| Ohio National Fund, Inc. | ON Bond Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds–95.1% | Rate | Maturity | Face Amount | Value | |
| Communication Services–6.7% | |||||
AT&T, Inc. (Diversified Telecom. Svs.) | 4.900% | 08/15/2037 | $1,000,000 | $ 1,213,576 | |
Charter Communications Operating LLC / Charter Communications Operating Capital (Media) | 3.700% | 04/01/2051 | 2,800,000 | 2,726,146 | |
Comcast Corp. (Media) | 3.250% | 11/01/2039 | 3,000,000 | 3,167,394 | |
Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | 1,200,000 | 1,272,000 | |
Rogers Communications, Inc. (Wireless Telecom. Svs.) | 3.700% | 11/15/2049 | 2,100,000 | 2,181,517 | |
Time Warner Cable LLC (Media) | 6.550% | 05/01/2037 | 850,000 | 1,146,892 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.875% | 04/15/2030 | 1,800,000 | 1,987,492 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.500% | 08/10/2033 | 1,000,000 | 1,190,709 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.400% | 11/01/2034 | 1,500,000 | 1,776,412 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 2.875% | 11/20/2050 | 1,000,000 | 932,146 | |
Walt Disney Co. / The (Entertainment) | 3.600% | 01/13/2051 | 1,000,000 | 1,113,915 | |
| 18,708,199 | |||||
| Consumer Discretionary–7.6% | |||||
Amazon.com, Inc. (Internet & Direct Marketing Retail) | 3.875% | 08/22/2037 | 1,000,000 | 1,180,760 | |
Aptiv PLC (Auto Components) | 4.350% | 03/15/2029 | 1,000,000 | 1,147,717 | |
Best Buy Co., Inc. (Specialty Retail) | 1.950% | 10/01/2030 | 3,000,000 | 2,921,109 | |
Expedia Group, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 08/01/2027 | 1,000,000 | 1,133,680 | |
Hasbro, Inc. (Leisure Products) | 3.900% | 11/19/2029 | 3,000,000 | 3,313,678 | |
Home Depot, Inc. / The (Specialty Retail) | 2.375% | 03/15/2051 | 2,000,000 | 1,805,597 | |
Lear Corp. (Auto Components) | 4.250% | 05/15/2029 | 4,000,000 | 4,474,727 | |
Lowe's Cos., Inc. (Specialty Retail) | 3.000% | 10/15/2050 | 2,000,000 | 1,950,258 | |
M.D.C. Holdings, Inc. (Household Durables) | 3.850% | 01/15/2030 | 2,000,000 | 2,146,000 | |
Magna International, Inc. (Auto Components) | 3.625% | 06/15/2024 | 1,000,000 | 1,072,927 | |
| 21,146,453 | |||||
| Consumer Staples–10.9% | |||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.700% | 02/01/2036 | 2,000,000 | 2,416,881 | |
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.900% | 02/01/2046 | 1,000,000 | 1,229,215 | |
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.600% | 04/15/2048 | 2,000,000 | 2,387,649 | |
B.A.T. Capital Corp. (Tobacco) | 3.215% | 09/06/2026 | 1,000,000 | 1,066,149 | |
B.A.T. Capital Corp. (Tobacco) | 4.700% | 04/02/2027 | 2,000,000 | 2,259,343 | |
Campbell Soup Co. (Food Products) | 4.150% | 03/15/2028 | 4,000,000 | 4,505,263 | |
Coca-Cola Co. / The (Beverages) | 3.000% | 03/05/2051 | 1,000,000 | 1,035,508 | |
Coca-Cola Co. / The (Beverages) | 2.500% | 03/15/2051 | 1,000,000 | 941,304 | |
Costco Wholesale Corp. (Food & Staples Retailing) | 1.750% | 04/20/2032 | 1,200,000 | 1,176,605 | |
Hershey Co. / The (Food Products) | 1.700% | 06/01/2030 | 1,800,000 | 1,771,132 | |
Keurig Dr Pepper, Inc. (Beverages) | 3.430% | 06/15/2027 | 3,000,000 | 3,296,457 | |
Kimberly-Clark Corp. (Household Products) | 1.050% | 09/15/2027 | 2,000,000 | 1,972,168 | |
Kraft Heinz Foods Co. (Food Products) | 4.625% | 10/01/2039 | 1,200,000 | 1,398,577 | |
Philip Morris International, Inc. (Tobacco) | 3.375% | 08/15/2029 | 2,500,000 | 2,745,745 | |
Smithfield Foods, Inc. (Food Products) | (a) | 3.000% | 10/15/2030 | 2,000,000 | 2,013,091 |
| 30,215,087 | |||||
| Energy–9.8% | |||||
Baker Hughes, a GE Co. LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.) | 4.080% | 12/15/2047 | 2,000,000 | 2,257,118 | |
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.017% | 01/16/2027 | 1,000,000 | 1,074,891 | |
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 1.749% | 08/10/2030 | 1,400,000 | 1,360,967 | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | 2.895% | 03/03/2024 | 900,000 | 949,005 | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | 2.236% | 05/11/2030 | 1,800,000 | 1,845,431 | |
ConocoPhillips (Oil, Gas & Consumable Fuels) | (a) | 3.750% | 10/01/2027 | 2,000,000 | 2,233,679 |
ConocoPhillips (Oil, Gas & Consumable Fuels) | (a) | 2.400% | 02/15/2031 | 1,800,000 | 1,830,455 |
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 4.950% | 06/15/2028 | 2,000,000 | 2,294,720 | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 4.114% | 03/01/2046 | 900,000 | 1,049,489 | |
Halliburton Co. (Energy Equip. & Svs.) | 4.850% | 11/15/2035 | 900,000 | 1,061,510 | |
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 5.300% | 12/01/2034 | 1,000,000 | 1,234,170 | |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.750% | 09/15/2044 | 1,000,000 | 1,169,599 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 5.850% | 01/15/2026 | 1,200,000 | 1,408,031 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.000% | 06/15/2035 | 1,000,000 | 1,255,795 | |
Sabine Pass Liquefaction LLC (Oil, Gas & Consumable Fuels) | 4.500% | 05/15/2030 | 600,000 | 691,566 | |
Shell International Finance B.V. (Oil, Gas & Consumable Fuels) | 4.000% | 05/10/2046 | 1,000,000 | 1,176,887 | |
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels) | (a) | 2.900% | 03/01/2030 | 1,000,000 | 1,034,122 |
Texas Eastern Transmission LP (Oil, Gas & Consumable Fuels) | (a) | 4.150% | 01/15/2048 | 1,000,000 | 1,124,204 |
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | 1,000,000 | 1,101,156 | |
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.400% | 03/04/2044 | 1,000,000 | 1,258,647 | |
| 27,411,442 | |||||
| Financials–24.9% | |||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.) | 3.300% | 01/23/2023 | 2,000,000 | 2,060,793 | |
American International Group, Inc. (Insurance) | 3.875% | 01/15/2035 | 2,500,000 | 2,824,702 | |
Bank of America Corp. (Banks) | 3.875% | 08/01/2025 | 1,000,000 | 1,102,052 | |
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 | 1,170,000 |
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 | 3,067,826 |
Berkshire Hathaway, Inc. (Diversified Financial Svs.) | 3.125% | 03/15/2026 | 900,000 | 976,743 | |
BlackRock, Inc. (Capital Markets) | 2.400% | 04/30/2030 | 1,000,000 | 1,035,801 |
| Ohio National Fund, Inc. | ON Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Financials (continued) | |||||
Capital One Bank U.S.A. N.A. (Rate is fixed until 01/28/2025, at which point, the rate becomes SOFR + 91) (Consumer Finance) | (b) | 2.280% | 01/28/2026 | $1,500,000 | $ 1,554,302 |
Charles Schwab Corp. / The (Capital Markets) | 3.300% | 04/01/2027 | 2,000,000 | 2,178,787 | |
Citigroup, Inc. (Banks) | 4.400% | 06/10/2025 | 2,000,000 | 2,212,152 | |
Citigroup, Inc. (Banks) | 3.700% | 01/12/2026 | 1,000,000 | 1,098,454 | |
Citigroup, Inc. (Banks) | 4.450% | 09/29/2027 | 2,000,000 | 2,274,378 | |
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 | 2,127,578 |
E*TRADE Financial Corp. (Capital Markets) | 2.950% | 08/24/2022 | 1,800,000 | 1,835,931 | |
Ford Motor Credit Co. LLC (Consumer Finance) | QL + 88 | 10/12/2021 | 2,000,000 | 1,999,999 | |
General Motors Financial Co., Inc. (Consumer Finance) | QL + 99 | 01/05/2023 | 2,000,000 | 2,019,602 | |
Goldman Sachs Group, Inc. / The (Capital Markets) | 3.750% | 05/22/2025 | 2,000,000 | 2,167,340 | |
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 | 2,213,339 |
Intercontinental Exchange, Inc. (Capital Markets) | 3.750% | 12/01/2025 | 1,000,000 | 1,098,296 | |
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. (Diversified Financial Svs.) | 4.850% | 01/15/2027 | 1,800,000 | 2,087,124 | |
JPMorgan Chase & Co. (Banks) | 3.625% | 12/01/2027 | 2,000,000 | 2,184,598 | |
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 | 2,080,716 |
Marsh & McLennan Cos., Inc. (Insurance) | 3.500% | 06/03/2024 | 1,400,000 | 1,493,846 | |
Morgan Stanley (Capital Markets) | 3.950% | 04/23/2027 | 1,000,000 | 1,112,107 | |
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 | 2,309,343 |
Nasdaq, Inc. (Capital Markets) | 3.850% | 06/30/2026 | 2,000,000 | 2,218,114 | |
PNC Bank N.A. (Banks) | 2.700% | 10/22/2029 | 2,500,000 | 2,621,580 | |
S&P Global, Inc. (Capital Markets) | 1.250% | 08/15/2030 | 600,000 | 564,715 | |
State Street Corp. (Capital Markets) | 2.200% | 03/03/2031 | 2,000,000 | 1,997,482 | |
Synchrony Financial (Consumer Finance) | 4.250% | 08/15/2024 | 1,000,000 | 1,080,606 | |
Synchrony Financial (Consumer Finance) | 5.150% | 03/19/2029 | 2,000,000 | 2,341,189 | |
Truist Bank (Banks) | 3.625% | 09/16/2025 | 1,000,000 | 1,091,869 | |
U.S. Bancorp (Banks) | 1.375% | 07/22/2030 | 2,000,000 | 1,906,620 | |
Wells Fargo & Co. (Banks) | 3.000% | 04/22/2026 | 1,000,000 | 1,072,891 | |
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 | 2,088,722 |
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 | 1,233,112 |
Wells Fargo & Co. (Banks) | 4.650% | 11/04/2044 | 1,000,000 | 1,225,286 | |
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 | 1,553,151 |
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 | 1,986,869 |
| 69,268,015 | |||||
| Health Care–3.9% | |||||
AbbVie, Inc. (Biotechnology) | 3.200% | 11/21/2029 | 1,000,000 | 1,077,511 | |
AbbVie, Inc. (Biotechnology) | 4.250% | 11/21/2049 | 3,000,000 | 3,553,359 | |
HCA, Inc. (Health Care Providers & Svs.) | 5.250% | 06/15/2026 | 1,000,000 | 1,147,520 | |
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 2.950% | 06/30/2030 | 2,000,000 | 2,111,971 | |
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 2.800% | 06/30/2031 | 1,200,000 | 1,253,098 | |
Regeneron Pharmaceuticals, Inc. (Biotechnology) | 1.750% | 09/15/2030 | 1,800,000 | 1,712,388 | |
| 10,855,847 | |||||
| Industrials–9.3% | |||||
Air Lease Corp. (Trading Companies & Distributors) | 2.250% | 01/15/2023 | 2,000,000 | 2,043,684 | |
Air Lease Corp. (Trading Companies & Distributors) | 2.300% | 02/01/2025 | 2,000,000 | 2,054,302 | |
BAE Systems PLC (Aerospace & Defense) | (a) | 1.900% | 02/15/2031 | 2,000,000 | 1,917,914 |
Boeing Co. / The (Aerospace & Defense) | 3.200% | 03/01/2029 | 3,000,000 | 3,121,806 | |
Burlington Northern Santa Fe LLC (Road & Rail) | 4.550% | 09/01/2044 | 900,000 | 1,135,785 | |
Canadian Pacific Railway Co. (Road & Rail) | 2.050% | 03/05/2030 | 1,300,000 | 1,283,838 | |
FedEx Corp. (Air Freight & Logistics) | 4.900% | 01/15/2034 | 2,000,000 | 2,463,020 | |
Lockheed Martin Corp. (Aerospace & Defense) | 1.850% | 06/15/2030 | 1,200,000 | 1,194,069 | |
Lockheed Martin Corp. (Aerospace & Defense) | 3.600% | 03/01/2035 | 1,000,000 | 1,131,163 | |
Northrop Grumman Corp. (Aerospace & Defense) | 2.930% | 01/15/2025 | 2,500,000 | 2,648,480 | |
Parker-Hannifin Corp. (Machinery) | 4.200% | 11/21/2034 | 1,400,000 | 1,611,527 | |
Union Pacific Corp. (Road & Rail) | 3.250% | 08/15/2025 | 1,000,000 | 1,075,878 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 5.250% | 01/15/2030 | 2,000,000 | 2,190,000 | |
Waste Connections, Inc. (Commercial Svs. & Supplies) | 4.250% | 12/01/2028 | 1,800,000 | 2,067,182 | |
| 25,938,648 | |||||
| Information Technology–2.4% | |||||
Broadcom, Inc. (Semiconductors & Equip.) | (a) | 2.600% | 02/15/2033 | 2,000,000 | 1,921,177 |
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 4.900% | 10/15/2025 | 850,000 | 962,012 | |
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | 4.875% | 03/01/2024 | 900,000 | 969,750 | |
VMware, Inc. (Software) | 2.200% | 08/15/2031 | 2,800,000 | 2,737,752 | |
| 6,590,691 | |||||
| Materials–8.2% | |||||
Anglo American Capital PLC (Metals & Mining) | (a) | 4.750% | 04/10/2027 | 1,000,000 | 1,138,099 |
| Ohio National Fund, Inc. | ON Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Materials (continued) | |||||
Anglo American Capital PLC (Metals & Mining) | (a) | 4.000% | 09/11/2027 | $ 900,000 | $ 991,913 |
Dow Chemical Co. / The (Chemicals) | 4.250% | 10/01/2034 | 1,402,000 | 1,617,441 | |
Glencore Funding LLC (Metals & Mining) | (a) | 2.850% | 04/27/2031 | 2,000,000 | 2,011,960 |
Kinross Gold Corp. (Metals & Mining) | 4.500% | 07/15/2027 | 3,000,000 | 3,448,233 | |
Mosaic Co. / The (Chemicals) | 4.050% | 11/15/2027 | 3,000,000 | 3,371,138 | |
Nutrien Ltd. (Chemicals) | 4.200% | 04/01/2029 | 1,900,000 | 2,163,777 | |
RPM International, Inc. (Chemicals) | 4.250% | 01/15/2048 | 3,000,000 | 3,341,586 | |
Steel Dynamics, Inc. (Metals & Mining) | 3.250% | 01/15/2031 | 1,200,000 | 1,285,329 | |
Syngenta Finance N.V. (Chemicals) | (a) | 5.182% | 04/24/2028 | 1,000,000 | 1,123,615 |
Yamana Gold, Inc. (Metals & Mining) | 4.625% | 12/15/2027 | 2,000,000 | 2,212,276 | |
| 22,705,367 | |||||
| Real Estate–3.4% | |||||
Alexandria Real Estate Equities, Inc. (Equity REIT) | 3.950% | 01/15/2028 | 1,000,000 | 1,122,567 | |
Federal Realty Investment Trust (Equity REIT) | 3.250% | 07/15/2027 | 2,000,000 | 2,151,568 | |
Healthcare Realty Trust, Inc. (Equity REIT) | 3.875% | 05/01/2025 | 1,400,000 | 1,508,714 | |
Healthcare Realty Trust, Inc. (Equity REIT) | 3.625% | 01/15/2028 | 1,000,000 | 1,094,153 | |
VICI Properties LP / VICI Note Co., Inc. (Equity REIT) | (a) | 4.625% | 12/01/2029 | 1,300,000 | 1,397,500 |
Welltower, Inc. (Equity REIT) | 4.250% | 04/01/2026 | 1,000,000 | 1,116,408 | |
Welltower, Inc. (Equity REIT) | 2.700% | 02/15/2027 | 1,000,000 | 1,056,259 | |
| 9,447,169 | |||||
| Utilities–8.0% | |||||
AEP Transmission Co. LLC (Electric Utilities) | 4.000% | 12/01/2046 | 1,000,000 | 1,170,819 | |
AEP Transmission Co. LLC (Electric Utilities) | 3.750% | 12/01/2047 | 1,351,000 | 1,514,984 | |
Ameren Corp. (Multi-Utilities) | 3.500% | 01/15/2031 | 2,000,000 | 2,174,780 | |
American Water Capital Corp. (Water Utilities) | 4.300% | 12/01/2042 | 1,400,000 | 1,690,594 | |
Berkshire Hathaway Energy Co. (Multi-Utilities) | 3.250% | 04/15/2028 | 1,900,000 | 2,072,429 | |
Commonwealth Edison Co. (Electric Utilities) | 4.350% | 11/15/2045 | 2,000,000 | 2,444,486 | |
Connecticut Light & Power Co. / The (Electric Utilities) | 4.000% | 04/01/2048 | 1,000,000 | 1,193,705 | |
Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | 1,000,000 | 1,067,825 | |
Eversource Energy (Electric Utilities) | 3.300% | 01/15/2028 | 1,000,000 | 1,082,483 | |
FirstEnergy Transmission LLC (Electric Utilities) | (a) | 4.550% | 04/01/2049 | 1,800,000 | 2,106,705 |
Florida Power & Light Co. (Electric Utilities) | 3.150% | 10/01/2049 | 2,000,000 | 2,117,712 | |
Jersey Central Power & Light Co. (Electric Utilities) | (a) | 4.300% | 01/15/2026 | 900,000 | 991,141 |
Public Service Electric & Gas Co. (Multi-Utilities) | 3.600% | 12/01/2047 | 1,500,000 | 1,690,644 | |
Southwest Gas Corp. (Gas Utilities) | 3.875% | 04/01/2022 | 1,000,000 | 1,008,483 | |
| 22,326,790 | |||||
Total Corporate Bonds (Cost $244,771,125) | $264,613,708 |
| Asset-Backed Securities–2.6% | Rate | Maturity | Face Amount | Value | |
| Industrials–2.6% | |||||
Air Canada 2017-1 Class B Pass Through Trust | (a) | 3.700% | 01/15/2026 | $1,765,873 | $ 1,723,684 |
American Airlines 2015-1 Class B Pass Through Trust | 3.700% | 05/01/2023 | 473,433 | 466,411 | |
FedEx Corp. 2020-1 Class AA Pass Through Trust | 1.875% | 02/20/2034 | 2,839,582 | 2,805,725 | |
United Airlines 2016-1 Class B Pass Through Trust | 3.650% | 01/07/2026 | 1,260,417 | 1,255,265 | |
United Airlines 2019-2 Class AA Pass Through Trust | 2.700% | 05/01/2032 | 961,105 | 971,616 | |
Total Asset-Backed Securities (Cost $7,300,524) | $7,222,701 |
| U.S. Treasury Obligations–0.4% | Rate | Maturity | Face Amount | Value | |
U.S. Treasury Note | 1.625% | 05/15/2031 | $1,000,000 | $ 1,011,719 | |
Total U.S. Treasury Obligations (Cost $1,000,795) | $1,011,719 |
| Money Market Funds–1.8% | Shares | Value | |
State Street Institutional Liquid Reserves Fund Institutional Class, 0.042% | (c) | 5,106,663 | $ 5,107,685 |
Total Money Market Funds (Cost $5,107,703) | $5,107,685 | ||
Total Investments – 99.9% (Cost $258,180,147) | (d) | $277,955,813 | |
Other Assets in Excess of Liabilities – 0.1% | 285,616 | ||
| Net Assets – 100.0% | $278,241,429 |
Percentages are stated as a percent of net assets. |
| Abbreviations: | ||
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 0.980% at 09/30/2021 | |
| QL: | Quarterly U.S. LIBOR Rate, 0.130% at 09/30/2021 | |
| SOFR: | Secured Overnight Financing Rate, 0.050% at 09/30/2021 | |
| USISDA05: | USD ICE Swap Rate 11:00am NY 5 Year, 1.083% at 09/30/2021 | |
| USSW5: | USD Swap Semi 30/360 5 Year, 1.053% at 09/30/2021 | |
| Ohio National Fund, Inc. | ON Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| 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 September 30, 2021, the value of these securities totaled $23,559,259, or 8.5% 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 September 30, 2021. | |
| (c) | Rate represents the seven-day yield at September 30, 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. | |
| Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Common Stocks–69.5% | Shares | Value | |
| Communication Services–7.5% | |||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a) | 4,559 | $ 12,188,578 |
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a) | 2,855 | 7,609,460 |
Altice U.S.A., Inc. Class A (Media) | (a) | 3,484 | 72,189 |
Comcast Corp. Class A (Media) | 36,143 | 2,021,478 | |
Discovery, Inc. Class A (Media) | (a) | 19,792 | 502,321 |
Discovery, Inc. Class C (Media) | (a) | 3,329 | 80,795 |
Facebook, Inc. Class A (Interactive Media & Svs.) | (a) | 20,095 | 6,820,042 |
Fox Corp. Class A (Media) | 14,421 | 578,426 | |
Fox Corp. Class B (Media) | 1,559 | 57,870 | |
Live Nation Entertainment, Inc. (Entertainment) | (a) | 9,509 | 866,555 |
Roku, Inc. (Entertainment) | (a) | 4,821 | 1,510,660 |
Sirius XM Holdings, Inc. (Media) | 229,443 | 1,399,602 | |
Snap, Inc. Class A (Interactive Media & Svs.) | (a) | 1,456 | 107,555 |
Spotify Technology SA (Entertainment) | (a) | 1,704 | 383,979 |
TEGNA, Inc. (Media) | 7,035 | 138,730 | |
Twitter, Inc. (Interactive Media & Svs.) | (a) | 6,194 | 374,056 |
United States Cellular Corp. (Wireless Telecom. Svs.) | (a) | 5,142 | 163,979 |
Walt Disney Co. / The (Entertainment) | (a) | 17,900 | 3,028,143 |
Warner Music Group Corp. Class A (Entertainment) | 2,518 | 107,619 | |
Zynga, Inc. Class A (Entertainment) | (a) | 224,096 | 1,687,443 |
| 39,699,480 | |||
| Consumer Discretionary–8.5% | |||
Advance Auto Parts, Inc. (Specialty Retail) | 2,854 | 596,172 | |
Amazon.com, Inc. (Internet & Direct Marketing Retail) | (a) | 3,819 | 12,545,568 |
American Eagle Outfitters, Inc. (Specialty Retail) | 25,204 | 650,263 | |
Booking Holdings, Inc. (Internet & Direct Marketing Retail) | (a) | 1,428 | 3,389,886 |
BorgWarner, Inc. (Auto Components) | 60,885 | 2,630,841 | |
D.R. Horton, Inc. (Household Durables) | 16,341 | 1,372,154 | |
Dollar General Corp. (Multiline Retail) | 365 | 77,431 | |
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 1,537 | 733,088 | |
Etsy, Inc. (Internet & Direct Marketing Retail) | (a) | 965 | 200,681 |
Home Depot, Inc. / The (Specialty Retail) | 7,390 | 2,425,841 | |
Levi Strauss & Co. Class A (Textiles, Apparel & Luxury Goods) | 11,987 | 293,801 | |
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) | (a) | 354 | 143,264 |
McDonald's Corp. (Hotels, Restaurants & Leisure) | 10,608 | 2,557,695 | |
Meritage Homes Corp. (Household Durables) | (a) | 964 | 93,508 |
National Vision Holdings, Inc. (Specialty Retail) | (a) | 11,291 | 640,990 |
Penske Automotive Group, Inc. (Specialty Retail) | 2,312 | 232,587 | |
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 639 | 70,955 | |
Service Corp. International (Diversified Consumer Svs.) | 12,360 | 744,814 | |
Skechers U.S.A., Inc. Class A (Textiles, Apparel & Luxury Goods) | (a) | 2,905 | 122,359 |
Target Corp. (Multiline Retail) | 22,136 | 5,064,053 | |
Tesla, Inc. (Automobiles) | (a) | 9,488 | 7,357,754 |
TJX Cos., Inc. / The (Specialty Retail) | 15,787 | 1,041,626 | |
Tractor Supply Co. (Specialty Retail) | 3,401 | 689,077 | |
Whirlpool Corp. (Household Durables) | 4,954 | 1,009,922 | |
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure) | (a) | 8,850 | 750,037 |
| 45,434,367 | |||
| Consumer Staples–4.3% | |||
Colgate-Palmolive Co. (Household Products) | 14,393 | 1,087,823 | |
Conagra Brands, Inc. (Food Products) | 67,181 | 2,275,420 | |
Costco Wholesale Corp. (Food & Staples Retailing) | 13,693 | 6,152,950 | |
Estee Lauder Cos., Inc. / The Class A (Personal Products) | 2,677 | 802,913 | |
Kellogg Co. (Food Products) | 14,458 | 924,155 | |
McCormick & Co., Inc. (Food Products) | 1,914 | 155,091 | |
Molson Coors Beverage Co. Class B (Beverages) | 18,096 | 839,293 | |
PepsiCo, Inc. (Beverages) | 21,036 | 3,164,025 | |
Procter & Gamble Co. / The (Household Products) | 53,515 | 7,481,397 | |
| 22,883,067 | |||
| Energy–1.5% | |||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 7,745 | 80,703 | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | 10,858 | 1,101,544 | |
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 48,258 | 3,873,670 |
| Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Common Stocks (Continued) | Shares | Value | |
| Energy (continued) | |||
Phillips 66 (Oil, Gas & Consumable Fuels) | 22,454 | $ 1,572,453 | |
Schlumberger N.V. (Energy Equip. & Svs.) | 55,128 | 1,633,994 | |
| 8,262,364 | |||
| Financials–8.0% | |||
Ally Financial, Inc. (Consumer Finance) | 75,416 | 3,849,987 | |
American Express Co. (Consumer Finance) | 30,244 | 5,066,777 | |
Bank of America Corp. (Banks) | 32,610 | 1,384,295 | |
Bank of Hawaii Corp. (Banks) | 1,150 | 94,496 | |
Bank of New York Mellon Corp. / The (Capital Markets) | 14,801 | 767,284 | |
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.) | (a) | 5,574 | 1,521,368 |
Citigroup, Inc. (Banks) | 50,295 | 3,529,703 | |
CME Group, Inc. (Capital Markets) | 16,921 | 3,272,183 | |
Everest RE Group Ltd. (Insurance) | 2,195 | 550,462 | |
First Republic Bank (Banks) | 3,351 | 646,341 | |
JPMorgan Chase & Co. (Banks) | 9,032 | 1,478,448 | |
Marsh & McLennan Cos., Inc. (Insurance) | 31,913 | 4,832,586 | |
MetLife, Inc. (Insurance) | 72,811 | 4,494,623 | |
Morgan Stanley (Capital Markets) | 17,703 | 1,722,679 | |
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 84,158 | 1,083,113 | |
Radian Group, Inc. (Thrifts & Mortgage Finance) | 31,084 | 706,228 | |
S&P Global, Inc. (Capital Markets) | 471 | 200,123 | |
Stifel Financial Corp. (Capital Markets) | 6,462 | 439,158 | |
Travelers Cos., Inc. / The (Insurance) | 13,132 | 1,996,195 | |
Truist Financial Corp. (Banks) | 33,851 | 1,985,361 | |
Voya Financial, Inc. (Diversified Financial Svs.) | 35,619 | 2,186,650 | |
Willis Towers Watson PLC (Insurance) | 3,172 | 737,363 | |
| 42,545,423 | |||
| Health Care–9.4% | |||
Agilent Technologies, Inc. (Life Sciences Tools & Svs.) | 10,368 | 1,633,271 | |
Align Technology, Inc. (Health Care Equip. & Supplies) | (a) | 3,258 | 2,167,971 |
Amgen, Inc. (Biotechnology) | 191 | 40,616 | |
Anthem, Inc. (Health Care Providers & Svs.) | 4,196 | 1,564,269 | |
BioMarin Pharmaceutical, Inc. (Biotechnology) | (a) | 43,501 | 3,362,192 |
Bristol-Myers Squibb Co. (Pharmaceuticals) | 62,228 | 3,682,031 | |
Bruker Corp. (Life Sciences Tools & Svs.) | 3,075 | 240,157 | |
Cerner Corp. (Health Care Technology) | 22,851 | 1,611,452 | |
Cigna Corp. (Health Care Providers & Svs.) | 3,097 | 619,896 | |
Danaher Corp. (Health Care Equip. & Supplies) | 17,385 | 5,292,689 | |
Dexcom, Inc. (Health Care Equip. & Supplies) | (a) | 2,199 | 1,202,545 |
Gilead Sciences, Inc. (Biotechnology) | 31,761 | 2,218,506 | |
Hologic, Inc. (Health Care Equip. & Supplies) | (a) | 2,474 | 182,606 |
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies) | (a) | 7,302 | 4,541,114 |
Johnson & Johnson (Pharmaceuticals) | 51,843 | 8,372,644 | |
McKesson Corp. (Health Care Providers & Svs.) | 10,903 | 2,173,840 | |
Moderna, Inc. (Biotechnology) | (a) | 2,107 | 810,900 |
Pfizer, Inc. (Pharmaceuticals) | 30,695 | 1,320,192 | |
PPD, Inc. (Life Sciences Tools & Svs.) | (a) | 13,801 | 645,749 |
Regeneron Pharmaceuticals, Inc. (Biotechnology) | (a) | 182 | 110,143 |
Stryker Corp. (Health Care Equip. & Supplies) | 5,572 | 1,469,448 | |
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 9,131 | 3,567,847 | |
Vertex Pharmaceuticals, Inc. (Biotechnology) | (a) | 7,418 | 1,345,551 |
Zoetis, Inc. (Pharmaceuticals) | 8,427 | 1,636,018 | |
| 49,811,647 | |||
| Industrials–5.9% | |||
Alaska Air Group, Inc. (Airlines) | (a) | 16,222 | 950,609 |
Allegion PLC (Building Products) | 6,763 | 893,933 | |
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 26,600 | 2,314,200 | |
Caterpillar, Inc. (Machinery) | 332 | 63,734 | |
Deere & Co. (Machinery) | 1,456 | 487,862 | |
Equifax, Inc. (Professional Svs.) | 11,429 | 2,896,337 | |
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 28,986 | 3,453,102 | |
Honeywell International, Inc. (Industrial Conglomerates) | 19,712 | 4,184,463 | |
IAA, Inc. (Commercial Svs. & Supplies) | (a) | 21,076 | 1,150,117 |
IHS Markit Ltd. (Professional Svs.) | 3,813 | 444,672 | |
Landstar System, Inc. (Road & Rail) | 6,291 | 992,846 | |
Lennox International, Inc. (Building Products) | 559 | 164,441 | |
Lockheed Martin Corp. (Aerospace & Defense) | 9,058 | 3,125,916 |
| Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Common Stocks (Continued) | Shares | Value | |
| Industrials (continued) | |||
Otis Worldwide Corp. (Machinery) | 52,852 | $ 4,348,663 | |
Ryder System, Inc. (Road & Rail) | 31,518 | 2,606,854 | |
Schneider National, Inc. Class B (Road & Rail) | 9,140 | 207,844 | |
Stanley Black & Decker, Inc. (Machinery) | 1,086 | 190,387 | |
Trane Technologies PLC (Building Products) | 17,839 | 3,079,903 | |
Waste Connections, Inc. (Commercial Svs. & Supplies) | 333 | 41,935 | |
| 31,597,818 | |||
| Information Technology–19.4% | |||
Adobe, Inc. (Software) | (a) | 11,071 | 6,373,796 |
Advanced Micro Devices, Inc. (Semiconductors & Equip.) | (a) | 14,185 | 1,459,637 |
Analog Devices, Inc. (Semiconductors & Equip.) | 2,711 | 454,038 | |
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 161,150 | 22,802,726 | |
Applied Materials, Inc. (Semiconductors & Equip.) | 11,410 | 1,468,809 | |
Automatic Data Processing, Inc. (IT Svs.) | 13,334 | 2,665,733 | |
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.) | (a) | 4,565 | 474,943 |
Fidelity National Information Services, Inc. (IT Svs.) | 30,983 | 3,770,011 | |
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 228,793 | 3,260,300 | |
HubSpot, Inc. (Software) | (a) | 1,521 | 1,028,333 |
Intel Corp. (Semiconductors & Equip.) | 76,235 | 4,061,801 | |
Intuit, Inc. (Software) | 10,304 | 5,559,111 | |
Juniper Networks, Inc. (Communications Equip.) | 14,467 | 398,132 | |
Lam Research Corp. (Semiconductors & Equip.) | 1,321 | 751,847 | |
Mastercard, Inc. Class A (IT Svs.) | 7,304 | 2,539,455 | |
Microsoft Corp. (Software) | 62,363 | 17,581,377 | |
NetApp, Inc. (Tech. Hardware, Storage & Periph.) | 17,820 | 1,599,523 | |
NVIDIA Corp. (Semiconductors & Equip.) | 31,389 | 6,502,545 | |
Okta, Inc. (IT Svs.) | (a) | 2,688 | 637,970 |
PagerDuty, Inc. (Software) | (a) | 2,160 | 89,467 |
PayPal Holdings, Inc. (IT Svs.) | (a) | 7,327 | 1,906,559 |
QUALCOMM, Inc. (Semiconductors & Equip.) | 3,791 | 488,963 | |
ServiceNow, Inc. (Software) | (a) | 4,827 | 3,003,697 |
Silicon Laboratories, Inc. (Semiconductors & Equip.) | (a) | 2,016 | 282,563 |
Synaptics, Inc. (Semiconductors & Equip.) | (a) | 2,219 | 398,821 |
Toast, Inc. Class A (IT Svs.) | (a) | 2,815 | 140,609 |
Twilio, Inc. Class A (IT Svs.) | (a) | 808 | 257,792 |
Visa, Inc. (IT Svs.) | 35,294 | 7,861,739 | |
VMware, Inc. Class A (Software) | (a) | 15,494 | 2,303,958 |
Workday, Inc. Class A (Software) | (a) | 11,344 | 2,834,752 |
Xilinx, Inc. (Semiconductors & Equip.) | 2,503 | 377,928 | |
| 103,336,935 | |||
| Materials–1.4% | |||
Avery Dennison Corp. (Containers & Packaging) | 823 | 170,534 | |
Ecolab, Inc. (Chemicals) | 5,533 | 1,154,294 | |
LyondellBasell Industries N.V. Class A (Chemicals) | 3,651 | 342,646 | |
Martin Marietta Materials, Inc. (Construction Materials) | 1,417 | 484,161 | |
Reliance Steel & Aluminum Co. (Metals & Mining) | 9,706 | 1,382,329 | |
Sherwin-Williams Co. / The (Chemicals) | 9,506 | 2,659,113 | |
Vulcan Materials Co. (Construction Materials) | 7,588 | 1,283,586 | |
| 7,476,663 | |||
| Real Estate–1.5% | |||
Camden Property Trust (Equity REIT) | 1,597 | 235,510 | |
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development) | (a) | 2,422 | 235,806 |
Crown Castle International Corp. (Equity REIT) | 931 | 161,361 | |
Life Storage, Inc. (Equity REIT) | 10,984 | 1,260,304 | |
Prologis, Inc. (Equity REIT) | 39,553 | 4,961,133 | |
VICI Properties, Inc. (Equity REIT) | 31,530 | 895,767 | |
| 7,749,881 | |||
| Utilities–2.1% | |||
CMS Energy Corp. (Multi-Utilities) | 4,247 | 253,673 | |
Consolidated Edison, Inc. (Multi-Utilities) | 52,583 | 3,817,000 | |
DTE Energy Co. (Multi-Utilities) | 22,662 | 2,531,572 | |
NextEra Energy, Inc. (Electric Utilities) | 12,957 | 1,017,384 | |
NiSource, Inc. (Multi-Utilities) | 2,404 | 58,249 | |
OGE Energy Corp. (Electric Utilities) | 72,756 | 2,398,038 |
| Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Common Stocks (Continued) | Shares | Value | |
| Utilities (continued) | |||
Southern Co. / The (Electric Utilities) | 7,697 | $ 476,983 | |
UGI Corp. (Gas Utilities) | 10,438 | 444,867 | |
| 10,997,766 | |||
Total Common Stocks (Cost $320,392,648) | $369,795,411 |
| Corporate Bonds–27.7% | Rate | Maturity | Face Amount | Value | |
| Communication Services–2.3% | |||||
AT&T, Inc. (Diversified Telecom. Svs.) | 4.900% | 08/15/2037 | $1,000,000 | $ 1,213,576 | |
Charter Communications Operating LLC / Charter Communications Operating Capital (Media) | 3.700% | 04/01/2051 | 1,200,000 | 1,168,348 | |
Comcast Corp. (Media) | 3.250% | 11/01/2039 | 2,000,000 | 2,111,596 | |
Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | 800,000 | 848,000 | |
Rogers Communications, Inc. (Wireless Telecom. Svs.) | 3.700% | 11/15/2049 | 1,400,000 | 1,454,345 | |
Time Warner Cable LLC (Media) | 6.550% | 05/01/2037 | 150,000 | 202,393 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.875% | 04/15/2030 | 1,200,000 | 1,324,994 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.500% | 08/10/2033 | 1,000,000 | 1,190,709 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.400% | 11/01/2034 | 1,000,000 | 1,184,275 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 2.875% | 11/20/2050 | 1,000,000 | 932,146 | |
Walt Disney Co. / The (Entertainment) | 3.600% | 01/13/2051 | 750,000 | 835,436 | |
| 12,465,818 | |||||
| Consumer Discretionary–2.0% | |||||
Amazon.com, Inc. (Internet & Direct Marketing Retail) | 3.875% | 08/22/2037 | 1,000,000 | 1,180,760 | |
Aptiv PLC (Auto Components) | 4.350% | 03/15/2029 | 150,000 | 172,157 | |
Best Buy Co., Inc. (Specialty Retail) | 1.950% | 10/01/2030 | 2,000,000 | 1,947,406 | |
Expedia Group, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 08/01/2027 | 1,000,000 | 1,133,680 | |
Hasbro, Inc. (Leisure Products) | 3.900% | 11/19/2029 | 2,000,000 | 2,209,119 | |
Lear Corp. (Auto Components) | 3.500% | 05/30/2030 | 1,000,000 | 1,073,093 | |
Lowe's Cos., Inc. (Specialty Retail) | 3.000% | 10/15/2050 | 1,000,000 | 975,129 | |
Target Corp. (Multiline Retail) | 2.350% | 02/15/2030 | 2,000,000 | 2,070,030 | |
| 10,761,374 | |||||
| Consumer Staples–3.0% | |||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.700% | 02/01/2036 | 2,000,000 | 2,416,881 | |
B.A.T. Capital Corp. (Tobacco) | 3.215% | 09/06/2026 | 1,000,000 | 1,066,149 | |
B.A.T. Capital Corp. (Tobacco) | 4.700% | 04/02/2027 | 1,000,000 | 1,129,671 | |
Campbell Soup Co. (Food Products) | 4.150% | 03/15/2028 | 2,000,000 | 2,252,632 | |
Coca-Cola Co. / The (Beverages) | 3.000% | 03/05/2051 | 2,000,000 | 2,071,016 | |
Costco Wholesale Corp. (Food & Staples Retailing) | 1.750% | 04/20/2032 | 800,000 | 784,403 | |
Diageo Capital PLC (Beverages) | 2.375% | 10/24/2029 | 2,000,000 | 2,059,084 | |
Hershey Co. / The (Food Products) | 1.700% | 06/01/2030 | 1,200,000 | 1,180,754 | |
Keurig Dr Pepper, Inc. (Beverages) | 3.430% | 06/15/2027 | 1,000,000 | 1,098,819 | |
Kraft Heinz Foods Co. (Food Products) | 4.625% | 10/01/2039 | 800,000 | 932,385 | |
Philip Morris International, Inc. (Tobacco) | 3.375% | 08/15/2029 | 1,000,000 | 1,098,298 | |
| 16,090,092 | |||||
| Energy–2.7% | |||||
Baker Hughes, a GE Co. LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.) | 3.337% | 12/15/2027 | 1,000,000 | 1,091,376 | |
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.017% | 01/16/2027 | 1,000,000 | 1,074,891 | |
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 1.749% | 08/10/2030 | 600,000 | 583,272 | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | 2.236% | 05/11/2030 | 1,200,000 | 1,230,288 | |
ConocoPhillips (Oil, Gas & Consumable Fuels) | (b) | 3.750% | 10/01/2027 | 1,000,000 | 1,116,839 |
ConocoPhillips (Oil, Gas & Consumable Fuels) | (b) | 2.400% | 02/15/2031 | 1,200,000 | 1,220,303 |
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 4.950% | 06/15/2028 | 1,000,000 | 1,147,360 | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 4.114% | 03/01/2046 | 100,000 | 116,610 | |
Halliburton Co. (Energy Equip. & Svs.) | 4.850% | 11/15/2035 | 100,000 | 117,946 | |
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 5.300% | 12/01/2034 | 1,000,000 | 1,234,170 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 5.850% | 01/15/2026 | 800,000 | 938,687 | |
Sabine Pass Liquefaction LLC (Oil, Gas & Consumable Fuels) | 4.500% | 05/15/2030 | 400,000 | 461,044 | |
Shell International Finance B.V. (Oil, Gas & Consumable Fuels) | 4.000% | 05/10/2046 | 1,500,000 | 1,765,331 | |
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels) | (b) | 2.900% | 03/01/2030 | 1,000,000 | 1,034,122 |
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | 1,000,000 | 1,101,156 | |
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.400% | 03/04/2044 | 100,000 | 125,865 | |
| 14,359,260 | |||||
| Financials–6.9% | |||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.) | 3.300% | 01/23/2023 | 1,000,000 | 1,030,397 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.) | 4.875% | 01/16/2024 | 1,000,000 | 1,080,480 | |
American International Group, Inc. (Insurance) | 3.875% | 01/15/2035 | 150,000 | 169,482 | |
Bank of America Corp. (Banks) | 3.875% | 08/01/2025 | 1,000,000 | 1,102,052 |
| Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) |
| Schedule of Investments | September 30, 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) | (c) | 3.803% | 12/15/2032 | $ 200,000 | $ 219,130 |
BlackRock, Inc. (Capital Markets) | 2.400% | 04/30/2030 | 500,000 | 517,901 | |
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 | 1,036,202 |
Charles Schwab Corp. / The (Capital Markets) | 3.300% | 04/01/2027 | 1,000,000 | 1,089,394 | |
Citigroup, Inc. (Banks) | 4.125% | 07/25/2028 | 1,000,000 | 1,116,242 | |
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 | 1,051,387 |
Citigroup, Inc. (Rate is fixed until 05/01/2031, at which point, the rate becomes SOFR + 117) (Banks) | (c) | 2.561% | 05/01/2032 | 2,000,000 | 2,019,670 |
Discover Bank (Banks) | 2.450% | 09/12/2024 | 1,000,000 | 1,042,817 | |
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 | 265,947 |
E*TRADE Financial Corp. (Capital Markets) | 2.950% | 08/24/2022 | 200,000 | 203,992 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 3.087% | 01/09/2023 | 2,000,000 | 2,029,400 | |
General Motors Financial Co., Inc. (Consumer Finance) | 2.700% | 06/10/2031 | 3,000,000 | 2,990,819 | |
Goldman Sachs Group, Inc. / The (Capital Markets) | 3.750% | 05/22/2025 | 1,000,000 | 1,083,670 | |
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. (Diversified Financial Svs.) | 4.850% | 01/15/2027 | 200,000 | 231,903 | |
JPMorgan Chase & Co. (Banks) | 3.625% | 12/01/2027 | 1,000,000 | 1,092,299 | |
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 | 1,040,358 |
Morgan Stanley (Capital Markets) | 3.950% | 04/23/2027 | 1,000,000 | 1,112,108 | |
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 | 1,546,639 |
Nasdaq, Inc. (Capital Markets) | 3.850% | 06/30/2026 | 1,000,000 | 1,109,057 | |
PNC Bank N.A. (Banks) | 4.050% | 07/26/2028 | 1,950,000 | 2,221,454 | |
S&P Global, Inc. (Capital Markets) | 1.250% | 08/15/2030 | 400,000 | 376,477 | |
State Street Corp. (Capital Markets) | 2.200% | 03/03/2031 | 1,000,000 | 998,741 | |
Synchrony Financial (Consumer Finance) | 4.250% | 08/15/2024 | 1,000,000 | 1,080,606 | |
Truist Bank (Rate is fixed until 09/17/2024, at which point, the rate becomes H15T5Y + 115) (Banks) | (c) | 2.636% | 09/17/2029 | 2,500,000 | 2,613,425 |
U.S. Bancorp (Banks) | 1.375% | 07/22/2030 | 1,000,000 | 953,310 | |
Wells Fargo & Co. (Banks) | 3.000% | 04/22/2026 | 1,500,000 | 1,609,336 | |
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 | 822,074 |
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 | 1,553,151 |
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 | 220,763 |
| 36,630,683 | |||||
| Health Care–1.9% | |||||
AbbVie, Inc. (Biotechnology) | 3.200% | 11/21/2029 | 1,000,000 | 1,077,511 | |
AbbVie, Inc. (Biotechnology) | 4.250% | 11/21/2049 | 2,000,000 | 2,368,906 | |
HCA, Inc. (Health Care Providers & Svs.) | 5.250% | 06/15/2026 | 2,000,000 | 2,295,040 | |
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 2.800% | 06/30/2031 | 800,000 | 835,398 | |
Regeneron Pharmaceuticals, Inc. (Biotechnology) | 1.750% | 09/15/2030 | 1,200,000 | 1,141,592 | |
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 3.875% | 12/15/2028 | 2,000,000 | 2,275,798 | |
| 9,994,245 | |||||
| Industrials–2.0% | |||||
Air Lease Corp. (Trading Companies & Distributors) | 2.250% | 01/15/2023 | 1,000,000 | 1,021,842 | |
Air Lease Corp. (Trading Companies & Distributors) | 2.300% | 02/01/2025 | 2,000,000 | 2,054,302 | |
Boeing Co. / The (Aerospace & Defense) | 3.200% | 03/01/2029 | 1,500,000 | 1,560,903 | |
Burlington Northern Santa Fe LLC (Road & Rail) | 4.550% | 09/01/2044 | 100,000 | 126,198 | |
FedEx Corp. (Air Freight & Logistics) | 4.900% | 01/15/2034 | 1,000,000 | 1,231,510 | |
Lockheed Martin Corp. (Aerospace & Defense) | 1.850% | 06/15/2030 | 800,000 | 796,046 | |
Lockheed Martin Corp. (Aerospace & Defense) | 3.600% | 03/01/2035 | 100,000 | 113,116 | |
Parker-Hannifin Corp. (Machinery) | 4.200% | 11/21/2034 | 100,000 | 115,109 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | 1,000,000 | 1,057,240 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 5.250% | 01/15/2030 | 100,000 | 109,500 | |
Waste Connections, Inc. (Commercial Svs. & Supplies) | 4.250% | 12/01/2028 | 200,000 | 229,687 | |
Waste Connections, Inc. (Commercial Svs. & Supplies) | 2.600% | 02/01/2030 | 2,000,000 | 2,058,916 | |
| 10,474,369 | |||||
| Information Technology–1.4% | |||||
Broadcom, Inc. (Semiconductors & Equip.) | (b) | 2.600% | 02/15/2033 | 1,000,000 | 960,588 |
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 4.900% | 10/15/2025 | 150,000 | 169,767 | |
HP, Inc. (Tech. Hardware, Storage & Periph.) | (b) | 2.650% | 06/17/2031 | 3,000,000 | 2,970,284 |
Oracle Corp. (Software) | 4.300% | 07/08/2034 | 2,100,000 | 2,383,923 |
| Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Information Technology (continued) | |||||
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | 4.875% | 03/01/2024 | $ 100,000 | $ 107,750 | |
VMware, Inc. (Software) | 2.200% | 08/15/2031 | 1,200,000 | 1,173,322 | |
| 7,765,634 | |||||
| Materials–1.7% | |||||
Anglo American Capital PLC (Metals & Mining) | (b) | 4.000% | 09/11/2027 | 100,000 | 110,212 |
Dow Chemical Co. / The (Chemicals) | 4.250% | 10/01/2034 | 1,402,000 | 1,617,441 | |
Glencore Funding LLC (Metals & Mining) | (b) | 2.850% | 04/27/2031 | 3,000,000 | 3,017,940 |
Kinross Gold Corp. (Metals & Mining) | 4.500% | 07/15/2027 | 1,000,000 | 1,149,411 | |
Mosaic Co. / The (Chemicals) | 4.050% | 11/15/2027 | 1,000,000 | 1,123,713 | |
Nutrien Ltd. (Chemicals) | 4.200% | 04/01/2029 | 100,000 | 113,883 | |
Steel Dynamics, Inc. (Metals & Mining) | 3.250% | 01/15/2031 | 800,000 | 856,886 | |
Yamana Gold, Inc. (Metals & Mining) | 4.625% | 12/15/2027 | 1,000,000 | 1,106,138 | |
| 9,095,624 | |||||
| Real Estate–1.0% | |||||
Alexandria Real Estate Equities, Inc. (Equity REIT) | 3.950% | 01/15/2028 | 1,000,000 | 1,122,567 | |
American Tower Corp. (Equity REIT) | 2.750% | 01/15/2027 | 2,000,000 | 2,099,968 | |
Healthcare Realty Trust, Inc. (Equity REIT) | 3.875% | 05/01/2025 | 100,000 | 107,765 | |
VICI Properties LP / VICI Note Co., Inc. (Equity REIT) | (b) | 4.625% | 12/01/2029 | 700,000 | 752,500 |
Welltower, Inc. (Equity REIT) | 2.700% | 02/15/2027 | 1,000,000 | 1,056,259 | |
| 5,139,059 | |||||
| Utilities–2.8% | |||||
AEP Transmission Co. LLC (Electric Utilities) | 4.000% | 12/01/2046 | 1,000,000 | 1,170,819 | |
AEP Transmission Co. LLC (Electric Utilities) | 3.750% | 12/01/2047 | 1,000,000 | 1,121,380 | |
Ameren Corp. (Multi-Utilities) | 2.500% | 09/15/2024 | 1,000,000 | 1,045,157 | |
Ameren Corp. (Multi-Utilities) | 3.500% | 01/15/2031 | 1,000,000 | 1,087,390 | |
American Water Capital Corp. (Water Utilities) | 4.300% | 12/01/2042 | 100,000 | 120,757 | |
Berkshire Hathaway Energy Co. (Multi-Utilities) | 3.250% | 04/15/2028 | 100,000 | 109,075 | |
Black Hills Corp. (Multi-Utilities) | 3.050% | 10/15/2029 | 2,500,000 | 2,647,927 | |
Commonwealth Edison Co. (Electric Utilities) | 4.350% | 11/15/2045 | 1,000,000 | 1,222,243 | |
Connecticut Light & Power Co. / The (Electric Utilities) | 4.000% | 04/01/2048 | 1,000,000 | 1,193,705 | |
Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | 1,500,000 | 1,601,737 | |
Duke Energy Indiana LLC (Electric Utilities) | 3.250% | 10/01/2049 | 1,000,000 | 1,034,763 | |
FirstEnergy Transmission LLC (Electric Utilities) | (b) | 4.550% | 04/01/2049 | 200,000 | 234,078 |
Florida Power & Light Co. (Electric Utilities) | 3.150% | 10/01/2049 | 1,000,000 | 1,058,856 | |
Jersey Central Power & Light Co. (Electric Utilities) | (b) | 4.300% | 01/15/2026 | 100,000 | 110,127 |
Public Service Electric & Gas Co. (Multi-Utilities) | 3.600% | 12/01/2047 | 1,000,000 | 1,127,096 | |
| 14,885,110 | |||||
Total Corporate Bonds (Cost $141,311,594) | $147,661,268 |
| Asset-Backed Securities–0.6% | Rate | Maturity | Face Amount | Value | |
| Industrials–0.6% | |||||
FedEx Corp. 2020-1 Class AA Pass Through Trust | 1.875% | 02/20/2034 | $1,893,055 | $ 1,870,484 | |
United Airlines 2016-1 Class B Pass Through Trust | 3.650% | 01/07/2026 | 140,046 | 139,474 | |
United Airlines 2019-2 Class AA Pass Through Trust | 2.700% | 05/01/2032 | 961,105 | 971,616 | |
Total Asset-Backed Securities (Cost $2,994,206) | $2,981,574 |
| U.S. Treasury Obligations–0.4% | Rate | Maturity | Face Amount | Value | |
U.S. Treasury Note | 1.625% | 05/15/2026 | $2,000,000 | $ 2,062,656 | |
Total U.S. Treasury Obligations (Cost $2,068,730) | $2,062,656 |
| Money Market Funds–1.4% | Shares | Value | |
State Street Institutional Liquid Reserves Fund Institutional Class, 0.042% | (d) | 7,581,309 | $ 7,582,825 |
Total Money Market Funds (Cost $7,582,825) | $7,582,825 | ||
Total Investments – 99.6% (Cost $474,350,003) | (e) | $530,083,734 | |
Other Assets in Excess of Liabilities – 0.4% | (f) | 2,257,836 | |
| Net Assets – 100.0% | $532,341,570 |
Percentages are stated as a percent of net assets. |
| Abbreviations: | ||
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 0.980% at 09/30/2021 | |
| SOFR: | Secured Overnight Financing Rate, 0.050% at 09/30/2021 | |
| USISDA05: | USD ICE Swap Rate 11:00am NY 5 Year, 1.083% at 09/30/2021 | |
| USSW5: | USD Swap Semi 30/360 5 Year, 1.053% at 09/30/2021 | |
| Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| 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 September 30, 2021, the value of these securities totaled $11,526,993, or 2.2% 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 September 30, 2021. | |
| (d) | Rate represents the seven-day yield at September 30, 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 $299,000 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Schedule of Open Futures Contracts | September 30, 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 | 26 | December 17, 2021 | $5,768,953 | $5,587,075 | $(181,878) | $(67,600) |
| Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
Percentages are stated as a percent of net assets. |
| Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| 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 $477,690,055 or 96.0% 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 $2,943,334 or 0.6% 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 September 30, 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 $666,490 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Schedule of Open Futures Contracts | September 30, 2021 (Unaudited) |
| Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
| MSCI EAFE Index - Long | 100 | December 17, 2021 | $11,712,922 | $11,335,000 | $(377,922) | $(39,170) |
| Ohio National Fund, Inc. | ON Janus Henderson Forty Portfolio |
| Schedule of Investments | September 30, 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 $2,897,286 or 1.8% of the Portfolio’s net assets. | |
| (c) | Rate represents the seven-day yield at September 30, 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. | |
| Ohio National Fund, Inc. | ON AB Small Cap Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
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 September 30, 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. | |
| Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
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 September 30, 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. | |
| Ohio National Fund, Inc. | ON S&P 500® Index Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) |
| Schedule of Investments | September 30, 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 September 30, 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 $253,000 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Schedule of Open Futures Contracts | September 30, 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 | 22 | December 17, 2021 | $4,896,522 | $4,727,525 | $(168,997) | $(47,175) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Value Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Value Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Value Portfolio (Continued) |
| Schedule of Investments | September 30, 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 September 30, 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 $316,250 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Schedule of Open Futures Contracts | September 30, 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 | 25 | December 17, 2021 | $5,557,341 | $5,372,188 | $(185,153) | $(65,000) |
| Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds–99.5% | Rate | Maturity | Face Amount | Value | |
| Communication Services–17.7% | |||||
AMC Networks, Inc. (Media) | 5.000% | 04/01/2024 | $ 240,000 | $ 242,700 | |
AMC Networks, Inc. (Media) | 4.750% | 08/01/2025 | 175,000 | 179,375 | |
AMC Networks, Inc. (Media) | 4.250% | 02/15/2029 | 175,000 | 174,125 | |
Audacy Capital Corp. (Media) | (a) | 6.500% | 05/01/2027 | 450,000 | 460,278 |
Audacy Capital Corp. (Media) | (a) | 6.750% | 03/31/2029 | 350,000 | 352,772 |
Cars.com, Inc. (Interactive Media & Svs.) | (a) | 6.375% | 11/01/2028 | 400,000 | 422,000 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 5.125% | 05/01/2027 | 225,000 | 234,295 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 5.000% | 02/01/2028 | 650,000 | 678,535 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 5.375% | 06/01/2029 | 175,000 | 189,000 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.750% | 03/01/2030 | 2,175,000 | 2,273,908 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.500% | 08/15/2030 | 250,000 | 257,930 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.250% | 01/15/2034 | 100,000 | 99,063 |
CSC Holdings LLC (Media) | 5.250% | 06/01/2024 | 375,000 | 401,692 | |
CSC Holdings LLC (Media) | (a) | 5.500% | 04/15/2027 | 1,100,000 | 1,145,210 |
CSC Holdings LLC (Media) | (a) | 7.500% | 04/01/2028 | 550,000 | 594,427 |
CSC Holdings LLC (Media) | (a) | 5.750% | 01/15/2030 | 300,000 | 305,018 |
CSC Holdings LLC (Media) | (a) | 4.125% | 12/01/2030 | 200,000 | 196,250 |
CSC Holdings LLC (Media) | (a) | 4.625% | 12/01/2030 | 675,000 | 639,883 |
CSC Holdings LLC (Media) | (a) | 3.375% | 02/15/2031 | 200,000 | 186,000 |
CSC Holdings LLC (Media) | (a) | 4.500% | 11/15/2031 | 150,000 | 148,125 |
Cumulus Media New Holdings, Inc. (Media) | (a) | 6.750% | 07/01/2026 | 356,000 | 368,460 |
Diamond Sports Group LLC / Diamond Sports Finance Co. (Media) | (a) | 5.375% | 08/15/2026 | 400,000 | 264,000 |
Diamond Sports Group LLC / Diamond Sports Finance Co. (Media) | (a) | 6.625% | 08/15/2027 | 400,000 | 175,000 |
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. (Media) | (a) | 5.875% | 08/15/2027 | 275,000 | 287,031 |
DISH DBS Corp. (Media) | 5.875% | 11/15/2024 | 125,000 | 134,410 | |
DISH DBS Corp. (Media) | 7.750% | 07/01/2026 | 400,000 | 451,690 | |
DISH DBS Corp. (Media) | 7.375% | 07/01/2028 | 100,000 | 106,048 | |
DISH DBS Corp. (Media) | 5.125% | 06/01/2029 | 625,000 | 612,369 | |
Gray Television, Inc. (Media) | (a) | 5.875% | 07/15/2026 | 750,000 | 774,187 |
Gray Television, Inc. (Media) | (a) | 4.750% | 10/15/2030 | 75,000 | 73,688 |
iHeartCommunications, Inc. (Media) | 6.375% | 05/01/2026 | 41,769 | 44,073 | |
iHeartCommunications, Inc. (Media) | 8.375% | 05/01/2027 | 1,025,707 | 1,096,224 | |
iHeartCommunications, Inc. (Media) | (a) | 5.250% | 08/15/2027 | 250,000 | 259,765 |
iHeartCommunications, Inc. (Media) | (a) | 4.750% | 01/15/2028 | 100,000 | 103,050 |
Intelsat Jackson Holdings SA (Acquired 05/15/2018, Cost $259,500) (Diversified Telecom. Svs.) | (b) | 5.500% | 08/01/2023 | 300,000 | 167,250 |
Intelsat Jackson Holdings SA (Acquired 10/02/2018, Cost $50,375) (Diversified Telecom. Svs.) | (a)(b) | 8.500% | 10/15/2024 | 50,000 | 28,500 |
Intelsat Jackson Holdings SA (Acquired 06/19/2017, Cost $250,000) (Diversified Telecom. Svs.) | (a)(b) | 9.750% | 07/15/2025 | 250,000 | 135,625 |
Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | 150,000 | 159,000 | |
Lamar Media Corp. (Media) | 3.625% | 01/15/2031 | 100,000 | 100,000 | |
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 5.000% | 12/15/2027 | 450,000 | 471,026 |
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 4.625% | 06/01/2028 | 75,000 | 78,411 |
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 4.125% | 08/01/2030 | 350,000 | 364,437 |
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 3.625% | 10/01/2031 | 150,000 | 148,220 |
Midas OpCo Holdings LLC (Media) | (a) | 5.625% | 08/15/2029 | 650,000 | 672,587 |
Millennium Escrow Corp. (Interactive Media & Svs.) | (a) | 6.625% | 08/01/2026 | 225,000 | 231,739 |
Nexstar Media, Inc. (Media) | (a) | 5.625% | 07/15/2027 | 300,000 | 317,393 |
Nexstar Media, Inc. (Media) | (a) | 4.750% | 11/01/2028 | 750,000 | 778,020 |
Rackspace Technology Global, Inc. (Interactive Media & Svs.) | (a) | 3.500% | 02/15/2028 | 350,000 | 337,827 |
Rackspace Technology Global, Inc. (Interactive Media & Svs.) | (a) | 5.375% | 12/01/2028 | 375,000 | 368,437 |
Scripps Escrow II, Inc. (Media) | (a) | 3.875% | 01/15/2029 | 100,000 | 100,349 |
Scripps Escrow II, Inc. (Media) | (a) | 5.375% | 01/15/2031 | 300,000 | 294,945 |
Scripps Escrow, Inc. (Media) | (a) | 5.875% | 07/15/2027 | 350,000 | 359,187 |
Sinclair Television Group, Inc. (Media) | (a) | 5.875% | 03/15/2026 | 650,000 | 663,812 |
Sinclair Television Group, Inc. (Media) | (a) | 5.125% | 02/15/2027 | 125,000 | 124,063 |
Sinclair Television Group, Inc. (Media) | (a) | 5.500% | 03/01/2030 | 275,000 | 272,773 |
Sirius XM Radio, Inc. (Media) | (a) | 3.125% | 09/01/2026 | 225,000 | 228,094 |
Sirius XM Radio, Inc. (Media) | (a) | 5.000% | 08/01/2027 | 75,000 | 78,375 |
Sirius XM Radio, Inc. (Media) | (a) | 4.000% | 07/15/2028 | 175,000 | 177,953 |
Sirius XM Radio, Inc. (Media) | (a) | 4.125% | 07/01/2030 | 475,000 | 477,203 |
Sirius XM Radio, Inc. (Media) | (a) | 3.875% | 09/01/2031 | 600,000 | 586,125 |
Sprint Corp. (Wireless Telecom. Svs.) | 7.625% | 02/15/2025 | 300,000 | 350,694 | |
TEGNA, Inc. (Media) | 4.625% | 03/15/2028 | 300,000 | 306,705 | |
TEGNA, Inc. (Media) | 5.000% | 09/15/2029 | 750,000 | 772,537 | |
Telenet Finance Luxembourg Notes SARL (Media) | (a) | 5.500% | 03/01/2028 | 800,000 | 840,400 |
Terrier Media Buyer, Inc. (Media) | (a) | 8.875% | 12/15/2027 | 1,000,000 | 1,057,380 |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | (a) | 2.250% | 02/15/2026 | 200,000 | 202,250 |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | (a) | 3.375% | 04/15/2029 | 500,000 | 521,625 |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 2.875% | 02/15/2031 | 150,000 | 151,275 | |
Townsquare Media, Inc. (Media) | (a) | 6.875% | 02/01/2026 | 100,000 | 104,906 |
Univision Communications, Inc. (Media) | (a) | 4.500% | 05/01/2029 | 275,000 | 279,469 |
UPC Broadband Finco B.V. (Media) | (a) | 4.875% | 07/15/2031 | 725,000 | 742,298 |
Urban One, Inc. (Media) | (a) | 7.375% | 02/01/2028 | 400,000 | 428,866 |
Virgin Media Finance PLC (Media) | (a) | 5.000% | 07/15/2030 | 325,000 | 333,279 |
Virgin Media Secured Finance PLC (Media) | (a) | 4.500% | 08/15/2030 | 200,000 | 203,250 |
Virgin Media Vendor Financing Notes IV DAC (Media) | (a) | 5.000% | 07/15/2028 | 575,000 | 593,889 |
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.) | (a) | 4.250% | 01/31/2031 | 200,000 | 199,500 |
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.) | (a) | 4.750% | 07/15/2031 | 400,000 | 408,672 |
WMG Acquisition Corp. (Entertainment) | (a) | 3.875% | 07/15/2030 | 75,000 | 78,000 |
| Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Communication Services (continued) | |||||
Ziggo B.V. (Diversified Telecom. Svs.) | (a) | 5.500% | 01/15/2027 | $ 477,000 | $ 493,099 |
Ziggo Bond Co. B.V. (Diversified Telecom. Svs.) | (a) | 6.000% | 01/15/2027 | 625,000 | 646,131 |
| 30,366,157 | |||||
| Consumer Discretionary–12.0% | |||||
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.000% | 10/15/2030 | 1,800,000 | 1,782,000 |
Academy Ltd. (Specialty Retail) | (a) | 6.000% | 11/15/2027 | 175,000 | 189,000 |
Adient Global Holdings Ltd. (Auto Components) | (a) | 4.875% | 08/15/2026 | 775,000 | 793,422 |
Affinity Gaming (Hotels, Restaurants & Leisure) | (a) | 6.875% | 12/15/2027 | 400,000 | 420,690 |
Aramark Services, Inc. (Hotels, Restaurants & Leisure) | (a) | 6.375% | 05/01/2025 | 625,000 | 657,031 |
Aramark Services, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.000% | 02/01/2028 | 100,000 | 102,750 |
Bally's Corp. (Hotels, Restaurants & Leisure) | (a) | 6.750% | 06/01/2027 | 105,000 | 114,319 |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | (a) | 8.625% | 06/01/2025 | 50,000 | 54,188 |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 4.750% | 12/01/2027 | 275,000 | 283,440 | |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | (a) | 4.750% | 06/15/2031 | 200,000 | 206,250 |
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 6.250% | 07/01/2025 | 325,000 | 342,146 |
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 8.125% | 07/01/2027 | 450,000 | 505,901 |
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.625% | 10/15/2029 | 125,000 | 126,563 |
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.750% | 07/01/2025 | 50,000 | 52,711 |
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.250% | 10/15/2025 | 400,000 | 405,440 |
CCM Merger, Inc. (Hotels, Restaurants & Leisure) | (a) | 6.375% | 05/01/2026 | 50,000 | 52,625 |
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components) | (a) | 6.250% | 05/15/2026 | 112,000 | 117,673 |
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components) | (a) | 8.500% | 05/15/2027 | 1,250,000 | 1,329,687 |
Dana, Inc. (Auto Components) | 4.250% | 09/01/2030 | 250,000 | 257,112 | |
Dornoch Debt Merger Sub, Inc. (Auto Components) | (a) | 6.625% | 10/15/2029 | 375,000 | 375,000 |
Gap, Inc. / The (Specialty Retail) | (a) | 3.625% | 10/01/2029 | 75,000 | 75,188 |
Gap, Inc. / The (Specialty Retail) | (a) | 3.875% | 10/01/2031 | 100,000 | 100,000 |
Garda World Security Corp. (Diversified Consumer Svs.) | (a) | 9.500% | 11/01/2027 | 1,103,000 | 1,193,832 |
Gates Global LLC / Gates Corp. (Auto Components) | (a) | 6.250% | 01/15/2026 | 950,000 | 985,625 |
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | (a) | 5.375% | 05/01/2025 | 25,000 | 26,125 |
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | (a) | 5.750% | 05/01/2028 | 75,000 | 80,775 |
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | 4.875% | 01/15/2030 | 150,000 | 160,914 | |
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | (a) | 3.625% | 02/15/2032 | 300,000 | 295,500 |
IHO Verwaltungs GmbH (Auto Components) | (a)(c) | 4.750%, 5.500% PIK | 09/15/2026 | 400,000 | 410,000 |
IHO Verwaltungs GmbH (Auto Components) | (a)(c) | 6.000%, 6.750% PIK | 05/15/2027 | 400,000 | 416,956 |
J.B. Poindexter & Co., Inc. (Auto Components) | (a) | 7.125% | 04/15/2026 | 550,000 | 578,875 |
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & Leisure) | (a) | 4.750% | 06/01/2027 | 525,000 | 548,105 |
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.625% | 06/15/2025 | 100,000 | 107,750 |
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure) | (a) | 3.875% | 02/15/2029 | 50,000 | 53,250 |
MGM Resorts International (Hotels, Restaurants & Leisure) | 6.750% | 05/01/2025 | 400,000 | 421,500 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | 4.625% | 09/01/2026 | 498,000 | 522,277 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | 4.750% | 10/15/2028 | 225,000 | 237,094 | |
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & Leisure) | (a) | 4.875% | 05/01/2029 | 200,000 | 203,750 |
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure) | (a) | 7.875% | 10/15/2024 | 100,000 | 105,000 |
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure) | (a) | 8.000% | 02/01/2026 | 850,000 | 884,935 |
NMG Holding Co., Inc. / Neiman Marcus Group LLC (Specialty Retail) | (a) | 7.125% | 04/01/2026 | 250,000 | 265,312 |
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.625% | 01/15/2027 | 50,000 | 51,500 |
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.125% | 07/01/2029 | 125,000 | 123,550 |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC (Hotels, Restaurants & Leisure) | (a) | 4.875% | 11/01/2026 | 50,000 | 51,063 |
Real Hero Merger Sub 2, Inc. (Auto Components) | (a) | 6.250% | 02/01/2029 | 850,000 | 881,875 |
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (a) | 8.625% | 07/01/2025 | 350,000 | 379,027 |
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (a) | 8.250% | 03/15/2026 | 150,000 | 159,187 |
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (a) | 7.250% | 11/15/2029 | 250,000 | 280,909 |
SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.250% | 08/15/2029 | 500,000 | 511,562 |
Signal Parent, Inc. (Diversified Consumer Svs.) | (a) | 6.125% | 04/01/2029 | 425,000 | 405,875 |
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | (a) | 5.500% | 04/15/2027 | 500,000 | 516,250 |
Six Flags Theme Parks, Inc. (Hotels, Restaurants & Leisure) | (a) | 7.000% | 07/01/2025 | 50,000 | 53,250 |
Station Casinos LLC (Hotels, Restaurants & Leisure) | (a) | 5.000% | 10/01/2025 | 610,000 | 618,662 |
Station Casinos LLC (Hotels, Restaurants & Leisure) | (a) | 4.500% | 02/15/2028 | 200,000 | 203,170 |
William Carter Co. / The (Textiles, Apparel & Luxury Goods) | (a) | 5.500% | 05/15/2025 | 75,000 | 78,803 |
William Carter Co. / The (Textiles, Apparel & Luxury Goods) | (a) | 5.625% | 03/15/2027 | 75,000 | 77,749 |
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.375% | 08/15/2028 | 75,000 | 78,295 |
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.750% | 01/15/2030 | 75,000 | 81,287 |
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 01/31/2032 | 100,000 | 106,750 | |
| 20,499,475 | |||||
| Consumer Staples–3.3% | |||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing) | 5.750% | 03/15/2025 | 116,000 | 118,308 | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing) | (a) | 3.250% | 03/15/2026 | 175,000 | 177,625 |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing) | (a) | 5.875% | 02/15/2028 | 100,000 | 106,500 |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing) | (a) | 3.500% | 03/15/2029 | 425,000 | 424,139 |
| Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Consumer Staples (continued) | |||||
Edgewell Personal Care Co. (Personal Products) | (a) | 5.500% | 06/01/2028 | $ 175,000 | $ 184,823 |
Edgewell Personal Care Co. (Personal Products) | (a) | 4.125% | 04/01/2029 | 200,000 | 199,690 |
Energizer Holdings, Inc. (Household Products) | (a) | 4.750% | 06/15/2028 | 150,000 | 152,587 |
Energizer Holdings, Inc. (Household Products) | (a) | 4.375% | 03/31/2029 | 425,000 | 421,789 |
Kraft Heinz Foods Co. (Food Products) | 4.250% | 03/01/2031 | 500,000 | 565,261 | |
Kraft Heinz Foods Co. (Food Products) | 5.200% | 07/15/2045 | 275,000 | 344,450 | |
Kraft Heinz Foods Co. (Food Products) | 4.375% | 06/01/2046 | 500,000 | 568,910 | |
Performance Food Group, Inc. (Food & Staples Retailing) | (a) | 4.250% | 08/01/2029 | 250,000 | 250,625 |
Post Holdings, Inc. (Food Products) | (a) | 5.750% | 03/01/2027 | 550,000 | 571,574 |
Post Holdings, Inc. (Food Products) | (a) | 5.625% | 01/15/2028 | 500,000 | 525,300 |
Post Holdings, Inc. (Food Products) | (a) | 4.625% | 04/15/2030 | 150,000 | 151,160 |
Post Holdings, Inc. (Food Products) | (a) | 4.500% | 09/15/2031 | 350,000 | 345,845 |
U.S. Foods, Inc. (Food & Staples Retailing) | (a) | 6.250% | 04/15/2025 | 100,000 | 104,895 |
U.S. Foods, Inc. (Food & Staples Retailing) | (a) | 4.750% | 02/15/2029 | 350,000 | 359,187 |
| 5,572,668 | |||||
| Energy–15.3% | |||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 7.875% | 05/15/2026 | 125,000 | 136,681 |
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 03/01/2027 | 250,000 | 258,262 |
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 01/15/2028 | 625,000 | 647,656 |
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.375% | 06/15/2029 | 625,000 | 643,750 |
Antero Resources Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.375% | 07/15/2026 | 16,000 | 18,124 |
Antero Resources Corp. (Oil, Gas & Consumable Fuels) | (a) | 7.625% | 02/01/2029 | 125,000 | 139,750 |
Antero Resources Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.375% | 03/01/2030 | 225,000 | 236,959 |
Apache Corp. (Oil, Gas & Consumable Fuels) | 4.625% | 11/15/2025 | 75,000 | 80,625 | |
Apache Corp. (Oil, Gas & Consumable Fuels) | 4.875% | 11/15/2027 | 125,000 | 136,315 | |
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.875% | 04/01/2027 | 625,000 | 656,250 |
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.250% | 04/01/2028 | 450,000 | 465,401 |
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 7.000% | 11/01/2026 | 425,000 | 439,335 |
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.250% | 12/31/2028 | 100,000 | 109,000 |
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.875% | 06/30/2029 | 75,000 | 76,629 |
Berry Petroleum Co. LLC (Oil, Gas & Consumable Fuels) | (a) | 7.000% | 02/15/2026 | 325,000 | 330,997 |
Callon Petroleum Co. (Oil, Gas & Consumable Fuels) | 8.250% | 07/15/2025 | 450,000 | 439,821 | |
Callon Petroleum Co. (Oil, Gas & Consumable Fuels) | 6.375% | 07/01/2026 | 125,000 | 119,586 | |
Centennial Resource Production LLC (Oil, Gas & Consumable Fuels) | (a) | 6.875% | 04/01/2027 | 350,000 | 356,557 |
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | 4.500% | 10/01/2029 | 125,000 | 132,891 | |
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.000% | 03/01/2031 | 725,000 | 759,220 |
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | (a) | 3.250% | 01/31/2032 | 150,000 | 150,495 |
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.625% | 10/15/2028 | 175,000 | 184,406 | |
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.500% | 02/01/2026 | 50,000 | 52,250 |
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.875% | 02/01/2029 | 50,000 | 53,423 |
CNX Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.750% | 04/15/2030 | 425,000 | 431,577 |
CNX Midstream Partners LP / CNX Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.500% | 03/15/2026 | 725,000 | 761,540 |
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 6.750% | 03/01/2029 | 500,000 | 540,000 |
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.875% | 01/15/2030 | 100,000 | 104,000 |
Continental Resources, Inc. (Oil, Gas & Consumable Fuels) | 4.375% | 01/15/2028 | 225,000 | 248,906 | |
Continental Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 01/15/2031 | 350,000 | 423,062 |
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.625% | 10/15/2025 | 600,000 | 614,070 |
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.000% | 05/01/2029 | 50,000 | 52,205 |
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | (a) | 4.375% | 06/15/2031 | 200,000 | 206,000 |
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 6.625% | 07/15/2025 | 200,000 | 210,750 |
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.500% | 01/30/2026 | 50,000 | 52,120 |
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 01/30/2028 | 100,000 | 105,250 |
Enviva Partners LP / Enviva Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.500% | 01/15/2026 | 900,000 | 930,937 |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 4.750% | 07/15/2023 | 59,000 | 61,614 | |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 6.000% | 07/01/2025 | 225,000 | 246,645 |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 6.500% | 07/01/2027 | 325,000 | 365,544 |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 5.500% | 07/15/2028 | 350,000 | 384,517 | |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.500% | 01/15/2029 | 225,000 | 233,438 |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.750% | 01/15/2031 | 525,000 | 546,010 |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2048 | 75,000 | 85,313 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | 6.625% | 02/01/2025 | 100,000 | 114,455 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | (a) | 3.125% | 05/15/2026 | 250,000 | 256,280 |
EQT Corp. (Oil, Gas & Consumable Fuels) | 3.900% | 10/01/2027 | 25,000 | 27,056 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | 5.000% | 01/15/2029 | 75,000 | 84,446 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | (a) | 3.625% | 05/15/2031 | 125,000 | 130,250 |
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (a) | 5.125% | 06/15/2028 | 300,000 | 313,365 |
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (a) | 4.250% | 02/15/2030 | 100,000 | 101,125 |
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.000% | 02/01/2028 | 300,000 | 304,200 |
Nabors Industries Ltd. (Energy Equip. & Svs.) | (a) | 7.250% | 01/15/2026 | 225,000 | 218,835 |
Nabors Industries Ltd. (Energy Equip. & Svs.) | (a) | 7.500% | 01/15/2028 | 200,000 | 189,500 |
NuStar Logistics LP (Oil, Gas & Consumable Fuels) | 5.625% | 04/28/2027 | 625,000 | 665,625 | |
Oasis Midstream Partners LP / OMP Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.000% | 04/01/2029 | 250,000 | 260,000 |
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels) | (a) | 6.375% | 06/01/2026 | 75,000 | 78,563 |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 3.500% | 06/15/2025 | 275,000 | 285,835 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 8.000% | 07/15/2025 | 100,000 | 119,400 |
| Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Energy (continued) | |||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 5.875% | 09/01/2025 | $ 225,000 | $ 252,169 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 3.200% | 08/15/2026 | 200,000 | 204,188 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 8.875% | 07/15/2030 | 375,000 | 509,411 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.625% | 09/01/2030 | 275,000 | 338,937 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.450% | 09/15/2036 | 225,000 | 283,078 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.300% | 08/15/2039 | 325,000 | 320,541 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.100% | 02/15/2047 | 150,000 | 142,635 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.400% | 08/15/2049 | 200,000 | 196,250 | |
PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 6.125% | 09/15/2024 | 150,000 | 152,250 | |
PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.750% | 05/15/2026 | 250,000 | 260,312 | |
Precision Drilling Corp. (Energy Equip. & Svs.) | (a) | 7.125% | 01/15/2026 | 100,000 | 102,750 |
Precision Drilling Corp. (Energy Equip. & Svs.) | (a) | 6.875% | 01/15/2029 | 175,000 | 182,778 |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 4.875% | 05/15/2025 | 75,000 | 79,185 | |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 9.250% | 02/01/2026 | 150,000 | 163,508 | |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.250% | 01/15/2029 | 200,000 | 225,010 |
Rattler Midstream LP (Oil, Gas & Consumable Fuels) | (a) | 5.625% | 07/15/2025 | 200,000 | 208,260 |
Rockcliff Energy II LLC (Oil, Gas & Consumable Fuels) | (a) | 5.500% | 10/15/2029 | 125,000 | 126,875 |
Shelf Drilling Holdings Ltd. (Oil, Gas & Consumable Fuels) | (a) | 8.250% | 02/15/2025 | 225,000 | 176,625 |
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.750% | 09/15/2026 | 275,000 | 280,855 | |
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.625% | 01/15/2027 | 25,000 | 25,636 | |
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2028 | 50,000 | 51,766 | |
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | 8.375% | 09/15/2028 | 225,000 | 254,864 | |
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | 5.375% | 03/15/2030 | 75,000 | 80,942 | |
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | 5.500% | 08/15/2022 | 275,000 | 273,256 | |
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | 5.750% | 04/15/2025 | 250,000 | 227,500 | |
Tap Rock Resources LLC (Oil, Gas & Consumable Fuels) | (a) | 7.000% | 10/01/2026 | 100,000 | 102,375 |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 5.875% | 04/15/2026 | 150,000 | 156,656 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 5.375% | 02/01/2027 | 700,000 | 725,340 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2027 | 25,000 | 26,956 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 5.000% | 01/15/2028 | 475,000 | 498,750 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 5.500% | 03/01/2030 | 475,000 | 519,383 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 4.875% | 02/01/2031 | 75,000 | 80,906 | |
TransMontaigne Partners LP / TLP Finance Corp. (Oil, Gas & Consumable Fuels) | 6.125% | 02/15/2026 | 225,000 | 228,938 | |
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.) | 6.875% | 04/01/2026 | 925,000 | 963,112 | |
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.) | 6.875% | 09/01/2027 | 150,000 | 158,790 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.000% | 07/01/2022 | 100,000 | 101,523 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.650% | 07/01/2026 | 50,000 | 54,081 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.500% | 03/01/2028 | 175,000 | 187,688 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.750% | 08/15/2028 | 75,000 | 81,771 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.450% | 04/01/2044 | 175,000 | 201,012 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.300% | 03/01/2048 | 500,000 | 576,250 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.500% | 08/15/2048 | 100,000 | 117,000 | |
| 26,276,928 | |||||
| Financials–9.3% | |||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance) | (a) | 6.750% | 10/15/2027 | 675,000 | 698,625 |
AmWINS Group, Inc. (Insurance) | (a) | 4.875% | 06/30/2029 | 400,000 | 405,620 |
Ardonagh Midco 2 PLC (Insurance) | (a)(c) | 11.500%, 12.700% PIK | 01/15/2027 | 424,477 | 463,741 |
AssuredPartners, Inc. (Insurance) | (a) | 7.000% | 08/15/2025 | 675,000 | 685,766 |
AssuredPartners, Inc. (Insurance) | (a) | 5.625% | 01/15/2029 | 200,000 | 201,240 |
BroadStreet Partners, Inc. (Insurance) | (a) | 5.875% | 04/15/2029 | 525,000 | 523,031 |
Ford Motor Credit Co. LLC (Consumer Finance) | 3.813% | 10/12/2021 | 300,000 | 300,150 | |
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 | 394,309 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 5.125% | 06/16/2025 | 400,000 | 434,500 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 3.375% | 11/13/2025 | 575,000 | 590,812 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 4.389% | 01/08/2026 | 225,000 | 239,906 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 2.700% | 08/10/2026 | 200,000 | 200,400 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 4.271% | 01/09/2027 | 450,000 | 478,881 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 4.125% | 08/17/2027 | 300,000 | 318,150 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 5.113% | 05/03/2029 | 525,000 | 586,688 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 4.000% | 11/13/2030 | 275,000 | 286,000 | |
GTCR AP Finance, Inc. (Insurance) | (a) | 8.000% | 05/15/2027 | 275,000 | 290,125 |
HUB International Ltd. (Insurance) | (a) | 7.000% | 05/01/2026 | 2,000,000 | 2,067,500 |
LD Holdings Group LLC (Thrifts & Mortgage Finance) | (a) | 6.125% | 04/01/2028 | 325,000 | 306,313 |
Navient Corp. (Consumer Finance) | 5.875% | 10/25/2024 | 650,000 | 693,875 | |
Navient Corp. (Consumer Finance) | 6.750% | 06/25/2025 | 175,000 | 191,188 | |
Navient Corp. (Consumer Finance) | 6.750% | 06/15/2026 | 125,000 | 137,954 | |
NFP Corp. (Insurance) | (a) | 6.875% | 08/15/2028 | 1,250,000 | 1,276,312 |
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media) | (a) | 4.250% | 01/15/2029 | 100,000 | 99,115 |
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media) | (a) | 4.625% | 03/15/2030 | 225,000 | 225,476 |
| Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Financials (continued) | |||||
Rocket Mortgage LLC (Thrifts & Mortgage Finance) | (a) | 5.250% | 01/15/2028 | $ 425,000 | $ 457,938 |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance) | (a) | 3.625% | 03/01/2029 | 200,000 | 202,250 |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance) | (a) | 3.875% | 03/01/2031 | 350,000 | 353,063 |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance) | (a) | 4.000% | 10/15/2033 | 450,000 | 446,625 |
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance) | (a) | 5.500% | 11/15/2025 | 700,000 | 705,250 |
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance) | (a) | 5.500% | 04/15/2029 | 225,000 | 218,453 |
USI, Inc. (Insurance) | (a) | 6.875% | 05/01/2025 | 1,050,000 | 1,068,606 |
| 15,954,362 | |||||
| Health Care–12.9% | |||||
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.) | (a) | 5.500% | 07/01/2028 | 25,000 | 26,280 |
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.) | (a) | 5.000% | 04/15/2029 | 25,000 | 26,031 |
AdaptHealth LLC (Health Care Providers & Svs.) | (a) | 4.625% | 08/01/2029 | 250,000 | 249,813 |
AdaptHealth LLC (Health Care Providers & Svs.) | (a) | 5.125% | 03/01/2030 | 275,000 | 275,137 |
AHP Health Partners, Inc. (Health Care Providers & Svs.) | (a) | 5.750% | 07/15/2029 | 100,000 | 101,000 |
Avantor Funding, Inc. (Health Care Equip. & Supplies) | (a) | 4.625% | 07/15/2028 | 600,000 | 631,500 |
Bausch Health Americas, Inc. (Pharmaceuticals) | (a) | 8.500% | 01/31/2027 | 525,000 | 559,230 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 6.125% | 04/15/2025 | 857,000 | 874,697 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.500% | 11/01/2025 | 200,000 | 203,000 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 9.000% | 12/15/2025 | 425,000 | 448,577 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.750% | 08/15/2027 | 175,000 | 183,313 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.000% | 01/30/2028 | 200,000 | 189,744 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 4.875% | 06/01/2028 | 150,000 | 155,438 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.000% | 02/15/2029 | 175,000 | 162,969 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 6.250% | 02/15/2029 | 175,000 | 173,166 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 7.250% | 05/30/2029 | 575,000 | 589,289 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.250% | 01/30/2030 | 375,000 | 349,687 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.250% | 02/15/2031 | 225,000 | 206,912 |
Catalent Pharma Solutions, Inc. (Pharmaceuticals) | (a) | 3.500% | 04/01/2030 | 150,000 | 150,000 |
Centene Corp. (Health Care Providers & Svs.) | 4.250% | 12/15/2027 | 800,000 | 837,320 | |
Centene Corp. (Health Care Providers & Svs.) | 2.450% | 07/15/2028 | 75,000 | 75,375 | |
Centene Corp. (Health Care Providers & Svs.) | 4.625% | 12/15/2029 | 425,000 | 463,165 | |
Centene Corp. (Health Care Providers & Svs.) | 3.375% | 02/15/2030 | 50,000 | 51,765 | |
Centene Corp. (Health Care Providers & Svs.) | 2.625% | 08/01/2031 | 200,000 | 198,648 | |
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.) | (a) | 3.750% | 03/15/2029 | 100,000 | 102,125 |
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.) | (a) | 4.000% | 03/15/2031 | 125,000 | 130,966 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.625% | 02/15/2025 | 100,000 | 104,625 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 8.000% | 03/15/2026 | 350,000 | 371,166 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 5.625% | 03/15/2027 | 150,000 | 157,070 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.000% | 01/15/2029 | 50,000 | 53,000 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.875% | 04/15/2029 | 500,000 | 501,175 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.125% | 04/01/2030 | 150,000 | 145,759 |
DaVita, Inc. (Health Care Providers & Svs.) | (a) | 4.625% | 06/01/2030 | 350,000 | 360,014 |
Endo DAC / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals) | (a) | 9.500% | 07/31/2027 | 175,000 | 175,389 |
Endo DAC / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals) | (a) | 6.000% | 06/30/2028 | 402,000 | 287,430 |
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. (Pharmaceuticals) | (a) | 6.125% | 04/01/2029 | 150,000 | 150,000 |
Global Medical Response, Inc. (Health Care Providers & Svs.) | (a) | 6.500% | 10/01/2025 | 825,000 | 852,844 |
Grifols Escrow Issuer SA (Biotechnology) | (a) | 4.750% | 10/15/2028 | 200,000 | 204,250 |
HCA, Inc. (Health Care Providers & Svs.) | 5.375% | 02/01/2025 | 900,000 | 1,005,750 | |
HCA, Inc. (Health Care Providers & Svs.) | 5.875% | 02/15/2026 | 100,000 | 114,625 | |
HCA, Inc. (Health Care Providers & Svs.) | 5.625% | 09/01/2028 | 200,000 | 237,940 | |
HCA, Inc. (Health Care Providers & Svs.) | 3.500% | 09/01/2030 | 375,000 | 397,271 | |
HCRX Investments Holdco LP (Biotechnology) | (a) | 4.500% | 08/01/2029 | 50,000 | 50,250 |
HealthEquity, Inc. (Health Care Providers & Svs.) | (a) | 4.500% | 10/01/2029 | 125,000 | 126,875 |
IQVIA, Inc. (Life Sciences Tools & Svs.) | (a) | 5.000% | 10/15/2026 | 300,000 | 307,461 |
IQVIA, Inc. (Life Sciences Tools & Svs.) | (a) | 5.000% | 05/15/2027 | 200,000 | 207,736 |
Jaguar Holding Co. II / PPD Development LP (Health Care Providers & Svs.) | (a) | 4.625% | 06/15/2025 | 275,000 | 285,656 |
Jaguar Holding Co. II / PPD Development LP (Health Care Providers & Svs.) | (a) | 5.000% | 06/15/2028 | 200,000 | 215,268 |
Jazz Securities DAC (Pharmaceuticals) | (a) | 4.375% | 01/15/2029 | 400,000 | 414,520 |
Legacy LifePoint Health LLC (Health Care Providers & Svs.) | (a) | 6.750% | 04/15/2025 | 250,000 | 262,712 |
Legacy LifePoint Health LLC (Health Care Providers & Svs.) | (a) | 4.375% | 02/15/2027 | 125,000 | 124,688 |
LifePoint Health, Inc. (Health Care Providers & Svs.) | (a) | 5.375% | 01/15/2029 | 25,000 | 24,313 |
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 | 645,520 |
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 | 201,000 |
MEDNAX, Inc. (Health Care Providers & Svs.) | (a) | 6.250% | 01/15/2027 | 325,000 | 341,656 |
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies) | (a) | 3.875% | 04/01/2029 | 325,000 | 325,000 |
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies) | (a) | 5.250% | 10/01/2029 | 575,000 | 575,000 |
MPH Acquisition Holdings LLC (Health Care Providers & Svs.) | (a) | 5.500% | 09/01/2028 | 200,000 | 199,450 |
MPH Acquisition Holdings LLC (Health Care Providers & Svs.) | (a) | 5.750% | 11/01/2028 | 925,000 | 871,331 |
Organon & Co / Organon Foreign Debt Co-Issuer B.V. (Pharmaceuticals) | (a) | 5.125% | 04/30/2031 | 450,000 | 472,657 |
Prestige Brands, Inc. (Pharmaceuticals) | (a) | 3.750% | 04/01/2031 | 175,000 | 168,875 |
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. (Health Care Providers & Svs.) | (a) | 9.750% | 12/01/2026 | 750,000 | 792,187 |
Syneos Health, Inc. (Life Sciences Tools & Svs.) | (a) | 3.625% | 01/15/2029 | 175,000 | 174,510 |
Team Health Holdings, Inc. (Health Care Providers & Svs.) | (a) | 6.375% | 02/01/2025 | 475,000 | 459,030 |
Teleflex, Inc. (Health Care Equip. & Supplies) | 4.625% | 11/15/2027 | 175,000 | 182,438 | |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.750% | 06/15/2023 | 450,000 | 485,100 | |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.625% | 07/15/2024 | 51,000 | 51,765 |
| Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Health Care (continued) | |||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 4.875% | 01/01/2026 | $ 300,000 | $ 310,476 |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 6.250% | 02/01/2027 | 125,000 | 129,688 |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 5.125% | 11/01/2027 | 425,000 | 443,062 |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 6.125% | 10/01/2028 | 300,000 | 315,142 |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 4.250% | 06/01/2029 | 150,000 | 152,250 |
Vizient, Inc. (Health Care Providers & Svs.) | (a) | 6.250% | 05/15/2027 | 150,000 | 156,750 |
| 22,005,821 | |||||
| Industrials–10.4% | |||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (a) | 6.000% | 06/01/2029 | 200,000 | 197,358 |
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (a) | 6.625% | 07/15/2026 | 200,000 | 211,456 |
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (a) | 9.750% | 07/15/2027 | 1,300,000 | 1,414,367 |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines) | (a) | 5.500% | 04/20/2026 | 450,000 | 473,062 |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines) | (a) | 5.750% | 04/20/2029 | 350,000 | 377,125 |
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors) | (a) | 4.000% | 01/15/2028 | 50,000 | 51,063 |
BCPE Empire Holdings, Inc. (Commercial Svs. & Supplies) | (a) | 7.625% | 05/01/2027 | 700,000 | 696,500 |
Brink's Co. / The (Commercial Svs. & Supplies) | (a) | 5.500% | 07/15/2025 | 75,000 | 78,375 |
Clarivate Science Holdings Corp. (Professional Svs.) | (a) | 3.875% | 07/01/2028 | 75,000 | 75,000 |
Clarivate Science Holdings Corp. (Professional Svs.) | (a) | 4.875% | 07/01/2029 | 250,000 | 250,487 |
Cornerstone Building Brands, Inc. (Building Products) | (a) | 6.125% | 01/15/2029 | 200,000 | 212,595 |
CP Atlas Buyer, Inc. (Building Products) | (a) | 7.000% | 12/01/2028 | 675,000 | 676,687 |
Dun & Bradstreet Corp. / The (Professional Svs.) | (a) | 6.875% | 08/15/2026 | 135,000 | 141,581 |
Dun & Bradstreet Corp. / The (Professional Svs.) | (a) | 10.250% | 02/15/2027 | 615,000 | 661,125 |
Foundation Building Materials, Inc. (Trading Companies & Distributors) | (a) | 6.000% | 03/01/2029 | 525,000 | 514,500 |
Garda World Security Corp. (Commercial Svs. & Supplies) | (a) | 4.625% | 02/15/2027 | 175,000 | 175,000 |
Garda World Security Corp. (Commercial Svs. & Supplies) | (a) | 6.000% | 06/01/2029 | 300,000 | 293,949 |
GYP Holdings III Corp. (Building Products) | (a) | 4.625% | 05/01/2029 | 150,000 | 151,688 |
H&E Equipment Services, Inc. (Trading Companies & Distributors) | (a) | 3.875% | 12/15/2028 | 600,000 | 597,660 |
Interface, Inc. (Commercial Svs. & Supplies) | (a) | 5.500% | 12/01/2028 | 125,000 | 131,250 |
KAR Auction Services, Inc. (Commercial Svs. & Supplies) | (a) | 5.125% | 06/01/2025 | 500,000 | 505,625 |
Madison IAQ LLC (Commercial Svs. & Supplies) | (a) | 4.125% | 06/30/2028 | 50,000 | 50,000 |
Madison IAQ LLC (Commercial Svs. & Supplies) | (a) | 5.875% | 06/30/2029 | 550,000 | 554,125 |
Nielsen Co. Luxembourg SARL / The (Professional Svs.) | (a) | 5.000% | 02/01/2025 | 150,000 | 153,563 |
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.) | (a) | 5.625% | 10/01/2028 | 100,000 | 103,750 |
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.) | (a) | 4.500% | 07/15/2029 | 100,000 | 97,780 |
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.) | (a) | 5.875% | 10/01/2030 | 350,000 | 368,504 |
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.) | (a) | 4.750% | 07/15/2031 | 175,000 | 170,233 |
Roller Bearing Co. of America, Inc. (Machinery) | (a) | 4.375% | 10/15/2029 | 50,000 | 51,250 |
Sensata Technologies, Inc. (Electrical Equip.) | (a) | 4.375% | 02/15/2030 | 225,000 | 242,091 |
Sensata Technologies, Inc. (Electrical Equip.) | (a) | 3.750% | 02/15/2031 | 25,000 | 25,171 |
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies) | (a) | 7.625% | 04/01/2026 | 100,000 | 107,166 |
Standard Industries, Inc. (Building Products) | (a) | 5.000% | 02/15/2027 | 1,250,000 | 1,289,062 |
Standard Industries, Inc. (Building Products) | (a) | 4.750% | 01/15/2028 | 25,000 | 25,938 |
Stena International SA (Transportation Infrastructure) | (a) | 6.125% | 02/01/2025 | 300,000 | 310,365 |
Terex Corp. (Machinery) | (a) | 5.000% | 05/15/2029 | 150,000 | 155,438 |
TK Elevator Holdco GmbH (Building Products) | (a) | 7.625% | 07/15/2028 | 269,000 | 287,494 |
TK Elevator U.S. Newco, Inc. (Building Products) | (a) | 5.250% | 07/15/2027 | 325,000 | 340,592 |
TransDigm U.K. Holdings PLC (Aerospace & Defense) | 6.875% | 05/15/2026 | 275,000 | 289,094 | |
TransDigm, Inc. (Aerospace & Defense) | (a) | 6.250% | 03/15/2026 | 625,000 | 651,562 |
TransDigm, Inc. (Aerospace & Defense) | 6.375% | 06/15/2026 | 850,000 | 876,911 | |
TransDigm, Inc. (Aerospace & Defense) | 5.500% | 11/15/2027 | 150,000 | 154,125 | |
TransDigm, Inc. (Aerospace & Defense) | 4.625% | 01/15/2029 | 125,000 | 124,782 | |
TransDigm, Inc. (Aerospace & Defense) | 4.875% | 05/01/2029 | 425,000 | 425,790 | |
Trident TPI Holdings, Inc. (Machinery) | (a) | 9.250% | 08/01/2024 | 175,000 | 183,900 |
Trident TPI Holdings, Inc. (Machinery) | (a) | 6.625% | 11/01/2025 | 700,000 | 711,270 |
United Rentals North America, Inc. (Trading Companies & Distributors) | 5.500% | 05/15/2027 | 50,000 | 52,482 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | 325,000 | 343,603 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 5.250% | 01/15/2030 | 100,000 | 109,500 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 3.875% | 02/15/2031 | 50,000 | 51,250 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 3.750% | 01/15/2032 | 150,000 | 151,688 | |
Watco Cos. LLC / Watco Finance Corp. (Road & Rail) | (a) | 6.500% | 06/15/2027 | 400,000 | 428,000 |
WESCO Distribution, Inc. (Trading Companies & Distributors) | (a) | 7.125% | 06/15/2025 | 100,000 | 106,713 |
WESCO Distribution, Inc. (Trading Companies & Distributors) | (a) | 7.250% | 06/15/2028 | 225,000 | 249,187 |
White Cap Buyer LLC (Building Products) | (a) | 6.875% | 10/15/2028 | 425,000 | 448,375 |
White Cap Parent LLC (Building Products) | (a)(c) | 8.250%, 9.000% PIK | 03/15/2026 | 250,000 | 258,125 |
| 17,835,332 | |||||
| Information Technology–5.1% | |||||
ams AG (Semiconductors & Equip.) | (a) | 7.000% | 07/31/2025 | 250,000 | 268,125 |
Black Knight InfoServ LLC (IT Svs.) | (a) | 3.625% | 09/01/2028 | 275,000 | 276,375 |
Booz Allen Hamilton, Inc. (IT Svs.) | (a) | 3.875% | 09/01/2028 | 75,000 | 76,884 |
Booz Allen Hamilton, Inc. (IT Svs.) | (a) | 4.000% | 07/01/2029 | 50,000 | 51,250 |
Boxer Parent Co., Inc. (Software) | (a) | 9.125% | 03/01/2026 | 75,000 | 78,642 |
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.) | 3.250% | 02/15/2029 | 225,000 | 230,625 | |
Dell International LLC / EMC Corp. (Computers & Peripherals) | (a) | 7.125% | 06/15/2024 | 950,000 | 971,375 |
Diebold Nixdorf, Inc. (Tech. Hardware, Storage & Periph.) | (a) | 9.375% | 07/15/2025 | 50,000 | 54,719 |
Elastic N.V. (Software) | (a) | 4.125% | 07/15/2029 | 175,000 | 175,875 |
Entegris, Inc. (Semiconductors & Equip.) | (a) | 3.625% | 05/01/2029 | 175,000 | 178,524 |
Gartner, Inc. (IT Svs.) | (a) | 4.500% | 07/01/2028 | 50,000 | 52,500 |
Gartner, Inc. (IT Svs.) | (a) | 3.750% | 10/01/2030 | 125,000 | 128,650 |
| Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Information Technology (continued) | |||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.) | (a) | 5.250% | 12/01/2027 | $ 350,000 | $ 364,875 |
Helios Software Holdings Inc / ION Corporate Solutions Finance SARL (Software) | (a) | 4.625% | 05/01/2028 | 375,000 | 369,375 |
LogMeIn, Inc. (Software) | (a) | 5.500% | 09/01/2027 | 425,000 | 432,437 |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 5.750% | 09/01/2027 | 275,000 | 290,015 |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 5.000% | 10/01/2028 | 225,000 | 229,907 |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 5.125% | 04/15/2029 | 250,000 | 257,813 |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 6.125% | 09/01/2029 | 50,000 | 54,250 |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 5.250% | 10/01/2030 | 350,000 | 366,985 |
ON Semiconductor Corp. (Semiconductors & Equip.) | (a) | 3.875% | 09/01/2028 | 150,000 | 154,875 |
PTC, Inc. (Software) | (a) | 3.625% | 02/15/2025 | 25,000 | 25,375 |
PTC, Inc. (Software) | (a) | 4.000% | 02/15/2028 | 125,000 | 128,281 |
Qorvo, Inc. (Semiconductors & Equip.) | 4.375% | 10/15/2029 | 250,000 | 272,500 | |
Qorvo, Inc. (Semiconductors & Equip.) | (a) | 3.375% | 04/01/2031 | 100,000 | 105,440 |
Rocket Software, Inc. (Software) | (a) | 6.500% | 02/15/2029 | 625,000 | 618,750 |
Science Applications International Corp. (IT Svs.) | (a) | 4.875% | 04/01/2028 | 75,000 | 77,509 |
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | (a) | 3.125% | 07/15/2029 | 300,000 | 290,130 |
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | (a) | 3.375% | 07/15/2031 | 250,000 | 243,750 |
SS&C Technologies, Inc. (Software) | (a) | 5.500% | 09/30/2027 | 775,000 | 818,348 |
Synaptics, Inc. (Semiconductors & Equip.) | (a) | 4.000% | 06/15/2029 | 125,000 | 127,884 |
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a) | 4.000% | 03/01/2029 | 150,000 | 149,408 |
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software) | (a) | 7.500% | 09/01/2025 | 625,000 | 650,000 |
Viavi Solutions, Inc. (Communications Equip.) | (a) | 3.750% | 10/01/2029 | 75,000 | 75,165 |
| 8,646,616 | |||||
| Materials–9.8% | |||||
ARD Finance SA (Containers & Packaging) | (a)(c) | 6.500%, 7.250% PIK | 06/30/2027 | 1,200,000 | 1,274,820 |
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging) | (a) | 4.000% | 09/01/2029 | 325,000 | 328,656 |
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging) | (a) | 5.250% | 08/15/2027 | 275,000 | 279,951 |
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging) | (a) | 5.250% | 08/15/2027 | 200,000 | 203,601 |
Ashland LLC (Chemicals) | (a) | 3.375% | 09/01/2031 | 175,000 | 176,531 |
Axalta Coating Systems LLC (Chemicals) | (a) | 3.375% | 02/15/2029 | 150,000 | 145,875 |
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B B.V. (Chemicals) | (a) | 4.750% | 06/15/2027 | 150,000 | 156,375 |
Ball Corp. (Containers & Packaging) | 2.875% | 08/15/2030 | 325,000 | 315,453 | |
Ball Corp. (Containers & Packaging) | 3.125% | 09/15/2031 | 125,000 | 123,447 | |
Berry Global, Inc. (Containers & Packaging) | (a) | 5.625% | 07/15/2027 | 275,000 | 290,595 |
Clearwater Paper Corp. (Paper & Forest Products) | (a) | 5.375% | 02/01/2025 | 575,000 | 619,562 |
Cleveland-Cliffs, Inc. (Metals & Mining) | (a) | 4.625% | 03/01/2029 | 400,000 | 408,500 |
Cleveland-Cliffs, Inc. (Metals & Mining) | (a) | 4.875% | 03/01/2031 | 475,000 | 490,438 |
Coeur Mining, Inc. (Metals & Mining) | (a) | 5.125% | 02/15/2029 | 325,000 | 312,016 |
Compass Minerals International, Inc. (Metals & Mining) | (a) | 4.875% | 07/15/2024 | 750,000 | 780,937 |
Compass Minerals International, Inc. (Metals & Mining) | (a) | 6.750% | 12/01/2027 | 50,000 | 53,063 |
Crown Americas LLC / Crown Americas Capital Corp. VI (Containers & Packaging) | 4.750% | 02/01/2026 | 275,000 | 283,415 | |
Diamond B.C. B.V. (Chemicals) | (a) | 4.625% | 10/01/2029 | 375,000 | 380,625 |
Element Solutions, Inc. (Chemicals) | (a) | 3.875% | 09/01/2028 | 300,000 | 303,000 |
Flex Acquisition Co., Inc. (Containers & Packaging) | (a) | 6.875% | 01/15/2025 | 1,075,000 | 1,088,437 |
Flex Acquisition Co., Inc. (Containers & Packaging) | (a) | 7.875% | 07/15/2026 | 675,000 | 705,375 |
Freeport-McMoRan, Inc. (Metals & Mining) | 5.000% | 09/01/2027 | 175,000 | 182,438 | |
Freeport-McMoRan, Inc. (Metals & Mining) | 4.125% | 03/01/2028 | 175,000 | 181,344 | |
Freeport-McMoRan, Inc. (Metals & Mining) | 4.375% | 08/01/2028 | 225,000 | 235,406 | |
Freeport-McMoRan, Inc. (Metals & Mining) | 5.250% | 09/01/2029 | 200,000 | 217,250 | |
Freeport-McMoRan, Inc. (Metals & Mining) | 4.625% | 08/01/2030 | 150,000 | 162,188 | |
Freeport-McMoRan, Inc. (Metals & Mining) | 5.400% | 11/14/2034 | 150,000 | 180,188 | |
Graphic Packaging International LLC (Containers & Packaging) | (a) | 4.750% | 07/15/2027 | 150,000 | 162,375 |
Graphic Packaging International LLC (Containers & Packaging) | (a) | 3.500% | 03/15/2028 | 100,000 | 101,500 |
Graphic Packaging International LLC (Containers & Packaging) | (a) | 3.500% | 03/01/2029 | 100,000 | 99,500 |
HB Fuller Co. (Chemicals) | 4.250% | 10/15/2028 | 125,000 | 127,188 | |
Herens Holdco SARL (Chemicals) | (a) | 4.750% | 05/15/2028 | 425,000 | 427,125 |
Hexion, Inc. (Chemicals) | (a) | 7.875% | 07/15/2027 | 525,000 | 560,437 |
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals) | (a) | 9.000% | 07/01/2028 | 150,000 | 165,375 |
Koppers, Inc. (Chemicals) | (a) | 6.000% | 02/15/2025 | 900,000 | 920,250 |
Mauser Packaging Solutions Holding Co. (Containers & Packaging) | (a) | 5.500% | 04/15/2024 | 300,000 | 302,625 |
Mauser Packaging Solutions Holding Co. (Containers & Packaging) | (a) | 7.250% | 04/15/2025 | 500,000 | 496,952 |
Olympus Water U.S. Holding Corp. (Chemicals) | (a) | 4.250% | 10/01/2028 | 200,000 | 197,095 |
Olympus Water U.S. Holding Corp. (Chemicals) | (a) | 6.250% | 10/01/2029 | 200,000 | 198,190 |
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 5.875% | 08/15/2023 | 225,000 | 237,938 |
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 5.375% | 01/15/2025 | 175,000 | 186,813 |
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 6.375% | 08/15/2025 | 475,000 | 526,062 |
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 6.625% | 05/13/2027 | 50,000 | 53,586 |
Polar U.S. Borrower LLC / Schenectady International Group, Inc. (Chemicals) | (a) | 6.750% | 05/15/2026 | 375,000 | 377,344 |
Sealed Air Corp. (Containers & Packaging) | (a) | 4.000% | 12/01/2027 | 175,000 | 186,358 |
SPCM SA (Chemicals) | (a) | 3.375% | 03/15/2030 | 200,000 | 199,845 |
SRS Distribution, Inc. (Construction Materials) | (a) | 6.125% | 07/01/2029 | 200,000 | 206,000 |
Trivium Packaging Finance B.V. (Containers & Packaging) | (a) | 5.500% | 08/15/2026 | 200,000 | 209,462 |
Trivium Packaging Finance B.V. (Containers & Packaging) | (a) | 8.500% | 08/15/2027 | 475,000 | 510,031 |
W.R. Grace Holdings LLC (Chemicals) | (a) | 4.875% | 06/15/2027 | 125,000 | 128,594 |
W.R. Grace Holdings LLC (Chemicals) | (a) | 5.625% | 08/15/2029 | 250,000 | 257,503 |
| 16,717,634 |
| Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Real Estate–0.4% | |||||
VICI Properties LP / VICI Note Co., Inc. (Equity REIT) | (a) | 3.500% | 02/15/2025 | $ 25,000 | $ 25,500 |
VICI Properties LP / VICI Note Co., Inc. (Equity REIT) | (a) | 4.250% | 12/01/2026 | 225,000 | 234,974 |
VICI Properties LP / VICI Note Co., Inc. (Equity REIT) | (a) | 4.625% | 12/01/2029 | 275,000 | 295,625 |
VICI Properties LP / VICI Note Co., Inc. (Equity REIT) | (a) | 4.125% | 08/15/2030 | 100,000 | 106,000 |
| 662,099 | |||||
| Utilities–3.3% | |||||
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities) | 5.875% | 08/20/2026 | 725,000 | 819,250 | |
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities) | 5.750% | 05/20/2027 | 100,000 | 113,000 | |
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 5.250% | 06/01/2026 | 101,000 | 103,902 |
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 4.500% | 02/15/2028 | 425,000 | 433,500 |
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 4.625% | 02/01/2029 | 150,000 | 147,750 |
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 5.000% | 02/01/2031 | 100,000 | 100,000 |
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 3.750% | 03/01/2031 | 300,000 | 288,750 |
NRG Energy, Inc. (Electric Utilities) | 6.625% | 01/15/2027 | 178,000 | 184,399 | |
NRG Energy, Inc. (Electric Utilities) | (a) | 3.375% | 02/15/2029 | 25,000 | 24,673 |
NRG Energy, Inc. (Electric Utilities) | (a) | 3.625% | 02/15/2031 | 25,000 | 24,556 |
NRG Energy, Inc. (Electric Utilities) | (a) | 3.875% | 02/15/2032 | 775,000 | 766,281 |
Pattern Energy Operations LP / Pattern Energy Operations, Inc. (Ind. Power & Renewable Elec.) | (a) | 4.500% | 08/15/2028 | 125,000 | 130,313 |
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | 5.875% | 03/01/2027 | 600,000 | 625,500 | |
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | (a) | 5.000% | 06/01/2031 | 125,000 | 129,688 |
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.) | (a) | 5.000% | 01/31/2028 | 750,000 | 805,312 |
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (a) | 5.500% | 09/01/2026 | 225,000 | 231,176 |
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (a) | 5.625% | 02/15/2027 | 400,000 | 414,024 |
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (a) | 5.000% | 07/31/2027 | 375,000 | 387,188 |
| 5,729,262 | |||||
Total Corporate Bonds (Cost $165,492,942) | $170,266,354 |
| Common Stocks–0.5% | Shares | Value | |
| Communication Services–0.1% | |||
iHeartMedia, Inc. Class A (Media) | (d) | 7,387 | $ 184,823 |
| Energy–0.4% | |||
Superior Energy Services, Inc. (Acquired August 03, 2017 through July 25, 2018, Cost $939,833) (Energy Equip. & Svs.) | (d)(e) | 14,115 | 621,060 |
| Materials–0.0% | |||
Hexion Holdings Corp. Class B (Chemicals) | (d) | 4,302 | 94,644 |
Total Common Stocks (Cost $1,244,438) | $900,527 |
| Warrants–0.0% | Expiration | Strike Price | Quantity | Value | |
| Energy–0.0% | |||||
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | 02/09/2026 | $ 27.27 | 2,066 | $ 74,809 | |
Total Warrants (Cost $188,615) | $74,809 |
| Money Market Funds–1.5% | Shares | Value | |
State Street Institutional Liquid Reserves Fund Institutional Class, 0.042% | (f) | 2,471,365 | $ 2,471,859 |
Total Money Market Funds (Cost $2,471,859) | $2,471,859 | ||
Total Investments – 101.5% (Cost $169,397,854) | (g) | $173,713,549 | |
| Liabilities in Excess of Other Assets – (1.5)% | (2,505,291) | ||
| Net Assets – 100.0% | $171,208,258 |
Percentages are stated as a percent of net assets. |
| Abbreviations: | ||
| PIK: | Payment-in-Kind | |
| 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 September 30, 2021, the value of these securities totaled $133,090,630, or 77.7% 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 September 30, 2021, the value of restricted securities in the Portfolio totaled $621,060, or 0.4% of the Portfolio’s net assets. | |
| (f) | Rate represents the seven-day yield at September 30, 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. | |
| Ohio National Fund, Inc. | ON Nasdaq-100® Index Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON Nasdaq-100® Index Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
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 September 30, 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 $221,000 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Schedule of Open Futures Contracts | September 30, 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 | 13 | December 17, 2021 | $3,913,420 | $3,817,450 | $(95,970) | $(14,886) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Core Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Core Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Core Portfolio (Continued) |
| Schedule of Investments | September 30, 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 September 30, 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 $333,500 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Schedule of Open Futures Contracts | September 30, 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 | 29 | December 17, 2021 | $6,439,995 | $6,231,738 | $(208,257) | $(75,400) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Rights–0.0% | Quantity | Value | |
| Health Care–0.0% | |||
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 Funds–1.0% | Shares | Value | |
State Street Institutional Liquid Reserves Fund Institutional Class, 0.042% | (b) | 1,944,674 | $ 1,945,063 |
Total Money Market Funds (Cost $1,945,063) | $1,945,063 | ||
Total Investments – 99.2% (Cost $175,077,043) | (c) | $193,689,768 | |
Other Assets in Excess of Liabilities – 0.8% | (d) | 1,582,025 | |
| Net Assets – 100.0% | $195,271,793 |
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 September 30, 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 $156,000 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Schedule of Open Futures Contracts | September 30, 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 | 24 | December 17, 2021 | $2,668,116 | $2,640,960 | $(27,156) | $(25,320) |
| Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Continued) |
| Schedule of Investments | September 30, 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 September 30, 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 $418,500 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Continued) |
| Schedule of Open Futures Contracts | September 30, 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 | 31 | December 17, 2021 | $8,283,069 | $8,162,920 | $(120,149) | $(128,172) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Growth Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Growth Portfolio (Continued) |
| Schedule of Investments | September 30, 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 September 30, 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 $68,000 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Schedule of Open Futures Contracts | September 30, 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 | 4 | December 17, 2021 | $1,216,050 | $1,174,600 | $(41,450) | $(4,580) |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Common Stocks–48.2% | Shares | Value | |
| Communication Services–6.8% | |||
Activision Blizzard, Inc. (Entertainment) | 6,630 | $ 513,096 | |
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a) | 5,293 | 14,107,486 |
Comcast Corp. Class A (Media) | 17,377 | 971,895 | |
Electronic Arts, Inc. (Entertainment) | 16,444 | 2,339,159 | |
Facebook, Inc. Class A (Interactive Media & Svs.) | (a) | 27,255 | 9,250,074 |
Take-Two Interactive Software, Inc. (Entertainment) | (a) | 6,696 | 1,031,653 |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 25,107 | 1,356,029 | |
| 29,569,392 | |||
| Consumer Discretionary–7.2% | |||
Amazon.com, Inc. (Internet & Direct Marketing Retail) | (a) | 3,130 | 10,282,175 |
AutoZone, Inc. (Specialty Retail) | (a) | 1,534 | 2,604,717 |
Burlington Stores, Inc. (Specialty Retail) | (a) | 3,806 | 1,079,267 |
Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 4,460 | 433,690 | |
Chegg, Inc. (Diversified Consumer Svs.) | (a) | 14,249 | 969,217 |
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) | (a) | 2,848 | 1,025,850 |
Dollar General Corp. (Multiline Retail) | 1,436 | 304,633 | |
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 1,940 | 925,302 | |
Etsy, Inc. (Internet & Direct Marketing Retail) | (a) | 5,212 | 1,083,888 |
Garmin Ltd. (Household Durables) | 6,680 | 1,038,473 | |
Home Depot, Inc. / The (Specialty Retail) | 16,910 | 5,550,877 | |
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods) | 25,348 | 3,681,290 | |
O'Reilly Automotive, Inc. (Specialty Retail) | (a) | 2,814 | 1,719,523 |
Ross Stores, Inc. (Specialty Retail) | 3,470 | 377,709 | |
| 31,076,611 | |||
| Consumer Staples–3.2% | |||
Altria Group, Inc. (Tobacco) | 10,300 | 468,856 | |
Coca-Cola Co. / The (Beverages) | 21,208 | 1,112,784 | |
Colgate-Palmolive Co. (Household Products) | 4,720 | 356,738 | |
Costco Wholesale Corp. (Food & Staples Retailing) | 7,934 | 3,565,143 | |
Koninklijke Ahold Delhaize N.V. – ADR (Food & Staples Retailing) | 27,930 | 928,952 | |
Monster Beverage Corp. (Beverages) | (a) | 31,322 | 2,782,333 |
Philip Morris International, Inc. (Tobacco) | 15,150 | 1,436,068 | |
Procter & Gamble Co. / The (Household Products) | 10,988 | 1,536,122 | |
Walmart, Inc. (Food & Staples Retailing) | 12,742 | 1,775,980 | |
| 13,962,976 | |||
| Energy–0.2% | |||
Royal Dutch Shell PLC Class B – ADR (Oil, Gas & Consumable Fuels) | 22,187 | 982,218 | |
| Financials–2.4% | |||
CME Group, Inc. (Capital Markets) | 5,267 | 1,018,532 | |
Everest RE Group Ltd. (Insurance) | 3,400 | 852,652 | |
Houlihan Lokey, Inc. (Capital Markets) | 1,336 | 123,046 | |
Intercontinental Exchange, Inc. (Capital Markets) | 10,779 | 1,237,645 | |
JPMorgan Chase & Co. (Banks) | 11,485 | 1,879,980 | |
MarketAxess Holdings, Inc. (Capital Markets) | 651 | 273,869 | |
Marsh & McLennan Cos., Inc. (Insurance) | 3,550 | 537,577 | |
Progressive Corp. / The (Insurance) | 14,275 | 1,290,317 | |
S&P Global, Inc. (Capital Markets) | 4,201 | 1,784,963 | |
T. Rowe Price Group, Inc. (Capital Markets) | 4,616 | 907,967 | |
U.S. Bancorp (Banks) | 9,551 | 567,711 | |
| 10,474,259 | |||
| Health Care–7.6% | |||
AbbVie, Inc. (Biotechnology) | 6,480 | 698,998 | |
ABIOMED, Inc. (Health Care Equip. & Supplies) | (a) | 1,687 | 549,152 |
Align Technology, Inc. (Health Care Equip. & Supplies) | (a) | 3,165 | 2,106,086 |
Anthem, Inc. (Health Care Providers & Svs.) | 2,532 | 943,930 | |
Edwards Lifesciences Corp. (Health Care Equip. & Supplies) | (a) | 19,549 | 2,213,142 |
Eli Lilly & Co. (Pharmaceuticals) | 4,081 | 942,915 | |
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies) | (a) | 2,260 | 1,405,494 |
Illumina, Inc. (Life Sciences Tools & Svs.) | (a) | 1,640 | 665,200 |
Intuitive Surgical, Inc. (Health Care Equip. & Supplies) | (a) | 3,252 | 3,232,976 |
Johnson & Johnson (Pharmaceuticals) | 4,880 | 788,120 | |
Medtronic PLC (Health Care Equip. & Supplies) | 6,201 | 777,295 | |
Merck & Co., Inc. (Pharmaceuticals) | 22,354 | 1,679,009 | |
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.) | (a) | 300 | 413,208 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Common Stocks (Continued) | Shares | Value | |
| Health Care (continued) | |||
Roche Holding AG – ADR (Pharmaceuticals) | 28,040 | $ 1,274,979 | |
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.) | 2,010 | 1,148,373 | |
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 16,734 | 6,538,643 | |
Veeva Systems, Inc. Class A (Health Care Technology) | (a) | 2,680 | 772,296 |
Vertex Pharmaceuticals, Inc. (Biotechnology) | (a) | 14,594 | 2,647,206 |
Zoetis, Inc. (Pharmaceuticals) | 21,792 | 4,230,699 | |
| 33,027,721 | |||
| Industrials–2.7% | |||
Allegion PLC (Building Products) | 10,490 | 1,386,568 | |
AMETEK, Inc. (Electrical Equip.) | 5,170 | 641,132 | |
Copart, Inc. (Commercial Svs. & Supplies) | (a) | 15,292 | 2,121,306 |
Generac Holdings, Inc. (Electrical Equip.) | (a) | 2,200 | 899,074 |
IDEX Corp. (Machinery) | 3,050 | 631,198 | |
L3Harris Technologies, Inc. (Aerospace & Defense) | 2,907 | 640,238 | |
Northrop Grumman Corp. (Aerospace & Defense) | 4,160 | 1,498,224 | |
Oshkosh Corp. (Machinery) | 4,620 | 472,949 | |
Regal Beloit Corp. (Electrical Equip.) | 2,810 | 422,455 | |
RELX PLC – ADR (Professional Svs.) | 18,750 | 541,125 | |
Roper Technologies, Inc. (Industrial Conglomerates) | 4,464 | 1,991,524 | |
Trex Co., Inc. (Building Products) | (a) | 5,603 | 571,114 |
| 11,816,907 | |||
| Information Technology–16.1% | |||
Adobe, Inc. (Software) | (a) | 7,877 | 4,534,946 |
Amdocs Ltd. (IT Svs.) | 6,410 | 485,301 | |
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.) | 12,268 | 898,386 | |
Analog Devices, Inc. (Semiconductors & Equip.) | 5,500 | 921,140 | |
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 23,917 | 3,384,256 | |
Arista Networks, Inc. (Communications Equip.) | (a) | 3,499 | 1,202,396 |
ASML Holding N.V. (Semiconductors & Equip.) | 1,950 | 1,452,965 | |
Automatic Data Processing, Inc. (IT Svs.) | 3,523 | 704,318 | |
Booz Allen Hamilton Holding Corp. (IT Svs.) | 10,410 | 826,034 | |
Broadcom, Inc. (Semiconductors & Equip.) | 2,060 | 998,956 | |
CDW Corp. (Electronic Equip., Instr. & Comp.) | 6,084 | 1,107,410 | |
Citrix Systems, Inc. (Software) | 6,168 | 662,258 | |
Cognex Corp. (Electronic Equip., Instr. & Comp.) | 7,400 | 593,628 | |
EPAM Systems, Inc. (IT Svs.) | (a) | 2,177 | 1,241,935 |
Fidelity National Information Services, Inc. (IT Svs.) | 8,095 | 985,000 | |
Fortinet, Inc. (Software) | (a) | 5,563 | 1,624,619 |
Genpact Ltd. (IT Svs.) | 20,530 | 975,380 | |
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.) | (a) | 5,676 | 899,078 |
KLA Corp. (Semiconductors & Equip.) | 2,298 | 768,704 | |
Mastercard, Inc. Class A (IT Svs.) | 2,778 | 965,855 | |
Microsoft Corp. (Software) | 61,309 | 17,284,229 | |
Motorola Solutions, Inc. (Communications Equip.) | 4,400 | 1,022,208 | |
NortonLifeLock, Inc. (Software) | 51,850 | 1,311,805 | |
NVIDIA Corp. (Semiconductors & Equip.) | 12,014 | 2,488,820 | |
Oracle Corp. (Software) | 26,725 | 2,328,549 | |
Paychex, Inc. (IT Svs.) | 18,321 | 2,060,196 | |
PayPal Holdings, Inc. (IT Svs.) | (a) | 10,970 | 2,854,504 |
PTC, Inc. (Software) | (a) | 904 | 108,290 |
QUALCOMM, Inc. (Semiconductors & Equip.) | 26,565 | 3,426,354 | |
ServiceNow, Inc. (Software) | (a) | 920 | 572,488 |
Texas Instruments, Inc. (Semiconductors & Equip.) | 6,404 | 1,230,913 | |
Tyler Technologies, Inc. (Software) | (a) | 1,260 | 577,899 |
Visa, Inc. (IT Svs.) | 34,276 | 7,634,979 | |
Xilinx, Inc. (Semiconductors & Equip.) | 13,193 | 1,992,011 | |
| 70,125,810 | |||
| Materials–0.6% | |||
Sherwin-Williams Co. / The (Chemicals) | 8,550 | 2,391,692 | |
| Real Estate–0.2% | |||
American Campus Communities, Inc. (Equity REIT) | 6,030 | 292,154 | |
Sun Communities, Inc. (Equity REIT) | 3,970 | 734,847 | |
| 1,027,001 | |||
| Utilities–1.2% | |||
Alliant Energy Corp. (Electric Utilities) | 19,972 | 1,118,033 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Common Stocks (Continued) | Shares | Value | |
| Utilities (continued) | |||
Ameren Corp. (Multi-Utilities) | 12,101 | $ 980,181 | |
American Electric Power Co., Inc. (Electric Utilities) | 12,980 | 1,053,716 | |
Dominion Energy, Inc. (Multi-Utilities) | 6,720 | 490,694 | |
NextEra Energy, Inc. (Electric Utilities) | 18,790 | 1,475,391 | |
| 5,118,015 | |||
Total Common Stocks (Cost $143,804,653) | $209,572,602 |
| Corporate Bonds–16.0% | Rate | Maturity | Face Amount | Value | |
| Communication Services–1.9% | |||||
AT&T, Inc. (Diversified Telecom. Svs.) | 3.500% | 09/15/2053 | $ 293,000 | $ 289,988 | |
AT&T, Inc. (Diversified Telecom. Svs.) | 3.550% | 09/15/2055 | 123,000 | 121,296 | |
AT&T, Inc. (Diversified Telecom. Svs.) | 3.800% | 12/01/2057 | 208,000 | 212,483 | |
AT&T, Inc. (Diversified Telecom. Svs.) | 3.650% | 09/15/2059 | 33,000 | 32,898 | |
Baidu, Inc. (Interactive Media & Svs.) | 1.625% | 02/23/2027 | 477,000 | 470,550 | |
Cable One, Inc. (Media) | (b) | 4.000% | 11/15/2030 | 129,000 | 128,516 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (b) | 4.500% | 08/15/2030 | 59,000 | 60,871 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (b) | 4.500% | 06/01/2033 | 209,000 | 212,703 |
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 5.050% | 03/30/2029 | 519,000 | 607,690 | |
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 2.800% | 04/01/2031 | 502,000 | 503,134 | |
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 6.484% | 10/23/2045 | 62,000 | 84,294 | |
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 5.375% | 05/01/2047 | 49,000 | 58,668 | |
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 4.800% | 03/01/2050 | 265,000 | 297,384 | |
Comcast Corp. (Media) | 3.100% | 04/01/2025 | 80,000 | 85,595 | |
Comcast Corp. (Media) | 3.150% | 03/01/2026 | 146,000 | 157,768 | |
Comcast Corp. (Media) | 3.300% | 04/01/2027 | 218,000 | 238,708 | |
Comcast Corp. (Media) | 4.150% | 10/15/2028 | 123,000 | 141,454 | |
Comcast Corp. (Media) | 2.650% | 02/01/2030 | 113,000 | 117,892 | |
Comcast Corp. (Media) | 3.400% | 04/01/2030 | 218,000 | 240,092 | |
Comcast Corp. (Media) | 4.250% | 10/15/2030 | 205,000 | 238,789 | |
Comcast Corp. (Media) | 3.750% | 04/01/2040 | 87,000 | 97,747 | |
Comcast Corp. (Media) | (b) | 2.887% | 11/01/2051 | 156,000 | 149,632 |
Comcast Corp. (Media) | (b) | 2.987% | 11/01/2063 | 162,000 | 151,809 |
Discovery Communications LLC (Media) | 5.200% | 09/20/2047 | 75,000 | 93,444 | |
Discovery Communications LLC (Media) | 5.300% | 05/15/2049 | 35,000 | 43,723 | |
Discovery Communications LLC (Media) | 4.650% | 05/15/2050 | 27,000 | 31,289 | |
Fox Corp. (Media) | 5.576% | 01/25/2049 | 178,000 | 239,700 | |
Level 3 Financing, Inc. (Diversified Telecom. Svs.) | (b) | 3.875% | 11/15/2029 | 309,000 | 330,414 |
Lumen Technologies, Inc. (Diversified Telecom. Svs.) | 5.800% | 03/15/2022 | 102,000 | 103,938 | |
Netflix, Inc. (Entertainment) | 5.875% | 11/15/2028 | 310,000 | 379,874 | |
Sirius XM Radio, Inc. (Media) | (b) | 4.000% | 07/15/2028 | 223,000 | 226,763 |
Tencent Holdings Ltd. (Interactive Media & Svs.) | (b) | 1.810% | 01/26/2026 | 201,000 | 202,729 |
Tencent Holdings Ltd. (Interactive Media & Svs.) | 2.390% | 06/03/2030 | 200,000 | 196,606 | |
Tencent Holdings Ltd. (Interactive Media & Svs.) | (b) | 3.240% | 06/03/2050 | 201,000 | 189,163 |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 2.625% | 04/15/2026 | 70,000 | 71,575 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 2.625% | 02/15/2029 | 46,000 | 46,486 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | (b) | 3.375% | 04/15/2029 | 28,000 | 29,211 |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.875% | 04/15/2030 | 226,000 | 249,541 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 2.875% | 02/15/2031 | 143,000 | 144,216 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 4.375% | 04/15/2040 | 78,000 | 89,869 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 4.500% | 04/15/2050 | 91,000 | 106,085 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 3.150% | 03/22/2030 | 108,000 | 115,502 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.522% | 09/15/2048 | 69,000 | 84,670 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.000% | 03/22/2050 | 77,000 | 87,509 | |
Weibo Corp. (Interactive Media & Svs.) | 3.375% | 07/08/2030 | 527,000 | 526,225 | |
| 8,288,493 | |||||
| Consumer Discretionary–2.0% | |||||
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure) | (b) | 3.500% | 02/15/2029 | 270,000 | 267,300 |
Advance Auto Parts, Inc. (Specialty Retail) | 3.900% | 04/15/2030 | 344,000 | 374,985 | |
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail) | 2.125% | 02/09/2031 | 459,000 | 441,191 | |
AutoZone, Inc. (Specialty Retail) | 3.750% | 04/18/2029 | 303,000 | 336,542 | |
Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 04/13/2030 | 404,000 | 480,211 | |
Carnival Corp. (Hotels, Restaurants & Leisure) | (b) | 4.000% | 08/01/2028 | 237,000 | 239,370 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Consumer Discretionary (continued) | |||||
Dollar General Corp. (Multiline Retail) | 3.500% | 04/03/2030 | $ 187,000 | $ 205,693 | |
Expedia Group, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 08/01/2027 | 164,000 | 185,924 | |
General Motors Co. (Automobiles) | 6.125% | 10/01/2025 | 79,000 | 92,564 | |
General Motors Co. (Automobiles) | 4.200% | 10/01/2027 | 94,000 | 104,489 | |
General Motors Co. (Automobiles) | 6.800% | 10/01/2027 | 107,000 | 133,635 | |
General Motors Co. (Automobiles) | 5.000% | 10/01/2028 | 269,000 | 311,384 | |
General Motors Co. (Automobiles) | 5.400% | 04/01/2048 | 90,000 | 111,596 | |
Hasbro, Inc. (Leisure Products) | 3.900% | 11/19/2029 | 519,000 | 573,266 | |
InRetail Consumer (Multiline Retail) | (b) | 3.250% | 03/22/2028 | 229,000 | 229,572 |
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 3.900% | 08/08/2029 | 354,000 | 360,837 | |
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods) | (b) | 3.500% | 03/01/2031 | 153,000 | 154,530 |
Marriott International, Inc. (Hotels, Restaurants & Leisure) | 5.750% | 05/01/2025 | 361,000 | 412,833 | |
Mattel, Inc. (Leisure Products) | (b) | 3.375% | 04/01/2026 | 128,000 | 131,981 |
Mattel, Inc. (Leisure Products) | (b) | 3.750% | 04/01/2029 | 127,000 | 132,397 |
McDonald's Corp. (Hotels, Restaurants & Leisure) | 3.500% | 07/01/2027 | 272,000 | 300,504 | |
McDonald's Corp. (Hotels, Restaurants & Leisure) | 2.625% | 09/01/2029 | 294,000 | 306,640 | |
McDonald's Corp. (Hotels, Restaurants & Leisure) | 3.625% | 09/01/2049 | 90,000 | 98,134 | |
MDC Holdings, Inc. (Household Durables) | 6.000% | 01/15/2043 | 150,000 | 188,850 | |
Newell Brands, Inc. (Household Durables) | 4.875% | 06/01/2025 | 27,000 | 29,800 | |
Newell Brands, Inc. (Household Durables) | 4.700% | 04/01/2026 | 113,000 | 124,586 | |
NIKE, Inc. (Textiles, Apparel & Luxury Goods) | 2.400% | 03/27/2025 | 98,000 | 102,843 | |
NIKE, Inc. (Textiles, Apparel & Luxury Goods) | 2.750% | 03/27/2027 | 152,000 | 163,195 | |
Nissan Motor Co. Ltd. (Automobiles) | (b) | 4.345% | 09/17/2027 | 430,000 | 472,424 |
O'Reilly Automotive, Inc. (Specialty Retail) | 3.600% | 09/01/2027 | 6,000 | 6,668 | |
O'Reilly Automotive, Inc. (Specialty Retail) | 4.350% | 06/01/2028 | 47,000 | 53,931 | |
O'Reilly Automotive, Inc. (Specialty Retail) | 3.900% | 06/01/2029 | 232,000 | 259,941 | |
Prosus N.V. (Internet & Direct Marketing Retail) | (b) | 3.680% | 01/21/2030 | 216,000 | 224,091 |
Ross Stores, Inc. (Specialty Retail) | 4.700% | 04/15/2027 | 280,000 | 321,285 | |
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure) | (b) | 10.875% | 06/01/2023 | 136,000 | 152,320 |
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure) | (b) | 11.500% | 06/01/2025 | 143,000 | 163,163 |
Starbucks Corp. (Hotels, Restaurants & Leisure) | 4.450% | 08/15/2049 | 180,000 | 220,086 | |
Wynn Macau Ltd. (Hotels, Restaurants & Leisure) | (b) | 5.625% | 08/26/2028 | 292,000 | 277,966 |
| 8,746,727 | |||||
| Consumer Staples–1.8% | |||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing) | (b) | 3.500% | 03/15/2029 | 156,000 | 155,684 |
Alimentation Couche-Tard, Inc. (Food & Staples Retailing) | (b) | 2.950% | 01/25/2030 | 77,000 | 80,104 |
Altria Group, Inc. (Tobacco) | 4.800% | 02/14/2029 | 106,000 | 121,814 | |
Altria Group, Inc. (Tobacco) | 3.400% | 05/06/2030 | 280,000 | 296,294 | |
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.900% | 02/01/2046 | 268,000 | 329,429 | |
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 3.500% | 06/01/2030 | 570,000 | 624,294 | |
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.350% | 06/01/2040 | 190,000 | 220,788 | |
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.500% | 06/01/2050 | 192,000 | 229,194 | |
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.750% | 04/15/2058 | 162,000 | 198,642 | |
B.A.T. Capital Corp. (Tobacco) | 4.700% | 04/02/2027 | 180,000 | 203,341 | |
B.A.T. Capital Corp. (Tobacco) | 2.259% | 03/25/2028 | 435,000 | 431,748 | |
Campbell Soup Co. (Food Products) | 3.950% | 03/15/2025 | 113,000 | 123,186 | |
Cargill, Inc. (Food Products) | (b) | 1.375% | 07/23/2023 | 77,000 | 78,420 |
Cargill, Inc. (Food Products) | (b) | 2.125% | 04/23/2030 | 113,000 | 113,826 |
Cencosud SA (Food & Staples Retailing) | 5.150% | 02/12/2025 | 276,000 | 303,600 | |
Coca-Cola Co. / The (Beverages) | 3.375% | 03/25/2027 | 263,000 | 291,293 | |
Coca-Cola Co. / The (Beverages) | 3.450% | 03/25/2030 | 182,000 | 203,618 | |
Coca-Cola Co. / The (Beverages) | 4.200% | 03/25/2050 | 197,000 | 246,776 | |
Estee Lauder Cos., Inc. / The (Personal Products) | 2.600% | 04/15/2030 | 412,000 | 432,081 | |
Fomento Economico Mexicano S.A.B de C.V. (Beverages) | 3.500% | 01/16/2050 | 182,000 | 190,414 | |
J.M. Smucker Co. / The (Food Products) | 2.375% | 03/15/2030 | 165,000 | 167,689 | |
JBS U.S.A. LUX SA / JBS U.S.A. Finance, Inc. (Food Products) | (b) | 6.750% | 02/15/2028 | 76,000 | 82,366 |
Kimberly-Clark de Mexico S.A.B de C.V. (Household Products) | (b) | 2.431% | 07/01/2031 | 274,000 | 273,096 |
Mars, Inc. (Food Products) | (b) | 2.700% | 04/01/2025 | 113,000 | 119,331 |
Mars, Inc. (Food Products) | (b) | 3.200% | 04/01/2030 | 28,000 | 30,435 |
Mondelez International Holdings Netherlands B.V. (Food Products) | (b) | 2.250% | 09/19/2024 | 249,000 | 259,232 |
Mondelez International, Inc. (Food Products) | 2.750% | 04/13/2030 | 41,000 | 42,900 | |
Natura Cosmeticos SA (Personal Products) | (b) | 4.125% | 05/03/2028 | 230,000 | 232,817 |
PepsiCo, Inc. (Beverages) | 2.250% | 03/19/2025 | 187,000 | 195,118 | |
PepsiCo, Inc. (Beverages) | 2.625% | 03/19/2027 | 58,000 | 61,882 | |
PepsiCo, Inc. (Beverages) | 3.625% | 03/19/2050 | 155,000 | 178,554 | |
PepsiCo, Inc. (Beverages) | 3.875% | 03/19/2060 | 47,000 | 57,154 | |
Procter & Gamble Co. / The (Household Products) | 2.800% | 03/25/2027 | 119,000 | 128,105 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Consumer Staples (continued) | |||||
Procter & Gamble Co. / The (Household Products) | 3.000% | 03/25/2030 | $ 68,000 | $ 74,416 | |
Sysco Corp. (Food & Staples Retailing) | 5.650% | 04/01/2025 | 217,000 | 249,579 | |
Sysco Corp. (Food & Staples Retailing) | 2.400% | 02/15/2030 | 72,000 | 73,080 | |
Sysco Corp. (Food & Staples Retailing) | 5.950% | 04/01/2030 | 314,000 | 399,406 | |
Sysco Corp. (Food & Staples Retailing) | 6.600% | 04/01/2050 | 302,000 | 475,062 | |
| 7,974,768 | |||||
| Energy–1.2% | |||||
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 2.939% | 06/04/2051 | 479,000 | 452,892 | |
Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.400% | 04/15/2029 | 164,000 | 183,888 | |
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels) | 3.700% | 11/15/2029 | 557,000 | 604,456 | |
Chevron U.S.A., Inc. (Oil, Gas & Consumable Fuels) | 5.250% | 11/15/2043 | 227,000 | 306,105 | |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | (b) | 4.500% | 01/15/2030 | 287,000 | 312,798 |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 5.600% | 07/15/2041 | 195,000 | 242,980 | |
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels) | 7.375% | 10/15/2045 | 263,000 | 414,727 | |
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.875% | 01/15/2024 | 127,000 | 139,576 | |
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 6.250% | 04/15/2049 | 196,000 | 257,546 | |
Hess Corp. (Oil, Gas & Consumable Fuels) | 4.300% | 04/01/2027 | 258,000 | 286,550 | |
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 4.300% | 03/01/2028 | 69,000 | 78,210 | |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.500% | 03/01/2041 | 67,000 | 92,711 | |
ONEOK Partners LP (Oil, Gas & Consumable Fuels) | 6.125% | 02/01/2041 | 10,000 | 12,855 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.350% | 01/15/2031 | 127,000 | 162,584 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 5.200% | 07/15/2048 | 15,000 | 18,163 | |
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels) | 3.550% | 12/15/2029 | 136,000 | 143,081 | |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 6.800% | 05/15/2038 | 223,000 | 315,394 | |
Tengizchevroil Finance Co. International Ltd. (Oil, Gas & Consumable Fuels) | (b) | 3.250% | 08/15/2030 | 205,000 | 207,669 |
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels) | 4.100% | 04/15/2030 | 413,000 | 468,519 | |
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels) | 6.100% | 06/01/2040 | 235,000 | 318,718 | |
| 5,019,422 | |||||
| Financials–3.0% | |||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.) | 6.500% | 07/15/2025 | 271,000 | 314,198 | |
Alleghany Corp. (Insurance) | 3.625% | 05/15/2030 | 291,000 | 319,171 | |
Aviation Capital Group LLC (Diversified Financial Svs.) | (b) | 4.375% | 01/30/2024 | 50,000 | 53,387 |
Aviation Capital Group LLC (Diversified Financial Svs.) | (b) | 5.500% | 12/15/2024 | 148,000 | 165,873 |
Aviation Capital Group LLC (Diversified Financial Svs.) | (b) | 4.125% | 08/01/2025 | 3,000 | 3,229 |
Aviation Capital Group LLC (Diversified Financial Svs.) | (b) | 4.875% | 10/01/2025 | 57,000 | 62,817 |
Aviation Capital Group LLC (Diversified Financial Svs.) | (b) | 1.950% | 01/30/2026 | 181,000 | 180,346 |
Aviation Capital Group LLC (Diversified Financial Svs.) | (b) | 1.950% | 09/20/2026 | 60,000 | 59,364 |
Aviation Capital Group LLC (Diversified Financial Svs.) | (b) | 3.500% | 11/01/2027 | 50,000 | 52,669 |
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 | 241,560 |
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 | 550,583 |
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 | 196,852 |
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 | 691,986 |
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 | 320,494 |
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 | 348,856 |
Charles Schwab Corp. / The (Capital Markets) | 4.625% | 03/22/2030 | 299,000 | 361,058 | |
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 | 629,867 |
Citigroup, Inc. (Rate is fixed until 04/23/2028, at which point, the rate becomes QL + 119) (Banks) | (c) | 4.075% | 04/23/2029 | 212,000 | 237,585 |
Citigroup, Inc. (Rate is fixed until 03/20/2029, at which point, the rate becomes QL + 134) (Banks) | (c) | 3.980% | 03/20/2030 | 145,000 | 162,856 |
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 | 438,770 |
Citizens Financial Group, Inc. (Banks) | 2.638% | 09/30/2032 | 114,000 | 114,471 | |
Credit Suisse Group AG (Rate is fixed until 05/14/2031, at which point, the rate becomes SOFR + 173) (Capital Markets) | (b)(c) | 3.091% | 05/14/2032 | 280,000 | 286,307 |
GE Capital Funding LLC (Diversified Financial Svs.) | 4.400% | 05/15/2030 | 401,000 | 464,647 | |
General Motors Financial Co., Inc. (Consumer Finance) | 4.350% | 04/09/2025 | 177,000 | 194,350 | |
General Motors Financial Co., Inc. (Consumer Finance) | 4.300% | 07/13/2025 | 54,000 | 59,255 | |
General Motors Financial Co., Inc. (Consumer Finance) | 4.350% | 01/17/2027 | 99,000 | 110,988 | |
Goldman Sachs Group, Inc. / The (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 128) (Capital Markets) | (c) | 2.615% | 04/22/2032 | 306,000 | 309,699 |
Goldman Sachs Group, Inc. / The (Rate is fixed until 07/21/2031, at which point, the rate becomes SOFR + 125) (Capital Markets) | (c) | 2.383% | 07/21/2032 | 103,000 | 101,982 |
Harley-Davidson Financial Services, Inc. (Consumer Finance) | (b) | 3.350% | 06/08/2025 | 406,000 | 431,120 |
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 | 231,381 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Financials (continued) | |||||
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 | $ 469,212 |
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 | 529,838 |
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 | 225,765 |
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 | 199,536 |
JPMorgan Chase & Co. (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 125) (Banks) | (c) | 2.580% | 04/22/2032 | 458,000 | 464,351 |
Morgan Stanley (Capital Markets) | 3.950% | 04/23/2027 | 396,000 | 440,395 | |
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 | 471,106 |
SLM Corp. (Consumer Finance) | 4.200% | 10/29/2025 | 233,000 | 249,799 | |
Swiss RE Finance Luxembourg SA (Rate is fixed until 04/02/2029, at which point, the rate becomes ) (Insurance) | (c) | 5.000% | 04/02/2049 | 200,000 | 229,288 |
UniCredit SpA (Rate is fixed until 06/03/2031, at which point, the rate becomes H15T1Y + 155) (Banks) | (b)(c) | 3.127% | 06/03/2032 | 200,000 | 202,653 |
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 | 671,539 |
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 | 311,220 |
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 | 634,536 |
| 12,794,959 | |||||
| Health Care–0.9% | |||||
AbbVie, Inc. (Biotechnology) | 3.450% | 03/15/2022 | 292,000 | 294,608 | |
AbbVie, Inc. (Biotechnology) | 3.250% | 10/01/2022 | 175,000 | 178,842 | |
AbbVie, Inc. (Biotechnology) | 2.800% | 03/15/2023 | 14,000 | 14,404 | |
AbbVie, Inc. (Biotechnology) | 2.600% | 11/21/2024 | 165,000 | 173,453 | |
AbbVie, Inc. (Biotechnology) | 3.800% | 03/15/2025 | 210,000 | 228,029 | |
Baxter International, Inc. (Health Care Equip. & Supplies) | 3.950% | 04/01/2030 | 238,000 | 270,369 | |
Boston Scientific Corp. (Health Care Equip. & Supplies) | 3.750% | 03/01/2026 | 137,000 | 150,728 | |
Boston Scientific Corp. (Health Care Equip. & Supplies) | 4.000% | 03/01/2029 | 71,000 | 80,453 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | 3.400% | 07/26/2029 | 125,000 | 138,541 | |
Centene Corp. (Health Care Providers & Svs.) | 4.625% | 12/15/2029 | 376,000 | 409,765 | |
Centene Corp. (Health Care Providers & Svs.) | 3.375% | 02/15/2030 | 212,000 | 219,484 | |
Cigna Corp. (Health Care Providers & Svs.) | 2.400% | 03/15/2030 | 114,000 | 115,891 | |
Cigna Corp. (Health Care Providers & Svs.) | 3.200% | 03/15/2040 | 52,000 | 53,549 | |
Cigna Corp. (Health Care Providers & Svs.) | 3.400% | 03/15/2050 | 78,000 | 80,553 | |
CVS Health Corp. (Health Care Providers & Svs.) | 3.000% | 08/15/2026 | 33,000 | 35,429 | |
CVS Health Corp. (Health Care Providers & Svs.) | 4.300% | 03/25/2028 | 40,000 | 45,626 | |
CVS Health Corp. (Health Care Providers & Svs.) | 4.125% | 04/01/2040 | 141,000 | 161,590 | |
DH Europe Finance II SARL (Health Care Equip. & Supplies) | 2.200% | 11/15/2024 | 129,000 | 134,311 | |
DH Europe Finance II SARL (Health Care Equip. & Supplies) | 2.600% | 11/15/2029 | 71,000 | 74,063 | |
DH Europe Finance II SARL (Health Care Equip. & Supplies) | 3.400% | 11/15/2049 | 91,000 | 98,341 | |
Jazz Securities DAC (Pharmaceuticals) | (b) | 4.375% | 01/15/2029 | 230,000 | 238,349 |
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies) | (b) | 3.875% | 04/01/2029 | 240,000 | 240,000 |
Pfizer, Inc. (Pharmaceuticals) | 2.625% | 04/01/2030 | 80,000 | 84,474 | |
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.) | 4.497% | 03/25/2030 | 372,000 | 440,185 | |
| 3,961,037 | |||||
| Industrials–1.6% | |||||
Air Lease Corp. (Trading Companies & Distributors) | 2.875% | 01/15/2026 | 28,000 | 29,257 | |
Air Lease Corp. (Trading Companies & Distributors) | 3.625% | 04/01/2027 | 15,000 | 16,118 | |
Air Lease Corp. (Trading Companies & Distributors) | 2.100% | 09/01/2028 | 107,000 | 103,879 | |
Aircastle Ltd. (Trading Companies & Distributors) | 4.125% | 05/01/2024 | 58,000 | 61,696 | |
Aircastle Ltd. (Trading Companies & Distributors) | (b) | 5.250% | 08/11/2025 | 149,000 | 166,587 |
Aircastle Ltd. (Trading Companies & Distributors) | 4.250% | 06/15/2026 | 21,000 | 22,957 | |
Aircastle Ltd. (Trading Companies & Distributors) | (b) | 2.850% | 01/26/2028 | 332,000 | 336,236 |
Allison Transmission, Inc. (Machinery) | (b) | 3.750% | 01/30/2031 | 232,000 | 225,620 |
BAE Systems PLC (Aerospace & Defense) | (b) | 3.400% | 04/15/2030 | 200,000 | 215,881 |
Carrier Global Corp. (Building Products) | 2.242% | 02/15/2025 | 145,000 | 150,219 | |
Carrier Global Corp. (Building Products) | 2.493% | 02/15/2027 | 116,000 | 121,287 | |
CITIC Ltd. (Industrial Conglomerates) | 2.850% | 02/25/2030 | 230,000 | 233,682 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Airlines) | (b) | 4.500% | 10/20/2025 | 134,058 | 143,442 |
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Airlines) | (b) | 4.750% | 10/20/2028 | 156,000 | 173,940 |
Embraer Netherlands Finance B.V. (Aerospace & Defense) | (b) | 6.950% | 01/17/2028 | 212,000 | 240,790 |
Equifax, Inc. (Professional Svs.) | 2.600% | 12/01/2024 | 423,000 | 443,881 | |
Equifax, Inc. (Professional Svs.) | 2.600% | 12/15/2025 | 147,000 | 154,132 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Industrials (continued) | |||||
Equifax, Inc. (Professional Svs.) | 3.100% | 05/15/2030 | $ 240,000 | $ 253,744 | |
Flowserve Corp. (Machinery) | 2.800% | 01/15/2032 | 193,000 | 190,992 | |
General Dynamics Corp. (Aerospace & Defense) | 3.625% | 04/01/2030 | 241,000 | 269,955 | |
General Dynamics Corp. (Aerospace & Defense) | 4.250% | 04/01/2040 | 167,000 | 203,543 | |
General Electric Co. (Industrial Conglomerates) | 3.450% | 05/01/2027 | 105,000 | 115,159 | |
General Electric Co. (Industrial Conglomerates) | 6.750% | 03/15/2032 | 129,000 | 176,456 | |
GFL Environmental, Inc. (Commercial Svs. & Supplies) | (b) | 3.500% | 09/01/2028 | 234,000 | 235,463 |
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 3.844% | 05/01/2025 | 205,000 | 222,029 | |
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 4.200% | 05/01/2030 | 366,000 | 413,110 | |
IHS Markit Ltd. (Professional Svs.) | 4.750% | 08/01/2028 | 16,000 | 18,734 | |
IHS Markit Ltd. (Professional Svs.) | 4.250% | 05/01/2029 | 66,000 | 75,215 | |
Northrop Grumman Corp. (Aerospace & Defense) | 4.400% | 05/01/2030 | 205,000 | 240,404 | |
Northrop Grumman Corp. (Aerospace & Defense) | 5.150% | 05/01/2040 | 90,000 | 117,098 | |
Northrop Grumman Corp. (Aerospace & Defense) | 5.250% | 05/01/2050 | 115,000 | 161,268 | |
United Parcel Service, Inc. (Air Freight & Logistics) | 3.900% | 04/01/2025 | 173,000 | 189,437 | |
United Parcel Service, Inc. (Air Freight & Logistics) | 4.450% | 04/01/2030 | 151,000 | 179,725 | |
Verisk Analytics, Inc. (Professional Svs.) | 5.500% | 06/15/2045 | 101,000 | 134,857 | |
Westinghouse Air Brake Technologies Corp. (Machinery) | 4.400% | 03/15/2024 | 189,000 | 203,188 | |
Westinghouse Air Brake Technologies Corp. (Machinery) | 3.200% | 06/15/2025 | 45,000 | 47,750 | |
Westinghouse Air Brake Technologies Corp. (Machinery) | 3.450% | 11/15/2026 | 66,000 | 70,626 | |
Westinghouse Air Brake Technologies Corp. (Machinery) | 4.950% | 09/15/2028 | 606,000 | 697,445 | |
| 7,055,802 | |||||
| Information Technology–1.1% | |||||
Broadcom, Inc. (Semiconductors & Equip.) | 4.110% | 09/15/2028 | 35,000 | 38,942 | |
Broadcom, Inc. (Semiconductors & Equip.) | 4.150% | 11/15/2030 | 512,000 | 567,282 | |
Broadcom, Inc. (Semiconductors & Equip.) | (b) | 3.137% | 11/15/2035 | 9,000 | 8,972 |
Broadcom, Inc. (Semiconductors & Equip.) | (b) | 3.187% | 11/15/2036 | 154,000 | 153,553 |
Global Payments, Inc. (IT Svs.) | 4.800% | 04/01/2026 | 185,000 | 209,563 | |
Global Payments, Inc. (IT Svs.) | 3.200% | 08/15/2029 | 75,000 | 79,282 | |
Infor, Inc. (Software) | (b) | 1.750% | 07/15/2025 | 106,000 | 107,364 |
Lam Research Corp. (Semiconductors & Equip.) | 4.000% | 03/15/2029 | 51,000 | 58,538 | |
Mastercard, Inc. (IT Svs.) | 3.350% | 03/26/2030 | 324,000 | 360,416 | |
Micron Technology, Inc. (Semiconductors & Equip.) | 2.497% | 04/24/2023 | 366,000 | 376,716 | |
Micron Technology, Inc. (Semiconductors & Equip.) | 4.185% | 02/15/2027 | 207,000 | 232,750 | |
NXP B.V. / NXP Funding LLC (Semiconductors & Equip.) | (b) | 5.550% | 12/01/2028 | 125,000 | 151,632 |
Oracle Corp. (Software) | 2.875% | 03/25/2031 | 225,000 | 231,524 | |
Oracle Corp. (Software) | 3.950% | 03/25/2051 | 265,000 | 279,474 | |
PayPal Holdings, Inc. (IT Svs.) | 2.850% | 10/01/2029 | 240,000 | 256,176 | |
SK Hynix, Inc. (Semiconductors & Equip.) | (b) | 2.375% | 01/19/2031 | 304,000 | 295,069 |
VeriSign, Inc. (IT Svs.) | 2.700% | 06/15/2031 | 128,000 | 130,092 | |
Visa, Inc. (IT Svs.) | 1.900% | 04/15/2027 | 452,000 | 466,658 | |
Visa, Inc. (IT Svs.) | 2.050% | 04/15/2030 | 220,000 | 223,495 | |
VMware, Inc. (Software) | 4.500% | 05/15/2025 | 261,000 | 290,708 | |
VMware, Inc. (Software) | 4.650% | 05/15/2027 | 293,000 | 336,443 | |
| 4,854,649 | |||||
| Materials–0.8% | |||||
Alpek S.A.B de C.V. (Chemicals) | (b) | 3.250% | 02/25/2031 | 383,000 | 386,834 |
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging) | (b) | 3.250% | 09/01/2028 | 308,000 | 307,230 |
Avery Dennison Corp. (Containers & Packaging) | 2.650% | 04/30/2030 | 299,000 | 306,172 | |
Axalta Coating Systems LLC (Chemicals) | (b) | 3.375% | 02/15/2029 | 220,000 | 213,950 |
Cemex S.A.B de C.V. (Construction Materials) | (b) | 3.875% | 07/11/2031 | 380,000 | 380,228 |
CSN Resources SA (Metals & Mining) | (b) | 4.625% | 06/10/2031 | 232,000 | 229,100 |
Ecolab, Inc. (Chemicals) | 4.800% | 03/24/2030 | 135,000 | 163,986 | |
Indonesia Asahan Aluminium Persero PT (Metals & Mining) | (b) | 4.750% | 05/15/2025 | 240,000 | 261,012 |
Industrias Penoles S.A.B de C.V. (Metals & Mining) | (b) | 4.750% | 08/06/2050 | 280,000 | 309,750 |
Ingevity Corp. (Chemicals) | (b) | 3.875% | 11/01/2028 | 188,000 | 187,530 |
Suzano Austria GmbH (Paper & Forest Products) | 2.500% | 09/15/2028 | 374,000 | 363,715 | |
Suzano Austria GmbH (Paper & Forest Products) | 3.750% | 01/15/2031 | 56,000 | 57,526 | |
Volcan Cia Minera S.A.A. (Metals & Mining) | (b) | 4.375% | 02/11/2026 | 65,000 | 63,277 |
Yamana Gold, Inc. (Metals & Mining) | (b) | 2.630% | 08/15/2031 | 276,000 | 269,637 |
| 3,499,947 | |||||
| Real Estate–0.5% | |||||
Alexandria Real Estate Equities, Inc. (Equity REIT) | 4.900% | 12/15/2030 | 275,000 | 332,631 | |
Camden Property Trust (Equity REIT) | 2.800% | 05/15/2030 | 342,000 | 360,952 | |
Crown Castle International Corp. (Equity REIT) | 3.650% | 09/01/2027 | 133,000 | 146,230 | |
Crown Castle International Corp. (Equity REIT) | 4.300% | 02/15/2029 | 154,000 | 174,767 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Real Estate (continued) | |||||
Crown Castle International Corp. (Equity REIT) | 3.100% | 11/15/2029 | $ 279,000 | $ 293,121 | |
Crown Castle International Corp. (Equity REIT) | 3.300% | 07/01/2030 | 67,000 | 71,405 | |
Equinix, Inc. (Equity REIT) | 2.625% | 11/18/2024 | 123,000 | 128,810 | |
Equinix, Inc. (Equity REIT) | 2.900% | 11/18/2026 | 104,000 | 110,291 | |
Equinix, Inc. (Equity REIT) | 3.200% | 11/18/2029 | 233,000 | 247,198 | |
Vornado Realty LP (Equity REIT) | 3.400% | 06/01/2031 | 239,000 | 247,316 | |
| 2,112,721 | |||||
| Utilities–1.2% | |||||
AEP Transmission Co. LLC (Electric Utilities) | 3.650% | 04/01/2050 | 162,000 | 180,912 | |
AES Panama Generation Holdings SRL (Electric Utilities) | (b) | 4.375% | 05/31/2030 | 285,000 | 293,835 |
Ameren Corp. (Multi-Utilities) | 3.500% | 01/15/2031 | 669,000 | 727,464 | |
American Water Capital Corp. (Water Utilities) | 2.800% | 05/01/2030 | 211,000 | 221,319 | |
American Water Capital Corp. (Water Utilities) | 3.450% | 05/01/2050 | 252,000 | 268,078 | |
Berkshire Hathaway Energy Co. (Multi-Utilities) | 3.700% | 07/15/2030 | 265,000 | 298,579 | |
Berkshire Hathaway Energy Co. (Multi-Utilities) | 4.250% | 10/15/2050 | 278,000 | 336,104 | |
Chile Electricity PEC SpA (Electric Utilities) | (b) | 0.000% | 01/25/2028 | 460,000 | 376,050 |
Dominion Energy, Inc. (Multi-Utilities) | 3.375% | 04/01/2030 | 340,000 | 368,300 | |
NRG Energy, Inc. (Electric Utilities) | (b) | 3.750% | 06/15/2024 | 308,000 | 328,533 |
NRG Energy, Inc. (Electric Utilities) | 6.625% | 01/15/2027 | 195,000 | 202,010 | |
Oncor Electric Delivery Co. LLC (Electric Utilities) | 3.700% | 11/15/2028 | 194,000 | 219,319 | |
Oncor Electric Delivery Co. LLC (Electric Utilities) | 3.800% | 06/01/2049 | 257,000 | 300,532 | |
Southern Co. / The (Electric Utilities) | 3.700% | 04/30/2030 | 508,000 | 557,774 | |
Venture Global Calcasieu Pass LLC (Gas Utilities) | (b) | 3.875% | 08/15/2029 | 65,000 | 66,953 |
Venture Global Calcasieu Pass LLC (Gas Utilities) | (b) | 4.125% | 08/15/2031 | 66,000 | 68,805 |
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (b) | 4.375% | 05/01/2029 | 231,000 | 232,416 |
| 5,046,983 | |||||
Total Corporate Bonds (Cost $65,081,078) | $69,355,508 |
| U.S. Treasury Obligations–9.9% | Rate | Maturity | Face Amount | Value | |
U.S. Treasury Bill | 0.000% | 10/21/2021 | $ 3,150,000 | $ 3,149,863 | |
U.S. Treasury Bill | 0.000% | 10/28/2021 | 1,820,000 | 1,819,910 | |
U.S. Treasury Bill | 0.000% | 11/04/2021 | 1,365,000 | 1,364,903 | |
U.S. Treasury Bill | 0.000% | 11/26/2021 | 1,430,000 | 1,429,917 | |
U.S. Treasury Note | 0.375% | 03/31/2022 | 6,284,600 | 6,294,420 | |
U.S. Treasury Note | 1.500% | 09/15/2022 | 626,000 | 634,363 | |
U.S. Treasury Note | 0.125% | 02/28/2023 | 836,200 | 835,579 | |
U.S. Treasury Note | (d) | 2.250% | 11/15/2024 | 1,865,000 | 1,962,985 |
U.S. Treasury Note | (d) | 0.500% | 03/31/2025 | 7,834,500 | 7,791,043 |
U.S. Treasury Note | 1.625% | 05/15/2026 | 5,438,800 | 5,609,187 | |
U.S. Treasury Note | 1.250% | 08/15/2031 | 1,193,600 | 1,164,692 | |
U.S. Treasury Note | 2.750% | 08/15/2042 | 2,036,600 | 2,291,891 | |
U.S. Treasury Note | 2.250% | 08/15/2049 | 1,246,800 | 1,292,386 | |
U.S. Treasury Note | 2.375% | 11/15/2049 | 338,600 | 360,384 | |
U.S. Treasury Note | 1.250% | 05/15/2050 | 755,000 | 617,655 | |
U.S. Treasury Note | 1.375% | 08/15/2050 | 1,679,400 | 1,417,125 | |
U.S. Treasury Note | 1.625% | 11/15/2050 | 240,000 | 215,616 | |
U.S. Treasury Note | 1.875% | 02/15/2051 | 3,788,400 | 3,612,595 | |
U.S. Treasury Note | 2.375% | 05/15/2051 | 338,200 | 360,923 | |
U.S. Treasury Note | 2.000% | 08/15/2051 | 866,300 | 851,004 | |
Total U.S. Treasury Obligations (Cost $43,341,345) | $43,076,441 |
| Purchased Options–8.4% | Notional Amount | Expiration | Exercise Price | Contracts (e) | Value | |
S&P 500 Index Call Option | $ 6,030,556 | December 2022 | $3,300 | 14 | $ 1,539,720 | |
S&P 500 Index Call Option | 2,153,770 | December 2022 | 3,350 | 5 | 529,300 | |
S&P 500 Index Call Option | 3,015,278 | December 2022 | 3,400 | 7 | 712,460 | |
S&P 500 Index Call Option | 4,307,540 | December 2022 | 3,450 | 10 | 977,400 | |
S&P 500 Index Call Option | 12,922,620 | December 2022 | 3,500 | 30 | 2,812,200 | |
S&P 500 Index Call Option | 2,153,770 | December 2022 | 3,600 | 5 | 429,350 | |
S&P 500 Index Call Option | 2,153,770 | December 2022 | 3,650 | 5 | 410,000 | |
S&P 500 Index Call Option | 2,153,770 | December 2022 | 4,000 | 5 | 288,520 | |
S&P 500 Index Call Option | 8,615,080 | December 2023 | 3,700 | 20 | 1,727,000 | |
S&P 500 Index Call Option | 6,461,310 | December 2023 | 3,800 | 15 | 1,193,100 | |
S&P 500 Index Call Option | 19,383,930 | December 2023 | 4,000 | 45 | 3,137,130 | |
S&P 500 Index Call Option | 3,015,278 | December 2023 | 4,100 | 7 | 422,660 | |
S&P 500 Index Call Option | 16,799,406 | December 2023 | 4,200 | 39 | 2,122,770 | |
S&P 500 Index Call Option | 8,615,080 | December 2023 | 4,250 | 20 | 1,030,800 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Purchased Options (Continued) | Notional Amount | Expiration | Exercise Price | Contracts (e) | Value | |
S&P 500 Index Call Option | $ 9,045,834 | December 2023 | $4,300 | 21 | $ 1,080,996 | |
S&P 500 Index Call Option | 18,522,422 | December 2023 | 4,400 | 43 | 1,975,549 | |
S&P 500 Index Call Option | 13,784,128 | December 2023 | 4,500 | 32 | 1,264,000 | |
S&P 500 Index Call Option | 5,169,048 | December 2023 | 4,600 | 12 | 434,880 | |
S&P 500 Index Put Option | 6,030,556 | December 2022 | 3,300 | 14 | 195,160 | |
S&P 500 Index Put Option | 2,153,770 | December 2022 | 3,350 | 5 | 73,900 | |
S&P 500 Index Put Option | 11,630,358 | December 2022 | 3,400 | 27 | 423,090 | |
S&P 500 Index Put Option | 4,307,540 | December 2022 | 3,450 | 10 | 166,000 | |
S&P 500 Index Put Option | 12,922,620 | December 2022 | 3,500 | 30 | 526,800 | |
S&P 500 Index Put Option | 2,153,770 | December 2022 | 3,600 | 5 | 99,525 | |
S&P 500 Index Put Option | 2,153,770 | December 2022 | 3,650 | 5 | 103,650 | |
S&P 500 Index Put Option | 2,153,770 | December 2022 | 4,000 | 5 | 151,480 | |
S&P 500 Index Put Option | 6,461,310 | December 2023 | 3,700 | 15 | 483,450 | |
S&P 500 Index Put Option | 6,461,310 | December 2023 | 3,800 | 15 | 529,050 | |
S&P 500 Index Put Option | 19,383,930 | December 2023 | 4,000 | 45 | 1,930,635 | |
S&P 500 Index Put Option | 3,015,278 | December 2023 | 4,100 | 7 | 325,430 | |
S&P 500 Index Put Option | 16,799,406 | December 2023 | 4,200 | 39 | 1,916,850 | |
S&P 500 Index Put Option | 8,615,080 | December 2023 | 4,250 | 20 | 1,031,600 | |
S&P 500 Index Put Option | 9,045,834 | December 2023 | 4,300 | 21 | 1,138,263 | |
S&P 500 Index Put Option | 18,522,422 | December 2023 | 4,400 | 43 | 2,515,285 | |
S&P 500 Index Put Option | 13,784,128 | December 2023 | 4,500 | 32 | 2,025,088 | |
S&P 500 Index Put Option | 5,169,048 | December 2023 | 4,600 | 12 | 808,320 | |
Total Purchased Options (Cost $33,909,373) | $36,531,411 |
| Asset-Backed / Mortgage-Backed Securities–6.8% | Rate | Maturity | Face Amount | Value | |
| Consumer Discretionary–0.1% | |||||
Domino's Pizza Master Issuer LLC 2021-1A A2I | (b) | 2.662% | 04/25/2051 | $ 175,560 | $ 180,549 |
Great Wolf Trust 2019-WOLF A | (b) | ML + 103 | 12/15/2036 | 64,000 | 63,980 |
Great Wolf Trust 2019-WOLF C | (b) | ML + 163 | 12/15/2036 | 79,000 | 78,755 |
Hardee's Funding LLC 2018-1A A23 | (b) | 5.710% | 06/20/2048 | 129,619 | 144,985 |
Hardee's Funding LLC 2020-1A A2 | (b) | 3.981% | 12/20/2050 | 134,028 | 142,050 |
| 610,319 | |||||
| Financials–6.7% | |||||
AB Issuer LLC 2021-1 A2 | (b) | 3.734% | 07/30/2051 | 320,000 | 325,127 |
Affirm Asset Securitization Trust 2020-A A | (b) | 2.100% | 02/18/2025 | 120,000 | 120,603 |
Affirm Asset Securitization Trust 2021-A C | (b) | 1.660% | 08/15/2025 | 200,000 | 200,972 |
Affirm Asset Securitization Trust 2021-Z1 A | (b) | 1.070% | 08/15/2025 | 135,149 | 135,445 |
AGL CLO 2021-12A D | (b) | QL + 285 | 07/20/2034 | 250,000 | 248,799 |
Avant Loans Funding Trust 2021-REV1 A | (b) | 1.210% | 07/15/2030 | 441,000 | 441,156 |
Bain Capital Credit CLO 2021-4A D | (b) | QL + 310 | 10/20/2034 | 250,000 | 249,075 |
Balboa Bay Loan Funding 2021-1A D | (b) | QL + 305 | 07/20/2034 | 307,948 | 308,138 |
Ballyrock CLO 15 Ltd. 2021-1A C | (b) | QL + 310 | 04/15/2034 | 250,000 | 250,390 |
Ballyrock CLO 16 Ltd. 2021-16A C | (b) | QL + 290 | 07/20/2034 | 250,000 | 249,064 |
Ballyrock CLO 17 Ltd. 2021-17A C | (b) | QL + 305 | 10/20/2034 | 250,000 | 249,987 |
BBCMS 2020-BID A | (b) | ML + 214 | 10/15/2037 | 301,000 | 302,781 |
BCP Trust 2021-330N A | (b) | ML + 80 | 06/15/2038 | 62,744 | 62,303 |
Bellemeade RE 2020-4A M2A | (b) | ML + 260 | 06/25/2030 | 69,697 | 69,715 |
Bellemeade RE 2021-3A A2 | (b) | SOFR30A + 100 | 09/25/2031 | 286,223 | 287,262 |
Bellemeade RE Ltd. 2021-1A M1C | (b) | SOFR30A + 295 | 03/25/2031 | 167,482 | 174,567 |
BFLD Trust 2021-FPM A | (b) | ML + 160 | 06/15/2038 | 462,000 | 462,278 |
Brex Commercial Charge Card Master Trust 2021-1 A | (b) | 2.090% | 07/15/2024 | 167,000 | 168,737 |
BX Commercial Mortgage Trust 2019-IMC E | (b) | ML + 215 | 04/15/2034 | 320,787 | 319,889 |
Carvana Auto Receivables Trust 2021-N3 C | 1.020% | 06/12/2028 | 141,000 | 140,870 | |
CIM Trust 2021-INV1 A2 | (b) | 2.500% | 07/01/2051 | 283,513 | 287,965 |
Citigroup Commercial Mortgage Trust 2017-P8 AS | 3.789% | 09/15/2050 | 127,167 | 139,764 | |
COMM 2015-LC23 C | 4.770% | 10/10/2048 | 100,000 | 107,171 | |
Connecticut Avenue Securities Trust 2019-R02 1M2 | (b) | ML + 230 | 08/25/2031 | 29,351 | 29,551 |
Connecticut Avenue Securities Trust 2019-R03 1M2 | (b) | ML + 215 | 09/25/2031 | 76,452 | 76,909 |
Connecticut Avenue Securities Trust 2019-R04 2M2 | (b) | ML + 210 | 06/25/2039 | 11,960 | 11,990 |
Connecticut Avenue Securities Trust 2019-R05 1M2 | (b) | ML + 200 | 07/25/2039 | 51,838 | 51,970 |
Connecticut Avenue Securities Trust 2019-R07 1M2 | (b) | ML + 210 | 10/25/2039 | 107,529 | 108,061 |
Connecticut Avenue Securities Trust 2020-R02 2M2 | (b) | ML + 200 | 01/25/2040 | 250,343 | 251,477 |
Connecticut Avenue Securities Trust 2020-SBT1 1M2 | (b) | ML + 365 | 02/25/2040 | 255,000 | 265,917 |
Connecticut Avenue Securities Trust 2020-SBT1 2M2 | (b) | ML + 365 | 02/25/2040 | 270,000 | 282,908 |
CPS Auto Receivables Trust 2021-B C | (b) | 1.230% | 03/15/2027 | 234,000 | 234,445 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Asset-Backed / Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | |
| Financials (continued) | |||||
CPS Auto Receivables Trust 2021-C D | (b) | 1.690% | 06/15/2027 | $ 210,000 | $ 208,954 |
Diamond Infrastructure Funding LLC 2021-1A B | (b) | 2.355% | 04/15/2049 | 145,030 | 143,382 |
Donlen Fleet Lease Funding 2021-2 C | (b) | 1.200% | 12/11/2034 | 460,000 | 459,361 |
DROP Mortgage Trust 2021-FILE A | (b) | ML + 115 | 04/15/2026 | 310,000 | 310,961 |
Eagle RE 2020-2 M1B | (b) | ML + 400 | 10/25/2030 | 368,038 | 368,934 |
Elmwood CLO IX Ltd. 2021-2A D | (b) | QL + 295 | 07/20/2034 | 250,000 | 249,046 |
Fannie Mae Connecticut Avenue Securities 2014-C04 1M2 | ML + 490 | 11/25/2024 | 236,033 | 244,825 | |
Fannie Mae Connecticut Avenue Securities 2015-C02 1M2 | ML + 400 | 05/25/2025 | 27,151 | 27,637 | |
Fannie Mae Connecticut Avenue Securities 2015-C03 1M2 | ML + 500 | 07/25/2025 | 147,947 | 152,116 | |
Fannie Mae Connecticut Avenue Securities 2015-C03 2M2 | ML + 500 | 07/25/2025 | 14,326 | 14,462 | |
Fannie Mae Connecticut Avenue Securities 2015-C04 1M2 | ML + 570 | 04/25/2028 | 74,841 | 78,977 | |
Fannie Mae Connecticut Avenue Securities 2016-C01 1M2 | ML + 675 | 08/25/2028 | 115,599 | 122,120 | |
Fannie Mae Connecticut Avenue Securities 2016-C03 2M2 | ML + 590 | 10/25/2028 | 123,713 | 129,946 | |
Fannie Mae Connecticut Avenue Securities 2016-C04 1M2 | ML + 425 | 01/25/2029 | 239,916 | 248,699 | |
Fannie Mae Connecticut Avenue Securities 2016-C07 2M2 | ML + 435 | 05/25/2029 | 102,652 | 106,964 | |
Fannie Mae Connecticut Avenue Securities 2017-C01 1M2 | ML + 355 | 07/25/2029 | 271,629 | 279,736 | |
Fannie Mae Connecticut Avenue Securities 2017-C02 2M2C | ML + 365 | 09/25/2029 | 241,691 | 251,807 | |
Fannie Mae Connecticut Avenue Securities 2017-C07 1B1 | ML + 400 | 05/25/2030 | 300,000 | 312,899 | |
Fannie Mae Connecticut Avenue Securities 2018-C05 1M2 | ML + 235 | 01/25/2031 | 80,576 | 81,746 | |
Fannie Mae Connecticut Avenue Securities 2018-C06 1M2 | ML + 200 | 03/25/2031 | 207,474 | 209,529 | |
FHF Trust 2021-2A A | (b) | 0.830% | 12/15/2026 | 146,000 | 145,945 |
First Investors Auto Owner Trust 2018-1A E | (b) | 5.350% | 07/15/2024 | 350,000 | 359,846 |
Flagstar Mortgage Trust 2021-8INV A3 | (b) | 2.500% | 09/25/2051 | 252,005 | 255,017 |
Flatiron CLO 2021-1A D | (b) | QL + 290 | 07/19/2034 | 250,000 | 249,054 |
Ford Credit Auto Owner Trust 2021-1 D | (b) | 2.310% | 10/17/2033 | 230,000 | 230,034 |
Freddie Mac Multifamily Structured Credit Risk 2021-MN1 M1 | (b) | SOFR30A + 200 | 01/25/2051 | 54,667 | 55,034 |
Freddie Mac REMICS FHR 4981 HS | ML + 610 | 06/25/2050 | 1,100,577 | 206,471 | |
Freddie Mac REMICS FHR 5015 BI | 4.000% | 09/25/2050 | 679,638 | 121,407 | |
Freddie Mac STACR REMIC Trust 2020-DNA1 M2 | (b) | ML + 170 | 01/25/2050 | 129,053 | 129,588 |
Freddie Mac STACR REMIC Trust 2020-DNA5 M2 | (b) | SOFR30A + 280 | 10/25/2050 | 223,916 | 226,662 |
Freddie Mac STACR REMIC Trust 2021-DNA3 B1 | (b) | SOFR30A + 350 | 10/25/2033 | 278,276 | 291,500 |
Freddie Mac STACR Trust 2019-DNA4 M2 | (b) | ML + 195 | 10/25/2049 | 43,003 | 43,169 |
Freddie Mac STACR Trust 2019-HQA2 M2 | (b) | ML + 205 | 04/25/2049 | 70,527 | 70,952 |
Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA4 M3 | ML + 380 | 03/25/2029 | 273,089 | 282,542 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA2 M3 | ML + 515 | 11/25/2028 | 194,520 | 200,753 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2 | ML + 345 | 10/25/2029 | 300,000 | 310,941 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2 | ML + 250 | 03/25/2030 | 270,000 | 276,909 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2B | ML + 265 | 12/25/2029 | 458,126 | 468,415 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2 | ML + 180 | 07/25/2030 | 97,390 | 98,178 | |
FREED ABS Trust 2021-2 C | (b) | 1.940% | 06/19/2028 | 460,000 | 461,890 |
GCI Funding I LLC 2021-1 A | (b) | 2.380% | 06/18/2046 | 163,707 | 164,526 |
Goldentree Loan Management U.S. CLO 7 Ltd. 2020-7A AR | (b) | QL + 107 | 04/20/2034 | 250,000 | 250,385 |
GS Mortgage Securities Trust 2012-GC6 B | (b) | 6.047% | 01/10/2045 | 300,000 | 301,098 |
GS Mortgage Securities Trust 2012-GCJ9 AS | 3.124% | 11/10/2045 | 287,514 | 293,680 | |
GS Mortgage Securities Trust 2016-GS3 A4 | 2.850% | 10/10/2049 | 270,000 | 286,399 | |
GS Mortgage Securities Trust 2017-GS7 A4 | 3.430% | 08/10/2050 | 270,000 | 294,766 | |
GS Mortgage Securities Trust 2018-GS9 A4 | 3.992% | 03/10/2051 | 153,543 | 172,958 | |
GS Mortgage Securities Trust 2019-GC38 A4 | 3.968% | 02/10/2052 | 250,000 | 283,696 | |
GSF Issuer LLC 2021-1 A1 | (b) | 1.757% | 08/15/2026 | 40,906 | 40,883 |
GSF Issuer LLC 2021-1 A2 | (b) | 2.456% | 08/15/2026 | 81,000 | 83,245 |
GSF Issuer LLC 2021-1 AS | (b) | 2.699% | 08/15/2026 | 11,000 | 11,281 |
HFX Funding Issuer 2017-1 | (b) | 3.647% | 03/15/2035 | 280,000 | 289,755 |
Home RE 2020-1 M1B | (b) | ML + 325 | 10/25/2030 | 195,626 | 197,582 |
Home RE 2021-2 M1B | (b) | SOFR30A + 160 | 01/25/2034 | 222,490 | 222,621 |
Invitation Homes 2018-SFR1 C | (b) | ML + 125 | 03/17/2037 | 474,932 | 475,550 |
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 A5 | 2.840% | 12/15/2047 | 168,296 | 171,002 | |
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 B | 3.674% | 12/15/2047 | 300,000 | 308,903 | |
JPMBB Commercial Mortgage Securities Trust 2013-C15 AS | 4.420% | 11/15/2045 | 250,000 | 266,610 | |
JPMBB Commercial Mortgage Securities Trust 2014-C21 C | 4.798% | 08/15/2047 | 295,000 | 309,924 | |
JPMBB Commercial Mortgage Securities Trust 2015-C27 AS | 3.634% | 02/15/2048 | 130,694 | 138,721 | |
Kayne CLO 11 Ltd. 2021-11A D | (b) | QL + 290 | 04/15/2034 | 250,000 | 249,077 |
Magnetite XXVI Ltd. 2020-26A A1R | (b) | QL + 112 | 07/25/2034 | 440,533 | 440,533 |
Mello Mortgage Capital Acceptance 2021-INV2 A3 | (b) | 2.500% | 08/25/2051 | 240,566 | 244,194 |
Morgan Stanley Capital I Trust 2018-H3 AS | 4.429% | 07/15/2051 | 270,000 | 306,516 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Asset-Backed / Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | |
| Financials (continued) | |||||
Morgan Stanley Capital I Trust 2018-H4 A4 | 4.310% | 12/15/2051 | $ 250,000 | $ 288,212 | |
Mortgage Insurance-Linked Notes 2021-3 M1B | (b) | SOFR30A + 290 | 02/25/2034 | 240,000 | 241,796 |
Neighborly Issuer LLC 2021-1A A2 | (b) | 3.584% | 04/30/2051 | 126,310 | 130,132 |
Nelnet Student Loan Trust 2021-BA B | (b) | 2.680% | 04/20/2062 | 100,000 | 100,072 |
Neuberger Berman Loan Advisers Clo 2021-42A D | (b) | QL + 280 | 07/16/2035 | 301,613 | 300,516 |
Neuberger Berman Loan Advisers Clo 43 Ltd. 2021-43A D | (b) | QL + 310 | 07/17/2035 | 250,000 | 249,073 |
New Residential Mortgage Loan Trust 2021-INV1 A2 | (b) | 2.500% | 06/25/2051 | 353,874 | 360,095 |
OCP CLO 2020-18A AR | (b) | QL + 109 | 07/20/2032 | 322,000 | 322,440 |
PMT Credit Risk Transfer Trust 2019-2R A | (b) | ML + 275 | 05/27/2023 | 169,807 | 168,109 |
Radnor RE 2020-2 M1C | (b) | ML + 460 | 10/25/2030 | 150,000 | 150,846 |
Regatta XX Funding Ltd. 2021-2A A | (b) | QL + 116 | 10/15/2034 | 450,431 | 450,795 |
Rockford Tower CLO 2021-1A D | (b) | QL + 300 | 07/20/2034 | 306,626 | 306,626 |
Rockford Tower CLO 2021-2A A1 | (b) | QL + 116 | 07/20/2034 | 250,000 | 249,862 |
SG Commercial Mortgage Securities Trust 2016-C5 A4 | 3.055% | 10/10/2048 | 250,000 | 263,979 | |
STACR Trust 2018-DNA3 M2 | (b) | ML + 210 | 09/25/2048 | 110,313 | 111,969 |
Traingle RE 2020-1 M1B | (b) | ML + 390 | 10/25/2030 | 423,651 | 425,295 |
Traingle RE 2021-1 M1B | (b) | ML + 300 | 08/25/2033 | 150,146 | 150,617 |
UBS Commercial Mortgage Trust 2018-C10 A3 | 4.048% | 05/15/2051 | 270,000 | 300,344 | |
Upstart Securitization Trust 2020-3 A | (b) | 1.702% | 11/20/2030 | 79,886 | 80,280 |
Upstart Securitization Trust 2021-3 B | (b) | 1.660% | 07/20/2031 | 210,000 | 209,715 |
UWM Mortgage Trust 2021-INV1 A3 | (b) | 2.500% | 08/25/2051 | 305,670 | 310,088 |
VASA Trust 2021-VASA A | (b) | ML + 90 | 07/15/2039 | 460,000 | 460,131 |
Wells Fargo Commercial Mortgage Trust 2015-C28 A4 | 3.540% | 05/15/2048 | 250,000 | 270,098 | |
Wells Fargo Commercial Mortgage Trust 2015-C30 A3 | 3.411% | 09/15/2058 | 232,889 | 249,871 | |
Wells Fargo Commercial Mortgage Trust 2015-NXS3 A4 | 3.617% | 09/15/2057 | 270,000 | 293,620 | |
Wells Fargo Commercial Mortgage Trust 2016-C35 A3 | 2.674% | 07/15/2048 | 300,000 | 312,090 | |
Wells Fargo Commercial Mortgage Trust 2016-C35 B | 3.438% | 07/15/2048 | 270,000 | 282,922 | |
Wells Fargo Commercial Mortgage Trust 2017-C39 A5 | 3.418% | 09/15/2050 | 270,000 | 294,704 | |
Wells Fargo Commercial Mortgage Trust 2017-C41 A3 | 3.210% | 11/15/2050 | 270,000 | 285,802 | |
Wells Fargo Commercial Mortgage Trust 2018-C44 A4 | 3.948% | 05/15/2051 | 270,000 | 298,922 | |
WFRBS Commercial Mortgage Trust 2014-C24 AS | 3.931% | 11/15/2047 | 270,000 | 285,867 | |
| 29,110,487 | |||||
Total Asset-Backed / Mortgage-Backed Securities (Cost $29,225,415) | $29,720,806 |
| U.S. Government Agency Mortgage-Backed Securities–2.1% | Rate | Maturity | Face Amount | Value | |
Fannie Mae or Freddie Mac UMBS TBA | 2.500% | 10/15/2051 | $ 1,484,000 | $ 1,530,085 | |
Fannie Mae Pool FN AL5310 | 3.500% | 04/01/2044 | 2,715 | 2,983 | |
Fannie Mae Pool FN AL5887 | 4.500% | 10/01/2044 | 17,649 | 19,828 | |
Fannie Mae Pool FN AL6542 | 4.500% | 03/01/2045 | 25,911 | 29,110 | |
Fannie Mae Pool FN AL6620 | 4.500% | 08/01/2042 | 160,261 | 178,462 | |
Fannie Mae Pool FN AL6997 | 4.500% | 11/01/2042 | 11,600 | 12,995 | |
Fannie Mae Pool FN AL8855 | 3.500% | 07/01/2046 | 10,418 | 11,299 | |
Fannie Mae Pool FN AS7168 | 3.500% | 05/01/2046 | 22,451 | 24,206 | |
Fannie Mae Pool FN AS7587 | 3.500% | 07/01/2046 | 113,134 | 123,480 | |
Fannie Mae Pool FN AS7822 | 3.500% | 08/01/2046 | 262,762 | 283,360 | |
Fannie Mae Pool FN AZ9203 | 3.000% | 10/01/2045 | 22,767 | 24,030 | |
Fannie Mae Pool FN BA2885 | 3.000% | 10/01/2045 | 47,225 | 49,912 | |
Fannie Mae Pool FN BA4752 | 3.000% | 01/01/2046 | 5,881 | 6,227 | |
Fannie Mae Pool FN BC1520 | 3.500% | 08/01/2046 | 191,017 | 206,393 | |
Fannie Mae Pool FN BC2468 | 3.000% | 03/01/2046 | 117,333 | 123,487 | |
Fannie Mae Pool FN BC2488 | 3.000% | 03/01/2046 | 136,374 | 143,446 | |
Fannie Mae Pool FN BC9077 | 3.500% | 12/01/2046 | 13,550 | 14,608 | |
Fannie Mae Pool FN BH1902 | 3.500% | 12/01/2047 | 12,317 | 13,667 | |
Fannie Mae Pool FN BH3892 | 3.500% | 08/01/2047 | 28,371 | 30,228 | |
Fannie Mae Pool FN BH6940 | 3.500% | 08/01/2047 | 24,709 | 26,645 | |
Fannie Mae Pool FN BJ1692 | 3.500% | 12/01/2047 | 61,143 | 66,242 | |
Fannie Mae Pool FN BJ1695 | 3.500% | 12/01/2047 | 8,774 | 9,432 | |
Fannie Mae Pool FN BJ4558 | 3.500% | 01/01/2048 | 46,321 | 50,016 | |
Fannie Mae Pool FN BJ4559 | 3.500% | 01/01/2048 | 16,873 | 18,211 | |
Fannie Mae Pool FN BJ4566 | 4.000% | 01/01/2048 | 141,584 | 155,245 | |
Fannie Mae Pool FN BJ4567 | 4.000% | 01/01/2048 | 214,048 | 232,747 | |
Fannie Mae Pool FN BJ5170 | 3.500% | 03/01/2048 | 9,539 | 10,513 | |
Fannie Mae Pool FN BK1964 | 4.000% | 03/01/2048 | 50,495 | 55,321 | |
Fannie Mae Pool FN BK1975 | 3.500% | 03/01/2048 | 24,367 | 26,315 | |
Fannie Mae Pool FN BK3211 | 4.500% | 03/01/2048 | 55,659 | 60,590 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| U.S. Government Agency Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | |
Fannie Mae Pool FN BK4157 | 4.000% | 05/01/2048 | $ 73,360 | $ 79,135 | |
Fannie Mae Pool FN BM3282 | 3.500% | 12/01/2047 | 6,847 | 7,545 | |
Fannie Mae Pool FN BM3511 | 4.500% | 02/01/2046 | 95,176 | 106,530 | |
Fannie Mae Pool FN BM3912 | 3.000% | 03/01/2047 | 142,617 | 152,663 | |
Fannie Mae Pool FN BM4427 | 3.500% | 04/01/2048 | 86,165 | 92,832 | |
Fannie Mae Pool FN BM4735 | 3.500% | 04/01/2048 | 106,697 | 117,415 | |
Fannie Mae Pool FN BM4896 | 3.000% | 02/01/2047 | 930,664 | 992,344 | |
Fannie Mae Pool FN BM5138 | 3.500% | 11/01/2048 | 181,356 | 199,027 | |
Fannie Mae Pool FN BM5334 | 3.500% | 01/01/2049 | 49,386 | 53,325 | |
Fannie Mae Pool FN BN0012 | 4.500% | 08/01/2048 | 32,711 | 35,472 | |
Fannie Mae Pool FN BO3223 | 3.000% | 10/01/2034 | 39,502 | 42,022 | |
Fannie Mae Pool FN BO4725 | 2.500% | 11/01/2034 | 61,438 | 64,951 | |
Fannie Mae Pool FN BO5957 | 3.000% | 12/01/2034 | 7,695 | 8,217 | |
Fannie Mae Pool FN BO7717 | 3.000% | 11/01/2034 | 6,885 | 7,347 | |
Fannie Mae Pool FN CA0108 | 3.500% | 08/01/2047 | 23,927 | 26,251 | |
Fannie Mae Pool FN FM0029 | 3.000% | 09/01/2046 | 231,436 | 246,860 | |
Fannie Mae Pool FN FM1036 | 3.000% | 05/01/2043 | 125,592 | 133,882 | |
Fannie Mae Pool FN MA3211 | 4.000% | 12/01/2047 | 67,204 | 72,496 | |
Fannie Mae Pool FN MA3239 | 4.000% | 01/01/2048 | 10,796 | 11,676 | |
Freddie Mac Gold Pool FG G60658 | 3.500% | 07/01/2046 | 230,494 | 253,312 | |
Freddie Mac Gold Pool FG G61360 | 3.500% | 03/01/2048 | 48,308 | 52,518 | |
Freddie Mac Gold Pool FG G61737 | 3.500% | 11/01/2048 | 206,930 | 224,386 | |
Freddie Mac Gold Pool FG Q54793 | 4.500% | 03/01/2048 | 47,887 | 51,938 | |
Freddie Mac Gold Pool FG Q55394 | 3.500% | 04/01/2048 | 17,606 | 19,128 | |
Freddie Mac Pool FR QN0783 | 3.000% | 10/01/2034 | 34,816 | 37,103 | |
Freddie Mac Pool FR QN0786 | 3.000% | 10/01/2034 | 83,426 | 89,268 | |
Freddie Mac Pool FR QN0951 | 2.500% | 11/01/2034 | 55,816 | 59,086 | |
Freddie Mac Pool FR SB0040 | 2.500% | 12/01/2033 | 291,413 | 304,886 | |
Freddie Mac Pool FR SB0116 | 2.500% | 11/01/2034 | 78,327 | 82,885 | |
Freddie Mac Pool FR ZA4718 | 3.000% | 10/01/2046 | 175,133 | 186,657 | |
Freddie Mac Pool FR ZK8962 | 3.000% | 09/01/2032 | 66,349 | 70,400 | |
Freddie Mac Pool FR ZK9009 | 3.000% | 10/01/2032 | 25,769 | 27,251 | |
Freddie Mac Pool FR ZK9163 | 3.000% | 01/01/2033 | 39,278 | 41,795 | |
Freddie Mac Pool FR ZM1434 | 3.500% | 07/01/2046 | 37,084 | 39,801 | |
Freddie Mac Pool FR ZM4821 | 3.500% | 11/01/2047 | 32,764 | 35,710 | |
Freddie Mac Pool FR ZM4939 | 3.500% | 11/01/2047 | 58,099 | 62,627 | |
Freddie Mac Pool FR ZM5102 | 3.500% | 12/01/2047 | 72,771 | 79,376 | |
Freddie Mac Pool FR ZM5228 | 3.500% | 12/01/2047 | 41,164 | 44,371 | |
Freddie Mac Pool FR ZM5705 | 3.500% | 02/01/2048 | 19,074 | 20,575 | |
Freddie Mac Pool FR ZM5707 | 3.500% | 02/01/2048 | 14,475 | 15,608 | |
Freddie Mac Pool FR ZM5945 | 4.000% | 03/01/2048 | 43,474 | 47,490 | |
Freddie Mac Pool FR ZM6220 | 4.000% | 04/01/2048 | 24,313 | 26,070 | |
Freddie Mac Pool FR ZM6276 | 4.000% | 04/01/2048 | 51,013 | 55,171 | |
Freddie Mac Pool FR ZM6427 | 4.000% | 05/01/2048 | 126,562 | 135,944 | |
Freddie Mac Pool FR ZN2165 | 4.500% | 12/01/2048 | 61,822 | 68,748 | |
Freddie Mac Pool FR ZS4598 | 3.000% | 01/01/2045 | 22,236 | 23,504 | |
Freddie Mac Pool FR ZS7403 | 3.000% | 05/01/2031 | 213,245 | 224,723 | |
Freddie Mac Pool FR ZS9830 | 3.500% | 10/01/2046 | 245,278 | 264,995 | |
Freddie Mac Pool FR ZT0272 | 3.500% | 02/01/2047 | 132,842 | 143,195 | |
Freddie Mac Pool FR ZT0337 | 3.500% | 12/01/2044 | 24,041 | 26,088 | |
Freddie Mac Pool FR ZT0537 | 3.500% | 03/01/2048 | 185,785 | 202,745 | |
Freddie Mac Pool FR ZT1633 | 4.000% | 03/01/2047 | 12,528 | 13,693 | |
Total U.S. Government Agency Mortgage-Backed Securities (Cost $8,636,098) | $9,020,120 |
| Exchange Traded Funds–2.0% | Shares | Value | |
SPDR S&P 500 ETF Trust | 20,176 | $ 8,658,329 | |
Total Exchange Traded Funds (Cost $6,675,743) | $8,658,329 |
| Preferred Securities–0.8% | Rate | Quantity | Value | |
| Financials–0.7% | ||||
American Express Co. DR (Consumer Finance) | QL + 343 | 26,000 | $ 26,031 | |
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 | 314,600 |
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 | 138,276 |
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 | 66,948 |
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 | 474,337 |
Citigroup, Inc. DR (Rate is fixed until 01/30/2023, at which point, the rate becomes QL + 407) (Banks) | (c) | 5.950% | 217,000 | 226,222 |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Preferred Securities (Continued) | Rate | Quantity | Value | |
| Financials (continued) | ||||
Citigroup, Inc. DR (Rate is fixed until 05/15/2025, at which point, the rate becomes QL + 391) (Banks) | (c) | 5.950% | 142,000 | $ 154,958 |
Citigroup, Inc. (Rate is fixed until 12/10/2025, at which point, the rate becomes H15T5Y + 360) (Banks) | (c) | 4.000% | 101,000 | 104,656 |
Citigroup, Inc. DR (Rate is fixed until 02/15/2023, at which point, the rate becomes QL + 423) (Banks) | (c) | 5.900% | 27,000 | 28,148 |
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 | 453,377 |
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 | 82,574 |
JPMorgan Chase & Co. DR (Banks) | QL + 347 | 131,000 | 131,717 | |
JPMorgan Chase & Co. DR (Banks) | QL + 380 | 110,000 | 110,125 | |
JPMorgan Chase & Co. DR (Banks) | QL + 332 | 65,000 | 65,244 | |
Morgan Stanley DR (Capital Markets) | QL + 361 | 33,000 | 33,297 | |
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 | 294,272 |
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 | 325,437 |
| 3,030,219 | ||||
| Industrials–0.1% | ||||
General Electric Co. (Industrial Conglomerates) | QL + 333 | 336,000 | 328,860 | |
Total Preferred Securities (Cost $3,229,087) | $3,359,079 |
| Sovereign Issues–0.7% | Rate | Maturity | Face Amount | Value | |
CDBL Funding 1 | 3.500% | 10/24/2027 | $ 230,000 | $ 242,813 | |
Colombia Government International Bond | 3.125% | 04/15/2031 | 540,000 | 505,456 | |
Comision Federal de Electricidad | (b) | 3.348% | 02/09/2031 | 236,000 | 231,577 |
Corp. Financiera de Desarrollo SA | (b) | 2.400% | 09/28/2027 | 435,000 | 431,089 |
Dominican Republic International Bond | (b) | 4.875% | 09/23/2032 | 250,000 | 255,003 |
Egypt Government International Bond | (b) | 5.875% | 02/16/2031 | 307,000 | 282,062 |
ENA Master Trust | (b) | 4.000% | 05/19/2048 | 203,000 | 208,075 |
Oleoducto Central SA | (b) | 4.000% | 07/14/2027 | 410,000 | 422,300 |
Oman Government International Bond | 4.875% | 02/01/2025 | 200,000 | 207,725 | |
Oman Government International Bond | (b) | 6.250% | 01/25/2031 | 230,000 | 245,841 |
Total Sovereign Issues (Cost $3,062,239) | $3,031,941 |
| Taxable Municipal Bonds–0.2% | Rate | Maturity | Face Amount | Value | |
Ochsner LSU Health System of North Louisiana | 2.510% | 05/15/2031 | $ 230,000 | $ 225,308 | |
Tobacco Settlement Finance Authority | 3.000% | 06/01/2035 | 165,000 | 169,322 | |
University of California | 3.071% | 05/15/2051 | 310,000 | 314,143 | |
Total Taxable Municipal Bonds (Cost $706,817) | $708,773 |
| Money Market Funds–4.9% | Shares | Value | |
State Street Institutional Liquid Reserves Fund Institutional Class, 0.042% | (f) | 17,983,298 | $ 17,986,894 |
State Street Institutional U.S. Government Money Market Fund, 0.025% | (f) | 3,289,021 | 3,289,021 |
Total Money Market Funds (Cost $21,275,915) | $21,275,915 | ||
Total Investments – 100.0% (Cost $358,947,763) | (g) | $434,310,925 | |
| Other Assets in Excess of Liabilities – 0.0% | (d) | 165,314 | |
| Net Assets – 100.0% | $434,476,239 |
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, 1.520% at 09/30/2021 | |
| H15T1Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 0.090% at 09/30/2021 | |
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 0.980% at 09/30/2021 | |
| ML: | Monthly U.S. LIBOR Rate, 0.080% at 09/30/2021 | |
| QL: | Quarterly U.S. LIBOR Rate, 0.130% at 09/30/2021 | |
| SOFR: | Secured Overnight Financing Rate, 0.050% at 09/30/2021 | |
| SOFR30A: | 30 Day Average Secured Overnight Financing Rate, 0.050% at 09/30/2021 | |
| UMBS TBA: | Uniform Mortgage-Backed Security; the securities actually delivered on settlement of the To Be Announced ("TBA") could be issued by Fannie Mae, Freddie Mac, or any combination thereof | |
| USISDA05: | USD ICE Swap Rate 11:00am NY 5 Year, 1.083% at 09/30/2021 | |
| Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| 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 September 30, 2021, the value of these securities totaled $36,311,679, or 8.4% 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 September 30, 2021. | |
| (d) | Security is partially pledged, in addition to $15,673 of the Portfolio's cash, as collateral for the futures contracts outstanding at September 30, 2021. The market value pledged totaled $4,144,974. See also the following Schedule of Open Futures Contracts. | |
| (e) | 100 shares per contract. | |
| (f) | Rate represents the seven-day yield at September 30, 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. | |
| Schedule of Open Futures Contracts | September 30, 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 | 117 | December 17, 2021 | $25,570,382 | $25,141,838 | $(428,544) | $(285,950) | ||||||
| CBT U.S. Long Bond - Long | 79 | December 21, 2021 | 12,838,746 | 12,578,281 | (260,465) | 9,875 | ||||||
| CBT 10-Year U.S. Treasury Note - Long | 1,370 | December 21, 2021 | 182,737,342 | 180,304,844 | (2,432,498) | 237,913 | ||||||
| CBT U.S. Ultra Bond - Long | 20 | December 21, 2021 | 3,932,397 | 3,821,250 | (111,147) | (3,125) | ||||||
| CBT 5-Year U.S. Treasury Note - Long | 19 | December 31, 2021 | 2,348,274 | 2,332,102 | (16,172) | 1,633 | ||||||
| CBT 2-Year U.S. Treasury Note - Long | 138 | December 31, 2021 | 30,385,404 | 30,367,547 | (17,857) | 7,063 | ||||||
| $257,812,545 | $254,545,862 | $(3,266,683) | $(32,591) |
| Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
| CBT 10-Year U.S. Ultra Bond - Short | 38 | December 21, 2021 | $(5,598,518) | $(5,519,500) | $79,018 | $(6,531) | ||||||
| Total Futures Contracts | $252,214,027 | $249,026,362 | $(3,187,665) | $(39,122) |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds–42.1% | Rate | Maturity | Face Amount | Value | |
| Communication Services–5.1% | |||||
Alphabet, Inc. (Interactive Media & Svs.) | 1.900% | 08/15/2040 | $ 650,000 | $ 583,604 | |
AMC Networks, Inc. (Media) | 5.000% | 04/01/2024 | 20,000 | 20,225 | |
AMC Networks, Inc. (Media) | 4.250% | 02/15/2029 | 100,000 | 99,500 | |
America Movil S.A.B de C.V. (Wireless Telecom. Svs.) | 2.875% | 05/07/2030 | 550,000 | 572,147 | |
AT&T, Inc. (Diversified Telecom. Svs.) | 0.900% | 03/25/2024 | 550,000 | 550,863 | |
AT&T, Inc. (Diversified Telecom. Svs.) | 1.700% | 03/25/2026 | 550,000 | 556,809 | |
AT&T, Inc. (Diversified Telecom. Svs.) | 4.300% | 02/15/2030 | 175,000 | 200,826 | |
AT&T, Inc. (Diversified Telecom. Svs.) | 3.500% | 06/01/2041 | 875,000 | 898,388 | |
AT&T, Inc. (Diversified Telecom. Svs.) | 3.800% | 12/01/2057 | 1,870,000 | 1,910,302 | |
Audacy Capital Corp. (Media) | (a) | 6.500% | 05/01/2027 | 175,000 | 178,997 |
Audacy Capital Corp. (Media) | (a) | 6.750% | 03/31/2029 | 150,000 | 151,188 |
Cars.com, Inc. (Interactive Media & Svs.) | (a) | 6.375% | 11/01/2028 | 150,000 | 158,250 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 5.500% | 05/01/2026 | 25,000 | 25,782 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 5.000% | 02/01/2028 | 150,000 | 156,585 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.500% | 08/15/2030 | 450,000 | 464,274 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.250% | 02/01/2031 | 225,000 | 228,904 |
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.500% | 06/01/2033 | 175,000 | 178,101 |
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 2.800% | 04/01/2031 | 375,000 | 375,847 | |
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 6.484% | 10/23/2045 | 750,000 | 1,019,685 | |
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 4.800% | 03/01/2050 | 705,000 | 791,155 | |
Comcast Corp. (Media) | 3.400% | 04/01/2030 | 225,000 | 247,801 | |
Comcast Corp. (Media) | 3.450% | 02/01/2050 | 2,250,000 | 2,386,135 | |
CSC Holdings LLC (Media) | (a) | 5.500% | 04/15/2027 | 200,000 | 208,220 |
CSC Holdings LLC (Media) | (a) | 7.500% | 04/01/2028 | 250,000 | 270,194 |
CSC Holdings LLC (Media) | (a) | 5.750% | 01/15/2030 | 200,000 | 203,345 |
CSC Holdings LLC (Media) | (a) | 4.500% | 11/15/2031 | 300,000 | 296,250 |
Cumulus Media New Holdings, Inc. (Media) | (a) | 6.750% | 07/01/2026 | 148,000 | 153,180 |
Deutsche Telekom International Finance B.V. (Diversified Telecom. Svs.) | (a) | 3.600% | 01/19/2027 | 1,100,000 | 1,208,756 |
Diamond Sports Group LLC / Diamond Sports Finance Co. (Media) | (a) | 5.375% | 08/15/2026 | 25,000 | 16,500 |
Diamond Sports Group LLC / Diamond Sports Finance Co. (Media) | (a) | 6.625% | 08/15/2027 | 25,000 | 10,938 |
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. (Media) | (a) | 5.875% | 08/15/2027 | 100,000 | 104,375 |
DISH DBS Corp. (Media) | 7.750% | 07/01/2026 | 25,000 | 28,231 | |
DISH DBS Corp. (Media) | 7.375% | 07/01/2028 | 125,000 | 132,559 | |
DISH DBS Corp. (Media) | 5.125% | 06/01/2029 | 225,000 | 220,453 | |
Fox Corp. (Media) | 5.576% | 01/25/2049 | 375,000 | 504,985 | |
Gray Television, Inc. (Media) | (a) | 5.875% | 07/15/2026 | 25,000 | 25,806 |
Gray Television, Inc. (Media) | (a) | 4.750% | 10/15/2030 | 125,000 | 122,812 |
Grupo Televisa S.A.B. (Media) | 5.000% | 05/13/2045 | 1,100,000 | 1,317,140 | |
iHeartCommunications, Inc. (Media) | 6.375% | 05/01/2026 | 50,000 | 52,758 | |
iHeartCommunications, Inc. (Media) | 8.375% | 05/01/2027 | 200,000 | 213,750 | |
iHeartCommunications, Inc. (Media) | (a) | 5.250% | 08/15/2027 | 225,000 | 233,788 |
Interpublic Group of Cos., Inc. / The (Media) | 3.375% | 03/01/2041 | 1,395,000 | 1,463,822 | |
Lamar Media Corp. (Media) | 3.750% | 02/15/2028 | 75,000 | 77,144 | |
Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | 75,000 | 79,500 | |
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 5.000% | 12/15/2027 | 125,000 | 130,841 |
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 4.625% | 06/01/2028 | 150,000 | 156,821 |
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 4.125% | 08/01/2030 | 25,000 | 26,031 |
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 3.625% | 10/01/2031 | 50,000 | 49,407 |
Midas OpCo Holdings LLC (Media) | (a) | 5.625% | 08/15/2029 | 200,000 | 206,950 |
Nexstar Media, Inc. (Media) | (a) | 5.625% | 07/15/2027 | 250,000 | 264,494 |
Nexstar Media, Inc. (Media) | (a) | 4.750% | 11/01/2028 | 75,000 | 77,802 |
Omnicom Group, Inc. (Media) | 2.450% | 04/30/2030 | 725,000 | 733,763 | |
Rackspace Technology Global, Inc. (Interactive Media & Svs.) | (a) | 3.500% | 02/15/2028 | 100,000 | 96,522 |
Rackspace Technology Global, Inc. (Interactive Media & Svs.) | (a) | 5.375% | 12/01/2028 | 125,000 | 122,812 |
Scripps Escrow, Inc. (Media) | (a) | 5.875% | 07/15/2027 | 275,000 | 282,219 |
Sinclair Television Group, Inc. (Media) | (a) | 5.875% | 03/15/2026 | 150,000 | 153,187 |
Sinclair Television Group, Inc. (Media) | (a) | 5.125% | 02/15/2027 | 100,000 | 99,250 |
Sinclair Television Group, Inc. (Media) | (a) | 5.500% | 03/01/2030 | 100,000 | 99,190 |
Sirius XM Radio, Inc. (Media) | (a) | 3.125% | 09/01/2026 | 100,000 | 101,375 |
Sirius XM Radio, Inc. (Media) | (a) | 5.500% | 07/01/2029 | 50,000 | 54,063 |
Sirius XM Radio, Inc. (Media) | (a) | 4.125% | 07/01/2030 | 100,000 | 100,464 |
Sirius XM Radio, Inc. (Media) | (a) | 3.875% | 09/01/2031 | 250,000 | 244,219 |
Sky Ltd. (Media) | (a) | 3.750% | 09/16/2024 | 575,000 | 624,901 |
Sprint Capital Corp. (Wireless Telecom. Svs.) | 6.875% | 11/15/2028 | 50,000 | 64,000 | |
Sprint Corp. (Wireless Telecom. Svs.) | 7.625% | 03/01/2026 | 75,000 | 90,879 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Communication Services (continued) | |||||
TEGNA, Inc. (Media) | (a) | 4.750% | 03/15/2026 | $ 100,000 | $ 104,313 |
TEGNA, Inc. (Media) | 4.625% | 03/15/2028 | 150,000 | 153,352 | |
TEGNA, Inc. (Media) | 5.000% | 09/15/2029 | 75,000 | 77,254 | |
Telefonica Emisiones SA (Diversified Telecom. Svs.) | 4.895% | 03/06/2048 | 1,100,000 | 1,322,456 | |
Telenet Finance Luxembourg Notes SARL (Media) | (a) | 5.500% | 03/01/2028 | 600,000 | 630,300 |
Terrier Media Buyer, Inc. (Media) | (a) | 8.875% | 12/15/2027 | 250,000 | 264,345 |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 4.750% | 02/01/2028 | 525,000 | 557,812 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | (a) | 3.375% | 04/15/2029 | 200,000 | 208,650 |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 4.500% | 04/15/2050 | 450,000 | 524,596 | |
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.300% | 02/15/2051 | 700,000 | 676,805 | |
Townsquare Media, Inc. (Media) | (a) | 6.875% | 02/01/2026 | 25,000 | 26,227 |
Univision Communications, Inc. (Media) | (a) | 4.500% | 05/01/2029 | 25,000 | 25,406 |
UPC Broadband Finco B.V. (Media) | (a) | 4.875% | 07/15/2031 | 200,000 | 204,772 |
Urban One, Inc. (Media) | (a) | 7.375% | 02/01/2028 | 175,000 | 187,629 |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 3.400% | 03/22/2041 | 1,205,000 | 1,258,432 | |
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.000% | 03/22/2050 | 1,300,000 | 1,477,428 | |
ViacomCBS, Inc. (Media) | 4.950% | 01/15/2031 | 800,000 | 955,721 | |
ViacomCBS, Inc. (Media) | 4.900% | 08/15/2044 | 450,000 | 550,870 | |
Virgin Media Finance PLC (Media) | (a) | 5.000% | 07/15/2030 | 400,000 | 410,190 |
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.) | (a) | 4.750% | 07/15/2031 | 200,000 | 204,336 |
Vodafone Group PLC (Wireless Telecom. Svs.) | 4.125% | 05/30/2025 | 525,000 | 580,830 | |
Vodafone Group PLC (Wireless Telecom. Svs.) | 5.250% | 05/30/2048 | 650,000 | 841,342 | |
Walt Disney Co. / The (Entertainment) | 3.800% | 03/22/2030 | 125,000 | 142,068 | |
Walt Disney Co. / The (Entertainment) | 4.700% | 03/23/2050 | 525,000 | 688,344 | |
Walt Disney Co. / The (Entertainment) | 3.600% | 01/13/2051 | 350,000 | 389,870 | |
WMG Acquisition Corp. (Entertainment) | (a) | 3.875% | 07/15/2030 | 50,000 | 52,000 |
Ziggo B.V. (Diversified Telecom. Svs.) | (a) | 5.500% | 01/15/2027 | 176,000 | 181,940 |
Ziggo Bond Co. B.V. (Media) | (a) | 5.125% | 02/28/2030 | 400,000 | 410,190 |
| 35,586,542 | |||||
| Consumer Discretionary–2.7% | |||||
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.000% | 10/15/2030 | 350,000 | 346,500 |
Academy Ltd. (Specialty Retail) | (a) | 6.000% | 11/15/2027 | 100,000 | 108,000 |
Adient Global Holdings Ltd. (Auto Components) | (a) | 4.875% | 08/15/2026 | 250,000 | 255,942 |
Advance Auto Parts, Inc. (Specialty Retail) | 3.900% | 04/15/2030 | 1,375,000 | 1,498,849 | |
Affinity Gaming (Hotels, Restaurants & Leisure) | (a) | 6.875% | 12/15/2027 | 175,000 | 184,052 |
Amazon.com, Inc. (Internet & Direct Marketing Retail) | 3.875% | 08/22/2037 | 875,000 | 1,033,165 | |
Amazon.com, Inc. (Internet & Direct Marketing Retail) | 2.500% | 06/03/2050 | 725,000 | 679,000 | |
Aramark Services, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.000% | 04/01/2025 | 250,000 | 255,862 |
Aramark Services, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.000% | 02/01/2028 | 75,000 | 77,063 |
AutoNation, Inc. (Specialty Retail) | 4.750% | 06/01/2030 | 1,135,000 | 1,323,308 | |
Bally's Corp. (Hotels, Restaurants & Leisure) | (a) | 6.750% | 06/01/2027 | 45,000 | 48,994 |
Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 04/13/2030 | 320,000 | 380,365 | |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | (a) | 8.625% | 06/01/2025 | 75,000 | 81,281 |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 4.750% | 12/01/2027 | 250,000 | 257,672 | |
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 6.250% | 07/01/2025 | 100,000 | 105,276 |
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 8.125% | 07/01/2027 | 75,000 | 84,317 |
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.625% | 10/15/2029 | 75,000 | 75,938 |
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.250% | 10/15/2025 | 225,000 | 228,060 |
Clarios Global LP (Automobiles) | (a) | 6.750% | 05/15/2025 | 122,000 | 128,710 |
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components) | (a) | 6.250% | 05/15/2026 | 22,000 | 23,114 |
Clarios Global LP / Clarios U.S. Finance Co. (Auto Components) | (a) | 8.500% | 05/15/2027 | 300,000 | 319,125 |
Daimler Finance North America LLC (Automobiles) | (a) | 3.350% | 02/22/2023 | 950,000 | 987,249 |
Dana Financing Luxembourg SARL (Auto Components) | (a) | 5.750% | 04/15/2025 | 75,000 | 77,355 |
Dana, Inc. (Auto Components) | 5.375% | 11/15/2027 | 125,000 | 131,719 | |
Dollar General Corp. (Multiline Retail) | 3.875% | 04/15/2027 | 1,075,000 | 1,199,139 | |
Dollar Tree, Inc. (Multiline Retail) | 3.700% | 05/15/2023 | 1,175,000 | 1,231,661 | |
Dornoch Debt Merger Sub, Inc. (Auto Components) | (a) | 6.625% | 10/15/2029 | 100,000 | 100,000 |
Expedia Group, Inc. (Hotels, Restaurants & Leisure) | 3.800% | 02/15/2028 | 750,000 | 813,996 | |
Gap, Inc. / The (Specialty Retail) | (a) | 3.625% | 10/01/2029 | 25,000 | 25,063 |
Gap, Inc. / The (Specialty Retail) | (a) | 3.875% | 10/01/2031 | 25,000 | 25,000 |
Garda World Security Corp. (Diversified Consumer Svs.) | (a) | 9.500% | 11/01/2027 | 225,000 | 243,529 |
Gates Global LLC / Gates Corp. (Auto Components) | (a) | 6.250% | 01/15/2026 | 275,000 | 285,312 |
General Motors Co. (Automobiles) | 6.125% | 10/01/2025 | 575,000 | 673,722 | |
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | (a) | 5.375% | 05/01/2025 | 100,000 | 104,500 |
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | (a) | 3.625% | 02/15/2032 | 100,000 | 98,500 |
Home Depot, Inc. / The (Specialty Retail) | 3.300% | 04/15/2040 | 1,300,000 | 1,408,527 | |
IHO Verwaltungs GmbH (Auto Components) | (a)(b) | 4.750%, 5.500% PIK | 09/15/2026 | 200,000 | 205,000 |
J.B. Poindexter & Co., Inc. (Auto Components) | (a) | 7.125% | 04/15/2026 | 50,000 | 52,625 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Consumer Discretionary (continued) | |||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.625% | 06/15/2025 | $ 75,000 | $ 80,813 |
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure) | 4.500% | 01/15/2028 | 75,000 | 81,938 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | 6.750% | 05/01/2025 | 75,000 | 79,031 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | 4.625% | 09/01/2026 | 100,000 | 104,875 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | 4.750% | 10/15/2028 | 50,000 | 52,688 | |
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & Leisure) | (a) | 4.875% | 05/01/2029 | 150,000 | 152,813 |
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure) | (a) | 8.000% | 02/01/2026 | 325,000 | 338,357 |
NMG Holding Co., Inc. / Neiman Marcus Group LLC (Specialty Retail) | (a) | 7.125% | 04/01/2026 | 100,000 | 106,125 |
O'Reilly Automotive, Inc. (Specialty Retail) | 4.200% | 04/01/2030 | 500,000 | 572,971 | |
O'Reilly Automotive, Inc. (Specialty Retail) | 1.750% | 03/15/2031 | 230,000 | 220,338 | |
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.625% | 01/15/2027 | 100,000 | 103,000 |
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.125% | 07/01/2029 | 25,000 | 24,710 |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC (Hotels, Restaurants & Leisure) | (a) | 4.875% | 11/01/2026 | 125,000 | 127,656 |
Real Hero Merger Sub 2, Inc. (Auto Components) | (a) | 6.250% | 02/01/2029 | 300,000 | 311,250 |
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (a) | 8.625% | 07/01/2025 | 100,000 | 108,293 |
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (a) | 7.250% | 11/15/2029 | 300,000 | 337,091 |
SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.250% | 08/15/2029 | 125,000 | 127,891 |
Signal Parent, Inc. (Diversified Consumer Svs.) | (a) | 6.125% | 04/01/2029 | 150,000 | 143,250 |
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | (a) | 5.500% | 04/15/2027 | 150,000 | 154,875 |
Station Casinos LLC (Hotels, Restaurants & Leisure) | (a) | 5.000% | 10/01/2025 | 90,000 | 91,278 |
Station Casinos LLC (Hotels, Restaurants & Leisure) | (a) | 4.500% | 02/15/2028 | 125,000 | 126,981 |
William Carter Co. / The (Textiles, Apparel & Luxury Goods) | (a) | 5.500% | 05/15/2025 | 25,000 | 26,268 |
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.375% | 08/15/2028 | 75,000 | 78,295 |
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 3.625% | 03/15/2031 | 50,000 | 50,267 | |
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 01/31/2032 | 150,000 | 160,125 | |
| 18,918,669 | |||||
| Consumer Staples–2.8% | |||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing) | 5.750% | 03/15/2025 | 183,000 | 186,642 | |
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Food & Staples Retailing) | (a) | 5.875% | 02/15/2028 | 100,000 | 106,500 |
Alimentation Couche-Tard, Inc. (Food & Staples Retailing) | (a) | 3.800% | 01/25/2050 | 1,025,000 | 1,097,537 |
Altria Group, Inc. (Tobacco) | 3.875% | 09/16/2046 | 1,500,000 | 1,460,954 | |
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.350% | 06/01/2040 | 600,000 | 697,226 | |
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.500% | 06/01/2050 | 2,050,000 | 2,447,129 | |
B.A.T. Capital Corp. (Tobacco) | 3.734% | 09/25/2040 | 300,000 | 289,434 | |
B.A.T. Capital Corp. (Tobacco) | 4.540% | 08/15/2047 | 1,025,000 | 1,061,855 | |
Coca-Cola Europacific Partners PLC (Beverages) | (a) | 1.500% | 01/15/2027 | 600,000 | 595,577 |
Coca-Cola Femsa S.A.B de C.V. (Beverages) | 2.750% | 01/22/2030 | 750,000 | 773,370 | |
Coca-Cola Femsa S.A.B de C.V. (Beverages) | 1.850% | 09/01/2032 | 450,000 | 425,821 | |
Constellation Brands, Inc. (Beverages) | 3.750% | 05/01/2050 | 600,000 | 651,430 | |
Edgewell Personal Care Co. (Personal Products) | (a) | 5.500% | 06/01/2028 | 75,000 | 79,210 |
Edgewell Personal Care Co. (Personal Products) | (a) | 4.125% | 04/01/2029 | 75,000 | 74,884 |
Energizer Holdings, Inc. (Household Products) | (a) | 4.375% | 03/31/2029 | 150,000 | 148,867 |
Flowers Foods, Inc. (Food Products) | 3.500% | 10/01/2026 | 925,000 | 1,002,090 | |
Flowers Foods, Inc. (Food Products) | 2.400% | 03/15/2031 | 185,000 | 184,900 | |
General Mills, Inc. (Food Products) | 3.700% | 10/17/2023 | 150,000 | 159,210 | |
Grupo Bimbo S.A.B de C.V. (Food Products) | (a) | 4.875% | 06/27/2044 | 925,000 | 1,100,676 |
Keurig Dr Pepper, Inc. (Beverages) | 4.417% | 05/25/2025 | 150,000 | 166,693 | |
Kraft Heinz Foods Co. (Food Products) | 3.875% | 05/15/2027 | 150,000 | 163,787 | |
Kraft Heinz Foods Co. (Food Products) | 4.375% | 06/01/2046 | 1,250,000 | 1,422,275 | |
Kroger Co. / The (Food & Staples Retailing) | 3.950% | 01/15/2050 | 575,000 | 652,557 | |
Performance Food Group, Inc. (Food & Staples Retailing) | (a) | 4.250% | 08/01/2029 | 75,000 | 75,187 |
Philip Morris International, Inc. (Tobacco) | 3.875% | 08/21/2042 | 865,000 | 938,477 | |
Post Holdings, Inc. (Food Products) | (a) | 5.750% | 03/01/2027 | 425,000 | 441,671 |
Post Holdings, Inc. (Food Products) | (a) | 4.625% | 04/15/2030 | 75,000 | 75,580 |
Smithfield Foods, Inc. (Food Products) | (a) | 3.000% | 10/15/2030 | 1,025,000 | 1,031,709 |
Smithfield Foods, Inc. (Food Products) | (a) | 2.625% | 09/13/2031 | 500,000 | 486,080 |
Sysco Corp. (Food & Staples Retailing) | 4.450% | 03/15/2048 | 1,025,000 | 1,217,958 | |
U.S. Foods, Inc. (Food & Staples Retailing) | (a) | 4.750% | 02/15/2029 | 150,000 | 153,937 |
Unilever Capital Corp. (Personal Products) | 0.375% | 09/14/2023 | 100,000 | 100,125 | |
| 19,469,348 | |||||
| Energy–4.0% | |||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 7.875% | 05/15/2026 | 125,000 | 136,681 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Energy (continued) | |||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 03/01/2027 | $ 225,000 | $ 232,436 |
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 01/15/2028 | 100,000 | 103,625 |
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.375% | 06/15/2029 | 150,000 | 154,500 |
Antero Resources Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.375% | 07/15/2026 | 32,000 | 36,247 |
Apache Corp. (Oil, Gas & Consumable Fuels) | 4.375% | 10/15/2028 | 225,000 | 243,281 | |
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.875% | 04/01/2027 | 125,000 | 131,250 |
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.250% | 04/01/2028 | 150,000 | 155,134 |
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 7.000% | 11/01/2026 | 100,000 | 103,373 |
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.875% | 06/30/2029 | 100,000 | 102,173 |
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels) | 3.400% | 02/15/2031 | 600,000 | 630,509 | |
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.194% | 04/06/2025 | 500,000 | 535,220 | |
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.588% | 04/14/2027 | 1,000,000 | 1,104,138 | |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 2.050% | 07/15/2025 | 725,000 | 742,284 | |
Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.250% | 04/15/2027 | 1,300,000 | 1,444,957 | |
Centennial Resource Production LLC (Oil, Gas & Consumable Fuels) | (a) | 6.875% | 04/01/2027 | 150,000 | 152,810 |
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | 5.625% | 10/01/2026 | 125,000 | 128,438 | |
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | 4.500% | 10/01/2029 | 100,000 | 106,313 | |
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | (a) | 3.250% | 01/31/2032 | 50,000 | 50,165 |
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.625% | 10/15/2028 | 25,000 | 26,344 | |
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.875% | 02/01/2029 | 25,000 | 26,711 |
Chevron Corp. (Oil, Gas & Consumable Fuels) | 3.078% | 05/11/2050 | 650,000 | 672,799 | |
CNX Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.750% | 04/15/2030 | 125,000 | 126,934 |
CNX Midstream Partners LP / CNX Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.500% | 03/15/2026 | 250,000 | 262,600 |
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 6.750% | 03/01/2029 | 150,000 | 162,000 |
Continental Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 01/15/2031 | 150,000 | 181,312 |
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.625% | 10/15/2025 | 225,000 | 230,276 |
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.000% | 05/01/2029 | 75,000 | 78,308 |
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | (a) | 4.375% | 06/15/2031 | 75,000 | 77,250 |
Eastern Gas Transmission & Storage, Inc. (Oil, Gas & Consumable Fuels) | (a) | 3.900% | 11/15/2049 | 150,000 | 162,831 |
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels) | 5.500% | 09/15/2040 | 700,000 | 897,499 | |
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 3.750% | 05/15/2030 | 700,000 | 756,392 | |
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.000% | 05/15/2050 | 345,000 | 398,035 | |
Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels) | 3.700% | 01/31/2051 | 1,150,000 | 1,216,465 | |
Enviva Partners LP / Enviva Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.500% | 01/15/2026 | 75,000 | 77,578 |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 5.500% | 07/15/2028 | 275,000 | 302,120 | |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.500% | 01/15/2029 | 75,000 | 77,813 |
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2048 | 175,000 | 199,062 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | 6.625% | 02/01/2025 | 75,000 | 85,841 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | 5.000% | 01/15/2029 | 25,000 | 28,149 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | (a) | 3.625% | 05/15/2031 | 50,000 | 52,100 |
Hess Corp. (Oil, Gas & Consumable Fuels) | 5.600% | 02/15/2041 | 980,000 | 1,224,462 | |
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (a) | 5.125% | 06/15/2028 | 75,000 | 78,341 |
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (a) | 4.250% | 02/15/2030 | 75,000 | 75,844 |
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.000% | 02/01/2028 | 75,000 | 76,050 |
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 3.250% | 08/01/2050 | 420,000 | 404,831 | |
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 4.400% | 07/15/2027 | 1,025,000 | 1,151,362 | |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.750% | 09/15/2044 | 725,000 | 847,960 | |
Nabors Industries Ltd. (Energy Equip. & Svs.) | (a) | 7.250% | 01/15/2026 | 125,000 | 121,575 |
NuStar Logistics LP (Oil, Gas & Consumable Fuels) | 6.000% | 06/01/2026 | 150,000 | 162,000 | |
NuStar Logistics LP (Oil, Gas & Consumable Fuels) | 6.375% | 10/01/2030 | 75,000 | 82,500 | |
Oasis Midstream Partners LP / OMP Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.000% | 04/01/2029 | 75,000 | 78,000 |
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels) | (a) | 6.375% | 06/01/2026 | 175,000 | 183,312 |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 8.000% | 07/15/2025 | 125,000 | 149,250 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 8.875% | 07/15/2030 | 100,000 | 135,843 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.450% | 09/15/2036 | 175,000 | 220,172 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.300% | 08/15/2039 | 175,000 | 172,599 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.400% | 04/15/2046 | 150,000 | 149,603 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 2.200% | 09/15/2025 | 225,000 | 229,870 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 4.500% | 03/15/2050 | 875,000 | 970,161 | |
PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.750% | 05/15/2026 | 125,000 | 130,156 | |
Phillips 66 (Oil, Gas & Consumable Fuels) | 0.900% | 02/15/2024 | 150,000 | 150,038 | |
Phillips 66 (Oil, Gas & Consumable Fuels) | 3.850% | 04/09/2025 | 500,000 | 544,910 | |
Phillips 66 (Oil, Gas & Consumable Fuels) | 4.875% | 11/15/2044 | 725,000 | 914,647 | |
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 2.150% | 01/15/2031 | 725,000 | 704,995 | |
Precision Drilling Corp. (Energy Equip. & Svs.) | (a) | 6.875% | 01/15/2029 | 75,000 | 78,333 |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 4.875% | 05/15/2025 | 50,000 | 52,790 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Energy (continued) | |||||
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 9.250% | 02/01/2026 | $ 25,000 | $ 27,251 | |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.250% | 01/15/2029 | 100,000 | 112,505 |
Rattler Midstream LP (Oil, Gas & Consumable Fuels) | (a) | 5.625% | 07/15/2025 | 25,000 | 26,033 |
Rockcliff Energy II LLC (Oil, Gas & Consumable Fuels) | (a) | 5.500% | 10/15/2029 | 50,000 | 50,750 |
Shell International Finance B.V. (Oil, Gas & Consumable Fuels) | 0.375% | 09/15/2023 | 680,000 | 680,901 | |
Shell International Finance B.V. (Oil, Gas & Consumable Fuels) | 2.375% | 04/06/2025 | 575,000 | 601,277 | |
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.750% | 09/15/2026 | 50,000 | 51,065 | |
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2028 | 100,000 | 103,532 | |
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | 7.750% | 10/01/2027 | 25,000 | 27,008 | |
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | 5.375% | 03/15/2030 | 75,000 | 80,942 | |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 3.750% | 03/04/2051 | 1,150,000 | 1,232,321 | |
Tap Rock Resources LLC (Oil, Gas & Consumable Fuels) | (a) | 7.000% | 10/01/2026 | 25,000 | 25,594 |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 5.875% | 04/15/2026 | 100,000 | 104,438 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 5.375% | 02/01/2027 | 150,000 | 155,430 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 4.875% | 02/01/2031 | 150,000 | 161,812 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 4.000% | 01/15/2032 | 75,000 | 77,509 |
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.) | 6.875% | 04/01/2026 | 300,000 | 312,361 | |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 2.150% | 09/15/2027 | 920,000 | 926,449 | |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 4.350% | 06/01/2028 | 500,000 | 562,799 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.000% | 07/01/2022 | 100,000 | 101,523 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.500% | 03/01/2028 | 200,000 | 214,500 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.300% | 03/01/2048 | 75,000 | 86,438 | |
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.500% | 08/15/2048 | 25,000 | 29,250 | |
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | 725,000 | 798,338 | |
| 28,031,583 | |||||
| Financials–9.1% | |||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (Insurance) | (a) | 6.750% | 10/15/2027 | 100,000 | 103,500 |
American Express Credit Corp. (Consumer Finance) | 3.300% | 05/03/2027 | 1,150,000 | 1,275,258 | |
American International Group, Inc. (Insurance) | 4.500% | 07/16/2044 | 725,000 | 885,149 | |
AmWINS Group, Inc. (Insurance) | (a) | 4.875% | 06/30/2029 | 125,000 | 126,756 |
Ardonagh Midco 2 PLC (Insurance) | (a)(b) | 11.500%, 12.700% PIK | 01/15/2027 | 212,750 | 232,429 |
AssuredPartners, Inc. (Insurance) | (a) | 7.000% | 08/15/2025 | 75,000 | 76,196 |
AssuredPartners, Inc. (Insurance) | (a) | 5.625% | 01/15/2029 | 125,000 | 125,775 |
Bank of America Corp. (Rate is fixed until 02/13/2025, at which point, the rate becomes QL + 64) (Banks) | (c) | 2.015% | 02/13/2026 | 3,425,000 | 3,513,958 |
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 | 2,600,000 | 2,653,633 |
Bank of America Corp. (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 132) (Banks) | (c) | 2.687% | 04/22/2032 | 1,450,000 | 1,476,491 |
Bank of New York Mellon Corp. / The (Capital Markets) | 2.200% | 08/16/2023 | 1,850,000 | 1,910,007 | |
BlackRock, Inc. (Capital Markets) | 1.900% | 01/28/2031 | 575,000 | 574,739 | |
BroadStreet Partners, Inc. (Insurance) | (a) | 5.875% | 04/15/2029 | 175,000 | 174,344 |
Capital One Financial Corp. (Consumer Finance) | 3.900% | 01/29/2024 | 1,025,000 | 1,097,162 | |
Chubb INA Holdings, Inc. (Insurance) | 3.350% | 05/03/2026 | 575,000 | 627,193 | |
Citigroup, Inc. (Rate is fixed until 04/24/2024, at which point, the rate becomes QL + 90) (Banks) | (c) | 3.352% | 04/24/2025 | 1,000,000 | 1,062,150 |
Citigroup, Inc. (Rate is fixed until 01/28/2026, at which point, the rate becomes SOFR + 77) (Banks) | (c) | 1.122% | 01/28/2027 | 875,000 | 862,779 |
Citigroup, Inc. (Rate is fixed until 01/29/2030, at which point, the rate becomes SOFR + 115) (Banks) | (c) | 2.666% | 01/29/2031 | 2,200,000 | 2,253,102 |
Citizens Bank N.A. (Banks) | 3.750% | 02/18/2026 | 725,000 | 801,683 | |
Comerica, Inc. (Banks) | 3.800% | 07/22/2026 | 675,000 | 741,580 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 4.250% | 09/20/2022 | 400,000 | 409,100 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 4.063% | 11/01/2024 | 250,000 | 262,873 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 2.700% | 08/10/2026 | 225,000 | 225,450 | |
Ford Motor Credit Co. LLC (Consumer Finance) | 5.113% | 05/03/2029 | 400,000 | 447,000 | |
GE Capital Funding LLC (Diversified Financial Svs.) | 4.400% | 05/15/2030 | 800,000 | 926,976 | |
General Motors Financial Co., Inc. (Consumer Finance) | 2.900% | 02/26/2025 | 1,175,000 | 1,232,772 | |
General Motors Financial Co., Inc. (Consumer Finance) | 2.700% | 08/20/2027 | 1,025,000 | 1,064,904 | |
General Motors Financial Co., Inc. (Consumer Finance) | 2.400% | 04/10/2028 | 725,000 | 731,321 | |
Goldman Sachs Group, Inc. / The (Capital Markets) | 3.500% | 04/01/2025 | 1,075,000 | 1,155,736 | |
Goldman Sachs Group, Inc. / The (Capital Markets) | 3.800% | 03/15/2030 | 1,900,000 | 2,115,093 | |
Goldman Sachs Group, Inc. / The (Rate is fixed until 01/27/2031, at which point, the rate becomes SOFR + 109) (Capital Markets) | (c) | 1.992% | 01/27/2032 | 1,100,000 | 1,060,763 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Financials (continued) | |||||
GTCR AP Finance, Inc. (Insurance) | (a) | 8.000% | 05/15/2027 | $ 175,000 | $ 184,625 |
Hartford Financial Services Group, Inc. / The (Insurance) | 3.600% | 08/19/2049 | 575,000 | 627,210 | |
HSBC Holdings PLC (Banks) | 3.900% | 05/25/2026 | 1,350,000 | 1,486,962 | |
HUB International Ltd. (Insurance) | (a) | 7.000% | 05/01/2026 | 200,000 | 206,750 |
Hyundai Capital America (Consumer Finance) | (a) | 2.375% | 10/15/2027 | 1,330,000 | 1,347,992 |
Jefferies Group LLC (Diversified Financial Svs.) | 2.750% | 10/15/2032 | 605,000 | 606,211 | |
John Deere Capital Corp. (Consumer Finance) | 3.450% | 03/07/2029 | 1,100,000 | 1,223,192 | |
JPMorgan Chase & Co. (Rate is fixed until 04/25/2022, at which point, the rate becomes QL + 94) (Banks) | (c) | 2.776% | 04/25/2023 | 1,350,000 | 1,368,117 |
JPMorgan Chase & Co. (Banks) | 3.125% | 01/23/2025 | 725,000 | 770,587 | |
JPMorgan Chase & Co. (Rate is fixed until 04/22/2030, at which point, the rate becomes SOFR + 204) (Banks) | (c) | 2.522% | 04/22/2031 | 900,000 | 918,183 |
JPMorgan Chase & Co. (Rate is fixed until 11/19/2030, at which point, the rate becomes SOFR + 111) (Banks) | (c) | 1.764% | 11/19/2031 | 100,000 | 95,490 |
JPMorgan Chase & Co. (Rate is fixed until 02/04/2031, at which point, the rate becomes SOFR + 107) (Banks) | (c) | 1.953% | 02/04/2032 | 1,710,000 | 1,649,674 |
JPMorgan Chase & Co. (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 125) (Banks) | (c) | 2.580% | 04/22/2032 | 100,000 | 101,387 |
LD Holdings Group LLC (Thrifts & Mortgage Finance) | (a) | 6.125% | 04/01/2028 | 25,000 | 23,563 |
Liberty Mutual Group, Inc. (Insurance) | (a) | 3.951% | 10/15/2050 | 650,000 | 721,362 |
Lincoln National Corp. (Insurance) | 4.000% | 09/01/2023 | 600,000 | 639,651 | |
M&T Bank Corp. (Banks) | 3.550% | 07/26/2023 | 1,075,000 | 1,133,558 | |
MetLife, Inc. (Insurance) | 4.050% | 03/01/2045 | 575,000 | 683,384 | |
Morgan Stanley (Capital Markets) | 4.100% | 05/22/2023 | 650,000 | 686,275 | |
Morgan Stanley (Capital Markets) | 6.250% | 08/09/2026 | 650,000 | 791,206 | |
Morgan Stanley (Rate is fixed until 01/24/2028, at which point, the rate becomes QL + 114) (Capital Markets) | (c) | 3.772% | 01/24/2029 | 2,050,000 | 2,268,357 |
Morgan Stanley (Rate is fixed until 02/13/2031, at which point, the rate becomes SOFR + 103) (Capital Markets) | (c) | 1.794% | 02/13/2032 | 825,000 | 785,721 |
Morgan Stanley (Rate is fixed until 04/28/2031, at which point, the rate becomes SOFR + 102) (Capital Markets) | (c) | 1.928% | 04/28/2032 | 250,000 | 239,759 |
Nationwide Mutual Insurance Co. (Insurance) | (a) | 4.950% | 04/22/2044 | 460,000 | 557,910 |
Navient Corp. (Consumer Finance) | 6.500% | 06/15/2022 | 25,000 | 25,813 | |
Navient Corp. (Consumer Finance) | 5.875% | 10/25/2024 | 175,000 | 186,813 | |
Navient Corp. (Consumer Finance) | 4.875% | 03/15/2028 | 100,000 | 100,813 | |
NFP Corp. (Insurance) | (a) | 4.875% | 08/15/2028 | 100,000 | 101,700 |
NFP Corp. (Insurance) | (a) | 6.875% | 08/15/2028 | 300,000 | 306,315 |
Nissan Motor Acceptance Co. LLC (Consumer Finance) | (a) | 1.850% | 09/16/2026 | 1,150,000 | 1,138,067 |
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media) | (a) | 4.250% | 01/15/2029 | 75,000 | 74,336 |
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media) | (a) | 4.625% | 03/15/2030 | 25,000 | 25,053 |
Prudential Financial, Inc. (Insurance) | 3.700% | 03/13/2051 | 875,000 | 997,200 | |
Raymond James Financial, Inc. (Capital Markets) | 4.650% | 04/01/2030 | 100,000 | 118,722 | |
Regions Financial Corp. (Banks) | 2.250% | 05/18/2025 | 495,000 | 514,430 | |
Rocket Mortgage LLC (Thrifts & Mortgage Finance) | (a) | 5.250% | 01/15/2028 | 100,000 | 107,750 |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance) | (a) | 3.625% | 03/01/2029 | 150,000 | 151,688 |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance) | (a) | 3.875% | 03/01/2031 | 25,000 | 25,219 |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Thrifts & Mortgage Finance) | (a) | 4.000% | 10/15/2033 | 100,000 | 99,250 |
Stellantis Finance U.S., Inc. (Consumer Finance) | (a) | 1.711% | 01/29/2027 | 720,000 | 717,650 |
Stellantis Finance U.S., Inc. (Consumer Finance) | (a) | 2.691% | 09/15/2031 | 900,000 | 891,264 |
Stifel Financial Corp. (Capital Markets) | 4.000% | 05/15/2030 | 200,000 | 222,533 | |
Synovus Bank (Rate is fixed until 02/10/2022, at which point, the rate becomes SOFR + 95) (Banks) | (c) | 2.289% | 02/10/2023 | 750,000 | 753,286 |
Travelers Cos., Inc. / The (Insurance) | 2.550% | 04/27/2050 | 875,000 | 836,313 | |
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance) | (a) | 5.500% | 11/15/2025 | 275,000 | 277,062 |
United Wholesale Mortgage LLC (Thrifts & Mortgage Finance) | (a) | 5.500% | 04/15/2029 | 50,000 | 48,545 |
USI, Inc. (Insurance) | (a) | 6.875% | 05/01/2025 | 425,000 | 432,531 |
Volkswagen Group of America Finance LLC (Consumer Finance) | (a) | 4.250% | 11/13/2023 | 1,350,000 | 1,447,968 |
Wells Fargo & Co. (Banks) | 3.750% | 01/24/2024 | 1,025,000 | 1,095,803 | |
Wells Fargo & Co. (Banks) | 3.000% | 10/23/2026 | 1,600,000 | 1,714,830 | |
Wells Fargo & Co. (Rate is fixed until 02/11/2030, at which point, the rate becomes SOFR + 126) (Banks) | (c) | 2.572% | 02/11/2031 | 2,125,000 | 2,171,282 |
| 63,905,234 | |||||
| Health Care–4.0% | |||||
Abbott Laboratories (Health Care Equip. & Supplies) | 3.750% | 11/30/2026 | 650,000 | 729,133 | |
AbbVie, Inc. (Biotechnology) | 3.200% | 11/21/2029 | 625,000 | 673,444 | |
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.) | (a) | 5.500% | 07/01/2028 | 75,000 | 78,840 |
AdaptHealth LLC (Health Care Providers & Svs.) | (a) | 4.625% | 08/01/2029 | 25,000 | 24,981 |
AdaptHealth LLC (Health Care Providers & Svs.) | (a) | 5.125% | 03/01/2030 | 100,000 | 100,050 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Health Care (continued) | |||||
AHP Health Partners, Inc. (Health Care Providers & Svs.) | (a) | 5.750% | 07/15/2029 | $ 125,000 | $ 126,250 |
Alcon Finance Corp. (Health Care Equip. & Supplies) | (a) | 2.600% | 05/27/2030 | 700,000 | 714,760 |
Amgen, Inc. (Biotechnology) | 3.375% | 02/21/2050 | 675,000 | 693,150 | |
Astrazeneca Finance LLC (Pharmaceuticals) | 2.250% | 05/28/2031 | 325,000 | 330,107 | |
AstraZeneca PLC (Pharmaceuticals) | 2.375% | 06/12/2022 | 125,000 | 126,648 | |
AstraZeneca PLC (Pharmaceuticals) | 3.125% | 06/12/2027 | 1,260,000 | 1,372,081 | |
Avantor Funding, Inc. (Health Care Equip. & Supplies) | (a) | 4.625% | 07/15/2028 | 150,000 | 157,875 |
Bausch Health Americas, Inc. (Pharmaceuticals) | (a) | 8.500% | 01/31/2027 | 250,000 | 266,300 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 6.125% | 04/15/2025 | 81,000 | 82,673 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.500% | 11/01/2025 | 50,000 | 50,750 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.000% | 01/30/2028 | 225,000 | 213,462 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.000% | 02/15/2029 | 300,000 | 279,375 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 6.250% | 02/15/2029 | 250,000 | 247,380 |
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.250% | 02/15/2031 | 200,000 | 183,922 |
Bayer U.S. Finance LLC (Pharmaceuticals) | (a) | 3.375% | 10/08/2024 | 1,075,000 | 1,145,133 |
Becton Dickinson and Co. (Health Care Equip. & Supplies) | 4.685% | 12/15/2044 | 600,000 | 747,691 | |
Becton Dickinson and Co. (Health Care Equip. & Supplies) | 3.794% | 05/20/2050 | 300,000 | 335,186 | |
Biogen, Inc. (Biotechnology) | 3.150% | 05/01/2050 | 1,025,000 | 976,964 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | 0.750% | 11/13/2025 | 345,000 | 341,847 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | 3.900% | 02/20/2028 | 1,100,000 | 1,243,623 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | 4.250% | 10/26/2049 | 300,000 | 372,113 | |
Catalent Pharma Solutions, Inc. (Pharmaceuticals) | (a) | 3.500% | 04/01/2030 | 50,000 | 50,000 |
Centene Corp. (Health Care Providers & Svs.) | 4.250% | 12/15/2027 | 450,000 | 470,992 | |
Centene Corp. (Health Care Providers & Svs.) | 2.450% | 07/15/2028 | 25,000 | 25,125 | |
Centene Corp. (Health Care Providers & Svs.) | 3.000% | 10/15/2030 | 150,000 | 153,750 | |
Centene Corp. (Health Care Providers & Svs.) | 2.625% | 08/01/2031 | 75,000 | 74,493 | |
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.) | (a) | 3.750% | 03/15/2029 | 100,000 | 102,125 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.625% | 02/15/2025 | 150,000 | 156,938 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 5.625% | 03/15/2027 | 75,000 | 78,535 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.875% | 04/15/2029 | 75,000 | 75,176 |
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.125% | 04/01/2030 | 75,000 | 72,879 |
CVS Health Corp. (Health Care Providers & Svs.) | 2.875% | 06/01/2026 | 575,000 | 612,954 | |
CVS Health Corp. (Health Care Providers & Svs.) | 4.250% | 04/01/2050 | 1,225,000 | 1,442,485 | |
Danaher Corp. (Health Care Equip. & Supplies) | 2.600% | 10/01/2050 | 870,000 | 828,874 | |
DaVita, Inc. (Health Care Providers & Svs.) | (a) | 4.625% | 06/01/2030 | 125,000 | 128,576 |
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies) | 3.250% | 06/01/2030 | 710,000 | 756,521 | |
Endo DAC / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals) | (a) | 9.500% | 07/31/2027 | 5,000 | 5,011 |
Endo DAC / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals) | (a) | 6.000% | 06/30/2028 | 25,000 | 17,875 |
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. (Pharmaceuticals) | (a) | 6.125% | 04/01/2029 | 100,000 | 100,000 |
Global Medical Response, Inc. (Health Care Providers & Svs.) | (a) | 6.500% | 10/01/2025 | 350,000 | 361,813 |
Grifols Escrow Issuer SA (Biotechnology) | (a) | 4.750% | 10/15/2028 | 200,000 | 204,250 |
HCA, Inc. (Health Care Providers & Svs.) | 5.375% | 02/01/2025 | 100,000 | 111,750 | |
HCA, Inc. (Health Care Providers & Svs.) | 5.375% | 09/01/2026 | 350,000 | 400,452 | |
HCA, Inc. (Health Care Providers & Svs.) | 3.500% | 09/01/2030 | 100,000 | 105,939 | |
HCRX Investments Holdco LP (Biotechnology) | (a) | 4.500% | 08/01/2029 | 125,000 | 125,625 |
HealthEquity, Inc. (Health Care Providers & Svs.) | (a) | 4.500% | 10/01/2029 | 50,000 | 50,750 |
IQVIA, Inc. (Life Sciences Tools & Svs.) | (a) | 5.000% | 05/15/2027 | 200,000 | 207,736 |
Jaguar Holding Co. II / PPD Development LP (Health Care Providers & Svs.) | (a) | 4.625% | 06/15/2025 | 25,000 | 25,969 |
Jaguar Holding Co. II / PPD Development LP (Health Care Providers & Svs.) | (a) | 5.000% | 06/15/2028 | 25,000 | 26,909 |
Jazz Securities DAC (Pharmaceuticals) | (a) | 4.375% | 01/15/2029 | 200,000 | 207,260 |
Legacy LifePoint Health LLC (Health Care Providers & Svs.) | (a) | 6.750% | 04/15/2025 | 150,000 | 157,628 |
LifePoint Health, Inc. (Health Care Providers & Svs.) | (a) | 5.375% | 01/15/2029 | 100,000 | 97,250 |
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Acquired 05/05/2020, Cost $12,500) (Pharmaceuticals) | (a)(d) | 5.625% | 10/15/2023 | 50,000 | 25,315 |
MEDNAX, Inc. (Health Care Providers & Svs.) | (a) | 6.250% | 01/15/2027 | 25,000 | 26,281 |
Merck & Co., Inc. (Pharmaceuticals) | 3.400% | 03/07/2029 | 920,000 | 1,018,412 | |
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies) | (a) | 3.875% | 04/01/2029 | 100,000 | 100,000 |
Mozart Debt Merger Sub, Inc. (Health Care Equip. & Supplies) | (a) | 5.250% | 10/01/2029 | 175,000 | 175,000 |
MPH Acquisition Holdings LLC (Health Care Providers & Svs.) | (a) | 5.500% | 09/01/2028 | 75,000 | 74,794 |
MPH Acquisition Holdings LLC (Health Care Providers & Svs.) | (a) | 5.750% | 11/01/2028 | 225,000 | 211,946 |
Organon & Co / Organon Foreign Debt Co-Issuer B.V. (Pharmaceuticals) | (a) | 5.125% | 04/30/2031 | 200,000 | 210,070 |
Par Pharmaceutical, Inc. (Pharmaceuticals) | (a) | 7.500% | 04/01/2027 | 14,000 | 14,263 |
PerkinElmer, Inc. (Life Sciences Tools & Svs.) | 0.850% | 09/15/2024 | 155,000 | 155,015 | |
PerkinElmer, Inc. (Life Sciences Tools & Svs.) | 1.900% | 09/15/2028 | 295,000 | 292,800 | |
PerkinElmer, Inc. (Life Sciences Tools & Svs.) | 3.300% | 09/15/2029 | 575,000 | 619,930 | |
PerkinElmer, Inc. (Life Sciences Tools & Svs.) | 2.550% | 03/15/2031 | 490,000 | 496,604 | |
Prestige Brands, Inc. (Pharmaceuticals) | (a) | 5.125% | 01/15/2028 | 225,000 | 234,669 |
Prestige Brands, Inc. (Pharmaceuticals) | (a) | 3.750% | 04/01/2031 | 25,000 | 24,125 |
Regeneron Pharmaceuticals, Inc. (Biotechnology) | 2.800% | 09/15/2050 | 1,102,000 | 1,017,419 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Health Care (continued) | |||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. (Health Care Providers & Svs.) | (a) | 9.750% | 12/01/2026 | $ 50,000 | $ 52,813 |
Royalty Pharma PLC (Pharmaceuticals) | 3.550% | 09/02/2050 | 785,000 | 771,129 | |
Stryker Corp. (Health Care Equip. & Supplies) | 3.500% | 03/15/2026 | 600,000 | 654,393 | |
Syneos Health, Inc. (Life Sciences Tools & Svs.) | (a) | 3.625% | 01/15/2029 | 125,000 | 124,650 |
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 2.050% | 03/31/2030 | 550,000 | 541,373 | |
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 3.025% | 07/09/2040 | 600,000 | 609,181 | |
Team Health Holdings, Inc. (Health Care Providers & Svs.) | (a) | 6.375% | 02/01/2025 | 150,000 | 144,957 |
Teleflex, Inc. (Health Care Equip. & Supplies) | (a) | 4.250% | 06/01/2028 | 75,000 | 77,932 |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.750% | 06/15/2023 | 100,000 | 107,800 | |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.625% | 07/15/2024 | 21,000 | 21,315 | |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 4.875% | 01/01/2026 | 125,000 | 129,365 |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 6.125% | 10/01/2028 | 125,000 | 131,309 |
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 4.250% | 06/01/2029 | 150,000 | 152,250 |
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 2.900% | 05/15/2050 | 320,000 | 320,863 | |
Vizient, Inc. (Health Care Providers & Svs.) | (a) | 6.250% | 05/15/2027 | 75,000 | 78,375 |
Zoetis, Inc. (Pharmaceuticals) | 3.000% | 05/15/2050 | 875,000 | 881,209 | |
| 28,344,935 | |||||
| Industrials–5.6% | |||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (a) | 6.000% | 06/01/2029 | 400,000 | 394,716 |
Airbus SE (Aerospace & Defense) | (a) | 3.150% | 04/10/2027 | 1,100,000 | 1,181,737 |
Allegion PLC (Building Products) | 3.500% | 10/01/2029 | 1,150,000 | 1,244,144 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (a) | 6.625% | 07/15/2026 | 75,000 | 79,296 |
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (a) | 9.750% | 07/15/2027 | 125,000 | 135,997 |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines) | (a) | 5.500% | 04/20/2026 | 150,000 | 157,687 |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Airlines) | (a) | 5.750% | 04/20/2029 | 75,000 | 80,813 |
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors) | (a) | 4.000% | 01/15/2028 | 75,000 | 76,594 |
Ashtead Capital, Inc. (Trading Companies & Distributors) | (a) | 2.450% | 08/12/2031 | 455,000 | 447,281 |
BAE Systems PLC (Aerospace & Defense) | (a) | 3.000% | 09/15/2050 | 700,000 | 673,281 |
BCPE Empire Holdings, Inc. (Commercial Svs. & Supplies) | (a) | 7.625% | 05/01/2027 | 225,000 | 223,875 |
Boeing Co. / The (Aerospace & Defense) | 2.500% | 03/01/2025 | 600,000 | 617,809 | |
Boeing Co. / The (Aerospace & Defense) | 2.196% | 02/04/2026 | 1,025,000 | 1,032,556 | |
Boeing Co. / The (Aerospace & Defense) | 2.950% | 02/01/2030 | 225,000 | 229,411 | |
Boeing Co. / The (Aerospace & Defense) | 5.805% | 05/01/2050 | 975,000 | 1,299,646 | |
Brink's Co. / The (Commercial Svs. & Supplies) | (a) | 5.500% | 07/15/2025 | 25,000 | 26,125 |
Burlington Northern Santa Fe LLC (Road & Rail) | 3.000% | 04/01/2025 | 475,000 | 507,545 | |
Canadian Pacific Railway Co. (Road & Rail) | 2.050% | 03/05/2030 | 175,000 | 172,824 | |
Carrier Global Corp. (Building Products) | 2.722% | 02/15/2030 | 80,000 | 82,765 | |
Carrier Global Corp. (Building Products) | 3.577% | 04/05/2050 | 800,000 | 849,956 | |
Clarivate Science Holdings Corp. (Professional Svs.) | (a) | 4.875% | 07/01/2029 | 125,000 | 125,244 |
CNH Industrial N.V. (Machinery) | 3.850% | 11/15/2027 | 1,100,000 | 1,226,608 | |
Cornerstone Building Brands, Inc. (Building Products) | (a) | 6.125% | 01/15/2029 | 175,000 | 186,021 |
CP Atlas Buyer, Inc. (Building Products) | (a) | 7.000% | 12/01/2028 | 250,000 | 250,625 |
Dun & Bradstreet Corp. / The (Professional Svs.) | (a) | 10.250% | 02/15/2027 | 210,000 | 225,750 |
Equifax, Inc. (Professional Svs.) | 2.600% | 12/15/2025 | 1,025,000 | 1,074,727 | |
ERAC U.S.A. Finance LLC (Road & Rail) | (a) | 3.850% | 11/15/2024 | 1,350,000 | 1,460,104 |
Experian Finance PLC (Professional Svs.) | (a) | 4.250% | 02/01/2029 | 650,000 | 732,576 |
FedEx Corp. (Air Freight & Logistics) | 4.250% | 05/15/2030 | 300,000 | 344,342 | |
FedEx Corp. (Air Freight & Logistics) | 4.050% | 02/15/2048 | 600,000 | 671,218 | |
Foundation Building Materials, Inc. (Trading Companies & Distributors) | (a) | 6.000% | 03/01/2029 | 250,000 | 245,000 |
Garda World Security Corp. (Commercial Svs. & Supplies) | (a) | 4.625% | 02/15/2027 | 75,000 | 75,000 |
Garda World Security Corp. (Commercial Svs. & Supplies) | (a) | 6.000% | 06/01/2029 | 175,000 | 171,470 |
GE Capital International Funding Co. Unlimited Co. (Industrial Conglomerates) | 4.418% | 11/15/2035 | 900,000 | 1,080,047 | |
General Dynamics Corp. (Aerospace & Defense) | 1.150% | 06/01/2026 | 670,000 | 673,428 | |
GXO Logistics, Inc. (Air Freight & Logistics) | (a) | 1.650% | 07/15/2026 | 685,000 | 679,760 |
GXO Logistics, Inc. (Air Freight & Logistics) | (a) | 2.650% | 07/15/2031 | 670,000 | 665,715 |
GYP Holdings III Corp. (Building Products) | (a) | 4.625% | 05/01/2029 | 75,000 | 75,844 |
H&E Equipment Services, Inc. (Trading Companies & Distributors) | (a) | 3.875% | 12/15/2028 | 150,000 | 149,415 |
Honeywell International, Inc. (Industrial Conglomerates) | 1.350% | 06/01/2025 | 390,000 | 396,384 | |
Honeywell International, Inc. (Industrial Conglomerates) | 2.800% | 06/01/2050 | 270,000 | 273,291 | |
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 3.483% | 12/01/2027 | 1,175,000 | 1,268,119 | |
Interface, Inc. (Commercial Svs. & Supplies) | (a) | 5.500% | 12/01/2028 | 25,000 | 26,250 |
Kansas City Southern (Road & Rail) | 3.500% | 05/01/2050 | 675,000 | 709,695 | |
KAR Auction Services, Inc. (Commercial Svs. & Supplies) | (a) | 5.125% | 06/01/2025 | 225,000 | 227,531 |
Lennox International, Inc. (Building Products) | 3.000% | 11/15/2023 | 1,125,000 | 1,175,645 | |
Lockheed Martin Corp. (Aerospace & Defense) | 2.900% | 03/01/2025 | 775,000 | 824,409 | |
Madison IAQ LLC (Commercial Svs. & Supplies) | (a) | 4.125% | 06/30/2028 | 25,000 | 25,000 |
Madison IAQ LLC (Commercial Svs. & Supplies) | (a) | 5.875% | 06/30/2029 | 125,000 | 125,937 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Industrials (continued) | |||||
Masco Corp. (Building Products) | 3.500% | 11/15/2027 | $ 650,000 | $ 708,263 | |
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.) | (a) | 5.625% | 10/01/2028 | 75,000 | 77,813 |
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.) | (a) | 4.500% | 07/15/2029 | 50,000 | 48,890 |
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.) | (a) | 5.875% | 10/01/2030 | 150,000 | 157,930 |
Northrop Grumman Corp. (Aerospace & Defense) | 3.250% | 01/15/2028 | 1,175,000 | 1,271,228 | |
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail) | (a) | 3.450% | 07/01/2024 | 1,000,000 | 1,065,337 |
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail) | (a) | 1.700% | 06/15/2026 | 600,000 | 603,287 |
Roller Bearing Co. of America, Inc. (Machinery) | (a) | 4.375% | 10/15/2029 | 25,000 | 25,625 |
Roper Technologies, Inc. (Industrial Conglomerates) | 2.800% | 12/15/2021 | 325,000 | 325,960 | |
Roper Technologies, Inc. (Industrial Conglomerates) | 1.000% | 09/15/2025 | 1,025,000 | 1,019,524 | |
Ryder System, Inc. (Road & Rail) | 3.400% | 03/01/2023 | 1,050,000 | 1,090,635 | |
Sensata Technologies, Inc. (Electrical Equip.) | (a) | 4.375% | 02/15/2030 | 25,000 | 26,899 |
Sensata Technologies, Inc. (Electrical Equip.) | (a) | 3.750% | 02/15/2031 | 75,000 | 75,513 |
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies) | (a) | 7.625% | 04/01/2026 | 75,000 | 80,374 |
Southwest Airlines Co. (Airlines) | 5.250% | 05/04/2025 | 1,075,000 | 1,213,777 | |
Southwest Airlines Co. (Airlines) | 5.125% | 06/15/2027 | 350,000 | 409,317 | |
Standard Industries, Inc. (Building Products) | (a) | 5.000% | 02/15/2027 | 375,000 | 386,719 |
Stena International SA (Transportation Infrastructure) | (a) | 6.125% | 02/01/2025 | 200,000 | 206,910 |
Terex Corp. (Machinery) | (a) | 5.000% | 05/15/2029 | 50,000 | 51,813 |
Textron, Inc. (Aerospace & Defense) | 3.650% | 03/15/2027 | 1,000,000 | 1,096,431 | |
TK Elevator Holdco GmbH (Building Products) | (a) | 7.625% | 07/15/2028 | 200,000 | 213,750 |
TransDigm, Inc. (Aerospace & Defense) | (a) | 6.250% | 03/15/2026 | 275,000 | 286,687 |
TransDigm, Inc. (Aerospace & Defense) | 5.500% | 11/15/2027 | 375,000 | 385,312 | |
TransDigm, Inc. (Aerospace & Defense) | 4.625% | 01/15/2029 | 25,000 | 24,956 | |
TransDigm, Inc. (Aerospace & Defense) | 4.875% | 05/01/2029 | 50,000 | 50,093 | |
Trident TPI Holdings, Inc. (Machinery) | (a) | 9.250% | 08/01/2024 | 250,000 | 262,715 |
Union Pacific Corp. (Road & Rail) | 2.375% | 05/20/2031 | 385,000 | 394,367 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | 200,000 | 211,448 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 5.250% | 01/15/2030 | 50,000 | 54,750 | |
United Rentals North America, Inc. (Trading Companies & Distributors) | 3.875% | 02/15/2031 | 25,000 | 25,625 | |
Valmont Industries, Inc. (Construction & Engineering) | 5.000% | 10/01/2044 | 40,000 | 49,264 | |
Valmont Industries, Inc. (Construction & Engineering) | 5.250% | 10/01/2054 | 265,000 | 330,862 | |
Verisk Analytics, Inc. (Professional Svs.) | 4.125% | 03/15/2029 | 600,000 | 681,407 | |
Watco Cos. LLC / Watco Finance Corp. (Road & Rail) | (a) | 6.500% | 06/15/2027 | 150,000 | 160,500 |
WESCO Distribution, Inc. (Trading Companies & Distributors) | (a) | 7.125% | 06/15/2025 | 75,000 | 80,035 |
WESCO Distribution, Inc. (Trading Companies & Distributors) | (a) | 7.250% | 06/15/2028 | 175,000 | 193,812 |
Westinghouse Air Brake Technologies Corp. (Machinery) | 3.200% | 06/15/2025 | 300,000 | 318,336 | |
White Cap Buyer LLC (Building Products) | (a) | 6.875% | 10/15/2028 | 150,000 | 158,250 |
White Cap Parent LLC (Building Products) | (a)(b) | 8.250%, 9.000% PIK | 03/15/2026 | 75,000 | 77,438 |
Xylem, Inc. (Machinery) | 2.250% | 01/30/2031 | 655,000 | 655,521 | |
| 39,236,586 | |||||
| Information Technology–2.8% | |||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 2.900% | 09/12/2027 | 600,000 | 650,611 | |
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 2.375% | 02/08/2041 | 375,000 | 360,180 | |
BBVA U.S.A. (IT Svs.) | 3.875% | 04/10/2025 | 725,000 | 791,343 | |
Black Knight InfoServ LLC (IT Svs.) | (a) | 3.625% | 09/01/2028 | 75,000 | 75,375 |
Booz Allen Hamilton, Inc. (IT Svs.) | (a) | 4.000% | 07/01/2029 | 50,000 | 51,250 |
Broadcom, Inc. (Semiconductors & Equip.) | 4.150% | 11/15/2030 | 285,000 | 315,772 | |
Broadcom, Inc. (Semiconductors & Equip.) | (a) | 3.419% | 04/15/2033 | 1,060,000 | 1,097,282 |
Broadcom, Inc. (Semiconductors & Equip.) | (a) | 3.187% | 11/15/2036 | 15,000 | 14,956 |
Broadcom, Inc. (Semiconductors & Equip.) | (a) | 3.750% | 02/15/2051 | 325,000 | 324,317 |
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.) | 4.125% | 05/01/2025 | 75,000 | 77,719 | |
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.) | 4.250% | 04/01/2028 | 25,000 | 26,106 | |
Cisco Systems, Inc. (Communications Equip.) | 3.625% | 03/04/2024 | 825,000 | 887,098 | |
Dell International LLC / EMC Corp. (Computers & Peripherals) | (a) | 7.125% | 06/15/2024 | 250,000 | 255,625 |
Dell International LLC / EMC Corp. (Computers & Peripherals) | 5.850% | 07/15/2025 | 1,025,000 | 1,192,494 | |
Diebold Nixdorf, Inc. (Tech. Hardware, Storage & Periph.) | (a) | 9.375% | 07/15/2025 | 75,000 | 82,079 |
Elastic N.V. (Software) | (a) | 4.125% | 07/15/2029 | 150,000 | 150,750 |
Entegris, Inc. (Semiconductors & Equip.) | (a) | 3.625% | 05/01/2029 | 75,000 | 76,510 |
Fidelity National Information Services, Inc. (IT Svs.) | 3.100% | 03/01/2041 | 305,000 | 308,919 | |
Fiserv, Inc. (IT Svs.) | 3.800% | 10/01/2023 | 450,000 | 478,350 | |
Fiserv, Inc. (IT Svs.) | 3.500% | 07/01/2029 | 600,000 | 653,367 | |
Fortinet, Inc. (Software) | 1.000% | 03/15/2026 | 670,000 | 660,059 | |
Gartner, Inc. (IT Svs.) | (a) | 4.500% | 07/01/2028 | 25,000 | 26,250 |
Global Payments, Inc. (IT Svs.) | 1.200% | 03/01/2026 | 660,000 | 653,314 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.) | (a) | 5.250% | 12/01/2027 | 150,000 | 156,375 |
Helios Software Holdings Inc / ION Corporate Solutions Finance SARL (Software) | (a) | 4.625% | 05/01/2028 | 200,000 | 197,000 |
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | 3.000% | 10/30/2029 | 750,000 | 791,422 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Information Technology (continued) | |||||
Leidos, Inc. (IT Svs.) | 3.625% | 05/15/2025 | $ 345,000 | $ 371,972 | |
Leidos, Inc. (IT Svs.) | 4.375% | 05/15/2030 | 800,000 | 903,688 | |
LogMeIn, Inc. (Software) | (a) | 5.500% | 09/01/2027 | 150,000 | 152,625 |
Micron Technology, Inc. (Semiconductors & Equip.) | 2.497% | 04/24/2023 | 600,000 | 617,568 | |
Micron Technology, Inc. (Semiconductors & Equip.) | 4.663% | 02/15/2030 | 750,000 | 865,688 | |
Microsoft Corp. (Software) | 2.375% | 05/01/2023 | 1,200,000 | 1,234,225 | |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 5.750% | 09/01/2027 | 50,000 | 52,730 |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 5.000% | 10/01/2028 | 25,000 | 25,545 |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 5.125% | 04/15/2029 | 25,000 | 25,781 |
NCR Corp. (Tech. Hardware, Storage & Periph.) | (a) | 5.250% | 10/01/2030 | 100,000 | 104,853 |
Nuance Communications, Inc. (Software) | 5.625% | 12/15/2026 | 25,000 | 25,875 | |
ON Semiconductor Corp. (Semiconductors & Equip.) | (a) | 3.875% | 09/01/2028 | 75,000 | 77,438 |
Open Text Corp. (Software) | (a) | 3.875% | 02/15/2028 | 75,000 | 76,500 |
Oracle Corp. (Software) | 3.600% | 04/01/2050 | 2,000,000 | 2,002,397 | |
PTC, Inc. (Software) | (a) | 4.000% | 02/15/2028 | 25,000 | 25,656 |
Qorvo, Inc. (Semiconductors & Equip.) | 4.375% | 10/15/2029 | 150,000 | 163,500 | |
Qorvo, Inc. (Semiconductors & Equip.) | (a) | 3.375% | 04/01/2031 | 25,000 | 26,360 |
Rocket Software, Inc. (Software) | (a) | 6.500% | 02/15/2029 | 225,000 | 222,750 |
Science Applications International Corp. (IT Svs.) | (a) | 4.875% | 04/01/2028 | 75,000 | 77,509 |
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | (a) | 3.125% | 07/15/2029 | 125,000 | 120,888 |
Skyworks Solutions, Inc. (Semiconductors & Equip.) | 1.800% | 06/01/2026 | 50,000 | 50,663 | |
SS&C Technologies, Inc. (Software) | (a) | 5.500% | 09/30/2027 | 175,000 | 184,788 |
Synaptics, Inc. (Semiconductors & Equip.) | (a) | 4.000% | 06/15/2029 | 25,000 | 25,577 |
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a) | 4.000% | 03/01/2029 | 75,000 | 74,704 |
VeriSign, Inc. (IT Svs.) | 2.700% | 06/15/2031 | 660,000 | 670,784 | |
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software) | (a) | 7.500% | 09/01/2025 | 225,000 | 234,000 |
Viavi Solutions, Inc. (Communications Equip.) | (a) | 3.750% | 10/01/2029 | 25,000 | 25,055 |
VMware, Inc. (Software) | 1.400% | 08/15/2026 | 240,000 | 238,920 | |
VMware, Inc. (Software) | 2.200% | 08/15/2031 | 190,000 | 185,776 | |
Vontier Corp. (Electronic Equip., Instr. & Comp.) | (a) | 1.800% | 04/01/2026 | 665,000 | 660,205 |
| 19,878,543 | |||||
| Materials–1.8% | |||||
Albemarle Corp. (Chemicals) | 4.150% | 12/01/2024 | 375,000 | 409,291 | |
Albemarle Corp. (Chemicals) | 5.450% | 12/01/2044 | 375,000 | 477,058 | |
Anglo American Capital PLC (Metals & Mining) | (a) | 2.875% | 03/17/2031 | 1,175,000 | 1,178,995 |
ARD Finance SA (Containers & Packaging) | (a)(b) | 6.500%, 7.250% PIK | 06/30/2027 | 400,000 | 424,940 |
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging) | (a) | 4.000% | 09/01/2029 | 200,000 | 202,250 |
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging) | (a) | 5.250% | 08/15/2027 | 200,000 | 203,601 |
Ashland LLC (Chemicals) | (a) | 3.375% | 09/01/2031 | 75,000 | 75,656 |
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B B.V. (Chemicals) | (a) | 4.750% | 06/15/2027 | 150,000 | 156,375 |
Ball Corp. (Containers & Packaging) | 3.125% | 09/15/2031 | 150,000 | 148,137 | |
Berry Global, Inc. (Containers & Packaging) | (a) | 5.625% | 07/15/2027 | 100,000 | 105,671 |
Carpenter Technology Corp. (Metals & Mining) | 4.450% | 03/01/2023 | 300,000 | 310,590 | |
Clearwater Paper Corp. (Paper & Forest Products) | (a) | 4.750% | 08/15/2028 | 200,000 | 205,500 |
Cleveland-Cliffs, Inc. (Metals & Mining) | (a) | 4.625% | 03/01/2029 | 75,000 | 76,594 |
Cleveland-Cliffs, Inc. (Metals & Mining) | (a) | 4.875% | 03/01/2031 | 175,000 | 180,687 |
Coeur Mining, Inc. (Metals & Mining) | (a) | 5.125% | 02/15/2029 | 75,000 | 72,004 |
Compass Minerals International, Inc. (Metals & Mining) | (a) | 4.875% | 07/15/2024 | 175,000 | 182,219 |
Compass Minerals International, Inc. (Metals & Mining) | (a) | 6.750% | 12/01/2027 | 75,000 | 79,594 |
Diamond B.C. B.V. (Chemicals) | (a) | 4.625% | 10/01/2029 | 125,000 | 126,875 |
Element Solutions, Inc. (Chemicals) | (a) | 3.875% | 09/01/2028 | 25,000 | 25,250 |
Flex Acquisition Co., Inc. (Containers & Packaging) | (a) | 6.875% | 01/15/2025 | 300,000 | 303,750 |
Flex Acquisition Co., Inc. (Containers & Packaging) | (a) | 7.875% | 07/15/2026 | 100,000 | 104,500 |
Freeport-McMoRan, Inc. (Metals & Mining) | 5.000% | 09/01/2027 | 50,000 | 52,125 | |
Freeport-McMoRan, Inc. (Metals & Mining) | 5.400% | 11/14/2034 | 25,000 | 30,031 | |
Glencore Funding LLC (Metals & Mining) | (a) | 1.625% | 04/27/2026 | 600,000 | 597,143 |
Glencore Funding LLC (Metals & Mining) | (a) | 3.875% | 04/27/2051 | 300,000 | 313,669 |
Graphic Packaging International LLC (Containers & Packaging) | (a) | 3.500% | 03/01/2029 | 100,000 | 99,500 |
HB Fuller Co. (Chemicals) | 4.250% | 10/15/2028 | 25,000 | 25,438 | |
Herens Holdco SARL (Chemicals) | (a) | 4.750% | 05/15/2028 | 200,000 | 201,000 |
Hexion, Inc. (Chemicals) | (a) | 7.875% | 07/15/2027 | 75,000 | 80,063 |
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. (Chemicals) | (a) | 9.000% | 07/01/2028 | 175,000 | 192,937 |
International Flavors & Fragrances, Inc. (Chemicals) | (a) | 1.832% | 10/15/2027 | 900,000 | 901,322 |
Koppers, Inc. (Chemicals) | (a) | 6.000% | 02/15/2025 | 225,000 | 230,062 |
Mauser Packaging Solutions Holding Co. (Containers & Packaging) | (a) | 5.500% | 04/15/2024 | 25,000 | 25,219 |
Mauser Packaging Solutions Holding Co. (Containers & Packaging) | (a) | 7.250% | 04/15/2025 | 25,000 | 24,848 |
Olympus Water U.S. Holding Corp. (Chemicals) | (a) | 4.250% | 10/01/2028 | 200,000 | 197,095 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Materials (continued) | |||||
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 5.375% | 01/15/2025 | $ 150,000 | $ 160,125 |
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 6.625% | 05/13/2027 | 75,000 | 80,379 |
Packaging Corp. of America (Containers & Packaging) | 3.650% | 09/15/2024 | 1,175,000 | 1,262,435 | |
Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC / Reynolds Gro (Containers & Packaging) | (a) | 4.000% | 10/15/2027 | 50,000 | 49,500 |
Polar U.S. Borrower LLC / Schenectady International Group, Inc. (Chemicals) | (a) | 6.750% | 05/15/2026 | 175,000 | 176,094 |
Reliance Steel & Aluminum Co. (Metals & Mining) | 4.500% | 04/15/2023 | 1,060,000 | 1,112,977 | |
RPM International, Inc. (Chemicals) | 4.550% | 03/01/2029 | 575,000 | 656,951 | |
SPCM SA (Chemicals) | (a) | 3.375% | 03/15/2030 | 200,000 | 199,845 |
SRS Distribution, Inc. (Construction Materials) | (a) | 6.125% | 07/01/2029 | 100,000 | 103,000 |
Standard Industries, Inc. (Construction Materials) | (a) | 3.375% | 01/15/2031 | 50,000 | 47,585 |
Trivium Packaging Finance B.V. (Containers & Packaging) | (a) | 8.500% | 08/15/2027 | 200,000 | 214,750 |
W.R. Grace Holdings LLC (Chemicals) | (a) | 4.875% | 06/15/2027 | 25,000 | 25,719 |
W.R. Grace Holdings LLC (Chemicals) | (a) | 5.625% | 08/15/2029 | 75,000 | 77,251 |
WRKCo, Inc. (Containers & Packaging) | 4.000% | 03/15/2028 | 725,000 | 810,744 | |
| 12,997,344 | |||||
| Real Estate–1.9% | |||||
Alexandria Real Estate Equities, Inc. (Equity REIT) | 1.875% | 02/01/2033 | 1,430,000 | 1,345,578 | |
American Tower Corp. (Equity REIT) | 2.950% | 01/15/2051 | 660,000 | 622,449 | |
AvalonBay Communities, Inc. (Equity REIT) | 3.350% | 05/15/2027 | 1,125,000 | 1,235,990 | |
Boston Properties LP (Equity REIT) | 3.650% | 02/01/2026 | 1,300,000 | 1,417,210 | |
Camden Property Trust (Equity REIT) | 2.800% | 05/15/2030 | 600,000 | 633,249 | |
Crown Castle International Corp. (Equity REIT) | 3.250% | 01/15/2051 | 750,000 | 740,221 | |
Cushman & Wakefield U.S. Borrower LLC (Real Estate Mgmt. & Development) | (a) | 6.750% | 05/15/2028 | 75,000 | 81,375 |
Healthcare Trust of America Holdings LP (Equity REIT) | 2.000% | 03/15/2031 | 725,000 | 695,092 | |
Kimco Realty Corp. (Equity REIT) | 2.700% | 10/01/2030 | 750,000 | 771,044 | |
Mid-America Apartments LP (Equity REIT) | 4.000% | 11/15/2025 | 1,125,000 | 1,235,380 | |
Piedmont Operating Partnership LP (Equity REIT) | 2.750% | 04/01/2032 | 300,000 | 294,909 | |
Regency Centers LP (Equity REIT) | 2.950% | 09/15/2029 | 1,100,000 | 1,154,012 | |
UDR, Inc. (Equity REIT) | 3.500% | 01/15/2028 | 1,125,000 | 1,222,085 | |
VICI Properties LP / VICI Note Co., Inc. (Equity REIT) | (a) | 4.250% | 12/01/2026 | 150,000 | 156,650 |
Welltower, Inc. (Equity REIT) | 4.250% | 04/01/2026 | 675,000 | 753,575 | |
WP Carey, Inc. (Equity REIT) | 3.850% | 07/15/2029 | 750,000 | 830,642 | |
WP Carey, Inc. (Equity REIT) | 2.400% | 02/01/2031 | 120,000 | 118,438 | |
| 13,307,899 | |||||
| Utilities–2.3% | |||||
Ameren Corp. (Multi-Utilities) | 1.750% | 03/15/2028 | 1,500,000 | 1,470,058 | |
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities) | 5.500% | 05/20/2025 | 150,000 | 165,720 | |
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities) | 5.750% | 05/20/2027 | 25,000 | 28,250 | |
Berkshire Hathaway Energy Co. (Multi-Utilities) | 4.050% | 04/15/2025 | 250,000 | 274,903 | |
Black Hills Corp. (Multi-Utilities) | 2.500% | 06/15/2030 | 370,000 | 375,000 | |
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 5.250% | 06/01/2026 | 50,000 | 51,437 |
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 5.000% | 02/01/2031 | 150,000 | 150,000 |
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 3.750% | 03/01/2031 | 75,000 | 72,188 |
Dominion Energy, Inc. (Multi-Utilities) | 1.450% | 04/15/2026 | 670,000 | 672,175 | |
Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | 650,000 | 694,086 | |
Duke Energy Corp. (Electric Utilities) | 4.200% | 06/15/2049 | 725,000 | 825,336 | |
Emera U.S. Finance LP (Electric Utilities) | 3.550% | 06/15/2026 | 600,000 | 648,535 | |
Emera U.S. Finance LP (Electric Utilities) | 4.750% | 06/15/2046 | 600,000 | 707,987 | |
Enel Finance International N.V. (Electric Utilities) | (a) | 2.250% | 07/12/2031 | 750,000 | 740,046 |
Eversource Energy (Electric Utilities) | 3.350% | 03/15/2026 | 670,000 | 715,921 | |
Exelon Corp. (Electric Utilities) | 4.050% | 04/15/2030 | 1,175,000 | 1,331,661 | |
FirstEnergy Corp. (Electric Utilities) | 2.650% | 03/01/2030 | 250,000 | 248,750 | |
National Fuel Gas Co. (Gas Utilities) | 5.500% | 01/15/2026 | 750,000 | 863,887 | |
National Fuel Gas Co. (Gas Utilities) | 2.950% | 03/01/2031 | 520,000 | 526,530 | |
NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 2.750% | 05/01/2025 | 610,000 | 643,339 | |
NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 3.550% | 05/01/2027 | 600,000 | 658,245 | |
NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 2.250% | 06/01/2030 | 600,000 | 603,423 | |
NRG Energy, Inc. (Electric Utilities) | 5.750% | 01/15/2028 | 150,000 | 159,563 | |
NRG Energy, Inc. (Electric Utilities) | (a) | 3.625% | 02/15/2031 | 25,000 | 24,556 |
NRG Energy, Inc. (Electric Utilities) | (a) | 3.875% | 02/15/2032 | 175,000 | 173,031 |
Pattern Energy Operations LP / Pattern Energy Operations, Inc. (Ind. Power & Renewable Elec.) | (a) | 4.500% | 08/15/2028 | 25,000 | 26,063 |
PPL Capital Funding, Inc. (Electric Utilities) | 3.100% | 05/15/2026 | 200,000 | 213,070 | |
Puget Energy, Inc. (Electric Utilities) | (a) | 2.379% | 06/15/2028 | 685,000 | 685,151 |
Southern Co. / The (Rate is fixed until 01/15/2026, at which point, the rate becomes H15T5Y + 373) (Electric Utilities) | (c) | 4.000% | 01/15/2051 | 1,350,000 | 1,427,044 |
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | 5.875% | 03/01/2027 | 100,000 | 104,250 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | |
| Utilities (continued) | |||||
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.) | (a) | 5.000% | 01/31/2028 | $ 250,000 | $ 268,437 |
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (a) | 5.500% | 09/01/2026 | 175,000 | 179,804 |
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (a) | 4.375% | 05/01/2029 | 25,000 | 25,153 |
WEC Energy Group, Inc. (Multi-Utilities) | 0.800% | 03/15/2024 | 220,000 | 220,679 | |
| 15,974,278 | |||||
Total Corporate Bonds (Cost $293,902,358) | $295,650,961 |
| U.S. Treasury Obligations–22.5% | Rate | Maturity | Face Amount | Value | |
U.S. Treasury Note | 0.125% | 04/30/2022 | $ 4,050,000 | $ 4,051,266 | |
U.S. Treasury Note | 0.125% | 06/30/2022 | 1,400,000 | 1,400,437 | |
U.S. Treasury Note | 0.125% | 12/31/2022 | 1,000,000 | 999,688 | |
U.S. Treasury Note | 0.125% | 03/31/2023 | 1,275,000 | 1,273,755 | |
U.S. Treasury Note | 0.250% | 04/15/2023 | 5,500,000 | 5,504,082 | |
U.S. Treasury Note | 0.125% | 04/30/2023 | 3,000,000 | 2,996,016 | |
U.S. Treasury Note | 0.125% | 06/30/2023 | 27,500,000 | 27,452,734 | |
U.S. Treasury Note | 0.250% | 05/15/2024 | 7,500,000 | 7,463,965 | |
U.S. Treasury Note | 0.375% | 12/31/2025 | 3,000,000 | 2,939,531 | |
U.S. Treasury Note | 0.875% | 06/30/2026 | 18,000,000 | 17,936,719 | |
U.S. Treasury Note | 0.625% | 07/31/2026 | 2,400,000 | 2,361,563 | |
U.S. Treasury Note | (e) | 0.500% | 04/30/2027 | 3,200,000 | 3,096,250 |
U.S. Treasury Note | 1.250% | 03/31/2028 | 575,000 | 575,022 | |
U.S. Treasury Note | 1.250% | 06/30/2028 | 13,000,000 | 12,972,578 | |
U.S. Treasury Note | 1.125% | 02/15/2031 | 405,000 | 392,280 | |
U.S. Treasury Note | 1.625% | 05/15/2031 | 13,400,000 | 13,557,031 | |
U.S. Treasury Note | 1.375% | 11/15/2040 | 525,000 | 471,598 | |
U.S. Treasury Note | 1.875% | 02/15/2041 | 180,000 | 176,063 | |
U.S. Treasury Note | 2.250% | 05/15/2041 | 8,300,000 | 8,630,703 | |
U.S. Treasury Note | 2.000% | 02/15/2050 | 3,750,000 | 3,684,082 | |
U.S. Treasury Note | 1.875% | 02/15/2051 | 3,940,000 | 3,757,159 | |
U.S. Treasury Note | 2.375% | 05/15/2051 | 15,650,000 | 16,701,484 | |
U.S. Treasury Note | 2.000% | 08/15/2051 | 5,000,000 | 4,911,719 | |
United States Treasury Inflation Indexed Bond | 0.125% | 04/15/2026 | 4,475,612 | 4,844,908 | |
United States Treasury Inflation Indexed Bond | 0.125% | 07/15/2030 | 1,730,008 | 1,907,784 | |
United States Treasury Inflation Indexed Bond | 0.125% | 01/15/2031 | 2,726,282 | 2,991,988 | |
United States Treasury Inflation Indexed Bond | 0.250% | 02/15/2050 | 291,970 | 328,702 | |
United States Treasury Inflation Indexed Bond | 0.125% | 02/15/2051 | 4,193,720 | 4,593,216 | |
Total U.S. Treasury Obligations (Cost $158,830,412) | $157,972,323 |
| U.S. Government Agency Mortgage-Backed Securities–21.7% | Rate | Maturity | Face Amount | Value | |
Fannie Mae Pool FN BM4333 | 3.500% | 12/01/2047 | $ 1,451,187 | $ 1,549,404 | |
Fannie Mae Pool FN BN6715 | 4.000% | 06/01/2049 | 4,130,191 | 4,517,120 | |
Fannie Mae Pool FN BP2797 | 2.500% | 05/01/2050 | 1,830,062 | 1,888,548 | |
Fannie Mae Pool FN BP6700 | 2.500% | 09/01/2050 | 4,733,482 | 4,922,912 | |
Fannie Mae Pool FN BP8188 | 2.000% | 09/01/2050 | 6,929,849 | 6,972,235 | |
Fannie Mae Pool FN BQ4558 | 2.000% | 03/01/2051 | 2,394,736 | 2,402,979 | |
Fannie Mae Pool FN BR1844 | 2.500% | 01/01/2051 | 1,429,949 | 1,482,687 | |
Fannie Mae Pool FN BR2231 | 2.000% | 08/01/2051 | 1,991,778 | 1,998,634 | |
Fannie Mae Pool FN BT7183 | 2.500% | 08/01/2051 | 1,996,605 | 2,060,413 | |
Fannie Mae Pool FN CA4574 | 4.000% | 08/01/2049 | 3,007,818 | 3,224,325 | |
Fannie Mae Pool FN CA4819 | 4.000% | 12/01/2049 | 1,385,973 | 1,507,197 | |
Fannie Mae Pool FN CA5348 | 3.500% | 03/01/2050 | 2,330,302 | 2,500,653 | |
Fannie Mae Pool FN CA6998 | 3.000% | 09/01/2050 | 4,300,734 | 4,497,529 | |
Fannie Mae Pool FN CA7231 | 2.500% | 10/01/2050 | 864,233 | 894,005 | |
Fannie Mae Pool FN CA8118 | 2.000% | 12/01/2050 | 2,090,984 | 2,101,186 | |
Fannie Mae Pool FN CB1131 | 2.500% | 07/01/2051 | 1,983,443 | 2,048,119 | |
Fannie Mae Pool FN FM2778 | 3.000% | 03/01/2050 | 2,886,112 | 3,064,477 | |
Fannie Mae Pool FN FM3734 | 3.500% | 09/01/2049 | 1,503,916 | 1,631,924 | |
Fannie Mae Pool FN FM3919 | 4.000% | 05/01/2049 | 1,053,820 | 1,138,357 | |
Fannie Mae Pool FN FM4122 | 2.000% | 08/01/2050 | 7,202,231 | 7,259,954 | |
Fannie Mae Pool FN FM4317 | 3.000% | 09/01/2050 | 4,310,255 | 4,523,125 | |
Fannie Mae Pool FN FM4532 | 3.000% | 09/01/2050 | 4,448,639 | 4,696,163 | |
Fannie Mae Pool FN FM5815 | 2.500% | 12/01/2035 | 4,726,261 | 4,928,854 | |
Fannie Mae Pool FN FM6708 | 2.500% | 01/01/2051 | 4,733,770 | 4,892,239 | |
Fannie Mae Pool FN FM7293 | 2.500% | 05/01/2051 | 1,461,263 | 1,510,182 | |
Fannie Mae Pool FN FM7502 | 3.500% | 06/01/2050 | 4,292,703 | 4,540,885 | |
Fannie Mae Pool FN FM7510 | 3.000% | 06/01/2051 | 1,951,411 | 2,059,758 | |
Fannie Mae Pool FN FM7554 | 3.500% | 04/01/2050 | 4,175,874 | 4,420,054 | |
Fannie Mae Pool FN FM7706 | 3.500% | 08/01/2050 | 4,438,386 | 4,772,879 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| U.S. Government Agency Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | |
Fannie Mae Pool FN FM8421 | 2.500% | 08/01/2051 | $ 2,464,384 | $ 2,544,746 | |
Fannie Mae Pool FN MA4119 | 2.000% | 09/01/2050 | 1,058,821 | 1,062,466 | |
Fannie Mae Pool FN MA4138 | 1.500% | 09/01/2050 | 4,766,072 | 4,634,176 | |
Fannie Mae Pool FN MA4255 | 2.000% | 02/01/2051 | 1,888,743 | 1,895,244 | |
Fannie Mae Pool FN MA4413 | 2.000% | 09/01/2051 | 3,988,195 | 4,001,923 | |
Fannie Mae Pool FN MA4415 | 3.000% | 09/01/2051 | 2,372,772 | 2,496,889 | |
Freddie Mac Pool FR RA3357 | 2.000% | 08/01/2050 | 1,455,373 | 1,462,306 | |
Freddie Mac Pool FR RA3575 | 2.000% | 09/01/2050 | 6,804,221 | 6,851,100 | |
Freddie Mac Pool FR RA3611 | 2.500% | 09/01/2050 | 4,896,925 | 5,080,268 | |
Freddie Mac Pool FR RA5761 | 2.000% | 06/01/2051 | 2,563,144 | 2,571,967 | |
Freddie Mac Pool FR SB8122 | 1.500% | 10/01/2036 | 2,000,000 | 2,021,188 | |
Freddie Mac Pool FR SD0451 | 3.000% | 10/01/2050 | 2,259,365 | 2,387,843 | |
Freddie Mac Pool FR SD0625 | 2.500% | 05/01/2051 | 2,453,202 | 2,532,228 | |
Freddie Mac Pool FR SD7505 | 4.500% | 08/01/2049 | 1,116,407 | 1,242,491 | |
Freddie Mac Pool FR SD7514 | 3.500% | 04/01/2050 | 2,000,624 | 2,149,394 | |
Freddie Mac Pool FR SD8104 | 1.500% | 11/01/2050 | 2,322,239 | 2,257,754 | |
Freddie Mac Pool FR SD8121 | 2.000% | 01/01/2051 | 1,867,162 | 1,873,589 | |
Freddie Mac Pool FR SD8135 | 2.500% | 03/01/2051 | 687,901 | 709,885 | |
Freddie Mac Pool FR SD8148 | 3.000% | 05/01/2051 | 4,317,608 | 4,541,715 | |
Freddie Mac Pool FR SD8163 | 3.500% | 08/01/2051 | 2,467,250 | 2,613,914 | |
Freddie Mac Pool FR ZT1257 | 3.000% | 01/01/2046 | 907,924 | 980,632 | |
Ginnie Mae II Pool G2 MA6866 | 3.000% | 09/20/2050 | 2,071,767 | 2,167,147 | |
Total U.S. Government Agency Mortgage-Backed Securities (Cost $152,525,559) | $152,085,662 |
| Investment Companies–9.3% | Shares | Value | |
Federated Hermes Core Trust - Bank Loan Core Fund (Acquired 05/01/2020 through 06/28/2021, Cost $17,850,000) | (f)(g) | 1,874,699 | $ 18,147,088 |
Federated Hermes Core Trust - Emerging Markets Core Fund (Acquired 05/01/2020 through 06/28/2021, Cost $25,316,717) | (f)(g) | 2,505,309 | 25,128,251 |
Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund (Acquired 05/01/2020 through 06/28/2021, Cost $21,725,000) | (g)(h) | 2,465,645 | 21,845,614 |
Total Investment Companies (Cost $64,891,717) | $65,120,953 |
| Asset-Backed / Mortgage-Backed Securities–1.4% | Rate | Maturity | Face Amount | Value | |
| Financials–1.4% | |||||
AmeriCredit Automobile Receivables Trust 2020-2 D | 2.130% | 03/18/2026 | $ 180,000 | $ 184,625 | |
AmeriCredit Automobile Receivables Trust 2020-3 D | 1.490% | 09/18/2026 | 175,000 | 176,534 | |
Benchmark 2020-B19 A5 | 1.850% | 09/15/2053 | 1,150,000 | 1,130,145 | |
Benchmark 2021-B26 A2 | 1.957% | 06/15/2054 | 520,000 | 532,368 | |
Carmax Auto Owner Trust 2021-1 D | 1.280% | 07/15/2027 | 100,000 | 99,591 | |
Chesapeake Funding II LLC 2020-1A D | (a) | 2.830% | 08/16/2032 | 150,000 | 154,894 |
Ford Credit Auto Lease Trust 2020-B C | 1.700% | 02/15/2025 | 335,000 | 340,080 | |
Ford Credit Floorplan Master Owner Trust A 2020-1 D | 2.120% | 09/15/2025 | 395,000 | 403,231 | |
Freddie Mac Multifamily Structured Pass Through Certificates K108 A2 | 1.517% | 03/25/2030 | 400,000 | 398,141 | |
Freddie Mac Multifamily Structured Pass Through Certificates K109 A2 | 1.558% | 04/25/2030 | 400,000 | 399,105 | |
GM Financial Consumer Automobile Receivables Trust 2020-3 D | 1.910% | 09/16/2027 | 400,000 | 409,709 | |
HPEFS Equipment Trust 2020-2A D | (a) | 2.790% | 07/22/2030 | 750,000 | 773,912 |
MMAF Equipment Finance LLC 2020-A A5 | (a) | 1.560% | 10/09/2042 | 750,000 | 750,416 |
Navient Private Education Refi Loan Trust 2020-FA A | (a) | 1.220% | 07/15/2069 | 260,838 | 262,258 |
Navistar Financial Dealer Note Master Trust 2020-1 D | (a) | ML + 290 | 07/25/2025 | 275,000 | 278,028 |
PFS Financing Corp. 2020-G B | (a) | 1.570% | 02/15/2026 | 310,000 | 313,353 |
Santander Consumer Auto Receivables Trust 2020-BA D | (a) | 2.140% | 12/15/2026 | 200,000 | 203,024 |
Santander Drive Auto Receivables Trust 2020-2 D | 2.220% | 09/15/2026 | 450,000 | 458,712 | |
Santander Drive Auto Receivables Trust 2020-3 D | 1.640% | 11/16/2026 | 750,000 | 760,413 | |
Sierra Timeshare 2020-2A A | (a) | 1.330% | 07/20/2037 | 399,698 | 400,623 |
SMB Private Education Loan Trust 2020-B A1A | (a) | 1.290% | 07/15/2053 | 613,603 | 615,651 |
Tesla Auto Lease Trust 2020-A C | (a) | 1.680% | 02/20/2024 | 330,000 | 334,085 |
Tesla Auto Lease Trust 2020-A D | (a) | 2.330% | 02/20/2024 | 100,000 | 102,283 |
World Omni Select Auto Trust 2020-A D | 1.700% | 10/15/2026 | 250,000 | 252,427 | |
Total Asset-Backed / Mortgage-Backed Securities (Cost $9,713,706) | $9,733,608 |
| Sovereign Issues–0.7% | Rate | Maturity | Face Amount | Value | |
Colombia Government International Bond | 4.500% | 03/15/2029 | $ 1,100,000 | $ 1,159,290 | |
Colombia Government International Bond | 3.000% | 01/30/2030 | 725,000 | 685,154 | |
Mexico Government International Bond | 3.750% | 01/11/2028 | 1,025,000 | 1,114,267 | |
Mexico Government International Bond | 4.500% | 01/31/2050 | 1,175,000 | 1,201,672 | |
Republic of Poland Government International Bond | 4.000% | 01/22/2024 | 600,000 | 646,907 | |
Total Sovereign Issues (Cost $4,872,806) | $4,807,290 |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| U.S. Government Agency Issues–0.1% | Rate | Maturity | Face Amount | Value | |
Federal Farm Credit Banks Funding Corp. | 0.700% | 01/27/2027 | $ 1,000,000 | $ 982,299 | |
Total U.S. Government Agency Issues (Cost $1,000,000) | $982,299 |
| Money Market Funds–2.2% | Shares | Value | |
State Street Institutional Liquid Reserves Fund Institutional Class, 0.042% | (i) | 12,484,070 | $ 12,486,567 |
State Street Institutional U.S. Government Money Market Fund, 0.025% | (i) | 3,020,739 | 3,020,739 |
Total Money Market Funds (Cost $15,507,306) | $15,507,306 | ||
Total Investments – 100.0% (Cost $701,243,864) | (j) | $701,860,402 | |
Liabilities in Excess of Other Assets – (0.0)% | (170,488) | ||
| Net Assets – 100.0% | $701,689,914 |
Percentages are stated as a percent of net assets. |
| Abbreviations: | ||
| H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 0.980% at 09/30/2021 | |
| ML: | Monthly U.S. LIBOR Rate, 0.080% at 09/30/2021 | |
| PIK: | Payment-in-Kind | |
| QL: | Quarterly U.S. LIBOR Rate, 0.130% at 09/30/2021 | |
| SOFR: | Secured Overnight Financing Rate, 0.050% at 09/30/2021 | |
| 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 September 30, 2021, the value of these securities totaled $76,515,201, or 10.9% of the Portfolio’s net assets. | |
| (b) | Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind). | |
| (c) | 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 September 30, 2021. | |
| (d) | Represents a security that is in default and deemed to be non-income producing. | |
| (e) | Security is partially pledged as collateral for the futures contracts outstanding at September 30, 2021. The market value of securities pledged totaled $1,292,684. 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 September 30, 2021, the value of restricted securities in the Portfolio totaled $65,120,953, or 9.3% 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 September 30, 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. | |
| Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) |
| Schedule of Open Futures Contracts | September 30, 2021 (Unaudited) |
| Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
| CBT 10-Year U.S. Ultra Bond - Long | 110 | December 21, 2021 | $16,285,415 | $15,977,500 | $(307,915) | $18,906 |
| Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
| CBT U.S. Long Bond - Short | 2 | December 21, 2021 | $(325,183) | $(318,438) | $6,745 | $(250) | ||||||
| CBT 10-Year U.S. Treasury Note - Short | 150 | December 21, 2021 | (19,990,553) | (19,741,406) | 249,147 | (21,095) | ||||||
| CBT U.S. Ultra Bond - Short | 150 | December 21, 2021 | (29,702,394) | (28,659,375) | 1,043,019 | 23,438 | ||||||
| CBT 5-Year U.S. Treasury Note - Short | 70 | December 31, 2021 | (8,640,468) | (8,591,844) | 48,624 | (6,015) | ||||||
| $(58,658,598) | $(57,311,063) | $1,347,535 | $(3,922) | |||||||||
| Total Futures Contracts | $(42,373,183) | $(41,333,563) | $1,039,620 | $14,984 |
| Ohio National Fund, Inc. | ON Janus Henderson U.S. Low Volatility Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Ohio National Fund, Inc. | ON Janus Henderson U.S. Low Volatility Portfolio (Continued) |
| Schedule of Investments | September 30, 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 September 30, 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. | |
| Ohio National Fund, Inc. | ON iShares Managed Risk Balanced Portfolio |
| Schedule of Investments | September 30, 2021 (Unaudited) |
| Exchange Traded Funds–91.8% | Shares | Value | |
iShares Core MSCI EAFE ETF | 278,219 | $ 20,657,761 | |
iShares Core S&P 500 ETF | 140,984 | 60,738,727 | |
iShares Core U.S. Aggregate Bond ETF | 1,813,507 | 208,245,009 | |
iShares MSCI Australia ETF | 122,802 | 3,047,946 | |
iShares MSCI Brazil ETF | 26,284 | 844,505 | |
iShares MSCI Canada ETF | 13,508 | 490,340 | |
iShares MSCI Chile ETF | 29,680 | 771,680 | |
iShares MSCI China ETF | 76,930 | 5,195,083 | |
iShares MSCI France ETF | 28,801 | 1,072,549 | |
iShares MSCI Germany ETF | 69,805 | 2,297,981 | |
iShares MSCI Hong Kong ETF | 99,584 | 2,388,024 | |
iShares MSCI India ETF | 70,174 | 3,416,772 | |
iShares MSCI Italy ETF | 85,749 | 2,713,956 | |
iShares MSCI Japan ETF | 116,206 | 8,163,471 | |
iShares MSCI Mexico ETF | 21,784 | 1,051,296 | |
iShares MSCI Poland ETF | 115,655 | 2,535,158 | |
iShares MSCI South Africa ETF | 1,622 | 76,283 | |
iShares MSCI South Korea ETF | 27,863 | 2,247,429 | |
iShares MSCI Spain ETF | 91,719 | 2,473,661 | |
iShares MSCI Sweden ETF | 13,020 | 583,947 | |
iShares MSCI Taiwan ETF | 22,486 | 1,394,357 | |
iShares MSCI United Kingdom ETF | 82,306 | 2,654,368 | |
iShares Russell 1000 ETF | 175,563 | 42,435,333 | |
Total Exchange Traded Funds (Cost $377,701,717) | $375,495,636 |
| Money Market Funds–6.0% | Shares | Value | |
State Street Institutional Liquid Reserves Fund Institutional Class, 0.042% | (a) | 24,589,995 | $ 24,594,913 |
Total Money Market Funds (Cost $24,596,642) | $24,594,913 | ||
Total Investments – 97.8% (Cost $402,298,359) | (b) | $400,090,549 | |
Other Assets in Excess of Liabilities – 2.2% | (c) | 9,180,825 | |
| Net Assets – 100.0% | $409,271,374 |
Percentages are stated as a percent of net assets. |
| Footnotes: | ||
| (a) | Rate represents the seven-day yield at September 30, 2021. | |
| (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 $5,130,437 of cash pledged as collateral for the futures contracts outstanding at September 30, 2021. See also the following Schedule of Open Futures Contracts. | |
| Ohio National Fund, Inc. | ON iShares Managed Risk Balanced Portfolio (Continued) |
| Schedule of Open Futures Contracts | September 30, 2021 (Unaudited) |
| Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
| MRV IBEX 35 Index - Long | 76 | October 15, 2021 | $7,676,852 | $7,761,483 | $84,631 | $(41,552) | ||||||
| OSE TOPIX Index - Long | 8 | December 9, 2021 | 1,451,753 | 1,459,544 | 7,791 | (6,110) | ||||||
| EUR Currency Future - Long | 93 | December 13, 2021 | 13,772,939 | 13,485,000 | (287,939) | (31,900) | ||||||
| MOD S&P TSX 60 Index - Long | 16 | December 16, 2021 | 3,109,477 | 3,021,885 | (87,592) | (15,159) | ||||||
| CME E-mini S&P 500 Index - Long | 47 | December 17, 2021 | 10,471,288 | 10,099,713 | (371,575) | (104,647) | ||||||
| MSCI Emerging Markets Index - Long | 194 | December 17, 2021 | 12,584,591 | 12,082,320 | (502,271) | 83,650 | ||||||
| DMI FTSE MIB Index - Long | 52 | December 17, 2021 | 7,707,368 | 7,641,611 | (65,757) | (15,661) | ||||||
| IFLL FTSE 100 Index - Long | 14 | December 17, 2021 | 1,318,167 | 1,334,317 | 16,150 | (283) | ||||||
| MSCI EAFE Index - Long | 41 | December 17, 2021 | 4,852,894 | 4,647,350 | (205,544) | (17,015) | ||||||
| $62,945,329 | $61,533,223 | $(1,412,106) | $(148,677) |
| Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
| AUD Currency Future - Short | 32 | December 13, 2021 | $(2,359,532) | $(2,314,880) | $44,652 | $(19,200) | ||||||
| JPY Currency Future - Short | 41 | December 13, 2021 | (4,650,319) | (4,602,763) | 47,556 | (20,344) | ||||||
| CAD Currency Future - Short | 58 | December 14, 2021 | (4,572,568) | (4,581,420) | (8,852) | (15,360) | ||||||
| CBT U.S. Ultra Bond - Short | 37 | December 21, 2021 | (7,260,046) | (7,069,313) | 190,733 | 5,781 | ||||||
| CBT 5-Year U.S. Treasury Note - Short | 258 | December 31, 2021 | (31,813,701) | (31,667,484) | 146,217 | (22,173) | ||||||
| $(50,656,166) | $(50,235,860) | $420,306 | $(71,296) | |||||||||
| Total Futures Contracts | $12,289,163 | $11,297,363 | $(991,800) | $(219,973) |
| Ohio National Fund, Inc. | ON Moderately Conservative Model Portfolio |
| Schedule of Investments in Unaffiliated Issuers | September 30, 2021 (Unaudited) |
| Open-End Mutual Funds–39.6% | Shares | Value | |
DFA Emerging Markets Portfolio Institutional | 130,326 | $ 4,289,023 | |
DFA International Core Equity Portfolio Institutional | 538,497 | 8,545,954 | |
PIMCO Low Duration Institutional | 2,289,638 | 22,667,413 | |
PIMCO Total Return Institutional | 3,558,812 | 36,869,292 | |
Vanguard International Growth Fund Admiral Class | 17,305 | 2,831,308 | |
Western Asset Core Plus Bond IS | 3,065,546 | 36,878,512 | |
Total Open-End Mutual Funds | $112,081,502 | ||
Total Investments in Securities of Unaffiliated Issuers – 39.6% (Cost $107,406,515) | $112,081,502 | ||
| Total Investments in Affiliates – 60.4% (Cost $145,799,628) (see schedule below) | 171,294,232 | ||
| Liabilities in Excess of Other Assets – 0.0% | (116,859) | ||
| Net Assets – 100.0% | $283,258,875 |
Percentages are stated as a percent of net assets. |
| Schedule of Investments in Affiliates | September 30, 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 | Capital Gain Distributions | Shares at September 30, 2021 | Value at September 30, 2021 | |||||
| Open-End Mutual Funds – 60.4% | ||||||||||||||
Fidelity Advisor® Real Estate I | (a) | $3,034,303 | $264,704 | $1,070,339 | $68,244 | $534,398 | $4,469 | $ — | 117,971 | $2,831,310 | ||||
ON AB Mid Cap Core Portfolio | (a) | 3,034,303 | 283,653 | 616,777 | 193,998 | (63,867) | 4,291 | 170,440 | 47,964 | 2,831,310 | ||||
ON AB Mid Small Cap Portfolio | (a) | 3,034,303 | 590,154 | 601,376 | 165,889 | (357,660) | — | 326,407 | 69,124 | 2,831,310 | ||||
ON BlackRock Advantage International Equity Portfolio | (a) | 13,654,362 | 951,149 | 2,868,780 | 417,847 | 586,315 | 173,591 | — | 721,047 | 12,740,893 | ||||
ON BlackRock Advantage Large Cap Core Portfolio | (a) | 6,068,605 | 709,795 | 1,458,737 | 278,693 | 64,263 | 55,098 | 493,980 | 140,095 | 5,662,619 | ||||
ON BlackRock Advantage Large Cap Value Portfolio | (a) | 15,171,513 | 803,199 | 3,868,896 | 895,954 | 1,154,778 | 185,401 | — | 648,788 | 14,156,548 | ||||
ON Bond Portfolio | (a) | 21,240,118 | 1,297,994 | 1,865,373 | 261,807 | (1,115,379) | 546,697 | 43,816 | 993,940 | 19,819,167 | ||||
ON Federated Core Plus Bond Portfolio | (a) | 30,343,026 | 9,870,925 | 3,092,534 | 99,897 | (414,289) | 129,035 | 4,560 | 3,566,572 | 36,807,025 | ||||
ON Federated High Income Bond Portfolio | (a) | 15,171,513 | 1,097,704 | 2,028,008 | 310,765 | (395,426) | 729,957 | — | 659,364 | 14,156,548 | ||||
ON Janus Henderson Forty Portfolio | (a) | 3,034,303 | 509,588 | 776,227 | 312,202 | (248,556) | — | 379,638 | 80,526 | 2,831,310 | ||||
ON Nasdaq-100® Index Portfolio | (a) | 6,068,605 | 1,398,114 | 1,508,047 | 593,070 | (889,123) | 27,060 | 1,089,865 | 220,250 | 5,662,619 | ||||
ON S&P 500® Index Portfolio | (a) | 39,445,934 | 3,515,051 | 9,329,738 | 2,683,535 | 492,243 | 537,700 | 2,015,649 | 883,722 | 36,807,025 | ||||
ON S&P MidCap 400® Index Portfolio | (a) | 15,171,513 | 1,003,854 | 3,850,215 | 1,156,255 | 675,141 | 146,023 | 231,373 | 582,334 | 14,156,548 | ||||
Total Open-End Mutual Funds | $7,438,156 | $22,838 | $2,539,322 | $4,755,728 | $171,294,232 |
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 September 30, 2021. | |
| Ohio National Fund, Inc. | ON Balanced Model Portfolio |
| Schedule of Investments in Unaffiliated Issuers | September 30, 2021 (Unaudited) |
| Open-End Mutual Funds–34.1% | Shares | Value | |
DFA Emerging Markets Portfolio Institutional | 1,340,892 | $ 44,128,751 | |
DFA International Core Equity Portfolio Institutional | 2,770,343 | 43,965,342 | |
PIMCO Low Duration Institutional | 6,625,544 | 65,592,892 | |
PIMCO Total Return Institutional | 8,449,780 | 87,539,724 | |
Vanguard International Growth Fund Admiral Class | 200,305 | 32,771,915 | |
Western Asset Core Plus Bond IS | 8,188,450 | 98,507,047 | |
Total Open-End Mutual Funds | $372,505,671 | ||
Total Investments in Securities of Unaffiliated Issuers – 34.1% (Cost $341,121,666) | $372,505,671 | ||
| Total Investments in Affiliates – 65.9% (Cost $589,643,299) (see schedule below) | 720,982,139 | ||
| Liabilities in Excess of Other Assets – 0.0% | (401,464) | ||
| Net Assets – 100.0% | $1,093,086,346 |
Percentages are stated as a percent of net assets. |
| Schedule of Investments in Affiliates | September 30, 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 | Capital Gain Distributions | Shares at September 30, 2021 | Value at September 30, 2021 | |||||
| Open-End Mutual Funds – 65.9% | ||||||||||||||
Fidelity Advisor® Real Estate I | (a) | $11,276,978 | $405,544 | $3,021,916 | $9,925 | $2,253,441 | $17,278 | $ — | 455,165 | $10,923,972 | ||||
ON AB Mid Cap Core Portfolio | (a) | 11,276,978 | 739,591 | 1,549,555 | 488,176 | (31,218) | 16,680 | 662,542 | 185,058 | 10,923,972 | ||||
ON AB Mid Small Cap Portfolio | (a) | 11,276,978 | 1,810,344 | 1,370,743 | 519,273 | (1,311,880) | — | 1,270,772 | 266,699 | 10,923,972 | ||||
ON BlackRock Advantage International Equity Portfolio | (a) | 90,215,828 | 3,687,075 | 13,073,121 | 1,887,721 | 4,674,271 | 1,200,254 | — | 4,945,771 | 87,391,774 | ||||
ON BlackRock Advantage Large Cap Core Portfolio | (a) | 22,553,957 | 2,373,876 | 4,313,263 | 1,159,570 | 73,804 | 213,933 | 1,918,028 | 540,523 | 21,847,944 | ||||
ON BlackRock Advantage Large Cap Growth Portfolio | (a) | 22,553,957 | 3,172,796 | 15,145,305 | 5,795,108 | (5,452,584) | 29,219 | 2,934,976 | 361,841 | 10,923,972 | ||||
ON BlackRock Advantage Large Cap Value Portfolio | (a) | 67,661,871 | 13,444,898 | 13,433,924 | 3,232,590 | 5,562,367 | 1,007,266 | — | 3,504,482 | 76,467,802 | ||||
ON BlackRock Advantage Small Cap Growth Portfolio | (a) | 22,553,957 | 4,506,612 | 3,423,069 | 1,242,420 | (3,031,976) | — | 2,753,108 | 577,530 | 21,847,944 | ||||
ON Bond Portfolio | (a) | 56,384,892 | 3,681,625 | 3,197,619 | 457,659 | (2,706,698) | 1,511,441 | 121,136 | 2,739,211 | 54,619,859 | ||||
ON Federated Core Plus Bond Portfolio | (a) | 90,215,828 | 2,145,416 | 3,712,442 | 133,727 | (1,390,755) | 307,435 | 10,864 | 8,468,195 | 87,391,774 | ||||
ON Federated High Income Bond Portfolio | (a) | 33,830,935 | 1,778,697 | 2,599,343 | 414,937 | (653,311) | 1,701,100 | — | 1,526,405 | 32,771,915 | ||||
ON Janus Henderson Forty Portfolio | (a) | 22,553,957 | 1,706,413 | 15,393,925 | 7,705,947 | (5,648,420) | — | 1,480,958 | 310,693 | 10,923,972 | ||||
ON Nasdaq-100® Index Portfolio | (a) | 22,553,957 | 4,777,963 | 4,228,593 | 1,691,015 | (2,946,398) | 105,491 | 4,248,828 | 849,784 | 21,847,944 | ||||
ON S&P 500® Index Portfolio | (a) | 157,877,698 | 23,089,330 | 28,725,455 | 9,108,320 | 2,509,684 | 2,410,302 | 9,035,372 | 3,934,203 | 163,859,577 | ||||
ON S&P MidCap 400® Index Portfolio | (a) | 101,492,806 | 5,138,876 | 20,472,462 | 5,899,825 | 6,256,701 | 1,023,857 | 1,622,304 | 4,044,251 | 98,315,746 | ||||
Total Open-End Mutual Funds | $39,746,213 | $(1,842,972) | $9,544,256 | $26,058,888 | $720,982,139 |
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 September 30, 2021. | |
| Ohio National Fund, Inc. | ON Moderate Growth Model Portfolio |
| Schedule of Investments in Unaffiliated Issuers | September 30, 2021 (Unaudited) |
| Open-End Mutual Funds–23.6% | Shares | Value | |
DFA Emerging Markets Portfolio Institutional | 2,368,623 | $ 77,951,388 | |
DFA International Core Equity Portfolio Institutional | 7,340,304 | 116,490,629 | |
PIMCO Low Duration Institutional | 2,925,772 | 28,965,140 | |
PIMCO Total Return Institutional | 1,865,676 | 19,328,404 | |
Vanguard International Growth Fund Admiral Class | 471,746 | 77,182,252 | |
Western Asset Core Plus Bond IS | 11,249,639 | 135,333,158 | |
Total Open-End Mutual Funds | $455,250,971 | ||
Total Investments in Securities of Unaffiliated Issuers – 23.6% (Cost $396,547,933) | $455,250,971 | ||
| Total Investments in Affiliates – 76.4% (Cost $1,194,697,626) (see schedule below) | 1,476,110,574 | ||
| Liabilities in Excess of Other Assets – 0.0% | (661,236) | ||
| Net Assets – 100.0% | $1,930,700,309 |
Percentages are stated as a percent of net assets. |
| Schedule of Investments in Affiliates | September 30, 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 | Capital Gain Distributions | Shares at September 30, 2021 | Value at September 30, 2021 | |||||
| Open-End Mutual Funds – 76.4% | ||||||||||||||
Fidelity Advisor® Real Estate I | (a) | $19,878,241 | $526,212 | $5,114,146 | $34,302 | $3,970,954 | $30,792 | $ — | 803,982 | $19,295,563 | ||||
ON AB Mid Cap Core Portfolio | (a) | 19,878,241 | 1,244,242 | 2,627,220 | 824,968 | (24,668) | 29,657 | 1,177,958 | 326,877 | 19,295,563 | ||||
ON AB Mid Small Cap Portfolio | (a) | 39,756,483 | 6,753,691 | 5,104,602 | 1,847,724 | (4,662,170) | — | 4,517,700 | 942,166 | 38,591,126 | ||||
ON BlackRock Advantage International Equity Portfolio | (a) | 178,904,172 | 6,507,157 | 24,796,516 | 3,610,697 | 9,434,558 | 2,394,945 | — | 9,827,961 | 173,660,068 | ||||
ON BlackRock Advantage Large Cap Core Portfolio | (a) | 79,512,965 | 7,865,132 | 14,510,654 | 5,751,525 | (1,436,716) | 761,221 | 6,824,779 | 1,909,506 | 77,182,252 | ||||
ON BlackRock Advantage Large Cap Growth Portfolio | (a) | 59,634,724 | 11,063,795 | 30,087,153 | 15,494,226 | (17,514,466) | 103,771 | 10,423,756 | 1,278,275 | 38,591,126 | ||||
ON BlackRock Advantage Large Cap Value Portfolio | (a) | 139,147,689 | 43,974,048 | 26,901,196 | 6,205,588 | 11,233,939 | 2,297,616 | — | 7,958,757 | 173,660,068 | ||||
ON BlackRock Advantage Small Cap Growth Portfolio | (a) | 59,634,724 | 12,124,970 | 9,066,098 | 3,272,844 | (8,079,751) | — | 7,341,616 | 1,530,179 | 57,886,689 | ||||
ON Bond Portfolio | (a) | 69,573,845 | 4,616,594 | 3,887,175 | 553,922 | (3,322,715) | 1,875,703 | 150,330 | 3,386,884 | 67,534,471 | ||||
ON Federated Core Plus Bond Portfolio | (a) | 119,269,448 | 3,850,416 | 5,695,839 | 204,152 | (1,854,799) | 409,160 | 14,459 | 11,218,351 | 115,773,378 | ||||
ON Federated High Income Bond Portfolio | (a) | 39,756,483 | 2,109,464 | 2,986,481 | 465,064 | (753,404) | 2,012,145 | — | 1,797,444 | 38,591,126 | ||||
ON Janus Henderson Forty Portfolio | (a) | 79,512,965 | 9,132,926 | 35,135,449 | 14,977,210 | (10,600,963) | — | 7,874,026 | 1,646,379 | 57,886,689 | ||||
ON Nasdaq-100® Index Portfolio | (a) | 79,512,965 | 13,040,769 | 34,476,297 | 14,335,002 | (14,525,750) | 280,850 | 11,311,667 | 2,251,524 | 57,886,689 | ||||
ON S&P 500® Index Portfolio | (a) | 337,930,102 | 42,525,112 | 58,302,367 | 18,465,229 | 6,702,059 | 5,144,488 | 19,284,869 | 8,339,019 | 347,320,135 | ||||
ON S&P MidCap 400® Index Portfolio | (a) | 198,782,413 | 9,385,127 | 38,849,706 | 11,058,291 | 12,579,506 | 2,018,671 | 3,198,590 | 7,937,295 | 192,955,631 | ||||
Total Open-End Mutual Funds | $97,100,744 | $(18,854,386) | $17,359,019 | $72,119,750 | $1,476,110,574 |
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 September 30, 2021. | |
| Ohio National Fund, Inc. | ON Growth Model Portfolio |
| Schedule of Investments in Unaffiliated Issuers | September 30, 2021 (Unaudited) |
| Open-End Mutual Funds–20.1% | Shares | Value | |
DFA Emerging Markets Portfolio Institutional | 672,890 | $ 22,144,815 | |
DFA International Core Equity Portfolio Institutional | 1,946,157 | 30,885,514 | |
PIMCO Total Return Institutional | 423,976 | 4,392,393 | |
Vanguard International Growth Fund Admiral Class | 134,005 | 21,924,559 | |
Western Asset Core Plus Bond IS | 730,427 | 8,787,035 | |
Total Open-End Mutual Funds | $88,134,316 | ||
Total Investments in Securities of Unaffiliated Issuers – 20.1% (Cost $72,873,069) | $88,134,316 | ||
| Total Investments in Affiliates – 79.9% (Cost $280,412,209) (see schedule below) | 350,792,947 | ||
| Liabilities in Excess of Other Assets – 0.0% | (203,684) | ||
| Net Assets – 100.0% | $438,723,579 |
Percentages are stated as a percent of net assets. |
| Schedule of Investments in Affiliates | September 30, 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 | Capital Gain Distributions | Shares at September 30, 2021 | Value at September 30, 2021 | |||||
| Open-End Mutual Funds – 79.9% | ||||||||||||||
Fidelity Advisor® Real Estate I | (a) | $4,432,373 | $170,399 | $1,118,620 | $99,460 | $801,300 | $7,022 | $ — | 182,705 | $4,384,912 | ||||
ON AB Mid Cap Core Portfolio | (a) | 4,432,373 | 302,554 | 525,520 | 165,216 | 10,289 | 6,752 | 268,196 | 74,283 | 4,384,912 | ||||
ON AB Mid Small Cap Portfolio | (a) | 17,729,493 | 3,355,526 | 2,246,420 | 807,356 | (2,106,308) | — | 2,055,817 | 428,214 | 17,539,647 | ||||
ON BlackRock Advantage International Equity Portfolio | (a) | 53,188,478 | 1,904,235 | 6,351,520 | 933,718 | 2,944,031 | 729,220 | — | 2,977,869 | 52,618,942 | ||||
ON BlackRock Advantage Large Cap Core Portfolio | (a) | 22,161,866 | 6,835,185 | 3,329,906 | 1,307,932 | (665,606) | 260,616 | 2,336,569 | 650,902 | 26,309,471 | ||||
ON BlackRock Advantage Large Cap Growth Portfolio | (a) | 13,297,120 | 2,641,689 | 6,682,132 | 3,454,689 | (3,941,542) | 23,698 | 2,380,462 | 290,488 | 8,769,824 | ||||
ON BlackRock Advantage Large Cap Value Portfolio | (a) | 31,026,612 | 10,023,089 | 5,489,898 | 1,245,602 | 2,658,802 | 523,103 | — | 1,808,626 | 39,464,207 | ||||
ON BlackRock Advantage Small Cap Growth Portfolio | (a) | 19,945,679 | 4,593,804 | 3,139,626 | 1,015,186 | (2,682,940) | — | 2,505,882 | 521,599 | 19,732,103 | ||||
ON Bond Portfolio | (a) | 4,432,373 | 453,798 | 323,351 | 52,811 | (230,719) | 121,785 | 9,761 | 219,905 | 4,384,912 | ||||
ON Federated High Income Bond Portfolio | (a) | 4,432,373 | 355,857 | 369,869 | 44,172 | (77,621) | 228,190 | — | 204,234 | 4,384,912 | ||||
ON Janus Henderson Forty Portfolio | (a) | 22,161,866 | 2,944,093 | 8,609,829 | 3,667,102 | (2,623,585) | — | 2,394,502 | 498,852 | 17,539,647 | ||||
ON Nasdaq-100® Index Portfolio | (a) | 31,026,612 | 5,212,066 | 14,415,013 | 6,163,658 | (6,062,764) | 106,964 | 4,308,144 | 852,764 | 21,924,559 | ||||
ON S&P 500® Index Portfolio | (a) | 75,350,344 | 9,238,244 | 11,225,303 | 4,171,486 | 1,393,642 | 1,174,229 | 4,401,770 | 1,895,040 | 78,928,413 | ||||
ON S&P MidCap 400® Index Portfolio | (a) | 50,972,292 | 2,581,024 | 9,175,015 | 2,604,697 | 3,443,488 | 529,453 | 838,920 | 2,074,310 | 50,426,486 | ||||
Total Open-End Mutual Funds | $25,733,085 | $(7,139,533) | $3,711,032 | $21,500,023 | $350,792,947 |
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 September 30, 2021. | |
| Notes to Schedules of Investments | September 30, 2021 (Unaudited) |
| ■ | 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 AB Small Cap Portfolio (formerly ON Janus Henderson Venture Portfolio) – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity
securities of small capitalization companies with market capitalizations at the time of investment that fall within the lowest 20% of the total U.S. equity market capitalization (excluding companies with market
capitalizations of less than $10 million). |
| ■ | ON AB Mid Cap Core Portfolio (formerly ON Janus Henderson Enterprise Portfolio) – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity
securities of mid-capitalization companies with market capitalization at the time of investment that are within the range of market capitalizations of the companies constituting the Russell Midcap® Index. |
| ■ | ON S&P 500® Index Portfolio – Total return approximating that of the Standard & Poor's 500® Index (S&P 500® Index), at a risk level consistent with that of the S&P 500® Index by investing, under normal circumstances, more than 80% of its net assets in 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. |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| ■ | ON Risk Managed Balanced Portfolio – Long-term capital growth, consistent with preservation of capital and balanced by current income. The Portfolio invests in a balanced portfolio of equity and fixed-income securities and a risk management portfolio intended to enhance the risk adjusted return of the Portfolio. |
| ■ | ON Federated Core Plus Bond Portfolio - Total return by investing, under normal circumstances, at least 80% of its net assets in fixed-income investments, primarily U.S. dollar denominated,
investment-grade, fixed income securities. Investment-grade, fixed income securities are rated in one of the four highest categories (BBB- or higher) by a nationally recognized statistical rating organization
(“NRSRO”). |
| ■ | ON Janus Henderson U.S. Low Volatility Portfolio - Capital appreciation by investing, under normal circumstances, at least 80% of its net assets in U.S. common stocks of companies included in the S& P 500® Index. Those stocks are selected by a mathematical investment process which seeks to achieve returns similar to those of the S&P 500® Index over the long-term with lower absolute volatility. |
| ■ | ON iShares Managed Risk Balanced Portfolio - Income and capital appreciation by investing in underlying exchange traded funds ("ETFs") and futures. Under normal market conditions, through investments in
the underlying funds and derivatives, the Portfolio invests a minimum of 25% of its assets in equity investments and a minimum of 25% of its assets in fixed income investments. |
| ■ | ON 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". |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| 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 AB Small Cap | 7,000,000 | ON Janus Henderson U.S. Low Volatility | 155,000,000 | |||
| ON AB Mid Cap Core | 4,000,000 | ON iShares Managed Risk Balanced | 133,000,000 | |||
| ON S&P 500® Index | 50,000,000 | ON iShares Managed Risk Moderate Growth** | 105,000,000 | |||
| ON BlackRock Advantage Large Cap Value | 26,000,000 | ON iShares Managed Risk Growth** | 90,000,000 | |||
| ON Federated High Income Bond | 13,000,000 | ON Moderately Conservative Model | 36,000,000 | |||
| ON Nasdaq-100® Index | 22,000,000 | ON Balanced Model | 130,000,000 | |||
| ON BlackRock Advantage Large Cap Core | 17,000,000 | ON Moderate Growth Model | 240,000,000 | |||
| ON BlackRock Advantage Small Cap Growth | 8,000,000 | ON Growth Model | 48,000,000 |
| ** | These Portfolios and their respective authorized shares have been approved, but are not yet in operation. |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| 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. |
| Portfolio | Financial Instrument Type | Level 1 | Level 2 | Level 3 | ||||
ON Bond | Corporate Bonds*** | $— | $264,613,708 | $— | ||||
| Asset-Backed Securities*** | — | 7,222,701 | — | |||||
| U.S. Treasury Obligations | — | 1,011,719 | — | |||||
| Money Market Funds | 5,107,685 | — | — | |||||
| $5,107,685 | $272,848,128 | $ — | ||||||
ON BlackRock Balanced Allocation | Common Stocks*** | $369,795,411 | $— | $— | ||||
| Corporate Bonds*** | — | 147,661,268 | — | |||||
| Asset-Backed Securities*** | — | 2,981,574 | — | |||||
| U.S. Treasury Obligations | — | 2,062,656 | — | |||||
| Money Market Funds | 7,582,825 | — | — | |||||
| $377,378,236 | $152,705,498 | $ — | ||||||
| Long Futures Contracts | $(181,878) | $— | $— | |||||
ON BlackRock Advantage International Equity | Common Stocks*** | $2,955,804 | $474,955,883 | $— | ||||
| Preferred Securities*** | 46,680 | 2,734,172 | — | |||||
| Money Market Funds | 11,036,263 | — | — | |||||
| $14,038,747 | $477,690,055 | $ — | ||||||
| Long Futures Contracts | $(377,922) | $— | $— | |||||
ON Janus Henderson Forty | Common Stocks*** | $157,860,865 | $2,897,286 | $— | ||||
| Warrants*** | 24,297 | — | — | |||||
| Money Market Funds | 1,377,982 | — | — | |||||
| $159,263,144 | $2,897,286 | $ — | ||||||
ON AB Small Cap | Common Stocks*** | $165,710,616 | $— | $— | ||||
| Exchange Traded Funds | 422,347 | — | — | |||||
| Money Market Funds | 1,770,303 | — | — | |||||
| $167,903,266 | $ — | $ — | ||||||
ON AB Mid Cap Core | Common Stocks*** | $101,450,527 | $— | $— | ||||
| Money Market Funds | 988,966 | — | — | |||||
| $102,439,493 | $ — | $ — | ||||||
ON S&P 500® Index | Common Stocks*** | $1,260,123,576 | $— | $— | ||||
| Money Market Funds | 4,125,665 | — | — | |||||
| $1,264,249,241 | $ — | $ — | ||||||
| Long Futures Contracts | $(168,997) | $— | $— |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| Portfolio | Financial Instrument Type | Level 1 | Level 2 | Level 3 | ||||
ON BlackRock Advantage Large Cap Value | Common Stocks*** | $360,848,130 | $— | $— | ||||
| Money Market Funds | 4,401,180 | — | — | |||||
| $365,249,310 | $ — | $ — | ||||||
| Long Futures Contracts | $(185,153) | $— | $— | |||||
ON Federated High Income Bond | Corporate Bonds*** | $— | $170,266,354 | $— | ||||
| Common Stocks*** | 279,467 | 621,060 | — | |||||
| Warrants*** | 74,809 | — | — | |||||
| Money Market Funds | 2,471,859 | — | — | |||||
| $2,826,135 | $170,887,414 | $ — | ||||||
ON Nasdaq-100® Index | Common Stocks*** | $343,473,277 | $— | $— | ||||
| Money Market Funds | 701,787 | — | — | |||||
| $344,175,064 | $ — | $ — | ||||||
| Long Futures Contracts | $(95,970) | $— | $— | |||||
ON BlackRock Advantage Large Cap Core | Common Stocks*** | $414,308,652 | $— | $— | ||||
| Money Market Funds | 5,380,400 | — | — | |||||
| $419,689,052 | $ — | $ — | ||||||
| Long Futures Contracts | $(208,257) | $— | $— | |||||
ON BlackRock Advantage Small Cap Growth | Common Stocks*** | $191,730,714 | $— | $— | ||||
| Rights*** | — | 13,991 | — | |||||
| Money Market Funds | 1,945,063 | — | — | |||||
| $193,675,777 | $13,991 | $ — | ||||||
| Long Futures Contracts | $(27,156) | $— | $— | |||||
ON S&P MidCap 400® Index | Common Stocks*** | $421,776,310 | $— | $— | ||||
| Money Market Funds | 7,692,324 | — | — | |||||
| $429,468,634 | $ — | $ — | ||||||
| Long Futures Contracts | $(120,149) | $— | $— | |||||
ON BlackRock Advantage Large Cap Growth | Common Stocks*** | $77,454,849 | $— | $— | ||||
| Money Market Funds | 1,026,006 | — | — | |||||
| $78,480,855 | $ — | $ — | ||||||
| Long Futures Contracts | $(41,450) | $— | $— |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| Portfolio | Financial Instrument Type | Level 1 | Level 2 | Level 3 | ||||
ON Risk Managed Balanced | Common Stocks*** | $209,572,602 | $— | $— | ||||
| Corporate Bonds*** | — | 69,355,508 | — | |||||
| U.S. Treasury Obligations | — | 43,076,441 | — | |||||
| Purchased Options | 19,091,951 | 17,439,460 | — | |||||
| Asset-Backed / Mortgage-Backed Securities*** | — | 29,720,806 | — | |||||
| U.S. Government Agency Mortgage-Backed Securities | — | 9,020,120 | — | |||||
| Exchange Traded Funds | 8,658,329 | — | — | |||||
| Preferred Securities*** | — | 3,359,079 | — | |||||
| Sovereign Issues | — | 3,031,941 | — | |||||
| Taxable Municipal Bonds | — | 708,773 | — | |||||
| Money Market Funds | 21,275,915 | — | — | |||||
| $258,598,797 | $175,712,128 | $ — | ||||||
| Long Futures Contracts | $(3,266,683) | $— | $— | |||||
| Short Futures Contracts | $79,018 | $— | $— | |||||
ON Federated Core Plus Bond | Corporate Bonds*** | $— | $295,650,961 | $— | ||||
| U.S. Treasury Obligations | — | 157,972,323 | — | |||||
| U.S. Government Agency Mortgage-Backed Securities | — | 152,085,662 | — | |||||
| Investment Companies | 65,120,953 | — | — | |||||
| Asset-Backed / Mortgage-Backed Securities*** | — | 9,733,608 | — | |||||
| Sovereign Issues | — | 4,807,290 | — | |||||
| U.S. Government Agency Issues | — | 982,299 | — | |||||
| Money Market Funds | 15,507,306 | — | — | |||||
| $80,628,259 | $621,232,143 | $ — | ||||||
| Long Futures Contracts | $(307,915) | $— | $— | |||||
| Short Futures Contracts | $1,347,535 | $— | $— | |||||
ON Janus Henderson U.S. Low Volatility | Common Stocks*** | $926,518,307 | $— | $— | ||||
| Money Market Funds | 1,483,815 | — | — | |||||
| $928,002,122 | $ — | $ — | ||||||
ON iShares Managed Risk Balanced | Exchange Traded Funds | $375,495,636 | $— | $— | ||||
| Money Market Funds | 24,594,913 | — | — | |||||
| $400,090,549 | $ — | $ — | ||||||
| Long Futures Contracts | $(1,412,106) | $— | $— | |||||
| Short Futures Contracts | $420,306 | $— | $— | |||||
ON Moderately Conservative Model | Open-End Mutual Funds | $283,375,734 | $— | $— | ||||
ON Balanced Model | Open-End Mutual Funds | $1,093,487,810 | $— | $— | ||||
ON Moderate Growth Model | Open-End Mutual Funds | $1,931,361,545 | $— | $— | ||||
ON Growth Model | Open-End Mutual Funds | $438,927,263 | $— | $— |
| *** | For detailed industry descriptions, see the accompanying Schedules of Investments. |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |
| ON Bond | ON BlackRock Balanced Allocation | ON BlackRock Advantage International Equity | ON Janus Henderson Forty | ON AB Small Cap | ON AB Mid Cap Core | ||||||
| Gross unrealized: | |||||||||||
Appreciation | $20,885,132 | $62,855,880 | $35,375,346 | $65,823,234 | $16,196,244 | $8,577,984 | |||||
Depreciation | (1,129,148) | (10,249,872) | (29,597,780) | (1,555,004) | (9,377,807) | (6,191,303) | |||||
Net unrealized appreciation (depreciation) | $19,755,984 | $52,606,008 | $5,777,566 | $64,268,230 | $6,818,437 | $2,386,681 | |||||
Aggregate cost of investments: | $258,199,829 | $477,295,848 | $485,573,314 | $97,892,200 | $161,084,829 | $100,052,812 |
| 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 | $514,566,113 | $24,062,207 | $6,762,323 | $162,860,283 | $61,458,194 | $32,323,269 | |||||
Depreciation | (36,279,860) | (14,824,158) | (2,512,176) | (3,474,464) | (10,917,673) | (15,443,200) | |||||
Net unrealized appreciation (depreciation) | $478,286,253 | $9,238,049 | $4,250,147 | $159,385,819 | $50,540,521 | $16,880,069 | |||||
Aggregate cost of investments: | $785,793,991 | $355,826,108 | $169,463,402 | $184,693,275 | $368,940,274 | $176,782,543 |
| ON S&P MidCap 400® Index | ON BlackRock Advantage Large Cap Growth | ON Risk Managed Balanced | ON Federated Core Plus Bond | ON Janus Henderson U.S. Low Volatility | ON iShares Managed Risk Balanced | ||||||
| Gross unrealized: | |||||||||||
Appreciation | $109,591,363 | $12,414,362 | $83,452,043 | $5,433,979 | $25,008,037 | $399,098,749 | |||||
Depreciation | (24,819,714) | (1,704,899) | (19,023,561) | (3,941,487) | (32,780,088) | — | |||||
Net unrealized appreciation (depreciation) | $84,771,649 | $10,709,463 | $64,428,482 | $1,492,492 | $(7,772,051) | $399,098,749 | |||||
Aggregate cost of investments: | $344,576,836 | $67,729,942 | $366,694,778 | $701,407,530 | $935,774,173 | $402,298,359 |
| ON Moderately Conservative Model | ON Balanced Model | ON Moderate Growth Model | ON Growth Model | ||||
| Gross unrealized: | |||||||
Appreciation | $30,169,591 | $162,722,846 | $340,666,224 | $85,763,476 | |||
Depreciation | (8,756,832) | (42,289,966) | (112,386,382) | (29,017,242) | |||
Net unrealized appreciation (depreciation) | $21,412,759 | $120,432,880 | $228,279,842 | $56,746,234 | |||
Aggregate cost of investments: | $261,962,975 | $973,054,930 | $1,703,081,703 | $382,181,029 |
| Notes to Schedules of Investments (Continued) | September 30, 2021 (Unaudited) |