/2027		58,000		54,037
Philip Morris International, Inc. (Tobacco)		5.000%	11/17/2025		602,000		598,897
Philip Morris International, Inc. (Tobacco)		4.875%	02/13/2026		496,000		492,490
Philip Morris International, Inc. (Tobacco)		5.625%	11/17/2029		109,000		111,064
Philip Morris International, Inc. (Tobacco)		5.375%	02/15/2033		999,000		996,799


		96		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value


CONSUMER STAPLES (continued)
Pilgrim’s Pride Corp. (Food Products)	(c)	5.875%	09/30/2027		$ 347,000	$	342,837
Pilgrim’s Pride Corp. (Food Products)		4.250%	04/15/2031		1,000,000		857,550
Procter & Gamble Co. / The (Household Products)		3.000%	03/25/2030		68,000		62,918
Sysco Corp. (Consumer Staples Distribution & Retail)		2.400%	02/15/2030		72,000		61,324

							12,725,892


ENERGY – 1.5%
Apache Corp. (Oil, Gas & Consumable Fuels)		4.250%	01/15/2030		1,000,000		890,700
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)		4.893%	09/11/2033		571,000		565,104
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)		2.939%	06/04/2051		1,333,000		909,655
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)		5.850%	02/01/2035		860,000		835,146
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels)		3.700%	11/15/2029		557,000		504,316
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)	(c)	5.750%	01/15/2031		1,582,000		1,503,940
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)	(c)	2.875%	04/01/2032		218,000		167,490
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		5.600%	07/15/2041		195,000		183,529
Ecopetrol SA (Oil, Gas & Consumable Fuels)		8.625%	01/19/2029		575,000		576,323
EQT Corp. (Oil, Gas & Consumable Fuels)		7.000%	02/01/2030		1,013,000		1,060,641
GNL Quintero SA (Oil, Gas & Consumable Fuels)		4.634%	07/31/2029		686,790		667,904
Hess Corp. (Oil, Gas & Consumable Fuels)		4.300%	04/01/2027		1,806,000		1,732,126
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		6.800%	03/15/2032		1,193,000		1,234,176
Oleoducto Central SA (Oil, Gas & Consumable Fuels)	(c)	4.000%	07/14/2027		207,000		181,340
ONEOK Partners LP (Oil, Gas & Consumable Fuels)		6.125%	02/01/2041		975,000		940,596
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		6.350%	01/15/2031		127,000		130,803
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		6.100%	11/15/2032		37,000		37,642
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		7.375%	11/01/2031		985,000		1,056,316
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels)		3.550%	12/15/2029		136,000		119,842
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)		6.800%	05/15/2038		1,561,000		1,656,267
Var Energi ASA (Oil, Gas & Consumable Fuels)	(c)	7.500%	01/15/2028		636,000		653,636
Var Energi ASA (Oil, Gas & Consumable Fuels)	(c)	8.000%	11/15/2032		784,000		829,480

							16,436,972


FINANCIALS – 4.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services)		6.500%	07/15/2025		271,000		272,340
AIB Group PLC (Rate is fixed until 04/10/2024, at which point, the rate becomes QL + 187) (Banks)	(c)(d)(e)	4.263%	04/10/2025		448,000		437,730
AIB Group PLC (Rate is fixed until 10/14/2025, at which point, the rate becomes SOFR + 346) (Banks)	(c)(d)	7.583%	10/14/2026		1,267,000		1,286,954
Ally Financial, Inc. (Rate is fixed until 06/13/2028, at which point, the rate becomes SOFR + 326) (Consumer Finance)	(d)	6.992%	06/13/2029		573,000		565,840
Argentum Netherlands BV for Swiss Re Ltd. (Rate is fixed until 08/15/2025, at which point, the rate becomes QL + 359) (Insurance)	(d)(e)	5.750%	08/15/2050		1,500,000		1,442,025
Aviation Capital Group LLC (Financial Services)	(c)	4.375%	01/30/2024		50,000		49,182
Aviation Capital Group LLC (Financial Services)	(c)	5.500%	12/15/2024		114,000		111,588
Aviation Capital Group LLC (Financial Services)	(c)	4.125%	08/01/2025		3,000		2,802
Aviation Capital Group LLC (Financial Services)	(c)	4.875%	10/01/2025		57,000		54,382
Aviation Capital Group LLC (Financial Services)	(c)	1.950%	01/30/2026		181,000		161,211
Aviation Capital Group LLC (Financial Services)	(c)	1.950%	09/20/2026		2,008,000		1,739,932
Aviation Capital Group LLC (Financial Services)	(c)	3.500%	11/01/2027		50,000		44,157
Aviation Capital Group LLC (Financial Services)	(c)	6.375%	07/15/2030		70,000		69,413
Banco de Credito del Peru SA (Rate is fixed until 07/01/2025, at which point, the rate becomes H15T5Y + 300) (Banks)	(c)(d)	3.125%	07/01/2030		244,000		223,980
Banco Santander SA (Rate is fixed until 03/24/2027, at which point, the rate becomes H15T1Y + 200) (Banks)	(d)	4.175%	03/24/2028		1,800,000		1,684,987
Bank of America Corp. (Rate is fixed until 03/05/2028, at which point, the rate becomes TSFR3M + 133) (Banks)	(d)	3.970%	03/05/2029		177,000		165,713
Bank of America Corp. (Rate is fixed until 04/29/2030, at which point, the rate becomes SOFR + 215) (Banks)	(d)	2.592%	04/29/2031		1,441,000		1,209,772
Bank of Ireland Group PLC (Rate is fixed until 09/16/2025, at which point, the rate becomes H15T1Y + 265) (Banks)	(c)(d)	6.253%	09/16/2026		354,000		351,211
Barclays PLC (Rate is fixed until 11/02/2027, at which point, the rate becomes H15T1Y + 330) (Banks)	(d)	7.385%	11/02/2028		396,000		412,476
Barclays PLC (Rate is fixed until 05/09/2033, at which point, the rate becomes SOFR + 298) (Banks)	(d)	6.224%	05/09/2034		453,000		451,204
BNP Paribas SA (Rate is fixed until 02/25/2031, at which point, the rate becomes H15T5Y + 334) (Banks)	(d)	4.625%	Perpetual		877,000		625,959
BNP Paribas SA (Rate is fixed until 08/19/2025, at which point, the rate becomes USSW5 + 515) (Banks)	(d)	7.375%	Perpetual		200,000		193,915
BNP Paribas SA (Rate is fixed until 11/19/2024, at which point, the rate becomes TSFR3M + 137) (Banks)	(c)(d)	2.819%	11/19/2025		2,170,000		2,069,075


		97		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value


FINANCIALS (continued)
BNP Paribas SA (Rate is fixed until 01/13/2030, at which point, the rate becomes SOFR + 151) (Banks)	(c)(d)	3.052%	01/13/2031		$ 333,000	$	284,423
Capital One Financial Corp. (Rate is fixed until 03/01/2029, at which point, the rate becomes SOFR + 179) (Consumer Finance)	(d)	3.273%	03/01/2030		1,651,000		1,401,829
Citigroup, Inc. (Rate is fixed until 04/23/2028, at which point, the rate becomes TSFR3M + 145) (Banks)	(d)	4.075%	04/23/2029		212,000		199,564
Citigroup, Inc. (Rate is fixed until 03/20/2029, at which point, the rate becomes TSFR3M + 160) (Banks)	(d)	3.980%	03/20/2030		145,000		134,072
Cloverie PLC for Zurich Insurance Co. Ltd. (Rate is fixed until 06/24/2026, at which point, the rate becomes QL + 492) (Insurance)	(d)(e)	5.625%	06/24/2046		1,116,000		1,096,224
Cooperatieve Rabobank UA (Rate is fixed until 04/10/2024, at which point, the rate becomes USSW5 + 189) (Banks)	(d)	4.000%	04/10/2029		1,000,000		971,884
Danske Bank A/S (Rate is fixed until 04/01/2027, at which point, the rate becomes H15T1Y + 175) (Banks)	(c)(d)	4.298%	04/01/2028		1,829,000		1,707,275
Deutsche Bank AG (Rate is fixed until 07/14/2025, at which point, the rate becomes SOFR + 319) (Banks)	(d)	6.119%	07/14/2026		256,000		253,150
Deutsche Bank AG (Rate is fixed until 01/07/2027, at which point, the rate becomes SOFR + 132) (Banks)	(d)	2.552%	01/07/2028		204,000		176,890
General Motors Financial Co., Inc. (Consumer Finance)		4.350%	01/17/2027		99,000		94,909
General Motors Financial Co., Inc. (Consumer Finance)		2.400%	10/15/2028		1,366,000		1,156,587
General Motors Financial Co., Inc. (Consumer Finance)		4.300%	04/06/2029		126,000		115,631
Global Payments, Inc. (Financial Services)		3.200%	08/15/2029		75,000		65,189
Global Payments, Inc. (Financial Services)		5.400%	08/15/2032		544,000		530,094
Harley-Davidson Financial Services, Inc. (Consumer Finance)	(c)	3.050%	02/14/2027		912,000		817,394
Harley-Davidson Financial Services, Inc. (Consumer Finance)	(c)	6.500%	03/10/2028		153,000		153,047
HSBC Holdings PLC (Rate is fixed until 11/03/2025, at which point, the rate becomes SOFR + 303) (Banks)	(d)	7.336%	11/03/2026		371,000		381,890
HSBC Holdings PLC (Rate is fixed until 03/13/2027, at which point, the rate becomes TSFR3M + 181) (Banks)	(d)	4.041%	03/13/2028		265,000		248,176
HSBC Holdings PLC (Rate is fixed until 11/03/2027, at which point, the rate becomes SOFR + 335) (Banks)	(d)	7.390%	11/03/2028		682,000		719,771
HSBC Holdings PLC (Rate is fixed until 05/24/2031, at which point, the rate becomes SOFR + 119) (Banks)	(d)	2.804%	05/24/2032		334,000		270,142
HSBC Holdings PLC (Rate is fixed until 11/03/2032, at which point, the rate becomes SOFR + 425) (Banks)	(d)	8.113%	11/03/2033		781,000		866,997
ING Bank N.V. (Banks)	(c)	5.800%	09/25/2023		1,306,000		1,303,158
Intesa Sanpaolo SpA (Banks)	(c)	7.000%	11/21/2025		256,000		258,344
KBC Group N.V. (Rate is fixed until 01/19/2028, at which point, the rate becomes H15T1Y + 210) (Banks)	(c)(d)	5.796%	01/19/2029		336,000		333,663
Lloyds Banking Group PLC (Rate is fixed until 06/27/2024, at which point, the rate becomes USSW5 + 476) (Banks)	(d)	7.500%	Perpetual		806,000		769,931
Lloyds Banking Group PLC (Rate is fixed until 03/06/2028, at which point, the rate becomes H15T1Y + 170) (Banks)	(d)	5.871%	03/06/2029		331,000		328,204
Lloyds Banking Group PLC (Rate is fixed until 11/15/2032, at which point, the rate becomes H15T1Y + 375) (Banks)	(d)	7.953%	11/15/2033		611,000		662,858
Magyar Export-Import Bank Zrt (Banks)	(c)	6.125%	12/04/2027		825,000		816,753
Mastercard, Inc. (Financial Services)		3.350%	03/26/2030		1,713,000		1,596,272
Mizuho Financial Group, Inc. (Rate is fixed until 09/13/2029, at which point, the rate becomes SOFR + 157) (Banks)	(d)	2.869%	09/13/2030		1,261,000		1,066,928
Mizuho Financial Group, Inc. (Rate is fixed until 05/27/2030, at which point, the rate becomes H15T1Y + 165) (Banks)	(d)	5.739%	05/27/2031		1,027,000		1,025,420
Nationwide Building Society (Financial Services)	(c)	4.000%	09/14/2026		1,299,000		1,192,793
Nationwide Building Society (Rate is fixed until 02/16/2027, at which point, the rate becomes SOFR + 129) (Financial Services)	(c)(d)	2.972%	02/16/2028		368,000		330,543
NatWest Group PLC (Rate is fixed until 03/22/2024, at which point, the rate becomes QL + 176) (Banks)	(d)(e)	4.269%	03/22/2025		560,000		550,072
Nomura Holdings, Inc. (Capital Markets)		2.999%	01/22/2032		1,330,000		1,077,649
PayPal Holdings, Inc. (Financial Services)		2.850%	10/01/2029		1,440,000		1,276,917
PNC Financial Services Group, Inc. / The (Rate is fixed until 01/24/2033, at which point, the rate becomes SOFR + 193) (Banks)	(d)	5.068%	01/24/2034		230,000		220,561
Santander Holdings U.S.A., Inc. (Rate is fixed until 01/06/2027, at which point, the rate becomes SOFR + 125) (Banks)	(d)	2.490%	01/06/2028		1,365,000		1,178,924
Santander U.K. Group Holdings PLC (Rate is fixed until 01/11/2027, at which point, the rate becomes SOFR + 122) (Banks)	(d)	2.469%	01/11/2028		1,374,000		1,199,478
Societe Generale SA (Rate is fixed until 01/12/2026, at which point, the rate becomes H15T1Y + 230) (Banks)	(c)(d)	6.447%	01/12/2027		325,000		324,239
Societe Generale SA (Rate is fixed until 01/19/2027, at which point, the rate becomes H15T1Y + 130) (Banks)	(c)(d)	2.797%	01/19/2028		380,000		336,569


		98		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value


FINANCIALS (continued)
Standard Chartered PLC (Rate is fixed until 03/30/2025, at which point, the rate becomes H15T1Y + 165) (Banks)	(c)(d)	3.971%	03/30/2026		$1,839,000	$	1,757,550
Swedbank AB (Rate is fixed until 09/17/2024, at which point, the rate becomes H15T5Y + 413) (Banks)	(d)	5.625%	Perpetual		200,000		188,000
Swiss Re Finance Luxembourg SA (Rate is fixed until 04/02/2029, at which point, the rate becomes H15T5Y + 358) (Insurance)	(d)	5.000%	04/02/2049		200,000		191,000
Synchrony Financial (Consumer Finance)		4.875%	06/13/2025		696,000		661,334
Synchrony Financial (Consumer Finance)		3.950%	12/01/2027		720,000		627,263
Trane Technologies Financing Ltd. (Consumer Finance)		5.250%	03/03/2033		241,000		243,996
Truist Financial Corp. (Banks)		1.950%	06/05/2030		133,000		105,674
Truist Financial Corp. (Rate is fixed until 01/26/2033, at which point, the rate becomes SOFR + 185) (Banks)	(d)	5.122%	01/26/2034		644,000		610,269
UBS Group AG (Rate is fixed until 05/12/2025, at which point, the rate becomes H15T1Y + 155) (Capital Markets)	(c)(d)	4.488%	05/12/2026		267,000		258,127
UBS Group AG (Rate is fixed until 06/05/2025, at which point, the rate becomes SOFR + 204) (Capital Markets)	(c)(d)	2.193%	06/05/2026		1,445,000		1,325,020
UBS Group AG (Rate is fixed until 07/15/2025, at which point, the rate becomes SOFR + 334) (Capital Markets)	(c)(d)	6.373%	07/15/2026		753,000		748,244
UniCredit SpA (Rate is fixed until 06/03/2031, at which point, the rate becomes H15T1Y + 155) (Banks)	(c)(d)	3.127%	06/03/2032		200,000		157,720
Visa, Inc. (Financial Services)		1.900%	04/15/2027		452,000		412,081
Visa, Inc. (Financial Services)		2.050%	04/15/2030		220,000		188,416
Wells Fargo & Co. (Rate is fixed until 10/30/2029, at which point, the rate becomes TSFR3M + 143) (Banks)	(d)	2.879%	10/30/2030		298,000		257,378
Wells Fargo & Co. (Rate is fixed until 04/04/2030, at which point, the rate becomes TSFR3M + 403) (Banks)	(d)	4.478%	04/04/2031		2,033,000		1,932,972

							50,785,306


HEALTH CARE – 0.4%
AbbVie, Inc. (Biotechnology)		2.600%	11/21/2024		165,000		158,313
Amgen, Inc. (Biotechnology)		3.350%	02/22/2032		159,000		140,109
Bayer U.S. Finance II LLC (Pharmaceuticals)	(c)	5.500%	07/30/2035		879,000		865,367
Bristol-Myers Squibb Co. (Pharmaceuticals)		3.400%	07/26/2029		624,000		579,607
Centene Corp. (Health Care Providers & Svs.)		4.625%	12/15/2029		376,000		346,084
Centene Corp. (Health Care Providers & Svs.)		3.375%	02/15/2030		212,000		182,201
Cigna Group / The (Health Care Providers & Svs.)		3.200%	03/15/2040		52,000		39,974
Cigna Group / The (Health Care Providers & Svs.)		3.400%	03/15/2050		78,000		56,999
CVS Health Corp. (Health Care Providers & Svs.)		3.000%	08/15/2026		33,000		30,935
DH Europe Finance II SARL (Health Care Equip. & Supplies)		2.200%	11/15/2024		129,000		123,540
DH Europe Finance II SARL (Health Care Equip. & Supplies)		2.600%	11/15/2029		71,000		62,484
Medline Borrower LP (Health Care Equip. & Supplies)	(c)	3.875%	04/01/2029		240,000		208,575
Pfizer, Inc. (Pharmaceuticals)		2.625%	04/01/2030		1,080,000		960,052

							3,754,240


INDUSTRIALS – 0.9%
Air Lease Corp. (Trading Companies & Distributors)		2.875%	01/15/2026		28,000		25,901
Air Lease Corp. (Trading Companies & Distributors)		3.625%	04/01/2027		15,000		13,843
Air Lease Corp. (Trading Companies & Distributors)		2.100%	09/01/2028		107,000		88,878
Air Lease Corp. (Trading Companies & Distributors)		4.625%	10/01/2028		883,000		829,919
Aircastle Ltd. (Trading Companies & Distributors)		4.125%	05/01/2024		58,000		56,437
Aircastle Ltd. (Trading Companies & Distributors)	(c)	5.250%	08/11/2025		1,269,000		1,226,302
Aircastle Ltd. (Trading Companies & Distributors)		4.250%	06/15/2026		21,000		19,777
Aircastle Ltd. (Trading Companies & Distributors)	(c)	2.850%	01/26/2028		332,000		282,330
Carrier Global Corp. (Building Products)		2.242%	02/15/2025		21,000		19,861
Carrier Global Corp. (Building Products)		2.493%	02/15/2027		26,000		23,693
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Passenger Airlines)	(c)	4.500%	10/20/2025		715,881		700,267
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Passenger Airlines)	(c)	4.750%	10/20/2028		156,000		151,428
Embraer Netherlands Finance B.V. (Aerospace & Defense)	(c)	6.950%	01/17/2028		422,000		419,758
ENA Master Trust (Transportation Infrastructure)	(c)	4.000%	05/19/2048		203,000		151,833
Equifax, Inc. (Professional Svs.)		2.600%	12/01/2024		1,138,000		1,083,822
Equifax, Inc. (Professional Svs.)		2.600%	12/15/2025		147,000		136,753
Equifax, Inc. (Professional Svs.)		3.100%	05/15/2030		240,000		206,966
ERAC U.S.A. Finance LLC (Ground Transportation)	(c)	4.600%	05/01/2028		395,000		383,580
ERAC U.S.A. Finance LLC (Ground Transportation)	(c)	4.900%	05/01/2033		614,000		599,971
Flowserve Corp. (Machinery)		2.800%	01/15/2032		1,801,000		1,435,093
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		3.844%	05/01/2025		205,000		197,113
Regal Rexnord Corp. (Electrical Equip.)	(c)	6.050%	02/15/2026		824,000		825,046
RELX Capital, Inc. (Professional Svs.)		4.750%	05/20/2032		65,000		63,769
Verisk Analytics, Inc. (Professional Svs.)		5.750%	04/01/2033		396,000		414,570


		99		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value


INDUSTRIALS (continued)
Westinghouse Air Brake Technologies Corp. (Machinery)		4.400%	03/15/2024		$1,125,000	$	1,109,902
Westinghouse Air Brake Technologies Corp. (Machinery)		3.200%	06/15/2025		45,000		42,711

							10,509,523


INFORMATION TECHNOLOGY – 1.7%
Apple, Inc. (Tech. Hardware, Storage & Periph.)		1.250%	08/20/2030		1,070,000		868,725
Apple, Inc. (Tech. Hardware, Storage & Periph.)		4.100%	08/08/2062		663,000		580,356
Broadcom, Inc. (Semiconductors & Equip.)	(c)	4.000%	04/15/2029		36,000		33,250
Broadcom, Inc. (Semiconductors & Equip.)		4.150%	11/15/2030		1,143,000		1,051,616
Broadcom, Inc. (Semiconductors & Equip.)	(c)	4.150%	04/15/2032		123,000		111,410
Broadcom, Inc. (Semiconductors & Equip.)	(c)	4.926%	05/15/2037		180,000		162,901
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.)		4.250%	04/01/2028		1,196,000		1,096,889
HP, Inc. (Tech. Hardware, Storage & Periph.)		5.500%	01/15/2033		1,119,000		1,099,011
Infor, Inc. (Software)	(c)	1.750%	07/15/2025		1,696,000		1,548,529
Kyndryl Holdings, Inc. (IT Svs.)		2.050%	10/15/2026		2,046,000		1,765,516
Lam Research Corp. (Semiconductors & Equip.)		4.000%	03/15/2029		816,000		787,439
Lenovo Group Ltd. (Tech. Hardware, Storage & Periph.)		5.831%	01/27/2028		828,000		826,242
Lenovo Group Ltd. (Tech. Hardware, Storage & Periph.)		6.536%	07/27/2032		206,000		207,835
Micron Technology, Inc. (Semiconductors & Equip.)		6.750%	11/01/2029		1,089,000		1,132,006
NXP B.V. / NXP Funding LLC (Semiconductors & Equip.)		5.550%	12/01/2028		125,000		125,775
Oracle Corp. (Software)		2.950%	04/01/2030		1,796,000		1,567,667
Oracle Corp. (Software)		2.875%	03/25/2031		225,000		192,085
Oracle Corp. (Software)		3.900%	05/15/2035		1,039,000		896,505
Oracle Corp. (Software)		3.600%	04/01/2040		134,000		103,663
Oracle Corp. (Software)		5.375%	07/15/2040		43,000		41,037
Oracle Corp. (Software)		3.650%	03/25/2041		77,000		59,323
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)	(c)	8.250%	12/15/2029		436,000		455,389
SK Hynix, Inc. (Semiconductors & Equip.)	(c)	2.375%	01/19/2031		304,000		234,509
Skyworks Solutions, Inc. (Semiconductors & Equip.)		3.000%	06/01/2031		1,331,000		1,075,191
VMware, Inc. (Software)		4.500%	05/15/2025		954,000		934,333
VMware, Inc. (Software)		4.650%	05/15/2027		293,000		284,677
Western Digital Corp. (Tech. Hardware, Storage & Periph.)		2.850%	02/01/2029		1,595,000		1,274,355
Workday, Inc. (Software)		3.700%	04/01/2029		42,000		38,949
Workday, Inc. (Software)		3.800%	04/01/2032		1,100,000		990,300

							19,545,483


MATERIALS – 0.3%
CSN Resources SA (Metals & Mining)		5.875%	04/08/2032		787,000		633,980
Freeport Indonesia PT (Metals & Mining)	(c)	4.763%	04/14/2027		749,000		722,908
Freeport Indonesia PT (Metals & Mining)		4.763%	04/14/2027		350,000		337,807
Glencore Funding LLC (Metals & Mining)	(c)	5.400%	05/08/2028		472,000		467,354
Stillwater Mining Co. (Metals & Mining)	(c)	4.000%	11/16/2026		300,000		266,640
Volcan Cia Minera S.A.A. (Metals & Mining)	(c)	4.375%	02/11/2026		31,000		23,055
W.R. Grace Holdings LLC (Chemicals)	(c)	4.875%	06/15/2027		551,000		511,015

							2,962,759


REAL ESTATE – 0.4%
American Tower Corp. (Specialized REITs)		3.650%	03/15/2027		138,000		129,188
American Tower Corp. (Specialized REITs)		3.800%	08/15/2029		1,455,000		1,327,374
American Tower Corp. (Specialized REITs)		4.050%	03/15/2032		70,000		63,742
Crown Castle, Inc. (Specialized REITs)		4.300%	02/15/2029		154,000		144,790
Crown Castle, Inc. (Specialized REITs)		3.100%	11/15/2029		279,000		242,923
Crown Castle, Inc. (Specialized REITs)		3.300%	07/01/2030		67,000		59,180
Equinix, Inc. (Specialized REITs)		3.200%	11/18/2029		1,689,000		1,482,813
Vornado Realty LP (Office REITs)		3.400%	06/01/2031		1,326,000		959,678

							4,409,688


UTILITIES – 0.7%
AES Panama Generation Holdings SRL (Electric Utilities)	(c)	4.375%	05/31/2030		282,449		241,140
AES Panama Generation Holdings SRL (Electric Utilities)		4.375%	05/31/2030		238,842		203,912
Ameren Corp. (Multi-Utilities)		3.500%	01/15/2031		669,000		597,000
American Water Capital Corp. (Water Utilities)		2.800%	05/01/2030		1,002,000		875,837
Chile Electricity PEC SpA (Electric Utilities)	(c)	0.000%	01/25/2028		244,000		186,587
Comision Federal de Electricidad (Electric Utilities)	(c)	4.688%	05/15/2029		221,000		198,427
Duke Energy Carolinas NC Storm Funding LLC (Electric Utilities)		2.617%	07/01/2041		200,000		146,959
Electricite de France SA (Rate is fixed until 06/15/2033, at which point, the rate becomes H15T5Y + 541) (Electric Utilities)	(c)(d)	9.125%	Perpetual		253,000		259,446
Enel Chile SA (Electric Utilities)		4.875%	06/12/2028		688,000		661,465
Enel Finance International N.V. (Electric Utilities)	(c)	7.500%	10/14/2032		800,000		886,976
Engie Energia Chile SA (Electric Utilities)		3.400%	01/28/2030		673,000		560,726


		100		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)

Corporate Bonds (Continued)

Rate

Maturity

Face Amount

Value

UTILITIES (continued)

NRG Energy, Inc. (Electric Utilities)

(c)

3.750%

06/15/2024

$ 308,000

297,639

NRG Energy, Inc. (Electric Utilities)

(c)

7.000%

03/15/2033

760,000

766,297

Oncor Electric Delivery Co. LLC (Electric Utilities)

3.700%

11/15/2028

1,164,000

1,099,119

Pacific Gas and Electric Co. (Electric Utilities)

4.400%

03/01/2032

985,000

852,980

7,834,510

Total Corporate Bonds (Cost $165,349,459)

157,776,966

Asset-Backed / Mortgage-Backed Securities – 6.9%

Rate

Maturity

Face Amount

Value

CONSUMER DISCRETIONARY – 0.0%

Domino’s Pizza Master Issuer LLC 2021-1A A2I

(c)

2.662%

04/25/2051

$ 172,480

146,214

Great Wolf Trust 2019-WOLF C

(c)

TSFR1M + 175

12/15/2036

79,000

77,504

Hardee’s Funding LLC 2018-1A A23

(c)

5.710%

06/20/2048

127,281

114,027

Hardee’s Funding LLC 2020-1A A2

(c)

3.981%

12/20/2050

131,665

112,058

449,803

FINANCIALS – 6.8%

AB Issuer LLC 2021-1 A2

(c)

3.734%

07/30/2051

316,000

259,815

ACM Auto Trust 2023-1A A

(c)

6.610%

01/22/2030

736,455

735,428

Affirm Asset Securitization Trust 2021-Z1 A

(c)

1.070%

08/15/2025

46,899

45,579

Affirm Asset Securitization Trust 2021-Z2 A

(c)

1.170%

11/16/2026

33,005

31,832

AGL CLO 2021-12A D

(c)(e)

QL + 285

07/20/2034

250,000

233,808

AGL CLO 10 Ltd. 2021-10A A

(c)(e)

QL + 113

04/15/2034

600,000

589,548

American Credit Acceptance Receivables Trust 2022-3 A

(c)

4.120%

02/13/2026

337,910

336,772

American Credit Acceptance Receivables Trust 2023-1 A

(c)

5.450%

09/14/2026

706,762

703,608

Amur Equipment Finance Receivables XI LLC 2022-2A A2

(c)

5.300%

06/21/2028

423,764

419,821

AREIT 2022-CRE6 A

(c)

SOFR30A + 125

01/20/2037

483,367

471,856

Atalaya Equipment Leasing Trust 2021-1A C

(c)

2.690%

06/15/2028

300,000

281,172

Avant Loans Funding Trust 2021-REV1 A

(c)

1.210%

07/15/2030

441,000

433,512

Bain Capital Credit CLO 2021-4A D

(c)(e)

QL + 310

10/20/2034

250,000

226,169

Balboa Bay Loan Funding 2020-1A AR

(c)(e)

QL + 112

01/20/2032

1,500,000

1,480,450

Balboa Bay Loan Funding 2021-1A D

(c)(e)

QL + 305

07/20/2034

307,948

268,118

Ballyrock CLO 15 Ltd. 2021-1A C

(c)(e)

QL + 310

04/15/2034

250,000

236,879

Ballyrock CLO 16 Ltd. 2021-16A C

(c)(e)

QL + 290

07/20/2034

250,000

233,596

Ballyrock CLO 17 Ltd. 2021-17A A1A

(c)(e)

QL + 115

10/20/2034

1,000,000

982,211

Ballyrock CLO 17 Ltd. 2021-17A C

(c)(e)

QL + 305

10/20/2034

250,000

235,448

Battalion CLO 17 Ltd. 2021-17A A1

(c)(e)

QL + 126

03/09/2034

600,000

587,508

BBCMS 2020-BID A

(c)(e)

ML + 214

10/15/2037

301,000

282,586

Bellemeade RE 2021-3A A2

(c)

SOFR30A + 100

09/25/2031

286,223

279,774

Bellemeade Re 2022-1 M1C

(c)

SOFR30A + 370

01/26/2032

327,948

317,006

Bellemeade Re 2022-2 M1A

(c)

SOFR30A + 400

09/27/2032

959,476

979,911

BFLD Trust 2021-FPM A

(c)(e)

ML + 160

06/15/2038

462,000

439,301

BX Commercial Mortgage Trust 2019-IMC E

(c)(e)

ML + 215

04/15/2034

320,787

311,671

Cajun Global LLC 2021-1 A2

(c)

3.931%

11/20/2051

60,605

51,586

Carvana Auto Receivables Trust 2021-N3 C

1.020%

06/12/2028

55,132

52,065

Carvana Auto Receivables Trust 2021-N4 D

2.300%

09/11/2028

128,000

120,294

CIFC Funding 2020-4A A

(c)(e)

QL + 132

01/15/2034

260,000

257,109

CNH Equipment Trust 2022-C A2

5.420%

07/15/2026

1,014,000

1,010,822

College Ave Student Loans 2021-C C

(c)

3.060%

07/26/2055

136,800

113,000

COMM 2015-LC23 C

4.698%

10/10/2048

100,000

89,351

Connecticut Avenue Securities Trust 2019-R02 1M2

(c)(e)

ML + 230

08/25/2031

1,058

Connecticut Avenue Securities Trust 2019-R03 1M2

(c)(e)

ML + 215

09/25/2031

4,907

4,913

Connecticut Avenue Securities Trust 2019-R04 2B1

(c)(e)

ML + 525

06/25/2039

812,534

856,720

Connecticut Avenue Securities Trust 2019-R06 2B1

(c)(e)

ML + 375

09/25/2039

966,570

984,784

Connecticut Avenue Securities Trust 2019-R07 1M2

(c)(e)

ML + 210

10/25/2039

11,193

11,210

Connecticut Avenue Securities Trust 2020-R02 2M2

(c)(e)

ML + 200

01/25/2040

89,831

89,918

Connecticut Avenue Securities Trust 2021-R01 1M2

(c)

SOFR30A + 155

10/25/2041

462,831

453,593

Connecticut Avenue Securities Trust 2021-R03 1M2

(c)

SOFR30A + 165

12/25/2041

117,550

113,740

Connecticut Avenue Securities Trust 2022-R01 1B1

(c)

SOFR30A + 315

12/25/2041

305,277

299,935

Connecticut Avenue Securities Trust 2022-R02 2M1

(c)

SOFR30A + 120

01/25/2042

244,798

243,526

Connecticut Avenue Securities Trust 2022-R02 2M2

(c)

SOFR30A + 300

01/25/2042

960,000

951,322

Connecticut Avenue Securities Trust 2022-R03 1M1

(c)

SOFR30A + 210

03/25/2042

1,090,108

1,094,282

Connecticut Avenue Securities Trust 2022-R03 1M2

(c)

SOFR30A + 350

03/25/2042

253,631

258,851

Connecticut Avenue Securities Trust 2022-R04 1M2

(c)

SOFR30A + 310

03/25/2042

63,262

63,886

Connecticut Avenue Securities Trust 2022-R05 2M2

(c)

SOFR30A + 300

04/25/2042

599,367

597,122

Connecticut Avenue Securities Trust 2022-R06 1M1

(c)

SOFR30A + 275

05/25/2042

1,234,632

1,258,662

Connecticut Avenue Securities Trust 2022-R07 1M1

(c)

SOFR30A + 295

06/25/2042

1,049,881

1,074,712

Connecticut Avenue Securities Trust 2022-R08 1M1

(c)

SOFR30A + 255

07/25/2042

958,592

972,148

Connecticut Avenue Securities Trust 2023-R01 1M1

(c)

SOFR30A + 240

12/25/2042

771,102

775,669


		101		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Asset-Backed / Mortgage-Backed Securities (Continued)		Rate	Maturity	Face Amount		Value


FINANCIALS (continued)
Connecticut Avenue Securities Trust 2023-R02 1M1	(c)	SOFR30A + 230	01/25/2043		$ 464,720	$	466,460
Connecticut Avenue Securities Trust 2023-R03 2M1	(c)	SOFR30A + 250	04/25/2043		708,521		714,882
Connecticut Avenue Securities Trust 2023-R04 1M1	(c)	SOFR30A + 230	05/25/2043		1,109,199		1,114,432
CPS Auto Receivables Trust 2021-B C	(c)	1.230%	03/15/2027		182,359		179,302
CPS Auto Receivables Trust 2021-C D	(c)	1.690%	06/15/2027		210,000		195,870
CPS Auto Receivables Trust 2022-D A	(c)	6.090%	01/15/2027		744,677		745,061
CPS Auto Receivables Trust 2023-A A	(c)	5.540%	03/16/2026		371,605		370,155
Dext ABS 2021-1 C	(c)	2.290%	09/15/2028		264,000		235,263
Dext ABS 2021-1 D	(c)	2.810%	03/15/2029		133,000		114,000
Diamond Issuer 2021-1A B	(c)	2.701%	11/20/2051		271,624		222,057
Donlen Fleet Lease Funding 2021-2 C	(c)	1.200%	12/11/2034		460,000		433,666
Dryden 78 CLO Ltd. 2020-78A A	(c)(e)	QL + 118	04/17/2033		1,500,000		1,478,028
DT Auto Owner Trust 2023-1A A	(c)	5.480%	04/15/2027		756,816		754,257
Elmwood CLO IX Ltd. 2021-2A D	(c)(e)	QL + 295	07/20/2034		250,000		236,374
Enterprise Fleet Financing 2023-2 A2	(c)	5.560%	04/22/2030		1,011,000		1,005,376
Exeter Automobile Receivables Trust 2022-6A A2		5.730%	11/17/2025		614,812		614,292
Fannie Mae Connecticut Avenue Securities 2015-C04 1M2	(e)	ML + 570	04/25/2028		48,803		51,975
Fannie Mae Connecticut Avenue Securities 2018-C05 1M2	(e)	ML + 235	01/25/2031		638,632		649,385
Fannie Mae Connecticut Avenue Securities 2018-C06 1M2	(e)	ML + 200	03/25/2031		135,229		135,397
Fannie Mae Connecticut Avenue Securities 2021-R02 2B1	(c)	SOFR30A + 330	11/25/2041		211,036		209,454
Fannie Mae Connecticut Avenue Securities 2021-R02 2M2	(c)	SOFR30A + 200	11/25/2041		1,000,000		973,185
FHF Trust 2021-2A A	(c)	0.830%	12/15/2026		56,390		53,712
FHF Trust 2023-1A A2	(c)	6.570%	06/15/2028		450,000		445,559
First Investors Auto Owner Trust 2022-2A A	(c)	6.260%	07/15/2027		655,016		654,619
Flagship Credit Auto Trust 2023-1 A2	(c)	5.380%	12/15/2026		535,000		532,327
Flagship Credit Auto Trust 2023-2 A2	(c)	5.760%	04/15/2027		771,000		767,171
Flatiron CLO 2021-1A D	(c)(e)	QL + 290	07/19/2034		250,000		234,423
Ford Credit Auto Owner Trust 2021-1 D	(c)	2.310%	10/17/2033		230,000		201,112
Foursight Capital Automobile Receivables Trust 2023-1 A2	(c)	5.430%	10/15/2026		650,000		645,958
Freddie Mac Multifamily Structured Credit Risk 2021-MN1 M1	(c)	SOFR30A + 200	01/25/2051		28,731		27,537
Freddie Mac REMICS FHR 4981 HS	(e)(f)	ML + 610	06/25/2050		673,714		65,293
Freddie Mac Stacr Remic Trust 2020-DNA1 M2	(c)(e)	ML + 170	01/25/2050		35,107		35,108
Freddie Mac STACR REMIC Trust 2020-DNA6 M2	(c)	SOFR30A + 200	12/25/2050		1,177,940		1,181,242
Freddie Mac STACR REMIC Trust 2021-DNA3 B1	(c)	SOFR30A + 350	10/25/2033		278,276		278,624
Freddie Mac STACR REMIC Trust 2021-DNA5 B1	(c)	SOFR30A + 305	01/25/2034		1,000,000		982,558
Freddie Mac STACR REMIC Trust 2021-DNA7 M2	(c)	SOFR30A + 180	11/25/2041		986,480		950,477
Freddie Mac STACR REMIC Trust 2021-HQA2 M1	(c)	SOFR30A + 70	12/25/2033		296,818		295,334
Freddie Mac STACR REMIC Trust 2021-HQA3 M2	(c)	SOFR30A + 210	09/25/2041		1,000,000		950,000
Freddie Mac STACR REMIC Trust 2021-HQA4 M2	(c)	SOFR30A + 235	12/25/2041		1,046,349		992,724
Freddie Mac STACR REMIC Trust 2022-DNA1 M1B	(c)	SOFR30A + 185	01/25/2042		1,600,000		1,548,474
Freddie Mac STACR REMIC Trust 2022-DNA2 M2	(c)	SOFR30A + 375	02/25/2042		295,064		296,907
Freddie Mac STACR REMIC Trust 2022-DNA3 M1A	(c)	SOFR30A + 200	04/25/2042		1,038,080		1,040,997
Freddie Mac STACR REMIC Trust 2022-DNA3 M1B	(c)	SOFR30A + 290	04/25/2042		1,600,000		1,597,504
Freddie Mac STACR REMIC Trust 2022-DNA3 M2	(c)	SOFR30A + 435	04/25/2042		200,000		206,000
Freddie Mac STACR REMIC Trust 2022-DNA4 M1B	(c)	SOFR30A + 335	05/25/2042		1,621,038		1,639,275
Freddie Mac STACR REMIC Trust 2022-DNA5 M1B	(c)	SOFR30A + 450	06/25/2042		1,331,433		1,398,005
Freddie Mac STACR REMIC Trust 2022-DNA6 M1A	(c)	SOFR30A + 215	09/25/2042		386,259		388,593
Freddie Mac STACR REMIC Trust 2022-DNA7 M1A	(c)	SOFR30A + 250	03/25/2052		1,015,439		1,024,009
Freddie Mac STACR REMIC Trust 2022-HQA1 M1B	(c)	SOFR30A + 350	03/25/2042		65,368		66,591
Freddie Mac STACR REMIC Trust 2023-DNA1 M1A	(c)	SOFR30A + 210	03/25/2043		548,590		549,644
Freddie Mac STACR Trust 2019-DNA4 M2	(c)(e)	ML + 195	10/25/2049		4,474		4,480
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M1A	(c)	SOFR30A + 265	07/25/2042		431,035		438,229
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A	(c)	SOFR30A + 210	04/25/2043		688,846		690,757
FREED ABS Trust 2021-2 C	(c)	1.940%	06/19/2028		300,707		296,305
Galaxy 30 CLO Ltd. 2022-30A D	(c)	TSFR3M + 335	04/15/2035		400,000		374,347
GCI Funding I LLC 2021-1 A	(c)	2.380%	06/18/2046		136,091		115,561
Goldentree Loan Management U.S. CLO 7 Ltd. 2020-7A AR	(c)(e)	QL + 107	04/20/2034		250,000		245,135
Hertz Vehicle Financing III LLC 2022-1A C	(c)	2.630%	06/25/2026		220,000		201,304
HFX Funding Issuer 2017-1	(c)	3.620%	03/15/2035		280,000		265,483
Home RE 2021-2 M1B	(c)	SOFR30A + 160	01/25/2034		176,519		175,682
Invesco CLO 2021-1A A1	(c)(e)	QL + 100	04/15/2034		1,700,000		1,658,580
JPMBB Commercial Mortgage Securities Trust 2013-C15 AS		4.420%	11/15/2045		250,000		245,291
JPMBB Commercial Mortgage Securities Trust 2014-C21 C		4.798%	08/15/2047		295,000		255,398
JPMBB Commercial Mortgage Securities Trust 2015-C27 AS		3.634%	02/15/2048		130,694		122,706
Kubota Credit Owner Trust 2023-1A A2	(c)	5.400%	02/17/2026		1,072,000		1,062,330
LAD Auto Receivables Trust 2021-1A C	(c)	2.350%	04/15/2027		406,000		375,992
LAD Auto Receivables Trust 2022-1A A	(c)	5.210%	06/15/2027		535,953		529,687
Lendbuzz Securitization Trust 2023-1A A2	(c)	6.920%	08/15/2028		1,392,000		1,380,450
Lendbuzz Securitization Trust 2023-2A A2	(c)	7.090%	10/16/2028		530,000		526,543


		102		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Asset-Backed / Mortgage-Backed Securities (Continued)		Rate	Maturity	Face Amount		Value


FINANCIALS (continued)
Morgan Stanley Capital I Trust 2018-H3 AS		4.429%	07/15/2051		$ 270,000	$	247,571
MVW 2021-2A C	(c)	2.230%	05/20/2039		276,339		243,973
Neighborly Issuer 2022-1A A2	(c)	3.695%	01/30/2052		225,150		183,616
Neighborly Issuer 2023-1A A2	(c)	7.308%	01/30/2053		831,915		807,909
Neighborly Issuer LLC 2021-1A A2	(c)	3.584%	04/30/2051		124,094		103,532
Nelnet Student Loan Trust 2021-BA B	(c)	2.680%	04/20/2062		100,000		80,701
Nelnet Student Loan Trust 2021-DA C	(c)	3.500%	04/20/2062		100,000		81,555
Neuberger Berman Loan Advisers CLO 2021-42A D	(c)(e)	QL + 280	07/16/2035		301,613		276,783
Neuberger Berman Loan Advisers CLO 43 Ltd. 2021-43A D	(c)(e)	QL + 310	07/17/2035		250,000		236,434
NMEF Funding 2022-B A2	(c)	6.070%	06/15/2029		361,000		358,329
Oaktown Re VII Ltd. 2021-2 M1A	(c)	SOFR30A + 160	04/25/2034		272,026		271,096
OCP CLO 2020-18A AR	(c)(e)	QL + 109	07/20/2032		322,000		316,552
Octane Receivables Trust 2021-2A C	(c)	2.530%	05/21/2029		209,000		183,882
OneMain Direct Auto Receivables Trust 2022-1A C	(c)	5.310%	06/14/2029		1,100,000		1,057,536
PMT Credit Risk Transfer Trust 2019-2R A	(c)(e)	ML + 375	05/30/2025		104,403		102,682
Prestige Auto Receivables Trust 2022-1A A2	(c)	5.900%	07/15/2025		705,269		704,316
Rad CLO 11 Ltd. 2021-11A D	(c)(e)	QL + 290	04/15/2034		250,000		234,042
Regatta XX Funding Ltd. 2021-2A A	(c)(e)	QL + 116	10/15/2034		450,431		441,353
Regatta XXIV Funding Ltd. 2021-5A D	(c)(e)	QL + 310	01/20/2035		450,000		417,156
Research-Driven Pagaya Motor Asset Trust VII 2022-3A A	(c)	5.380%	11/25/2030		675,136		660,315
Rockford Tower CLO 2021-1A D	(c)(e)	QL + 300	07/20/2034		306,626		275,770
Rockford Tower CLO 2021-2A A1	(c)(e)	QL + 116	07/20/2034		250,000		243,666
Santander Bank Auto Credit-Linked Notes Series 2021-1A C	(c)	3.268%	12/15/2031		268,275		259,315
Santander Bank Auto Credit-Linked Notes Series 2022-A B	(c)	5.281%	05/15/2032		450,150		442,681
Santander Bank Auto Credit-Linked Notes Series 2022-B B	(c)	5.721%	08/16/2032		526,425		522,935
Santander Bank Auto Credit-Linked Notes Series 2022-C B	(c)	6.451%	12/15/2032		748,014		746,109
SEB Funding LLC 2021-1A A2	(c)	4.969%	01/30/2052		331,170		290,482
SG Commercial Mortgage Securities Trust 2016-C5 A4		3.055%	10/10/2048		250,000		227,047
Signal Peak CLO 2022-12A C	(c)	TSFR3M + 345	07/18/2034		1,115,000		1,116,992
TICP CLO XV Ltd. 2020-15A A	(c)(e)	QL + 128	04/20/2033		1,600,000		1,585,600
United Auto Credit Securitization Trust 2022-2 A	(c)	4.390%	04/10/2025		249,879		249,256
Upstart Securitization Trust 2021-3 B	(c)	1.660%	07/20/2031		210,000		202,065
VASA Trust 2021-VASA A	(c)(e)	ML + 90	07/15/2039		460,000		404,189
Wells Fargo Commercial Mortgage Trust 2016-C35 B		3.438%	07/15/2048		270,000		223,518
Westlake Automobile Receivables Trust 2023-1A A2A	(c)	5.510%	06/15/2026		1,117,000		1,112,864

							77,028,387


INDUSTRIALS – 0.1%
Avis Budget Rental Car Funding AESOP LLC 2023-5A B	(c)	6.120%	04/20/2028		464,000		458,095

Total Asset-Backed / Mortgage-Backed Securities (Cost $78,642,642)						$	77,936,285


U.S. Government Agency Mortgage-Backed Securities – 5.0%		Rate	Maturity	Face Amount		Value
Fannie Mae or Freddie Mac UMBS TBA		2.000%	07/15/2053		$ 1,523,097	$	1,241,978
Fannie Mae or Freddie Mac UMBS TBA		2.500%	07/15/2053		11,168,022		9,469,261
Fannie Mae or Freddie Mac UMBS TBA		3.000%	07/15/2053		3,024,412		2,661,601
Fannie Mae or Freddie Mac UMBS TBA		3.500%	07/15/2053		6,605,359		6,018,875
Fannie Mae or Freddie Mac UMBS TBA		4.000%	07/15/2053		2,881,017		2,703,542
Fannie Mae or Freddie Mac UMBS TBA		4.500%	07/15/2053		2,854,498		2,744,332
Fannie Mae or Freddie Mac UMBS TBA		5.500%	07/15/2053		4,047,000		4,027,397
Fannie Mae Pool FN AL5310		3.500%	04/01/2044		2,067		1,929
Fannie Mae Pool FN AL5887		4.500%	10/01/2044		12,354		12,131
Fannie Mae Pool FN AL6542		4.500%	03/01/2045		18,730		18,392
Fannie Mae Pool FN AL6620		4.500%	08/01/2042		112,635		110,116
Fannie Mae Pool FN AL6997		4.500%	11/01/2042		8,364		8,260
Fannie Mae Pool FN AL8855		3.500%	07/01/2046		7,215		6,710
Fannie Mae Pool FN AS7168		3.500%	05/01/2046		14,231		13,226
Fannie Mae Pool FN AS7587		3.500%	07/01/2046		84,361		78,456
Fannie Mae Pool FN AS7822		3.500%	08/01/2046		164,299		152,314
Fannie Mae Pool FN AZ9203		3.000%	10/01/2045		16,423		14,826
Fannie Mae Pool FN BA2885		3.000%	10/01/2045		38,536		34,494
Fannie Mae Pool FN BA4752		3.000%	01/01/2046		4,955		4,449
Fannie Mae Pool FN BC1520		3.500%	08/01/2046		132,147		122,900
Fannie Mae Pool FN BC2468		3.000%	03/01/2046		91,031		81,320
Fannie Mae Pool FN BC2488		3.000%	03/01/2046		101,487		90,966
Fannie Mae Pool FN BC9077		3.500%	12/01/2046		9,662		8,951
Fannie Mae Pool FN BH1902		3.500%	12/01/2047		8,646		8,105
Fannie Mae Pool FN BH3892		3.500%	08/01/2047		19,532		18,050
Fannie Mae Pool FN BH6940		3.500%	08/01/2047		17,649		16,330
Fannie Mae Pool FN BJ1692		3.500%	12/01/2047		41,760		38,914


		103		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


U.S. Government Agency Mortgage-Backed Securities (Continued)	Rate	Maturity	Face Amount		Value
Fannie Mae Pool FN BJ1695	3.500%	12/01/2047		$ 5,819	$	5,370
Fannie Mae Pool FN BJ4558	3.500%	01/01/2048		29,917		27,879
Fannie Mae Pool FN BJ4559	3.500%	01/01/2048		11,182		10,372
Fannie Mae Pool FN BJ4566	4.000%	01/01/2048		98,340		94,421
Fannie Mae Pool FN BJ4567	4.000%	01/01/2048		146,325		140,245
Fannie Mae Pool FN BJ5170	3.500%	03/01/2048		8,477		7,946
Fannie Mae Pool FN BK1964	4.000%	03/01/2048		30,082		28,892
Fannie Mae Pool FN BK1975	3.500%	03/01/2048		18,852		17,567
Fannie Mae Pool FN BK3211	4.500%	03/01/2048		31,764		31,132
Fannie Mae Pool FN BK4157	4.000%	05/01/2048		41,657		39,716
Fannie Mae Pool FN BM3282	3.500%	12/01/2047		5,283		4,952
Fannie Mae Pool FN BM3511	4.500%	02/01/2046		66,292		65,465
Fannie Mae Pool FN BM3912	3.000%	03/01/2047		104,734		93,835
Fannie Mae Pool FN BM4427	3.500%	04/01/2048		62,028		57,246
Fannie Mae Pool FN BM4735	3.500%	04/01/2048		76,647		71,426
Fannie Mae Pool FN BM4896	3.000%	02/01/2047		698,786		630,863
Fannie Mae Pool FN BM5138	3.500%	11/01/2048		136,673		127,362
Fannie Mae Pool FN BM5334	3.500%	01/01/2049		32,843		30,311
Fannie Mae Pool FN BN0012	4.500%	08/01/2048		19,778		19,297
Fannie Mae Pool FN BO3223	3.000%	10/01/2034		23,934		22,408
Fannie Mae Pool FN BO4725	2.500%	11/01/2034		40,812		37,425
Fannie Mae Pool FN BO5957	3.000%	12/01/2034		5,267		4,933
Fannie Mae Pool FN BO7717	3.000%	11/01/2034		5,320		4,982
Fannie Mae Pool FN BU1240	3.000%	03/01/2052		1,012,260		898,195
Fannie Mae Pool FN BU1349	3.000%	02/01/2052		796,052		706,404
Fannie Mae Pool FN BU8919	2.500%	04/01/2052		658,824		562,965
Fannie Mae Pool FN BU8922	2.500%	04/01/2052		640,874		546,574
Fannie Mae Pool FN CA0108	3.500%	08/01/2047		17,697		16,590
Fannie Mae Pool FN CB1113	2.000%	07/01/2051		1,069,312		872,936
Fannie Mae Pool FN CB2538	2.500%	01/01/2052		676,628		578,221
Fannie Mae Pool FN CB3564	2.500%	05/01/2052		557,596		476,525
Fannie Mae Pool FN CB3565	2.500%	05/01/2052		436,863		372,894
Fannie Mae Pool FN FM0029	3.000%	09/01/2046		174,950		157,945
Fannie Mae Pool FN FM1036	3.000%	05/01/2043		88,413		79,823
Fannie Mae Pool FN FS0967	2.500%	03/01/2052		733,557		626,967
Fannie Mae Pool FN MA3211	4.000%	12/01/2047		40,579		38,789
Fannie Mae Pool FN MA3239	4.000%	01/01/2048		6,506		6,203
Freddie Mac Gold Pool FG G60658	3.500%	07/01/2046		169,624		158,395
Freddie Mac Gold Pool FG G61360	3.500%	03/01/2048		35,942		33,209
Freddie Mac Gold Pool FG G61737	3.500%	11/01/2048		146,424		135,289
Freddie Mac Gold Pool FG Q54793	4.500%	03/01/2048		27,931		27,279
Freddie Mac Gold Pool FG Q55394	3.500%	04/01/2048		11,571		10,691
Freddie Mac Pool FR QD8682	3.000%	03/01/2052		664,064		587,636
Freddie Mac Pool FR QE0805	2.500%	04/01/2052		615,226		523,607
Freddie Mac Pool FR QE0808	2.500%	04/01/2052		664,037		567,421
Freddie Mac Pool FR QN0783	3.000%	10/01/2034		26,410		24,735
Freddie Mac Pool FR QN0786	3.000%	10/01/2034		60,115		56,271
Freddie Mac Pool FR QN0951	2.500%	11/01/2034		41,994		38,510
Freddie Mac Pool FR RA6963	2.000%	03/01/2052		1,021,351		835,605
Freddie Mac Pool FR SB0040	2.500%	12/01/2033		188,445		174,629
Freddie Mac Pool FR SB0116	2.500%	11/01/2034		48,168		44,214
Freddie Mac Pool FR SD0932	2.500%	04/01/2052		678,836		578,901
Freddie Mac Pool FR ZA4718	3.000%	10/01/2046		126,833		113,525
Freddie Mac Pool FR ZK8962	3.000%	09/01/2032		46,481		43,746
Freddie Mac Pool FR ZK9009	3.000%	10/01/2032		17,024		16,009
Freddie Mac Pool FR ZK9163	3.000%	01/01/2033		25,757		24,244
Freddie Mac Pool FR ZM1434	3.500%	07/01/2046		20,009		18,609
Freddie Mac Pool FR ZM4821	3.500%	11/01/2047		23,520		21,742
Freddie Mac Pool FR ZM4939	3.500%	11/01/2047		42,252		39,373
Freddie Mac Pool FR ZM5102	3.500%	12/01/2047		51,948		48,022
Freddie Mac Pool FR ZM5228	3.500%	12/01/2047		29,456		27,449
Freddie Mac Pool FR ZM5705	3.500%	02/01/2048		14,060		13,101
Freddie Mac Pool FR ZM5707	3.500%	02/01/2048		9,306		8,603
Freddie Mac Pool FR ZM5945	4.000%	03/01/2048		27,130		26,065
Freddie Mac Pool FR ZM6220	4.000%	04/01/2048		12,912		12,311
Freddie Mac Pool FR ZM6276	4.000%	04/01/2048		38,487		36,837
Freddie Mac Pool FR ZM6427	4.000%	05/01/2048		83,821		79,916
Freddie Mac Pool FR ZN2165	4.500%	12/01/2048		42,364		42,026
Freddie Mac Pool FR ZS4598	3.000%	01/01/2045		16,167		14,593
Freddie Mac Pool FR ZS7403	3.000%	05/01/2031		136,260		130,149
Freddie Mac Pool FR ZS9830	3.500%	10/01/2046		167,527		155,800


		104		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


U.S. Government Agency Mortgage-Backed Securities (Continued)	Rate		Maturity		Face Amount		Value
Freddie Mac Pool FR ZT0272		3.500%		02/01/2047		$ 99,236	$	92,290
Freddie Mac Pool FR ZT0337		3.500%		12/01/2044		16,822		15,725
Freddie Mac Pool FR ZT0537		3.500%		03/01/2048		133,095		123,163
Freddie Mac Pool FR ZT1633		4.000%		03/01/2047		8,757		8,364
Ginnie Mae II Jumbo TBA		3.000%		07/15/2053		1,154,251		1,031,296
Ginnie Mae II Jumbo TBA		4.000%		07/15/2053		2,802,682		2,651,928
Ginnie Mae II Jumbo TBA		4.500%		07/15/2053		4,949,000		4,776,558
Ginnie Mae II Jumbo TBA		5.000%		07/15/2053		6,150,000		6,043,336

Total U.S. Government Agency Mortgage-Backed Securities (Cost $58,204,947)							$	56,634,073


Purchased Options – 4.9%	Notional Amount		Expiration	Exercise Price		Contracts (g)		Value
S&P 500 Index Call Option	$	49,399,218	December 2024		$4,000		111	$	9,154,170
S&P 500 Index Call Option		65,420,586	December 2024		4,200		147		9,792,552
S&P 500 Index Call Option		111,259,500	December 2024		4,300		250		14,874,750
S&P 500 Index Call Option		57,409,902	December 2024		4,400		129		6,869,250
S&P 500 Index Put Option		63,195,396	December 2024		4,000		142		2,154,140
S&P 500 Index Put Option		40,943,496	December 2024		4,100		92		1,572,832
S&P 500 Index Put Option		76,101,498	December 2024		4,200		171		3,226,770
S&P 500 Index Put Option		104,583,930	December 2024		4,300		235		4,949,570
S&P 500 Index Put Option		57,409,902	December 2024		4,400		129		3,037,950

Total Purchased Options (Cost $72,371,624)								$	55,631,984


Sovereign Debt Issues – 0.1%			Rate		Maturity		Face Amount		Value
Colombia Government International Bond				3.125%		04/15/2031	$	1,176,000	$	885,528
Dominican Republic International Bond	(c	)		4.875%		09/23/2032		250,000		212,473

Total Sovereign Debt Issues (Cost $1,299,372)									$	1,098,001


Preferred Securities – 0.1%					Rate		Quantity		Value

FINANCIALS – 0.1%
Charles Schwab Corp. / The DR (Rate is fixed until 06/01/2026, at which point, the rate becomes H15T5Y + 317) (Capital Markets)				(d)		4.000%		455,000	$	369,801
Citigroup, Inc. DR (Rate is fixed until 05/15/2025, at which point, the rate becomes TSFR3M + 417) (Banks)				(d)		5.950%		142,000		136,182
Citigroup, Inc. DR (Banks)				(e)		QL + 407		88,000		88,308
Citigroup, Inc. (Rate is fixed until 12/10/2025, at which point, the rate becomes H15T5Y + 360) (Banks)				(d)		4.000%		101,000		86,229
Citigroup, Inc. DR (Banks)				(e)		QL + 423		27,000		27,095
Goldman Sachs Group, Inc. / The DR (Rate is fixed until 11/10/2026, at which point, the rate becomes H15T5Y + 295) (Capital Markets)				(d)		4.125%		120,000		100,315

										807,930


INDUSTRIALS – 0.0%
General Electric Co. (Industrial Conglomerates)				(e)		QL + 333		154,000		154,000


UTILITIES – 0.0%
Vistra Corp. (Rate is fixed until 12/15/2026, at which point, the rate becomes H15T5Y + 574) (Ind. Power & Renewable Elec.)				(c)(d)		7.000%		107,000		93,357

Total Preferred Securities (Cost $1,201,813)									$	1,055,287


Taxable Municipal Bonds – 0.0%			Rate		Maturity		Face Amount		Value
Ochsner LSU Health System of North Louisiana				2.510%		05/15/2031	$	230,000	$	170,165
University of California				3.071%		05/15/2051		310,000		218,884

Total Taxable Municipal Bonds (Cost $537,072)									$	389,049


Rights – 0.0%							Quantity		Value
HEALTH CARE – 0.0%
ABIOMED, Inc. CVR (Health Care Technology)								4,357	$	0

Total Rights (Cost $4,444)									$	0


		105		(continued)


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Money Market Funds – 3.0%		Shares	Value
State Street Institutional Liquid Reserves Fund Institutional Class, 5.189%	(h)	16,810,910		$	16,814,272
State Street Institutional U.S. Government Money Market Fund, 5.028%	(h)	16,810,500			16,810,500

Total Money Market Funds (Cost $33,624,732)				$	33,624,772

Total Investments – 101.8% (Cost $1,114,199,322)	(i)			$	1,149,613,408
Liabilities in Excess of Other Assets – (1.8)%					(20,478,716	)

Net Assets – 100.0%				$	1,129,134,692

Percentages are stated as a percent of net assets.


Abbreviations:
ADR:		American Depositary Receipts
CLO:		Collaterized Loan Obligation
CVR:		Contingent Value Right
DR:		Depositary Receipt
H15T1Y:		U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 5.400% at 06/30/2023
H15T5Y:		U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 4.130% at 06/30/2023
ML:		Monthly U.S. LIBOR Rate, 5.218% at 06/30/2023
QL:		Quarterly U.S. LIBOR Rate, 5.545% at 06/30/2023
REITs:		Real Estate Investment Trusts
SOFR:		Secured Overnight Financing Rate, 5.090% at 06/30/2023
SOFR30A:		30 Day Average Secured Overnight Financing Rate, 5.065% at 06/30/2023
TSFR1M:		Monthly CME Term SOFR, 5.141% at 06/30/2023
TSFR3M:		Quarterly CME Term SOFR, 5.268% at 06/30/2023
UMBS TBA:		Uniform Mortgage-Backed Security To Be Announced (“TBA”); the securities backed by fixed rate mortgage loans that are delivered on a future settlement date could be issued by Fannie Mae, Freddie Mac, or a combination thereof.
USSW5:		USD Swap Semi 30/360 5 Year, 4.219% at 06/30/2023

Footnotes:

(a)

Non-income producing security.

(b)

Security is partially pledged as collateral for the futures contracts outstanding at June 30, 2023. The market value pledged totaled $13,468,552. See also the following Schedule of Open Futures Contracts.

(c)

Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $121,287,657, or 10.7% of the Portfolio’s net assets.

(d)

(e)

A future alternate reference rate has been determined by the issuer. See also Note 2 of the Notes to Financial Statements.

(f)

Interest-only security

(g)

100 shares per contract.

(h)

Rate represents the seven-day yield at June 30, 2023.

(i)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)

Long Futures Contracts


Description	Number of contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
CME E-mini S&P 500 Index - Long		77		September 15, 2023		$	16,836,082		$	17,279,763		$	443,681			$	202,125
CME Micro E-mini S&P 500 Index - Long		91		September 15, 2023			1,989,273			2,042,154			52,881				20,825
CBT 10-Year U.S. Ultra Bond - Long		147		September 20, 2023			17,525,086			17,410,313			(114,773	)			42,447
CBT 10-Year U.S. Treasury Note - Long		3,049		September 20, 2023			348,964,424			342,297,891			(6,666,533	)			428,766
CBT U.S. Long Bond - Long		285		September 20, 2023			36,133,514			36,168,281			34,767				213,750
CBT U.S. Ultra Bond - Long		17		September 20, 2023			2,320,238			2,315,719			(4,519	)			14,836
CBT 5-Year U.S. Treasury Note - Long		756		September 29, 2023			81,967,155			80,962,875			(1,004,280	)			(36	)

						$	505,735,772		$	498,476,996		$	(7,258,776	)		$	922,713

Short Futures Contracts


Description	Number of contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
CBT 2-Year U.S. Treasury Note - Short		63		September 29, 2023	$	(12,895,083	)	$	(12,810,656	)		$	84,427			$	967

Total Futures Contracts					$	492,840,689		$	485,666,340			$	(7,174,349	)		$	923,680

The accompanying notes are an integral part of these financial statements.


		106


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Unaudited)

Objective/Strategy

The ON Federated Core Plus Bond Portfolio seeks to provide total return by investing at least 80% of its net assets in fixed-income investments, primarily U.S. dollar denominated, investment-grade, fixed income securities. Investment-grade, fixed income securities are rated in one of the four highest categories (BBB- or higher) by a nationally recognized statistical rating organization (“NRSRO”).



Performance as of June 30, 2023


Average Annual returns
One year	-1.01	%
Since inception (5/1/20)	-2.67	%

Total expense ratio is 0.57% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 1.81% versus 2.13% for its benchmark, the ICE BofA U.S. Broad Market Index.

Q. What affected the Portfolio’s performance?

A. During the reporting period, the Portfolio’s underperformance was due to the its interest rate sensitivity, which was greater than the benchmark at certain times in an interest rate rising period. In addition, the Portfolio’s yield curve steepening bias negatively impacted performance in a period when shorter term rates increased more than longer term rates. Out-of-index allocations to the high yield and trade finance sectors were contributors, as was positive security selection in investment grade corporate, high yield and emerging market bonds. Security selection in U.S. Treasury Securities was a detractor. From an individual security perspective, the top detractors were long positions in the June and September 2023 CBT 5-Year U.S. Treasury Note futures contracts and March CBT 2-Year U.S. Treasury Note futures contract. Top contributors were a short position in the June CBT U.S. Ultra Bond futures contract, short position in the September CBT 5-Year U.S. Treasury Note futures contract, and a long position in the U.S. Treasury Note 2.875%, 05/15/2052. The aggregate impact of futures on the Portfolio’s absolute return for the six-month period was -56 basis points (-0.56%). ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		107		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
U.S. Treasury Obligations		34.8
Corporate Bonds ⁽⁴⁾		26.6
U.S. Government Agency Mortgage-Backed Securities		23.6
Investment Companies		5.9
Asset-Backed / Mortgage-Backed Securities ⁽⁴⁾		5.2
Sovereign Debt Issues		0.3
Other Net Assets		3.6

		100.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Corporate Bonds, Asset-Backed / Mortgage Backed Securities):


	% of Net Assets
Financials		12.0
Industrials		3.4
Health Care		2.7
Communication Services		2.5
Utilities		2.3
Energy		2.3
Consumer Staples		1.6
Information Technology		1.6
Real Estate		1.3
Consumer Discretionary		1.1
Materials		1.0

		31.8



Top 10 Portfolio Holdings as of June 30, 2023 ^{(1) (2) (3)}


		% of Net Assets
1.	U.S. Treasury Note 2.875%, 05/15/2052		4.6
2.	U.S. Treasury Note 3.875%, 11/30/2027		3.7
3.	Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund		3.5
4.	U.S. Treasury Note 0.875%, 06/30/2026		2.9
5.	Federated Hermes Core Trust - Emerging Markets Core Fund		2.3
6.	U.S. Treasury Note 2.750%, 04/30/2027		2.2
7.	U.S. Treasury Note 3.000%, 07/31/2024		1.8
8.	U.S. Treasury Note 1.875%, 02/15/2032		1.8
9.	U.S. Treasury Note 2.375%, 02/15/2042		1.7
10.	U.S. Treasury Note 0.375%, 09/15/2024		1.0


		108


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


U.S. Treasury Obligations – 34.8%		Rate	Maturity	Face Amount			Value

U.S. Treasury Note		2.250%	03/31/2024		$	14,000,000		$	13,672,422
U.S. Treasury Note		2.500%	04/30/2024			8,400,000			8,199,516
U.S. Treasury Note		0.250%	05/15/2024			7,500,000			7,171,582
U.S. Treasury Note		3.000%	06/30/2024			5,000,000			4,882,031
U.S. Treasury Note		3.000%	07/31/2024			10,000,000			9,746,485
U.S. Treasury Note		0.375%	09/15/2024			6,000,000			5,655,234
U.S. Treasury Note		4.500%	11/30/2024			4,500,000			4,452,188
U.S. Treasury Note		0.375%	12/31/2025			3,000,000			2,704,102
U.S. Treasury Note		0.875%	06/30/2026			18,000,000			16,218,281
U.S. Treasury Note		0.625%	07/31/2026			2,400,000			2,138,156
U.S. Treasury Note		1.500%	01/31/2027			3,500,000			3,170,371
U.S. Treasury Note		2.500%	03/31/2027			5,900,000			5,529,176
U.S. Treasury Note	(a)	0.500%	04/30/2027			3,200,000			2,773,500
U.S. Treasury Note		2.750%	04/30/2027			12,600,000			11,902,570
U.S. Treasury Note		2.625%	05/31/2027			1,500,000			1,409,414
U.S. Treasury Note		3.875%	11/30/2027			20,500,000			20,209,316
U.S. Treasury Note		1.250%	03/31/2028			575,000			503,260
U.S. Treasury Note		1.500%	11/30/2028			4,200,000			3,673,688
U.S. Treasury Note		1.375%	12/31/2028			3,650,000			3,165,947
U.S. Treasury Note		2.375%	03/31/2029			500,000			456,484
U.S. Treasury Note		3.875%	11/30/2029			1,600,000			1,585,500
U.S. Treasury Note		3.750%	05/31/2030			2,900,000			2,859,672
U.S. Treasury Note		1.125%	02/15/2031			405,000			333,049
U.S. Treasury Note		1.875%	02/15/2032			11,300,000			9,679,156
U.S. Treasury Note		3.375%	05/15/2033			3,850,000			3,712,844
U.S. Treasury Note		1.375%	11/15/2040			525,000			351,258
U.S. Treasury Note		1.875%	02/15/2041			180,000			130,718
U.S. Treasury Note		2.375%	02/15/2042			11,850,000			9,225,873
U.S. Treasury Note		4.000%	11/15/2042			1,600,000			1,589,750
U.S. Treasury Note		2.000%	02/15/2050			3,750,000			2,570,654
U.S. Treasury Note		1.875%	02/15/2051			3,940,000			2,608,865
U.S. Treasury Note		2.875%	05/15/2052			30,800,000			25,524,298
U.S. Treasury Note		4.000%	11/15/2052			2,800,000			2,876,125

Total U.S. Treasury Obligations (Cost $208,045,652)								$	190,681,485


Corporate Bonds – 26.6%		Rate	Maturity	Face Amount			Value

COMMUNICATION SERVICES – 2.5%
Alphabet, Inc. (Interactive Media & Svs.)		2.050%	08/15/2050		$	750,000		$	469,176
America Movil S.A.B. de C.V (Wireless Telecom. Svs.)		2.875%	05/07/2030			275,000			238,995
AT&T, Inc. (Diversified Telecom. Svs.)		1.700%	03/25/2026			750,000			683,619
AT&T, Inc. (Diversified Telecom. Svs.)		3.800%	12/01/2057			1,870,000			1,353,875
Audacy Capital Corp. (Media)	(b)	6.750%	03/31/2029			75,000			1,697
Cars.com, Inc. (Interactive Media & Svs.)	(b)	6.375%	11/01/2028			50,000			46,040
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(b)	5.000%	02/01/2028			100,000			91,109
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(b)	4.500%	08/15/2030			125,000			104,086
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(b)	4.250%	02/01/2031			125,000			101,121
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(b)	4.500%	06/01/2033			75,000			58,896
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)		6.484%	10/23/2045			750,000			705,089
CMG Media Corp. (Media)	(b)	8.875%	12/15/2027			125,000			87,606
Comcast Corp. (Media)		3.450%	02/01/2050			1,450,000			1,103,543
CSC Holdings LLC (Media)	(b)	7.500%	04/01/2028			200,000			113,994
Cumulus Media New Holdings, Inc. (Media)	(b)	6.750%	07/01/2026			23,000			15,809
Directv Financing LLC / Directv Financing Co-Obligor, Inc. (Media)	(b)	5.875%	08/15/2027			50,000			45,282
DISH DBS Corp. (Media)	(b)	5.250%	12/01/2026			50,000			40,109
DISH DBS Corp. (Media)		7.375%	07/01/2028			25,000			13,375
DISH DBS Corp. (Media)		5.125%	06/01/2029			75,000			34,826
DISH Network Corp. (Media)	(b)	11.750%	11/15/2027			25,000			24,398
Entegris Escrow Corp. (Media)	(b)	5.950%	06/15/2030			50,000			47,932
Gray Escrow II, Inc. (Media)	(b)	5.375%	11/15/2031			75,000			49,709
Gray Television, Inc. (Media)	(b)	7.000%	05/15/2027			25,000			21,329
Gray Television, Inc. (Media)	(b)	4.750%	10/15/2030			75,000			50,860
Grupo Televisa S.A.B. (Media)		5.000%	05/13/2045			550,000			472,768
iHeartCommunications, Inc. (Media)		8.375%	05/01/2027			75,000			49,963
iHeartCommunications, Inc. (Media)	(b)	5.250%	08/15/2027			50,000			38,235
Lamar Media Corp. (Media)		4.875%	01/15/2029			25,000			23,250
Match Group Holdings II LLC (Interactive Media & Svs.)	(b)	5.000%	12/15/2027			100,000			92,741
Meta Platforms, Inc. (Interactive Media & Svs.)		5.600%	05/15/2053			480,000			492,966
Midas OpCo Holdings LLC (Media)	(b)	5.625%	08/15/2029			150,000			128,360


		109		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount			Value

COMMUNICATION SERVICES (continued)
Netflix, Inc. (Entertainment)		4.875%	04/15/2028		$	375,000		$	370,863
Nexstar Media, Inc. (Media)	(b)	5.625%	07/15/2027			125,000			116,511
Paramount Global (Media)		4.200%	05/19/2032			525,000			439,981
Paramount Global (Media)		4.900%	08/15/2044			300,000			219,916
ROBLOX Corp. (Entertainment)	(b)	3.875%	05/01/2030			50,000			42,152
Rogers Communications, Inc. (Wireless Telecom. Svs.)	(b)	4.500%	03/15/2042			465,000			385,997
Scripps Escrow, Inc. (Media)	(b)	5.875%	07/15/2027			50,000			40,473
Sinclair Television Group, Inc. (Media)	(b)	5.125%	02/15/2027			25,000			21,181
Sinclair Television Group, Inc. (Media)	(b)	5.500%	03/01/2030			75,000			43,234
Sirius XM Radio, Inc. (Media)	(b)	3.875%	09/01/2031			200,000			154,658
Sky Ltd. (Media)	(b)	3.750%	09/16/2024			375,000			366,048
Sprint LLC (Wireless Telecom. Svs.)		7.625%	03/01/2026			50,000			51,939
TEGNA, Inc. (Media)	(b)	4.750%	03/15/2026			25,000			23,870
TEGNA, Inc. (Media)		4.625%	03/15/2028			25,000			22,063
TEGNA, Inc. (Media)		5.000%	09/15/2029			25,000			21,569
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)		3.375%	04/15/2029			50,000			45,152
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)		3.500%	04/15/2031			300,000			264,719
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)		3.300%	02/15/2051			500,000			350,745
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)		5.650%	01/15/2053			260,000			264,004
Univision Communications, Inc. (Media)	(b)	7.375%	06/30/2030			50,000			47,606
UPC Broadband Finco B.V. (Media)	(b)	4.875%	07/15/2031			200,000			164,618
Urban One, Inc. (Media)	(b)	7.375%	02/01/2028			50,000			43,556
Verizon Communications, Inc. (Diversified Telecom. Svs.)		4.000%	03/22/2050			1,200,000			973,645
Virgin Media Finance PLC (Media)	(b)	5.000%	07/15/2030			200,000			159,219
Vodafone Group PLC (Wireless Telecom. Svs.)		4.125%	05/30/2025			325,000			317,106
Vodafone Group PLC (Wireless Telecom. Svs.)		5.250%	05/30/2048			350,000			328,730
Walt Disney Co. / The (Entertainment)		3.800%	03/22/2030			150,000			141,754
Walt Disney Co. / The (Entertainment)		4.700%	03/23/2050			325,000			310,673
Walt Disney Co. / The (Entertainment)		3.600%	01/13/2051			450,000			358,077
Warnermedia Holdings, Inc. (Media)		4.279%	03/15/2032			600,000			532,125
Warnermedia Holdings, Inc. (Media)		5.050%	03/15/2042			620,000			522,578

									13,945,520

CONSUMER DISCRETIONARY – 1.1%
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(b)	4.375%	01/15/2028			50,000			46,159
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(b)	4.000%	10/15/2030			175,000			149,771
Academy Ltd. (Specialty Retail)	(b)	6.000%	11/15/2027			50,000			48,000
Adient Global Holdings Ltd. (Automobile Components)	(b)	7.000%	04/15/2028			25,000			25,275
Adient Global Holdings Ltd. (Automobile Components)	(b)	8.250%	04/15/2031			75,000			76,156
Advance Auto Parts, Inc. (Specialty Retail)		3.900%	04/15/2030			675,000			575,118
Affinity Interactive (Hotels, Restaurants & Leisure)	(b)	6.875%	12/15/2027			75,000			66,000
Amazon.com, Inc. (Broadline Retail)		3.875%	08/22/2037			425,000			388,089
Amazon.com, Inc. (Broadline Retail)		2.500%	06/03/2050			825,000			548,618
Aramark Services, Inc. (Hotels, Restaurants & Leisure)	(b)	5.000%	04/01/2025			25,000			24,634
Aramark Services, Inc. (Hotels, Restaurants & Leisure)	(b)	5.000%	02/01/2028			50,000			47,127
Asbury Automotive Group, Inc. (Specialty Retail)	(b)	5.000%	02/15/2032			50,000			43,535
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		4.750%	12/01/2027			50,000			47,374
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(b)	8.125%	07/01/2027			75,000			76,760
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(b)	4.625%	10/15/2029			50,000			43,661
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)	(b)	7.000%	02/15/2030			25,000			25,106
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure)	(b)	5.750%	07/01/2025			50,000			50,591
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)	(b)	5.500%	04/01/2027			50,000			48,072
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)	(b)	6.750%	05/01/2031			25,000			24,719
Clarios Global LP (Automobiles)	(b)	6.750%	05/15/2025			22,000			22,013
Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components)	(b)	8.500%	05/15/2027			175,000			175,286
Daimler Truck Finance North America LLC (Automobiles)	(b)	2.000%	12/14/2026			540,000			482,032
Daimler Truck Finance North America LLC (Automobiles)	(b)	2.375%	12/14/2028			180,000			155,800
Dana Financing Luxembourg SARL (Automobile Components)	(b)	5.750%	04/15/2025			12,000			11,828
Dana, Inc. (Automobile Components)		4.500%	02/15/2032			50,000			41,501
Dornoch Debt Merger Sub, Inc. (Automobile Components)	(b)	6.625%	10/15/2029			125,000			101,972
Garda World Security Corp. (Diversified Consumer Svs.)	(b)	9.500%	11/01/2027			175,000			169,066
Gates Global LLC / Gates Corp. (Automobile Components)	(b)	6.250%	01/15/2026			125,000			123,001
General Motors Co. (Automobiles)		6.125%	10/01/2025			575,000			578,928
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)	(b)	3.625%	02/15/2032			50,000			41,687
Home Depot, Inc. / The (Specialty Retail)		3.300%	04/15/2040			950,000			771,420
IHO Verwaltungs GmbH (Automobile Components)	(b)(c)	6.000%, 6.750% PIK	05/15/2027			200,000			188,105
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)	(b)	4.125%	11/15/2029			25,000			20,876
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & Leisure)	(b)	4.875%	05/01/2029			50,000			44,152


		110		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

CONSUMER DISCRETIONARY (continued)
Mohegan Tribal Gaming Authority (Hotels, Restaurants & Leisure)	(b)	8.000%	02/01/2026	$	150,000	$	143,250
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure)	(b)	5.625%	01/15/2027		25,000		23,377
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure)	(b)	4.125%	07/01/2029		25,000		20,518
Raptor Acquisition Corp. / Raptor Co-Issuer LLC (Hotels, Restaurants & Leisure)	(b)	4.875%	11/01/2026		25,000		23,562
Real Hero Merger Sub 2, Inc. (Automobile Components)	(b)	6.250%	02/01/2029		50,000		41,000
Scientific Games Holdings LP / Scientific Games U.S. FinCo, Inc. (Hotels, Restaurants & Leisure)	(b)	6.625%	03/01/2030		75,000		66,000
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)	(b)	8.625%	07/01/2025		50,000		51,062
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)	(b)	7.250%	11/15/2029		50,000		50,062
SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure)	(b)	5.250%	08/15/2029		50,000		44,754
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)	(b)	5.500%	04/15/2027		50,000		47,073
Station Casinos LLC (Hotels, Restaurants & Leisure)	(b)	4.500%	02/15/2028		50,000		44,878
Station Casinos LLC (Hotels, Restaurants & Leisure)	(b)	4.625%	12/01/2031		50,000		42,125
Tractor Supply Co. (Specialty Retail)		5.250%	05/15/2033		180,000		178,605
William Carter Co. / The (Textiles, Apparel & Luxury Goods)	(b)	5.625%	03/15/2027		25,000		24,258
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		4.625%	01/31/2032		75,000		67,750
ZF North America Capital, Inc. (Automobile Components)	(b)	6.875%	04/14/2028		150,000		151,903

							6,302,609

CONSUMER STAPLES – 1.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail)	(b)	5.875%	02/15/2028		75,000		72,880
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail)	(b)	6.500%	02/15/2028		25,000		25,042
Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail)	(b)	3.800%	01/25/2050		625,000		453,184
Altria Group, Inc. (Tobacco)		3.875%	09/16/2046		800,000		560,708
Anheuser-Busch InBev Worldwide, Inc. (Beverages)		4.350%	06/01/2040		300,000		275,862
B.A.T. Capital Corp. (Tobacco)		4.540%	08/15/2047		825,000		607,092
BellRing Brands, Inc. (Personal Care Products)	(b)	7.000%	03/15/2030		75,000		75,469
Coca-Cola Europacific Partners PLC (Beverages)	(b)	1.500%	01/15/2027		600,000		529,188
Coca-Cola Femsa S.A.B. de C.V. (Beverages)		2.750%	01/22/2030		750,000		659,320
Constellation Brands, Inc. (Beverages)		3.750%	05/01/2050		500,000		393,259
Dollar General Corp. (Consumer Staples Distribution & Retail)		3.875%	04/15/2027		575,000		548,655
Edgewell Personal Care Co. (Personal Care Products)	(b)	5.500%	06/01/2028		25,000		23,631
Edgewell Personal Care Co. (Personal Care Products)	(b)	4.125%	04/01/2029		25,000		21,813
Energizer Holdings, Inc. (Household Products)	(b)	6.500%	12/31/2027		25,000		24,036
Energizer Holdings, Inc. (Household Products)	(b)	4.375%	03/31/2029		75,000		64,627
Flowers Foods, Inc. (Food Products)		3.500%	10/01/2026		675,000		633,278
Flowers Foods, Inc. (Food Products)		2.400%	03/15/2031		185,000		150,934
Grupo Bimbo S.A.B. de C.V. (Food Products)	(b)	4.875%	06/27/2044		925,000		858,164
Kenvue, Inc. (Personal Care Products)	(b)	5.050%	03/22/2028		310,000		312,458
Kenvue, Inc. (Personal Care Products)	(b)	4.900%	03/22/2033		400,000		404,726
Keurig Dr Pepper, Inc. (Beverages)		4.417%	05/25/2025		36,000		35,288
Kraft Heinz Foods Co. (Food Products)		4.375%	06/01/2046		425,000		361,188
Kroger Co. / The (Consumer Staples Distribution & Retail)		3.950%	01/15/2050		425,000		340,899
Performance Food Group, Inc. (Consumer Staples Distribution & Retail)	(b)	4.250%	08/01/2029		50,000		44,516
Philip Morris International, Inc. (Tobacco)		3.875%	08/21/2042		715,000		565,350
Post Holdings, Inc. (Food Products)	(b)	5.750%	03/01/2027		150,000		146,418
Sysco Corp. (Consumer Staples Distribution & Retail)		4.450%	03/15/2048		725,000		620,155
U.S. Foods, Inc. (Consumer Staples Distribution & Retail)	(b)	4.750%	02/15/2029		50,000		45,777
U.S. Foods, Inc. (Consumer Staples Distribution & Retail)	(b)	4.625%	06/01/2030		75,000		67,218
Unilever Capital Corp. (Personal Care Products)		0.375%	09/14/2023		100,000		99,056

							9,020,191

ENERGY – 2.3%
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	7.875%	05/15/2026		50,000		50,709
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	5.750%	03/01/2027		25,000		24,111
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	5.750%	01/15/2028		50,000		47,664
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	5.375%	06/15/2029		75,000		69,689
Antero Resources Corp. (Oil, Gas & Consumable Fuels)	(b)	5.375%	03/01/2030		50,000		46,287
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	6.875%	04/01/2027		75,000		72,000
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	6.250%	04/01/2028		50,000		46,943
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	7.000%	11/01/2026		25,000		24,192
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	5.875%	06/30/2029		100,000		89,214
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels)		3.400%	02/15/2031		500,000		429,491
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)		3.588%	04/14/2027		825,000		788,950


		111		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

ENERGY (continued)
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)		4.893%	09/11/2033	$	140,000	$	138,554
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)	(b)	7.500%	06/15/2030		25,000		23,597
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)		2.050%	07/15/2025		525,000		489,042
Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		4.250%	04/15/2027		375,000		358,577
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)		4.500%	10/01/2029		50,000		45,888
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)		4.625%	10/15/2028		25,000		23,345
Chevron Corp. (Oil, Gas & Consumable Fuels)		3.078%	05/11/2050		475,000		353,564
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)	(b)	8.375%	07/01/2028		25,000		25,283
CNX Midstream Partners LP (Oil, Gas & Consumable Fuels)	(b)	4.750%	04/15/2030		50,000		42,409
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)	(b)	6.750%	03/01/2029		100,000		91,495
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	8.000%	04/01/2029		50,000		50,621
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)	(b)	5.625%	10/15/2025		75,000		73,890
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		6.250%	03/15/2033		490,000		506,889
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)	(b)	4.375%	06/15/2031		50,000		43,063
Eastern Gas Transmission & Storage, Inc. (Oil, Gas & Consumable Fuels)		3.900%	11/15/2049		150,000		110,276
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels)		5.500%	09/15/2040		700,000		660,666
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)	(b)	5.750%	01/30/2028		25,000		24,455
Energy Transfer LP (Oil, Gas & Consumable Fuels)		3.750%	05/15/2030		500,000		451,154
Energy Transfer LP (Oil, Gas & Consumable Fuels)		5.750%	02/15/2033		400,000		402,618
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)		5.500%	07/15/2028		75,000		70,966
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)	(b)	4.500%	01/15/2029		50,000		44,595
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)	(b)	4.750%	01/15/2031		50,000		43,799
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)		6.500%	07/15/2048		75,000		67,827
Hess Corp. (Oil, Gas & Consumable Fuels)		5.600%	02/15/2041		655,000		626,687
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)	(b)	5.125%	06/15/2028		25,000		23,397
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)	(b)	4.250%	02/15/2030		25,000		21,813
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	5.000%	02/01/2028		75,000		69,184
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		3.250%	08/01/2050		370,000		238,600
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		4.400%	07/15/2027		400,000		381,499
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		4.750%	09/15/2044		525,000		439,086
MPLX LP (Oil, Gas & Consumable Fuels)		4.950%	03/14/2052		600,000		509,577
Nabors Industries Ltd. (Energy Equip. & Svs.)	(b)	7.250%	01/15/2026		25,000		23,338
Nabors Industries Ltd. (Energy Equip. & Svs.)	(b)	7.500%	01/15/2028		25,000		21,877
NuStar Logistics LP (Oil, Gas & Consumable Fuels)		6.375%	10/01/2030		25,000		23,851
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		6.450%	09/15/2036		75,000		76,973
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		2.200%	09/15/2025		175,000		161,908
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		4.500%	03/15/2050		700,000		534,413
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		7.100%	07/15/2053		350,000		360,277
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)		5.750%	05/15/2026		50,000		49,800
Permian Resources Operating LLC (Oil, Gas & Consumable Fuels)	(b)	6.875%	04/01/2027		50,000		49,250
Phillips 66 (Oil, Gas & Consumable Fuels)		0.900%	02/15/2024		150,000		145,543
Phillips 66 (Oil, Gas & Consumable Fuels)		3.850%	04/09/2025		300,000		291,657
Phillips 66 (Oil, Gas & Consumable Fuels)		4.875%	11/15/2044		375,000		343,669
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels)		5.150%	06/01/2042		425,000		352,608
Precision Drilling Corp. (Energy Equip. & Svs.)	(b)	6.875%	01/15/2029		50,000		45,176
Range Resources Corp. (Oil, Gas & Consumable Fuels)		8.250%	01/15/2029		50,000		52,060
Rockcliff Energy II LLC (Oil, Gas & Consumable Fuels)	(b)	5.500%	10/15/2029		25,000		23,061
SM Energy Co. (Oil, Gas & Consumable Fuels)		6.750%	09/15/2026		50,000		48,735
SM Energy Co. (Oil, Gas & Consumable Fuels)		6.500%	07/15/2028		50,000		48,000
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)		5.375%	03/15/2030		25,000		23,330
Tap Rock Resources LLC (Oil, Gas & Consumable Fuels)	(b)	7.000%	10/01/2026		50,000		51,500
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		4.200%	02/01/2033		505,000		446,995
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)		6.875%	04/01/2026		150,000		146,939
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		4.350%	06/01/2028		350,000		334,550
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)		4.300%	02/01/2030		50,000		44,892
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)		5.300%	03/01/2048		75,000		62,604
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)		3.750%	06/15/2027		600,000		566,219

							12,470,891

FINANCIALS – 6.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services)		3.000%	10/29/2028		165,000		142,668
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services)		3.400%	10/29/2033		350,000		281,120
AIA Group Ltd. (Insurance)	(b)	4.950%	04/04/2033		260,000		260,068
Ally Financial, Inc. (Consumer Finance)		5.750%	11/20/2025		25,000		24,077
American Express Co. (Consumer Finance)		3.300%	05/03/2027		825,000		770,152
AmWINS Group, Inc. (Insurance)	(b)	4.875%	06/30/2029		75,000		67,724
Ardonagh Midco 2 PLC (Insurance)	(b)(c)	11.500%, 12.750% PIK	01/15/2027		200,000		184,000
AssuredPartners, Inc. (Insurance)	(b)	7.000%	08/15/2025		25,000		24,689


		112		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

FINANCIALS (continued)
AssuredPartners, Inc. (Insurance)	(b)	5.625%	01/15/2029	$	100,000	$	86,554
Bank of America Corp. (Rate is fixed until 02/13/2025, at which point, the rate becomes TSFR3M + 90) (Banks)	(d)	2.015%	02/13/2026		1,625,000		1,521,764
Bank of America Corp. (Rate is fixed until 04/29/2030, at which point, the rate becomes SOFR + 215) (Banks)	(d)	2.592%	04/29/2031		1,900,000		1,595,120
Bank of America Corp. (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 132) (Banks)	(d)	2.687%	04/22/2032		650,000		538,685
Bank of America Corp. (Rate is fixed until 04/25/2033, at which point, the rate becomes SOFR + 191) (Banks)	(d)	5.288%	04/25/2034		300,000		297,212
Bank of New York Mellon Corp. / The (Rate is fixed until 06/13/2027, at which point, the rate becomes SOFR + 115) (Capital Markets)	(d)	3.992%	06/13/2028		300,000		287,483
BlackRock, Inc. (Capital Markets)		1.900%	01/28/2031		425,000		348,518
BroadStreet Partners, Inc. (Insurance)	(b)	5.875%	04/15/2029		200,000		173,508
Capital One Financial Corp. (Rate is fixed until 02/01/2033, at which point, the rate becomes SOFR + 260) (Consumer Finance)	(d)	5.817%	02/01/2034		350,000		333,926
Chubb INA Holdings, Inc. (Insurance)		3.350%	05/03/2026		425,000		408,317
Citigroup, Inc. (Rate is fixed until 04/24/2024, at which point, the rate becomes TSFR3M + 116) (Banks)	(d)	3.352%	04/24/2025		825,000		806,494
Citigroup, Inc. (Rate is fixed until 01/29/2030, at which point, the rate becomes SOFR + 115) (Banks)	(d)	2.666%	01/29/2031		1,800,000		1,523,688
Citizens Bank N.A. (Banks)		3.750%	02/18/2026		725,000		660,415
CNA Financial Corp. (Insurance)		5.500%	06/15/2033		600,000		585,097
Comerica, Inc. (Banks)		3.800%	07/22/2026		475,000		422,895
Fidelity National Information Services, Inc. (Financial Services)		4.700%	07/15/2027		300,000		291,883
Fidelity National Information Services, Inc. (Financial Services)		3.100%	03/01/2041		405,000		278,706
Fiserv, Inc. (Financial Services)		3.500%	07/01/2029		425,000		387,913
Fiserv, Inc. (Financial Services)		5.600%	03/02/2033		170,000		173,028
FNB Corp. (Banks)		5.150%	08/25/2025		320,000		306,404
Ford Motor Credit Co. LLC (Consumer Finance)		6.950%	03/06/2026		500,000		502,649
Ford Motor Credit Co. LLC (Consumer Finance)		7.350%	11/04/2027		200,000		204,224
Ford Motor Credit Co. LLC (Consumer Finance)		5.113%	05/03/2029		375,000		347,778
General Motors Financial Co., Inc. (Consumer Finance)		2.900%	02/26/2025		825,000		782,786
General Motors Financial Co., Inc. (Consumer Finance)		5.000%	04/09/2027		360,000		350,323
Goldman Sachs Group, Inc. / The (Capital Markets)		3.500%	04/01/2025		775,000		744,457
Goldman Sachs Group, Inc. / The (Capital Markets)		3.800%	03/15/2030		1,400,000		1,294,661
Goldman Sachs Group, Inc. / The (Rate is fixed until 01/27/2031, at which point, the rate becomes SOFR + 109) (Capital Markets)	(d)	1.992%	01/27/2032		500,000		393,612
GTCR AP Finance, Inc. (Insurance)	(b)	8.000%	05/15/2027		75,000		73,518
GYP Holdings III Corp. (Building Products)	(b)	4.625%	05/01/2029		75,000		66,000
HSBC Holdings PLC (Banks)		3.900%	05/25/2026		975,000		929,076
HUB International Ltd. (Insurance)	(b)	5.625%	12/01/2029		375,000		336,406
HUB International Ltd. (Insurance)	(b)	7.250%	06/15/2030		25,000		25,815
Huntington Bancshares, Inc. (Rate is fixed until 08/04/2027, at which point, the rate becomes SOFR + 197) (Banks)	(d)	4.443%	08/04/2028		650,000		603,842
Jefferies Financial Group, Inc. (Capital Markets)		2.750%	10/15/2032		380,000		291,843
John Deere Capital Corp. (Consumer Finance)		5.050%	03/03/2026		450,000		451,503
John Deere Capital Corp. (Consumer Finance)		3.450%	03/07/2029		900,000		841,658
Jones Deslauriers Insurance Management, Inc. (Insurance)	(b)	8.500%	03/15/2030		50,000		51,010
Jones Deslauriers Insurance Management, Inc. (Insurance)	(b)	10.500%	12/15/2030		50,000		50,154
JPMorgan Chase & Co. (Banks)		3.125%	01/23/2025		525,000		507,805
JPMorgan Chase & Co. (Rate is fixed until 04/22/2030, at which point, the rate becomes SOFR + 204) (Banks)	(d)	2.522%	04/22/2031		900,000		761,260
JPMorgan Chase & Co. (Rate is fixed until 11/19/2030, at which point, the rate becomes TSFR3M + 111) (Banks)	(d)	1.764%	11/19/2031		100,000		79,142
JPMorgan Chase & Co. (Rate is fixed until 04/22/2031, at which point, the rate becomes TSFR3M + 125) (Banks)	(d)	2.580%	04/22/2032		100,000		83,062
JPMorgan Chase & Co. (Rate is fixed until 01/25/2032, at which point, the rate becomes SOFR + 126) (Banks)	(d)	2.963%	01/25/2033		1,200,000		1,010,896
JPMorgan Chase & Co. (Rate is fixed until 09/14/2032, at which point, the rate becomes SOFR + 258) (Banks)	(d)	5.717%	09/14/2033		300,000		304,348
JPMorgan Chase & Co. (Rate is fixed until 06/01/2033, at which point, the rate becomes SOFR + 185) (Banks)	(d)	5.350%	06/01/2034		250,000		251,992
Lincoln National Corp. (Insurance)		4.000%	09/01/2023		300,000		298,418
M&T Bank Corp. (Banks)		3.550%	07/26/2023		575,000		573,899
M&T Bank Corp. (Rate is fixed until 01/27/2033, at which point, the rate becomes SOFR + 185) (Banks)	(d)	5.053%	01/27/2034		400,000		365,328
Mercedes-Benz Finance North America LLC (Consumer Finance)	(b)	4.800%	03/30/2026		600,000		593,902
Metropolitan Life Global Funding I (Insurance)	(b)	5.150%	03/28/2033		230,000		227,470
Morgan Stanley (Capital Markets)		6.250%	08/09/2026		775,000		791,509


		113		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

FINANCIALS (continued)
Morgan Stanley (Rate is fixed until 01/24/2028, at which point, the rate becomes TSFR3M + 140) (Capital Markets)	(d)	3.772%	01/24/2029	$	750,000	$	700,182
Morgan Stanley (Rate is fixed until 02/13/2031, at which point, the rate becomes SOFR + 103) (Capital Markets)	(d)	1.794%	02/13/2032		295,000		228,831
Morgan Stanley (Rate is fixed until 04/28/2031, at which point, the rate becomes SOFR + 102) (Capital Markets)	(d)	1.928%	04/28/2032		250,000		195,157
Morgan Stanley (Rate is fixed until 07/20/2032, at which point, the rate becomes SOFR + 208) (Capital Markets)	(d)	4.889%	07/20/2033		440,000		423,478
Morgan Stanley (Rate is fixed until 04/21/2033, at which point, the rate becomes SOFR + 187) (Capital Markets)	(d)	5.250%	04/21/2034		195,000		192,552
Navient Corp. (Consumer Finance)		4.875%	03/15/2028		75,000		64,225
Navient Corp. (Consumer Finance)		5.500%	03/15/2029		50,000		42,628
NFP Corp. (Insurance)	(b)	6.875%	08/15/2028		200,000		173,604
NFP Corp. (Insurance)	(b)	7.500%	10/01/2030		25,000		24,205
Northern Trust Corp. (Capital Markets)		6.125%	11/02/2032		380,000		393,962
PNC Bank N.A. (Banks)		3.875%	04/10/2025		475,000		453,427
PNC Financial Services Group, Inc. / The (Rate is fixed until 06/06/2032, at which point, therate becomes SOFRINDX + 185) (Banks)	(d)	4.626%	06/06/2033		830,000		763,503
Prudential Financial, Inc. (Insurance)		3.700%	03/13/2051		575,000		440,474
Raymond James Financial, Inc. (Capital Markets)		4.650%	04/01/2030		100,000		97,395
Regions Financial Corp. (Banks)		2.250%	05/18/2025		345,000		319,083
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)	(b)	2.875%	10/15/2026		50,000		44,250
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)	(b)	3.625%	03/01/2029		75,000		63,035
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services)	(b)	4.000%	10/15/2033		50,000		39,112
Ryan Specialty Group LLC (Insurance)	(b)	4.375%	02/01/2030		50,000		44,260
S&P Global, Inc. (Capital Markets)		2.900%	03/01/2032		390,000		338,032
Stifel Financial Corp. (Capital Markets)		4.000%	05/15/2030		200,000		170,611
Toyota Motor Credit Corp. (Consumer Finance)		3.950%	06/30/2025		600,000		586,887
Travelers Cos., Inc. / The (Insurance)		5.450%	05/25/2053		180,000		188,385
Truist Financial Corp. (Rate is fixed until 10/28/2025, at which point, the rate becomes SOFR + 163) (Banks)	(d)	5.900%	10/28/2026		500,000		495,608
Truist Financial Corp. (Rate is fixed until 01/26/2033, at which point, the rate becomes SOFR + 185) (Banks)	(d)	5.122%	01/26/2034		100,000		94,762
Truist Financial Corp. (Rate is fixed until 06/08/2033, at which point, the rate becomes SOFR + 236) (Banks)	(d)	5.867%	06/08/2034		250,000		250,103
U.S. Bancorp (Rate is fixed until 07/22/2032, at which point, the rate becomes SOFR + 211) (Banks)	(d)	4.967%	07/22/2033		550,000		498,287
U.S. Bancorp (Rate is fixed until 06/10/2033, at which point, the rate becomes SOFR + 226) (Banks)	(d)	5.836%	06/12/2034		400,000		402,894
United Wholesale Mortgage LLC (Financial Services)	(b)	5.500%	11/15/2025		175,000		166,514
USI, Inc. (Insurance)	(b)	6.875%	05/01/2025		200,000		198,500
Wells Fargo & Co. (Rate is fixed until 02/11/2030, at which point, the rate becomes TSFR3M + 126) (Banks)	(d)	2.572%	02/11/2031		1,550,000		1,312,369
Wells Fargo & Co. (Rate is fixed until 07/25/2032, at which point, the rate becomes SOFR + 210) (Banks)	(d)	4.897%	07/25/2033		550,000		527,567
Wells Fargo & Co. (Rate is fixed until 04/24/2033, at which point, the rate becomes SOFR + 202) (Banks)	(d)	5.389%	04/24/2034		150,000		149,042

							37,055,378

HEALTH CARE – 2.7%
Abbott Laboratories (Health Care Equip. & Supplies)		3.750%	11/30/2026		475,000		463,101
AdaptHealth LLC (Health Care Providers & Svs.)	(b)	4.625%	08/01/2029		25,000		19,954
AdaptHealth LLC (Health Care Providers & Svs.)	(b)	5.125%	03/01/2030		25,000		20,250
AHP Health Partners, Inc. (Health Care Providers & Svs.)	(b)	5.750%	07/15/2029		50,000		43,112
Alcon Finance Corp. (Health Care Equip. & Supplies)	(b)	2.600%	05/27/2030		600,000		511,403
Amgen, Inc. (Biotechnology)		5.250%	03/02/2033		340,000		340,434
Amgen, Inc. (Biotechnology)		3.375%	02/21/2050		500,000		366,325
Amgen, Inc. (Biotechnology)		5.650%	03/02/2053		340,000		344,320
AstraZeneca PLC (Pharmaceuticals)		3.125%	06/12/2027		710,000		666,320
AstraZeneca PLC (Pharmaceuticals)		1.375%	08/06/2030		225,000		181,035
Avantor Funding, Inc. (Health Care Equip. & Supplies)	(b)	4.625%	07/15/2028		75,000		69,519
Avantor Funding, Inc. (Health Care Equip. & Supplies)	(b)	3.875%	11/01/2029		25,000		21,888
Bausch Health Americas, Inc. (Pharmaceuticals)	(b)	8.500%	01/31/2027		50,000		27,371
Bausch Health Cos., Inc. (Pharmaceuticals)	(b)	6.125%	02/01/2027		25,000		16,005
Bausch Health Cos., Inc. (Pharmaceuticals)	(b)	5.000%	02/15/2029		50,000		20,617
Bausch Health Cos., Inc. (Pharmaceuticals)	(b)	6.250%	02/15/2029		50,000		21,250
Bayer U.S. Finance LLC (Pharmaceuticals)	(b)	3.375%	10/08/2024		775,000		750,351
Becton Dickinson & Co. (Health Care Equip. & Supplies)		4.685%	12/15/2044		264,000		239,338
Becton Dickinson & Co. (Health Care Equip. & Supplies)		3.794%	05/20/2050		168,000		132,727


		114		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

HEALTH CARE (continued)
Biogen, Inc. (Biotechnology)		3.150%	05/01/2050	$	825,000	$	564,410
Bristol-Myers Squibb Co. (Pharmaceuticals)		0.750%	11/13/2025		245,000		222,608
Bristol-Myers Squibb Co. (Pharmaceuticals)		3.900%	02/20/2028		925,000		898,015
Bristol-Myers Squibb Co. (Pharmaceuticals)		4.250%	10/26/2049		275,000		243,780
Centene Corp. (Health Care Providers & Svs.)		4.250%	12/15/2027		200,000		186,991
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)	(b)	5.625%	03/15/2027		25,000		22,031
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)	(b)	6.125%	04/01/2030		50,000		29,786
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)	(b)	5.250%	05/15/2030		75,000		59,080
CVS Health Corp. (Health Care Providers & Svs.)		2.875%	06/01/2026		525,000		493,439
CVS Health Corp. (Health Care Providers & Svs.)		4.250%	04/01/2050		550,000		455,582
Danaher Corp. (Life Sciences Tools & Svs.)		2.600%	10/01/2050		770,000		519,546
Elevance Health, Inc. (Health Care Providers & Svs.)		4.750%	02/15/2033		530,000		514,765
Embecta Corp. (Health Care Equip. & Supplies)	(b)	6.750%	02/15/2030		50,000		44,808
Garden Spinco Corp. (Health Care Equip. & Supplies)	(b)	8.625%	07/20/2030		25,000		26,869
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies)		6.377%	11/22/2052		405,000		450,581
HCA, Inc. (Health Care Providers & Svs.)		5.375%	09/01/2026		75,000		74,411
HCA, Inc. (Health Care Providers & Svs.)		5.200%	06/01/2028		90,000		89,268
HCA, Inc. (Health Care Providers & Svs.)		3.500%	07/15/2051		600,000		415,106
HealthEquity, Inc. (Health Care Providers & Svs.)	(b)	4.500%	10/01/2029		75,000		66,100
Legacy LifePoint Health LLC (Health Care Providers & Svs.)	(b)	6.750%	04/15/2025		50,000		46,441
LifePoint Health, Inc. (Health Care Providers & Svs.)	(b)	5.375%	01/15/2029		75,000		44,299
Medline Borrower LP (Health Care Equip. & Supplies)	(b)	3.875%	04/01/2029		50,000		43,453
Medline Borrower LP (Health Care Equip. & Supplies)	(b)	5.250%	10/01/2029		175,000		151,847
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)	(b)	5.750%	11/01/2028		25,000		18,813
Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals)		4.450%	05/19/2028		350,000		344,012
Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals)		4.750%	05/19/2033		350,000		348,681
Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals)		5.300%	05/19/2053		275,000		285,912
Prestige Brands, Inc. (Pharmaceuticals)	(b)	5.125%	01/15/2028		75,000		71,200
Regeneron Pharmaceuticals, Inc. (Biotechnology)		2.800%	09/15/2050		702,000		452,050
Stryker Corp. (Health Care Equip. & Supplies)		3.500%	03/15/2026		450,000		431,681
Syneos Health, Inc. (Life Sciences Tools & Svs.)	(b)	3.625%	01/15/2029		50,000		48,879
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		2.050%	03/31/2030		350,000		290,868
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		3.025%	07/09/2040		650,000		492,012
Tenet Healthcare Corp. (Health Care Providers & Svs.)		4.875%	01/01/2026		75,000		73,049
Tenet Healthcare Corp. (Health Care Providers & Svs.)		6.125%	10/01/2028		75,000		72,203
Tenet Healthcare Corp. (Health Care Providers & Svs.)		4.250%	06/01/2029		25,000		22,586
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(b)	6.750%	05/15/2031		25,000		25,061
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)		1.215%	10/18/2024		350,000		330,950
UnitedHealth Group, Inc. (Health Care Providers & Svs.)		4.500%	04/15/2033		500,000		487,001
UnitedHealth Group, Inc. (Health Care Providers & Svs.)		5.050%	04/15/2053		500,000		496,974
Zoetis, Inc. (Pharmaceuticals)		3.000%	05/15/2050		725,000		505,628

							14,716,096

INDUSTRIALS – 3.4%
Air Lease Corp. (Trading Companies & Distributors)		5.850%	12/15/2027		520,000		519,301
Airbus SE (Aerospace & Defense)	(b)	3.150%	04/10/2027		800,000		748,435
Allegion PLC (Building Products)		3.500%	10/01/2029		825,000		728,609
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)	(b)	6.625%	07/15/2026		25,000		23,724
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)	(b)	6.000%	06/01/2029		200,000		147,581
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)	(b)	4.000%	01/15/2028		25,000		22,784
Ashtead Capital, Inc. (Trading Companies & Distributors)	(b)	5.550%	05/30/2033		405,000		394,788
BAE Systems PLC (Aerospace & Defense)	(b)	3.000%	09/15/2050		700,000		480,376
BCPE Empire Holdings, Inc. (Commercial Svs. & Supplies)	(b)	7.625%	05/01/2027		125,000		116,251
Boeing Co. / The (Aerospace & Defense)		2.196%	02/04/2026		1,025,000		940,753
Boeing Co. / The (Aerospace & Defense)		2.950%	02/01/2030		250,000		217,291
Boeing Co. / The (Aerospace & Defense)		5.805%	05/01/2050		350,000		348,723
Burlington Northern Santa Fe LLC (Ground Transportation)		3.000%	04/01/2025		475,000		457,165
Burlington Northern Santa Fe LLC (Ground Transportation)		5.200%	04/15/2054		350,000		356,969
Camelot Return Merger Sub, Inc. (Building Products)	(b)	8.750%	08/01/2028		25,000		23,625
Canadian Pacific Railway Co. (Ground Transportation)		1.750%	12/02/2026		90,000		80,898
Canadian Pacific Railway Co. (Ground Transportation)		2.050%	03/05/2030		175,000		146,797
Canadian Pacific Railway Co. (Ground Transportation)		3.000%	12/02/2041		75,000		61,348
Canadian Pacific Railway Co. (Ground Transportation)		3.500%	05/01/2050		675,000		516,099
Clarivate Science Holdings Corp. (Professional Svs.)	(b)	4.875%	07/01/2029		75,000		66,533
CNH Industrial N.V. (Machinery)		3.850%	11/15/2027		625,000		587,259
Cornerstone Building Brands, Inc. (Building Products)	(b)	6.125%	01/15/2029		25,000		19,750
CP Atlas Buyer, Inc. (Building Products)	(b)	7.000%	12/01/2028		50,000		39,250
Dun & Bradstreet Corp. / The (Professional Svs.)	(b)	5.000%	12/15/2029		50,000		44,086
Equifax, Inc. (Professional Svs.)		2.600%	12/15/2025		750,000		697,721


		115		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

INDUSTRIALS (continued)
ERAC U.S.A. Finance LLC (Ground Transportation)	(b)	3.850%	11/15/2024	$	650,000	$	633,057
ERAC U.S.A. Finance LLC (Ground Transportation)	(b)	4.600%	05/01/2028		150,000		145,663
ERAC U.S.A. Finance LLC (Ground Transportation)	(b)	4.900%	05/01/2033		215,000		210,088
Experian Finance PLC (Professional Svs.)	(b)	4.250%	02/01/2029		350,000		331,589
Foundation Building Materials, Inc. (Trading Companies & Distributors)	(b)	6.000%	03/01/2029		125,000		104,375
Garda World Security Corp. (Commercial Svs. & Supplies)	(b)	4.625%	02/15/2027		50,000		45,750
Garda World Security Corp. (Commercial Svs. & Supplies)	(b)	6.000%	06/01/2029		50,000		40,973
General Dynamics Corp. (Aerospace & Defense)		1.150%	06/01/2026		745,000		673,052
GXO Logistics, Inc. (Air Freight & Logistics)		2.650%	07/15/2031		670,000		521,019
H&E Equipment Services, Inc. (Trading Companies & Distributors)	(b)	3.875%	12/15/2028		50,000		43,289
Honeywell International, Inc. (Industrial Conglomerates)		1.350%	06/01/2025		440,000		410,489
Honeywell International, Inc. (Industrial Conglomerates)		2.800%	06/01/2050		370,000		274,830
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		3.483%	12/01/2027		850,000		779,101
Madison IAQ LLC (Commercial Svs. & Supplies)	(b)	4.125%	06/30/2028		25,000		22,007
Madison IAQ LLC (Commercial Svs. & Supplies)	(b)	5.875%	06/30/2029		100,000		80,991
Masco Corp. (Building Products)		3.500%	11/15/2027		350,000		327,042
MIWD Holdco II LLC / MIWD Finance Corp. (Building Products)	(b)	5.500%	02/01/2030		25,000		20,625
Northrop Grumman Corp. (Aerospace & Defense)		3.250%	01/15/2028		825,000		769,378
Penske Truck Leasing Co. LP / PTL Finance Corp. (Ground Transportation)	(b)	3.450%	07/01/2024		500,000		487,051
Raytheon Technologies Corp. (Aerospace & Defense)		5.150%	02/27/2033		680,000		689,295
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies)	(b)	6.750%	03/15/2028		25,000		25,198
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies)	(b)	7.750%	03/15/2031		25,000		25,936
Ryder System, Inc. (Ground Transportation)		5.250%	06/01/2028		650,000		641,784
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies)	(b)	7.625%	04/01/2026		50,000		48,388
SPX FLOW, Inc. (Machinery)	(b)	8.750%	04/01/2030		75,000		67,499
Textron, Inc. (Aerospace & Defense)		3.650%	03/15/2027		600,000		562,025
TransDigm, Inc. (Aerospace & Defense)	(b)	6.250%	03/15/2026		75,000		74,633
TransDigm, Inc. (Aerospace & Defense)		5.500%	11/15/2027		200,000		188,640
TransDigm, Inc. (Aerospace & Defense)	(b)	6.750%	08/15/2028		25,000		25,095
Union Pacific Corp. (Ground Transportation)		2.375%	05/20/2031		585,000		494,666
United Parcel Service, Inc. (Air Freight & Logistics)		4.875%	03/03/2033		450,000		454,747
United Rentals North America, Inc. (Trading Companies & Distributors)		4.875%	01/15/2028		75,000		71,369
United Rentals North America, Inc. (Trading Companies & Distributors)		5.250%	01/15/2030		25,000		23,863
United Rentals North America, Inc. (Trading Companies & Distributors)		3.875%	02/15/2031		25,000		21,645
Valmont Industries, Inc. (Construction & Engineering)		5.000%	10/01/2044		40,000		35,074
Verisk Analytics, Inc. (Professional Svs.)		4.125%	03/15/2029		600,000		572,742
Watco Cos. LLC / Watco Finance Corp. (Ground Transportation)	(b)	6.500%	06/15/2027		50,000		47,515
WESCO Distribution, Inc. (Trading Companies & Distributors)	(b)	7.250%	06/15/2028		100,000		102,006
White Cap Buyer LLC (Building Products)	(b)	6.875%	10/15/2028		50,000		45,312
White Cap Parent LLC (Building Products)	(b)(c)	8.250%, 9.000% PIK	03/15/2026		50,000		47,896
Xylem, Inc. (Machinery)		2.250%	01/30/2031		705,000		584,982

							18,556,795

INFORMATION TECHNOLOGY – 1.6%
Apple, Inc. (Tech. Hardware, Storage & Periph.)		2.900%	09/12/2027		600,000		563,009
Apple, Inc. (Tech. Hardware, Storage & Periph.)		4.000%	05/10/2028		625,000		614,846
Apple, Inc. (Tech. Hardware, Storage & Periph.)		2.375%	02/08/2041		475,000		350,316
AthenaHealth Group, Inc. (Software)	(b)	6.500%	02/15/2030		175,000		147,287
Boxer Parent Co., Inc. (Software)	(b)	9.125%	03/01/2026		50,000		49,750
Broadcom, Inc. (Semiconductors & Equip.)		4.150%	11/15/2030		285,000		262,214
Broadcom, Inc. (Semiconductors & Equip.)	(b)	3.469%	04/15/2034		510,000		418,357
Broadcom, Inc. (Semiconductors & Equip.)	(b)	3.187%	11/15/2036		15,000		11,336
Capstone Borrower, Inc. (Software)	(b)	8.000%	06/15/2030		50,000		49,376
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.)		2.670%	12/01/2026		480,000		430,982
Central Parent, Inc. / CDK Global, Inc. (Software)	(b)	7.250%	06/15/2029		75,000		74,159
Cloud Software Group, Inc. (Software)	(b)	6.500%	03/31/2029		50,000		44,519
Cloud Software Group, Inc. (Software)	(b)	9.000%	09/30/2029		25,000		21,836
Coherent Corp. (Electronic Equip., Instr. & Comp.)	(b)	5.000%	12/15/2029		75,000		67,696
Consensus Cloud Solutions, Inc. (Software)	(b)	6.000%	10/15/2026		25,000		22,687
Consensus Cloud Solutions, Inc. (Software)	(b)	6.500%	10/15/2028		50,000		42,750
Elastic N.V. (Software)	(b)	4.125%	07/15/2029		50,000		43,134
Fortinet, Inc. (Software)		1.000%	03/15/2026		670,000		597,609
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.)	(b)	5.250%	12/01/2027		50,000		47,500
Leidos, Inc. (IT Svs.)		3.625%	05/15/2025		220,000		211,005
Leidos, Inc. (IT Svs.)		4.375%	05/15/2030		525,000		482,021
McAfee Corp. (Software)	(b)	7.375%	02/15/2030		175,000		152,166
NCR Corp. (Software)	(b)	5.000%	10/01/2028		25,000		22,311
NCR Corp. (Software)	(b)	5.250%	10/01/2030		50,000		43,470
Open Text Corp. (Software)	(b)	3.875%	12/01/2029		50,000		41,793


		116		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value

INFORMATION TECHNOLOGY (continued)
Oracle Corp. (Software)		6.250%	11/09/2032	$	600,000	$	636,895
Oracle Corp. (Software)		3.600%	04/01/2050		700,000		500,191
Rocket Software, Inc. (Software)	(b)	6.500%	02/15/2029		125,000		105,275
Roper Technologies, Inc. (Software)		1.000%	09/15/2025		525,000		477,347
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)	(b)	8.250%	12/15/2029		25,000		26,112
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)	(b)	9.625%	12/01/2032		39,000		43,034
Skyworks Solutions, Inc. (Semiconductors & Equip.)		1.800%	06/01/2026		50,000		44,660
SS&C Technologies, Inc. (Professional Svs.)	(b)	5.500%	09/30/2027		100,000		95,733
Trimble, Inc. (Electronic Equip., Instr. & Comp.)		6.100%	03/15/2033		350,000		354,631
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(b)	4.000%	03/01/2029		75,000		63,748
VeriSign, Inc. (IT Svs.)		2.700%	06/15/2031		660,000		549,343
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software)	(b)	7.500%	09/01/2025		50,000		40,571
VMware, Inc. (Software)		1.400%	08/15/2026		240,000		211,930
VMware, Inc. (Software)		2.200%	08/15/2031		190,000		149,302
Vontier Corp. (Electronic Equip., Instr. & Comp.)		1.800%	04/01/2026		465,000		412,854

							8,523,755

MATERIALS – 1.0%
Albemarle Corp. (Chemicals)		5.450%	12/01/2044		275,000		258,543
Anglo American Capital PLC (Metals & Mining)	(b)	2.875%	03/17/2031		775,000		639,885
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(b)	5.250%	08/15/2027		300,000		254,124
Ball Corp. (Containers & Packaging)		6.875%	03/15/2028		25,000		25,497
Ball Corp. (Containers & Packaging)		6.000%	06/15/2029		25,000		24,813
Ball Corp. (Containers & Packaging)		3.125%	09/15/2031		25,000		20,564
Clearwater Paper Corp. (Paper & Forest Products)	(b)	4.750%	08/15/2028		100,000		88,016
Cleveland-Cliffs, Inc. (Metals & Mining)	(b)	4.875%	03/01/2031		50,000		43,943
Clydesdale Acquisition Holdings, Inc. (Containers & Packaging)	(b)	8.750%	04/15/2030		275,000		242,749
Coeur Mining, Inc. (Metals & Mining)	(b)	5.125%	02/15/2029		50,000		41,250
Crown Americas LLC / Crown Americas Capital Corp. V (Containers & Packaging)		4.250%	09/30/2026		25,000		23,675
Diamond BC B.V. (Chemicals)	(b)	4.625%	10/01/2029		100,000		100,876
Glencore Funding LLC (Metals & Mining)	(b)	1.625%	04/27/2026		475,000		428,266
Glencore Funding LLC (Metals & Mining)	(b)	3.375%	09/23/2051		400,000		269,352
Graphic Packaging International LLC (Containers & Packaging)	(b)	3.500%	03/01/2029		50,000		43,722
International Flavors & Fragrances, Inc. (Chemicals)	(b)	1.832%	10/15/2027		450,000		379,460
Mauser Packaging Solutions Holding Co. (Containers & Packaging)	(b)	7.875%	08/15/2026		50,000		49,675
Mauser Packaging Solutions Holding Co. (Containers & Packaging)	(b)	9.250%	04/15/2027		25,000		23,075
OI European Group B.V. (Containers & Packaging)	(b)	4.750%	02/15/2030		50,000		45,128
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(b)	6.625%	05/13/2027		38,000		37,627
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(b)	7.250%	05/15/2031		25,000		25,313
Packaging Corp. of America (Containers & Packaging)		3.650%	09/15/2024		675,000		661,035
Polar U.S. Borrower LLC / Schenectady International Group, Inc. (Chemicals)	(b)	6.750%	05/15/2026		25,000		14,750
RPM International, Inc. (Chemicals)		4.550%	03/01/2029		475,000		444,984
Sealed Air Corp. (Containers & Packaging)	(b)	4.000%	12/01/2027		50,000		45,637
SRS Distribution, Inc. (Construction Materials)	(b)	6.125%	07/01/2029		25,000		21,591
SRS Distribution, Inc. (Construction Materials)	(b)	6.000%	12/01/2029		125,000		107,881
Standard Industries, Inc. (Construction Materials)	(b)	5.000%	02/15/2027		150,000		142,957
Synovus Bank (Chemicals)		5.625%	02/15/2028		300,000		271,046
Trivium Packaging Finance B.V. (Containers & Packaging)	(b)	8.500%	08/15/2027		225,000		216,589
W.R. Grace Holdings LLC (Chemicals)	(b)	4.875%	06/15/2027		25,000		23,186
W.R. Grace Holdings LLC (Chemicals)	(b)	5.625%	08/15/2029		50,000		40,965
WRKCo, Inc. (Containers & Packaging)		4.000%	03/15/2028		600,000		558,409

							5,614,583

REAL ESTATE – 1.3%
Alexandria Real Estate Equities, Inc. (Office REITs)		1.875%	02/01/2033		930,000		679,624
American Tower Corp. (Specialized REITs)		2.700%	04/15/2031		650,000		538,998
AvalonBay Communities, Inc. (Residential REITs)		3.350%	05/15/2027		725,000		676,246
Boston Properties LP (Office REITs)		3.650%	02/01/2026		650,000		603,024
Crown Castle, Inc. (Specialized REITs)		3.250%	01/15/2051		800,000		545,260
Healthcare Realty Holdings LP (Health Care REITs)		2.000%	03/15/2031		525,000		403,045
Iron Mountain, Inc. (Specialized REITs)	(b)	7.000%	02/15/2029		50,000		50,084
Kimco Realty OP LLC (Retail REITs)		2.700%	10/01/2030		550,000		453,116
Mid-America Apartments LP (Residential REITs)		4.000%	11/15/2025		725,000		701,366
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)	(b)	5.000%	08/15/2027		25,000		22,693
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs)	(b)	4.250%	01/15/2029		50,000		42,018
Piedmont Operating Partnership LP (Office REITs)		2.750%	04/01/2032		300,000		201,994
Regency Centers LP (Retail REITs)		2.950%	09/15/2029		800,000		685,671
RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs)	(b)	7.250%	07/15/2028		25,000		25,256
UDR, Inc. (Residential REITs)		3.500%	01/15/2028		725,000		662,287
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs)	(b)	4.625%	06/15/2025		75,000		72,468


		117		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Corporate Bonds (Continued)		Rate	Maturity	Face Amount			Value

REAL ESTATE (continued)
Welltower OP LLC (Health Care REITs)		4.250%	04/01/2026		$	475,000		$	459,301
WP Carey, Inc. (Diversified REITs)		3.850%	07/15/2029			350,000			317,532

									7,139,983

UTILITIES – 2.3%
Ameren Corp. (Multi-Utilities)		1.750%	03/15/2028			1,000,000			856,329
American Electric Power Co., Inc. (Electric Utilities)		2.031%	03/15/2024			335,000			325,791
American Electric Power Co., Inc. (Electric Utilities)		5.625%	03/01/2033			380,000			386,331
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)		5.500%	05/20/2025			50,000			48,260
Black Hills Corp. (Multi-Utilities)		2.500%	06/15/2030			370,000			305,018
Calpine Corp. (Ind. Power & Renewable Elec.)	(b)	5.000%	02/01/2031			50,000			41,354
Calpine Corp. (Ind. Power & Renewable Elec.)	(b)	3.750%	03/01/2031			25,000			20,253
Constellation Energy Generation LLC (Electric Utilities)		5.800%	03/01/2033			400,000			409,453
Dominion Energy, Inc. (Multi-Utilities)		1.450%	04/15/2026			670,000			601,515
Duke Energy Corp. (Electric Utilities)		3.750%	09/01/2046			650,000			491,675
Duke Energy Corp. (Electric Utilities)		4.200%	06/15/2049			725,000			588,067
Electricite de France SA (Electric Utilities)	(b)	6.250%	05/23/2033			445,000			452,378
Emera U.S. Finance LP (Electric Utilities)		3.550%	06/15/2026			400,000			378,224
Emera U.S. Finance LP (Electric Utilities)		4.750%	06/15/2046			400,000			324,481
Emerald Debt Merger Sub LLC (Electric Utilities)	(b)	6.625%	12/15/2030			75,000			74,344
Enel Finance International N.V. (Electric Utilities)	(b)	2.250%	07/12/2031			750,000			587,569
Eversource Energy (Electric Utilities)		3.350%	03/15/2026			670,000			631,238
Exelon Corp. (Electric Utilities)		4.050%	04/15/2030			1,175,000			1,098,010
Exelon Corp. (Electric Utilities)		4.100%	03/15/2052			55,000			44,337
FirstEnergy Corp. (Electric Utilities)		2.650%	03/01/2030			250,000			210,842
National Fuel Gas Co. (Gas Utilities)		5.500%	01/15/2026			450,000			443,594
National Fuel Gas Co. (Gas Utilities)		2.950%	03/01/2031			270,000			215,993
NextEra Energy Capital Holdings, Inc. (Electric Utilities)		3.550%	05/01/2027			600,000			565,192
NextEra Energy Capital Holdings, Inc. (Electric Utilities)		2.250%	06/01/2030			600,000			499,032
NiSource, Inc. (Multi-Utilities)		5.250%	03/30/2028			105,000			104,917
NiSource, Inc. (Multi-Utilities)		5.400%	06/30/2033			500,000			500,334
NRG Energy, Inc. (Electric Utilities)		5.750%	01/15/2028			50,000			47,383
NRG Energy, Inc. (Electric Utilities)	(b)	3.875%	02/15/2032			25,000			19,262
PPL Capital Funding, Inc. (Electric Utilities)		3.100%	05/15/2026			200,000			188,779
Puget Energy, Inc. (Electric Utilities)		2.379%	06/15/2028			685,000			590,764
Sempra Energy (Multi-Utilities)		3.700%	04/01/2029			590,000			538,871
Southern Co. / The (Rate is fixed until 01/15/2026, at which point, the rate becomes H15T5Y + 373) (Electric Utilities)	(d)	4.000%	01/15/2051			700,000			647,374
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)		5.875%	03/01/2027			50,000			48,309
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)	(b)	5.000%	06/01/2031			25,000			20,929
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)	(b)	5.000%	01/31/2028			75,000			69,049
TransAlta Corp. (Ind. Power & Renewable Elec.)		7.750%	11/15/2029			25,000			25,737
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)	(b)	5.500%	09/01/2026			75,000			72,168
WEC Energy Group, Inc. (Multi-Utilities)		0.800%	03/15/2024			220,000			212,314
WEC Energy Group, Inc. (Multi-Utilities)		2.200%	12/15/2028			190,000			163,430

									12,848,900


Total Corporate Bonds (Cost $167,670,387)								$	146,194,701


U.S. Government Agency Mortgage-Backed Securities – 23.6%		Rate	Maturity	Face Amount			Value
Fannie Mae Pool FN BM4333		3.500%	12/01/2047		$	936,269		$	865,180
Fannie Mae Pool FN BN6715		4.000%	06/01/2049			2,735,507			2,610,413
Fannie Mae Pool FN BP2797		2.500%	05/01/2050			1,405,037			1,198,895
Fannie Mae Pool FN BP6700		2.500%	09/01/2050			3,875,176			3,330,040
Fannie Mae Pool FN BP8188		2.000%	09/01/2050			6,077,926			4,998,883
Fannie Mae Pool FN BQ4558		2.000%	03/01/2051			2,032,179			1,665,886
Fannie Mae Pool FN BR1844		2.500%	01/01/2051			1,152,674			983,540
Fannie Mae Pool FN BR4390		2.000%	03/01/2051			3,509,732			2,881,154
Fannie Mae Pool FN BR9750		2.000%	04/01/2051			3,540,952			2,904,041
Fannie Mae Pool FN BT7183		2.500%	08/01/2051			1,560,739			1,332,590
Fannie Mae Pool FN BU3058		2.500%	12/01/2051			2,755,516			2,339,355
Fannie Mae Pool FN BW7264		5.500%	11/01/2052			2,818,399			2,813,897
Fannie Mae Pool FN BW7449		5.000%	11/01/2052			981,260			962,228
Fannie Mae Pool FN BW9916		5.000%	10/01/2052			743,064			728,279
Fannie Mae Pool FN CA4819		4.000%	12/01/2049			941,101			895,499
Fannie Mae Pool FN CA5348		3.500%	03/01/2050			1,492,833			1,374,890
Fannie Mae Pool FN CA5706		2.500%	05/01/2050			1,831,128			1,562,463
Fannie Mae Pool FN CA6998		3.000%	09/01/2050			2,873,792			2,551,388
Fannie Mae Pool FN CA8118		2.000%	12/01/2050			1,759,798			1,447,148
Fannie Mae Pool FN CA9293		2.500%	02/01/2051			2,344,496			1,999,642


		118		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)



U.S. Government Agency Mortgage-Backed Securities (Continued)		Rate	Maturity	Face Amount		Value
Fannie Mae Pool FN CA9390		2.500%	03/01/2051	$	4,208,415	$	3,573,593
Fannie Mae Pool FN CB1150		3.000%	07/01/2051		1,844,664		1,624,807
Fannie Mae Pool FN CB1867		2.500%	10/01/2051		5,202,330		4,414,655
Fannie Mae Pool FN CB3335		4.500%	04/01/2052		4,679,005		4,562,696
Fannie Mae Pool FN CB3586		3.000%	05/01/2052		3,655,021		3,220,022
Fannie Mae Pool FN FM2778		3.000%	03/01/2050		2,048,826		1,819,427
Fannie Mae Pool FN FM3734		3.500%	09/01/2049		1,106,989		1,029,561
Fannie Mae Pool FN FM3919		4.000%	05/01/2049		694,159		667,829
Fannie Mae Pool FN FM4122		2.000%	08/01/2050		6,167,411		5,077,450
Fannie Mae Pool FN FM4317		3.000%	09/01/2050		2,700,428		2,392,909
Fannie Mae Pool FN FM4532		3.000%	09/01/2050		3,083,440		2,733,756
Fannie Mae Pool FN FM6708		2.500%	01/01/2051		3,052,252		2,604,393
Fannie Mae Pool FN FM7293		2.500%	05/01/2051		1,216,515		1,036,887
Fannie Mae Pool FN FM7706		3.500%	08/01/2050		3,042,770		2,804,848
Fannie Mae Pool FN FS2041		2.000%	08/01/2051		3,781,165		3,091,661
Fannie Mae Pool FN FS2099		1.500%	04/01/2052		1,275,259		986,235
Fannie Mae Pool FN FS3024		4.000%	09/01/2052		1,587,193		1,491,776
Fannie Mae Pool FN FS3747		5.500%	12/01/2052		474,602		473,710
Fannie Mae Pool FN FS3813		4.500%	11/01/2052		1,240,444		1,192,773
Fannie Mae Pool FN MA4138		1.500%	09/01/2050		4,167,714		3,231,219
Fannie Mae Pool FN MA4255		2.000%	02/01/2051		1,589,831		1,303,054
Fannie Mae Pool FN MA4593		4.000%	03/01/2052		814,291		764,362
Fannie Mae Pool FN MA4732		4.000%	09/01/2052		1,940,150		1,820,961
Fannie Mae Pool FN MA4804		4.000%	11/01/2052		790,833		742,251
Fannie Mae Pool FN MA4980		6.000%	04/01/2053		240,882		242,992
Freddie Mac Pool FR QF1237		5.000%	10/01/2052		2,626,982		2,576,213
Freddie Mac Pool FR QF2557		4.500%	10/01/2052		265,031		254,836
Freddie Mac Pool FR QF6796		5.500%	01/01/2053		445,910		444,712
Freddie Mac Pool FR RA3357		2.000%	08/01/2050		1,147,225		943,646
Freddie Mac Pool FR RA3575		2.000%	09/01/2050		5,595,563		4,601,717
Freddie Mac Pool FR RA5761		2.000%	06/01/2051		2,312,066		1,895,004
Freddie Mac Pool FR RA7279		3.500%	05/01/2052		2,761,827		2,519,069
Freddie Mac Pool FR SD0451		3.000%	10/01/2050		842,622		746,732
Freddie Mac Pool FR SD0625		2.500%	05/01/2051		2,049,027		1,749,523
Freddie Mac Pool FR SD0977		3.500%	02/01/2052		5,632,515		5,163,774
Freddie Mac Pool FR SD1966		4.000%	11/01/2052		967,483		908,497
Freddie Mac Pool FR SD7505		4.500%	08/01/2049		715,517		701,770
Freddie Mac Pool FR SD8104		1.500%	11/01/2050		2,028,500		1,568,909
Freddie Mac Pool FR SD8121		2.000%	01/01/2051		1,567,872		1,289,400
Freddie Mac Pool FR SD8148		3.000%	05/01/2051		2,906,131		2,566,623
Freddie Mac Pool FR SD8210		4.000%	03/01/2052		785,048		737,392
Freddie Mac Pool FR SD8211		2.000%	05/01/2052		6,181,120		5,041,529
Freddie Mac Pool FR SD8214		3.500%	05/01/2052		609,560		555,585
Freddie Mac Pool FR SD8275		4.500%	12/01/2052		1,221,657		1,174,662
Freddie Mac Pool FR ZT1257		3.000%	01/01/2046		700,410		627,333
Ginnie Mae II Pool G2 MA6866		3.000%	09/20/2050		1,327,193		1,194,251

Total U.S. Government Agency Mortgage-Backed Securities (Cost $145,838,782)						$	129,610,415


Investment Companies – 5.9%				Shares		Value

Federated Hermes Core Trust - Bank Loan Core Fund (Acquired 06/28/2021, Cost $746,662)			(e)(f)		77,055	$	668,066
Federated Hermes Core Trust - Emerging Markets Core Fund (Acquired 06/28/2021 through 03/24/2023, Cost $14,197,731)			(e)(f)		1,608,823		12,709,703
Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund (Acquired 05/01/2020 through 06/28/2021, Cost $19,222,113)			(f)(g)		2,176,961		19,048,411

Total Investment Companies (Cost $34,166,506)						$	32,426,180


Asset-Backed / Mortgage-Backed Securities – 5.2%		Rate	Maturity	Face Amount		Value

FINANCIALS – 5.2%
AmeriCredit Automobile Receivables Trust 2020-2 D		2.130%	03/18/2026	$	180,000	$	170,465
AmeriCredit Automobile Receivables Trust 2020-3 D		1.490%	09/18/2026		175,000		161,873
BANK 2022-BNK40 A4		3.507%	03/15/2064		660,000		574,021
Benchmark 2020-B19 A5		1.850%	09/15/2053		1,150,000		890,095
Benchmark 2021-B26 A2		1.957%	06/15/2054		520,000		464,295
Carmax Auto Owner Trust 2021-1 D		1.280%	07/15/2027		100,000		91,367
Chesapeake Funding II LLC 2020-1A D	(b)	2.830%	08/15/2032		150,000		148,340
Ford Credit Auto Owner Trust 2023-1 C	(b)	5.580%	08/15/2035		3,000,000		2,962,680
Ford Credit Floorplan Master Owner Trust A 2020-1 D		2.120%	09/15/2025		395,000		384,588
Freddie Mac Multifamily Structured Pass Through Certificates K108 A2		1.517%	03/25/2030		400,000		331,261
Freddie Mac Multifamily Structured Pass Through Certificates K109 A2		1.558%	04/25/2030		400,000		330,956
GM Financial Consumer Automobile Receivables Trust 2020-3 D		1.910%	09/16/2027		400,000		382,178


		119		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Asset-Backed / Mortgage-Backed Securities (Continued)		Rate	Maturity	Face Amount		Value
FINANCIALS (continued)
GS Mortgage-Backed Securities Trust 2022-PJ3 A4	(b)	2.500%	08/25/2052	$	1,843,503	$	1,484,379
Home Partners of America 2022-1 B	(b)	4.330%	04/17/2039		735,013		689,507
Invitation Homes 2018-SFR4 B	(b)(h)	ML + 125	01/17/2038		2,999,862		2,984,284
J.P. Morgan Mortgage Trust 2022-1 A2	(b)	3.000%	07/25/2052		1,365,623		1,146,643
J.P. Morgan Mortgage Trust 2023-4 1A2	(b)	6.000%	11/25/2053		2,000,000		1,987,500
JP Morgan Mortgage Trust 2022-2 A3	(b)	2.500%	08/25/2052		1,827,091		1,464,313
JP Morgan Mortgage Trust 2022-3 A3	(b)	2.500%	08/25/2052		1,840,579		1,482,025
MMAF Equipment Finance LLC 2020-A A5	(b)	1.560%	10/09/2042		750,000		650,620
Navient Private Education Refi Loan Trust 2020-FA A	(b)	1.220%	07/15/2069		148,469		131,781
PFS Financing Corp. 2020-G B	(b)	1.570%	02/15/2026		310,000		300,558
Progress Residential 2022-SFR1 E1	(b)	3.930%	02/17/2041		900,000		767,109
Progress Residential 2022-SFR2 D	(b)	3.945%	04/17/2027		1,000,000		904,849
Progress Residential 2022-SFR4 B	(b)	4.788%	05/17/2041		800,000		756,741
Santander Consumer Auto Receivables Trust 2020-BA D	(b)	2.140%	12/15/2026		530,000		507,262
Santander Drive Auto Receivables Trust 2020-3 D		1.640%	11/16/2026		745,643		726,710
Santander Drive Auto Receivables Trust 2023-1 C		5.090%	05/15/2030		2,400,000		2,337,235
Sierra Timeshare 2020-2A A	(b)	1.330%	07/20/2037		171,645		158,958
SMB Private Education Loan Trust 2020-B A1A	(b)	1.290%	07/15/2053		367,798		327,738
World Omni Auto Receivables Trust 2023-A B		5.030%	05/15/2029		2,420,000		2,380,289
World Omni Select Auto Trust 2020-A D		1.700%	10/15/2026		250,000		237,322

Total Asset-Backed / Mortgage-Backed Securities (Cost $30,638,651)						$	28,317,942


Sovereign Debt Issues – 0.3%		Rate	Maturity	Face Amount		Value
Mexico Government International Bond		3.750%	01/11/2028	$	625,000	$	594,294
Mexico Government International Bond		4.500%	01/31/2050		775,000		631,115
Republic of Poland Government International Bond		4.000%	01/22/2024		600,000		594,463

Total Sovereign Debt Issues (Cost $2,094,918)						$	1,819,872

Total Investments – 96.4% (Cost $588,454,896)	(i)					$	529,050,595
Other Assets in Excess of Liabilities – 3.6%							19,735,020

Net Assets – 100.0%						$	548,785,615

Percentages are stated as a percent of net assets.


Abbreviations:
H15T5Y:		U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 4.130% at 06/30/2023
ML:		Monthly U.S. LIBOR Rate, 5.218% at 06/30/2023
PIK:		Payment-in-Kind
REITs:		Real Estate Investment Trusts
SOFR:		Secured Overnight Financing Rate, 5.090% at 06/30/2023
TSFR3M:		Quarterly CME Term SOFR, 5.268% at 06/30/2023

Footnotes:

(a)

Security is partially pledged as collateral for the futures contracts outstanding at June 30, 2023. The market value of securities pledged totaled $1,517,625. See also the following Schedule of Open Futures Contracts.

(b)

Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $45,727,934, or 8.3% of the Portfolio’s net assets.

(c)

Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind).

(d)

(e)

Shares of this fund have not been registered and are issued in reliance on Section 4(a)(2) and Regulation D of the Securities Act of 1933. Investments in this fund may only be made by investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are “accredited investors” within the meaning of Regulation D of the 1933 Act.

(f)

Represents a security deemed to be restricted. At June 30, 2023, the value of restricted securities in the Portfolio totaled $32,426,180, or 5.9% of the Portfolio’s net assets.

(g)

Open-end extended payment fund. Beneficial interests in this fund are issued solely in private placement transactions which do not involve any “public offering” within the meaning of Section 4(a)(2) and Regulation D of the Securities Act of 1933. Investments in this fund may only be made by organizations or entities that are “accredited investors” within the meaning of Regulation D of the 1933 Act and that are also “qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (“Eligible Investors”). This fund has adopted policies to limit the transfer of its shares, which may occur only pursuant to authorization by this fund’s Board of Directors, and only to Eligible Investors.When a redeeming shareholder of this fund presents shares to the fund’s transfer agent in proper order for redemption, the fund will have up to 31 days to make payment to the redeeming shareholder. The price of redeemed shares will be determined as of the closing net asset value of the fund 24 days after receipt of a shareholder redemption request or, if such date is a weekend or holiday, on the preceding business day. The fund’s NAV is calculated each day the NYSE is open.

(h)

A future alternate reference rate has been determined by the issuer. See also Note 2 of the Notes to Financial Statements.

(i)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.


		120		(continued)


Ohio National Fund, Inc.		ON Federated Core Plus Bond Portfolio (Continued)

Schedule of Open Futures Contracts		June 30, 2023 (Unaudited)

Long Futures Contracts


Description	Number of contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
CBT 10-Year U.S. Ultra Bond - Long		265		September 20, 2023		$	31,593,565		$	31,385,938		$	(207,627	)		$	78,672
CBT 10-Year U.S. Treasury Note - Long		85		September 20, 2023			9,656,442			9,542,578			(113,864	)			11,953
CBT 5-Year U.S. Treasury Note - Long		679		September 29, 2023			73,800,842			72,716,656			(1,084,186	)			0

						$	115,050,849		$	113,645,172		$	(1,405,677	)		$	90,625

Short Futures Contracts


Description	Number of contracts		Expiration Date		Notional Amount				Value				Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
CBT U.S. Ultra Bond - Short		212		September 20, 2023		$	(28,475,429	)		$	(28,878,375	)		$	(402,946	)		$	(265,000	)

Total Futures Contracts						$	86,575,420			$	84,766,797			$	(1,808,623	)		$	(174,375	)

The accompanying notes are an integral part of these financial statements.


		121


Ohio National Fund, Inc.		ON U.S. Low Volatility Portfolio (Unaudited)

Objective/Strategy

The ON U.S. Low Volatility Portfolio seeks capital appreciation by investing, under normal circumstances, at least 80% of its net assets in U.S. common stocks of companies included in the S&P 500^® Index. Those stocks are selected by a mathematical investment process which seeks to achieve returns similar to those of the S&P 500^® Index over the long-term with lower absolute volatility.



Performance as of June 30, 2023



Average Annual returns
One year	8.63	%
Since inception (6/25/21)	4.14	%

Comments from sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 5.31% versus 16.89% for its benchmark, the S&P 500^® Index.

Q. What affected the Portfolio’s performance?

A. The market heavily rewarded risk-taking over the six-month period, resulting in higher beta stocks strongly outperforming their lower beta counterparts. The strategy’s defensive positioning, namely the underweight to higher beta stocks (and overweight to lower beta stocks) and the overweight to the defensive consumer staples sector and underweight to Information Technology, were the main drivers of underperformance over the six-month period. Selection and allocation within Health Care also detracted.

While the U.S. equity market recorded solid gains over the six-month period, the market’s rally remained notably narrow, as the mega-cap growth stocks continued to post outsized gains. Only 28% of stocks in the benchmark outperformed during the six-month period. Given the concentration and narrow nature of the market, the strategy’s broader diversification and smaller size positioning detracted from performance over the six-month period. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		122		(continued)


Ohio National Fund, Inc.		ON U.S. Low Volatility Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		99.2
Other Net Assets		0.8

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Apple, Inc.		5.4
2.	Microsoft Corp.		4.4
3.	Walmart, Inc.		3.1
4.	Activision Blizzard, Inc.		2.8
5.	Bristol-Myers Squibb Co.		2.8
6.	Merck & Co., Inc.		2.6
7.	Gilead Sciences, Inc.		2.5
8.	Becton Dickinson & Co.		2.4
9.	AbbVie, Inc.		2.3
10.	Johnson & Johnson		2.3

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Health Care		22.9
Consumer Staples		20.8
Information Technology		15.0
Industrials		13.7
Communication Services		9.7
Financials		8.1
Consumer Discretionary		7.1
Utilities		1.7
Real Estate		0.2

		99.2


		123


Ohio National Fund, Inc.		ON U.S. Low Volatility Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 99.2%			Shares		Value
COMMUNICATION SERVICES – 9.7%
Activision Blizzard, Inc. (Entertainment)	(a	)		242,524	$	20,444,773
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a	)		29,594		3,542,402
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		34,668		4,193,788
AT&T, Inc. (Diversified Telecom. Svs.)				154,004		2,456,364
Electronic Arts, Inc. (Entertainment)				116,184		15,069,065
Take-Two Interactive Software, Inc. (Entertainment)	(a	)		11,945		1,757,826
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)	(a	)		44,100		6,125,490
Verizon Communications, Inc. (Diversified Telecom. Svs.)				443,282		16,485,657

						70,075,365

CONSUMER DISCRETIONARY – 7.1%
Amazon.com, Inc. (Broadline Retail)	(a	)		34,785		4,534,573
AutoZone, Inc. (Specialty Retail)	(a	)		2,270		5,659,927
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a	)		2,728		5,835,192
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)				12,275		4,136,552
Hilton Worldwide Holdings, Inc. (Hotels,
Restaurants & Leisure)				39,077		5,687,657
McDonald’s Corp. (Hotels, Restaurants & Leisure)				36,163		10,791,401
O’Reilly Automotive, Inc. (Specialty Retail)	(a	)		8,875		8,478,288
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)				43,604		6,041,334

						51,164,924

CONSUMER STAPLES – 20.8%
Altria Group, Inc. (Tobacco)				93,690		4,244,157
Brown-Forman Corp. Class B (Beverages)				67,022		4,475,729
Campbell Soup Co. (Food Products)				40,269		1,840,696
Church & Dwight Co., Inc. (Household Products)				130,158		13,045,736
Clorox Co. / The (Household Products)				46,762		7,437,029
Coca-Cola Co. / The (Beverages)				12,487		751,967
Colgate-Palmolive Co. (Household Products)				21,967		1,692,338
Conagra Brands, Inc. (Food Products)				184,956		6,236,716
Constellation Brands, Inc. Class A (Beverages)				3,211		790,323
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)				6,617		3,562,460
Dollar General Corp. (Consumer Staples Distribution & Retail)				71,779		12,186,639
Dollar Tree, Inc. (Consumer Staples
Distribution & Retail)	(a	)		45,819		6,575,027
General Mills, Inc. (Food Products)				143,448		11,002,462
Hershey Co. / The (Food Products)				14,693		3,668,842
Hormel Foods Corp. (Food Products)				154,567		6,216,685
J.M. Smucker Co. / The (Food Products)				47,291		6,983,462
Kellogg Co. (Food Products)				134,049		9,034,903
Kimberly-Clark Corp. (Household Products)				52,257		7,214,601
Kroger Co. / The (Consumer Staples Distribution & Retail)				210,821		9,908,587
McCormick & Co., Inc. (Food Products)				21,370		1,864,105
Mondelez International, Inc. Class A (Food Products)				33,308		2,429,486
Monster Beverage Corp. (Beverages)	(a	)		27,707		1,591,490
PepsiCo, Inc. (Beverages)				7,383		1,367,479
Procter & Gamble Co. / The (Household Products)				4,104		622,741
Tyson Foods, Inc. Class A (Food Products)				61,075		3,117,268
Walmart, Inc. (Consumer Staples Distribution & Retail)				145,096		22,806,189

						150,667,117

FINANCIALS – 8.1%
Aon PLC Class A (Insurance)				6,237		2,153,013
Arch Capital Group Ltd. (Insurance)	(a)			120,348		9,008,048


Common Stocks (Continued)			Shares		Value
FINANCIALS (continued)
Arthur J. Gallagher & Co. (Insurance)				12,807	$	2,812,033
Assurant, Inc. (Insurance)				22,040		2,770,869
Berkshire Hathaway, Inc. Class B (Financial Services)	(a)			36,432		12,423,312
Brown & Brown, Inc. (Insurance)				77,814		5,356,716
CBOE Global Markets, Inc. (Capital Markets)				39,844		5,498,871
FactSet Research Systems, Inc. (Capital Markets)				6,493		2,601,421
Fiserv, Inc. (Financial Services)	(a	)		16,631		2,098,001
FleetCor Technologies, Inc. (Financial Services)	(a	)		241		60,510
Goldman Sachs Group, Inc. / The (Capital Markets)				4,660		1,503,036
Intercontinental Exchange, Inc. (Capital Markets)				7,705		871,281
Jack Henry & Associates, Inc. (Financial Services)				14,137		2,365,544
Loews Corp. (Insurance)				70,803		4,204,282
Marsh & McLennan Cos., Inc. (Insurance)				14,817		2,786,781
Nasdaq, Inc. (Capital Markets)				21,878		1,090,618
W.R. Berkley Corp. (Insurance)				12,247		729,431

						58,333,767

HEALTH CARE – 22.9%
AbbVie, Inc. (Biotechnology)				124,669		16,796,654
AmerisourceBergen Corp. (Health Care Providers & Svs.)				6,596		1,269,268
Amgen, Inc. (Biotechnology)				4,086		907,174
Baxter International, Inc. (Health Care Equip. & Supplies)				14,099		642,350
Becton Dickinson & Co. (Health Care Equip. & Supplies)				64,656		17,069,830
Biogen, Inc. (Biotechnology)	(a	)		1,704		485,384
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a	)		51,995		2,812,409
Bristol-Myers Squibb Co. (Pharmaceuticals)				314,845		20,134,338
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)				6,500		2,492,295
CVS Health Corp. (Health Care Providers & Svs.)				4,569		315,855
DaVita, Inc. (Health Care Providers & Svs.)	(a	)		11,785		1,184,039
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies)				53,424		4,340,166
Gilead Sciences, Inc. (Biotechnology)				233,500		17,995,845
Henry Schein, Inc. (Health Care Providers & Svs.)	(a	)		59,917		4,859,269
Hologic, Inc. (Health Care Equip. & Supplies)	(a	)		35,680		2,889,010
Humana, Inc. (Health Care Providers & Svs.)				11,890		5,316,376
Incyte Corp. (Biotechnology)	(a	)		85,107		5,297,911
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.)	(a	)		1,957		439,875
Johnson & Johnson (Pharmaceuticals)				99,867		16,529,986
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)				23,629		5,702,387
McKesson Corp. (Health Care Providers & Svs.)				12,157		5,194,808
Merck & Co., Inc. (Pharmaceuticals)				164,825		19,019,157
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)	(a	)		165		216,421
Pfizer, Inc. (Pharmaceuticals)				145,033		5,319,810
Quest Diagnostics, Inc. (Health Care Providers & Svs.)				49,088		6,899,809
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a	)		3,241		1,140,540
Waters Corp. (Life Sciences Tools & Svs.)	(a	)		3,165		843,599

						166,114,565

INDUSTRIALS – 13.7%
AMETEK, Inc. (Electrical Equip.)				88,655		14,351,471
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)				23,006		2,170,616


		124		(continued)


Ohio National Fund, Inc.		ON U.S. Low Volatility Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks (Continued)			Shares		Value
INDUSTRIALS (continued)
Copart, Inc. (Commercial Svs. & Supplies)	(a	)		12,600	$	1,149,246
Dover Corp. (Machinery)				9,195		1,357,642
Expeditors International of Washington, Inc. (Air Freight & Logistics)				10,303		1,248,002
Fortive Corp. (Machinery)				114,947		8,594,587
General Electric Co. (Industrial Conglomerates)				30,143		3,311,209
Honeywell International, Inc. (Industrial Conglomerates)				5,590		1,159,925
IDEX Corp. (Machinery)				22,861		4,921,059
Illinois Tool Works, Inc. (Machinery)				12,456		3,115,993
Ingersoll Rand, Inc. (Machinery)				33,026		2,158,579
J.B. Hunt Transport Services, Inc. (Ground Transportation)				1,134		205,288
Jacobs Solutions, Inc. (Professional Svs.)				387		46,011
L3Harris Technologies, Inc. (Aerospace & Defense)				3,181		622,744
Leidos Holdings, Inc. (Professional Svs.)				62,482		5,528,407
Lockheed Martin Corp. (Aerospace & Defense)				33,573		15,456,338
Nordson Corp. (Machinery)				23,892		5,929,517
Northrop Grumman Corp. (Aerospace & Defense)				7,564		3,447,671
Otis Worldwide Corp. (Machinery)				29,217		2,600,605
Republic Services, Inc. (Commercial Svs. & Supplies)				39,046		5,980,676
Snap-on, Inc. (Machinery)				3,927		1,131,722
TransDigm Group, Inc. (Aerospace & Defense)				1,413		1,263,462
United Rentals, Inc. (Trading Companies & Distributors)				2,916		1,298,699
Verisk Analytics, Inc. (Professional Svs.)				11,614		2,625,113
W.W. Grainger, Inc. (Trading Companies & Distributors)				1,510		1,190,771
Waste Management, Inc. (Commercial Svs. & Supplies)				35,555		6,165,948
Xylem, Inc. (Machinery)				19,778		2,227,398

						99,258,699

INFORMATION TECHNOLOGY – 15.0%
Akamai Technologies, Inc. (IT Svs.)	(a	)		34,725		3,120,736
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)				7,167		608,837


Common Stocks (Continued)			Shares		Value
INFORMATION TECHNOLOGY (continued)
Apple, Inc. (Tech. Hardware, Storage & Periph.)				199,861	$	38,767,038
F5, Inc. (Communications Equip.)	(a	)		3,612		528,291
Fair Isaac Corp. (Software)	(a	)		3,615		2,925,294
First Solar, Inc. (Semiconductors & Equip.)	(a	)		7,213		1,371,119
Gartner, Inc. (IT Svs.)	(a	)		1,195		418,620
Gen Digital, Inc. (Software)				52,068		965,861
International Business Machines Corp. (IT Svs.)				37,542		5,023,495
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		9,977		1,670,649
Microsoft Corp. (Software)				92,932		31,647,063
NVIDIA Corp. (Semiconductors & Equip.)				6,108		2,583,806
Roper Technologies, Inc. (Software)				11,292		5,429,194
SolarEdge Technologies, Inc. (Semiconductors & Equip.)	(a	)		2,549		685,808
Teledyne Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		16,650		6,844,982
VeriSign, Inc. (IT Svs.)	(a	)		23,787		5,375,148
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)	(a	)		3,361		994,285

						108,960,226

REAL ESTATE – 0.2%
Public Storage (Specialized REITs)				4,927		1,438,093


UTILITIES – 1.7%
Ameren Corp. (Multi-Utilities)				7,744		632,452
Atmos Energy Corp. (Gas Utilities)				17,531		2,039,556
CMS Energy Corp. (Multi-Utilities)				31,244		1,835,585
Consolidated Edison, Inc. (Multi-Utilities)				44,499		4,022,710
DTE Energy Co. (Multi-Utilities)				6,986		768,600
Duke Energy Corp. (Electric Utilities)				3,404		305,475
Evergy, Inc. (Electric Utilities)				13,052		762,498
NiSource, Inc. (Multi-Utilities)				67,071		1,834,392

						12,201,268

Total Common Stocks (Cost $676,759,969)					$	718,214,024

Total Investments – 99.2% (Cost $676,759,969)	(b	)			$	718,214,024
Other Assets in Excess of Liabilities – 0.8%						5,565,941

Net Assets – 100.0%					$	723,779,965

Percentages are stated as a percent of net assets.

Abbreviations:

REITs: Real

Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.


		125


Ohio National Fund, Inc.		ON AB Relative Value Portfolio (Unaudited)

Objective/Strategy

The ON AB Relative Value Portfolio seeks long-term growth of capital by investing primarily in the equity securities of U.S. companies that the Portfolio’s sub-adviser believes are trading at attractive valuations and that have strong or improving business models.



Performance as of June 30, 2023



Average Annual returns
One year			12.88%
Since inception (12/2/21)			2.56%

Total expense ratio is 0.74% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 3.59% versus 5.12% for its benchmark, the Russell 1000^® Value Index.

Q. What affected the Portfolio’s performance?

A. The strategy’s overexposure to the beta and profitability factors and underexposures to the dividend yield and leverage factors contributed to relative performance, while the strategy’s underexposures to the size and earnings yield factors detracted from relative performance. From a sector perspective, security selection was the primary driver of underperformance. Selections within Health Care, Consumer Staples, and Information Technology were the largest detractors, somewhat offset by picks within Financials, Consumer Discretionary, and Real Estate. From a sector allocation perspective, the Portfolio’s overweights to Information Technology and Industrials and an underweight to Utilities were the largest contributors to relative returns. Underweights to Communication Services and Materials and an overweight to Health Care were the largest detractors.

Leading security contributors to relative performance included Builders FirstSource, Inc., Pfizer, Inc. and PACCAR Inc. Leading detractors from relative performance included Elevance Health, Inc., Amgen, Inc. and The Cigna Group. Not holding Meta Platforms, Inc. Class A in the Portfolio was the largest detractor from relative performance.⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		126		(continued)


Ohio National Fund, Inc.		ON AB Relative Value Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		96.5
Other Net Assets		3.5

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ^{(1) (2) (3)}


		% of Net Assets
1.	Berkshire Hathaway, Inc. Class B		4.3
2.	Philip Morris International, Inc.		4.2
3.	Elevance Health, Inc.		4.2
4.	JPMorgan Chase & Co.		3.7
5.	Alphabet, Inc. Class C		3.6
6.	Mastercard, Inc. Class A		3.5
7.	Gilead Sciences, Inc.		3.3
8.	Roche Holding AG – ADR		3.2
9.	Regeneron Pharmaceuticals, Inc.		2.8
10.	Weyerhaeuser Co.		2.7

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Financials		21.4
Health Care		19.0
Industrials		18.9
Information Technology		8.8
Consumer Staples		6.7
Energy		5.8
Communication Services		5.6
Consumer Discretionary		5.4
Real Estate		2.7
Materials		1.7
Utilities		0.5

		96.5


		127


Ohio National Fund, Inc.		ON AB Relative Value Portfolio

Schedule of Investments		June 30, 2023 (Unaudited)


Common Stocks – 96.5%			Shares		Value

COMMUNICATION SERVICES – 5.6%
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		38,178	$	4,618,393
Comcast Corp. Class A (Media)				60,962		2,532,971

						7,151,364

CONSUMER DISCRETIONARY – 5.4%
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)	(a	)		186		502,261
BorgWarner, Inc. (Automobile Components)				30,587		1,496,010
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)				6,632		779,393
D.R. Horton, Inc. (Household Durables)				4,577		556,975
LKQ Corp. (Distributors)				20,991		1,223,146
Lowe’s Cos., Inc. (Specialty Retail)				8,600		1,941,020
Ulta Beauty, Inc. (Specialty Retail)	(a	)		1,098		516,713

						7,015,518

CONSUMER STAPLES – 6.7%
BJ’s Wholesale Club Holdings, Inc. (Consumer Staples Distribution & Retail)	(a	)		17,963		1,131,848
Kraft Heinz Co. / The (Food Products)				31,074		1,103,127
Kroger Co. / The (Consumer Staples Distribution & Retail)				21,555		1,013,085
Philip Morris International, Inc. (Tobacco)				55,445		5,412,541

						8,660,601

ENERGY – 5.8%
Chevron Corp. (Oil, Gas & Consumable Fuels)				14,130		2,223,355
ConocoPhillips (Oil, Gas & Consumable Fuels)				9,883		1,023,978
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)				13,835		1,583,277
Helmerich & Payne, Inc. (Energy Equip. & Svs.)				25,959		920,247
Phillips 66 (Oil, Gas & Consumable Fuels)				18,230		1,738,777

						7,489,634

FINANCIALS – 21.4%
American International Group, Inc. (Insurance)				25,488		1,466,580
Axis Capital Holdings Ltd. (Insurance)				44,600		2,400,818
Bank OZK (Banks)				18,994		762,799
Berkshire Hathaway, Inc. Class B (Financial Services)	(a	)		16,158		5,509,878
Fiserv, Inc. (Financial Services)	(a	)		9,194		1,159,823
Goldman Sachs Group, Inc. / The (Capital Markets)				1,530		493,486
Houlihan Lokey, Inc. (Capital Markets)				17,510		1,721,408
JPMorgan Chase & Co. (Banks)				32,669		4,751,379
Mastercard, Inc. Class A (Financial Services)				11,644		4,579,585
MetLife, Inc. (Insurance)				15,024		849,307
PayPal Holdings, Inc. (Financial Services)	(a	)		17,314		1,155,363
Raymond James Financial, Inc. (Capital Markets)				5,446		565,131
Wells Fargo & Co. (Banks)				51,364		2,192,216

						27,607,773

HEALTH CARE – 19.0%
AmerisourceBergen Corp. (Health Care Providers & Svs.)				4,672		899,033
Amgen, Inc. (Biotechnology)				10,630		2,360,073
Cigna Group / The (Health Care Providers & Svs.)				6,191		1,737,195
Elevance Health, Inc. (Health Care Providers & Svs.)				12,083		5,368,356
Gilead Sciences, Inc. (Biotechnology)				55,538		4,280,314
Quest Diagnostics, Inc. (Health Care Providers & Svs.)				14,686		2,064,264
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a	)		5,026		3,611,382
Roche Holding AG – ADR (Pharmaceuticals)				109,478		4,182,059

						24,502,676


Common Stocks (Continued)			Shares		Value

INDUSTRIALS – 18.9%
Acuity Brands, Inc. (Electrical Equip.)				3,051	$	497,557
Builders FirstSource, Inc. (Building Products)	(a	)		9,486		1,290,096
Curtiss-Wright Corp. (Aerospace & Defense)				4,250		780,555
Dover Corp. (Machinery)				3,405		502,748
EMCOR Group, Inc. (Construction & Engineering)				7,084		1,308,982
Emerson Electric Co. (Electrical Equip.)				15,319		1,384,684
Expeditors International of Washington, Inc. (Air Freight & Logistics)				7,456		903,145
Ferguson PLC (Trading Companies & Distributors)				5,990		942,287
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)				8,814		489,706
Maximus, Inc. (Professional Svs.)				22,134		1,870,544
Middleby Corp. / The (Machinery)	(a	)		3,420		505,579
MSC Industrial Direct Co., Inc. Class A (Trading Companies & Distributors)				5,070		483,070
nVent Electric PLC (Electrical Equip.)				52,817		2,729,054
PACCAR, Inc. (Machinery)				30,271		2,532,169
Raytheon Technologies Corp. (Aerospace & Defense)				34,933		3,422,037
Robert Half International, Inc. (Professional Svs.)				13,913		1,046,536
Sensata Technologies Holding PLC (Electrical Equip.)				34,232		1,540,098
Textron, Inc. (Aerospace & Defense)				17,305		1,170,337
Westinghouse Air Brake Technologies Corp. (Machinery)				8,549		937,569

						24,336,753

INFORMATION TECHNOLOGY – 8.8%
Accenture PLC Class A (IT Svs.)				6,776		2,090,938
Cisco Systems, Inc. (Communications Equip.)				48,687		2,519,065
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)	(a	)		6,669		905,784
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		6,100		1,021,445
NXP Semiconductors N.V. (Semiconductors & Equip.)				5,422		1,109,775
QUALCOMM, Inc. (Semiconductors & Equip.)				20,851		2,482,103
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR (Semiconductors & Equip.)				12,084		1,219,517

						11,348,627

MATERIALS – 1.7%
BHP Group Ltd. – ADR (Metals & Mining)				11,085		661,442
LyondellBasell Industries N.V. Class A (Chemicals)				16,866		1,548,805

						2,210,247

REAL ESTATE – 2.7%
Weyerhaeuser Co. (Specialized REITs)				104,153		3,490,167

UTILITIES – 0.5%
IDACORP, Inc. (Electric Utilities)				6,071		622,885

Total Common Stocks (Cost $117,279,547)					$	124,436,245

Total Investments – 96.5% (Cost $117,279,547)	(b	)			$	124,436,245
Other Assets in Excess of Liabilities – 3.5%						4,459,095

Net Assets – 100.0%					$	128,895,340


		128		(continued)


Ohio National Fund, Inc.		ON AB Relative Value Portfolio (Continued)

Schedule of Investments		June 30, 2023 (Unaudited)

Percentages are stated as a percent of net assets.

Abbreviations:

ADR:

American Depositary Receipts

REITs:

Real Estate Investment Trusts

Footnotes:

(a)

Non-income producing security.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.


				129


Ohio National Fund, Inc.		ON iShares Managed Risk Balanced Portfolio (Unaudited)

Objective/Strategy

The ON iShares Managed Risk Balanced Portfolio seeks income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio invests a minimum of 25% of its assets in equity investments and a minimum of 25% of its assets in fixed income investments.



Performance as of June 30, 2023


Average Annual returns
One year	6.85	%
Since inception (6/25/21)	-3.45	%

The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Total gross expense ratio is estimated to be 0.69% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 8.22% versus 16.89% for its benchmark, the S&P 500^® Index.

Q. What affected the Portfolio’s performance?

A. Over the period, the Portfolio was invested roughly 50% in equities and 50% in fixed income. Given the strong performance of equities in the first half of the year, the Portfolio’s fixed income exposure to iShares Core U.S. Aggregate Bond ETF, BlackRock Ultra Short-Term Bond ETF, and iShares iBoxx $ Investment Grade Corporate Bond ETF were the largest detractors over the period, as fixed income markets underperformed when compared to the primary benchmark. Country exposures that contributed to performance include Japan, Taiwan, and Italy, while positioning in the U.S., Canada, and the UK detracted over the period. During the period, futures contracts contributed 166 basis points (1.66%) of absolute return for the Portfolio in aggregate.

In Asia, Japan equities posted strong returns as the Yen weakened further while the Bank of Japan did not adjust its yield curve control policy. The Portfolio held an overweight to Japan equities through much of the quarter and benefited from this looser monetary policy. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Exchange Traded Funds		94.1
Money Market Funds and Other Net Assets		5.9

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	iShares Core U.S. Aggregate Bond ETF		36.9
2.	iShares Core S&P 500 ETF		15.3
3.	iShares Russell 1000 ETF		11.5
4.	BlackRock Ultra Short-Term Bond ETF		10.9
5.	iShares Core MSCI EAFE ETF		6.0
6.	iShares iBoxx $ Investment Grade		4.0
	Corporate Bond ETF
7.	iShares MSCI EAFE ETF		3.9
8.	iShares Core MSCI Emerging Markets ETF		2.6
9.	iShares Russell 1000 Value ETF		2.0
10.	iShares MSCI Emerging Markets ETF		0.9

⁽¹⁾	Composition of Portfolio subject to change.

⁽²⁾	Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾	Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.


		130


Ohio National Fund, Inc.		ON iShares Managed Risk Balanced Portfolio



Schedule of Investments	June 30, 2023	(Unaudited)


Exchange Traded Funds – 94.1%			Shares		Value

BlackRock Ultra Short-Term Bond ETF				1,323,411	$	66,567,573
iShares Core MSCI EAFE ETF				545,475		36,819,562
iShares Core MSCI Emerging Markets ETF				318,808		15,714,046
iShares Core S&P 500 ETF				208,674		93,008,089
iShares Core U.S. Aggregate Bond ETF				2,293,298		224,628,539
iShares iBoxx $ Investment Grade Corporate Bond ETF				224,187		24,243,582
iShares MSCI EAFE ETF				332,276		24,090,010
iShares MSCI Emerging Markets ETF				138,370		5,473,917
iShares Russell 1000 ETF				286,513		69,834,679
iShares Russell 1000 Value ETF				78,890		12,451,209

Total Exchange Traded Funds (Cost $555,498,735)					$	572,831,206


Money Market Funds – 1.3%			Shares		Value

State Street Institutional U.S. Government Money Market Fund, 5.028%	(a	)		8,032,800	$	8,032,800

Total Money Market Funds (Cost $8,032,800)					$	8,032,800

Total Investments – 95.4% (Cost $563,531,535)	(b	)			$	580,864,006
Other Assets in Excess of Liabilities – 4.6%	(c	)				28,218,745

Net Assets – 100.0%					$	609,082,751

Percentages are stated as a percent of net assets.

Abbreviations:

ETF: Exchange

Traded Fund

Footnotes:

(a)

Rate represents the seven-day yield at June 30, 2023.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(c)

Includes $5,079,667 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts	June 30, 2023	(Unaudited)

Long Futures Contracts


Description	Number of contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
MOD S&P TSX 60 Index - Long	57	September 14, 2023		$	10,318,757		$	10,486,537		$	167,780			$	131,665
MSCI EAFE Index - Long	153	September 15, 2023			16,360,423			16,489,575			129,152				193,545
CME E-mini S&P 500 Index - Long	130	September 15, 2023			28,270,820			29,173,625			902,805				267,816
MSCI Emerging Markets Index - Long	273	September 15, 2023			13,773,497			13,621,335			(152,162	)			103,740
EUR Currency Future - Long	98	September 18, 2023			13,295,782			13,417,425			121,643				52,063
AUD Currency Future - Long	92	September 18, 2023			6,169,843			6,143,760			(26,083	)			40,940
CAD Currency Future - Long	199	September 19, 2023			14,977,293			15,050,370			73,077				7,960
CBT 10-Year U.S. Treasury Note - Long	459	September 20, 2023			52,423,105			51,529,922			(893,183	)			64,498

				$	155,589,520		$	155,912,549		$	323,029			$	862,227

Short Futures Contracts


Description	Number of contracts	Expiration Date		Notional Amount				Value				Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
JPY Currency Future - Short	13		September 18, 2023		$	(1,182,691	)		$	(1,139,531	)		$	43,160			$	(4,306	)
EUR Currency Future - Short	3		September 18, 2023			(407,531	)			(410,738	)			(3,207	)			(1,594	)
CBT U.S. Ultra Bond - Short	45		September 20, 2023			(6,058,350	)			(6,129,844	)			(71,494	)			(56,250	)
CBT 5-Year U.S. Treasury Note - Short	226		September 29, 2023			(24,681,317	)			(24,203,188	)			478,129				0

					$	(32,329,889	)		$	(31,883,301	)		$	446,588			$	(62,150	)

Total Futures Contracts					$	123,259,631			$	124,029,248			$	769,617			$	800,077

The accompanying notes are an integral part of these financial statements.


		131


Ohio National Fund, Inc.		ON iShares Managed Risk Moderate Growth Portfolio (Unaudited)

Objective/Strategy

The ON iShares Managed Risk Moderate Growth Portfolio seeks income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio expects to allocate 65% of its assets in equity investments and 35% of its assets in fixed income investments.

Performance as of June 30, 2023


Average Annual returns
Since inception (10/14/22)	16.50	%

The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 10.01% versus 16.89% for its benchmark, the S&P 500^® Index.

Q. What affected the Portfolio’s performance?

A. Over the period, the Portfolio was invested roughly 65% in equities and 35% in fixed income. Given the strong performance of equities in the first half of the year, the Portfolio’s fixed income exposure was a large detractor from relative performance. Other detractors included the Portfolio’s exposure to international developed equities and to emerging markets, as these markets generally underperformed relative to the U.S. In terms of specific positioning, an exposure to iShares Core U.S. Aggregate Bond ETF was the largest detractor over the period, while exposures to iShares Core MSCI EAFE ETF and iShares Core MSCI Emerging Markets ETF also detracted from relative performance. During the period, futures contracts contributed 178 basis points (1.78%) of absolute return for the Portfolio in aggregate.

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Exchange Traded Funds		93.9
Money Market Funds and Other Net Assets		6.1

		100.0

Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	iShares Core U.S. Aggregate Bond ETF		34.1
2.	iShares Core S&P 500 ETF		27.1
3.	iShares Core MSCI EAFE ETF		10.2
4.	iShares Russell 1000 ETF		10.0
5.	iShares Core MSCI Emerging Markets ETF		4.5
6.	iShares MSCI EAFE ETF		2.7
7.	BlackRock Ultra Short-Term Bond ETF		2.4
8.	iShares Russell 1000 Value ETF		2.0
9.	iShares MSCI Emerging Markets ETF		0.9

⁽¹⁾	Composition of Portfolio subject to change.

⁽²⁾	Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾	Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.


		132


Ohio National Fund, Inc.		ON iShares Managed Risk Moderate Growth Portfolio



Schedule of Investments	June 30, 2023	(Unaudited)


Exchange Traded Funds – 93.9%			Shares		Value

BlackRock Ultra Short-Term Bond ETF				235,963	$	11,868,939
iShares Core MSCI EAFE ETF				763,278		51,521,265
iShares Core MSCI Emerging Markets ETF				460,888		22,717,170
iShares Core S&P 500 ETF				305,230		136,044,063
iShares Core U.S. Aggregate Bond ETF				1,751,585		171,567,751
iShares MSCI EAFE ETF				184,758		13,394,955
iShares MSCI Emerging Markets ETF				115,281		4,560,516
iShares Russell 1000 ETF				205,454		50,077,358
iShares Russell 1000 Value ETF				63,657		10,046,984

Total Exchange Traded Funds (Cost $415,708,231)					$	471,799,001


Money Market Funds – 1.1%			Shares		Value

State Street Institutional U.S. Government Money Market Fund, 5.028%	(a	)		5,532,905	$	5,532,905

Total Money Market Funds (Cost $5,532,905)					$	5,532,905

Total Investments – 95.0% (Cost $421,241,136)	(b	)			$	477,331,906
Other Assets in Excess of Liabilities – 5.0%	(c	)				24,928,453

Net Assets – 100.0%					$	502,260,359

Percentages are stated as a percent of net assets.

Abbreviations:

ETF: Exchange

Traded Fund

Footnotes:

(a)

Rate represents the seven-day yield at June 30, 2023.

(b)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(c)

Includes $3,525,556 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts	June 30, 2023	(Unaudited)

Long Futures Contracts


Description	Number of contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
MOD S&P TSX 60 Index - Long		59		September 14, 2023		$	10,680,820		$	10,854,486		$	173,666			$	136,285
MSCI EAFE Index - Long		162		September 15, 2023			17,322,801			17,459,550			136,749				204,930
CME E-mini S&P 500 Index - Long		81		September 15, 2023			17,614,896			18,177,413			562,517				156,470
MSCI Emerging Markets Index - Long		184		September 15, 2023			9,283,236			9,180,680			(102,556	)			69,920
EUR Currency Future - Long		78		September 18, 2023			10,582,357			10,679,175			96,818				41,438
AUD Currency Future - Long		75		September 18, 2023			5,029,649			5,008,500			(21,149	)			33,375
CAD Currency Future - Long		159		September 19, 2023			11,965,459			12,025,170			59,711				6,360

						$	82,479,218		$	83,384,974		$	905,756			$	648,778

Short Futures Contracts


Description	Number of contracts		Expiration Date		Notional Amount				Value				Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
CBT U.S. Ultra Bond - Short		35		September 20, 2023		$	(4,712,051	)		$	(4,767,656	)		$	(55,605	)		$	(43,788	)
CBT 5-Year U.S. Treasury Note - Short		183		September 29, 2023			(19,977,582	)			(19,598,156	)			379,426				0

						$	(24,689,633	)		$	(24,365,812	)		$	323,821			$	(43,788	)

Total Futures Contracts						$	57,789,585			$	59,019,162			$	1,229,577			$	604,990

The accompanying notes are an integral part of these financial statements.


		133


Ohio National Fund, Inc.		ON iShares Managed Risk Growth Portfolio (Unaudited)

Objective/Strategy

The ON iShares Managed Risk Growth Portfolio seeks income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio expects to allocate 85% of its assets in equity investments and 15% of its assets in fixed income investments.

Performance as of June 30, 2023


Average Annual returns
Since inception (10/14/22)	19.10	%

The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Total gross expense ratio is estimated to be 0.70% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus.

Comments from Sub-Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 12.36% versus 16.89% for its benchmark, the S&P 500^® Index.

Q. What affected the Portfolio’s performance?

A. Over the period, the Portfolio was invested roughly 85% in equities and 15% in fixed income. Given the strong performance of equities in the first half of the year, the Portfolio’s fixed income exposure was a large detractor from relative performance. Other detractors included the Portfolio’s exposure to international developed equities and to emerging markets, as these markets generally underperformed relative to the U.S. In terms of specific positioning, an exposure to iShares Core U.S. Aggregate Bond ETF was the largest detractor over the period, while exposures to iShares Core MSCI EAFE ETF and iShares Core MSCI Emerging Markets ETF also detracted from relative performance. During the period, futures contracts contributed 155 basis points (1.55%) of absolute return for the Portfolio in aggregate.

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Exchange Traded Funds		95.2
Other Net Assets		4.8

		100.0

Top 10 Portfolio Holdings as of June 30, 2023 ^{(1) (2) (3)}


		% of Net Assets
1.	iShares Core S&P 500 ETF		40.6
2.	iShares Core MSCI EAFE ETF		16.4
3.	iShares Core U.S. Aggregate Bond ETF		14.5
4.	iShares Russell 1000 ETF		9.0
5.	iShares Core MSCI Emerging Markets ETF		6.8
6.	BlackRock Ultra Short-Term Bond ETF		3.3
7.	iShares Russell 1000 Value ETF		2.0
8.	iShares MSCI EAFE ETF		1.8
9.	iShares MSCI Emerging Markets ETF		0.8

⁽¹⁾	Composition of Portfolio subject to change.

⁽²⁾	Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾	Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.


		134


Ohio National Fund, Inc.		ON iShares Managed Risk Growth Portfolio



Schedule of Investments	June 30, 2023	(Unaudited)


Exchange Traded Funds – 95.2%			Shares		Value

BlackRock Ultra Short-Term Bond ETF				290,579	$	14,616,124
iShares Core MSCI EAFE ETF				1,078,444		72,794,970
iShares Core MSCI Emerging Markets ETF				611,134		30,122,795
iShares Core S&P 500 ETF				405,835		180,884,718
iShares Core U.S. Aggregate Bond ETF				660,585		64,704,301
iShares MSCI EAFE ETF				107,703		7,808,467
iShares MSCI Emerging Markets ETF				94,839		3,751,831
iShares Russell 1000 ETF				164,834		40,176,639
iShares Russell 1000 Value ETF				56,164		8,864,364

Total Exchange Traded Funds (Cost $361,637,354)					$	423,724,209

Total Investments – 95.2% (Cost $361,637,354)	(a	)			$	423,724,209
Other Assets in Excess of Liabilities – 4.8%	(b	)				21,544,746

Net Assets – 100.0%					$	445,268,955

Percentages are stated as a percent of net assets.

Abbreviations:

ETF: Exchange

Traded Fund

Footnotes:

(a)

Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 7 of the Notes to Financial Statements.

(b)

Includes $3,293,068 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts.

The accompanying notes are an integral part of these financial statements.



Schedule of Open Futures Contracts	June 30, 2023	(Unaudited)

Long Futures Contracts


Description	Number of contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
MOD S&P TSX 60 Index - Long		76		September 14, 2023		$	13,758,343		$	13,982,049		$	223,706			$	175,554
MSCI EAFE Index - Long		110		September 15, 2023			11,762,396			11,855,250			92,854				148,409
CME E-mini S&P 500 Index - Long		67		September 15, 2023			14,627,698			15,035,638			407,940				136,998
MSCI Emerging Markets Index - Long		126		September 15, 2023			6,356,999			6,286,770			(70,229	)			47,880
EUR Currency Future - Long		68		September 18, 2023			9,225,645			9,310,050			84,405				36,125
AUD Currency Future - Long		66		September 18, 2023			4,426,091			4,407,480			(18,611	)			29,370
CAD Currency Future - Long		216		September 19, 2023			16,283,530			16,336,080			52,550				8,640

						$	76,440,702		$	77,213,317		$	772,615			$	582,976

Short Futures Contracts


Description	Number of contracts		Expiration Date		Notional Amount				Value				Unrealized Appreciation (Depreciation)				Variation Margin Receivable (Payable)
CBT U.S. Ultra Bond - Short		30		September 20, 2023		$	(4,038,903	)		$	(4,086,563	)		$	(47,660	)		$	(37,600	)
CBT 5-Year U.S. Treasury Note - Short		159		September 29, 2023			(17,364,289	)			(17,027,906	)			336,383				0

						$	(21,403,192	)		$	(21,114,469	)		$	288,723			$	(37,600	)

Total Futures Contracts						$	55,037,510			$	56,098,848			$	1,061,338			$	545,376

The accompanying notes are an integral part of these financial statements.


		135


Ohio National Fund, Inc.		ON Moderately Conservative Model Portfolio (Unaudited)

Objective/Strategy

The ON Moderately Conservative Model Portfolio is a fund of funds that seeks current income and moderate growth of capital with a greater emphasis on current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 20-40%, International Equity 5-20%, and Fixed Income 30-70%.

Performance as of June 30, 2023


Average Annual returns
One year	6.62	%
Five years	3.93	%
Since inception (3/1/17)	3.92	%

The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Total gross expense ratio is estimated to be 1.00% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus. The Adviser has contractually agreed to make payments to the Fund to the extent necessary to maintain the Portfolio’s expense ratio (including AFFE, but excluding certain other expenses) at 1.00% through April 30, 2024.

Comments from Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 6.28% versus 5.53% for its benchmark, the Morningstar^® Moderately Conservative Target Risk Index.

Q. What affected the Portfolio’s performance?

A. Equity markets provided strong positive returns during the first half of 2023. Growth stocks materially outperformed value stocks, and domestic stocks generally outperformed international stocks. In addition, large cap stocks outperformed small and midcap stocks during the period. Fixed income markets also provided modest positive returns for the period. While the Federal Reserve increased the Fed Funds rate in the first half of the 2023, longer term interest rates declined slightly during the period. Credit spreads also tightened slightly during the first half of the year.

The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of fixed income funds, but also some equity funds. The exposure to equity funds was the primary driver of positive relative performance. Specifically, holdings in ON S&P 500^® Index Portfolio, ON Nasdaq-100^® Index Portfolio, and ON BlackRock Advantage Large Cap Core Portfolio provided positive relative performance. The largest

detractors from performance were all fixed income funds, which included PIMCO Low Duration Institutional, ON Federated Core Plus Bond Portfolio, and PIMCO Total Return Institutional. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The Morningstar^® Target Risk Index Family is a series of Morningstar Indexes that provide exposure to a broad array of asset classes using Morningstar asset allocation methodology. The index family provides global equity market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The five levels of global equity exposure are set at 95%, 80%, 60%, 40%, and 20%, respectively, and the Morningstar^® Moderately Conservative Target Risk Index exposure is set at 40%.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		136		(continued)


Ohio National Fund, Inc.		ON Moderately Conservative Model Portfolio (Unaudited) (Continued)

Portfolio Composition as of June 30, 2023 ⁽¹⁾


	% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0

⁽¹⁾	Composition of Portfolio subject to change.

⁽²⁾	Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾	Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

Top 10 Portfolio Holdings as of June 30, 2023 ^{(1) (2) (3)}


		% of Net Assets
1.	ON Federated Core Plus Bond Portfolio		15.0
2.	ON S&P 500^® Index Portfolio		14.0
3.	PIMCO Total Return Institutional		13.0
4.	PIMCO Low Duration Institutional		12.0
5.	ON Bond Portfolio		8.0
6.	Western Asset Core Plus Bond IS		7.0
7.	ON S&P MidCap 400^® Index Portfolio		7.0
8.	ON Federated High Income Bond Portfolio		5.0
9.	ON BlackRock Advantage International Equity Portfolio		4.0
10.	DFA International Core Equity Portfolio Institutional		3.1


		137


Ohio National Fund, Inc.		ON Moderately Conservative Model Portfolio



Schedule of Investments in Unaffiliated Issuers	June 30, 2023	(Unaudited)


Open-End Mutual Funds – 37.1%	Shares		Value

DFA Emerging Markets Portfolio Institutional		78,112	$	2,096,535
DFA International Core Equity Portfolio Institutional		434,157		6,330,007
PIMCO Low Duration Institutional		2,778,007		25,029,844
PIMCO Total Return Institutional		3,193,330		27,111,375
Vanguard International Growth Fund Admiral Class		20,258		2,078,404
Western Asset Core Plus Bond IS		1,543,503		14,601,538

Total Open-End Mutual Funds			$	77,247,703

Total Investments in Securities of Unaffiliated Issuers – 37.1% (Cost $86,996,980)			$	77,247,703
Total Investments in Affiliates – 62.9% (Cost $132,806,884) (see schedule below)				130,939,455
Liabilities in Excess of Other Assets – 0.0%				(94,377	)

Net Assets – 100.0%			$	208,092,781

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.



Schedule of Investments in Affiliates	June 30, 2023	(Unaudited)


Affiliate		Value at January 1, 2023		Cost of Purchases		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Income Distributions		Shares at June 30, 2023		Value at June 30, 2023

Open-End Mutual Funds – 62.9%
Fidelity Advisor^® Real Estate I	(a)	$	2,132,671	$	124,790	$	265,026	$	(14,615	)	$	100,584	$	12,589		127,666	$	2,078,404
ON AB Mid Cap Core Portfolio	(a)		2,132,671		154,424		405,290		(229,333	)		425,932		—		75,661		2,078,404
ON AB Relative Value Portfolio	(a)		2,132,671		136,343		269,862		7,672			71,580		—		199,846		2,078,404
ON AB Small Cap Portfolio	(a)		2,132,671		177,272		469,190		(913,598	)		1,151,249		—		175,987		2,078,404
ON BlackRock Advantage International Equity Portfolio	(a)		8,530,683		275,421		1,550,239		2,141			1,055,610		—		552,767		8,313,616
ON BlackRock Advantage Large Cap Core Portfolio	(a)		4,265,341		39,316		795,432		(58,786	)		706,369		—		138,653		4,156,808
ON BlackRock Advantage Large Cap Value Portfolio	(a)		6,398,012		304,306		810,880		143,874			199,900		—		362,723		6,235,212
ON Bond Portfolio	(a)		17,061,365		111,956		1,069,658		(57,785	)		581,355		—		997,434		16,627,233
ON Federated Core Plus Bond Portfolio	(a)		31,990,060		363,114		1,760,928		(191,396	)		775,211		—		3,467,860		31,176,061
ON Federated High Income Bond Portfolio	(a)		10,663,353		26,752		817,549		(5,536	)		525,000		—		550,716		10,392,020
ON Nasdaq-100^® Index Portfolio	(a)		2,132,671		28,231		800,946		(143,674	)		862,122		—		119,931		2,078,404
ON S&P 500^® Index Portfolio	(a)		29,857,389		174,404		5,572,947		796,362			3,842,449		—		764,722		29,097,657
ON S&P MidCap 400^® Index Portfolio	(a)		14,928,694		1,196,951		2,886,426		626,799			682,810		—		715,986		14,548,828

Total Open-End Mutual Funds								$	(37,875	)	$	10,980,171	$	12,589			$	130,939,455

Percentages are stated as a percent of net assets.

Footnotes:

(a)

Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at June 30, 2023.

The accompanying notes are an integral part of these financial statements.


		138


Ohio National Fund, Inc.		ON Balanced Model Portfolio (Unaudited)

Objective/Strategy

The ON Balanced Model Portfolio is a fund of funds that seeks a balance between growth of capital and current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 25-50%, International Equity 10-25%, and Fixed Income 25-50%.



Performance as of June 30, 2023



Average Annual returns
One year	9.67	%
Five years	5.08	%
Since inception (3/1/17)	5.06	%

The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Total gross expense ratio is estimated to be 0.99% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus. The Adviser has contractually agreed to make payments to the Fund to the extent necessary to maintain the Portfolio’s expense ratio (including AFFE, but excluding certain other expenses) at 1.00% through April 30, 2024.

Comments from Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 7.84% versus 6.91% for its benchmark, the Morningstar^® Moderate Target Risk Index.

Q. What affected the Portfolio’s performance?

The Portfolio invests in affiliated and unaffiliated mutual funds, comprised of fixed income and equity funds. The exposure to equity funds was the primary driver of positive performance vs. the benchmark. Specifically, holdings in ON S&P 500^® Index Portfolio, ON Nasdaq-100^® Index Portfolio, ON BlackRock Advantage Large Cap Growth Portfolio, and ON BlackRock Advantage Large Cap Core Portfolio provided positive

relative performance. The largest detractors from performance were all fixed income funds, which included PIMCO Low Duration Institutional, ON Federated Core Plus Bond Portfolio, and PIMCO Total Return Institutional. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		139		(continued)


Ohio National Fund, Inc.		ON Balanced Model Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾



	% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ⁽¹⁾^{(2) (3)}



		% of Net Assets
1.	ON S&P 500^® Index Portfolio		16.0
2.	ON Federated Core Plus Bond Portfolio		10.0
3.	ON S&P MidCap 400^® Index Portfolio		10.0
4.	PIMCO Total Return Institutional		9.0
5.	PIMCO Low Duration Institutional		8.0
6.	ON BlackRock Advantage International Equity Portfolio		7.0
7.	ON Bond Portfolio		6.0
8.	DFA International Core Equity Portfolio Institutional		5.1
9.	Western Asset Core Plus Bond IS		5.0
10.	ON BlackRock Advantage Large Cap Value Portfolio		4.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.


		140


Ohio National Fund, Inc.		ON Balanced Model Portfolio

Schedule of Investments in Unaffiliated Issuers		June 30, 2023 (Unaudited)


Open-End Mutual Funds – 31.1%	Shares		Value
DFA Emerging Markets Portfolio Institutional		595,112	$	15,972,792
DFA International Core Equity Portfolio Institutional		2,756,247		40,186,080
PIMCO Low Duration Institutional		7,054,333		63,559,542
PIMCO Total Return Institutional		8,420,899		71,493,430
Vanguard International Growth Fund Admiral Class		154,332		15,834,482
Western Asset Core Plus Bond IS		4,199,496		39,727,234

Total Open-End Mutual Funds			$	246,773,560

Total Investments in Securities of Unaffiliated Issuers – 31.1% (Cost $272,512,630)			$	246,773,560
Total Investments in Affiliates – 68.9% (Cost $536,233,301) (see schedule below)				546,289,629
Liabilities in Excess of Other Assets – 0.0%				(349,609	)

Net Assets – 100.0%			$	792,713,580

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.



Schedule of Investments in Affiliates		June 30, 2023 (Unaudited)


Affiliate		Value at January 1, 2023			Cost of Purchases		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Income Distributions		Shares at June 30, 2023		Value at June 30, 2023

Open-End Mutual Funds – 68.9%
Fidelity Advisor^® Real Estate I	(a)		$	7,875,979	$	394,606	$	660,498	$	(153,748	)	$	460,902		$47,025		486,317		$	7,917,241
ON AB Mid Cap Core Portfolio	(a)			7,875,979		337,627		1,017,541		(570,023	)		1,291,199		—		288,214			7,917,241
ON AB Relative Value Portfolio	(a)			31,503,917		1,132,277		2,118,544		57,385			1,093,929		—		3,045,093			31,668,964
ON AB Small Cap Portfolio.	(a)			7,875,979		410,900		1,240,633		(1,862,138	)		2,733,133		—		670,384			7,917,241
ON BlackRock Advantage International Equity Portfolio	(a)			55,131,854		1,195,173		7,808,254		(359,721	)		7,261,635		—		3,684,886			55,420,687
ON BlackRock Advantage Large Cap Core Portfolio	(a)			15,751,958		47,049		2,380,547		(227,700	)		2,643,722		—		528,168			15,834,482
ON BlackRock Advantage Large Cap Growth Portfolio	(a)			7,875,979		22,802		1,979,372		(3,494,067	)		5,491,899		—		941,408			7,917,241
ON BlackRock Advantage Large Cap Value Portfolio	(a)			31,503,917		683,476		2,201,678		(179,389	)		1,862,638		—		1,842,290			31,668,964
ON BlackRock Advantage Small Cap Growth Portfolio	(a)			15,751,958		731,644		2,641,272		(1,096,060	)		3,088,212		—		758,720			15,834,482
ON Bond Portfolio	(a)			47,255,875		1,299,475		2,517,055		(127,152	)		1,592,303		—		2,849,637			47,503,446
ON Federated Core Plus Bond Portfolio	(a)			78,759,792		2,995,257		4,036,985		(424,579	)		1,878,925		—		8,806,720			79,172,410
ON Federated High Income Bond Portfolio	(a)			23,627,938		269,853		1,308,031		8,811			1,153,152		—		1,258,703			23,751,723
ON Nasdaq-100^® Index Portfolio	(a)			7,875,979		22,767		2,672,849		(1,412,085	)		4,103,429		—		456,852			7,917,241
ON S&P 500^® Index Portfolio	(a)			126,015,667		294,461		19,428,718		2,978,823			16,815,623		—		3,329,194			126,675,856
ON S&P MidCap 400^® Index Portfolio	(a)			78,759,792		3,817,275		10,241,081		1,170,893			5,665,531		—		3,896,280			79,172,410

Total Open-End Mutual Funds									$	(5,690,750	)	$	57,136,232		$47,025				$	546,289,629

Percentages are stated as a percent of net assets.

Footnotes:

(a)

The accompanying notes are an integral part of these financial statements.


		141


Ohio National Fund, Inc.		ON Moderate Growth Model Portfolio (Unaudited)

Objective/Strategy

The ON Moderate Growth Model Portfolio is a fund of funds that seeks growth of capital and moderate current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 40-60%, International Equity 15-35%, and Fixed Income 10-30%.



Performance as of June 30, 2023


Average Annual returns
One year	12.78	%
Five years	6.32	%
Since inception (3/1/17)	6.46	%

The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments from Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 9.83% versus 8.58% for its benchmark, the Morningstar^® Moderately Aggressive Target Risk Index.

Q. What affected the Portfolio’s performance?

The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of equity funds, but also some fixed income funds. The exposure to equity funds was the primary driver of positive performance vs. the benchmark. Specifically, holdings in ON S&P 500^® Index Portfolio, ON Nasdaq-100^® Index Portfolio, ON BlackRock Advantage Large Cap Growth Portfolio, and ON BlackRock Advantage Large Cap Core Portfolio

provided positive relative performance. The largest detractors from performance were all fixed income funds, which included PIMCO Low Duration Institutional, ON Federated Core Plus Bond Portfolio, and PIMCO Total Return Institutional. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The Morningstar^® Target Risk Index Family is a series of Morningstar Indexes that provide exposure to a broad array of asset classes using Morningstar asset allocation methodology. The index family provides global equity market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The five levels of global equity exposure are set at 95%, 80%, 60%, 40%, and 20%, respectively, and the Morningstar^® Moderately Aggressive Target Risk Index exposure is set at 80%.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		142		(continued)


Ohio National Fund, Inc.		ON Moderate Growth Model Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾



	% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ^{(1) (2) (3)}



		% of Net Assets
1.	ON S&P 500^® Index Portfolio		18.9
2.	ON S&P MidCap 400^® Index Portfolio		12.0
3.	ON BlackRock Advantage International Equity Portfolio		8.0
4.	DFA International Core Equity Portfolio Institutional		7.1
5.	ON Federated Core Plus Bond Portfolio		7.0
6.	ON BlackRock Advantage Large Cap Value Portfolio		6.0
7.	PIMCO Total Return Institutional		5.0
8.	ON AB Relative Value Portfolio		5.0
9.	ON BlackRock Advantage Large Cap Core Portfolio		4.0
10.	ON Bond Portfolio		4.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.


		143


Ohio National Fund, Inc.		ON Moderate Growth Model Portfolio



Schedule of Investments in Unaffiliated Issuers		June 30, 2023 (Unaudited)



Open-End Mutual Funds – 22.1%	Shares		Value
DFA Emerging Markets Portfolio Institutional		1,119,088	$	30,036,320
DFA International Core Equity Portfolio Institutional		7,255,961		105,791,918
PIMCO Low Duration Institutional		4,974,453		44,819,824
PIMCO Total Return Institutional		8,797,211		74,688,321
Vanguard International Growth Fund Admiral Class		290,226		29,777,178
Western Asset Core Plus Bond IS		4,738,138		44,822,780

Total Open-End Mutual Funds			$	329,936,341

Total Investments in Securities of Unaffiliated Issuers – 22.1% (Cost $350,021,337)			$	329,936,341
Total Investments in Affiliates – 77.9% (Cost $1,149,260,586) (see schedule below)				1,161,309,953
Liabilities in Excess of Other Assets – 0.0%				(491,884	)

Net Assets – 100.0%			$	1,490,754,410

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.



Schedule of Investments in Affiliates		June 30, 2023 (Unaudited)


Affiliate		Value at January 1, 2023			Cost of Purchases		Proceeds from Sales		Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)		Income Distributions		Shares at June 30, 2023		Value at June 30, 2023

Open-End Mutual Funds – 77.9%
Fidelity Advisor^® Real Estate I	(a)		$	14,450,992	$	779,695	$	900,880		$	(180,519	)	$	739,301		$87,166		914,532		$	14,888,589
ON AB Mid Cap Core Portfolio	(a)			14,450,992		572,603		1,462,775			(819,065	)		2,146,834		—		541,994			14,888,589
ON AB Relative Value Portfolio	(a)			72,254,959		2,835,405		3,306,837			83,474			2,575,945		—		7,157,976			74,442,946
ON AB Small Cap Portfolio	(a)			28,901,984		1,386,052		3,714,866			(6,779,813	)		9,983,821		—		2,521,353			29,777,178
ON BlackRock Advantage International Equity Portfolio	(a)			115,607,935		2,433,109		13,432,718			(693,369	)		15,193,756		—		7,919,462			119,108,713
ON BlackRock Advantage Large Cap Core Portfolio	(a)			57,803,968		137,991		7,312,847			(822,807	)		9,748,052		—		1,986,470			59,554,357
ON BlackRock Advantage Large Cap Growth Portfolio	(a)			28,901,984		6,066		6,514,874			(16,845,380	)		24,229,382		—		3,540,687			29,777,178
ON BlackRock Advantage Large Cap Value Portfolio	(a)			86,705,951		2,427,932		4,474,002			(167,151	)		4,838,805		—		5,196,715			89,331,535
ON BlackRock Advantage Small Cap Growth Portfolio	(a)			43,352,976		1,720,749		5,908,966			(2,455,264	)		7,956,272		—		2,140,190			44,665,767
ON Bond Portfolio	(a)			57,803,968		2,605,132		2,637,047			(133,975	)		1,916,279		—		3,572,547			59,554,357
ON Federated Core Plus Bond Portfolio	(a)			101,156,943		6,108,621		4,889,679			(512,768	)		2,357,007		—		11,592,895			104,220,124
ON Federated High Income Bond Portfolio	(a)			28,901,984		864,054		1,412,349			4,721			1,418,768		—		1,578,017			29,777,178
ON Nasdaq-100^® Index Portfolio	(a)			28,901,984		2,892		9,078,250			(2,664,868	)		12,615,420		—		1,718,245			29,777,178
ON S&P 500^® Index Portfolio	(a)			274,568,846		179,274		35,284,753			5,372,166			38,047,661		—		7,434,512			282,883,194
ON S&P MidCap 400^® Index Portfolio	(a)			173,411,903		8,101,626		17,964,763			2,073,142			13,041,162		—		8,792,474			178,663,070

Total Open-End Mutual Funds										$	(24,541,476	)	$	146,808,465		$87,166				$	1,161,309,953

Percentages are stated as a percent of net assets.

Footnotes:

(a)

The accompanying notes are an integral part of these financial statements.


		144


Ohio National Fund, Inc.		ON Growth Model Portfolio (Unaudited)

Objective/Strategy

The ON Growth Model Portfolio is a fund of funds that seeks growth of capital and some current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 50-80%, International Equity 15-45%, and Fixed Income 0-15%.

Performance as of June 30, 2023


Average Annual returns
One year	15.28	%
Five years	7.40	%
Since inception (3/1/17)	7.52	%

The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Total gross expense ratio is estimated to be 1.03% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus.

Comments from Adviser

Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?

A. For the six-month period ended June 30, 2023, the Portfolio returned 11.36% versus 10.03% for its benchmark, the Morningstar^® Aggressive Target Risk Index

Q. What affected the Portfolio’s performance?

The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of equity funds, but also a small amount of fixed income funds. The exposure to equity funds was the primary driver of positive performance vs. the benchmark. Specifically, holdings in ON S&P 500^® Index Portfolio, ON Nasdaq-100^® Index Portfolio, ON BlackRock Advantage Large Cap Growth Portfolio, and ON BlackRock Advantage Large Cap Core Portfolio provided positive relative performance. The

largest detractors from performance were all fixed income funds, which included PIMCO Low Duration Institutional, ON Federated Core Plus Bond Portfolio, and PIMCO Total Return Institutional. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023.

Change in Value of $10,000 Investment

LOGO

The Morningstar^® Target Risk Index Family is a series of Morningstar Indexes that provide exposure to a broad array of asset classes using Morningstar asset allocation methodology. The index family provides global equity market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The five levels of global equity exposure are set at 95%, 80%, 60%, 40%, and 20%, respectively, and the Morningstar^® Aggressive Target Risk Index exposure is set at 95%.

Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.


		145		(continued)


Ohio National Fund, Inc.		ON Growth Model Portfolio (Unaudited) (Continued)



Portfolio Composition as of June 30, 2023 ⁽¹⁾



	% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0



Top 10 Portfolio Holdings as of June 30, 2023 ^{(1) (2) (3)}



		% of Net Assets
1.	ON S&P 500^® Index Portfolio		19.0
2.	ON S&P MidCap 400^® Index Portfolio		14.0
3.	ON BlackRock Advantage International Equity Portfolio		11.0
4.	DFA International Core Equity Portfolio Institutional		9.1
5.	ON BlackRock Advantage Large Cap Value Portfolio		7.0
6.	ON AB Relative Value Portfolio		6.0
7.	ON BlackRock Advantage Large Cap Core Portfolio		6.0
8.	ON BlackRock Advantage Small Cap Growth Portfolio		4.0
9.	DFA Emerging Markets Portfolio Institutional		3.0
10.	ON AB Small Cap Portfolio		3.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾

Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.


		146


Ohio National Fund, Inc.		ON Growth Model Portfolio



Schedule of Investments in Unaffiliated Issuers		June 30, 2023 (Unaudited)


Open-End Mutual Funds – 17.1%	Shares		Value

DFA Emerging Markets Portfolio Institutional		388,781	$	10,434,884
DFA International Core Equity Portfolio Institutional		2,160,611		31,501,713
PIMCO Low Duration Institutional		384,051		3,460,299
PIMCO Total Return Institutional		815,024		6,919,553
Vanguard International Growth Fund Admiral Class		67,223		6,897,028

Total Open-End Mutual Funds			$	59,213,477

Total Investments in Securities of Unaffiliated Issuers – 17.1% (Cost $60,058,804)			$	59,213,477
Total Investments in Affiliates – 82.9% (Cost $286,833,368) (see schedule below)				286,226,670
Liabilities in Excess of Other Assets – 0.0%				(131,066	)

Net Assets – 100.0%			$	345,309,081

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.



Schedule of Investments in Affiliates		June 30, 2023 (Unaudited)


Affiliate		Value at January 1, 2023			Cost of Proceeds			Purchases from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Income Distributions			Shares at June 30, 2023		Value at June 30, 2023
Open-End Mutual Funds – 82.9%
Fidelity Advisor^® Real Estate I	(a)		$	3,310,339		$	161,057		$	152,331		$	(30,483)		$	159,932		$	20,006		211,825		$	3,448,514
ON AB Mid Cap Core Portfolio	(a)			3,310,339			124,371			292,743			(161,295)			467,842			—		125,537			3,448,514
ON AB Relative Value Portfolio	(a)			19,862,033			737,077			640,309			14,943			717,341			—		1,989,527			20,691,085
ON AB Small Cap Portfolio	(a)			9,931,016			484,783			1,182,334			(2,393,364)			3,505,441			—		875,999			10,345,542
ON BlackRock Advantage International Equity Portfolio	(a)			36,413,727			931,438			3,989,251			(206,278)			4,784,019			—		2,522,185			37,933,655
ON BlackRock Advantage Large Cap Core Portfolio	(a)			19,862,033			18,613			2,259,411			(181,984)			3,251,834			—		690,163			20,691,085
ON BlackRock Advantage Large Cap Growth Portfolio	(a)			6,620,678			2,827			1,422,903			(3,378,829)			5,075,255			—		820,099			6,897,028
ON BlackRock Advantage Large Cap Value Portfolio	(a)			23,172,371			538,804			821,706			(2,279)			1,252,409			—		1,404,282			24,139,599
ON BlackRock Advantage Small Cap Growth Portfolio	(a)			13,241,355			563,366			1,703,742			(699,194)			2,392,271			—		660,951			13,794,056
ON Bond Portfolio	(a)			6,620,678			392,218			320,871			(6,738)			211,741			—		413,739			6,897,028
ON Federated Core Plus Bond Portfolio	(a)			9,931,016			742,731			510,494			(22,281)			204,570			—		1,150,783			10,345,542
ON Federated High Income Bond Portfolio	(a)			3,310,339			129,637			154,761			(5,715)			169,014			—		182,751			3,448,514
ON Nasdaq-100^® Index Portfolio	(a)			9,931,016			—			3,019,218			(944,772)			4,378,516			—		596,973			10,345,542
ON S&P 500^® Index Portfolio	(a)			62,896,437			33,042			7,365,471			1,312,188			8,645,572			—		1,721,991			65,521,768
ON S&P MidCap 400^® Index Portfolio	(a)			46,344,743			2,085,794			4,224,739			591,441			3,481,959			—		2,375,945			48,279,198

Total Open-End Mutual Funds												$	(6,114,640)		$	38,697,716		$	20,006				$	286,226,670

Percentages are stated as a percent of net assets.

Footnotes:

(a)

The accompanying notes are an integral part of these financial statements.


		147


Ohio National Fund, Inc.

Statements of Assets and Liabilities		June 30, 2023 (Unaudited)


	ON Bond Portfolio			ON BlackRock Balanced Allocation Portfolio		ON BlackRock Advantage International Equity Portfolio			ON Janus Henderson Forty Portfolio		ON AB Small Cap Portfolio			ON AB Mid Cap Core Portfolio			ON S&P 500^®Index Portfolio		ON BlackRock Advantage Large Cap Value Portfolio		ON Federated High Income Bond Portfolio

Assets:
Investments in securities of unaffiliated issuers, at value*	$	214,597,532		$	428,362,533	$	349,946,980		$	51,319,981	$	118,871,839		$	80,140,483		$	1,091,367,201	$	201,365,215	$	120,024,344
Cash.		2,735,587			3,639,715		6,558,502			27,714		1,699,172			644,944			4,632,103		1,786,008		1,817,837
Cash subject to usage restrictions.		—			212,800		235,555			—		—			—			50,281		135,520		—
Foreign currencies, at value		—			—		167,300			—		—			2,431			—		456,193		—
Receivable for securities sold		—			—		12,202,967			—		1,020,845			332,208			—		—		—
Receivable for fund shares sold		4,353,560			152,900		460,539			196,299		83,551			53,490			355,618		74,125		1,035,201
Receivable for variation margin on futures contracts		—			45,569		86,680			—		—			—			55,099		28,875		—
Dividends and accrued interest receivable		2,409,481			1,328,307		540,804			16,272		68,927			71,012			712,346		193,946		2,124,782
Foreign tax reclaim receivable		—			—		1,636,585			—		—			—			—		126,538		—
Prepaid expenses and other assets		2,913			5,585		5,101			2,245		2,062			1,470			14,507		3,033		1,458

Total assets.		224,099,073			433,747,409		371,841,013			51,562,511		121,746,396			81,246,038			1,097,187,155		204,169,453		125,003,622

Liabilities:
Payable for securities purchased		—			—		11,736,522			19,932		1,360,544			163,910			—		61,722		—
Payable for fund shares redeemed		239,102			1,138,873		1,205,209			42,366		1,116,408			686,476			8,907,188		1,949,622		9,332
Payable for investment management services		98,369			175,414		208,756			30,036		70,567			46,453			300,559		110,846		74,121
Accrued custody expense		999			10,596		73,912			1,891		8,788			7,135			10,411		2,954		808
Accrued professional fees		7,981			8,599		8,710			7,983		7,883			7,772			9,655		8,573		7,941
Accrued accounting fees		7,660			13,671		528			1,911		4,432			4,066			22,985		5,248		11,653
Accrued printing and filing fees		561			584		576			540		548			543			658		558		549
Other liabilities		9,003			8,775		21,989			8,835		9,316			9,231			9,525		9,053		9,136
Withholding tax payable		—			400		23,561			—		—			121			1,166		—		—

Total liabilities		363,675			1,356,912		13,279,763			113,494		2,578,486			925,707			9,262,147		2,148,576		113,540

Net assets	$	223,735,398		$	432,390,497	$	358,561,250		$	51,449,017	$	119,167,910		$	80,320,331		$	1,087,925,008	$	202,020,877	$	124,890,082

Net assets consist of:
Paid in capital		241,509,496			407,668,668		361,364,731			29,280,809		141,484,904			89,001,997			586,972,649		194,043,972		142,524,070
Total distributable earnings.		(17,774,098	)		24,721,829		(2,803,481	)		22,168,208		(22,316,994	)		(8,681,666	)		500,952,359		7,976,905		(17,633,988	)

Net assets	$	223,735,398		$	432,390,497	$	358,561,250		$	51,449,017	$	119,167,910		$	80,320,331		$	1,087,925,008	$	202,020,877	$	124,890,082

*Investments in securities of unaffiliated issuers, at cost	$	240,398,811		$	410,525,057	$	323,047,334		$	41,325,773	$	118,714,454		$	80,356,532		$	682,033,086	$	202,046,386	$	133,785,966

Foreign currencies, at cost	$	—		$	—	$	172,885		$	—	$	—		$	2,230		$	—	$	464,516	$	—

Shares outstanding, par value, $1 per share		13,417,506			14,030,569		23,839,149			34,195,743		10,087,267			2,923,948			28,594,468		11,753,175		6,617,810

Authorized Fund shares allocated to Portfolio		22,000,000			25,000,000		50,000,000			74,000,000		17,000,000			6,000,000			50,000,000		26,000,000		13,000,000

Net asset value per share	$	16.67		$	30.82	$	15.04		$	1.50	$	11.81		$	27.47		$	38.05	$	17.19	$	18.87

The accompanying notes are an integral part of these financial statements.

148


Ohio National Fund, Inc.

Statements of Assets and Liabilities		June 30, 2023 (Unaudited)


	ON Nasdaq-100^®Index Portfolio		ON BlackRock Advantage Large Cap Core Portfolio		ON BlackRock Advantage Small Cap Growth Portfolio			ON S&P MidCap 400^®Index Portfolio		ON BlackRock Advantage Large Cap Growth Portfolio		ON Risk Managed Balanced Portfolio		ON Federated Core Plus Bond Portfolio			ON U.S. Low Volatility Portfolio		ON AB Relative Value Portfolio

Assets:
Investments in securities of unaffiliated issuers, at value*	$	256,041,136	$	330,605,210	$	140,469,204		$	384,174,144	$	432,047,582	$	1,149,613,408	$	529,050,595		$	718,214,024	$	124,436,245
Cash		1,622,414		4,015,977		1,826,091			381,947		4,949,379		20,077,017		8,234,009			5,803,304		6,695,742
Cash subject to usage restrictions		2,741		212,800		124,000			216,000		285,600		—		—			—		—
Foreign currencies, at value		—		—		—			—		—		—		7			—		—
Receivable for securities sold		—		—		—			3,019,634		—		1,893,639		—			—		841,770
Receivable for fund shares sold		9,669		87,728		12,335			5,022		209,015		631,402		8,827,405			193,225		—
Receivable for variation margin on futures contracts		28,410		41,261		5,035			8,633		73,266		923,680		—			—		—
Dividends and accrued interest receivable		36,476		207,717		39,026			439,181		125,766		4,026,389		3,238,599			408,730		118,344
Foreign tax reclaim receivable		—		—		—			—		—		412		—			—		27,841
Prepaid expenses and other assets		3,315		4,599		2,079			5,040		5,585		15,479		7,601			10,312		2,069

Total assets		257,744,161		335,175,292		142,477,770			388,249,601		437,696,193		1,177,181,426		549,358,216			724,629,595		132,122,011

Liabilities:
Payable for securities purchased		—		—		42,246			—		—		46,354,842		—			—		1,427,458
Payable for fund shares redeemed		2,144,284		4,462,763		1,922,867			8,144,063		1,317,839		880,929		122,857			477,417		1,706,498
Payable for investment management services		76,918		173,312		88,660			111,490		232,755		741,990		226,506			333,620		67,793
Payable for variation margin on futures contracts		—		—		—			—		—		—		174,375			—		—
Accrued custody expense		3,407		3,474		2,754			8,488		3,810		14,598		4,521			3,093		2,625
Accrued professional fees		8,173		8,381		7,939			8,069		5,932		9,192		10,187			11,280		7,639
Accrued accounting fees.		5,441		7,197		4,696			9,679		8,713		35,779		24,597			14,982		3,161
Accrued printing and filing fees		561		572		551			579		581		667		600			618		549
Other liabilities		8,974		9,077		9,233			8,898		8,777		8,737		8,958			8,620		9,001
Withholding tax payable		682		357		—			—		460		—		—			—		1,947

Total liabilities.		2,248,440		4,665,133		2,078,946			8,291,266		1,578,867		48,046,734		572,601			849,630		3,226,671

Net assets	$	255,495,721	$	330,510,159	$	140,398,824		$	379,958,335	$	436,117,326	$	1,129,134,692	$	548,785,615		$	723,779,965	$	128,895,340

Net assets consist of:
Paid in capital.		116,056,470		289,225,750		160,196,150			299,547,504		342,419,211		1,115,133,946		630,964,894			676,291,484		124,719,363
Total distributable earnings		139,439,251		41,284,409		(19,797,326	)		80,410,831		93,698,115		14,000,746		(82,179,279	)		47,488,481		4,175,977

Net assets	$	255,495,721	$	330,510,159	$	140,398,824		$	379,958,335	$	436,117,326	$	1,129,134,692	$	548,785,615		$	723,779,965	$	128,895,340

*Investments in securities of unaffiliated issuers, at cost	$	150,335,079	$	294,878,648	$	150,212,100		$	325,261,563	$	362,512,261	$	1,114,199,322	$	588,454,896		$	676,759,969	$	117,279,547

Foreign currencies, at cost	$	—	$	—	$	—		$	—	$	—	$	—	$	7		$	—	$	—

Shares outstanding, par value, $1 per share		14,746,403		11,025,190		6,725,885			18,699,286		51,883,601		83,591,660		61,024,830			68,844,510		12,392,442

Authorized Fund shares allocated to Portfolio		27,000,000		19,000,000		12,000,000			31,000,000		82,000,000		170,000,000		115,000,000			155,000,000		25,000,000

Net asset value per share	$	17.33	$	29.98	$	20.87		$	20.32	$	8.41	$	13.51	$	8.99		$	10.51	$	10.40

The accompanying notes are an integral part of these financial statements.

149


Ohio National Fund, Inc.

Statements of Assets and Liabilities		June 30, 2023 (Unaudited)


	ON iShares Managed Risk Balanced Portfolio		ON iShares Managed Risk Moderate Growth Portfolio		ON iShares Managed Risk Growth Portfolio		ON Moderately Conservative Model Portfolio			ON Balanced Model Portfolio		ON Moderate Growth Model Portfolio		ON Growth Model Portfolio

Assets:
Investments in securities of unaffiliated issuers, at value*	$	580,864,006	$	477,331,906	$	423,724,209	$	77,247,703		$	246,773,560	$	329,936,341	$	59,213,477
Investments in affiliates, at value**		—		—		—		130,939,455			546,289,629		1,161,309,953		286,226,670
Cash		20,709,920		20,569,891		17,838,210		—			—		—		—
Cash subject to usage restrictions		5,079,667		3,525,556		3,293,068		—			—		—		—
Foreign currencies, at value		1,796,699		673,850		666,229		—			—		—		—
Receivable for securities sold		—		—		—		947,493			8,135,265		15,279,063		2,594,246
Receivable for fund shares sold		301,025		71,811		67,744		156			88,978		930		2,889
Receivable for variation margin on futures contracts		800,077		604,990		545,376		—			—		—		—
Dividends and accrued interest receivable		48,608		26,511		—		345,590			1,331,577		2,368,393		583,033
Prepaid expenses and other assets		8,784		7,133		6,271		3,375			11,484		20,403		4,812

Total assets		609,608,786		502,811,648		446,141,107		209,483,772			802,630,493		1,508,915,083		348,625,127

Liabilities:
Payable for securities purchased.		—		—		—		1,237,404			9,325,988		17,414,510		3,111,411
Payable for fund shares redeemed.		226,866		303,814		650,451		55,835			229,832		233,876		68,757
Payable for investment management services.		275,035		225,511		199,453		73,679			335,233		484,913		111,909
Accrued custody expense.		4,903		3,800		3,803		2,677			2,883		2,812		2,351
Accrued professional fees		5,843		4,479		4,771		7,060			8,560		10,058		7,259
Accrued accounting fees		4,138		4,494		4,494		3,848			3,856		3,856		3,852
Accrued printing and filing fees		606		592		585		559			629		709		575
Other liabilities		8,644		8,599		8,595		9,929			9,932		9,939		9,932

Total liabilities		526,035		551,289		872,152		1,390,991			9,916,913		18,160,673		3,316,046

Net assets	$	609,082,751	$	502,260,359	$	445,268,955	$	208,092,781		$	792,713,580	$	1,490,754,410	$	345,309,081

Net assets consist of:
Paid in capital		604,189,678		433,087,642		373,099,844		208,725,140			749,493,068		1,369,607,121		311,019,965
Total distributable earnings		4,893,073		69,172,717		72,169,111		(632,359	)		43,220,512		121,147,289		34,289,116

Net assets	$	609,082,751	$	502,260,359	$	445,268,955	$	208,092,781		$	792,713,580	$	1,490,754,410	$	345,309,081

*Investments in securities of unaffiliated issuers, at cost	$	563,531,535	$	421,241,136	$	361,637,354	$	86,996,980		$	272,512,630	$	350,021,337	$	60,058,804

**Investments in affiliates, at cost.	$	—	$	—	$	—	$	132,806,884		$	536,233,301	$	1,149,260,586	$	286,833,368

Foreign currencies, at cost	$	1,795,022	$	694,800	$	678,166	$	—		$	—	$	—	$	—

Shares outstanding, par value, $1 per share		66,025,618		43,117,025		37,377,206		18,924,677			69,416,891		124,727,619		27,725,595

Authorized Fund shares allocated to Portfolio.		123,000,000		95,000,000		80,000,000		28,000,000			97,000,000		170,000,000		38,000,000

Net asset value per share.	$	9.22	$	11.65	$	11.91	$	11.00		$	11.42	$	11.95	$	12.45

The accompanying notes are an integral part of these financial statements.

150


Ohio National Fund, Inc.

Statements of Operations		For the Six-Month Period Ended June 30, 2023 (Unaudited)


	ON Bond Portfolio				ON BlackRock Balanced Allocation Portfolio				ON BlackRock Advantage International Equity Portfolio				ON Janus Henderson Forty Portfolio				ON AB Small Cap Portfolio				ON AB Mid Cap Core Portfolio				ON S&P 500^®Index Portfolio			ON BlackRock Advantage Large Cap Value Portfolio			ON Federated High Income Bond Portfolio

Investment income:
Interest		$	4,662,756			$	2,148,747			$	147,979			$	22,094			$	35,605			$	17,456			$	177,441		$	64,894		$	4,025,670
Dividends from unaffiliated issuers, net of taxes withheld*			—				2,425,036				6,645,846				182,580				643,772				547,253				8,900,146			2,189,763			—

Total investment income.			4,662,756				4,573,783				6,793,825				204,674				679,377				564,709				9,077,587			2,254,657			4,025,670

Expenses:
Management fees			605,601				1,049,941				1,266,163				171,009				425,764				281,073				1,785,757			666,526			452,958
Custodian fees			2,802				38,570				226,393				4,921				27,632				21,791				34,280			8,966			2,273
Directors’ fees			8,834				16,689				14,198				1,830				4,628				3,129				41,658			7,902			4,920
Professional fees.			10,763				12,826				12,422				9,422				9,856				9,460				18,573			11,117			9,974
Accounting fees			23,145				41,337				29,757				5,630				13,347				12,317				69,340			15,650			34,962
Administration fees			14,467				17,162				38,490				10,310				12,215				11,645				16,981			12,072			13,604
Printing and filing fees			5,621				6,336				5,097				4,095				4,140				4,291				7,257			4,577			5,832
Compliance expense			5,130				5,130				5,130				5,130				5,130				5,130				5,130			5,130			5,130
Other			2,611				6,577				5,763				1,053				1,825				1,221				16,415			3,641			1,756

Total expenses			678,974				1,194,568				1,603,413				213,400				504,537				350,057				1,995,391			735,581			531,409

Net investment income (loss)			3,983,782				3,379,215				5,190,412				(8,726	)			174,840				214,652				7,082,196			1,519,076			3,494,261

Realized/unrealized gain (loss) on investments, futures contracts, and foreign currency related transactions:
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers			(669,846	)			(1,948,975	)			13,104,704				3,038,629				(3,913,987	)			(1,867,232	)			32,969,447			1,900,290			(2,648,706	)
Futures contracts			—				415,617				579,928				—				—				11,226				795,832			316,549			—
Foreign currency related transactions			—				—				(42,376	)			(487	)			—				—				—			—			—
Change in unrealized appreciation/depreciation on:
Investments in securities of unaffiliated issuers			3,614,841				48,561,036				24,699,395				8,064,992				16,283,683				8,662,300				122,320,536			6,597,516			5,282,233
Futures contracts			—				228,934				241,422				—				—				7,212				596,078			155,614			—
Foreign currency related transactions			—				—				4,090				455				—				46				—			23,365			—

Net realized/unrealized gain on investments, futures contracts, and foreign currency related transactions			2,944,995				47,256,612				38,587,163				11,103,589				12,369,696				6,813,552				156,681,893			8,993,334			2,633,527

Change in net assets from operations		$	6,928,777			$	50,635,827			$	43,777,575			$	11,094,863			$	12,544,536			$	7,028,204			$	163,764,089		$	10,512,410		$	6,127,788

*Taxes withheld		$	—			$	400			$	797,042			$	2,362			$	526			$	944			$	2,393		$	—		$	—

The accompanying notes are an integral part of these financial statements.

151


Ohio National Fund, Inc.

Statements of Operations		For the Six-Month Period Ended June 30, 2023 (Unaudited)


	ON Nasdaq-100^®Index Portfolio		ON BlackRock Advantage Large Cap Core Portfolio			ON BlackRock Advantage Small Cap Growth Portfolio			ON S&P MidCap 400^®Index Portfolio		ON BlackRock Advantage Large Cap Growth Portfolio		ON Risk Managed Balanced Portfolio			ON Federated Core Plus Bond Portfolio			ON U.S. Low Volatility Portfolio		ON AB Relative Value Portfolio

Investment income:
Interest.	$	32,437	$	96,878		$	46,888		$	65,119	$	122,390	$	11,109,194		$	8,069,709		$	129,140	$	155,592
Dividends from unaffiliated issuers, net of taxes withheld*		1,003,519		2,546,577			625,957			3,252,849		2,043,573		4,921,152			1,286,483			6,446,711		1,436,685

Total investment income		1,035,956		2,643,455			672,845			3,317,968		2,165,963		16,030,346			9,356,192			6,575,851		1,592,277

Expenses:
Management fees		430,934		1,028,071			532,903			666,093		1,328,614		4,532,320			1,396,485			2,047,293		406,367
Custodian fees		10,788		10,746			8,286			26,466		9,254		42,469			11,304			9,013		8,874
Directors’ fees.		9,081		12,741			5,472			14,701		15,780		44,848			21,859			28,470		4,996
Professional fees		11,009		11,867			10,068			11,975		10,028		18,688			11,665			17,685		9,722
Accounting fees		16,097		21,732			14,194			29,599		29,000		107,809			73,467			45,081		9,566
Administration fees		11,827		14,930			11,897			12,363		12,536		28,681			19,708			13,092		10,963
Printing and filing fees		4,396		4,710			4,400			5,162		5,116		8,967			7,269			6,037		4,097
Compliance expense		5,130		5,130			5,130			5,130		5,130		5,130			5,130			5,130		5,130
Other		3,673		5,014			2,203			5,323		4,404		43,963			7,251			11,698		1,665

Total expenses		502,935		1,114,941			594,553			776,812		1,419,862		4,832,875			1,554,138			2,183,499		461,380

Net investment income.		533,021		1,528,514			78,292			2,541,156		746,101		11,197,471			7,802,054			4,392,352		1,130,897

Realized/unrealized gain (loss) on investments and futures contracts:
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers		11,795,476		(701,876	)		(23,439	)		5,010,567		20,347,203		8,756,349			(4,534,794	)		405,415		(2,937,811	)
Futures contracts		393,125		489,955			64,587			111,986		1,435,030		(1,169,625	)		(1,389,511	)		—		—
Change in unrealized appreciation/depreciation on:
Investments in securities of unaffiliated issuers		64,485,449		47,228,778			16,919,371			24,407,780		77,049,109		60,454,312			10,418,953			32,923,244		6,474,971
Futures contracts		115,750		256,833			67,638			100,457		491,880		(7,798,560	)		(1,779,836	)		—		—

Net realized/unrealized gain on investments and futures contracts		76,789,800		47,273,690			17,028,157			29,630,790		99,323,222		60,242,476			2,714,812			33,328,659		3,537,160

Change in net assets from operations	$	77,322,821	$	48,802,204		$	17,106,449		$	32,171,946	$	100,069,323	$	71,439,947		$	10,516,866		$	37,721,011	$	4,668,057

*Taxes withheld	$	2,214	$	357		$	2,754		$	—	$	460	$	7,984		$	—		$	—	$	24,351

The accompanying notes are an integral part of these financial statements.

152


Ohio National Fund, Inc.

Statements of Operations		For the Six-Month Period Ended June 30, 2023 (Unaudited)


	ON iShares Managed Risk Balanced Portfolio				ON iShares Managed Risk Moderate Growth Portfolio				ON iShares Managed Risk Growth Portfolio				ON Moderately Conservative Model Portfolio				ON Balanced Model Portfolio				ON Moderate Growth Model Portfolio				ON Growth Model Portfolio

Investment income:
Interest		$	814,696			$	891,478			$	578,009			$	1			$	2			$	4			$	1
Dividend income from unaffiliated issuers			7,094,648				5,180,727				4,480,311				1,469,959				4,269,481				5,194,724				805,501
Dividends from affililiates			—				—				—				12,589				47,024				87,166				20,006

Total investment income			7,909,344				6,072,205				5,058,320				1,482,549				4,316,507				5,281,894				825,508

Expenses:
Management fees			1,678,434				1,358,270				1,192,459				421,918				1,583,440				2,929,302				674,355
Custodian fees.			12,071				10,082				10,087				8,158				8,647				8,259				6,701
Directors’ fees			24,282				19,576				17,173				8,398				31,487				58,174				13,401
Professional fees			11,495				8,962				8,803				13,733				15,559				22,052				10,868
Accounting fees			12,326				13,783				13,782				11,543				11,565				11,565				11,555
Administration fees			12,881				12,466				12,079				14,049				15,768				17,749				14,425
Printing and filing fees			5,830				4,768				4,532				4,447				6,272				8,310				4,800
Compliance expense			5,130				5,130				5,130				5,130				5,130				5,130				5,130
Recoupment of previously reimbursed expenses.			—				—				—				5,000				126,000				—				—
Other			24,031				18,942				23,099				2,675				10,114				18,310				4,085

Total expenses.			1,786,480				1,451,979				1,287,144				495,051				1,813,982				3,078,851				745,320

Net investment income			6,122,864				4,620,226				3,771,176				987,498				2,502,525				2,203,043				80,188

Realized/unrealized gain (loss) on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds:
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers			(3,611,664	)			921,667				1,989,951				(425,344	)			(535,530	)			(2,139,947	)			(618,950	)
Investments in affiliates			—				—				—				(37,875	)			(5,690,750	)			(24,541,476	)			(6,114,640	)
Futures contracts.			7,551,232				5,503,940				4,140,003				—				—				—				—
Foreign currency related transactions			118,611				12,343				25,645				—				—				—				—
Change in unrealized appreciation/depreciation on:
Investments in securities of unaffiliated issuers			36,482,715				33,567,579				38,917,367				1,386,173				6,896,135				16,164,499				4,511,433
Investments in affiliates			—				—				—				10,980,171				57,136,232				146,808,465				38,697,716
Futures contracts.			2,303,659				2,979,831				2,262,390				—				—				—				—
Foreign currency related transactions			(86,105	)			(24,761	)			(17,487	)			—				—				—				—

Net realized/unrealized gain on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds			42,758,448				42,960,599				47,317,869				11,903,125				57,806,087				136,291,541				36,475,559

Change in net assets from operations		$	48,881,312			$	47,580,825			$	51,089,045			$	12,890,623			$	60,308,612			$	138,494,584			$	36,555,747

The accompanying notes are an integral part of these financial statements.

153


Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON Bond Portfolio								ON BlackRock Balanced Allocation Portfolio								ON BlackRock Advantage International Equity Portfolio								ON Janus Henderson Forty Portfolio
	Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)		$	3,983,782			$	7,061,170			$	3,379,215			$	7,221,718			$	5,190,412			$	10,506,593			$	(8,726	)		$	(163,359	)
Net realized gain (loss) on investments, futures contracts, and foreign currency related transactions			(669,846	)			(2,323,091	)			(1,533,358	)			(1,511,732	)			13,642,256				(54,967,224	)			3,038,142				9,326,211
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions			3,614,841				(46,010,875	)			48,789,970				(104,791,781	)			24,944,907				(22,914,006	)			8,065,447				(51,085,374	)

Change in net assets from operations.			6,928,777				(41,272,796	)			50,635,827				(99,081,795	)			43,777,575				(67,374,637	)			11,094,863				(41,922,522	)

Distributions:
Distributions to shareholders			—				(8,574,425	)			—				(91,138,887	)			—				(63,189,251	)			—				(59,319,150	)

Capital transactions:
Received from shares sold			10,400,956				37,257,056				6,337,412				39,209,578				7,835,242				17,766,308				1,345,614				10,963,124
Received from dividends reinvested.			—				8,574,425				—				91,138,887				—				63,189,251				—				59,319,150
Paid for shares redeemed			(15,074,934	)			(51,935,837	)			(43,313,297	)			(73,207,293	)			(47,623,108	)			(103,287,366	)			(5,120,260	)			(67,084,671	)

Change in net assets from capital transactions			(4,673,978	)			(6,104,356	)			(36,975,885	)			57,141,172				(39,787,866	)			(22,331,807	)			(3,774,646	)			3,197,603

Change in net assets			2,254,799				(55,951,577	)			13,659,942				(133,079,510	)			3,989,709				(152,895,695	)			7,320,217				(98,044,069	)
Net assets:
Beginning of period			221,480,599				277,432,176				418,730,555				551,810,065				354,571,541				507,467,236				44,128,800				142,172,869

End of period		$	223,735,398			$	221,480,599			$	432,390,497			$	418,730,555			$	358,561,250			$	354,571,541			$	51,449,017			$	44,128,800

The accompanying notes are an integral part of these financial statements.

154


Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON AB Small Cap Portfolio								ON AB Mid Cap Core Portfolio								ON S&P 500^®Index Portfolio								ON BlackRock Advantage Large Cap Value Portfolio
	Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022
Increase (Decrease) in net assets:
Operations:
Net investment income		$	174,840			$	83,959			$	214,652			$	445,275			$	7,082,196			$	13,953,656			$	1,519,076			$	4,066,364
Net realized gain (loss) on investments, futures contracts, and foreign currency related transactions			(3,913,987	)			(18,086,434	)			(1,856,006	)			(7,062,600	)			33,765,279				47,510,993				2,216,839				1,744,006
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions			16,283,683				(29,906,410	)			8,669,558				(17,237,620	)			122,916,614				(294,998,664	)			6,776,495				(32,737,573	)

Change in net assets from operations			12,544,536				(47,908,885	)			7,028,204				(23,854,945	)			163,764,089				(233,534,015	)			10,512,410				(26,927,203	)

Distributions:
Distributions to shareholders.			—				(77,449,777	)			—				(38,480,179	)			—				(140,988,170	)			—				(61,357,541	)

Capital transactions:
Received from shares sold			4,333,987				15,389,537				2,582,607				9,678,476				18,823,995				110,296,372				5,510,969				5,786,201
Received from dividends reinvested			—				77,449,777				—				38,480,179				—				140,988,170				—				61,357,541
Paid for shares redeemed			(11,402,759	)			(23,084,864	)			(7,084,236	)			(12,681,249	)			(118,243,446	)			(178,215,803	)			(12,943,851	)			(105,822,570	)

Change in net assets from capital transactions			(7,068,772	)			69,754,450				(4,501,629	)			35,477,406				(99,419,451	)			73,068,739				(7,432,882	)			(38,678,828	)

Change in net assets			5,475,764				(55,604,212	)			2,526,575				(26,857,718	)			64,344,638				(301,453,446	)			3,079,528				(126,963,572	)
Net assets:
Beginning of period			113,692,146				169,296,358				77,793,756				104,651,474				1,023,580,370				1,325,033,816				198,941,349				325,904,921

End of period		$	119,167,910			$	113,692,146			$	80,320,331			$	77,793,756			$	1,087,925,008			$	1,023,580,370			$	202,020,877			$	198,941,349

The accompanying notes are an integral part of these financial statements.

155


Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON Federated High Income Bond Portfolio								ON Nasdaq-100^®Index Portfolio								ON BlackRock Advantage Large Cap Core Portfolio								ON BlackRock Advantage Small Cap Growth Portfolio
	Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022
Increase (Decrease) in net assets:
Operations:
Net investment income		$	3,494,261			$	7,152,883			$	533,021			$	1,186,637			$	1,528,514			$	3,425,040			$	78,292			$	45,785
Net realized gain (loss) on investments and futures contracts			(2,648,706	)			(3,870,351	)			12,188,601				20,591,868				(211,921	)			1,633,762				41,148				(9,971,054	)
Change in unrealized appreciation/depreciation on investments and futures contracts			5,282,233				(22,246,978	)			64,601,199				(131,230,122	)			47,485,611				(87,433,157	)			16,987,009				(40,989,792	)

Change in net assets from operations.			6,127,788				(18,964,446	)			77,322,821				(109,451,617	)			48,802,204				(82,374,355	)			17,106,449				(50,915,061	)

Distributions:
Distributions to shareholders			—				(7,915,615	)			—				(81,012,020	)			—				(94,014,910	)			—				(49,954,225	)

Capital transactions:
Received from shares sold			4,105,791				5,362,424				10,092,393				39,450,661				3,822,927				14,043,699				4,496,384				15,744,900
Received from dividends reinvested.			—				7,915,615				—				81,012,020				—				94,014,910				—				49,954,225
Paid for shares redeemed			(8,898,381	)			(33,028,965	)			(40,431,422	)			(78,019,869	)			(35,913,011	)			(55,125,680	)			(16,205,203	)			(26,057,888	)

Change in net assets from capital transactions			(4,792,590	)			(19,750,926	)			(30,339,029	)			42,442,812				(32,090,084	)			52,932,929				(11,708,819	)			39,641,237

Change in net assets			1,335,198				(46,630,987	)			46,983,792				(148,020,825	)			16,712,120				(123,456,336	)			5,397,630				(61,228,049	)
Net assets:
Beginning of period			123,554,884				170,185,871				208,511,929				356,532,754				313,798,039				437,254,375				135,001,194				196,229,243

End of period		$	124,890,082			$	123,554,884			$	255,495,721			$	208,511,929			$	330,510,159			$	313,798,039			$	140,398,824			$	135,001,194

The accompanying notes are an integral part of these financial statements.

156


Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON S&P MidCap 400^®Index Portfolio								ON BlackRock Advantage Large Cap Growth Portfolio								ON Risk Managed Balanced Portfolio								ON Federated Core Plus Bond Portfolio
	Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022
Increase (Decrease) in net assets:
Operations:
Net investment income		$	2,541,156			$	4,697,808			$	746,101			$	609,922			$	11,197,471			$	13,050,729			$	7,802,054			$	13,234,868
Net realized gain (loss) on investments and futures contracts			5,122,553				21,896,113				21,782,233				1,035,868				7,586,724				(36,102,057	)			(5,924,305	)			(34,877,886	)
Change in unrealized appreciation/depreciation on investments and futures contracts			24,508,237				(83,766,894	)			77,540,989				(23,461,774	)			52,655,752				(118,870,541	)			8,639,117				(66,363,139	)

Change in net assets from operations			32,171,946				(57,172,973	)			100,069,323				(21,815,984	)			71,439,947				(141,921,869	)			10,516,866				(88,006,157	)

Distributions:
Distributions to shareholders.			—				(59,625,654	)			—				(34,740,322	)			—				(52,389,384	)			—				(9,465,356	)

Capital transactions:
Received from shares sold			18,307,094				62,756,203				5,335,553				346,006,891				17,603,901				979,291,083				26,433,022				81,089,166
Received from dividends reinvested			—				59,625,654				—				34,740,322				—				52,389,384				—				9,465,356
Paid for shares redeemed			(40,001,467	)			(73,655,305	)			(44,411,441	)			(30,527,193	)			(99,122,665	)			(145,114,544	)			(39,266,116	)			(158,471,240	)

Change in net assets from capital transactions			(21,694,373	)			48,726,552				(39,075,888	)			350,220,020				(81,518,764	)			886,565,923				(12,833,094	)			(67,916,718	)

Change in net assets			10,477,573				(68,072,075	)			60,993,435				293,663,714				(10,078,817	)			692,254,670				(2,316,228	)			(165,388,231	)
Net assets:
Beginning of period			369,480,762				437,552,837				375,123,891				81,460,177				1,139,213,509				446,958,839				551,101,843				716,490,074

End of period		$	379,958,335			$	369,480,762			$	436,117,326			$	375,123,891			$	1,129,134,692			$	1,139,213,509			$	548,785,615			$	551,101,843

The accompanying notes are an integral part of these financial statements.

157


Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON U.S. Low Volatility Portfolio								ON AB Relative Value Portfolio								ON iShares Managed Risk Balanced Portfolio								ON iShares Managed Risk Moderate Growth Portfolio
	Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Period from October 14, 2022 (inception) to December 31, 2022
Increase (Decrease) in net assets:
Operations:
Net investment income		$	4,392,352			$	8,705,219			$	1,130,897			$	1,470,576			$	6,122,864			$	6,514,570			$	4,620,226			$	2,683,968
Net realized gain (loss) on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds			405,415				(7,547,614	)			(2,937,811	)			(2,644,383	)			4,058,179				(29,743,481	)			6,437,950				4,805,973
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions			32,923,244				(71,016,377	)			6,474,971				(3,132,477	)			38,700,269				(26,746,207	)			36,522,649				20,776,747

Change in net assets from operations			37,721,011				(69,858,772	)			4,668,057				(4,306,284	)			48,881,312				(49,975,118	)			47,580,825				28,266,688

Distributions:
Distributions to shareholders			—				(24,143,362	)			—				(92,591	)			—				(3,430,064	)			—				—

Capital transactions:
Received from shares sold			19,771,276				14,522,475				4,841,102				77,045,730				5,612,774				314,447,942				7,346,136				486,047,292
Received from dividends reinvested			—				24,143,362				—				92,591				—				3,430,064				—				—
Paid for shares redeemed			(72,138,351	)			(189,797,773	)			(6,336,555	)			(24,660,816	)			(57,047,204	)			(64,824,870	)			(43,664,651	)			(23,315,931	)

Change in net assets from capital transactions			(52,367,075	)			(151,131,936	)			(1,495,453	)			52,477,505				(51,434,430	)			253,053,136				(36,318,515	)			462,731,361

Change in net assets			(14,646,064	)			(245,134,070	)			3,172,604				48,078,630				(2,553,118	)			199,647,954				11,262,310				490,998,049
Net assets:
Beginning of period			738,426,029				983,560,099				125,722,736				77,644,106				611,635,869				411,987,915				490,998,049				—

End of period		$	723,779,965			$	738,426,029			$	128,895,340			$	125,722,736			$	609,082,751			$	611,635,869			$	502,260,359			$	490,998,049

The accompanying notes are an integral part of these financial statements.

158


Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON iShares Managed Risk Growth Portfolio								ON Moderately Conservative Model Portfolio								ON Balanced Model Portfolio								ON Moderate Growth Model Portfolio
	Six-Month Period Ended June 30, 2023 (Unaudited)				Period from October 14, 2022 (inception) to December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022				Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022
Increase (Decrease) in net assets:
Operations:
Net investment income		$	3,771,176			$	2,213,400			$	987,498			$	4,552,705			$	2,502,525			$	14,040,740			$	2,203,043			$	20,564,747
Net realized gain (loss) on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds			6,155,599				799,471				(463,219	)			10,960,407				(6,226,280	)			76,286,314				(26,681,423	)			204,017,522
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions			41,162,270				21,973,986				12,366,344				(57,343,084	)			64,032,367				(257,591,305	)			162,972,964				(558,325,064	)

Change in net assets from operations			51,089,045				24,986,857				12,890,623				(41,829,972	)			60,308,612				(167,264,251	)			138,494,584				(333,742,795	)

Distributions:
Distributions to shareholders			—				—				—				(19,022,010	)			—				(95,455,234	)			—				(209,220,568	)

Capital transactions:
Received from shares sold			6,445,913				421,249,533				2,865,157				17,864,580				8,692,783				13,644,093				8,949,302				39,731,207
Received from dividends reinvested.			—				—				—				19,022,010				—				95,455,233				—				209,220,568
Paid for shares redeemed			(38,827,050	)			(19,675,343	)			(21,094,572	)			(44,216,093	)			(64,230,394	)			(150,961,325	)			(101,865,736	)			(238,136,575	)

Change in net assets from capital transactions			(32,381,137	)			401,574,190				(18,229,415	)			(7,329,503	)			(55,537,611	)			(41,861,999	)			(92,916,434	)			10,815,200

Change in net assets			18,707,908				426,561,047				(5,338,792	)			(68,181,485	)			4,771,001				(304,581,484	)			45,578,150				(532,148,163	)
Net assets:
Beginning of period			426,561,047				—				213,431,573				281,613,058				787,942,579				1,092,524,063				1,445,176,260				1,977,324,423

End of period		$	445,268,955			$	426,561,047			$	208,092,781			$	213,431,573			$	792,713,580			$	787,942,579			$	1,490,754,410			$	1,445,176,260

The accompanying notes are an integral part of these financial statements.

159


Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON Growth Model Portfolio
	Six-Month Period Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022
Increase (Decrease) in net assets:
Operations:
Net investment income		$	80,188			$	3,691,529
Net realized gain on investments and capital gain distributions received from underlying mutual funds			(6,733,590	)			57,283,328
Change in unrealized appreciation on investments			43,209,149				(141,608,112	)

Change in net assets from operations			36,555,747				(80,633,255	)

Distributions:
Distributions to shareholders			—				(57,611,540	)

Capital transactions:
Received from shares sold			1,671,978				6,632,256
Received from dividends reinvested			—				57,611,540
Paid for shares redeemed.			(23,841,830	)			(43,262,790	)

Change in net assets from capital transactions			(22,169,852	)			20,981,006

Change in net assets			14,385,895				(117,263,789	)
Net assets:
Beginning of period			330,923,186				448,186,975

End of period		$	345,309,081			$	330,923,186

The accompanying notes are an integral part of these financial statements.

160


Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																					Ratios and supplemental data

				Operations									Distributions									Ratios to average net assets

																						Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

	Net asset value, beginning of year or period			Net investment income (loss)			Net realized and unrealized gain (loss)			Total from operations			Distributions to shareholders			Net asset value, end of year or period			Total Return^#			Expenses			Net investment income (loss)			Expenses			Net assets, end of year or period (millions)			Portfolio turnover rate
ON Bond Portfolio
Six-Month Period Ended June 30, 2023+		$	16.17		0.31			0.19			0.50			—			$	16.67		3.09	%*		0.61	%**		3.58	%**		0.61	%**		$	223.7		17	%*
Year Ended December 31, 2022		$	19.88		0.58			(3.60	)		(3.02	)		(0.69	)		$	16.17		(15.19	)%		0.61	%		3.11	%		0.61	%		$	221.5		21	%
Year Ended December 31, 2021		$	20.79		0.54			(0.85	)		(0.31	)		(0.60	)		$	19.88		(1.52	)%		0.59	%		2.56	%		0.59	%		$	277.4		13	%
Year Ended December 31, 2020		$	19.10		0.55			1.28			1.83			(0.14	)		$	20.79		9.59	%		0.60	%		2.72	%		0.60	%		$	295.1		69	%
Year Ended December 31, 2019		$	17.02		0.55			1.96			2.51			(0.43	)		$	19.10		14.73	%		0.60	%		3.19	%		0.60	%		$	290.5		60	%
ON BlackRock Balanced Allocation Portfolio
Six-Month Period Ended June 30, 2023+		$	27.36		0.28			3.18			3.46			—			$	30.82		12.65	%*		0.57	%**		1.60	%**		0.57	%**		$	432.4		37	%*
Year Ended December 31, 2022		$	42.43		0.50			(8.21	)		(7.71	)		(7.36	)		$	27.36		(18.41	)%		0.55	%		1.57	%		0.55	%		$	418.7		70	%
Year Ended December 31, 2021		$	39.40		0.58			6.66			7.24			(4.21	)		$	42.43		19.06	%		0.54	%		1.22	%		0.54	%		$	551.8		105	%
Year Ended December 31, 2020		$	34.30		0.60			4.75			5.35			(0.25	)		$	39.40		15.65	%		0.55	%		1.57	%		0.55	%		$	533.7		121	%
Year Ended December 31, 2019		$	27.85		0.26			7.85			8.11			(1.66	)		$	34.30		29.29	%		0.59	%		1.77	%		0.59	%		$	545.2		97	%^(a)
ON BlackRock Advantage International Equity Portfolio
Six-Month Period Ended June 30, 2023+		$	13.32		0.27			1.45			1.72			—			$	15.04		12.91	%*		0.90	%**		2.92	%**		0.90	%**		$	358.6		83	%*
Year Ended December 31, 2022		$	18.44		0.42			(3.11	)		(2.69	)		(2.43	)		$	13.32		(13.47	)%		0.89	%		2.53	%		0.89	%		$	354.6		134	%
Year Ended December 31, 2021		$	16.47		0.36			1.86			2.22			(0.25	)		$	18.44		13.49	%		0.89	%		1.84	%		0.89	%		$	507.5		196	%
Year Ended December 31, 2020		$	15.52		0.20			0.83			1.03			(0.08	)		$	16.47		6.74	%		0.91	%		1.40	%		0.91	%		$	504.4		238	%
Year Ended December 31, 2019		$	13.07		0.34			2.37			2.71			(0.26	)		$	15.52		20.72	%		0.87	%		2.15	%		0.87	%		$	474.2		105	%^(b)
ON Janus Henderson Forty Portfolio
Six-Month Period Ended June 30, 2023+		$	1.19		(—	)^(c)		0.31			0.31			—			$	1.50		26.05	%*		0.91	%**		(0.04	)%**		0.91	%**		$	51.4		24	%*
Year Ended December 31, 2022		$	36.43		0.02			(11.42	)		(11.40	)		(23.84	)		$	1.19		(33.92	)%		0.85	%		(0.19	)%		0.85	%		$	44.1		51	%
Year Ended December 31, 2021		$	35.13		(0.17	)		7.07			6.90			(5.60	)		$	36.43		19.70	%		0.78	%		(0.33	)%		0.78	%		$	142.2		31	%
Year Ended December 31, 2020		$	26.06		(0.08	)		9.87			9.79			(0.72	)		$	35.13		37.87	%		0.79	%		(0.24	)%		0.79	%		$	203.6		36	%
Year Ended December 31, 2019		$	20.97		(—	)^(c)		7.25			7.25			(2.16	)		$	26.06		34.89	%		0.81	%		(—	)%^(c)		0.81	%		$	196.9		53	%

Unaudited

*	Not annualized

**	Annualized

(a)

The cost of purchases and proceeds from sales of Portfolio securities that were incurred to realign the Portfolio’s holdings subsequent to the August 23, 2019 reorganization are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 261%. Effective February 1, 2019, the sub-adviser for the equity portion of the ON BlackRock Balanced Allocation Portfolio changed from Suffolk Capital Management, LLC to BlackRock Investment Management, LLC.

(b)

Effective December 7, 2019, the sub-adviser to the ON BlackRock Advantage International Equity Portfolio changed from Lazard Asset Management LLC to BlackRock Investment Management, LLC. Costs of purchases and proceeds from sales of portfolio securities associated with the change in sub-advisers contributed to a higher portfolio turnover rate for the year ended December 31, 2019 as compared to prior years.

(c)	The absolute value of per share or ratio data is less than $0.005 per share, or 0.005%, respectively.

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

The accompanying notes are an integral part of these financial statements.

161


Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																					Ratios and supplemental data

				Operations									Distributions									Ratios to average net assets

																						Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

	Net asset value, beginning of year or period			Net investment income (loss)			Net realized and unrealized gain (loss)			Total from operations			Distributions to shareholders			Net asset value, end of year or period			Total Return^#			Expenses			Net investment income (loss)			Expenses			Net assets, end of year or period (millions)			Portfolio turnover rate
ON AB Small Cap Portfolio
Six-Month Period Ended June 30, 2023+		$	10.63		0.02			1.16			1.18			—			$	11.81		11.10	%*		0.86	%**		0.30	%**		0.86	%**		$	119.2		25	%*
Year Ended December 31, 2022		$	42.63		0.01			(11.42	)		(11.41	)		(20.59	)		$	10.63		(28.73	)%		0.85	%		0.07	%		0.85	%		$	113.7		58	%
Year Ended December 31, 2021		$	44.52		(0.01	)		3.43			3.42			(5.31	)		$	42.63		8.17	%		0.85	%		(0.03	)%		0.85	%		$	169.3		136	%^(a)
Year Ended December 31, 2020		$	33.89		(0.22	)		11.55			11.33			(0.70	)		$	44.52		34.04	%		0.89	%		(0.48	)%		0.89	%		$	182.5		26	%
Year Ended December 31, 2019		$	30.89		(0.15	)		8.87			8.72			(5.72	)		$	33.89		28.61	%		0.88	%		(0.35	)%		0.88	%		$	170.7		17	%
ON AB Mid Cap Core Portfolio
Six-Month Period Ended June 30, 2023+		$	25.16		0.08			2.23			2.31			—			$	27.47		9.18	%*		0.89	%**		0.55	%**		0.89	%**		$	80.3		24	%*
Year Ended December 31, 2022		$	62.45		0.14			(14.02	)		(13.88	)		(23.41	)		$	25.16		(23.31	)%		0.88	%		0.53	%		0.88	%		$	77.8		41	%
Year Ended December 31, 2021		$	56.98		0.18			9.18			9.36			(3.89	)		$	62.45		16.79	%		0.89	%		0.30	%		0.89	%		$	104.7		125	%^(a)
Year Ended December 31, 2020		$	48.53		(0.06	)		9.21			9.15			(0.70	)		$	56.98		19.15	%		0.98	%		(0.12	)%		0.98	%		$	109.2		14	%
Year Ended December 31, 2019		$	37.36		0.05			13.54			13.59			(2.42	)		$	48.53		36.57	%		0.96	%		0.10	%		0.96	%		$	110.0		10	%
ON S&P 500^®Index Portfolio
Six-Month Period Ended June 30, 2023+		$	32.61		0.29			5.15			5.44			—			$	38.05		16.68	%*		0.38	%**		1.35	%**		0.38	%**		$	1,087.9		1	%*
Year Ended December 31, 2022		$	46.20		0.47			(8.86	)		(8.39	)		(5.20	)		$	32.61		(18.42	)%		0.38	%		1.27	%		0.38	%		$	1,023.6		4	%
Year Ended December 31, 2021		$	38.72		0.54			10.09			10.63			(3.15	)		$	46.20		28.25	%		0.37	%		1.05	%		0.37	%		$	1,325.0		5	%
Year Ended December 31, 2020		$	33.29		0.54			5.40			5.94			(0.51	)		$	38.72		17.99	%		0.39	%		1.49	%		0.39	%		$	1,228.8		6	%
Year Ended December 31, 2019		$	28.11		0.57			8.00			8.57			(3.39	)		$	33.29		30.97	%		0.39	%		1.64	%		0.39	%		$	1,202.6		7	%
ON BlackRock Advantage Large Cap Value Portfolio
Six-Month Period Ended June 30, 2023+		$	16.32		0.14			0.73			0.87			—			$	17.19		5.33	%*		0.74	%**		1.53	%**		0.74	%**		$	202.0		54	%*
Year Ended December 31, 2022		$	23.67		0.38			(2.64	)		(2.26	)		(5.09	)		$	16.32		(8.97	)%		0.73	%		1.51	%		0.73	%		$	198.9		94	%
Year Ended December 31, 2021		$	19.13		0.31			4.52			4.83			(0.29	)		$	23.67		25.39	%		0.73	%		1.25	%		0.73	%		$	325.9		153	%
Year Ended December 31, 2020		$	18.75		0.30			0.35			0.65			(0.27	)		$	19.13		3.66	%		0.74	%		1.70	%		0.74	%		$	316.5		150	%
Year Ended December 31, 2019		$	16.37		0.76			2.38			3.14			(0.76	)		$	18.75		19.21	%		0.77	%		3.94	%		0.77	%		$	320.7		127	%^(b)

Unaudited

*	Not annualized

**	Annualized

(a)

Effective May 1, 2021, the sub-adviser to the ON AB Small Cap Portfolio and ON AB Mid Cap Core Portfolio changed from Janus Capital Management LLC to AllianceBernstein, L.P. Costs of purchases and proceeds from sales of portfolio securities associated with the change in the sub-adviser contributed to a higher portfolio turnover rate for the year ended December 31, 2021 as compared to prior years.

(b)

Effective December 7, 2019, the sub-adviser changed from Federated Equity Management Company of Pennsylvania to BlackRock Investment Management, LLC. Costs of purchases and proceeds from sales of portfolio securities associated with the change in the sub-adviser contributed to a higher portfolio turnover rate for the year ended December 31, 2019 as compared to prior years.

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

The accompanying notes are an integral part of these financial statements.

162


Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																					Ratios and supplemental data

				Operations									Distributions									Ratios to average net assets

																						Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

	Net asset value, beginning of year or period			Net investment income (loss)			Net realized and unrealized gain (loss)			Total from operations			Distributions to shareholders			Net asset value, end of year or period			Total Return^#			Expenses			Net investment income (loss)			Expenses			Net assets, end of year or period (millions)			Portfolio turnover rate
ON Federated High Income Bond Portfolio
Six-Month Period Ended June 30, 2023+		$	17.97		0.57			0.33			0.90			—			$	18.87		5.01	%*		0.86	%**		5.63	%**		0.86	%**		$	124.9		6	%*
Year Ended December 31, 2022		$	21.58		1.18			(3.65	)		(2.47	)		(1.14	)		$	17.97		(11.43	)%		0.84	%		5.05	%		0.84	%		$	123.6		13	%
Year Ended December 31, 2021		$	21.65		1.05			0.02			1.07			(1.14	)		$	21.58		4.97	%		0.82	%		4.50	%		0.82	%		$	170.2		36	%
Year Ended December 31, 2020		$	20.69		1.12			0.16			1.28			(0.32	)		$	21.65		6.26	%		0.83	%		4.97	%		0.83	%		$	175.6		33	%
Year Ended December 31, 2019		$	18.73		1.14			1.70			2.84			(0.88	)		$	20.69		15.29	%		0.80	%		5.34	%		0.80	%		$	198.7		23	%
ON Nasdaq-100^®Index Portfolio
Six-Month Period Ended June 30, 2023+		$	12.46		0.05			4.82			4.87			—			$	17.33		39.09	%*		0.43	%**		0.46	%**		0.43	%**		$	255.5		2	%*
Year Ended December 31, 2022		$	28.58		0.08			(8.66	)		(8.58	)		(7.54	)		$	12.46		(32.57	)%		0.43	%		0.46	%		0.43	%		$	208.5		9	%
Year Ended December 31, 2021		$	28.08		0.12			6.89			7.01			(6.51	)		$	28.58		26.99	%		0.41	%		0.28	%		0.41	%		$	356.5		7	%
Year Ended December 31, 2020		$	19.83		0.13			9.30			9.43			(1.18	)		$	28.08		48.32	%		0.42	%		0.49	%		0.42	%		$	383.0		10	%
Year Ended December 31, 2019		$	16.60		0.14			6.15			6.29			(3.06	)		$	19.83		38.86	%		0.42	%		0.66	%		0.42	%		$	353.0		8	%
ON BlackRock Advantage Large Cap Core Portfolio
Six-Month Period Ended June 30, 2023+		$	25.79		0.17			4.02			4.19			—			$	29.98		16.25	%*		0.69	%**		0.95	%**		0.69	%**		$	330.5		47	%*
Year Ended December 31, 2022		$	44.84		0.30			(8.89	)		(8.59	)		(10.46	)		$	25.79		(19.56	)%		0.69	%		0.97	%		0.69	%		$	313.8		90	%
Year Ended December 31, 2021		$	38.66		0.35			10.24			10.59			(4.41	)		$	44.84		28.49	%		0.69	%		0.66	%		0.69	%		$	437.3		135	%
Year Ended December 31, 2020		$	32.95		0.38			5.39			5.77			(0.06	)		$	38.66		17.55	%		0.70	%		1.04	%		0.70	%		$	418.5		137	%
Year Ended December 31, 2019		$	24.79		0.22			8.10			8.32			(0.16	)		$	32.95		33.60	%		0.74	%		1.28	%		0.74	%		$	430.6		152	%^(a)
ON BlackRock Advantage Small Cap Growth Portfolio
Six-Month Period Ended June 30, 2023+		$	18.49		0.01			2.37			2.38			—			$	20.87		12.87	%*		0.86	%**		0.11	%**		0.86	%**		$	140.4		20	%*
Year Ended December 31, 2022		$	37.99		0.01			(9.57	)		(9.56	)		(9.94	)		$	18.49		(26.12	)%		0.86	%		0.03	%		0.86	%		$	135.0		49	%
Year Ended December 31, 2021		$	41.69		(0.13	)		1.88			1.75			(5.45	)		$	37.99		4.05	%		0.85	%		(0.33	)%		0.85	%		$	196.2		87	%
Year Ended December 31, 2020		$	31.42		(0.06	)		10.73			10.67			(0.40	)		$	41.69		34.34	%		0.86	%		(0.17	)%		0.86	%		$	209.8		87	%
Year Ended December 31, 2019		$	23.62		0.02			8.02			8.04			(0.24	)		$	31.42		34.07	%		0.91	%		0.11	%		0.91	%		$	204.8		114	%^(a)

Unaudited

*	Not annualized

**	Annualized

(a)

The cost of purchases and proceeds from sales of Portfolio securities that were incurred to realign the Portfolios holdings subsequent to the August 23, 2019 reorganization are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rates would have been 211% for the ON BlackRock Advantage Large Cap Core Portfolio and and 177% for the ON BlackRock Advantage Small Cap Growth Portfolio. Effective February 1, 2019, the sub-adviser to the Portfolios changed from Suffolk Capital Management, LLC to BlackRock Investment Management, LLC.

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

The accompanying notes are an integral part of these financial statements.

163


Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																				Ratios and supplemental data

				Operations								Distributions									Ratios to average net assets

																					Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

	Net asset value, beginning of year or period			Net investment income		Net realized and unrealized gain (loss)			Total from operations			Distributions to shareholders			Net asset value, end of year or period			Total Return^#			Expenses			Net investment income (loss)			Expenses			Net assets, end of year or period (millions)			Portfolio turnover rate
ON S&P MidCap 400^®Index Portfolio
Six-Month Period Ended June 30, 2023+		$	18.71		0.15		1.46			1.61			—			$	20.32		8.61	%*		0.42	%**		1.36	%**		0.42	%**		$	380.0		10	%*
Year Ended December 31, 2022		$	26.22		0.26		(3.79	)		(3.53	)		(3.98	)		$	18.71		(13.40	)%		0.42	%		1.30	%		0.42	%		$	369.5		26	%
Year Ended December 31, 2021		$	21.70		0.29		4.90			5.19			(0.67	)		$	26.22		24.18	%		0.41	%		0.99	%		0.41	%		$	437.6		21	%
Year Ended December 31, 2020		$	19.25		0.27		2.27			2.54			(0.09	)		$	21.70		13.33	%		0.42	%		1.31	%		0.42	%		$	428.2		28	%
Year Ended December 31, 2019		$	15.46		0.21		3.74			3.95			(0.16	)		$	19.25		25.58	%		0.44	%		1.37	%		0.44	%		$	450.9		39	%
ON BlackRock Advantage Large Cap Growth Portfolio
Six-Month Period Ended June 30, 2023+		$	6.57		0.02		1.82			1.84			—			$	8.41		28.01	%*		0.71	%**		0.37	%**		0.71	%**		$	436.1		53	%*
Year Ended December 31, 2022		$	33.65		0.01		(9.13	)		(9.12	)		(17.96	)		$	6.57		(32.56	)%		0.75	%		0.49	%		0.75	%		$	375.1		135	%
Year Ended December 31, 2021		$	36.36		0.01		8.69			8.70			(11.41	)		$	33.65		26.69	%		0.78	%		(0.09	)%		0.78	%		$	81.5		138	%
Year Ended December 31, 2020		$	27.54		0.08		9.22			9.30			(0.48	)		$	36.36		33.97	%		0.79	%		0.21	%		0.79	%		$	116.8		143	%
Year Ended December 31, 2019		$	20.59		0.16		7.77			7.93			(0.98	)		$	27.54		38.68	%		0.80	%		0.62	%		0.80	%		$	113.2		214	%
ON Risk Managed Balanced Portfolio
Six-Month Period Ended June 30, 2023+		$	12.69		0.14		0.68			0.82			—			$	13.51		6.46	%*		0.85	%**		1.98	%**		0.85	%**		$	1,129.1		56	%*
Year Ended December 31, 2022		$	17.16		0.09		(3.96	)		(3.87	)		(0.60	)		$	12.69		(22.62	)%		0.87	%		1.48	%		0.87	%		$	1,139.2		124	%
Year Ended December 31, 2021		$	17.63		0.09		2.43			2.52			(2.99	)		$	17.16		15.04	%		0.95	%		0.48	%		0.95	%		$	447.0		51	%
Year Ended December 31, 2020		$	14.81		0.13		3.12			3.25			(0.43	)		$	17.63		22.15	%		0.98	%		0.76	%		0.98	%		$	443.8		114	%^(a),(b)
Year Ended December 31, 2019		$	12.91		0.21		3.01			3.22			(1.32	)		$	14.81		25.16	%		0.99	%		1.39	%		0.99	%		$	403.6		105	%^(b)
ON Federated Core Plus Bond Portfolio
Six-Month Period Ended June 30, 2023+		$	8.83		0.13		0.03			0.16			—			$	8.99		1.81	%*		0.56	%**		2.84	%**		0.56	%**		$	548.8		16	%*
Year Ended December 31, 2022		$	10.30		0.23		(1.54	)		(1.31	)		(0.16	)		$	8.83		(12.78	)%		0.56	%		2.22	%		0.56	%		$	551.1		81	%
Year Ended December 31, 2021		$	10.47		0.06		(0.19	)		(0.13	)		(0.04	)		$	10.30		(1.27	)%		0.57	%		1.85	%		0.57	%		$	716.5		40	%
Period From May 1, 2020 (inception) to December 31, 2020		$	10.00		0.11		0.36			0.47			—			$	10.47		4.70	%*		0.65	%**		1.65	%**		0.65	%**		$	239.9		30	%*

Unaudited

*	Not annualized

**	Annualized

(a)

Effective May 1, 2020, the sub-adviser(s) to the ON Risk Managed Balanced Portfolio changed from Janus Capital Management LLC and AnchorPath Financial, LLC to AllianceBernstein, L.P. Costs of purchases and proceeds from sales of portfolio securities associated with the change in the sub-adviser contributed to a higher portfolio turnover rate for the year ended December 31, 2020 as compared to prior years.

(b)

The portfolio turnover calculation in previous years includes purchases and sales from mortgage dollar roll transactions. Without the effect of mortgage dollar roll transactions, the portfolio turnover rate would have been 102% for the year ended December 31, 2020 and 84% for the year ended December 31, 2019 (see Note 2 of the Notes to Financial Statements).

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

The accompanying notes are an integral part of these financial statements.

164


Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																					Ratios and supplemental data

				Operations									Distributions									Ratios to average net assets

																						Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

	Net asset value, beginning of year or period			Net investment income			Net realized and unrealized gain (loss)			Total from operations			Distributions to shareholders			Net asset value, end of year or period			Total Return^#			Expenses			Net investment income			Expenses			Net assets, end of year or period (millions)			Portfolio turnover rate
ON U.S. Low Volatility Portfolio
Six-Month Period Ended June 30, 2023+		$	9.98		0.07			0.46			0.53			—			$	10.51		5.31	%*		0.61	%**		1.22	%**		0.61	%**		$	723.8		23	%*
Year Ended December 31, 2022		$	11.12		0.13			(0.95	)		(0.82	)		(0.32	)		$	9.98		(7.33	)%		0.62	%		1.06	%		0.62	%		$	738.4		78	%
Period from June 25, 2021 (inception) to December 31, 2021		$	10.00		0.05			1.07			1.12			—			$	11.12		11.20	%*		0.62	%**		0.89	%**		0.62	%**		$	983.6		32	%*
ON AB Relative Value Portfolio
Six-Month Period Ended June 30, 2023+		$	10.04		0.09			0.27			0.36			—			$	10.40		3.59	%*		0.73	%**		1.78	%**		0.73	%**		$	128.9		39	%*
Year Ended December 31, 2022		$	10.52		0.12			(0.59	)		(0.47	)		(0.01	)		$	10.04		(4.50	)%		0.74	%		1.44	%		0.74	%		$	125.7		81	%
Period from December 2, 2021 (inception) to December 31, 2021		$	10.00		—	^(a)		0.52			0.52			—			$	10.52		5.20	%*		1.19	%**		0.38	%**		1.19	%**		$	77.6		5	%*
ON iShares Managed Risk Balanced Portfolio
Six-Month Period Ended June 30, 2023+		$	8.52		0.10			0.60			0.70			—			$	9.22		8.22	%*		0.59	%**^†		2.01	%**^†		0.59	%**^†		$	609.1		3	%*
Year Ended December 31, 2022		$	10.23		0.10			(1.72	)		(1.62	)		(0.09	)		$	8.52		(15.84	)%		0.61	%^†		1.58	%^†		0.61	%^†		$	611.6		48	%
Period from June 25, 2021 (inception) to December 31, 2021		$	10.00		0.06			0.17			0.23			—			$	10.23		2.30	%*		0.62	%**^,^†		1.22	%**^,^†		0.62	%**^,^†		$	412.0		15	%*
ON iShares Managed Risk Moderate Growth Portfolio
Six-Month Period Ended June 30, 2023+		$	10.59		0.11			0.95			1.06			—			$	11.65		10.01	%*		0.59	%**^†		1.87	%**^†		0.59	%**^†		$	502.3		2	%*
Period from October 14, 2022 (inception) to December 31, 2022.		$	10.00		0.06			0.53			0.59			—			$	10.59		5.90	%*		0.61	%**^,^†		2.58	%**^,^†		0.61	%**^,^†		$	491.0		49	%*
ON iShares Managed Risk Growth Portfolio
Six-Month Period Ended June 30, 2023+		$	10.60		0.10			1.21			1.31			—			$	11.91		12.36	%*		0.59	%**^†		1.74	%**^†		0.59	%**^†		$	445.3		3	%*
Period from October 14, 2022 (inception) to December 31, 2022.		$	10.00		0.05			0.55			0.60			—			$	10.60		6.00	%*		0.61	%**^,^†		2.45	%**^,^†		0.61	%**^,^†		$	426.6		47	%*

Unaudited

*	Not annualized

**	Annualized

†	The ratios presented only reflect the direct income and expenses for the Portfolio, and do not include the indirect expenses related to the underlying funds in which the Portfolio invests.

(a)	The absolute value of per share or ratio data is less than $0.005 per share, or 0.005%, respectively.

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

The accompanying notes are an integral part of these financial statements.

165


Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																										Ratios and supplemental data

				Operations								Distributions															Ratios to average net assets

																											Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

	Net asset value, beginning of year or period			Net investment income		Net realized and unrealized gain (loss)			Total from operations			Distributions to shareholders			Return of capital			Total distributions			Net asset value, end of year or period			Total Return^#			Expenses^†			Net investment income^†			Expenses^†			Net assets, end of year or period (millions)			Portfolio turnover rate
ON Moderately Conservative Model Portfolio
Six-Month Period Ended June 30, 2023+ .		$	10.35		0.09		0.56			0.65			—			—			—			$	11.00		6.28	%*		0.47	%**		0.94	%**		0.47	%**		$	208.1		3	%*
Year Ended December 31, 2022		$	13.32		0.23		(2.24	)		(2.01	)		(0.96	)		—			(0.96	)		$	10.35		(15.12	)%		0.47	%		1.91	%		0.47	%		$	213.4		29	%
Year Ended December 31, 2021		$	12.67		0.20		0.79			0.99			(0.34	)		—			(0.34	)		$	13.32		7.90	%		0.43	%		1.29	%		0.45	%		$	281.6		13	%
Year Ended December 31, 2020		$	11.37		0.09		1.21			1.30			—			—			—			$	12.67		11.43	%		0.40	%		0.97	%		0.47	%		$	303.5		23	%^(a)
Year Ended December 31, 2019		$	10.09		0.26		1.41			1.67			(0.37	)		(0.02	)		(0.39	)		$	11.37		16.58	%		0.35	%		2.22	%		0.46	%		$	223.2		18	%
ON Balanced Model Portfolio
Six-Month Period Ended June 30, 2023+ .		$	10.59		0.07		0.76			0.83			—			—			—			$	11.42		7.84	%*		0.46	%**		0.63	%**		0.46	%**		$	792.7		3	%*
Year Ended December 31, 2022		$	14.22		0.22		(2.46	)		(2.24	)		(1.39	)		—			(1.39	)		$	10.59		(15.75	)%		0.44	%		1.58	%		0.44	%		$	787.9		27	%
Year Ended December 31, 2021		$	13.06		0.18		1.25			1.43			(0.27	)		—			(0.27	)		$	14.22		11.03	%		0.42	%		1.14	%		0.43	%		$	1,092.5		12	%
Year Ended December 31, 2020		$	11.48		0.08		1.50			1.58			—			—			—			$	13.06		13.76	%		0.39	%		0.67	%		0.43	%		$	1,127.8		22	%
Year Ended December 31, 2019		$	9.97		0.21		1.73			1.94			(0.24	)		(0.19	)		(0.43	)		$	11.48		19.46	%		0.36	%		1.82	%		0.43	%		$	1,109.5		22	%
ON Moderate Growth Model Portfolio
Six-Month Period Ended June 30, 2023+ .		$	10.88		0.06		1.01			1.07			—			—			—			$	11.95		9.83	%*		0.42	%**		0.30	%**		0.42	%**		$	1,490.8		3	%*
Year Ended December 31, 2022		$	15.26		0.18		(2.81	)		(2.63	)		(1.75	)		—			(1.75	)		$	10.88		(17.17	)%		0.42	%		1.27	%		0.42	%		$	1,445.2		32	%
Year Ended December 31, 2021		$	13.46		0.16		1.83			1.99			(0.19	)		—			(0.19	)		$	15.26		14.83	%		0.42	%		0.98	%		0.42	%		$	1,977.3		15	%
Year Ended December 31, 2020		$	11.63		0.04		1.79			1.83			—			—			—			$	13.46		15.74	%		0.44	%		0.35	%		0.45	%		$	1,987.4		16	%
Year Ended December 31, 2019		$	9.93		0.16		2.20			2.36			(0.30	)		(0.36	)		(0.66	)		$	11.63		23.81	%		0.43	%		1.31	%		0.44	%		$	1,961.4		20	%
ON Growth Model Portfolio
Six-Month Period Ended June 30, 2023+ .		$	11.18		0.05		1.22			1.27			—			—			—			$	12.45		11.36	%*		0.44	%**		0.05	%**		0.44	%**		$	345.3		3	%*
Year Ended December 31, 2022		$	16.47		0.15		(3.18	)		(3.03	)		(2.26	)		—			(2.26	)		$	11.18		(18.29	)%		0.44	%		1.01	%		0.44	%		$	330.9		28	%
Year Ended December 31, 2021		$	14.17		0.13		2.35			2.48			(0.18	)		—			(0.18	)		$	16.47		17.58	%		0.49	%		0.78	%		0.49	%		$	448.2		18	%
Year Ended December 31, 2020		$	11.94		0.02		2.21			2.23			—			—			—			$	14.17		18.68	%		0.46	%		0.16	%		0.47	%		$	443.1		11	%
Year Ended December 31, 2019		$	9.86		0.11		2.50			2.61			(0.35	)		(0.18	)		(0.53	)		$	11.94		26.47	%		0.45	%		0.92	%		0.47	%		$	433.6		18	%

Unaudited

*	Not annualized

**	Annualized

(a)

The cost of purchases and proceeds from sales of Portfolio securities that were incurred to realign the Portfolio’s holdings subsequent to the December 4, 2020 reorganization are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 28%.

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

† Ratios presented only reflect the direct income and expenses for the Portfolio, and do not include the indirect expenses related to the underlying funds in which the Portfolio invests.

The accompanying notes are an integral part of these financial statements.

166


Ohio National Fund, Inc.

Notes to Financial Statements		June 30, 2023 (Unaudited)

(1)

Organization

Ohio National Fund, Inc. (the “Fund”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “40 Act”). The Fund is an open-end investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The Fund consists of twenty-five separate investment portfolios (the “Portfolios”) that seek the following objectives and strategies:

∎

ON Bond Portfolio – High level of income and opportunity for capital appreciation consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in corporate debt securities.

∎

ON BlackRock Balanced Allocation Portfolio – High level of long-term total return consistent with preservation of capital by investing in stocks, bonds, and money market instruments.

∎

ON BlackRock Advantage International Equity Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE Index (Net - USD).

∎

ON Janus Henderson Forty Portfolio (renamed ON Fidelity Institutional AM^®Equity Growth Portfolio as of July 28, 2023) – Long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.

∎

ON AB Small Cap Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of smaller capitalization companies with market capitalizations at the time of investment that fall within the lowest 20% of the total U.S. equity market capitalization (excluding companies with market capitalizations of less than $10 million).

∎

ON AB Mid Cap Core Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of mid-capitalization companies with public stock market capitalization at the time of investment that are within the range of market capitalizations of the companies constituting the Russell Midcap^®Index.

∎

ON S&P 500^®Index Portfolio – Total return approximating that of the Standard & Poor’s 500^®Index (S&P 500^®Index), at a risk level consistent with that of the S&P 500^®Index by investing, under normal circumstances, more than 80% of its net assets in common stock and other securities of companies that are included in the S&P 500^®Index.

∎

ON BlackRock Advantage Large Cap Value Portfolio – Growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000^®Value Index for the previous twelve months.

∎

ON Federated High Income Bond Portfolio – High current income by investing, under normal circumstances, at least 80% of its net assets in lower rated corporate debt obligations commonly referred to as “junk bonds”. The Portfolio’s investments are generally rated BB or lower by Standard & Poor’s or Fitch, or Ba or lower by Moody’s.

∎

ON Nasdaq-100^®Index Portfolio – Long-term growth of capital by investing, under normal circumstances, more than 80% of its net assets in the common stocks of companies that are included in the Nasdaq-100^®Index.

∎

ON BlackRock Advantage Large Cap Core Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.

∎

ON BlackRock Advantage Small Cap Growth Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of small capitalization companies with a market capitalization at the time of investment that is no greater than the largest market capitalization of a company in the Russell 2000^®Index for the previous twelve months.

∎

ON S&P MidCap 400^®Index Portfolio – Total return approximating that of the Standard & Poor’s MidCap 400^®Index (S&P MidCap 400^®Index), including reinvestment of dividends, at a risk level consistent with that of the S&P MidCap 400^®Index by investing, under normal circumstances, more than 80% of its net assets in the common stock and other securities included in the S&P MidCap 400^®Index.

∎

ON BlackRock Advantage Large Cap Growth Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000^®Growth Index for the previous twelve months.


		167		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

∎

ON Risk Managed Balanced Portfolio – Long-term capital growth, consistent with preservation of capital and balanced by current income. The Portfolio invests in a balanced portfolio of equity and fixed-income securities and a risk management portfolio intended to enhance the risk adjusted return of the Portfolio.

∎

ON Federated Core Plus Bond Portfolio - Total return by investing, under normal circumstances, at least 80% of its net assets in fixed-income investments, primarily U.S. dollar denominated, investment-grade, fixed income securities. Investment-grade, fixed income securities are rated in one of the four highest categories (BBB- or higher) by a nationally recognized statistical rating organization (“NRSRO”).

∎

ON U.S. Low Volatility Portfolio (formerly ON Janus Henderson U.S. Low Volatility Portfolio) - Capital appreciation by investing, under normal circumstances, at least 80% of its net assets in U.S. common stocks of companies included in the S&P 500^®Index. Those stocks are selected by a mathematical investment process which seeks to achieve returns similar to those of the S&P 500^®Index over the long-term with lower absolute volatility.

∎

ON AB Relative Value Portfolio - Long-term growth of capital by investing primarily in the equity securities of U.S. companies that the Portfolio’s sub-adviser believes are trading at attractive valuations and that have strong or improving business models.

∎

ON iShares Managed Risk Balanced Portfolio¹- Income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio invests a minimum of 25% of its assets in equity investments and a minimum of 25% of its assets in fixed income investments.

∎

ON iShares Managed Risk Moderate Growth Portfolio¹- Income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio expects to allocate 65% of its assets in equity investments and 35% of its assets in fixed income investments.

∎

ON iShares Managed Risk Growth Portfolio¹- Income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio expects to allocate 85% of its assets in equity investments and 15% of its assets in fixed income investments.

∎

ON Moderately Conservative Model Portfolio²– Current income and moderate growth of capital with a greater emphasis on current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 20-40%, International Equity 5-20%, and Fixed Income 30-70%.

∎

ON Balanced Model Portfolio²– A balance between growth of capital and current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 25-50%, International Equity 10-25%, and Fixed Income 25-50%.

∎

ON Moderate Growth Model Portfolio²– Growth of capital and moderate current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 40-60%, International Equity 15-35%, and Fixed Income 10-30%.

∎

ON Growth Model Portfolio²– Growth of capital and some current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 50-80%, International Equity 15-45%, and Fixed Income 0-15%.

Collectively, the “ON iShares Managed Risk Portfolios”.

Collectively, the “ON Model Portfolios”.

The ON iShares Managed Risk Portfolios and the ON Model Portfolios are each a “Fund of Funds”, which means each Portfolio invests primarily in other open-end mutual funds or exchange traded funds (“ETFs”). Those underlying mutual funds or ETFs invest in stocks, bonds, and other securities that are consistently recorded at fair value, but involve varying amounts of potential investment risk and reward. The portfolio management team of each of those Portfolios periodically adjust the investment allocation to allow the Portfolio to achieve its investment objective.

Additional detail regarding Portfolio-specific objectives, policies, and investment strategies is provided in the Prospectuses and Statements of Additional Information of Ohio National Fund, Inc. There are no assurances that these objectives will be met. Each Portfolio, except the ON Nasdaq-100^® Index Portfolio, is classified as diversified for purposes of Section 5(b) of the 40 Act.


		168		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

At present, the Fund issues its shares to separate accounts of The Ohio National Life Insurance Company (“ONLIC”), Ohio National Life Assurance Corporation (“ONLAC”), and National Security Life and Annuity Company (“NSLA”) to support certain benefits under variable contracts issued by those entities, as well as for purchases by other Portfolios of the Fund. In the future, Fund shares may be used for other purposes but, unless there is a change in applicable law, they will not be sold directly to the public.

ONLIC and NSLA no longer market, nor issue, variable annuities. ONLIC and NSLA will continue to service the in-force variable annuity contracts, the variable separate accounts, and underlying subaccounts regardless of new sales.

Interest in each Portfolio is represented by a separate class of the Fund’s capital stock, par value $1. Each share of a Portfolio participates equally in the Portfolio’s dividends, distributions, net assets, and voting matters.

The Fund is authorized to issue 1.55 billion of its capital shares. Of this total, shares authorized have been allocated to specific Portfolios of the Fund as follows:


Portfolio	Authorized Shares

ON Bond		22,000,000
ON BlackRock Balanced Allocation		25,000,000
ON BlackRock Advantage International Equity		50,000,000
ON Janus Henderson Forty		74,000,000
ON AB Small Cap		17,000,000
ON AB Mid Cap Core		6,000,000
ON S&P 500^®Index		50,000,000
ON BlackRock Advantage Large Cap Value		26,000,000
ON Federated High Income Bond		13,000,000
ON Nasdaq-100^®Index		27,000,000
ON BlackRock Advantage Large Cap Core		19,000,000
ON BlackRock Advantage Small Cap Growth		12,000,000
ON S&P MidCap 400^®Index		31,000,000


Portfolio	Authorized Shares

ON BlackRock Advantage Large Cap Growth		82,000,000
ON Risk Managed Balanced		170,000,000
ON Federated Core Plus Bond		115,000,000
ON U.S. Low Volatility		155,000,000
ON AB Relative Value		25,000,000
ON iShares Managed Risk Balanced		123,000,000
ON iShares Managed Risk Moderate Growth		95,000,000
ON iShares Managed Risk Growth		80,000,000
ON Moderately Conservative Model		28,000,000
ON Balanced Model		97,000,000
ON Moderate Growth Model		170,000,000
ON Growth Model		38,000,000

The Fund’s Board of Directors (the “Board”) periodically reallocates authorized shares among the Portfolios of the Fund and may authorize additional shares as deemed necessary.

Under the Fund’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the risk of loss to the Fund is expected to be remote.

(2)

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements:

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation

The Board has adopted policies for the valuation of the Fund’s securities, which include guidelines for valuation when active market quotations are not readily available. The Board has delegated authority to the Fund’s adviser, Ohio National Investments, Inc. (“ONI”) to apply those guidelines in the determination of fair value, subject to oversight by the Board.

Fixed income instruments that mature in sixty days or less, and of sufficient credit quality, are valued at amortized cost. Amortized cost valuation involves valuing a security at its cost initially and thereafter amortizing to maturity any discounts or premiums on the level-yield method, regardless of the impact of fluctuating market interest rates on the value of the security. In these instances, amortized cost approximates fair value.

Investments, other than those securities aforementioned, are valued as follows:


		169		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

Domestic equity securities that are traded on U.S. exchanges, other than the Nasdaq Stock Market, are valued at the last trade price reported by the primary exchange of each security (4:00 pm Eastern Time for normal trading sessions). Domestic equity securities that are listed on the Nasdaq Stock Market are valued at the Nasdaq Official Closing Price (“NOCP”). Over-the-counter domestic equity securities are valued at the last trade price reported daily as of 4:00 pm Eastern Time (normal trading sessions). If, on a particular day, a domestic equity security does not trade, or otherwise cannot be priced by independent pricing services, then a broker quotation as of the end of the current trading session, the evaluated mean between the bid and ask prices, as reported by an approved independent pricing source, or a previous last trade price may be used when appropriate.

Over-the-counter traded American Depositary Receipts (“ADRs”) may also be valued at an evaluated price based on the value of the underlying securities. If a domestic equity security is not traded on a particular day, the mean between the bid and ask prices reported at 4:00 pm Eastern Time (normal trading sessions) by the primary exchange will generally be used for valuation purposes. The principal sources for market quotations are independent pricing services that have been approved by the Board.

Fixed income securities that have a remaining maturity exceeding sixty days are generally valued at the evaluated bid price reported at 4:00 pm Eastern Time (normal trading sessions), as provided by independent pricing services approved by the Board. Many fixed income securities, including investment grade and high-yield corporate bonds, U.S. Treasury and government agency obligations, and other asset-backed instruments are not actively traded on a daily basis. As such, the approved pricing services may use asset type-specific valuation models to provide good faith determinations that the holders of securities would receive in an orderly transaction under current market conditions. The valuation models may use observable market data such as recent transaction data, benchmark yields, broker/dealer inputs, valuations and yields of comparable instruments, relative credit information, observed market movements, and market research and news. Asset-backed securities and mortgage-backed securities may use valuation models that heavily consider predicted cash flows of each tranche of an issue, benchmark spreads, and unique attributes of the tranche. The last trade or last evaluated bid may be used if an evaluated bid price is not available.

U.S exchange-traded options are valued at the composite basis last sale price as reported to a Board-approved independent pricing service by the OPRA (Options Price Reporting Authority). If there are no reported trades for a trading session, the evaluated composite-basis bid price or other method will be used for valuation purposes.

Futures contracts are valued at the daily quoted settlement prices as reported by an approved independent pricing source.

Shares of open-end mutual funds are valued at each fund’s last calculated net asset value per share.

Shares of closed-end mutual funds that are traded on U.S. exchanges are valued similarly to other domestic equity securities, typically at the last trade price reported by the primary exchange of each fund (4:00 pm Eastern Time for normal trading sessions).

Foreign equity securities are initially priced at the reported close price of the exchange on which a security is primarily traded. Securities not traded on a particular day are valued at the mean between the last reported bid and ask quotes at daily close, or the last sale price when appropriate. The principal sources for market quotations are independent pricing services that have been approved by the Board.

Equity securities that are primarily traded on foreign exchanges, other than those with close times that are consistent with the normal 4:00 pm Eastern Time close of U.S. equity markets, are further subjected to fair valuation pricing procedures provided by an independent fair valuation service. The service provides data that can be used to estimate the price of a foreign issue that would prevail in a liquid market given market information available at 4:00 pm Eastern Time (normal trading sessions) each day that the NYSE is open for trading and net asset values are calculated for the Portfolios. Multiple factors may be considered in performing this valuation, including U.S. intraday market and sector returns, currency valuations, and pricing of related depository receipts, exchange traded funds, and futures. Backtesting analysis is performed on a quarterly basis to monitor the effectiveness of these procedures. The testing is reviewed by management of the Fund and is reported to the Board. Prior results have indicated that these procedures have been effective in reaching valuation objectives.

Restricted securities, illiquid securities, or other investments for which market quotations or other observable market inputs are not readily available are valued at an estimate of value using methods determined in good faith by the Adviser’s Pricing Committee, which is subjected to oversight by the Board.

The differences between the aggregate cost and values of investments are reflected as unrealized appreciation or unrealized depreciation.


		170		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

Pricing inputs used in the determination of investment values are categorized according to a three-tier hierarchy framework. The hierarchy is summarized in three broad levels:

Level 1:

Quoted prices in active markets for identical securities.

Level 2:

Other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.

Level 3:

Significant unobservable inputs, including the Fund’s own assumptions used to determine the value of securities.

The following is a summary of the inputs used in valuing each of the Portfolio’s assets (liabilities) at value as of June 30, 2023:


Portfolio	Financial Instrument Type	Level 1		Level 2		Level 3

ON Bond	Corporate Bonds***	$	—	$	207,522,838	$	—
	Asset-Backed Securities***		—		5,085,085		—
	U.S. Treasury Obligations		—		1,989,609		—

		$	—	$	214,597,532	$	—


ON BlackRock Balanced Allocation	Common Stocks***	$	318,948,052	$	—	$	—
	Corporate Bonds***		—		106,319,795		—
	Asset-Backed Securities***		—		2,238,123		—
	U.S. Treasury Obligations		—		856,563		—

		$	318,948,052	$	109,414,481	$	—

	Long Futures Contracts	$	111,120	$	—	$	—

ON BlackRock Advantage International Equity	Common Stocks***	$	—	$	347,480,988	$	—
	Preferred Securities***		—		2,465,992		—

		$	—	$	349,946,980	$	—

	Long Futures Contracts	$	50,009	$	—	$	—

ON Janus Henderson Forty	Common Stocks***	$	49,794,151	$	1,025,830	$	—
	Discount Notes		—		500,000		—

		$	49,794,151	$	1,525,830	$	—

ON AB Small Cap	Common Stocks***	$	118,680,511	$	—	$	—
	Exchange Traded Funds		191,328		—		—

		$	118,871,839	$	—	$	—

ON AB Mid Cap Core	Common Stocks***	$	79,987,412	$	—	$	—
	Exchange Traded Funds		153,071		—		—

		$	80,140,483	$	—	$	—

ON S&P 500^®Index	Common Stocks***	$	1,091,169,084	$	—	$	—
	U.S. Treasury Obligations		—		198,117		—

		$	1,091,169,084	$	198,117	$	—

	Long Futures Contracts	$	86,850	$	—	$	—

ON BlackRock Advantage Large Cap Value	Common Stocks***	$	201,365,215	$	—	$	—

	Long Futures Contracts	$	60,750	$	—	$	—

ON Federated High Income Bond	Corporate Bonds***	$	—	$	119,994,648	$	—
	Common Stocks***		26,889		—		—
	Rights***		—		2,807		—

		$	26,889	$	119,997,455	$	—


		171		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)


Portfolio	Financial Instrument Type	Level 1			Level 2		Level 3
ON Nasdaq-100^®Index	Common Stocks***	$	255,942,077		$	—	$	—
	U.S. Treasury Obligations		—			99,059		—

		$	255,942,077		$	99,059	$	—

	Long Futures Contracts	$	31,895		$	—	$	—

ON BlackRock Advantage Large Cap Core	Common Stocks***	$	330,605,210		$	—	$	—

	Long Futures Contracts	$	115,746		$	—	$	—

ON BlackRock Advantage Small Cap Growth	Common Stocks***	$	140,464,254		$	—	$	—
	Rights***		—			4,950		—

		$	140,464,254		$	4,950	$	—

	Long Futures Contracts	$	14,219		$	—	$	—

ON S&P MidCap 400^®Index	Common Stocks***	$	384,075,085		$	—	$	—
	U.S. Treasury Obligations		—			99,059		—

		$	384,075,085		$	99,059	$	—

	Long Futures Contracts	$	31,025		$	—	$	—

ON BlackRock Advantage Large Cap Growth	Common Stocks***	$	432,047,582		$	—	$	—

	Long Futures Contracts	$	151,870		$	—	$	—

ON Risk Managed Balanced	Common Stocks***	$	585,676,584		$	—	$	—
	U.S. Treasury Obligations		—			179,790,407		—
	Corporate Bonds***		—			157,776,966		—
	Asset-Backed / Mortgage-Backed Securities***		—			77,936,285		—
	U.S. Government Agency Mortgage-Backed Securities		—			56,634,073		—
	Purchased Options		55,631,984			—		—
	Sovereign Debt Issues		—			1,098,001		—
	Preferred Securities***		—			1,055,287		—
	Taxable Municipal Bonds		—			389,049		—
	Money Market Funds		33,624,772			—		—

		$	674,933,340		$	474,680,068	$	—

	Long Futures Contracts	$	(7,258,776	)	$	—	$	—

	Short Futures Contracts	$	84,427		$	—	$	—

ON Federated Core Plus Bond	U.S. Treasury Obligations	$	—		$	190,681,485	$	—
	Corporate Bonds***		—			146,194,701		—
	U.S. Government Agency Mortgage-Backed Securities		—			129,610,415		—
	Investment Companies		32,426,180			—		—
	Asset-Backed / Mortgage-Backed Securities***		—			28,317,942		—
	Sovereign Debt Issues		—			1,819,872		—

		$	32,426,180		$	496,624,415	$	—

	Long Futures Contracts	$	(1,405,677	)	$	—	$	—


		172		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)


Portfolio	Financial Instrument Type	Level 1			Level 2		Level 3
	Short Futures Contracts	$	(402,946	)	$	—	$	—

ON U.S. Low Volatility	Common Stocks***	$	718,214,024		$	—	$	—

ON AB Relative Value	Common Stocks***	$	124,436,245		$	—	$	—

ON iShares Managed Risk Balanced	Exchange Traded Funds	$	572,831,206		$	—	$	—
	Money Market Funds		8,032,800			—		—

		$	580,864,006		$	—	$	—

	Long Futures Contracts	$	323,029		$	—	$	—

	Short Futures Contracts	$	446,588		$	—	$	—

ON iShares Managed Risk Moderate Growth	Exchange Traded Funds	$	471,799,001		$	—	$	—
	Money Market Funds		5,532,905			—		—

		$	477,331,906		$	—	$	—

	Long Futures Contracts	$	905,756		$	—	$	—

	Short Futures Contracts	$	323,821		$	—	$	—

ON iShares Managed Risk Growth	Exchange Traded Funds	$	423,724,209		$	—	$	—

	Long Futures Contracts	$	772,615		$	—	$	—

	Short Futures Contracts	$	288,723		$	—	$	—

ON Moderately Conservative Model	Open-End Mutual Funds	$	208,187,158		$	—	$	—

ON Balanced Model	Open-End Mutual Funds	$	793,063,189		$	—	$	—

ON Moderate Growth Model	Open-End Mutual Funds	$	1,491,246,294		$	—	$	—

ON Growth Model	Open-End Mutual Funds	$	345,440,147		$	—	$	—

*** Each of the Portfolio’s Schedules of Investments include detailed industry descriptions.

Foreign Securities and Currency

The books and records of all the Portfolios are maintained in U.S. dollars. All investments and cash quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates provided by an independent source. These exchange rates are currently determined daily at 4:00 pm Eastern Time for normal trading sessions. Purchases and sales of foreign-denominated investments are recorded at rates of exchange prevailing on the respective dates of such transactions.

The Fund may not fully isolate that portion of the results of operations resulting from changes in foreign exchange rates from fluctuations arising from changes in market prices on foreign currency-denominated investments. For the portion that is isolated, amounts are reflected in the Statements of Operations as other foreign currency related transactions. However, for tax purposes, the Fund does fully isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon sale or maturity of such investments to the extent required by federal income tax regulations.

All Portfolios of the Fund may invest in securities of foreign issuers. The ON BlackRock Advantage International Equity Portfolio may be invested entirely in foreign securities. Investments in securities of foreign issuers, including investments in foreign companies through the use of depositary receipts, carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that could adversely affect capital investment within those countries.


		173		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

Restricted Securities

Restricted securities are typically those securities purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (“the 1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. 144A securities are issued by corporations without registration in reliance on 1933 Act provisions allowing for the private resale of unregistered securities to qualified institutional buyers. Section 4(a)(2) commercial paper is issued pursuant to Section 4(a)(2) of the 1933 Act which exempts an issue from registration. This paper may be used to finance non-current transactions, such as acquisitions, stock repurchase programs, and other long-term assets. Investments by a Portfolio in Rule 144A and Section 4(a)(2) securities could have the effect of decreasing the liquidity of a Portfolio during any period in which qualified institutional investors were no longer interested in purchasing these securities.

Investment Transactions and Related Income

For financial reporting purposes, investment transactions are accounted for on a trade date (T+0) basis. For purposes of executing separate account shareholder transactions in the normal course of business, however, the Fund’s investment transactions are recorded no later than the first calculation on the first business day following the trade date (T+1), in accordance with Rule 2a-4 of the 40 Act. Accordingly, differences between the net asset values for financial reporting and for executing separate account shareholder transactions may arise.

Dividend income is recognized on the ex-dividend date, except in the case of those Portfolios holding foreign securities, in which dividends are recorded as soon after the ex-dividend date as the Fund’s information agents become aware of such dividends.

Interest income is accrued daily as earned and includes the amortization of premium and accretion of discount using the interest method. The period of amortization or accretion extends from the purchase date to the maturity date, except for securities that are purchased at a premium and have explicit, noncontingent call features, whereby the securities are callable at fixed prices and on pre-determined dates. The premium amounts related to those securities are generally amortized to the earliest call date. Net realized gain or loss on investments and foreign exchange transactions are determined using the specific identification method. Payments received for interest-only mortgage-backed securities are included in interest income. Because no principal is received at the maturity of an interest-only security, adjustments are made to the cost of the security until maturity. These adjustments are also included in interest income on the Statements of Operations.

Distributions to Shareholders and Federal Taxes

The Fund may satisfy its distribution requirements, as required for each of the Portfolios to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code by using consent dividends or cash distributions. Consent dividends, when authorized, become taxable to the Fund’s shareholders as if they were paid in cash. The Fund has the intent to continue to comply with tax provisions pertaining to regulated investment companies and make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. As such, no provisions for federal income or excise taxes have been recorded. Also, no tax-related interest or penalties have been incurred or accrued. The Board’s intent is that the Fund will not initiate any realized gain distributions until any applicable capital loss carryforwards have been offset.

The character of ordinary income distributions, realized capital gains distributions, and return of capital, if any, are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains for financial reporting purposes. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, they are reclassified within the composition of net assets; temporary differences do not require such reclassification. Distributions to shareholders that exceed taxable income and net taxable realized gains are reported as return of capital distributions.

The Fund’s management and its tax agent perform an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e. greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Implementation of the evaluation included a review of tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal tax and the state of Maryland. The determination has been made that there are no uncertain tax positions that would require the Portfolios to record a tax liability or provision.

Expense Allocation

Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses that cannot be directly attributed to a Portfolio are allocated among all the benefited Portfolios on a basis of relative net assets or other appropriate method.


		174		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

Foreign Withholding Taxes

Certain Portfolios in the Fund may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally withheld based on income earned. These Portfolios accrue such taxes as the related income is earned.

TBA Commitments

To-Be-Announced (“TBA”) commitments are agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date beyond the customary settlement period for such securities. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and term and be within industry-accepted “good delivery” standards. When entering into TBA commitments, a Portfolio may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

Mortgage Dollar Rolls

A Portfolio may enter into a mortgage dollar roll (“MDR”) transaction in which the Portfolio agrees to both sell and purchase a similar, but not identical, TBA mortgage-backed security with the same issuer, rate, and term on a later date at a set price. MDRs are treated as purchases and sales, which may have the effect of increasing portfolio turnover rates, and result in realized gains and losses based on the agreed-upon fixed prices.

LIBOR Transition

Payment obligations and financing terms related to certain instruments held by the Fund’s Portfolios may be tied to floating rates, such as the London Interbank Offered Rate (“LIBOR”). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and ceased publication of U.S. Dollar LIBOR settings on a representative basis after June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for GBP LIBOR). The adoption of the new reference rates did not have a material impact on the Portfolios’ financial statements.

Subsequent Events

At a meeting held on May 22, 2023, the Board, including a majority of the Directors who are not “interested persons” (the “Independent Directors”) of the Fund, approved an amendment (the “amendment”) to the Investment Advisory Agreement between the Fund and ONI and approved a new Sub-Advisory Agreement between ONI and FIAM LLC. Both the amendment and the new Sub-Advisory Agreement relate to the ON Janus Henderson Forty Portfolio. Effective at the end of business on July 28, 2023, FIAM LLC became the sub-adviser to that Portfolio and the Portfolio’s investment strategy, as well as its advisory fee and sub-advisory fee structures, were revised as a result. On the same date, the Portfolio’s name was changed to ON Fidelity Institutional AM^® Equity Growth Portfolio to reflect the change in sub-adviser.

ONLIC, NSLA, and certain variable separate account entities affiliated with ONLIC and NSLA were parties to a correspondence letter filed with the SEC on July 10, 2023, which described the intent of those entities to execute a substitution of investment options pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. Those entities intend to substitute shares of certain unaffiliated funds currently available under certain variable contracts for shares of a certain other unaffiliated fund and certain of the Ohio National Fund Portfolios. The substitution transactions, intended to take effect on or about August 25, 2023, are planned as cash redemptions of each unaffiliated fund’s shares and cash subscriptions to each corresponding unaffiliated fund or Ohio National Fund Portfolio’s shares.

Management has evaluated events and transactions through the date the financial statements were issued, for purposes of recognition or disclosure in these financial statements, and there are no other subsequent events to report.


		175		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

(3)

Related Party and Other Transactions

The Fund has an Investment Advisory Agreement with Ohio National Investments, Inc. (“ONI”), a wholly-owned subsidiary of ONLIC. Under the terms of this agreement, ONI provides portfolio management and investment advice to the Fund and administers its operations, subject to the supervision of the Board. This agreement is renewed annually upon the approval by the Board. As compensation for its services, ONI receives advisory fees from the Fund calculated on the basis of each Portfolio’s average daily net assets and the following current schedule of Board-approved annualized fee breakpoints.


ON Bond	ON S&P 500^®Index	ON Risk Managed Balanced
0.60% of first $100 million	0.40% of first $100 million	0.88% of first $500 million
0.50% of next $150 million	0.35% of next $150 million	0.74% of next $1.3 billion
0.45% of next $250 million	0.33% over $250 million	0.72% over $1.8 billion
0.40% of next $500 million	ON BlackRock Advantage Large Cap Value	ON Federated Core Plus Bond
0.30% of next $1 billion	0.67% of first $500 million	0.56% of first $100 million
0.25% over $2 billion	0.65% over $500 million	0.54% of next $150 million

ON BlackRock Balanced Allocation	ON Federated High Income Bond	0.50% of next $150 million
0.58% of first $100 million	0.75% of first $75 million	0.45% of next $350 million
0.50% of next $150 million	0.70% of next $75 million	0.43% over $750 million
0.45% of next $250 million	0.65% of next $75 million	ON U.S. Low Volatility
0.40% of next $500 million	0.60% over $225 million	0.575% of first $500 million
0.30% of next $1 billion	ON Nasdaq-100^®Index	0.555% over $500 million
0.25% over $2 billion	0.40% of first $100 million	ON AB Relative Value
ON BlackRock Advantage International Equity	0.35% of next $150 million	0.65% of first $100 million
0.72% of first $200 million	0.33% over $250 million	0.61% of next $200 million
0.70% of next $800 million	ON BlackRock Advantage Large Cap Core	0.59% over $300 million
0.66% over $1 billion	0.64% of first $500 million	ON iShares Managed Risk Balanced
ON Janus Henderson Forty	0.62% over $500 million	0.55% of first $1.5 billion
0.73% of first $100 million	ON BlackRock Advantage Small Cap Growth	0.53% over $1.5 billion
0.68% of next $400 million	0.78% of first $100 million	ON iShares Managed Risk Moderate Growth
0.63% over $500 million	0.75% of next $400 million	0.55% of first $1.5 billion
ON AB Small Cap	0.70% over $500 million	0.53% over $1.5 billion
0.73% of first $400 million	ON S&P MidCap 400^®Index	ON iShares Managed Risk Growth
0.675% of next $200 million	0.40% of first $100 million	0.55% of first $1.5 billion
0.63% over $600 million	0.35% of next $150 million	0.53% over $1.5 billion
ON AB Mid Cap Core	0.33% over $250 million	ON Model Portfolios
0.715% of first $100 million	ON BlackRock Advantage Large Cap Growth	0.40% of all net assets
0.71% of next $200 million	0.66% of first $500 million
0.69% of next $200 million	0.64% over $500 million
0.66% over $500 million

Under the Investment Advisory Agreement, the Fund authorizes ONI to retain sub-advisers for all Portfolios of the Fund, subject to the approval of the Board. ONI has entered into sub-advisory agreements to manage the investment of certain Portfolios’ assets, as detailed below, subject to the supervision of ONI.

AllianceBernsterin, L.P. (“AB”)

ON AB Small Cap

ON AB Mid Cap Core

ON Risk Managed Balanced

ON AB Relative Value

BlackRock Investment Management, LLC (“BlackRock”)

ON BlackRock Balanced Allocation

ON BlackRock Advantage International Equity

ON BlackRock Advantage Large Cap Value

ON BlackRock Advantage Large Cap Core

BlackRock (continued)

ON BlackRock Advantage Small Cap Growth

ON BlackRock Advantage Large Cap Growth

ON iShares Managed Risk Balanced

ON iShares Managed Risk Moderate Growth

ON iShares Managed Risk Growth

Federated Investment Management Company (“Federated”)

ON Federated High Income Bond

Federated (continued)

ON Federated Core Plus Bond

Geode Capital Management, LLC (“Geode”)

ON S&P 500^®Index

ON Nasdaq-100^®Index

ON S&P MidCap 400^®Index

Intech Investment Management LLC (“Intech”)

ON U.S. Low Volatility

Janus Henderson Investors U.S. LLC (“Janus”)

ON Janus Henderson Forty

The sub-advisers receive from ONI a sub-advisory fee calculated on the basis of average daily net assets and Board-approved schedules of annualized fee breakpoints.


		176		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

BlackRock receives a sub-advisory fee from ONI on the aggregate average daily net assets of the ON BlackRock Advantage Large Cap Core Portfolio, ON BlackRock Advantage Large Cap Growth Portfolio, ON BlackRock Advantage Large Cap Value Portfolio, and the sub-advised equity sleeve of the ON BlackRock Balanced Allocation Portfolio. BlackRock also receives a sub-advisory fee from ONI on the aggregate average daily net assets of the ON iShares Managed Risk Portfolios.

Pursuant to a service agreement among ONI, ONLIC, and the Fund, ONLIC has agreed to provide personnel and facilities to ONI on a cost-reimbursement basis. These personnel members include officers of the Fund. ONLIC also provides clerical and administrative services and such supplies and equipment as may be reasonably required in order for ONI to properly perform its advisory function pursuant to the Investment Advisory Agreement. ONLIC further performs duties to fulfill the transfer agent function on behalf of the Fund. Performance of these duties by ONLIC and availability of facilities, personnel, supplies, and equipment does not represent an expense to the Fund in excess of the advisory fees paid to ONI.

The Investment Advisory Agreement allows for a portion of the expenses related to ONLIC’s compliance and legal staff to be incurred by the Fund and paid from the Fund to ONI. Pursuant to the service agreement among ONI, ONLIC, and the Fund, ONLIC has provided the personnel, services, and equipment necessary for the execution of the Fund’s regulation-mandated compliance functions and ONI has reimbursed ONLIC for those costs allocated to the Fund. For the six-month period ended June 30, 2023, the Fund incurred compliance expenses totaling $128,250, which are allocated to the Portfolios by equal dollar amounts on a daily basis. Expenses incurred by the Portfolios are reflected on the Statements of Operations as “Compliance expense”.

Pursuant to the Investment Advisory Agreement between ONI and the Fund, if the total expenses applicable to any Portfolio during any calendar quarter (excluding taxes, brokerage commissions, interest expense and management fees) exceed 1%, on an annualized basis, evaluated quarterly, of such Portfolio’s average daily net asset value, ONI will reimburse the Portfolio for such excess expenses. There were no expense reimbursements associated with this agreement during the six-month period ended June 30, 2023.

Through Operating Expense Limitation Agreements, ONI has contractually agreed to reimburse the Fund to the extent that the annual ordinary operating expenses of the ON Model Portfolios, excluding: portfolio transaction and other investment related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); fees and expenses associated with investments in derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the 40 Act; any administrative and/or shareholder servicing fees payable pursuant to a plan approved by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Fund officers and Directors and contractual indemnification of Portfolio service providers); and other expenses that the Directors agree have not been incurred in the ordinary course of the Portfolio’s business, exceed certain percentages of the average daily net assets.

Expense limitations under the current Investment Advisory Agreement and prior Operating Expense Limitation Agreements, stated as percentages of the average daily net assets of the four ON Model Portfolios, where applicable, are as follows:


Portfolio	May 1, 2023 to April 30, 2024	May 1, 2022 to April 30, 2023	May 1, 2021 to April 30, 2022
ON Moderately Conservative Model	1.00%	1.00%	1.00%
ON Balanced Model	1.00%	1.00%	1.00%
ON Moderate Growth Model	—*	1.07%	1.07%
ON Growth Model	—*	1.14%	1.14%

*No limitation for this period

For purposes of calculating the expenses subject to the Operating Expense Limitation Agreement, the annual operating expenses are those as presented pursuant to the Fund’s prospectus requirements. The prospectus presentation of Fund expenses includes Acquired Fund Fees and Expenses, which is a calculation of the indirect costs associated with the Portfolios’ underlying investments in other investment companies. The current Operating Expense Limitation Agreement will continue through April 30, 2024 and may only be terminated with the consent of the Board.

Under the terms of the current Operating Expense Limitation Agreement and prior Operating Expense Limitation Agreements, ONI is entitled to recover expenses waived or reimbursed for a period of up to three years from the date on which ONI reimbursed excess expenses. No recoupment will occur unless a Portfolio’s operating expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement and the Portfolio’s current expense limitation. For the six-month period ended June 30, 2023, ONI recouped previously reimbursed expenses from the ON Moderately Conservative and ON Balanced Model Portfolios amounting to $5,000 and $126,000, respectively. These recouped expenses were related to expenses reimbursed by ONI during the periods May 1, 2019 to April 30, 2020 and May 1, 2020 to April 30, 2021. For the year ended December 31, 2022, ONI recouped previously reimbursed expenses from the ON Moderately Conservative and ON Balanced Model Portfolios amounting to $25,600 and $157,500, respectively. These recouped expenses were related to expenses reimbursed by ONI during the periods May 1, 2018


		177		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

to April 30, 2019 and May 1, 2019 to April 30, 2020. There were no reimbursed expenses under the current Operating Expense Limitation Agreement for the six-month period ended June 30, 2023 or the year ended December 31, 2022.

Amounts of expenses, previously reimbursed by ONI under the current Operating Expense Limitation Agreement and prior Operating Expense Limitation Agreements that are available for future recoupments at June 30, 2023 are as follows:


Portfolio	Expire April 30, 2024
ON Moderately Conservative Model	$	174,635
ON Balanced Model		345,376

The Fund, along with ONLIC, NSLA and certain variable separate account entities affiliated with ONLIC and NSLA, was a party to an application filed with the SEC for an order of approval pursuant to Section 26(c), and an order of exemption pursuant to Section 17(b) of the 40 Act. In the application, those entities proposed to substitute shares of certain unaffiliated underlying funds currently available under certain variable contracts (the “Substitution 1 Unaffiliated Funds”) for shares of different underlying funds (the “Substitution 1 Replacement Ohio National Fund Portfolios”). The entities also requested permission to carry out in-kind security transfers in order to execute certain of the proposed substitution transactions. The proposed substitution transactions that affected the Fund were:


Substitution 1 Unaffiliated Funds		Substitution 1 Replacement Ohio National Fund Portfolios
Federated Hermes Managed Volatility Fund II (Primary Shares and Service Shares)		ON iShares Managed Risk Balanced Portfolio
Janus Henderson VIT U.S. Low Volatility Portfolio (Service Shares)		ON U.S. Low Volatility Portfolio
Morgan Stanley VIF Core Plus Fixed Income Portfolio (Class II)		ON Federated Core Plus Bond Portfolio
PIMCO Total Return Portfolio (Administrative Share Class)		ON Federated Core Plus Bond Portfolio

On May 4, 2021, the application for the substitution transactions and in-kind transfers was approved by the SEC. The substitution transactions were effected on June 25, 2021 (the “Substitution Date”) via cash redemptions of the Substitution 1 Unaffiliated Funds and cash subscriptions to the Substitution 1 Replacement Ohio National Fund Portfolios, with the exception of the transaction involving the ON U.S. Low Volatility Portfolio. The substitution transaction involving that Portfolio was executed as an in-kind transfer of securities from the related Substitution 1 Unaffiliated Fund. The cost basis of each security transferred in-kind to the ON U.S. Low Volatility Portfolio was the fair value of that security, valued at the relevant active market exchange close price at the end of the Substitution Date. In conjunction with the substitution transactions, ONI entered into expense limitation agreements with certain of the affected Portfolios whereby, for a period of two years following the Substitution Date, the annual net operating expenses of the applicable Substitution 1 Replacement Ohio National Fund Portfolios would not exceed the annual net operating expenses of the related Substitution 1 Unaffiliated Fund for the fiscal year ended December 31, 2019. On June 25, 2023, this set of expense limitations expired with no related reimbursement of expenses by ONI during the two-year period.

ONLIC, NSLA, and certain variable separate account entities affiliated with ONLIC and NSLA were parties to a correspondence letter filed with the SEC on March 28, 2022, which described the intent of those entities to execute a substitution of investment option pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. As outlined in the correspondence letter, those entities substituted shares of an unaffiliated fund available under certain variable contracts for shares of an affiliated fund option. In the substitution, each of ONLIC and NSLA exercised its contractual rights to substitute shares of Franklin Multi-Asset Dynamic Multi-Strategy VIT (Class I) (the “Existing Portfolio”), an external fund not affiliated with the Fund, with shares of ON Risk Managed Balanced Portfolio. The substitution transactions occurred as cash redemptions of the Existing Portfolio’s shares and cash subscriptions to the ON Risk Managed Balanced Portfolio’s shares on May 20, 2022.

In conjunction with the substitution transactions, the Fund entered into an expense limitation agreement with ONI, whereby, for a period of two years following the effective date of the substitution, the annual net operating expenses of the ON Risk Managed Balanced Portfolio will not exceed 1.01% (the annual net operating expenses of the Existing Portfolio for the fiscal year ended December 31, 2021), stated as an annualized ratio of the ON Risk Managed Balanced Portfolio’s total fund expenses as a percent of its average net assets.

ONLIC, NSLA, and certain variable separate account entities affiliated with ONLIC and NSLA were parties to a correspondence letter filed with the SEC on July 22, 2022, which described the intent of those entities to execute a substitution of investment options pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. As outlined in the


		178		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

correspondence letter, those entities substituted shares of four unaffiliated funds (the “Substitution 3 Unaffiliated Funds”) currently available under certain variable contracts for shares of four affiliated fund options (the “Substitution 3 Replacement Ohio National Fund Portfolios”). The substitution transactions were:


Substitution 3 Unaffiliated Funds		Substitution 3 Replacement Ohio National Fund Portfolios
Fidelity^®VIP Contrafund^®Portfolio (Service Class 2)		ON BlackRock Advantage Large Cap Growth Portfolio
TOPS^®Managed Risk Balanced ETF Portfolio (Class 2 and Class 3 Shares)		ON iShares Managed Risk Balanced Portfolio
TOPS^®Managed Risk Moderate Growth ETF Portfolio (Class 2 and Class 3 Shares)		ON iShares Managed Risk Moderate Growth Portfolio
TOPS^®Managed Risk Growth ETF Portfolio (Class 2 and Class 3 Shares)		ON iShares Managed Risk Growth Portfolio

The substitution transactions occurred as cash redemptions of each Substitution 3 Unaffiliated Fund’s shares and cash subscriptions of each Substitution 3 Replacement Ohio National Fund Portfolio’s shares on October 14, 2022. In conjunction with the substitution transactions, ONI entered into expense limitation agreements with the Substitution 3 Replacement Ohio National Fund Portfolios whereby, for a period of two years following the effective date of the substitution, the annual net operating expenses for each applicable Substitution 3 Replacement Ohio National Fund Portfolio will not exceed the annual net operating expenses of the related Substitution 3 Unaffiliated Fund for the fiscal year ended December 31, 2021. The net operating expense limitation for each Substitution 3 Replacement Ohio National Fund Portfolio, stated as a percent of average net assets, are as follows:


Portfolio	Expense Limitation
ON BlackRock Advantage Large Cap Growth		0.85	%
ON iShares Managed Risk Balanced		0.75	%
ON iShares Managed Risk Moderate Growth		0.74	%
ON iShares Managed Risk Growth		0.74	%

There were no recorded liabilities related to any of the aforementioned expense limitation agreements at June 30, 2023 or any related reimbursement of expenses for the six-month period ended June 30, 2023.

Each Director is compensated based on an annual retainer fee of $165,000, paid quarterly. The Board chair receives an additional quarterly retainer fee of $5,000, and the Audit Committee chair receives an additional quarterly retainer fee of $2,500; each paid quarterly. For the six-month period ended June 30, 2023, Directors’ compensation and reimbursement of Director expenses by the Portfolios of the Fund totaled $434,227.

The accounting agent and custodian for the Fund is State Street Bank (Boston, MA). For assets held outside of the United States, State Street Bank utilizes a foreign sub-custodian network that is subject to oversight and periodic approval of the Board.

(4)

Capital Share Transactions

Capital share transactions for the six-month period ended June 30, 2023, and the year ended December 31, 2022, respectively, were as follows:


	ON Bond						ON BlackRock Balanced Allocation						ON BlackRock Advantage International Equity
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Capital shares issued on sales		625,186			2,201,770			216,623			1,167,771			544,220			1,210,528
Capital shares issued on reinvested distributions		—			528,633			—			3,284,285			—			5,141,518
Capital shares redeemed		(905,715	)		(2,991,069	)		(1,492,372	)		(2,150,462	)		(3,324,045	)		(7,253,319	)

Net increase (decrease)		(280,529	)		(260,666	)		(1,275,749	)		2,301,594			(2,779,825	)		(901,273	)


		179		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)


	ON Janus Henderson Forty						ON AB Small Cap						ON AB Mid Cap Core
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Capital shares issued on sales		980,607			1,327,545			387,009			703,232			99,133			240,928
Capital shares issued on reinvested distributions		—			47,838,024			—			6,990,052			—			1,485,148
Capital shares redeemed		(3,869,979	)		(15,983,038	)		(995,251	)		(969,014	)		(267,043	)		(309,931	)

Net increase (decrease)		(2,889,372	)		33,182,531			(608,242	)		6,724,270			(167,910	)		1,416,145


	ON S&P 500^®Index						ON BlackRock Advantage Large Cap Value						ON Federated High Income Bond
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Capital shares issued on sales		542,973			3,047,516			335,828			285,237			220,368			273,983
Capital shares issued on reinvested distributions		—			4,222,467			—			3,861,394			—			440,246
Capital shares redeemed		(3,336,071	)		(4,563,380	)		(771,438	)		(5,728,349	)		(479,907	)		(1,723,136	)

Net increase (decrease)		(2,793,098	)		2,706,603			(435,610	)		(1,581,718	)		(259,539	)		(1,008,907	)


	ON Nasdaq-100^®Index						ON BlackRock Advantage Large Cap Core						ON BlackRock Advantage Small Cap Growth
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Capital shares issued on sales		685,609			2,158,412			142,564			410,551			232,366			557,869
Capital shares issued on reinvested distributions		—			5,870,436			—			3,581,520			—			2,601,783
Capital shares redeemed		(2,673,106	)		(3,768,108	)		(1,283,339	)		(1,578,057	)		(808,437	)		(1,023,579	)

Net increase (decrease)		(1,987,497	)		4,260,740			(1,140,775	)		2,414,014			(576,071	)		2,136,073


	ON S&P MidCap 400^®Index						ON BlackRock Advantage Large Cap Growth						ON Risk Managed Balanced
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Capital shares issued on sales		950,057			3,188,763			746,151			52,373,466			1,345,061			70,287,422
Capital shares issued on reinvested distributions		—			3,203,958			—			4,745,946			—			4,048,639
Capital shares redeemed		(2,003,487	)		(3,327,876	)		(5,917,149	)		(2,485,545	)		(7,551,471	)		(10,586,383	)

Net increase (decrease)		(1,053,430	)		3,064,845			(5,170,998	)		54,633,867			(6,206,410	)		63,749,678


	ON Federated Core Plus Bond						ON U.S. Low Volatility						ON AB Relative Value
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Capital shares issued on sales		2,936,030			8,774,734			1,979,303			1,423,502			484,393			7,638,051
Capital shares issued on reinvested distributions		—			1,057,582			—			2,456,090			—			9,777
Capital shares redeemed		(4,347,973	)		(16,942,786	)		(7,114,230	)		(18,368,512	)		(617,308	)		(2,505,418	)

Net increase (decrease)		(1,411,943	)		(7,110,470	)		(5,134,927	)		(14,488,920	)		(132,915	)		5,142,410


		180		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)


	ON iShares Managed Risk Balanced						ON iShares Managed Risk Moderate Growth						ON iShares Managed Risk Growth
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Period from October 14, 2022 (inception) to December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Period from October 14, 2022 (inception) to December 31, 2022
Capital shares issued on sales		624,225			38,358,228			652,765			48,599,284			564,800			42,118,412
Capital shares issued on reinvested distributions		—			395,169			—			—			—			—
Capital shares redeemed		(6,383,618	)		(7,250,837	)		(3,911,130	)		(2,223,894	)		(3,436,801	)		(1,869,205	)

Net increase (decrease)		(5,759,393	)		31,502,560			(3,258,365	)		46,375,390			(2,872,001	)		40,249,207


	ON Moderately Conservative Model						ON Balanced Model						ON Moderate Growth Model
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Capital shares issued on sales		267,402			1,504,508			781,644			1,082,295			780,313			3,018,771
Capital shares issued on reinvested distributions		—			1,829,040			—			9,039,322			—			19,300,790
Capital shares redeemed		(1,962,490	)		(3,854,482	)		(5,801,857	)		(12,520,197	)		(8,902,506	)		(19,035,536	)

Net increase (decrease)		(1,695,088	)		(520,934	)		(5,020,213	)		(2,398,580	)		(8,122,193	)		3,284,025


	ON Growth Model
	Six-Month Period Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Capital shares issued on sales		142,549			533,307
Capital shares issued on reinvested distributions		—			5,185,557
Capital shares redeemed		(2,009,642	)		(3,333,707	)

Net increase (decrease)		(1,867,093	)		2,385,157

(5)

Investment Transactions

Cost of purchases and proceeds from sales of investments (excluding short-term and government securities) for the six-month period ended June 30, 2023 were as follows:


	ON Bond	ON BlackRock Balanced Allocation	ON BlackRock Advantage International Equity	ON Janus Henderson Forty	ON AB Small Cap
Cost of purchases	$36,957,645	$154,654,254	$290,520,992	$11,343,954	$29,578,066
Proceeds from sales	$17,279,052	$184,390,030	$327,523,680	$15,178,081	$35,725,600

	ON AB Mid Cap Core	ON S&P 500^®Index	ON BlackRock Advantage Large Cap Value	ON Federated High Income Bond	ON Nasdaq-100^®Index
Cost of purchases	$18,980,436	$ 9,123,235	$106,441,131	$6,942,979	$ 4,410,672
Proceeds from sales	$22,481,984	$80,970,324	$110,746,190	$9,288,116	$29,135,725

	ON BlackRock Advantage Large Cap Core	ON BlackRock Advantage Small Cap Growth	ON S&P MidCap 400^®Index	ON BlackRock Advantage Large Cap Growth	ON Risk Managed Balanced
Cost of purchases	$151,748,484	$27,049,734	$39,067,625	$214,181,031	$450,988,763
Proceeds from sales	$176,086,766	$35,834,601	$50,130,357	$247,891,769	$535,313,376


		181		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)


	ON Federated Core Plus Bond	ON U.S. Low Volatility	ON AB Relative Value	ON iShares Managed Risk Balanced	ON iShares Managed Risk Moderate Growth
Cost of purchases	$81,706,600	$163,927,775	$47,656,892	$16,782,205	$14,071,836
Proceeds from sales	$35,026,103	$210,839,166	$48,107,151	$43,722,079	$11,022,625

	ON iShares Managed Risk Growth	ON Moderately Conservative Model	ON Balanced Model	ON Moderate Growth Model	ON Growth Model
Cost of purchases	$11,523,045	$ 6,129,248	$26,939,888	$51,236,458	$10,652,104
Proceeds from sales	$13,709,158	$23,380,590	$79,955,748	$141,975,321	$32,753,641

Cost of purchases and proceeds from sales of government securities for the six-month period ended June 30, 2023 were as follows:


	ON Bond			ON BlackRock Balanced Allocation			ON Risk Managed Balanced	ON Federated Core Plus Bond
Cost of purchases		$	—		$	—	$168,628,005		$	6,681,680
Proceeds from sales		$	20,324,648		$	2,554,297	$168,928,898		$	72,022,553

(6)

Financial Instruments

The Portfolios may trade in financial instruments with off-balance sheet risk for hedging purposes or, otherwise, in accordance with stated investment objectives. These financial instruments may include options, futures, and foreign currency contracts that may involve, to a varying degree, elements of risk in excess of the amounts recognized on financial statements.

Options

A Portfolio may buy call and put options. In purchasing call options, a Portfolio pays the seller of the call option a premium for the right of the Portfolio to buy the underlying securities from the seller at a specified exercise price prior to the expiration of the option. In purchasing put options, a Portfolio pays the seller of the put option a premium for the right of the Portfolio to sell the underlying securities to the seller at a specified exercise price prior to the expiration of the option. In order to terminate its position as the purchaser of an option, the Portfolio may enter into a “closing” transaction, which is the sale of an option on the same underlying securities and having the same exercise price and expiration date as the option previously purchased by the Portfolio.

When a Portfolio purchases a put or call option, an amount equal to the premium paid is included on the Portfolio’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If a Portfolio exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Portfolio exercises a put option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index. The ON Risk Managed Balanced Portfolio held previously purchased call and put options associated with the S&P 500^® Index or related exchange traded fund during the six-month period ended June 30, 2023. These instruments were used by the Risk Management Component of the Portfolio to provide for the Portfolio’s stated risk management strategy. There were no transactions involving purchased options by the ON Risk Managed Balanced Portfolio for the six-month period ended June 30, 2023.

Purchased options are non-income producing securities.

Futures Contracts

A Portfolio may buy or sell futures contracts relating to stock indices, foreign currencies, or interest rates. Stock index futures contracts are contracts developed by and traded on national commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the actual value of the stock index on the last day of the contract and the value of the stock index established by the contract multiplied by the specific dollar amount set by the exchange. Futures contracts may be based on broad-based stock indices such as the S&P 500^® Index or on narrow-based stock indices. A particular index will be selected according to the Adviser’s investment strategy for the particular Portfolio. Foreign currency futures contracts are contracts traded on commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the value of a stated foreign currency in relation to the U.S dollar, or other currency,


		182		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

on the last day of the contract and the relative value of those currencies on the date of executing the contract. Foreign currency futures may be valued by exchange rates that are based on the relative value of a variety of foreign currencies. An interest rate futures contract is an agreement whereby one party agrees to sell and another party agrees to purchase a specified amount of a specified financial instrument (debt security) at a specified price at a specified date, time and place. Although interest rate futures contracts typically require actual future delivery of, and payment for, financial instruments, the contracts are usually closed out before the delivery date. A public market exists in interest rate futures contracts covering primarily the following financial instruments: U.S. Treasury bonds; U.S. Treasury notes; Government National Mortgage Association (“GNMA”) modified pass-through mortgage-backed securities; three-month U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; and Eurodollar certificates of deposit. U.S. futures contracts are traded on exchanges which have been designated “contract markets” by the Commodities Futures Trading Commission (“CFTC”) and must be executed through a futures commission merchant (“FCM”), or brokerage firm, which is a member of the relevant contract market.

The Fund, on behalf of each Portfolio, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act, as amended, and the rules of the CFTC promulgated thereunder, with respect to each Portfolio’s operation. Accordingly, the Portfolios are not subject to registration or regulation as a commodity pool operator.

The buyer or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the buyer and seller are required to deposit “initial margin” for the benefit of the broker when the contract is entered into. Initial margin deposits are equal to a percentage of the contract’s value, as set by the exchange on which the contract is traded, and are similar to good faith deposits or performance bonds.

Unlike margin extended by a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of a Portfolio’s investment limitations. A Portfolio, its futures commission merchant and the Custodian retain control of the initial margin until the contract is liquidated. If the value of either party’s position declines, the party on the side of the declining position will be required to make additional “variation margin” payments to settle the change in value on a daily basis. The party that has a gain may be entitled to receive all or a portion of this amount. Variation margin is recognized as a receivable and/or payable for variation margin on futures contracts on the Statement of Assets and Liabilities. In the event of a bankruptcy of the FCM that holds margin on behalf of a Portfolio, the Portfolio may be entitled to return of margin owed to the Portfolio only in proportion to the amount received by the FCM’s other customers. ONI and the sub-advisers will attempt to minimize this risk by carefully monitoring the creditworthiness of the FCMs with which the Portfolios do business.

Portions of certain Portfolios’ securities and cash holdings, as noted on those Portfolios’ Schedules of Investments, were pledged at June 30, 2023 as collateral for the Portfolios’ futures contracts. Cash holdings pledged are noted as “Cash subject to usage restrictions” on the Statements of Assets and Liabilities. The futures contracts, except those held by the ON Risk Managed Balanced, ON Federated Core Plus Bond, and ON iShares Managed Risk Portfolios, were used for the purpose of gaining equity exposure for cash and cash equivalents, thereby seeking to lessen a performance difference between the Portfolios and their respective benchmark indices. For the ON Risk Managed Balanced and ON iShares Managed Risk Portfolios, futures contracts were used to provide for the Portfolios’ respective stated risk management strategies. For the ON Federated Core Plus Bond Portfolio, futures contracts were used to manage total exposure to underlying investments, to manage interest rate risk, or to otherwise execute the Portfolio’s stated investment strategy. There were other futures contracts executed and closed in the Portfolios during the six-month period ended June 30, 2023. Those contracts were executed for similar purposes as the contracts outstanding at June 30, 2023. For the six-month period ended June 30, 2023, the notional values of futures contracts opened and closed prior to contract settlement date by the Portfolios were as follows:


Portfolio	Collateral Pledged	Futures Contracts Opened (in millions)			Futures Contracts Closed (in millions)

ON BlackRock Balanced Allocation	Portions of cash holdings		$	32.2		$	32.6
ON BlackRock Advantage International Equity	Portions of cash holdings			61.0			59.5
ON AB Mid Cap Core	Portions of cash holdings			0.0			0.3
ON S&P 500^®Index	Portions of cash holdings and securities			90.8			98.4
ON BlackRock Advantage Large Cap Value	Portions of cash holdings			18.9			19.3
ON Nasdaq-100^®Index	Portions of cash holdings and securities			22.7			22.9
ON BlackRock Advantage Large Cap Core	Portions of cash holdings			35.9			36.7
ON BlackRock Advantage Small Cap Growth	Portions of cash holdings			18.0			18.3
ON S&P MidCap 400^®Index	Portions of cash holdings			31.5			32.2
ON BlackRock Advantage Large Cap Growth	Portions of cash holdings			62.5			63.5
ON Risk Managed Balanced	Portions of securities			1,115.0			1,136.5


		183		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)


Portfolio	Collateral Pledged	Futures Contracts Opened (in millions)			Futures Contracts Closed (in millions)
ON Federated Core Plus Bond	Portions of securities		$	456.1		$	409.6
ON iShares Managed Risk Balanced	Portions of cash holdings			486.1			432.2
ON iShares Managed Risk Moderate Growth	Portions of cash holdings			276.6			250.9
ON iShares Managed Risk Growth	Portions of cash holdings			264.3			229.1

The values and financial statement effects of derivative instruments that were not accounted for as hedging instruments as of, and for, the six-month period ended June 30, 2023, were as follows:

Portfolio

Instrument

Primary Risk Type

Value- Asset
Derivatives

Value- Liability
Derivatives

Location on
Statements of
Assets and
Liabilities

ON BlackRock Balanced Allocation

Futures contracts

Equity price

4,263,838

4,152,718

⁽¹⁾

ON BlackRock Advantage International Equity

Futures contracts

Equity price

6,789,825

6,739,816

⁽¹⁾

ON S&P 500^®Index

Futures contracts

Equity price

4,937,075

4,850,225

⁽¹⁾

ON BlackRock Advantage Large Cap Value

Futures contracts

Equity price

2,468,538

2,407,788

⁽¹⁾

ON Nasdaq-100^®Index

Futures contracts

Equity price

1,840,440

1,808,545

⁽¹⁾

ON BlackRock Advantage Large Cap Core

Futures contracts

Equity price

4,263,838

4,148,092

⁽¹⁾

ON BlackRock Advantage Small Cap Growth

Futures contracts

Equity price

1,903,700

1,889,481

⁽¹⁾

ON S&P MidCap 400^®Index

Futures contracts

Equity price

3,966,150

3,935,125

⁽¹⁾

ON BlackRock Advantage Large Cap Growth

Futures contracts

Equity price

5,214,580

5,062,710

⁽¹⁾

ON Risk Managed Balanced

Futures contracts

Equity price

19,321,917

18,825,355

⁽¹⁾

Futures contracts

Interest rate

492,050,162

499,721,073

⁽¹⁾

Purchased options

Equity price

55,631,984

—

⁽²⁾

ON Federated Core Plus Bond

Futures contracts

Interest rate

142,120,601

143,929,224

⁽¹⁾

ON iShares Managed Risk Balanced

Futures contracts

Equity price

69,771,072

68,723,497

⁽¹⁾

Futures contracts

Interest rate

82,269,589

82,756,137

⁽¹⁾

Futures contracts

Foreign currency

36,201,777

35,993,187

⁽¹⁾

ON iShares Managed Risk Moderate Growth

Futures contracts

Equity price

55,672,129

54,901,753

⁽¹⁾

Futures contracts

Interest rate

24,689,633

24,365,812

⁽¹⁾

Futures contracts

Foreign currency

27,712,845

27,577,465

⁽¹⁾

ON iShares Managed Risk Growth

Futures contracts

Equity price

47,159,707

46,505,436

⁽¹⁾

Futures contracts

Interest rate

21,403,192

21,114,469

⁽¹⁾

Futures contracts

Foreign currency

30,053,610

29,935,266

⁽¹⁾

Total distributable earnings. The amounts represent the cumulative appreciation (depreciation) of these futures contracts as reported in the Statements of Assets and Liabilities. Only the current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities as receivable (payable) for variation margin on futures contracts. Each Portfolio’s Schedule of Open Futures Contracts details the values by futures contract type.

⁽²⁾

Investments in securities of unaffiliated issuers, at value.


		184		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

Portfolio

Instrument

Primary Risk Type

Realized Gain
(Loss) on
Derivatives
Recognized in
Income

Change in Unrealized
Appreciation/
Depreciation on
Derivatives
Recognized in
Income

Location on
Statements
of Operations

ON BlackRock Balanced Allocation

Futures contracts

Equity price

415,617

228,934

^(1),(2)

ON BlackRock Advantage International Equity

Futures contracts

Equity price

579,928

241,422

^(1),(2)

ON AB Mid Cap Core

Futures contracts

Equity price

11,226

7,212

^(1),(2)

ON S&P 500^®Index

Futures contracts

Equity price

795,832

596,078

^(1),(2)

ON BlackRock Advantage Large Cap Value

Futures contracts

Equity price

316,549

155,614

^(1),(2)

ON Nasdaq-100^®Index

Futures contracts

Equity price

393,125

115,750

^(1),(2)

ON BlackRock Advantage Large Cap Core

Futures contracts

Equity price

489,955

256,833

^(1),(2)

ON BlackRock Advantage Small Cap Growth

Futures contracts

Equity price

64,587

67,638

^(1),(2)

ON S&P MidCap 400^®Index

Futures contracts

Equity price

111,986

100,457

^(1),(2)

ON BlackRock Advantage Large Cap Growth

Futures contracts

Equity price

1,435,030

491,880

^(1),(2)

ON Risk Managed Balanced

Futures contracts

Equity price

(1,198,798

)

(2,765,753

)

^(1),(2)

Futures contracts

Interest rate

29,173

(5,032,807

)

^(1),(2)

Purchased options

Equity price

—

(9,644,143

)

^(3),(4)

ON Federated Core Plus Bond

Futures contracts

Interest rate

(1,389,511

)

(1,779,836

)

^(1),(2)

ON iShares Managed Risk Balanced

Futures contracts

Equity price

6,640,042

2,184,439

^(1),(2)

Futures contracts

Interest rate

474,591

(132,633

)

^(1),(2)

Futures contracts

Foreign currency

436,599

251,853

^(1),(2)

ON iShares Managed Risk Moderate Growth

Futures contracts

Equity price

4,512,064

2,518,981

^(1),(2)

Futures contracts

Interest rate

676,908

324,061

^(1),(2)

Futures contracts

Foreign currency

314,968

136,789

^(1),(2)

ON iShares Managed Risk Growth

Futures contracts

Equity price

3,151,559

1,852,713

^(1),(2)

Futures contracts

Interest rate

601,957

288,928

^(1),(2)

Futures contracts

Foreign currency

386,487

120,749

^(1),(2)

⁽¹⁾

Net realized gain (loss) on futures contracts.

⁽²⁾

Change in unrealized appreciation/depreciation on futures contracts.

⁽³⁾

Net realized gain (loss) on investments in securities of unaffiliated issuers.

⁽⁴⁾

Change in unrealized appreciation/depreciation on investments in securities of unaffiliated issuers.

The Portfolios may enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar agreements with their derivative contract counterparties whereby the Portfolios may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables and create one single net payment. For financial reporting purposes, the Portfolios offset derivative assets and liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. At June 30, 2023, there were no outstanding derivative transactions subject to netting arrangements.


		185		(continued)


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)

(7)

Federal Income Tax Information

The following information is presented on a federal income tax basis. Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Reclassifications related to permanent differences relate principally to consent dividends, foreign currency gains and losses, net investment losses, and distributions from real estate investment trusts and closed end mutual funds.

The cost basis for federal income tax purposes may differ from the cost basis for financial reporting purposes. The table below details the unrealized appreciation (depreciation) and aggregate cost of investments at June 30, 2023 for federal income tax purposes.


	ON Bond			ON BlackRock Balanced Allocation			ON BlackRock Advantage International Equity			ON Janus Henderson Forty			ON AB Small Cap			ON AB Mid Cap Core

Gross unrealized:
Appreciation	$	361,140		$	47,054,014		$	39,155,025		$	11,994,078		$	14,415,077		$	8,720,986
Depreciation		(26,224,179	)		(29,305,036	)		(19,093,558	)		(3,513,961	)		(16,917,398	)		(10,327,555	)

Net unrealized appreciation (depreciation)	$	(25,863,039	)	$	17,748,978		$	20,061,467		$	8,480,117		$	(2,502,321	)	$	(1,606,569	)

Aggregate cost of investments:	$	240,460,571		$	410,724,675		$	329,935,522		$	42,839,864		$	121,374,160		$	81,747,052


	ON S&P 500^®Index			ON BlackRock Advantage Large Cap Value			ON Federated High Income Bond			ON Nasdaq-100^®Index			ON BlackRock Advantage Large Cap Core			ON BlackRock Advantage Small Cap Growth

Gross unrealized:
Appreciation	$	445,506,465		$	11,039,728		$	516,008		$	113,344,554		$	47,703,705		$	21,440,907
Depreciation		(46,612,059	)		(12,837,385	)		(14,463,347	)		(8,614,068	)		(12,093,709	)		(31,248,327	)

Net unrealized appreciation (depreciation)	$	398,894,406		$	(1,797,657	)	$	(13,947,339	)	$	104,730,486		$	35,609,996		$	(9,807,420	)

Aggregate cost of investments:	$	692,559,645		$	203,223,622		$	133,971,683		$	151,342,545		$	295,110,960		$	150,290,843


	ON S&P MidCap 400^®Index			ON BlackRock Advantage Large Cap Growth			ON Risk Managed Balanced			ON Federated Core Plus Bond			ON U.S. Low Volatility			ON AB Relative Value

Gross unrealized:
Appreciation	$	83,364,639		$	75,256,760		$	100,473,076		$	581,122		$	72,390,725		$	9,459,563
Depreciation		(35,591,870	)		(7,554,121	)		(66,925,781	)		(61,981,062	)		(32,067,441	)		(3,738,922	)

Net unrealized appreciation (depreciation)	$	47,772,769		$	67,702,639		$	33,547,295		$	(61,399,940	)	$	40,323,284		$	5,720,641

Aggregate cost of investments:	$	336,432,400		$	364,496,813		$	1,108,891,764		$	588,641,912		$	677,890,740		$	118,715,604


	ON iShares Managed Risk Balanced			ON iShares Managed Risk Moderate Growth			ON iShares Managed Risk Growth			ON Moderately Conservative Model			ON Balanced Model			ON Moderate Growth Model

Gross unrealized:
Appreciation	$	27,844,218		$	57,518,533		$	63,301,348		$	5,637,677		$	36,936,199		$	77,045,934
Depreciation		(16,377,192	)		616,959			(1,047,075	)		(22,388,213	)		(75,653,040	)		(139,813,802	)

Net unrealized appreciation (depreciation)	$	11,467,026		$	58,135,492		$	62,254,273		$	(16,750,536	)	$	(38,716,841	)	$	(62,767,868	)

Aggregate cost of investments:	$	570,166,597		$	420,425,991		$	362,531,274		$	224,937,694		$	831,780,030		$	1,554,014,162


		186


Ohio National Fund, Inc.

Notes to Financial Statements (Continued)		June 30, 2023 (Unaudited)


	ON Growth Model

Gross unrealized:
Appreciation	$	18,098,534
Depreciation		(34,262,353	)

Net unrealized depreciation	$	(16,163,819	)

Aggregate cost of investments:	$	361,603,966


		187


Ohio National Fund, Inc.

Additional Information		June 30, 2023 (Unaudited)

(1)

Review and Approval of Advisory and Sub-Advisory Agreement for ON Fidelity Institutional AM^® Equity Growth Portfolio

At a meeting held on May 22, 2023, the Board of Directors of the Fund, including a majority of the Directors who are not “interested persons” (the “Independent Directors”) of the Fund, approved an amendment to the Investment Advisory Agreement (“Advisory Agreement) between the Fund and Ohio National Investments, Inc. (the “Adviser”) and approved a new Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Adviser and FIAM LLC (“Sub-Adviser”) for the ON Janus Henderson Forty Portfolio (the “Portfolio”). The Portfolio was originally sub-advised by Janus Henderson Investors U.S. LLC (“Janus”). As of July 28, 2023, the Portfolio is known as the ON Fidelity Institutional AM^® Equity Growth Portfolio.

The Directors noted that the Adviser is responsible for monitoring the investment performance and other responsibilities of the Sub-Adviser, which has the responsibility for supervising and managing the assets in the Portfolio on a fully discretionary basis. They also noted that the Adviser will report to the Board on its analysis of the Sub-Adviser’s performance at the regular meetings of the Board, which are held at least quarterly. Finally, the Board noted that the Adviser provides the facilities and equipment utilized by the Fund; supplies business management services to the Fund, including monitoring expense accruals and preparing the Portfolio’s financial statements; prepares and files Fund registration statements, proxies, shareholder reports and other regulatory filings; provides financial oversight; and ensures that proxies related to the Portfolio’s holdings are voted in compliance with policies approved by the Board.

In considering the amendment to the Advisory Agreement and the approval of the Sub-Advisory Agreement, the Board requested and reviewed a significant amount of information relating to the Portfolio, including the following: (1) proposed advisory and sub-advisory fee information; (2) comparative advisory fee and expense ratio information for a peer group of funds; (3) performance data for a fund employing a strategy similar to that of the Portfolio; and (4) other information regarding the nature, extent and quality of services anticipated to be provided by the Sub-Adviser.

Experienced independent legal counsel assisted the Board throughout the contract review process. The Independent Directors discussed the proposed amendment to the Advisory Agreement and the new Sub-Advisory Agreement in a private session with such counsel at which no representatives of management, the Adviser or the Sub-Adviser were present. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors considered in evaluating whether to approve the amended Advisory Agreement and the Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Directors were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Moreover, each Director may have afforded different weight to the various factors in reaching his or her conclusions with respect to approving the amendment to the Advisory Agreement and the new Sub-Advisory Agreement.

Nature, Extent and Quality of Services

The Board evaluated the nature, extent, and quality of the advisory services the Adviser anticipates providing to the Portfolio. As part of its review, the Board reviewed information regarding the Adviser’s operations, procedures and personnel submitted by the Adviser at a meeting on May 22, 2023. The Directors considered information they received during the previous year at Board meetings in connection with the Adviser’s service to other portfolios of the Fund and through periodic reports regarding the Adviser’s performance of its duties to the other portfolios. The Directors considered the capabilities and resources that the Adviser has dedicated to performing services on behalf of the Fund and its portfolios, as well as the quality of the Adviser’s administrative and other services, including the Adviser’s support to contract owners. The Directors also considered the quality of the compliance programs of the Adviser and its responsiveness to inquiries and requests from the Board. It was the Directors’ conclusion that overall, they were satisfied with the nature, extent, and quality of services the Adviser anticipates providing to the Portfolio.

The Board also evaluated the nature, extent and quality of the advisory services anticipated to be provided by the Sub-Adviser. As part of its review, the Board reviewed information regarding the operations, procedures, and personnel of the Sub-Adviser. The Directors considered the capabilities and resources that the Sub-Adviser is expected to dedicate to performing services on behalf of the Portfolio, as well as the quality of its administrative and other services. The Directors also considered the quality of the compliance programs of the Sub-Adviser, and reviewed information on the Sub-Adviser’s portfolio management and brokerage practices. The Directors concluded that, overall, they were satisfied with the nature, extent and quality of services anticipated to be provided to the Portfolio by the Sub-Adviser.

Investment Performance

To assist the Board in its consideration of the Sub-Advisory Agreement, the Board reviewed the performance of the Portfolio as compared to a comparable retail fund managed by the Sub-Adviser that utilizes a strategy similar to that of the Portfolio and to the Russell 1000 Growth Index, the Portfolio’s benchmark. The Directors noted that the comparable fund outperformed both the Portfolio and the benchmark for the 1-year, 3-year and 5-year periods ended March 31, 2023, and placed in the 38th, 8th and 9th peer group


		188		(continued)


Ohio National Fund, Inc.

Additional Information (Continued)		June 30, 2023 (Unaudited)

percentiles, respectively, for the same periods. Based on this performance, the Directors concluded that the Sub-Adviser has the ability to manage the Portfolio effectively going forward. The Board also considered the Adviser’s effectiveness in monitoring the performance of sub-advisers, and the Adviser’s timeliness in responding to performance issues, with respect to the other Portfolios of the Fund.

Fees and Expenses

The Board reviewed the Portfolio’s proposed advisory and sub-advisory fees compared to the advisory and sub-advisory fees of funds in its peer group. The Directors reviewed the proposed advisory fee to be paid to the Adviser by the Portfolio and noted the five-basis point reduction in the fee. The Directors also noted that the Adviser, and not the Portfolio, is responsible for paying the sub-advisory fee to the Sub-Adviser. The Board evaluated whether the net advisory fee received by the Adviser for the Portfolio, after paying sub-advisory fee to the Sub-Adviser, was reasonable, given the level of the Adviser’s services to the Portfolio. The Directors took into account the fact that the Adviser had contractually agreed to limit Portfolio expenses and reimburse expenses to the extent necessary to keep total Portfolio expenses at or below a specified amount. The Board also considered the reasonableness of the proposed sub-advisory fee to be paid by the Adviser to the Sub-Adviser. The Directors relied on the ability of the Adviser to negotiate the terms of the Sub-Advisory Agreement, including the sub-advisory fee, at arm’s-length, noting that the Adviser is not affiliated with any Sub-Adviser. The Directors noted that the proposed amended advisory fee payable by the Portfolio was one basis point below the average fee payable by the Portfolio’s peer group and included fee breakpoints. The Directors acknowledged that, because the sub-advisory fees are paid by the Adviser and not by the Portfolio, the Adviser is incentivized to negotiate a favorable fee. Accordingly, as to the Sub-Adviser, the cost of services provided by the Sub-Adviser and the profitability of the Sub-Adviser in connection with its relationship with the Portfolio were not material factors in the Board’s deliberations. The Directors considered that the Portfolio’s proposed advisory fee was in the 42nd percentile and below the peer group average and the Portfolio’s net expense ratio was 12 basis points below the peer group average and in the 30th percentile. Overall, the Directors concluded that the proposed advisory and sub-advisory fees were reasonable.

Profitability and Economies of Scale

The Directors noted that the advisory fee schedule contains breakpoints that would reduce the advisory fees on assets above a specified level as the Portfolio’s assets increase. After considering the Portfolio’s current size and potential for growth, the Board concluded that the Portfolio was likely to benefit from economies of scale as the Portfolio’s net assets increased, and that the existing breakpoints are appropriate. The Board concluded that the profitability and potential realization of economies of scale by the Portfolio from the sub-advisory arrangement with the unaffiliated Sub-Adviser is a matter more appropriately considered at the Advisory Agreement level and should not be a material factor in its consideration of the Sub-Advisory Agreement.

After consideration of the foregoing, the Board reached the following conclusions regarding the Advisory Agreement and Sub-Advisory Agreement with respect to the Portfolio, in addition to the conclusions set forth above: (1) the Adviser and Sub-Adviser possess the capability and resources to perform the duties required of them under the Advisory Agreement and Sub-Advisory Agreement, respectively; (2) the investment philosophy, strategies and techniques of the Sub-Adviser are appropriate for pursuing the Portfolio’s investment objective; (3) the Sub-Adviser is likely to execute its investment philosophy, strategies and techniques consistently over time; and (4) the Adviser and Sub-Adviser maintain appropriate compliance programs. Based on the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Director not necessarily attributing the same weight to each factor, the Directors unanimously concluded that approval of the amendment to the Advisory Agreement and approval of the Sub-Advisory Agreement were in the best interests of the Portfolio and its shareholders. Accordingly, the Board, including all the Independent Directors, voted unanimously to approve the amendment to the Advisory Agreement and to approve the Sub-Advisory Agreement for the Portfolio.

(2)

Expense Disclosure

An individual may not buy or own membership interests of the Fund directly. An individual acquires an indirect interest in the Fund by purchasing a variable annuity contract or variable insurance policy and allocating premiums or purchase payments to Fund Portfolios available through the separate accounts of ONLIC, ONLAC, and NSLA. Separate accounts of these entities are the shareholders of the Fund.

As a shareholder of the Fund, a separate account incurs ongoing costs, including management fees and other Fund expenses. This example is intended to help a policy/contract owner understand ongoing costs (in dollars) associated with the underlying investment in the Portfolios by the separate account shareholder and to compare these costs with the ongoing costs associated with investing in other mutual funds.

The example is based on an investment of $1,000 invested at January 1, 2023 and held through June 30, 2023.


		189		(continued)


Ohio National Fund, Inc.

Additional Information (Continued)		June 30, 2023 (Unaudited)

Actual Expenses

The table below provides information about investment values and actual expenses associated with each Portfolio of the Fund. The information below, together with the amount of an underlying investment, can be used to estimate expenses paid over the period. An estimate can be obtained by simply dividing an underlying investment value by $1,000 (for example, an $8,600 investment value divided by $1,000 = 8.6), then multiplying the result by the number in the table under the heading entitled “Expenses Paid During Period”.


	Beginning Investment Value		Ending Investment Value		Expenses Paid During Period*	Expense Ratio During Period 1/1/2023 – 6/30/2023
Portfolio	1/1/2023		6/30/2023		1/1/2023 – 6/30/2023	(Annualized)

ON Bond	$	1,000.00	$	1,030.90	$3.07	0.61%
ON BlackRock Balanced Allocation	$	1,000.00	$	1,126.50	$3.01	0.57%
ON BlackRock Advantage International Equity	$	1,000.00	$	1,129.10	$4.75	0.90%
ON Janus Henderson Forty	$	1,000.00	$	1,260.50	$5.10	0.91%
ON AB Small Cap	$	1,000.00	$	1,111.00	$4.50	0.86%
ON AB Mid Cap Core	$	1,000.00	$	1,091.80	$4.62	0.89%
ON S&P 500^®Index	$	1,000.00	$	1,166.80	$2.04	0.38%
ON BlackRock Advantage Large Cap Value	$	1,000.00	$	1,053.30	$3.77	0.74%
ON Federated High Income Bond.	$	1,000.00	$	1,050.10	$4.37	0.86%
ON Nasdaq-100^®Index	$	1,000.00	$	1,390.90	$2.55	0.43%
ON BlackRock Advantage Large Cap Core	$	1,000.00	$	1,162.50	$3.70	0.69%
ON BlackRock Advantage Small Cap Growth	$	1,000.00	$	1,128.70	$4.54	0.86%
ON S&P MidCap 400^®Index	$	1,000.00	$	1,086.10	$2.17	0.42%
ON BlackRock Advantage Large Cap Growth	$	1,000.00	$	1,280.10	$4.01	0.71%
ON Risk Managed Balanced	$	1,000.00	$	1,064.60	$4.35	0.85%
ON Federated Core Plus Bond	$	1,000.00	$	1,018.10	$2.80	0.56%
ON U.S. Low Volatility.	$	1,000.00	$	1,053.10	$3.11	0.61%
ON AB Relative Value	$	1,000.00	$	1,035.90	$3.68	0.73%
ON iShares Managed Risk Balanced	$	1,000.00	$	1,082.20	$3.05	0.59%
ON iShares Managed Risk Moderate Growth	$	1,000.00	$	1,100.10	$3.07	0.59%
ON iShares Managed Risk Growth	$	1,000.00	$	1,123.60	$3.11	0.59%
ON Moderately Conservative Model	$	1,000.00	$	1,062.80	$2.40	0.47%
ON Balanced Model	$	1,000.00	$	1,078.40	$2.37	0.46%
ON Moderate Growth Model	$	1,000.00	$	1,098.30	$2.19	0.42%
ON Growth Model	$	1,000.00	$	1,113.60	$2.31	0.44%

Expenses are equal to the average account value times the Portfolio’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year (181 days) divided by the number of days in the fiscal year (365 days). Please note that the expenses shown in these tables are meant to highlight ongoing Portfolio costs only and do not reflect any contract-level expenses or Portfolio transactional costs, such as sales charges (loads) or exchange fees (if any). Therefore, these tables are useful in comparing ongoing fund costs only, and will not fully assist a policy/contract owner in determining the relative total expenses of different funds. In addition, if transactional costs were included, costs may have been higher for these Portfolios as well as for a fund being compared.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical investment values and hypothetical expenses based on each respective Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not an actual return. The hypothetical investment values and expenses may not be used to estimate the actual ending investment balance or expenses actually paid for the period by the shareholders. A policy/contract holder may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Beginning
Investment
Value

Ending
Investment
Value

Expenses
Paid
During
Period*

Expense Ratio
During Period
1/1/2023 – 6/30/2023

Portfolio

1/1/2023

6/30/2023

1/1/2023 –
6/30/2023

(Annualized)

ON Bond

1,000.00

1,021.77

$3.06

0.61%


		190		(continued)


Ohio National Fund, Inc.

Additional Information (Continued)		June 30, 2023 (Unaudited)


	Beginning Investment Value		Ending Investment Value		Expenses Paid During Period*	Expense Ratio During Period 1/1/2023 – 6/30/2023
Portfolio	1/1/2023		6/30/2023		1/1/2023 – 6/30/2023	(Annualized)

ON BlackRock Balanced Allocation	$	1,000.00	$	1,021.97	$2.86	0.57%
ON BlackRock Advantage International Equity	$	1,000.00	$	1,020.33	$4.51	0.90%
ON Janus Henderson Forty	$	1,000.00	$	1,020.28	$4.56	0.91%
ON AB Small Cap	$	1,000.00	$	1,020.53	$4.31	0.86%
ON AB Mid Cap Core	$	1,000.00	$	1,020.38	$4.46	0.89%
ON S&P 500^®Index	$	1,000.00	$	1,022.91	$1.91	0.38%
ON BlackRock Advantage Large Cap Value	$	1,000.00	$	1,021.12	$3.71	0.74%
ON Federated High Income Bond.	$	1,000.00	$	1,020.53	$4.31	0.86%
ON Nasdaq-100^®Index	$	1,000.00	$	1,022.66	$2.16	0.43%
ON BlackRock Advantage Large Cap Core	$	1,000.00	$	1,021.37	$3.46	0.69%
ON BlackRock Advantage Small Cap Growth	$	1,000.00	$	1,020.53	$4.31	0.86%
ON S&P MidCap 400^®Index	$	1,000.00	$	1,022.71	$2.11	0.42%
ON BlackRock Advantage Large Cap Growth	$	1,000.00	$	1,021.27	$3.56	0.71%
ON Risk Managed Balanced	$	1,000.00	$	1,020.58	$4.26	0.85%
ON Federated Core Plus Bond	$	1,000.00	$	1,022.02	$2.81	0.56%
ON U.S. Low Volatility.	$	1,000.00	$	1,021.77	$3.06	0.61%
ON AB Relative Value	$	1,000.00	$	1,021.17	$3.66	0.73%
ON iShares Managed Risk Balanced	$	1,000.00	$	1,021.87	$2.96	0.59%
ON iShares Managed Risk Moderate Growth	$	1,000.00	$	1,021.87	$2.96	0.59%
ON iShares Managed Risk Growth	$	1,000.00	$	1,021.87	$2.96	0.59%
ON Moderately Conservative Model	$	1,000.00	$	1,022.46	$2.36	0.47%
ON Balanced Model	$	1,000.00	$	1,022.51	$2.31	0.46%
ON Moderate Growth Model	$	1,000.00	$	1,022.71	$2.11	0.42%
ON Growth Model	$	1,000.00	$	1,022.61	$2.21	0.44%

(3)

Other Disclosures

The Statement of Additional Information of the Fund includes additional information about the the Board and is available at http://www.ohionationalfund.com or upon request, without charge, by calling 877-781-6392 (toll-free).

A description of the policies and procedures that the Fund uses in voting proxies relating to Fund securities, as well as information regarding how the Fund voted proxies during the most recent twelve-month period ended June 30, is available without charge, upon request, by calling 877-781-6392 (toll-free) and on the SEC’s website at http://www.sec.gov.

The Fund has filed its Schedules of Investments as of March 31 and September 30 with the SEC, as required, on Form N-PORT Part F. Form N-PORT Part F is required to be filed with the SEC for the first and third quarters of each fiscal year within sixty days after the end of each period and is available on the SEC website upon acceptance of each submission.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus of the Fund. For a prospectus containing more complete information, including charges and expenses, please contact Ohio National Investments, Inc., One Financial Way, Cincinnati, OH 45242, telephone 877-781-6392 (toll-free).


		191


Ohio National Fund, Inc.

Information about Directors and Officers		June 30, 2023 (Unaudited)


Name and Address	Age	Position(s) with the Fund	Term of Office and Length of Time Served	Number of Portfolios in the Fund to be Overseen by Director	Principal Occupation(s) During Past Five Years and Other Directorships

Independent Directors

Christopher A. Carlson One Financial Way Cincinnati, Ohio	64	Chair and Director, Member of Audit and Independent Directors Committees	Indefinite; Since July 2020	25	President/Vice Chair and other positions: Ohio National Financial Services and subsidiaries (June 1993 - December 2018); President: Ohio National Fund, Inc. (March 2010 - May 2016).

Madeleine W. Ludlow One Financial Way Cincinnati, Ohio	68	Director, Chair of Audit Committee and Member of Independent Directors Committee	Indefinite; Since April 2012	25	Founder/Managing Director: West Capital Partners LLC (2010 - Present), General Partner: H Ventures LLC (2020 - 2021); Director: ALLETE, Inc. (2004 - Present).

Geoffrey Keenan One Financial Way Cincinnati, Ohio	64	Director, Member of Audit and Independent Directors Committees	Indefinite; Since January 2015	25	Executive Vice President - Asset Management Operations: Acrisure LLC (May 2021 - December 2021); Executive Vice President and Chief Operating Officer: Gateway Investment Advisers, LLC (1995 - 2013).

Lawrence L. Grypp One Financial Way Cincinnati, Ohio	74	Director, Member of Audit and Independent Directors Committees	Indefinite; Since December 2016	25	Senior Business Advisor and Board Member (January 2018 - Present); President: Goering Center for Family and Private Business (August 2008 - December 2017).

Julia W. Poston One Financial Way Cincinnati, Ohio	63	Director, Member of Audit and Independent Directors Committees	Indefinite; Since October 2022	25	Partner; Ernst & Young LLP (June 2002 – June 2020); Independent Trustee: The Royce Funds (16 Portfolios) (August 2023 - Present); Independent Trustee: The James Advantage Funds (4 Portfolios) (August 2022 - Present); Director: Al. Neyer Corp. (August 2020 - Present); Director: Master Chemical Corp. (August 2021 - Present).

Officers

Thomas G. Mooney One Financial Way Cincinnati, Ohio	41	Interim President	Indefinite; Since March 2023		Vice President: ONI (February 2023 – Present); MutualFund Analyst Officer: ONLIC (February 2023 – Present); Fund Evaluation Analyst: ONLIC (July 2022 – February 2023); Full-time Parent (November 2017 – July 2022); Product Manager, Investment Products: Touchstone Mutual Funds (November 2013 – November 2017).

R. Todd Brockman One Financial Way Cincinnati, Ohio	54	Treasurer	Indefinite; Since August 2004		Vice President, Mutual Fund Operations: ONLIC and NSLA (February 2014 - Present); Treasurer: ONI (2004 - Present).

Kimberly A. Plante One Financial Way Cincinnati, Ohio	49	Secretary	Indefinite; Since March 2005		Vice President and Counsel: ONLIC (November 2017 - Present); Secretary: ONI; Officer of various other Ohio National-affiliated companies.


		192


Ohio National Fund, Inc.

Information about Directors and Officers (Continued)		June 30, 2023 (Unaudited)


Name and Address	Age	Position(s) with the Fund	Term of Office and Length of Time Served	Number of Portfolios in the Fund to be Overseen by Director	Principal Occupation(s) During Past Five Years and Other Directorships

Keith Dwyer One Financial Way Cincinnati, Ohio	50	Chief Compliance Officer	Indefinite; Since August 2016		Vice President, Fund Compliance: ONLIC (January 2022 - Present); Second Vice President, Fund Compliance: ONLIC (August 2016 - January 2022); Chief Compliance Officer: ONI and other Ohio National-affiliated companies (August 2016 - Present).

Daniel P. Leming One Financial Way Cincinnati, Ohio	38	Operations Officer and Assistant Treasurer	Indefinite; Since March 2016		Assistant Vice President; Mutual Fund Operations: ONLIC (December 2020 - Present); Director, Fund Operations and Analysis: ONLIC (July 2018 - December 2020).

Timothy A. Abbott One Financial Way Cincinnati, Ohio	51	Assistant Secretary	Indefinite; Since February 2022		Assistant Counsel: ONLIC (February 2023 - Present); Senior Attorney: ONLIC (March 2021 – February2023); Compliance Consultant: ONLIC (January 2017 – March 2021); Officer of various other Ohio National-affiliated companies (June 2021 – Present).

Matthew J. Donlan One Financial Way Cincinnati, Ohio	32	Financial Reporting Officer	Indefinite; Since February 2023		Director, Mutual Fund Financial Reporting: ONLIC (June 2021 – Present); Assistant Director, Mutual Fund Financial Reporting: ONLIC (January 2020 – June 2021); Mutual Fund Reporting Manager: ONLIC (May 2017 – December 2019).


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Ohio National Fund, Inc.

Post Office Box 371

Cincinnati, Ohio 45201

Form 1325 Rev. 8-23

PRSRT STD

U.S. POSTAGE

PAID

LANCASTER, PA

PERMIT NO. 1793

Item 2.

Code Of Ethics.

Not applicable for semiannual reports.

Item 3.

Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4.

Principal Accountant Fees And Services.

Not applicable for semiannual reports.

Item 5.

Audit Committee Of Listed Registrants.

Not applicable for semiannual reports.

Item 6.

Investments.

Not applicable, as the schedules are included as part of the report to shareholders filed under Item 1.

Item 7.

Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.

Not applicable for open-end investment companies.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable for open-end investment companies.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable for open-end investment companies.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors.

Item 11.

Controls and Procedures.

(a)

The Fund’s principal executive officer and principal financial officer have concluded, based on their evaluation conducted as of a date within the most recent fiscal half-year of the filing of this report, that the Fund’s disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the Fund, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the Fund on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the Fund’s internal control over financial reporting that occurred during the most recent fiscal half-year covered by this report that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13.

Exhibits.

(a)(1)

Not applicable for semiannual reports.

(a)(2)

A separate certification for each principal executive officer and principal financial officer of the Fund as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.

(a)(3)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ohio National Fund, Inc.


By:		/s/ Thomas G. Mooney

		Thomas G. Mooney
		Interim President
		(Principal Executive Officer)
Date:		September 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Thomas G. Mooney

		Thomas G. Mooney
		Interim President
		(Principal Executive Officer)
Date:		September 6, 2023

By:		/s/ R. Todd Brockman

		R. Todd Brockman
		Treasurer
		(Principal Financial Officer)
Date:		September 6, 2023