NPORT-EX 2 partf.htm PART F
Ohio National Fund, Inc. ON Bond Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds92.7%   Rate Maturity Face Amount Value
Communication Services6.4%
         
AT&T, Inc. (Diversified Telecom. Svs.)

  4.900% 08/15/2037 $1,000,000 $  1,183,592
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  3.700% 04/01/2051 2,800,000   2,618,852
Comcast Corp. (Media)

  3.250% 11/01/2039 3,000,000   3,090,431
Lamar Media Corp. (Media)

  4.875% 01/15/2029 1,200,000   1,251,000
Rogers Communications, Inc. (Wireless Telecom. Svs.)

  3.700% 11/15/2049 2,100,000   2,085,154
Time Warner Cable LLC (Media)

  6.550% 05/01/2037   850,000   1,117,746
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (a) 3.875% 04/15/2030 1,800,000   1,953,648
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  4.500% 08/10/2033 1,000,000   1,161,521
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  4.400% 11/01/2034 1,500,000   1,714,636
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  2.875% 11/20/2050 1,000,000     888,782
Walt Disney Co. / The (Entertainment)

  3.600% 01/13/2051 1,000,000   1,064,014
           18,129,376
Consumer Discretionary7.3%
         
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  3.875% 08/22/2037 1,000,000   1,145,781
Aptiv PLC (Auto Components)

  4.350% 03/15/2029 1,000,000   1,126,396
Best Buy Co., Inc. (Specialty Retail)

  1.950% 10/01/2030 3,000,000   2,825,737
Expedia Group, Inc. (Hotels, Restaurants & Leisure)

  (a) 4.625% 08/01/2027 1,000,000   1,112,745
Hasbro, Inc. (Leisure Products)

  3.900% 11/19/2029 3,000,000   3,226,381
Home Depot, Inc. / The (Specialty Retail)

  2.375% 03/15/2051 2,000,000   1,716,359
Lear Corp. (Auto Components)

  4.250% 05/15/2029 4,000,000   4,431,546
Lowe's Cos., Inc. (Specialty Retail)

  3.000% 10/15/2050 2,000,000   1,865,437
M.D.C. Holdings, Inc. (Household Durables)

  3.850% 01/15/2030 2,000,000   2,085,000
Magna International, Inc. (Auto Components)

  3.625% 06/15/2024 1,000,000   1,081,190
           20,616,572
Consumer Staples10.1%
         
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.700% 02/01/2036 2,000,000   2,342,937
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.900% 02/01/2046 1,000,000   1,194,544
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.600% 04/15/2048 2,000,000   2,289,560
B.A.T. Capital Corp. (Tobacco)

  3.215% 09/06/2026 1,000,000   1,056,182
B.A.T. Capital Corp. (Tobacco)

  4.700% 04/02/2027 2,000,000   2,251,293
Campbell Soup Co. (Food Products)

  4.150% 03/15/2028 4,000,000   4,482,244
Coca-Cola Co. / The (Beverages)

  2.500% 03/15/2051 1,000,000     873,544
Costco Wholesale Corp. (Food & Staples Retailing)

  1.750% 04/20/2032 1,200,000   1,140,638
Hershey Co. / The (Food Products)

  1.700% 06/01/2030 1,800,000   1,719,629
Keurig Dr Pepper, Inc. (Beverages)

  3.430% 06/15/2027 3,000,000   3,288,342
Kimberly-Clark Corp. (Household Products)

  1.050% 09/15/2027 2,000,000   1,941,657
Kraft Heinz Foods Co. (Food Products)

  4.625% 10/01/2039 1,200,000   1,296,494
Philip Morris International, Inc. (Tobacco)

  3.375% 08/15/2029 2,500,000   2,694,888
Smithfield Foods, Inc. (Food Products)

  (a) 3.000% 10/15/2030 2,000,000   1,988,980
           28,560,932
Energy9.7%
         
Baker Hughes, a GE Co. LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.)

  4.080% 12/15/2047 2,000,000   2,131,975
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)

  3.017% 01/16/2027 1,000,000   1,068,806
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)

  1.749% 08/10/2030 1,400,000   1,322,405
Chevron Corp. (Oil, Gas & Consumable Fuels)

  2.895% 03/03/2024   900,000     959,358
Chevron Corp. (Oil, Gas & Consumable Fuels)

  2.236% 05/11/2030 1,800,000   1,790,957
ConocoPhillips (Oil, Gas & Consumable Fuels)

  (a) 3.750% 10/01/2027 2,000,000   2,209,914
ConocoPhillips (Oil, Gas & Consumable Fuels)

  (a) 2.400% 02/15/2031 1,800,000   1,776,070
Energy Transfer LP (Oil, Gas & Consumable Fuels)

  4.950% 06/15/2028 2,000,000   2,238,119
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)

  4.114% 03/01/2046   900,000     988,985
Halliburton Co. (Energy Equip. & Svs.)

  4.850% 11/15/2035   900,000   1,011,427
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  5.300% 12/01/2034 1,000,000   1,180,995
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)

  3.850% 06/01/2025   850,000     910,767
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)

  4.750% 09/15/2044 1,000,000   1,109,143
ONEOK, Inc. (Oil, Gas & Consumable Fuels)

  5.850% 01/15/2026 1,200,000   1,404,798
ONEOK, Inc. (Oil, Gas & Consumable Fuels)

  6.000% 06/15/2035 1,000,000   1,178,290
Sabine Pass Liquefaction LLC (Oil, Gas & Consumable Fuels)

  4.500% 05/15/2030   600,000     673,313
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)

  4.000% 05/10/2046 1,000,000   1,115,294
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels)

  (a) 2.900% 03/01/2030 1,000,000     995,709
Texas Eastern Transmission LP (Oil, Gas & Consumable Fuels)

  (a) 4.150% 01/15/2048 1,000,000   1,011,566
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)

  3.750% 06/15/2027 1,000,000   1,090,076
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)

  5.400% 03/04/2044 1,000,000   1,160,595
           27,328,562
Financials26.6%
         
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)

  3.300% 01/23/2023 2,000,000   2,073,661
American Express Co. (Consumer Finance)

  QL + 75 08/03/2023 1,000,000   1,010,473
American International Group, Inc. (Insurance)

  3.875% 01/15/2035 2,500,000   2,718,465
Bank of America Corp. (Banks)

  3.875% 08/01/2025 1,000,000   1,104,502
Bank of America Corp. (Rate is fixed until 01/23/2025, at which point, the rate becomes QL + 81) (Banks)

  (b) 3.366% 01/23/2026 2,000,000   2,153,169
Bank of America Corp. (Rate is fixed until 04/24/2037, at which point, the rate becomes QL + 181) (Banks)

  (b) 4.244% 04/24/2038 1,000,000   1,137,573
1
(continued)

Ohio National Fund, Inc. ON Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Financials (continued)          
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 $  3,075,694
Berkshire Hathaway, Inc. (Diversified Financial Svs.)

  3.125% 03/15/2026   900,000     979,803
BlackRock, Inc. (Capital Markets)

  2.400% 04/30/2030 1,000,000   1,014,936
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   1,539,669
Citigroup, Inc. (Banks)

  4.400% 06/10/2025 2,000,000   2,222,445
Citigroup, Inc. (Banks)

  3.700% 01/12/2026 1,000,000   1,098,323
Citigroup, Inc. (Banks)

  4.450% 09/29/2027 2,000,000   2,257,173
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USSW5 + 173) (Banks)

  (b) 4.682% 08/09/2028 2,000,000   2,133,200
E*TRADE Financial Corp. (Capital Markets)

  2.950% 08/24/2022 1,800,000   1,858,794
Ford Motor Credit Co. LLC (Consumer Finance)

  QL + 88 10/12/2021 2,000,000   1,990,360
General Motors Financial Co., Inc. (Consumer Finance)

  3.200% 07/06/2021 2,000,000   2,008,684
General Motors Financial Co., Inc. (Consumer Finance)

  QL + 99 01/05/2023 2,000,000   2,017,108
Goldman Sachs Group, Inc. / The (Capital Markets)

  3.750% 05/22/2025 2,000,000   2,183,289
Goldman Sachs Group, Inc. / The (Rate is fixed until 04/23/2028, at which point, the rate becomes QL + 116) (Capital Markets)

  (b) 3.814% 04/23/2029 2,000,000   2,191,247
Intercontinental Exchange, Inc. (Capital Markets)

  3.750% 12/01/2025 1,000,000   1,096,492
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. (Diversified Financial Svs.)

  4.850% 01/15/2027 1,800,000   2,070,728
JPMorgan Chase & Co. (Banks)

  3.625% 12/01/2027 2,000,000   2,173,148
JPMorgan Chase & Co. (Rate is fixed until 05/13/2030, at which point, the rate becomes SOFR + 252) (Banks)

  (b) 2.956% 05/13/2031 2,000,000   2,036,983
Marsh & McLennan Cos., Inc. (Insurance)

  3.500% 06/03/2024 1,400,000   1,507,865
Morgan Stanley (Capital Markets)

  QL + 140 10/24/2023 1,260,000   1,283,042
Morgan Stanley (Capital Markets)

  3.950% 04/23/2027 1,000,000   1,106,575
Morgan Stanley (Rate is fixed until 01/23/2029, at which point, the rate becomes QL + 163) (Capital Markets)

  (b) 4.431% 01/23/2030 2,000,000   2,290,021
Nasdaq, Inc. (Capital Markets)

  3.850% 06/30/2026 2,000,000   2,207,731
PNC Bank N.A. (Banks)

  2.700% 10/22/2029 2,500,000   2,555,212
S&P Global, Inc. (Capital Markets)

  1.250% 08/15/2030   600,000     549,334
State Street Corp. (Capital Markets)

  2.200% 03/03/2031 2,000,000   1,949,093
Synchrony Financial (Consumer Finance)

  4.250% 08/15/2024 1,000,000   1,087,807
Synchrony Financial (Consumer Finance)

  5.150% 03/19/2029 2,000,000   2,306,540
TD Ameritrade Holding Corp. (Capital Markets)

  3.300% 04/01/2027 2,000,000   2,172,258
Truist Bank (Banks)

  3.625% 09/16/2025 1,000,000   1,091,293
U.S. Bancorp (Banks)

  1.375% 07/22/2030 2,000,000   1,843,851
Wells Fargo & Co. (Banks)

  3.000% 04/22/2026 1,000,000   1,068,613
Wells Fargo & Co. (Rate is fixed until 10/30/2029, at which point, the rate becomes SOFR + 143) (Banks)

  (b) 2.879% 10/30/2030 2,000,000   2,060,223
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   1,176,728
Wells Fargo & Co. (Banks)

  4.650% 11/04/2044 1,000,000   1,151,684
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   1,545,015
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISDA05 + 224) (Banks)

  (b) 4.322% 11/23/2031 1,800,000   1,988,244
           75,087,048
Health Care3.7%
         
AbbVie, Inc. (Biotechnology)

  3.200% 11/21/2029 1,000,000   1,063,772
AbbVie, Inc. (Biotechnology)

  4.250% 11/21/2049 3,000,000   3,394,608
HCA, Inc. (Health Care Providers & Svs.)

  5.250% 06/15/2026 1,000,000   1,149,358
Quest Diagnostics, Inc. (Health Care Providers & Svs.)

  2.950% 06/30/2030 2,000,000   2,067,443
Quest Diagnostics, Inc. (Health Care Providers & Svs.)

  2.800% 06/30/2031 1,200,000   1,219,710
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  1.750% 09/15/2030 1,800,000   1,664,681
           10,559,572
Industrials8.6%
         
Air Lease Corp. (Trading Companies & Distributors)

  2.250% 01/15/2023 2,000,000   2,052,520
Air Lease Corp. (Trading Companies & Distributors)

  2.300% 02/01/2025 2,000,000   2,042,815
BAE Systems PLC (Aerospace & Defense)

  (a) 1.900% 02/15/2031 2,000,000   1,876,699
Boeing Co. / The (Aerospace & Defense)

  3.200% 03/01/2029 3,000,000   3,038,133
Burlington Northern Santa Fe LLC (Road & Rail)

  4.550% 09/01/2044   900,000   1,064,135
FedEx Corp. (Air Freight & Logistics)

  4.900% 01/15/2034 2,000,000   2,406,984
Lockheed Martin Corp. (Aerospace & Defense)

  1.850% 06/15/2030 1,200,000   1,168,517
Lockheed Martin Corp. (Aerospace & Defense)

  3.600% 03/01/2035 1,000,000   1,114,001
Northrop Grumman Corp. (Aerospace & Defense)

  2.930% 01/15/2025 2,500,000   2,660,441
Parker-Hannifin Corp. (Machinery)

  4.200% 11/21/2034 1,400,000   1,585,204
Union Pacific Corp. (Road & Rail)

  3.250% 08/15/2025 1,000,000   1,081,053
United Rentals North America, Inc. (Trading Companies & Distributors)

  5.250% 01/15/2030 2,000,000   2,170,600
Waste Connections, Inc. (Commercial Svs. & Supplies)

  4.250% 12/01/2028 1,800,000   2,024,930
           24,286,032
Information Technology1.3%
         
Broadcom, Inc. (Semiconductors & Equip.)

  (a) 2.600% 02/15/2033 2,000,000   1,863,072
2
(continued)

Ohio National Fund, Inc. ON Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Information Technology (continued)
         
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)

  4.900% 10/15/2025 $  850,000 $    969,332
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)

  4.875% 03/01/2024   900,000     966,753
            3,799,157
Materials8.1%
         
Anglo American Capital PLC (Metals & Mining)

  (a) 4.750% 04/10/2027 1,000,000   1,146,595
Anglo American Capital PLC (Metals & Mining)

  (a) 4.000% 09/11/2027   900,000     991,917
Dow Chemical Co. / The (Chemicals)

  4.250% 10/01/2034 2,000,000   2,213,871
DuPont de Nemours, Inc. (Chemicals)

  2.169% 05/01/2023 2,000,000   2,008,443
Kinross Gold Corp. (Metals & Mining)

  4.500% 07/15/2027 3,000,000   3,378,995
Mosaic Co. / The (Chemicals)

  4.050% 11/15/2027 3,000,000   3,330,110
Nutrien Ltd. (Chemicals)

  4.200% 04/01/2029 1,900,000   2,138,149
RPM International, Inc. (Chemicals)

  4.250% 01/15/2048 3,000,000   3,054,190
Steel Dynamics, Inc. (Metals & Mining)

  3.250% 01/15/2031 1,200,000   1,269,997
Syngenta Finance N.V. (Chemicals)

  (a) 5.182% 04/24/2028 1,000,000   1,081,080
Yamana Gold, Inc. (Metals & Mining)

  4.625% 12/15/2027 2,000,000   2,188,409
           22,801,756
Real Estate3.4%
         
Alexandria Real Estate Equities, Inc. (Equity REIT)

  3.950% 01/15/2028 1,000,000   1,111,475
Federal Realty Investment Trust (Equity REIT)

  3.250% 07/15/2027 2,000,000   2,123,835
Healthcare Realty Trust, Inc. (Equity REIT)

  3.875% 05/01/2025 1,400,000   1,518,395
Healthcare Realty Trust, Inc. (Equity REIT)

  3.625% 01/15/2028 1,000,000   1,074,710
Healthpeak Properties, Inc. (Equity REIT)

  4.000% 06/01/2025 1,500,000   1,658,026
Welltower, Inc. (Equity REIT)

  4.250% 04/01/2026 1,000,000   1,123,426
Welltower, Inc. (Equity REIT)

  2.700% 02/15/2027 1,000,000   1,042,737
            9,652,604
Utilities7.5%
         
AEP Transmission Co. LLC (Electric Utilities)

  4.000% 12/01/2046 1,000,000   1,097,618
AEP Transmission Co. LLC (Electric Utilities)

  3.750% 12/01/2047 1,351,000   1,436,988
Ameren Corp. (Multi-Utilities)

  3.500% 01/15/2031 2,000,000   2,122,503
American Water Capital Corp. (Water Utilities)

  4.300% 12/01/2042 1,400,000   1,585,778
Berkshire Hathaway Energy Co. (Multi-Utilities)

  3.250% 04/15/2028 1,900,000   2,048,233
Commonwealth Edison Co. (Electric Utilities)

  4.350% 11/15/2045 2,000,000   2,316,338
Connecticut Light & Power Co. / The (Electric Utilities)

  4.000% 04/01/2048 1,000,000   1,133,771
Duke Energy Corp. (Electric Utilities)

  3.750% 09/01/2046 1,000,000   1,005,676
Eversource Energy (Electric Utilities)

  3.300% 01/15/2028 1,000,000   1,068,262
FirstEnergy Transmission LLC (Electric Utilities)

  (a) 4.550% 04/01/2049 1,800,000   1,898,195
Florida Power & Light Co. (Electric Utilities)

  3.150% 10/01/2049 2,000,000   2,012,829
Jersey Central Power & Light Co. (Electric Utilities)

  (a) 4.300% 01/15/2026   900,000     983,519
Public Service Electric & Gas Co. (Multi-Utilities)

  3.600% 12/01/2047 1,500,000   1,599,258
Southwest Gas Corp. (Gas Utilities)

  3.875% 04/01/2022 1,000,000   1,024,801
           21,333,769
Total Corporate Bonds (Cost $247,412,487)

        $262,155,380
    
Asset-Backed Securities2.6%   Rate Maturity Face Amount Value
Industrials2.6%
         
Air Canada 2017-1 Class B Pass Through Trust

  (a) 3.700% 01/15/2026 $1,888,227 $  1,808,538
American Airlines 2015-1 Class B Pass Through Trust

  3.700% 05/01/2023   514,859      480,028
FedEx Corp. 2020-1 Class AA Pass Through Trust

  1.875% 02/20/2034 2,919,791    2,827,607
United Airlines 2016-1 Class B Pass Through Trust

  3.650% 01/07/2026 1,337,500    1,320,741
United Airlines 2019-2 Class AA Pass Through Trust

  2.700% 05/01/2032   985,231     956,882
Total Asset-Backed Securities (Cost $7,645,752)

          $7,393,796
    
U.S. Treasury Obligations0.8%   Rate Maturity Face Amount Value
U.S. Treasury Note

  0.875% 11/15/2030 $2,500,000 $  2,312,109
Total U.S. Treasury Obligations (Cost $2,427,270)

          $2,312,109
    
Money Market Funds1.0%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (c) 2,644,379 $  2,645,172
Total Money Market Funds (Cost $2,645,172)

      $2,645,172
Total Investments – 97.1% (Cost $260,130,681)

  (d)   $274,506,457
Other Assets in Excess of Liabilities – 2.9%

    8,193,796
Net Assets – 100.0%     $282,700,253
3
(continued)

Ohio National Fund, Inc. ON Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 

Percentages are stated as a percent of net assets.
    
Abbreviations:  
H15T5Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 0.920% at 03/31/2021
QL: Quarterly U.S. LIBOR Rate, 0.194% at 03/31/2021
SOFR: Secured Overnight Financing Rate, 0.010% at 03/31/2021
USISDA05: USD ICE Swap Rate 11:00am NY 5 Year, 1.027% at 01/31/2021
USSW5: USD Swap Semi 30/360 5 Year, 1.057% at 03/31/2021
    
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 March 31, 2021, the value of these securities totaled $22,698,247, 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 March 31, 2021.
(c) Rate represents the seven-day yield at March 31, 2021.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
4

Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks71.0%   Shares Value
Communication Services7.5%
     
Alphabet, Inc. Class A (Interactive Media & Svs.)

  (a) 5,384 $ 11,104,608
Alphabet, Inc. Class C (Interactive Media & Svs.)

  (a) 3,222    6,665,126
Altice U.S.A., Inc. Class A (Media)

  (a) 1,534       49,901
AT&T, Inc. (Diversified Telecom. Svs.)

  84,307    2,551,973
Comcast Corp. Class A (Media)

  43,297    2,342,801
Discovery, Inc. Class A (Media)

  (a) 3,468      150,719
Discovery, Inc. Class C (Media)

  (a) 3,666      135,239
Electronic Arts, Inc. (Entertainment)

  6,201      839,429
Facebook, Inc. Class A (Interactive Media & Svs.)

  (a) 23,708    6,982,717
Lions Gate Entertainment Corp. Class B (Entertainment)

  (a) 4,079       52,619
Netflix, Inc. (Entertainment)

  (a) 1,542      804,400
New York Times Co. / The Class A (Media)

  802       40,597
Omnicom Group, Inc. (Media)

  5,875      435,631
Roku, Inc. (Entertainment)

  (a) 733      238,789
Sirius XM Holdings, Inc. (Media)

  190,285    1,158,836
TEGNA, Inc. (Media)

  11,212      211,122
Twitter, Inc. (Interactive Media & Svs.)

  (a) 13,320      847,551
United States Cellular Corp. (Wireless Telecom. Svs.)

  (a) 2,114       77,119
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  7,132      414,726
Walt Disney Co. / The (Entertainment)

  (a) 21,894    4,039,881
Zynga, Inc. Class A (Entertainment)

  (a) 35,486     362,312
       39,506,096
Consumer Discretionary8.5%
     
Airbnb, Inc. Class A (Hotels, Restaurants & Leisure)

  (a) 394       74,048
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  (a) 4,092   12,660,975
Aramark (Hotels, Restaurants & Leisure)

  2,623       99,097
Best Buy Co., Inc. (Specialty Retail)

  10,356    1,188,972
BorgWarner, Inc. (Auto Components)

  36,475    1,690,981
Bright Horizons Family Solutions, Inc. (Diversified Consumer Svs.)

  (a) 5,059      867,366
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)

  (a) 326      463,187
Crocs, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 955       76,830
D.R. Horton, Inc. (Household Durables)

  5,120      456,294
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)

  (a) 179       59,145
eBay, Inc. (Internet & Direct Marketing Retail)

  15,701      961,529
Etsy, Inc. (Internet & Direct Marketing Retail)

  (a) 666      134,312
Graham Holdings Co. Class B (Diversified Consumer Svs.)

  526      295,844
Home Depot, Inc. / The (Specialty Retail)

  8,874    2,708,789
iRobot Corp. (Household Durables)

  (a) 1,648      201,353
KB Home (Household Durables)

  9,208      428,448
Kohl's Corp. (Multiline Retail)

  5,336      318,079
Levi Strauss & Co. Class A (Textiles, Apparel & Luxury Goods)

  2,420       57,862
LKQ Corp. (Distributors)

  (a) 4,380      185,405
Lowe's Cos., Inc. (Specialty Retail)

  3,788      720,402
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 1,230      377,253
McDonald's Corp. (Hotels, Restaurants & Leisure)

  12,360    2,770,370
MGM Resorts International (Hotels, Restaurants & Leisure)

  1,839       69,864
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)

  12,578    1,671,490
Nordstrom, Inc. (Multiline Retail)

  25,377      961,027
Pool Corp. (Distributors)

  3,932    1,357,484
PulteGroup, Inc. (Household Durables)

  3,260      170,954
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)

  2,412      297,062
Target Corp. (Multiline Retail)

  19,085    3,780,166
Terminix Global Holdings, Inc. (Diversified Consumer Svs.)

  (a) 12,415      591,823
Tesla, Inc. (Automobiles)

  (a) 7,854    5,245,922
TJX Cos., Inc. / The (Specialty Retail)

  17,123    1,132,687
Travel + Leisure Co. (Hotels, Restaurants & Leisure)

  18,510    1,132,072
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)

  146       42,582
Wendy's Co. / The (Hotels, Restaurants & Leisure)

  11,366      230,275
Whirlpool Corp. (Household Durables)

  370       81,530
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)

  8,265      576,732
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)

  (a) 5,978     749,462
       44,887,673
Consumer Staples4.7%
     
Coca-Cola Co. / The (Beverages)

  89,830    4,734,939
Colgate-Palmolive Co. (Household Products)

  51,486    4,058,641
Costco Wholesale Corp. (Food & Staples Retailing)

  16,725    5,895,228
General Mills, Inc. (Food Products)

  20,124    1,234,004
5
(continued)

Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Consumer Staples (continued)
     
Herbalife Nutrition Ltd. (Personal Products)

  (a) 1,905 $     84,506
Hershey Co. / The (Food Products)

  17,868    2,826,003
J.M. Smucker Co. / The (Food Products)

  2,425      306,835
Kellogg Co. (Food Products)

  26,695    1,689,793
McCormick & Co., Inc. (Food Products)

  13,066    1,164,965
Molson Coors Beverage Co. Class B (Beverages)

  2,390      122,249
PepsiCo, Inc. (Beverages)

  17,845    2,524,175
Walmart, Inc. (Food & Staples Retailing)

  2,649     359,814
       25,001,152
Energy2.2%
     
Chevron Corp. (Oil, Gas & Consumable Fuels)

  13,932    1,459,934
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)

  5,048      299,801
Devon Energy Corp. (Oil, Gas & Consumable Fuels)

  6,651      145,324
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)

  1,120       82,309
EQT Corp. (Oil, Gas & Consumable Fuels)

  (a) 2,453       45,577
Hess Corp. (Oil, Gas & Consumable Fuels)

  6,025      426,329
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  90,185    1,501,580
Phillips 66 (Oil, Gas & Consumable Fuels)

  35,554    2,899,073
Schlumberger N.V. (Energy Equip. & Svs.)

  158,966    4,322,286
TechnipFMC PLC (Energy Equip. & Svs.)

  37,951      292,982
Valero Energy Corp. (Oil, Gas & Consumable Fuels)

  4,440     317,904
       11,793,099
Financials8.4%
     
Allstate Corp. / The (Insurance)

  13,204    1,517,140
Ally Financial, Inc. (Consumer Finance)

  12,343      558,027
American Express Co. (Consumer Finance)

  28,999    4,101,618
Arch Capital Group Ltd. (Insurance)

  (a) 1,796       68,912
Athene Holding Ltd. Class A (Insurance)

  (a) 19,777      996,761
Bank of Hawaii Corp. (Banks)

  2,063      184,618
Bank of New York Mellon Corp. / The (Capital Markets)

  27,917    1,320,195
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)

  (a) 5,363    1,370,086
Charles Schwab Corp. / The (Capital Markets)

  11,134      725,714
Citigroup, Inc. (Banks)

  17,113    1,244,971
CME Group, Inc. (Capital Markets)

  4,774      974,994
Essent Group Ltd. (Thrifts & Mortgage Finance)

  4,721      224,200
First American Financial Corp. (Insurance)

  16,274      921,922
Invesco Ltd. (Capital Markets)

  11,413      287,836
JPMorgan Chase & Co. (Banks)

  37,238    5,668,741
Marsh & McLennan Cos., Inc. (Insurance)

  16,442    2,002,636
MetLife, Inc. (Insurance)

  30,061    1,827,408
MGIC Investment Corp. (Thrifts & Mortgage Finance)

  10,738      148,721
Moody's Corp. (Capital Markets)

  392      117,055
Morgan Stanley (Capital Markets)

  68,851    5,346,969
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)

  95,555    1,205,904
Progressive Corp. / The (Insurance)

  10,667    1,019,872
Rocket Cos., Inc. Class A (Thrifts & Mortgage Finance)

  3,265       75,389
Signature Bank (Banks)

  2,912      658,403
State Street Corp. (Capital Markets)

  4,744      398,543
T. Rowe Price Group, Inc. (Capital Markets)

  6,700    1,149,720
Travelers Cos., Inc. / The (Insurance)

  7,131    1,072,502
Truist Financial Corp. (Banks)

  46,965    2,738,999
Voya Financial, Inc. (Diversified Financial Svs.)

  35,983    2,289,958
Wells Fargo & Co. (Banks)

  97,196    3,797,448
Willis Towers Watson PLC (Insurance)

  1,441     329,816
       44,345,078
Health Care8.9%
     
AbbVie, Inc. (Biotechnology)

  31,409    3,399,082
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)

  13,500    1,716,390
Align Technology, Inc. (Health Care Equip. & Supplies)

  (a) 3,234    1,751,308
AmerisourceBergen Corp. (Health Care Providers & Svs.)

  11,082    1,308,452
Amgen, Inc. (Biotechnology)

  3,798      944,980
Anthem, Inc. (Health Care Providers & Svs.)

  5,320    1,909,614
Biogen, Inc. (Biotechnology)

  (a) 1,752      490,122
Bristol-Myers Squibb Co. (Pharmaceuticals)

  66,065    4,170,683
Bruker Corp. (Life Sciences Tools & Svs.)

  2,950      189,626
Cardinal Health, Inc. (Health Care Providers & Svs.)

  19,844    1,205,523
Catalent, Inc. (Pharmaceuticals)

  (a) 2,035      214,306
6
(continued)

Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
Cerner Corp. (Health Care Technology)

  15,684 $  1,127,366
Cigna Corp. (Health Care Providers & Svs.)

  3,289      795,083
Danaher Corp. (Health Care Equip. & Supplies)

  4,611    1,037,844
Dexcom, Inc. (Health Care Equip. & Supplies)

  (a) 2,269      815,456
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)

  (a) 16,614    1,389,595
Envista Holdings Corp. (Health Care Equip. & Supplies)

  (a) 3,654      149,083
Gilead Sciences, Inc. (Biotechnology)

  76,653    4,954,083
Henry Schein, Inc. (Health Care Providers & Svs.)

  (a) 12,626      874,224
Hill-Rom Holdings, Inc. (Health Care Equip. & Supplies)

  2,614      288,795
Hologic, Inc. (Health Care Equip. & Supplies)

  (a) 901       67,016
Humana, Inc. (Health Care Providers & Svs.)

  1,506      631,391
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)

  (a) 3,192    1,561,878
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)

  (a) 137      101,235
Johnson & Johnson (Pharmaceuticals)

  30,027    4,934,937
McKesson Corp. (Health Care Providers & Svs.)

  11,304    2,204,732
Medtronic PLC (Health Care Equip. & Supplies)

  8,006      945,749
Merck & Co., Inc. (Pharmaceuticals)

  4,468      344,438
Pfizer, Inc. (Pharmaceuticals)

  62,499    2,264,339
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  (a) 1,214      574,392
UnitedHealth Group, Inc. (Health Care Providers & Svs.)

  9,408    3,500,435
Vertex Pharmaceuticals, Inc. (Biotechnology)

  (a) 5,524   1,187,052
       47,049,209
Industrials6.6%
     
AGCO Corp. (Machinery)

  452       64,930
Alaska Air Group, Inc. (Airlines)

  (a) 960       66,442
Allegion PLC (Building Products)

  1,566      196,721
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)

  1,207      115,184
Caterpillar, Inc. (Machinery)

  181       41,968
Cintas Corp. (Commercial Svs. & Supplies)

  1,648      562,479
Copart, Inc. (Commercial Svs. & Supplies)

  (a) 19,215    2,086,941
Cummins, Inc. (Machinery)

  1,571      407,062
Deere & Co. (Machinery)

  7,486    2,800,812
Delta Air Lines, Inc. (Airlines)

  (a) 8,514      411,056
Dun & Bradstreet Holdings, Inc. (Professional Svs.)

  (a) 843       20,072
EMCOR Group, Inc. (Construction & Engineering)

  4,065      455,930
Equifax, Inc. (Professional Svs.)

  1,508      273,144
Expeditors International of Washington, Inc. (Air Freight & Logistics)

  27,270    2,936,706
Honeywell International, Inc. (Industrial Conglomerates)

  26,660    5,787,086
IAA, Inc. (Commercial Svs. & Supplies)

  (a) 11,307      623,468
IHS Markit Ltd. (Professional Svs.)

  12,068    1,167,941
Landstar System, Inc. (Road & Rail)

  2,618      432,127
Lennox International, Inc. (Building Products)

  4,432    1,380,967
Lockheed Martin Corp. (Aerospace & Defense)

  9,555    3,530,573
MasTec, Inc. (Construction & Engineering)

  (a) 1,018       95,387
Mercury Systems, Inc. (Aerospace & Defense)

  (a) 3,432      242,471
Oshkosh Corp. (Machinery)

  4,108      487,455
Quanta Services, Inc. (Construction & Engineering)

  1,586      139,536
Robert Half International, Inc. (Professional Svs.)

  6,713      524,084
Roper Technologies, Inc. (Industrial Conglomerates)

  2,120      855,081
Ryder System, Inc. (Road & Rail)

  5,686      430,146
Schneider National, Inc. Class B (Road & Rail)

  7,945      198,387
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)

  (a) 4,919      839,870
Southwest Airlines Co. (Airlines)

  951       58,068
Trane Technologies PLC (Building Products)

  22,588    3,739,669
United Airlines Holdings, Inc. (Airlines)

  (a) 11,743      675,692
W.W. Grainger, Inc. (Trading Companies & Distributors)

  3,715    1,489,455
Xylem, Inc. (Machinery)

  19,151   2,014,302
       35,151,212
Information Technology19.3%
     
Accenture PLC Class A (IT Svs.)

  17,998    4,971,947
Adobe, Inc. (Software)

  (a) 12,508    5,945,928
Advanced Micro Devices, Inc. (Semiconductors & Equip.)

  (a) 15,291    1,200,343
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  169,482   20,702,231
Applied Materials, Inc. (Semiconductors & Equip.)

  28,296    3,780,346
Automatic Data Processing, Inc. (IT Svs.)

  12,916    2,434,279
Cadence Design Systems, Inc. (Software)

  (a) 14,204    1,945,806
Cirrus Logic, Inc. (Semiconductors & Equip.)

  (a) 1,231      104,376
Cisco Systems, Inc. (Communications Equip.)

  42,677    2,206,828
7
(continued)

Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Information Technology (continued)
     
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)

  (a) 14,485 $  1,276,853
Enphase Energy, Inc. (Semiconductors & Equip.)

  (a) 481       77,999
Fidelity National Information Services, Inc. (IT Svs.)

  5,552      780,667
Flex Ltd. (Electronic Equip., Instr. & Comp.)

  (a) 55,534    1,016,828
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)

  241,669    3,803,870
HP, Inc. (Tech. Hardware, Storage & Periph.)

  8,314      263,969
HubSpot, Inc. (Software)

  (a) 2,067      938,852
Intel Corp. (Semiconductors & Equip.)

  89,428    5,723,392
Intuit, Inc. (Software)

  14,071    5,390,037
Itron, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 4,813      426,672
Lam Research Corp. (Semiconductors & Equip.)

  477      283,929
Mastercard, Inc. Class A (IT Svs.)

  8,511    3,030,342
Microsoft Corp. (Software)

  67,525   15,920,369
NVIDIA Corp. (Semiconductors & Equip.)

  5,492    2,932,344
PayPal Holdings, Inc. (IT Svs.)

  (a) 14,846    3,605,203
QUALCOMM, Inc. (Semiconductors & Equip.)

  27,925    3,702,576
Qualtrics International, Inc. Class A (Software)

  (a) 3,829      126,012
ServiceNow, Inc. (Software)

  (a) 6,472    3,236,712
Visa, Inc. (IT Svs.)

  24,748    5,239,894
VMware, Inc. Class A (Software)

  (a) 7,277   1,094,825
      102,163,429
Materials2.0%
     
Amcor PLC (Containers & Packaging)

  34,416      401,979
AptarGroup, Inc. (Containers & Packaging)

  3,708      525,312
Crown Holdings, Inc. (Containers & Packaging)

  6,893      668,897
Ecolab, Inc. (Chemicals)

  8,052    1,723,692
FMC Corp. (Chemicals)

  8,887      982,991
Linde PLC (Chemicals)

  3,778    1,058,369
Martin Marietta Materials, Inc. (Construction Materials)

  327      109,813
PPG Industries, Inc. (Chemicals)

  24,028    3,610,447
Reliance Steel & Aluminum Co. (Metals & Mining)

  9,698   1,476,908
       10,558,408
Real Estate1.4%
     
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)

  (a) 19,184    1,517,646
Equinix, Inc. (Equity REIT)

  3,880    2,636,809
Kilroy Realty Corp. (Equity REIT)

  12,710      834,158
Prologis, Inc. (Equity REIT)

  22,798   2,416,588
        7,405,201
Utilities1.5%
     
Atmos Energy Corp. (Gas Utilities)

  748       73,940
Avangrid, Inc. (Electric Utilities)

  2,184      108,785
Brookfield Renewable Corp. Class A (Ind. Power & Renewable Elec.)

  1,703       79,700
CMS Energy Corp. (Multi-Utilities)

  6,797      416,112
Consolidated Edison, Inc. (Multi-Utilities)

  48,502    3,627,950
Eversource Energy (Electric Utilities)

  15,526    1,344,396
NextEra Energy, Inc. (Electric Utilities)

  24,064    1,819,479
Sunnova Energy International, Inc. (Ind. Power & Renewable Elec.)

  (a) 10,196      416,201
Xcel Energy, Inc. (Electric Utilities)

  4,121     274,088
        8,160,651
Total Common Stocks (Cost $316,093,707)

    $376,021,208
    
Corporate Bonds25.6%   Rate Maturity Face Amount Value
Communication Services2.3%
         
AT&T, Inc. (Diversified Telecom. Svs.)

  4.900% 08/15/2037 $ 1,000,000 $  1,183,592
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  3.700% 04/01/2051  1,200,000    1,122,365
Comcast Corp. (Media)

  3.250% 11/01/2039  2,000,000    2,060,287
Lamar Media Corp. (Media)

  4.875% 01/15/2029    800,000      834,000
Rogers Communications, Inc. (Wireless Telecom. Svs.)

  3.700% 11/15/2049  1,400,000    1,390,103
Time Warner Cable LLC (Media)

  6.550% 05/01/2037    150,000      197,249
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (b) 3.875% 04/15/2030  1,200,000    1,302,432
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  4.500% 08/10/2033  1,000,000    1,161,521
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  4.400% 11/01/2034  1,000,000    1,143,090
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  2.875% 11/20/2050  1,000,000      888,782
Walt Disney Co. / The (Entertainment)

  3.600% 01/13/2051    750,000     798,011
           12,081,432
8
(continued)

Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Consumer Discretionary2.0%
         
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  3.875% 08/22/2037 $ 1,000,000 $  1,145,782
Aptiv PLC (Auto Components)

  4.350% 03/15/2029    150,000      168,959
Best Buy Co., Inc. (Specialty Retail)

  1.950% 10/01/2030  2,000,000    1,883,824
Expedia Group, Inc. (Hotels, Restaurants & Leisure)

  (b) 4.625% 08/01/2027  1,000,000    1,112,745
Hasbro, Inc. (Leisure Products)

  3.900% 11/19/2029  2,000,000    2,150,921
Lear Corp. (Auto Components)

  3.500% 05/30/2030  1,000,000    1,042,585
Lowe's Cos., Inc. (Specialty Retail)

  3.000% 10/15/2050  1,000,000      932,719
Target Corp. (Multiline Retail)

  2.350% 02/15/2030  2,000,000   2,027,684
           10,465,219
Consumer Staples2.6%
         
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.700% 02/01/2036  2,000,000    2,342,937
B.A.T. Capital Corp. (Tobacco)

  3.215% 09/06/2026  1,000,000    1,056,182
B.A.T. Capital Corp. (Tobacco)

  4.700% 04/02/2027  1,000,000    1,125,647
Campbell Soup Co. (Food Products)

  4.150% 03/15/2028  2,000,000    2,241,122
Costco Wholesale Corp. (Food & Staples Retailing)

  1.750% 04/20/2032    800,000      760,425
Diageo Capital PLC (Beverages)

  2.375% 10/24/2029  2,000,000    2,013,545
Hershey Co. / The (Food Products)

  1.700% 06/01/2030  1,200,000    1,146,419
Keurig Dr Pepper, Inc. (Beverages)

  3.430% 06/15/2027  1,000,000    1,096,114
Kraft Heinz Foods Co. (Food Products)

  4.625% 10/01/2039    800,000      864,330
Philip Morris International, Inc. (Tobacco)

  3.375% 08/15/2029  1,000,000   1,077,955
           13,724,676
Energy2.7%
         
Baker Hughes, a GE Co. LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.)

  3.337% 12/15/2027  1,000,000    1,070,747
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)

  3.017% 01/16/2027  1,000,000    1,068,806
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)

  1.749% 08/10/2030    600,000      566,745
Chevron Corp. (Oil, Gas & Consumable Fuels)

  2.895% 03/03/2024    100,000      106,595
Chevron Corp. (Oil, Gas & Consumable Fuels)

  2.236% 05/11/2030  1,200,000    1,193,971
ConocoPhillips (Oil, Gas & Consumable Fuels)

  (b) 3.750% 10/01/2027  1,000,000    1,104,957
ConocoPhillips (Oil, Gas & Consumable Fuels)

  (b) 2.400% 02/15/2031  1,200,000    1,184,047
Energy Transfer LP (Oil, Gas & Consumable Fuels)

  4.950% 06/15/2028  1,000,000    1,119,060
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)

  3.150% 04/01/2025    100,000      106,894
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)

  4.114% 03/01/2046    100,000      109,887
Halliburton Co. (Energy Equip. & Svs.)

  4.850% 11/15/2035    100,000      112,381
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  5.300% 12/01/2034  1,000,000    1,180,994
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)

  3.850% 06/01/2025    150,000      160,723
ONEOK, Inc. (Oil, Gas & Consumable Fuels)

  5.850% 01/15/2026    800,000      936,532
Sabine Pass Liquefaction LLC (Oil, Gas & Consumable Fuels)

  4.500% 05/15/2030    400,000      448,875
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)

  4.000% 05/10/2046  1,500,000    1,672,942
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels)

  (b) 2.900% 03/01/2030  1,000,000      995,709
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)

  3.750% 06/15/2027  1,000,000    1,090,076
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)

  5.400% 03/04/2044    100,000     116,059
           14,346,000
Financials6.6%
         
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)

  3.300% 01/23/2023  1,000,000    1,036,830
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)

  4.875% 01/16/2024  1,000,000    1,088,146
American International Group, Inc. (Insurance)

  3.875% 01/15/2035    150,000      163,108
Bank of America Corp. (Banks)

  3.875% 08/01/2025  1,000,000    1,104,502
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      219,692
Berkshire Hathaway, Inc. (Diversified Financial Svs.)

  3.125% 03/15/2026    100,000      108,867
BlackRock, Inc. (Capital Markets)

  2.400% 04/30/2030  2,000,000    2,029,872
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    1,026,446
Citigroup, Inc. (Banks)

  4.125% 07/25/2028  1,000,000    1,106,626
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    1,034,188
Discover Bank (Banks)

  2.450% 09/12/2024  1,000,000    1,046,740
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USSW5 + 173) (Banks)

  (c) 4.682% 08/09/2028    250,000      266,650
E*TRADE Financial Corp. (Capital Markets)

  2.950% 08/24/2022    200,000      206,533
Ford Motor Credit Co. LLC (Consumer Finance)

  3.087% 01/09/2023  2,000,000    2,032,460
General Motors Financial Co., Inc. (Consumer Finance)

  3.200% 07/06/2021    100,000      100,434
Goldman Sachs Group, Inc. / The (Capital Markets)

  3.750% 05/22/2025  1,000,000    1,091,644
Goldman Sachs Group, Inc. / The (Rate is fixed until 06/05/2027, at which point, the rate becomes QL + 151) (Capital Markets)

  (c) 3.691% 06/05/2028  1,000,000    1,094,163
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. (Diversified Financial Svs.)

  4.850% 01/15/2027    200,000      230,081
JPMorgan Chase & Co. (Banks)

  3.625% 12/01/2027  1,000,000    1,086,574
JPMorgan Chase & Co. (Rate is fixed until 05/13/2030, at which point, the rate becomes SOFR + 252) (Banks)

  (c) 2.956% 05/13/2031  1,000,000    1,018,491
9
(continued)

Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Financials (continued)          
Marsh & McLennan Cos., Inc. (Insurance)

  3.500% 06/03/2024 $   100,000 $    107,705
Morgan Stanley (Capital Markets)

  3.950% 04/23/2027  1,000,000    1,106,575
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    1,526,293
Nasdaq, Inc. (Capital Markets)

  3.850% 06/30/2026  1,000,000    1,103,865
PNC Bank N.A. (Banks)

  4.050% 07/26/2028  1,950,000    2,179,894
S&P Global, Inc. (Capital Markets)

  1.250% 08/15/2030    400,000      366,223
State Street Corp. (Capital Markets)

  2.200% 03/03/2031  1,000,000      974,547
Synchrony Financial (Consumer Finance)

  4.250% 08/15/2024  1,000,000    1,087,807
TD Ameritrade Holding Corp. (Capital Markets)

  3.300% 04/01/2027  1,000,000    1,086,129
Truist Bank (Rate is fixed until 09/17/2024, at which point, the rate becomes H15T5Y + 115) (Banks)

  (c) 2.636% 09/17/2029  3,000,000    3,142,590
U.S. Bancorp (Banks)

  1.375% 07/22/2030  1,000,000      921,926
Wells Fargo & Co. (Banks)

  3.000% 04/22/2026  1,500,000    1,602,919
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      784,485
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    1,545,015
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISDA05 + 224) (Banks)

  (c) 4.322% 11/23/2031    200,000     220,916
           34,848,936
Health Care1.8%
         
AbbVie, Inc. (Biotechnology)

  3.200% 11/21/2029  1,000,000    1,063,772
AbbVie, Inc. (Biotechnology)

  4.250% 11/21/2049  2,000,000    2,263,072
HCA, Inc. (Health Care Providers & Svs.)

  5.250% 06/15/2026  2,000,000    2,298,716
Quest Diagnostics, Inc. (Health Care Providers & Svs.)

  2.800% 06/30/2031    800,000      813,140
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  1.750% 09/15/2030  1,200,000    1,109,787
UnitedHealth Group, Inc. (Health Care Providers & Svs.)

  3.875% 12/15/2028  2,000,000   2,254,204
            9,802,691
Industrials2.0%
         
Air Lease Corp. (Trading Companies & Distributors)

  2.250% 01/15/2023  1,000,000    1,026,260
Air Lease Corp. (Trading Companies & Distributors)

  2.300% 02/01/2025  2,000,000    2,042,815
Boeing Co. / The (Aerospace & Defense)

  3.200% 03/01/2029  1,500,000    1,519,067
Burlington Northern Santa Fe LLC (Road & Rail)

  4.550% 09/01/2044    100,000      118,237
FedEx Corp. (Air Freight & Logistics)

  4.900% 01/15/2034  1,000,000    1,203,492
Lockheed Martin Corp. (Aerospace & Defense)

  1.850% 06/15/2030    800,000      779,011
Lockheed Martin Corp. (Aerospace & Defense)

  3.600% 03/01/2035    100,000      111,400
Northrop Grumman Corp. (Aerospace & Defense)

  2.930% 01/15/2025    100,000      106,418
Parker-Hannifin Corp. (Machinery)

  4.200% 11/21/2034    100,000      113,229
Union Pacific Corp. (Road & Rail)

  3.250% 08/15/2025    100,000      108,105
United Rentals North America, Inc. (Trading Companies & Distributors)

  4.875% 01/15/2028  1,000,000    1,053,370
United Rentals North America, Inc. (Trading Companies & Distributors)

  5.250% 01/15/2030    100,000      108,530
Waste Connections, Inc. (Commercial Svs. & Supplies)

  4.250% 12/01/2028    200,000      224,992
Waste Connections, Inc. (Commercial Svs. & Supplies)

  2.600% 02/01/2030  2,000,000   2,008,523
           10,523,449
Information Technology0.7%
         
Broadcom, Inc. (Semiconductors & Equip.)

  (b) 2.600% 02/15/2033  1,000,000      931,536
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)

  4.900% 10/15/2025    150,000      171,059
Oracle Corp. (Software)

  4.300% 07/08/2034  2,100,000    2,362,660
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)

  4.875% 03/01/2024    100,000     107,417
            3,572,672
Materials1.4%
         
Anglo American Capital PLC (Metals & Mining)

  (b) 4.000% 09/11/2027    100,000      110,213
Dow Chemical Co. / The (Chemicals)

  4.250% 10/01/2034  2,000,000    2,213,871
DuPont de Nemours, Inc. (Chemicals)

  2.169% 05/01/2023  1,000,000    1,004,221
Kinross Gold Corp. (Metals & Mining)

  4.500% 07/15/2027  1,000,000    1,126,332
Mosaic Co. / The (Chemicals)

  4.050% 11/15/2027  1,000,000    1,110,037
Nutrien Ltd. (Chemicals)

  4.200% 04/01/2029    100,000      112,534
Steel Dynamics, Inc. (Metals & Mining)

  3.250% 01/15/2031    800,000      846,665
Yamana Gold, Inc. (Metals & Mining)

  4.625% 12/15/2027  1,000,000   1,094,205
            7,618,078
Real Estate0.8%
         
Alexandria Real Estate Equities, Inc. (Equity REIT)

  3.950% 01/15/2028  1,000,000    1,111,475
American Tower Corp. (Equity REIT)

  2.750% 01/15/2027  2,000,000    2,087,681
Healthcare Realty Trust, Inc. (Equity REIT)

  3.875% 05/01/2025    100,000      108,457
10
(continued)

Ohio National Fund, Inc. ON BlackRock Balanced Allocation Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Real Estate (continued)
         
Healthpeak Properties, Inc. (Equity REIT)

  4.000% 06/01/2025 $   100,000 $    110,535
Welltower, Inc. (Equity REIT)

  2.700% 02/15/2027  1,000,000   1,042,737
            4,460,885
Utilities2.7%
         
AEP Transmission Co. LLC (Electric Utilities)

  4.000% 12/01/2046  1,000,000    1,097,618
AEP Transmission Co. LLC (Electric Utilities)

  3.750% 12/01/2047  1,000,000    1,063,647
Ameren Corp. (Multi-Utilities)

  2.500% 09/15/2024  1,000,000    1,051,331
Ameren Corp. (Multi-Utilities)

  3.500% 01/15/2031  1,000,000    1,061,252
American Water Capital Corp. (Water Utilities)

  4.300% 12/01/2042    100,000      113,270
Berkshire Hathaway Energy Co. (Multi-Utilities)

  3.250% 04/15/2028    100,000      107,802
Black Hills Corp. (Multi-Utilities)

  3.050% 10/15/2029  2,500,000    2,578,677
Commonwealth Edison Co. (Electric Utilities)

  4.350% 11/15/2045  1,000,000    1,158,169
Connecticut Light & Power Co. / The (Electric Utilities)

  4.000% 04/01/2048  1,000,000    1,133,771
Duke Energy Corp. (Electric Utilities)

  3.750% 09/01/2046  1,500,000    1,508,514
Duke Energy Indiana LLC (Electric Utilities)

  3.250% 10/01/2049  1,000,000      986,868
FirstEnergy Transmission LLC (Electric Utilities)

  (b) 4.550% 04/01/2049    200,000      210,911
Florida Power & Light Co. (Electric Utilities)

  3.150% 10/01/2049  1,000,000    1,006,414
Jersey Central Power & Light Co. (Electric Utilities)

  (b) 4.300% 01/15/2026    100,000      109,280
Public Service Electric & Gas Co. (Multi-Utilities)

  3.600% 12/01/2047  1,000,000   1,066,172
           14,253,696
Total Corporate Bonds (Cost $132,180,818)

        $135,697,734
    
Asset-Backed Securities0.6%   Rate Maturity Face Amount Value
Industrials0.6%
         
FedEx Corp. 2020-1 Class AA Pass Through Trust

  1.875% 02/20/2034 $ 1,946,527 $  1,885,072
United Airlines 2016-1 Class B Pass Through Trust

  3.650% 01/07/2026    148,611      146,749
United Airlines 2019-2 Class AA Pass Through Trust

  2.700% 05/01/2032    985,231     956,881
Total Asset-Backed Securities (Cost $3,080,370)

          $2,988,702
    
Money Market Funds2.3%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (d) 12,281,732 $ 12,285,416
Total Money Market Funds (Cost $12,285,254)

     $12,285,416
Total Investments – 99.5% (Cost $463,640,149)

  (e)   $526,993,060
Other Assets in Excess of Liabilities – 0.5%

  (f)   2,438,276
Net Assets – 100.0%     $529,431,336
    

Percentages are stated as a percent of net assets.
    
Abbreviations:  
H15T5Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 0.920% at 03/31/2021
QL: Quarterly U.S. LIBOR Rate, 0.194% at 03/31/2021
SOFR: Secured Overnight Financing Rate, 0.010% at 03/31/2021
USISDA05: USD ICE Swap Rate 11:00am NY 5 Year, 1.027% at 01/31/2021
USSW5: USD Swap Semi 30/360 5 Year, 1.057% at 03/31/2021
    
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 March 31, 2021, the value of these securities totaled $7,061,830, or 1.3% of the Portfolio’s net assets.
(c) 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 March 31, 2021.
(d) Rate represents the seven-day yield at March 31, 2021.
(e) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(f) Includes $682,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. 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 March 31, 2021 (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   62   June 18, 2021   $12,201,130   $12,298,940   $97,810   $56,433
The accompanying notes are an integral part of these financial statements.
11

Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks96.8%   Shares Value
Japan24.0%
     
ABC-Mart, Inc. (Consumer Discretionary)

  (a) 400 $     22,588
AEON Financial Service Co. Ltd. (Financials)

  (a) 5,600       75,317
Aisin Seiki Co. Ltd. (Consumer Discretionary)

  (a) 17,900      681,744
Ajinomoto Co., Inc. (Consumer Staples)

  (a) 5,900      120,943
Alfresa Holdings Corp. (Health Care)

  (a) 4,600       88,810
Alps Alpine Co. Ltd. (Information Technology)

  (a) 71,200      944,287
Amada Co. Ltd. (Industrials)

  (a) 20,500      228,936
ANA Holdings, Inc. (Industrials)

 (a)(b) 31,400      730,617
Asahi Group Holdings Ltd. (Consumer Staples)

  (a) 9,500      402,142
Asahi Kasei Corp. (Materials)

  (a) 74,500      860,007
Asics Corp. (Consumer Discretionary)

  (a) 13,200      211,084
Astellas Pharma, Inc. (Health Care)

  (a) 85,800    1,321,689
Bandai Namco Holdings, Inc. (Consumer Discretionary)

  (a) 5,400      386,032
Benesse Holdings, Inc. (Consumer Discretionary)

  (a) 36,800      775,202
Bridgestone Corp. (Consumer Discretionary)

  (a) 70,500    2,866,171
Calbee, Inc. (Consumer Staples)

  (a) 16,600      423,155
Canon Marketing Japan, Inc. (Information Technology)

  (a) 800       17,806
Canon, Inc. (Information Technology)

  (a) 82,600    1,877,828
Casio Computer Co. Ltd. (Consumer Discretionary)

  (a) 26,600      502,677
Central Japan Railway Co. (Industrials)

  (a) 400       59,888
Cosmo Energy Holdings Co. Ltd. (Energy)

  (a) 1,300       31,045
Dai Nippon Printing Co. Ltd. (Industrials)

  (a) 5,200      109,073
Daikin Industries Ltd. (Industrials)

  (a) 1,400      283,022
Daito Trust Construction Co. Ltd. (Real Estate)

  (a) 2,100      244,006
Daiwa House Industry Co. Ltd. (Real Estate)

  (a) 14,919      437,859
Denso Corp. (Consumer Discretionary)

  (a) 7,200      479,982
DIC Corp. (Materials)

  (a) 27,200      705,486
Dip Corp. (Communication Services)

  (a) 10,700      281,503
Disco Corp. (Information Technology)

  (a) 100       31,600
DMG Mori Co. Ltd. (Industrials)

  (a) 1,400       23,007
Ebara Corp. (Industrials)

  (a) 10,400      424,347
Eisai Co. Ltd. (Health Care)

  (a) 6,100      410,006
Electric Power Development Co. Ltd. (Utilities)

  (a) 5,900      103,250
ENEOS Holdings, Inc. (Energy)

  (a) 16,700       75,766
FANUC Corp. (Industrials)

  (a) 11,900    2,860,844
Fast Retailing Co. Ltd. (Consumer Discretionary)

  (a) 4,100    3,277,448
FUJIFILM Holdings Corp. (Information Technology)

  (a) 45,900    2,730,511
Fujitsu Ltd. (Information Technology)

  (a) 200       29,103
Fuyo General Lease Co. Ltd. (Financials)

  (a) 300       20,680
GMO internet, Inc. (Information Technology)

  (a) 6,600      189,826
Hino Motors Ltd. (Industrials)

  (a) 2,500       21,502
Hitachi Ltd. (Information Technology)

  (a) 11,100      503,145
Hokuriku Electric Power Co. (Utilities)

  (a) 4,900       33,583
Honda Motor Co. Ltd. (Consumer Discretionary)

  (a) 34,000    1,024,947
Hoya Corp. (Health Care)

  (a) 9,600    1,129,889
Idemitsu Kosan Co. Ltd. (Energy)

  (a) 3,100       80,027
Inpex Corp. (Energy)

  (a) 163,900    1,120,732
Isuzu Motors Ltd. (Consumer Discretionary)

  (a) 9,700      104,176
ITOCHU Corp. (Industrials)

  (a) 4,900      159,083
Itoham Yonekyu Holdings, Inc. (Consumer Staples)

  (a) 13,200       87,090
Japan Airlines Co. Ltd. (Industrials)

 (a)(b) 7,000      156,772
Japan Post Bank Co. Ltd. (Financials)

  (a) 46,800      450,041
Japan Post Holdings Co. Ltd. (Financials)

  (a) 224,600    2,001,689
Japan Tobacco, Inc. (Consumer Staples)

  (a) 161,300    3,098,638
JTEKT Corp. (Consumer Discretionary)

  (a) 7,100       72,843
Kakaku.com, Inc. (Communication Services)

  (a) 1,600       43,796
Kaken Pharmaceutical Co. Ltd. (Health Care)

  (a) 700       27,428
Kamigumi Co. Ltd. (Industrials)

  (a) 1,000       18,971
Common Stocks (Continued)   Shares Value
Japan (continued)      
Kandenko Co. Ltd. (Industrials)

  (a) 6,300 $     55,203
Kaneka Corp. (Materials)

  (a) 400       16,461
Kansai Paint Co. Ltd. (Materials)

  (a) 5,700      152,469
Kao Corp. (Consumer Staples)

  (a) 28,910    1,912,935
Kawasaki Kisen Kaisha Ltd. (Industrials)

 (a)(b) 3,700       85,095
KDDI Corp. (Communication Services)

  (a) 64,900    1,999,614
Kewpie Corp. (Consumer Staples)

  (a) 900       20,471
Keyence Corp. (Information Technology)

  (a) 9,600    4,375,258
Kikkoman Corp. (Consumer Staples)

  (a) 800       47,708
Kinden Corp. (Industrials)

  (a) 1,400       23,872
Kirin Holdings Co. Ltd. (Consumer Staples)

  (a) 179,600    3,446,187
Koito Manufacturing Co. Ltd. (Consumer Discretionary)

  (a) 4,300      289,313
Kokuyo Co. Ltd. (Industrials)

  (a) 1,300       20,171
Komatsu Ltd. (Industrials)

  (a) 22,200      687,963
Konami Holdings Corp. (Communication Services)

  (a) 300       17,910
Konica Minolta, Inc. (Information Technology)

  (a) 142,300      775,012
K's Holdings Corp. (Consumer Discretionary)

  (a) 3,700       50,934
Kubota Corp. (Industrials)

  (a) 50,400    1,149,723
Kyoritsu Maintenance Co. Ltd. (Consumer Discretionary)

  (a) 1,300       43,195
Kyowa Exeo Corp. (Industrials)

  (a) 1,500       39,631
Lintec Corp. (Materials)

  (a) 3,500       79,274
M3, Inc. (Health Care)

  (a) 2,600      178,485
Maeda Corp. (Industrials)

  (a) 10,600       91,543
Mazda Motor Corp. (Consumer Discretionary)

 (a)(b) 4,000       32,773
McDonald's Holdings Co. Ltd. (Consumer Discretionary)

  (a) 4,800      221,249
Medipal Holdings Corp. (Health Care)

  (a) 1,200       23,066
Megmilk Snow Brand Co. Ltd. (Consumer Staples)

  (a) 800       16,236
MISUMI Group, Inc. (Industrials)

  (a) 800       23,304
Mitsubishi Chemical Holdings Corp. (Materials)

  (a) 6,900       51,823
Mitsubishi Heavy Industries Ltd. (Industrials)

  (a) 23,700      737,965
Mitsubishi Materials Corp. (Materials)

  (a) 25,500      597,147
Mitsubishi UFJ Financial Group, Inc. (Financials)

  (a) 132,400      707,981
Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)

  (a) 296,900    1,794,743
Mitsui Chemicals, Inc. (Materials)

  (a) 1,000       31,648
Mitsui Mining & Smelting Co. Ltd. (Materials)

  (a) 900       31,319
Mixi, Inc. (Communication Services)

  (a) 1,600       40,116
Mizuho Financial Group, Inc. (Financials)

  (a) 65,100      941,370
Morinaga & Co. Ltd. (Consumer Staples)

  (a) 12,500      447,270
Morinaga Milk Industry Co. Ltd. (Consumer Staples)

  (a) 1,100       57,765
Murata Manufacturing Co. Ltd. (Information Technology)

  (a) 24,100    1,939,939
NEC Corp. (Information Technology)

  (a) 5,800      342,464
NEC Networks & System Integration Corp. (Information Technology)

  (a) 1,400       24,698
Nexon Co. Ltd. (Communication Services)

  (a) 26,100      846,893
NGK Spark Plug Co. Ltd. (Consumer Discretionary)

  (a) 2,000       34,649
Nichirei Corp. (Consumer Staples)

  (a) 1,600       41,120
Nidec Corp. (Industrials)

  (a) 16,700    2,036,194
Nikon Corp. (Consumer Discretionary)

  (a) 108,600    1,020,338
Nintendo Co. Ltd. (Communication Services)

  (a) 4,700    2,649,085
Nippon Paint Holdings Co. Ltd. (Materials)

  (a) 88,600    1,279,710
Nippon Shinyaku Co. Ltd. (Health Care)

  (a) 1,000       74,451
Nippon Telegraph & Telephone Corp. (Communication Services)

  (a) 96,100    2,479,565
Nippon Television Holdings, Inc. (Communication Services)

  (a) 3,300       43,370
Nippon Yusen KK (Industrials)

  (a) 5,700      194,942
 
12
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Japan (continued)      
Nissan Motor Co. Ltd. (Consumer Discretionary)

 (a)(b) 31,200 $    174,303
Nitto Denko Corp. (Materials)

  (a) 2,300      197,157
NOK Corp. (Consumer Discretionary)

  (a) 2,800       38,138
Nomura Holdings, Inc. (Financials)

  (a) 91,000      482,159
Nomura Research Institute Ltd. (Information Technology)

  (a) 8,200      254,756
NS Solutions Corp. (Information Technology)

  (a) 1,300       41,325
NTT Data Corp. (Information Technology)

  (a) 16,700      258,999
Obayashi Corp. (Industrials)

  (a) 31,700      290,974
Open House Co. Ltd. (Consumer Discretionary)

  (a) 1,000       42,776
Oracle Corp. (Information Technology)

  (a) 700       68,527
Oriental Land Co. Ltd. (Consumer Discretionary)

  (a) 8,200    1,233,945
Osaka Gas Co. Ltd. (Utilities)

  (a) 1,100       21,466
Otsuka Corp. (Information Technology)

  (a) 3,500      164,111
Outsourcing, Inc. (Industrials)

  (a) 3,600       58,418
Panasonic Corp. (Consumer Discretionary)

  (a) 120,300    1,557,818
Persol Holdings Co. Ltd. (Industrials)

  (a) 3,700       72,728
Pigeon Corp. (Consumer Staples)

  (a) 3,600      136,509
Recruit Holdings Co. Ltd. (Industrials)

  (a) 79,800    3,918,675
Resorttrust, Inc. (Consumer Discretionary)

  (a) 8,900      149,109
Ricoh Co. Ltd. (Information Technology)

  (a) 174,200    1,775,648
Rinnai Corp. (Consumer Discretionary)

  (a) 2,400      269,188
Rohto Pharmaceutical Co. Ltd. (Consumer Staples)

  (a) 700       18,718
Ryohin Keikaku Co. Ltd. (Consumer Discretionary)

  (a) 13,500      320,439
Sanwa Holdings Corp. (Industrials)

  (a) 2,600       34,059
Sawai Pharmaceutical Co. Ltd. (Health Care)

  (a) 500       24,074
SCREEN Holdings Co. Ltd. (Information Technology)

  (a) 2,900      256,750
SCSK Corp. (Information Technology)

  (a) 500       29,716
Secom Co. Ltd. (Industrials)

  (a) 800       67,441
Seiko Epson Corp. (Information Technology)

  (a) 6,100       99,583
Sekisui House Ltd. (Consumer Discretionary)

  (a) 2,100       45,171
Seven & I Holdings Co. Ltd. (Consumer Staples)

  (a) 35,100    1,417,387
Sharp Corp. (Consumer Discretionary)

  (a) 12,600      218,166
Shimamura Co. Ltd. (Consumer Discretionary)

  (a) 1,600      184,889
Shimano, Inc. (Consumer Discretionary)

  (a) 3,300      788,173
Shimizu Corp. (Industrials)

  (a) 2,700       21,862
Shin-Etsu Chemical Co. Ltd. (Materials)

  (a) 700      118,580
Shionogi & Co. Ltd. (Health Care)

  (a) 5,600      302,315
SMC Corp. (Industrials)

  (a) 4,400    2,562,472
SoftBank Corp. (Communication Services)

  (a) 86,000    1,118,822
SoftBank Group Corp. (Communication Services)

  (a) 47,100    4,009,982
Sony Group Corp. (Consumer Discretionary)

  (a) 21,900    2,317,752
Square Enix Holdings Co. Ltd. (Communication Services)

  (a) 7,600      422,704
Stanley Electric Co. Ltd. (Consumer Discretionary)

  (a) 1,300       38,828
Subaru Corp. (Consumer Discretionary)

  (a) 43,600      871,415
Sugi Holdings Co. Ltd. (Consumer Staples)

  (a) 700       55,549
Sumitomo Bakelite Co. Ltd. (Materials)

  (a) 900       36,911
Sumitomo Chemical Co. Ltd. (Materials)

  (a) 404,800    2,100,215
Sumitomo Forestry Co. Ltd. (Consumer Discretionary)

  (a) 14,500      314,090
Sumitomo Heavy Industries Ltd. (Industrials)

  (a) 12,800      355,905
Sumitomo Mitsui Financial Group, Inc. (Financials)

  (a) 73,100    2,649,676
Sumitomo Rubber Industries Ltd. (Consumer Discretionary)

  (a) 219,700    2,600,918
Suntory Beverage & Food Ltd. (Consumer Staples)

  (a) 33,200    1,238,050
Suzuki Motor Corp. (Consumer Discretionary)

  (a) 1,400       63,769
Common Stocks (Continued)   Shares Value
Japan (continued)      
Sysmex Corp. (Health Care)

  (a) 8,400 $    906,726
T&D Holdings, Inc. (Financials)

  (a) 9,100      117,095
Taiheiyo Cement Corp. (Materials)

  (a) 3,100       81,683
Taisei Corp. (Industrials)

  (a) 2,400       92,595
Takeda Pharmaceutical Co. Ltd. (Health Care)

  (a) 66,402    2,420,495
Tokio Marine Holdings, Inc. (Financials)

  (a) 4,100      195,123
Tokyo Electric Power Co. Holdings, Inc. (Utilities)

 (a)(b) 27,800       92,930
Tokyo Electron Ltd. (Information Technology)

  (a) 8,100    3,520,530
Tokyo Gas Co. Ltd. (Utilities)

  (a) 4,600      102,482
Toppan Printing Co. Ltd. (Industrials)

  (a) 2,600       44,078
Toray Industries, Inc. (Materials)

  (a) 6,900       44,548
Toshiba Corp. (Industrials)

  (a) 44,500    1,506,202
Tosoh Corp. (Materials)

  (a) 800       15,322
Toyo Seikan Group Holdings Ltd. (Materials)

  (a) 5,600       66,656
Toyo Suisan Kaisha Ltd. (Consumer Staples)

  (a) 3,600      151,089
Toyoda Gosei Co. Ltd. (Consumer Discretionary)

  (a) 1,400       36,908
Toyota Boshoku Corp. (Consumer Discretionary)

  (a) 8,900      147,590
Toyota Motor Corp. (Consumer Discretionary)

  (a) 25,400    1,976,628
Trend Micro, Inc. (Information Technology)

  (a) 1,500       75,297
TV Asahi Holdings Corp. (Communication Services)

  (a) 800       15,077
Welcia Holdings Co. Ltd. (Consumer Staples)

  (a) 14,800      507,785
Yakult Honsha Co. Ltd. (Consumer Staples)

  (a) 8,200      414,905
Yamada Holdings Co. Ltd. (Consumer Discretionary)

 (a)(b) 62,700      338,844
Yamazaki Baking Co. Ltd. (Consumer Staples)

  (c) 2,700       43,624
Yaoko Co. Ltd. (Consumer Staples)

  (a) 400       24,593
Yaskawa Electric Corp. (Industrials)

  (a) 4,200      209,841
Yokohama Rubber Co. Ltd. / The (Consumer Discretionary)

  (a) 2,700       48,503
Z Holdings Corp. (Communication Services)

  (a) 157,300      784,642
Zenkoku Hosho Co. Ltd. (Financials)

  (a) 1,100       50,629
Zeon Corp. (Materials)

  (a) 3,500      56,068
      119,800,857
United Kingdom12.2%
     
3i Group PLC (Financials)

  (a) 14,114      224,306
Abcam PLC (Health Care)

 (b)(c) 4,155       79,678
AstraZeneca PLC (Health Care)

  (a) 54,907    5,480,184
Babcock International Group PLC (Industrials)

 (a)(b) 410,304    1,293,002
Bellway PLC (Consumer Discretionary)

  (a) 7,746      363,308
BP PLC (Energy)

  (a) 337,180    1,369,609
British American Tobacco PLC (Consumer Staples)

  (a) 71,239    2,707,826
British Land Co. PLC / The (Real Estate)

  (a) 17,015      118,377
BT Group PLC (Communication Services)

 (a)(b) 267,426      570,503
Burberry Group PLC (Consumer Discretionary)

 (a)(b) 10,173      266,124
Centrica PLC (Utilities)

 (a)(b) 1,215,112      907,133
CNH Industrial N.V. (Industrials)

 (a)(b) 6,534      101,148
Compass Group PLC (Consumer Discretionary)

 (a)(b) 25,492      515,034
ConvaTec Group PLC (Health Care)

  (c) 110,715      299,311
Diageo PLC (Consumer Staples)

  (a) 99,358    4,081,772
Dunelm Group PLC (Consumer Discretionary)

  (a) 66,206    1,185,844
GlaxoSmithKline PLC (Health Care)

  (a) 144,034    2,549,805
Howden Joinery Group PLC (Industrials)

 (a)(b) 106,689    1,078,051
HSBC Holdings PLC (Financials)

  (a) 558,041    3,252,637
Imperial Brands PLC (Consumer Staples)

  (a) 53,638    1,099,627
Informa PLC (Communication Services)

 (a)(b) 205,041    1,583,155
J Sainsbury PLC (Consumer Staples)

  (a) 68,397      228,718
JD Sports Fashion PLC (Consumer Discretionary)

 (a)(b) 79,996      909,377
 
13
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
United Kingdom (continued)
     
JET2 PLC (Industrials)

 (a)(b) 20,805 $    363,462
John Wood Group PLC (Energy)

 (a)(b) 19,314       72,008
Johnson Matthey PLC (Materials)

  (a) 24,864    1,032,850
Kingfisher PLC (Consumer Discretionary)

 (a)(b) 517,504    2,268,238
Land Securities Group PLC (Real Estate)

  (a) 35,967      341,997
Lloyds Banking Group PLC (Financials)

 (a)(b) 3,638,727    2,134,566
M&G PLC (Financials)

  (a) 32,544       93,000
Marks & Spencer Group PLC (Consumer Discretionary)

 (a)(b) 615,932    1,280,261
Meggitt PLC (Industrials)

 (a)(b) 12,818       84,287
Micro Focus International PLC (Information Technology)

  (a) 263,230    2,010,889
Prudential PLC (Financials)

  (a) 87,934    1,873,216
Redrow PLC (Consumer Discretionary)

  (a) 38,081      329,700
RELX PLC (Industrials)

  (a) 72,467    1,817,529
Rightmove PLC (Communication Services)

 (a)(b) 187,484    1,504,491
Rio Tinto PLC (Materials)

  (a) 16,271    1,241,283
Rolls-Royce Holdings PLC (Industrials)

 (a)(b) 589,632      856,264
Royal Mail PLC (Industrials)

 (a)(b) 160,419    1,116,475
Smith & Nephew PLC (Health Care)

  (a) 42,215      801,450
Smiths Group PLC (Industrials)

  (a) 26,462      560,582
SSE PLC (Utilities)

  (a) 41,399      830,090
Standard Chartered PLC (Financials)

  (a) 162,511    1,118,976
Tesco PLC (Consumer Staples)

  (a) 639,868    2,020,208
Travis Perkins PLC (Industrials)

 (a)(b) 5,257      111,774
Unilever PLC (Consumer Staples)

  (a) 62,549    3,490,217
Vistry Group PLC (Consumer Discretionary)

  (a) 7,815      117,356
WH Smith PLC (Consumer Discretionary)

 (a)(b) 30,465      754,805
Wm Morrison Supermarkets PLC (Consumer Staples)

  (a) 891,892   2,243,168
       60,733,671
France10.7%
     
Air Liquide SA (Materials)

  (a) 11,113    1,814,485
Airbus SE (Industrials)

 (a)(b) 1,692      191,902
Alstom SA (Industrials)

 (a)(b) 11,708      583,375
Alten SA (Information Technology)

 (a)(b) 1,226      143,839
Amundi SA (Financials)

 (a)(b) 23,388    1,869,210
Atos SE (Information Technology)

 (a)(b) 18,703    1,458,175
AXA SA (Financials)

  (a) 49,636    1,332,440
BNP Paribas SA (Financials)

 (a)(b) 47,440    2,890,486
Capgemini SE (Information Technology)

  (a) 341       57,979
Carrefour SA (Consumer Staples)

  (a) 48,050      869,974
Casino Guichard Perrachon SA (Consumer Staples)

 (a)(b) 61,201    2,038,860
Cie de Saint-Gobain (Industrials)

 (a)(b) 18,857    1,113,534
CNP Assurances (Financials)

 (a)(b) 45,361      860,357
Dassault Systemes SE (Information Technology)

  (a) 16,852    3,601,926
Electricite de France SA (Utilities)

 (a)(b) 14,873      199,510
Engie SA (Utilities)

 (a)(b) 72,665    1,032,229
Eutelsat Communications SA (Communication Services)

  (a) 1,796       21,849
Faurecia SE (Consumer Discretionary)

 (a)(b) 7,167      381,366
Faurecia SE (Consumer Discretionary)

 (a)(b) 491       26,209
Hermes International (Consumer Discretionary)

  (a) 1,171    1,295,123
Imerys SA (Materials)

  (a) 396       19,259
Ipsen SA (Health Care)

  (a) 5,373      460,599
Kering SA (Consumer Discretionary)

  (a) 7,490    5,168,529
Klepierre SA (Real Estate)

  (a) 21,506      500,568
Legrand SA (Industrials)

  (a) 9,660      897,492
L'Oreal SA (Consumer Staples)

  (a) 5,375    2,059,062
LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)

  (a) 6,598    4,407,141
Nexans SA (Industrials)

 (a)(b) 1,496      132,371
Pernod Ricard SA (Consumer Staples)

  (a) 3,145      588,679
Remy Cointreau SA (Consumer Staples)

  (a) 2,922      539,381
Renault SA (Consumer Discretionary)

 (a)(b) 34,070    1,473,248
Rexel SA (Industrials)

 (a)(b) 19,036      376,801
Common Stocks (Continued)   Shares Value
France (continued)      
Rubis SCA (Utilities)

  (a) 7,166 $    339,132
Sanofi (Health Care)

  (a) 3,145      310,991
Sartorius Stedim Biotech (Health Care)

  (a) 827      340,351
Schneider Electric SE (Industrials)

  (a) 34,411    5,242,004
Societe Generale SA (Financials)

 (a)(b) 45,035    1,177,432
Sodexo SA (Consumer Discretionary)

 (a)(b) 5,586      535,184
SPIE SA (Industrials)

 (a)(b) 13,870      331,811
Suez SA (Utilities)

  (a) 1,939       41,066
TOTAL SE (Energy)

  (a) 41,420    1,930,990
Ubisoft Entertainment SA (Communication Services)

 (a)(b) 15,792    1,200,281
Unibail-Rodamco-Westfield (Real Estate)

 (a)(b) 16,323    1,304,180
Valeo SA (Consumer Discretionary)

  (a) 59,824    2,029,668
Vinci SA (Industrials)

  (a) 3,466     354,994
       53,544,042
Germany8.2%
     
adidas AG (Consumer Discretionary)

 (a)(b) 7,124    2,225,471
AIXTRON SE (Information Technology)

 (a)(b) 1,527       34,708
Allianz SE (Financials)

  (a) 913      232,226
Aurubis AG (Materials)

  (a) 3,374      279,626
BASF SE (Materials)

  (a) 18,929    1,573,056
Bayer AG (Health Care)

  (a) 13,914      881,771
Bechtle AG (Information Technology)

  (a) 87       16,321
Beiersdorf AG (Consumer Staples)

  (a) 41,835    4,420,324
Carl Zeiss Meditec AG (Health Care)

  (a) 227       34,217
Continental AG (Consumer Discretionary)

 (a)(b) 792      104,841
Covestro AG (Materials)

  (a) 18,573    1,249,607
Daimler AG (Consumer Discretionary)

  (a) 26,888    2,399,746
Deutsche Bank AG (Financials)

 (a)(b) 157,685    1,886,069
Deutsche Boerse AG (Financials)

  (a) 631      104,852
Deutsche Post AG (Industrials)

  (a) 34,673    1,902,191
Duerr AG (Industrials)

  (a) 667       27,771
DWS Group GmbH & Co. KGaA (Financials)

  (a) 1,257       54,346
E.ON SE (Utilities)

  (a) 139,669    1,627,698
Fielmann AG (Consumer Discretionary)

 (a)(b) 841       67,100
Freenet AG (Communication Services)

  (a) 2,401       57,517
GEA Group AG (Industrials)

  (a) 1,618       66,364
Hannover Rueck SE (Financials)

  (a) 766      139,877
HeidelbergCement AG (Materials)

  (a) 667       60,602
Hella GmbH & Co. KGaA (Consumer Discretionary)

 (a)(b) 3,494      196,200
HelloFresh SE (Consumer Discretionary)

 (a)(b) 15,319    1,141,386
Henkel AG & Co. KGaA (Consumer Staples)

  (a) 5,877      582,248
HUGO BOSS AG (Consumer Discretionary)

  (a) 512       20,119
Infineon Technologies AG (Information Technology)

  (a) 34,090    1,450,447
KION Group AG (Industrials)

  (a) 3,718      367,359
Knorr-Bremse AG (Industrials)

  (a) 3,788      472,713
LANXESS AG (Materials)

  (a) 436       32,179
Merck KGaA (Health Care)

  (a) 3,482      595,610
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)

  (a) 104       32,029
Nemetschek SE (Information Technology)

  (a) 1,589      101,432
ProSiebenSat.1 Media SE (Communication Services)

 (a)(b) 5,793      118,305
Puma SE (Consumer Discretionary)

 (a)(b) 7,406      726,095
Rheinmetall AG (Industrials)

  (a) 4,502      456,608
SAP SE (Information Technology)

  (a) 45,082    5,529,605
Scout24 AG (Communication Services)

  (a) 22,336    1,694,488
Siemens AG (Industrials)

  (a) 30,838    5,067,037
Siemens Energy AG (Industrials)

 (a)(b) 3,672      131,859
Siemens Healthineers AG (Health Care)

  (a) 17,679      958,233
Software AG (Information Technology)

  (a) 3,347      140,999
Talanx AG (Financials)

  (a) 756       32,053
TeamViewer AG (Information Technology)

 (a)(b) 2,518      107,686
thyssenkrupp AG (Materials)

 (a)(b) 24,315      324,751
Traton SE (Industrials)

  (a) 544       14,673
Uniper SE (Utilities)

  (a) 3,773      136,670
 
14
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Germany (continued)      
United Internet AG (Communication Services)

  (a) 2,691 $    108,033
Volkswagen AG (Consumer Discretionary)

  (a) 1,205      437,158
Wacker Chemie AG (Materials)

  (a) 1,451      206,434
Zalando SE (Consumer Discretionary)

 (a)(b) 1,161     113,764
       40,742,474
Switzerland7.9%
     
Adecco Group AG (Industrials)

  (a) 9,623      649,090
Alcon, Inc. (Health Care)

 (a)(b) 6,142      431,017
BKW AG (Utilities)

  (a) 625       68,043
Cie Financiere Richemont SA (Consumer Discretionary)

  (a) 55,641    5,342,833
Credit Suisse Group AG (Financials)

  (a) 162,306    1,717,093
Givaudan SA (Materials)

  (a) 713    2,750,215
Glencore PLC (Materials)

 (a)(b) 221,776      870,782
Kuehne + Nagel International AG (Industrials)

  (a) 2,477      707,496
LafargeHolcim Ltd. (Materials)

  (a) 46,510    2,735,018
Logitech International SA (Information Technology)

  (a) 1,119      117,354
Lonza Group AG (Health Care)

  (a) 335      187,365
Nestle SA (Consumer Staples)

  (a) 89,568    9,984,717
Novartis AG (Health Care)

  (a) 32,252    2,756,922
Partners Group Holding AG (Financials)

  (a) 17       21,725
Roche Holding AG, Bearer Shares (Health Care)

  (a) 963      329,899
Roche Holding AG, Non Voting Shares (Health Care)

  (a) 21,349    6,915,862
Sika AG (Materials)

  (a) 7,930    2,267,618
STMicroelectronics N.V. (Information Technology)

  (a) 9,328      356,379
Straumann Holding AG (Health Care)

  (a) 100      124,852
Swatch Group AG / The, Bearer Shares (Consumer Discretionary)

  (a) 1,673      481,721
Swatch Group AG / The, Registered Shares (Consumer Discretionary)

  (a) 572       31,895
Tecan Group AG (Health Care)

  (a) 580      257,311
UBS Group AG (Financials)

  (a) 14,544      225,017
VAT Group AG (Industrials)

  (a) 139      38,909
       39,369,133
Australia7.2%
     
Altium Ltd. (Information Technology)

  (a) 6,105      123,388
Ampol Ltd. (Energy)

  (a) 7,467      139,786
Aristocrat Leisure Ltd. (Consumer Discretionary)

  (a) 90,720    2,380,097
Australia & New Zealand Banking Group Ltd. (Financials)

  (a) 98,560    2,116,130
Bank of Queensland Ltd. (Financials)

  (a) 14,600       96,192
Bendigo & Adelaide Bank Ltd. (Financials)

  (a) 22,444      171,899
BHP Group Ltd. (Materials)

  (a) 141,325    4,902,481
BHP Group PLC (Materials)

  (a) 36,796    1,059,431
carsales.com Ltd. (Communication Services)

  (a) 19,076      259,417
Challenger Ltd. (Financials)

  (a) 10,635       51,819
Cochlear Ltd. (Health Care)

  (a) 9,404    1,512,679
Commonwealth Bank of Australia (Financials)

  (a) 51,189    3,358,754
Corporate Travel Management Ltd. (Consumer Discretionary)

 (a)(b) 15,499      232,056
CSL Ltd. (Health Care)

  (a) 12,424    2,510,938
Domain Holdings Australia Ltd. (Communication Services)

 (a)(b) 63,795      204,507
Downer EDI Ltd. (Industrials)

  (a) 128,818      504,132
Iluka Resources Ltd. (Materials)

  (a) 501,373    2,761,570
Incitec Pivot Ltd. (Materials)

 (a)(b) 11,689       25,863
Insurance Australia Group Ltd. (Financials)

  (a) 11,570       41,216
IOOF Holdings Ltd. (Financials)

  (a) 276,988      742,167
Lendlease Corp. Ltd. (Real Estate)

  (a) 13,741      135,479
Common Stocks (Continued)   Shares Value
Australia (continued)      
Link Administration Holdings Ltd. (Information Technology)

  (a) 46,551 $    182,291
Medibank Pvt Ltd. (Financials)

  (a) 428,381      913,092
Metcash Ltd. (Consumer Staples)

  (a) 34,490       96,785
National Australia Bank Ltd. (Financials)

  (a) 92,587    1,834,380
Newcrest Mining Ltd. (Materials)

  (a) 5,098       96,311
Nine Entertainment Co. Holdings Ltd. (Communication Services)

  (a) 8,650       18,280
Nufarm Ltd. (Materials)

 (a)(b) 33,061      133,770
Qantas Airways Ltd. (Industrials)

 (a)(b) 16,923       65,680
REA Group Ltd. (Communication Services)

  (a) 21,374    2,312,960
Rio Tinto Ltd. (Materials)

  (a) 8,941      755,667
Scentre Group (Real Estate)

  (a) 392,837      845,815
SEEK Ltd. (Communication Services)

 (a)(b) 2,640       57,544
Star Entertainment Grp Ltd. / The (Consumer Discretionary)

 (a)(b) 5,194       15,033
Stockland (Real Estate)

  (a) 23,198       77,874
Suncorp Group Ltd. (Financials)

  (a) 5,992       45,144
Tabcorp Holdings Ltd. (Consumer Discretionary)

  (a) 5,170       18,471
Treasury Wine Estates Ltd. (Consumer Staples)

  (a) 26,529      209,102
Vicinity Centres (Real Estate)

  (a) 187,192      236,639
Westpac Banking Corp. (Financials)

  (a) 258,059    4,786,721
WiseTech Global Ltd. (Information Technology)

  (a) 2,585       57,521
Worley Ltd. (Energy)

  (a) 5,544      44,408
       36,133,489
Netherlands7.2%
     
ABN AMRO Bank N.V. (Financials)

 (a)(b) 96,840    1,175,633
Adyen N.V. (Information Technology)

 (a)(b) 1,018    2,271,569
Aegon N.V. (Financials)

  (a) 769,487    3,656,046
Argenx SE (Health Care)

 (a)(b) 462      127,038
ASML Holding N.V. (Information Technology)

  (a) 9,005    5,525,191
Euronext N.V. (Financials)

  (a) 161       16,205
Flow Traders (Financials)

  (c) 12,237      511,733
Heineken N.V. (Consumer Staples)

  (a) 2,351      241,349
ING Groep N.V. (Financials)

  (a) 109,971    1,343,195
JDE Peet's N.V. (Consumer Staples)

 (a)(b) 10,003      366,711
Koninklijke Ahold Delhaize N.V. (Consumer Staples)

  (a) 55,510    1,548,332
Koninklijke Philips N.V. (Health Care)

 (a)(b) 18,047    1,029,136
Koninklijke Vopak N.V. (Energy)

  (a) 5,632      280,234
NN Group N.V. (Financials)

  (a) 32,729    1,596,567
PostNL N.V. (Industrials)

 (a)(b) 63,319      306,940
Prosus N.V. (Consumer Discretionary)

  (a) 22,290    2,480,402
QIAGEN N.V. (Health Care)

 (a)(b) 12,845      621,685
Randstad N.V. (Industrials)

  (a) 45,274    3,178,004
Royal Dutch Shell PLC Class A (Energy)

  (a) 221,161    4,299,137
Royal Dutch Shell PLC Class B (Energy)

  (a) 196,677    3,620,321
Signify N.V. (Industrials)

 (a)(b) 12,469      641,320
Stellantis N.V. (Consumer Discretionary)

  (c) 51,661     913,832
       35,750,580
Sweden4.2%
     
AAK AB (Consumer Staples)

  (a) 2,188       49,541
Alfa Laval AB (Industrials)

 (a)(b) 31,524      952,763
Atlas Copco AB Class A (Industrials)

  (a) 24,932    1,520,035
Atlas Copco AB Class B (Industrials)

  (a) 12,306      641,357
Dometic Group AB (Consumer Discretionary)

 (a)(b) 4,275       62,139
Electrolux AB (Consumer Discretionary)

  (a) 40,501    1,125,973
Elekta AB Class B (Health Care)

  (a) 1,670       21,664
Evolution Gaming Group AB (Consumer Discretionary)

  (a) 4,276      629,705
Hennes & Mauritz AB Class B (Consumer Discretionary)

 (a)(b) 61,220    1,379,683
Hexpol AB (Materials)

  (a) 9,033      102,004
Hufvudstaden AB Class A (Real Estate)

  (a) 15          218
 
15
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Sweden (continued)      
Husqvarna AB Class B (Consumer Discretionary)

  (a) 7,060 $    101,781
ICA Gruppen AB (Consumer Staples)

  (a) 557       27,238
Intrum AB (Industrials)

  (a) 1,379       44,283
Investor AB Class B (Financials)

  (a) 11,247      897,396
Kinnevik AB Class B (Financials)

  (a) 48,239    2,344,513
L E Lundbergforetagen AB Class B (Financials)

 (a)(b) 9,039      493,663
Loomis AB (Industrials)

  (a) 16,480      500,728
Pandox AB (Consumer Discretionary)

 (a)(b) 24,753      419,256
Saab AB Class B (Industrials)

 (a)(b) 41,548    1,138,242
Sandvik AB (Industrials)

 (a)(b) 87,084    2,382,785
SKF AB (Industrials)

  (a) 49,620    1,411,913
SSAB AB (Materials)

 (a)(b) 42,538      224,932
Stillfront Group AB (Communication Services)

 (a)(b) 2,844       26,290
Svenska Handelsbanken AB Class A (Financials)

  (a) 19,532      212,336
Swedish Orphan Biovitrum AB (Health Care)

 (a)(b) 14,872      237,832
Telefonaktiebolaget LM Ericsson Class B (Information Technology)

  (a) 158,701    2,103,622
Trelleborg AB Class B (Industrials)

 (a)(b) 13,908      353,727
Volvo AB Class B (Industrials)

  (a) 57,636   1,459,633
       20,865,252
Hong Kong4.1%
     
AIA Group Ltd. (Financials)

  (a) 357,600    4,375,868
BOC Hong Kong Holdings Ltd. (Financials)

  (a) 493,500    1,726,457
Budweiser Brewing Co. APAC Ltd. (Consumer Staples)

  (a) 60,600      181,398
Cathay Pacific Airways Ltd. (Industrials)

 (a)(b) 296,000      276,967
Champion REIT (Real Estate)

  (a) 237,000      138,973
Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)

  (a) 87,000      133,193
CK Asset Holdings Ltd. (Real Estate)

  (a) 99,600      606,323
Haitong International Securities Group Ltd. (Financials)

  (a) 62,000       19,825
Hang Seng Bank Ltd. (Financials)

  (a) 29,200      567,011
Henderson Land Development Co. Ltd. (Real Estate)

  (a) 10,000       45,131
Hong Kong Exchanges & Clearing Ltd. (Financials)

  (a) 24,600    1,459,416
Hongkong Land Holdings Ltd. (Real Estate)

  (a) 252,900    1,243,810
Hysan Development Co. Ltd. (Real Estate)

  (a) 18,000       70,437
Jardine Strategic Holdings Ltd. (Industrials)

  (a) 22,200      733,515
Kerry Properties Ltd. (Real Estate)

  (a) 344,500    1,114,126
Link REIT (Real Estate)

  (a) 98,900      902,338
MTR Corp. Ltd. (Industrials)

  (a) 202,000    1,148,870
New World Development Co. Ltd. (Real Estate)

  (a) 159,000      825,954
NWS Holdings Ltd. (Industrials)

  (a) 340,000      360,443
Sino Land Co. Ltd. (Real Estate)

  (a) 30,000       41,867
Sun Hung Kai Properties Ltd. (Real Estate)

  (a) 90,500    1,370,337
Swire Pacific Ltd. Class A (Real Estate)

  (a) 21,200      159,699
Swire Properties Ltd. (Real Estate)

  (a) 441,400    1,370,102
Techtronic Industries Co. Ltd. (Industrials)

  (a) 76,000    1,302,928
WH Group Ltd. (Consumer Staples)

  (a) 51,500       41,840
Wharf Real Estate Investment Co. Ltd. (Real Estate)

  (a) 81,000      455,493
Yue Yuen Industrial Holdings Ltd. (Consumer Discretionary)

  (a) 8,500      21,257
       20,693,578
Denmark2.1%
     
AP Moller - Maersk A/S Class B (Industrials)

  (a) 1,019    2,365,627
AP Moller - Maersk A/S Class A (Industrials)

  (a) 214      465,678
Chr Hansen Holding A/S (Materials)

 (a)(b) 6,237      566,536
DSV PANALPINA A/S (Industrials)

  (a) 102       20,007
FLSmidth & Co. A/S (Industrials)

  (a) 750       28,733
Genmab A/S (Health Care)

 (a)(b) 1,364      448,611
Common Stocks (Continued)   Shares Value
Denmark (continued)      
GN Store Nord A/S (Health Care)

  (a) 5,157 $    405,901
H Lundbeck A/S (Health Care)

  (a) 1,622       55,385
ISS A/S (Industrials)

 (a)(b) 14,760      275,084
Netcompany Group A/S (Information Technology)

  (a) 771       73,435
Novo Nordisk A/S Class B (Health Care)

  (a) 84,071    5,665,007
Orsted A/S (Utilities)

  (a) 291       46,986
ROCKWOOL International A/S Class B (Industrials)

  (a) 22        9,260
Tryg A/S (Financials)

  (a) 4,293     101,181
       10,527,431
Italy1.9%
     
Assicurazioni Generali SpA (Financials)

 (a)(b) 39,960      798,365
Banca Generali SpA (Financials)

 (a)(b) 7,435      261,631
Buzzi Unicem SpA (Materials)

  (a) 1,228       31,897
Enel SpA (Utilities)

  (a) 187,562    1,865,745
Eni SpA (Energy)

  (a) 14,708      181,235
Intesa Sanpaolo SpA (Financials)

 (a)(b) 365,071      989,186
Italgas SpA (Utilities)

  (a) 2,481       16,112
Leonardo SpA (Industrials)

  (a) 61,304      495,929
Mediobanca Banca di Credito Finanziario SpA (Financials)

 (a)(b) 37,933      420,345
Moncler SpA (Consumer Discretionary)

 (a)(b) 1,822      104,344
Pirelli & C SpA (Consumer Discretionary)

 (a)(b) 74,366      435,968
Prysmian SpA (Industrials)

  (a) 3,211      104,262
Recordati Industria Chimica e Farmaceutica SpA (Health Care)

  (a) 691       37,162
Telecom Italia SpA (Communication Services)

  (a) 1,535,313      830,576
UniCredit SpA (Financials)

 (a)(b) 187,504    1,980,575
Unipol Gruppo SpA (Financials)

 (a)(b) 164,900     918,511
        9,471,843
Israel1.2%
     
Bank Hapoalim BM (Financials)

 (a)(b) 217,570    1,692,055
Bank Leumi Le-Israel BM (Financials)

  (a) 44,317      291,919
ICL Group Ltd. (Materials)

  (a) 16,099       94,379
Israel Discount Bank Ltd. Class A (Financials)

  (a) 152,306      633,193
Mizrahi Tefahot Bank Ltd. (Financials)

  (a) 2,381       62,086
Nice Ltd. (Information Technology)

 (a)(b) 7,887    1,714,647
Paz Oil Co. Ltd. (Energy)

  (a) 252       23,133
Teva Pharmaceutical Industries Ltd. (Health Care)

 (a)(b) 126,747   1,452,826
        5,964,238
Spain1.0%
     
Banco Bilbao Vizcaya Argentaria SA (Financials)

  (a) 53,987      281,335
Banco Santander SA (Financials)

 (a)(b) 219,567      748,900
CaixaBank SA (Financials)

  (a) 83,431      259,035
EDP Renovaveis SA (Utilities)

  (a) 4,027       85,971
Grifols SA (Health Care)

  (a) 557       14,578
Iberdrola SA (Utilities)

  (a) 198,912    2,567,341
Naturgy Energy Group SA (Utilities)

  (a) 16,476      404,532
Repsol SA (Energy)

  (a) 60,907     755,975
        5,117,667
Finland1.0%
     
Konecranes Oyj (Industrials)

  (a) 401       17,872
Neste Oyj (Energy)

  (a) 5,307      281,832
Nordea Bank Abp (Financials)

  (a) 334,187    3,295,165
Sampo Oyj Class A (Financials)

  (a) 24,103    1,086,808
Wartsila Oyj Abp (Industrials)

  (a) 29,291     307,053
        4,988,730
Singapore1.0%
     
DBS Group Holdings Ltd. (Financials)

  (a) 53,900    1,155,691
Golden Agri-Resources Ltd. (Consumer Staples)

  (a) 1,078,100      168,880
 
16
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Singapore (continued)      
Jardine Cycle & Carriage Ltd. (Consumer Discretionary)

  (a) 90,900 $  1,524,916
Oversea-Chinese Banking Corp. Ltd. (Financials)

  (a) 92,400      808,408
Singapore Airlines Ltd. (Industrials)

 (a)(b) 155,200      640,917
United Overseas Bank Ltd. (Financials)

  (a) 35,200     678,727
        4,977,539
Ireland0.9%
     
AIB Group PLC (Financials)

 (a)(b) 13,753       36,081
Bank of Ireland Group PLC (Financials)

 (a)(b) 39,321      194,178
Experian PLC (Industrials)

  (a) 67,540    2,326,817
Flutter Entertainment PLC (Consumer Discretionary)

 (a)(b) 6,930    1,486,545
Kerry Group PLC Class A (Consumer Staples)

  (a) 366       45,709
Kingspan Group PLC (Industrials)

  (a) 7,768     657,166
        4,746,496
Austria0.4%
     
ANDRITZ AG (Industrials)

  (a) 9,400      422,478
OMV AG (Energy)

  (a) 2,183      110,629
Raiffeisen Bank International AG (Financials)

 (a)(b) 70,987    1,558,366
Telekom Austria AG (Communication Services)

  (c) 2,073       16,336
voestalpine AG (Materials)

  (a) 2,569     106,389
        2,214,198
Belgium0.3%
     
Anheuser-Busch InBev SA / N.V. (Consumer Staples)

  (a) 1,014       63,743
KBC Group N.V. (Financials)

 (a)(b) 7,630      555,170
Sofina SA (Financials)

  (a) 778      263,028
Umicore SA (Materials)

  (a) 9,451     501,417
        1,383,358
Portugal0.3%
     
EDP - Energias de Portugal SA (Utilities)

  (a) 116,352      664,564
Galp Energia SGPS SA (Energy)

  (a) 57,824     670,310
        1,334,874
Luxembourg0.3%
     
RTL Group SA (Communication Services)

 (a)(b) 15,967      936,350
SES SA (Communication Services)

  (a) 39,534      313,625
Tenaris SA (Energy)

  (a) 7,016      79,336
        1,329,311
China0.2%
     
Sinopec Engineering Group Co. Ltd. (Industrials)

  (a) 400          221
Yangzijiang Shipbuilding Holdings Ltd. (Industrials)

  (a) 1,163,700   1,110,300
        1,110,521
Common Stocks (Continued)   Shares Value
Norway0.2%
     
Equinor ASA (Energy)

  (a) 50,727 $    990,177
New Zealand0.1%
     
a2 Milk Co. Ltd. / The (Consumer Staples)

 (a)(b) 59,932      357,598
Air New Zealand Ltd. (Industrials)

 (a)(b) 52,250       62,491
Fisher & Paykel Healthcare Corp. Ltd. (Health Care)

  (a) 6,861      154,047
Xero Ltd. (Information Technology)

 (a)(b) 2,085     201,798
          775,934
United States0.1%
     
Sims Ltd. (Materials)

  (a) 53,643     608,489
Isle of Man0.1%
     
Entain PLC (Consumer Discretionary)

 (a)(b) 17,571     367,457
Total Common Stocks (Cost $454,374,546)

    $483,541,339
    
Preferred Securities0.6%   Rate Quantity Value
Germany0.6%
       
Henkel AG & Co. KGaA (Consumer Staples)

  (a) 1.882% (d) 10,561 $  1,187,412
Sartorius AG (Health Care)

  (a) 0.167% (d) 64       31,908
Schaeffler AG (Consumer Discretionary)

  (a) 5.972% (d) 41,062      364,983
Volkswagen AG (Consumer Discretionary)

  (a) 2.036% (d) 4,663   1,305,270
          2,889,573
Italy0.0%
       
Telecom Italia SpA (Communication Services)

  (a) 5.608% (d) 230,167     132,351
Total Preferred Securities (Cost $2,798,768)

        $3,021,924
    
Money Market Funds1.4%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (e) 7,204,725 $  7,206,886
Total Money Market Funds (Cost $7,206,886)

      $7,206,886
Total Investments – 98.8% (Cost $464,380,200)

  (f)   $493,770,149
Other Assets in Excess of Liabilities – 1.2%

  (g)   5,790,371
Net Assets – 100.0%     $499,560,520
    
 
17

Ohio National Fund, Inc. ON BlackRock Advantage International Equity Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 

Percentages are stated as a percent of net assets.
    
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 $484,698,749 or 97.0% of the Portfolio’s net assets.
(b) Non-income producing security.
(c) As discussed in Note 2 of the Notes to Schedules of Investments, not all investments that are traded on a foreign exchange are valued at an estimate that is different from the local close price. In some instances, the independent fair valuation service uses a stock’s local close price because the service’s measure of predictability related to their valuation model of a stock is below a chosen threshold. These securities represent $1,864,514 or 0.4% of the Portfolio’s net assets.
Other Portfolio securities are not subjected to fair valuation procedures because they are traded on domestic or foreign exchanges that have close times that are consistent with the U.S. market close, normally 4:00 pm Eastern Time.
(d) 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.
(e) Rate represents the seven-day yield at March 31, 2021.
(f) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(g) Includes $768,398 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. See also the following Schedule of Open Futures Contracts.
 Schedule of Open Futures Contracts March 31, 2021 (Unaudited) 
    
Description   Number of
contracts
  Expiration Date   Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
  Variation Margin
Receivable
(Payable)
MSCI EAFE Index - Long   98   June 18, 2021   $10,812,782   $10,740,800   $(71,982)   $(46,780)
The accompanying notes are an integral part of these financial statements.
18

Ohio National Fund, Inc. ON Janus Henderson Forty Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks98.0%   Shares Value
Communication Services17.9%
     
Alphabet, Inc. Class C (Interactive Media & Svs.)

  (a) 3,193 $  6,605,136
Facebook, Inc. Class A (Interactive Media & Svs.)

  (a) 36,117   10,637,540
Match Group, Inc. (Interactive Media & Svs.)

  (a) 19,641    2,698,280
Netflix, Inc. (Entertainment)

  (a) 8,712    4,544,702
Snap, Inc. Class A (Interactive Media & Svs.)

  (a) 97,742    5,110,929
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)

  (a) 31,069    3,892,635
Walt Disney Co. / The (Entertainment)

  (a) 11,883   2,192,651
       35,681,873
Consumer Discretionary15.9%
     
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  (a) 5,361   16,587,363
Booking Holdings, Inc. (Internet & Direct Marketing Retail)

  (a) 2,428    5,656,851
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 21,099    1,845,107
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)

  (b) 6,595    4,405,137
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)

  23,749   3,156,005
       31,650,463
Financials0.8%
     
Altimeter Growth Corp. (Capital Markets)

  (a) 54,974      671,782
Oscar Health, Inc. Class A (Insurance)

  (a) 37,772   1,015,312
        1,687,094
Health Care15.1%
     
Accolade, Inc. (Health Care Providers & Svs.)

  (a) 11,199      508,099
Align Technology, Inc. (Health Care Equip. & Supplies)

  (a) 8,391    4,543,978
Ascendis Pharma A/S – ADR (Biotechnology)

  (a) 8,349    1,076,019
Boston Scientific Corp. (Health Care Equip. & Supplies)

  (a) 129,019    4,986,585
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)

  10,179    3,909,652
Danaher Corp. (Health Care Equip. & Supplies)

  25,928    5,835,874
Elanco Animal Health, Inc. (Pharmaceuticals)

  (a) 106,398    3,133,421
Illumina, Inc. (Life Sciences Tools & Svs.)

  (a) 7,194    2,762,928
Neurocrine Biosciences, Inc. (Biotechnology)

  (a) 34,533   3,358,334
       30,114,890
Common Stocks (Continued)   Shares Value
Industrials7.0%
     
CoStar Group, Inc. (Professional Svs.)

  (a) 4,706 $  3,867,814
Howmet Aerospace, Inc. (Aerospace & Defense)

  (a) 62,165    1,997,362
L3Harris Technologies, Inc. (Aerospace & Defense)

  20,497    4,154,332
Uber Technologies, Inc. (Road & Rail)

  (a) 73,245   3,992,585
       14,012,093
Information Technology34.9%
     
Adobe, Inc. (Software)

  (a) 12,365    5,877,950
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  71,937    8,787,105
ASML Holding N.V. (Semiconductors & Equip.)

  9,319    5,753,178
Atlassian Corp. PLC Class A (Software)

  (a) 8,937    1,883,562
Mastercard, Inc. Class A (IT Svs.)

  33,568   11,951,886
Microsoft Corp. (Software)

  69,292   16,336,975
NVIDIA Corp. (Semiconductors & Equip.)

  9,280    4,954,870
Texas Instruments, Inc. (Semiconductors & Equip.)

  34,064    6,437,755
Twilio, Inc. Class A (IT Svs.)

  (a) 8,296    2,826,945
Wix.com Ltd. (IT Svs.)

  (a) 7,934    2,215,332
Workday, Inc. Class A (Software)

  (a) 9,637   2,394,120
       69,419,678
Materials4.2%
     
Crown Holdings, Inc. (Containers & Packaging)

  39,391    3,822,503
Sherwin-Williams Co. / The (Chemicals)

  6,017   4,440,606
        8,263,109
Real Estate2.2%
     
American Tower Corp. (Equity REIT)

  18,055   4,316,228
Total Common Stocks (Cost $126,010,836)

    $195,145,428
    
Money Market Funds2.1%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (c) 4,102,752 $  4,103,983
Total Money Market Funds (Cost $4,103,983)

      $4,103,983
Total Investments – 100.1% (Cost $130,114,819)

  (d)   $199,249,411
Liabilities in Excess of Other Assets – (0.1)%

    (168,987)
Net Assets – 100.0%     $199,080,424
    
 

Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
    
Footnotes:  
(a) Non-income producing security.
(b) 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 $4,405,137 or 2.2% of the Portfolio’s net assets.
(c) Rate represents the seven-day yield at March 31, 2021.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
19

Ohio National Fund, Inc. ON Janus Henderson Venture Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks97.7%   Shares Value
Communication Services1.4%
     
Advantage Solutions, Inc. (Media)

  (a) 36,575 $    431,951
Manchester United PLC Class A (Entertainment)

  45,838     721,490
Vonage Holdings Corp. (Diversified Telecom. Svs.)

  (a) 119,449   1,411,887
        2,565,328
Consumer Discretionary8.3%
     
frontdoor, Inc. (Diversified Consumer Svs.)

  (a) 31,067   1,669,851
Lovesac Co. / The (Household Durables)

  (a) 35,203   1,992,490
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)

  (a) 19,798   1,200,155
Poshmark, Inc. Class A (Internet & Direct Marketing Retail)

  (a) 2,638     107,103
QuantumScape Corp. (Auto Components)

  (a) 21,177     947,671
Stride, Inc. (Diversified Consumer Svs.)

  (a) 50,521   1,521,187
Terminix Global Holdings, Inc. (Diversified Consumer Svs.)

  (a) 58,292   2,778,780
Thor Industries, Inc. (Automobiles)

  12,118   1,632,779
Visteon Corp. (Auto Components)

  (a) 9,234   1,126,086
Williams-Sonoma, Inc. (Specialty Retail)

  9,922   1,778,022
       14,754,124
Consumer Staples2.6%
     
AppHarvest, Inc. (Food Products)

  (a) 34,372     629,008
BellRing Brands, Inc. Class A (Personal Products)

  (a) 32,784     774,030
Casey's General Stores, Inc. (Food & Staples Retailing)

  5,360   1,158,779
Hain Celestial Group, Inc. / The (Food Products)

  (a) 24,999   1,089,956
Laird Superfood, Inc. (Food Products)

  (a) 26,411     989,620
Ontex Group N.V. (Personal Products)

 (a)(b) 858       9,036
        4,650,429
Financials5.1%
     
AssetMark Financial Holdings, Inc. (Capital Markets)

  (a) 33,163     774,024
Focus Financial Partners, Inc. Class A (Capital Markets)

  (a) 16,304     678,573
Juniper Industrial Holdings, Inc. Class A (Capital Markets)

  (a) 108,908   1,350,459
LendingTree, Inc. (Consumer Finance)

  (a) 4,684     997,692
LPL Financial Holdings, Inc. (Capital Markets)

  24,594   3,496,283
RLI Corp. (Insurance)

  15,717   1,753,546
        9,050,577
Health Care27.8%
     
Acceleron Pharma, Inc. (Biotechnology)

  (a) 7,608   1,031,721
Akero Therapeutics, Inc. (Biotechnology)

  (a) 20,288     588,555
Amicus Therapeutics, Inc. (Biotechnology)

  (a) 40,289     398,055
Ascendis Pharma A/S – ADR (Biotechnology)

  (a) 5,267     678,811
Axogen, Inc. (Health Care Equip. & Supplies)

  (a) 54,703   1,108,283
Bio-Techne Corp. (Life Sciences Tools & Svs.)

  3,757   1,434,911
Bridgebio Pharma, Inc. (Biotechnology)

  (a) 25,675   1,581,580
Catalent, Inc. (Pharmaceuticals)

  (a) 45,149   4,754,641
Codexis, Inc. (Life Sciences Tools & Svs.)

  (a) 24,230     554,625
CryoPort, Inc. (Health Care Equip. & Supplies)

  (a) 21,619   1,124,404
Deciphera Pharmaceuticals, Inc. (Biotechnology)

  (a) 17,937     804,295
Eagle Pharmaceuticals, Inc. (Biotechnology)

  (a) 21,838     911,518
Eargo, Inc. (Health Care Equip. & Supplies)

  (a) 16,024     800,399
FibroGen, Inc. (Biotechnology)

  (a) 24,331     844,529
Glaukos Corp. (Health Care Equip. & Supplies)

  (a) 14,419   1,210,187
Global Blood Therapeutics, Inc. (Biotechnology)

  (a) 17,459     711,454
Globus Medical, Inc. Class A (Health Care Equip. & Supplies)

  (a) 32,803   2,022,961
GW Pharmaceuticals PLC – ADR (Pharmaceuticals)

  (a) 4,149     899,918
Halozyme Therapeutics, Inc. (Biotechnology)

  (a) 29,536   1,231,356
HealthEquity, Inc. (Health Care Providers & Svs.)

  (a) 13,949     948,532
Heska Corp. (Health Care Equip. & Supplies)

  (a) 4,359     734,317
ICON PLC (Life Sciences Tools & Svs.)

  (a) 7,583   1,489,074
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
ICU Medical, Inc. (Health Care Equip. & Supplies)

  (a) 7,803 $  1,603,048
Insmed, Inc. (Biotechnology)

  (a) 32,409   1,103,851
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies)

  (a) 37,257   2,574,086
Ligand Pharmaceuticals, Inc. (Biotechnology)

  (a) 11,241   1,713,690
Mirati Therapeutics, Inc. (Biotechnology)

  (a) 8,031   1,375,710
ModivCare, Inc. (Health Care Providers & Svs.)

  (a) 14,183   2,100,786
Myovant Sciences Ltd. (Biotechnology)

  (a) 40,336     830,115
NeoGenomics, Inc. (Life Sciences Tools & Svs.)

  (a) 42,697   2,059,276
Neurocrine Biosciences, Inc. (Biotechnology)

  (a) 13,885   1,350,316
Olink Holding AB – ADR (Biotechnology)

  (a) 3,070     110,520
Phathom Pharmaceuticals, Inc. (Pharmaceuticals)

  (a) 14,533     545,859
Phreesia, Inc. (Health Care Technology)

  (a) 16,216     844,854
PTC Therapeutics, Inc. (Biotechnology)

  (a) 22,562   1,068,311
Pulmonx Corp. (Health Care Equip. & Supplies)

  (a) 6,208     283,954
Rhythm Pharmaceuticals, Inc. (Biotechnology)

  (a) 31,629     672,749
Rocket Pharmaceuticals, Inc. (Biotechnology)

  (a) 11,440     507,593
Seres Therapeutics, Inc. (Biotechnology)

  (a) 21,052     433,461
Signify Health, Inc. Class A (Health Care Providers & Svs.)

  (a) 12,032     352,056
STERIS PLC (Health Care Equip. & Supplies)

  9,068   1,727,273
Surmodics, Inc. (Health Care Equip. & Supplies)

  (a) 13,660     765,916
Travere Therapeutics, Inc. (Biotechnology)

  (a) 29,065     725,753
Vaxcyte, Inc. (Pharmaceuticals)

  (a) 4,982      98,394
Zogenix, Inc. (Pharmaceuticals)

  (a) 30,451     594,404
       49,306,101
Industrials13.3%
     
Alamo Group, Inc. (Machinery)

  7,540   1,177,371
AMERCO (Road & Rail)

  1,337     819,046
ATS Automation Tooling Systems, Inc. (Machinery)

  (a) 29,677     625,090
Brady Corp. Class A (Commercial Svs. & Supplies)

  33,990   1,816,766
Cimpress PLC (Commercial Svs. & Supplies)

  (a) 7,096     710,522
Clarivate PLC (Professional Svs.)

  (a) 67,794   1,789,084
Construction Partners, Inc. Class A (Construction & Engineering)

  (a) 30,200     902,376
CSW Industrials, Inc. (Building Products)

  14,832   2,002,320
EnerSys (Electrical Equip.)

  14,943   1,356,824
Gates Industrial Corp. PLC (Machinery)

  (a) 71,934   1,150,225
Hydrofarm Holdings Group, Inc. (Machinery)

  (a) 10,754     648,681
Hyster-Yale Materials Handling, Inc. (Machinery)

  11,872   1,034,289
ITT, Inc. (Machinery)

  24,048   2,186,204
Kornit Digital Ltd. (Machinery)

  (a) 9,928     984,063
Montrose Environmental Group, Inc. (Commercial Svs. & Supplies)

  (a) 15,773     791,647
Nordson Corp. (Machinery)

  7,491   1,488,312
Rexnord Corp. (Machinery)

  56,048   2,639,300
SPX Corp. (Machinery)

  (a) 24,767   1,443,173
       23,565,293
Information Technology31.6%
     
908 Devices, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 26,599   1,290,052
Altair Engineering, Inc. Class A (Software)

  (a) 18,276   1,143,529
Blackbaud, Inc. (Software)

  (a) 31,645   2,249,327
Broadridge Financial Solutions, Inc. (IT Svs.)

  18,093   2,770,038
ChannelAdvisor Corp. (Software)

  (a) 91,673   2,158,899
Descartes Systems Group, Inc. / The (Software)

  (a) 38,775   2,365,624
Envestnet, Inc. (Software)

  (a) 22,600   1,632,398
Euronet Worldwide, Inc. (IT Svs.)

  (a) 19,037   2,632,817
Everbridge, Inc. (Software)

  (a) 7,467     904,851
Guidewire Software, Inc. (Software)

  (a) 7,628     775,234
Intelligent Systems Corp. (Software)

  (a) 18,136     741,944
J2 Global, Inc. (Software)

  (a) 29,490   3,534,671
 
20
(continued)

Ohio National Fund, Inc. ON Janus Henderson Venture Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Information Technology (continued)
     
LivePerson, Inc. (Software)

  (a) 40,429 $  2,132,225
Medallia, Inc. (Software)

  (a) 46,282   1,290,805
Napco Security Technologies, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 32,678   1,138,175
National Instruments Corp. (Electronic Equip., Instr. & Comp.)

  20,170     871,041
Nice Ltd. – ADR (Software)

  (a) 18,907   4,121,159
Novanta, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 6,235     822,334
Olo, Inc. Class A (Software)

  (a) 3,433      90,597
ON Semiconductor Corp. (Semiconductors & Equip.)

  (a) 70,929   2,951,356
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 17,557   1,687,228
Paylocity Holding Corp. (Software)

  (a) 12,282   2,208,672
Repay Holdings Corp. (IT Svs.)

  (a) 34,857     818,442
Rogers Corp. (Electronic Equip., Instr. & Comp.)

  (a) 5,900   1,110,439
Sailpoint Technologies Holdings, Inc. (Software)

  (a) 49,080   2,485,411
Shift4 Payments, Inc. Class A (IT Svs.)

  (a) 6,292     516,007
SS&C Technologies Holdings, Inc. (Software)

  47,727   3,334,686
Trade Desk, Inc. / The Class A (Software)

  (a) 1,787   1,164,516
Tyler Technologies, Inc. (Software)

  (a) 3,896   1,653,969
Viant Technology, Inc. Class A (Software)

  (a) 11,498     608,129
WEX, Inc. (IT Svs.)

  (a) 7,404   1,549,065
WNS Holdings Ltd. – ADR (IT Svs.)

  (a) 32,723   2,370,454
Yext, Inc. (Software)

  (a) 62,191     900,526
       56,024,620
Common Stocks (Continued)   Shares Value
Materials4.9%
     
Constellium SE (Metals & Mining)

  (a) 84,351 $  1,239,960
Sealed Air Corp. (Containers & Packaging)

  33,844   1,550,732
Sensient Technologies Corp. (Chemicals)

  39,224   3,059,472
Valvoline, Inc. (Chemicals)

  105,999   2,763,394
        8,613,558
Real Estate2.7%
     
Easterly Government Properties, Inc. (Equity REIT)

  73,906   1,532,071
FirstService Corp. (Real Estate Mgmt. & Development)

  7,594   1,125,355
Redfin Corp. (Real Estate Mgmt. & Development)

  (a) 32,163   2,141,734
        4,799,160
Total Common Stocks (Cost $107,222,525)

    $173,329,190
    
Money Market Funds1.0%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (c) 1,860,432 $  1,860,990
Total Money Market Funds (Cost $1,860,990)

      $1,860,990
Total Investments – 98.7% (Cost $109,083,515)

  (d)   $175,190,180
Other Assets in Excess of Liabilities – 1.3%

    2,289,590
Net Assets – 100.0%     $177,479,770
    
 

Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
    
Footnotes:  
(a) Non-income producing security.
(b) 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 $9,036 or 0.0% of the Portfolio’s net assets.
Other Portfolio securities are not subjected to fair value procedures because they are traded on domestic or foreign exchanges that have close times that are consistent with the U.S. market close, normally 4:00 pm Eastern Time.
(c) Rate represents the seven-day yield at March 31, 2021.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
21

Ohio National Fund, Inc. ON Janus Henderson Enterprise Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks99.7%   Shares Value
Communication Services0.5%
     
Liberty Media Corp. - Liberty Formula One Class C (Entertainment)

  (a) 12,427 $    537,965
Consumer Discretionary8.7%
     
Aramark (Hotels, Restaurants & Leisure)

  23,602     891,684
Burlington Stores, Inc. (Specialty Retail)

  (a) 2,764     825,883
CarMax, Inc. (Specialty Retail)

  (a) 15,281   2,027,177
Coursera, Inc. (Diversified Consumer Svs.)

  (a) 2,888     129,960
frontdoor, Inc. (Diversified Consumer Svs.)

  (a) 11,858     637,367
Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)

  42,133   1,291,798
Terminix Global Holdings, Inc. (Diversified Consumer Svs.)

  (a) 18,659     889,475
Visteon Corp. (Auto Components)

  (a) 6,190     754,870
Vroom, Inc. (Specialty Retail)

  (a) 14,512     565,823
Wayfair, Inc. Class A (Internet & Direct Marketing Retail)

  (a) 4,088   1,286,698
        9,300,735
Financials12.6%
     
Aon PLC Class A (Insurance)

  12,397   2,852,674
CBOE Global Markets, Inc. (Capital Markets)

  7,004     691,225
Charles Schwab Corp. / The (Capital Markets)

  12,095     788,352
Intact Financial Corp. (Insurance)

  15,647   1,917,433
LPL Financial Holdings, Inc. (Capital Markets)

  24,020   3,414,683
MSCI, Inc. (Capital Markets)

  1,609     674,621
Oscar Health, Inc. Class A (Insurance)

  (a) 7,186     193,160
SVB Financial Group (Banks)

  (a) 2,197   1,084,571
W.R. Berkley Corp. (Insurance)

  24,785   1,867,550
       13,484,269
Health Care16.1%
     
Abcam PLC – ADR (Biotechnology)

  (a) 13,490     259,278
Ascendis Pharma A/S – ADR (Biotechnology)

  (a) 2,679     345,270
BioMarin Pharmaceutical, Inc. (Biotechnology)

  (a) 8,145     615,029
Boston Scientific Corp. (Health Care Equip. & Supplies)

  (a) 49,625   1,918,006
Catalent, Inc. (Pharmaceuticals)

  (a) 15,899   1,674,324
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)

  5,681   2,182,015
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)

  17,124   1,092,682
Elanco Animal Health, Inc. (Pharmaceuticals)

  (a) 27,904     821,773
Emergent BioSolutions, Inc. (Biotechnology)

  (a) 4,752     441,508
ICU Medical, Inc. (Health Care Equip. & Supplies)

  (a) 4,944   1,015,695
Illumina, Inc. (Life Sciences Tools & Svs.)

  (a) 1,930     741,236
Neurocrine Biosciences, Inc. (Biotechnology)

  (a) 6,972     678,027
PerkinElmer, Inc. (Life Sciences Tools & Svs.)

  6,374     817,721
PRA Health Sciences, Inc. (Life Sciences Tools & Svs.)

  (a) 8,625   1,322,471
Sarepta Therapeutics, Inc. (Biotechnology)

  (a) 3,826     285,152
Teleflex, Inc. (Health Care Equip. & Supplies)

  2,615   1,086,428
Varian Medical Systems, Inc. (Health Care Equip. & Supplies)

  (a) 4,955     874,706
Waters Corp. (Life Sciences Tools & Svs.)

  (a) 4,013   1,140,374
       17,311,695
Industrials17.2%
     
Cimpress PLC (Commercial Svs. & Supplies)

  (a) 10,912   1,092,619
CoStar Group, Inc. (Professional Svs.)

  (a) 1,042     856,409
Edenred (Commercial Svs. & Supplies)

  (b) 16,035     837,248
Ferguson PLC (Trading Companies & Distributors)

  (b) 8,438   1,007,961
Ingersoll Rand, Inc. (Machinery)

  (a) 26,261   1,292,304
J.B. Hunt Transport Services, Inc. (Road & Rail)

  11,750   1,974,823
L3Harris Technologies, Inc. (Aerospace & Defense)

  7,274   1,474,294
Rexnord Corp. (Machinery)

  27,597   1,299,543
Common Stocks (Continued)   Shares Value
Industrials (continued)      
Ritchie Bros Auctioneers, Inc. (Commercial Svs. & Supplies)

  30,633 $  1,793,562
Ryanair Holdings PLC – ADR (Airlines)

  (a) 10,401   1,196,115
Sensata Technologies Holding PLC (Electrical Equip.)

  (a) 43,291   2,508,713
Teledyne Technologies, Inc. (Aerospace & Defense)

  (a) 3,845   1,590,484
Verisk Analytics, Inc. (Professional Svs.)

  4,189     740,154
Westinghouse Air Brake Technologies Corp. (Machinery)

  9,930     786,059
       18,450,288
Information Technology38.9%
     
Amdocs Ltd. (IT Svs.)

  27,308   1,915,656
Atlassian Corp. PLC Class A (Software)

  (a) 6,120   1,289,851
Broadridge Financial Solutions, Inc. (IT Svs.)

  15,757   2,412,397
Ceridian HCM Holding, Inc. (Software)

  (a) 15,813   1,332,562
Constellation Software, Inc. (Software)

  1,654   2,309,888
Dolby Laboratories, Inc. Class A (Electronic Equip., Instr. & Comp.)

  7,965     786,305
Dynatrace, Inc. (Software)

  (a) 13,380     645,451
Euronet Worldwide, Inc. (IT Svs.)

  (a) 3,020     417,666
Fidelity National Information Services, Inc. (IT Svs.)

  12,054   1,694,913
Flex Ltd. (Electronic Equip., Instr. & Comp.)

  (a) 79,943   1,463,756
Global Payments, Inc. (IT Svs.)

  9,157   1,845,868
GoDaddy, Inc. Class A (IT Svs.)

  (a) 26,157   2,030,306
J2 Global, Inc. (Software)

  (a) 3,454     413,996
KLA-Tencor Corp. (Semiconductors & Equip.)

  10,045   3,318,868
Lam Research Corp. (Semiconductors & Equip.)

  2,472   1,471,433
Microchip Technology, Inc. (Semiconductors & Equip.)

  23,943   3,716,433
National Instruments Corp. (Electronic Equip., Instr. & Comp.)

  34,629   1,495,453
Nice Ltd. – ADR (Software)

  (a) 9,009   1,963,692
NXP Semiconductors N.V. (Semiconductors & Equip.)

  4,147     834,957
ON Semiconductor Corp. (Semiconductors & Equip.)

  (a) 49,834   2,073,593
SS&C Technologies Holdings, Inc. (Software)

  37,800   2,641,086
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)

  21,001   2,711,439
Topicus.com, Inc. (Software)

  (a) 3,118     204,790
WEX, Inc. (IT Svs.)

  (a) 11,379   2,380,714
Wix.com Ltd. (IT Svs.)

  (a) 1,339     373,876
       41,744,949
Materials1.3%
     
Sealed Air Corp. (Containers & Packaging)

  30,350   1,390,637
Real Estate3.0%
     
Crown Castle International Corp. (Equity REIT)

  4,892     842,060
Lamar Advertising Co. Class A (Equity REIT)

  25,547   2,399,374
        3,241,434
Utilities1.4%
     
Alliant Energy Corp. (Electric Utilities)

  26,928   1,458,421
Total Common Stocks (Cost $75,655,852)

    $106,920,393
    
Money Market Funds1.1%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (c) 1,228,287 $  1,228,656
Total Money Market Funds (Cost $1,228,656)

      $1,228,656
Total Investments – 100.8% (Cost $76,884,508)

  (d)   $108,149,049
Liabilities in Excess of Other Assets – (0.8)%

    (853,640)
Net Assets – 100.0%     $107,295,409
    
 
22
(continued)

Ohio National Fund, Inc. ON Janus Henderson Enterprise Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 

Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
    
Footnotes:  
(a) Non-income producing security.
(b) 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 $1,845,209 or 1.7% of the Portfolio’s net assets.
(c) Rate represents the seven-day yield at March 31, 2021.
(d) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
23

Ohio National Fund, Inc. ON S&P 500® Index Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks100.7%   Shares Value
Communication Services11.0%
     
Activision Blizzard, Inc. (Entertainment)

  28,578 $    2,657,754
Alphabet, Inc. Class A (Interactive Media & Svs.)

  (a) 11,097    22,887,785
Alphabet, Inc. Class C (Interactive Media & Svs.)

  (a) 10,636    22,001,949
AT&T, Inc. (Diversified Telecom. Svs.)

  263,199     7,967,034
Charter Communications, Inc. Class A (Media)

  (a) 5,220     3,220,844
Comcast Corp. Class A (Media)

  168,714     9,129,115
Discovery, Inc. Class A (Media)

  (a) 4,310       187,313
Discovery, Inc. Class C (Media)

  (a) 12,561       463,375
DISH Network Corp. Class A (Media)

  (a) 9,087       328,949
Electronic Arts, Inc. (Entertainment)

  10,669     1,444,263
Facebook, Inc. Class A (Interactive Media & Svs.)

  (a) 88,756    26,141,305
Fox Corp. Class A (Media)

  13,434       485,102
Fox Corp. Class B (Media)

  4,526       158,093
Interpublic Group of Cos., Inc. / The (Media)

  14,396       420,363
Live Nation Entertainment, Inc. (Entertainment)

  (a) 5,311       449,576
Lumen Technologies, Inc. (Diversified Telecom. Svs.)

  36,001       480,613
Netflix, Inc. (Entertainment)

  (a) 16,341     8,524,446
News Corp. Class A (Media)

  16,210       412,220
News Corp. Class B (Media)

  2,267        53,184
Omnicom Group, Inc. (Media)

  7,929       587,935
Take-Two Interactive Software, Inc. (Entertainment)

  (a) 4,253       751,505
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)

  (a) 21,570     2,702,505
Twitter, Inc. (Interactive Media & Svs.)

  (a) 29,409     1,871,295
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  152,740     8,881,831
ViacomCBS, Inc. Class B (Media)

  21,679       977,723
Walt Disney Co. / The (Entertainment)

  (a) 66,985    12,360,072
        135,546,149
Consumer Discretionary12.5%
     
Advance Auto Parts, Inc. (Specialty Retail)

  2,443       448,266
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  (a) 15,794    48,867,900
Aptiv PLC (Auto Components)

  (a) 10,015     1,381,069
AutoZone, Inc. (Specialty Retail)

  (a) 815     1,144,505
Best Buy Co., Inc. (Specialty Retail)

  8,525       978,755
Booking Holdings, Inc. (Internet & Direct Marketing Retail)

  (a) 1,511     3,520,388
BorgWarner, Inc. (Auto Components)

  8,707       403,657
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 7,761       678,699
CarMax, Inc. (Specialty Retail)

  (a) 5,952       789,592
Carnival Corp. (Hotels, Restaurants & Leisure)

  (a) 29,439       781,311
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)

  (a) 1,037     1,473,390
D.R. Horton, Inc. (Household Durables)

  12,292     1,095,463
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)

  4,862       690,404
Dollar General Corp. (Multiline Retail)

  9,043     1,832,293
Dollar Tree, Inc. (Multiline Retail)

  (a) 8,689       994,543
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)

  1,429       525,572
eBay, Inc. (Internet & Direct Marketing Retail)

  23,823     1,458,921
Etsy, Inc. (Internet & Direct Marketing Retail)

  (a) 4,672       942,202
Expedia Group, Inc. (Internet & Direct Marketing Retail)

  5,085       875,230
Ford Motor Co. (Automobiles)

  (a) 143,923     1,763,057
Gap, Inc. / The (Specialty Retail)

  7,453       221,950
Garmin Ltd. (Household Durables)

  5,555       732,427
General Motors Co. (Automobiles)

  46,813     2,689,875
Genuine Parts Co. (Distributors)

  5,331       616,210
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)

  12,680       249,416
Hasbro, Inc. (Leisure Products)

  4,679       449,745
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)

  (a) 10,214     1,235,077
Home Depot, Inc. / The (Specialty Retail)

  39,733    12,128,498
L Brands, Inc. (Specialty Retail)

  (a) 8,653       535,275
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)

  12,012       729,849
Common Stocks (Continued)   Shares Value
Consumer Discretionary (continued)
     
Leggett & Platt, Inc. (Household Durables)

  5,071 $      231,491
Lennar Corp. Class A (Household Durables)

  10,185     1,031,028
LKQ Corp. (Distributors)

  (a) 10,405       440,444
Lowe's Cos., Inc. (Specialty Retail)

  26,982     5,131,437
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)

  (a) 9,795     1,450,737
McDonald's Corp. (Hotels, Restaurants & Leisure)

  27,493     6,162,281
MGM Resorts International (Hotels, Restaurants & Leisure)

  15,170       576,308
Mohawk Industries, Inc. (Household Durables)

  (a) 2,138       411,159
Newell Brands, Inc. (Household Durables)

  13,736       367,850
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)

  46,939     6,237,724
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)

  (a) 13,642       376,383
NVR, Inc. (Household Durables)

  (a) 128       602,999
O'Reilly Automotive, Inc. (Specialty Retail)

  (a) 2,584     1,310,734
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)

  (a) 5,536       580,394
Pool Corp. (Distributors)

  1,484       512,336
PulteGroup, Inc. (Household Durables)

  9,787       513,230
PVH Corp. (Textiles, Apparel & Luxury Goods)

  2,589       273,657
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)

  1,729       212,944
Ross Stores, Inc. (Specialty Retail)

  13,093     1,569,982
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)

  8,042       688,476
Starbucks Corp. (Hotels, Restaurants & Leisure)

  43,405     4,742,864
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)

  10,322       425,370
Target Corp. (Multiline Retail)

  18,484     3,661,126
Tesla, Inc. (Automobiles)

  (a) 28,333    18,924,461
TJX Cos., Inc. / The (Specialty Retail)

  44,315     2,931,437
Tractor Supply Co. (Specialty Retail)

  4,266       755,423
Ulta Beauty, Inc. (Specialty Retail)

  (a) 2,097       648,329
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)

  (a) 7,031       155,807
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods)

  (a) 6,898       127,337
V.F. Corp. (Textiles, Apparel & Luxury Goods)

  11,908       951,687
Whirlpool Corp. (Household Durables)

  2,287       503,940
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)

  (a) 3,933       493,080
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)

  11,100     1,200,798
        154,436,792
Consumer Staples6.2%
     
Altria Group, Inc. (Tobacco)

  68,566     3,507,837
Archer-Daniels-Midland Co. (Food Products)

  20,677     1,178,589
Brown-Forman Corp. Class B (Beverages)

  6,844       472,031
Campbell Soup Co. (Food Products)

  7,457       374,863
Church & Dwight Co., Inc. (Household Products)

  9,120       796,632
Clorox Co. / The (Household Products)

  4,617       890,527
Coca-Cola Co. / The (Beverages)

  143,076     7,541,536
Colgate-Palmolive Co. (Household Products)

  31,332     2,469,902
Conagra Brands, Inc. (Food Products)

  18,017       677,439
Constellation Brands, Inc. Class A (Beverages)

  6,270     1,429,560
Costco Wholesale Corp. (Food & Staples Retailing)

  16,330     5,755,998
Estee Lauder Cos., Inc. / The Class A (Personal Products)

  8,478     2,465,826
General Mills, Inc. (Food Products)

  22,622     1,387,181
Hershey Co. / The (Food Products)

  5,366       848,687
Hormel Foods Corp. (Food Products)

  10,361       495,049
J.M. Smucker Co. / The (Food Products)

  4,095       518,140
Kellogg Co. (Food Products)

  9,475       599,768
Kimberly-Clark Corp. (Household Products)

  12,450     1,731,172
Kraft Heinz Co. / The (Food Products)

  24,039       961,560
Kroger Co. / The (Food & Staples Retailing)

  28,222     1,015,710
Lamb Weston Holdings, Inc. (Food Products)

  5,425       420,329
McCormick & Co., Inc. (Food Products)

  9,202       820,450
 
24
(continued)

Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Consumer Staples (continued)
     
Molson Coors Beverage Co. Class B (Beverages)

  6,876 $      351,707
Mondelez International, Inc. Class A (Food Products)

  52,081     3,048,301
Monster Beverage Corp. (Beverages)

  (a) 13,610     1,239,735
PepsiCo, Inc. (Beverages)

  50,904     7,200,371
Philip Morris International, Inc. (Tobacco)

  57,454     5,098,468
Procter & Gamble Co. / The (Household Products)

  90,861    12,305,305
Sysco Corp. (Food & Staples Retailing)

  18,806     1,480,784
Tyson Foods, Inc. Class A (Food Products)

  10,798       802,291
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)

  26,443     1,451,721
Walmart, Inc. (Food & Staples Retailing)

  51,152     6,947,976
         76,285,445
Energy2.8%
     
APA Corp. (Oil, Gas & Consumable Fuels)

  13,852       247,951
Baker Hughes Co. (Energy Equip. & Svs.)

  27,131       586,301
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)

  14,561       273,456
Chevron Corp. (Oil, Gas & Consumable Fuels)

  71,100     7,450,569
ConocoPhillips (Oil, Gas & Consumable Fuels)

  50,009     2,648,977
Devon Energy Corp. (Oil, Gas & Consumable Fuels)

  22,001       480,722
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)

  6,721       493,926
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)

  21,549     1,562,949
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)

  156,225     8,722,042
Halliburton Co. (Energy Equip. & Svs.)

  32,954       707,193
Hess Corp. (Oil, Gas & Consumable Fuels)

  9,982       706,326
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)

  5,727       204,912
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  72,303     1,203,845
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)

  28,965       309,346
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)

  23,990     1,283,225
NOV, Inc. (Energy Equip. & Svs.)

  14,219       195,085
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  30,862       821,546
ONEOK, Inc. (Oil, Gas & Consumable Fuels)

  16,322       826,873
Phillips 66 (Oil, Gas & Consumable Fuels)

  16,110     1,313,609
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)

  7,554     1,199,726
Schlumberger N.V. (Energy Equip. & Svs.)

  51,523     1,400,910
Valero Energy Corp. (Oil, Gas & Consumable Fuels)

  14,992     1,073,427
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)

  44,982     1,065,624
         34,778,540
Financials11.4%
     
Aflac, Inc. (Insurance)

  23,485     1,201,962
Allstate Corp. / The (Insurance)

  11,192     1,285,961
American Express Co. (Consumer Finance)

  24,082     3,406,158
American International Group, Inc. (Insurance)

  31,795     1,469,247
Ameriprise Financial, Inc. (Capital Markets)

  4,279       994,654
Aon PLC Class A (Insurance)

  8,339     1,918,887
Arthur J. Gallagher & Co. (Insurance)

  7,203       898,718
Assurant, Inc. (Insurance)

  2,160       306,223
Bank of America Corp. (Banks)

  280,406    10,848,908
Bank of New York Mellon Corp. / The (Capital Markets)

  29,623     1,400,872
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)

  (a) 70,379    17,979,723
BlackRock, Inc. (Capital Markets)

  5,241     3,951,504
Capital One Financial Corp. (Consumer Finance)

  16,968     2,158,839
CBOE Global Markets, Inc. (Capital Markets)

  4,022       396,931
Charles Schwab Corp. / The (Capital Markets)

  55,234     3,600,152
Chubb Ltd. (Insurance)

  16,624     2,626,093
Common Stocks (Continued)   Shares Value
Financials (continued)      
Cincinnati Financial Corp. (Insurance)

  5,570 $      574,211
Citigroup, Inc. (Banks)

  77,037     5,604,442
Citizens Financial Group, Inc. (Banks)

  15,794       697,305
CME Group, Inc. (Capital Markets)

  13,252     2,706,456
Comerica, Inc. (Banks)

  5,056       362,718
Discover Financial Services (Consumer Finance)

  11,247     1,068,353
Everest RE Group Ltd. (Insurance)

  1,472       364,776
Fifth Third Bancorp (Banks)

  26,376       987,781
First Republic Bank (Banks)

  6,473     1,079,373
Franklin Resources, Inc. (Capital Markets)

  10,301       304,910
Globe Life, Inc. (Insurance)

  3,507       338,881
Goldman Sachs Group, Inc. / The (Capital Markets)

  12,706     4,154,862
Hartford Financial Services Group, Inc. / The (Insurance)

  13,095       874,615
Huntington Bancshares, Inc. (Banks)

  37,828       594,656
Intercontinental Exchange, Inc. (Capital Markets)

  20,758     2,318,254
Invesco Ltd. (Capital Markets)

  13,824       348,641
JPMorgan Chase & Co. (Banks)

  112,604    17,141,707
KeyCorp (Banks)

  35,899       717,262
Lincoln National Corp. (Insurance)

  6,701       417,271
Loews Corp. (Insurance)

  8,290       425,111
M&T Bank Corp. (Banks)

  4,795       726,970
MarketAxess Holdings, Inc. (Capital Markets)

  1,400       697,088
Marsh & McLennan Cos., Inc. (Insurance)

  18,761     2,285,090
MetLife, Inc. (Insurance)

  27,669     1,681,999
Moody's Corp. (Capital Markets)

  5,917     1,766,875
Morgan Stanley (Capital Markets)

  55,406     4,302,830
MSCI, Inc. (Capital Markets)

  3,061     1,283,416
Nasdaq, Inc. (Capital Markets)

  4,269       629,507
Northern Trust Corp. (Capital Markets)

  7,637       802,725
People's United Financial, Inc. (Banks)

  15,347       274,711
PNC Financial Services Group, Inc. / The (Banks)

  15,652     2,745,517
Principal Financial Group, Inc. (Insurance)

  9,273       556,009
Progressive Corp. / The (Insurance)

  21,572     2,062,499
Prudential Financial, Inc. (Insurance)

  14,721     1,341,083
Raymond James Financial, Inc. (Capital Markets)

  4,495       550,907
Regions Financial Corp. (Banks)

  35,423       731,839
S&P Global, Inc. (Capital Markets)

  8,888     3,136,309
State Street Corp. (Capital Markets)

  12,894     1,083,225
SVB Financial Group (Banks)

  (a) 1,978       976,460
Synchrony Financial (Consumer Finance)

  20,047       815,111
T. Rowe Price Group, Inc. (Capital Markets)

  8,380     1,438,008
Travelers Cos., Inc. / The (Insurance)

  9,276     1,395,110
Truist Financial Corp. (Banks)

  49,730     2,900,254
U.S. Bancorp (Banks)

  50,451     2,790,445
Unum Group (Insurance)

  7,305       203,298
W.R. Berkley Corp. (Insurance)

  5,177       390,087
Wells Fargo & Co. (Banks)

  152,561     5,960,558
Willis Towers Watson PLC (Insurance)

  4,745     1,086,036
Zions Bancorp N.A. (Banks)

  6,036       331,739
        140,472,122
Health Care13.1%
     
Abbott Laboratories (Health Care Equip. & Supplies)

  65,362     7,832,982
AbbVie, Inc. (Biotechnology)

  65,170     7,052,697
ABIOMED, Inc. (Health Care Equip. & Supplies)

  (a) 1,668       531,642
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)

  11,214     1,425,748
Alexion Pharmaceuticals, Inc. (Biotechnology)

  (a) 8,065     1,233,219
Align Technology, Inc. (Health Care Equip. & Supplies)

  (a) 2,665     1,443,177
AmerisourceBergen Corp. (Health Care Providers & Svs.)

  5,437       641,947
Amgen, Inc. (Biotechnology)

  21,319     5,304,380
Anthem, Inc. (Health Care Providers & Svs.)

  9,044     3,246,344
Baxter International, Inc. (Health Care Equip. & Supplies)

  18,600     1,568,724
Becton Dickinson and Co. (Health Care Equip. & Supplies)

  10,722     2,607,054
 
25
(continued)

Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
Biogen, Inc. (Biotechnology)

  (a) 5,614 $    1,570,517
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.)

  (a) 788       450,082
Boston Scientific Corp. (Health Care Equip. & Supplies)

  (a) 52,286     2,020,854
Bristol-Myers Squibb Co. (Pharmaceuticals)

  82,680     5,219,588
Cardinal Health, Inc. (Health Care Providers & Svs.)

  10,923       663,572
Catalent, Inc. (Pharmaceuticals)

  (a) 6,348       668,508
Centene Corp. (Health Care Providers & Svs.)

  (a) 21,391     1,367,099
Cerner Corp. (Health Care Technology)

  11,366       816,988
Cigna Corp. (Health Care Providers & Svs.)

  12,993     3,140,928
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)

  1,810       695,203
CVS Health Corp. (Health Care Providers & Svs.)

  48,447     3,644,668
Danaher Corp. (Health Care Equip. & Supplies)

  23,388     5,264,171
DaVita, Inc. (Health Care Providers & Svs.)

  (a) 2,602       280,418
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)

  8,039       512,969
Dexcom, Inc. (Health Care Equip. & Supplies)

  (a) 3,547     1,274,756
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)

  (a) 23,038     1,926,898
Eli Lilly & Co. (Pharmaceuticals)

  29,354     5,483,914
Gilead Sciences, Inc. (Biotechnology)

  46,386     2,997,927
HCA Healthcare, Inc. (Health Care Providers & Svs.)

  9,749     1,836,127
Henry Schein, Inc. (Health Care Providers & Svs.)

  (a) 5,254       363,787
Hologic, Inc. (Health Care Equip. & Supplies)

  (a) 9,483       705,346
Humana, Inc. (Health Care Providers & Svs.)

  4,761     1,996,049
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)

  (a) 3,143     1,537,901
Illumina, Inc. (Life Sciences Tools & Svs.)

  (a) 5,383     2,067,395
Incyte Corp. (Biotechnology)

  (a) 6,907       561,332
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)

  (a) 4,342     3,208,478
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.)

  (a) 7,090     1,369,363
Johnson & Johnson (Pharmaceuticals)

  97,004    15,942,607
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)

  (a) 3,580       913,007
McKesson Corp. (Health Care Providers & Svs.)

  5,834     1,137,863
Medtronic PLC (Health Care Equip. & Supplies)

  49,739     5,875,668
Merck & Co., Inc. (Pharmaceuticals)

  93,381     7,198,741
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)

  (a) 858       991,582
PerkinElmer, Inc. (Life Sciences Tools & Svs.)

  4,180       536,252
Perrigo Co. PLC (Pharmaceuticals)

  4,876       197,332
Pfizer, Inc. (Pharmaceuticals)

  205,817     7,456,750
Quest Diagnostics, Inc. (Health Care Providers & Svs.)

  4,885       626,941
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  (a) 3,877     1,834,364
ResMed, Inc. (Health Care Equip. & Supplies)

  5,377     1,043,246
STERIS PLC (Health Care Equip. & Supplies)

  3,184       606,488
Stryker Corp. (Health Care Equip. & Supplies)

  12,076     2,941,472
Teleflex, Inc. (Health Care Equip. & Supplies)

  1,720       714,591
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)

  14,531     6,631,658
UnitedHealth Group, Inc. (Health Care Providers & Svs.)

  34,891    12,981,894
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)

  2,885       384,830
Varian Medical Systems, Inc. (Health Care Equip. & Supplies)

  (a) 3,389       598,260
Vertex Pharmaceuticals, Inc. (Biotechnology)

  (a) 9,600     2,062,944
Viatris, Inc. (Pharmaceuticals)

  (a) 44,208       617,586
Waters Corp. (Life Sciences Tools & Svs.)

  (a) 2,319       658,990
West Pharmaceutical Services, Inc. (Health Care Equip. & Supplies)

  2,761       777,995
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)

  7,628 $    1,221,090
Zoetis, Inc. (Pharmaceuticals)

  17,539     2,762,042
        161,246,945
Industrials8.9%
     
3M Co. (Industrial Conglomerates)

  21,369     4,117,379
A.O. Smith Corp. (Building Products)

  4,916       332,371
Alaska Air Group, Inc. (Airlines)

  (a) 4,542       314,352
Allegion PLC (Building Products)

  3,302       414,797
American Airlines Group, Inc. (Airlines)

  (a) 23,844       569,872
AMETEK, Inc. (Electrical Equip.)

  8,458     1,080,340
Boeing Co. / The (Aerospace & Defense)

  (a) 20,236     5,154,514
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)

  4,904       467,989
Carrier Global Corp. (Building Products)

  29,973     1,265,460
Caterpillar, Inc. (Machinery)

  20,124     4,666,152
Cintas Corp. (Commercial Svs. & Supplies)

  3,263     1,113,695
Copart, Inc. (Commercial Svs. & Supplies)

  (a) 7,705       836,840
CSX Corp. (Road & Rail)

  28,137     2,712,970
Cummins, Inc. (Machinery)

  5,482     1,420,441
Deere & Co. (Machinery)

  11,567     4,327,677
Delta Air Lines, Inc. (Airlines)

  (a) 23,648     1,141,725
Dover Corp. (Machinery)

  5,314       728,709
Eaton Corp. PLC (Electrical Equip.)

  14,686     2,030,780
Emerson Electric Co. (Electrical Equip.)

  22,129     1,996,478
Equifax, Inc. (Professional Svs.)

  4,499       814,904
Expeditors International of Washington, Inc. (Air Freight & Logistics)

  6,281       676,401
Fastenal Co. (Trading Companies & Distributors)

  21,238     1,067,847
FedEx Corp. (Air Freight & Logistics)

  8,997     2,555,508
Fortive Corp. (Machinery)

  12,395       875,583
Fortune Brands Home & Security, Inc. (Building Products)

  5,192       497,497
Generac Holdings, Inc. (Electrical Equip.)

  (a) 2,340       766,233
General Dynamics Corp. (Aerospace & Defense)

  8,525     1,547,799
General Electric Co. (Industrial Conglomerates)

  323,530     4,247,949
Honeywell International, Inc. (Industrial Conglomerates)

  25,665     5,571,102
Howmet Aerospace, Inc. (Aerospace & Defense)

  (a) 14,313       459,877
Huntington Ingalls Industries, Inc. (Aerospace & Defense)

  1,478       304,246
IDEX Corp. (Machinery)

  2,813       588,817
IHS Markit Ltd. (Professional Svs.)

  13,750     1,330,725
Illinois Tool Works, Inc. (Machinery)

  10,648     2,358,745
Ingersoll Rand, Inc. (Machinery)

  (a) 13,779       678,065
J.B. Hunt Transport Services, Inc. (Road & Rail)

  3,122       524,715
Jacobs Engineering Group, Inc. (Construction & Engineering)

  4,830       624,374
Johnson Controls International PLC (Building Products)

  26,621     1,588,475
Kansas City Southern (Road & Rail)

  3,323       877,006
L3Harris Technologies, Inc. (Aerospace & Defense)

  7,571     1,534,490
Lockheed Martin Corp. (Aerospace & Defense)

  9,095     3,360,602
Masco Corp. (Building Products)

  9,514       569,889
Nielsen Holdings PLC (Professional Svs.)

  13,127       330,144
Norfolk Southern Corp. (Road & Rail)

  9,295     2,495,893
Northrop Grumman Corp. (Aerospace & Defense)

  5,724     1,852,515
Old Dominion Freight Line, Inc. (Road & Rail)

  3,539       850,811
Otis Worldwide Corp. (Machinery)

  15,049     1,030,104
PACCAR, Inc. (Machinery)

  12,741     1,183,894
Parker-Hannifin Corp. (Machinery)

  4,766     1,503,339
Pentair PLC (Machinery)

  6,090       379,529
 
26
(continued)

Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Industrials (continued)      
Quanta Services, Inc. (Construction & Engineering)

  5,127 $      451,073
Raytheon Technologies Corp. (Aerospace & Defense)

  56,074     4,332,838
Republic Services, Inc. (Commercial Svs. & Supplies)

  7,727       767,677
Robert Half International, Inc. (Professional Svs.)

  4,149       323,912
Rockwell Automation, Inc. (Electrical Equip.)

  4,311     1,144,312
Rollins, Inc. (Commercial Svs. & Supplies)

  8,022       276,117
Roper Technologies, Inc. (Industrial Conglomerates)

  3,860     1,556,892
Snap-on, Inc. (Machinery)

  2,011       464,018
Southwest Airlines Co. (Airlines)

  21,680     1,323,781
Stanley Black & Decker, Inc. (Machinery)

  5,907     1,179,451
Teledyne Technologies, Inc. (Aerospace & Defense)

  (a) 1,353       559,668
Textron, Inc. (Aerospace & Defense)

  8,500       476,680
Trane Technologies PLC (Building Products)

  8,752     1,448,981
TransDigm Group, Inc. (Aerospace & Defense)

  (a) 2,028     1,192,302
Union Pacific Corp. (Road & Rail)

  24,715     5,447,433
United Airlines Holdings, Inc. (Airlines)

  (a) 11,873       683,172
United Parcel Service, Inc. Class B (Air Freight & Logistics)

  26,536     4,510,855
United Rentals, Inc. (Trading Companies & Distributors)

  (a) 2,668       878,599
Verisk Analytics, Inc. (Professional Svs.)

  6,043     1,067,738
W.W. Grainger, Inc. (Trading Companies & Distributors)

  1,633       654,719
Waste Management, Inc. (Commercial Svs. & Supplies)

  14,336     1,849,631
Westinghouse Air Brake Technologies Corp. (Machinery)

  6,494       514,065
Xylem, Inc. (Machinery)

  6,704       705,127
        109,548,660
Information Technology26.9%
     
Accenture PLC Class A (IT Svs.)

  23,396     6,463,145
Adobe, Inc. (Software)

  (a) 17,682     8,405,492
Advanced Micro Devices, Inc. (Semiconductors & Equip.)

  (a) 44,707     3,509,499
Akamai Technologies, Inc. (IT Svs.)

  (a) 6,097       621,284
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)

  22,192     1,464,006
Analog Devices, Inc. (Semiconductors & Equip.)

  13,614     2,111,259
ANSYS, Inc. (Software)

  (a) 3,191     1,083,536
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  582,284    71,125,991
Applied Materials, Inc. (Semiconductors & Equip.)

  33,858     4,523,429
Arista Networks, Inc. (Communications Equip.)

  (a) 2,050       618,875
Autodesk, Inc. (Software)

  (a) 8,111     2,247,964
Automatic Data Processing, Inc. (IT Svs.)

  15,779     2,973,868
Broadcom, Inc. (Semiconductors & Equip.)

  15,061     6,983,183
Broadridge Financial Solutions, Inc. (IT Svs.)

  4,305       659,096
Cadence Design Systems, Inc. (Software)

  (a) 10,283     1,408,668
CDW Corp. (Electronic Equip., Instr. & Comp.)

  5,230       866,873
Cisco Systems, Inc. (Communications Equip.)

  155,718     8,052,178
Citrix Systems, Inc. (Software)

  4,527       635,410
Cognizant Technology Solutions Corp. Class A (IT Svs.)

  19,675     1,537,011
Corning, Inc. (Electronic Equip., Instr. & Comp.)

  28,301     1,231,377
DXC Technology Co. (IT Svs.)

  9,573       299,252
Enphase Energy, Inc. (Semiconductors & Equip.)

  (a) 4,738       768,314
F5 Networks, Inc. (Communications Equip.)

  (a) 2,287       477,114
Fidelity National Information Services, Inc. (IT Svs.)

  22,914     3,221,938
Fiserv, Inc. (IT Svs.)

  (a) 21,238     2,528,172
FleetCor Technologies, Inc. (IT Svs.)

  (a) 3,097       831,947
FLIR Systems, Inc. (Electronic Equip., Instr. & Comp.)

  4,927       278,228
Fortinet, Inc. (Software)

  (a) 4,973       917,121
Gartner, Inc. (IT Svs.)

  (a) 3,295       601,502
Global Payments, Inc. (IT Svs.)

  10,888     2,194,803
Common Stocks (Continued)   Shares Value
Information Technology (continued)
     
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)

  48,077 $      756,732
HP, Inc. (Tech. Hardware, Storage & Periph.)

  46,114     1,464,119
Intel Corp. (Semiconductors & Equip.)

  149,926     9,595,264
International Business Machines Corp. (IT Svs.)

  32,954     4,391,450
Intuit, Inc. (Software)

  10,099     3,868,523
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)

  (a) 1,357       286,246
Jack Henry & Associates, Inc. (IT Svs.)

  2,783       422,237
Juniper Networks, Inc. (Communications Equip.)

  12,005       304,087
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 6,917       991,898
KLA-Tencor Corp. (Semiconductors & Equip.)

  5,683     1,877,663
Lam Research Corp. (Semiconductors & Equip.)

  5,272     3,138,105
Leidos Holdings, Inc. (IT Svs.)

  4,955       477,067
Mastercard, Inc. Class A (IT Svs.)

  32,347    11,517,149
Maxim Integrated Products, Inc. (Semiconductors & Equip.)

  9,912       905,659
Microchip Technology, Inc. (Semiconductors & Equip.)

  9,902     1,536,988
Micron Technology, Inc. (Semiconductors & Equip.)

  (a) 41,278     3,641,132
Microsoft Corp. (Software)

  278,290    65,612,433
Monolithic Power Systems, Inc. (Semiconductors & Equip.)

  1,602       565,842
Motorola Solutions, Inc. (Communications Equip.)

  6,226     1,170,799
NetApp, Inc. (Tech. Hardware, Storage & Periph.)

  8,214       596,911
NortonLifeLock, Inc. (Software)

  21,690       461,129
NVIDIA Corp. (Semiconductors & Equip.)

  22,876    12,214,183
NXP Semiconductors N.V. (Semiconductors & Equip.)

  10,215     2,056,688
Oracle Corp. (Software)

  68,436     4,802,154
Paychex, Inc. (IT Svs.)

  11,808     1,157,420
Paycom Software, Inc. (Software)

  (a) 1,827       676,100
PayPal Holdings, Inc. (IT Svs.)

  (a) 43,209    10,492,874
Qorvo, Inc. (Semiconductors & Equip.)

  (a) 4,189       765,330
QUALCOMM, Inc. (Semiconductors & Equip.)

  41,915     5,557,510
salesforce.com, Inc. (Software)

  (a) 33,859     7,173,706
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)

  7,482       574,244
ServiceNow, Inc. (Software)

  (a) 7,232     3,616,796
Skyworks Solutions, Inc. (Semiconductors & Equip.)

  6,120     1,122,898
Synopsys, Inc. (Software)

  (a) 5,598     1,387,072
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)

  12,187     1,573,464
Teradyne, Inc. (Semiconductors & Equip.)

  6,102       742,491
Texas Instruments, Inc. (Semiconductors & Equip.)

  33,961     6,418,289
Trimble, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 9,209       716,368
Tyler Technologies, Inc. (Software)

  (a) 1,497       635,521
VeriSign, Inc. (IT Svs.)

  (a) 3,663       728,058
Visa, Inc. (IT Svs.)

  62,574    13,248,793
Western Digital Corp. (Tech. Hardware, Storage & Periph.)

  11,206       748,001
Western Union Co. / The (IT Svs.)

  15,156       373,747
Xilinx, Inc. (Semiconductors & Equip.)

  9,029     1,118,693
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)

  (a) 1,965       953,379
        331,075,747
Materials2.7%
     
Air Products & Chemicals, Inc. (Chemicals)

  8,170     2,298,548
Albemarle Corp. (Chemicals)

  4,333       633,095
Amcor PLC (Containers & Packaging)

  57,075       666,636
Avery Dennison Corp. (Containers & Packaging)

  3,091       567,662
Ball Corp. (Containers & Packaging)

  12,145     1,029,167
Celanese Corp. (Chemicals)

  4,239       635,045
CF Industries Holdings, Inc. (Chemicals)

  7,845       356,006
Corteva, Inc. (Chemicals)

  27,417     1,278,180
 
27
(continued)

Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Materials (continued)      
Dow, Inc. (Chemicals)

  27,514 $    1,759,245
DuPont de Nemours, Inc. (Chemicals)

  19,830     1,532,462
Eastman Chemical Co. (Chemicals)

  5,072       558,529
Ecolab, Inc. (Chemicals)

  9,185     1,966,233
FMC Corp. (Chemicals)

  4,773       527,941
Freeport-McMoRan, Inc. (Metals & Mining)

  (a) 53,597     1,764,949
International Flavors & Fragrances, Inc. (Chemicals)

  9,135     1,275,337
International Paper Co. (Containers & Packaging)

  14,415       779,419
Linde PLC (Chemicals)

  19,304     5,407,823
LyondellBasell Industries N.V. Class A (Chemicals)

  9,571       995,863
Martin Marietta Materials, Inc. (Construction Materials)

  2,281       766,005
Mosaic Co. / The (Chemicals)

  12,639       399,519
Newmont Corp. (Metals & Mining)

  29,499     1,777,905
Nucor Corp. (Metals & Mining)

  10,977       881,124
Packaging Corp. of America (Containers & Packaging)

  3,532       474,983
PPG Industries, Inc. (Chemicals)

  8,714     1,309,366
Sealed Air Corp. (Containers & Packaging)

  5,562       254,851
Sherwin-Williams Co. / The (Chemicals)

  2,978     2,197,794
Vulcan Materials Co. (Construction Materials)

  4,871       821,981
Westrock Co. (Containers & Packaging)

  9,802       510,194
         33,425,862
Real Estate2.5%
     
Alexandria Real Estate Equities, Inc. (Equity REIT)

  4,649       763,831
American Tower Corp. (Equity REIT)

  16,386     3,917,237
AvalonBay Communities, Inc. (Equity REIT)

  5,176       955,024
Boston Properties, Inc. (Equity REIT)

  5,231       529,691
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)

  (a) 12,365       978,195
Crown Castle International Corp. (Equity REIT)

  15,897     2,736,351
Digital Realty Trust, Inc. (Equity REIT)

  10,361     1,459,243
Duke Realty Corp. (Equity REIT)

  13,949       584,881
Equinix, Inc. (Equity REIT)

  3,291     2,236,531
Equity Residential (Equity REIT)

  12,738       912,423
Essex Property Trust, Inc. (Equity REIT)

  2,377       646,164
Extra Space Storage, Inc. (Equity REIT)

  4,859       644,060
Federal Realty Investment Trust (Equity REIT)

  2,642       268,031
Healthpeak Properties, Inc. (Equity REIT)

  20,046       636,260
Host Hotels & Resorts, Inc. (Equity REIT)

  26,137       440,408
Iron Mountain, Inc. (Equity REIT)

  10,718       396,673
Kimco Realty Corp. (Equity REIT)

  15,844       297,075
Mid-America Apartment Communities, Inc. (Equity REIT)

  4,258       614,685
Prologis, Inc. (Equity REIT)

  27,264     2,889,984
Public Storage (Equity REIT)

  5,596     1,380,869
Realty Income Corp. (Equity REIT)

  13,884       881,634
Regency Centers Corp. (Equity REIT)

  5,729       324,892
SBA Communications Corp. (Equity REIT)

  4,018     1,115,196
Simon Property Group, Inc. (Equity REIT)

  12,077     1,374,000
Common Stocks (Continued)   Shares Value
Real Estate (continued)
     
UDR, Inc. (Equity REIT)

  11,008 $      482,811
Ventas, Inc. (Equity REIT)

  13,774       734,705
Vornado Realty Trust (Equity REIT)

  5,695       258,496
Welltower, Inc. (Equity REIT)

  15,471     1,108,188
Weyerhaeuser Co. (Equity REIT)

  27,614       983,058
         30,550,596
Utilities2.7%
     
AES Corp. / The (Ind. Power & Renewable Elec.)

  24,722       662,797
Alliant Energy Corp. (Electric Utilities)

  9,191       497,785
Ameren Corp. (Multi-Utilities)

  9,309       757,380
American Electric Power Co., Inc. (Electric Utilities)

  18,414     1,559,666
American Water Works Co., Inc. (Water Utilities)

  6,720     1,007,462
Atmos Energy Corp. (Gas Utilities)

  4,670       461,629
CenterPoint Energy, Inc. (Multi-Utilities)

  20,627       467,202
CMS Energy Corp. (Multi-Utilities)

  10,776       659,707
Consolidated Edison, Inc. (Multi-Utilities)

  12,606       942,929
Dominion Energy, Inc. (Multi-Utilities)

  29,662     2,253,126
DTE Energy Co. (Multi-Utilities)

  7,182       956,211
Duke Energy Corp. (Electric Utilities)

  28,318     2,733,537
Edison International (Electric Utilities)

  14,049       823,271
Entergy Corp. (Electric Utilities)

  7,406       736,675
Evergy, Inc. (Electric Utilities)

  8,446       502,790
Eversource Energy (Electric Utilities)

  12,724     1,101,771
Exelon Corp. (Electric Utilities)

  36,201     1,583,432
FirstEnergy Corp. (Electric Utilities)

  20,237       702,022
NextEra Energy, Inc. (Electric Utilities)

  72,272     5,464,486
NiSource, Inc. (Multi-Utilities)

  14,670       353,694
NRG Energy, Inc. (Ind. Power & Renewable Elec.)

  8,945       337,495
Pinnacle West Capital Corp. (Electric Utilities)

  4,124       335,487
PPL Corp. (Electric Utilities)

  28,442       820,267
Public Service Enterprise Group, Inc. (Multi-Utilities)

  18,516     1,114,848
Sempra Energy (Multi-Utilities)

  11,147     1,477,869
Southern Co. / The (Electric Utilities)

  38,869     2,416,097
WEC Energy Group, Inc. (Multi-Utilities)

  11,602     1,085,831
Xcel Energy, Inc. (Electric Utilities)

  19,772     1,315,036
         33,130,502
Total Common Stocks (Cost $795,403,822)

    $1,240,497,360
    
Money Market Funds0.4%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (b) 5,232,257 $    5,233,827
Total Money Market Funds (Cost $5,233,827)

        $5,233,827
Total Investments – 101.1% (Cost $800,637,649)

  (c)   $1,245,731,187
Liabilities in Excess of Other Assets – (1.1)%

  (d)   (13,303,086)
Net Assets – 100.0%     $1,232,428,101
    
 

Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2021.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $385,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. See also the following Schedule of Open Futures Contracts.
The accompanying notes are an integral part of these financial statements.
28

Ohio National Fund, Inc. ON S&P 500® Index Portfolio (Continued)
 Schedule of Open Futures Contracts March 31, 2021 (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   35   June 18, 2021   $6,869,249   $6,942,950   $73,701   $28,863
The accompanying notes are an integral part of these financial statements.
29

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Value Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks99.5%   Shares Value
Communication Services8.4%
     
Alphabet, Inc. Class A (Interactive Media & Svs.)

  (a) 2,686 $  5,539,929
Alphabet, Inc. Class C (Interactive Media & Svs.)

  (a) 1,071    2,215,503
AT&T, Inc. (Diversified Telecom. Svs.)

  159,317    4,822,526
Comcast Corp. Class A (Media)

  63,873    3,456,168
Discovery, Inc. Class A (Media)

  (a) 8,595      373,539
Discovery, Inc. Class C (Media)

  (a) 5,375      198,284
New York Times Co. / The Class A (Media)

  1,991      100,784
Nexstar Media Group, Inc. Class A (Media)

  1,490      209,241
Omnicom Group, Inc. (Media)

  12,212      905,520
Roku, Inc. (Entertainment)

  (a) 103       33,554
Sirius XM Holdings, Inc. (Media)

  181,625    1,106,096
TEGNA, Inc. (Media)

  5,121       96,428
Twitter, Inc. (Interactive Media & Svs.)

  (a) 14,317      910,991
United States Cellular Corp. (Wireless Telecom. Svs.)

  (a) 7,498      273,527
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  17,113      995,121
Walt Disney Co. / The (Entertainment)

  (a) 26,879    4,959,713
Zynga, Inc. Class A (Entertainment)

  (a) 20,901     213,399
       26,410,323
Consumer Discretionary7.6%
     
Airbnb, Inc. Class A (Hotels, Restaurants & Leisure)

  (a) 1,588      298,449
Aptiv PLC (Auto Components)

  (a) 6,699      923,792
Best Buy Co., Inc. (Specialty Retail)

  9,585    1,100,454
BorgWarner, Inc. (Auto Components)

  36,063    1,671,881
Bright Horizons Family Solutions, Inc. (Diversified Consumer Svs.)

  (a) 6,159    1,055,961
Carter's, Inc. (Textiles, Apparel & Luxury Goods)

  2,799      248,915
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)

  (a) 86      122,191
Crocs, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 2,814      226,386
D.R. Horton, Inc. (Household Durables)

  4,961      442,124
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)

  248       35,216
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)

  (a) 354      116,969
eBay, Inc. (Internet & Direct Marketing Retail)

  571       34,968
Garmin Ltd. (Household Durables)

  309       40,742
Graham Holdings Co. Class B (Diversified Consumer Svs.)

  805      452,764
H&R Block, Inc. (Diversified Consumer Svs.)

  10,353      225,695
Home Depot, Inc. / The (Specialty Retail)

  2,413      736,568
iRobot Corp. (Household Durables)

  (a) 1,389      169,708
KB Home (Household Durables)

  18,349      853,779
Kohl's Corp. (Multiline Retail)

  5,990      357,064
Levi Strauss & Co. Class A (Textiles, Apparel & Luxury Goods)

  10,281      245,819
LKQ Corp. (Distributors)

  (a) 9,998      423,215
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 337      103,361
McDonald's Corp. (Hotels, Restaurants & Leisure)

  13,205    2,959,769
MGM Resorts International (Hotels, Restaurants & Leisure)

  5,566      211,452
Nordstrom, Inc. (Multiline Retail)

  26,137      989,808
Pool Corp. (Distributors)

  1,812      625,575
PulteGroup, Inc. (Household Durables)

  9,913      519,838
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)

  7,471      920,128
Rush Street Interactive, Inc. (Hotels, Restaurants & Leisure)

  (a) 2,101       34,330
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)

  3,352      155,767
Common Stocks (Continued)   Shares Value
Consumer Discretionary (continued)
     
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)

  3,704 $    152,642
Target Corp. (Multiline Retail)

  15,176    3,005,910
Terminix Global Holdings, Inc. (Diversified Consumer Svs.)

  (a) 12,035      573,708
TJX Cos., Inc. / The (Specialty Retail)

  8,910      589,397
Travel + Leisure Co. (Hotels, Restaurants & Leisure)

  27,236    1,665,754
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods)

  (a) 3,217       59,386
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)

  1,547      451,198
Wendy's Co. / The (Hotels, Restaurants & Leisure)

  12,731      257,930
Whirlpool Corp. (Household Durables)

  654      144,109
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)

  2,777      193,779
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)

  (a) 4,326     542,351
       23,938,852
Consumer Staples7.3%
     
Brown-Forman Corp. Class A (Beverages)

  1,293       82,325
Brown-Forman Corp. Class B (Beverages)

  1,152       79,453
Bunge Ltd. (Food Products)

  5,841      463,016
Coca-Cola Co. / The (Beverages)

  76,321    4,022,880
Colgate-Palmolive Co. (Household Products)

  47,742    3,763,502
Costco Wholesale Corp. (Food & Staples Retailing)

  10,697    3,770,479
Coty, Inc. Class A (Personal Products)

  (a) 13,509      121,716
General Mills, Inc. (Food Products)

  36,759    2,254,062
Herbalife Nutrition Ltd. (Personal Products)

  (a) 1,297       57,535
Hershey Co. / The (Food Products)

  18,460    2,919,634
J.M. Smucker Co. / The (Food Products)

  2,026      256,350
Kellogg Co. (Food Products)

  17,238    1,091,165
McCormick & Co., Inc. (Food Products)

  13,437    1,198,043
Molson Coors Beverage Co. Class B (Beverages)

  15,704      803,260
PepsiCo, Inc. (Beverages)

  4,540      642,183
Performance Food Group Co. (Food & Staples Retailing)

  (a) 779       44,878
Sysco Corp. (Food & Staples Retailing)

  1,315      103,543
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)

  2,343      128,631
Walmart, Inc. (Food & Staples Retailing)

  8,557   1,162,297
       22,964,952
Energy5.2%
     
Chevron Corp. (Oil, Gas & Consumable Fuels)

  37,301    3,908,772
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)

  4,131      245,340
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)

  (a) 10,681      276,317
Devon Energy Corp. (Oil, Gas & Consumable Fuels)

  3,703       80,911
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)

  3,312      243,399
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)

  16,134    1,170,199
EQT Corp. (Oil, Gas & Consumable Fuels)

  (a) 3,113       57,840
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)

  10,128      565,446
Hess Corp. (Oil, Gas & Consumable Fuels)

  8,869      627,570
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  48,061      800,216
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)

  12,562      206,142
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)

  2,100       50,022
 
30
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Value Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Energy (continued)      
Phillips 66 (Oil, Gas & Consumable Fuels)

  35,197 $  2,869,963
Schlumberger N.V. (Energy Equip. & Svs.)

  140,078    3,808,721
Targa Resources Corp. (Oil, Gas & Consumable Fuels)

  3,566      113,220
TechnipFMC PLC (Energy Equip. & Svs.)

  52,136      402,490
Valero Energy Corp. (Oil, Gas & Consumable Fuels)

  13,361     956,648
       16,383,216
Financials21.5%
     
Aflac, Inc. (Insurance)

  10,324      528,382
Allstate Corp. / The (Insurance)

  9,181    1,054,897
Ally Financial, Inc. (Consumer Finance)

  46,396    2,097,563
American Express Co. (Consumer Finance)

  28,671    4,055,226
Ameriprise Financial, Inc. (Capital Markets)

  1,212      281,729
Arch Capital Group Ltd. (Insurance)

  (a) 21,968      842,912
Athene Holding Ltd. Class A (Insurance)

  (a) 25,604    1,290,442
Bank of America Corp. (Banks)

  54,551    2,110,578
Bank of Hawaii Corp. (Banks)

  4,870      435,816
Bank of New York Mellon Corp. / The (Capital Markets)

  38,977    1,843,222
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)

  (a) 17,442    4,455,908
Capital One Financial Corp. (Consumer Finance)

  2,114      268,964
Charles Schwab Corp. / The (Capital Markets)

  30,446    1,984,470
Citigroup, Inc. (Banks)

  39,910    2,903,452
Citizens Financial Group, Inc. (Banks)

  725       32,009
CME Group, Inc. (Capital Markets)

  8,122    1,658,756
Comerica, Inc. (Banks)

  14,604    1,047,691
First American Financial Corp. (Insurance)

  19,125    1,083,431
First Horizon Corp. (Banks)

  42,688      721,854
Goldman Sachs Group, Inc. / The (Capital Markets)

  434      141,918
Hanover Insurance Group, Inc. / The (Insurance)

  2,071      268,112
Invesco Ltd. (Capital Markets)

  36,056      909,332
JPMorgan Chase & Co. (Banks)

  54,650    8,319,369
Marsh & McLennan Cos., Inc. (Insurance)

  8,552    1,041,634
MetLife, Inc. (Insurance)

  37,831    2,299,746
MGIC Investment Corp. (Thrifts & Mortgage Finance)

  12,155      168,347
Morgan Stanley (Capital Markets)

  66,480    5,162,837
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)

  104,850    1,323,207
Pinnacle Financial Partners, Inc. (Banks)

  9,970      883,940
Progressive Corp. / The (Insurance)

  7,271      695,180
Regions Financial Corp. (Banks)

  62,916    1,299,845
Santander Consumer U.S.A. Holdings, Inc. (Consumer Finance)

  2,592       70,140
Signature Bank (Banks)

  4,075      921,358
State Street Corp. (Capital Markets)

  10,499      882,021
SVB Financial Group (Banks)

  (a) 669      330,259
T. Rowe Price Group, Inc. (Capital Markets)

  4,088      701,501
Travelers Cos., Inc. / The (Insurance)

  15,089    2,269,386
Truist Financial Corp. (Banks)

  48,282    2,815,806
Voya Financial, Inc. (Diversified Financial Svs.)

  44,490    2,831,344
Wells Fargo & Co. (Banks)

  106,500    4,160,955
Willis Towers Watson PLC (Insurance)

  2,104      481,564
Wintrust Financial Corp. (Banks)

  9,802     742,992
       67,418,095
Health Care12.0%
     
AbbVie, Inc. (Biotechnology)

  7,606      823,121
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)

  4,574      581,538
Alexion Pharmaceuticals, Inc. (Biotechnology)

  (a) 1,084      165,754
Align Technology, Inc. (Health Care Equip. & Supplies)

  (a) 2,514    1,361,406
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
AmerisourceBergen Corp. (Health Care Providers & Svs.)

  9,680 $  1,142,918
Anthem, Inc. (Health Care Providers & Svs.)

  3,877    1,391,649
Becton Dickinson and Co. (Health Care Equip. & Supplies)

  1,251      304,181
Biogen, Inc. (Biotechnology)

  (a) 1,753      490,402
Bristol-Myers Squibb Co. (Pharmaceuticals)

  49,422    3,120,011
Bruker Corp. (Life Sciences Tools & Svs.)

  1,585      101,884
Cardinal Health, Inc. (Health Care Providers & Svs.)

  11,013      669,040
Catalent, Inc. (Pharmaceuticals)

  (a) 2,765      291,182
Centene Corp. (Health Care Providers & Svs.)

  (a) 3,871      247,396
Cerner Corp. (Health Care Technology)

  11,902      855,516
Cigna Corp. (Health Care Providers & Svs.)

  5,844    1,412,729
CVS Health Corp. (Health Care Providers & Svs.)

  9,639      725,142
Danaher Corp. (Health Care Equip. & Supplies)

  7,326    1,648,936
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)

  1,999      127,556
Dexcom, Inc. (Health Care Equip. & Supplies)

  (a) 219       78,706
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)

  (a) 6,423      537,220
Envista Holdings Corp. (Health Care Equip. & Supplies)

  (a) 17,667      720,814
Gilead Sciences, Inc. (Biotechnology)

  69,686    4,503,806
Henry Schein, Inc. (Health Care Providers & Svs.)

  (a) 13,673      946,719
Hill-Rom Holdings, Inc. (Health Care Equip. & Supplies)

  6,274      693,152
Hologic, Inc. (Health Care Equip. & Supplies)

  (a) 1,525      113,429
Humana, Inc. (Health Care Providers & Svs.)

  1,429      599,108
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)

  (a) 1,559      762,834
Johnson & Johnson (Pharmaceuticals)

  39,292    6,457,640
McKesson Corp. (Health Care Providers & Svs.)

  8,823    1,720,838
Medtronic PLC (Health Care Equip. & Supplies)

  15,127    1,786,952
Pfizer, Inc. (Pharmaceuticals)

  91,897   3,329,428
       37,711,007
Industrials14.8%
     
Acuity Brands, Inc. (Electrical Equip.)

  1,475      243,375
AGCO Corp. (Machinery)

  4,381      629,331
Alaska Air Group, Inc. (Airlines)

  (a) 5,989      414,499
Allegion PLC (Building Products)

  5,521      693,548
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)

  3,685      351,659
Carrier Global Corp. (Building Products)

  4,733      199,827
Caterpillar, Inc. (Machinery)

  1,616      374,702
Cintas Corp. (Commercial Svs. & Supplies)

  1,237      422,200
Copa Holdings SA Class A (Airlines)

  (a) 587       47,424
Copart, Inc. (Commercial Svs. & Supplies)

  (a) 13,364    1,451,464
CSX Corp. (Road & Rail)

  10,849    1,046,061
Cummins, Inc. (Machinery)

  1,940      502,673
Curtiss-Wright Corp. (Aerospace & Defense)

  6,126      726,544
Deere & Co. (Machinery)

  8,931    3,341,444
Delta Air Lines, Inc. (Airlines)

  (a) 11,673      563,572
Dun & Bradstreet Holdings, Inc. (Professional Svs.)

  (a) 1,154       27,477
EMCOR Group, Inc. (Construction & Engineering)

  5,942      666,455
Equifax, Inc. (Professional Svs.)

  1,093      197,975
Expeditors International of Washington, Inc. (Air Freight & Logistics)

  22,749    2,449,840
Flowserve Corp. (Machinery)

  1,898       73,661
Fortive Corp. (Machinery)

  15,876    1,121,481
Honeywell International, Inc. (Industrial Conglomerates)

  27,314    5,929,050
Hubbell, Inc. (Electrical Equip.)

  1,538      287,437
 
31
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Value Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Industrials (continued)      
IAA, Inc. (Commercial Svs. & Supplies)

  (a) 17,783 $    980,555
IHS Markit Ltd. (Professional Svs.)

  11,044    1,068,838
Landstar System, Inc. (Road & Rail)

  3,308      546,018
Lennox International, Inc. (Building Products)

  5,693    1,773,882
Lockheed Martin Corp. (Aerospace & Defense)

  4,833    1,785,793
ManpowerGroup, Inc. (Professional Svs.)

  3,621      358,117
MasTec, Inc. (Construction & Engineering)

  (a) 5,084      476,371
Mercury Systems, Inc. (Aerospace & Defense)

  (a) 5,747      406,025
Northrop Grumman Corp. (Aerospace & Defense)

  1,236      400,019
Oshkosh Corp. (Machinery)

  10,176    1,207,484
PACCAR, Inc. (Machinery)

  1,686      156,663
Quanta Services, Inc. (Construction & Engineering)

  3,988      350,864
Raytheon Technologies Corp. (Aerospace & Defense)

  4,860      375,532
Robert Half International, Inc. (Professional Svs.)

  5,469      426,965
Rockwell Automation, Inc. (Electrical Equip.)

  1,319      350,115
Roper Technologies, Inc. (Industrial Conglomerates)

  2,353      949,059
Ryder System, Inc. (Road & Rail)

  13,969    1,056,755
Schneider National, Inc. Class B (Road & Rail)

  10,612      264,982
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)

  (a) 5,920    1,010,781
Snap-on, Inc. (Machinery)

  6,466    1,491,965
Timken Co. / The (Machinery)

  3,333      270,540
Trane Technologies PLC (Building Products)

  22,501    3,725,265
United Airlines Holdings, Inc. (Airlines)

  (a) 15,604      897,854
Valmont Industries, Inc. (Construction & Engineering)

  413       98,158
W.W. Grainger, Inc. (Trading Companies & Distributors)

  3,531    1,415,684
WESCO International, Inc. (Trading Companies & Distributors)

  (a) 705       61,004
Woodward, Inc. (Machinery)

  943      113,754
Xylem, Inc. (Machinery)

  25,732   2,706,492
       46,487,233
Information Technology10.2%
     
Accenture PLC Class A (IT Svs.)

  9,014    2,490,118
Adobe, Inc. (Software)

  (a) 121       57,520
Advanced Micro Devices, Inc. (Semiconductors & Equip.)

  (a) 726       56,991
Applied Materials, Inc. (Semiconductors & Equip.)

  11,149    1,489,506
Automatic Data Processing, Inc. (IT Svs.)

  9,612    1,811,574
Cadence Design Systems, Inc. (Software)

  (a) 3,360      460,286
Cirrus Logic, Inc. (Semiconductors & Equip.)

  (a) 2,336      198,070
Cisco Systems, Inc. (Communications Equip.)

  75,060    3,881,353
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)

  (a) 13,068    1,151,944
Fidelity National Information Services, Inc. (IT Svs.)

  8,103    1,139,363
Fiserv, Inc. (IT Svs.)

  (a) 2,380      283,315
Flex Ltd. (Electronic Equip., Instr. & Comp.)

  (a) 59,838    1,095,634
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)

  243,049    3,825,591
HP, Inc. (Tech. Hardware, Storage & Periph.)

  11,474      364,300
HubSpot, Inc. (Software)

  (a) 1,092      495,997
Intel Corp. (Semiconductors & Equip.)

  99,690    6,380,160
Intuit, Inc. (Software)

  4,472    1,713,044
Itron, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 8,428      747,142
National Instruments Corp. (Electronic Equip., Instr. & Comp.)

  5,005      216,141
NetApp, Inc. (Tech. Hardware, Storage & Periph.)

  1,887      137,128
PayPal Holdings, Inc. (IT Svs.)

  (a) 566      137,448
Common Stocks (Continued)   Shares Value
Information Technology (continued)
     
QUALCOMM, Inc. (Semiconductors & Equip.)

  7,921 $  1,050,245
Qualtrics International, Inc. Class A (Software)

  (a) 3,174      104,456
ServiceNow, Inc. (Software)

  (a) 2,153    1,076,737
Visa, Inc. (IT Svs.)

  3,166      670,337
VMware, Inc. Class A (Software)

  (a) 5,597     842,069
       31,876,469
Materials4.6%
     
Amcor PLC (Containers & Packaging)

  37,169      434,134
AptarGroup, Inc. (Containers & Packaging)

  5,496      778,618
Crown Holdings, Inc. (Containers & Packaging)

  6,459      626,781
Ecolab, Inc. (Chemicals)

  9,026    1,932,196
FMC Corp. (Chemicals)

  16,343    1,807,699
Linde PLC (Chemicals)

  6,582    1,843,882
LyondellBasell Industries N.V. Class A (Chemicals)

  3,122      324,844
Martin Marietta Materials, Inc. (Construction Materials)

  525      176,306
Mosaic Co. / The (Chemicals)

  9,027      285,343
PPG Industries, Inc. (Chemicals)

  23,557    3,539,675
Reliance Steel & Aluminum Co. (Metals & Mining)

  12,666    1,928,905
Steel Dynamics, Inc. (Metals & Mining)

  3,575      181,467
Vulcan Materials Co. (Construction Materials)

  3,307     558,056
       14,417,906
Real Estate3.5%
     
Boston Properties, Inc. (Equity REIT)

  3,542      358,663
Brixmor Property Group, Inc. (Equity REIT)

  36,034      728,968
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)

  (a) 25,307    2,002,037
Equinix, Inc. (Equity REIT)

  2,597    1,764,895
Equity Residential (Equity REIT)

  11,035      790,437
Kilroy Realty Corp. (Equity REIT)

  26,369    1,730,597
Macerich Co. / The (Equity REIT)

  8,451       98,877
Prologis, Inc. (Equity REIT)

  27,349    2,898,994
Regency Centers Corp. (Equity REIT)

  7,955     451,128
       10,824,596
Utilities4.4%
     
Alliant Energy Corp. (Electric Utilities)

  2,309      125,055
Atmos Energy Corp. (Gas Utilities)

  8,528      842,993
Avangrid, Inc. (Electric Utilities)

  5,443      271,116
CMS Energy Corp. (Multi-Utilities)

  17,552    1,074,533
Consolidated Edison, Inc. (Multi-Utilities)

  53,909    4,032,393
Eversource Energy (Electric Utilities)

  19,616    1,698,549
Exelon Corp. (Electric Utilities)

  1,525       66,704
IDACORP, Inc. (Electric Utilities)

  2,359      235,829
NextEra Energy, Inc. (Electric Utilities)

  30,820    2,330,300
Pinnacle West Capital Corp. (Electric Utilities)

  15,088    1,227,409
Sunnova Energy International, Inc. (Ind. Power & Renewable Elec.)

  (a) 9,996      408,037
UGI Corp. (Gas Utilities)

  5,561      228,057
Xcel Energy, Inc. (Electric Utilities)

  19,563   1,301,135
       13,842,110
Total Common Stocks (Cost $269,575,974)

    $312,274,759
    
Money Market Funds1.9%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (b) 5,904,898 $  5,906,669
Total Money Market Funds (Cost $5,906,669)

      $5,906,669
Total Investments – 101.4% (Cost $275,482,643)

  (c)   $318,181,428
Liabilities in Excess of Other Assets – (1.4)%

  (d)   (4,290,294)
Net Assets – 100.0%     $313,891,134
    
 
32
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Value Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 

Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2021.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $605,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. See also the following Schedule of Open Futures Contracts.
 Schedule of Open Futures Contracts March 31, 2021 (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   50   June 18, 2021   $9,836,895   $9,918,500   $81,605   $38,120
The accompanying notes are an integral part of these financial statements.
33

Ohio National Fund, Inc. ON Federated High Income Bond Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds96.5%   Rate Maturity Face Amount Value
Communication Services16.4%
         
Altice France SA (Diversified Telecom. Svs.)

  (a) 7.375% 05/01/2026 $  825,000 $    858,082
AMC Networks, Inc. (Media)

  5.000% 04/01/2024   240,000     243,000
AMC Networks, Inc. (Media)

  4.750% 08/01/2025   175,000     179,519
AMC Networks, Inc. (Media)

  4.250% 02/15/2029   350,000     340,375
Cars.com, Inc. (Interactive Media & Svs.)

  (a) 6.375% 11/01/2028   375,000     390,938
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 5.750% 02/15/2026    52,000      53,651
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 5.875% 05/01/2027   900,000     928,800
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 5.000% 02/01/2028   650,000     687,472
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 5.375% 06/01/2029   175,000     187,688
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 4.750% 03/01/2030 1,750,000   1,813,437
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 4.500% 08/15/2030   250,000     254,800
CSC Holdings LLC (Media)

  5.250% 06/01/2024   375,000     404,531
CSC Holdings LLC (Media)

  (a) 5.500% 04/15/2027 1,100,000   1,155,385
CSC Holdings LLC (Media)

  (a) 7.500% 04/01/2028   550,000     606,540
CSC Holdings LLC (Media)

  (a) 5.750% 01/15/2030   300,000     315,974
CSC Holdings LLC (Media)

  (a) 4.125% 12/01/2030   200,000     198,656
CSC Holdings LLC (Media)

  (a) 4.625% 12/01/2030   675,000     663,940
CSC Holdings LLC (Media)

  (a) 3.375% 02/15/2031   200,000     188,500
Cumulus Media New Holdings, Inc. (Media)

  (a) 6.750% 07/01/2026   306,000     311,738
Diamond Sports Group LLC / Diamond Sports Finance Co. (Media)

  (a) 5.375% 08/15/2026   400,000     288,000
Diamond Sports Group LLC / Diamond Sports Finance Co. (Media)

  (a) 6.625% 08/15/2027   525,000     273,000
DISH DBS Corp. (Media)

  5.875% 11/15/2024   175,000     183,019
DISH DBS Corp. (Media)

  7.750% 07/01/2026   675,000     745,021
DISH DBS Corp. (Media)

  7.375% 07/01/2028   100,000     104,905
Entercom Media Corp. (Media)

  (a) 7.250% 11/01/2024   575,000     595,125
Entercom Media Corp. (Media)

  (a) 6.500% 05/01/2027   400,000     413,500
Entercom Media Corp. (Media)

  (a) 6.750% 03/31/2029   150,000     155,768
Gray Television, Inc. (Media)

  (a) 5.875% 07/15/2026   750,000     777,187
Gray Television, Inc. (Media)

  (a) 4.750% 10/15/2030    75,000      74,344
iHeartCommunications, Inc. (Media)

  6.375% 05/01/2026    41,769      44,327
iHeartCommunications, Inc. (Media)

  8.375% 05/01/2027   975,707   1,046,446
iHeartCommunications, Inc. (Media)

  (a) 5.250% 08/15/2027   250,000     257,153
iHeartCommunications, Inc. (Media)

  (a) 4.750% 01/15/2028   100,000     100,750
Intelsat Jackson Holdings SA (Acquired 05/15/2018, Cost $259,500) (Diversified Telecom. Svs.)

  (b) 5.500% 08/01/2023   300,000     183,750
Intelsat Jackson Holdings SA (Acquired 10/02/2018, Cost $50,375) (Diversified Telecom. Svs.)

 (a)(b) 8.500% 10/15/2024    50,000      31,349
Intelsat Jackson Holdings SA (Acquired 06/19/2017, Cost $250,000) (Diversified Telecom. Svs.)

 (a)(b) 9.750% 07/15/2025   250,000     154,375
Lamar Media Corp. (Media)

  4.875% 01/15/2029   125,000     130,313
Lamar Media Corp. (Media)

  (a) 3.625% 01/15/2031   100,000      96,605
Match Group Holdings II LLC (Interactive Media & Svs.)

  (a) 5.000% 12/15/2027   450,000     471,375
Match Group Holdings II LLC (Interactive Media & Svs.)

  (a) 4.625% 06/01/2028    75,000      76,632
Match Group Holdings II LLC (Interactive Media & Svs.)

  (a) 4.125% 08/01/2030   425,000     426,194
Nexstar Broadcasting, Inc. (Media)

  (a) 5.625% 07/15/2027   300,000     314,436
Nexstar Broadcasting, Inc. (Media)

  (a) 4.750% 11/01/2028   675,000     682,111
Rackspace Technology Global, Inc. (Interactive Media & Svs.)

  (a) 3.500% 02/15/2028   350,000     336,403
Rackspace Technology Global, Inc. (Interactive Media & Svs.)

  (a) 5.375% 12/01/2028   200,000     203,365
Scripps Escrow II, Inc. (Media)

  (a) 3.875% 01/15/2029   100,000      98,250
Scripps Escrow II, Inc. (Media)

  (a) 5.375% 01/15/2031   125,000     124,063
Scripps Escrow, Inc. (Media)

  (a) 5.875% 07/15/2027   300,000     310,500
Sinclair Television Group, Inc. (Media)

  (a) 5.875% 03/15/2026   650,000     661,375
Sinclair Television Group, Inc. (Media)

  (a) 5.125% 02/15/2027   125,000     122,031
Sinclair Television Group, Inc. (Media)

  (a) 5.500% 03/01/2030   250,000     243,125
Sirius XM Radio, Inc. (Media)

  (a) 5.375% 07/15/2026   725,000     748,562
Sirius XM Radio, Inc. (Media)

  (a) 5.000% 08/01/2027    75,000      78,679
Sirius XM Radio, Inc. (Media)

  (a) 4.125% 07/01/2030   475,000     475,546
Sprint Corp. (Wireless Telecom. Svs.)

  7.625% 02/15/2025   625,000     745,312
TEGNA, Inc. (Media)

  4.625% 03/15/2028   300,000     305,250
TEGNA, Inc. (Media)

  5.000% 09/15/2029   750,000     778,320
Telenet Finance Luxembourg Notes SARL (Media)

  (a) 5.500% 03/01/2028   800,000     840,000
Terrier Media Buyer, Inc. (Media)

  (a) 8.875% 12/15/2027 1,000,000   1,076,050
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  5.125% 04/15/2025   675,000     685,402
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  4.500% 02/01/2026    25,000      25,578
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  2.875% 02/15/2031   150,000     144,975
Townsquare Media, Inc. (Media)

  (a) 6.875% 02/01/2026   150,000     159,750
Urban One, Inc. (Media)

  (a) 7.375% 02/01/2028   275,000     284,716
Virgin Media Finance PLC (Media)

  (a) 5.000% 07/15/2030   325,000     324,594
Virgin Media Secured Finance PLC (Media)

  (a) 4.500% 08/15/2030   200,000     201,750
Virgin Media Vendor Financing Notes IV DAC (Media)

  (a) 5.000% 07/15/2028   575,000     585,062
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.)

  (a) 4.250% 01/31/2031   200,000     194,420
WMG Acquisition Corp. (Entertainment)

  (a) 3.875% 07/15/2030    75,000      75,723
Ziggo B.V. (Diversified Telecom. Svs.)

  (a) 5.500% 01/15/2027   477,000     496,676
Ziggo Bond Co. B.V. (Diversified Telecom. Svs.)

  (a) 6.000% 01/15/2027   625,000     651,562
           28,385,750
Consumer Discretionary12.1%
         
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)

  (a) 4.000% 10/15/2030 1,800,000   1,737,000
Academy Ltd. (Specialty Retail)

  (a) 6.000% 11/15/2027   175,000     184,187
Adient Global Holdings Ltd. (Auto Components)

  (a) 4.875% 08/15/2026   675,000     697,666
Affinity Gaming (Hotels, Restaurants & Leisure)

  (a) 6.875% 12/15/2027   325,000     342,469
American Axle & Manufacturing, Inc. (Auto Components)

  6.500% 04/01/2027   275,000     285,312
34
(continued)

Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Consumer Discretionary (continued)
         
Aramark Services, Inc. (Hotels, Restaurants & Leisure)

  (a) 6.375% 05/01/2025 $  275,000 $    291,500
Aramark Services, Inc. (Hotels, Restaurants & Leisure)

  4.750% 06/01/2026   375,000     385,500
Aramark Services, Inc. (Hotels, Restaurants & Leisure)

  (a) 5.000% 02/01/2028   100,000     103,775
Bally's Corp. (Hotels, Restaurants & Leisure)

  (a) 6.750% 06/01/2027   175,000     187,688
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)

  (a) 8.625% 06/01/2025    50,000      55,600
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)

  6.375% 04/01/2026   525,000     542,062
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)

  6.000% 08/15/2026   275,000     286,323
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)

  4.750% 12/01/2027    75,000      76,442
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 6.250% 07/01/2025   325,000     346,455
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 8.125% 07/01/2027   450,000     496,235
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure)

  (a) 5.750% 07/01/2025    50,000      52,765
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure)

  (a) 5.250% 10/15/2025   400,000     401,474
CCM Merger, Inc. (Hotels, Restaurants & Leisure)

  (a) 6.375% 05/01/2026    50,000      53,094
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components)

  (a) 6.250% 05/15/2026   125,000     132,755
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components)

  (a) 8.500% 05/15/2027 1,175,000   1,264,594
Dana Financing Luxembourg SARL (Auto Components)

  (a) 6.500% 06/01/2026   650,000     674,375
Garda World Security Corp. (Diversified Consumer Svs.)

  (a) 9.500% 11/01/2027 1,103,000   1,220,878
Gates Global LLC / Gates Corp. (Auto Components)

  (a) 6.250% 01/15/2026   950,000     995,125
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)

  (a) 5.375% 05/01/2025    25,000      26,350
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)

  (a) 5.750% 05/01/2028    75,000      80,720
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)

  4.875% 01/15/2030   150,000     159,120
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)

  (a) 3.625% 02/15/2032   300,000     291,180
IHO Verwaltungs GmbH (Auto Components)

 (a)(c) 4.750%, 5.500% PIK 09/15/2026   400,000     410,875
IHO Verwaltungs GmbH (Auto Components)

 (a)(c) 6.000%, 6.750% PIK 05/15/2027   400,000     419,652
J.B. Poindexter & Co., Inc. (Auto Components)

  (a) 7.125% 04/15/2026   550,000     580,937
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & Leisure)

  (a) 5.250% 06/01/2026   300,000     309,174
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & Leisure)

  (a) 4.750% 06/01/2027   525,000     550,594
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods)

  (a) 3.500% 03/01/2031    50,000      48,250
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)

  (a) 4.625% 06/15/2025   100,000     105,470
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)

  (a) 3.875% 02/15/2029    50,000      49,806
MGM Resorts International (Hotels, Restaurants & Leisure)

  6.750% 05/01/2025   400,000     430,970
MGM Resorts International (Hotels, Restaurants & Leisure)

  4.625% 09/01/2026   498,000     522,230
MGM Resorts International (Hotels, Restaurants & Leisure)

  4.750% 10/15/2028   225,000     232,396
Michaels Stores, Inc. (Specialty Retail)

  (a) 8.000% 07/15/2027   400,000     442,000
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure)

  (a) 7.875% 10/15/2024   200,000     208,750
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure)

  (a) 8.000% 02/01/2026   775,000     780,812
NMG Holding Co., Inc. / Neiman Marcus Group LLC (Specialty Retail)

  (a) 7.125% 04/01/2026   200,000     204,000
Party City Holdings, Inc. (Index Floor: 0.75%) (Specialty Retail)

  (a) SL + 500 07/15/2025   166,621     153,291
Real Hero Merger Sub 2, Inc. (Auto Components)

  (a) 6.250% 02/01/2029   500,000     516,250
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)

  (a) 8.250% 03/15/2026    25,000      26,813
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)

  (a) 7.250% 11/15/2029   175,000     189,875
Signal Parent, Inc. (Diversified Consumer Svs.)

  (a) 6.125% 04/01/2029   400,000     396,000
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)

  (a) 5.500% 04/15/2027   500,000     518,125
Six Flags Theme Parks, Inc. (Hotels, Restaurants & Leisure)

  (a) 7.000% 07/01/2025    50,000      54,063
Stars Group Holdings B.V. / Stars Group U.S. Co-Borrower LLC (Hotels, Restaurants & Leisure)

  (a) 7.000% 07/15/2026   925,000     966,625
Station Casinos LLC (Hotels, Restaurants & Leisure)

  (a) 5.000% 10/01/2025   410,000     415,125
Station Casinos LLC (Hotels, Restaurants & Leisure)

  (a) 4.500% 02/15/2028   200,000     199,251
VOC Escrow Ltd. (Hotels, Restaurants & Leisure)

  (a) 5.000% 02/15/2028   150,000     148,181
William Carter Co. / The (Textiles, Apparel & Luxury Goods)

  (a) 5.500% 05/15/2025    75,000      79,991
William Carter Co. / The (Textiles, Apparel & Luxury Goods)

  (a) 5.625% 03/15/2027    75,000      79,219
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)

  (a) 5.375% 04/15/2026   200,000     204,500
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)

  (a) 4.375% 08/15/2028    75,000      75,863
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)

  (a) 4.750% 01/15/2030    75,000      79,298
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)

  4.625% 01/31/2032   100,000     102,001
           20,871,031
Consumer Staples2.8%
         
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)

  5.750% 03/15/2025   116,000     119,793
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)

  (a) 3.250% 03/15/2026   175,000     174,330
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)

  (a) 5.875% 02/15/2028   100,000     106,625
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)

  (a) 3.500% 03/15/2029   425,000     404,447
Edgewell Personal Care Co. (Personal Products)

  (a) 5.500% 06/01/2028   175,000     184,800
Edgewell Personal Care Co. (Personal Products)

  (a) 4.125% 04/01/2029   200,000     198,840
Energizer Holdings, Inc. (Household Products)

  (a) 4.750% 06/15/2028   150,000     154,687
Energizer Holdings, Inc. (Household Products)

  (a) 4.375% 03/31/2029   325,000     326,137
Kraft Heinz Foods Co. (Food Products)

  4.250% 03/01/2031   500,000     550,468
Kraft Heinz Foods Co. (Food Products)

  5.200% 07/15/2045   275,000     318,053
Kraft Heinz Foods Co. (Food Products)

  4.375% 06/01/2046   500,000     522,685
Post Holdings, Inc. (Food Products)

  (a) 5.750% 03/01/2027   550,000     578,468
Post Holdings, Inc. (Food Products)

  (a) 5.625% 01/15/2028   500,000     526,115
35
(continued)

Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Consumer Staples (continued)
         
Post Holdings, Inc. (Food Products)

  (a) 4.625% 04/15/2030 $  125,000 $    125,313
Post Holdings, Inc. (Food Products)

  (a) 4.500% 09/15/2031   350,000     346,150
U.S. Foods, Inc. (Food & Staples Retailing)

  (a) 4.750% 02/15/2029   250,000     250,000
            4,886,911
Energy14.7%
         
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  5.375% 09/15/2024   625,000     630,469
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 7.875% 05/15/2026   125,000     134,440
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 5.750% 03/01/2027   225,000     225,049
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 5.750% 01/15/2028   625,000     625,000
Antero Resources Corp. (Oil, Gas & Consumable Fuels)

  5.625% 06/01/2023   400,000     401,352
Antero Resources Corp. (Oil, Gas & Consumable Fuels)

  (a) 8.375% 07/15/2026    25,000      27,563
Antero Resources Corp. (Oil, Gas & Consumable Fuels)

  (a) 7.625% 02/01/2029    50,000      53,250
Apache Corp. (Oil, Gas & Consumable Fuels)

  4.625% 11/15/2025    75,000      77,273
Apache Corp. (Oil, Gas & Consumable Fuels)

  4.875% 11/15/2027   125,000     128,125
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 6.875% 04/01/2027   625,000     651,562
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 6.250% 04/01/2028   375,000     380,925
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 7.000% 11/01/2026   350,000     349,781
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 8.250% 12/31/2028   100,000     104,000
Berry Petroleum Co. LLC (Oil, Gas & Consumable Fuels)

  (a) 7.000% 02/15/2026   325,000     314,437
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)

  8.250% 07/15/2025   450,000     382,500
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)

  6.375% 07/01/2026   225,000     177,750
Centennial Resource Production LLC (Oil, Gas & Consumable Fuels)

  (a) 6.875% 04/01/2027   350,000     311,500
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)

  4.500% 10/01/2029   125,000     129,628
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)

  (a) 4.000% 03/01/2031   725,000     737,687
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)

  (a) 4.625% 10/15/2028   175,000     181,745
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)

  (a) 5.500% 02/01/2026    50,000      52,045
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)

  (a) 5.875% 02/01/2029    50,000      53,000
CNX Midstream Partners LP / CNX Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 6.500% 03/15/2026   725,000     737,687
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)

  (a) 6.750% 03/01/2029   325,000     333,125
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)

  4.375% 01/15/2028   225,000     236,587
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)

  (a) 5.750% 01/15/2031   350,000     395,451
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)

  (a) 5.625% 10/15/2025   600,000     612,132
Double Eagle III Midco 1 LLC / Double Eagle Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 7.750% 12/15/2025   375,000     400,395
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)

  (a) 6.625% 07/15/2025   200,000     213,748
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)

  (a) 5.500% 01/30/2026    50,000      51,890
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)

  (a) 5.750% 01/30/2028   100,000     105,632
Enviva Partners LP / Enviva Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 6.500% 01/15/2026   900,000     942,750
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  4.750% 07/15/2023    59,000      61,213
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  (a) 6.000% 07/01/2025   225,000     242,156
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  (a) 6.500% 07/01/2027   325,000     353,356
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  5.500% 07/15/2028   350,000     367,409
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  (a) 4.500% 01/15/2029   225,000     219,253
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  (a) 4.750% 01/15/2031   525,000     509,250
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  6.500% 07/15/2048    75,000      74,813
EQT Corp. (Oil, Gas & Consumable Fuels)

  7.625% 02/01/2025   300,000     345,265
EQT Corp. (Oil, Gas & Consumable Fuels)

  3.900% 10/01/2027    25,000      25,500
EQT Corp. (Oil, Gas & Consumable Fuels)

  5.000% 01/15/2029    75,000      80,250
EQT Corp. (Oil, Gas & Consumable Fuels)

  8.500% 02/01/2030    50,000      63,765
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)

  (a) 5.125% 06/15/2028   300,000     303,300
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 5.000% 02/01/2028   300,000     303,840
Nabors Industries Ltd. (Energy Equip. & Svs.)

  (a) 7.250% 01/15/2026   225,000     186,750
Nabors Industries Ltd. (Energy Equip. & Svs.)

  (a) 7.500% 01/15/2028   175,000     143,938
NuStar Logistics LP (Oil, Gas & Consumable Fuels)

  5.625% 04/28/2027   875,000     915,333
Oasis Midstream Partners LP / OMP Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 8.000% 04/01/2029   250,000     256,250
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  2.900% 08/15/2024   300,000     296,712
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  3.500% 06/15/2025   275,000     272,250
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  8.000% 07/15/2025   100,000     114,793
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  5.875% 09/01/2025   225,000     240,480
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  3.200% 08/15/2026   200,000     191,902
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  8.875% 07/15/2030   375,000     472,875
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  6.625% 09/01/2030   275,000     309,045
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  6.450% 09/15/2036   325,000     358,722
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  4.300% 08/15/2039   325,000     275,603
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  4.100% 02/15/2047   150,000     120,191
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  4.400% 08/15/2049   250,000     209,068
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)

  6.125% 09/15/2024   150,000     153,919
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)

  5.750% 05/15/2026   250,000     259,312
Precision Drilling Corp. (Energy Equip. & Svs.)

  7.750% 12/15/2023   250,000     250,937
Precision Drilling Corp. (Energy Equip. & Svs.)

  (a) 7.125% 01/15/2026   100,000      97,096
Range Resources Corp. (Oil, Gas & Consumable Fuels)

  4.875% 05/15/2025   225,000     222,750
Range Resources Corp. (Oil, Gas & Consumable Fuels)

  9.250% 02/01/2026   150,000     162,978
Range Resources Corp. (Oil, Gas & Consumable Fuels)

  (a) 8.250% 01/15/2029   200,000     214,000
Rattler Midstream LP (Oil, Gas & Consumable Fuels)

  (a) 5.625% 07/15/2025   200,000     208,824
Shelf Drilling Holdings Ltd. (Oil, Gas & Consumable Fuels)

  (a) 8.250% 02/15/2025   300,000     219,000
SM Energy Co. (Oil, Gas & Consumable Fuels)

  5.000% 01/15/2024   175,000     164,588
36
(continued)

Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Energy (continued)          
SM Energy Co. (Oil, Gas & Consumable Fuels)

  6.750% 09/15/2026 $  350,000 $    323,400
SM Energy Co. (Oil, Gas & Consumable Fuels)

  6.625% 01/15/2027    25,000      23,125
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  5.500% 08/15/2022   375,000     362,812
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  5.750% 04/15/2025   250,000     203,750
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  5.875% 04/15/2026   150,000     157,031
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  5.375% 02/01/2027   700,000     725,945
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  6.500% 07/15/2027    25,000      27,167
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  5.000% 01/15/2028   475,000     494,594
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  5.500% 03/01/2030   475,000     498,750
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 4.875% 02/01/2031    75,000      75,994
TransMontaigne Partners LP / TLP Finance Corp. (Oil, Gas & Consumable Fuels)

  6.125% 02/15/2026   225,000     226,125
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)

  6.875% 04/01/2026   925,000     948,703
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)

  6.875% 09/01/2027   100,000     103,000
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  4.000% 07/01/2022   100,000     102,503
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  4.650% 07/01/2026    50,000      52,736
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  4.500% 03/01/2028   175,000     181,671
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  4.750% 08/15/2028    75,000      78,375
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  5.300% 02/01/2030    75,000      81,441
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  5.450% 04/01/2044   175,000     179,463
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  5.300% 03/01/2048   800,000     802,832
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  5.500% 08/15/2048   100,000      98,412
WPX Energy, Inc. (Oil, Gas & Consumable Fuels)

  5.750% 06/01/2026    75,000      78,540
WPX Energy, Inc. (Oil, Gas & Consumable Fuels)

  5.250% 10/15/2027   150,000     159,828
WPX Energy, Inc. (Oil, Gas & Consumable Fuels)

  5.875% 06/15/2028    16,000      17,637
           25,428,998
Financials9.0%
         
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)

  (a) 6.750% 10/15/2027   875,000     931,324
AmWINS Group, Inc. (Insurance)

  (a) 7.750% 07/01/2026   950,000   1,016,500
Ardonagh Midco 2 PLC (Insurance)

 (a)(c) 11.500%, 12.700% PIK 01/15/2027   399,039     426,972
AssuredPartners, Inc. (Insurance)

  (a) 7.000% 08/15/2025   675,000     697,680
AssuredPartners, Inc. (Insurance)

  (a) 5.625% 01/15/2029    25,000      25,475
Ford Motor Credit Co. LLC (Consumer Finance)

  3.813% 10/12/2021   300,000     303,185
Ford Motor Credit Co. LLC (Consumer Finance)

  3.096% 05/04/2023   400,000     406,500
Ford Motor Credit Co. LLC (Consumer Finance)

  4.063% 11/01/2024   375,000     393,394
Ford Motor Credit Co. LLC (Consumer Finance)

  5.125% 06/16/2025   400,000     432,000
Ford Motor Credit Co. LLC (Consumer Finance)

  3.375% 11/13/2025   575,000     584,775
Ford Motor Credit Co. LLC (Consumer Finance)

  4.389% 01/08/2026   225,000     236,491
Ford Motor Credit Co. LLC (Consumer Finance)

  4.271% 01/09/2027   450,000     466,875
Ford Motor Credit Co. LLC (Consumer Finance)

  4.125% 08/17/2027   300,000     309,750
Ford Motor Credit Co. LLC (Consumer Finance)

  5.113% 05/03/2029   525,000     563,561
Ford Motor Credit Co. LLC (Consumer Finance)

  4.000% 11/13/2030   275,000     272,797
GTCR AP Finance, Inc. (Insurance)

  (a) 8.000% 05/15/2027   275,000     295,281
HUB International Ltd. (Insurance)

  (a) 7.000% 05/01/2026 2,000,000   2,076,821
LD Holdings Group LLC (Thrifts & Mortgage Finance)

  (a) 6.125% 04/01/2028   300,000     303,720
Navient Corp. (Consumer Finance)

  6.125% 03/25/2024   175,000     185,281
Navient Corp. (Consumer Finance)

  5.875% 10/25/2024   775,000     813,835
Navient Corp. (Consumer Finance)

  6.750% 06/25/2025   175,000     190,006
Navient Corp. (Consumer Finance)

  6.750% 06/15/2026   125,000     135,500
Navient Corp. (Consumer Finance)

  5.000% 03/15/2027    50,000      50,125
NFP Corp. (Insurance)

  (a) 7.000% 05/15/2025    50,000      53,625
NFP Corp. (Insurance)

  (a) 6.875% 08/15/2028 1,200,000   1,245,000
Outfront Media Capital LLC / Outfront Media Capital Corp. (Equity REIT)

  (a) 4.250% 01/15/2029   100,000      96,272
Quicken Loans LLC (Thrifts & Mortgage Finance)

  (a) 5.250% 01/15/2028   425,000     446,250
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc. (Thrifts & Mortgage Finance)

  (a) 3.625% 03/01/2029   200,000     192,500
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc. (Thrifts & Mortgage Finance)

  (a) 3.875% 03/01/2031   300,000     288,750
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)

  (a) 5.500% 11/15/2025   750,000     781,875
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)

  (a) 5.500% 04/15/2029   225,000     225,000
USI, Inc. (Insurance)

  (a) 6.875% 05/01/2025 1,050,000   1,068,375
           15,515,495
Health Care11.7%
         
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)

  (a) 5.500% 07/01/2028    25,000      26,319
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)

  (a) 5.000% 04/15/2029    25,000      25,943
AdaptHealth LLC (Health Care Providers & Svs.)

  (a) 4.625% 08/01/2029   125,000     124,375
Avantor Funding, Inc. (Health Care Equip. & Supplies)

  (a) 4.625% 07/15/2028   600,000     626,616
Bausch Health Americas, Inc. (Pharmaceuticals)

  (a) 8.500% 01/31/2027   525,000     582,422
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 7.000% 03/15/2024   203,000     207,669
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 6.125% 04/15/2025 1,050,000   1,076,460
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 5.500% 11/01/2025   200,000     205,476
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 9.000% 12/15/2025   425,000     461,750
37
(continued)

Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Health Care (continued)
         
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 5.750% 08/15/2027 $  175,000 $    188,344
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 5.000% 01/30/2028   200,000     202,500
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 5.000% 02/15/2029    75,000      74,484
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 6.250% 02/15/2029   175,000     186,018
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 7.250% 05/30/2029   575,000     641,844
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 5.250% 02/15/2031    75,000      74,642
Centene Corp. (Health Care Providers & Svs.)

  (a) 5.375% 06/01/2026   625,000     653,562
Centene Corp. (Health Care Providers & Svs.)

  (a) 5.375% 08/15/2026   225,000     237,353
Centene Corp. (Health Care Providers & Svs.)

  4.250% 12/15/2027   800,000     841,501
Centene Corp. (Health Care Providers & Svs.)

  4.625% 12/15/2029   425,000     459,980
Centene Corp. (Health Care Providers & Svs.)

  3.375% 02/15/2030    50,000      50,469
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)

  (a) 3.750% 03/15/2029   100,000     100,158
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)

  (a) 4.000% 03/15/2031   125,000     127,069
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)

  (a) 6.625% 02/15/2025   100,000     105,563
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)

  (a) 8.000% 03/15/2026   350,000     378,455
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)

  (a) 5.625% 03/15/2027   150,000     157,125
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)

  (a) 6.000% 01/15/2029    50,000      52,875
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)

  (a) 6.875% 04/15/2029   500,000     523,435
DaVita, Inc. (Health Care Providers & Svs.)

  (a) 4.625% 06/01/2030   200,000     203,772
Endo DAC / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals)

  (a) 9.500% 07/31/2027   175,000     190,094
Endo DAC / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals)

  (a) 6.000% 06/30/2028   552,000     447,120
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. (Pharmaceuticals)

  (a) 6.125% 04/01/2029   150,000     151,313
Global Medical Response, Inc. (Health Care Providers & Svs.)

  (a) 6.500% 10/01/2025   825,000     853,875
HCA, Inc. (Health Care Providers & Svs.)

  5.375% 02/01/2025   900,000   1,003,963
HCA, Inc. (Health Care Providers & Svs.)

  5.875% 02/15/2026   200,000     229,250
HCA, Inc. (Health Care Providers & Svs.)

  5.625% 09/01/2028   300,000     345,000
HCA, Inc. (Health Care Providers & Svs.)

  3.500% 09/01/2030   675,000     680,717
IQVIA, Inc. (Life Sciences Tools & Svs.)

  (a) 5.000% 10/15/2026   300,000     311,625
IQVIA, Inc. (Life Sciences Tools & Svs.)

  (a) 5.000% 05/15/2027   200,000     211,159
Jaguar Holding Co. II / PPD Development LP (Health Care Providers & Svs.)

  (a) 4.625% 06/15/2025   275,000     286,907
Jaguar Holding Co. II / PPD Development LP (Health Care Providers & Svs.)

  (a) 5.000% 06/15/2028   200,000     208,300
Legacy LifePoint Health LLC (Health Care Providers & Svs.)

  (a) 6.750% 04/15/2025   250,000     265,625
Legacy LifePoint Health LLC (Health Care Providers & Svs.)

  (a) 4.375% 02/15/2027   125,000     122,500
Legacy LifePoint Health LLC (Health Care Providers & Svs.)

  (a) 5.375% 01/15/2029    25,000      24,625
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Acquired 10/04/2016 through 07/09/2018, Cost $1,210,062) (Pharmaceuticals)

 (a)(b) 5.625% 10/15/2023 1,275,000     902,062
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Acquired 05/05/2016 through 09/24/2018, Cost $354,937) (Pharmaceuticals)

 (a)(b) 5.500% 04/15/2025   400,000     281,000
MEDNAX, Inc. (Health Care Providers & Svs.)

  (a) 6.250% 01/15/2027   325,000     347,522
Molina Healthcare, Inc. (Health Care Providers & Svs.)

  (a) 3.875% 11/15/2030    75,000      77,156
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)

  (a) 5.750% 11/01/2028   925,000     901,875
Prestige Brands, Inc. (Pharmaceuticals)

  (a) 3.750% 04/01/2031   175,000     166,906
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. (Health Care Providers & Svs.)

  (a) 9.750% 12/01/2026   650,000     703,625
Syneos Health, Inc. (Life Sciences Tools & Svs.)

  (a) 3.625% 01/15/2029   125,000     121,563
Team Health Holdings, Inc. (Health Care Providers & Svs.)

  (a) 6.375% 02/01/2025   550,000     484,649
Teleflex, Inc. (Health Care Equip. & Supplies)

  4.625% 11/15/2027   175,000     185,281
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  6.750% 06/15/2023   450,000     487,755
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  4.625% 07/15/2024   125,000     127,586
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  5.125% 05/01/2025   525,000     532,376
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  (a) 4.875% 01/01/2026   300,000     311,928
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  (a) 5.125% 11/01/2027   425,000     444,422
Vizient, Inc. (Health Care Providers & Svs.)

  (a) 6.250% 05/15/2027   150,000     159,188
           20,163,146
Industrials10.2%
         
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)

  (a) 6.625% 07/15/2026   200,000     212,096
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)

  (a) 9.750% 07/15/2027 1,400,000   1,536,080
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines)

  (a) 5.500% 04/20/2026   450,000     468,310
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines)

  (a) 5.750% 04/20/2029   350,000     372,277
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)

  (a) 5.875% 05/15/2026   975,000   1,006,863
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)

  (a) 4.000% 01/15/2028    50,000      50,000
Brink's Co. / The (Commercial Svs. & Supplies)

  (a) 5.500% 07/15/2025    75,000      79,219
Core & Main LP (Commercial Svs. & Supplies)

  (a) 6.125% 08/15/2025   850,000     872,389
Cornerstone Building Brands, Inc. (Building Products)

  (a) 8.000% 04/15/2026   600,000     624,780
Cornerstone Building Brands, Inc. (Building Products)

  (a) 6.125% 01/15/2029   175,000     186,375
CP Atlas Buyer, Inc. (Building Products)

  (a) 7.000% 12/01/2028   375,000     394,144
Dun & Bradstreet Corp. / The (Professional Svs.)

  (a) 6.875% 08/15/2026   135,000     144,140
Dun & Bradstreet Corp. / The (Professional Svs.)

  (a) 10.250% 02/15/2027   615,000     686,494
Foundation Building Materials, Inc. (Trading Companies & Distributors)

  (a) 6.000% 03/01/2029   150,000     148,125
Garda World Security Corp. (Commercial Svs. & Supplies)

  (a) 4.625% 02/15/2027   175,000     175,000
H&E Equipment Services, Inc. (Trading Companies & Distributors)

  (a) 3.875% 12/15/2028   375,000     364,687
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. (Airlines)

  (a) 5.750% 01/20/2026    50,000      53,130
Interface, Inc. (Commercial Svs. & Supplies)

  (a) 5.500% 12/01/2028    50,000      51,688
KAR Auction Services, Inc. (Commercial Svs. & Supplies)

  (a) 5.125% 06/01/2025   475,000     483,574
Nielsen Co. Luxembourg SARL / The (Professional Svs.)

  (a) 5.000% 02/01/2025   150,000     153,375
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)

  (a) 5.000% 04/15/2022   287,000     287,059
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)

  (a) 5.625% 10/01/2028   100,000     105,125
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)

  (a) 5.875% 10/01/2030   275,000     298,031
Sensata Technologies, Inc. (Electrical Equip.)

  (a) 4.375% 02/15/2030   225,000     235,688
38
(continued)

Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Industrials (continued)          
Sensata Technologies, Inc. (Electrical Equip.)

  (a) 3.750% 02/15/2031 $   25,000 $     24,649
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies)

  (a) 7.625% 04/01/2026   100,000     102,250
Stena International SA (Transportation Infrastructure)

  (a) 6.125% 02/01/2025   300,000     302,961
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. (Professional Svs.)

  (a) 6.750% 06/01/2025 1,425,000   1,456,172
Terex Corp. (Machinery)

  (a) 5.000% 05/15/2029   175,000     181,160
TransDigm U.K. Holdings PLC (Aerospace & Defense)

  6.875% 05/15/2026   275,000     289,438
TransDigm, Inc. (Aerospace & Defense)

  6.500% 05/15/2025   350,000     356,562
TransDigm, Inc. (Aerospace & Defense)

  (a) 6.250% 03/15/2026   575,000     609,615
TransDigm, Inc. (Aerospace & Defense)

  6.375% 06/15/2026   850,000     878,687
TransDigm, Inc. (Aerospace & Defense)

  5.500% 11/15/2027   100,000     103,513
TransDigm, Inc. (Aerospace & Defense)

  (a) 4.625% 01/15/2029   125,000     123,256
Trident TPI Holdings, Inc. (Machinery)

  (a) 9.250% 08/01/2024   175,000     186,375
Trident TPI Holdings, Inc. (Machinery)

  (a) 6.625% 11/01/2025   700,000     712,250
United Rentals North America, Inc. (Trading Companies & Distributors)

  5.875% 09/15/2026   100,000     104,625
United Rentals North America, Inc. (Trading Companies & Distributors)

  5.500% 05/15/2027    50,000      53,325
United Rentals North America, Inc. (Trading Companies & Distributors)

  4.875% 01/15/2028   325,000     342,345
United Rentals North America, Inc. (Trading Companies & Distributors)

  5.250% 01/15/2030   100,000     108,530
United Rentals North America, Inc. (Trading Companies & Distributors)

  3.875% 02/15/2031    50,000      50,250
Vertical Holdco GmbH (Building Products)

  (a) 7.625% 07/15/2028   250,000     268,813
Vertical U.S. Newco, Inc. (Building Products)

  (a) 5.250% 07/15/2027   325,000     340,234
Watco Cos. LLC / Watco Finance Corp. (Road & Rail)

  (a) 6.500% 06/15/2027   375,000     395,250
WESCO Distribution, Inc. (Trading Companies & Distributors)

  5.375% 06/15/2024   550,000     560,312
WESCO Distribution, Inc. (Trading Companies & Distributors)

  (a) 7.125% 06/15/2025   100,000     109,350
WESCO Distribution, Inc. (Trading Companies & Distributors)

  (a) 7.250% 06/15/2028   225,000     251,189
White Cap Buyer LLC (Building Products)

  (a) 6.875% 10/15/2028   425,000     451,218
White Cap Parent LLC (Building Products)

 (a)(c) 8.250%, 9.000% PIK 03/15/2026   200,000     208,500
           17,559,478
Information Technology5.3%
         
ams AG (Semiconductors & Equip.)

  (a) 7.000% 07/31/2025   375,000     401,367
Banff Merger Sub, Inc. (IT Svs.)

  (a) 9.750% 09/01/2026   300,000     319,500
Black Knight InfoServ LLC (IT Svs.)

  (a) 3.625% 09/01/2028   200,000     196,522
Booz Allen Hamilton, Inc. (IT Svs.)

  (a) 3.875% 09/01/2028    75,000      75,394
BY Crown Parent LLC (Software)

  (a) 7.375% 10/15/2024 1,025,000   1,041,656
BY Crown Parent LLC / BY Bond Finance, Inc. (Software)

  (a) 4.250% 01/31/2026    25,000      25,961
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.)

  3.250% 02/15/2029   225,000     222,188
Dell International LLC / EMC Corp. (Computers & Peripherals)

  (a) 7.125% 06/15/2024   950,000     977,906
Diebold Nixdorf, Inc. (Tech. Hardware, Storage & Periph.)

  (a) 9.375% 07/15/2025    50,000      55,688
Gartner, Inc. (IT Svs.)

  (a) 4.500% 07/01/2028    50,000      51,563
Gartner, Inc. (IT Svs.)

  (a) 3.750% 10/01/2030   125,000     123,966
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.)

  (a) 5.250% 12/01/2027   350,000     370,125
INEOS Quattro Finance 2 PLC (Software)

  (a) 3.375% 01/15/2026   200,000     200,000
Logan Merger Sub, Inc. (Software)

  (a) 5.500% 09/01/2027   400,000     418,752
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 8.125% 04/15/2025    25,000      27,375
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 5.750% 09/01/2027   275,000     290,984
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 5.000% 10/01/2028   225,000     227,250
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 5.125% 04/15/2029   250,000     251,876
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 6.125% 09/01/2029    50,000      52,938
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 5.250% 10/01/2030   350,000     354,419
ON Semiconductor Corp. (Semiconductors & Equip.)

  (a) 3.875% 09/01/2028   150,000     154,298
PTC, Inc. (Software)

  (a) 3.625% 02/15/2025    25,000      25,656
PTC, Inc. (Software)

  (a) 4.000% 02/15/2028   125,000     126,875
Qorvo, Inc. (Semiconductors & Equip.)

  4.375% 10/15/2029   250,000     266,877
Qorvo, Inc. (Semiconductors & Equip.)

  (a) 3.375% 04/01/2031   100,000      97,989
Rocket Software, Inc. (Software)

  (a) 6.500% 02/15/2029   450,000     454,050
Science Applications International Corp. (IT Svs.)

  (a) 4.875% 04/01/2028    75,000      77,531
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)

  (a) 3.125% 07/15/2029   300,000     289,747
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)

  (a) 3.375% 07/15/2031   250,000     240,362
SS&C Technologies, Inc. (Software)

  (a) 5.500% 09/30/2027   775,000     825,414
Synaptics, Inc. (Semiconductors & Equip.)

  (a) 4.000% 06/15/2029   125,000     124,038
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 4.000% 03/01/2029   150,000     148,125
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software)

  (a) 7.500% 09/01/2025   550,000     571,257
            9,087,649
Materials10.4%
         
ARD Finance SA (Containers & Packaging)

 (a)(c) 6.500%, 7.250% PIK 06/30/2027 1,200,000   1,260,000
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)

  (a) 6.000% 02/15/2025   200,000     206,100
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)

  (a) 5.250% 08/15/2027   275,000     280,522
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)

  (a) 5.250% 08/15/2027   200,000     204,016
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)

  (a) 4.000% 09/01/2029   225,000     224,633
Axalta Coating Systems LLC (Chemicals)

  (a) 3.375% 02/15/2029   150,000     146,280
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B B.V. (Chemicals)

  (a) 4.750% 06/15/2027   150,000     156,795
Ball Corp. (Containers & Packaging)

  2.875% 08/15/2030   325,000     313,056
Berry Global, Inc. (Containers & Packaging)

  (a) 4.875% 07/15/2026   375,000     396,808
Berry Global, Inc. (Containers & Packaging)

  (a) 5.625% 07/15/2027   275,000     290,469
Clearwater Paper Corp. (Paper & Forest Products)

  (a) 5.375% 02/01/2025   775,000     821,500
Cleveland-Cliffs, Inc. (Metals & Mining)

  (a) 4.625% 03/01/2029   400,000     399,320
Cleveland-Cliffs, Inc. (Metals & Mining)

  (a) 4.875% 03/01/2031   400,000     399,000
Coeur Mining, Inc. (Metals & Mining)

  (a) 5.125% 02/15/2029   325,000     310,684
Compass Minerals International, Inc. (Metals & Mining)

  (a) 4.875% 07/15/2024   750,000     777,360
39
(continued)

Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Materials (continued)          
Compass Minerals International, Inc. (Metals & Mining)

  (a) 6.750% 12/01/2027 $   50,000 $     53,500
Crown Americas LLC / Crown Americas Capital Corp. VI (Containers & Packaging)

  4.750% 02/01/2026   275,000     285,175
Element Solutions, Inc. (Chemicals)

  (a) 3.875% 09/01/2028   300,000     296,025
Flex Acquisition Co., Inc. (Containers & Packaging)

  (a) 6.875% 01/15/2025 1,075,000   1,091,340
Flex Acquisition Co., Inc. (Containers & Packaging)

  (a) 7.875% 07/15/2026   675,000     707,907
Freeport-McMoRan, Inc. (Metals & Mining)

  5.000% 09/01/2027   175,000     185,955
Freeport-McMoRan, Inc. (Metals & Mining)

  4.125% 03/01/2028   175,000     183,960
Freeport-McMoRan, Inc. (Metals & Mining)

  4.375% 08/01/2028   175,000     185,631
Freeport-McMoRan, Inc. (Metals & Mining)

  5.250% 09/01/2029   125,000     136,690
Freeport-McMoRan, Inc. (Metals & Mining)

  4.625% 08/01/2030   150,000     163,234
Freeport-McMoRan, Inc. (Metals & Mining)

  5.400% 11/14/2034   150,000     178,577
Graphic Packaging International LLC (Containers & Packaging)

  (a) 4.750% 07/15/2027   150,000     163,875
Graphic Packaging International LLC (Containers & Packaging)

  (a) 3.500% 03/15/2028   100,000      99,500
Graphic Packaging International LLC (Containers & Packaging)

  (a) 3.500% 03/01/2029   100,000      97,250
HB Fuller Co. (Chemicals)

  4.250% 10/15/2028   125,000     127,008
Hexion, Inc. (Chemicals)

  (a) 7.875% 07/15/2027   525,000     564,506
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals)

  (a) 9.000% 07/01/2028   150,000     168,795
Koppers, Inc. (Chemicals)

  (a) 6.000% 02/15/2025   900,000     927,711
Mauser Packaging Solutions Holding Co. (Containers & Packaging)

  (a) 5.500% 04/15/2024   300,000     304,125
Mauser Packaging Solutions Holding Co. (Containers & Packaging)

  (a) 7.250% 04/15/2025   700,000     700,000
Nouryon Holding B.V. (Chemicals)

  (a) 8.000% 10/01/2026   800,000     851,000
Owens-Brockway Glass Container, Inc. (Containers & Packaging)

  (a) 5.875% 08/15/2023   225,000     241,031
Owens-Brockway Glass Container, Inc. (Containers & Packaging)

  (a) 5.375% 01/15/2025   175,000     184,406
Owens-Brockway Glass Container, Inc. (Containers & Packaging)

  (a) 6.375% 08/15/2025   600,000     663,000
Owens-Brockway Glass Container, Inc. (Containers & Packaging)

  (a) 6.625% 05/13/2027    50,000      54,356
PQ Corp. (Chemicals)

  (a) 5.750% 12/15/2025   125,000     128,125
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer SA (Containers & Packaging)

  (a) 4.000% 10/15/2027   625,000     612,500
Sealed Air Corp. (Containers & Packaging)

  (a) 4.000% 12/01/2027   175,000     179,156
Standard Industries, Inc. (Building Products)

  (a) 5.000% 02/15/2027 1,200,000   1,251,000
Trivium Packaging Finance B.V. (Containers & Packaging)

  (a) 5.500% 08/15/2026   200,000     209,750
Trivium Packaging Finance B.V. (Containers & Packaging)

  (a) 8.500% 08/15/2027   475,000     515,470
W.R. Grace & Co.-Conn (Chemicals)

  (a) 4.875% 06/15/2027   175,000     181,160
           17,878,261
Real Estate0.4%
         
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)

  (a) 3.500% 02/15/2025    25,000      25,453
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)

  (a) 4.250% 12/01/2026   225,000     230,194
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)

  (a) 3.750% 02/15/2027    50,000      50,000
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)

  (a) 4.625% 12/01/2029   275,000     285,274
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)

  (a) 4.125% 08/15/2030   100,000     100,870
              691,791
Utilities3.5%
         
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)

  5.875% 08/20/2026   725,000     797,790
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)

  5.750% 05/20/2027   100,000     109,000
Calpine Corp. (Ind. Power & Renewable Elec.)

  (a) 5.250% 06/01/2026   101,000     103,853
Calpine Corp. (Ind. Power & Renewable Elec.)

  (a) 4.500% 02/15/2028   425,000     428,570
Calpine Corp. (Ind. Power & Renewable Elec.)

  (a) 4.625% 02/01/2029   100,000      97,429
Calpine Corp. (Ind. Power & Renewable Elec.)

  (a) 5.000% 02/01/2031   100,000      97,600
Calpine Corp. (Ind. Power & Renewable Elec.)

  (a) 3.750% 03/01/2031   300,000     285,930
NRG Energy, Inc. (Electric Utilities)

  7.250% 05/15/2026   750,000     780,000
NRG Energy, Inc. (Electric Utilities)

  6.625% 01/15/2027   250,000     260,000
NRG Energy, Inc. (Electric Utilities)

  (a) 3.375% 02/15/2029    25,000      24,406
NRG Energy, Inc. (Electric Utilities)

  (a) 3.625% 02/15/2031    25,000      24,375
Pattern Energy Operations LP / Pattern Energy Operations, Inc. (Ind. Power & Renewable Elec.)

  (a) 4.500% 08/15/2028   125,000     127,031
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)

  5.500% 06/01/2024   425,000     431,524
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)

  5.875% 03/01/2027   600,000     624,000
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)

  (a) 5.000% 01/31/2028   750,000     809,288
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)

  (a) 5.500% 09/01/2026   225,000     233,156
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)

  (a) 5.625% 02/15/2027   400,000     415,752
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)

  (a) 5.000% 07/31/2027   375,000     386,258
            6,035,962
Total Corporate Bonds (Cost $161,648,383)

        $166,504,472
    
Common Stocks0.7%   Shares Value
Communication Services0.1%
     
iHeartMedia, Inc. Class A (Media)

  (d) 7,387 $    134,074
Consumer Discretionary0.0%
     
Party City Holdco, Inc. (Specialty Retail)

  (d) 7,133      41,374
Energy0.5%
     
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)

  6,988      415,017
40
(continued)

Ohio National Fund, Inc. ON Federated High Income Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Energy (continued)      
Superior Energy Services, Inc. (Acquired August 03, 2017 through July 25, 2018, Cost $939,833) (Energy Equip. & Svs.)

 (d)(e) 14,115 $    451,680
Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels)

  (d) 1,529      54,203
          920,900
Materials0.1%
     
Hexion Holdings Corp. Class B (Chemicals)

  (d) 10,888     163,320
Total Common Stocks (Cost $2,221,773)

      $1,259,668
    
Warrants0.1%   Expiration Strike Price Quantity Value
Energy0.1%
         
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)

  02/09/2026 $     27.63 3,585 $     73,923
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)

  02/09/2026      36.18 2,213      37,178
Total Warrants (Cost $477,813)

            $111,101
    
Money Market Funds2.3%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (f) 3,880,522 $  3,881,687
Total Money Market Funds (Cost $3,881,687)

      $3,881,687
Total Investments – 99.6% (Cost $168,229,656)

  (g)   $171,756,928
Other Assets in Excess of Liabilities – 0.4%     750,094
Net Assets – 100.0%     $172,507,022
    

Percentages are stated as a percent of net assets.
    
Abbreviations:  
PIK: Payment-in-Kind
SL: Semi-Annual U.S. LIBOR Rate, 0.205% at 03/31/2021
    
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 March 31, 2021, the value of these securities totaled $123,193,672, or 71.4% of the Portfolio’s net assets.
(b) Represents a security that is in default and deemed to be non-income producing.
(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) Non-income producing security.
(e) Represents a security deemed to be restricted. At March 31, 2021, the value of restricted securities in the Portfolio totaled $451,680, or 0.3% of the Portfolio’s net assets.
(f) Rate represents the seven-day yield at March 31, 2021.
(g) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
41

Ohio National Fund, Inc. ON Nasdaq-100® Index Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks99.0%   Shares Value
Communication Services19.0%
     
Activision Blizzard, Inc. (Entertainment)

  23,191 $  2,156,763
Alphabet, Inc. Class A (Interactive Media & Svs.)

  (a) 5,912  12,193,618
Alphabet, Inc. Class C (Interactive Media & Svs.)

  (a) 6,449  13,340,595
Baidu, Inc. – ADR (Interactive Media & Svs.)

  (a) 8,125   1,767,594
Charter Communications, Inc. Class A (Media)

  (a) 5,800   3,578,716
Comcast Corp. Class A (Media)

  136,867   7,405,873
Electronic Arts, Inc. (Entertainment)

  8,609   1,165,400
Facebook, Inc. Class A (Interactive Media & Svs.)

  (a) 47,327  13,939,221
Fox Corp. Class A (Media)

  9,999     361,064
Fox Corp. Class B (Media)

  7,686     268,472
Match Group, Inc. (Interactive Media & Svs.)

  (a) 8,054   1,106,458
NetEase, Inc. – ADR (Entertainment)

  8,970     926,242
Netflix, Inc. (Entertainment)

  (a) 13,260   6,917,212
Sirius XM Holdings, Inc. (Media)

  123,984     755,063
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)

  (a) 37,209   4,661,916
       70,544,207
Consumer Discretionary18.1%
     
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  (a) 9,908  30,656,145
Booking Holdings, Inc. (Internet & Direct Marketing Retail)

  (a) 1,226   2,856,384
Dollar Tree, Inc. (Multiline Retail)

  (a) 7,039     805,684
eBay, Inc. (Internet & Direct Marketing Retail)

  20,376   1,247,826
JD.com, Inc. – ADR (Internet & Direct Marketing Retail)

  (a) 24,871   2,097,371
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 3,738   1,146,482
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)

  (a) 9,706   1,437,556
MercadoLibre, Inc. (Internet & Direct Marketing Retail)

  (a) 1,493   2,197,905
O'Reilly Automotive, Inc. (Specialty Retail)

  (a) 2,105   1,067,761
Peloton Interactive, Inc. Class A (Leisure Products)

  (a) 7,895     887,714
Pinduoduo, Inc. – ADR (Internet & Direct Marketing Retail)

  (a) 10,343   1,384,721
Ross Stores, Inc. (Specialty Retail)

  10,653   1,277,401
Starbucks Corp. (Hotels, Restaurants & Leisure)

  35,260   3,852,860
Tesla, Inc. (Automobiles)

  (a) 23,371  15,610,192
Trip.com Group Ltd. – ADR (Internet & Direct Marketing Retail)

  (a) 15,779     625,322
       67,151,324
Consumer Staples5.1%
     
Costco Wholesale Corp. (Food & Staples Retailing)

  13,258   4,673,180
Keurig Dr Pepper, Inc. (Beverages)

  42,114   1,447,458
Kraft Heinz Co. / The (Food Products)

  36,589   1,463,560
Mondelez International, Inc. Class A (Food Products)

  42,284   2,474,883
Monster Beverage Corp. (Beverages)

  (a) 15,799   1,439,131
PepsiCo, Inc. (Beverages)

  41,311   5,843,441
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)

  25,915   1,422,733
       18,764,386
Health Care6.3%
     
Alexion Pharmaceuticals, Inc. (Biotechnology)

  (a) 6,583   1,006,606
Align Technology, Inc. (Health Care Equip. & Supplies)

  (a) 2,370   1,283,426
Amgen, Inc. (Biotechnology)

  17,291   4,302,174
Biogen, Inc. (Biotechnology)

  (a) 4,561   1,275,940
Cerner Corp. (Health Care Technology)

  9,162     658,565
Dexcom, Inc. (Health Care Equip. & Supplies)

  (a) 2,874   1,032,887
Gilead Sciences, Inc. (Biotechnology)

  37,619   2,431,316
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)

  (a) 2,553   1,249,208
Illumina, Inc. (Life Sciences Tools & Svs.)

  (a) 4,369   1,677,958
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
Incyte Corp. (Biotechnology)

  (a) 6,593 $    535,813
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)

  (a) 3,526   2,605,502
Moderna, Inc. (Biotechnology)

  (a) 11,968   1,567,210
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  (a) 3,152   1,491,337
Seagen, Inc. (Biotechnology)

  (a) 5,431     754,149
Vertex Pharmaceuticals, Inc. (Biotechnology)

  (a) 7,783   1,672,489
       23,544,580
Industrials1.8%
     
Cintas Corp. (Commercial Svs. & Supplies)

  3,149   1,074,785
Copart, Inc. (Commercial Svs. & Supplies)

  (a) 7,067     767,547
CSX Corp. (Road & Rail)

  22,832   2,201,461
Fastenal Co. (Trading Companies & Distributors)

  17,180     863,810
PACCAR, Inc. (Machinery)

  10,367     963,302
Verisk Analytics, Inc. (Professional Svs.)

  4,866     859,774
        6,730,679
Information Technology47.7%
     
Adobe, Inc. (Software)

  (a) 14,331   6,812,527
Advanced Micro Devices, Inc. (Semiconductors & Equip.)

  (a) 36,263   2,846,645
Analog Devices, Inc. (Semiconductors & Equip.)

  11,057   1,714,720
ANSYS, Inc. (Software)

  (a) 2,597     881,837
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  330,301  40,346,267
Applied Materials, Inc. (Semiconductors & Equip.)

  27,474   3,670,526
ASML Holding N.V. (Semiconductors & Equip.)

  2,327   1,436,597
Atlassian Corp. PLC Class A (Software)

  (a) 3,982     839,246
Autodesk, Inc. (Software)

  (a) 6,584   1,824,756
Automatic Data Processing, Inc. (IT Svs.)

  12,805   2,413,358
Broadcom, Inc. (Semiconductors & Equip.)

  12,221   5,666,389
Cadence Design Systems, Inc. (Software)

  (a) 8,349   1,143,729
CDW Corp. (Electronic Equip., Instr. & Comp.)

  4,225     700,294
Check Point Software Technologies Ltd. (Software)

  (a) 4,216     472,066
Cisco Systems, Inc. (Communications Equip.)

  126,448   6,538,626
Cognizant Technology Solutions Corp. Class A (IT Svs.)

  15,893   1,241,561
DocuSign, Inc. (Software)

  (a) 5,585   1,130,683
Fiserv, Inc. (IT Svs.)

  (a) 20,063   2,388,300
Intel Corp. (Semiconductors & Equip.)

  121,641   7,785,024
Intuit, Inc. (Software)

  8,199   3,140,709
KLA-Tencor Corp. (Semiconductors & Equip.)

  4,605   1,521,492
Lam Research Corp. (Semiconductors & Equip.)

  4,279   2,547,032
Marvell Technology Group Ltd. (Semiconductors & Equip.)

  20,165     987,682
Maxim Integrated Products, Inc. (Semiconductors & Equip.)

  8,053     735,803
Microchip Technology, Inc. (Semiconductors & Equip.)

  8,062   1,251,384
Micron Technology, Inc. (Semiconductors & Equip.)

  (a) 33,492   2,954,329
Microsoft Corp. (Software)

  148,390  34,985,910
NVIDIA Corp. (Semiconductors & Equip.)

  18,562   9,910,809
NXP Semiconductors N.V. (Semiconductors & Equip.)

  8,294   1,669,914
Okta, Inc. (IT Svs.)

  (a) 3,629     799,940
Paychex, Inc. (IT Svs.)

  10,810   1,059,596
PayPal Holdings, Inc. (IT Svs.)

  (a) 35,062   8,514,456
QUALCOMM, Inc. (Semiconductors & Equip.)

  34,010   4,509,386
Skyworks Solutions, Inc. (Semiconductors & Equip.)

  4,937     905,841
Splunk, Inc. (Software)

  (a) 4,842     655,994
Synopsys, Inc. (Software)

  (a) 4,564   1,130,868
Texas Instruments, Inc. (Semiconductors & Equip.)

  27,547   5,206,108
VeriSign, Inc. (IT Svs.)

  (a) 3,388     673,399
 
42
(continued)

Ohio National Fund, Inc. ON Nasdaq-100® Index Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Information Technology (continued)
     
Workday, Inc. Class A (Software)

  (a) 5,387 $  1,338,292
Xilinx, Inc. (Semiconductors & Equip.)

  7,336     908,930
Zoom Video Communications, Inc. Class A (Software)

  (a) 6,103   1,960,833
      177,221,858
Utilities1.0%
     
American Electric Power Co., Inc. (Electric Utilities)

  14,854   1,258,134
Exelon Corp. (Electric Utilities)

  29,195   1,276,989
Xcel Energy, Inc. (Electric Utilities)

  16,131   1,072,873
        3,607,996
Total Common Stocks (Cost $211,253,194)

    $367,565,030
    
Money Market Funds0.6%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (b) 2,327,994 $  2,328,693
Total Money Market Funds (Cost $2,328,693)

      $2,328,693
Total Investments – 99.6% (Cost $213,581,887)

  (c)   $369,893,723
Other Assets in Excess of Liabilities – 0.4%

  (d)   1,592,515
Net Assets – 100.0%     $371,486,238
    
 

Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2021.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $176,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. 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 March 31, 2021 (Unaudited) 
    
Description   Number of
contracts
  Expiration Date   Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
  Variation Margin
Receivable
(Payable)
CME E-mini Nasdaq-100 Index - Long   11   June 18, 2021   $2,885,496   $2,879,745   $(5,751)   $41,845
The accompanying notes are an integral part of these financial statements.
43

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Core Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks98.0%   Shares Value
Communication Services10.3%
     
Alphabet, Inc. Class A (Interactive Media & Svs.)

  (a) 5,891 $ 12,150,305
Alphabet, Inc. Class C (Interactive Media & Svs.)

  (a) 3,515    7,271,235
Altice U.S.A., Inc. Class A (Media)

  (a) 1,909       62,100
AT&T, Inc. (Diversified Telecom. Svs.)

  92,360    2,795,737
Comcast Corp. Class A (Media)

  47,694    2,580,722
Discovery, Inc. Class A (Media)

  (a) 3,786      164,540
Discovery, Inc. Class C (Media)

  (a) 3,969      146,416
Electronic Arts, Inc. (Entertainment)

  6,705      907,656
Facebook, Inc. Class A (Interactive Media & Svs.)

  (a) 25,913    7,632,156
Lions Gate Entertainment Corp. Class B (Entertainment)

  (a) 4,282       55,238
Netflix, Inc. (Entertainment)

  (a) 1,643      857,087
New York Times Co. / The Class A (Media)

  914       46,267
Omnicom Group, Inc. (Media)

  6,342      470,259
Roku, Inc. (Entertainment)

  (a) 724      235,858
Sirius XM Holdings, Inc. (Media)

  207,853    1,265,825
TEGNA, Inc. (Media)

  12,093      227,711
Twitter, Inc. (Interactive Media & Svs.)

  (a) 14,461      920,153
United States Cellular Corp. (Wireless Telecom. Svs.)

  (a) 2,155       78,614
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  6,925      402,689
Walt Disney Co. / The (Entertainment)

  (a) 24,198    4,465,015
Zynga, Inc. Class A (Entertainment)

  (a) 39,958     407,971
       43,143,554
Consumer Discretionary11.7%
     
Airbnb, Inc. Class A (Hotels, Restaurants & Leisure)

  (a) 270       50,744
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  (a) 4,484   13,873,855
Aramark (Hotels, Restaurants & Leisure)

  2,804      105,935
Best Buy Co., Inc. (Specialty Retail)

  11,612    1,333,174
BorgWarner, Inc. (Auto Components)

  39,687    1,839,889
Bright Horizons Family Solutions, Inc. (Diversified Consumer Svs.)

  (a) 5,722      981,037
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)

  (a) 342      485,920
Crocs, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 989       79,565
D.R. Horton, Inc. (Household Durables)

  5,381      479,555
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)

  (a) 224       74,014
eBay, Inc. (Internet & Direct Marketing Retail)

  16,632    1,018,544
Etsy, Inc. (Internet & Direct Marketing Retail)

  (a) 923      186,141
Graham Holdings Co. Class B (Diversified Consumer Svs.)

  628      353,212
Home Depot, Inc. / The (Specialty Retail)

  9,679    2,954,515
iRobot Corp. (Household Durables)

  (a) 1,771      216,381
KB Home (Household Durables)

  9,949      462,927
Kohl's Corp. (Multiline Retail)

  5,782      344,665
Levi Strauss & Co. Class A (Textiles, Apparel & Luxury Goods)

  2,520       60,253
LKQ Corp. (Distributors)

  (a) 4,964      210,126
Lowe's Cos., Inc. (Specialty Retail)

  3,932      747,788
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 1,305      400,257
McDonald's Corp. (Hotels, Restaurants & Leisure)

  13,549    3,036,873
MGM Resorts International (Hotels, Restaurants & Leisure)

  1,971       74,878
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)

  13,513    1,795,743
Nordstrom, Inc. (Multiline Retail)

  27,688    1,048,545
Common Stocks (Continued)   Shares Value
Consumer Discretionary (continued)
     
Pool Corp. (Distributors)

  4,275 $  1,475,901
PulteGroup, Inc. (Household Durables)

  3,694      193,713
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)

  2,638      324,896
Target Corp. (Multiline Retail)

  20,810    4,121,837
Terminix Global Holdings, Inc. (Diversified Consumer Svs.)

  (a) 13,387      638,158
Tesla, Inc. (Automobiles)

  (a) 8,558    5,716,145
TJX Cos., Inc. / The (Specialty Retail)

  18,296    1,210,280
Travel + Leisure Co. (Hotels, Restaurants & Leisure)

  20,471    1,252,006
Wendy's Co. / The (Hotels, Restaurants & Leisure)

  14,123      286,132
Whirlpool Corp. (Household Durables)

  419       92,327
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)

  8,983      626,834
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)

  (a) 6,479     812,272
       48,965,037
Consumer Staples6.5%
     
Coca-Cola Co. / The (Beverages)

  98,454    5,189,510
Colgate-Palmolive Co. (Household Products)

  56,482    4,452,476
Costco Wholesale Corp. (Food & Staples Retailing)

  18,243    6,430,293
General Mills, Inc. (Food Products)

  22,001    1,349,101
Herbalife Nutrition Ltd. (Personal Products)

  (a) 2,016       89,430
Hershey Co. / The (Food Products)

  19,591    3,098,513
J.M. Smucker Co. / The (Food Products)

  2,176      275,329
Kellogg Co. (Food Products)

  30,189    1,910,964
McCormick & Co., Inc. (Food Products)

  13,477    1,201,609
Molson Coors Beverage Co. Class B (Beverages)

  2,762      141,276
PepsiCo, Inc. (Beverages)

  19,170    2,711,596
Walmart, Inc. (Food & Staples Retailing)

  2,814     382,226
       27,232,323
Energy3.1%
     
Chevron Corp. (Oil, Gas & Consumable Fuels)

  15,197    1,592,494
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)

  5,493      326,229
Devon Energy Corp. (Oil, Gas & Consumable Fuels)

  6,455      141,042
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)

  1,067       78,414
EQT Corp. (Oil, Gas & Consumable Fuels)

  (a) 2,922       54,291
Hess Corp. (Oil, Gas & Consumable Fuels)

  6,878      486,687
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  95,730    1,593,904
Phillips 66 (Oil, Gas & Consumable Fuels)

  38,798    3,163,589
Schlumberger N.V. (Energy Equip. & Svs.)

  172,437    4,688,562
TechnipFMC PLC (Energy Equip. & Svs.)

  44,787      345,756
Valero Energy Corp. (Oil, Gas & Consumable Fuels)

  4,991     357,355
       12,828,323
Financials11.6%
     
Allstate Corp. / The (Insurance)

  14,521    1,668,463
Ally Financial, Inc. (Consumer Finance)

  13,631      616,258
American Express Co. (Consumer Finance)

  31,726    4,487,326
Arch Capital Group Ltd. (Insurance)

  (a) 1,943       74,553
Athene Holding Ltd. Class A (Insurance)

  (a) 21,278    1,072,411
Bank of Hawaii Corp. (Banks)

  1,996      178,622
Bank of New York Mellon Corp. / The (Capital Markets)

  30,652    1,449,533
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)

  (a) 5,850    1,494,500
 
44
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Financials (continued)      
Charles Schwab Corp. / The (Capital Markets)

  12,177 $    793,697
Citigroup, Inc. (Banks)

  18,219    1,325,432
CME Group, Inc. (Capital Markets)

  5,305    1,083,440
Essent Group Ltd. (Thrifts & Mortgage Finance)

  5,536      262,905
First American Financial Corp. (Insurance)

  17,284      979,139
Invesco Ltd. (Capital Markets)

  12,180      307,180
JPMorgan Chase & Co. (Banks)

  40,249    6,127,105
Marsh & McLennan Cos., Inc. (Insurance)

  18,241    2,221,754
MetLife, Inc. (Insurance)

  31,922    1,940,538
MGIC Investment Corp. (Thrifts & Mortgage Finance)

  10,630      147,226
Moody's Corp. (Capital Markets)

  613      183,048
Morgan Stanley (Capital Markets)

  75,102    5,832,421
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)

  104,828    1,322,929
Pinnacle Financial Partners, Inc. (Banks)

  840       74,474
Progressive Corp. / The (Insurance)

  11,494    1,098,941
Rocket Cos., Inc. Class A (Thrifts & Mortgage Finance)

  3,582       82,708
Signature Bank (Banks)

  3,144      710,858
State Street Corp. (Capital Markets)

  5,180      435,172
T. Rowe Price Group, Inc. (Capital Markets)

  7,220    1,238,952
Travelers Cos., Inc. / The (Insurance)

  8,006    1,204,102
Truist Financial Corp. (Banks)

  51,002    2,974,437
Voya Financial, Inc. (Diversified Financial Svs.)

  38,757    2,466,496
Wells Fargo & Co. (Banks)

  107,029    4,181,623
Willis Towers Watson PLC (Insurance)

  1,572     359,799
       48,396,042
Health Care12.3%
     
AbbVie, Inc. (Biotechnology)

  34,505    3,734,131
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)

  14,765    1,877,222
Alexion Pharmaceuticals, Inc. (Biotechnology)

  (a) 413       63,152
Align Technology, Inc. (Health Care Equip. & Supplies)

  (a) 3,513    1,902,395
AmerisourceBergen Corp. (Health Care Providers & Svs.)

  12,089    1,427,348
Amgen, Inc. (Biotechnology)

  3,928      977,326
Anthem, Inc. (Health Care Providers & Svs.)

  5,988    2,149,393
Biogen, Inc. (Biotechnology)

  (a) 1,930      539,917
Bristol-Myers Squibb Co. (Pharmaceuticals)

  72,410    4,571,243
Bruker Corp. (Life Sciences Tools & Svs.)

  2,919      187,633
Cardinal Health, Inc. (Health Care Providers & Svs.)

  21,900    1,330,425
Catalent, Inc. (Pharmaceuticals)

  (a) 2,238      235,684
Cerner Corp. (Health Care Technology)

  17,379    1,249,202
Cigna Corp. (Health Care Providers & Svs.)

  3,493      844,398
Danaher Corp. (Health Care Equip. & Supplies)

  4,920    1,107,394
Dexcom, Inc. (Health Care Equip. & Supplies)

  (a) 2,508      901,350
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)

  (a) 17,993    1,504,934
Envista Holdings Corp. (Health Care Equip. & Supplies)

  (a) 3,559      145,207
Gilead Sciences, Inc. (Biotechnology)

  82,501    5,332,040
Henry Schein, Inc. (Health Care Providers & Svs.)

  (a) 13,642      944,572
Hill-Rom Holdings, Inc. (Health Care Equip. & Supplies)

  2,847      314,537
Hologic, Inc. (Health Care Equip. & Supplies)

  (a) 1,143       85,016
Humana, Inc. (Health Care Providers & Svs.)

  1,655      693,859
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)

  (a) 3,512 $  1,718,457
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)

  (a) 192      141,876
Johnson & Johnson (Pharmaceuticals)

  33,197    5,455,927
McKesson Corp. (Health Care Providers & Svs.)

  12,330    2,404,843
Medtronic PLC (Health Care Equip. & Supplies)

  8,209      969,729
Merck & Co., Inc. (Pharmaceuticals)

  4,777      368,259
Pfizer, Inc. (Pharmaceuticals)

  68,011    2,464,039
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  (a) 1,335      631,642
UnitedHealth Group, Inc. (Health Care Providers & Svs.)

  10,105    3,759,767
Vertex Pharmaceuticals, Inc. (Biotechnology)

  (a) 6,039   1,297,721
       51,330,638
Industrials9.2%
     
AGCO Corp. (Machinery)

  479       68,808
Alaska Air Group, Inc. (Airlines)

  (a) 869       60,143
Allegion PLC (Building Products)

  2,015      253,124
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)

  853       81,402
Cintas Corp. (Commercial Svs. & Supplies)

  1,631      556,677
Copart, Inc. (Commercial Svs. & Supplies)

  (a) 21,004    2,281,244
CSX Corp. (Road & Rail)

  711       68,555
Cummins, Inc. (Machinery)

  1,749      453,183
Deere & Co. (Machinery)

  7,986    2,987,882
Delta Air Lines, Inc. (Airlines)

  (a) 9,520      459,626
Dun & Bradstreet Holdings, Inc. (Professional Svs.)

  (a) 1,013       24,119
EMCOR Group, Inc. (Construction & Engineering)

  4,736      531,190
Equifax, Inc. (Professional Svs.)

  1,574      285,099
Expeditors International of Washington, Inc. (Air Freight & Logistics)

  29,707    3,199,147
Honeywell International, Inc. (Industrial Conglomerates)

  29,080    6,312,396
IAA, Inc. (Commercial Svs. & Supplies)

  (a) 12,243      675,079
IHS Markit Ltd. (Professional Svs.)

  13,384    1,295,303
Landstar System, Inc. (Road & Rail)

  2,867      473,227
Lennox International, Inc. (Building Products)

  4,745    1,478,495
Lockheed Martin Corp. (Aerospace & Defense)

  10,629    3,927,415
MasTec, Inc. (Construction & Engineering)

  (a) 1,420      133,054
Mercury Systems, Inc. (Aerospace & Defense)

  (a) 3,743      264,443
Oshkosh Corp. (Machinery)

  4,660      552,956
Quanta Services, Inc. (Construction & Engineering)

  1,694      149,038
Robert Half International, Inc. (Professional Svs.)

  7,358      574,439
Roper Technologies, Inc. (Industrial Conglomerates)

  2,281      920,019
Ryder System, Inc. (Road & Rail)

  6,732      509,276
Schneider National, Inc. Class B (Road & Rail)

  4,828      120,555
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)

  (a) 5,190      886,141
Snap-on, Inc. (Machinery)

  252       58,146
Southwest Airlines Co. (Airlines)

  990       60,449
Trane Technologies PLC (Building Products)

  24,451    4,048,108
United Airlines Holdings, Inc. (Airlines)

  (a) 13,373      769,482
 
45
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Core Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Industrials (continued)      
W.W. Grainger, Inc. (Trading Companies & Distributors)

  4,048 $  1,622,965
Xylem, Inc. (Machinery)

  21,258   2,235,916
       38,377,101
Information Technology26.6%
     
Accenture PLC Class A (IT Svs.)

  19,935    5,507,044
Adobe, Inc. (Software)

  (a) 13,779    6,550,123
Advanced Micro Devices, Inc. (Semiconductors & Equip.)

  (a) 16,495    1,294,858
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  184,575   22,545,836
Applied Materials, Inc. (Semiconductors & Equip.)

  31,258    4,176,069
Automatic Data Processing, Inc. (IT Svs.)

  14,007    2,639,899
Cadence Design Systems, Inc. (Software)

  (a) 14,881    2,038,548
Cirrus Logic, Inc. (Semiconductors & Equip.)

  (a) 1,485      125,913
Cisco Systems, Inc. (Communications Equip.)

  46,335    2,395,983
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)

  (a) 15,622    1,377,079
Enphase Energy, Inc. (Semiconductors & Equip.)

  (a) 528       85,621
Fidelity National Information Services, Inc. (IT Svs.)

  5,596      786,854
Flex Ltd. (Electronic Equip., Instr. & Comp.)

  (a) 59,629    1,091,807
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)

  265,406    4,177,490
HP, Inc. (Tech. Hardware, Storage & Periph.)

  9,009      286,036
HubSpot, Inc. (Software)

  (a) 2,234    1,014,705
Intel Corp. (Semiconductors & Equip.)

  97,705    6,253,120
Intuit, Inc. (Software)

  15,231    5,834,387
Itron, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 5,411      479,685
Lam Research Corp. (Semiconductors & Equip.)

  479      285,120
Mastercard, Inc. Class A (IT Svs.)

  9,297    3,310,197
Microsoft Corp. (Software)

  73,856   17,413,029
NVIDIA Corp. (Semiconductors & Equip.)

  5,987    3,196,639
PayPal Holdings, Inc. (IT Svs.)

  (a) 16,241    3,943,964
QUALCOMM, Inc. (Semiconductors & Equip.)

  30,284    4,015,356
Qualtrics International, Inc. Class A (Software)

  (a) 4,231      139,242
ServiceNow, Inc. (Software)

  (a) 7,204    3,602,792
Visa, Inc. (IT Svs.)

  26,801    5,674,576
VMware, Inc. Class A (Software)

  (a) 7,916   1,190,962
      111,432,934
Materials2.7%
     
Amcor PLC (Containers & Packaging)

  37,038      432,604
Common Stocks (Continued)   Shares Value
Materials (continued)      
AptarGroup, Inc. (Containers & Packaging)

  3,695 $    523,471
Crown Holdings, Inc. (Containers & Packaging)

  7,430      721,007
Ecolab, Inc. (Chemicals)

  8,704    1,863,265
FMC Corp. (Chemicals)

  9,919    1,097,141
Linde PLC (Chemicals)

  4,166    1,167,063
Martin Marietta Materials, Inc. (Construction Materials)

  378      126,940
PPG Industries, Inc. (Chemicals)

  26,321    3,954,993
Reliance Steel & Aluminum Co. (Metals & Mining)

  10,742   1,635,899
       11,522,383
Real Estate1.9%
     
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)

  (a) 20,924    1,655,298
Equinix, Inc. (Equity REIT)

  4,228    2,873,306
Kilroy Realty Corp. (Equity REIT)

  14,058      922,627
Prologis, Inc. (Equity REIT)

  24,775   2,626,150
        8,077,381
Utilities2.1%
     
Atmos Energy Corp. (Gas Utilities)

  854       84,418
Avangrid, Inc. (Electric Utilities)

  2,413      120,192
Brookfield Renewable Corp. Class A (Ind. Power & Renewable Elec.)

  2,028       94,910
CMS Energy Corp. (Multi-Utilities)

  7,074      433,070
Consolidated Edison, Inc. (Multi-Utilities)

  52,479    3,925,429
Eversource Energy (Electric Utilities)

  16,879    1,461,553
NextEra Energy, Inc. (Electric Utilities)

  26,121    1,975,009
Sunnova Energy International, Inc. (Ind. Power & Renewable Elec.)

  (a) 11,070      451,878
Xcel Energy, Inc. (Electric Utilities)

  5,581     371,192
        8,917,651
Total Common Stocks (Cost $346,307,605)

    $410,223,367
    
Money Market Funds2.6%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (b) 10,815,428 $ 10,818,673
State Street Institutional U.S. Government Money Market Fund, 0.036%

  (b) 45,000      45,000
Total Money Market Funds (Cost $10,863,673)

     $10,863,673
Total Investments – 100.6% (Cost $357,171,278)

  (c)   $421,087,040
Liabilities in Excess of Other Assets – (0.6)%

  (d)   (2,334,147)
Net Assets – 100.0%     $418,752,893
    
 

Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2021.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $737,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. See also the following Schedule of Open Futures Contracts.
The accompanying notes are an integral part of these financial statements.
46

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Core Portfolio (Continued)
 Schedule of Open Futures Contracts March 31, 2021 (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   67   June 18, 2021   $13,181,237   $13,290,790   $109,553   $59,503
The accompanying notes are an integral part of these financial statements.
47

Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks95.5%   Shares Value
Communication Services1.4%
     
Bandwidth, Inc. Class A (Diversified Telecom. Svs.)

  (a) 1,547 $    196,067
Bumble, Inc. Class A (Interactive Media & Svs.)

  (a) 2,482     154,827
Cardlytics, Inc. (Media)

  (a) 6,457     708,333
Cargurus, Inc. (Interactive Media & Svs.)

  (a) 3,519      83,858
Cogent Communications Holdings, Inc. (Diversified Telecom. Svs.)

  3,513     241,554
Eventbrite, Inc. Class A (Interactive Media & Svs.)

  (a) 9,898     219,340
EverQuote, Inc. Class A (Interactive Media & Svs.)

  (a) 3,933     142,728
Glu Mobile, Inc. (Entertainment)

  (a) 19,414     242,287
IDT Corp. Class B (Diversified Telecom. Svs.)

  (a) 8,567     194,128
iHeartMedia, Inc. Class A (Media)

  (a) 9,141     165,909
Ooma, Inc. (Diversified Telecom. Svs.)

  (a) 7,140     113,169
Sinclair Broadcast Group, Inc. Class A (Media)

  9,998     292,541
        2,754,741
Consumer Discretionary15.4%
     
1-800-Flowers.com, Inc. Class A (Internet & Direct Marketing Retail)

  (a) 23,100     637,791
Accel Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 32,387     353,990
America's Car-Mart, Inc. (Specialty Retail)

  (a) 1,448     220,632
Asbury Automotive Group, Inc. (Specialty Retail)

  (a) 875     171,938
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)

  (a) 6,325     171,091
Brinker International, Inc. (Hotels, Restaurants & Leisure)

  2,861     203,303
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 10,901     953,292
Camping World Holdings, Inc. Class A (Specialty Retail)

  11,927     433,904
CarParts.com, Inc. (Internet & Direct Marketing Retail)

  (a) 7,838     111,927
Casper Sleep, Inc. (Household Durables)

  (a) 12,943      93,707
Cheesecake Factory, Inc. / The (Hotels, Restaurants & Leisure)

  7,647     447,426
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)

  5,968   1,357,243
Crocs, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 18,405   1,480,682
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)

  (a) 5,079   1,678,203
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)

  4,862     437,726
Fox Factory Holding Corp. (Auto Components)

  (a) 5,638     716,364
Green Brick Partners, Inc. (Household Durables)

  (a) 5,358     121,519
Helen of Troy Ltd. (Household Durables)

  (a) 1,227     258,480
Installed Building Products, Inc. (Household Durables)

  2,225     246,708
International Game Technology PLC (Hotels, Restaurants & Leisure)

  44,552     715,060
iRobot Corp. (Household Durables)

  (a) 8,888   1,085,936
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)

  1,764     193,652
KB Home (Household Durables)

  4,391     204,313
LCI Industries (Auto Components)

  9,825   1,299,651
LGI Homes, Inc. (Household Durables)

  (a) 3,370     503,175
Lithia Motors, Inc. Class A (Specialty Retail)

  2,872   1,120,339
M.D.C. Holdings, Inc. (Household Durables)

  28,402   1,687,079
Magnite, Inc. (Internet & Direct Marketing Retail)

  (a) 3,002     124,913
Malibu Boats, Inc. Class A (Leisure Products)

  (a) 8,812     702,140
MarineMax, Inc. (Specialty Retail)

  (a) 5,354     264,273
McGrath RentCorp (Commercial Svs. & Supplies)

  7,201     580,761
National Vision Holdings, Inc. (Specialty Retail)

  (a) 8,476     371,503
Overstock.com, Inc. (Internet & Direct Marketing Retail)

  (a) 8,603     570,035
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)

  (a) 12,270   1,286,387
Common Stocks (Continued)   Shares Value
Consumer Discretionary (continued)
     
RealReal, Inc. / The (Internet & Direct Marketing Retail)

  (a) 17,470 $    395,346
Rent-A-Center, Inc. (Specialty Retail)

  7,045     406,215
RH (Specialty Retail)

  (a) 752     448,643
Scientific Games Corp. (Hotels, Restaurants & Leisure)

  (a) 8,762     337,512
SeaWorld Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 15,756     782,601
Shake Shack, Inc. Class A (Hotels, Restaurants & Leisure)

  (a) 6,398     721,502
Shutterstock, Inc. (Internet & Direct Marketing Retail)

  1,573     140,060
Sonos, Inc. (Household Durables)

  (a) 8,103     303,619
Stamps.com, Inc. (Internet & Direct Marketing Retail)

  (a) 3,079     614,291
Stitch Fix, Inc. Class A (Internet & Direct Marketing Retail)

  (a) 7,223     357,827
Strategic Education, Inc. (Diversified Consumer Svs.)

  4,699     431,885
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)

  13,662   1,310,732
Tilly's, Inc. (Specialty Retail)

  (a) 4,764      53,928
TopBuild Corp. (Household Durables)

  (a) 2,860     598,970
Universal Electronics, Inc. (Household Durables)

  (a) 2,066     113,568
Urban Outfitters, Inc. (Specialty Retail)

  (a) 3,978     147,942
Visteon Corp. (Auto Components)

  (a) 6,839     834,016
W.W. International, Inc. (Diversified Consumer Svs.)

  (a) 4,368     136,631
Wingstop, Inc. (Hotels, Restaurants & Leisure)

  8,793   1,118,206
Winnebago Industries, Inc. (Automobiles)

  8,362     641,449
YETI Holdings, Inc. (Leisure Products)

  (a) 9,034     652,345
       31,352,431
Consumer Staples2.3%
     
BJ's Wholesale Club Holdings, Inc. (Food & Staples Retailing)

  (a) 10,617     476,279
Central Garden & Pet Co. Class A (Household Products)

  (a) 9,778     507,380
Chefs' Warehouse, Inc. / The (Food & Staples Retailing)

  (a) 5,756     175,328
E.L.F. Beauty, Inc. (Personal Products)

  (a) 9,896     265,510
Freshpet, Inc. (Food Products)

  (a) 9,154   1,453,747
Performance Food Group Co. (Food & Staples Retailing)

  (a) 10,588     609,975
PriceSmart, Inc. (Food & Staples Retailing)

  3,416     330,498
Sanderson Farms, Inc. (Food Products)

  694     108,111
Sprouts Farmers Market, Inc. (Food & Staples Retailing)

  (a) 8,800     234,256
USANA Health Sciences, Inc. (Personal Products)

  (a) 907      88,523
Vital Farms, Inc. (Food Products)

  (a) 20,905     456,565
        4,706,172
Energy0.6%
     
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)

  10,192     195,483
Delek U.S. Holdings, Inc. (Oil, Gas & Consumable Fuels)

  12,363     269,266
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)

  31,209     105,486
Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels)

  (a) 26,746     307,044
Smart Sand, Inc. (Energy Equip. & Svs.)

  (a) 47,289     119,641
W&T Offshore, Inc. (Oil, Gas & Consumable Fuels)

  (a) 40,808     146,501
        1,143,421
Financials3.8%
     
Artisan Partners Asset Management, Inc. Class A (Capital Markets)

  11,808     616,023
AssetMark Financial Holdings, Inc. (Capital Markets)

  (a) 7,916     184,759
B Riley Financial, Inc. (Capital Markets)

  3,156     177,935
BankFinancial Corp. (Banks)

  5,622      58,019
 
48
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Financials (continued)      
Cohen & Steers, Inc. (Capital Markets)

  11,240 $    734,309
eHealth, Inc. (Insurance)

  (a) 2,719     197,753
Essent Group Ltd. (Thrifts & Mortgage Finance)

  2,101      99,776
First Interstate BancSystem, Inc. Class A (Banks)

  3,664     168,691
First Savings Financial Group, Inc. (Banks)

  2,205     148,044
Hamilton Lane, Inc. Class A (Capital Markets)

  18,905   1,674,227
Houlihan Lokey, Inc. (Capital Markets)

  6,849     455,527
Investors Bancorp, Inc. (Banks)

  13,503     198,359
Kinsale Capital Group, Inc. (Insurance)

  2,496     411,341
Moelis & Co. Class A (Capital Markets)

  16,539     907,660
Pacific Mercantile Bancorp (Banks)

  (a) 9,962      88,662
Radian Group, Inc. (Thrifts & Mortgage Finance)

  3,711      86,281
Republic First Bancorp, Inc. (Banks)

  (a) 80,832     304,737
RLI Corp. (Insurance)

  1,277     142,475
TFS Financial Corp. (Thrifts & Mortgage Finance)

  18,666     380,226
Trupanion, Inc. (Insurance)

  (a) 6,595     502,605
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance)

  1,638     168,288
        7,705,697
Health Care30.1%
     
1Life Healthcare, Inc. (Health Care Providers & Svs.)

  (a) 15,519     606,483
ACADIA Pharmaceuticals, Inc. (Biotechnology)

  (a) 4,855     125,259
Accuray, Inc. (Health Care Equip. & Supplies)

  (a) 41,890     207,355
AdaptHealth Corp. (Health Care Providers & Svs.)

  (a) 7,241     266,179
Agenus, Inc. (Biotechnology)

  (a) 65,236     177,442
Alector, Inc. (Biotechnology)

  (a) 22,770     458,588
Allakos, Inc. (Biotechnology)

  (a) 1,859     213,376
Allogene Therapeutics, Inc. (Biotechnology)

  (a) 3,600     127,080
Alphatec Holdings, Inc. (Health Care Equip. & Supplies)

  (a) 7,532     118,930
ALX Oncology Holdings, Inc. (Biotechnology)

  (a) 1,291      95,198
Amarin Corp. PLC – ADR (Biotechnology)

  (a) 17,101     106,197
Amicus Therapeutics, Inc. (Biotechnology)

  (a) 34,993     345,731
AMN Healthcare Services, Inc. (Health Care Providers & Svs.)

  (a) 10,066     741,864
Amphastar Pharmaceuticals, Inc. (Pharmaceuticals)

  (a) 31,645     579,736
Apellis Pharmaceuticals, Inc. (Biotechnology)

  (a) 4,777     204,981
Aptinyx, Inc. (Biotechnology)

  (a) 28,141      84,423
Arcus Biosciences, Inc. (Biotechnology)

  (a) 8,758     245,925
Arcutis Biotherapeutics, Inc. (Biotechnology)

  (a) 5,941     171,873
Arrowhead Pharmaceuticals, Inc. (Biotechnology)

  (a) 11,849     785,707
Arvinas, Inc. (Pharmaceuticals)

  (a) 5,485     362,558
Atara Biotherapeutics, Inc. (Biotechnology)

  (a) 16,170     232,201
Athenex, Inc. (Biotechnology)

  (a) 11,735      50,461
Athersys, Inc. (Biotechnology)

  (a) 60,257     108,463
AtriCure, Inc. (Health Care Equip. & Supplies)

  (a) 7,974     522,456
Atrion Corp. (Health Care Equip. & Supplies)

  585     375,166
Avidity Biosciences, Inc. (Biotechnology)

  (a) 5,306     115,724
Avrobio, Inc. (Biotechnology)

  (a) 9,661     122,598
Axonics Modulation Technologies, Inc. (Health Care Equip. & Supplies)

  (a) 4,579     274,236
Axsome Therapeutics, Inc. (Pharmaceuticals)

  (a) 3,760     212,891
Beam Therapeutics, Inc. (Biotechnology)

  (a) 3,253     260,370
Beyondspring, Inc. (Biotechnology)

  (a) 8,867      98,158
BioCryst Pharmaceuticals, Inc. (Biotechnology)

  (a) 20,774     211,272
BioDelivery Sciences International, Inc. (Pharmaceuticals)

  (a) 18,702      73,125
Biohaven Pharmaceutical Holding Co. Ltd. (Biotechnology)

  (a) 4,033     275,656
Black Diamond Therapeutics, Inc. (Biotechnology)

  (a) 4,143     100,509
Blueprint Medicines Corp. (Biotechnology)

  (a) 5,321     517,361
Bridgebio Pharma, Inc. (Biotechnology)

  (a) 17,646   1,086,994
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
C4 Therapeutics, Inc. (Biotechnology)

  (a) 2,217 $     82,007
Cantel Medical Corp. (Health Care Equip. & Supplies)

  (a) 9,610     767,262
Cardiovascular Systems, Inc. (Health Care Equip. & Supplies)

  (a) 15,260     585,068
CareDx, Inc. (Biotechnology)

  (a) 6,031     410,651
Castlight Health, Inc. Class B (Health Care Technology)

  (a) 30,829      46,552
Certara, Inc. (Health Care Technology)

  (a) 8,196     223,751
Cerus Corp. (Health Care Equip. & Supplies)

  (a) 42,400     254,824
ChemoCentryx, Inc. (Biotechnology)

  (a) 6,226     319,020
Codexis, Inc. (Life Sciences Tools & Svs.)

  (a) 15,411     352,758
Coherus Biosciences, Inc. (Biotechnology)

  (a) 16,768     244,980
CONMED Corp. (Health Care Equip. & Supplies)

  3,513     458,763
CorVel Corp. (Health Care Providers & Svs.)

  (a) 2,208     226,519
Crinetics Pharmaceuticals, Inc. (Biotechnology)

  (a) 2,601      39,743
CryoPort, Inc. (Health Care Equip. & Supplies)

  (a) 1,869      97,207
Cue Biopharma, Inc. (Biotechnology)

  (a) 9,963     121,549
Deciphera Pharmaceuticals, Inc. (Biotechnology)

  (a) 6,692     300,069
Denali Therapeutics, Inc. (Biotechnology)

  (a) 8,753     499,796
Dynavax Technologies Corp. (Biotechnology)

  (a) 19,408     190,781
Dyne Therapeutics, Inc. (Biotechnology)

  (a) 4,564      70,879
Editas Medicine, Inc. (Biotechnology)

  (a) 9,873     414,666
Emergent BioSolutions, Inc. (Biotechnology)

  (a) 7,167     665,886
Enanta Pharmaceuticals, Inc. (Biotechnology)

  (a) 8,707     429,429
Endo International PLC (Pharmaceuticals)

  (a) 17,213     127,548
Epizyme, Inc. (Biotechnology)

  (a) 9,867      85,942
Fate Therapeutics, Inc. (Biotechnology)

  (a) 8,612     710,059
FibroGen, Inc. (Biotechnology)

  (a) 18,261     633,839
Flexion Therapeutics, Inc. (Biotechnology)

  (a) 22,917     205,107
Foghorn Therapeutics, Inc. (Biotechnology)

  (a) 8,256     108,814
Frequency Therapeutics, Inc. (Biotechnology)

  (a) 11,635     110,533
Fulgent Genetics, Inc. (Health Care Providers & Svs.)

  (a) 701      67,731
GenMark Diagnostics, Inc. (Health Care Equip. & Supplies)

  (a) 8,558     204,536
Globus Medical, Inc. Class A (Health Care Equip. & Supplies)

  (a) 7,577     467,274
Gossamer Bio, Inc. (Biotechnology)

  (a) 4,355      40,284
Halozyme Therapeutics, Inc. (Biotechnology)

  (a) 22,589     941,735
Harpoon Therapeutics, Inc. (Biotechnology)

  (a) 9,978     208,740
Health Catalyst, Inc. (Health Care Technology)

  (a) 2,143     100,228
HealthEquity, Inc. (Health Care Providers & Svs.)

  (a) 2,792     189,856
Heron Therapeutics, Inc. (Biotechnology)

  (a) 23,380     378,990
Heska Corp. (Health Care Equip. & Supplies)

  (a) 3,015     507,907
HMS Holdings Corp. (Health Care Technology)

  (a) 10,756     397,703
Innovage Holding Corp. (Health Care Providers & Svs.)

  (a) 5,402     139,318
Innoviva, Inc. (Pharmaceuticals)

  (a) 21,223     253,615
Inogen, Inc. (Health Care Equip. & Supplies)

  (a) 5,863     307,925
Inovalon Holdings, Inc. Class A (Health Care Technology)

  (a) 25,127     723,155
Inovio Pharmaceuticals, Inc. (Biotechnology)

  (a) 26,465     245,595
Insmed, Inc. (Biotechnology)

  (a) 10,403     354,326
Inspire Medical Systems, Inc. (Health Care Technology)

  (a) 4,369     904,339
Integer Holdings Corp. (Health Care Equip. & Supplies)

  (a) 1,680     154,728
Intellia Therapeutics, Inc. (Biotechnology)

  (a) 3,529     283,220
Intercept Pharmaceuticals, Inc. (Biotechnology)

  (a) 6,783     156,552
Intersect ENT, Inc. (Pharmaceuticals)

  (a) 19,785     413,111
Invitae Corp. (Biotechnology)

  (a) 17,449     666,726
iRhythm Technologies, Inc. (Health Care Equip. & Supplies)

  (a) 3,471     481,983
Joint Corp. / The (Health Care Providers & Svs.)

  (a) 9,316     450,615
Karuna Therapeutics, Inc. (Biotechnology)

  (a) 1,938     233,006
Karyopharm Therapeutics, Inc. (Biotechnology)

  (a) 34,781     365,896
 
49
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
Kiniksa Pharmaceuticals Ltd. Class A (Biotechnology)

  (a) 6,430 $    119,019
Kodiak Sciences, Inc. (Biotechnology)

  (a) 2,609     295,835
Kymera Therapeutics, Inc. (Biotechnology)

  (a) 2,848     110,673
LeMaitre Vascular, Inc. (Health Care Equip. & Supplies)

  8,899     434,093
LHC Group, Inc. (Health Care Providers & Svs.)

  (a) 2,431     464,832
Ligand Pharmaceuticals, Inc. (Biotechnology)

  (a) 1,074     163,731
LivaNova PLC (Health Care Equip. & Supplies)

  (a) 4,654     343,139
Luminex Corp. (Life Sciences Tools & Svs.)

  18,292     583,515
MacroGenics, Inc. (Biotechnology)

  (a) 10,707     341,018
Madrigal Pharmaceuticals, Inc. (Biotechnology)

  (a) 4,263     498,643
Magellan Health, Inc. (Health Care Providers & Svs.)

  (a) 1,511     140,886
Medpace Holdings, Inc. (Life Sciences Tools & Svs.)

  (a) 6,701   1,099,299
Mirati Therapeutics, Inc. (Biotechnology)

  (a) 8,101   1,387,701
Mirum Pharmaceuticals, Inc. (Biotechnology)

  (a) 7,949     157,549
NanoString Technologies, Inc. (Life Sciences Tools & Svs.)

  (a) 11,212     736,741
Natera, Inc. (Biotechnology)

  (a) 13,775   1,398,713
Neogen Corp. (Health Care Equip. & Supplies)

  (a) 9,900     880,011
NeoGenomics, Inc. (Life Sciences Tools & Svs.)

  (a) 23,719   1,143,967
Neoleukin Therapeutics, Inc. (Biotechnology)

  (a) 9,004     110,839
Nevro Corp. (Health Care Equip. & Supplies)

  (a) 7,567   1,055,596
NextCure, Inc. (Biotechnology)

  (a) 8,883      88,919
NextGen Healthcare, Inc. (Health Care Technology)

  (a) 6,940     125,614
NGM Biopharmaceuticals, Inc. (Pharmaceuticals)

  (a) 12,191     354,392
Novavax, Inc. (Biotechnology)

  (a) 2,626     476,120
NuVasive, Inc. (Health Care Equip. & Supplies)

  (a) 5,319     348,714
Omeros Corp. (Pharmaceuticals)

  (a) 17,248     307,014
Omnicell, Inc. (Health Care Technology)

  (a) 10,480   1,361,038
OraSure Technologies, Inc. (Health Care Equip. & Supplies)

  (a) 10,372     121,041
Oyster Point Pharma, Inc. (Biotechnology)

  (a) 9,003     164,575
Pacific Biosciences of California, Inc. (Life Sciences Tools & Svs.)

  (a) 20,565     685,020
Pacira BioSciences, Inc. (Pharmaceuticals)

  (a) 997      69,880
Passage Bio, Inc. (Biotechnology)

  (a) 8,622     150,713
Patterson Cos., Inc. (Health Care Providers & Svs.)

  11,369     363,240
Personalis, Inc. (Life Sciences Tools & Svs.)

  (a) 5,564     136,930
PetIQ, Inc. (Health Care Providers & Svs.)

  (a) 5,324     187,724
Phreesia, Inc. (Health Care Technology)

  (a) 19,910   1,037,311
Poseida Therapeutics, Inc. (Biotechnology)

  (a) 3,813      36,414
Precision BioSciences, Inc. (Biotechnology)

  (a) 17,540     181,539
Prestige Consumer Healthcare, Inc. (Pharmaceuticals)

  (a) 1,373      60,522
Progyny, Inc. (Health Care Providers & Svs.)

  (a) 5,743     255,621
PTC Therapeutics, Inc. (Biotechnology)

  (a) 13,616     644,718
Puma Biotechnology, Inc. (Biotechnology)

  (a) 19,032     184,991
Quanterix Corp. (Life Sciences Tools & Svs.)

  (a) 2,270     132,727
R1 RCM, Inc. (Health Care Providers & Svs.)

  (a) 15,862     391,474
Radius Health, Inc. (Biotechnology)

  (a) 13,550     282,653
REGENXBIO, Inc. (Biotechnology)

  (a) 7,468     254,733
Relmada Therapeutics, Inc. (Pharmaceuticals)

  (a) 5,208     183,374
Repligen Corp. (Life Sciences Tools & Svs.)

  (a) 1,626     316,111
Revance Therapeutics, Inc. (Pharmaceuticals)

  (a) 8,096     226,283
REVOLUTION Medicines, Inc. (Biotechnology)

  (a) 7,851     360,204
Rigel Pharmaceuticals, Inc. (Biotechnology)

  (a) 88,669     303,248
Rocket Pharmaceuticals, Inc. (Biotechnology)

  (a) 2,755     122,239
Sage Therapeutics, Inc. (Biotechnology)

  (a) 361      27,021
Sana Biotechnology, Inc. (Biotechnology)

  (a) 7,331     245,369
Schrodinger, Inc. (Health Care Technology)

  (a) 1,050      80,105
Seer, Inc. (Life Sciences Tools & Svs.)

  (a) 2,905     145,308
Select Medical Holdings Corp. (Health Care Providers & Svs.)

  (a) 15,265     520,536
Seres Therapeutics, Inc. (Biotechnology)

  (a) 21,272     437,990
Shockwave Medical, Inc. (Health Care Equip. & Supplies)

  (a) 2,945     383,616
Signify Health, Inc. Class A (Health Care Providers & Svs.)

  (a) 9,605     281,042
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
Silk Road Medical, Inc. (Health Care Equip. & Supplies)

  (a) 3,286 $    166,436
Silverback Therapeutics, Inc. (Biotechnology)

  (a) 8,290     361,693
Sorrento Therapeutics, Inc. (Biotechnology)

  (a) 19,934     164,854
Spectrum Pharmaceuticals, Inc. (Biotechnology)

  (a) 48,689     158,726
STAAR Surgical Co. (Health Care Equip. & Supplies)

  (a) 2,417     254,776
Sutro Biopharma, Inc. (Biotechnology)

  (a) 13,219     300,864
Tabula Rasa HealthCare, Inc. (Health Care Technology)

  (a) 2,724     125,440
Tactile Systems Technology, Inc. (Health Care Equip. & Supplies)

  (a) 6,291     342,797
Teladoc Health, Inc. (Health Care Technology)

  (a) 1,418     257,721
TG Therapeutics, Inc. (Biotechnology)

  (a) 10,704     515,933
Theravance Biopharma, Inc. (Pharmaceuticals)

  (a) 18,256     372,605
Travere Therapeutics, Inc. (Biotechnology)

  (a) 11,769     293,872
Turning Point Therapeutics, Inc. (Biotechnology)

  (a) 2,813     266,082
Twist Bioscience Corp. (Biotechnology)

  (a) 6,873     851,290
U.S. Physical Therapy, Inc. (Health Care Providers & Svs.)

  3,937     409,842
Ultragenyx Pharmaceutical, Inc. (Biotechnology)

  (a) 11,825   1,346,394
Veracyte, Inc. (Biotechnology)

  (a) 14,447     776,526
Viemed Healthcare, Inc. (Health Care Providers & Svs.)

  (a) 11,958     121,015
Vir Biotechnology, Inc. (Biotechnology)

  (a) 7,996     409,955
Vocera Communications, Inc. (Health Care Technology)

  (a) 19,504     750,124
Xencor, Inc. (Biotechnology)

  (a) 10,546     454,111
Zogenix, Inc. (Pharmaceuticals)

  (a) 6,580     128,442
Zynex, Inc. (Health Care Equip. & Supplies)

  (a) 4,338      66,241
       61,483,244
Industrials14.8%
     
AAON, Inc. (Building Products)

  3,675     257,287
ABM Industries, Inc. (Commercial Svs. & Supplies)

  3,098     158,029
Advanced Drainage Systems, Inc. (Building Products)

  6,921     715,562
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)

  12,470     585,591
Ameresco, Inc. Class A (Construction & Engineering)

  (a) 5,958     289,738
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)

  2,899     264,302
ASGN, Inc. (Professional Svs.)

  (a) 10,254     978,642
Atkore, Inc. (Electrical Equip.)

  (a) 1,944     139,774
Bloom Energy Corp. Class A (Electrical Equip.)

  (a) 14,835     401,287
Brink's Co. / The (Commercial Svs. & Supplies)

  9,152     725,113
Builders FirstSource, Inc. (Building Products)

  (a) 30,217   1,401,162
Cimpress PLC (Commercial Svs. & Supplies)

  (a) 1,132     113,347
Cornerstone Building Brands, Inc. (Building Products)

  (a) 10,175     142,755
Echo Global Logistics, Inc. (Air Freight & Logistics)

  (a) 14,308     449,414
EMCOR Group, Inc. (Construction & Engineering)

  11,773   1,320,460
ESCO Technologies, Inc. (Machinery)

  4,694     511,130
Evoqua Water Technologies Corp. (Machinery)

  (a) 15,567     409,412
Federal Signal Corp. (Machinery)

  1,875      71,813
Forrester Research, Inc. (Professional Svs.)

  (a) 4,676     198,636
Franklin Covey Co. (Professional Svs.)

  (a) 19,876     562,292
Franklin Electric Co., Inc. (Machinery)

  14,725   1,162,391
FuelCell Energy, Inc. (Electrical Equip.)

  (a) 18,037     259,913
Generac Holdings, Inc. (Electrical Equip.)

  (a) 2,639     864,141
Hawaiian Holdings, Inc. (Airlines)

  (a) 3,031      80,837
Herman Miller, Inc. (Commercial Svs. & Supplies)

  4,820     198,343
Hub Group, Inc. Class A (Air Freight & Logistics)

  (a) 11,453     770,558
Insperity, Inc. (Professional Svs.)

  5,764     482,677
John Bean Technologies Corp. (Machinery)

  8,724   1,163,258
 
50
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Industrials (continued)      
Kforce, Inc. (Professional Svs.)

  20,358 $  1,091,189
Kimball International, Inc. Class B (Commercial Svs. & Supplies)

  16,987     237,818
Landstar System, Inc. (Road & Rail)

  2,067     341,179
Marten Transport Ltd. (Road & Rail)

  8,689     147,452
Masonite International Corp. (Building Products)

  (a) 1,609     185,421
MasTec, Inc. (Construction & Engineering)

  (a) 6,647     622,824
MYR Group, Inc. (Construction & Engineering)

  (a) 2,202     157,817
PAE, Inc. (Aerospace & Defense)

  (a) 19,445     175,394
Plug Power, Inc. (Electrical Equip.)

  (a) 55,549   1,990,876
Primoris Services Corp. (Construction & Engineering)

  15,192     503,311
Proto Labs, Inc. (Machinery)

  (a) 4,329     527,056
Radiant Logistics, Inc. (Air Freight & Logistics)

  (a) 10,231      71,105
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)

  (a) 14,987   2,558,880
Sunrun, Inc. (Electrical Equip.)

  (a) 26,480   1,601,510
Tetra Tech, Inc. (Commercial Svs. & Supplies)

  4,713     639,648
TPI Composites, Inc. (Electrical Equip.)

  (a) 9,162     517,012
Trex Co., Inc. (Building Products)

  (a) 9,107     833,655
TriNet Group, Inc. (Professional Svs.)

  (a) 10,908     850,388
UFP Industries, Inc. (Building Products)

  2,170     164,573
Upwork, Inc. (Professional Svs.)

  (a) 8,741     391,335
Watts Water Technologies, Inc. Class A (Machinery)

  3,053     362,727
Welbilt, Inc. (Machinery)

  (a) 4,679      76,034
Werner Enterprises, Inc. (Road & Rail)

  21,578   1,017,834
WillScot Mobile Mini Holdings Corp. (Construction & Engineering)

  (a) 16,784     465,756
       30,208,658
Information Technology20.0%
     
8x8, Inc. (Software)

  (a) 45,553   1,477,739
A10 Networks, Inc. (Software)

  (a) 29,254     281,131
ACI Worldwide, Inc. (Software)

  (a) 19,274     733,376
Alarm.com Holdings, Inc. (Software)

  (a) 7,198     621,763
Altair Engineering, Inc. Class A (Software)

  (a) 13,492     844,194
Appfolio, Inc. Class A (Software)

  (a) 859     121,471
Appian Corp. (Software)

  (a) 4,629     615,426
Avaya Holdings Corp. (Software)

  (a) 5,169     144,887
Blackline, Inc. (Software)

  (a) 7,290     790,236
Bottomline Technologies DE, Inc. (Software)

  (a) 15,966     722,461
Box, Inc. Class A (Software)

  (a) 61,426   1,410,341
Brooks Automation, Inc. (Semiconductors & Equip.)

  14,718   1,201,725
Calix, Inc. (Communications Equip.)

  (a) 14,246     493,766
Cirrus Logic, Inc. (Semiconductors & Equip.)

  (a) 12,902   1,093,961
CMC Materials, Inc. (Semiconductors & Equip.)

  3,302     583,761
CommVault Systems, Inc. (Software)

  (a) 12,478     804,831
Cornerstone OnDemand, Inc. (Software)

  (a) 10,016     436,497
CSG Systems International, Inc. (IT Svs.)

  16,069     721,337
Digital Turbine, Inc. (Software)

  (a) 9,702     779,653
Domo, Inc. Class B (Software)

  (a) 5,560     312,972
Envestnet, Inc. (Software)

  (a) 2,306     166,562
ePlus, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 8,840     880,818
Extreme Networks, Inc. (Communications Equip.)

  (a) 24,986     218,627
FARO Technologies, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 5,331     461,505
Five9, Inc. (Software)

  (a) 3,207     501,350
FormFactor, Inc. (Semiconductors & Equip.)

  (a) 9,439     425,793
Grid Dynamics Holdings, Inc. (IT Svs.)

  (a) 23,044     367,091
Ichor Holdings Ltd. (Semiconductors & Equip.)

  (a) 12,609     678,364
II-VI, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 4,322     295,495
Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 8,393     800,860
InterDigital, Inc. (Communications Equip.)

  2,436     154,564
International Money Express, Inc. (IT Svs.)

  (a) 6,445      96,739
Itron, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 5,944     526,936
J2 Global, Inc. (Software)

  (a) 3,575     428,499
KBR, Inc. (IT Svs.)

  4,775     183,312
Lattice Semiconductor Corp. (Semiconductors & Equip.)

  (a) 29,430   1,324,939
Limelight Networks, Inc. (IT Svs.)

  (a) 18,337      65,463
LivePerson, Inc. (Software)

  (a) 10,009     527,875
Common Stocks (Continued)   Shares Value
Information Technology (continued)
     
LiveRamp Holdings, Inc. (IT Svs.)

  (a) 2,457 $    127,469
ManTech International Corp. Class A (IT Svs.)

  817      71,038
MAXIMUS, Inc. (IT Svs.)

  17,019   1,515,372
MaxLinear, Inc. (Semiconductors & Equip.)

  (a) 4,279     145,828
Methode Electronics, Inc. (Electronic Equip., Instr. & Comp.)

  3,693     155,032
Novanta, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 2,763     364,412
Olo, Inc. Class A (Software)

  (a) 3,127      82,522
ON24, Inc. (Software)

  (a) 2,656     128,843
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 12,832   1,233,155
PAR Technology Corp. (Electronic Equip., Instr. & Comp.)

  (a) 6,529     427,062
Paylocity Holding Corp. (Software)

  (a) 1,743     313,444
PC Connection, Inc. (Electronic Equip., Instr. & Comp.)

  15,635     725,308
Power Integrations, Inc. (Semiconductors & Equip.)

  20,679   1,684,925
Progress Software Corp. (Software)

  12,453     548,679
PROS Holdings, Inc. (Software)

  (a) 18,152     771,460
Q2 Holdings, Inc. (Software)

  (a) 5,173     518,335
QAD, Inc. Class A (Software)

  9,106     606,277
Qualys, Inc. (Software)

  (a) 1,047     109,705
Radware Ltd. (Communications Equip.)

  (a) 5,120     133,530
Rapid7, Inc. (Software)

  (a) 8,889     663,208
RingCentral, Inc. Class A (Software)

  (a) 1,257     374,435
Sailpoint Technologies Holdings, Inc. (Software)

  (a) 11,284     571,422
Silicon Laboratories, Inc. (Semiconductors & Equip.)

  (a) 7,702   1,086,521
Silicon Motion Technology Corp. – ADR (Semiconductors & Equip.)

  1,921     114,088
SiTime Corp. (Semiconductors & Equip.)

  (a) 966      95,248
Sprout Social, Inc. Class A (Software)

  (a) 13,373     772,424
SPS Commerce, Inc. (Software)

  (a) 2,794     277,472
SunPower Corp. (Semiconductors & Equip.)

  (a) 5,116     171,130
SVMK, Inc. (Software)

  (a) 6,437     117,926
Synaptics, Inc. (Semiconductors & Equip.)

  (a) 8,662   1,173,008
Tenable Holdings, Inc. (Software)

  (a) 3,344     121,003
Tower Semiconductor Ltd. (Semiconductors & Equip.)

  (a) 1,786      50,079
Ultra Clean Holdings, Inc. (Semiconductors & Equip.)

  (a) 2,316     134,421
Varonis Systems, Inc. (Software)

  (a) 32,502   1,668,653
Verra Mobility Corp. (IT Svs.)

  (a) 10,734     145,285
WNS Holdings Ltd. – ADR (IT Svs.)

  (a) 5,750     416,530
Yext, Inc. (Software)

  (a) 46,816     677,896
Zuora, Inc. Class A (Software)

  (a) 11,132     164,754
       40,754,219
Materials3.0%
     
Avient Corp. (Chemicals)

  9,358     442,353
Balchem Corp. (Chemicals)

  7,414     929,790
HB Fuller Co. (Chemicals)

  21,050   1,324,255
Ingevity Corp. (Chemicals)

  (a) 1,187      89,654
Livent Corp. (Chemicals)

  (a) 10,290     178,223
Louisiana-Pacific Corp. (Paper & Forest Products)

  26,969   1,495,701
Novagold Resources, Inc. (Metals & Mining)

  (a) 65,935     577,590
Schnitzer Steel Industries, Inc. Class A (Metals & Mining)

  4,341     181,410
Trinseo SA (Chemicals)

  9,367     596,397
Venator Materials PLC (Chemicals)

  (a) 55,792     258,317
Worthington Industries, Inc. (Metals & Mining)

  1,921     128,880
        6,202,570
Real Estate3.0%
     
Broadstone Net Lease, Inc. (Equity REIT)

  17,680     323,544
CorePoint Lodging, Inc. (Equity REIT)

  17,898     161,619
eXp World Holdings, Inc. (Real Estate Mgmt. & Development)

  (a) 4,062     185,024
First Industrial Realty Trust, Inc. (Equity REIT)

  7,962     364,580
Four Corners Property Trust, Inc. (Equity REIT)

  17,572     481,473
Macerich Co. / The (Equity REIT)

  12,809     149,865
Marcus & Millichap, Inc. (Real Estate Mgmt. & Development)

  (a) 52,285   1,762,005
 
51
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Small Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Real Estate (continued)
     
NexPoint Residential Trust, Inc. (Equity REIT)

  2,122 $     97,803
Plymouth Industrial REIT, Inc. (Equity REIT)

  12,071     203,396
QTS Realty Trust, Inc. Class A (Equity REIT)

  3,032     188,105
RE/MAX Holdings, Inc. Class A (Real Estate Mgmt. & Development)

  8,264     325,519
Realogy Holdings Corp. (Real Estate Mgmt. & Development)

  (a) 8,930     135,111
Redfin Corp. (Real Estate Mgmt. & Development)

  (a) 10,425     694,201
RMR Group, Inc. / The Class A (Real Estate Mgmt. & Development)

  8,260     337,091
Ryman Hospitality Properties, Inc. (Equity REIT)

  4,494     348,330
Uniti Group, Inc. (Equity REIT)

  37,445     413,018
        6,170,684
Utilities1.1%
     
Brookfield Infrastructure Corp. Class A (Gas Utilities)

  3,855     294,406
Brookfield Renewable Corp. Class A (Ind. Power & Renewable Elec.)

  2,090      97,812
California Water Service Group (Water Utilities)

  6,756     380,633
Clearway Energy, Inc. Class A (Ind. Power & Renewable Elec.)

  6,615     175,364
Ormat Technologies, Inc. (Ind. Power & Renewable Elec.)

  4,417     346,867
Common Stocks (Continued)   Shares Value
Utilities (continued)      
Southwest Gas Holdings, Inc. (Gas Utilities)

  10,010 $    687,787
Sunnova Energy International, Inc. (Ind. Power & Renewable Elec.)

  (a) 5,836     238,226
        2,221,095
Total Common Stocks (Cost $149,765,331)

    $194,702,932
    
Rights0.0%   Quantity Value
Health Care0.0%
     
Alder BioPharmaceuticals, Inc. CVR (Pharmaceuticals)

  14,631 $     12,875
Prevail Therapeutics, Inc. CVR (Biotechnology)

  2,231       1,116
Total Rights (Cost $13,991)

         $13,991
    
Money Market Funds2.8%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (b) 5,675,012 $  5,676,715
State Street Institutional U.S. Government Money Market Fund, 0.036%

  (b) 109,341     109,341
Total Money Market Funds (Cost $5,786,056)

      $5,786,056
Total Investments – 98.3% (Cost $155,565,378)

  (c)   $200,502,979
Other Assets in Excess of Liabilities – 1.7%

  (d)   3,435,455
Net Assets – 100.0%     $203,938,434
    
 

Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
CVR: Contingent Value Right
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2021.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $383,500 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. 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 March 31, 2021 (Unaudited) 
    
Description   Number of
contracts
  Expiration Date   Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
  Variation Margin
Receivable
(Payable)
CME E-mini Russell 2000 Index - Long   59   June 18, 2021   $6,854,037   $6,556,375   $(297,662)   $84,030
The accompanying notes are an integral part of these financial statements.
52

Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks101.3%   Shares Value
Communication Services2.0%
     
Cable One, Inc. (Media)

  1,048 $  1,916,121
Cinemark Holdings, Inc. (Entertainment)

  20,900     426,569
Iridium Communications, Inc. (Diversified Telecom. Svs.)

  (a) 22,804     940,665
John Wiley & Sons, Inc. Class A (Media)

  8,434     457,123
New York Times Co. / The Class A (Media)

  27,982   1,416,449
TEGNA, Inc. (Media)

  42,397     798,336
Telephone & Data Systems, Inc. (Wireless Telecom. Svs.)

  19,220     441,291
TripAdvisor, Inc. (Interactive Media & Svs.)

  (a) 18,604   1,000,709
World Wrestling Entertainment, Inc. Class A (Entertainment)

  8,978     487,146
Yelp, Inc. (Interactive Media & Svs.)

  (a) 13,535     527,865
        8,412,274
Consumer Discretionary14.8%
     
Adient PLC (Auto Components)

  (a) 18,149     802,186
Adtalem Global Education, Inc. (Diversified Consumer Svs.)

  (a) 9,678     382,668
American Eagle Outfitters, Inc. (Specialty Retail)

  28,861     843,896
AutoNation, Inc. (Specialty Retail)

  (a) 10,631     991,022
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)

  (a) 15,543     916,415
Brunswick Corp. (Leisure Products)

  15,010   1,431,504
Capri Holdings Ltd. (Textiles, Apparel & Luxury Goods)

  (a) 29,147   1,486,497
Carter's, Inc. (Textiles, Apparel & Luxury Goods)

  8,503     756,172
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)

  5,563     596,854
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)

  6,682   1,519,620
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)

  5,889     622,055
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)

  4,579     791,618
Dana, Inc. (Auto Components)

  27,916     679,196
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)

  (a) 5,436   1,796,163
Dick's Sporting Goods, Inc. (Specialty Retail)

  12,684     965,887
Five Below, Inc. (Specialty Retail)

  (a) 10,782   2,057,098
Foot Locker, Inc. (Specialty Retail)

  20,109   1,131,131
Fox Factory Holding Corp. (Auto Components)

  (a) 8,067   1,024,993
Gentex Corp. (Auto Components)

  47,032   1,677,631
Goodyear Tire & Rubber Co. / The (Auto Components)

  (a) 45,022     791,037
Graham Holdings Co. Class B (Diversified Consumer Svs.)

  782     439,828
Grand Canyon Education, Inc. (Diversified Consumer Svs.)

  (a) 9,045     968,719
Grubhub, Inc. (Internet & Direct Marketing Retail)

  (a) 17,997   1,079,820
H&R Block, Inc. (Diversified Consumer Svs.)

  35,399     771,698
Harley-Davidson, Inc. (Automobiles)

  29,585   1,186,358
Helen of Troy Ltd. (Household Durables)

  (a) 4,708     991,787
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)

  4,383     481,166
KB Home (Household Durables)

  17,166     798,734
Kohl's Corp. (Multiline Retail)

  30,422   1,813,455
Lear Corp. (Auto Components)

  10,557   1,913,456
Lithia Motors, Inc. Class A (Specialty Retail)

  5,139   2,004,672
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)

  (a) 7,950   1,384,731
Mattel, Inc. (Leisure Products)

  (a) 67,192   1,338,465
Murphy U.S.A., Inc. (Specialty Retail)

  4,891     707,043
Nordstrom, Inc. (Multiline Retail)

  21,010     795,649
Ollie's Bargain Outlet Holdings, Inc. (Multiline Retail)

  (a) 10,984     955,608
Papa John's International, Inc. (Hotels, Restaurants & Leisure)

  6,337     561,712
Polaris, Inc. (Leisure Products)

  11,242   1,500,807
Common Stocks (Continued)   Shares Value
Consumer Discretionary (continued)
     
RH (Specialty Retail)

  (a) 3,149 $  1,878,693
Scientific Games Corp. (Hotels, Restaurants & Leisure)

  (a) 10,909     420,215
Service Corp. International (Diversified Consumer Svs.)

  32,692   1,668,927
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)

  14,630     679,856
Skechers U.S.A., Inc. Class A (Textiles, Apparel & Luxury Goods)

  (a) 26,386   1,100,560
Strategic Education, Inc. (Diversified Consumer Svs.)

  4,725     434,275
Taylor Morrison Home Corp. (Household Durables)

  (a) 24,855     765,783
Tempur Sealy International, Inc. (Household Durables)

  36,848   1,347,163
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)

  12,629   1,211,626
Thor Industries, Inc. (Automobiles)

  10,684   1,439,562
Toll Brothers, Inc. (Household Durables)

  21,617   1,226,332
TopBuild Corp. (Household Durables)

  (a) 6,371   1,334,279
Travel + Leisure Co. (Hotels, Restaurants & Leisure)

  16,586   1,014,400
Tri Pointe Homes, Inc. (Household Durables)

  (a) 23,097     470,255
Urban Outfitters, Inc. (Specialty Retail)

  (a) 13,274     493,660
Visteon Corp. (Auto Components)

  (a) 5,385     656,701
W.W. International, Inc. (Diversified Consumer Svs.)

  (a) 9,157     286,431
Wendy's Co. / The (Hotels, Restaurants & Leisure)

  34,562     700,226
Williams-Sonoma, Inc. (Specialty Retail)

  14,779   2,648,397
Wingstop, Inc. (Hotels, Restaurants & Leisure)

  5,730     728,684
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)

  17,981   1,254,714
YETI Holdings, Inc. (Leisure Products)

  (a) 14,469   1,044,806
       63,762,896
Consumer Staples3.7%
     
BJ's Wholesale Club Holdings, Inc. (Food & Staples Retailing)

  (a) 26,496   1,188,611
Boston Beer Co., Inc. / The Class A (Beverages)

  (a) 1,776   2,142,353
Casey's General Stores, Inc. (Food & Staples Retailing)

  7,132   1,541,867
Coty, Inc. Class A (Personal Products)

  (a) 54,978     495,352
Darling Ingredients, Inc. (Food Products)

  (a) 31,378   2,308,793
Energizer Holdings, Inc. (Household Products)

  11,173     530,271
Flowers Foods, Inc. (Food Products)

  38,023     904,947
Grocery Outlet Holding Corp. (Food & Staples Retailing)

  (a) 16,712     616,506
Hain Celestial Group, Inc. / The (Food Products)

  (a) 15,817     689,621
Ingredion, Inc. (Food Products)

  12,953   1,164,734
Lancaster Colony Corp. (Food Products)

  3,776     662,159
Nu Skin Enterprises, Inc. Class A (Personal Products)

  9,770     516,735
Pilgrim's Pride Corp. (Food Products)

  (a) 9,392     223,436
Post Holdings, Inc. (Food Products)

  (a) 11,553   1,221,383
Sanderson Farms, Inc. (Food Products)

  3,829     596,482
Sprouts Farmers Market, Inc. (Food & Staples Retailing)

  (a) 22,737     605,259
Tootsie Roll Industries, Inc. (Food Products)

  3,442     114,042
TreeHouse Foods, Inc. (Food Products)

  (a) 10,767     562,468
       16,085,019
Energy1.3%
     
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)

  55,466     500,858
ChampionX Corp. (Energy Equip. & Svs.)

  (a) 35,949     781,172
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)

  19,822   1,177,228
CNX Resources Corp. (Oil, Gas & Consumable Fuels)

  (a) 42,366     622,780
 
53
(continued)

Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Energy (continued)      
EQT Corp. (Oil, Gas & Consumable Fuels)

  (a) 53,784 $    999,307
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)

  78,649     641,776
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)

  27,971     459,004
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)

  12,228     430,426
        5,612,551
Financials16.0%
     
Affiliated Managers Group, Inc. (Capital Markets)

  8,225   1,225,772
Alleghany Corp. (Insurance)

  (a) 2,700   1,690,983
American Financial Group, Inc. (Insurance)

  13,505   1,540,921
Associated Banc-Corp. (Banks)

  29,466     628,804
BancorpSouth Bank (Banks)

  18,575     603,316
Bank of Hawaii Corp. (Banks)

  7,751     693,637
Bank OZK (Banks)

  23,332     953,112
Brighthouse Financial, Inc. (Insurance)

  (a) 16,856     745,878
Brown & Brown, Inc. (Insurance)

  45,184   2,065,361
Cathay General Bancorp (Banks)

  14,395     587,028
CIT Group, Inc. (Banks)

  19,048     981,162
CNO Financial Group, Inc. (Insurance)

  25,963     630,641
Commerce Bancshares, Inc. (Banks)

  20,339   1,558,171
Cullen / Frost Bankers, Inc. (Banks)

  10,851   1,180,155
East West Bancorp, Inc. (Banks)

  27,320   2,016,216
Essent Group Ltd. (Thrifts & Mortgage Finance)

  21,778   1,034,237
Evercore, Inc. Class A (Capital Markets)

  8,110   1,068,411
FactSet Research Systems, Inc. (Capital Markets)

  7,329   2,261,656
Federated Hermes, Inc. (Capital Markets)

  18,104     566,655
First American Financial Corp. (Insurance)

  21,198   1,200,867
First Financial Bankshares, Inc. (Banks)

  27,459   1,283,159
First Horizon Corp. (Banks)

  107,188   1,812,549
FirstCash, Inc. (Consumer Finance)

  7,896     518,530
FNB Corp. (Banks)

  62,074     788,340
Fulton Financial Corp. (Banks)

  31,203     531,387
Genworth Financial, Inc. Class A (Insurance)

  (a) 98,151     325,861
Glacier Bancorp, Inc. (Banks)

  18,420   1,051,414
Hancock Whitney Corp. (Banks)

  16,748     703,583
Hanover Insurance Group, Inc. / The (Insurance)

  7,023     909,198
Home BancShares, Inc. (Banks)

  29,336     793,539
Interactive Brokers Group, Inc. Class A (Capital Markets)

  15,592   1,138,840
International Bancshares Corp. (Banks)

  10,697     496,555
Janus Henderson Group PLC (Capital Markets)

  32,926   1,025,645
Jefferies Financial Group, Inc. (Diversified Financial Svs.)

  39,070   1,176,007
Kemper Corp. (Insurance)

  11,872     946,436
Kinsale Capital Group, Inc. (Insurance)

  4,132     680,954
LendingTree, Inc. (Consumer Finance)

  (a) 2,112     449,856
Mercury General Corp. (Insurance)

  5,125     311,651
MGIC Investment Corp. (Thrifts & Mortgage Finance)

  65,349     905,084
Navient Corp. (Consumer Finance)

  35,462     507,461
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)

  89,886   1,134,361
Old Republic International Corp. (Insurance)

  54,589   1,192,224
PacWest Bancorp (Banks)

  22,544     860,054
Pinnacle Financial Partners, Inc. (Banks)

  14,665   1,300,199
Primerica, Inc. (Insurance)

  7,593   1,122,397
PROG Holdings, Inc. (Consumer Finance)

  13,038     564,415
Prosperity Bancshares, Inc. (Banks)

  17,935   1,343,152
Reinsurance Group of America, Inc. (Insurance)

  13,116   1,653,272
RenaissanceRe Holdings Ltd. (Insurance)

  9,786   1,568,206
RLI Corp. (Insurance)

  7,669     855,630
SEI Investments Co. (Capital Markets)

  22,990   1,400,781
Selective Insurance Group, Inc. (Insurance)

  11,559     838,490
Signature Bank (Banks)

  11,013   2,490,039
SLM Corp. (Consumer Finance)

  64,675   1,162,210
Sterling Bancorp (Banks)

  37,337     859,498
Stifel Financial Corp. (Capital Markets)

  20,256   1,297,599
Synovus Financial Corp. (Banks)

  28,687   1,312,430
TCF Financial Corp. (Banks)

  29,448   1,368,154
Common Stocks (Continued)   Shares Value
Financials (continued)      
Texas Capital Bancshares, Inc. (Banks)

  (a) 9,742 $    690,903
Trustmark Corp. (Banks)

  12,267     412,907
UMB Financial Corp. (Banks)

  8,374     773,171
Umpqua Holdings Corp. (Banks)

  42,554     746,823
United Bankshares, Inc. (Banks)

  24,898     960,565
Valley National Bancorp (Banks)

  78,299   1,075,828
Washington Federal, Inc. (Thrifts & Mortgage Finance)

  14,269     439,485
Webster Financial Corp. (Banks)

  17,429     960,512
Wintrust Financial Corp. (Banks)

  10,981     832,360
       68,804,697
Health Care11.3%
     
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)

  (a) 17,183     981,837
Amedisys, Inc. (Health Care Providers & Svs.)

  (a) 6,340   1,678,769
Arrowhead Pharmaceuticals, Inc. (Biotechnology)

  (a) 20,028   1,328,057
Avanos Medical, Inc. (Health Care Equip. & Supplies)

  (a) 9,285     406,126
Bio-Techne Corp. (Life Sciences Tools & Svs.)

  7,487   2,859,510
Cantel Medical Corp. (Health Care Equip. & Supplies)

  (a) 7,244     578,361
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)

  (a) 9,604   2,783,527
Chemed Corp. (Health Care Providers & Svs.)

  3,095   1,423,143
Emergent BioSolutions, Inc. (Biotechnology)

  (a) 8,742     812,219
Encompass Health Corp. (Health Care Providers & Svs.)

  19,157   1,568,958
Exelixis, Inc. (Biotechnology)

  (a) 60,202   1,359,963
Globus Medical, Inc. Class A (Health Care Equip. & Supplies)

  (a) 14,913     919,685
Haemonetics Corp. (Health Care Equip. & Supplies)

  (a) 9,808   1,088,786
Halozyme Therapeutics, Inc. (Biotechnology)

  (a) 24,536   1,022,906
HealthEquity, Inc. (Health Care Providers & Svs.)

  (a) 16,001   1,088,068
Hill-Rom Holdings, Inc. (Health Care Equip. & Supplies)

  12,807   1,414,917
ICU Medical, Inc. (Health Care Equip. & Supplies)

  (a) 3,794     779,439
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies)

  (a) 13,676     944,875
Jazz Pharmaceuticals PLC (Pharmaceuticals)

  (a) 10,869   1,786,538
LHC Group, Inc. (Health Care Providers & Svs.)

  (a) 6,097   1,165,807
Ligand Pharmaceuticals, Inc. (Biotechnology)

  (a) 3,221     491,041
LivaNova PLC (Health Care Equip. & Supplies)

  (a) 9,391     692,398
Masimo Corp. (Health Care Equip. & Supplies)

  (a) 9,812   2,253,424
Medpace Holdings, Inc. (Life Sciences Tools & Svs.)

  (a) 5,310     871,105
Molina Healthcare, Inc. (Health Care Providers & Svs.)

  (a) 11,193   2,616,476
Nektar Therapeutics (Pharmaceuticals)

  (a) 35,158     703,160
Neogen Corp. (Health Care Equip. & Supplies)

  (a) 10,276     913,434
Neurocrine Biosciences, Inc. (Biotechnology)

  (a) 18,127   1,762,851
NuVasive, Inc. (Health Care Equip. & Supplies)

  (a) 9,912     649,831
Patterson Cos., Inc. (Health Care Providers & Svs.)

  16,726     534,396
Penumbra, Inc. (Health Care Equip. & Supplies)

  (a) 6,542   1,770,134
PRA Health Sciences, Inc. (Life Sciences Tools & Svs.)

  (a) 12,455   1,909,725
Quidel Corp. (Health Care Equip. & Supplies)

  (a) 7,432     950,776
Repligen Corp. (Life Sciences Tools & Svs.)

  (a) 9,830   1,911,050
STAAR Surgical Co. (Health Care Equip. & Supplies)

  (a) 8,986     947,214
Syneos Health, Inc. (Life Sciences Tools & Svs.)

  (a) 15,949   1,209,732
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  (a) 20,494   1,065,688
United Therapeutics Corp. (Biotechnology)

  (a) 8,595   1,437,686
       48,681,612
Industrials18.1%
     
Acuity Brands, Inc. (Electrical Equip.)

  6,953   1,147,245
AECOM (Construction & Engineering)

  (a) 28,512   1,827,904
 
54
(continued)

Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Industrials (continued)      
AGCO Corp. (Machinery)

  11,903 $  1,709,866
ASGN, Inc. (Professional Svs.)

  (a) 10,228     976,160
Avis Budget Group, Inc. (Road & Rail)

  (a) 9,973     723,441
Axon Enterprise, Inc. (Aerospace & Defense)

  (a) 12,308   1,752,905
Brink's Co. / The (Commercial Svs. & Supplies)

  9,556     757,122
Builders FirstSource, Inc. (Building Products)

  (a) 39,835   1,847,149
CACI International, Inc. Class A (Professional Svs.)

  (a) 4,869   1,200,988
Carlisle Cos., Inc. (Industrial Conglomerates)

  10,284   1,692,541
Clean Harbors, Inc. (Commercial Svs. & Supplies)

  (a) 9,728     817,736
Colfax Corp. (Machinery)

  (a) 22,252     974,860
CoreLogic, Inc. (Professional Svs.)

  14,117   1,118,772
Crane Co. (Machinery)

  9,542     896,089
Curtiss-Wright Corp. (Aerospace & Defense)

  7,898     936,703
Donaldson Co., Inc. (Machinery)

  24,344   1,415,847
Dycom Industries, Inc. (Construction & Engineering)

  (a) 5,881     546,051
EMCOR Group, Inc. (Construction & Engineering)

  10,580   1,186,653
EnerSys (Electrical Equip.)

  8,238     748,010
Flowserve Corp. (Machinery)

  25,142     975,761
Fluor Corp. (Construction & Engineering)

  (a) 24,068     555,730
FTI Consulting, Inc. (Professional Svs.)

  (a) 6,609     925,987
GATX Corp. (Trading Companies & Distributors)

  6,765     627,386
Graco, Inc. (Machinery)

  32,572   2,332,807
Healthcare Services Group, Inc. (Commercial Svs. & Supplies)

  14,427     404,389
Herman Miller, Inc. (Commercial Svs. & Supplies)

  11,430     470,345
Hexcel Corp. (Aerospace & Defense)

  (a) 16,133     903,448
Hubbell, Inc. (Electrical Equip.)

  10,478   1,958,233
IAA, Inc. (Commercial Svs. & Supplies)

  (a) 25,965   1,431,710
Insperity, Inc. (Professional Svs.)

  6,840     572,782
ITT, Inc. (Machinery)

  16,694   1,517,652
JetBlue Airways Corp. (Airlines)

  (a) 60,988   1,240,496
KAR Auction Services, Inc. (Commercial Svs. & Supplies)

  25,029     375,435
Kennametal, Inc. (Machinery)

  16,110     643,917
Kirby Corp. (Marine)

  (a) 11,591     698,705
Knight-Swift Transportation Holdings, Inc. (Road & Rail)

  23,650   1,137,329
Landstar System, Inc. (Road & Rail)

  7,408   1,222,764
Lennox International, Inc. (Building Products)

  6,627   2,064,907
Lincoln Electric Holdings, Inc. (Machinery)

  11,517   1,415,900
ManpowerGroup, Inc. (Professional Svs.)

  10,613   1,049,626
MasTec, Inc. (Construction & Engineering)

  (a) 10,886   1,020,018
Mercury Systems, Inc. (Aerospace & Defense)

  (a) 10,833     765,351
Middleby Corp. / The (Machinery)

  (a) 10,737   1,779,658
MSA Safety, Inc. (Commercial Svs. & Supplies)

  7,016   1,052,540
MSC Industrial Direct Co., Inc. Class A (Trading Companies & Distributors)

  9,017     813,243
Nordson Corp. (Machinery)

  10,429   2,072,034
nVent Electric PLC (Electrical Equip.)

  32,457     905,875
Oshkosh Corp. (Machinery)

  13,197   1,565,956
Owens Corning (Building Products)

  20,248   1,864,638
Regal Beloit Corp. (Electrical Equip.)

  7,838   1,118,326
Ryder System, Inc. (Road & Rail)

  10,362     783,885
Simpson Manufacturing Co., Inc. (Building Products)

  8,365     867,701
Stericycle, Inc. (Commercial Svs. & Supplies)

  (a) 17,677   1,193,374
Sunrun, Inc. (Electrical Equip.)

  (a) 30,883   1,867,804
Terex Corp. (Machinery)

  13,368     615,864
Tetra Tech, Inc. (Commercial Svs. & Supplies)

  10,465   1,420,310
Timken Co. / The (Machinery)

  13,150   1,067,386
Toro Co. / The (Machinery)

  20,771   2,142,321
Trex Co., Inc. (Building Products)

  (a) 22,347   2,045,644
Trinity Industries, Inc. (Machinery)

  15,853     451,652
Univar Solutions, Inc. (Trading Companies & Distributors)

  (a) 32,688     704,100
Valmont Industries, Inc. (Construction & Engineering)

  4,096     973,496
Watsco, Inc. (Trading Companies & Distributors)

  6,344   1,654,198
Werner Enterprises, Inc. (Road & Rail)

  11,059     521,653
Common Stocks (Continued)   Shares Value
Industrials (continued)      
Woodward, Inc. (Machinery)

  11,315 $  1,364,928
XPO Logistics, Inc. (Air Freight & Logistics)

  (a) 19,723   2,431,846
       77,865,152
Information Technology14.9%
     
ACI Worldwide, Inc. (Software)

  (a) 22,607     860,196
Alliance Data Systems Corp. (IT Svs.)

  9,590   1,074,943
Amkor Technology, Inc. (Semiconductors & Equip.)

  20,748     491,935
Arrow Electronics, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 14,396   1,595,365
Avnet, Inc. (Electronic Equip., Instr. & Comp.)

  19,195     796,785
Belden, Inc. (Electronic Equip., Instr. & Comp.)

  8,620     382,469
Blackbaud, Inc. (Software)

  (a) 9,336     663,603
Brooks Automation, Inc. (Semiconductors & Equip.)

  14,322   1,169,391
CDK Global, Inc. (Software)

  23,499   1,270,356
Ceridian HCM Holding, Inc. (Software)

  (a) 25,269   2,129,419
Ciena Corp. (Communications Equip.)

  (a) 29,942   1,638,426
Cirrus Logic, Inc. (Semiconductors & Equip.)

  (a) 11,201     949,733
CMC Materials, Inc. (Semiconductors & Equip.)

  5,628     994,974
Cognex Corp. (Electronic Equip., Instr. & Comp.)

  33,970   2,819,170
Coherent, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 4,718   1,193,135
CommVault Systems, Inc. (Software)

  (a) 9,053     583,919
Concentrix Corp. (IT Svs.)

  (a) 8,024   1,201,353
Cree, Inc. (Semiconductors & Equip.)

  (a) 22,237   2,404,487
Fair Isaac Corp. (Software)

  (a) 5,642   2,742,294
First Solar, Inc. (Semiconductors & Equip.)

  (a) 16,360   1,428,228
II-VI, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 20,216   1,382,168
InterDigital, Inc. (Communications Equip.)

  5,961     378,226
J2 Global, Inc. (Software)

  (a) 8,194     982,133
Jabil, Inc. (Electronic Equip., Instr. & Comp.)

  26,135   1,363,202
KBR, Inc. (IT Svs.)

  27,181   1,043,479
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.)

  4,736   1,252,388
LiveRamp Holdings, Inc. (IT Svs.)

  (a) 12,914     669,978
Lumentum Holdings, Inc. (Communications Equip.)

  (a) 14,608   1,334,441
Manhattan Associates, Inc. (Software)

  (a) 12,314   1,445,417
MAXIMUS, Inc. (IT Svs.)

  11,861   1,056,103
MKS Instruments, Inc. (Semiconductors & Equip.)

  10,656   1,975,836
National Instruments Corp. (Electronic Equip., Instr. & Comp.)

  25,402   1,096,985
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 25,109     952,887
NetScout Systems, Inc. (Communications Equip.)

  (a) 14,212     400,210
Paylocity Holding Corp. (Software)

  (a) 7,240   1,301,969
Perspecta, Inc. (IT Svs.)

  26,419     767,472
PTC, Inc. (Software)

  (a) 20,287   2,792,506
Qualys, Inc. (Software)

  (a) 6,508     681,908
Sabre Corp. (IT Svs.)

  61,235     906,890
Sailpoint Technologies Holdings, Inc. (Software)

  (a) 17,646     893,593
Science Applications International Corp. (IT Svs.)

  11,236     939,217
Semtech Corp. (Semiconductors & Equip.)

  (a) 12,543     865,467
Silicon Laboratories, Inc. (Semiconductors & Equip.)

  (a) 8,475   1,195,568
SolarEdge Technologies, Inc. (Semiconductors & Equip.)

  (a) 9,954   2,861,178
Synaptics, Inc. (Semiconductors & Equip.)

  (a) 6,740     912,731
SYNNEX Corp. (Electronic Equip., Instr. & Comp.)

  7,966     914,815
Teradata Corp. (Software)

  (a) 21,036     810,727
Universal Display Corp. (Semiconductors & Equip.)

  8,272   1,958,561
Viasat, Inc. (Communications Equip.)

  (a) 12,543     602,942
Vishay Intertechnology, Inc. (Electronic Equip., Instr. & Comp.)

  25,563     615,557
Vontier Corp. (Electronic Equip., Instr. & Comp.)

  (a) 32,526     984,562
 
55
(continued)

Ohio National Fund, Inc. ON S&P MidCap 400® Index Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Information Technology (continued)
     
WEX, Inc. (IT Svs.)

  (a) 8,527 $  1,784,019
Xerox Holdings Corp. (Tech. Hardware, Storage & Periph.)

  32,202     781,543
       64,294,859
Materials6.5%
     
AptarGroup, Inc. (Containers & Packaging)

  12,579   1,782,067
Ashland Global Holdings, Inc. (Chemicals)

  10,540     935,636
Avient Corp. (Chemicals)

  17,627     833,228
Cabot Corp. (Chemicals)

  10,896     571,386
Chemours Co. / The (Chemicals)

  31,882     889,827
Cleveland-Cliffs, Inc. (Metals & Mining)

  88,559   1,780,921
Commercial Metals Co. (Metals & Mining)

  23,165     714,409
Compass Minerals International, Inc. (Metals & Mining)

  6,576     412,447
Domtar Corp. (Paper & Forest Products)

  10,624     392,557
Eagle Materials, Inc. (Construction Materials)

  8,095   1,088,049
Greif, Inc. Class A (Containers & Packaging)

  5,110     291,270
Ingevity Corp. (Chemicals)

  (a) 7,801     589,209
Louisiana-Pacific Corp. (Paper & Forest Products)

  20,554   1,139,925
Minerals Technologies, Inc. (Chemicals)

  6,499     489,505
NewMarket Corp. (Chemicals)

  1,408     535,265
Olin Corp. (Chemicals)

  27,557   1,046,339
Reliance Steel & Aluminum Co. (Metals & Mining)

  12,270   1,868,598
Royal Gold, Inc. (Metals & Mining)

  12,659   1,362,362
RPM International, Inc. (Chemicals)

  25,113   2,306,629
Scotts Miracle-Gro Co. / The (Chemicals)

  7,848   1,922,525
Sensient Technologies Corp. (Chemicals)

  8,179     637,962
Silgan Holdings, Inc. (Containers & Packaging)

  15,075     633,602
Sonoco Products Co. (Containers & Packaging)

  19,399   1,227,957
Steel Dynamics, Inc. (Metals & Mining)

  38,674   1,963,092
United States Steel Corp. (Metals & Mining)

  50,646   1,325,406
Valvoline, Inc. (Chemicals)

  35,029     913,206
Worthington Industries, Inc. (Metals & Mining)

  6,672     447,624
       28,101,003
Real Estate9.2%
     
American Campus Communities, Inc. (Equity REIT)

  26,564   1,146,768
Apartment Income REIT Corp. (Equity REIT)

  28,727   1,228,366
Brixmor Property Group, Inc. (Equity REIT)

  57,269   1,158,552
Camden Property Trust (Equity REIT)

  18,830   2,069,605
CoreSite Realty Corp. (Equity REIT)

  8,254     989,242
Corporate Office Properties Trust (Equity REIT)

  21,606     568,886
Cousins Properties, Inc. (Equity REIT)

  28,669   1,013,449
CyrusOne, Inc. (Equity REIT)

  23,247   1,574,287
Douglas Emmett, Inc. (Equity REIT)

  31,831     999,493
EastGroup Properties, Inc. (Equity REIT)

  7,655   1,096,808
EPR Properties (Equity REIT)

  14,428     672,201
First Industrial Realty Trust, Inc. (Equity REIT)

  24,922   1,141,178
Common Stocks (Continued)   Shares Value
Real Estate (continued)
     
Healthcare Realty Trust, Inc. (Equity REIT)

  26,981 $    818,064
Highwoods Properties, Inc. (Equity REIT)

  20,062     861,462
Hudson Pacific Properties, Inc. (Equity REIT)

  29,139     790,541
JBG SMITH Properties (Equity REIT)

  21,337     678,303
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)

  (a) 9,864   1,766,051
Kilroy Realty Corp. (Equity REIT)

  20,435   1,341,149
Lamar Advertising Co. Class A (Equity REIT)

  16,691   1,567,619
Life Storage, Inc. (Equity REIT)

  14,564   1,251,776
Macerich Co. / The (Equity REIT)

  22,309     261,015
Medical Properties Trust, Inc. (Equity REIT)

  111,925   2,381,764
National Retail Properties, Inc. (Equity REIT)

  33,826   1,490,712
Omega Healthcare Investors, Inc. (Equity REIT)

  44,730   1,638,460
Park Hotels & Resorts, Inc. (Equity REIT)

  45,612     984,307
Pebblebrook Hotel Trust (Equity REIT)

  25,308     614,731
Physicians Realty Trust (Equity REIT)

  40,654     718,356
PotlatchDeltic Corp. (Equity REIT)

  12,915     683,462
PS Business Parks, Inc. (Equity REIT)

  3,867     597,761
Rayonier, Inc. (Equity REIT)

  26,607     858,076
Rexford Industrial Realty, Inc. (Equity REIT)

  25,364   1,278,346
Sabra Health Care REIT, Inc. (Equity REIT)

  40,672     706,066
Service Properties Trust (Equity REIT)

  31,806     377,219
SL Green Realty Corp. (Equity REIT)

  13,383     936,676
Spirit Realty Capital, Inc. (Equity REIT)

  22,168     942,140
STORE Capital Corp. (Equity REIT)

  46,290   1,550,715
Urban Edge Properties (Equity REIT)

  21,234     350,786
Weingarten Realty Investors (Equity REIT)

  23,149     622,940
       39,727,332
Utilities3.5%
     
ALLETE, Inc. (Electric Utilities)

  10,033     674,117
Black Hills Corp. (Multi-Utilities)

  12,123     809,453
Essential Utilities, Inc. (Water Utilities)

  43,097   1,928,591
Hawaiian Electric Industries, Inc. (Electric Utilities)

  21,077     936,451
IDACORP, Inc. (Electric Utilities)

  9,742     973,908
MDU Resources Group, Inc. (Multi-Utilities)

  38,697   1,223,212
National Fuel Gas Co. (Gas Utilities)

  17,595     879,574
New Jersey Resources Corp. (Gas Utilities)

  18,576     740,625
NorthWestern Corp. (Multi-Utilities)

  9,762     636,483
OGE Energy Corp. (Electric Utilities)

  38,603   1,249,193
ONE Gas, Inc. (Gas Utilities)

  10,276     790,327
PNM Resources, Inc. (Electric Utilities)

  16,565     812,513
Southwest Gas Holdings, Inc. (Gas Utilities)

  11,043     758,765
Spire, Inc. (Gas Utilities)

  9,971     736,757
UGI Corp. (Gas Utilities)

  40,238   1,650,160
       14,800,129
Total Common Stocks (Cost $324,307,994)

    $436,147,524
Total Investments – 101.3% (Cost $324,307,994)

  (b)   $436,147,524
Liabilities in Excess of Other Assets – (1.3)%

  (c)   (5,568,089)
Net Assets – 100.0%     $430,579,435
    
 

Percentages are stated as a percent of net assets.
    
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 4 of the Notes to Schedules of Investments.
(c) Includes $216,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. 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 March 31, 2021 (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   16   June 18, 2021   $4,123,306   $4,168,480   $45,174   $(2,057)
The accompanying notes are an integral part of these financial statements.
56

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Growth Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks96.8%   Shares Value
Communication Services11.0%
     
Alphabet, Inc. Class A (Interactive Media & Svs.)

  (a) 1,329 $  2,741,089
Alphabet, Inc. Class C (Interactive Media & Svs.)

  (a) 1,359    2,811,268
Altice U.S.A., Inc. Class A (Media)

  (a) 6,780      220,553
Electronic Arts, Inc. (Entertainment)

  2,676      362,250
Facebook, Inc. Class A (Interactive Media & Svs.)

  (a) 13,852    4,079,830
Lions Gate Entertainment Corp. Class B (Entertainment)

  (a) 7,172       92,519
Netflix, Inc. (Entertainment)

  (a) 2,240    1,168,518
New York Times Co. / The Class A (Media)

  3,643      184,409
Roku, Inc. (Entertainment)

  (a) 1,072      349,225
Spotify Technology SA (Entertainment)

  (a) 782      209,537
Take-Two Interactive Software, Inc. (Entertainment)

  (a) 147       25,975
Twitter, Inc. (Interactive Media & Svs.)

  (a) 2,558      162,766
Zynga, Inc. Class A (Entertainment)

  (a) 30,502     311,425
       12,719,364
Consumer Discretionary15.5%
     
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  (a) 2,234    6,912,175
Aramark (Hotels, Restaurants & Leisure)

  553       20,892
Best Buy Co., Inc. (Specialty Retail)

  1,529      175,544
BorgWarner, Inc. (Auto Components)

  5,678      263,232
Chegg, Inc. (Diversified Consumer Svs.)

  (a) 636       54,480
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)

  (a) 568      807,026
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)

  895      203,541
Crocs, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 175       14,079
eBay, Inc. (Internet & Direct Marketing Retail)

  5,842      357,764
Etsy, Inc. (Internet & Direct Marketing Retail)

  (a) 1,744      351,712
Home Depot, Inc. / The (Specialty Retail)

  1,724      526,251
iRobot Corp. (Household Durables)

  (a) 902      110,206
Kohl's Corp. (Multiline Retail)

  2,469      147,177
Lowe's Cos., Inc. (Specialty Retail)

  3,310      629,496
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)

  (a) 1,447      443,809
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)

  6,324      840,396
Nordstrom, Inc. (Multiline Retail)

  11,743      444,707
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure)

  (a) 340       26,282
Pool Corp. (Distributors)

  2,328      803,719
Target Corp. (Multiline Retail)

  1,922      380,691
Terminix Global Holdings, Inc. (Diversified Consumer Svs.)

  (a) 4,849      231,152
Tesla, Inc. (Automobiles)

  (a) 4,176    2,789,276
TJX Cos., Inc. / The (Specialty Retail)

  1,632      107,957
Travel + Leisure Co. (Hotels, Restaurants & Leisure)

  741       45,320
Wayfair, Inc. Class A (Internet & Direct Marketing Retail)

  (a) 77       24,236
Wendy's Co. / The (Hotels, Restaurants & Leisure)

  24,576      497,910
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)

  6,778      472,969
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)

  (a) 1,355     169,876
       17,851,875
Consumer Staples4.6%
     
Coca-Cola Co. / The (Beverages)

  11,289      595,043
Colgate-Palmolive Co. (Household Products)

  9,084      716,092
Costco Wholesale Corp. (Food & Staples Retailing)

  6,068    2,138,849
Herbalife Nutrition Ltd. (Personal Products)

  (a) 1,583       70,222
Common Stocks (Continued)   Shares Value
Consumer Staples (continued)
     
Hershey Co. / The (Food Products)

  3,131 $    495,199
Kellogg Co. (Food Products)

  7,797      493,550
McCormick & Co., Inc. (Food Products)

  3,591      320,173
PepsiCo, Inc. (Beverages)

  3,528     499,036
        5,328,164
Energy0.6%
     
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)

  (a) 3,279      236,121
Schlumberger N.V. (Energy Equip. & Svs.)

  15,315     416,415
          652,536
Financials2.3%
     
Allstate Corp. / The (Insurance)

  207       23,784
Essent Group Ltd. (Thrifts & Mortgage Finance)

  3,648      173,244
First American Financial Corp. (Insurance)

  1,592       90,187
Marsh & McLennan Cos., Inc. (Insurance)

  2,063      251,273
Morgan Stanley (Capital Markets)

  16,482    1,279,992
Morningstar, Inc. (Capital Markets)

  361       81,239
Progressive Corp. / The (Insurance)

  647       61,860
Rocket Cos., Inc. Class A (Thrifts & Mortgage Finance)

  1,132       26,138
Signature Bank (Banks)

  140       31,654
T. Rowe Price Group, Inc. (Capital Markets)

  646      110,854
Voya Financial, Inc. (Diversified Financial Svs.)

  8,097     515,293
        2,645,518
Health Care12.7%
     
AbbVie, Inc. (Biotechnology)

  14,243    1,541,377
ABIOMED, Inc. (Health Care Equip. & Supplies)

  (a) 89       28,367
Adaptive Biotechnologies Corp. (Life Sciences Tools & Svs.)

  (a) 469       18,882
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)

  4,602      585,098
Align Technology, Inc. (Health Care Equip. & Supplies)

  (a) 1,156      626,009
AmerisourceBergen Corp. (Health Care Providers & Svs.)

  3,199      377,706
Amgen, Inc. (Biotechnology)

  3,646      907,161
Anthem, Inc. (Health Care Providers & Svs.)

  731      262,392
Biogen, Inc. (Biotechnology)

  (a) 298       83,365
Bristol-Myers Squibb Co. (Pharmaceuticals)

  23,391    1,476,674
Bruker Corp. (Life Sciences Tools & Svs.)

  6,043      388,444
Cardinal Health, Inc. (Health Care Providers & Svs.)

  3,961      240,631
Centene Corp. (Health Care Providers & Svs.)

  (a) 222       14,188
Cerner Corp. (Health Care Technology)

  4,342      312,103
Dexcom, Inc. (Health Care Equip. & Supplies)

  (a) 1,535      551,664
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)

  (a) 2,543      212,697
Gilead Sciences, Inc. (Biotechnology)

  10,540      681,200
Henry Schein, Inc. (Health Care Providers & Svs.)

  (a) 1,775      122,901
Hill-Rom Holdings, Inc. (Health Care Equip. & Supplies)

  545       60,212
Humana, Inc. (Health Care Providers & Svs.)

  305      127,871
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)

  (a) 1,672      818,126
Insulet Corp. (Health Care Equip. & Supplies)

  (a) 537      140,114
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)

  (a) 286      211,337
Johnson & Johnson (Pharmaceuticals)

  2,191      360,091
McKesson Corp. (Health Care Providers & Svs.)

  3,519      686,346
Merck & Co., Inc. (Pharmaceuticals)

  2,545      196,194
Moderna, Inc. (Biotechnology)

  (a) 1,730      226,543
PPD, Inc. (Life Sciences Tools & Svs.)

  (a) 1,443       54,603
 
57
(continued)

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
Quidel Corp. (Health Care Equip. & Supplies)

  (a) 246 $     31,471
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  (a) 599      283,411
Sotera Health Co. (Life Sciences Tools & Svs.)

  (a) 5,924      147,863
UnitedHealth Group, Inc. (Health Care Providers & Svs.)

  3,938    1,465,212
Vertex Pharmaceuticals, Inc. (Biotechnology)

  (a) 5,119    1,100,022
West Pharmaceutical Services, Inc. (Health Care Equip. & Supplies)

  694      195,555
Zoetis, Inc. (Pharmaceuticals)

  948     149,291
       14,685,121
Industrials5.0%
     
Copart, Inc. (Commercial Svs. & Supplies)

  (a) 8,813      957,180
Equifax, Inc. (Professional Svs.)

  492       89,116
Expeditors International of Washington, Inc. (Air Freight & Logistics)

  7,325      788,829
Honeywell International, Inc. (Industrial Conglomerates)

  3,096      672,049
IAA, Inc. (Commercial Svs. & Supplies)

  (a) 5,525      304,648
IHS Markit Ltd. (Professional Svs.)

  4,511      436,575
Landstar System, Inc. (Road & Rail)

  1,119      184,702
Lennox International, Inc. (Building Products)

  1,591      495,740
Lockheed Martin Corp. (Aerospace & Defense)

  1,096      404,972
Mercury Systems, Inc. (Aerospace & Defense)

  (a) 2,210      156,137
Quanta Services, Inc. (Construction & Engineering)

  529       46,541
Roper Technologies, Inc. (Industrial Conglomerates)

  219       88,331
Schneider National, Inc. Class B (Road & Rail)

  1,919       47,917
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors)

  (a) 1,643      280,526
Trane Technologies PLC (Building Products)

  3,489      577,639
Trex Co., Inc. (Building Products)

  (a) 580       53,093
W.W. Grainger, Inc. (Trading Companies & Distributors)

  588     235,747
        5,819,742
Information Technology42.7%
     
Accenture PLC Class A (IT Svs.)

  7,176    1,982,370
Adobe, Inc. (Software)

  (a) 5,821    2,767,129
Advanced Micro Devices, Inc. (Semiconductors & Equip.)

  (a) 9,804      769,614
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  91,931   11,229,372
Applied Materials, Inc. (Semiconductors & Equip.)

  12,578    1,680,421
Autodesk, Inc. (Software)

  (a) 1,909      529,079
Automatic Data Processing, Inc. (IT Svs.)

  4,379      825,310
Cadence Design Systems, Inc. (Software)

  (a) 9,275    1,270,582
Cognex Corp. (Electronic Equip., Instr. & Comp.)

  568       47,138
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.)

  (a) 3,151      277,761
DocuSign, Inc. (Software)

  (a) 1,022      206,904
Enphase Energy, Inc. (Semiconductors & Equip.)

  (a) 774      125,512
Flex Ltd. (Electronic Equip., Instr. & Comp.)

  (a) 14,325      262,291
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)

  17,869      281,258
HubSpot, Inc. (Software)

  (a) 1,263      573,667
Intel Corp. (Semiconductors & Equip.)

  7,511      480,704
Common Stocks (Continued)   Shares Value
Information Technology (continued)
     
Intuit, Inc. (Software)

  5,207 $  1,994,593
Itron, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 1,209      107,178
Lam Research Corp. (Semiconductors & Equip.)

  615      366,073
Mastercard, Inc. Class A (IT Svs.)

  5,121    1,823,332
Microsoft Corp. (Software)

  40,170    9,470,881
NetApp, Inc. (Tech. Hardware, Storage & Periph.)

  668       48,544
New Relic, Inc. (Software)

  (a) 804       49,430
NVIDIA Corp. (Semiconductors & Equip.)

  2,568    1,371,132
PayPal Holdings, Inc. (IT Svs.)

  (a) 9,707    2,357,248
QUALCOMM, Inc. (Semiconductors & Equip.)

  11,617    1,540,298
Qualtrics International, Inc. Class A (Software)

  (a) 1,199       39,459
RingCentral, Inc. Class A (Software)

  (a) 36       10,724
salesforce.com, Inc. (Software)

  (a) 1,545      327,339
ServiceNow, Inc. (Software)

  (a) 3,581    1,790,894
Slack Technologies, Inc. Class A (Software)

  (a) 1,312       53,307
Splunk, Inc. (Software)

  (a) 240       32,515
Square, Inc. Class A (IT Svs.)

  (a) 1,401      318,097
Universal Display Corp. (Semiconductors & Equip.)

  507      120,042
Visa, Inc. (IT Svs.)

  10,735    2,272,921
VMware, Inc. Class A (Software)

  (a) 2,927      440,367
Workday, Inc. Class A (Software)

  (a) 1,351      335,629
Xilinx, Inc. (Semiconductors & Equip.)

  1,105      136,909
Zendesk, Inc. (Software)

  (a) 2,989      396,401
Zoom Video Communications, Inc. Class A (Software)

  (a) 1,465     470,690
       49,183,115
Materials1.1%
     
Crown Holdings, Inc. (Containers & Packaging)

  3,528      342,357
PPG Industries, Inc. (Chemicals)

  5,976     897,954
        1,240,311
Real Estate1.2%
     
Brixmor Property Group, Inc. (Equity REIT)

  3,657       73,981
Equinix, Inc. (Equity REIT)

  1,721    1,169,574
Regency Centers Corp. (Equity REIT)

  635       36,011
Simon Property Group, Inc. (Equity REIT)

  748      85,100
        1,364,666
Utilities0.1%
     
Avangrid, Inc. (Electric Utilities)

  472       23,511
Consolidated Edison, Inc. (Multi-Utilities)

  314       23,487
Eversource Energy (Electric Utilities)

  231       20,002
Sunnova Energy International, Inc. (Ind. Power & Renewable Elec.)

  (a) 2,172      88,661
          155,661
Total Common Stocks (Cost $92,223,628)

    $111,646,073
    
Money Market Funds3.0%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (b) 3,411,847 $  3,412,871
Total Money Market Funds (Cost $3,412,850)

      $3,412,871
Total Investments – 99.8% (Cost $95,636,478)

  (c)   $115,058,944
Other Assets in Excess of Liabilities – 0.2%

  (d)   207,416
Net Assets – 100.0%     $115,266,360
    
 
58

Ohio National Fund, Inc. ON BlackRock Advantage Large Cap Growth Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 

Percentages are stated as a percent of net assets.
    
Footnotes:  
(a) Non-income producing security.
(b) Rate represents the seven-day yield at March 31, 2021.
(c) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
(d) Includes $224,000 of cash pledged as collateral for the futures contracts outstanding at March 31, 2021. 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 March 31, 2021 (Unaudited) 
    
Description   Number of
contracts
  Expiration Date   Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
  Variation Margin
Receivable
(Payable)
CME E-mini Nasdaq-100 Index - Long   14   June 18, 2021   $3,622,052   $3,665,130   $43,078   $55,065
The accompanying notes are an integral part of these financial statements.
59

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks50.3%   Shares Value
Communication Services6.6%
     
Activision Blizzard, Inc. (Entertainment)

  12,540 $  1,166,220
Alphabet, Inc. Class C (Interactive Media & Svs.)

  (a) 6,253   12,935,144
Comcast Corp. Class A (Media)

  18,947    1,025,222
Electronic Arts, Inc. (Entertainment)

  18,484    2,502,179
Facebook, Inc. Class A (Interactive Media & Svs.)

  (a) 30,105    8,866,826
Take-Two Interactive Software, Inc. (Entertainment)

  (a) 6,216    1,098,367
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  16,747     973,838
       28,567,796
Consumer Discretionary6.8%
     
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  (a) 3,105    9,607,118
AutoZone, Inc. (Specialty Retail)

  (a) 1,664    2,336,755
Burlington Stores, Inc. (Specialty Retail)

  (a) 1,773      529,772
Chegg, Inc. (Diversified Consumer Svs.)

  (a) 6,305      540,086
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)

  (a) 4,228    1,397,016
Dollar General Corp. (Multiline Retail)

  4,836      979,870
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)

  2,860    1,051,879
Etsy, Inc. (Internet & Direct Marketing Retail)

  (a) 3,530      711,895
Garmin Ltd. (Household Durables)

  3,930      518,171
Home Depot, Inc. / The (Specialty Retail)

  18,710    5,711,228
McDonald's Corp. (Hotels, Restaurants & Leisure)

  3,333      747,059
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)

  24,358    3,236,935
O'Reilly Automotive, Inc. (Specialty Retail)

  (a) 2,634    1,336,097
Ross Stores, Inc. (Specialty Retail)

  6,120     733,849
       29,437,730
Consumer Staples3.4%
     
British American Tobacco PLC – ADR (Tobacco)

  17,750      687,635
Coca-Cola Co. / The (Beverages)

  16,978      894,910
Colgate-Palmolive Co. (Household Products)

  5,390      424,894
Costco Wholesale Corp. (Food & Staples Retailing)

  8,264    2,912,895
Koninklijke Ahold Delhaize N.V. – ADR (Food & Staples Retailing)

  9,400      262,354
Monster Beverage Corp. (Beverages)

  (a) 44,262    4,031,825
PepsiCo, Inc. (Beverages)

  3,090      437,080
Philip Morris International, Inc. (Tobacco)

  19,870    1,763,264
Procter & Gamble Co. / The (Household Products)

  11,488    1,555,820
Walmart, Inc. (Food & Staples Retailing)

  11,742   1,594,916
       14,565,593
Energy0.2%
     
Royal Dutch Shell PLC Class B – ADR (Oil, Gas & Consumable Fuels)

  23,527     866,499
Financials2.4%
     
American Financial Group, Inc. (Insurance)

  5,870      669,767
Bank of America Corp. (Banks)

  13,860      536,243
CME Group, Inc. (Capital Markets)

  7,217    1,473,928
Everest RE Group Ltd. (Insurance)

  3,710      919,375
Intercontinental Exchange, Inc. (Capital Markets)

  11,219    1,252,938
JPMorgan Chase & Co. (Banks)

  9,535    1,451,513
MarketAxess Holdings, Inc. (Capital Markets)

  681      339,084
Progressive Corp. / The (Insurance)

  8,665      828,461
RenaissanceRe Holdings Ltd. (Insurance)

  3,804      609,591
S&P Global, Inc. (Capital Markets)

  2,191      773,138
T. Rowe Price Group, Inc. (Capital Markets)

  4,266      732,046
U.S. Bancorp (Banks)

  14,391     795,966
       10,382,050
Health Care9.0%
     
ABIOMED, Inc. (Health Care Equip. & Supplies)

  (a) 1,747      556,821
Align Technology, Inc. (Health Care Equip. & Supplies)

  (a) 3,885    2,103,844
Anthem, Inc. (Health Care Providers & Svs.)

  4,042    1,450,876
Bristol-Myers Squibb Co. (Pharmaceuticals)

  21,219    1,339,556
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)

  (a) 26,799    2,241,468
Eli Lilly & Co. (Pharmaceuticals)

  2,671      498,996
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)

  (a) 3,210    1,570,685
Illumina, Inc. (Life Sciences Tools & Svs.)

  (a) 1,960      752,758
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)

  (a) 4,360    3,221,778
Johnson & Johnson (Pharmaceuticals)

  8,060    1,324,661
Medtronic PLC (Health Care Equip. & Supplies)

  4,671      551,785
60
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Health Care (continued)
     
Merck & Co., Inc. (Pharmaceuticals)

  21,654 $  1,669,307
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)

  (a) 500      577,845
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  (a) 4,310    2,039,233
Roche Holding AG – ADR (Pharmaceuticals)

  30,340    1,230,590
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)

  1,010      460,944
UnitedHealth Group, Inc. (Health Care Providers & Svs.)

  22,274    8,287,487
Veeva Systems, Inc. Class A (Health Care Technology)

  (a) 3,140      820,294
Vertex Pharmaceuticals, Inc. (Biotechnology)

  (a) 15,687    3,370,980
Zoetis, Inc. (Pharmaceuticals)

  29,616   4,663,928
       38,733,836
Industrials3.2%
     
Allegion PLC (Building Products)

  8,530    1,071,538
AMETEK, Inc. (Electrical Equip.)

  5,070      647,591
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)

  5,190      495,282
Copart, Inc. (Commercial Svs. & Supplies)

  (a) 16,072    1,745,580
Generac Holdings, Inc. (Electrical Equip.)

  (a) 1,870      612,331
IDEX Corp. (Machinery)

  3,080      644,706
L3Harris Technologies, Inc. (Aerospace & Defense)

  6,807    1,379,643
Lennox International, Inc. (Building Products)

  1,600      498,544
Lockheed Martin Corp. (Aerospace & Defense)

  2,870    1,060,465
Masco Corp. (Building Products)

  14,013      839,379
Regal Beloit Corp. (Electrical Equip.)

  7,660    1,092,929
RELX PLC – ADR (Professional Svs.)

  20,690      520,560
Robert Half International, Inc. (Professional Svs.)

  7,370      575,376
Roper Technologies, Inc. (Industrial Conglomerates)

  4,284    1,727,908
Trex Co., Inc. (Building Products)

  (a) 4,328      396,185
Verisk Analytics, Inc. (Professional Svs.)

  1,820     321,576
       13,629,593
Information Technology16.3%
     
Adobe, Inc. (Software)

  (a) 6,947    3,302,395
Amdocs Ltd. (IT Svs.)

  6,750      473,513
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)

  13,208      871,332
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  25,267    3,086,364
Arista Networks, Inc. (Communications Equip.)

  (a) 2,973      897,519
ASML Holding N.V. (Semiconductors & Equip.)

  3,390    2,092,850
Automatic Data Processing, Inc. (IT Svs.)

  7,263    1,368,858
Booz Allen Hamilton Holding Corp. (IT Svs.)

  7,400      595,922
Broadcom, Inc. (Semiconductors & Equip.)

  1,260      584,212
CDW Corp. (Electronic Equip., Instr. & Comp.)

  6,514    1,079,696
Check Point Software Technologies Ltd. (Software)

  (a) 6,320      707,650
Citrix Systems, Inc. (Software)

  11,048    1,550,697
Cognex Corp. (Electronic Equip., Instr. & Comp.)

  7,790      646,492
EPAM Systems, Inc. (IT Svs.)

  (a) 2,297      911,197
Fidelity National Information Services, Inc. (IT Svs.)

  9,695    1,363,214
Fortinet, Inc. (Software)

  (a) 10,024    1,848,626
Genpact Ltd. (IT Svs.)

  27,460    1,175,837
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)

  (a) 5,726    1,207,842
KLA-Tencor Corp. (Semiconductors & Equip.)

  2,818      931,067
Mastercard, Inc. Class A (IT Svs.)

  3,358    1,195,616
Microsoft Corp. (Software)

  68,709   16,199,521
Motorola Solutions, Inc. (Communications Equip.)

  6,390    1,201,639
Nice Ltd. – ADR (Software)

  (a) 1,650      359,651
NortonLifeLock, Inc. (Software)

  49,830    1,059,386
Nuance Communications, Inc. (Software)

  (a) 5,130      223,873
NVIDIA Corp. (Semiconductors & Equip.)

  3,936    2,101,548
Oracle Corp. (Software)

  36,965    2,593,834
Paychex, Inc. (IT Svs.)

  17,931    1,757,597
PayPal Holdings, Inc. (IT Svs.)

  (a) 12,230    2,969,933
QUALCOMM, Inc. (Semiconductors & Equip.)

  27,061    3,588,018
Texas Instruments, Inc. (Semiconductors & Equip.)

  10,984    2,075,866
Tyler Technologies, Inc. (Software)

  (a) 1,720      730,192
Visa, Inc. (IT Svs.)

  33,316    7,053,997
Xilinx, Inc. (Semiconductors & Equip.)

  17,903   2,218,182
       70,024,136
Materials1.1%
     
Reliance Steel & Aluminum Co. (Metals & Mining)

  7,792    1,186,644
61
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Common Stocks (Continued)   Shares Value
Materials (continued)      
Sealed Air Corp. (Containers & Packaging)

  9,880 $    452,701
Sherwin-Williams Co. / The (Chemicals)

  3,970   2,929,900
        4,569,245
Real Estate0.3%
     
American Campus Communities, Inc. (Equity REIT)

  7,110      306,939
CubeSmart (Equity REIT)

  10,440      394,945
Sun Communities, Inc. (Equity REIT)

  3,090     463,624
        1,165,508
Utilities1.0%
     
Alliant Energy Corp. (Electric Utilities)

  12,322      667,359
Ameren Corp. (Multi-Utilities)

  16,641    1,353,912
American Electric Power Co., Inc. (Electric Utilities)

  4,900      415,030
Dominion Energy, Inc. (Multi-Utilities)

  10,460      794,542
NextEra Energy, Inc. (Electric Utilities)

  17,260   1,305,028
        4,535,871
Total Common Stocks (Cost $156,183,404)

    $216,477,857
    
Corporate Bonds17.4%   Rate Maturity Face Amount Value
Communication Services2.2%
         
AT&T, Inc. (Diversified Telecom. Svs.)

  2.750% 06/01/2031 $    10,000 $      9,960
AT&T, Inc. (Diversified Telecom. Svs.)

  (b) 3.500% 09/15/2053    293,000      270,772
AT&T, Inc. (Diversified Telecom. Svs.)

  (b) 3.550% 09/15/2055    123,000      112,558
AT&T, Inc. (Diversified Telecom. Svs.)

  (b) 3.800% 12/01/2057    208,000      197,888
AT&T, Inc. (Diversified Telecom. Svs.)

  (b) 3.650% 09/15/2059     33,000       30,164
Cable One, Inc. (Media)

  (b) 4.000% 11/15/2030    129,000      127,607
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  5.050% 03/30/2029    519,000      596,548
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  2.800% 04/01/2031    502,000      495,418
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  6.484% 10/23/2045     62,000       80,725
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  5.375% 05/01/2047     49,000       56,879
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  4.800% 03/01/2050    265,000      284,270
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  3.700% 04/01/2051    548,000      512,547
Comcast Corp. (Media)

  3.100% 04/01/2025     80,000       86,415
Comcast Corp. (Media)

  3.150% 03/01/2026    146,000      158,490
Comcast Corp. (Media)

  3.300% 04/01/2027    218,000      237,665
Comcast Corp. (Media)

  4.150% 10/15/2028    123,000      140,765
Comcast Corp. (Media)

  2.650% 02/01/2030    113,000      115,676
Comcast Corp. (Media)

  3.400% 04/01/2030    218,000      236,034
Comcast Corp. (Media)

  4.250% 10/15/2030    205,000      235,551
Comcast Corp. (Media)

  4.600% 10/15/2038    122,000      147,265
Comcast Corp. (Media)

  3.750% 04/01/2040     87,000       95,457
Comcast Corp. (Media)

  4.950% 10/15/2058    111,000      145,228
Level 3 Financing, Inc. (Diversified Telecom. Svs.)

  (b) 3.875% 11/15/2029    309,000      325,609
Lumen Technologies, Inc. (Diversified Telecom. Svs.)

  6.450% 06/15/2021    124,000      124,899
Lumen Technologies, Inc. (Diversified Telecom. Svs.)

  5.800% 03/15/2022    102,000      105,580
Netflix, Inc. (Entertainment)

  5.875% 11/15/2028    310,000      374,966
Tencent Holdings Ltd. (Interactive Media & Svs.)

  (b) 1.810% 01/26/2026    201,000      201,622
Tencent Holdings Ltd. (Interactive Media & Svs.)

  2.390% 06/03/2030    200,000      193,157
Tencent Holdings Ltd. (Interactive Media & Svs.)

  (b) 3.240% 06/03/2050    201,000      185,079
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (b) 3.500% 04/15/2025    264,000      284,824
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  2.625% 04/15/2026     70,000       71,316
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (b) 3.750% 04/15/2027    673,000      735,697
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  3.375% 04/15/2029     74,000       74,555
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (b) 3.875% 04/15/2030    226,000      245,291
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  2.875% 02/15/2031    143,000      138,210
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (b) 4.375% 04/15/2040     78,000       86,663
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (b) 4.500% 04/15/2050     91,000      102,183
TWDC Enterprises 18 Corp. (Entertainment)

  4.125% 06/01/2044    256,000      290,924
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  3.150% 03/22/2030    108,000      113,910
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  3.400% 03/22/2041    457,000      463,940
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  4.862% 08/21/2046     93,000      111,567
62
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Communication Services (continued)
         
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  4.522% 09/15/2048 $    69,000 $     80,032
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  4.000% 03/22/2050     77,000       82,870
ViacomCBS, Inc. (Media)

  4.950% 01/15/2031     71,000       83,735
Weibo Corp. (Interactive Media & Svs.)

  3.375% 07/08/2030    527,000     524,260
            9,374,771
Consumer Discretionary2.1%
         
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)

  (b) 3.500% 02/15/2029    270,000      262,575
Advance Auto Parts, Inc. (Specialty Retail)

  1.750% 10/01/2027     84,000       82,759
Advance Auto Parts, Inc. (Specialty Retail)

  3.900% 04/15/2030    125,000      135,831
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail)

  2.125% 02/09/2031    459,000      437,859
AutoNation, Inc. (Specialty Retail)

  4.750% 06/01/2030     60,000       69,184
AutoZone, Inc. (Specialty Retail)

  3.750% 04/18/2029    303,000      328,381
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)

  4.625% 04/13/2030    404,000      470,602
Dollar General Corp. (Multiline Retail)

  3.500% 04/03/2030    187,000      201,611
Falabella SA (Multiline Retail)

  3.750% 10/30/2027    200,000      215,463
General Motors Co. (Automobiles)

  6.125% 10/01/2025     79,000       92,897
General Motors Co. (Automobiles)

  4.200% 10/01/2027     94,000      103,161
General Motors Co. (Automobiles)

  6.800% 10/01/2027    107,000      132,740
General Motors Co. (Automobiles)

  5.000% 10/01/2028    269,000      308,276
General Motors Co. (Automobiles)

  5.400% 04/01/2048     90,000      106,689
Hasbro, Inc. (Leisure Products)

  3.900% 11/19/2029    519,000      558,164
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)

  (b) 4.000% 05/01/2031    360,000      360,000
InRetail Consumer (Multiline Retail)

  (b) 3.250% 03/22/2028    229,000      228,659
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)

  3.200% 08/08/2024    108,000      112,603
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)

  2.900% 06/25/2025    191,000      195,536
Lear Corp. (Auto Components)

  3.800% 09/15/2027     37,000       40,285
Lear Corp. (Auto Components)

  3.500% 05/30/2030    113,000      117,812
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods)

  (b) 3.500% 03/01/2031    153,000      147,645
Marriott International, Inc. (Hotels, Restaurants & Leisure)

  5.750% 05/01/2025    361,000      414,245
Mattel, Inc. (Leisure Products)

  (b) 3.375% 04/01/2026    128,000      132,152
Mattel, Inc. (Leisure Products)

  (b) 3.750% 04/01/2029    127,000      127,794
McDonald's Corp. (Hotels, Restaurants & Leisure)

  3.500% 07/01/2027    272,000      299,122
McDonald's Corp. (Hotels, Restaurants & Leisure)

  2.625% 09/01/2029    294,000      301,511
McDonald's Corp. (Hotels, Restaurants & Leisure)

  3.625% 09/01/2049     90,000       93,948
Newell Brands, Inc. (Household Durables)

  4.875% 06/01/2025     27,000       29,801
Newell Brands, Inc. (Household Durables)

  4.700% 04/01/2026    113,000      124,683
NIKE, Inc. (Textiles, Apparel & Luxury Goods)

  2.400% 03/27/2025     98,000      103,299
NIKE, Inc. (Textiles, Apparel & Luxury Goods)

  2.750% 03/27/2027    152,000      161,971
Nissan Motor Co. Ltd. (Automobiles)

  (b) 4.345% 09/17/2027    430,000      467,635
O'Reilly Automotive, Inc. (Specialty Retail)

  3.600% 09/01/2027      6,000        6,559
O'Reilly Automotive, Inc. (Specialty Retail)

  4.350% 06/01/2028     47,000       53,268
O'Reilly Automotive, Inc. (Specialty Retail)

  3.900% 06/01/2029    232,000      254,230
Prosus N.V. (Internet & Direct Marketing Retail)

  (b) 3.680% 01/21/2030    216,000      222,941
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)

  2.950% 06/15/2030    413,000      426,023
Ross Stores, Inc. (Specialty Retail)

  4.700% 04/15/2027    280,000      318,677
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)

  (b) 10.875% 06/01/2023    136,000      156,441
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)

  (b) 11.500% 06/01/2025    240,000      279,900
Starbucks Corp. (Hotels, Restaurants & Leisure)

  4.450% 08/15/2049    180,000      208,845
Wynn Macau Ltd. (Hotels, Restaurants & Leisure)

  (b) 5.625% 08/26/2028    292,000     305,227
            9,197,004
Consumer Staples2.2%
         
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)

  (b) 3.500% 03/15/2029    156,000      148,456
Alimentation Couche-Tard, Inc. (Food & Staples Retailing)

  (b) 2.950% 01/25/2030     77,000       78,615
Altria Group, Inc. (Tobacco)

  4.800% 02/14/2029    106,000      121,795
Altria Group, Inc. (Tobacco)

  3.400% 05/06/2030    280,000      292,946
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.900% 02/01/2046    268,000      320,138
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.150% 01/23/2025    512,000      568,988
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  3.500% 06/01/2030    570,000      617,285
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.350% 06/01/2040    190,000      214,813
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.500% 06/01/2050    192,000      217,846
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.750% 04/15/2058    162,000      186,727
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.600% 06/01/2060    136,000      153,278
B.A.T. Capital Corp. (Tobacco)

  4.700% 04/02/2027    180,000      202,616
B.A.T. Capital Corp. (Tobacco)

  2.259% 03/25/2028    435,000      428,280
Campbell Soup Co. (Food Products)

  3.950% 03/15/2025    113,000      124,163
Cargill, Inc. (Food Products)

  (b) 1.375% 07/23/2023     77,000       78,582
Cargill, Inc. (Food Products)

  (b) 2.125% 04/23/2030    113,000      111,071
63
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Consumer Staples (continued)
         
Cencosud SA (Food & Staples Retailing)

  5.150% 02/12/2025 $   276,000 $    307,920
Coca-Cola Co. / The (Beverages)

  3.375% 03/25/2027    263,000      290,435
Coca-Cola Co. / The (Beverages)

  3.450% 03/25/2030    182,000      200,490
Coca-Cola Co. / The (Beverages)

  4.200% 03/25/2050    197,000      231,092
Coca-Cola Femsa S.A.B de C.V. (Beverages)

  2.750% 01/22/2030    154,000      154,641
Coca-Cola Femsa S.A.B de C.V. (Beverages)

  1.850% 09/01/2032    171,000      156,419
Estee Lauder Cos., Inc. / The (Personal Products)

  2.600% 04/15/2030    412,000      424,510
Fomento Economico Mexicano S.A.B de C.V. (Beverages)

  3.500% 01/16/2050    182,000      181,287
J.M. Smucker Co. / The (Food Products)

  2.375% 03/15/2030    165,000      162,762
JBS U.S.A. LUX SA / JBS U.S.A. Finance, Inc. (Food Products)

  (b) 6.750% 02/15/2028     76,000       83,220
Kimberly-Clark de Mexico S.A.B de C.V. (Household Products)

  (b) 2.431% 07/01/2031    274,000      267,293
Mars, Inc. (Food Products)

  (b) 2.700% 04/01/2025    113,000      119,500
Mars, Inc. (Food Products)

  (b) 3.200% 04/01/2030     28,000       29,910
Mondelez International Holdings Netherlands BV (Food Products)

  (b) 2.250% 09/19/2024    249,000      260,295
Mondelez International, Inc. (Food Products)

  2.750% 04/13/2030     41,000       41,858
PepsiCo, Inc. (Beverages)

  2.250% 03/19/2025    187,000      196,923
PepsiCo, Inc. (Beverages)

  2.625% 03/19/2027     58,000       61,691
PepsiCo, Inc. (Beverages)

  3.625% 03/19/2050    155,000      170,968
PepsiCo, Inc. (Beverages)

  3.875% 03/19/2060     47,000       52,974
Procter & Gamble Co. / The (Household Products)

  2.800% 03/25/2027    119,000      128,181
Procter & Gamble Co. / The (Household Products)

  3.000% 03/25/2030     68,000       73,194
Sysco Corp. (Food & Staples Retailing)

  2.500% 07/15/2021     73,000       73,297
Sysco Corp. (Food & Staples Retailing)

  5.650% 04/01/2025    217,000      252,328
Sysco Corp. (Food & Staples Retailing)

  2.400% 02/15/2030     72,000       71,491
Sysco Corp. (Food & Staples Retailing)

  5.950% 04/01/2030    473,000      591,050
Sysco Corp. (Food & Staples Retailing)

  6.600% 04/01/2040    270,000      376,658
Sysco Corp. (Food & Staples Retailing)

  6.600% 04/01/2050    334,000     482,420
            9,308,406
Energy1.1%
         
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels)

  3.400% 02/15/2031    153,000      152,878
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)

  2.939% 06/04/2051    479,000      427,213
Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)

  5.375% 07/15/2025     35,000       39,333
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels)

  3.700% 11/15/2029    557,000      587,055
Chevron U.S.A., Inc. (Oil, Gas & Consumable Fuels)

  5.250% 11/15/2043    227,000      293,686
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels)

  7.375% 10/15/2045    263,000      372,088
Energy Transfer LP (Oil, Gas & Consumable Fuels)

  5.875% 01/15/2024    127,000      141,373
Energy Transfer LP (Oil, Gas & Consumable Fuels)

  6.250% 04/15/2049    196,000      230,066
Hess Corp. (Oil, Gas & Consumable Fuels)

  4.300% 04/01/2027    258,000      281,179
Husky Energy, Inc. (Oil, Gas & Consumable Fuels)

  4.400% 04/15/2029    164,000      175,074
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  4.300% 03/01/2028     69,000       77,147
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)

  6.500% 03/01/2041     67,000       89,073
ONEOK, Inc. (Oil, Gas & Consumable Fuels)

  6.350% 01/15/2031    142,000      178,296
Plains All American Pipeline LP (Oil, Gas & Consumable Fuels)

  4.650% 10/15/2025    241,000      264,068
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)

  6.800% 05/15/2038    223,000      305,511
Tengizchevroil Finance Co. International Ltd. (Oil, Gas & Consumable Fuels)

  (b) 3.250% 08/15/2030    205,000      204,026
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)

  4.100% 04/15/2030    413,000      460,365
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)

  6.100% 06/01/2040    235,000      304,532
WPX Energy, Inc. (Oil, Gas & Consumable Fuels)

  4.500% 01/15/2030    287,000     309,039
            4,892,002
Financials3.2%
         
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)

  6.500% 07/15/2025    271,000      315,926
Alleghany Corp. (Insurance)

  3.625% 05/15/2030    291,000      313,771
Aviation Capital Group LLC (Diversified Financial Svs.)

  (b) 2.875% 01/20/2022     25,000       25,362
Aviation Capital Group LLC (Diversified Financial Svs.)

  (b) 3.875% 05/01/2023    122,000      127,341
Aviation Capital Group LLC (Diversified Financial Svs.)

  (b) 4.375% 01/30/2024     50,000       53,152
Aviation Capital Group LLC (Diversified Financial Svs.)

  (b) 5.500% 12/15/2024    148,000      165,485
Aviation Capital Group LLC (Diversified Financial Svs.)

  (b) 4.125% 08/01/2025      3,000        3,197
Aviation Capital Group LLC (Diversified Financial Svs.)

  (b) 4.875% 10/01/2025     57,000       62,038
Aviation Capital Group LLC (Diversified Financial Svs.)

  (b) 1.950% 01/30/2026    167,000      162,709
Aviation Capital Group LLC (Diversified Financial Svs.)

  (b) 3.500% 11/01/2027     50,000       51,475
Banco de Credito del Peru (Rate is fixed until 07/01/2025, at which point, the rate becomes H15T5Y + 300) (Banks)

 (b)(c) 3.125% 07/01/2030    244,000      244,512
Bank of America Corp. (Rate is fixed until 04/24/2027, at which point, the rate becomes QL + 151) (Banks)

  (c) 3.705% 04/24/2028    501,000      547,991
Bank of America Corp. (Rate is fixed until 03/05/2028, at which point, the rate becomes QL + 107) (Banks)

  (c) 3.970% 03/05/2029    177,000      195,030
Bank of America Corp. (Rate is fixed until 04/29/2030, at which point, the rate becomes SOFR + 215) (Banks)

  (c) 2.592% 04/29/2031    678,000      676,585
64
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Financials (continued)          
BNP Paribas SA (Rate is fixed until 11/19/2024, at which point, the rate becomes QL + 111) (Banks)

 (b)(c) 2.819% 11/19/2025 $   306,000 $    322,113
BNP Paribas SA (Rate is fixed until 01/13/2030, at which point, the rate becomes SOFR + 151) (Banks)

 (b)(c) 3.052% 01/13/2031    333,000      341,354
Capital One Financial Corp. (Consumer Finance)

  2.600% 05/11/2023    349,000      362,957
Charles Schwab Corp. / The (Capital Markets)

  4.625% 03/22/2030    299,000      351,720
Citigroup, Inc. (Rate is fixed until 01/10/2027, at which point, the rate becomes QL + 156) (Banks)

  (c) 3.887% 01/10/2028    570,000      626,534
Citigroup, Inc. (Rate is fixed until 03/31/2030, at which point, the rate becomes SOFR + 391) (Banks)

  (c) 4.412% 03/31/2031    380,000      433,661
Citizens Financial Group, Inc. (Banks)

  (b) 2.638% 09/30/2032    114,000      109,155
GE Capital Funding LLC (Diversified Financial Svs.)

  (b) 4.400% 05/15/2030    401,000      453,993
General Motors Financial Co., Inc. (Consumer Finance)

  4.350% 04/09/2025    177,000      194,137
General Motors Financial Co., Inc. (Consumer Finance)

  4.300% 07/13/2025     54,000       59,379
General Motors Financial Co., Inc. (Consumer Finance)

  4.350% 01/17/2027     99,000      109,940
Harley-Davidson Financial Services, Inc. (Consumer Finance)

  (b) 3.350% 06/08/2025    406,000      425,474
HSBC Holdings PLC (Rate is fixed until 03/30/2025, at which point, the rate becomes USISDA05 + 437) (Banks)

  (c) 6.375% Perpetual    212,000      233,624
ING Groep N.V. (Rate is fixed until 04/01/2031, at which point, the rate becomes SOFR + 132) (Banks)

  (c) 2.727% 04/01/2032    456,000      455,726
JPMorgan Chase & Co. (Rate is fixed until 04/22/2025, at which point, the rate becomes SOFR + 185) (Banks)

  (c) 2.083% 04/22/2026    933,000      958,251
JPMorgan Chase & Co. (Rate is fixed until 01/29/2026, at which point, the rate becomes QL + 125) (Banks)

  (c) 3.960% 01/29/2027    508,000      561,826
JPMorgan Chase & Co. (Rate is fixed until 02/01/2027, at which point, the rate becomes QL + 134) (Banks)

  (c) 3.782% 02/01/2028    191,000      210,517
JPMorgan Chase & Co. (Rate is fixed until 12/05/2028, at which point, the rate becomes QL + 133) (Banks)

  (c) 4.452% 12/05/2029    460,000      526,913
JPMorgan Chase & Co. (Rate is fixed until 10/15/2029, at which point, the rate becomes SOFR + 151) (Banks)

  (c) 2.739% 10/15/2030    218,000      221,558
JPMorgan Chase & Co. (Rate is fixed until 03/24/2030, at which point, the rate becomes SOFR + 379) (Banks)

  (c) 4.493% 03/24/2031    171,000      197,022
Morgan Stanley (Capital Markets)

  3.950% 04/23/2027    396,000      438,204
Morgan Stanley (Rate is fixed until 07/22/2027, at which point, the rate becomes QL + 134) (Capital Markets)

  (c) 3.591% 07/22/2028    251,000      273,637
Morgan Stanley (Rate is fixed until 01/23/2029, at which point, the rate becomes QL + 163) (Capital Markets)

  (c) 4.431% 01/23/2030    408,000      467,164
SLM Corp. (Consumer Finance)

  4.200% 10/29/2025    233,000      244,655
UniCredit SpA (Rate is fixed until 09/22/2025, at which point, the rate becomes H15T1Y + 230) (Banks)

 (b)(c) 2.569% 09/22/2026    435,000      436,738
Wells Fargo & Co. (Rate is fixed until 02/11/2025, at which point, the rate becomes QL + 75) (Banks)

  (c) 2.164% 02/11/2026    651,000      671,576
Wells Fargo & Co. (Rate is fixed until 10/30/2029, at which point, the rate becomes SOFR + 143) (Banks)

  (c) 2.879% 10/30/2030    298,000      306,973
Wells Fargo & Co. (Rate is fixed until 04/04/2030, at which point, the rate becomes SOFR + 403) (Banks)

  (c) 4.478% 04/04/2031    545,000     627,605
           13,566,980
Health Care1.1%
         
AbbVie, Inc. (Biotechnology)

  3.450% 03/15/2022    292,000      298,729
AbbVie, Inc. (Biotechnology)

  3.250% 10/01/2022    175,000      181,007
AbbVie, Inc. (Biotechnology)

  2.800% 03/15/2023     14,000       14,516
AbbVie, Inc. (Biotechnology)

  2.600% 11/21/2024    165,000      174,207
AbbVie, Inc. (Biotechnology)

  3.800% 03/15/2025    210,000      229,433
Baxter International, Inc. (Health Care Equip. & Supplies)

  (b) 3.950% 04/01/2030    238,000      267,828
Boston Scientific Corp. (Health Care Equip. & Supplies)

  3.750% 03/01/2026    137,000      151,262
Boston Scientific Corp. (Health Care Equip. & Supplies)

  4.000% 03/01/2029     71,000       78,977
Bristol-Myers Squibb Co. (Pharmaceuticals)

  3.400% 07/26/2029    125,000      136,602
Centene Corp. (Health Care Providers & Svs.)

  (b) 5.375% 06/01/2026    371,000      387,955
Centene Corp. (Health Care Providers & Svs.)

  4.250% 12/15/2027    326,000      342,912
Centene Corp. (Health Care Providers & Svs.)

  4.625% 12/15/2029    376,000      406,947
Centene Corp. (Health Care Providers & Svs.)

  3.375% 02/15/2030    212,000      213,986
Cigna Corp. (Health Care Providers & Svs.)

  2.400% 03/15/2030    114,000      113,034
Cigna Corp. (Health Care Providers & Svs.)

  3.200% 03/15/2040     52,000       51,999
Cigna Corp. (Health Care Providers & Svs.)

  3.400% 03/15/2050     78,000       76,700
CVS Health Corp. (Health Care Providers & Svs.)

  3.000% 08/15/2026     33,000       35,262
CVS Health Corp. (Health Care Providers & Svs.)

  4.300% 03/25/2028    103,000      116,965
CVS Health Corp. (Health Care Providers & Svs.)

  4.125% 04/01/2040    141,000      155,707
CVS Health Corp. (Health Care Providers & Svs.)

  5.050% 03/25/2048    320,000      392,845
DH Europe Finance II SARL (Health Care Equip. & Supplies)

  2.200% 11/15/2024    129,000      134,447
DH Europe Finance II SARL (Health Care Equip. & Supplies)

  2.600% 11/15/2029     71,000       72,572
DH Europe Finance II SARL (Health Care Equip. & Supplies)

  3.400% 11/15/2049     91,000       92,136
65
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Health Care (continued)
         
Pfizer, Inc. (Pharmaceuticals)

  2.625% 04/01/2030 $    80,000 $     83,043
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)

  4.497% 03/25/2030    372,000     433,095
            4,642,166
Industrials1.7%
         
Air Lease Corp. (Trading Companies & Distributors)

  3.875% 07/03/2023     22,000       23,391
Air Lease Corp. (Trading Companies & Distributors)

  4.250% 02/01/2024     87,000       94,407
Air Lease Corp. (Trading Companies & Distributors)

  2.875% 01/15/2026     81,000       84,047
Air Lease Corp. (Trading Companies & Distributors)

  3.625% 04/01/2027     15,000       15,779
Aircastle Ltd. (Trading Companies & Distributors)

  5.000% 04/01/2023     13,000       13,856
Aircastle Ltd. (Trading Companies & Distributors)

  4.400% 09/25/2023    145,000      154,427
Aircastle Ltd. (Trading Companies & Distributors)

  4.125% 05/01/2024     58,000       61,265
Aircastle Ltd. (Trading Companies & Distributors)

  (b) 5.250% 08/11/2025    149,000      162,684
Aircastle Ltd. (Trading Companies & Distributors)

  4.250% 06/15/2026     21,000       22,234
Aircastle Ltd. (Trading Companies & Distributors)

  (b) 2.850% 01/26/2028    332,000      317,632
Allison Transmission, Inc. (Machinery)

  (b) 3.750% 01/30/2031    232,000      224,750
BAE Systems PLC (Aerospace & Defense)

  (b) 3.400% 04/15/2030    200,000      212,292
Carrier Global Corp. (Building Products)

  2.242% 02/15/2025    145,000      150,140
Carrier Global Corp. (Building Products)

  2.493% 02/15/2027    116,000      119,793
CITIC Ltd. (Industrial Conglomerates)

  2.850% 02/25/2030    230,000      227,969
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Airlines)

  (b) 4.500% 10/20/2025    134,058      143,093
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Airlines)

  (b) 4.750% 10/20/2028    156,000      169,634
Embraer Netherlands Finance B.V. (Aerospace & Defense)

  (b) 6.950% 01/17/2028    212,000      233,090
Empresa de Transporte de Pasajeros Metro SA (Road & Rail)

  (b) 3.650% 05/07/2030    200,000      216,941
Equifax, Inc. (Professional Svs.)

  2.600% 12/01/2024    423,000      446,800
Equifax, Inc. (Professional Svs.)

  2.600% 12/15/2025    147,000      154,100
Equifax, Inc. (Professional Svs.)

  3.100% 05/15/2030    240,000      249,118
General Dynamics Corp. (Aerospace & Defense)

  3.625% 04/01/2030    241,000      266,408
General Dynamics Corp. (Aerospace & Defense)

  4.250% 04/01/2040    167,000      196,583
General Electric Co. (Industrial Conglomerates)

  3.450% 05/01/2027    105,000      114,025
General Electric Co. (Industrial Conglomerates)

  6.750% 03/15/2032    129,000      172,778
General Electric Co. (Industrial Conglomerates)

  4.250% 05/01/2040     79,000       86,711
General Electric Co. (Industrial Conglomerates)

  4.350% 05/01/2050    138,000      153,172
GFL Environmental, Inc. (Commercial Svs. & Supplies)

  (b) 3.500% 09/01/2028    234,000      226,980
Huntington Ingalls Industries, Inc. (Aerospace & Defense)

  3.844% 05/01/2025    205,000      223,667
Huntington Ingalls Industries, Inc. (Aerospace & Defense)

  4.200% 05/01/2030    366,000      405,996
Northrop Grumman Corp. (Aerospace & Defense)

  4.400% 05/01/2030    205,000      236,226
Northrop Grumman Corp. (Aerospace & Defense)

  5.150% 05/01/2040     90,000      112,900
Northrop Grumman Corp. (Aerospace & Defense)

  5.250% 05/01/2050    115,000      149,030
United Parcel Service, Inc. (Air Freight & Logistics)

  3.900% 04/01/2025    173,000      191,462
United Parcel Service, Inc. (Air Freight & Logistics)

  4.450% 04/01/2030    151,000      176,489
Verisk Analytics, Inc. (Professional Svs.)

  5.500% 06/15/2045    101,000      127,360
Westinghouse Air Brake Technologies Corp. (Machinery)

  4.400% 03/15/2024    189,000      205,491
Westinghouse Air Brake Technologies Corp. (Machinery)

  3.200% 06/15/2025     45,000       47,607
Westinghouse Air Brake Technologies Corp. (Machinery)

  3.450% 11/15/2026     66,000       71,132
Westinghouse Air Brake Technologies Corp. (Machinery)

  4.950% 09/15/2028    606,000     690,453
            7,351,912
Information Technology1.4%
         
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  2.400% 08/20/2050    288,000      248,071
Broadcom Corp. / Broadcom Cayman Finance Ltd. (Semiconductors & Equip.)

  3.500% 01/15/2028     47,000       49,901
Broadcom, Inc. (Semiconductors & Equip.)

  4.110% 09/15/2028     44,000       48,103
Broadcom, Inc. (Semiconductors & Equip.)

  5.000% 04/15/2030     80,000       91,177
Broadcom, Inc. (Semiconductors & Equip.)

  4.150% 11/15/2030    539,000      581,775
Broadcom, Inc. (Semiconductors & Equip.)

  (b) 3.500% 02/15/2041    213,000      203,999
Dell International LLC / EMC Corp. (Computers & Peripherals)

  (b) 5.875% 06/15/2021    151,000      151,189
Global Payments, Inc. (IT Svs.)

  4.800% 04/01/2026    185,000      211,551
Global Payments, Inc. (IT Svs.)

  3.200% 08/15/2029     75,000       78,991
Infor, Inc. (Software)

  (b) 1.750% 07/15/2025    106,000      107,137
Lam Research Corp. (Semiconductors & Equip.)

  4.000% 03/15/2029     51,000       57,754
Mastercard, Inc. (IT Svs.)

  3.300% 03/26/2027    256,000      281,397
Mastercard, Inc. (IT Svs.)

  3.350% 03/26/2030    324,000      356,864
Micron Technology, Inc. (Semiconductors & Equip.)

  2.497% 04/24/2023    366,000      379,868
Micron Technology, Inc. (Semiconductors & Equip.)

  4.185% 02/15/2027    391,000      434,126
Oracle Corp. (Software)

  2.500% 04/01/2025    216,000      226,955
Oracle Corp. (Software)

  2.800% 04/01/2027    530,000      558,165
Oracle Corp. (Software)

  3.950% 03/25/2051    265,000      273,179
PayPal Holdings, Inc. (IT Svs.)

  2.850% 10/01/2029    240,000      250,040
SK Hynix, Inc. (Semiconductors & Equip.)

  (b) 2.375% 01/19/2031    304,000      287,461
Visa, Inc. (IT Svs.)

  1.900% 04/15/2027    452,000      463,267
66
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Information Technology (continued)
         
Visa, Inc. (IT Svs.)

  2.050% 04/15/2030 $   220,000 $    219,615
VMware, Inc. (Software)

  4.500% 05/15/2025    261,000      291,104
VMware, Inc. (Software)

  4.650% 05/15/2027    293,000     332,120
            6,183,809
Materials0.7%
         
Alpek S.A.B de C.V. (Chemicals)

  (b) 3.250% 02/25/2031    383,000      378,787
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging)

  (b) 3.250% 09/01/2028    308,000      304,418
Avery Dennison Corp. (Containers & Packaging)

  2.650% 04/30/2030    299,000      300,653
Axalta Coating Systems LLC (Chemicals)

  (b) 3.375% 02/15/2029    220,000      214,544
Cemex S.A.B de C.V. (Construction Materials)

  (b) 3.875% 07/11/2031    380,000      370,880
Ecolab, Inc. (Chemicals)

  4.800% 03/24/2030    135,000      161,490
Fresnillo PLC (Metals & Mining)

  (b) 4.250% 10/02/2050    432,000      424,440
Georgia-Pacific LLC (Paper & Forest Products)

  (b) 3.163% 11/15/2021     99,000      100,243
Indonesia Asahan Aluminium Persero PT (Metals & Mining)

  (b) 4.750% 05/15/2025    240,000      260,808
Industrias Penoles S.A.B de C.V. (Metals & Mining)

  (b) 4.750% 08/06/2050    280,000      287,700
Ingevity Corp. (Chemicals)

  (b) 3.875% 11/01/2028    188,000      182,360
Nutrition & Biosciences, Inc. (Chemicals)

  (b) 1.832% 10/15/2027     76,000       74,311
Suzano Austria GmbH (Paper & Forest Products)

  3.750% 01/15/2031     56,000       57,611
Volcan Cia Minera S.A.A. (Metals & Mining)

  (b) 4.375% 02/11/2026     65,000      66,620
            3,184,865
Real Estate0.4%
         
Alexandria Real Estate Equities, Inc. (Equity REIT)

  4.900% 12/15/2030    275,000      324,850
Camden Property Trust (Equity REIT)

  2.800% 05/15/2030    342,000      350,830
Crown Castle International Corp. (Equity REIT)

  3.650% 09/01/2027    133,000      144,935
Crown Castle International Corp. (Equity REIT)

  4.300% 02/15/2029    154,000      172,621
Crown Castle International Corp. (Equity REIT)

  3.100% 11/15/2029    279,000      287,984
Crown Castle International Corp. (Equity REIT)

  3.300% 07/01/2030     67,000       70,132
Equinix, Inc. (Equity REIT)

  2.625% 11/18/2024    123,000      129,601
Equinix, Inc. (Equity REIT)

  2.900% 11/18/2026    104,000      109,685
Equinix, Inc. (Equity REIT)

  3.200% 11/18/2029    233,000     242,237
            1,832,875
Utilities1.3%
         
AEP Transmission Co. LLC (Electric Utilities)

  3.650% 04/01/2050    162,000      171,836
AES Panama Generation Holdings SRL (Electric Utilities)

  (b) 4.375% 05/31/2030    285,000      294,890
Ameren Corp. (Multi-Utilities)

  3.500% 01/15/2031    669,000      709,977
American Water Capital Corp. (Water Utilities)

  2.800% 05/01/2030    211,000      217,001
American Water Capital Corp. (Water Utilities)

  3.450% 05/01/2050    252,000      254,804
Berkshire Hathaway Energy Co. (Multi-Utilities)

  3.700% 07/15/2030    265,000      293,641
Berkshire Hathaway Energy Co. (Multi-Utilities)

  4.250% 10/15/2050    278,000      318,493
Chile Electricity PEC SpA (Electric Utilities)

  (b) 0.000% 01/25/2028    460,000      374,900
Dominion Energy, Inc. (Multi-Utilities)

  3.375% 04/01/2030    340,000      362,005
NextEra Energy Capital Holdings, Inc. (Electric Utilities)

  2.750% 05/01/2025    149,000      157,455
NRG Energy, Inc. (Electric Utilities)

  (b) 3.750% 06/15/2024    308,000      329,833
NRG Energy, Inc. (Electric Utilities)

  7.250% 05/15/2026    273,000      283,920
NRG Energy, Inc. (Electric Utilities)

  6.625% 01/15/2027    274,000      284,960
Oncor Electric Delivery Co. LLC (Electric Utilities)

  3.700% 11/15/2028    194,000      215,156
Oncor Electric Delivery Co. LLC (Electric Utilities)

  3.800% 06/01/2049    257,000      279,413
Southern Co. / The (Electric Utilities)

  3.700% 04/30/2030    508,000      548,898
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak (Ind. Power & Renewable Elec.)

  (b) 4.850% 10/14/2038    288,000     313,920
            5,411,102
Total Corporate Bonds (Cost $71,116,220)

         $74,945,892
    
Purchased Options9.7%   Notional
Amount
Expiration Exercise Price Contracts (d) Value
S&P 500 Index Call Option

  $ 9,932,225 December 2022 $2,900 25  $  2,774,250
S&P 500 Index Call Option

  11,918,670 December 2022 2,950 30     3,207,300
S&P 500 Index Call Option

  20,659,028 December 2022 3,000 52     5,387,200
S&P 500 Index Call Option

  10,329,514 December 2022 3,050 26     2,628,080
S&P 500 Index Call Option

  13,905,115 December 2022 3,100 35     3,399,200
S&P 500 Index Call Option

   9,932,225 December 2022 3,200 25     2,285,000
S&P 500 Index Call Option

   8,740,358 December 2022 3,250 22     1,881,220
S&P 500 Index Call Option

  15,891,560 December 2022 3,300 40     3,349,600
S&P 500 Index Call Option

   1,986,445 December 2022 3,350 5       389,950
S&P 500 Index Call Option

   2,781,023 December 2022 3,400 7       520,100
S&P 500 Index Call Option

   7,945,780 December 2022 3,450 20     1,413,200
67
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Purchased Options (Continued)   Notional
Amount
Expiration Exercise Price Contracts (d) Value
S&P 500 Index Call Option

  $11,918,670 December 2022 $3,500 30  $  2,034,000
S&P 500 Index Call Option

   1,986,445 December 2022 3,600 5       300,250
S&P 500 Index Call Option

   1,986,445 December 2022 3,650 5       283,650
S&P 500 Index Call Option

   1,986,445 December 2022 4,000 5       178,960
S&P 500 Index Call Option

   7,945,780 December 2023 3,700 20     1,192,800
S&P 500 Index Call Option

   5,959,335 December 2023 3,800 15       804,450
S&P 500 Index Call Option

   3,972,890 December 2023 4,000 10       448,400
S&P 500 Index Put Option

   1,986,445 December 2022 2,800 5        59,700
S&P 500 Index Put Option

   9,932,225 December 2022 2,900 25       339,250
S&P 500 Index Put Option

  11,918,670 December 2022 2,950 30       433,200
S&P 500 Index Put Option

  20,659,028 December 2022 3,000 52       797,680
S&P 500 Index Put Option

  10,329,514 December 2022 3,050 26       423,540
S&P 500 Index Put Option

  13,905,115 December 2022 3,100 35       612,500
S&P 500 Index Put Option

   9,932,225 December 2022 3,200 25       484,250
S&P 500 Index Put Option

   8,740,358 December 2022 3,250 22       450,560
S&P 500 Index Put Option

  15,891,560 December 2022 3,300 40       876,400
S&P 500 Index Put Option

   5,959,335 December 2022 3,350 15       342,450
S&P 500 Index Put Option

  10,726,803 December 2022 3,400 27       650,160
S&P 500 Index Put Option

   7,945,780 December 2022 3,450 20       507,400
S&P 500 Index Put Option

  11,918,670 December 2022 3,500 30       810,000
S&P 500 Index Put Option

   1,986,445 December 2022 3,600 5       149,000
S&P 500 Index Put Option

   1,986,445 December 2022 3,650 5       155,500
S&P 500 Index Put Option

   1,986,445 December 2022 4,000 5       218,500
S&P 500 Index Put Option

   5,959,335 December 2023 3,700 15       615,000
S&P 500 Index Put Option

   5,959,335 December 2023 3,800 15       671,850
S&P 500 Index Put Option

   3,972,890 December 2023 4,000 10      551,000
Total Purchased Options (Cost $34,687,504)

           $41,625,550
    
U.S. Treasury Obligations9.4%   Rate Maturity Face Amount Value
U.S. Treasury Bill

  0.000% 04/27/2021 $12,220,000 $ 12,219,874
U.S. Treasury Bill

  0.000% 04/29/2021  4,365,000    4,364,966
U.S. Treasury Note

  0.375% 03/31/2022  6,284,600    6,303,257
U.S. Treasury Note

  1.500% 09/15/2022    626,000      638,447
U.S. Treasury Note

  (e) 2.250% 11/15/2024  1,865,000    1,979,158
U.S. Treasury Note

  (e) 0.500% 03/31/2025  7,834,500    7,784,616
U.S. Treasury Note

  2.750% 08/15/2042  2,119,300    2,273,280
U.S. Treasury Note

  2.250% 08/15/2049  1,246,800    1,205,646
U.S. Treasury Note

  2.375% 11/15/2049    338,600      336,391
U.S. Treasury Note

  1.250% 05/15/2050    755,000      569,760
U.S. Treasury Note

  1.375% 08/15/2050  1,679,400    1,310,457
U.S. Treasury Note

  1.625% 11/15/2050    240,000      199,988
U.S. Treasury Note

  1.875% 02/15/2051  1,560,000   1,384,500
Total U.S. Treasury Obligations (Cost $41,308,251)

         $40,570,340
    
Asset-Backed / Mortgage-Backed Securities4.9%   Rate Maturity Face Amount Value
Consumer Discretionary0.1%
         
Great Wolf Trust 2019-WOLF A

  (b) ML + 103 12/15/2036 $    64,000 $     63,923
Great Wolf Trust 2019-WOLF C

  (b) ML + 163 12/15/2036     79,000       78,214
Hardee's Funding LLC 2018-1A A23

  (b) 5.710% 06/20/2048    130,287      144,635
Hardee's Funding LLC 2020-1A A2

  (b) 3.981% 12/20/2050    134,703     139,026
              425,798
Financials4.8%
         
Affirm Asset Securitization Trust 2020-A A

  (b) 2.100% 02/18/2025    120,000      121,288
Affirm Asset Securitization Trust 2021-A C

  (b) 1.660% 08/15/2025    200,000      200,863
Apidos CLO XXXIII 2020-33A B

  (b) QL + 220 07/24/2031    300,000      300,590
Ballyrock CLO 15 Ltd 2021-1A C

  (b) QL + 310 04/15/2034    250,000      250,000
Ballyrock CLO 2020-1A B

  (b) QL + 290 07/20/2030    300,000      300,720
BBCMS 2020-BID A

  (b) ML + 214 10/15/2037    241,000      242,208
Bellemeade RE 2020-3A M1B

  (b) ML + 285 10/25/2030    150,000      151,266
Bellemeade RE 2020-4A M2A

  (b) ML + 260 06/25/2030    150,000      150,000
Bellemeade RE Ltd. 2021-1A M1C

  (b) SOFR30A + 295 03/25/2031    167,482      166,779
Brex Commercial Charge Card Master Trust 2021-1 A

  (b) 2.090% 07/17/2024    167,000      166,988
Citigroup Commercial Mortgage Trust 2017-P8 AS

  3.789% 09/15/2050    127,167      139,186
COMM 2015-LC23 C

  4.617% 10/10/2048    100,000      107,424
68
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Asset-Backed / Mortgage-Backed Securities (Continued)   Rate Maturity Face Amount Value
Financials (continued)          
Connecticut Avenue Securities Trust 2019-R02 1M2

  (b) ML + 230 08/25/2031 $    56,205 $     56,295
Connecticut Avenue Securities Trust 2019-R03 1M2

  (b) ML + 215 09/25/2031    143,791      144,128
Connecticut Avenue Securities Trust 2019-R04 2M2

  (b) ML + 210 06/25/2039     32,088       32,154
Connecticut Avenue Securities Trust 2019-R05 1M2

  (b) ML + 200 07/25/2039    141,369      141,369
Connecticut Avenue Securities Trust 2019-R07 1M2

  (b) ML + 210 10/25/2039    209,338      209,489
Connecticut Avenue Securities Trust 2020-R02 2M2

  (b) ML + 200 01/25/2040    360,000      358,878
Connecticut Avenue Securities Trust 2020-SBT1 1M2

  (b) ML + 365 02/25/2040    255,000      255,317
Connecticut Avenue Securities Trust 2020-SBT1 2M2

  (b) ML + 365 02/25/2040    270,000      271,220
Eagle RE 2020-2 M1B

  (b) ML + 400 10/25/2030    621,026      630,700
Fannie Mae Connecticut Avenue Securities 2014-C04 1M2

  ML + 490 11/25/2024    316,657      326,153
Fannie Mae Connecticut Avenue Securities 2015-C02 1M2

  ML + 400 05/25/2025     37,972       38,426
Fannie Mae Connecticut Avenue Securities 2015-C03 1M2

  ML + 500 07/25/2025    211,037      216,451
Fannie Mae Connecticut Avenue Securities 2015-C03 2M2

  ML + 500 07/25/2025     38,436       38,928
Fannie Mae Connecticut Avenue Securities 2015-C04 1M2

  ML + 570 04/25/2028     76,199       80,826
Fannie Mae Connecticut Avenue Securities 2016-C01 1M2

  ML + 675 08/25/2028    118,712      125,554
Fannie Mae Connecticut Avenue Securities 2016-C03 2M2

  ML + 590 10/25/2028    126,928      134,234
Fannie Mae Connecticut Avenue Securities 2016-C04 1M2

  ML + 425 01/25/2029    245,446      255,360
Fannie Mae Connecticut Avenue Securities 2016-C07 2M2

  ML + 435 05/25/2029    104,783      109,049
Fannie Mae Connecticut Avenue Securities 2017-C01 1M2

  ML + 355 07/25/2029    277,710      286,052
Fannie Mae Connecticut Avenue Securities 2017-C02 2M2C

  ML + 365 09/25/2029    241,691      248,185
Fannie Mae Connecticut Avenue Securities 2017-C07 1B1

  ML + 400 05/25/2030    300,000      307,872
Fannie Mae Connecticut Avenue Securities 2018-C05 1M2

  ML + 235 01/25/2031     81,835       81,835
Fannie Mae Connecticut Avenue Securities 2018-C06 1M2

  ML + 200 03/25/2031    210,830      209,905
Fannie Mae REMICS FNR 2020-26 GS

  ML + 600 05/25/2050    708,335      122,738
First Investors Auto Owner Trust 2018-1A E

  (b) 5.350% 07/15/2024    350,000      366,203
Freddie Mac Multifamily Structured Credit Risk 2021-MN1 M1

  (b) SOFR30A + 200 01/25/2051     56,831       56,972
Freddie Mac REMICS FHR 4981 HS

  ML + 610 06/25/2050  1,401,572      237,870
Freddie Mac REMICS FHR 5015 BI

  4.000% 09/25/2050    801,299      147,839
Freddie Mac Stacr Remic Trust 2020-DNA1 M2

  (b) ML + 170 01/25/2050    236,037      235,250
Freddie Mac STACR REMIC Trust 2020-DNA5 M2

  (b) SOFR30A + 280 10/25/2050    240,000      241,388
Freddie Mac STACR Trust 2019-DNA4 M2

  (b) ML + 195 10/25/2049     85,119       85,039
Freddie Mac STACR Trust 2019-HQA2 M2

  (b) ML + 205 04/25/2049     70,527       70,351
Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA4 M3

  ML + 380 03/25/2029    293,130      304,579
Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA2 M3

  ML + 515 11/25/2028    212,876      221,728
Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA4 M3

  ML + 390 04/25/2029    264,740      273,880
Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2

  ML + 345 10/25/2029    300,000      310,883
Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2

  ML + 250 03/25/2030    270,000      275,125
Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2

  ML + 355 08/25/2029    253,299      259,718
Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2B

  ML + 265 12/25/2029    458,126      460,271
Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2

  ML + 180 07/25/2030     99,086       98,403
GS Mortgage Securities Trust 2012-GC6 B

  (b) 5.652% 01/10/2045    300,000      305,320
GS Mortgage Securities Trust 2012-GCJ9 AS

  3.124% 11/10/2045    287,514      296,246
GS Mortgage Securities Trust 2016-GS3 A4

  2.850% 10/10/2049    270,000      285,565
GS Mortgage Securities Trust 2017-GS7 A4

  3.430% 08/10/2050    270,000      292,585
GS Mortgage Securities Trust 2018-GS9 A4

  3.992% 03/10/2051    153,543      171,852
GS Mortgage Securities Trust 2019-GC38 A4

  3.968% 02/10/2052    250,000      279,737
GSF Issuer LLC 2021-1 A1

  (b) 1.433% 08/17/2026     17,913       17,913
GSF Issuer LLC 2021-1 A2

  (b) 2.435% 08/15/2026     35,000       36,050
GSF Issuer LLC 2021-1 AS

  (b) 2.638% 08/15/2026     10,000       10,300
HFX Funding Issuer 2017-1 A3

  (b) 3.647% 03/15/2035    280,000      288,980
Home RE 2020-1 M1B

  (b) ML + 325 10/25/2030    195,626      199,303
Invitation Homes 2018-SFR1 C

  (b) ML + 125 03/17/2037    475,000      475,818
JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2 A3

  (b) 4.070% 11/15/2043     66,432       66,598
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 A5

  2.840% 12/15/2047    214,692      220,779
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 B

  3.674% 12/15/2047    300,000      309,721
JPMBB Commercial Mortgage Securities Trust 2013-C15 AS

  4.420% 11/15/2045    250,000      269,704
JPMBB Commercial Mortgage Securities Trust 2014-C21 C

  4.655% 08/15/2047    295,000      293,923
JPMBB Commercial Mortgage Securities Trust 2015-C27 AS

  3.634% 02/15/2048    130,694      139,854
KAYNE CLO 2021-11A D

  (b) QL + 290 04/15/2034    250,000      250,027
Magnetite XXVI Ltd. 2020-26A A

  (b) QL + 175 07/15/2030    401,052      401,939
Morgan Stanley Capital I Trust 2018-H3 AS

  4.429% 07/15/2051    270,000      304,569
Morgan Stanley Capital I Trust 2018-H4 A4

  4.310% 12/15/2051    250,000      284,597
Neighborly Issuer LLC 2021-1A A2

  (b) 3.584% 04/30/2051    126,627      127,009
Oaktown RE V Ltd. 2020-2A M1B

  (b) ML + 360 10/25/2030    368,357      374,177
OCP CLO 2020-18A A

  (b) QL + 180 04/20/2030    250,000      250,099
Radnor RE 2020-2 M1C

  (b) ML + 460 10/25/2030    150,000      152,840
69
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Asset-Backed / Mortgage-Backed Securities (Continued)   Rate Maturity Face Amount Value
Financials (continued)          
SG Commercial Mortgage Securities Trust 2016-C5 A4

  3.055% 10/10/2048 $   250,000 $    263,441
STACR Trust 2018-DNA3 M2

  (b) ML + 210 09/25/2048    110,313      109,900
Traingle RE 2020-1 M1B

  (b) ML + 390 10/25/2030    423,651      430,471
Traingle RE 2021-1 M1B

  (b) ML + 300 08/25/2033    150,146      150,146
UBS Commercial Mortgage Trust 2018-C10 A3

  4.048% 05/15/2051    270,000      298,497
Upstart Securitization Trust 2020-3 A

  (b) 1.702% 11/20/2030    128,539      129,554
Wells Fargo Commercial Mortgage Trust 2015-C28 A4

  3.540% 05/15/2048    250,000      271,937
Wells Fargo Commercial Mortgage Trust 2015-C30 A3

  3.411% 09/15/2058    232,889      252,623
Wells Fargo Commercial Mortgage Trust 2015-NXS3 A4

  3.617% 09/15/2057    270,000      295,565
Wells Fargo Commercial Mortgage Trust 2016-C35 A3

  2.674% 07/15/2048    300,000      309,804
Wells Fargo Commercial Mortgage Trust 2016-C35 B

  3.438% 07/15/2048    270,000      277,246
Wells Fargo Commercial Mortgage Trust 2017-C39 A5

  3.418% 09/15/2050    270,000      293,445
Wells Fargo Commercial Mortgage Trust 2017-C41 A3

  3.210% 11/15/2050    270,000      283,329
Wells Fargo Commercial Mortgage Trust 2018-C44 A4

  3.948% 05/15/2051    270,000      299,902
WFRBS Commercial Mortgage Trust 2014-C24 AS

  3.931% 11/15/2047    270,000     285,814
           20,681,108
Total Asset-Backed / Mortgage-Backed Securities (Cost $20,679,757)

         $21,106,906
    
U.S. Government Agency Mortgage-Backed Securities2.1%   Rate Maturity Face Amount Value
Fannie Mae Pool FN AL5310

  3.500% 04/01/2044 $     3,061 $      3,330
Fannie Mae Pool FN AL5887

  4.500% 10/01/2044     20,151       22,657
Fannie Mae Pool FN AL6542

  4.500% 03/01/2045     31,182       35,060
Fannie Mae Pool FN AL6620

  4.500% 08/01/2042    187,796      211,669
Fannie Mae Pool FN AL6997

  4.500% 11/01/2042     13,720       15,462
Fannie Mae Pool FN AL8855

  3.500% 07/01/2046     12,849       13,852
Fannie Mae Pool FN AS7168

  3.500% 05/01/2046     28,428       30,605
Fannie Mae Pool FN AS7587

  3.500% 07/01/2046    137,539      148,815
Fannie Mae Pool FN AS7822

  3.500% 08/01/2046    316,776      338,965
Fannie Mae Pool FN AZ9203

  3.000% 10/01/2045     31,767       33,217
Fannie Mae Pool FN BA2885

  3.000% 10/01/2045     54,789       57,637
Fannie Mae Pool FN BA4752

  3.000% 01/01/2046      6,973        7,324
Fannie Mae Pool FN BC1520

  3.500% 08/01/2046    233,925      251,862
Fannie Mae Pool FN BC2468

  3.000% 03/01/2046    151,525      158,450
Fannie Mae Pool FN BC2488

  3.000% 03/01/2046    184,797      193,311
Fannie Mae Pool FN BC9077

  3.500% 12/01/2046     15,888       17,088
Fannie Mae Pool FN BH1902

  3.500% 12/01/2047     13,109       14,227
Fannie Mae Pool FN BH3892

  3.500% 08/01/2047     38,727       41,173
Fannie Mae Pool FN BH6940

  3.500% 08/01/2047     29,882       32,110
Fannie Mae Pool FN BJ1692

  3.500% 12/01/2047     72,156       77,471
Fannie Mae Pool FN BJ1695

  3.500% 12/01/2047     11,085       11,847
Fannie Mae Pool FN BJ4558

  3.500% 01/01/2048     53,578       57,598
Fannie Mae Pool FN BJ4559

  3.500% 01/01/2048     20,521       21,922
Fannie Mae Pool FN BJ4566

  4.000% 01/01/2048    171,722      187,952
Fannie Mae Pool FN BJ4567

  4.000% 01/01/2048    272,270      294,048
Fannie Mae Pool FN BJ5170

  3.500% 03/01/2048     12,393       13,485
Fannie Mae Pool FN BK1964

  4.000% 03/01/2048     63,640       69,694
Fannie Mae Pool FN BK1975

  3.500% 03/01/2048     32,235       34,441
Fannie Mae Pool FN BK3211

  4.500% 03/01/2048     65,803       71,895
Fannie Mae Pool FN BK4157

  4.000% 05/01/2048    104,315      112,423
Fannie Mae Pool FN BM3282

  3.500% 12/01/2047      7,823        8,524
Fannie Mae Pool FN BM3511

  4.500% 02/01/2046    115,211      129,214
Fannie Mae Pool FN BM3912

  3.000% 03/01/2047    170,377      180,072
Fannie Mae Pool FN BM4427

  3.500% 04/01/2048    108,728      116,576
Fannie Mae Pool FN BM4735

  3.500% 04/01/2048    123,929      134,282
Fannie Mae Pool FN BM4896

  3.000% 02/01/2047  1,154,064    1,226,181
Fannie Mae Pool FN BM5138

  3.500% 11/01/2048    212,916      230,704
Fannie Mae Pool FN BM5334

  3.500% 01/01/2049     60,114       64,170
Fannie Mae Pool FN BN0012

  4.500% 08/01/2048     37,100       40,422
Fannie Mae Pool FN BO3223

  3.000% 10/01/2034     50,715       53,948
Fannie Mae Pool FN BO4725

  2.500% 11/01/2034     75,201       79,176
Fannie Mae Pool FN BO5957

  3.000% 12/01/2034      9,513       10,198
Fannie Mae Pool FN BO7717

  3.000% 11/01/2034      9,723       10,436
Fannie Mae Pool FN CA0108

  3.500% 08/01/2047     27,465       29,916
Fannie Mae Pool FN FM0029

  3.000% 09/01/2046    277,519      294,818
Fannie Mae Pool FN FM1036

  3.000% 05/01/2043    153,111      161,787
Fannie Mae Pool FN MA3211

  4.000% 12/01/2047     94,777      102,270
70
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
U.S. Government Agency Mortgage-Backed Securities (Continued)   Rate Maturity Face Amount Value
Fannie Mae Pool FN MA3239

  4.000% 01/01/2048 $    14,820 $     16,034
Freddie Mac Gold Pool FG G60658

  3.500% 07/01/2046    268,667      292,911
Freddie Mac Gold Pool FG G61360

  3.500% 03/01/2048     56,014       60,230
Freddie Mac Gold Pool FG G61737

  3.500% 11/01/2048    259,283      278,798
Freddie Mac Gold Pool FG Q54793

  4.500% 03/01/2048     67,951       74,174
Freddie Mac Gold Pool FG Q55394

  3.500% 04/01/2048     20,967       22,566
Freddie Mac Pool FR QN0783

  3.000% 10/01/2034     40,618       43,342
Freddie Mac Pool FR QN0786

  3.000% 10/01/2034     98,229      104,947
Freddie Mac Pool FR QN0951

  2.500% 11/01/2034     63,218       66,587
Freddie Mac Pool FR SB0040

  2.500% 12/01/2033    359,280      373,728
Freddie Mac Pool FR SB0116

  2.500% 11/01/2034     90,761       95,567
Freddie Mac Pool FR ZA4718

  3.000% 10/01/2046    207,968      219,411
Freddie Mac Pool FR ZK8962

  3.000% 09/01/2032     86,483       92,109
Freddie Mac Pool FR ZK9009

  3.000% 10/01/2032     32,115       33,939
Freddie Mac Pool FR ZK9163

  3.000% 01/01/2033     43,641       46,457
Freddie Mac Pool FR ZM1434

  3.500% 07/01/2046     43,822       46,674
Freddie Mac Pool FR ZM4821

  3.500% 11/01/2047     39,519       42,638
Freddie Mac Pool FR ZM4939

  3.500% 11/01/2047     63,713       67,635
Freddie Mac Pool FR ZM5102

  3.500% 12/01/2047     86,484       93,310
Freddie Mac Pool FR ZM5228

  3.500% 12/01/2047     49,660       53,411
Freddie Mac Pool FR ZM5705

  3.500% 02/01/2048     21,608       23,089
Freddie Mac Pool FR ZM5707

  3.500% 02/01/2048     16,781       17,919
Freddie Mac Pool FR ZM5945

  4.000% 03/01/2048     52,975       57,887
Freddie Mac Pool FR ZM6220

  4.000% 04/01/2048     40,279       43,254
Freddie Mac Pool FR ZM6276

  4.000% 04/01/2048     68,586       74,513
Freddie Mac Pool FR ZM6427

  4.000% 05/01/2048    175,433      188,577
Freddie Mac Pool FR ZN2165

  4.500% 12/01/2048     73,819       82,227
Freddie Mac Pool FR ZS4598

  3.000% 01/01/2045     29,170       30,697
Freddie Mac Pool FR ZS7403

  3.000% 05/01/2031    249,454      263,858
Freddie Mac Pool FR ZS9830

  3.500% 10/01/2046    298,972      321,606
Freddie Mac Pool FR ZT0272

  3.500% 02/01/2047    170,069      182,714
Freddie Mac Pool FR ZT0337

  3.500% 12/01/2044     30,051       32,637
Freddie Mac Pool FR ZT0537

  3.500% 03/01/2048    224,082      241,682
Freddie Mac Pool FR ZT1633

  4.000% 03/01/2047     15,917      17,473
Total U.S. Government Agency Mortgage-Backed Securities (Cost $8,719,323)

          $9,154,885
    
Exchange Traded Funds1.9%   Shares Value
SPDR S&P 500 ETF Trust

  20,176 $  7,996,354
Total Exchange Traded Funds (Cost $6,675,743)

      $7,996,354
    
Preferred Securities0.9%   Rate Quantity Value
Financials0.8%
       
American Express Co. DR (Consumer Finance)

  QL + 329 61,000 $     60,449
American Express Co. DR (Consumer Finance)

  QL + 343 26,000       25,967
Bank of America Corp. DR (Rate is fixed until 09/05/2024, at which point, the rate becomes QL + 371) (Banks)

  (c) 6.250% 286,000      316,545
Bank of America Corp. DR (Rate is fixed until 03/17/2025, at which point, the rate becomes QL + 390) (Banks)

  (c) 6.100% 124,000      137,640
Bank of New York Mellon Corp. / The DR (Rate is fixed until 09/20/2025, at which point, the rate becomes H15T5Y + 436) (Capital Markets)

  (c) 4.700% 61,000       66,090
Capital One Financial Corp. (Consumer Finance)

  QL + 380 154,000      153,230
Charles Schwab Corp. / The DR (Rate is fixed until 06/01/2026, at which point, the rate becomes H15T5Y + 317) (Capital Markets)

  (c) 4.000% 455,000      461,734
Citigroup, Inc. DR (Rate is fixed until 01/30/2023, at which point, the rate becomes QL + 407) (Banks)

  (c) 5.950% 217,000      227,661
Citigroup, Inc. DR (Rate is fixed until 05/15/2025, at which point, the rate becomes QL + 391) (Banks)

  (c) 5.950% 142,000      153,005
Citigroup, Inc. (Rate is fixed until 12/10/2025, at which point, the rate becomes H15T5Y + 360) (Banks)

  (c) 4.000% 101,000      101,985
Citigroup, Inc. DR (Rate is fixed until 02/15/2023, at which point, the rate becomes QL + 423) (Banks)

  (c) 5.900% 27,000       28,540
Discover Financial Services (Rate is fixed until 09/23/2025, at which point, the rate becomes H15T5Y + 578) (Consumer Finance)

  (c) 6.125% 404,000      448,440
Fifth Third Bancorp DR (Rate is fixed until 09/30/2025, at which point, the rate becomes H15T5Y + 422) (Banks)

  (c) 4.500% 76,000       80,712
JPMorgan Chase & Co. DR (Banks)

  QL + 347 131,000      130,771
JPMorgan Chase & Co. DR (Banks)

  QL + 380 110,000      110,209
JPMorgan Chase & Co. DR (Banks)

  QL + 332 65,000       64,707
Morgan Stanley DR (Capital Markets)

  QL + 381 272,000      272,000
Morgan Stanley DR (Capital Markets)

  QL + 361 33,000       33,049
Truist Financial Corp. DR (Rate is fixed until 09/01/2030, at which point, the rate becomes H15T10Y + 435) (Banks)

  (c) 5.100% 256,000      279,117
Wells Fargo & Co. DR (Rate is fixed until 06/15/2025, at which point, the rate becomes QL + 399) (Banks)

  (c) 5.875% 292,000     321,492
          3,473,343
71
(continued)

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Preferred Securities (Continued)   Rate Quantity Value
Industrials0.1%
       
General Electric Co. (Industrial Conglomerates)

  QL + 333 336,000 $   317,520
Total Preferred Securities (Cost $3,716,777)

       $3,790,863
    
Sovereign Issues0.8%   Rate Maturity Face Amount Value
CDBL Funding 1

  3.500% 10/24/2027 $   230,000 $    243,596
China Cinda 2020 I Management Ltd.

  3.125% 03/18/2030    235,000      236,746
Colombia Government International Bond

  3.125% 04/15/2031    540,000      528,854
Comision Federal de Electricidad

  (b) 3.348% 02/09/2031    236,000      226,798
Corp. Financiera de Desarrollo SA

  (b) 2.400% 09/28/2027    435,000      428,697
Dominican Republic International Bond

  (b) 4.875% 09/23/2032    250,000      255,000
Egypt Government International Bond

  (b) 5.875% 02/16/2031    307,000      287,383
ENA Master Trust

  (b) 4.000% 05/19/2048    203,000      206,045
Oleoducto Central SA

  (b) 4.000% 07/14/2027    410,000      433,169
Oman Government International Bond

  4.875% 02/01/2025    200,000      208,300
Oman Government International Bond

  (b) 6.250% 01/25/2031    230,000      240,350
Uruguay Government International Bond

  4.375% 01/23/2031     58,061      67,342
Total Sovereign Issues (Cost $3,378,248)

          $3,362,280
    
Money Market Funds2.6%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (f) 6,796,997 $  6,799,036
State Street Institutional U.S. Government Money Market Fund, 0.036%

  (f) 4,198,830   4,198,830
Total Money Market Funds (Cost $10,997,866)

     $10,997,866
Total Investments – 100.0% (Cost $357,463,093)

  (g)   $430,028,793
Other Assets in Excess of Liabilities – 0.0%     93,845
Net Assets – 100.0%     $430,122,638
    

Percentages are stated as a percent of net assets.
    
Abbreviations:  
ADR: American Depositary Receipts
CLO: Collaterized Loan Obligation
DR: Depositary Receipt
H15T10Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 10 Year, 1.740% at 03/31/2021
H15T1Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 0.070% at 03/31/2021
H15T5Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 0.920% at 03/31/2021
ML: Monthly U.S. LIBOR Rate, 0.111% at 03/31/2021
QL: Quarterly U.S. LIBOR Rate, 0.194% at 03/31/2021
SOFR: Secured Overnight Financing Rate, 0.010% at 03/31/2021
SOFR30A: 30 Day Average Secured Overnight Financing Rate, 0.015% at 03/31/2021
USISDA05: USD ICE Swap Rate 11:00am NY 5 Year, 1.027% at 01/31/2021
    
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 March 31, 2021, the value of these securities totaled $28,738,450, or 6.7% of the Portfolio’s net assets.
(c) 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 March 31, 2021.
(d) 100 shares per contract.
(e) Security is partially pledged as collateral for the futures contracts outstanding at March 31, 2021. The market value pledged totaled $4,142,380. See also the following Schedule of Open Futures Contracts.
(f) Rate represents the seven-day yield at March 31, 2021.
(g) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
72

Ohio National Fund, Inc. ON Risk Managed Balanced Portfolio (Continued)
 Schedule of Open Futures Contracts March 31, 2021 (Unaudited) 
  Long Futures Contracts
    
Description   Number of
contracts
  Expiration Date   Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
  Variation Margin
Receivable
(Payable)
CBT U.S. Ultra Bond - Long   24   June 21, 2021   $4,435,754   $4,349,250   $(86,504)   $(29,063)
CBT 10-Year U.S. Treasury Note - Long   1,315   June 21, 2021   176,898,713   172,182,813   (4,715,900)   (328,750)
CBT U.S. Long Bond - Long   74   June 21, 2021   11,884,325   11,439,938   (444,387)   (32,375)
CBT 5-Year U.S. Treasury Note - Long   94   June 30, 2021   11,635,480   11,599,453   (36,027)   (15,281)
CBT 2-Year U.S. Treasury Note - Long   332   June 30, 2021   73,306,971   73,281,219   (25,752)   (11,563)
            $278,161,243   $272,852,673   $(5,308,570)   $(417,032)
  Short 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 - Short   110   June 18, 2021   $(21,630,709)   (21,820,700)   $(189,991)   $(108,350)
CBT 10-Year U.S. Ultra Bond - Short   71   June 21, 2021   (10,497,722)   (10,201,813)   295,909   891
            $(32,128,431)   $(32,022,513)   $105,918   $(107,459)
Total Futures Contracts           $246,032,812   $240,830,160   $(5,202,652)   $(524,491)
The accompanying notes are an integral part of these financial statements.
73

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds44.8%   Rate Maturity Face Amount Value
Communication Services5.6%
         
Alphabet, Inc. (Interactive Media & Svs.)

  1.900% 08/15/2040 $   400,000 $    345,579
AMC Networks, Inc. (Media)

  5.000% 04/01/2024     20,000       20,250
AMC Networks, Inc. (Media)

  4.250% 02/15/2029     25,000       24,313
America Movil S.A.B de C.V. (Wireless Telecom. Svs.)

  2.875% 05/07/2030    200,000      204,050
AT&T, Inc. (Diversified Telecom. Svs.)

  0.900% 03/25/2024    150,000      150,320
AT&T, Inc. (Diversified Telecom. Svs.)

  1.700% 03/25/2026    150,000      149,947
AT&T, Inc. (Diversified Telecom. Svs.)

  4.300% 02/15/2030    175,000      197,010
AT&T, Inc. (Diversified Telecom. Svs.)

  3.500% 06/01/2041    300,000      295,932
AT&T, Inc. (Diversified Telecom. Svs.)

  3.650% 06/01/2051    375,000      362,697
AT&T, Inc. (Diversified Telecom. Svs.)

  (a) 3.800% 12/01/2057    645,000      613,644
Bell Canada, Inc. (Diversified Telecom. Svs.)

  0.750% 03/17/2024    250,000      249,669
Bell Canada, Inc. (Diversified Telecom. Svs.)

  4.464% 04/01/2048    250,000      288,639
Cars.com, Inc. (Interactive Media & Svs.)

  (a) 6.375% 11/01/2028     50,000       52,125
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 5.500% 05/01/2026     50,000       51,565
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 4.500% 08/15/2030    150,000      152,880
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)

  (a) 4.250% 02/01/2031     75,000       75,166
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  2.800% 04/01/2031    125,000      123,361
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  6.484% 10/23/2045    225,000      292,953
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media)

  4.800% 03/01/2050    205,000      219,907
Comcast Corp. (Media)

  3.400% 04/01/2030    225,000      243,613
Comcast Corp. (Media)

  3.450% 02/01/2050    750,000      774,798
CSC Holdings LLC (Media)

  (a) 7.500% 04/01/2028    250,000      275,700
Cumulus Media New Holdings, Inc. (Media)

  (a) 6.750% 07/01/2026     48,000       48,900
Deutsche Telekom International Finance B.V. (Diversified Telecom. Svs.)

  (a) 3.600% 01/19/2027    375,000      410,926
Diamond Sports Group LLC / Diamond Sports Finance Co. (Media)

  (a) 5.375% 08/15/2026     25,000       18,000
Diamond Sports Group LLC / Diamond Sports Finance Co. (Media)

  (a) 6.625% 08/15/2027     25,000       13,000
Discovery Communications LLC (Media)

  4.650% 05/15/2050    250,000      275,677
DISH DBS Corp. (Media)

  7.750% 07/01/2026     50,000       55,187
DISH DBS Corp. (Media)

  7.375% 07/01/2028     25,000       26,226
Entercom Media Corp. (Media)

  (a) 7.250% 11/01/2024     50,000       51,750
Entercom Media Corp. (Media)

  (a) 6.500% 05/01/2027     50,000       51,688
Entercom Media Corp. (Media)

  (a) 6.750% 03/31/2029     50,000       51,923
Fox Corp. (Media)

  3.500% 04/08/2030    100,000      106,390
Fox Corp. (Media)

  5.576% 01/25/2049    125,000      159,351
Gray Television, Inc. (Media)

  (a) 5.875% 07/15/2026     25,000       25,906
Gray Television, Inc. (Media)

  (a) 4.750% 10/15/2030     25,000       24,781
Grupo Televisa S.A.B. (Media)

  5.000% 05/13/2045    375,000      411,701
iHeartCommunications, Inc. (Media)

  6.375% 05/01/2026     50,000       53,063
iHeartCommunications, Inc. (Media)

  8.375% 05/01/2027    100,000      107,250
iHeartCommunications, Inc. (Media)

  (a) 5.250% 08/15/2027     25,000       25,715
Interpublic Group of Cos., Inc. / The (Media)

  3.375% 03/01/2041    395,000      383,905
Lamar Media Corp. (Media)

  3.750% 02/15/2028     25,000       24,969
Lamar Media Corp. (Media)

  4.875% 01/15/2029     25,000       26,063
Match Group Holdings II LLC (Interactive Media & Svs.)

  (a) 5.000% 12/15/2027     25,000       26,188
Match Group Holdings II LLC (Interactive Media & Svs.)

  (a) 4.625% 06/01/2028     50,000       51,088
Match Group Holdings II LLC (Interactive Media & Svs.)

  (a) 4.125% 08/01/2030     25,000       25,070
Nexstar Broadcasting, Inc. (Media)

  (a) 5.625% 07/15/2027     75,000       78,609
Nexstar Broadcasting, Inc. (Media)

  (a) 4.750% 11/01/2028     25,000       25,263
Omnicom Group, Inc. (Media)

  2.450% 04/30/2030    225,000      222,574
Rackspace Technology Global, Inc. (Interactive Media & Svs.)

  (a) 3.500% 02/15/2028     25,000       24,029
Rackspace Technology Global, Inc. (Interactive Media & Svs.)

  (a) 5.375% 12/01/2028     25,000       25,421
Scripps Escrow, Inc. (Media)

  (a) 5.875% 07/15/2027     75,000       77,625
Sinclair Television Group, Inc. (Media)

  (a) 5.875% 03/15/2026    100,000      101,750
Sirius XM Radio, Inc. (Media)

  (a) 4.625% 07/15/2024     50,000       51,505
Sirius XM Radio, Inc. (Media)

  (a) 5.375% 07/15/2026     50,000       51,625
Sirius XM Radio, Inc. (Media)

  (a) 5.500% 07/01/2029     50,000       54,063
Sky Ltd. (Media)

  (a) 3.750% 09/16/2024    200,000      219,659
Sprint Capital Corp. (Wireless Telecom. Svs.)

  6.875% 11/15/2028     50,000       63,048
Sprint Corp. (Wireless Telecom. Svs.)

  7.625% 03/01/2026     75,000       91,852
TEGNA, Inc. (Media)

  (a) 4.750% 03/15/2026     25,000       26,531
TEGNA, Inc. (Media)

  4.625% 03/15/2028     50,000       50,875
TEGNA, Inc. (Media)

  5.000% 09/15/2029     25,000       25,944
Telefonica Emisiones SA (Diversified Telecom. Svs.)

  4.895% 03/06/2048    375,000      425,462
Telenet Finance Luxembourg Notes SARL (Media)

  (a) 5.500% 03/01/2028    200,000      210,000
Terrier Media Buyer, Inc. (Media)

  (a) 8.875% 12/15/2027     75,000       80,704
74
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Communication Services (continued)
         
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  4.500% 02/01/2026 $    50,000 $     51,156
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  4.750% 02/01/2028    150,000      159,490
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (a) 3.875% 04/15/2030    250,000      271,340
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (a) 4.500% 04/15/2050    125,000      140,361
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)

  (a) 3.300% 02/15/2051    200,000      186,914
Townsquare Media, Inc. (Media)

  (a) 6.875% 02/01/2026     25,000       26,625
Urban One, Inc. (Media)

  (a) 7.375% 02/01/2028     75,000       77,650
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  3.150% 03/22/2030    175,000      184,577
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  3.400% 03/22/2041    755,000      766,465
Verizon Communications, Inc. (Diversified Telecom. Svs.)

  4.000% 03/22/2050    450,000      484,303
ViacomCBS, Inc. (Media)

  4.950% 01/15/2031    300,000      353,812
ViacomCBS, Inc. (Media)

  4.900% 08/15/2044    150,000      173,642
Virgin Media Finance PLC (Media)

  (a) 5.000% 07/15/2030    200,000      199,750
Vodafone Group PLC (Wireless Telecom. Svs.)

  4.125% 05/30/2025    175,000      195,677
Vodafone Group PLC (Wireless Telecom. Svs.)

  5.250% 05/30/2048    225,000      280,899
Walt Disney Co. / The (Entertainment)

  3.800% 03/22/2030    125,000      139,326
Walt Disney Co. / The (Entertainment)

  4.700% 03/23/2050    175,000      219,306
Walt Disney Co. / The (Entertainment)

  3.600% 01/13/2051    100,000      106,401
WMG Acquisition Corp. (Entertainment)

  (a) 3.875% 07/15/2030     50,000       50,482
Ziggo B.V. (Diversified Telecom. Svs.)

  (a) 5.500% 01/15/2027    176,000     183,260
           13,776,810
Consumer Discretionary2.8%
         
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)

  (a) 4.000% 10/15/2030    150,000      144,750
Academy Ltd. (Specialty Retail)

  (a) 6.000% 11/15/2027     25,000       26,313
Advance Auto Parts, Inc. (Specialty Retail)

  3.900% 04/15/2030    375,000      407,493
Affinity Gaming (Hotels, Restaurants & Leisure)

  (a) 6.875% 12/15/2027     50,000       52,687
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail)

  2.125% 02/09/2031    200,000      190,788
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  3.875% 08/22/2037    300,000      343,734
Amazon.com, Inc. (Internet & Direct Marketing Retail)

  2.500% 06/03/2050    250,000      223,610
Aramark Services, Inc. (Hotels, Restaurants & Leisure)

  (a) 5.000% 04/01/2025     50,000       51,188
Aramark Services, Inc. (Hotels, Restaurants & Leisure)

  (a) 5.000% 02/01/2028     75,000       77,831
AutoNation, Inc. (Specialty Retail)

  4.750% 06/01/2030    335,000      386,277
AutoZone, Inc. (Specialty Retail)

  4.000% 04/15/2030    200,000      221,410
Bally's Corp. (Hotels, Restaurants & Leisure)

  (a) 6.750% 06/01/2027     25,000       26,813
Booking Holdings, Inc. (Hotels, Restaurants & Leisure)

  4.625% 04/13/2030    200,000      232,971
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)

  (a) 8.625% 06/01/2025     25,000       27,800
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)

  4.750% 12/01/2027     75,000       76,442
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 6.250% 07/01/2025     25,000       26,650
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure)

  (a) 8.125% 07/01/2027     25,000       27,569
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure)

  (a) 5.250% 10/15/2025     75,000       75,276
Clarios Global LP (Automobiles)

  (a) 6.750% 05/15/2025     25,000       26,743
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components)

  (a) 6.250% 05/15/2026     25,000       26,551
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components)

  (a) 8.500% 05/15/2027     75,000       80,719
Daimler Finance North America LLC (Automobiles)

  (a) 3.350% 02/22/2023    325,000      340,761
Dana Financing Luxembourg SARL (Auto Components)

  (a) 5.750% 04/15/2025     75,000       77,156
Dana, Inc. (Auto Components)

  5.375% 11/15/2027     25,000       26,250
Dollar General Corp. (Multiline Retail)

  3.875% 04/15/2027    375,000      416,653
Dollar Tree, Inc. (Multiline Retail)

  3.700% 05/15/2023    400,000      424,639
Expedia Group, Inc. (Hotels, Restaurants & Leisure)

  3.800% 02/15/2028    250,000      264,794
Expedia Group, Inc. (Hotels, Restaurants & Leisure)

  (a) 2.950% 03/15/2031    250,000      246,575
Garda World Security Corp. (Diversified Consumer Svs.)

  (a) 9.500% 11/01/2027     75,000       83,015
Gates Global LLC / Gates Corp. (Auto Components)

  (a) 6.250% 01/15/2026     75,000       78,562
General Motors Co. (Automobiles)

  6.125% 10/01/2025    200,000      235,182
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)

  (a) 3.750% 05/01/2029     50,000       49,500
Home Depot, Inc. / The (Specialty Retail)

  3.300% 04/15/2040    450,000      473,126
J.B. Poindexter & Co., Inc. (Auto Components)

  (a) 7.125% 04/15/2026     50,000       52,812
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods)

  (a) 3.500% 03/01/2031     25,000       24,125
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)

  (a) 4.625% 06/15/2025     25,000       26,368
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)

  4.500% 01/15/2028     25,000       25,868
MGM Resorts International (Hotels, Restaurants & Leisure)

  6.750% 05/01/2025     75,000       80,807
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure)

  (a) 8.000% 02/01/2026    100,000      100,750
NMG Holding Co., Inc. / Neiman Marcus Group LLC (Specialty Retail)

  (a) 7.125% 04/01/2026     50,000       51,000
O'Reilly Automotive, Inc. (Specialty Retail)

  4.200% 04/01/2030    200,000      224,841
O'Reilly Automotive, Inc. (Specialty Retail)

  1.750% 03/15/2031    160,000      147,826
Real Hero Merger Sub 2, Inc. (Auto Components)

  (a) 6.250% 02/01/2029     50,000       51,625
Scientific Games International, Inc. (Hotels, Restaurants & Leisure)

  (a) 7.250% 11/15/2029     50,000       54,250
75
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Consumer Discretionary (continued)
         
Signal Parent, Inc. (Diversified Consumer Svs.)

  (a) 6.125% 04/01/2029 $    50,000 $     49,500
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)

  (a) 5.500% 04/15/2027     50,000       51,812
Stars Group Holdings B.V. / Stars Group U.S. Co-Borrower LLC (Hotels, Restaurants & Leisure)

  (a) 7.000% 07/15/2026    100,000      104,500
Station Casinos LLC (Hotels, Restaurants & Leisure)

  (a) 5.000% 10/01/2025     40,000       40,500
Station Casinos LLC (Hotels, Restaurants & Leisure)

  (a) 4.500% 02/15/2028     25,000       24,906
William Carter Co. / The (Textiles, Apparel & Luxury Goods)

  (a) 5.500% 05/15/2025     25,000       26,664
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)

  (a) 4.375% 08/15/2028     25,000       25,288
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)

  3.625% 03/15/2031     75,000       72,094
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)

  4.625% 01/31/2032     50,000      51,000
            6,756,364
Consumer Staples3.7%
         
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)

  5.750% 03/15/2025      8,000        8,262
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing)

  (a) 5.875% 02/15/2028    100,000      106,625
Alimentation Couche-Tard, Inc. (Food & Staples Retailing)

  (a) 3.800% 01/25/2050    350,000      354,319
Altria Group, Inc. (Tobacco)

  3.875% 09/16/2046    500,000      485,129
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.350% 06/01/2040    200,000      226,119
Anheuser-Busch InBev Worldwide, Inc. (Beverages)

  4.500% 06/01/2050    700,000      794,232
B.A.T. Capital Corp. (Tobacco)

  3.734% 09/25/2040    100,000       95,208
B.A.T. Capital Corp. (Tobacco)

  4.540% 08/15/2047    350,000      352,411
Coca-Cola Femsa S.A.B de C.V. (Beverages)

  2.750% 01/22/2030    250,000      251,040
Coca-Cola Femsa S.A.B de C.V. (Beverages)

  1.850% 09/01/2032    150,000      137,210
Conagra Brands, Inc. (Food Products)

  1.375% 11/01/2027    180,000      173,393
Constellation Brands, Inc. (Beverages)

  3.750% 05/01/2050    200,000      209,024
Edgewell Personal Care Co. (Personal Products)

  (a) 5.500% 06/01/2028     25,000       26,400
Edgewell Personal Care Co. (Personal Products)

  (a) 4.125% 04/01/2029     25,000       24,855
Energizer Holdings, Inc. (Household Products)

  (a) 4.375% 03/31/2029     50,000       50,175
Flowers Foods, Inc. (Food Products)

  3.500% 10/01/2026    325,000      352,113
Flowers Foods, Inc. (Food Products)

  2.400% 03/15/2031     85,000       82,915
General Mills, Inc. (Food Products)

  3.700% 10/17/2023    150,000      160,841
General Mills, Inc. (Food Products)

  2.875% 04/15/2030    150,000      154,854
Grupo Bimbo S.A.B de C.V. (Food Products)

  (a) 4.875% 06/27/2044    325,000      366,611
Heineken N.V. (Beverages)

  (a) 3.500% 01/29/2028    375,000      408,234
J.M. Smucker Co. / The (Food Products)

  3.500% 03/15/2025    200,000      217,135
J.M. Smucker Co. / The (Food Products)

  2.375% 03/15/2030    250,000      246,609
Keurig Dr Pepper, Inc. (Beverages)

  4.417% 05/25/2025    150,000      168,299
Keurig Dr Pepper, Inc. (Beverages)

  3.200% 05/01/2030    200,000      211,625
Kraft Heinz Foods Co. (Food Products)

  4.375% 06/01/2046    475,000      496,550
Kroger Co. / The (Food & Staples Retailing)

  2.200% 05/01/2030    200,000      195,851
Kroger Co. / The (Food & Staples Retailing)

  3.950% 01/15/2050    200,000      216,111
McCormick & Co., Inc. (Food Products)

  2.500% 04/15/2030    200,000      200,023
McCormick & Co., Inc. (Food Products)

  1.850% 02/15/2031    110,000      103,416
Mondelez International, Inc. (Food Products)

  1.500% 05/04/2025    175,000      176,907
PepsiCo, Inc. (Beverages)

  2.750% 03/19/2030    450,000      468,582
Philip Morris International, Inc. (Tobacco)

  3.875% 08/21/2042    290,000      307,230
Post Holdings, Inc. (Food Products)

  (a) 5.750% 03/01/2027     75,000       78,882
Post Holdings, Inc. (Food Products)

  (a) 4.625% 04/15/2030     75,000       75,188
Smithfield Foods, Inc. (Food Products)

  (a) 3.000% 10/15/2030    150,000      149,174
Sysco Corp. (Food & Staples Retailing)

  4.450% 03/15/2048    350,000      395,283
Tyson Foods, Inc. (Food Products)

  3.550% 06/02/2027    350,000      382,144
U.S. Foods, Inc. (Food & Staples Retailing)

  (a) 4.750% 02/15/2029     50,000       50,000
Unilever Capital Corp. (Personal Products)

  0.375% 09/14/2023    100,000     100,304
            9,059,283
Energy4.3%
         
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 7.875% 05/15/2026     25,000       26,888
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 5.750% 03/01/2027    125,000      125,027
Antero Resources Corp. (Oil, Gas & Consumable Fuels)

  (a) 8.375% 07/15/2026     50,000       55,125
Apache Corp. (Oil, Gas & Consumable Fuels)

  4.375% 10/15/2028     75,000       74,775
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 6.875% 04/01/2027     50,000       52,125
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 6.250% 04/01/2028     25,000       25,395
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 7.000% 11/01/2026     50,000       49,969
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels)

  3.400% 02/15/2031    450,000      449,642
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)

  3.194% 04/06/2025    175,000      188,309
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)

  3.588% 04/14/2027    350,000      383,654
76
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Energy (continued)          
Buckeye Partners LP (Oil, Gas & Consumable Fuels)

  (a) 4.125% 03/01/2025 $    50,000 $     51,015
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)

  3.900% 02/01/2025    250,000      269,763
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)

  2.050% 07/15/2025    250,000      252,798
Centennial Resource Production LLC (Oil, Gas & Consumable Fuels)

  (a) 6.875% 04/01/2027     25,000       22,250
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)

  5.625% 10/01/2026     25,000       26,143
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)

  4.500% 10/01/2029     50,000       51,851
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)

  (a) 4.625% 10/15/2028     25,000       25,964
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)

  (a) 5.875% 02/01/2029     25,000       26,500
Chevron Corp. (Oil, Gas & Consumable Fuels)

  3.078% 05/11/2050    225,000      215,088
CNX Midstream Partners LP / CNX Midstream Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 6.500% 03/15/2026     75,000       76,313
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)

  (a) 6.750% 03/01/2029     50,000       51,250
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)

  (a) 5.750% 01/15/2031     75,000       84,739
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)

  (a) 5.625% 10/15/2025     75,000       76,517
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels)

  5.500% 09/15/2040    250,000      295,001
Energy Transfer LP (Oil, Gas & Consumable Fuels)

  3.750% 05/15/2030    400,000      412,387
Energy Transfer LP (Oil, Gas & Consumable Fuels)

  5.000% 05/15/2050    200,000      206,849
Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels)

  3.950% 02/15/2027    100,000      111,127
Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels)

  3.700% 01/31/2051    400,000      393,800
Enviva Partners LP / Enviva Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 6.500% 01/15/2026     75,000       78,563
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  5.500% 07/15/2028     75,000       78,731
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  (a) 4.500% 01/15/2029     25,000       24,362
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)

  6.500% 07/15/2048     50,000       49,875
EQT Corp. (Oil, Gas & Consumable Fuels)

  7.625% 02/01/2025     50,000       57,544
EQT Corp. (Oil, Gas & Consumable Fuels)

  5.000% 01/15/2029     25,000       26,750
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)

  3.482% 03/19/2030    500,000      542,886
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels)

  (a) 5.125% 06/15/2028     25,000       25,275
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 5.000% 02/01/2028     25,000       25,320
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  4.300% 03/01/2028    300,000      335,423
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)

  3.250% 08/01/2050    145,000      126,782
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)

  4.400% 07/15/2027    350,000      385,287
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)

  4.750% 09/15/2044    250,000      277,286
Nabors Industries Ltd. (Energy Equip. & Svs.)

  (a) 7.250% 01/15/2026     50,000       41,500
NuStar Logistics LP (Oil, Gas & Consumable Fuels)

  6.000% 06/01/2026     50,000       53,904
NuStar Logistics LP (Oil, Gas & Consumable Fuels)

  6.375% 10/01/2030     25,000       27,031
Oasis Midstream Partners LP / OMP Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 8.000% 04/01/2029     25,000       25,625
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  2.900% 08/15/2024     25,000       24,726
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  8.000% 07/15/2025     25,000       28,698
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  8.875% 07/15/2030     25,000       31,525
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  6.450% 09/15/2036     75,000       82,782
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  4.300% 08/15/2039     50,000       42,401
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)

  4.400% 04/15/2046     75,000       64,233
ONEOK, Inc. (Oil, Gas & Consumable Fuels)

  2.200% 09/15/2025     75,000       76,363
ONEOK, Inc. (Oil, Gas & Consumable Fuels)

  4.500% 03/15/2050    300,000      300,277
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)

  6.125% 09/15/2024     25,000       25,653
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)

  5.750% 05/15/2026     25,000       25,931
Phillips 66 (Oil, Gas & Consumable Fuels)

  0.900% 02/15/2024    150,000      150,039
Phillips 66 (Oil, Gas & Consumable Fuels)

  3.850% 04/09/2025    175,000      191,757
Phillips 66 (Oil, Gas & Consumable Fuels)

  4.875% 11/15/2044    250,000      295,033
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)

  2.150% 01/15/2031    250,000      236,354
Precision Drilling Corp. (Energy Equip. & Svs.)

  5.250% 11/15/2024     50,000       46,250
Range Resources Corp. (Oil, Gas & Consumable Fuels)

  4.875% 05/15/2025     25,000       24,750
Range Resources Corp. (Oil, Gas & Consumable Fuels)

  9.250% 02/01/2026     25,000       27,163
Range Resources Corp. (Oil, Gas & Consumable Fuels)

  (a) 8.250% 01/15/2029     25,000       26,750
Rattler Midstream LP (Oil, Gas & Consumable Fuels)

  (a) 5.625% 07/15/2025     25,000       26,103
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)

  0.375% 09/15/2023    230,000      230,269
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)

  2.375% 04/06/2025    200,000      210,811
Shell International Finance B.V. (Oil, Gas & Consumable Fuels)

  2.750% 04/06/2030    250,000      258,187
SM Energy Co. (Oil, Gas & Consumable Fuels)

  6.750% 09/15/2026     50,000       46,200
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)

  3.750% 03/04/2051    400,000      389,224
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  5.875% 04/15/2026    100,000      104,687
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  5.375% 02/01/2027     50,000       51,853
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 4.875% 02/01/2031     50,000       50,663
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)

  (a) 4.000% 01/15/2032     50,000       47,026
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)

  6.875% 04/01/2026    100,000      102,562
Valero Energy Corp. (Oil, Gas & Consumable Fuels)

  2.150% 09/15/2027    320,000      313,546
77
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Energy (continued)          
Valero Energy Corp. (Oil, Gas & Consumable Fuels)

  4.350% 06/01/2028 $   175,000 $    193,027
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  4.500% 03/01/2028     50,000       51,906
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  5.300% 03/01/2048     50,000       50,177
Western Midstream Operating LP (Oil, Gas & Consumable Fuels)

  5.500% 08/15/2048     50,000       49,206
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)

  3.750% 06/15/2027    250,000      272,519
WPX Energy, Inc. (Oil, Gas & Consumable Fuels)

  5.750% 06/01/2026     25,000      26,180
           10,437,239
Financials10.4%
         
Aflac, Inc. (Insurance)

  3.625% 06/15/2023    350,000      374,679
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance)

  (a) 6.750% 10/15/2027     75,000       79,828
American Express Credit Corp. (Consumer Finance)

  3.300% 05/03/2027    400,000      437,626
American Honda Finance Corp. (Consumer Finance)

  0.875% 07/07/2023    400,000      402,792
American International Group, Inc. (Insurance)

  4.500% 07/16/2044    250,000      283,054
AmWINS Group, Inc. (Insurance)

  (a) 7.750% 07/01/2026    125,000      133,750
AssuredPartners, Inc. (Insurance)

  (a) 7.000% 08/15/2025     75,000       77,520
AssuredPartners, Inc. (Insurance)

  (a) 5.625% 01/15/2029     25,000       25,475
Bank of America Corp. (Rate is fixed until 02/13/2025, at which point, the rate becomes QL + 64) (Banks)

  (b) 2.015% 02/13/2026  1,175,000    1,203,492
Bank of America Corp. (Rate is fixed until 04/29/2030, at which point, the rate becomes SOFR + 215) (Banks)

  (b) 2.592% 04/29/2031    900,000      898,121
Bank of New York Mellon Corp. / The (Capital Markets)

  2.200% 08/16/2023    650,000      676,005
BlackRock, Inc. (Capital Markets)

  1.900% 01/28/2031    200,000      193,445
Capital One Financial Corp. (Consumer Finance)

  3.900% 01/29/2024    350,000      378,412
Chubb INA Holdings, Inc. (Insurance)

  3.350% 05/03/2026    200,000      217,948
Citigroup, Inc. (Rate is fixed until 01/24/2022, at which point, the rate becomes QL + 72) (Banks)

  (b) 3.142% 01/24/2023    550,000      561,418
Citigroup, Inc. (Rate is fixed until 04/24/2024, at which point, the rate becomes QL + 90) (Banks)

  (b) 3.352% 04/24/2025    350,000      374,573
Citigroup, Inc. (Rate is fixed until 01/28/2026, at which point, the rate becomes SOFR + 77) (Banks)

  (b) 1.122% 01/28/2027    300,000      293,451
Citigroup, Inc. (Rate is fixed until 01/29/2030, at which point, the rate becomes SOFR + 115) (Banks)

  (b) 2.666% 01/29/2031    725,000      728,427
Citizens Bank N.A. (Banks)

  3.750% 02/18/2026    250,000      274,951
Comerica, Inc. (Banks)

  3.800% 07/22/2026    200,000      220,156
Ford Motor Credit Co. LLC (Consumer Finance)

  4.250% 09/20/2022    200,000      206,880
Ford Motor Credit Co. LLC (Consumer Finance)

  5.113% 05/03/2029    200,000      214,690
GE Capital Funding LLC (Diversified Financial Svs.)

  (a) 4.400% 05/15/2030    550,000      622,684
General Motors Financial Co., Inc. (Consumer Finance)

  2.900% 02/26/2025    400,000      419,395
General Motors Financial Co., Inc. (Consumer Finance)

  2.700% 08/20/2027    350,000      356,568
Goldman Sachs Group, Inc. / The (Capital Markets)

  3.500% 04/01/2025    375,000      406,280
Goldman Sachs Group, Inc. / The (Capital Markets)

  3.800% 03/15/2030    700,000      770,994
Goldman Sachs Group, Inc. / The (Rate is fixed until 01/27/2031, at which point, the rate becomes SOFR + 109) (Capital Markets)

  (b) 1.992% 01/27/2032    375,000      355,892
GTCR AP Finance, Inc. (Insurance)

  (a) 8.000% 05/15/2027     50,000       53,688
Hartford Financial Services Group, Inc. / The (Insurance)

  3.600% 08/19/2049    200,000      207,728
HSBC Holdings PLC (Banks)

  3.900% 05/25/2026    900,000      992,376
HUB International Ltd. (Insurance)

  (a) 7.000% 05/01/2026    200,000      207,682
Huntington Bancshares, Inc. (Banks)

  2.550% 02/04/2030    225,000      225,567
Hyundai Capital America (Consumer Finance)

  (a) 2.375% 10/15/2027    455,000      456,385
Jefferies Group LLC (Diversified Financial Svs.)

  2.750% 10/15/2032    105,000      102,857
John Deere Capital Corp. (Consumer Finance)

  3.450% 03/07/2029    375,000      411,152
JPMorgan Chase & Co. (Rate is fixed until 04/25/2022, at which point, the rate becomes QL + 94) (Banks)

  (b) 2.776% 04/25/2023    350,000      358,420
JPMorgan Chase & Co. (Banks)

  3.125% 01/23/2025    725,000      776,752
JPMorgan Chase & Co. (Rate is fixed until 04/22/2030, at which point, the rate becomes SOFR + 204) (Banks)

  (b) 2.522% 04/22/2031    900,000      898,105
JPMorgan Chase & Co. (Rate is fixed until 11/19/2030, at which point, the rate becomes SOFR + 111) (Banks)

  (b) 1.764% 11/19/2031    100,000       93,269
JPMorgan Chase & Co. (Rate is fixed until 02/04/2031, at which point, the rate becomes SOFR + 107) (Banks)

  (b) 1.953% 02/04/2032    210,000      199,030
LD Holdings Group LLC (Thrifts & Mortgage Finance)

  (a) 6.125% 04/01/2028     25,000       25,310
Liberty Mutual Group, Inc. (Insurance)

  (a) 3.951% 10/15/2050    225,000      232,097
Lincoln National Corp. (Insurance)

  4.000% 09/01/2023    200,000      216,161
Lincoln National Corp. (Insurance)

  3.050% 01/15/2030    200,000      207,075
M&T Bank Corp. (Banks)

  3.550% 07/26/2023    375,000      401,424
MetLife, Inc. (Insurance)

  4.050% 03/01/2045    200,000      226,890
Morgan Stanley (Capital Markets)

  4.100% 05/22/2023    225,000      240,599
Morgan Stanley (Capital Markets)

  6.250% 08/09/2026    225,000      276,349
78
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (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 QL + 114) (Capital Markets)

  (b) 3.772% 01/24/2029 $   700,000 $    765,618
Morgan Stanley (Rate is fixed until 02/13/2031, at which point, the rate becomes SOFR + 103) (Capital Markets)

  (b) 1.794% 02/13/2032    125,000      116,670
Morgan Stanley (Rate is fixed until 04/28/2031, at which point, the rate becomes SOFR + 102) (Capital Markets)

  (b) 1.928% 04/28/2032    250,000      236,176
Nationwide Mutual Insurance Co. (Insurance)

  (a) 4.950% 04/22/2044    160,000      172,570
Nationwide Mutual Insurance Co. (Insurance)

  (a) 4.350% 04/30/2050     40,000       41,987
Navient Corp. (Consumer Finance)

  5.500% 01/25/2023     50,000       51,875
Navient Corp. (Consumer Finance)

  5.875% 10/25/2024     50,000       52,506
Navient Corp. (Consumer Finance)

  4.875% 03/15/2028     25,000       24,469
NFP Corp. (Insurance)

  (a) 7.000% 05/15/2025     25,000       26,813
NFP Corp. (Insurance)

  (a) 6.875% 08/15/2028    100,000      103,750
Northern Trust Corp. (Capital Markets)

  1.950% 05/01/2030    175,000      170,718
Outfront Media Capital LLC / Outfront Media Capital Corp. (Equity REIT)

  (a) 4.250% 01/15/2029     25,000       24,068
PNC Bank N.A. (Banks)

  3.250% 01/22/2028    250,000      269,817
Prudential Financial, Inc. (Insurance)

  3.700% 03/13/2051    300,000      317,585
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc. (Thrifts & Mortgage Finance)

  (a) 3.625% 03/01/2029     50,000       48,125
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc. (Thrifts & Mortgage Finance)

  (a) 3.875% 03/01/2031     25,000       24,063
Raymond James Financial, Inc. (Capital Markets)

  4.650% 04/01/2030    100,000      116,358
Regions Financial Corp. (Banks)

  2.250% 05/18/2025    170,000      176,401
Stifel Financial Corp. (Capital Markets)

  4.000% 05/15/2030    200,000      215,980
Synovus Bank (Rate is fixed until 02/10/2022, at which point, the rate becomes SOFR + 95) (Banks)

  (b) 2.289% 02/10/2023    250,000      252,121
Toyota Motor Credit Corp. (Consumer Finance)

  2.700% 01/11/2023    475,000      494,187
Travelers Cos., Inc. / The (Insurance)

  2.550% 04/27/2050    300,000      268,137
Truist Bank (Banks)

  3.000% 02/02/2023    700,000      731,908
U.S. Bancorp (Banks)

  1.375% 07/22/2030    400,000      368,770
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)

  (a) 5.500% 11/15/2025     75,000       78,188
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance)

  (a) 5.500% 04/15/2029     25,000       25,000
USI, Inc. (Insurance)

  (a) 6.875% 05/01/2025    125,000      127,187
Volkswagen Group of America Finance LLC (Consumer Finance)

  (a) 4.250% 11/13/2023    350,000      380,376
Wells Fargo & Co. (Banks)

  3.750% 01/24/2024    350,000      378,478
Wells Fargo & Co. (Banks)

  3.000% 10/23/2026    550,000      587,021
Wells Fargo & Co. (Rate is fixed until 02/11/2030, at which point, the rate becomes SOFR + 126) (Banks)

  (b) 2.572% 02/11/2031    725,000     728,926
           25,373,270
Health Care3.7%
         
Abbott Laboratories (Health Care Equip. & Supplies)

  3.750% 11/30/2026    225,000      252,554
AbbVie, Inc. (Biotechnology)

  3.200% 11/21/2029    225,000      239,349
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)

  (a) 5.500% 07/01/2028     25,000       26,319
AdaptHealth LLC (Health Care Providers & Svs.)

  (a) 4.625% 08/01/2029     25,000       24,875
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)

  2.750% 09/15/2029    100,000      102,386
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)

  2.100% 06/04/2030    110,000      107,608
Alcon Finance Corp. (Health Care Equip. & Supplies)

  (a) 2.600% 05/27/2030    200,000      200,552
Amgen, Inc. (Biotechnology)

  3.375% 02/21/2050    375,000      374,841
AstraZeneca PLC (Pharmaceuticals)

  2.375% 06/12/2022    125,000      127,749
AstraZeneca PLC (Pharmaceuticals)

  3.125% 06/12/2027    400,000      430,467
Avantor Funding, Inc. (Health Care Equip. & Supplies)

  (a) 4.625% 07/15/2028     50,000       52,218
Bausch Health Americas, Inc. (Pharmaceuticals)

  (a) 8.500% 01/31/2027     50,000       55,469
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 6.125% 04/15/2025    100,000      102,520
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 5.500% 11/01/2025     50,000       51,369
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 5.000% 01/30/2028     25,000       25,313
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 5.000% 02/15/2029    100,000       99,312
Bausch Health Cos., Inc. (Pharmaceuticals)

  (a) 6.250% 02/15/2029     50,000       53,148
Bayer U.S. Finance LLC (Pharmaceuticals)

  (a) 3.375% 10/08/2024    375,000      404,107
Becton Dickinson & Co. (Health Care Equip. & Supplies)

  4.685% 12/15/2044    200,000      238,306
Becton Dickinson & Co. (Health Care Equip. & Supplies)

  3.794% 05/20/2050    100,000      106,245
Biogen, Inc. (Biotechnology)

  3.150% 05/01/2050    350,000      321,426
Bristol-Myers Squibb Co. (Pharmaceuticals)

  0.750% 11/13/2025    120,000      118,205
Bristol-Myers Squibb Co. (Pharmaceuticals)

  3.900% 02/20/2028    375,000      421,835
Bristol-Myers Squibb Co. (Pharmaceuticals)

  4.250% 10/26/2049    100,000      117,788
Centene Corp. (Health Care Providers & Svs.)

  4.250% 12/15/2027    100,000      105,188
Centene Corp. (Health Care Providers & Svs.)

  3.000% 10/15/2030     50,000       49,917
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)

  (a) 3.750% 03/15/2029     25,000       25,040
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)

  (a) 6.625% 02/15/2025     50,000       52,781
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)

  (a) 5.625% 03/15/2027     25,000       26,187
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)

  (a) 6.875% 04/15/2029     25,000       26,172
79
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Health Care (continued)
         
CVS Health Corp. (Health Care Providers & Svs.)

  2.875% 06/01/2026 $   200,000 $    212,306
CVS Health Corp. (Health Care Providers & Svs.)

  4.250% 04/01/2050    425,000      477,064
Danaher Corp. (Health Care Equip. & Supplies)

  2.600% 10/01/2050    295,000      261,003
DaVita, Inc. (Health Care Providers & Svs.)

  (a) 4.625% 06/01/2030     50,000       50,943
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)

  3.250% 06/01/2030    110,000      115,011
Emergent BioSolutions, Inc. (Biotechnology)

  (a) 3.875% 08/15/2028     25,000       24,438
Endo DAC / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals)

  (a) 9.500% 07/31/2027      5,000        5,431
Endo DAC / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals)

  (a) 6.000% 06/30/2028     25,000       20,250
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. (Pharmaceuticals)

  (a) 6.125% 04/01/2029     25,000       25,219
Global Medical Response, Inc. (Health Care Providers & Svs.)

  (a) 6.500% 10/01/2025    100,000      103,500
HCA, Inc. (Health Care Providers & Svs.)

  5.375% 09/01/2026    100,000      112,750
HCA, Inc. (Health Care Providers & Svs.)

  3.500% 09/01/2030    150,000      151,270
Jaguar Holding Co. II / PPD Development LP (Health Care Providers & Svs.)

  (a) 4.625% 06/15/2025     25,000       26,083
Jaguar Holding Co. II / PPD Development LP (Health Care Providers & Svs.)

  (a) 5.000% 06/15/2028     25,000       26,038
Legacy LifePoint Health LLC (Health Care Providers & Svs.)

  (a) 6.750% 04/15/2025     50,000       53,125
Legacy LifePoint Health LLC (Health Care Providers & Svs.)

  (a) 5.375% 01/15/2029     25,000       24,625
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Acquired 05/05/2020, Cost $12,500) (Pharmaceuticals)

 (a)(c) 5.625% 10/15/2023     50,000       35,375
MEDNAX, Inc. (Health Care Providers & Svs.)

  (a) 6.250% 01/15/2027     25,000       26,732
Merck & Co., Inc. (Pharmaceuticals)

  3.400% 03/07/2029    450,000      496,862
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)

  (a) 5.750% 11/01/2028     75,000       73,125
Par Pharmaceutical, Inc. (Pharmaceuticals)

  (a) 7.500% 04/01/2027     14,000       14,849
PerkinElmer, Inc. (Life Sciences Tools & Svs.)

  3.300% 09/15/2029    200,000      210,962
PerkinElmer, Inc. (Life Sciences Tools & Svs.)

  2.550% 03/15/2031    165,000      163,466
Prestige Brands, Inc. (Pharmaceuticals)

  (a) 5.125% 01/15/2028     75,000       78,644
Prestige Brands, Inc. (Pharmaceuticals)

  (a) 3.750% 04/01/2031     25,000       23,844
Regeneron Pharmaceuticals, Inc. (Biotechnology)

  2.800% 09/15/2050    352,000      305,063
Royalty Pharma PLC (Pharmaceuticals)

  (a) 3.550% 09/02/2050    235,000      223,943
Stryker Corp. (Health Care Equip. & Supplies)

  3.500% 03/15/2026    200,000      219,416
Syneos Health, Inc. (Life Sciences Tools & Svs.)

  (a) 3.625% 01/15/2029     25,000       24,313
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)

  2.050% 03/31/2030    200,000      192,758
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)

  3.025% 07/09/2040    200,000      193,433
Team Health Holdings, Inc. (Health Care Providers & Svs.)

  (a) 6.375% 02/01/2025     50,000       44,059
Teleflex, Inc. (Health Care Equip. & Supplies)

  (a) 4.250% 06/01/2028     25,000       25,906
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  6.750% 06/15/2023     25,000       27,097
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  4.625% 07/15/2024     50,000       51,034
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  5.125% 05/01/2025     75,000       76,054
Tenet Healthcare Corp. (Health Care Providers & Svs.)

  (a) 6.125% 10/01/2028     25,000       26,094
UnitedHealth Group, Inc. (Health Care Providers & Svs.)

  2.900% 05/15/2050    320,000      306,437
Vizient, Inc. (Health Care Providers & Svs.)

  (a) 6.250% 05/15/2027     25,000       26,531
Zoetis, Inc. (Pharmaceuticals)

  3.000% 05/15/2050    300,000     285,658
            9,179,957
Industrials5.2%
         
Airbus SE (Aerospace & Defense)

  (a) 3.150% 04/10/2027    375,000      398,787
Allegion PLC (Building Products)

  3.500% 10/01/2029    400,000      420,029
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)

  (a) 6.625% 07/15/2026     25,000       26,512
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies)

  (a) 9.750% 07/15/2027    125,000      137,150
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines)

  (a) 5.500% 04/20/2026     50,000       52,035
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines)

  (a) 5.750% 04/20/2029     25,000       26,591
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)

  (a) 5.875% 05/15/2026     25,000       25,817
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)

  (a) 4.000% 01/15/2028     25,000       25,000
BAE Systems PLC (Aerospace & Defense)

  (a) 3.000% 09/15/2050    200,000      182,026
Boeing Co. / The (Aerospace & Defense)

  2.500% 03/01/2025    200,000      204,952
Boeing Co. / The (Aerospace & Defense)

  2.196% 02/04/2026    250,000      249,225
Boeing Co. / The (Aerospace & Defense)

  2.950% 02/01/2030    225,000      224,374
Boeing Co. / The (Aerospace & Defense)

  5.805% 05/01/2050    300,000      377,685
Brink's Co. / The (Commercial Svs. & Supplies)

  (a) 5.500% 07/15/2025     25,000       26,406
Burlington Northern Santa Fe LLC (Road & Rail)

  3.000% 04/01/2025    175,000      188,384
Canadian Pacific Railway Co. (Road & Rail)

  2.050% 03/05/2030    175,000      169,064
Carrier Global Corp. (Building Products)

  2.722% 02/15/2030     80,000       80,727
Carrier Global Corp. (Building Products)

  2.700% 02/15/2031    165,000      164,951
Carrier Global Corp. (Building Products)

  3.577% 04/05/2050    250,000      245,499
CNH Industrial N.V. (Machinery)

  3.850% 11/15/2027    375,000      414,681
Core & Main LP (Commercial Svs. & Supplies)

  (a) 6.125% 08/15/2025     50,000       51,317
Cornerstone Building Brands, Inc. (Building Products)

  (a) 8.000% 04/15/2026     75,000       78,097
Cornerstone Building Brands, Inc. (Building Products)

  (a) 6.125% 01/15/2029     50,000       53,250
CP Atlas Buyer, Inc. (Building Products)

  (a) 7.000% 12/01/2028     50,000       52,552
Dun & Bradstreet Corp. / The (Professional Svs.)

  (a) 10.250% 02/15/2027     60,000       66,975
80
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Industrials (continued)          
Equifax, Inc. (Professional Svs.)

  2.600% 12/15/2025 $   350,000 $    366,904
ERAC U.S.A. Finance LLC (Road & Rail)

  (a) 3.850% 11/15/2024    350,000      384,054
Experian Finance PLC (Professional Svs.)

  (a) 4.250% 02/01/2029    200,000      224,439
FedEx Corp. (Air Freight & Logistics)

  4.250% 05/15/2030    100,000      113,801
FedEx Corp. (Air Freight & Logistics)

  4.050% 02/15/2048    200,000      217,960
Foundation Building Materials, Inc. (Trading Companies & Distributors)

  (a) 6.000% 03/01/2029     75,000       74,062
Garda World Security Corp. (Commercial Svs. & Supplies)

  (a) 4.625% 02/15/2027     25,000       25,000
GE Capital International Funding Co. Unlimited Co. (Industrial Conglomerates)

  4.418% 11/15/2035    300,000      343,428
General Electric Co. (Industrial Conglomerates)

  4.350% 05/01/2050    100,000      110,994
H&E Equipment Services, Inc. (Trading Companies & Distributors)

  (a) 3.875% 12/15/2028     50,000       48,625
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. (Airlines)

  (a) 5.750% 01/20/2026     25,000       26,565
Honeywell International, Inc. (Industrial Conglomerates)

  1.350% 06/01/2025     65,000       65,938
Honeywell International, Inc. (Industrial Conglomerates)

  2.800% 06/01/2050     70,000       66,323
Huntington Ingalls Industries, Inc. (Aerospace & Defense)

  3.483% 12/01/2027    400,000      431,564
IHS Markit Ltd. (Professional Svs.)

  4.750% 08/01/2028    250,000      288,760
Interface, Inc. (Commercial Svs. & Supplies)

  (a) 5.500% 12/01/2028     25,000       25,844
Kansas City Southern (Road & Rail)

  3.500% 05/01/2050    200,000      200,280
KAR Auction Services, Inc. (Commercial Svs. & Supplies)

  (a) 5.125% 06/01/2025     75,000       76,354
Lennox International, Inc. (Building Products)

  3.000% 11/15/2023    375,000      395,494
Lockheed Martin Corp. (Aerospace & Defense)

  2.900% 03/01/2025    275,000      294,085
Lockheed Martin Corp. (Aerospace & Defense)

  1.850% 06/15/2030    100,000       97,376
Masco Corp. (Building Products)

  3.500% 11/15/2027    150,000      163,485
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)

  (a) 5.000% 04/15/2022     27,000       27,006
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)

  (a) 5.625% 10/01/2028     25,000       26,281
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)

  (a) 5.875% 10/01/2030     50,000       54,187
Northrop Grumman Corp. (Aerospace & Defense)

  3.250% 01/15/2028    400,000      429,096
Otis Worldwide Corp. (Machinery)

  2.565% 02/15/2030    200,000      201,439
Otis Worldwide Corp. (Machinery)

  3.112% 02/15/2040    250,000      246,115
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)

  (a) 3.450% 07/01/2024    350,000      377,173
Roper Technologies, Inc. (Industrial Conglomerates)

  2.800% 12/15/2021    325,000      329,879
Roper Technologies, Inc. (Industrial Conglomerates)

  1.000% 09/15/2025    250,000      245,719
Ryder System, Inc. (Road & Rail)

  3.400% 03/01/2023    350,000      367,328
Sensata Technologies, Inc. (Electrical Equip.)

  (a) 4.375% 02/15/2030     25,000       26,188
Sensata Technologies, Inc. (Electrical Equip.)

  (a) 3.750% 02/15/2031     25,000       24,649
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies)

  (a) 7.625% 04/01/2026     25,000       25,563
Southwest Airlines Co. (Airlines)

  5.250% 05/04/2025    375,000      426,682
Southwest Airlines Co. (Airlines)

  5.125% 06/15/2027    100,000      114,967
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. (Professional Svs.)

  (a) 6.750% 06/01/2025    100,000      102,187
Terex Corp. (Machinery)

  (a) 5.000% 05/15/2029     25,000       25,880
Textron, Inc. (Aerospace & Defense)

  3.650% 03/15/2027    300,000      323,073
TransDigm, Inc. (Aerospace & Defense)

  6.500% 05/15/2025     50,000       50,938
TransDigm, Inc. (Aerospace & Defense)

  (a) 6.250% 03/15/2026     75,000       79,515
TransDigm, Inc. (Aerospace & Defense)

  5.500% 11/15/2027     75,000       77,635
TransDigm, Inc. (Aerospace & Defense)

  (a) 4.625% 01/15/2029     25,000       24,651
Trident TPI Holdings, Inc. (Machinery)

  (a) 9.250% 08/01/2024     75,000       79,875
Union Pacific Corp. (Road & Rail)

  2.400% 02/05/2030    275,000      275,579
United Rentals North America, Inc. (Trading Companies & Distributors)

  5.250% 01/15/2030     50,000       54,265
United Rentals North America, Inc. (Trading Companies & Distributors)

  3.875% 02/15/2031     25,000       25,125
Verisk Analytics, Inc. (Professional Svs.)

  4.125% 03/15/2029    200,000      222,251
Watco Cos. LLC / Watco Finance Corp. (Road & Rail)

  (a) 6.500% 06/15/2027     50,000       52,700
WESCO Distribution, Inc. (Trading Companies & Distributors)

  (a) 7.125% 06/15/2025     25,000       27,338
WESCO Distribution, Inc. (Trading Companies & Distributors)

  (a) 7.250% 06/15/2028     50,000       55,820
Westinghouse Air Brake Technologies Corp. (Machinery)

  3.200% 06/15/2025    100,000      105,792
White Cap Buyer LLC (Building Products)

  (a) 6.875% 10/15/2028     50,000       53,084
White Cap Parent LLC (Building Products)

 (a)(d) 8.250%, 9.000% PIK 03/15/2026     25,000       26,063
Xylem, Inc. (Machinery)

  2.250% 01/30/2031    155,000     152,087
           12,719,551
Information Technology3.0%
         
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  2.900% 09/12/2027    200,000      215,513
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  2.375% 02/08/2041    125,000      116,132
Apple, Inc. (Tech. Hardware, Storage & Periph.)

  2.400% 08/20/2050    400,000      344,543
BBVA U.S.A. (IT Svs.)

  3.875% 04/10/2025    250,000      273,149
Black Knight InfoServ LLC (IT Svs.)

  (a) 3.625% 09/01/2028     25,000       24,565
Broadcom, Inc. (Semiconductors & Equip.)

  4.150% 11/15/2030    100,000      107,936
Broadcom, Inc. (Semiconductors & Equip.)

  (a) 3.419% 04/15/2033    360,000      361,031
Broadcom, Inc. (Semiconductors & Equip.)

  (a) 3.750% 02/15/2051     25,000       23,905
BY Crown Parent LLC (Software)

  (a) 7.375% 10/15/2024     50,000       50,812
BY Crown Parent LLC / BY Bond Finance, Inc. (Software)

  (a) 4.250% 01/31/2026     25,000       25,961
81
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Information Technology (continued)
         
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.)

  4.250% 04/01/2028 $    25,000 $     25,875
Cisco Systems, Inc. (Communications Equip.)

  3.625% 03/04/2024    250,000      272,970
Dell International LLC / EMC Corp. (Computers & Peripherals)

  (a) 7.125% 06/15/2024     75,000       77,203
Dell International LLC / EMC Corp. (Computers & Peripherals)

  (a) 5.850% 07/15/2025    350,000      408,028
Diebold Nixdorf, Inc. (Tech. Hardware, Storage & Periph.)

  (a) 9.375% 07/15/2025     75,000       83,531
Entegris, Inc. (Semiconductors & Equip.)

  (a) 4.625% 02/10/2026     25,000       25,875
Fair Isaac Corp. (Software)

  (a) 4.000% 06/15/2028     25,000       25,639
Fidelity National Information Services, Inc. (IT Svs.)

  1.150% 03/01/2026     60,000       58,995
Fidelity National Information Services, Inc. (IT Svs.)

  3.100% 03/01/2041    305,000      299,599
Fiserv, Inc. (IT Svs.)

  3.800% 10/01/2023    150,000      161,261
Fiserv, Inc. (IT Svs.)

  3.500% 07/01/2029    200,000      215,720
Fortinet, Inc. (Software)

  1.000% 03/15/2026    170,000      166,209
Gartner, Inc. (IT Svs.)

  (a) 4.500% 07/01/2028     25,000       25,781
Global Payments, Inc. (IT Svs.)

  1.200% 03/01/2026    160,000      157,508
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.)

  (a) 5.250% 12/01/2027     50,000       52,875
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)

  3.000% 10/30/2029    250,000      259,554
Lam Research Corp. (Semiconductors & Equip.)

  1.900% 06/15/2030    175,000      169,605
Leidos, Inc. (IT Svs.)

  (a) 3.625% 05/15/2025     95,000      103,075
Leidos, Inc. (IT Svs.)

  (a) 4.375% 05/15/2030    250,000      277,910
Logan Merger Sub, Inc. (Software)

  (a) 5.500% 09/01/2027     50,000       52,344
Micron Technology, Inc. (Semiconductors & Equip.)

  2.497% 04/24/2023    200,000      207,578
Micron Technology, Inc. (Semiconductors & Equip.)

  4.663% 02/15/2030    250,000      283,984
Microsoft Corp. (Software)

  2.375% 05/01/2023    200,000      207,601
Microsoft Corp. (Software)

  2.525% 06/01/2050    500,000      455,287
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 8.125% 04/15/2025     25,000       27,375
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 5.750% 09/01/2027     50,000       52,906
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 5.000% 10/01/2028     25,000       25,250
NCR Corp. (Tech. Hardware, Storage & Periph.)

  (a) 5.125% 04/15/2029     25,000       25,188
Nuance Communications, Inc. (Software)

  5.625% 12/15/2026     25,000       26,219
ON Semiconductor Corp. (Semiconductors & Equip.)

  (a) 3.875% 09/01/2028     25,000       25,716
Open Text Corp. (Software)

  (a) 3.875% 02/15/2028     25,000       25,167
Oracle Corp. (Software)

  3.600% 04/01/2050    600,000      581,149
PTC, Inc. (Software)

  (a) 4.000% 02/15/2028     25,000       25,375
Qorvo, Inc. (Semiconductors & Equip.)

  4.375% 10/15/2029     25,000       26,688
Qorvo, Inc. (Semiconductors & Equip.)

  (a) 3.375% 04/01/2031     25,000       24,497
Rocket Software, Inc. (Software)

  (a) 6.500% 02/15/2029     50,000       50,450
Science Applications International Corp. (IT Svs.)

  (a) 4.875% 04/01/2028     25,000       25,844
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)

  (a) 3.125% 07/15/2029     25,000       24,146
SS&C Technologies, Inc. (Software)

  (a) 5.500% 09/30/2027     50,000       53,252
Synaptics, Inc. (Semiconductors & Equip.)

  (a) 4.000% 06/15/2029     25,000       24,807
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)

  (a) 4.000% 03/01/2029     25,000       24,687
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software)

  (a) 7.500% 09/01/2025     25,000       25,966
Visa, Inc. (IT Svs.)

  3.150% 12/14/2025    150,000      163,605
Visa, Inc. (IT Svs.)

  2.050% 04/15/2030    325,000      324,431
Vontier Corp. (Electronic Equip., Instr. & Comp.)

  (a) 1.800% 04/01/2026    165,000     164,139
            7,364,411
Materials1.7%
         
Albemarle Corp. (Chemicals)

  4.150% 12/01/2024    125,000      137,357
Albemarle Corp. (Chemicals)

  5.450% 12/01/2044    125,000      144,197
ARD Finance SA (Containers & Packaging)

 (a)(d) 6.500%, 7.250% PIK 06/30/2027    200,000      210,000
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)

  (a) 4.000% 09/01/2029    200,000      199,674
Berry Global, Inc. (Containers & Packaging)

  (a) 5.625% 07/15/2027     75,000       79,219
Carpenter Technology Corp. (Metals & Mining)

  4.450% 03/01/2023    100,000      103,626
Clearwater Paper Corp. (Paper & Forest Products)

  (a) 4.750% 08/15/2028     75,000       75,562
Cleveland-Cliffs, Inc. (Metals & Mining)

  (a) 4.625% 03/01/2029     25,000       24,958
Cleveland-Cliffs, Inc. (Metals & Mining)

  (a) 4.875% 03/01/2031     50,000       49,875
Coeur Mining, Inc. (Metals & Mining)

  (a) 5.125% 02/15/2029     25,000       23,899
Compass Minerals International, Inc. (Metals & Mining)

  (a) 4.875% 07/15/2024     50,000       51,824
Compass Minerals International, Inc. (Metals & Mining)

  (a) 6.750% 12/01/2027     25,000       26,750
Element Solutions, Inc. (Chemicals)

  (a) 3.875% 09/01/2028     25,000       24,669
Flex Acquisition Co., Inc. (Containers & Packaging)

  (a) 6.875% 01/15/2025    100,000      101,520
Flex Acquisition Co., Inc. (Containers & Packaging)

  (a) 7.875% 07/15/2026    100,000      104,875
Freeport-McMoRan, Inc. (Metals & Mining)

  5.000% 09/01/2027     50,000       53,130
Freeport-McMoRan, Inc. (Metals & Mining)

  5.400% 11/14/2034     50,000       59,526
Graphic Packaging International LLC (Containers & Packaging)

  (a) 3.500% 03/01/2029     25,000       24,313
HB Fuller Co. (Chemicals)

  4.250% 10/15/2028     25,000       25,402
Hexion, Inc. (Chemicals)

  (a) 7.875% 07/15/2027     25,000       26,881
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals)

  (a) 9.000% 07/01/2028     50,000       56,265
82
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Materials (continued)          
Koppers, Inc. (Chemicals)

  (a) 6.000% 02/15/2025 $    75,000 $     77,309
Mauser Packaging Solutions Holding Co. (Containers & Packaging)

  (a) 5.500% 04/15/2024     25,000       25,344
Mauser Packaging Solutions Holding Co. (Containers & Packaging)

  (a) 7.250% 04/15/2025     25,000       25,000
Nutrition & Biosciences, Inc. (Chemicals)

  (a) 1.832% 10/15/2027    300,000      293,332
Owens-Brockway Glass Container, Inc. (Containers & Packaging)

  (a) 5.375% 01/15/2025     50,000       52,688
Owens-Brockway Glass Container, Inc. (Containers & Packaging)

  (a) 6.625% 05/13/2027     25,000       27,178
Packaging Corp. of America (Containers & Packaging)

  3.650% 09/15/2024    400,000      434,822
PPL Capital Funding, Inc. (Chemicals)

  3.950% 03/15/2024    250,000      269,937
PPL Capital Funding, Inc. (Chemicals)

  3.100% 05/15/2026    200,000      213,137
PQ Corp. (Chemicals)

  (a) 5.750% 12/15/2025     25,000       25,625
Reliance Steel & Aluminum Co. (Metals & Mining)

  4.500% 04/15/2023    360,000      383,934
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer SA (Containers & Packaging)

  (a) 4.000% 10/15/2027     50,000       49,000
RPM International, Inc. (Chemicals)

  4.550% 03/01/2029    200,000      225,013
Standard Industries, Inc. (Building Products)

  (a) 5.000% 02/15/2027     75,000       78,187
Standard Industries, Inc. (Building Products)

  (a) 3.375% 01/15/2031     50,000       47,375
W.R. Grace & Co.-Conn (Chemicals)

  (a) 4.875% 06/15/2027     25,000       25,880
WRKCo, Inc. (Containers & Packaging)

  4.000% 03/15/2028    250,000     276,964
            4,134,247
Real Estate1.9%
         
Alexandria Real Estate Equities, Inc. (Equity REIT)

  3.950% 01/15/2028    200,000      222,295
Alexandria Real Estate Equities, Inc. (Equity REIT)

  1.875% 02/01/2033    130,000      118,196
American Tower Corp. (Equity REIT)

  2.900% 01/15/2030    200,000      203,310
American Tower Corp. (Equity REIT)

  2.950% 01/15/2051    210,000      185,654
AvalonBay Communities, Inc. (Equity REIT)

  3.350% 05/15/2027    375,000      407,128
Boston Properties LP (Equity REIT)

  3.650% 02/01/2026    200,000      218,307
Camden Property Trust (Equity REIT)

  2.800% 05/15/2030    200,000      205,164
Crown Castle International Corp. (Equity REIT)

  3.300% 07/01/2030    150,000      157,012
Crown Castle International Corp. (Equity REIT)

  2.250% 01/15/2031    105,000      100,921
Crown Castle International Corp. (Equity REIT)

  3.250% 01/15/2051    250,000      230,118
Cushman & Wakefield U.S. Borrower LLC (Real Estate Mgmt. & Development)

  (a) 6.750% 05/15/2028     25,000       27,031
Healthcare Trust of America Holdings LP (Equity REIT)

  2.000% 03/15/2031    225,000      209,496
Kimco Realty Corp. (Equity REIT)

  2.700% 10/01/2030    250,000      248,785
Mid-America Apartments LP (Equity REIT)

  4.000% 11/15/2025    375,000      416,094
Prologis LP (Equity REIT)

  2.250% 04/15/2030    360,000      355,960
Regency Centers LP (Equity REIT)

  2.950% 09/15/2029    350,000      356,008
UDR, Inc. (Equity REIT)

  3.500% 01/15/2028    375,000      401,541
VICI Properties LP / VICI Note Co., Inc. (Equity REIT)

  (a) 4.250% 12/01/2026     50,000       51,154
Welltower, Inc. (Equity REIT)

  4.250% 04/01/2026    175,000      196,600
WP Carey, Inc. (Equity REIT)

  3.850% 07/15/2029    175,000      188,192
WP Carey, Inc. (Equity REIT)

  2.400% 02/01/2031    120,000     114,818
            4,613,784
Utilities2.5%
         
Ameren Corp. (Multi-Utilities)

  1.750% 03/15/2028    500,000      483,287
American Electric Power Co., Inc. (Electric Utilities)

  3.200% 11/13/2027    375,000      404,326
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)

  5.500% 05/20/2025     25,000       27,188
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)

  5.750% 05/20/2027     25,000       27,250
Avangrid, Inc. (Electric Utilities)

  3.800% 06/01/2029    275,000      302,509
Berkshire Hathaway Energy Co. (Multi-Utilities)

  4.050% 04/15/2025    250,000      275,848
Black Hills Corp. (Multi-Utilities)

  2.500% 06/15/2030    120,000      117,893
Calpine Corp. (Ind. Power & Renewable Elec.)

  (a) 5.250% 06/01/2026     50,000       51,413
Calpine Corp. (Ind. Power & Renewable Elec.)

  (a) 5.000% 02/01/2031     50,000       48,800
Calpine Corp. (Ind. Power & Renewable Elec.)

  (a) 3.750% 03/01/2031     25,000       23,828
Dominion Energy, Inc. (Multi-Utilities)

  1.450% 04/15/2026    120,000      119,520
Dominion Energy, Inc. (Multi-Utilities)

  3.375% 04/01/2030    250,000      266,180
Duke Energy Corp. (Electric Utilities)

  3.750% 09/01/2046    225,000      226,277
Duke Energy Corp. (Electric Utilities)

  4.200% 06/15/2049    250,000      265,009
Eastern Energy Gas Holdings LLC (Multi-Utilities)

  3.900% 11/15/2049    150,000      153,089
Emera U.S. Finance LP (Electric Utilities)

  3.550% 06/15/2026    200,000      216,872
Emera U.S. Finance LP (Electric Utilities)

  4.750% 06/15/2046    200,000      222,948
Eversource Energy (Electric Utilities)

  3.350% 03/15/2026    220,000      237,094
Exelon Corp. (Electric Utilities)

  4.050% 04/15/2030    400,000      445,712
FirstEnergy Corp. (Electric Utilities)

  2.650% 03/01/2030    250,000      237,736
National Fuel Gas Co. (Gas Utilities)

  5.500% 01/15/2026    250,000      285,710
National Fuel Gas Co. (Gas Utilities)

  2.950% 03/01/2031    170,000      163,704
NextEra Energy Capital Holdings, Inc. (Electric Utilities)

  2.750% 05/01/2025    210,000      221,916
NextEra Energy Capital Holdings, Inc. (Electric Utilities)

  3.550% 05/01/2027    200,000      219,505
NextEra Energy Capital Holdings, Inc. (Electric Utilities)

  2.250% 06/01/2030    200,000      195,681
83
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Corporate Bonds (Continued)   Rate Maturity Face Amount Value
Utilities (continued)          
NRG Energy, Inc. (Electric Utilities)

  5.750% 01/15/2028 $    50,000 $     53,125
NRG Energy, Inc. (Electric Utilities)

  (a) 3.625% 02/15/2031     25,000       24,375
Pattern Energy Operations LP / Pattern Energy Operations, Inc. (Ind. Power & Renewable Elec.)

  (a) 4.500% 08/15/2028     25,000       25,406
Southern Co. / The (Rate is fixed until 01/15/2026, at which point, the rate becomes H15T5Y + 373) (Electric Utilities)

  (b) 4.000% 01/15/2051    450,000      474,862
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)

  5.750% 03/01/2025     50,000       50,813
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)

  5.875% 03/01/2027     25,000       26,000
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)

  (a) 5.000% 01/31/2028     75,000       80,929
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)

  (a) 5.500% 09/01/2026     50,000       51,812
WEC Energy Group, Inc. (Multi-Utilities)

  0.800% 03/15/2024    220,000     219,940
            6,246,557
Total Corporate Bonds (Cost $109,088,749)

        $109,661,473
    
U.S. Treasury Obligations19.7%   Rate Maturity Face Amount Value
U.S. Treasury Note

  0.125% 04/30/2022 $10,050,000 $ 10,053,926
U.S. Treasury Note

  0.125% 06/30/2022  2,400,000    2,400,563
U.S. Treasury Note

  0.125% 12/31/2022  1,000,000      999,570
U.S. Treasury Note

  0.125% 03/31/2023    950,000      949,369
U.S. Treasury Note

  0.250% 04/15/2023  5,500,000    5,507,949
U.S. Treasury Note

  0.375% 04/30/2025  9,900,000    9,775,863
U.S. Treasury Note

  0.375% 12/31/2025  3,000,000    2,929,805
U.S. Treasury Note

  0.375% 01/31/2026  1,700,000    1,657,898
U.S. Treasury Note

  0.750% 03/31/2026    675,000      669,146
U.S. Treasury Note

  (e) 0.500% 04/30/2027  3,200,000    3,064,750
U.S. Treasury Note

  1.250% 03/31/2028    425,000      420,617
U.S. Treasury Note

  1.125% 02/15/2031    300,000      283,453
U.S. Treasury Note

  1.375% 11/15/2040    525,000      446,578
U.S. Treasury Note

  1.875% 02/15/2041    125,000      116,387
U.S. Treasury Note

  2.000% 02/15/2050  3,750,000    3,429,345
U.S. Treasury Note

  1.875% 02/15/2051    475,000      421,563
United States Treasury Inflation Indexed Bond

  0.125% 07/15/2030  1,657,679    1,799,121
United States Treasury Inflation Indexed Bond

  0.125% 01/15/2031    803,784      865,188
United States Treasury Inflation Indexed Bond

  0.250% 02/15/2050  2,466,977   2,575,935
Total U.S. Treasury Obligations (Cost $50,140,290)

         $48,367,026
    
U.S. Government Agency Mortgage-Backed Securities16.8%   Rate Maturity Face Amount Value
Fannie Mae Pool FN BM4333

  3.500% 12/01/2047 $ 2,058,022 $  2,194,142
Fannie Mae Pool FN BP1938

  2.500% 04/01/2050  2,194,729    2,254,261
Fannie Mae Pool FN BP2797

  2.500% 05/01/2050  2,090,968    2,147,685
Fannie Mae Pool FN BR1844

  2.500% 01/01/2051  1,493,174    1,538,685
Fannie Mae Pool FN CA4819

  4.000% 12/01/2049  1,822,717    1,989,356
Fannie Mae Pool FN CA5348

  3.500% 03/01/2050  3,096,632    3,312,442
Fannie Mae Pool FN CA5549

  3.000% 04/01/2050  3,208,762    3,341,846
Fannie Mae Pool FN CA7231

  2.500% 10/01/2050    952,869      979,412
Fannie Mae Pool FN CA8118

  2.000% 12/01/2050  2,225,578    2,224,295
Fannie Mae Pool FN FM2778

  3.000% 03/01/2050  3,487,511    3,673,098
Fannie Mae Pool FN FM3734

  3.500% 09/01/2049  1,785,188    1,920,270
Fannie Mae Pool FN MA4095

  2.000% 08/01/2035  2,505,058    2,573,057
Freddie Mac Pool FR QB4932

  1.500% 11/01/2050    986,293      953,657
Freddie Mac Pool FR RA3357

  2.000% 08/01/2050  1,475,432    1,473,673
Freddie Mac Pool FR SD0451

  3.000% 10/01/2050  2,661,159    2,810,595
Freddie Mac Pool FR SD7505

  4.500% 08/01/2049  1,421,002    1,576,942
Freddie Mac Pool FR SD7514

  3.500% 04/01/2050  2,606,834    2,796,248
Freddie Mac Pool FR SD8135

  2.500% 03/01/2051    747,162      767,428
Freddie Mac Pool FR SD8141

  2.500% 04/01/2051  1,500,000    1,540,688
Freddie Mac Pool FR ZT1257

  3.000% 01/01/2046  1,014,830   1,081,385
Total U.S. Government Agency Mortgage-Backed Securities (Cost $41,658,798)

         $41,149,165
    
Investment Companies9.2%   Shares Value
Federated Hermes Core Trust - Emerging Markets Core Fund (Acquired 05/01/2020 through 03/26/2021, Cost $8,784,521)

 (f)(g) 921,398 $  9,232,408
Federated Hermes Core Trust - Federated Bank Loan Core Fund (Acquired 05/01/2020 through 01/05/2021, Cost $5,750,000)

 (f)(g) 625,936    6,021,501
Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund (Acquired 05/01/2020 through 01/05/2021, Cost $7,050,000)

 (g)(h) 811,147   7,170,541
Total Investment Companies (Cost $21,584,522)

     $22,424,450
    
84
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 
Asset-Backed / Mortgage-Backed Securities5.6%   Rate Maturity Face Amount Value
Financials5.6%
         
AmeriCredit Automobile Receivables Trust 2020-2 D

  2.130% 03/18/2026 $   180,000 $    185,321
AmeriCredit Automobile Receivables Trust 2020-3 D

  1.490% 09/18/2026    175,000      175,792
Benchmark 2020-B19 A5

  1.850% 09/15/2053  1,150,000    1,103,322
Carmax Auto Owner Trust 2021-1 D

  1.280% 07/15/2027    100,000       98,821
Chesapeake Funding II LLC 2020-1A D

  (a) 2.830% 08/16/2032    150,000      155,830
CNH Equipment Trust 2020-A A3

  1.160% 06/16/2025    260,000      262,666
Ford Credit Auto Lease Trust 2020-B C

  1.700% 02/15/2025    335,000      341,834
Ford Credit Auto Owner Trust 2020-B B

  1.190% 01/15/2026    500,000      506,569
Ford Credit Floorplan Master Owner Trust A 2020-1 D

  2.120% 09/15/2025    395,000      404,887
Freddie Mac Multifamily Structured Pass Through Certificates K108 A2

  1.517% 03/25/2030    400,000      389,870
Freddie Mac Multifamily Structured Pass Through Certificates K109 A2

  1.558% 04/25/2030    400,000      390,561
GM Financial Automobile Leasing Trust 2020-2 C

  2.560% 07/22/2024    375,000      387,839
GM Financial Consumer Automobile Receivables Trust 2020-3 C

  1.370% 01/16/2026    180,000      183,016
GM Financial Consumer Automobile Receivables Trust 2020-3 D

  1.910% 09/16/2027    400,000      406,310
GMF Floorplan Owner Revolving Trust 2020-1 C

  (a) 1.480% 08/15/2025    100,000      101,600
HPEFS Equipment Trust 2020-2A C

  (a) 2.000% 07/22/2030    525,000      536,713
HPEFS Equipment Trust 2020-2A D

  (a) 2.790% 07/22/2030    750,000      776,855
Hyundai Auto Receivables Trust 2020-B C

  1.600% 12/15/2026    150,000      152,485
MMAF Equipment Finance LLC 2020-A A5

  (a) 1.560% 10/09/2042    750,000      750,504
Navient Private Education Refi Loan Trust 2020-FA A

  (a) 1.220% 07/15/2069    349,999      351,414
Navistar Financial Dealer Note Master Trust 2020-1 D

  (a) ML + 290 07/25/2025    275,000      278,522
PFS Financing Corp. 2020-E A

  (a) 1.000% 10/15/2025    625,000      628,756
PFS Financing Corp. 2020-G B

  (a) 1.570% 02/15/2026    310,000      313,937
Santander Consumer Auto Receivables Trust 2020-BA D

  (a) 2.140% 12/15/2026    200,000      202,577
Santander Drive Auto Receivables Trust 2020-2 D

  2.220% 09/15/2026    450,000      461,810
Santander Drive Auto Receivables Trust 2020-3 D

  1.640% 11/16/2026    750,000      760,984
Sierra Timeshare 2020-2A A

  (a) 1.330% 07/20/2037    525,164      529,311
SMB Private Education Loan Trust 2020-B A1A

  (a) 1.290% 07/15/2053    719,482      720,934
Tesla Auto Lease Trust 2020-A C

  (a) 1.680% 02/20/2024    330,000      334,432
Tesla Auto Lease Trust 2020-A D

  (a) 2.330% 02/20/2024    100,000      102,303
Toyota Auto Loan Extended Note Trust 2020-1A A

  (a) 1.350% 05/25/2033    700,000      710,107
World Omni Auto Receivables Trust 2020-B B

  1.220% 03/16/2026    750,000      757,820
World Omni Select Auto Trust 2020-A D

  1.700% 10/15/2026    250,000     250,752
Total Asset-Backed / Mortgage-Backed Securities (Cost $13,664,629)

         $13,714,454
    
Sovereign Issues0.7%   Rate Maturity Face Amount Value
Colombia Government International Bond

  4.500% 03/15/2029 $   375,000 $    409,035
Colombia Government International Bond

  3.000% 01/30/2030    250,000      244,842
Mexico Government International Bond

  3.750% 01/11/2028    350,000      374,248
Mexico Government International Bond

  4.500% 01/31/2050    400,000      405,292
Republic of Poland Government International Bond

  4.000% 01/22/2024    200,000     219,000
Total Sovereign Issues (Cost $1,634,366)

          $1,652,417
    
U.S. Government Agency Issues0.4%   Rate Maturity Face Amount Value
Federal Farm Credit Banks Funding Corp.

  0.700% 01/27/2027 $ 1,000,000 $    973,694
Total U.S. Government Agency Issues (Cost $1,000,000)

            $973,694
    
Money Market Funds2.7%   Shares Value
State Street Institutional Liquid Reserves Fund Institutional Class, 0.069%

  (i) 6,713,662 $  6,715,676
Total Money Market Funds (Cost $6,715,676)

      $6,715,676
Total Investments – 99.9% (Cost $245,487,030)

  (j)   $244,658,355
Other Assets in Excess of Liabilities – 0.1%

    327,924
Net Assets – 100.0%     $244,986,279
85
(continued)

Ohio National Fund, Inc. ON Federated Core Plus Bond Portfolio (Continued)
Schedule of Investments March 31, 2021 (Unaudited) 

Percentages are stated as a percent of net assets.
    
Abbreviations:  
H15T5Y: U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 0.920% at 03/31/2021
ML: Monthly U.S. LIBOR Rate, 0.111% at 03/31/2021
PIK: Payment-in-Kind
QL: Quarterly U.S. LIBOR Rate, 0.194% at 03/31/2021
SOFR: Secured Overnight Financing Rate, 0.010% at 03/31/2021
    
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 March 31, 2021, the value of these securities totaled $28,530,125, or 11.6% 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 March 31, 2021.
(c) Represents a security that is in default and deemed to be non-income producing.
(d) Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind).
(e) Security is partially pledged as collateral for the futures contracts outstanding at March 31, 2021. The market value pledged totaled $337,110. See also the following Schedule of Open Futures Contracts.
(f) 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.
(g) Represents a security deemed to be restricted. At March 31, 2021, the value of restricted securities in the Portfolio totaled $22,424,450, or 9.2% of the Portfolio’s net assets.
(h) 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.
(i) Rate represents the seven-day yield at March 31, 2021.
(j) Represents cost for financial reporting purposes, which may differ from cost basis for federal income tax purposes. See also Note 4 of the Notes to Schedules of Investments.
The accompanying notes are an integral part of these financial statements.
 Schedule of Open Futures Contracts March 31, 2021 (Unaudited) 
  Long 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 - Long   75   June 30, 2021   $16,561,717   $16,554,492   $(7,225)   $(3,516)
  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   June 21, 2021   $(6,560,133)   $(6,342,656)   $217,477   $40,469
CBT 10-Year U.S. Ultra Bond - Short   14   June 21, 2021   (2,029,093)   (2,011,625)   17,468   4,813
            $(8,589,226)   $(8,354,281)   $234,945   $45,282
Total Futures Contracts           $7,972,491   $8,200,211   $227,720   $41,766
The accompanying notes are an integral part of these financial statements.
86

Ohio National Fund, Inc. ON Moderately Conservative Model Portfolio
Schedule of Investments in Unaffiliated Issuers March 31, 2021 (Unaudited) 
Open-End Mutual Funds39.6%   Shares Value
DFA Emerging Markets Portfolio Institutional

  129,521 $  4,423,129
DFA International Core Equity Portfolio Institutional

  573,731    8,852,673
PIMCO Low Duration Institutional

  2,374,801   23,581,779
PIMCO Total Return Institutional

  3,753,668   38,362,488
Vanguard International Growth Fund Admiral Class

  18,569    2,945,781
Western Asset Core Plus Bond IS

  3,222,345  38,378,122
Total Open-End Mutual Funds

    $116,543,972
Total Investments in Securities of Unaffiliated Issuers – 39.6% (Cost $112,198,312)

    $116,543,972
Total Investments in Affiliates – 60.4% (Cost $149,974,361) (see schedule below)     178,219,786
Liabilities in Excess of Other Assets – 0.0%     (110,603)
Net Assets – 100.0%     $294,653,155
    

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 March 31, 2021 (Unaudited) 
    
Affiliate     Value at
January 1, 2021
Cost of
Purchases
Proceeds
from Sales
Net Realized
Gain (Loss)
  Change in
Unrealized
Appreciation
(Depreciation)
  Income
Distributions
Shares at
March 31,
2021
Value at
March 31,
2021
Open-End Mutual Funds – 60.4%                        
Fidelity Advisor® Real Estate I

    (a) $3,034,303 $116,568 $436,529 $(9,806)   $241,246   $446 138,495 $2,945,782
ON BlackRock Advantage International Equity Portfolio

    (a) 13,654,362 118,995 1,046,076 114,503   414,233    — 774,753 13,256,017
ON BlackRock Advantage Large Cap Core Portfolio

    (a) 6,068,605 70,928 597,550 85,993   263,587    — 143,907 5,891,563
ON BlackRock Advantage Large Cap Value Portfolio

    (a) 15,171,513 231,787 2,230,604 445,893   1,110,319    — 695,744 14,728,908
ON Bond Portfolio

    (a) 21,240,118 540,130 177,299 26,247   (1,008,725)    — 1,039,338 20,620,471
ON Federated Core Plus Bond Portfolio

    (a) 30,343,026 9,373,697 537,736 17,369   (901,196)    — 3,765,502 38,295,160
ON Federated High Income Bond Portfolio

    (a) 15,171,513 194,020 830,931 121,157   73,149    — 671,633 14,728,908
ON Janus Henderson Enterprise Portfolio

    (a) 3,034,303 43,845 286,595 83,827   70,402    — 49,187 2,945,782
ON Janus Henderson Forty Portfolio

    (a) 3,034,303 45,487 162,403 57,742   (29,347)    — 83,167 2,945,782
ON Janus Henderson Venture Portfolio

    (a) 3,034,303 140,977 285,763 73,338   (17,073)    — 65,215 2,945,782
ON Nasdaq-100® Index Portfolio

    (a) 6,068,605 92,797 379,838 134,685   (24,686)    — 206,360 5,891,563
ON S&P 500® Index Portfolio

    (a) 39,445,934 410,055 3,906,822 971,106   1,374,887    — 932,209 38,295,160
ON S&P MidCap 400® Index Portfolio

    (a) 15,171,513 97,106 2,478,615 732,041   1,206,863    — 598,980 14,728,908
Total Open-End Mutual Funds

          $2,854,095   $2,773,659   $446   $178,219,786
    

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 March 31, 2021.
The accompanying notes are an integral part of these financial statements.
87

Ohio National Fund, Inc. ON Balanced Model Portfolio
Schedule of Investments in Unaffiliated Issuers March 31, 2021 (Unaudited) 
Open-End Mutual Funds34.0%   Shares Value
DFA Emerging Markets Portfolio Institutional

  1,300,637 $   44,416,744
DFA International Core Equity Portfolio Institutional

  2,880,731     44,449,673
PIMCO Low Duration Institutional

  6,707,108     66,601,584
PIMCO Total Return Institutional

  8,698,319     88,896,816
Vanguard International Growth Fund Admiral Class

  209,776     33,278,919
Western Asset Core Plus Bond IS

  8,400,229   100,046,731
Total Open-End Mutual Funds

      $377,690,467
Total Investments in Securities of Unaffiliated Issuers – 34.0% (Cost $346,428,562)

    $377,690,467
Total Investments in Affiliates – 66.0% (Cost $577,816,752) (see schedule below)     732,136,222
Liabilities in Excess of Other Assets – 0.0%     (370,674)
Net Assets – 100.0%     $1,109,456,015
    

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 March 31, 2021 (Unaudited) 
    
Affiliate     Value at
January 1, 2021
Cost of
Purchases
Proceeds
from Sales
Net Realized
Gain (Loss)
  Change in
Unrealized
Appreciation
(Depreciation)
  Income
Distributions
Shares at
March 31,
2021
Value at
March 31,
2021
Open-End Mutual Funds – 66.0%                        
Fidelity Advisor® Real Estate I

    (a) $11,276,978 $1,674 $1,037,709 $(77,996)   $930,026   $1,674 521,531 $11,092,973
ON BlackRock Advantage International Equity Portfolio

    (a) 90,215,828  — 4,954,550 535,425   2,947,082    — 5,186,662 88,743,785
ON BlackRock Advantage Large Cap Core Portfolio

    (a) 22,553,957  — 1,676,491 379,899   928,581    — 541,914 22,185,946
ON BlackRock Advantage Large Cap Growth Portfolio

    (a) 22,553,957 1,725 681,180 207,833   103,611    — 602,061 22,185,946
ON BlackRock Advantage Large Cap Value Portfolio

    (a) 67,661,871  — 8,127,339 1,753,184   5,270,122    — 3,143,970 66,557,838
ON BlackRock Advantage Small Cap Growth Portfolio

    (a) 22,553,957 628,492 2,167,254 800,476   370,275    — 507,804 22,185,946
ON Bond Portfolio

    (a) 56,384,892 1,806,354 156,304 24,388   (2,594,465)    — 2,795,608 55,464,865
ON Federated Core Plus Bond Portfolio

    (a) 90,215,828 1,420,744 316,083 13,764   (2,590,468)    — 8,726,036 88,743,785
ON Federated High Income Bond Portfolio

    (a) 33,830,935 2,603 987,934 155,486   277,829    — 1,517,506 33,278,919
ON Janus Henderson Enterprise Portfolio

    (a) 11,276,978  — 755,311 222,766   348,540    — 185,222 11,092,973
ON Janus Henderson Forty Portfolio

    (a) 22,553,957 877 565,852 247,565   (50,601)    — 626,368 22,185,946
ON Janus Henderson Venture Portfolio

    (a) 11,276,978 230,820 606,523 235,645   (43,947)    — 245,583 11,092,973
ON Nasdaq-100® Index Portfolio

    (a) 22,553,957 2,038 763,666 272,946   120,671    — 777,091 22,185,946
ON S&P 500® Index Portfolio

    (a) 157,877,698  — 12,034,456 3,381,277   6,077,104    — 3,780,468 155,301,623
ON S&P MidCap 400® Index Portfolio

    (a) 101,492,806  — 14,736,944 4,037,598   9,043,298    — 4,060,055 99,836,758
Total Open-End Mutual Funds

          $12,190,256   $21,137,658   $1,674   $732,136,222
    

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 March 31, 2021.
The accompanying notes are an integral part of these financial statements.
88

Ohio National Fund, Inc. ON Moderate Growth Model Portfolio
Schedule of Investments in Unaffiliated Issuers March 31, 2021 (Unaudited) 
Open-End Mutual Funds23.5%   Shares Value
DFA Emerging Markets Portfolio Institutional

  2,301,744 $   78,604,548
DFA International Core Equity Portfolio Institutional

  7,647,099    117,994,743
PIMCO Low Duration Institutional

  2,967,415     29,466,435
PIMCO Total Return Institutional

  1,924,181     19,665,125
Vanguard International Growth Fund Admiral Class

  494,994     78,525,894
Western Asset Core Plus Bond IS

  11,562,374   137,707,872
Total Open-End Mutual Funds

      $461,964,617
Total Investments in Securities of Unaffiliated Issuers – 23.5% (Cost $403,097,028)

    $461,964,617
Total Investments in Affiliates – 76.5% (Cost $1,153,571,212) (see schedule below)     1,501,807,731
Liabilities in Excess of Other Assets – 0.0%     (719,648)
Net Assets – 100.0%     $1,963,052,700
    

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 March 31, 2021 (Unaudited) 
    
Affiliate     Value at
January 1, 2021
Cost of
Purchases
Proceeds
from Sales
Net Realized
Gain (Loss)
  Change in
Unrealized
Appreciation
(Depreciation)
  Income
Distributions
Shares at
March 31,
2021
Value at
March 31,
2021
Open-End Mutual Funds – 76.5%                        
Fidelity Advisor® Real Estate I

    (a) $19,878,241 $2,933 $1,744,663 $(153,774)   $1,648,737   $2,932 922,965 $19,631,474
ON BlackRock Advantage International Equity Portfolio

    (a) 178,904,172  — 9,112,776 969,247   5,922,620    — 10,326,316 176,683,263
ON BlackRock Advantage Large Cap Core Portfolio

    (a) 79,512,965  — 5,588,018 2,010,803   2,590,144    — 1,918,073 78,525,894
ON BlackRock Advantage Large Cap Growth Portfolio

    (a) 59,634,724  — 1,566,736 717,452   108,981    — 1,598,220 58,894,421
ON BlackRock Advantage Large Cap Value Portfolio

    (a) 139,147,689  — 16,113,447 3,287,970   11,098,103    — 6,491,276 137,420,315
ON BlackRock Advantage Small Cap Growth Portfolio

    (a) 59,634,724 2,363,813 6,210,278 2,287,781   818,381    — 1,348,007 58,894,421
ON Bond Portfolio

    (a) 69,573,845 2,555,492 250,695 38,881   (3,207,365)    — 3,463,214 68,710,158
ON Federated Core Plus Bond Portfolio

    (a) 119,269,448 2,478,044 555,494 23,353   (3,426,509)    — 11,581,990 117,788,842
ON Federated High Income Bond Portfolio

    (a) 39,756,483  — 1,001,897 154,100   354,261    — 1,790,376 39,262,947
ON Janus Henderson Enterprise Portfolio

    (a) 19,878,241  — 1,252,196 367,833   637,596    — 327,792 19,631,474
ON Janus Henderson Forty Portfolio

    (a) 79,512,965 251,338 1,936,736 696,722   1,605    — 2,216,993 78,525,894
ON Janus Henderson Venture Portfolio

    (a) 39,756,483 1,264,269 2,451,587 922,946   (229,164)    — 869,226 39,262,947
ON Nasdaq-100® Index Portfolio

    (a) 79,512,965 624,423 3,009,303 1,077,952   319,857    — 2,750,469 78,525,894
ON S&P 500® Index Portfolio

    (a) 337,930,102  — 24,387,893 6,801,725   13,391,117    — 8,124,028 333,735,051
ON S&P MidCap 400® Index Portfolio

    (a) 198,782,413  — 27,946,209 7,537,711   17,940,821    — 7,983,519 196,314,736
Total Open-End Mutual Funds

          $26,740,702   $47,969,185   $2,932   $1,501,807,731
    

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 March 31, 2021.
The accompanying notes are an integral part of these financial statements.
89

Ohio National Fund, Inc. ON Growth Model Portfolio
Schedule of Investments in Unaffiliated Issuers March 31, 2021 (Unaudited) 
Open-End Mutual Funds20.0%   Shares Value
DFA Emerging Markets Portfolio Institutional

  651,102 $ 22,235,134
DFA International Core Equity Portfolio Institutional

  2,018,970   31,152,704
PIMCO Total Return Institutional

  435,442    4,450,217
Vanguard International Growth Fund Admiral Class

  140,022   22,213,075
Western Asset Core Plus Bond IS

  747,590   8,903,805
Total Open-End Mutual Funds

     $88,954,935
Total Investments in Securities of Unaffiliated Issuers – 20.0% (Cost $73,371,543)

    $88,954,935
Total Investments in Affiliates – 80.0% (Cost $263,799,578) (see schedule below)     355,409,195
Liabilities in Excess of Other Assets – 0.0%     (217,835)
Net Assets – 100.0%     $444,146,295
    

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 March 31, 2021 (Unaudited) 
    
Affiliate     Value at
January 1, 2021
Cost of
Purchases
Proceeds
from Sales
Net Realized
Gain (Loss)
  Change in
Unrealized
Appreciation
(Depreciation)
  Income
Distributions
Shares at
March 31,
2021
Value at
March 31,
2021
Open-End Mutual Funds – 80.0%                        
Fidelity Advisor® Real Estate I

    (a) $4,432,373 $22,713 $348,545 $(16,292)   $352,366   $661 208,868 $4,442,615
ON BlackRock Advantage International Equity Portfolio

    (a) 53,188,478 21,237 1,941,306 196,818   1,846,152    — 3,115,802 53,311,379
ON BlackRock Advantage Large Cap Core Portfolio

    (a) 22,161,866  — 1,236,761 444,139   843,831    — 542,576 22,213,075
ON BlackRock Advantage Large Cap Growth Portfolio

    (a) 13,297,120 106,446 258,607 118,372   64,514    — 361,678 13,327,845
ON BlackRock Advantage Large Cap Value Portfolio

    (a) 31,026,612  — 3,150,546 646,970   2,575,268    — 1,468,980 31,098,304
ON BlackRock Advantage Small Cap Growth Portfolio

    (a) 19,945,679 994,101 1,973,564 659,575   365,976    — 457,582 19,991,767
ON Bond Portfolio

    (a) 4,432,373 235,914 22,256 3,943   (207,359)    — 223,922 4,442,615
ON Federated High Income Bond Portfolio

    (a) 4,432,373 34,476 80,949 9,253   47,462    — 202,582 4,442,615
ON Janus Henderson Enterprise Portfolio

    (a) 4,432,373  — 213,609 62,154   161,697    — 74,179 4,442,615
ON Janus Henderson Forty Portfolio

    (a) 22,161,866 232,168 370,900 132,369   57,572    — 627,134 22,213,075
ON Janus Henderson Venture Portfolio

    (a) 17,729,493 679,308 934,494 348,240   (52,087)    — 393,413 17,770,460
ON Nasdaq-100® Index Portfolio

    (a) 31,026,612 530,082 999,737 380,427   160,920    — 1,089,258 31,098,304
ON S&P 500® Index Portfolio

    (a) 75,350,344  — 4,345,389 1,468,185   3,051,314    — 1,838,473 75,524,454
ON S&P MidCap 400® Index Portfolio

    (a) 50,972,292  — 6,426,369 1,722,429   4,821,720    — 2,077,677 51,090,072
Total Open-End Mutual Funds

          $6,176,582   $14,089,346   $661   $355,409,195
    

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 March 31, 2021.
The accompanying notes are an integral part of these financial statements.
90

Ohio National Fund, Inc.
Notes to Schedules of Investments March 31, 2021 (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 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 – Long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.
ON Janus Henderson Venture Portfolio – Long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in stocks of small capitalization companies.
ON Janus Henderson Enterprise Portfolio – Long-term total return by investing, under normal circumstances, at least 50% of its net assets in equity securities of mid-cap companies, primarily those that are strategically positioned for long-term growth.
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 securities 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 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 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 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.
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 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”).
91
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
ON Moderately Conservative Model Portfolio* – 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 Portfolio* – 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 Portfolio* – 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 Portfolio* – 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 Model Portfolios".
Additional detail regarding portfolio-specific objectives, policies, and investment strategies is provided in the Prospectus and Statement 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.
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   Portfolio   Authorized Shares
ON Bond   22,000,000   ON S&P MidCap 400® Index   31,000,000
ON BlackRock Balanced Allocation   22,000,000   ON BlackRock Advantage Large Cap Growth   42,000,000
ON BlackRock Advantage International Equity   50,000,000   ON Risk Managed Balanced   175,000,000
ON Janus Henderson Forty   9,000,000   ON Federated Core Plus Bond   115,000,000
ON Janus Henderson Venture   7,000,000   ON Moderately Conservative Model   36,000,000
ON Janus Henderson Enterprise   4,000,000   ON Balanced Model   130,000,000
ON S&P 500® Index   50,000,000   ON Moderate Growth Model   240,000,000
ON BlackRock Advantage Large Cap Value   26,000,000   ON Growth Model   48,000,000
ON Federated High Income Bond   13,000,000   ON iShares Managed Risk Balanced**   133,000,000
ON Nasdaq-100® Index   22,000,000   ON iShares Managed Risk Moderate Growth**   105,000,000
ON BlackRock Advantage Large Cap Core   17,000,000   ON iShares Managed Risk Growth**   90,000,000
ON BlackRock Advantage Small Cap Growth   8,000,000   ON Janus Henderson U.S. Low Volatility**   155,000,000
** These Portfolios and their respective authorized shares have been approved, but the Portfolios are not yet in operation.
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.
92
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
(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
Investments are valued using pricing procedures approved 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:
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 can’t 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 the 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) at 4:15 pm Eastern Time (normal trading sessions). 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.
93
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
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 daily at 4:00 pm Eastern Time (normal trading sessions). Multiple factors may be considered in performing this valuation, including an issue’s local close price, relevant general and sector indices, currency fluctuations, and pricing of related depository receipts, exchange traded funds, and futures. The pricing procedures are performed for each individual security for which there is a fairly large degree of certainty that the local close price is not the liquid market price at the time of U.S. market close. The procedures are performed each day there is a change in a consistently used market index from the time of local close to the U.S. market close. 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 Fund’s Pricing Committee under the supervision of the Board.
The differences between the aggregate cost and values of investments are reflected as unrealized appreciation or unrealized depreciation.
Pricing inputs used in the Fund’s determination of its 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 March 31, 2021:
Portfolio   Financial Instrument Type   Level 1   Level 2   Level 3
ON Bond

  Corporate Bonds***   $  $262,155,380   $
    Asset-Backed Securities***     7,393,796  
    U.S. Treasury Obligations     2,312,109  
    Money Market Funds   2,645,172    
        $2,645,172   $271,861,285   $ —
ON BlackRock Balanced Allocation

  Common Stocks***   $376,021,208   $  $
    Corporate Bonds***     135,697,734  
    Asset-Backed Securities***     2,988,702  
    Money Market Funds   12,285,416    
        $388,306,624   $138,686,436   $ —
    Long Futures Contracts   $97,810   $  $
ON BlackRock Advantage International Equity

  Common Stocks***   $1,864,514   $481,676,825   $
    Preferred Securities***     3,021,924  
    Money Market Funds   7,206,886    
        $9,071,400   $484,698,749   $ —
    Long Futures Contracts   $(71,982)   $  $
ON Janus Henderson Forty

  Common Stocks***   $190,740,291   $4,405,137   $
    Money Market Funds   4,103,983    
        $194,844,274   $4,405,137   $ —
94
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Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
Portfolio   Financial Instrument Type   Level 1   Level 2   Level 3
ON Janus Henderson Venture

  Common Stocks***   $173,320,154   $9,036   $
    Money Market Funds   1,860,990    
        $175,181,144   $9,036   $ —
ON Janus Henderson Enterprise

  Common Stocks***   $105,075,184   $1,845,209   $
    Money Market Funds   1,228,656    
        $106,303,840   $1,845,209   $ —
ON S&P 500® Index

  Common Stocks***   $1,240,497,360   $  $
    Money Market Funds   5,233,827    
        $1,245,731,187   $ —   $ —
    Long Futures Contracts   $73,701   $  $
ON BlackRock Advantage Large Cap Value

  Common Stocks***   $312,274,759   $  $
    Money Market Funds   5,906,669    
        $318,181,428   $ —   $ —
    Long Futures Contracts   $81,605   $  $
ON Federated High Income Bond

  Corporate Bonds***   $  $166,504,472   $
    Common Stocks***   807,988   451,680  
    Warrants   37,178   73,923  
    Money Market Funds   3,881,687    
        $4,726,853   $167,030,075   $ —
ON Nasdaq-100® Index

  Common Stocks***   $367,565,030   $  $
    Money Market Funds   2,328,693    
        $369,893,723   $ —   $ —
    Long Futures Contracts   $(5,751)   $  $
ON BlackRock Advantage Large Cap Core

  Common Stocks***   $410,223,367   $  $
    Money Market Funds   10,863,673    
        $421,087,040   $ —   $ —
    Long Futures Contracts   $109,553   $  $
ON BlackRock Advantage Small Cap Growth

  Common Stocks***   $194,702,932   $  $
    Rights***     13,991  
    Money Market Funds   5,786,056    
        $200,488,988   $13,991   $ —
    Long Futures Contracts   $(297,662)   $  $
ON S&P MidCap 400® Index

  Common Stocks***   $436,147,524   $  $
    Long Futures Contracts   $45,174   $  $
95
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
Portfolio   Financial Instrument Type   Level 1   Level 2   Level 3
ON BlackRock Advantage Large Cap Growth

  Common Stocks***   $111,646,073   $  $
    Money Market Funds   3,412,871    
        $115,058,944   $ —   $ —
    Long Futures Contracts   $43,078   $  $
ON Risk Managed Balanced

  Common Stocks***   $216,477,857   $  $
    Corporate Bonds***     74,945,892  
    Purchased Options   11,513,360   30,112,190  
    U.S. Treasury Obligations     40,570,340  
    Asset-Backed / Mortgage-Backed Securities***     21,106,906  
    U.S. Government Agency Mortgage-Backed Securities     9,154,885  
    Exchange Traded Funds   7,996,354    
    Preferred Securities***     3,790,863  
    Sovereign Issues     3,362,280  
    Money Market Funds   10,997,866    
        $246,985,437   $183,043,356   $ —
    Long Futures Contracts   $(5,308,570)   $  $
    Short Futures Contracts   $105,918   $  $
ON Federated Core Plus Bond

  Corporate Bonds***   $  $109,661,473   $
    U.S. Treasury Obligations     48,367,026  
    U.S. Government Agency Mortgage-Backed Securities     41,149,165  
    Investment Companies   22,424,450    
    Asset-Backed / Mortgage-Backed Securities***     13,714,454  
    Sovereign Issues     1,652,417  
    U.S. Government Agency Issues     973,694  
    Money Market Funds   6,715,676    
        $29,140,126   $215,518,229   $ —
    Long Futures Contracts   $(7,225)   $  $
    Short Futures Contracts   $234,945   $  $
ON Moderately Conservative Model

  Open-End Mutual Funds   $294,763,758   $  $
ON Balanced Model

  Open-End Mutual Funds   $1,109,826,689   $  $
ON Moderate Growth Model

  Open-End Mutual Funds   $1,963,772,348   $  $
ON Growth Model

  Open-End Mutual Funds   $444,364,130   $  $
    
*** For detailed industry descriptions, see the accompanying Schedules of Investments.
96
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
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.
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.
Distributions to Shareholders and Federal Taxes
The Fund satisfies 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. 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.
97
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Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
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.
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.
New Accounting Pronouncements and Regulations
In December 2020, the Securities and Exchange Commission (the “SEC”) adopted Rules 2a-5 and 31a-4 ("Rules") that clarify how investment companies may satisfy their valuation obligations under the 1940 Act, as amended. The Rules permit an investment company’s board to designate the determination of fair value to an investment adviser. The Rules also create a framework for the determination of the fair value of an investment company’s investments to establish a standard baseline for valuation practices. The Rules will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management of the Fund is evaluating the Rules to determine their potential impact on the Fund’s financial statements.
LIBOR Transition
The Portfolios may invest in certain fixed income securities that rely upon the London Interbank Offered Rate (“LIBOR”) for determination of variable interest rate terms. LIBOR is an average interest rate that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate. Any potential effects of the transition away from LIBOR on the Portfolios, or on certain instruments in which the Portfolios invest, are not known.
98
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
Pandemic Risks
The COVID-19 virus pandemic has continued to significantly impact the global economy and market environment. Liquidity and performance of the Portfolios may be negatively impacted as a result of ongoing economic uncertainties caused by the pandemic. The values for the investments in future financial statements may differ significantly from those presented for this period end.
Subsequent Events
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 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 for shares of different underlying funds. 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 affect the Fund are:
Existing Unaffiliated Fund   Replacement Ohio National Fund Portfolio
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 Janus Henderson 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. As such, the substitution transactions are currently planned to occur on or about the end of business June 25, 2021. Shortly before the execution of the substitution transactions, two previously Board-approved Fund Portfolios, the ON iShares Managed Risk Balanced Portfolio and the ON Janus Henderson U.S. Low Volatility Portfolio, will commence operations.
At meetings held on February 16, 2021 and February 17, 2021, the Board, including a majority of the Directors who are not “interested persons” of the Fund (the “Independent Directors”), approved an amended advisory agreement with the Fund’s adviser, Ohio National Investments, Inc. (“ONI”) and sub-advisory agreements between ONI and AllianceBernstein L.P. (“AB”). As a result, AB became the sub-adviser to the ON Janus Henderson Venture and ON Janus Henderson Enterprise Portfolios, effective May 1, 2021. On that date, those Portfolios became known as the ON AB Small Cap Portfolio and ON AB Mid Cap Core Portfolio, respectively, and their investment objectives, strategies, and benchmarks were revised as a result of the change in sub-adviser.
The Board also approved revisions to those Portfolios’ advisory and sub-advisory fee schedules, also effective May 1, 2021. The revised breakpoint schedules, based on the Portfolios’ respective daily net assets, are as follows:
ON AB Small Cap (ON Janus Henderson Venture)   ON AB Mid Cap Core (ON Janus Henderson Enterprise)
Advisory Fees
0.73% on the first $400 million   0.715% on the first $100 million
0.675% on the next $200 million   0.71% on the next $200 million
0.63% over $600 million   0.69% of the next $200 million
    0.66% over $500 million
Sub-advisory Fees
0.32% on the first $400 million   0.28% on the first $100 million
0.29% on the next $200 million   0.27% on the next $200 million
0.255% over $600 million   0.265% of the next $200 million
    0.26% over $500 million
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.
(3)Financial Instruments
The Fund’s Portfolios may trade in financial instruments with off-balance sheet risk for hedging purposes or, otherwise, in accordance with stated investing 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.
99
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
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 purchased call and put options associated with the S&P 500® Index or related exchange traded fund during the three-month period ended March 31, 2021. These instruments were used by the Risk Management Component of the Portfolio to provide for the Portfolio’s stated risk management strategy.
Purchased options are non-income producing securities.
Futures Contracts
A Portfolio may buy or sell two kinds of financial futures contracts: stock index futures contracts and interest rate futures contracts. 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. 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. It is expected that futures contracts trading in additional financial instruments will be authorized.
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. In addition to the margin restrictions discussed above,
100
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
transactions in futures contracts and options on futures contracts may involve the segregation of funds pursuant to requirements imposed by the SEC. Under those requirements, where a Portfolio has a long position in a futures contract or sells a put option, it will be required to establish a segregated account (not with an FCM or broker) containing cash or certain liquid assets equal to the purchase price of the contract or the exercise price of the option (less any margin on deposit). For a short position in futures contacts held by a Portfolio or call options sold by a Portfolio, those requirements mandate the establishment of a segregated account (not with a futures commission merchant or broker) containing cash or certain liquid assets that, when added to the amounts deposited as margin, equal the market value of the instruments underlying the futures contracts or call options. However, segregation of assets is not required if a Portfolio “covers” its position.
Portions of certain Portfolios’ securities and cash holdings, as noted on those Portfolios’ Schedules of Investments, were pledged at March 31, 2021 as collateral for the Portfolios’ futures contracts. The futures contracts, except those held by the ON Risk Managed Balanced and ON Federated Core Plus Bond 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 Portfolio, these futures contracts were used by the Portfolio to provide for the Portfolio’s stated risk management strategy. For the ON Federated Core Plus Bond Portfolio, futures contracts were used by the Portfolio 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 three-month period ended March 31, 2021. Those contracts were executed for similar purposes as the contracts outstanding at March 31, 2021.
(4)Federal Income Tax Information
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 March 31, 2021 for federal income tax purposes.
  ON Bond   ON BlackRock Balanced Allocation   ON BlackRock Advantage International Equity   ON Janus Henderson Forty   ON Janus Henderson Venture   ON Janus Henderson Enterprise
Gross unrealized:                      
Appreciation

$16,764,391   $65,283,284   $48,435,691   $70,261,877   $68,737,813   $32,361,496
Depreciation

(2,408,297)   (4,778,408)   (24,447,696)   (1,554,412)   (2,864,386)   (1,493,549)
Net unrealized appreciation (depreciation)

$14,356,094   $60,504,876   $23,987,995   $68,707,465   $65,873,427   $30,867,947
Aggregate cost of investments:

$260,150,363   $466,585,994   $469,710,172   $130,541,946   $109,316,753   $77,281,102
    
  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

$474,211,263   $44,530,262   $6,924,361   $158,514,964   $66,028,057   $51,050,286
Depreciation

(40,031,606)   (6,118,001)   (3,462,637)   (2,993,382)   (5,282,581)   (8,115,847)
Net unrealized appreciation (depreciation)

$434,179,657   $38,412,261   $3,461,724   $155,521,582   $60,745,476   $42,934,439
Aggregate cost of investments:

$811,625,231   $279,850,772   $168,295,204   $214,366,390   $360,451,117   $157,270,878
    
  ON S&P MidCap 400® Index   ON BlackRock Advantage Large Cap Growth   ON Risk Managed Balanced   ON Federated Core Plus Bond   ON Moderately Conservative Model   ON Balanced Model
Gross unrealized:                      
Appreciation

$118,652,403   $20,491,193   $86,149,959   $3,877,269   $32,620,669   $185,581,376
Depreciation

(21,087,914)   (1,317,624)   (26,533,926)   (4,641,890)   (8,786,416)   (42,289,966)
Net unrealized appreciation (depreciation)

$97,564,489   $19,173,569   $59,616,033   $(764,621)   $23,834,253   $143,291,410
Aggregate cost of investments:

$338,628,209   $95,928,453   $365,210,108   $245,650,696   $270,929,505   $966,535,279
101
(continued)

Ohio National Fund, Inc.
Notes to Schedules of Investments (Continued) March 31, 2021 (Unaudited)  
  ON Moderate Growth Model   ON Growth Model
Gross unrealized:      
Appreciation

$407,949,636   $107,382,622
Depreciation

(112,681,672)   (29,085,364)
Net unrealized appreciation (depreciation)

$295,267,964   $78,297,258
Aggregate cost of investments:

$1,668,504,384   $366,066,872
(5)Legal Matters
In December 2007, the ON S&P 500® Index Portfolio and the ON BlackRock Advantage Large Cap Value Portfolio (formerly known as "Strategic Value Portfolio"), shareholders of the Tribune Company, participated in a cash out merger in which shareholders received $34 per share of consideration. The value of the proceeds received by the ON S&P 500® Index Portfolio and ON BlackRock Advantage Large Cap Value Portfolio was $37,910 and $384,200, respectively. The company subsequently filed for bankruptcy and several legal complaints have been initiated by groups of Tribune Company creditors seeking to recover, or clawback, proceeds received by shareholders based on fraudulent transfer claims (the "Tribune Bankruptcy").
The first action, Official Committee of Unsecured Creditors of Tribune Company v. FitzSimons, et. al. (“FitzSimons”) was initiated on November 1, 2010 in the U.S. Bankruptcy Court for the District of Delaware. As a result of these proceedings, the Court agreed to allow individual creditors to file similar complaints in U.S. district courts. The Fund is specifically named in a complaint in the U.S. District Court, Southern District of Ohio, Western Division, Deutsche Bank Trust Company Americas, et. al. v. American Electric Power, et. al., that was initiated in June of 2011. The Fund, along with the Strategic Value Portfolio, is also named in a similar complaint in the U.S. District Court, Eastern District of Pennsylvania, Deutsche Bank Trust Company Americas, et. al. v. Ametek Inc. Employees Master Retirement Trust, et. al. These Tribune litigation actions have been consolidated into a single Multidistrict Litigation ("MDL") in the U.S. District Court, Southern District of New York ("District Court").
Thereafter, certain defendants in the MDL, including the Fund, filed various motions to dismiss. The District Court dismissed the Creditor Actions on September 23, 2013, holding that the plaintiffs could not pursue their claims so long as the Trustee pursued essentially the same claims in his action. On December 20, 2013, the plaintiffs appealed the dismissal to the Second Circuit Court of Appeals ("Second Circuit"). On March 29, 2016, the Second Circuit affirmed the dismissal and rejected the plaintiffs’ appeal. On September 9, 2016, plaintiffs filed a petition for writ of certiorari in the Supreme Court and the defendants opposed it. April 3, 2018, the Supreme Court issued a “Statement” from two justices announcing that consideration of the petition for certiorari would be deferred for an undetermined period of time to “allow” the Second Circuit or the District Court to consider, among other things, whether the Second Circuit’s decision should be vacated as a result of the Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc. On May 15, 2018, the Second Circuit recalled the mandate on its earlier decision for further panel review.
In December 2019, the Second Circuit reinstated its prior affirmance of dismissal, which safe-harbors all of the claims except the trustee’s actual intent claims (those claims are excepted from the safe harbor altogether). Those claims were earlier dismissed on traditional grounds, and that dismissal is now on appeal.
In January 2020, the Tribune creditors sought panel rehearing and rehearing en banc, asserting, among other arguments, that the Second Circuit improperly relied on extrinsic evidence to reach its decision regarding Computershare’s status as Tribune’s agent, that the question of Computershare’s agency was a new argument on appeal that should not have been considered, and that the Court’s findings regarding preemption go against the Supreme Court’s decision in Merit Management and other cases. On February 6, 2020 the Second Circuit denied this request.
In July 2020, the creditors filed a petition for writ of certiorari appealing the Second Circuit’s decision to the Supreme Court. The creditors dropped some of shareholder defendants, mostly unaffiliated funds, from the appeal to the Supreme Court. For those defendants only, this has the effect of accepting the adverse judgment and ending the case. Any non-listed defendant presumably is still a party to the appeal. On April 19, 2021 the Supreme Court denied the creditor’s petition for writ of certiorari, meaning that the Second Circuit’s decision in our favor stands.
In the Trustee Action, in 2014, various shareholder defendants filed a motion to dismiss the intentional fraudulent transfer claims. On January 9, 2017, the District Court granted the motion to dismiss the Trustee's actual fraudulent conveyance claim. The plaintiff will almost certainly appeal to the Second Circuit. Because of a procedural issue, however, the plaintiff could not automatically appeal the decision, but must first obtain permission from the District Court. On January 14, 2019, the District Court held a status conference during which it indicated that the plaintiff would be allowed to file a motion seeking reconsideration of the prior dismissal of the
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intentional fraudulent transfer claims. On April 23, 2019, the District Court denied the Trustee’s motion to amend and add federal constructive fraudulent transfer claims. The judge accepted the defendants’ “alternative safe harbor” argument. In June 2019, the Trustee appealed the dismissal of the intentional fraudulent transfer claims and ruling that any constructive claims would be barred by the safe harbor. The Trustee’s initial brief was filed January 8, 2020 and the brief in opposition was filed April 27, 2020. The Second Circuit held oral argument on August 24, 2020.
The outcome of these proceedings cannot be predicted. Management of the Fund continues to assess litigation matters and any offers of settlement.
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