N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03015

Ohio National Fund, Inc.

(Exact name of registrant as specified in charter)

One Financial Way, Cincinnati, Ohio	45242
(Address of principal executive offices)	(Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports To Stockholders.

OHIO NATIONAL FUND, INC.

TABLE OF CONTENTS

President’s Message	1
Directors and Officers of Ohio National Fund, Inc.	2
The following pages contain Performance, Management’s Comments, Change in Value of $10,000 Investment, Portfolio Composition, Top Holdings, and Schedule of Investments for each of the Fund’s Portfolios:
Equity Portfolio	3
Money Market Portfolio	8
Bond Portfolio	10
Omni Portfolio	15
International Portfolio	21
Capital Appreciation Portfolio	27
International Small-Mid Company Portfolio	31
Aggressive Growth Portfolio	37
Small Cap Growth Portfolio	40
Mid Cap Opportunity Portfolio	45
S&P 500® Index Portfolio	49
Strategic Value Portfolio	56
High Income Bond Portfolio	60
Capital Growth Portfolio	70
Nasdaq-100® Index Portfolio	74
Bristol Portfolio	78
Bryton Growth Portfolio	81
Balanced Portfolio	84
Target VIP Portfolio	91
Bristol Growth Portfolio	95
Risk Managed Balanced Portfolio	98
Statements of Assets and Liabilities (Unaudited)	109
Statements of Operations (Unaudited)	112
Statements of Changes in Net Assets (Unaudited)	115
Financial Highlights (Unaudited)	121
Notes to Financial Statements (Unaudited)	132
Additional Information (Unaudited)	157
Information About Directors and Officers (Unaudited)	159

President’s Message

Dear Investor:

Recently, I asked a colleague to describe the equity markets during the first half of the year, and this was the response I received, “flat, with brief spikes of volatility.”

After giving this some thought, I decided this statement is a fairly accurate description - or, at the very least, a reasonable response. Entertaining my curiosity to hear from others, I asked a few more investment professionals for their one-sentence description of the market. The first described the equity markets as “muted returns with volatility.” That sounded similar to the initial description and consistent with my view. The second reply is more interesting: “fairly valued with low volatility.” This colleague added that his assessment may be contrary to others’ opinions. His latter comment was certainly true, leading me to ponder which characterization of volatility is correct.

Muted equity markets

Determining whether equity market returns during the first half of the year were flat or muted is fairly simple. The two most well-known equity market indices, the S&P 500^® Index and the Dow Jones Industrial Average, were up 1.2 percent and 0.03 percent respectively. These returns easily qualify as flat or muted. The MSCI All Country World Index, representing a more global view, was up 2.7 percent, which is also consistent with these descriptions.

Determining whether the equity markets are fairly valued is slightly more complicated, but not much. According to FactSet, the S&P 500^® Index’s current price-to-earnings ratio is 16.6 times forward earnings. This is higher than both the five-year average of 13.9 and the 10-year average of 14.1, and just slightly above longer-term averages.

Based on these comparisons, I believe that equities are close to fair value.

More important, future expectations for additional returns based on an assumed current under-valuation are not likely. Equity returns have been flat this year, but fairly valued. Increased returns will now more likely be reliant on economic growth, which has not been very strong.

Assessing volatility

There is little question that equity markets have been muted. However, assessing volatility is more complicated. Perhaps that is one reason for the contradictory responses from my colleagues.

Let’s start by comparing 2015 year-to-date volatility with 2014: In 2014, average volatility as measured by the Chicago Board Options Exchange Volatility Index (VIX) was 14.2 percent. With a 15.1 percent average in 2015, volatility is higher, but not by much. Comparing the median volatility tells a similar story: 13.7 percent for 2014 and 14.2 percent for year-to-date 2015. It is worth noting that there was greater variability in volatility throughout 2014, with a higher peak and a lower trough than we’ve experienced so far in 2015. Even when factoring in variability, the difference in volatility between the two periods is small, and volatility remains relatively low.

The European markets paint a different picture. Volatility increased in Europe by 28 to 34 percent, depending on the index. This is not a surprise, considering that most of the triggering events that increased volatility occurred outside of the United States, with Greece being the most notable. My conclusion: assessing whether volatility increased or was just low depends on where you look.

1

The Ohio National Fund, Inc.

I’m pleased to report that most of the Ohio National Fund, Inc. Portfolios performed well during the first half of 2015. Eleven out of the 17 actively managed Portfolios either outperformed their benchmark, or ranked in the top half of their peer group. Some of our better performing Portfolios include the International Portfolio and the International Small-Mid Company Portfolio, both subadvised by Federated Global Investment Management Corp.; the Aggressive Growth Portfolio and the Small Cap Growth Portfolio, both subadvised by Janus Capital Management LLC; and all of the Portfolios subadvised by Suffolk Capital Management, LLC.

As always, it is important to stay diversified, because no one can accurately predict the future. Please consult your financial professional to make sure you are positioned appropriately. Thank you for entrusting your assets to the Ohio National Fund, Inc. We look forward to continuing to serve your investment needs.

Sincerely,

Christopher A. Carlson

President

Directors and Officers of Ohio National Fund, Inc.

John J. Palmer, Director

Madeleine W. Ludlow, Director

George M. Vredeveld, Director

John I. Von Lehman, Director

Geoffrey Keenan, Director

Christopher A. Carlson, President

Thomas A. Barefield, Vice President

R. Todd Brockman, Treasurer

Kimberly A. Plante, Secretary

Julie T. Thomas, Chief Compliance Officer

Catherine E. Gehr, Assistant Treasurer

Emily Bae, Assistant Secretary

The Statement of Additional Information of Ohio National Fund, Inc. (the “Fund”) includes additional information about the Fund’s Board of Directors (the “Board”) and is available at http://www.ohionationalfund.com or upon request, without charge, by calling 877-781-6392 (toll-free).

A description of the policies and procedures that the Fund uses in voting proxies relating to Fund securities, as well as information regarding how the Fund voted proxies during the most recent twelve-month period ended June 30, is available without charge, upon request, by calling 877-781-6392 (toll-free) and on the Securities and Exchange Commission (the “Commission”) website at http://www.sec.gov.

The Fund has filed its Schedules of Investments as of March 31 and September 30 with the Commission, as required, on Form N-Q. Form N-Q is required to be filed with the Commission for the first and third quarters of each fiscal year within sixty days after the end of each period and is available on the Commission website upon acceptance of each submission. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room is available by calling 1-800-SEC-0330 (toll-free).

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus of Ohio National Fund, Inc. For a prospectus containing more complete information, including charges and expenses, please contact Ohio National Investments, Inc., One Financial Way, Cincinnati, OH 45242, telephone 877-781-6392 (toll-free).

2

Ohio National Fund, Inc. Equity Portfolio

Objective/Strategy

The Equity Portfolio seeks long-term growth of capital by investing at least 80% of its assets in equity securities.

Performance as of June 30, 2015

Average Annual Returns:
One year	6.79%
Five years	16.51%
Ten years	2.72%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Equity Portfolio returned 0.75% versus 1.23% for the current benchmark, the S&P 500 Index.

Relative portfolio performance was driven by security selection effects and sector allocation, partially offset by positive interaction of sector allocation and security selection. An overweight position in Utilities generated the largest detraction due to sector allocation, as the sector underperformed the index. An underweight to Industrials contributed positively to allocation effects, as the sector also lagged the benchmark. Amazon.com, Inc., NXP Semiconductors NV, LyondellBasell Industries NV, UnitedHealth Group, Inc. and Broadcom Corp. were the largest contributors to performance, while the biggest detractors included Keurig Green Mountain, Inc., CONSOL Energy, Inc., Yahoo!, Inc., Calpine Corp. and Ralph Lauren Corp. ⁽¹⁾

The Nasdaq Composite separated from other major indices in the first half of the year, climbing 6.0% relative to the 1.2% advance for the S&P 500 Index and the stagnant performance of the Dow Jones Industrial Average. Growth stocks outperformed their value-oriented peers, with the Russell 1000 Growth Index returning 4.0% against a 0.6% loss in the Russell 1000 Value Index. Size has not aided performance thus far in 2015, with large caps trailing mid caps, which lag small caps. The Russell 1000, Russell Midcap and Russell 2000 indices returned 1.7%, 2.4% and 4.8% throughout the period, respectively. Within the S&P 500 Index, Utilities was the top detractor, down more than 10.0%, while Energy and Industrials fell 4.7% and 3.1%, respectively. On the upside, Health Care and Consumer Discretionary stood out, up 9.6% and 6.8%, respectively.

Major U.S. averages opened the year with mixed gains, as investors continued to focus on the Federal Reserve’s rate strategy amid mixed economic reports, suppressed crude prices and the climbing dollar, as well as another flurry of merger and acquisition announcements. Outside the U.S., continued Greek debt squabbles, European deflationary concerns and a market sell-off in China dominated the headlines. The U.S. dollar strengthened 9% against the euro over the period, and is now up nearly 20% against a broad basket of foreign currencies over the past twelve months. The 10-Year Treasury yield extended its slide to a low of 1.64% in

January before recovering to hit a June high of 2.48%; a level not seen since September of 2014. Oil prices fluctuated between $50 and $60 per barrel throughout the quarter, largely reacting to reports that capacity in Cushing, Oklahoma is running out for crude supplies, and the potential for Iranian supply to come back to the U.S. market.

U.S. gross domestic product expanded at an annualized rate of 2.2% in the fourth quarter of 2014, followed by a 0.2% contraction in the first quarter; both below consensus and well short of the 2014 third quarter’s 5.0% growth. Retail sales, excluding energy, declined three months in a row between December and February, with reports pointing to record-cold temperatures during the season as the culprit for the disappointment. Though personal spending and retail sales rebounded in the second quarter, consumer prices are flat relative to where the consumer price index closed the second quarter of 2014. On a positive note, U.S. employers added 1.23 million jobs in the first six months of the year, pushing down the unemployment rate to 5.3% from 5.6% at the end of year 2014. Consumer confidence also unexpectedly spiked to the highest level in 11 years.

The mixed bag of economic data once again spurred further target rate speculation, and minutes from the recent meetings indicate that officials are at odds over when to raise the target rate. Federal Reserve Chair Yellen commented that “if the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary policy.” Futures currently show the odds of a December hike at roughly 35%. However, the Federal Reserve Chair also commented that the timing of the initial rate increase is not what matters; rather it is the “entire path of rates.” Additionally, Yellen addressed the labor market, allowing that “wage increases are still running at a low level but there have been some tentative signs that wage growth is picking up.”

Roughly 70% of the S&P 500 Index’s constituents reported better-than-expected bottom-line results during both earnings seasons, while approximately 20% disappointed. However, many companies tempered guidance for 2015, citing significant foreign exchange headwinds. Meanwhile, low borrowing rates continued to foster merger & acquisition activity, as a slew of multibillion-dollar deals were announced recently, particularly in the health care sector. Notably, Royal Dutch Shell announced plans to purchase integrated gas company BG Group for a whopping seventy billion, Comcast walked away from its blockbuster deal with Time Warner Cable amid regulatory resistance and Blackstone Group LP and Wells Fargo & Co. joined to acquire a real estate portfolio from General Electric for roughly thirty billion dollars. In the Health Care sector, Netherlands-based Mylan began to fight against an unsolicited forty billion dollar bid from Teva amid its own attempt to acquire generic pharmaceutical manufacturer Perrigo Co. PLC for around thirty billion, and Aetna agreed to buy Humana. Elsewhere, H.J. Heinz and Kraft Foods Group signed a definitive merger agreement to form the Kraft Heinz Company, which will create the third-largest food and beverage company in North America. In other news, the Federal Reserve announced that its annual “stress test” of the thirty-one largest banks operating in the U.S. found that all the banks had sufficient capital to withstand a hypothetical economic shock. Nearly every bank’s capital return proposals passed the comprehensive capital analysis and review tests as well.

The World Bank lowered its 2015 growth expectations early in the year due to weakness in Japan and the Eurozone, though it pointed to the U.S. as one of the strongest economies. This tempered forecast was underscored by China’s 7.4% gross domestic product (“GDP”) expansion in 2014, its weakest pace in over 20 years.

3 (continued)

Ohio National Fund, Inc. Equity Portfolio (Continued)

European GDP also expanded by only 0.3% in the fourth quarter thanks to German output buoying contractions and stagnation in other member countries. European Central Bank President Mario Draghi announced an expanded asset-purchase program through at least September 2016 to combat threats of deflation.

Elsewhere, after creditors approved a four-month loan extension in the first quarter, back-and-forth debt negotiations in Greece dominated the headlines in the final weeks of June. Greek Prime Minister Tsipras surprisingly called for a voter referendum that caused European officials to suspend financial support programs for Greece. Greek voters ultimately rejected the austerity measures demanded by creditors in return for additional aid, increasing the possibility that Greece could exit the euro.

Keurig Green Mountain, Inc. sold off recently after its management offered disappointing guidance and as the company’s KOLD brewing system demo saw mixed reviews. The weak guidance is a function of a rocky transition to Keurig 2.0, which is not compatible with unlicensed K-cups, and a mix shift in K-cup sales towards partnered brands like Starbucks. We expect the transition to Keurig 2.0 to improve as consumers begin to phase out unlicensed K-cups and embrace the improved model. Conversations with management have also confirmed that the negative sales impact from the mix shifting toward partnered portion pack sales is due to higher growth for the external brands, and is offset to a large extent by the higher margin on these partnered portion packs. Finally, we believe the stock embeds extreme pessimism for the KOLD system and does not reflect the potential for product improvements and cost reductions, both of which were part of the hot system’s evolution to current models. Our updated analysis points to an oversold stock with an attractive risk/reward profile. We are, therefore, maintaining our position in Keurig Green Mountain, Inc. ⁽¹⁾

CONSOL Energy Corp. has suffered as the fundamentals of the thermal coal industry have deteriorated due to a slew of headwinds. The global market is oversupplied, with new capacity coming online recently while demand is faltering. China, a major coal consumer, is pulling back on its massive infrastructure build out and U.S. power companies are shutting down coal plants and shifting towards gas. CONSOL Energy Corp., unlike many of its peers, boasts a decent balance sheet with little risk of breaking its debt covenants. The company is likely to survive this cycle and actually benefit from shuttering of supply. CONSOL Energy Corp. owns high-quality and low-cost coal assets, and management is improving its portfolio by spinning out and selling some of its coal businesses. The company also holds high-quality natural gas assets, which will provide substantial tailwinds should gas prices improve from these depressed levels. The market is still punishing the stock for its coal exposure, and we are effectively buying the gas business at a very attractive price. So, despite the challenged fundamentals of the industry, our analysis indicates an attractive price/value gap in CNX, and we are maintaining our position. ⁽¹⁾

Calpine Corp. detracted from returns, as the power generation industry has suffered from depressed prices stemming from weak demand. Supply and demand fundamentals will improve with time, but we expect the retirement of many coal-fired power generation plants in the meantime. Fortunately, the lack of any current fundamental tailwinds is allowing us to buy trough fundamentals at trough valuation levels. Calpine Corp. generates very strong free-cash-flow (FCF) streams, is valued at a double-digit FCF yield, and will benefit from any improvements in power pricing. We believe the stock’s valuation does not reflect an incredibly cheap option on potential power price volatility, especially in New England and Mid-Atlantic

power markets. We also see long-term power pricing potential from power demand increases in Texas power markets. Additionally, management’s capital allocation history is excellent. They consistently recognize the inherent value of the business, and have reduced share count well by nearly 25% over the past four years at prices well below fair value. ⁽¹⁾

Amazon.com, Inc. stock spiked after each earnings release over the past six months, bringing its year-to-date return at June 30 to roughly 40%. The company reported two straight quarters of earnings above Street estimates, with sales growing despite foreign exchange rate headwinds and margins improving. Additionally, management broke out the Amazon Web Services (“AWS”) business separately for the first time ever, surprising investors with 50% topline growth and a profitable bottom line. We expect this business to be a source of strong growth for Amazon.com, Inc. going forward. Finally, we remain encouraged with the new tone from management focusing on cost management and on transparency in operating reporting; moves that suggest we could see a much more shareholder-friendly management team going forward. We believe the company is poised to expand its operating margins into the double digits by leveraging its hefty fulfillment center investments and by growing its AWS business. ⁽¹⁾

NXP Semiconductors NV shares rallied after the company announced a deal to acquire Freescale Semiconductor to create the fourth-largest semiconductor company. NXP Semiconductors NV is using stock to fund the bulk of the deal, though the slim premium limits the shareholder value at risk, according to our analysis. The combined entity will enjoy a strong competitive positioning as the market-leading automotive semiconductor company and broad-based microcontroller unit (“MCU”) supplier, and should generate substantial cash synergy beyond the two hundred million to five hundred million dollar range that management projects. As such, we continue to hold the stock despite the recent rally. ⁽¹⁾

Broadcom Corp. was a top contributor this quarter after the stock spiked on a takeout offer by Avago Technologies. The stock also had a strong run in 2014 after announcing plans to exit its unprofitable cellular baseband business. We maintained our position going into 2015, as our analysis indicated that the company’s remaining wireless connectivity, infrastructure and broadband businesses were still undervalued. Following the bid by Avago Technologies, which put shares near our estimate of intrinsic value, we exited our position in Broadcom Corp. and allocated the capital elsewhere. ⁽¹⁾

Despite a broad industry shift towards passive investing, this cycle has featured dominant active stock pickers in the guise of the companies themselves. In many ways, companies have acted as managers of single-stock portfolios and, in aggregate, have aggressively bought back $1.7 trillion of their own stocks since 2009. As animal spirits have risen, boards have become increasingly comfortable with an uncertain future and have started to acquire other companies. The financial engineering logic behind these deals speaks for itself, given the ability to buy existing cash flow streams with cheap debt. Remarkably, roughly 2/3 of buying companies are seeing their stocks increase along with the selling companies.

Increasingly, deal activity is coming to dominate the returns in U.S. stocks, especially against the backdrop of flattish equity returns year-to-date. We have benefitted directly from deal activity, both as owners of acquiring companies, such as NXP Semiconductors NV and Expedia, and as owners of targeted companies, such as Perrigo Co. LLC and Broadcom Corp. In the case of the two targets, the offer price was very close to our assessment of business value, which

4 (continued)

Ohio National Fund, Inc. Equity Portfolio (Continued)

suggests good valuation work on our part, and provided a welcome catalyst for price-and-value convergence. ⁽¹⁾

The challenge for long-term investors is that deals are now pushing prices towards fair value and beyond. Not surprisingly, at this point, we find many U.S. stocks broadly uninteresting, and yet we expect pro-cyclical deal activity to likely push prices well above business value for many stocks. Besides this rising valuation risk, we also expect that many deals will fail to meet current investor and boardroom expectations, and some of the popular current roll-up companies will inevitably blow up due to poorly executed integration and mismanaged complexity. As in all market cycles, as the perception of future uncertainty fades, valuation and risk rise, and our jobs as valuation managers gets tougher.

Fortunately, as active managers we have the luxury and the discipline not to buy most stocks, and we are still finding exploitable pockets of absolute value in financials, legacy tech and in the broad power generation sector.

Our financial stocks have recently performed well, as interest rates have moved up, and some of our holdings are closing in on fair value. However, the majority of our financial holdings are still just climbing out of the valuation basement of the housing crisis, persistently low interest rates and crushing regulatory costs. As a result, our core financial holdings, including Citigroup, Inc. and American International Group, Inc., are currently enjoying improving fundamentals and capital return profiles, which we think are still not fully reflected in their prices. ⁽¹⁾

The legacy technology names we own, such as Microsoft Corp. and Cisco Systems, Inc., continue to generate massive free-cash-flow streams, which are valued at narrowing, but still substantial, discounts from the overall market. The valuation discount of legacy tech reflects the ever-present risk of disruption, especially from the accelerating and dramatic transition to the cloud. Our goal is to find tech stocks that reflect the disruption risk of cloud, but have durable cash flow streams that will allow them to transition, and in some cases thrive, in a cloud-based world. ⁽¹⁾

The power generation, natural gas and coal sectors are all in various states of recession to depression. Power prices are depressed from weak demand, natural gas remains over-supplied, thanks to massive productivity gains from shale drilling, and the coal industry needs to cut supply by almost 40% to balance the market. Supply and demand fundamentals will improve with time, but we expect a rash of coal bankruptcies, further gas supply cuts and the retirement of many coal-fired power generation plants in the meantime. Fortunately, the lack of any current fundamental tailwinds and the time required to improve these fundamentals over the next several quarters is allowing us to buy trough fundamentals at trough valuation levels. In particular, AES Corp. and Calpine Corp. continue to generate very strong free-cash-flow streams, are valued at double-digit free cash flow yields, and will benefit from any improvements in power pricing. In the even-more-depressed gas and coal sector, CONSOL Energy, Inc. is one of the few well-capitalized coal and natural gas companies, with low-cost production assets in both segments. Fortunately, CONSOL Energy, Inc. saw the writing on the wall for coal during the China-induced coal boom of the last decade, and wisely diversified into gas. CONSOL Energy, Inc. is now proactively separating its coal and gas assets, and we think we are getting very cheap high-quality gas assets due to the coal overhang. ⁽¹⁾

Even with the continued convergence of price and value in most U.S. stocks, our focus on absolute value has allowed us to maintain what we believe is attractive potential risk-adjusted upside in the Portfolio.

We track this potential on a daily basis, and the current potential return profile of the Portfolio is similar to levels achieved during the deflationary-driven correction that occurred last October. While this upside potential is not at the home run levels we enjoyed a few years ago, we believe it is still absolutely attractive, and extremely attractive relative to most fixed-income alternatives.

In closing, we are in the judgment business, and our job is to execute an investment process that exploits expectation-driven gaps between price and underlying business value. Our judgment of these valuation opportunities is constantly evaluated by a probability-driven framework, which reinforces humility and constant learning. We could not execute this process without the long-term culture of ClearBridge that encourages investors to truly invest, and more importantly, the quality and long-term orientation of our shareholders.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

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

5 (continued)

Ohio National Fund, Inc. Equity Portfolio (Continued)

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	97.5
Master Limited Partnerships (3)	1.5
Money Market Funds Less Net Liabilities	1.0
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     Citigroup, Inc.	4.3
2.     Microsoft Corp.	4.0
3.     JPMorgan Chase & Co.	3.2
4.     Amazon.com, Inc.	3.1
5.     Wells Fargo & Co.	3.0
6.     Merck & Co., Inc.	3.0
7.     Cisco Systems, Inc.	2.9
8.     American International Group, Inc.	2.9
9.     UnitedHealth Group, Inc.	2.7
10.     Yahoo!, Inc.	2.7

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors (combined):

	% of Net Assets
Financials	24.0
Health Care	16.7
Information Technology	16.1
Consumer Discretionary	13.1
Energy	8.3
Industrials	7.1
Materials	5.2
Utilities	4.9
Consumer Staples	3.6
	99.0

6

Ohio National Fund, Inc. Equity Portfolio

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks – 97.5%		Shares		Value
CONSUMER DISCRETIONARY – 13.1%
McDonald’s Corp. (Hotels, Restaurants & Leisure)			100,909	$	9,593,419
PulteGroup, Inc. (Household Durables)			689,697		13,897,395
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		36,610		15,892,035
Expedia, Inc. (Internet & Catalog Retail)			95,070		10,395,904
Lowe’s Cos., Inc. (Specialty Retail)			142,520		9,544,564
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)			60,280		7,978,661
					67,301,978
CONSUMER STAPLES – 3.6%
Keurig Green Mountain, Inc. (Food Products)			139,330		10,676,858
Colgate-Palmolive Co. (Household Products)			121,360		7,938,158
					18,615,016
ENERGY – 8.3%
Baker Hughes, Inc. (Energy Equip. & Svs.)			116,430		7,183,731
Apache Corp. (Oil, Gas & Consumable Fuels)			186,210		10,731,282
Chevron Corp. (Oil, Gas & Consumable Fuels)			94,750		9,140,532
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)			391,400		8,509,036
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			118,830		7,069,197
					42,633,778
FINANCIALS – 22.5%
Citigroup, Inc. (Banks)			401,850		22,198,194
Citizens Financial Group, Inc. (Banks)			271,290		7,408,930
JPMorgan Chase & Co. (Banks)			244,190		16,546,314
Wells Fargo & Co. (Banks)			275,550		15,496,932
E*TRADE Financial Corp. (Capital Markets)	(a)		271,520		8,132,024
American Express Co. (Consumer Finance)			59,410		4,617,345
American International Group, Inc. (Insurance)			239,160		14,784,871
Genworth Financial, Inc. Class A (Insurance)	(a)		994,830		7,530,863
Hartford Financial Services Group, Inc. / The (Insurance)			211,270		8,782,494
American Homes 4 Rent (Real Estate Investment Trusts)			649,230		10,413,649
					115,911,616
HEALTH CARE – 16.7%
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a)		48,541		8,774,757
Amgen, Inc. (Biotechnology)			88,670		13,612,618
Medtronic PLC (Health Care Equip. & Supplies)			179,210		13,279,461
Express Scripts Holding Co. (Health Care Providers & Svs.)	(a)		130,650		11,620,011
UnitedHealth Group, Inc. (Health Care Providers & Svs.)			115,194		14,053,668
AbbVie, Inc. (Pharmaceuticals)			138,776		9,324,359
Merck & Co., Inc. (Pharmaceuticals)			269,850		15,362,561
					86,027,435

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 7.1%
Boeing Co. / The (Aerospace & Defense)			60,370	$	8,374,526
United Continental Holdings, Inc. (Airlines)	(a)		187,050		9,915,520
Rockwell Automation, Inc. (Electrical Equip.)			77,070		9,606,005
PACCAR, Inc. (Machinery)			130,695		8,339,648
					36,235,699
INFORMATION TECHNOLOGY – 16.1%
Cisco Systems, Inc. (Communications Equip.)			550,530		15,117,554
Yahoo!, Inc. (Internet Software & Svs.)	(a)		354,920		13,944,807
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		94,497		9,279,605
Microsoft Corp. (Software)			464,120		20,490,898
Apple, Inc. (Tech. Hardware, Storage & Periph.)			84,245		10,566,429
EMC Corp. (Tech. Hardware, Storage & Periph.)			509,530		13,446,497
					82,845,790
MATERIALS – 5.2%
Albemarle Corp. (Chemicals)			96,050		5,308,684
LyondellBasell Industries NV Class A (Chemicals)			116,410		12,050,763
Steel Dynamics, Inc. (Metals & Mining)			443,296		9,182,877
					26,542,324
UTILITIES – 4.9%
AES Corp. (Ind. Power & Renewable Elec.)			974,371		12,920,159
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)		688,830		12,392,052
					25,312,211
Total Common Stocks (Cost $460,359,443)				$	501,425,847
Master Limited Partnerships – 1.5%		Shares		Value
FINANCIALS – 1.5%
KKR & Co. LP (Capital Markets)			344,830	$	7,879,366
Total Master Limited Partnerships (Cost $7,250,558)				$	7,879,366
Money Market Funds – 2.1%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			10,822,000	$	10,822,000
Total Money Market Funds (Cost $10,822,000)				$	10,822,000
Total Investments – 101.1% (Cost $478,432,001)	(b)			$	520,127,213
Liabilities in Excess of Other Assets – (1.1)%					(5,557,319)
Net Assets – 100.0%				$	514,569,894

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

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

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

7

Ohio National Fund, Inc. Money Market Portfolio

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Commercial Paper (2)	54.0
U.S. Government Agency Issues	4.1
Money Market Funds and Other Net Assets	41.9
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

% of Net Assets

1.     Prudential Funding LLC 0.030%, 07/01/2015	4.6
2.     U.S. Bank 0.050%, 07/01/2015	4.6
3.     Federated Prime Cash Obligations Fund – Institutional Class	4.6
4.     Fidelity Institutional Money Market Funds Money Market Portfolio – Class I	4.6
5.     First American Prime Obligations Fund – Class Z	4.6
6.     Wal-Mart Stores, Inc. 0.050%, 07/06/2015	4.6
7.     Exxon Mobil Corp. 0.080%, 07/06/2015	4.6
8.     Nestle Capital Corp. 0.060%, 07/20/2015	4.6
9.     Johnson & Johnson 0.050%, 07/24/2015	4.6
10.     Toyota Motor Credit Corp. 0.100%, 07/13/2015	4.6

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Sectors:

	% of Net Assets
Financials	22.3
Consumer Staples	9.1
Information Technology	8.6
Energy	5.3
Health Care	4.6
Consumer Discretionary	4.1
	54.0

8

Ohio National Fund, Inc. Money Market Portfolio

Schedule of Investments June 30, 2015  (Unaudited)

Commercial Paper – 54.0%		(b) Rate		Maturity	Face Amount		Amortized Cost
CONSUMER DISCRETIONARY – 4.1%
Walt Disney Co. / The (Media)	(a)		0.070%	07/01/2015	$	8,000,000	$	8,000,000
CONSUMER STAPLES – 9.1%
Wal-Mart Stores, Inc. (Food & Staples Retailing)	(a)		0.050%	07/06/2015		9,000,000		8,999,938
Nestle Capital Corp. (Food Products)	(a)		0.060%	07/20/2015		9,000,000		8,999,715
								17,999,653
ENERGY – 5.3%
Chevron Corp. (Oil, Gas & Consumable Fuels)	(a)		0.080%	07/16/2015		1,500,000		1,499,950
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			0.080%	07/06/2015		9,000,000		8,999,900
								10,499,850
FINANCIALS – 22.3%
U.S. Bank (Commercial Banks)			0.050%	07/01/2015		9,000,000		9,000,000
American Honda Finance Corp. (Consumer Finance)			0.110%	07/23/2015		9,000,000		8,999,395
John Deere Capital Corp. (Consumer Finance)	(a)		0.120%	07/21/2015		8,000,000		7,999,466
Toyota Motor Credit Corp. (Consumer Finance)			0.100%	07/13/2015		9,000,000		8,999,700
Prudential Funding LLC (Insurance)			0.030%	07/01/2015		9,000,000		9,000,000
								43,998,561
HEALTH CARE – 4.6%
Johnson & Johnson (Pharmaceuticals)	(a)		0.050%	07/24/2015		9,000,000		8,999,713
INFORMATION TECHNOLOGY – 8.6%
International Business Machines Corp. (IT Services)	(a)		0.090%	07/27/2015		9,000,000		8,999,415
Microsoft Corp. (Software)	(a)		0.070%	07/22/2015		8,000,000		7,999,673
								16,999,088
Total Commercial Paper (Cost $106,496,865)							$	106,496,865
U.S. Government Agency Issues – 4.1%		Rate		Maturity	Face Amount		Amortized Cost
Federal Home Loan Bank			0.030%	07/15/2015	$	8,000,000	$	7,999,907
Total U.S. Government Agency Issues (Cost $7,999,907)							$	7,999,907
Money Market Funds – 13.7%					Shares		Value
Federated Prime Cash Obligations Fund – Institutional Class			0.070%	07/01/2015		9,000,000	$	9,000,000
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			0.100%	07/01/2015		9,000,000		9,000,000
First American Prime Obligations Fund – Class Z			0.030%	07/01/2015		9,000,000		9,000,000
Total Money Market Funds (Cost $27,000,000)							$	27,000,000
Total Investments – 71.8% (Cost $141,496,772)	(c)						$	141,496,772
Other Assets in Excess of Liabilities – 28.2%								55,694,038
Net Assets – 100.0%							$	197,190,810

Percentages are stated as a percent of net assets.

Footnotes:

(a) Security exempt from registration under Section 4 (2) of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $61,497,870, or 31.2% of the Portfolio’s net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(b) Rate presented is the effective yield at the time of purchase.

(c) Represents cost for federal income tax and financial reporting purposes. See also Note 2 regarding the use of amortized cost for valuation of instruments in this Portfolio.

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

9

Ohio National Fund, Inc. Bond Portfolio

Objective/Strategy

The Bond Portfolio seeks to obtain a high level of income and opportunity for capital appreciation consistent with the preservation of capital by investing primarily in intermediate-term and long-term fixed income securities.

Performance as of June 30, 2015

Average Annual Returns:
One year	0.78%
Five years	3.79%
Ten years	3.87%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Bond Portfolio returned -0.58% versus -0.46% for the current benchmark, the BofA Merrill Lynch U.S. Corporate Master Index (the “Index”).

Both the Portfolio and the Index had small negative returns for the six-month period because U.S. Treasury yields increased across much of the yield curve, particularly on the long end, and credit spreads widened marginally. For the six-month period, the 10-year Treasury yield increased 18 basis points and the 30-year Treasury yield increased 37 basis points. Interest rates moved higher in anticipation of the Federal Reserve beginning to tighten credit later this year. As measured by the Index, credit spreads widened 4 basis points during the period. Credit spreads widened, primarily because of weakness in energy-related industries as a result of the collapse in oil prices last year and, to a lesser extent, from shareholder-friendly actions taken by companies that increased leverage marginally.

The Portfolio under-performed the Index by 12 basis points during the six-month period, primarily due to the Portfolio’s expenses. For the period, the Portfolio’s expense ratio was 32 basis points (not annualized). Other factors impacting relative performance include the Portfolio’s duration, its credit quality and the allocation to the energy sector. The Portfolio’s duration positioning benefited relative performance because the Portfolio’s duration was approximately 0.25 years short of the Index during a time period when Treasury yields rose. The Portfolio’s credit quality stratification also benefited relative performance. The Portfolio was under-weighted in A and AA rated securities, which under-performed, and was over-weighted in BBB rated securities which outperformed. The approximate 2% weighting in BB rated securities also added to relative performance. ⁽¹⁾

With the exception of one industry sector, differences in industry weighting between the Portfolio and the Index had little impact on relative performance. The Portfolio had a 4% under-weighting to the oil and gas sector at the start of the year, but after the energy sector performed so poorly early in the year, bonds in the oil and gas sector were purchased, bringing the allocation to this sector to a near 1% over-weighting by the end of the first-half. The increase in the

weighting to the oil and gas sector benefited relative performance because this sector performed very well late in the first-half of 2015. The approximate 10% under-weighting in the banking sector had little impact on relative performance because the banking sector performed about as well as the Index did overall. The Portfolio was over-weighted in the utilities sector by approximately 4% and this had a minor negative impact on relative performance because utilities under-performed. The approximate 4% under-weighting to the telecommunications sector also benefited relative performance because this sector underperformed. ⁽¹⁾

Because the U.S. economy continues its slow growth, and there were no significant leveraging events during the first half of 2015, the credit quality of the holdings in the Portfolio was maintained. That being said, the five bonds that performed the worst were Time Warner Cable, Inc., The Allstate Corp., Chesapeake Energy Corp., South Carolina Electric and Gas Co., and American International Group, Inc. All but one of these bonds have long maturities, and their bond prices were negatively impacted as interest rates rose during the period. In addition to having a long maturity, the price of the Time Warner Cable, Inc. bond was hurt when its merger with Comcast Corp. was called off and the company later agreed to a merger with Charter Communications, Inc. The price of the Chesapeake Energy Corp. security was negatively impacted by low oil prices. ⁽¹⁾

The five best performing bonds were The Williams Cos., Inc., Southwestern Energy Co., Targa Resources Partners LP, Kohl’s Corp., and LG&E and KU Energy LLC. The Williams Cos., Inc., bond performed very well on news that the holding company would be merged into its operating company. One energy-related name, Targa Resources Partners LP, was both bought and sold during the six-month period to take advantage of the opportunities available in the energy sector. ⁽¹⁾

We expect the U.S. economy to continue to grow through the end of the year. While concerns regarding China and Greece have made their way into the headlines, the risks to both regions should not impact the U.S. economy. The corporate profit picture looks positive but shareholder-friendly actions taken by companies will increase leverage and could pressure credit spreads. We can also expect rising interest rates as the year progresses because the Federal Reserve will likely begin to tighten the federal funds rate sometime in the second half of the year. For this reason, we expect to maintain the duration of the Portfolio short of the Index duration. Interest rates are so low now that the risk for fixed income investors is a rise in rates. Because the outlook for corporate profits continues to be good, we plan to continue to overweight what we consider to be solid BBB investment grade bonds. We also expect to add some BB high yield bonds to the Portfolio if credit spreads for these securities widen. We would rather take credit risk than interest rate risk given the low level of interest rates. ⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

10 (continued)

Ohio National Fund, Inc. Bond Portfolio (Continued)

Change in Value of $10,000 Investment

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

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Corporate Bonds (3)	97.2
Asset-Backed Securities (3)	0.6
Money Market Funds and Other Net Assets	2.2
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

% of Net Assets

1.     Fifth Third Bancorp 4.500%, 06/01/2018	1.2
2.     Union Electric Co. 6.400%, 06/15/2017	1.0
3.     Janus Capital Group, Inc. 6.700%, 06/15/2017	1.0
4.     Prudential Financial, Inc. 6.100%, 06/15/2017	1.0
5.     Kansas City Power & Light Co. 5.850%, 06/15/2017	1.0
6.     CSX Corp. 5.600%, 05/01/2017	1.0
7.     Bunge NA Finance LP 5.900%, 04/01/2017	1.0
8.     Comerica Bank 5.750%, 11/21/2016	1.0
9.     Weatherford International Ltd. 6.000%, 03/15/2018	1.0
10.     Hartford Financial Services Group, Inc. / The 5.375%, 03/15/2017	1.0

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾ Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾ Sectors (combined):

	% of Net Assets
Financials	26.4
Energy	16.8
Utilities	12.0
Industrials	10.6
Consumer Discretionary	9.0
Health Care	6.1
Information Technology	5.7
Materials	5.1
Consumer Staples	4.1
Telecommunication Services	2.0
	97.8

11 (continued)

Ohio National Fund, Inc. Bond Portfolio

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds – 97.2%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 9.0%
Magna International, Inc. (Auto Components)			3.625%	06/15/2024	$	1,000,000	$	983,441
General Motors Co. (Automobiles)			5.000%	04/01/2035		900,000		883,669
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)			3.350%	11/01/2022		206,000		193,130
Newell Rubbermaid, Inc. (Household Durables)			6.250%	04/15/2018		500,000		553,919
Mattel, Inc. (Leisure Products)			2.350%	05/06/2019		1,000,000		997,568
Mattel, Inc. (Leisure Products)			3.150%	03/15/2023		625,000		604,379
21st Century Fox America, Inc. (Media)			4.500%	02/15/2021		1,250,000		1,351,708
Comcast Corp. (Media)			4.250%	01/15/2033		750,000		731,260
Discovery Communications, LLC (Media)			4.375%	06/15/2021		1,000,000		1,050,889
Discovery Communications, LLC (Media)			3.300%	05/15/2022		275,000		270,081
Time Warner Cable, Inc. (Media)			4.500%	09/15/2042		425,000		348,240
Time Warner, Inc. (Media)			2.100%	06/01/2019		1,400,000		1,389,786
Viacom, Inc. (Media)			4.850%	12/15/2034		1,500,000		1,383,257
Walt Disney Co. / The (Media)			3.700%	12/01/2042		925,000		846,322
Kohl’s Corp. (Multiline Retail)			4.000%	11/01/2021		925,000		978,808
AutoZone, Inc. (Specialty Retail)			3.125%	07/15/2023		925,000		895,838
Bed Bath & Beyond, Inc. (Specialty Retail)			5.165%	08/01/2044		900,000		890,363
								14,352,658
CONSUMER STAPLES – 4.1%
Anheuser-Busch Cos., LLC (Beverages)			5.500%	01/15/2018		750,000		824,456
Anheuser-Busch InBev Finance, Inc. (Beverages)			4.000%	01/17/2043		750,000		685,949
CVS Health Corp. (Food & Staples Retailing)			5.750%	06/01/2017		301,000		325,243
Kroger Co. / The (Food & Staples Retailing)			2.950%	11/01/2021		900,000		895,544
Sysco Corp. (Food & Staples Retailing)			4.350%	10/02/2034		900,000		909,000
Bunge NA Finance LP (Food Products)			5.900%	04/01/2017		1,500,000		1,602,162
Philip Morris International, Inc. (Tobacco)			4.125%	05/17/2021		1,250,000		1,347,329
								6,589,683
ENERGY – 16.8%
Ensco PLC (Energy Equip. & Svs.)			5.200%	03/15/2025		900,000		889,791
Noble Holding International Ltd. (Energy Equip. & Svs.)			4.000%	03/16/2018		900,000		920,993
Noble Holding International Ltd. (Energy Equip. & Svs.)			5.950%	04/01/2025		1,000,000		984,619
Weatherford International Ltd. (Energy Equip. & Svs.)			6.000%	03/15/2018		1,500,000		1,596,049
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			5.950%	09/15/2016		1,000,000		1,054,080
Buckeye Partners LP (Oil, Gas & Consumable Fuels)			4.875%	02/01/2021		1,000,000		1,041,702
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			4.875%	04/15/2022		1,000,000		870,000
Columbia Pipeline Group, Inc. (Oil, Gas & Consumable Fuels)	(a)		4.500%	06/01/2025		900,000		886,496
ConocoPhillips Co. (Oil, Gas & Consumable Fuels)			3.350%	05/15/2025		1,350,000		1,332,054
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			3.250%	05/15/2022		900,000		888,502
Energy Transfer Partners LP (Oil, Gas & Consumable Fuels)			4.750%	01/15/2026		400,000		394,269
Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels)			3.900%	02/15/2024		1,000,000		1,002,810
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			4.150%	03/01/2022		1,000,000		1,000,510
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)			5.300%	12/01/2034		1,000,000		921,737
Magellan Midstream Partners LP (Oil, Gas & Consumable Fuels)			4.250%	02/01/2021		1,000,000		1,062,923
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			3.850%	06/01/2025		850,000		831,792
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)			4.750%	09/15/2044		1,000,000		909,481
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. (Oil, Gas & Consumable Fuels)			4.875%	12/01/2024		1,000,000		977,500
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)			3.700%	12/01/2022		1,400,000		1,279,509
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)			3.125%	02/15/2022		1,000,000		1,001,416
Phillips 66 (Oil, Gas & Consumable Fuels)			4.300%	04/01/2022		1,300,000		1,363,059
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels)			2.850%	01/31/2023		1,000,000		937,367
Shell International Finance BV (Oil, Gas & Consumable Fuels)			4.375%	03/25/2020		1,250,000		1,367,314
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)			4.050%	01/23/2020		900,000		924,186
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)			2.500%	08/01/2022		1,425,000		1,350,129
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			5.750%	06/24/2044		1,000,000		925,047
								26,713,335
FINANCIALS – 26.4%
Bank of America Corp. (Banks)			5.650%	05/01/2018		1,000,000		1,097,966
Bank of America Corp. (Banks)			4.200%	08/26/2024		500,000		498,087
Citigroup, Inc. (Banks)			4.400%	06/10/2025		900,000		895,296
Comerica Bank (Banks)			5.750%	11/21/2016		1,500,000		1,598,994
Fifth Third Bancorp (Banks)			4.500%	06/01/2018		1,750,000		1,852,685
KeyCorp (Banks)			5.100%	03/24/2021		500,000		554,194
PNC Bank NA (Banks)			3.250%	06/01/2025		850,000		828,821
SunTrust Banks, Inc. (Banks)			2.500%	05/01/2019		1,400,000		1,406,898
Wells Fargo & Co. (Banks)			4.650%	11/04/2044		1,000,000		954,987
Goldman Sachs Group, Inc. / The (Capital Markets)			3.750%	05/22/2025		1,400,000		1,379,445
Janus Capital Group, Inc. (Capital Markets)	(b)		6.700%	06/15/2017		1,500,000		1,632,186

12 (continued)

Ohio National Fund, Inc. Bond Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
FINANCIALS (continued)
Morgan Stanley (Capital Markets)			3.750%	02/25/2023	$	1,250,000	$	1,265,268
Morgan Stanley (Capital Markets)			3.950%	04/23/2027		1,000,000		941,241
Northern Trust Corp. (Capital Markets)			3.450%	11/04/2020		1,000,000		1,057,036
State Street Corp. (Capital Markets)			4.375%	03/07/2021		1,250,000		1,375,481
Ally Financial, Inc. (Consumer Finance)			5.125%	09/30/2024		1,000,000		1,002,500
Capital One Financial Corp. (Consumer Finance)			2.450%	04/24/2019		925,000		924,441
Discover Financial Services (Consumer Finance)			6.450%	06/12/2017		750,000		814,441
Synchrony Financial (Consumer Finance)			4.250%	08/15/2024		900,000		902,614
General Electric Capital Corp. (Diversified Financial Svs.)			5.625%	05/01/2018		1,000,000		1,106,276
Moody’s Corp. (Diversified Financial Svs.)			5.250%	07/15/2044		1,000,000		1,024,593
Aflac, Inc. (Insurance)			3.625%	06/15/2023		1,425,000		1,438,184
Allstate Corp. / The (Insurance)			5.200%	01/15/2042		500,000		526,195
American International Group, Inc. (Insurance)			3.875%	01/15/2035		1,400,000		1,264,785
Hartford Financial Services Group, Inc. / The (Insurance)			5.375%	03/15/2017		1,500,000		1,593,770
Liberty Mutual Group, Inc. (Insurance)	(a)		4.850%	08/01/2044		1,500,000		1,444,116
Marsh & McLennan Cos., Inc. (Insurance)			3.500%	06/03/2024		1,400,000		1,393,564
Metropolitan Life Global Funding I (Insurance)	(a)		2.300%	04/10/2019		1,500,000		1,508,269
New York Life Global Funding (Insurance)	(a)		2.150%	06/18/2019		1,000,000		1,001,832
Prudential Financial, Inc. (Insurance)			6.100%	06/15/2017		1,500,000		1,629,681
Boston Properties LP (Real Estate Investment Trusts)			3.125%	09/01/2023		925,000		897,970
Camden Property Trust (Real Estate Investment Trusts)			4.250%	01/15/2024		500,000		513,701
Equity One, Inc. (Real Estate Investment Trusts)			6.250%	01/15/2017		1,250,000		1,332,269
Federal Realty Investment Trust (Real Estate Investment Trusts)			3.000%	08/01/2022		1,425,000		1,402,180
HCP, Inc. (Real Estate Investment Trusts)			4.000%	06/01/2025		1,500,000		1,466,262
Simon Property Group LP (Real Estate Investment Trusts)			3.750%	02/01/2024		1,475,000		1,508,888
								42,035,116
HEALTH CARE – 6.1%
Amgen, Inc. (Biotechnology)			4.100%	06/15/2021		1,000,000		1,064,141
Baxalta, Inc. (Biotechnology)	(a)		4.000%	06/23/2025		1,400,000		1,390,844
Gilead Sciences, Inc. (Biotechnology)			4.500%	02/01/2045		900,000		893,127
Becton Dickinson and Co. (Health Care Equip. & Supplies)			5.000%	05/15/2019		500,000		546,273
AmerisourceBergen Corp. (Health Care Providers & Svs.)			4.875%	11/15/2019		500,000		550,907
Express Scripts Holding Co. (Health Care Providers & Svs.)			2.250%	06/15/2019		1,400,000		1,387,644
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)			3.750%	08/23/2022		425,000		429,362
Quest Diagnostics, Inc. (Health Care Providers & Svs.)			2.700%	04/01/2019		1,000,000		1,007,561
AbbVie, Inc. (Pharmaceuticals)			2.900%	11/06/2022		1,425,000		1,378,575
Merck Sharp & Dohme Corp. (Pharmaceuticals)			5.000%	06/30/2019		1,000,000		1,112,711
								9,761,145
INDUSTRIALS – 10.0%
BAE Systems Holdings, Inc. (Aerospace & Defense)	(a)		6.375%	06/01/2019		750,000		854,739
Lockheed Martin Corp. (Aerospace & Defense)			3.350%	09/15/2021		1,000,000		1,028,106
Lockheed Martin Corp. (Aerospace & Defense)			3.600%	03/01/2035		1,000,000		920,609
Raytheon Co. (Aerospace & Defense)			4.400%	02/15/2020		1,250,000		1,367,560
FedEx Corp. (Air Freight & Logistics)			4.900%	01/15/2034		1,425,000		1,473,055
American Airlines Group, Inc. (Airlines)	(a)		4.625%	03/01/2020		1,000,000		967,500
Waste Management, Inc. (Commercial Svs. & Supplies)			6.100%	03/15/2018		500,000		557,927
Deere & Co. (Machinery)			4.375%	10/16/2019		1,250,000		1,369,761
Illinois Tool Works, Inc. (Machinery)			3.375%	09/15/2021		500,000		521,785
Parker-Hannifin Corp. (Machinery)			4.200%	11/21/2034		1,400,000		1,391,340
Burlington Northern Santa Fe, LLC (Road & Rail)			4.550%	09/01/2044		900,000		887,522
CSX Corp. (Road & Rail)			5.600%	05/01/2017		1,500,000		1,616,664
Norfolk Southern Corp. (Road & Rail)			3.000%	04/01/2022		600,000		596,167
Union Pacific Corp. (Road & Rail)			4.000%	02/01/2021		1,250,000		1,348,208
Union Pacific Corp. (Road & Rail)			3.250%	08/15/2025		1,000,000		988,005
								15,888,948
INFORMATION TECHNOLOGY – 5.7%
Harris Corp. (Communications Equip.)			2.700%	04/27/2020		900,000		887,724
QUALCOMM, Inc. (Communications Equip.)			3.450%	05/20/2025		1,000,000		972,959
Denali Borrower LLC / Denali Finance Corp. (Computers & Peripherals)	(a)		5.625%	10/15/2020		900,000		946,125
Computer Sciences Corp. (IT Svs.)			6.500%	03/15/2018		1,000,000		1,104,148
Intel Corp. (Semiconductors & Equip.)			4.000%	12/15/2032		1,500,000		1,433,273
KLA-Tencor Corp. (Semiconductors & Equip.)			3.375%	11/01/2019		900,000		923,756
Microsoft Corp. (Software)			3.500%	02/12/2035		400,000		364,499
Oracle Corp. (Software)			4.300%	07/08/2034		1,500,000		1,474,769
Apple, Inc. (Tech. Hardware, Storage & Periph.)			2.500%	02/09/2025		1,000,000		936,210
								9,043,463

13 (continued)

Ohio National Fund, Inc. Bond Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
MATERIALS – 5.1%
Dow Chemical Co. / The (Chemicals)			4.250%	10/01/2034	$	1,400,000	$	1,311,128
Eastman Chemical Co. (Chemicals)			3.600%	08/15/2022		1,000,000		1,009,683
FMC Corp. (Chemicals)			3.950%	02/01/2022		1,000,000		1,013,966
Praxair, Inc. (Chemicals)			2.650%	02/05/2025		1,000,000		954,084
Packaging Corp. of America (Containers & Packaging)			4.500%	11/01/2023		675,000		695,238
Freeport-McMoRan, Inc. (Metals & Mining)			3.550%	03/01/2022		925,000		855,266
Newmont Mining Corp. (Metals & Mining)			3.500%	03/15/2022		1,425,000		1,358,425
Teck Resources Ltd. (Metals & Mining)			3.750%	02/01/2023		1,000,000		859,159
								8,056,949
TELECOMMUNICATION SERVICES – 2.0%
AT&T, Inc. (Diversified Telecom. Svs.)			3.400%	05/15/2025		900,000		854,528
Verizon Communications, Inc. (Diversified Telecom. Svs.)			4.600%	04/01/2021		1,250,000		1,341,921
Verizon Communications, Inc. (Diversified Telecom. Svs.)			3.850%	11/01/2042		425,000		350,014
Rogers Communications, Inc. (Wireless Telecom. Svs.)			3.000%	03/15/2023		700,000		671,505
								3,217,968
UTILITIES – 12.0%
Appalachian Power Co. (Electric Utilities)			4.600%	03/30/2021		1,000,000		1,086,105
Commonwealth Edison Co. (Electric Utilities)			5.950%	08/15/2016		1,500,000		1,581,858
DTE Electric Co. (Electric Utilities)			3.375%	03/01/2025		1,000,000		1,010,833
Duke Energy Florida, Inc. (Electric Utilities)			4.550%	04/01/2020		500,000		549,053
ITC Holdings Corp. (Electric Utilities)			3.650%	06/15/2024		500,000		494,337
Kansas City Power & Light Co. (Electric Utilities)			5.850%	06/15/2017		1,500,000		1,624,940
South Carolina Electric & Gas Co. (Electric Utilities)			4.350%	02/01/2042		1,000,000		954,938
Tenaska Georgia Partners LP (Electric Utilities)			9.500%	02/01/2030		439,987		547,328
Union Electric Co. (Electric Utilities)			6.400%	06/15/2017		1,500,000		1,643,427
Westar Energy, Inc. (Electric Utilities)			4.125%	03/01/2042		500,000		482,569
Xcel Energy, Inc. (Electric Utilities)			4.700%	05/15/2020		1,000,000		1,089,847
AGL Capital Corp. (Gas Utilities)			5.250%	08/15/2019		1,000,000		1,104,664
Southwest Gas Corp. (Gas Utilities)			3.875%	04/01/2022		1,250,000		1,308,328
Spectra Energy Capital LLC (Gas Utilities)			3.300%	03/15/2023		1,425,000		1,305,162
Avista Corp. (Multi-Utilities)			5.950%	06/01/2018		1,000,000		1,120,865
LG&E and KU Energy LLC (Multi-Utilities)			4.375%	10/01/2021		1,000,000		1,083,465
Public Service Electric & Gas Co. (Multi-Utilities)			3.950%	05/01/2042		750,000		708,781
American Water Capital Corp. (Water Utilities)			4.300%	12/01/2042		1,400,000		1,374,097
								19,070,597
Total Corporate Bonds (Cost $152,543,352)							$	154,729,862
Asset-Backed Securities – 0.6%		Rate		Maturity	Face Amount		Value
INDUSTRIALS – 0.6%
American Airlines 2015-1 Class B Pass Through Trust (Airlines)			3.700%	05/01/2023	$	900,000	$	882,000
Total Asset-Backed Securities (Cost $900,000)							$	882,000
Money Market Funds – 0.7%					Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I						1,186,000	$	1,186,000
Total Money Market Funds (Cost $1,186,000)							$	1,186,000
Total Investments – 98.5% (Cost $154,629,352)	(c)						$	156,797,862
Other Assets in Excess of Liabilities – 1.5%								2,432,853
Net Assets – 100.0%							$	159,230,715

Percentages are stated as a percent of net assets.

Footnotes:

(a) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $8,999,921, or 5.7% of the Portfolio’s net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(b) Represents bonds that are credit sensitive. The coupon rates for these bonds are subject to adjustment based on changes in national credit rating agency ratings.

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

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

14

Ohio National Fund, Inc. Omni Portfolio

Objective/Strategy

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

Performance as of June 30, 2015

Average Annual Returns:
One year	9.71%
Five years	14.12%
Ten years	7.99%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Omni Portfolio returned 4.55% versus 0.81% for the current benchmark, which is comprised of 70% S&P 500 Index and 30% BofA Merrill Lynch U.S. Corporate Master Index (the “Merrill Lynch Index”).

The 374 basis points of outperformance for the Portfolio versus the benchmark is the result of several factors, including outperformance by the equity portion of the Portfolio versus the S&P 500 Index, and outperformance of the bond portion of the Portfolio versus the Merrill Lynch Index. The asset allocation decision to overweight stocks and underweight bonds versus the blended benchmark also benefited relative performance because stocks outperformed bonds for the six-month period. ⁽¹⁾

The year began with many thinking macroeconomic fundamentals had firmed amidst global monetary easing. While the U.S. Federal Reserve ended its historic bond-buying stimulus program, the European Central Bank continued its own stimulus measures and the Japanese Central Bank continued efforts to create growth and inflation. But the end of the Federal Reserve’s quantitative easing introduced new controversy, as investors shifted to debating the timing of potential interest rate hikes. Economic data points that traditionally would have been seen as positive indicators began to raise fears that yields could move higher sooner than expected. Meanwhile, Greece reappeared in the headlines, as its position within the European Union became more uncertain. The Greek government finally agreed to more austerity and it appears that Greece will receive another bailout. Domestically, the turmoil in the North American energy sector continued to work its way through the system, with a lack of consensus about the length and depth of the downturn. These uncertainties were compounded by fear of the potential return of Iranian oil to global markets.

For the six-month period ended June 30, 2015, the equity portion of the Portfolio returned 6.51% versus 1.23% for the S&P 500 Index, for outperformance of 528 basis points. The Portfolio’s best performing stocks for the first half of 2015 were Intercept Pharmaceuticals, Inc., Pharmacyclics, Inc., Valeant Pharmaceuticals International, Inc., Humana, Inc. and Clovis Oncology, Inc. The Portfolio’s worst per-

forming stocks were Hewlett-Packard Co., PVH Corp., VeriFone Systems, Inc., Avago Technologies Ltd., and Intel Corp. The top contributors to stock performance were Clovis Oncology, Inc., Pharmacyclics, Inc., Intercept Pharmaceuticals, Inc., Valeant Pharmaceuticals International, Inc., and Mylan, Inc. The top detractors from stock performance were Hewlett-Packard Co., PVH Corp., Intel Corp., Yahoo!, Inc., and Avago Technologies Ltd. ⁽¹⁾

During the past six months, the equity portion of the Portfolio was overweighted in the Health Care sector, which added 748 basis points to performance, and was also overweighted in the Consumer Discretionary sector, which contributed 35 basis points to performance. The overweighted equity position in the Financials sector added 75 basis points to performance, while the overweighted equity position in the Information Technology sector detracted 97 basis points of performance. The underweighted position in the Industrials sector detracted 43 basis points, while the slight overweight in the Materials sector detracted 24 basis points of performance. ⁽¹⁾

For the six-month period, the bond portion of the Portfolio had a return of -0.21% versus -0.46% for the Merrill Lynch Index, for outperformance of 25 basis points. Both the bond portion of the Portfolio and the Merrill Lynch Index had small negative returns because U.S. Treasury yields increased across much of the yield curve, particularly on the long end, and credit spreads widened marginally. U.S. Treasury yields increased in anticipation of the Federal Reserve beginning to tighten credit later this year. The bond portion of the Portfolio outperformed the Merrill Lynch Index primarily because the duration of the bond portion of the Portfolio was approximately 0.4 years shorter than the Merrill Lynch Index for much of the period, thus resulting in less bond price depreciation than the index as Treasury yields increased. The credit stratification of the bond portion of the Portfolio benefited performance because the Portfolio was under-weighted in A and AA rated bonds, which under-performed, and was over-weighted in BBB rated bonds, which outperformed. The increase in the weighting to the oil and gas sector, from a 7% under-weighting at the start of 2015 to a neutral weighting by mid-year, benefited relative performance because this sector performed poorly earlier in the year, and then performed very well after the weighting had been increased. The bond portion of the Portfolio included a position in U.S. Treasury securities, which ranged from 4% to 13% of bonds, and this benefited relative performance because credit spreads widened during the first half of 2015. ⁽¹⁾

Because the U.S. economy continued to grow, and there were no significant leveraging events during the six-month period, the credit quality of the bond holdings in the Portfolio was maintained. That being said, the five bonds that performed the worst were Time Warner Cable, Inc., South Carolina Electric and Gas Co., American International Group, Inc., Microsoft Corp., and Burlington Northern Sante Fe, LLC. All of these bonds have long maturities, and their bond prices were hurt as interest rates increased during the period. The five best performing bonds were Southwestern Energy Co., Kohl’s Corp., Noble Holding International Ltd., Newmont Mining Corp., and Hospira, Inc. ⁽¹⁾

We remain optimistic on the prospects for stocks for the balance of the year. While concerns regarding China and Greece have made their way into the headlines again, the risks to both regions should be contained. The Chinese government still has many levers to pull to stimulate its economy, and it appears that Greece will continue to be a member of the European Union. The corporate profit picture looks positive and the stock market seems well prepared for an

15 (continued)

Ohio National Fund, Inc. Omni Portfolio (Continued)

increase in interest rates as the Federal Reserve begins to raise its Federal Funds rate. With valuations “fair” at this point, we believe our continued focus on companies with a strong competitive position and an ability to gain market share will benefit stock performance going forward. Because of the positive outlook for stocks and the expectation for higher interest rates, we expect to remain approximately 5% over-weighted in stocks versus the blended benchmark. We will plan for the allocation to bonds to, therefore, be less than the weighting in the blended benchmark. Because we expect higher interest rates later in 2015, we expect that the duration of the bond portion of the Portfolio will be maintained shorter than the Merrill Lynch Index. ⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

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

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	75.7
Corporate Bonds (3)	20.4
U.S. Treasury Obligations	2.4
Asset-Backed Securities (3)	0.2
Money Market Funds and Other Net Assets	1.3
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     Apple, Inc.	2.9
2.     Microsoft Corp.	1.9
3.     Allergan PLC	1.9
4.     Citigroup, Inc.	1.9
5.     Prudential Financial, Inc.	1.9
6.     Mylan NV	1.8
7.     Thermo Fisher Scientific, Inc.	1.8
8.     Hewlett-Packard Co.	1.7
9.     MetLife, Inc.	1.6
10.     JPMorgan Chase & Co.	1.6

⁽¹⁾ Composition of Portfolio subject to change.

⁽²⁾ Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾ Sectors (combined):

	% of Net Assets
Information Technology	18.7
Financials	17.5
Health Care	17.2
Consumer Discretionary	16.2
Industrials	8.4
Energy	7.2
Consumer Staples	4.4
Materials	4.4
Utilities	1.9
Telecommunication Services	0.4
	96.3

16

Ohio National Fund, Inc. Omni Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 75.7%		Shares		Value
CONSUMER DISCRETIONARY – 14.2%
Johnson Controls, Inc. (Auto Components)			14,249	$	705,753
Jarden Corp. (Household Durables)	(a)		13,350		690,862
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		1,792		777,889
CBS Corp. Class B (Media)			13,728		761,904
Time Warner, Inc. (Media)			8,501		743,072
Viacom, Inc. Class B (Media)			11,531		745,364
Walt Disney Co. / The (Media)			6,860		783,000
Lowe’s Cos., Inc. (Specialty Retail)			11,138		745,912
Tiffany & Co. (Specialty Retail)			4,844		444,679
PVH Corp. (Textiles, Apparel & Luxury Goods)			6,740		776,448
					7,174,883
CONSUMER STAPLES – 3.1%
Mondelez International, Inc. Class A (Food Products)			19,005		781,866
Tyson Foods, Inc. Class A (Food Products)			17,925		764,143
					1,546,009
ENERGY – 3.1%
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			8,827		689,036
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			12,398		737,557
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)		3,895		140,687
					1,567,280
FINANCIALS – 12.9%
Bank of America Corp. (Banks)			45,511		774,597
BankUnited, Inc. (Banks)			10,505		377,445
Citigroup, Inc. (Banks)			17,200		950,128
JPMorgan Chase & Co. (Banks)			12,118		821,116
Capital One Financial Corp. (Consumer Finance)			8,767		771,233
Hartford Financial Services Group, Inc. / The (Insurance)			17,637		733,170
Lincoln National Corp. (Insurance)			5,986		354,491
MetLife, Inc. (Insurance)			14,742		825,405
Prudential Financial, Inc. (Insurance)			10,813		946,354
					6,553,939
HEALTH CARE – 15.8%
Amgen, Inc. (Biotechnology)			4,601		706,345
Celgene Corp. (Biotechnology)	(a)		4,022		465,486
Receptos, Inc. (Biotechnology)	(a)		3,320		630,966
St. Jude Medical, Inc. (Health Care Equip. & Supplies)			10,094		737,569
Aetna, Inc. (Health Care Providers & Svs.)			4,456		567,962
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		8,157		740,003
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			6,936		900,015
Allergan PLC (Pharmaceuticals)	(a)		3,167		961,058
Mylan NV (Pharmaceuticals)	(a)		13,485		915,092
Pfizer, Inc. (Pharmaceuticals)			18,856		632,242
Valeant Pharmaceuticals International, Inc. (Pharmaceuticals)	(a)		3,260		724,209
					7,980,947
INDUSTRIALS – 6.5%
Honeywell International, Inc. (Aerospace & Defense)			7,074		721,336
Lockheed Martin Corp. (Aerospace & Defense)			4,071		756,799
FedEx Corp. (Air Freight & Logistics)			4,255		725,052
General Electric Co. (Industrial Conglomerates)			13,160		349,661
Xylem, Inc. (Machinery)			20,574		762,678
					3,315,526
INFORMATION TECHNOLOGY – 16.6%
Cisco Systems, Inc. (Communications Equip.)			26,636		731,424
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		8,873		760,993
Google, Inc. Class A (Internet Software & Svs.)	(a)		631		340,765
Google, Inc. Class C (Internet Software & Svs.)	(a)		570		296,691
MasterCard, Inc. Class A (IT Svs.)			8,250		771,210
Avago Technologies Ltd. (Semiconductors & Equip.)			5,737		762,619
Intel Corp. (Semiconductors & Equip.)			24,452		743,707
Microsoft Corp. (Software)			21,985		970,638
Oracle Corp. (Software)			17,086		688,566
Apple, Inc. (Tech. Hardware, Storage & Periph.)			11,822		1,482,774
Hewlett-Packard Co. (Tech. Hardware, Storage & Periph.)			28,384		851,804
					8,401,191

17 (continued)

Ohio National Fund, Inc. Omni Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks (Continued)	Shares		Value
MATERIALS – 3.5%
Dow Chemical Co. / The (Chemicals)		14,553	$	744,677
Huntsman Corp. (Chemicals)		30,250		667,618
Monsanto Co. (Chemicals)		3,247		346,098
				1,758,393
Total Common Stocks (Cost $36,832,497)			$	38,298,168

Corporate Bonds – 20.4%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 2.0%
General Motors Co. (Automobiles)			5.000%	04/01/2035	$	100,000	$	98,185
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)			3.350%	11/01/2022		11,000		10,313
Mattel, Inc. (Leisure Products)			3.150%	03/15/2023		75,000		72,525
21st Century Fox America, Inc. (Media)			4.500%	02/15/2021		100,000		108,137
Comcast Corp. (Media)			5.875%	02/15/2018		75,000		83,189
Discovery Communications, LLC (Media)			3.300%	05/15/2022		75,000		73,659
Time Warner Cable, Inc. (Media)			4.500%	09/15/2042		75,000		61,454
Time Warner, Inc. (Media)			2.100%	06/01/2019		100,000		99,270
Viacom, Inc. (Media)			4.250%	09/01/2023		75,000		75,499
Walt Disney Co. / The (Media)			3.700%	12/01/2042		75,000		68,621
Kohl’s Corp. (Multiline Retail)			4.000%	11/01/2021		75,000		79,363
AutoZone, Inc. (Specialty Retail)			3.125%	07/15/2023		75,000		72,636
Bed Bath & Beyond, Inc. (Specialty Retail)			5.165%	08/01/2044		100,000		98,929
								1,001,780
CONSUMER STAPLES – 1.3%
Anheuser-Busch Cos., LLC (Beverages)			5.500%	01/15/2018		150,000		164,891
CVS Health Corp. (Food & Staples Retailing)			5.750%	06/01/2017		45,000		48,624
Kroger Co. / The (Food & Staples Retailing)			2.950%	11/01/2021		100,000		99,505
Sysco Corp. (Food & Staples Retailing)			4.350%	10/02/2034		100,000		101,000
Bunge NA Finance LP (Food Products)			5.900%	04/01/2017		150,000		160,216
Procter & Gamble Co. / The (Household Products)			4.700%	02/15/2019		100,000		110,155
								684,391
ENERGY – 4.1%
Ensco PLC (Energy Equip. & Svs.)			5.200%	03/15/2025		100,000		98,866
Noble Holding International Ltd. (Energy Equip. & Svs.)			4.000%	03/16/2018		100,000		102,332
Weatherford International Ltd. (Energy Equip. & Svs.)			6.000%	03/15/2018		150,000		159,605
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			5.950%	09/15/2016		100,000		105,408
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels)			5.500%	02/01/2017		100,000		103,674
Columbia Pipeline Group, Inc. (Oil, Gas & Consumable Fuels)	(b)		4.500%	06/01/2025		100,000		98,500
ConocoPhillips Co. (Oil, Gas & Consumable Fuels)			3.350%	05/15/2025		150,000		148,006
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			3.250%	05/15/2022		100,000		98,722
Energy Transfer Partners LP (Oil, Gas & Consumable Fuels)			4.750%	01/15/2026		100,000		98,567
Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels)			3.900%	02/15/2024		100,000		100,281
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)			3.150%	04/01/2025		100,000		97,408
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			4.150%	03/01/2022		75,000		75,038
Magellan Midstream Partners LP (Oil, Gas & Consumable Fuels)			6.400%	07/15/2018		150,000		167,027
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			3.850%	06/01/2025		150,000		146,787
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)			3.700%	12/01/2022		100,000		91,393
Phillips 66 (Oil, Gas & Consumable Fuels)			4.300%	04/01/2022		100,000		104,851
Shell International Finance BV (Oil, Gas & Consumable Fuels)			3.250%	05/11/2025		100,000		98,871
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)			4.050%	01/23/2020		100,000		102,687
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)			2.500%	08/01/2022		75,000		71,059
								2,069,082
FINANCIALS – 4.6%
Bank of America Corp. (Banks)			5.750%	08/15/2016		75,000		78,530
Citigroup, Inc. (Banks)			5.850%	08/02/2016		75,000		78,690
Citigroup, Inc. (Banks)			4.400%	06/10/2025		100,000		99,477
Comerica, Inc. (Banks)			3.800%	07/22/2026		100,000		96,998
JPMorgan Chase & Co. (Banks)			3.250%	09/23/2022		100,000		99,231
KeyBank NA (Banks)			5.700%	11/01/2017		150,000		162,964
PNC Bank NA (Banks)			3.250%	06/01/2025		150,000		146,262
SunTrust Banks, Inc. (Banks)			2.500%	05/01/2019		100,000		100,493
Wells Fargo & Co. (Banks)			3.500%	03/08/2022		75,000		77,028
Goldman Sachs Group, Inc. / The (Capital Markets)			3.750%	05/22/2025		100,000		98,532
Mellon Funding Corp. (Capital Markets)			5.500%	11/15/2018		100,000		110,966
Morgan Stanley (Capital Markets)			3.750%	02/25/2023		75,000		75,916
Northern Trust Corp. (Capital Markets)			3.950%	10/30/2025		75,000		77,371
Capital One Financial Corp. (Consumer Finance)			2.450%	04/24/2019		75,000		74,955

18 (continued)

Ohio National Fund, Inc. Omni Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
FINANCIALS (continued)
Discover Financial Services (Consumer Finance)			6.450%	06/12/2017	$	150,000	$	162,888
Synchrony Financial (Consumer Finance)			4.250%	08/15/2024		100,000		100,291
Aflac, Inc. (Insurance)			3.625%	06/15/2023		75,000		75,694
Allstate Corp. / The (Insurance)			3.150%	06/15/2023		75,000		74,997
American International Group, Inc. (Insurance)			3.875%	01/15/2035		100,000		90,342
Marsh & McLennan Cos., Inc. (Insurance)			3.500%	06/03/2024		100,000		99,540
Boston Properties LP (Real Estate Investment Trusts)			3.125%	09/01/2023		75,000		72,808
Camden Property Trust (Real Estate Investment Trusts)			3.500%	09/15/2024		100,000		97,305
Federal Realty Investment Trust (Real Estate Investment Trusts)			3.000%	08/01/2022		75,000		73,799
Simon Property Group LP (Real Estate Investment Trusts)			3.750%	02/01/2024		75,000		76,723
								2,301,800
HEALTH CARE – 1.4%
Baxalta, Inc. (Biotechnology)	(b)		4.000%	06/23/2025		100,000		99,346
Gilead Sciences, Inc. (Biotechnology)			4.500%	02/01/2045		100,000		99,236
Anthem, Inc. (Health Care Providers & Svs.)			5.875%	06/15/2017		150,000		162,865
Express Scripts Holding Co. (Health Care Providers & Svs.)			2.250%	06/15/2019		100,000		99,117
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)			3.750%	08/23/2022		75,000		75,770
AbbVie, Inc. (Pharmaceuticals)			2.900%	11/06/2022		75,000		72,557
Hospira, Inc. (Pharmaceuticals)			6.050%	03/30/2017		75,000		80,686
								689,577
INDUSTRIALS – 1.7%
Lockheed Martin Corp. (Aerospace & Defense)			3.600%	03/01/2035		100,000		92,061
FedEx Corp. (Air Freight & Logistics)			4.900%	01/15/2034		75,000		77,529
Waste Management, Inc. (Commercial Svs. & Supplies)			6.100%	03/15/2018		75,000		83,689
Parker-Hannifin Corp. (Machinery)			4.200%	11/21/2034		100,000		99,381
Burlington Northern Santa Fe, LLC (Road & Rail)			4.550%	09/01/2044		100,000		98,614
ERAC U.S.A. Finance LLC (Road & Rail)	(b)(c)		6.375%	10/15/2017		150,000		164,862
Norfolk Southern Corp. (Road & Rail)			3.000%	04/01/2022		75,000		74,521
Ryder System, Inc. (Road & Rail)			2.650%	03/02/2020		100,000		99,753
Union Pacific Corp. (Road & Rail)			3.250%	08/15/2025		100,000		98,801
								889,211
INFORMATION TECHNOLOGY – 2.1%
Harris Corp. (Communications Equip.)			2.700%	04/27/2020		100,000		98,636
QUALCOMM, Inc. (Communications Equip.)			3.450%	05/20/2025		100,000		97,296
Denali Borrower LLC / Denali Finance Corp. (Computers & Peripherals)	(b)		5.625%	10/15/2020		100,000		105,125
Amphenol Corp. (Electronic Equip., Instr. & Comp.)			3.125%	09/15/2021		100,000		99,962
Computer Sciences Corp. (IT Svs.)			6.500%	03/15/2018		150,000		165,622
Intel Corp. (Semiconductors & Equip.)			4.000%	12/15/2032		100,000		95,552
KLA-Tencor Corp. (Semiconductors & Equip.)			3.375%	11/01/2019		100,000		102,640
Microsoft Corp. (Software)			3.500%	02/12/2035		100,000		91,125
Oracle Corp. (Software)			4.300%	07/08/2034		100,000		98,318
Apple, Inc. (Tech. Hardware, Storage & Periph.)			2.500%	02/09/2025		100,000		93,621
								1,047,897
MATERIALS – 0.9%
CF Industries, Inc. (Chemicals)			3.450%	06/01/2023		75,000		72,521
Dow Chemical Co. / The (Chemicals)			4.250%	10/01/2034		100,000		93,652
Packaging Corp. of America (Containers & Packaging)			4.500%	11/01/2023		75,000		77,249
Freeport-McMoRan, Inc. (Metals & Mining)			3.550%	03/01/2022		75,000		69,346
Newmont Mining Corp. (Metals & Mining)			3.500%	03/15/2022		75,000		71,496
Teck Resources Ltd. (Metals & Mining)			3.750%	02/01/2023		75,000		64,437
								448,701
TELECOMMUNICATION SERVICES – 0.4%
AT&T, Inc. (Diversified Telecom. Svs.)			3.400%	05/15/2025		100,000		94,948
Verizon Communications, Inc. (Diversified Telecom. Svs.)			3.850%	11/01/2042		75,000		61,767
Rogers Communications, Inc. (Wireless Telecom. Svs.)			3.000%	03/15/2023		75,000		71,947
								228,662
UTILITIES – 1.9%
Commonwealth Edison Co. (Electric Utilities)			5.950%	08/15/2016		75,000		79,093
Kansas City Power & Light Co. (Electric Utilities)			5.850%	06/15/2017		150,000		162,494
Pennsylvania Electric Co. (Electric Utilities)			6.050%	09/01/2017		150,000		163,697
South Carolina Electric & Gas Co. (Electric Utilities)			4.350%	02/01/2042		75,000		71,620
Union Electric Co. (Electric Utilities)			6.400%	06/15/2017		150,000		164,343
Westar Energy, Inc. (Electric Utilities)			4.125%	03/01/2042		75,000		72,385
Southwest Gas Corp. (Gas Utilities)			3.875%	04/01/2022		75,000		78,500

19 (continued)

Ohio National Fund, Inc. Omni Portfolio (Continued)

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
UTILITIES (continued)
Spectra Energy Capital LLC (Gas Utilities)			3.300%	03/15/2023	$	75,000	$	68,693
American Water Capital Corp. (Water Utilities)			4.300%	12/01/2042		100,000		98,150
								958,975
Total Corporate Bonds (Cost $10,239,962)							$	10,320,076
Asset-Backed Securities – 0.2%		Rate		Maturity	Face Amount		Value
INDUSTRIALS – 0.2%
American Airlines 2015-1 Class B Pass Through Trust (Airlines)			3.700%	05/01/2023	$	100,000	$	98,000
Total Asset-Backed Securities (Cost $100,000)							$	98,000
U.S. Treasury Obligations – 2.4%		Rate		Maturity	Face Amount		Value
United States Treasury Note			1.125%	04/30/2020	$	400,000	$	390,438
United States Treasury Note			2.125%	06/30/2021		200,000		202,297
United States Treasury Note			2.000%	02/15/2025		400,000		388,062
United States Treasury Note			2.500%	02/15/2045		300,000		262,781
Total U.S. Treasury Obligations (Cost $1,253,410)							$	1,243,578
Money Market Funds – 1.1%					Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I						540,000	$	540,000
Total Money Market Funds (Cost $540,000)							$	540,000
Total Investments – 99.8% (Cost $48,965,869)	(d)						$	50,499,822
Other Assets in Excess of Liabilities – 0.2%								92,516
Net Assets – 100.0%							$	50,592,338

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $467,833, or 0.9% of the Portfolio’s net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(c) Represents bonds that are credit sensitive. The coupon rates for these bonds are subject to adjustment based on changes in national credit rating agency ratings.

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

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

20

Ohio National Fund, Inc. International Portfolio

Objective/Strategy

The International Portfolio seeks long-term growth of capital by investing at least 80% of its assets in securities of foreign companies.

Performance as of June 30, 2015

Average Annual Returns:
One year	-5.82%
Five years	7.42%
Ten years	3.55%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the International Portfolio returned 5.74% versus 4.03% for the current benchmark, the MSCI All Country World ex-USA Index (Net-USD).

Global equity markets modestly appreciated in the first half, returning 2.66%, as measured by the MSCI AC World Index. Developed markets, up 5.52% as measured by the MSCI EAFE Index, beat Emerging Markets, up 2.95% as measured by the MSCI Emerging Markets Index. The U.S. stock market, as measured by MSCI USA, trailed both developed and emerging markets, returning 1.40% over the period. Asian markets had a strong half, as both Japan and China, as measured by MSCI Japan and MSCI China, rallied 13.62% and 14.65%, respectively.

Economic activity and inflation expectations across the non-U.S. markets varied by country and region, influenced by central bank policy and geopolitical events. Consensus expectations for global growth remain modest at 2.7% for the full year. For the first half of 2015, the U.S. economy weakened, as the strength in the U.S. dollar hindered manufacturing activity, but the European and Japanese economies both strengthened due to substantial monetary easing. Early in the year, with short-term interest rates already below zero, the European Central Bank (“ECB”) began its 1.1 trillion euro asset purchase program.

The ECB’s quantitative easing program, which started six years after the U.S. Federal Reserve began its own quantitative easing (“QE”) program sent the euro tumbling, about 12% in the first quarter this year and a total cumulative decline of 20% during the prior 52 weeks. Also in the first half of 2015, European equity market volatility rose, as the uncertainty with the ongoing situation in Greece continued. A referendum vote called by the Greek government during the first week of the July should bring greater visibility for markets regardless of the outcome. Unlike the last threat of a Greek default, contagion to other European countries and to the overall economic recovery in Europe appears to be limited. Economic conditions have improved across the broader euro zone due to stronger consumer and business sentiment, an unambiguously stimulative ECB policy stance, subdued inflation, and rising household consumption. Reversing the direction from last quarter, European bond

yields rose and the spread between U.S. Treasuries and German bunds tightened.

European markets strengthened during the period, as measured by MSCI AC Europe Index, which was up 3.82% for U.S. dollar based investors and up 7.25% in local returns. For most of the period, European equities traded at higher levels, but the news in late June that Greece rejected bailout terms set by the ECB and International Monetary Fund (“IMF”) sent the markets lower. Despite the volatility and uncertainty caused by a potential Greek exit from the euro, overall sentiment throughout the euro zone was positive as oil prices stabilized and borrowing costs remained low. Denmark led developed European markets higher (up 18.55%), followed by Ireland (up 12.43%), due to strong gross domestic product (“GDP”) growth and a fifth straight year of fiscal outperformance. In Germany, consumer confidence, which was aided by a strong labor market, hit a 13-year high and household consumption grew. In Spain, where the 2015 GDP forecast of 2.9% exceeds the forecasts for the U.S. and the UK, household consumption increased 0.7% during the first quarter. French consumer spending and business investment exceeded expectations. However, Spanish equities underperformed during the period, declining 2.61% after the anti-austerity party Podemos won several key local races in regional elections, leading to concerns that Spain could follow the same political path as Greece. The UK election results surprised the market, as the Conservative party won a strong majority, which eased investor uncertainty.

Japanese structural reforms under the “three arrows” of Japan’s Abenomics are slowly taking effect, improving the growth and long run inflation outlook. After GDP growth soared by 1.0% in the first quarter of 2015, the second quarter was a steady, uneventful quarter for Japan with no major economic reform announcements. Japanese corporate data has been very strong year-to-date, with an ongoing earnings ‘boom’ given the sustained weakness of the yen, cheaper energy prices, and a nascent economic recovery following last year’s slowdown. Unemployment fell to its lowest level since 1997. Inflation remained below the Bank of Japan’s (“BOJ”) 2% target, although it is expected to accelerate later in the year. The yen fell to a 13-year low versus the dollar in June before strengthening after Bank of Japan Governor Kuroda said that the currency was “very” weak relative to its trading partners. Corporations continue to focus on shareholder-friendly reforms, which have resulted in higher dividend payouts, greater share repurchases, and higher profitability.

Emerging markets strengthened (up 2.95%) for the period, led by Eastern Europe (up 16.68%), as measured by MSCI EM Eastern Europe. MSCI Hungary and MSCI Russia rallied sharply, up 26.52% and 27.59%, respectively, as geopolitical events in the Ukraine stabilized. Asian markets outperformed, led by China and Taiwan, up 14.65% and 5.01% respectively, where China was aided by its dollar peg. After hitting a high in April, China fell nearly 11%, as growth slowed amid a slowdown in construction and manufacturing. To counter sputtering growth, the People’s Bank of China (“PBOC”) announced a series of accommodative measures, including cuts in the one-year lending and deposit rates and a cut in the Reserve Requirement Ratio for financial institutions. The combination of rate cuts and adjustment to the Reserve Requirement Ratio was last used during the 2008 financial crisis. In Indonesia, despite strong private consumption, GDP growth disappointed as first quarter growth came in at the slowest rate in five years on disappointing domestic growth and sluggish export demand. For the period, MSCI Indonesia trailed all emerging markets and was down 12.05%. In Brazil, a $65 billion infrastructure package was announced by the government to help revive economic growth.

21 (continued)

Ohio National Fund, Inc. International Portfolio (Continued)

For the reporting period, the MSCI USA Index (up 1.40%) underperformed both the MSCI Emerging Market Index (up 2.95%), and MSCI EAFE Index (up 5.52%). There was a strong divergence amongst country returns. The top performing major developed countries were Denmark (up 18.55%) and Japan (up 13.62%), while underperforming major markets included Canada (down 6.91%) and Spain (down 2.61%). In emerging markets, despite the strength of the dollar, leading major markets were Russia (up 27.59%), Hungary (up 26.52%) and China (up 14.65%), while laggards were Greece (down 25.66%) and Turkey (down 15.15%).

Country allocation remained a key driver of performance for the period, as it consistently has been in the past. In Asia, strong relative performance was driven by the Portfolio’s overweight allocation to Japanese equities, which reached their highest level in nineteen years. Equity purchases from the nation’s giant state-run pension fund GPIF, along with BOJ monetary stimulus, which will continue indefinitely, have had a large impact on Japanese equity returns. “Third Arrow” Growth Strategy has increased corporate payout ratios, focused companies on investor returns and prioritized labor reforms. “Third Arrow” implementation pushed shares higher, including technology exporter Murata Manufacturing Co. Ltd. (up 58.80%), pharmaceutical manufacturer Shionogi & Co. Ltd. (up 49.69%) and travel site Ikyu Corp. (up 91.28%). Elsewhere in Asia, the Portfolio’s underweight to China was a detractor during the period, as fiscal and monetary stimulus aided Chinese equities despite a late second quarter correction. Other Asian countries, including Indonesia and Thailand, experienced weaker growth amid slowing exports, which weighed on the Portfolio’s results. In Taiwan, Evergreen Marine Corp. Taiwan Ltd. (down 32.47%), an Asian container shipping company, declined as freight rates fell due to weak exports. ⁽¹⁾

Contributions from European equities and currencies were mixed during the period. High quality Danish companies led all developed European markets, returning 18.55%. Shares of Novo Nordisk AS (up 30.47%) rallied on positive news from the U.S. FDA, while local bank Sydbank AS returned 26.68% on improving credit quality and profitability. In response to unprecedented QE from the European Central Bank (“ECB”) and the prospect of interest rate hikes from the U.S. Federal Reserve later this year, the euro fell 7.92% during the period. Despite accelerating economies, the Portfolio’s allocations to Spain and Austria detracted from performance. Additionally, Spanish equities underperformed after anti-austerity party Podemos won several key local races in regional elections threatening to lead Spain down the same political path as Greece. During the period, Spanish Banco Santander SA (down 14.33%) and Austrian insurance company Uniqa Insurance Group (down 9.29%) underperformed. The Portfolio’s investments in Italy contributed positively, as the country’s economy expanded in the first quarter for the first time in over three years. Helped by the weaker euro, global auto company Fiat Chrysler Automobiles NV (up 26.03%) and eyewear designer Luxottica Group SpA (up 22.90%) contributed to relative performance. The Portfolio’s holdings in Ireland also benefitted from the weaker euro, including construction products and materials company CRH PLC (up 18.81%). Elsewhere, in Turkey, the Portfolio’s overweight detracted from performance, as the Turkish economy remained sluggish despite lower inflation expectations and a rate cut by Turkey’s Central Bank in February. In the United Kingdom, which continues to be mired in a weak fiscal condition with dual budgets, the Portfolio’s underweight contributed positively to relative performance.⁽¹⁾

In the Americas, the Portfolio’s underweight allocation to Canada contributed positively, as Canada’s economy slowed on declining oil

exports due to lower prices and weaker global demand. The Portfolio’s underweight to Brazil also contributed positively, as that country’s economy struggles with high inflation and a weak labor market.⁽¹⁾

Elsewhere around the world, the Portfolio’s underweight positioning to Australian equities helped performance, as the commodity slump created a weak outlook in the period. ⁽¹⁾

The Portfolio used foreign exchange (“FX”) currency forwards to manage our currency exposure relative to the benchmark. In the period, the overall net returns of the FX forward positions contributed positively to performance. Significant positive contribution came principally from the Portfolio’s short positions versus the U.S. dollar in the Yen, Euro and the Canadian Dollar. ⁽¹⁾

We are consistently applying our long-term methodology, which seeks to identify countries and stocks with growth and stability in earnings and cash flows. Our country ranking process seeks to identify strong economies trading at reasonable valuation levels with favorable macroeconomic outlooks. We continue to find country and stock holdings attractive for the long-term.

The latest research shows that country effects have become even more influential in a well-diversified international portfolio. Portfolio management believes the greater importance of country divergences is likely to persist given the increasing fundamental divergences between countries (even within the euro area), increased macro instability related to sovereign indebtedness and varying trend growth.

The Portfolio maintained exposure to select healthy, high quality developed markets. Our highest conviction overweight investments in major developed markets include Japan and Germany. In Europe, our core view is that the euro area recovery and growth cycle are genuine and will carry on once the Greece situation is sorted out. In the Portfolio, we have high convictions in Germany, Spain and Ireland, which should benefit from quantitative easing. We are also overweight in favored Scandinavian countries, such as Norway, Sweden and Denmark. In other major European markets, we remain underweight the United Kingdom and France. France, in particular, is struggling to gain momentum as high unemployment, last year’s tax increases, public spending cuts and deteriorating corporate fundamentals are hampering economic activity. We expect that the European export-led economies will benefit from a weaker euro, low borrowing costs and an improving outlook as the year progresses. Across the Portfolio, we remain partially hedged vs. U.S. dollar appreciation, as we believe the divergence in growth expectations and inflation will continue to drive the dollar higher. We are currently underweight to emerging markets, as our view is the effects of the strong dollar and lower energy prices will benefit many emerging economies in the long-term; however, the slowdown in China and Asian export growth, and the uncertainty over Greece is a drag in the short-term. ⁽¹⁾

At the end of the period, our highest conviction overweight is Japanese companies. We continue to believe there are multiple reasons why the Japanese stock market is the most attractive over the medium to long-term. Reasons for maintaining our conviction include: (1) Japanese corporate earnings and sales revisions are among the strongest across all regions we monitor, (2) Japanese corporate profitability, measured by ROE, is at a 25-year high due to rising margins, (3) the yen has hit a 13-year low, following the BOJ’s stimulus announcement which is a strong support for Japanese equities and (4) the delay of the 2015 consumption tax hike. Our Japanese investments are composed mainly of exporting companies, which will benefit from the weaker yen, and domestic stocks

22 (continued)

Ohio National Fund, Inc. International Portfolio (Continued)

focused on tourism, which is booming as richer Asian tourists visit for the first time. Elsewhere in Asia, we maintained an overweight position in Taiwan on strength of the sovereign balance sheet and continued global tech demand. ⁽¹⁾

We continue to monitor our investment universe for signs of countries and companies with poor credit quality (or unmanageable debt levels), preferring to focus on countries and companies with healthy balance sheets and strategic expansion opportunities. As developed economies continue to adjust to new debt levels, and investors continue to fear a reoccurrence of a global financial crisis, markets may see periods of volatility. However, as long-term investors, we feel that fundamentals are supportive of global growth in the mid to long term. The Portfolio managers expect the winners to maintain higher profitability and gain market share, while the weaker players, who continue to struggle to gain footing, to underperform. Despite the expectation of the U.S. Federal Reserve to raise rates, we expect global financial conditions to remain accommodative for some time to come.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

The MSCI All Country World Ex-USA Index (Net-USD) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed and emerging markets. The MSCI All Country World Index consists of 24 developed and 21 emerging market country indices.

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	84.7
Preferred Stocks (3)	0.6
Money Market Funds and Other Net Assets	14.7
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     Novo Nordisk A/S – ADR	2.9
2.     Banco Santander SA	2.4
3.     Kubota Corp.	2.1
4.     Danske Bank A/S	2.1
5.     Murata Manufacturing Co. Ltd.	1.9
6.     Sekisui House Ltd.	1.9
7.     Honda Motor Co. Ltd.	1.9
8.     Aisin Seiki Co. Ltd.	1.8
9.     Shionogi & Co. Ltd.	1.7
10.     CRH PLC	1.6

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Top 10 Country Weightings (combined):

	% of Net Assets
Japan	28.8
Germany	12.2
Sweden	10.7
Denmark	9.5
Spain	7.4
Taiwan	4.8
Ireland	4.6
Norway	3.6
Italy	1.9
United States	1.3

23

Ohio National Fund, Inc. International Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 84.7%		Shares		Value
Japan – 28.8%
Aisin Seiki Co. Ltd.	(c)		74,600	$	3,171,935
Alps Electric Co. Ltd.	(c)		49,500		1,526,554
Asahi Kasei Corp.	(c)		221,000		1,812,771
Chugai Pharmaceutical Co. Ltd.	(c)		60,900		2,100,645
Disco Corp.	(c)		27,500		2,273,391
Fuji Heavy Industries Ltd.	(c)		74,700		2,746,777
HIS Co. Ltd.	(c)		22,500		766,285
Hitachi Ltd.	(c)		318,000		2,094,839
Honda Motor Co. Ltd.	(c)		102,500		3,312,783
Hoshino Resorts REIT, Inc.	(c)		138		1,524,684
Ikyu Corp.	(c)		87,100		1,860,058
Japan Hotel REIT Investment Corp.	(c)		1,850		1,231,091
Kawasaki Heavy Industries Ltd.	(c)		246,000		1,146,653
Kubota Corp.	(c)		232,700		3,689,777
Mitsui & Co. Ltd.	(c)		155,300		2,109,925
Murata Manufacturing Co. Ltd.	(c)		19,100		3,333,242
Nippon Express Co. Ltd.	(c)		307,000		1,508,421
Oriental Land Co. Ltd. / Japan	(c)		21,600		1,377,845
Osaka Gas Co. Ltd.	(c)		435,000		1,716,857
Resorttrust, Inc.	(c)		55,400		1,346,829
Sekisui House Ltd.	(c)		209,000		3,319,118
Shionogi & Co. Ltd.	(c)		77,600		3,007,250
Sumitomo Mitsui Financial Group, Inc.	(c)		54,000		2,404,036
Yamaha Motor Co. Ltd.	(c)		61,900		1,352,494
					50,734,260
Germany – 11.6%
Allianz SE	(c)		11,300		1,762,246
BASF SE	(c)		22,000		1,935,844
Bayer AG	(c)		15,800		2,212,633
Daimler AG	(c)		25,700		2,341,157
Deutsche Telekom AG	(c)		117,000		2,017,114
Dialog Semiconductor PLC	(a)(c)		52,000		2,811,889
HeidelbergCement AG	(c)		7,000		554,798
ProSiebenSat.1 Media AG	(c)		41,600		2,054,795
SAP SE	(c)		28,600		2,004,181
Siemens AG	(c)		10,700		1,082,534
Symrise AG	(c)		26,300		1,633,363
					20,410,554
Sweden – 10.7%
Hennes & Mauritz AB	(c)		68,900		2,651,872
Hoist Finance AB	(a)(b)(d)		19,380		146,112
Husqvarna AB	(c)		263,400		1,984,099
JM AB	(c)		38,200		1,041,128
Nordax Group AB	(a)(b)(d)		260,175		1,393,484
Nordea Bank AB	(c)		189,400		2,362,149
Peab AB	(c)		190,600		1,408,078
Skandinaviska Enskilda Banken AB	(c)		108,900		1,392,977
SKF AB	(c)		47,700		1,088,419
Swedbank AB	(c)		55,900		1,303,275
Telefonaktiebolaget LM Ericsson	(c)		135,100		1,407,084
Volvo AB	(c)		216,800		2,692,119
					18,870,796
Denmark – 9.5%
AP Moeller – Maersk A/S	(c)		1,121		2,026,813
Danske Bank A/S	(c)		124,000		3,645,226
DSV A/S	(c)		76,800		2,486,854
NKT Holding A/S	(c)		22,671		1,300,478
NNIT A/S	(a)(b)(d)		3,778		85,814
Novo Nordisk A/S – ADR			94,900		5,196,724
Sydbank A/S	(c)		50,800		1,940,456
					16,682,365
Spain – 7.4%
ACS Actividades de Construccion y Servicios SA	(c)		57,947		1,869,135
Amadeus IT Holding SA	(c)		18,600		742,516
Banco Bilbao Vizcaya Argentaria SA	(c)		184,200		1,815,098

Common Stocks (Continued)		Shares		Value
Spain (continued)
Banco Santander SA	(c)		600,770	$	4,225,823
Cellnex Telecom SAU	(a)(b)(d)		7,740		130,944
Iberdrola SA	(c)		386,653		2,610,504
Inditex SA	(c)		51,500		1,679,791
					13,073,811
Taiwan – 4.8%
Asia Cement Corp.	(c)		572,000		676,424
AU Optronics Corp. – ADR			197,700		881,742
Chunghwa Telecom Co. Ltd.	(c)		266,000		848,891
First Financial Holding Co. Ltd.	(c)		2,029,000		1,242,895
Formosa Chemicals & Fibre Corp.	(c)		394,000		947,714
Fubon Financial Holding Co. Ltd.	(c)		235,000		467,036
Hon Hai Precision Industry Co. Ltd.	(c)		243,000		763,599
Nan Ya Plastics Corp.	(c)		224,000		525,773
Taiwan Semiconductor Manufacturing Co. Ltd.	(c)		330,000		1,501,044
United Microelectronics Corp.	(c)		1,344,000		567,632
					8,422,750
Ireland – 4.6%
Bank of Ireland	(a)(c)		5,720,000		2,315,435
CRH PLC	(c)		101,228		2,853,914
Kerry Group PLC	(c)		27,700		2,054,807
Smurfit Kappa Group PLC	(c)		35,500		978,447
					8,202,603
Norway – 3.6%
DNB ASA	(c)		103,885		1,730,060
Statoil ASA	(c)		133,600		2,389,170
Yara International ASA	(c)		43,798		2,282,231
					6,401,461
Italy – 1.9%
Azimut Holding SpA	(c)		20,800		608,854
Cerved Information Solutions SpA	(d)		129,100		993,097
Luxottica Group SpA	(c)		11,300		751,652
UniCredit SpA	(c)		146,996		987,941
					3,341,544
United States – 1.3%
Royal Caribbean Cruises Ltd.			30,250		2,380,373
United Kingdom – 0.5%
Fiat Chrysler Automobiles NV	(a)(c)		62,535		917,397
Total Common Stocks (Cost $133,597,931)				$	149,437,914
Preferred Stocks – 0.6%		Shares		Value
Germany – 0.6%
Henkel AG & Co. KGaA	(c)		9,200	$	1,032,387
Total Preferred Stocks (Cost $1,109,178)				$	1,032,387
Money Market Funds – 13.3%		Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class			8,768,027	$	8,768,027
State Street Institutional U.S. Government Money Market Fund Institutional Class			14,742,372		14,742,372
Total Money Market Funds (Cost $23,510,399)				$	23,510,399
Total Investments – 98.6% (Cost $158,217,508)	(e)			$	173,980,700
Other Assets in Excess of Liabilities – 1.4%	(f)				2,448,314
Net Assets – 100.0%				$	176,429,014

24 (continued)

Ohio National Fund, Inc. International Portfolio (Continued)

Schedule of Investments June 30, 2015  (Unaudited)

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a) Non-income producing security.

(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $1,756,354, or 1.0% of the Portfolio’s net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(c) 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 $139,262,011, or 78.9% of the Portfolio’s net assets.

(d) As discussed in Note 2 of the Notes to Financial Statements, 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 $2,749,451, or 1.6% 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.

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

(f) Includes $2,172,003 of cash pledged as collateral for the following futures contracts outstanding at June 30, 2015:

Type	Description	Expiration	Number of Contracts		Contract at Value	Initial Contract Amount		Unrealized Appreciation (Depreciation)			Variation Margin Receivable (Payable)
Long	JPX Nikkei Index 400 Future	September 10, 2015		211	$ 2,536,965	$	2,602,430	$	(65,465	)	$	13,718
Long	DAX Index Future	September 18, 2015		17	$ 5,212,632	$	5,354,349	$	(141,717	)	$	(44,905	)
Long	Hang Seng China Enterprises (HSCE) Index Future	July 30, 2015		112	$ 9,337,487	$	9,821,230	$	(483,743	)	$	196,411
Long	OMX Stockholm 30 Index Future	July 17, 2015		100	$ 1,859,804	$	1,891,228	$	(31,424	)	$	(21,019	)
					$18,946,890	$	19,669,239	$	(722,349	)	$	144,205

Details of the foreign currency contracts outstanding in the International Portfolio at June 30, 2015 are as follows:

Contracts to buy foreign currency:

Date of contract	Exchange date	Counterparty	Currency to receive		Currency to deliver		Contract at value		Unrealized Appreciation (Depreciation)
April 9, 2015	July 10, 2015	JPM		98,905,000 RUB	$	1,835,654	$	1,787,095	$	(48,559	)
April 21, 2015	July 27, 2015	MSCS		8,739,810 CHF	$	9,153,550	$	9,356,621	$	203,071
					$	10,989,204	$	11,143,716	$	154,512

Contracts to sell foreign currency:

Date of contract	Exchange date	Counterparty	Currency to receive		Currency to deliver		Contract at value		Unrealized Appreciation (Depreciation)
April 21, 2015	July 27, 2015	MSCS	$	9,153,550		8,550,000 EUR	$	9,535,059	$	(381,509	)
June 12, 2015	September 15, 2015	CITI	$	19,473,299		17,325,000 EUR	$	19,334,979	$	138,320
June 12, 2015	September 15, 2015	HSBC	$	26,422,451		3,253,000,000 JPY	$	26,605,579	$	(183,128	)
			$	55,049,300			$	55,475,617	$	(426,317	)

Counterparties	Currencies
JPM –J.P. Morgan Chase Bank, N.A.	RUB – Russian Ruble
MSCS – Morgan Stanley Capital Services, Inc.	CHF – Swiss Franc
CITI – Citigroup Global Markets, Inc.	EUR – Euro
HSBC – HSBC Bank USA, N.A.	JPY – Japanese Yen

25 (continued)

Ohio National Fund, Inc. International Portfolio (Continued)

Schedule of Investments June 30, 2015  (Unaudited)

Sector Classifications (Common Stocks & Preferred Stocks): (Percent of net assets)

Consumer Discretionary	19.9%
Financials	18.9%
Industrials	12.7%
Information Technology	11.3%
Materials	8.0%
Health Care	7.1%
Utilities	2.5%
Consumer Staples	1.8%
Telecommunication Services	1.7%
Energy	1.4%
	85.3%

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

26

Ohio National Fund, Inc. Capital Appreciation Portfolio

Objective/Strategy

The Capital Appreciation Portfolio seeks long-term capital growth by investing primarily in common stocks of established companies with either current or emerging earnings growth not fully appreciated or recognized by the market.

Performance as of June 30, 2015

Average Annual Returns:
One year	2.71%
Five years	16.79%
Ten years	8.87%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Capital Appreciation Portfolio returned 4.05% versus 1.23% for the current benchmark, the S&P 500 Index.

For the period ended June 30, 2015, the broad equity markets posted moderate gains; the Russell 3000 Index returned 1.9% and the S&P 500 Index returned 1.2%. Growth (Russell 3000 Growth) outperformed value (Russell 3000 Value) across all capitalizations, and small caps (Russell 2000) outperformed large caps (Russell 1000). Within the Index, Health Care and Consumer Discretionary gained the most, while Energy and Utilities posted the largest losses.

The Portfolio generated a solid absolute gain and comfortably outperformed the broad market. We were pleased to see market recognition of the catalysts that we identified in a number of different companies across sectors and industries. As always, our stock selection is driven by company-specific fundamentals and our risk-reward discipline. Our excess return was almost all due to stock selection.

In the current environment, companies are engaging in merger and acquisition (“M&A”) activity to enhance shareholder value. With the cost of capital historically cheap, many companies are using their strong balance sheets for M&A to offset the late-cycle slowdown in their earnings and top line revenues. While we don’t invest in companies with M&A as a thesis, the underlying fundamentals we look for are often characteristics that acquirers seek out in targets. There are several companies that we owned that benefited from this dynamic. Gaming and Leisure Properties made a hostile bid for Pinnacle Entertainment, Inc.’s real estate assets at a premium. Shares of Altera Corp. rose on the news that Intel would buy the company at a significant premium to Altera Corp.’s five-year trading range, thus realizing the value that we thought would present itself as new products gained share. Other holdings that reported upside earnings surprises versus expectations and/or fundamental improvement were Hologic, Inc. and Fortinet, Inc. ⁽¹⁾

Hologic, Inc. reported stronger than expected results as investors became more confident that the new management team would

reaccelerate organic growth. This turnaround is cornerstone to our investment thesis. We think a higher level of organic growth is sustainable into the medium-term, and that the company’s narrow focus on women’s health gives it a competitive advantage with product innovation and specialized distribution. ⁽¹⁾

Fortinet, Inc., a provider of network security solutions and appliances, tacked on more gains after strong performance in fourth quarter 2014 and first quarter 2015. We expect Fortinet, Inc. to continue executing on its plan to accelerate revenue growth and capitalize on its subscription revenue model. Fortinet, Inc. is gaining share in a very high profile security market, and increasing its competitive differentiation through product refreshes and increasing functionality, competitive advantage with product innovation and specialized distribution. ⁽¹⁾

The Portfolio was not without a few individual disappointments. Shares of Rovi Corp. were weak, primarily in the first quarter, as ongoing litigation with Netflix over licensing revenue generated investor concern. Later in the quarter, an activist investor began a proxy fight for at least four directors at the company, which we think could unlock shareholder value. In the meantime, we are optimistic around upcoming license renewals and expect positive results from patent negotiations occurring through 2016. Our core thesis is that these renewals should lead nearly a 100% rise in free cash flow generation over the coming two years. We believe this growth is currently not priced into the stock. ⁽¹⁾

FirstEnergy Corp. also performed poorly in the first quarter when it reduced guidance for 2015. We think the new CEO is setting up for a new phase of growth and that FirstEnergy Corp, is well positioned to benefit from the rising power price environment being driven by new EPA capacity performance rules. ⁽¹⁾

Shares of Constellium NV sold off on concerns around the growth of its high margin aerospace and automotive businesses. Higher costs related to increased capacity at several plants, integration of the Wise Metals acquisition, and the potential impact of re-pricing several contracts in the packaging business segment were other headwinds. While the negative share price performance has been significant and earnings estimates for the back half 2015 and front half 2016 have come down, we still believe in the long-term thesis and believe that the market overreacted on the downside. Over the longer term, we think Constellium NV is wisely adding capacity and will successfully execute its plan to transition the bulk of its revenues and earnings into the more profitable and high value add aerospace and automotive segments. In the meantime, our position size has come down to reflect a slightly higher risk profile. ⁽¹⁾

We continue to find ideas across the market cap and style spectrum. As always, the focus of our research is on businesses that we expect to experience a dynamic upward trend in fundamentals and other catalysts over the next 12-18 months, or are demonstrating good growth characteristics but that are being mispriced by the market. With the multi-year run-up that we have gone through (especially dividend/income stocks), understanding the downside risk in each name is especially critical today. Our analysis will attempt to identify areas of the market where we see that expectations are too high.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

27 (continued)

Ohio National Fund, Inc. Capital Appreciation Portfolio (Continued)

Change in Value of $10,000 Investment

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

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	98.1
Money Market Funds Less Net Liabilities	1.9
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

% of Net Assets

1.     Carnival Corp.	2.3
2.     Goldman Sachs Group, Inc. / The	2.1
3.     PNC Financial Services Group, Inc. / The	2.0
4.     Comcast Corp. Class A	2.0
5.     JPMorgan Chase & Co.	2.0
6.     Bristol-Myers Squibb Co.	1.9
7.     Diamond Foods, Inc.	1.9
8.     Wells Fargo & Co.	1.9
9.     FirstEnergy Corp.	1.8
10.     MetLife, Inc.	1.8

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Information Technology	20.8
Consumer Discretionary	19.4
Financials	15.1
Health Care	12.2
Industrials	9.2
Energy	7.2
Utilities	4.9
Materials	4.2
Consumer Staples	4.1
Telecommunication Services	1.0
	98.1

28

Ohio National Fund, Inc. Capital Appreciation Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 98.1%		Shares		Value
CONSUMER DISCRETIONARY – 19.4%
Lear Corp. (Auto Components)			39,531	$	4,437,750
Carnival Corp. (Hotels, Restaurants & Leisure)			203,107		10,031,455
Hyatt Hotels Corp. Class A (Hotels, Restaurants & Leisure)	(a)		130,801		7,415,109
MGM Resorts International (Hotels, Restaurants & Leisure)	(a)		227,419		4,150,397
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)		188,196		7,015,947
Wendy’s Co. / The (Hotels, Restaurants & Leisure)			401,873		4,533,127
Ryland Group, Inc. / The (Household Durables)			116,427		5,398,720
Comcast Corp. Class A (Media)			147,621		8,848,403
Live Nation Entertainment, Inc. (Media)	(a)		255,761		7,030,870
Nine Entertainment Co. Holdings Ltd. (Media)	(c)		351,667		295,214
Nine Entertainment Co. Holdings Ltd. (Media)	(b)(c)		305,683		489,429
Twenty-First Century Fox, Inc. Class A (Media)			139,311		4,533,877
Viacom, Inc. Class B (Media)			68,392		4,420,859
Vivendi SA (Media)	(c)		255,230		6,471,778
Target Corp. (Multiline Retail)			96,779		7,900,070
Coach, Inc. (Textiles, Apparel & Luxury Goods)			89,009		3,080,601
					86,053,606
CONSUMER STAPLES – 4.1%
CVS Health Corp. (Food & Staples Retailing)			32,062		3,362,663
Diamond Foods, Inc. (Food Products)	(a)		267,167		8,383,700
Mondelez International, Inc. Class A (Food Products)			160,069		6,585,239
					18,331,602
ENERGY – 7.2%
Patterson-UTI Energy, Inc. (Energy Equip. & Svs.)			216,455		4,072,601
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			94,466		7,374,016
Cobalt International Energy, Inc. (Oil, Gas & Consumable Fuels)	(a)		251,829		2,445,260
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)	(a)		286,652		3,606,082
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)			161,753		6,903,618
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)			58,584		4,556,078
Rice Energy, Inc. (Oil, Gas & Consumable Fuels)	(a)		147,734		3,077,299
					32,034,954
FINANCIALS – 15.1%
Bank of America Corp. (Banks)			447,468		7,615,905
Citigroup, Inc. (Banks)			80,475		4,445,439
JPMorgan Chase & Co. (Banks)			129,212		8,755,405
PNC Financial Services Group, Inc. / The (Banks)			93,570		8,949,971
Wells Fargo & Co. (Banks)			147,614		8,301,811
Goldman Sachs Group, Inc. / The (Capital Markets)			43,714		9,127,046
Voya Financial, Inc. (Diversified Financial Svs.)			165,932		7,710,860
MetLife, Inc. (Insurance)			145,364		8,138,930
Symetra Financial Corp. (Insurance)			159,425		3,853,302
					66,898,669
HEALTH CARE – 12.2%
Hologic, Inc. (Health Care Equip. & Supplies)	(a)		165,950		6,316,057
Express Scripts Holding Co. (Health Care Providers & Svs.)	(a)		49,829		4,431,791
AbbVie, Inc. (Pharmaceuticals)			78,581		5,279,857
Bristol-Myers Squibb Co. (Pharmaceuticals)			127,548		8,487,044
Merck & Co., Inc. (Pharmaceuticals)			126,769		7,216,959
Mylan NV (Pharmaceuticals)	(a)		113,758		7,719,618
Pfizer, Inc. (Pharmaceuticals)			239,508		8,030,703
Shire PLC – ADR (Pharmaceuticals)			27,304		6,593,643
					54,075,672

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 9.2%
Boeing Co. / The (Aerospace & Defense)			47,079	$	6,530,799
United Technologies Corp. (Aerospace & Defense)			43,934		4,873,599
FedEx Corp. (Air Freight & Logistics)			25,848		4,404,499
ADT Corp. / The (Commercial Svs. & Supplies)			223,068		7,488,393
Brink’s Co. / The (Commercial Svs. & Supplies)			143,334		4,218,320
Eaton Corp. PLC (Electrical Equip.)			65,143		4,396,501
SPX Corp. (Machinery)			54,551		3,948,947
ManpowerGroup, Inc. (Professional Svs.)			56,471		5,047,378
					40,908,436
INFORMATION TECHNOLOGY – 20.8%
Brocade Communications Systems, Inc. (Communications Equip.)			601,485		7,145,642
JDS Uniphase Corp. (Communications Equip.)	(a)		492,605		5,704,366
Juniper Networks, Inc. (Communications Equip.)			213,023		5,532,207
Polycom, Inc. (Communications Equip.)	(a)		357,903		4,094,410
Benchmark Electronics, Inc. (Electronic Equip., Instr. & Comp.)	(a)		170,159		3,706,063
Trimble Navigation Ltd. (Electronic Equip., Instr. & Comp.)	(a)		112,799		2,646,265
Google, Inc. Class C (Internet Software & Svs.)	(a)		12,438		6,474,103
Altera Corp. (Semiconductors & Equip.)			88,523		4,532,378
Maxim Integrated Products, Inc. (Semiconductors & Equip.)			156,800		5,421,360
Cadence Design Systems, Inc. (Software)	(a)		300,706		5,911,880
Fortinet, Inc. (Software)	(a)		127,617		5,274,411
Guidewire Software, Inc. (Software)	(a)		121,768		6,445,180
Microsoft Corp. (Software)			107,073		4,727,273
PTC, Inc. (Software)	(a)		98,733		4,050,028
Rovi Corp. (Software)	(a)		427,872		6,824,558
Apple, Inc. (Tech. Hardware, Storage & Periph.)			60,383		7,573,538
Diebold, Inc. (Tech. Hardware, Storage & Periph.)			167,979		5,879,265
					91,942,927
MATERIALS – 4.2%
Monsanto Co. (Chemicals)			58,819		6,269,517
Potash Corp. of Saskatchewan, Inc. (Chemicals)			228,144		7,065,620
Constellium NV Class A (Metals & Mining)	(a)		229,440		2,714,275
Louisiana-Pacific Corp. (Paper & Forest Products)	(a)		158,009		2,690,893
					18,740,305
TELECOMMUNICATION SERVICES – 1.0%
Frontier Communications Corp. (Diversified Telecom. Svs.)			911,869		4,513,752
UTILITIES – 4.9%
FirstEnergy Corp. (Electric Utilities)			250,508		8,154,035
PPL Corp. (Electric Utilities)			198,730		5,856,573
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)		230,558		4,147,738
PG&E Corp. (Multi-Utilities)			68,312		3,354,119
					21,512,465
Total Common Stocks (Cost $407,579,006)				$	435,012,388
Money Market Funds – 2.9%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			12,818,000	$	12,818,000
Total Money Market Funds (Cost $12,818,000)				$	12,818,000
Total Investments – 101.0% (Cost $420,397,006)	(d)			$	447,830,388
Liabilities in Excess of Other Assets – (1.0)%					(4,413,950)
Net Assets – 100.0%				$	443,416,438

29 (continued)

Ohio National Fund, Inc. Capital Appreciation Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a) Non-income producing security.

(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $489,429, or 0.1% of the Portfolio’s net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(c) 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 $7,256,421, or 1.6% of the Portfolio’s net assets.

Other Portfolio securities are not subjected to fair value procedures because they are traded on domestic or foreign exchanges that have close times that are consistent with the U.S. market close, normally 4:00 pm Eastern Time.

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

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

30

Ohio National Fund, Inc. International Small-Mid Company Portfolio

Objective/Strategy

The International Small-Mid Company Portfolio seeks long-term growth of capital by investing at least 80% of its assets in equity securities of foreign small and mid-cap companies.

Performance as of June 30, 2015

Average Annual Returns:
One year	5.57%
Five years	12.53%
Ten years	7.70%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the International Small-Mid Company Portfolio returned 14.09% versus 6.67% for the current benchmark, the MSCI ACWI Ex USA SMID Cap Index (Net-USD) and 9.34% for the former benchmark, the S&P Developed Small Cap Ex-U.S. Growth Index.

Global equity markets modestly appreciated in the first half, returning 2.66%, as measured by the MSCI AC World Index. Developed markets, up 5.52% as measured by the MSCI EAFE Index, beat Emerging Markets, up 2.95% as measured by the MSCI Emerging Markets Index. The U.S. stock market, as measured by MSCI USA, trailed both developed and emerging markets, returning 1.40% over the period. Asian markets had a strong half, as both Japan and China, as measured by MSCI Japan and MSCI China, rallied 13.62% and 14.65%, respectively.

Economic activity and inflation expectations across the non-U.S. markets varied by country and region, influenced by central bank policy and geopolitical events. Consensus expectations for global growth remain modest at 2.7% for the full year. For the first half of 2015, the U.S. economy weakened, as the strength in the U.S. dollar hindered manufacturing activity, but the European and Japanese economies both strengthened due to substantial monetary easing. Early in the year, with short-term interest rates already below zero, the European Central Bank (“ECB”) began its 1.1 trillion euro asset purchase program.

The ECB’s quantitative easing program, which started six years after the U.S. Fed began its own quantitative easing (“QE”) program, sent the euro tumbling – about 12% in the first quarter this year and a total cumulative decline of 20% during the prior 52-weeks. Also in the first half of 2015, European equity market volatility rose, as the uncertainty with the ongoing situation in Greece continued. A referendum vote called by the Greek government during the first week of the July should bring greater visibility for markets regardless of the outcome. Unlike the last threat of a Greek default, contagion to other European countries and to the overall economic recovery in Europe appears to be limited. Economic conditions have improved across the broader euro zone due to stronger consumer and business sentiment, an unambiguously stimulative ECB policy stance,

subdued inflation, and rising household consumption. Reversing the direction from last quarter, European bond yields rose and the spread between U.S. Treasuries and German bunds tightened.

European markets strengthened during the period, as measured by MSCI AC Europe Index, which was up 3.90% for U.S. dollar based investors and up 7.26% in local returns. For most of the period, European equities traded at higher levels, but the news in late June that Greece rejected bailout terms set by the ECB and International Monetary Fund (“IMF”) sent the markets lower. Despite the volatility and uncertainty caused by a potential Greek exit from the euro, overall sentiment throughout the euro zone was positive as oil prices stabilized and borrowing costs remained low. Denmark led developed European markets higher (up 18.55%), followed by Ireland (up 12.43%), due to strong gross domestic product (“GDP”) growth and a fifth straight year of fiscal outperformance. In Germany consumer confidence, which was aided by a strong labor market, hit a 13-year high and household consumption grew. In Spain, where the 2015 GDP forecast of 2.9% exceeds the forecasts for the U.S. and the UK, household consumption increased 0.7% during the first quarter. French consumer spending and business investment exceeded expectations. However, Spanish equities underperformed during the period, declining 2.61% after the anti-austerity party Podemos won several key local races in regional elections, leading to concerns that Spain could follow the same political path as Greece. The UK election results surprised the market, as the Conservative party won a strong majority, which eased investor uncertainty.

Japanese structural reforms under the “three arrows” of Japan’s Abenomics are slowly taking effect, improving the growth and long run inflation outlook. After GDP growth soared by 1.0% in first quarter of 2015, the second quarter was a steady, uneventful quarter for Japan with no major economic reform announcements. Japanese corporate data has been very strong year-to-date with an ongoing earnings ‘boom’ given the sustained weakness of the yen, cheaper energy prices, and a nascent economic recovery following last year’s slowdown. Unemployment fell to its lowest level since 1997. Inflation remained below the Bank of Japan’s (“BOJ”) 2% target, although it is expected to accelerate later in the year. The yen fell to a 13-year low versus the dollar in June before strengthening after Bank of Japan Governor Kuroda said that the currency was “very” weak relative to its trading partners. Corporations continue to focus on shareholder-friendly reforms, which have resulted in higher dividend payouts, greater share repurchases, and higher profitability.

Emerging markets strengthened (up 2.95%) for the period, led by Eastern Europe (up 16.68%), as measured by MSCI EM Eastern Europe. MSCI Hungary and MSCI Russia rallied sharply up 26.52% and up 27.59%, respectively, as geopolitical events in the Ukraine stabilized. Asian markets outperformed, led by China and Taiwan, up 14.65% and up 5.01% respectively, where China was aided by its dollar peg. After hitting a high in April, China fell nearly 11%, as growth slowed amid a slowdown in construction and manufacturing. To counter sputtering growth, the People’s Bank of China (“PBOC”) announced a series of accommodative measures, including cuts in the one-year lending and deposit rates and a cut in the Reserve Requirement Ratio for financial institutions. The combination of rate cuts and adjustment to the Reserve Requirement Ratio was last used during the 2008 financial crisis. In Indonesia, despite strong private consumption, GDP growth disappointed as first quarter growth came in at the slowest rate in five years on disappointing domestic growth and sluggish export demand. For the period, MSCI Indonesia trailed all emerging markets and was down 12.05%. In Brazil, a $65 billion infrastructure package was announced by the government to help revive economic growth.

31 (continued)

Ohio National Fund, Inc. International Small-Mid Company Portfolio (Continued)

For the reporting period, the MSCI USA Index (up 1.40%) underperformed both the EM Index (up 2.95%) and MSCI EAFE Index (up 5.52%). There was a strong divergence amongst country returns. The top performing major developed countries were Denmark (up 18.55%) and Japan (up 13.62%), while major markets underperforming included Canada (down 6.91%) and Spain (down 2.61%). In emerging markets, despite the strength of the U.S. dollar, leading major markets were Russia (up 27.59%), Hungary (up 26.52%) and China (up 14.65%), while laggards were Greece (down 25.66%) and Turkey (down 15.15%).

As is typical in a fundamentally-driven investment process, stock selection accounted for the majority of relative outperformance. Our currency hedges, which reduced our exposure to the Euro, contributed positively to performance as well in the first half of 2015. The strongest contributors to the Portfolio’s outperformance came from stock selection in the Consumer Discretionary, Financial Services, Industrials and Information Technology sectors. The Portfolio had positive stock selection in 8 out of the 10 GICS sectors, while posting slight negative selection in Energy and Consumer Staples. Those latter sectors, however, only combined for approximately 2% of the overall Portfolio weighting. Top contributors on a country basis were Italy and Canada.⁽¹⁾

The biggest positive contributor to the Portfolio’s performance was Dialog Semiconductor PLC (up 52%), which benefited significantly from stronger than expected sales derived from the iPhone 6/6+ and Apple iWatch as well as continued margin improvement. Increasing penetration of large screens in iPhones and iPads should continue to support the stock. ⁽¹⁾

Strong stock selection in the Financials sector resulted in two Italian asset managers ranking among the Portfolio’s top 5 contributors. Both Anima Holding SpA (up 77%) and Azimut Holding SpA (up 37%) benefited from ECB’s quantitative easing and improving investor sentiment across Europe, which resulted in better fund inflows versus expectations. ⁽¹⁾

Two consumer-related names rounded out the list of Top 5 largest contributors to the Portfolio. Pandora A/S (up 32%) had a very significant earnings beat due to strong volumes, new channels and declining silver prices. Pandora A/S will continue to be supported by the rollout of its Disney products, a new website in the U.S. and an ongoing share buyback program. Yoox SpA (up 45%) benefited from a merger with Richemont’s Net-A-Porter. The deal is expected to be 60% accretive to earnings over the next three years and now makes the combined company the undisputed leader in on-line luxury. ⁽¹⁾

The largest detractor in the period was Soco International PLC (down 38%), which disappointed the market with a profit warning and significant oil reserve reclassification that was triggered by the deteriorating pricing environment. Another detractor in the energy space was Tidewater, Inc. (down 20%), where we started building a position a little bit too early. We continue to think that the stock is very inexpensive at current levels and will benefit from a very young fleet and declining capital expenditure going forward. ⁽¹⁾

The remaining three top detracting names came from Information Technology, Consumer Discretionary and Health Care. Prada SpA (down 17%), in the consumer space, was under pressure following weaker than expected Asian sales in the first quarter. The company is on the verge of the biggest product launch since 2007, which we believe has potential to be very successful. Wirecard AG (down 13%), in the Information Technology sector, underperformed due to its exposure to emerging markets and a rise in investors’ risk perception. Closing out the laggard group is Health Care stock

MorphoSys AG (down 23%), which became a victim of Celgene’s unexpected announcement that it would terminate collaboration on the development of a drug for the treatment of multiple myeloma. ⁽¹⁾

During the first quarter, prior to the ECB’s QE announcement, we established a short position in the euro, effectively neutralizing our exposure relative to the benchmark. We believe the divergence in expectations for growth and inflation will continue to drive the U.S. dollar higher. We expect that the European economies will benefit from a weaker euro, low borrowing costs and an improving outlook as the year progresses. We remain overweight Europe, as ongoing QE and Euro weakness should be favorable for corporate profits. Companies in countries such as France and Germany will be the largest beneficiaries of a weaker euro. Despite a more defensive stance on the part of investors during the most recent quarter, we continued to pursue our interests in those markets and in companies exposed to a global economic recovery led by the U.S. and helped by the improving outlooks for both Europe and Japan. The Portfolio remains underweight emerging markets, with the majority of our exposure to Asia, where we believe further economic stimulus measures are being considered. In terms of sector exposure, we continue to have a cyclical bias with an overweight to Consumer Discretionary and Industrials, while we remain underweight the Energy sector. Our cyclical bias stems from our belief that the economic recovery will continue to support valuations and cash flow generation. ⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

The MSCI ACWI ex USA SMID Cap Index captures mid and small cap representation across 22 of 23 developed market countries (excluding the U.S.) and 23 emerging markets countries. With over 5,000 constituents, the index covers approximately 28% of the free float-adjusted market capitalization in each country. The returns presented for this index include the effects of reinvested dividends, net of taxes, and adjustment to U.S Dollar denomination.

The S&P Developed Small Cap Ex-U.S. Growth Index is a subset of the S&P Global Broad Market Index (BMI), a broad index including all publicly listed equities with float-adjusted market values of US$ 100 million or more and annual dollar value traded of at least US$ 50 million in all included countries. The Developed Small Cap component of the BMI includes the equities in the bottom 15% of the market capitalization within each “developed” local market. Ex-U.S. denotes the use of all developed markets excluding the United States. The “Growth” subset includes those companies in each local market that exhibit the characteristics of growth. The index presented includes the effects of reinvested dividends.

32 (continued)

Ohio National Fund, Inc. International Small-Mid Company Portfolio (Continued)

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	97.8
Exchange Traded Funds	0.5
Money Market Funds Less Net Liabilities	1.7
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     Ashtead Group PLC	2.5
2.     Dialog Semiconductor PLC	2.1
3.     Pandora A/S	1.9
4.     St. James’s Place PLC	1.8
5.     Criteo SA – ADR	1.7
6.     China Everbright International Ltd.	1.5
7.     Schroders PLC	1.5
8.     UBISOFT Entertainment	1.5
9.     Babcock International Group PLC	1.4
10.     lululemon athletica, Inc.	1.3

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Top 10 Country Weightings:

	% of Net Assets
United Kingdom	19.2
Japan	14.1
France	10.5
Germany	10.4
Italy	7.6
Hong Kong	7.4
Canada	4.2
China	3.4
United States	3.2
Ireland	2.7

33

Ohio National Fund, Inc. International Small-Mid Company Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 97.8%		Shares		Value
United Kingdom – 19.2%
Ashtead Group PLC	(e)		124,301	$	2,142,300
Auto Trader Group PLC	(a)(b)(e)		129,348		622,418
Babcock International Group PLC	(e)		69,353		1,175,009
BTG PLC	(a)(e)		49,476		487,869
Burberry Group PLC	(e)		23,707		584,860
Croda International PLC	(e)		23,413		1,012,357
Essentra PLC	(e)		58,570		913,399
Howden Joinery Group PLC	(e)		81,778		663,773
InterContinental Hotels Group PLC	(e)		21,958		885,275
John Wood Group PLC	(e)		40,445		409,334
London Stock Exchange Group PLC	(e)		20,999		781,176
Michael Page International PLC	(e)		61,125		522,825
Rightmove PLC	(e)		13,418		690,400
Schroders PLC	(e)		25,469		1,270,821
Shawbrook Group PLC	(a)(b)(e)		169,045		972,978
Soco International PLC	(e)		185,284		511,649
St. James’s Place PLC	(e)		111,961		1,592,037
Stock Spirits Group PLC	(e)		297,133		898,754
Vectura Group PLC	(a)(e)		178,280		503,623
					16,640,857
Japan – 14.1%
Aisin Seiki Co. Ltd.	(e)		21,400		909,912
Chugai Pharmaceutical Co. Ltd.	(e)		30,100		1,038,250
Daifuku Co. Ltd.	(e)		70,900		1,090,689
Disco Corp.	(e)		4,500		372,009
Don Quijote Holdings Co. Ltd.	(e)		27,000		1,148,822
Doutor Nichires Holdings Co. Ltd.	(e)		25,900		453,937
Horiba Ltd.	(e)		23,300		946,458
JSR Corp.	(e)		24,200		427,210
Kakaku.com, Inc.	(e)		67,101		970,862
Kanamoto Co. Ltd.	(e)		30,600		775,747
NSK Ltd.	(e)		69,200		1,067,009
NTN Corp.	(e)		59,000		370,648
Ono Pharmaceutical Co. Ltd.	(e)		4,600		502,067
Shionogi & Co. Ltd.	(e)		21,200		821,568
Tadano Ltd.	(e)		30,000		448,076
THK Co. Ltd.	(e)		19,600		422,972
United Arrows Ltd.	(e)		15,600		488,800
					12,255,036
France – 10.5%
Accor SA	(e)		12,756		645,582
Criteo SA – ADR	(a)		30,867		1,471,430
Edenred	(e)		30,987		765,650
Ingenico Group	(e)		7,200		847,072
Ipsen SA	(e)		14,857		823,506
JCDecaux SA	(e)		23,266		972,944
Publicis Groupe SA	(e)		7,035		521,455
Teleperformance	(e)		14,432		1,020,295
UBISOFT Entertainment	(a)(e)		70,463		1,259,786
Zodiac Aerospace	(e)		23,594		768,545
					9,096,265
Germany – 10.4%
Commerzbank AG	(a)(e)		29,726		380,006
Deutz AG	(e)		162,150		929,385
Dialog Semiconductor PLC	(a)(e)		34,400		1,860,173
GEA Group AG	(e)		20,250		903,412
HeidelbergCement AG	(e)		10,966		869,130
Kloeckner & Co. SE	(e)		82,933		748,908
MorphoSys AG	(a)(f)		1,611		115,628
OSRAM Licht AG	(e)		10,187		487,353
Rheinmetall AG	(e)		17,942		910,070
SAF-Holland SA	(e)		40,643		627,186
Wirecard AG	(e)		30,361		1,162,027
					8,993,278
Italy – 7.6%
Anima Holding SpA	(b)(e)		128,187		1,125,898
Azimut Holding SpA	(e)		38,008		1,112,563

Common Stocks (Continued)		Shares		Value
Italy (continued)
Banca Generali SpA	(e)		25,846	$	910,123
Infrastrutture Wireless Italiane SpA	(a)(b)(f)		143,119		646,202
Massimo Zanetti Beverage Group SpA	(a)(b)(f)		47,725		583,140
Prada SpA	(e)		146,600		703,802
Sorin SpA	(a)(e)		245,161		686,305
Yoox SpA	(a)(e)		26,400		854,340
					6,622,373
Hong Kong – 7.4%
Beijing Enterprises Water Group Ltd.	(e)		1,290,000		1,058,258
Brilliance China Automotive Holdings Ltd.	(e)		428,000		667,036
China Everbright International Ltd.	(e)		710,000		1,278,926
Haier Electronics Group Co. Ltd.	(e)		255,000		684,943
PAX Global Technology Ltd.	(a)(e)		509,000		729,097
Shun Tak Holdings Ltd.	(e)		2,080,000		1,152,576
Techtronic Industries Co. Ltd.	(e)		248,000		814,059
					6,384,895
Canada – 4.2%
Canadian Western Bank			34,100		785,474
Dollarama, Inc.			11,157		676,209
Hudson’s Bay Co.			43,626		969,273
lululemon athletica, Inc.	(a)		17,800		1,162,340
					3,593,296
China – 3.4%
China ZhengTong Auto Services Holdings Ltd.	(e)		1,061,000		689,920
CT Environmental Group Ltd.	(e)		848,000		1,124,760
Fuyao Glass Industry Group Co. Ltd.	(a)(b)(f)		56,400		138,098
SouFun Holdings Ltd. – ADR			84,895		713,967
Sound Global Ltd.	(a)(c)(g)		372,000		299,028
					2,965,773
United States – 3.2%
Marketo, Inc.	(a)		22,073		619,368
Nexteer Automotive Group Ltd.	(e)		866,000		900,614
Tidewater, Inc.			28,100		638,713
Vertex Pharmaceuticals, Inc.	(a)		5,200		642,096
					2,800,791
Ireland – 2.7%
Grafton Group PLC	(e)		55,883		681,199
Shire PLC	(e)		6,500		522,272
Smurfit Kappa Group PLC	(e)		40,600		1,119,013
					2,322,484
Israel – 2.4%
Caesarstone Sdot-Yam Ltd.			15,829		1,084,920
NICE-Systems Ltd. – ADR			15,400		979,286
					2,064,206
Netherlands – 2.4%
GrandVision NV	(a)(b)(f)		26,678		659,082
Koninklijke DSM NV	(e)		10,844		629,605
NN Group NV	(e)		26,487		745,934
					2,034,621
South Korea – 2.3%
Hotel Shilla Co. Ltd.	(e)		11,208		1,120,463
Samsung Electronics Co. Ltd.	(e)		761		863,419
					1,983,882
Sweden – 2.0%
Alimak Group AB	(a)(b)(f)		25,187		291,676
Capio AB	(a)(b)(f)		91,176		533,428
Hoist Finance AB	(a)(b)(f)		54,959		414,355
Nordax Group AB	(a)(b)(f)		87,492		468,603
					1,708,062
Denmark – 1.9%
Pandora A/S	(e)		15,473		1,660,318

34 (continued)

Ohio National Fund, Inc. International Small-Mid Company Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks (Continued)		Shares		Value
Switzerland – 1.1%
Julius Baer Group Ltd.	(e)		17,269	$	969,032
Spain – 1.0%
Cellnex Telecom SAU	(a)(b)(f)		51,673		874,196
Bermuda – 0.7%
Arch Capital Group Ltd.	(a)		9,600		642,816
Mexico – 0.7%
Grupo Aeroportuario del Sureste SAB de CV – ADR			4,200		595,854
Belgium – 0.6%
UCB SA	(e)		7,808		561,436
Total Common Stocks (Cost $67,189,826)				$	84,769,471
Exchange Traded Funds – 0.5%		Shares		Value
iShares MSCI Emerging Markets ETF			10,187	$	403,609
Total Exchange Traded Funds (Cost $419,068)				$	403,609

Rights – 0.0%		Quantity		Value
Italy – 0.0%
Sorin SpA	(a)(d)		245,161	$	9
Total Rights (Cost $0)				$	9
Money Market Funds – 2.5%		Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class			2,220,810	$	2,220,810
Total Money Market Funds (Cost $2,220,810)				$	2,220,810
Total Investments – 100.8% (Cost $69,829,704)	(h)			$	87,393,899
Liabilities in Excess of Other Assets – (0.8)%					(706,056)
Net Assets – 100.0%				$	86,687,843

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a) Non-income producing security.

(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $7,330,074, or 8.5% of the Portfolio’s net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(c) A market quotation for this investment was not readily available at June 30, 2015. As discussed in Note 2 of the Notes to Financial Statements, the price for this issue was derived from an estimate of fair market value using methods determined in good faith by the Fund’s Pricing Committee under supervision of the Board. This security represents $299,028, or 0.3% of the Portfolio’s net assets.

(d) A market quotation for this investment was not readily available at June 30, 2015. As discussed in Note 2 of the Notes to Financial Statements, the price for this issue was derived from an estimate of fair market value using methods determined in good faith by the Fund’s pricing policy approved by the Board. This security represents $9, or 0.0% of the Portfolio’s net assets.

(e) 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 $68,764,289, or 79.3% of the Portfolio’s net assets.

(f) As discussed in Note 2 of the Notes to Financial Statements, 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 $4,724,408, or 5.4% of the Portfolio’s net assets.

(g) Represents a security deemed to be illiquid. At June 30, 2015, the value of illiquid securities in the Portfolio totaled $299,028, or 0.3% of the Portfolio’s net assets.

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

Details of the foreign currency contracts outstanding in the International Small-Mid Company Portfolio at June 30, 2015 are as follows:

Contracts to sell foreign currency:

Date of contract	Exchange date	Counterparty	Currency to receive		Currency to deliver		Contract at value		Unrealized Depreciation
April 21, 2015	July 27, 2015	MSCS	$	8,217,845		7,670,000 EUR	$	8,553,673	$	(335,828	)

Counterparties	Currencies
MSCS - Morgan Stanley Capital Services, Inc.	EUR – Euro

35 (continued)

Ohio National Fund, Inc. International Small-Mid Company Portfolio (Continued)

Schedule of Investments June 30, 2015  (Unaudited)

Sector Classifications (Common stocks and Rights): (Percent of net assets)

Consumer Discretionary	23.4%
Industrials	22.6%
Information Technology	15.5%
Financials	14.0%
Health Care	8.4%
Materials	5.7%
Utilities	2.9%
Energy	1.8%
Telecommunication Services	1.8%
Consumer Staples	1.7%
	97.8%

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

36

Ohio National Fund, Inc. Aggressive Growth Portfolio

Objective/Strategy

The Aggressive Growth Portfolio seeks long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.

Performance as of June 30, 2015

Average Annual Returns:
One year	17.22%
Five years	17.12%
Ten years	9.41%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Aggressive Growth Portfolio returned 7.30% versus 1.23% for the current benchmark, the S&P 500 Index.

U.S. equities ended the period slightly higher. Stocks were up in the first quarter, driven by signs of an improving domestic economy and a strong U.S. consumer. Heading into the second quarter, volatility remained low and stocks generally traded in a narrow range for much of April and May, as the market continued to digest what the eventual end of the Federal Reserve’s accommodative monetary policies will mean for both the stock market and broader economy. After drifting higher during the period, equities sold off at the end of the quarter, as Greece moved closer to a potential exit from the eurozone.

As part of our investment strategy, we seek companies that have clear, sustainable competitive moats around their businesses that should help them grow market share within their respective industries over time. Important competitive advantages could include a strong brand, network effects from a product or service that would be hard for a competitor to replicate, a lower cost structure than competitors in the industry, a distribution advantage or patent protection over valuable intellectual property. We think emphasizing such sustainable competitive advantages can be a meaningful driver of outperformance over time, because the market often underestimates the duration of growth for these companies and the long-term potential return to shareholders. In addition to these competitively advantaged companies that we believe will have superior compounded growth over time, we also dedicate a smaller portion of the Portfolio (roughly 10% to 15%) to companies that we believe have “blue sky” opportunities. For these companies, the competitive moat is less well defined, but we see considerable growth ahead as they invest and solidify that moat. We also invest a small portion of the Portfolio (10% to 15%) in “special situations,” which can broadly be defined as companies undergoing a change that has been unrecognized by the market, but gives the potential for compound growth in the future. ⁽¹⁾

Over the reporting period, much of the Portfolio’s outperformance was driven by specific stocks in our “blue sky” opportunity category, and by large positions that fall into our compound growth category. At the sector level, our stock selection in the Health Care and Consumer Discretionary sectors were large contributors to relative performance. Our stock selection in the Industrials and Telecommunications Services sectors detracted from relative results. ⁽¹⁾

Contributors included Valeant Pharmaceuticals International, Inc., Pharmacyclics, Inc., Amazon.com, Inc., Starbucks Corp., and Delphi Automotive PLC. Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. We believe management has transformed the specialty pharmaceutical company by improving margins, incentives and the company’s growth profile. Valeant Pharmaceuticals International, Inc. has a strong and growing presence in two key emerging markets, Latin America and Eastern Europe, and it has demonstrated an ability to make value-enhancing acquisitions. We like the commercial-stage biotechnology company, Pharmacyclics, Inc., for its cancer drug Imbruvica, a well-tolerated and effective maintenance treatment for chronic lymphocytic leukemia, a relatively high prevalence form of leukemia, and mantle cell lymphoma, a rare and aggressive type of blood cancer. We sold the position after the announcement that the company would be acquired by AbbVie. Amazon.com, Inc. offers a wide range of products, including books, music, videotapes, computers, electronics, home and garden, and numerous other products. Amazon.com, Inc. offers personalized shopping services, Web-based credit card payment and direct shipping to customers. We believe the company’s competitive advantages of a low overhead cost structure, allowing for an aggressive pricing structure, and faster shipping will cause consumers to shift an increasing amount of their general merchandise spending toward it. Given that over 90% of retail sales are still sold offline, we believe Amazon.com, Inc. has significant opportunities ahead, particularly as it expands into new business lines and geographies. Starbucks Corp., the coffee retailer, which also offers other beverages and a variety of fresh food items through company-operated and licensed stores, is well positioned to continue gaining share in the coffee industry, including the premium packaged coffee and single-cup markets. Lower coffee costs are allowing the company to increase investments in growth initiatives such as its Teavana tea shops, La Boulange bakery and its newly launched Verismo single-serve beverage system. We also believe Starbucks Corp.’s expansion into Asia will continue to add meaningfully to sales and profits, given that region’s higher operating margins and Starbucks Corp.’s underpenetrated market positioning. We also believe a new mobile app will increase both sales and throughput. Many of Delphi Automotive PLC’s products are focused on making automobiles more safe, green and connected, which are three long-term trends in auto production. We also believe the company has distribution and cost advantages over its competitors. ⁽¹⁾

Detractors included Precision Castparts Corp., Canadian Pacific Railway Ltd., Alibaba Group Holding Ltd., United Continental Holdings, Inc., and Chipotle Mexican Grill, Inc. Precision Castparts Corp. makes castings, forgings and airframe products for the aerospace and power industries. We sold the stock after some disappointing results from the company. Canadian Pacific Railway Ltd. operates a rail system connecting the major business centers in Canada. We like that the company operates in an industry that has significant barriers to entry. We believe a new management team is improving the railroad company’s culture, operational performance and capital

37 (continued)

Ohio National Fund, Inc. Aggressive Growth Portfolio (Continued)

allocation decisions. Alibaba Group Holding Ltd. is a Chinese e-commerce company providing consumer-to-consumer, business-to-consumer and business-to-business sales services via web and mobile platforms. We think increasing spending power for the Chinese consumer and rapid growth in e-commerce in China are long-term tailwinds for the company. United Continental Holdings, Inc. is one of the world’s largest airline carriers. The company has upside potential, in our view. Returns on invested capital are rising and likely to improve due to scale advantages after United’s merger with Continental. Moreover, the airline industry has pricing power for the first time in years due to capacity reductions in the industry. We think Chipotle Mexican Grill, Inc. is still early in its store unit growth. As consumers continue to seek healthier, more natural foods, we believe Chipotle Mexican Grill, Inc.’s commitment to simple, sustainably grown and produced food without the use of additives is a differentiator as compared to other fast food, family dining and fast casual establishments. ⁽¹⁾

We believe the U.S. economy is in generally good shape. We have yet to see a significant pickup in consumer spending, but believe early signs of wage growth and the savings consumers are receiving from lower gasoline prices will eventually flow through the economy. A housing market that we believe is still only in the middle innings of a recovery should also provide a long-term tailwind for the economy.

While we remain positive on the broader economy, we would expect a lower return environment for U.S. equities in the coming months. Equity markets are beginning to price in higher interest rates, but with rates poised to move up it is hard to foresee further multiple expansion for U.S. stocks. The strength of the U.S. dollar means that revenue growth, at least overseas, will be harder to come by. These factors do not make us bearish on equities, but in an environment

where multiples are not likely to expand and revenue growth could be more of a challenge, we think it underscores the importance of finding those select companies with truly sustainable competitive advantages who can take market share and continue to grow earnings in excess of the market.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	96.5
Money Market Funds and Other Net Assets	3.5
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

% of Net Assets

1.     Lowe’s Cos., Inc.	4.7
2.     Valeant Pharmaceuticals International, Inc.	3.6
3.     Google, Inc. Class C	3.6
4.     MasterCard, Inc. Class A	3.5
5.     Starbucks Corp.	3.3
6.     Zoetis, Inc.	3.2
7.     Priceline Group, Inc. / The	3.0
8.     General Electric Co.	3.0
9.     Nielsen NV	2.8
10.     Apple, Inc.	2.7

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Consumer Discretionary	28.9
Information Technology	23.8
Health Care	14.8
Financials	14.7
Industrials	10.9
Materials	2.2
Energy	1.2
	96.5

38

Ohio National Fund, Inc. Aggressive Growth Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 96.5%		Shares		Value
CONSUMER DISCRETIONARY – 28.9%
Delphi Automotive PLC (Auto Components)			13,353	$	1,136,207
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)		1,957		1,183,965
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)			11,096		583,317
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a)		19,183		1,075,015
Starbucks Corp. (Hotels, Restaurants & Leisure)			28,736		1,540,681
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		2,931		1,272,318
Ctrip.com International Ltd. – ADR (Internet & Catalog Retail)	(a)		4,050		294,111
Priceline Group, Inc. / The (Internet & Catalog Retail)	(a)		1,218		1,402,369
Wayfair, Inc. Class A (Internet & Catalog Retail)	(a)		12,438		468,166
Lowe’s Cos., Inc. (Specialty Retail)			32,682		2,188,714
TJX Cos., Inc. / The (Specialty Retail)			16,023		1,060,242
Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)			37,693		1,252,915
					13,458,020
ENERGY – 1.2%
Baker Hughes, Inc. (Energy Equip. & Svs.)			9,166		565,542
FINANCIALS – 14.7%
PacWest Bancorp (Banks)			22,451		1,049,809
Charles Schwab Corp. / The (Capital Markets)			30,038		980,741
E*TRADE Financial Corp. (Capital Markets)	(a)		36,705		1,099,315
Moelis & Co. Class A (Capital Markets)			16,936		486,233
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			3,816		853,296
Aon PLC (Insurance)			11,778		1,174,031
Crown Castle International Corp. (Real Estate Investment Trusts)			15,181		1,219,034
					6,862,459
HEALTH CARE – 14.8%
Celgene Corp. (Biotechnology)	(a)		9,210		1,065,919
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)		1,541		786,110
Endo International PLC (Pharmaceuticals)	(a)		13,389		1,066,434
Pacira Pharmaceuticals, Inc. (Pharmaceuticals)	(a)		5,125		362,440
Phibro Animal Health Corp. Class A (Pharmaceuticals)			12,185		474,484
Valeant Pharmaceuticals International, Inc. (Pharmaceuticals)	(a)		7,578		1,683,453
Zoetis, Inc. (Pharmaceuticals)			30,718		1,481,222
					6,920,062

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 10.9%
United Continental Holdings, Inc. (Airlines)	(a)		10,704	$	567,419
General Electric Co. (Industrial Conglomerates)			51,999		1,381,613
Colfax Corp. (Machinery)	(a)		14,778		682,005
Nielsen NV (Professional Svs.)			28,846		1,291,435
Canadian Pacific Railway Ltd. (Road & Rail)			7,382		1,182,818
					5,105,290
INFORMATION TECHNOLOGY – 23.8%
Alibaba Group Holding Ltd. – ADR (Internet Software & Svs.)	(a)		14,699		1,209,287
CoStar Group, Inc. (Internet Software & Svs.)	(a)		4,701		946,123
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		11,543		989,985
Google, Inc. Class C (Internet Software & Svs.)	(a)		3,214		1,672,919
LinkedIn Corp. (Internet Software & Svs.)	(a)		2,650		547,569
MasterCard, Inc. Class A (IT Svs.)			17,617		1,646,837
WEX, Inc. (IT Svs.)	(a)		4,452		507,394
ARM Holdings PLC – ADR (Semiconductors & Equip.)			14,344		706,729
NetSuite, Inc. (Software)	(a)		4,270		391,773
Salesforce.com, Inc. (Software)	(a)		17,224		1,199,307
Apple, Inc. (Tech. Hardware, Storage & Periph.)			10,216		1,281,342
					11,099,265
MATERIALS – 2.2%
Vulcan Materials Co. (Construction Materials)			12,238		1,027,135
Total Common Stocks (Cost $38,062,989)				$	45,037,773
Money Market Funds – 3.2%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			1,474,000	$	1,474,000
Total Money Market Funds (Cost $1,474,000)				$	1,474,000
Total Investments – 99.7% (Cost $39,536,989)	(b)			$	46,511,773
Other Assets in Excess of Liabilities – 0.3%					132,773
Net Assets – 100.0%				$	46,644,546

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a) Non-income producing security.

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

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

39

Ohio National Fund, Inc. Small Cap Growth Portfolio

Objective/Strategy

The Small Cap Growth Portfolio seeks long-term capital appreciation by investing at least 80% of its net assets in stocks of small companies.

Performance as of June 30, 2015

Average Annual Returns:
One year	16.24%
Five years	22.32%
Ten years	12.64%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Small Cap Growth Portfolio returned 7.90% versus 8.74% for the current benchmark, the Russell 2000 Growth Index.

Small-cap growth stocks climbed sharply in the first quarter of 2015, helped by the perception that the Federal Reserve will likely be slower to raise interest rates than many expected heading into the year. For much of the second quarter, volatility remained low, as the market continued to digest what the eventual end of the Federal Reserve’s accommodative monetary policies will mean for both the stock market and broader economy. However, small-cap stocks sold off late in June, as Greece moved closer to a potential exit from the eurozone.

We have taken a high-quality approach to investing in small caps. Many of the companies in the Portfolio have predictable, recurring revenue streams. Our companies also typically generate a high return on invested capital and have demonstrated a proven ability to expand profit margins. We also put a great emphasis on identifying companies with sustainable competitive advantages that should help them gain market share and grow in a variety of market environments. Given our high-quality focus, we expect the Portfolio to produce positive results during market rallies, and to outperform the benchmark in weak or uncertain market environments, creating a smoother path to investing in small caps and a better opportunity to generate higher compounded returns over full market cycles. When markets are up sharply, as they were for much of the six-month period, it is not our ideal backdrop for relative outperformance.

At the sector level, our stock selection and underweight to the Health Care sector detracted from relative results, as did our stock selection in the Energy sector. Our stock selection in the Materials and Consumer Discretionary sectors were large contributors to relative performance. ⁽¹⁾

There has been a lot of momentum chasing small-cap biotech companies and this has driven valuations for biotech stocks up considerably. We have taken a selective approach to investing in the industry. We typically take larger positions with those compa-

nies that already have innovative therapies approved by the FDA or have multiple products in their pipelines, and have smaller exposure to companies whose performance will be determined largely by the success or failure of a clinical trial for a single drug under development. Some of those holdings have fared well for us in the period, as you will see in our list of top contributors on an absolute basis. However, in a period in which momentum continued to indiscriminately push most biotech stocks broadly higher, we were not surprised to underperform the index in the Health Care sector.

The Portfolio’s relative outperformance in the Materials and Consumer Discretionary sectors were stock specific, rather than a specific underlying theme we were exposed to or avoided. ⁽¹⁾

Contributors to performance included Synageva BioPharma Corp., Dyax Corp., Eagle Pharmaceuticals, Inc., Insys Therapeutics, Inc., and Masimo Corp. Synageva BioPharma Corp. focuses on the development of enzyme replacement therapies, an attractive business model, in our view. We like Synageva BioPharma Corp. for its therapy for lysosomal acid lipase deficiency (“LAL-D”), a rare, unmet disorder. This enzyme plays an important role in breaking down fatty material in the body. Infants, children and adults who suffer from LAL-D experience a range of serious health problems. The company’s novel protein expression platform has also produced four additional pipeline drugs. The company was acquired by Alexion Pharmaceuticals during the period. Dyax Corp. is a biotech company focused on hereditary angioedema (“HAE”). Current treatments include both prophylactic and acute-use options. We believe that Dyax Corp. will be able to dominate the prophylactic HAE market with a new self-injectable antibody. It is our view that the company will continue to generate revenues from its acute-use treatment, Kalbitor, and finally collect royalties on a portfolio of antibody therapeutics. Eagle Pharmaceuticals, Inc., specialty pharmaceutical company, focuses on improving formulations of existing hospital administered drugs. We believe the value of the company’s product pipeline remains underappreciated, particularly the potential of a licensing agreement with Teva Pharmaceuticals for a new formulation to treat chronic lymphocytic leukemia and non-Hodgkin lymphoma. Insys Therapeutics, Inc., a commercial-stage specialty pharmaceutical company, develops and markets innovative supportive care products. Insys Therapeutics, Inc.’s products include Subsys, a fast-acting sublingual spray for cancer pain, and a dronabinol product used to treat chemotherapy-induced nausea and vomiting and to stimulate appetite in AIDS patients. Subsys has already captured a significant portion of the market in the one year since its launch. Despite Subsys’ success, we believe the market continues to underappreciate the drug’s potential and its ability to drive profit growth for Insys Therapeutics, Inc. We also think the company can use the technology from Subsys to develop other drugs as well, which could provide further appreciation in the stock. Masimo Corp. is a medical technology company that focuses on patient monitoring. The company has differentiated product technology and will continue to grow market share, in our view. ⁽¹⁾

Detractors from performance included FXCM, Inc., Stratasys Ltd., Rexnord Corp., Dominion Midstream Partners, LP, and Novadaq Technologies, Inc. FXCM, Inc. offers an online forex trading platform. We sold this position after earnings for the company were materially impaired, as they forgave negative client balances that had been affected by the appreciation of the Swiss franc against the euro. Stratasys Ltd. makes and sells three-dimensional printing services, which companies use in computer-assisted design. We believe we are in the early innings of the use of 3-D printers, which should gain wider adoption since they speed up the design process from concept to physical product. We also like the recurring revenue the

40 (continued)

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

company receives from the proprietary consumable materials that are used by its printers. Rexnord Corp. conducts process and motion control, as well as water management operations. Rexnord Corp. offers gears, seals, couplings, industrial and aerospace bearings, special components, industrial chain, conveying equipment, grade specification plumbing, water treatment and wastewater control products. We consider Rexnord Corp. a high-quality industrial firm with stable core business segments and strengthening end markets. We appreciate its historical ability to generate high incremental margins and that its products are offered at a relatively low cost to its customers, who give the firm high ratings. DCP Midstream Partners, LP is a high-growth Master Limited Partnership with exposure to the Marcellus and Utica plays. Growth is supported by the sponsor’s large backlog of high-quality assets augmented by long-term take-or-pay commitments. Novadaq Technologies, Inc.’s technology allows surgeons to assess blood flow and other potential complications during surgery, leading to a reduction in post-surgical complications. We believe we are in the early stages of adoption of Novadaq Technologies, Inc.’s technology and that more applications for its technology will develop. ⁽¹⁾

We’ve mentioned in previous investment commentaries that price to earnings ratios looked stretched for a number of small-cap stocks. That statement remains true. We believe markets have shown an uncanny ability to shrug off risks, largely overlooking geopolitical tensions in Russia, a weakening energy complex in the U.S., weakness in emerging markets and a slowdown in China. None of these concerns have us calling for a market correction. Finding a specific catalyst, especially when the U.S. economy is showing some genuine signs of improvement, is hard, if not impossible, to predict. We would suggest, however, that a lower aggregate return environment is likely to persist in the coming months, and that higher volatility is likely ahead. From the standpoint of relative performance, we welcome such an environment. With valuations already on the high end of historical averages, it is hard to imagine they will expand any

further. Companies will need to demonstrate true earnings growth for stock prices to grind higher. We believe this can benefit many of the higher-quality companies we tend to focus on, which have demonstrated a steady path toward growing earnings.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	99.2
Master Limited Partnerships (3)	0.7
Money Market Funds Less Net Liabilities	0.1
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     SS&C Technologies Holdings, Inc.	2.2
2.     Sensient Technologies Corp.	2.0
3.     Rexnord Corp.	1.9
4.     Carter’s, Inc.	1.8
5.     EnerSys	1.8
6.     Broadridge Financial Solutions, Inc.	1.7
7.     Cadence Design Systems, Inc.	1.7
8.     NICE-Systems Ltd. – ADR	1.7
9.     Solera Holdings, Inc.	1.7
10.     Euronet Worldwide, Inc.	1.6

41 (continued)

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

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors (combined):

	% of Net Assets
Information Technology	33.4
Health Care	21.5
Industrials	18.3
Consumer Discretionary	12.7
Financials	8.7
Materials	2.0
Consumer Staples	2.0
Energy	1.3
	99.9

42

Ohio National Fund, Inc. Small Cap Growth Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 99.2%		Shares		Value
CONSUMER DISCRETIONARY – 12.7%
ServiceMaster Global Holdings, Inc. (Diversified Consumer Svs.)	(a)		56,252	$	2,034,635
Biglari Holdings, Inc. (Hotels, Restaurants & Leisure)	(a)		8,034		3,324,067
Bojangles’, Inc. (Hotels, Restaurants & Leisure)	(a)		10,828		258,356
Diamond Resorts International, Inc. (Hotels, Restaurants & Leisure)	(a)		67,588		2,132,401
Domino’s Pizza Group PLC (Hotels, Restaurants & Leisure)	(b)		107,060		1,306,671
Manchester United PLC Class A (Media)	(a)		75,977		1,356,949
National CineMedia, Inc. (Media)			149,546		2,386,754
SFX Entertainment, Inc. (Media)	(a)		128,198		575,609
DavidsTea, Inc. (Specialty Retail)	(a)		11,413		245,265
Hibbett Sports, Inc. (Specialty Retail)	(a)		27,484		1,280,205
Monro Muffler Brake, Inc. (Specialty Retail)			17,110		1,063,558
Party City Holdco, Inc. (Specialty Retail)	(a)		24,005		486,581
Sally Beauty Holdings, Inc. (Specialty Retail)	(a)		110,485		3,489,116
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)			37,926		4,031,534
Tumi Holdings, Inc. (Textiles, Apparel & Luxury Goods)	(a)		53,978		1,107,629
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)			115,966		3,302,712
					28,382,042
CONSUMER STAPLES – 2.0%
Casey’s General Stores, Inc. (Food & Staples Retailing)			17,477		1,673,248
Ontex Group NV (Personal Products)	(b)		90,121		2,705,186
					4,378,434
ENERGY – 0.6%
Dril-Quip, Inc. (Energy Equip. & Svs.)	(a)		18,877		1,420,494
FINANCIALS – 8.7%
Bank of the Ozarks, Inc. (Banks)			34,185		1,563,964
Artisan Partners Asset Management, Inc. Class A (Capital Markets)			31,895		1,481,842
Financial Engines, Inc. (Capital Markets)			26,138		1,110,342
LPL Financial Holdings, Inc. (Capital Markets)			73,076		3,397,303
Virtu Financial, Inc. Class A (Capital Markets)	(a)		27,727		651,030
WisdomTree Investments, Inc. (Capital Markets)			88,691		1,948,098
MSCI, Inc. (Diversified Financial Svs.)			42,950		2,643,572
RLI Corp. (Insurance)			22,746		1,168,917
Easterly Government Properties, Inc. (Real Estate Investment Trusts)			65,168		1,037,475
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)			9,521		1,628,091
RE/MAX Holdings, Inc. (Real Estate Mgmt. & Development)			21,059		747,805
St. Joe Co. / The (Real Estate Mgmt. & Development)	(a)		68,635		1,065,902
LendingTree, Inc. (Thrifts & Mortgage Finance)	(a)		13,074		1,027,747
					19,472,088
HEALTH CARE – 21.5%
ACADIA Pharmaceuticals, Inc. (Biotechnology)	(a)		31,463		1,317,670
Achillion Pharmaceuticals, Inc. (Biotechnology)	(a)		38,725		343,103
Anacor Pharmaceuticals, Inc. (Biotechnology)	(a)		6,071		470,078
Chimerix, Inc. (Biotechnology)	(a)		32,237		1,489,349
Dyax Corp. (Biotechnology)	(a)		87,887		2,329,005
Eagle Pharmaceuticals, Inc. (Biotechnology)	(a)		25,348		2,049,639
Insys Therapeutics, Inc. (Biotechnology)	(a)		53,478		1,920,930
Ironwood Pharmaceuticals, Inc. (Biotechnology)	(a)		93,781		1,130,999
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a)		12,282		1,239,254
Medivation, Inc. (Biotechnology)	(a)		6,113		698,105
OvaScience, Inc. (Biotechnology)	(a)		22,716		657,174
Puma Biotechnology, Inc. (Biotechnology)	(a)		6,820		796,235
Seres Therapeutics, Inc. (Biotechnology)	(a)		3,774		156,621
EndoChoice Holdings, Inc. (Health Care Equip. & Supplies)	(a)		34,442		563,127

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Endologix, Inc. (Health Care Equip. & Supplies)	(a)		141,999	$	2,178,265
Glaukos Corp. (Health Care Equip. & Supplies)	(a)		1,404		40,688
LDR Holding Corp. (Health Care Equip. & Supplies)	(a)		49,798		2,153,763
Masimo Corp. (Health Care Equip. & Supplies)	(a)		53,734		2,081,655
Novadaq Technologies, Inc. (Health Care Equip. & Supplies)	(a)		136,287		1,650,436
Quidel Corp. (Health Care Equip. & Supplies)	(a)		54,864		1,259,129
Trinity Biotech PLC – ADR (Health Care Equip. & Supplies)			32,848		593,235
Wright Medical Group, Inc. (Health Care Equip. & Supplies)	(a)		34,120		895,991
Aceto Corp. (Health Care Providers & Svs.)			52,890		1,302,681
Capital Senior Living Corp. (Health Care Providers & Svs.)	(a)		50,238		1,230,831
HealthEquity, Inc. (Health Care Providers & Svs.)	(a)		43,187		1,384,143
Teladoc, Inc. (Health Care Providers & Svs.)	(a)		5,921		112,499
athenahealth, Inc. (Health Care Technology)	(a)		12,013		1,376,450
Evolent Health, Inc. (Health Care Technology)	(a)		14,358		279,981
Bio-Techne Corp. (Life Sciences Tools & Svs.)			20,087		1,977,967
Catalent, Inc. (Pharmaceuticals)	(a)		94,958		2,785,118
Concordia Healthcare Corp. (Pharmaceuticals)			14,263		1,030,613
Flamel Technologies SA – ADR (Pharmaceuticals)	(a)		71,667		1,518,624
GW Pharmaceuticals PLC – ADR (Pharmaceuticals)(a)			4,894		601,179
IGI Laboratories, Inc. (Pharmaceuticals)	(a)		104,069		655,635
Mallinckrodt PLC (Pharmaceuticals)	(a)		9,950		1,171,314
Pacira Pharmaceuticals, Inc. (Pharmaceuticals)	(a)		12,383		875,726
Pernix Therapeutics Holdings, Inc. (Pharmaceuticals)	(a)		79,046		467,952
Phibro Animal Health Corp. Class A (Pharmaceuticals)			46,964		1,828,778
Prestige Brands Holdings, Inc. (Pharmaceuticals)	(a)		46,884		2,167,916
Relypsa, Inc. (Pharmaceuticals)	(a)		39,489		1,306,691
					48,088,549
INDUSTRIALS – 18.3%
HEICO Corp. Class A (Aerospace & Defense)			66,558		3,379,150
Sparton Corp. (Aerospace & Defense)	(a)		33,071		903,500
Hub Group, Inc. Class A (Air Freight & Logistics)	(a)		40,618		1,638,530
A.O. Smith Corp. (Building Products)			42,793		3,080,240
ABM Industries, Inc. (Commercial Svs. & Supplies)			36,487		1,199,328
Heritage-Crystal Clean, Inc. (Commercial Svs. & Supplies)	(a)		34,978		514,177
SP Plus Corp. (Commercial Svs. & Supplies)	(a)		66,046		1,724,461
EnerSys (Electrical Equip.)			56,078		3,941,723
Raven Industries, Inc. (Industrial Conglomerates)			71,993		1,463,618
CIRCOR International, Inc. (Machinery)			10,717		584,398
Kennametal, Inc. (Machinery)			97,122		3,313,803
Nordson Corp. (Machinery)			33,106		2,578,626
Proto Labs, Inc. (Machinery)	(a)		10,620		716,638
Rexnord Corp. (Machinery)	(a)		177,606		4,246,559
Wabtec Corp. (Machinery)			25,147		2,369,853
Advisory Board Co. / The (Professional Svs.)	(a)		26,068		1,425,138
CEB, Inc. (Professional Svs.)			26,226		2,283,236
Old Dominion Freight Line, Inc. (Road & Rail)	(a)		20,020		1,373,472
Saia, Inc. (Road & Rail)	(a)		22,336		877,581
WESCO International, Inc. (Trading Companies & Distributors)	(a)		48,144		3,304,604
					40,918,635
INFORMATION TECHNOLOGY – 33.4%
Belden, Inc. (Electronic Equip., Instr. & Comp.)			36,222		2,942,313
CTS Corp. (Electronic Equip., Instr. & Comp.)			134,103		2,584,165
FEI Co. (Electronic Equip., Instr. & Comp.)			20,682		1,715,158
National Instruments Corp. (Electronic Equip., Instr. & Comp.)			42,738		1,259,061
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)	(a)		25,567		1,809,888

43 (continued)

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

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (continued)
Alarm.com Holdings, Inc. (Internet Software & Svs.)	(a)		37,564	$	577,734
ChannelAdvisor Corp. (Internet Software & Svs.)	(a)		42,609		509,178
Cimpress NV (Internet Software & Svs.)	(a)		20,754		1,746,657
CoStar Group, Inc. (Internet Software & Svs.)	(a)		6,794		1,367,360
Demandware, Inc. (Internet Software & Svs.)	(a)		12,656		899,588
Endurance International Group Holdings, Inc. (Internet Software & Svs.)	(a)		128,254		2,649,728
Envestnet, Inc. (Internet Software & Svs.)	(a)		33,553		1,356,548
HomeAway, Inc. (Internet Software & Svs.)	(a)		31,201		970,975
j2 Global, Inc. (Internet Software & Svs.)			39,847		2,707,205
Textura Corp. (Internet Software & Svs.)	(a)		30,798		857,108
Zillow Group, Inc. Class A (Internet Software & Svs.)	(a)		13,261		1,150,259
Blackhawk Network Holdings, Inc. (IT Svs.)	(a)		46,775		1,927,130
Broadridge Financial Solutions, Inc. (IT Svs.)			76,306		3,816,063
Euronet Worldwide, Inc. (IT Svs.)	(a)		57,796		3,566,013
MAXIMUS, Inc. (IT Svs.)			17,714		1,164,341
WEX, Inc. (IT Svs.)	(a)		17,617		2,007,809
Atmel Corp. (Semiconductors & Equip.)			333,011		3,281,823
ON Semiconductor Corp. (Semiconductors & Equip.)	(a)		257,430		3,009,357
SolarEdge Technologies, Inc. (Semiconductors & Equip.)	(a)		27,939		1,015,583
ACI Worldwide, Inc. (Software)	(a)		56,750		1,394,347
Barracuda Networks, Inc. (Software)	(a)		18,160		719,499
Blackbaud, Inc. (Software)			58,705		3,343,250
Cadence Design Systems, Inc. (Software)	(a)		193,079		3,795,933
Fleetmatics Group PLC (Software)	(a)		38,355		1,796,165
Guidewire Software, Inc. (Software)	(a)		24,621		1,303,190
NICE-Systems Ltd. – ADR (Software)			59,147		3,761,158

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (continued)
Paylocity Holding Corp. (Software)	(a)		23,089	$	827,741
RealPage, Inc. (Software)	(a)		92,100		1,756,347
Solera Holdings, Inc. (Software)			83,920		3,739,475
SS&C Technologies Holdings, Inc. (Software)			78,668		4,916,750
Tyler Technologies, Inc. (Software)	(a)		9,966		1,289,401
Stratasys Ltd. (Tech. Hardware, Storage & Periph.)	(a)		27,973		977,097
					74,511,397
MATERIALS – 2.0%
Sensient Technologies Corp. (Chemicals)			66,265		4,528,550
Total Common Stocks (Cost $189,248,373)				$	221,700,189
Master Limited Partnerships – 0.7%		Shares		Value
ENERGY – 0.7%
DCP Midstream Partners LP (Oil, Gas & Consumable Fuels)			55,177	$	1,693,382
Total Master Limited Partnerships (Cost $2,618,933)				$	1,693,382
Money Market Funds – 1.6%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			3,504,000	$	3,504,000
Total Money Market Funds (Cost $3,504,000)				$	3,504,000
Total Investments – 101.5% (Cost $195,371,306)	(c)			$	226,897,571
Liabilities in Excess of Other Assets – (1.5)%					(3,442,257)
Net Assets – 100.0%				$	223,455,314

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a) Non-income producing security.

(b) Security traded on a foreign exchange has been valued at an estimate of fair value that is different than the local market close price. These fair value estimates are determined by an independent fair valuation service that has been approved by the Board. These securities represent $4,011,857, or 1.8% of the Portfolio’s net assets.

Other Portfolio securities are not subjected to fair value procedures because they are traded on domestic or foreign exchanges that have close times that are consistent with the U.S. market close, normally 4:00 pm Eastern Time.

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

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

44

Ohio National Fund, Inc. Mid Cap Opportunity Portfolio

Objective/Strategy

The Mid Cap Opportunity Portfolio seeks long-term total return by investing at least 80% of its net assets in equity securities of mid-cap companies, primarily those that are strategically positioned for long-term growth.

Performance as of June 30, 2015

Average Annual Returns:
One year	8.30%
Five years	17.05%
Ten years	7.37%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Mid Cap Opportunity Portfolio returned 1.94% versus 4.18% for the current benchmark, the Russell Midcap Growth Index.

Relative underperformance was due to weakness in select Consumer Staples and Health Care holdings somewhat offset by positive stock selection in the Information Technology and Financials. Sector allocation did not significantly impact relative performance during the period. ⁽¹⁾

The top performers were Netflix, Inc., DexCom, Inc., Axalta Coating Systems Ltd., Under Armour, Inc., and First Republic Bank. The top detractors were Keurig Green Mountain, Inc., Kate Spade & Co., Kansas City Southern, Whole Foods Market, Inc., and HMS Holdings Corp. The top contributors to relative returns were Netflix, Inc., First Republic Bank, Mylan, Inc., Ulta Salon, Cosmetics & Fragrance, Inc., and Axalta Coating Systems Ltd. The worst performers were Kate Spade & Co., Kansas City Southern, Keurig Green Mountain, Inc., Whole Foods Market, Inc., and Navient Corp. ⁽¹⁾

Kate Spade & Co. was a top detractor from performance. The company reported first quarter earnings in May that were disappointing and resulted in a spike of speculation surrounding competitive risks. The company reported revenue figures that topped our expectations; however, sales growth was light relative to forecasts. In our view, strong underlying fundamentals remain intact and the catalysts for growth are unchanged. Wholesale expansion, merchandising initiatives and the company’s strategic partnership with Exclusive Brands is expected to fuel revenue growth and support the company’s attractive valuation. ⁽¹⁾

Transportation holding company, Kansas City Southern was another top detractor from returns. During the period, the company lowered its full year 2015 outlook, largely driven by slower year-to-date carload growth from the energy sector. Despite the weakness, we continue to believe the company is a high quality growth business with a favorable market structure, high barriers to entry, attractive valuation and strong underlying fundamentals. We are positive on

Kansas City Southern’s long-term growth trajectory and believe that the company is further reinforced by the significant track and locomotive investments it has made over the past 15 years. Furthermore, Kansas City Southern has significant exposure to cross-border trade with Mexico, which has been growing rapidly. The company also has the potential for significant margin improvement as it improves efficiency. ⁽¹⁾

Whole Foods Market, Inc. also detracted from returns. Recent underperformance is attributed to the industry-wide pull back stemming from weak data points in grocery store sales. With a strong rally in the latter half of 2014, recent grocery store sales data resulted in fears and speculation of business slowdown. In our view, the market overreacted to the data release and is undervaluing a strong franchise with favorable long-term growth prospects. The company has seen progress in its initiatives aimed at cost cutting, improving profitability and reaccelerating top-line growth. These factors have become increasingly well-received by the market. In addition, we believe lower fuel prices could continue to support demand for discretionary consumables, such as natural and organic products. Our growth thesis on Whole Foods Market, Inc. remains unchanged, as we are optimistic on the company and its dominant market position. ⁽¹⁾

Netflix, Inc. was a top contributor to returns. In April, the company reported first quarter earnings that exceeded market expectations on both earnings per share and key subscription metrics. New-user additions continue to thrive due to improving content availability and increasing success of Netflix Original series offerings. In our view, sentiment around subscriber growth and pricing continues to show signs of improvement and reflects Netflix, Inc.’s ability to execute and deliver unique, high quality content. We continue to have conviction in the strength of Netflix, Inc.’s franchise and believe that the company’s international expansion initiatives and secular tailwinds will be key drivers of future growth. ⁽¹⁾

Mylan, Inc., a U.S.-based pharmaceutical company that develops, manufactures and distributes generic and specialty pharmaceuticals globally, was a top contributor to performance, driven by news around potential industry consolidation. Early in the second quarter, the company announced a plan to acquire one of its competitors, Perrigo Company Plc. Subsequently, Teva Pharmaceuticals announced a plan to acquire Mylan, Inc. at a significant premium to its current market value, causing shares to gain. We believe the high level of interest in Mylan Inc.’s assets demonstrate its strong industry position and high quality nature of its franchise. Despite the move up in the share price, we continue to like Mylan, Inc.’s growth and earnings profile and its position in a consolidating industry. ⁽¹⁾

In April, we initiated a position in First Republic Bank, a regional bank that offers lending and private banking services to higher end customers in select markets on the east and west coasts of the U.S. In our view, First Republic Bank demonstrates strong organic growth and takeout potential. We believe a combination of strong management, a high quality franchise and strategic industry positioning makes First Republic Bank an attractive investment opportunity. During the reporting period, First Republic Bank was a top contributor to portfolio returns. ⁽¹⁾

We continue to believe U.S. equities have further upside potential as the U.S. economy accelerates and as real earnings growth serves as a fundamental driver of performance going forward. We believe that U.S. corporate fundamentals are strong, evidenced by both healthy balance sheets and earnings resilience, and could provide companies with a number of options to increase shareholder value.

45 (continued)

Ohio National Fund, Inc. Mid Cap Opportunity Portfolio (Continued)

While we are cognizant of potential headwinds, such as foreign exchange volatility or unanticipated changes in monetary policy, we ultimately remain constructive on the direction of U.S. equity markets. We believe the U.S. has the best macroeconomic outlook of the developed economies and we are optimistic on the strengthening U.S. housing and employment markets, as well as the potential for a continued recovery in consumer spending. Consumption, which accounts for approximately 70% of U.S. gross domestic product, could also benefit from relatively low gas prices, increasing consumer confidence and a continued strong U.S. dollar. Looking forward, we believe that as the U.S. economy improves, companies can reinvest for future growth by increasing capital expenditures, research and development, hiring, and through merger and acquisition activity, rather than keeping excess cash on balance sheets. In our view, equity valuations are fair, considering the positive macro environment, and inexpensive relative to fixed income. We find that focusing on corporate fundamentals and stock selection, while being aware of various macroeconomic factors, is more in line with variables that we believe generate long-term returns, such as earnings growth and valuation.

Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies that we own and believe they have the potential to outperform relative to the broader market regardless of the growth environment. We continue to focus on undervalued companies that we believe are in control of their own future, such as innovators with differentiated products, companies with low-cost structures, or ones that have been investing in their own businesses and are poised to gain market share. We maintain our discipline in identifying companies with strong or improving balance sheets, led by quality management

teams, and trading at discounted valuations, and remain focused on the long-term outperformance of the Portfolio.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

The Russell Midcap Growth Index is a subset of the Russell Midcap Index, which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher price-to-book ratios and higher relative forecasted growth rates. The index presented herein includes the effects of reinvested dividends.

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	99.3
Money Market Funds Less Net Liabilities	0.7
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^(1) (2)

	% of Net Assets
1.     Equinix, Inc.	2.3
2.     W.W. Grainger, Inc.	2.3
3.     PVH Corp.	2.1
4.     Intercontinental Exchange, Inc.	2.0
5.     Ulta Salon Cosmetics & Fragrance, Inc.	2.0
6.     First Republic Bank	2.0
7.     SBA Communications Corp. Class A	2.0
8.     Kansas City Southern	1.9
9.     Advance Auto Parts, Inc.	1.9
10.     Whole Foods Market, Inc.	1.9

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Consumer Discretionary	25.2
Information Technology	17.5
Health Care	15.6
Industrials	14.2
Financials	10.5
Consumer Staples	7.4
Materials	4.0
Telecommunication Services	2.9
Energy	2.0
	99.3

46

Ohio National Fund, Inc. Mid Cap Opportunity Portfolio

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks – 99.3%		Shares		Value
CONSUMER DISCRETIONARY – 25.2%
BorgWarner, Inc. (Auto Components)			22,568	$	1,282,765
LKQ Corp. (Distributors)	(a)		41,124		1,243,795
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)		1,836		1,110,762
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)	(a)		47,679		1,313,556
Panera Bread Co. Class A (Hotels, Restaurants & Leisure)	(a)		9,127		1,595,126
Netflix, Inc. (Internet & Catalog Retail)	(a)		1,517		996,578
TripAdvisor, Inc. (Internet & Catalog Retail)	(a)		6,645		579,045
Burlington Stores, Inc. (Multiline Retail)	(a)		16,866		863,539
Advance Auto Parts, Inc. (Specialty Retail)			10,693		1,703,288
Five Below, Inc. (Specialty Retail)	(a)		29,311		1,158,664
L Brands, Inc. (Specialty Retail)			9,140		783,572
Restoration Hardware Holdings, Inc. (Specialty Retail)	(a)		10,014		977,667
Tractor Supply Co. (Specialty Retail)			16,020		1,440,839
Ulta Salon Cosmetics & Fragrance, Inc. (Specialty Retail)	(a)		11,583		1,788,994
Kate Spade & Co. (Textiles, Apparel & Luxury Goods)	(a)		63,052		1,358,140
PVH Corp. (Textiles, Apparel & Luxury Goods)			16,129		1,858,061
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)	(a)		14,849		1,239,001
V.F. Corp. (Textiles, Apparel & Luxury Goods)			15,420		1,075,391
					22,368,783
CONSUMER STAPLES – 7.4%
Whole Foods Market, Inc. (Food & Staples Retailing)			42,720		1,684,877
Hain Celestial Group, Inc. / The (Food Products)	(a)		20,703		1,363,500
Keurig Green Mountain, Inc. (Food Products)			11,237		861,091
McCormick & Co., Inc. (Food Products)			20,390		1,650,570
TreeHouse Foods, Inc. (Food Products)	(a)		12,555		1,017,332
					6,577,370
ENERGY – 2.0%
Dril-Quip, Inc. (Energy Equip. & Svs.)	(a)		12,181		916,620
Weatherford International PLC (Energy Equip. & Svs.)	(a)		35,918		440,714
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)			3,166		439,092
					1,796,426
FINANCIALS – 10.5%
Eagle Bancorp, Inc. (Banks)	(a)		13,863		609,417
First Republic Bank (Banks)			28,225		1,779,022
Navient Corp. (Consumer Finance)			57,866		1,053,740
SLM Corp. (Consumer Finance)	(a)		92,357		911,564
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			8,015		1,792,234
Equinix, Inc. (Real Estate Investment Trusts)			8,085		2,053,590
CBRE Group, Inc. (Real Estate Mgmt. & Development)	(a)		31,339		1,159,543
					9,359,110
HEALTH CARE – 15.6%
Alkermes PLC (Biotechnology)	(a)		11,262		724,597
Bluebird Bio, Inc. (Biotechnology)	(a)		1,625		273,601
Cepheid (Biotechnology)	(a)		21,773		1,331,419
Medivation, Inc. (Biotechnology)	(a)		7,125		813,675
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a)		5,601		691,611
DexCom, Inc. (Health Care Equip. & Supplies)	(a)		7,804		624,164
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a)		2,388		1,156,986
Teleflex, Inc. (Health Care Equip. & Supplies)			7,837		1,061,522
Cardinal Health, Inc. (Health Care Providers & Svs.)			14,640		1,224,636
Henry Schein, Inc. (Health Care Providers & Svs.)	(a)		8,157		1,159,273
Cerner Corp. (Health Care Technology)	(a)		18,226		1,258,688

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
HMS Holdings Corp. (Health Care Technology)	(a)		31,248	$	536,528
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)			21,569		832,132
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)	(a)		2,884		984,771
Mylan NV (Pharmaceuticals)	(a)		17,942		1,217,544
					13,891,147
INDUSTRIALS – 14.2%
Fortune Brands Home & Security, Inc. (Building Products)			21,588		989,162
AMETEK, Inc. (Electrical Equip.)			24,601		1,347,643
Generac Holdings, Inc. (Electrical Equip.)	(a)		24,006		954,238
Hubbell, Inc. Class B (Electrical Equip.)			9,494		1,028,010
Sensata Technologies Holding NV (Electrical Equip.)	(a)		27,031		1,425,615
Flowserve Corp. (Machinery)			16,371		862,097
Graco, Inc. (Machinery)			19,204		1,364,060
Middleby Corp. / The (Machinery)	(a)		7,542		846,439
Kansas City Southern (Road & Rail)			18,854		1,719,485
W.W. Grainger, Inc. (Trading Companies & Distributors)			8,549		2,023,121
					12,559,870
INFORMATION TECHNOLOGY – 17.5%
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)			26,236		1,520,901
GoDaddy, Inc. Class A (Internet Software & Svs.)	(a)		6,104		172,072
LinkedIn Corp. (Internet Software & Svs.)	(a)		8,007		1,654,486
Pandora Media, Inc. (Internet Software & Svs.)	(a)		22,764		353,753
Twitter, Inc. (Internet Software & Svs.)	(a)		9,546		345,756
Black Knight Financial Services, Inc. Class A (IT Svs.)	(a)		24,254		748,721
Fidelity National Information Services, Inc. (IT Svs.)			15,557		961,423
FleetCor Technologies, Inc. (IT Svs.)	(a)		7,822		1,220,701
Global Payments, Inc. (IT Svs.)			6,418		663,942
Broadcom Corp. Class A (Semiconductors & Equip.)			13,672		703,971
Qorvo, Inc. (Semiconductors & Equip.)	(a)		15,993		1,283,758
Guidewire Software, Inc. (Software)	(a)		21,557		1,141,012
Intuit, Inc. (Software)			15,651		1,577,151
Red Hat, Inc. (Software)	(a)		16,231		1,232,420
ServiceNow, Inc. (Software)	(a)		15,291		1,136,274
Splunk, Inc. (Software)	(a)		12,130		844,491
					15,560,832
MATERIALS – 4.0%
Ashland, Inc. (Chemicals)			8,950		1,091,005
Axalta Coating Systems Ltd. (Chemicals)	(a)		43,165		1,427,898
Sherwin-Williams Co. / The (Chemicals)			3,730		1,025,825
					3,544,728
TELECOMMUNICATION SERVICES – 2.9%
Level 3 Communications, Inc. (Diversified Telecom. Svs.)	(a)		14,385		757,658
SBA Communications Corp. Class A (Wireless Telecom. Svs.)	(a)		15,386		1,768,928
					2,526,586
Total Common Stocks (Cost $74,440,398)				$	88,184,852
Money Market Funds – 1.6%		Shares		Value
Fidelity Institutional Money Market Funds Prime Money Market Portfolio – Class I			1,430,000	$	1,430,000
Total Money Market Funds (Cost $1,430,000)				$	1,430,000
Total Investments – 100.9% (Cost $75,870,398)	(b)			$	89,614,852
Liabilities in Excess of Other Assets – (0.9)%					(810,118)
Net Assets – 100.0%				$	88,804,734

47 (continued)

Ohio National Fund, Inc. Mid Cap Opportunity Portfolio (Continued)

Schedule of Investments June 30, 2015  (Unaudited)

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

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

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

48

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

Objective/Strategy

The S&P 500^® Index Portfolio seeks total return that approximates the total return of the Standard & Poor’s 500^® Index (S&P 500^® Index), at a risk level consistent with that of the Standard & Poor’s 500^® Index.

Performance as of June 30, 2015

Average Annual Returns:
One year	6.95%
Five years	16.78%
Ten years	7.39%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the S&P 500^® Index Portfolio returned 1.00% versus 1.23% for the current benchmark, the S&P 500^® Index.

The Portfolio’s correlation with the S&P 500^® Index was 99.9%. The high correlation is due to the fact that the Portfolio invests in each of the 500 stocks in the index. The Portfolio also invests in the SPDR S&P 500 ETF Trust, an exchange traded fund that mimics the holdings and returns of the S&P 500^® Index. ⁽¹⁾

The largest contributors to the index return for the reporting period were Apple, Inc., Amazon.com, Inc., Gilead Sciences, Inc. The Walt Disney Co., and Starbucks Corp. The largest detractors for the index for the reporting period were Exxon Mobil Corp., The Procter & Gamble Co., Chevron Corp., Intel Corp., and Berkshire Hathaway, Inc. Class B. ⁽¹⁾

U.S. indices ended the reporting period in positive territory, despite early year weakness due to bad weather and the ongoing drama in Greece. The Federal Reserve has signaled that it expects to begin raising rates by the end of the year, as economic data continues to confirm a strengthening U.S. economy. We would expect moderate growth in U.S. equity indices for the rest of 2015.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting. Investors cannot invest directly in an index, although they can invest in its underlying securities or funds.

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

“Standard & Poor’s^®”, “S&P^®”, “S&P 500^®” and “Standard & Poor’s 500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Ohio National Investments, Inc. (ONI). The S&P 500^® Index Portfolio is not sponsored, endorsed, sold or promoted by Standard & Poor’s (“S&P”) and S&P makes no representation regarding the advisability of investing in the S&P 500^® Index Portfolio. S&P makes no representation or warranty, express or implied, to the owners of the Portfolio or any member of the public regarding the advisability of investing in securities generally or in the Portfolio particularly or the ability of the S&P 500^® Index to track general stock market performance. S&P’s only relationship to ONI is the licensing of certain trademarks and trade names of S&P^® and of the S&P 500^® Index which is determined, composed and calculated by S&P^® without regard to ONI or the S&P 500^® Index Portfolio. S&P^® has no obligation to take the needs of ONI or the owners of the Portfolio into consideration in determining, composing or calculating the S&P 500^® Index. S&P^® is not responsible for and has not participated in the determination of the prices and amount of the Portfolio or the timing of the issuance or sale of the Portfolio or in the determination or calculation of the equation by which the Portfolio is to be converted into cash. S&P^® has no obligation or liability in connection with the administration, marketing or trading of the Portfolio.

49 (continued)

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	95.6
Exchange Traded Funds and Other Net Assets	4.4
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^(1) (2)

	% of Net Assets
1.     SPDR S&P 500 ETF Trust	4.0
2.     Apple, Inc.	3.8
3.     Microsoft Corp.	1.9
4.     Exxon Mobil Corp.	1.8
5.     Johnson & Johnson	1.4
6.     General Electric Co.	1.4
7.     Wells Fargo & Co.	1.4
8.     JPMorgan Chase & Co.	1.3
9.     Berkshire Hathaway, Inc. Class B	1.3
10.     Procter & Gamble Co. / The	1.1

⁽¹⁾ Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾ Sectors:

	% of Net Assets
Information Technology	18.8
Financials	15.8
Health Care	14.8
Consumer Discretionary	12.2
Industrials	9.7
Consumer Staples	9.0
Energy	7.5
Materials	3.0
Utilities	2.7
Telecommunication Services	2.1
	95.6

50

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

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 95.6%		Shares		Value
CONSUMER DISCRETIONARY – 12.2%
BorgWarner, Inc. (Auto Components)			4,900	$	278,516
Delphi Automotive PLC (Auto Components)			6,200		527,558
Goodyear Tire & Rubber Co. / The (Auto Components)			5,800		174,870
Johnson Controls, Inc. (Auto Components)			14,100		698,373
Ford Motor Co. (Automobiles)			85,487		1,283,160
General Motors Co. (Automobiles)			29,000		966,570
Harley-Davidson, Inc. (Automobiles)			4,500		253,575
Genuine Parts Co. (Distributors)			3,300		295,449
H&R Block, Inc. (Diversified Consumer Svs.)			5,900		174,935
Carnival Corp. (Hotels, Restaurants & Leisure)			9,700		479,083
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)		650		393,243
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)			2,700		191,916
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)			4,446		330,738
McDonald’s Corp. (Hotels, Restaurants & Leisure)			20,600		1,958,442
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)			3,500		275,415
Starbucks Corp. (Hotels, Restaurants & Leisure)			32,200		1,726,403
Starwood Hotels & Resorts Worldwide, Inc. (Hotels, Restaurants & Leisure)			3,700		300,033
Wyndham Worldwide Corp. (Hotels, Restaurants & Leisure)			2,560		209,690
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)			1,800		177,606
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)			9,300		837,744
D.R. Horton, Inc. (Household Durables)			7,200		196,992
Garmin Ltd. (Household Durables)			2,600		114,218
Harman International Industries, Inc. (Household Durables)			1,500		178,410
Leggett & Platt, Inc. (Household Durables)			3,000		146,040
Lennar Corp. Class A (Household Durables)			3,800		193,952
Mohawk Industries, Inc. (Household Durables)	(a)		1,300		248,170
Newell Rubbermaid, Inc. (Household Durables)			5,800		238,438
PulteGroup, Inc. (Household Durables)			7,050		142,057
Whirlpool Corp. (Household Durables)			1,655		286,398
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		8,200		3,559,538
Expedia, Inc. (Internet & Catalog Retail)			2,100		229,635
Netflix, Inc. (Internet & Catalog Retail)	(a)		1,300		854,022
Priceline Group, Inc. / The (Internet & Catalog Retail)	(a)		1,100		1,266,507
TripAdvisor, Inc. (Internet & Catalog Retail)	(a)		2,400		209,136
Hasbro, Inc. (Leisure Products)			2,400		179,496
Mattel, Inc. (Leisure Products)			7,300		187,537
Cablevision Systems Corp. Class A (Media)			4,700		112,518
CBS Corp. Class B (Media)			9,750		541,125
Comcast Corp. Class A (Media)			54,053		3,250,747
DIRECTV (Media)	(a)		10,800		1,002,132
Discovery Communications, Inc. Class A (Media)	(a)		3,200		106,432
Discovery Communications, Inc. Class C (Media)	(a)		5,600		174,048
Gannett Co., Inc. (Media)	(a)		2,450		34,275
Interpublic Group of Cos., Inc. / The (Media)			8,923		171,946
News Corp. Class A (Media)	(a)		10,775		157,207
Omnicom Group, Inc. (Media)			5,300		368,297
Scripps Networks Interactive, Inc. Class A (Media)			2,000		130,740
TEGNA, Inc. (Media)			4,900		157,143
Time Warner Cable, Inc. (Media)			6,032		1,074,721
Time Warner, Inc. (Media)			17,766		1,552,926
Twenty-First Century Fox, Inc. Class A (Media)			38,000		1,236,710
Viacom, Inc. Class B (Media)			7,650		494,496
Walt Disney Co. / The (Media)			33,500		3,823,690
Dollar General Corp. (Multiline Retail)			6,400		497,536
Dollar Tree, Inc. (Multiline Retail)	(a)		4,400		347,556
Family Dollar Stores, Inc. (Multiline Retail)			2,100		165,501
Kohl’s Corp. (Multiline Retail)			4,300		269,223
Macy’s, Inc. (Multiline Retail)			7,276		490,912
Nordstrom, Inc. (Multiline Retail)			3,000		223,500
Target Corp. (Multiline Retail)			13,700		1,118,331

Common Stocks (Continued)		Shares		Value
CONSUMER DISCRETIONARY (continued)
AutoNation, Inc. (Specialty Retail)	(a)		1,600	$	100,768
AutoZone, Inc. (Specialty Retail)	(a)		675		450,158
Bed Bath & Beyond, Inc. (Specialty Retail)	(a)		3,700		255,226
Best Buy Co., Inc. (Specialty Retail)			6,275		204,628
CarMax, Inc. (Specialty Retail)	(a)		4,500		297,945
GameStop Corp. Class A (Specialty Retail)			2,300		98,808
Gap, Inc. / The (Specialty Retail)			5,650		215,660
Home Depot, Inc. / The (Specialty Retail)			27,900		3,100,527
L Brands, Inc. (Specialty Retail)			5,300		454,369
Lowe’s Cos., Inc. (Specialty Retail)			20,000		1,339,400
O’Reilly Automotive, Inc. (Specialty Retail)	(a)		2,200		497,156
Ross Stores, Inc. (Specialty Retail)			8,900		432,629
Staples, Inc. (Specialty Retail)			13,800		211,278
Tiffany & Co. (Specialty Retail)			2,400		220,320
TJX Cos., Inc. / The (Specialty Retail)			14,600		966,082
Tractor Supply Co. (Specialty Retail)			2,900		260,826
Urban Outfitters, Inc. (Specialty Retail)	(a)		2,100		73,500
Coach, Inc. (Textiles, Apparel & Luxury Goods)			5,900		204,199
Fossil Group, Inc. (Textiles, Apparel & Luxury Goods)	(a)		900		62,424
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)			8,600		286,552
Michael Kors Holdings Ltd. (Textiles, Apparel & Luxury Goods)	(a)		4,300		180,987
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)			15,000		1,620,300
PVH Corp. (Textiles, Apparel & Luxury Goods)			1,800		207,360
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)			1,300		172,068
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)	(a)		3,600		300,384
V.F. Corp. (Textiles, Apparel & Luxury Goods)			7,300		509,102
					49,988,233
CONSUMER STAPLES – 9.0%
Brown-Forman Corp. Class B (Beverages)			3,375		338,107
Coca-Cola Co. / The (Beverages)			84,300		3,307,089
Coca-Cola Enterprises, Inc. (Beverages)			4,600		199,824
Constellation Brands, Inc. Class A (Beverages)			3,600		417,672
Dr Pepper Snapple Group, Inc. (Beverages)			4,100		298,890
Molson Coors Brewing Co. Class B (Beverages)			3,400		237,354
Monster Beverage Corp. (Beverages)	(a)		3,100		415,462
PepsiCo, Inc. (Beverages)			31,747		2,963,265
Costco Wholesale Corp. (Food & Staples Retailing)			9,400		1,269,564
CVS Health Corp. (Food & Staples Retailing)			24,220		2,540,194
Kroger Co. / The (Food & Staples Retailing)			10,500		761,355
Sysco Corp. (Food & Staples Retailing)			12,800		462,080
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)			18,800		1,587,472
Wal-Mart Stores, Inc. (Food & Staples Retailing)			33,900		2,404,527
Whole Foods Market, Inc. (Food & Staples Retailing)			7,700		303,688
Archer-Daniels-Midland Co. (Food Products)			13,350		643,737
Campbell Soup Co. (Food Products)			3,800		181,070
ConAgra Foods, Inc. (Food Products)			9,200		402,224
General Mills, Inc. (Food Products)			12,800		713,216
Hershey Co. / The (Food Products)			3,200		284,256
Hormel Foods Corp. (Food Products)			2,900		163,473
J.M. Smucker Co. / The (Food Products)			2,100		227,661
Kellogg Co. (Food Products)			5,400		338,580
Keurig Green Mountain, Inc. (Food Products)			2,500		191,575
Kraft Foods Group, Inc. (Food Products)			12,725		1,083,406
McCormick & Co., Inc. (Food Products)			2,700		218,565
Mead Johnson Nutrition Co. (Food Products)			4,351		392,547
Mondelez International, Inc. Class A (Food Products)			34,976		1,438,913
Tyson Foods, Inc. Class A (Food Products)			6,300		268,569
Clorox Co. / The (Household Products)			2,800		291,256
Colgate-Palmolive Co. (Household Products)			18,300		1,197,003

51 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks (Continued)		Shares		Value
CONSUMER STAPLES (continued)
Kimberly-Clark Corp. (Household Products)			7,800	$	826,566
Procter & Gamble Co. / The (Household Products)			58,322		4,563,113
Estee Lauder Cos., Inc. / The Class A (Personal Products)			4,800		415,968
Altria Group, Inc. (Tobacco)			42,300		2,068,893
Philip Morris International, Inc. (Tobacco)			33,300		2,669,661
Reynolds American, Inc. (Tobacco)			8,937		667,236
					36,754,031
ENERGY – 7.5%
Baker Hughes, Inc. (Energy Equip. & Svs.)			9,341		576,340
Cameron International Corp. (Energy Equip. & Svs.)	(a)		4,100		214,717
Diamond Offshore Drilling, Inc. (Energy Equip. & Svs.)			1,400		36,134
Ensco PLC Class A (Energy Equip. & Svs.)			5,000		111,350
FMC Technologies, Inc. (Energy Equip. & Svs.)	(a)		5,000		207,450
Halliburton Co. (Energy Equip. & Svs.)			18,300		788,181
Helmerich & Payne, Inc. (Energy Equip. & Svs.)			2,300		161,966
National Oilwell Varco, Inc. (Energy Equip. & Svs.)			8,300		400,724
Noble Corp. PLC (Energy Equip. & Svs.)			5,200		80,028
Schlumberger Ltd. (Energy Equip. & Svs.)			27,247		2,348,419
Transocean Ltd. (Energy Equip. & Svs.)			7,300		117,676
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			10,900		850,854
Apache Corp. (Oil, Gas & Consumable Fuels)			8,072		465,189
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)			8,900		280,706
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			11,100		123,987
Chevron Corp. (Oil, Gas & Consumable Fuels)			40,438		3,901,054
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)			2,000		220,620
ConocoPhillips (Oil, Gas & Consumable Fuels)			26,500		1,627,365
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)			4,900		106,526
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			8,300		493,767
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)			11,800		1,033,090
EQT Corp. (Oil, Gas & Consumable Fuels)			3,300		268,422
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			89,864		7,476,685
Hess Corp. (Oil, Gas & Consumable Fuels)			5,200		347,776
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)			37,273		1,430,910
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			14,520		385,361
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)			11,720		613,073
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)			3,600		149,652
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)		3,500		126,420
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)			8,300		354,244
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)			16,500		1,283,205
ONEOK, Inc. (Oil, Gas & Consumable Fuels)			4,500		177,660
Phillips 66 (Oil, Gas & Consumable Fuels)			11,650		938,524
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)			3,200		443,808
Range Resources Corp. (Oil, Gas & Consumable Fuels)			3,600		177,768
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)	(a)		8,300		188,659
Spectra Energy Corp. (Oil, Gas & Consumable Fuels)			14,418		470,027
Tesoro Corp. (Oil, Gas & Consumable Fuels)			2,700		227,907
Valero Energy Corp. (Oil, Gas & Consumable Fuels)			10,900		682,340
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			14,500		832,155
					30,720,739
FINANCIALS – 15.8%
Bank of America Corp. (Banks)			225,727		3,841,874
BB&T Corp. (Banks)			15,700		632,867
Citigroup, Inc. (Banks)			65,236		3,603,637
Comerica, Inc. (Banks)			3,800		195,016

Common Stocks (Continued)		Shares		Value
FINANCIALS (continued)
Fifth Third Bancorp (Banks)			17,450	$	363,309
Huntington Bancshares, Inc. (Banks)			17,400		196,794
JPMorgan Chase & Co. (Banks)			79,743		5,403,386
KeyCorp (Banks)			18,200		273,364
M&T Bank Corp. (Banks)			2,900		362,297
People’s United Financial, Inc. (Banks)			6,600		106,986
PNC Financial Services Group, Inc. / The (Banks)			11,142		1,065,732
Regions Financial Corp. (Banks)			28,775		298,109
SunTrust Banks, Inc. (Banks)			11,100		477,522
U.S. Bancorp (Banks)			38,090		1,653,106
Wells Fargo & Co. (Banks)			100,713		5,664,099
Zions Bancorporation (Banks)			4,400		139,634
Affiliated Managers Group, Inc. (Capital Markets)	(a)		1,200		262,320
Ameriprise Financial, Inc. (Capital Markets)			3,880		484,728
Bank of New York Mellon Corp. / The (Capital Markets)			24,111		1,011,939
BlackRock, Inc. (Capital Markets)			2,700		934,146
Charles Schwab Corp. / The (Capital Markets)			24,800		809,720
E*TRADE Financial Corp. (Capital Markets)	(a)		6,190		185,390
Franklin Resources, Inc. (Capital Markets)			8,400		411,852
Goldman Sachs Group, Inc. / The (Capital Markets)			8,650		1,806,033
Invesco Ltd. (Capital Markets)			9,300		348,657
Legg Mason, Inc. (Capital Markets)			2,100		108,213
Morgan Stanley (Capital Markets)			33,000		1,280,070
Northern Trust Corp. (Capital Markets)			4,700		359,362
State Street Corp. (Capital Markets)			8,800		677,600
T. Rowe Price Group, Inc. (Capital Markets)			5,600		435,288
American Express Co. (Consumer Finance)			18,800		1,461,136
Capital One Financial Corp. (Consumer Finance)			11,773		1,035,671
Discover Financial Services (Consumer Finance)			9,550		550,271
Navient Corp. (Consumer Finance)			8,400		152,964
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)	(a)		39,191		5,334,287
CME Group, Inc. (Diversified Financial Svs.)			6,775		630,481
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			2,432		543,820
Leucadia National Corp. (Diversified Financial Svs.)			6,800		165,104
McGraw Hill Financial, Inc. (Diversified Financial Svs.)			5,900		592,655
Moody’s Corp. (Diversified Financial Svs.)			3,800		410,248
NASDAQ OMX Group, Inc. / The (Diversified Financial Svs.)			2,500		122,025
ACE Ltd. (Insurance)			7,000		711,760
Aflac, Inc. (Insurance)			9,300		578,460
Allstate Corp. / The (Insurance)			8,800		570,856
American International Group, Inc. (Insurance)			28,695		1,773,925
Aon PLC (Insurance)			6,100		608,048
Assurant, Inc. (Insurance)			1,500		100,500
Chubb Corp. / The (Insurance)			4,900		466,186
Cincinnati Financial Corp. (Insurance)			3,166		158,870
Genworth Financial, Inc. Class A (Insurance)	(a)		10,700		80,999
Hartford Financial Services Group, Inc. / The (Insurance)			9,000		374,130
Lincoln National Corp. (Insurance)			5,486		324,881
Loews Corp. (Insurance)			6,361		244,962
Marsh & McLennan Cos., Inc. (Insurance)			11,600		657,720
MetLife, Inc. (Insurance)			24,000		1,343,760
Principal Financial Group, Inc. (Insurance)			5,900		302,611
Progressive Corp. / The (Insurance)			11,500		320,045
Prudential Financial, Inc. (Insurance)			9,700		848,944
Torchmark Corp. (Insurance)			2,675		155,738
Travelers Cos., Inc. / The (Insurance)			6,859		662,991
Unum Group (Insurance)			5,400		193,050
XL Group PLC (Insurance)			6,600		245,520
American Tower Corp. (Real Estate Investment Trusts)			9,100		848,939
Apartment Investment & Management Co. Class A (Real Estate Investment Trusts)			3,373		124,565

52 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks (Continued)		Shares		Value
FINANCIALS (continued)
AvalonBay Communities, Inc. (Real Estate Investment Trusts)			2,831	$	452,592
Boston Properties, Inc. (Real Estate Investment Trusts)			3,300		399,432
Crown Castle International Corp. (Real Estate Investment Trusts)			7,300		586,190
Equity Residential (Real Estate Investment Trusts)			7,800		547,326
Essex Property Trust, Inc. (Real Estate Investment Trusts)			1,400		297,500
General Growth Properties, Inc. (Real Estate Investment Trusts)			13,500		346,410
HCP, Inc. (Real Estate Investment Trusts)			9,900		361,053
Health Care REIT, Inc. (Real Estate Investment Trusts)			7,500		492,225
Host Hotels & Resorts, Inc. (Real Estate Investment Trusts)			16,302		323,269
Iron Mountain, Inc. (Real Estate Investment Trusts)			4,028		124,868
Kimco Realty Corp. (Real Estate Investment Trusts)			8,900		200,606
Macerich Co. / The (Real Estate Investment Trusts)			3,000		223,800
Plum Creek Timber Co., Inc. (Real Estate Investment Trusts)			3,800		154,166
Prologis, Inc. (Real Estate Investment Trusts)			11,239		416,967
Public Storage (Real Estate Investment Trusts)			3,100		571,547
Realty Income Corp. (Real Estate Investment Trusts)			5,000		221,950
Simon Property Group, Inc. (Real Estate Investment Trusts)			6,662		1,152,659
SL Green Realty Corp. (Real Estate Investment Trusts)			2,100		230,769
Ventas, Inc. (Real Estate Investment Trusts)			7,100		440,839
Vornado Realty Trust (Real Estate Investment Trusts)			3,793		360,069
Weyerhaeuser Co. (Real Estate Investment Trusts)			11,163		351,634
CBRE Group, Inc. (Real Estate Mgmt. & Development)	(a)		6,000		222,000
Hudson City Bancorp, Inc. (Thrifts & Mortgage Finance)			10,400		102,752
					64,669,795
HEALTH CARE – 14.8%
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a)		4,800		867,696
Amgen, Inc. (Biotechnology)			16,306		2,503,297
Biogen, Inc. (Biotechnology)	(a)		5,045		2,037,877
Celgene Corp. (Biotechnology)	(a)		17,000		1,967,495
Gilead Sciences, Inc. (Biotechnology)			31,600		3,699,728
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)		1,650		841,714
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a)		5,200		642,096
Abbott Laboratories (Health Care Equip. & Supplies)			32,000		1,570,560
Baxter International, Inc. (Health Care Equip. & Supplies)			11,700		818,181
Becton Dickinson and Co. (Health Care Equip. & Supplies)			4,537		642,666
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a)		28,803		509,813
C.R. Bard, Inc. (Health Care Equip. & Supplies)			1,600		273,120
DENTSPLY International, Inc. (Health Care Equip. & Supplies)			3,000		154,650
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)	(a)		2,300		327,589
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a)		775		375,488
Medtronic PLC (Health Care Equip. & Supplies)			30,590		2,266,719
St. Jude Medical, Inc. (Health Care Equip. & Supplies)			6,000		438,420
Stryker Corp. (Health Care Equip. & Supplies)			6,400		611,648
Varian Medical Systems, Inc. (Health Care Equip. & Supplies)	(a)		2,100		177,093
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			3,670		400,874

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Aetna, Inc. (Health Care Providers & Svs.)			7,554	$	962,833
AmerisourceBergen Corp. (Health Care Providers & Svs.)			4,500		478,530
Anthem, Inc. (Health Care Providers & Svs.)			5,700		935,598
Cardinal Health, Inc. (Health Care Providers & Svs.)			7,100		593,915
Cigna Corp. (Health Care Providers & Svs.)			5,500		891,000
DaVita HealthCare Partners, Inc. (Health Care Providers & Svs.)	(a)		3,700		294,039
Express Scripts Holding Co. (Health Care Providers & Svs.)	(a)		15,678		1,394,401
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		6,200		562,464
Henry Schein, Inc. (Health Care Providers & Svs.)	(a)		1,800		255,816
Humana, Inc. (Health Care Providers & Svs.)			3,200		612,096
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)	(a)		2,200		266,684
McKesson Corp. (Health Care Providers & Svs.)			5,000		1,124,050
Patterson Cos., Inc. (Health Care Providers & Svs.)			1,800		87,570
Quest Diagnostics, Inc. (Health Care Providers & Svs.)			3,100		224,812
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(a)		2,112		122,243
UnitedHealth Group, Inc. (Health Care Providers & Svs.)			20,500		2,501,000
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)			2,000		284,200
Cerner Corp. (Health Care Technology)	(a)		6,600		455,796
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)			7,200		277,776
PerkinElmer, Inc. (Life Sciences Tools & Svs.)			2,400		126,336
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			8,600		1,115,936
Waters Corp. (Life Sciences Tools & Svs.)	(a)		1,800		231,084
AbbVie, Inc. (Pharmaceuticals)			37,000		2,486,030
Allergan PLC (Pharmaceuticals)	(a)		8,440		2,561,202
Bristol-Myers Squibb Co. (Pharmaceuticals)			35,869		2,386,723
Eli Lilly & Co. (Pharmaceuticals)			21,000		1,753,290
Endo International PLC (Pharmaceuticals)	(a)		4,400		350,460
Hospira, Inc. (Pharmaceuticals)	(a)		3,710		329,114
Johnson & Johnson (Pharmaceuticals)			59,600		5,808,616
Mallinckrodt PLC (Pharmaceuticals)	(a)		2,500		294,300
Merck & Co., Inc. (Pharmaceuticals)			60,694		3,455,309
Mylan NV (Pharmaceuticals)	(a)		8,800		597,168
Perrigo Co. PLC (Pharmaceuticals)			3,100		572,973
Pfizer, Inc. (Pharmaceuticals)			132,310		4,436,354
Zoetis, Inc. (Pharmaceuticals)			10,700		515,954
					60,472,396
INDUSTRIALS – 9.7%
Boeing Co. / The (Aerospace & Defense)			13,800		1,914,336
General Dynamics Corp. (Aerospace & Defense)			6,700		949,323
Honeywell International, Inc. (Aerospace & Defense)			16,800		1,713,096
L-3 Communications Holdings, Inc. (Aerospace & Defense)			1,800		204,084
Lockheed Martin Corp. (Aerospace & Defense)			5,800		1,078,220
Northrop Grumman Corp. (Aerospace & Defense)			4,200		666,246
Precision Castparts Corp. (Aerospace & Defense)			3,000		599,610
Raytheon Co. (Aerospace & Defense)			6,600		631,488
Rockwell Collins, Inc. (Aerospace & Defense)			2,800		258,580
Textron, Inc. (Aerospace & Defense)			6,000		267,780
United Technologies Corp. (Aerospace & Defense)			17,800		1,974,554
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)			3,100		193,409
Expeditors International of Washington, Inc. (Air Freight & Logistics)			4,100		189,031
FedEx Corp. (Air Freight & Logistics)			5,700		971,280
United Parcel Service, Inc. Class B (Air Freight & Logistics)			14,900		1,443,959
American Airlines Group, Inc. (Airlines)			14,900		595,032

53 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks (Continued)		Shares		Value
INDUSTRIALS (continued)
Delta Air Lines, Inc. (Airlines)			17,700	$	727,116
Southwest Airlines Co. (Airlines)			14,400		476,496
Allegion PLC (Building Products)			2,100		126,294
Masco Corp. (Building Products)			7,500		200,025
ADT Corp. / The (Commercial Svs. & Supplies)			3,650		122,531
Cintas Corp. (Commercial Svs. & Supplies)			2,000		169,180
Pitney Bowes, Inc. (Commercial Svs. & Supplies)			4,300		89,483
Republic Services, Inc. (Commercial Svs. & Supplies)			5,380		210,735
Stericycle, Inc. (Commercial Svs. & Supplies)	(a)		1,800		241,038
Tyco International PLC (Commercial Svs. & Supplies)			9,000		346,320
Waste Management, Inc. (Commercial Svs. & Supplies)			9,200		426,420
Fluor Corp. (Construction & Engineering)			3,200		169,632
Jacobs Engineering Group, Inc. (Construction & Engineering)	(a)		2,700		109,674
Quanta Services, Inc. (Construction & Engineering)	(a)		4,600		132,572
AMETEK, Inc. (Electrical Equip.)			5,200		284,856
Eaton Corp. PLC (Electrical Equip.)			10,036		677,330
Emerson Electric Co. (Electrical Equip.)			14,400		798,192
Rockwell Automation, Inc. (Electrical Equip.)			2,900		361,456
3M Co. (Industrial Conglomerates)			13,600		2,098,480
Danaher Corp. (Industrial Conglomerates)			13,200		1,129,788
General Electric Co. (Industrial Conglomerates)			216,600		5,755,062
Roper Technologies, Inc. (Industrial Conglomerates)			2,200		379,412
Caterpillar, Inc. (Machinery)			13,000		1,102,660
Cummins, Inc. (Machinery)			3,600		472,284
Deere & Co. (Machinery)			7,200		698,760
Dover Corp. (Machinery)			3,400		238,612
Flowserve Corp. (Machinery)			2,900		152,714
Illinois Tool Works, Inc. (Machinery)			7,300		670,067
Ingersoll-Rand PLC (Machinery)			5,700		384,294
Joy Global, Inc. (Machinery)			2,100		76,020
PACCAR, Inc. (Machinery)			7,612		485,722
Pall Corp. (Machinery)			2,300		286,235
Parker-Hannifin Corp. (Machinery)			3,000		348,990
Pentair PLC (Machinery)			3,903		268,331
Snap-on, Inc. (Machinery)			1,300		207,025
Stanley Black & Decker, Inc. (Machinery)			3,347		352,238
Xylem, Inc. (Machinery)			3,900		144,573
Dun & Bradstreet Corp. / The (Professional Svs.)			800		97,600
Equifax, Inc. (Professional Svs.)			2,600		252,434
Nielsen NV (Professional Svs.)			7,900		353,683
Robert Half International, Inc. (Professional Svs.)			2,900		160,950
CSX Corp. (Road & Rail)			21,200		692,180
J.B. Hunt Transport Services, Inc. (Road & Rail)			1,900		155,971
Kansas City Southern (Road & Rail)			2,400		218,880
Norfolk Southern Corp. (Road & Rail)			6,600		576,576
Ryder System, Inc. (Road & Rail)			1,100		96,107
Union Pacific Corp. (Road & Rail)			18,800		1,792,956
Fastenal Co. (Trading Companies & Distributors)			5,800		244,644
United Rentals, Inc. (Trading Companies & Distributors)	(a)		2,100		184,002
W.W. Grainger, Inc. (Trading Companies & Distributors)			1,300		307,645
					39,704,273
INFORMATION TECHNOLOGY – 18.8%
Cisco Systems, Inc. (Communications Equip.)			109,300		3,001,378
F5 Networks, Inc. (Communications Equip.)	(a)		1,500		180,525
Harris Corp. (Communications Equip.)			2,600		199,966
Juniper Networks, Inc. (Communications Equip.)			7,600		197,372
Motorola Solutions, Inc. (Communications Equip.)			4,014		230,163
QUALCOMM, Inc. (Communications Equip.)			35,000		2,192,050
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)			6,600		382,602
Corning, Inc. (Electronic Equip., Instr. & Comp.)			27,000		532,710

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (continued)
FLIR Systems, Inc. (Electronic Equip., Instr. & Comp.)			3,000	$	92,460
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)			8,700		559,410
Akamai Technologies, Inc. (Internet Software & Svs.)	(a)		3,800		265,316
eBay, Inc. (Internet Software & Svs.)	(a)		23,800		1,433,712
Equinix, Inc. (Internet Software & Svs.)			1,200		304,800
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		45,300		3,885,155
Google, Inc. Class A (Internet Software & Svs.)	(a)		6,125		3,307,745
Google, Inc. Class C (Internet Software & Svs.)	(a)		6,141		3,196,452
VeriSign, Inc. (Internet Software & Svs.)	(a)		2,300		141,956
Yahoo!, Inc. (Internet Software & Svs.)	(a)		18,800		738,652
Accenture PLC Class A (IT Svs.)			13,500		1,306,530
Alliance Data Systems Corp. (IT Svs.)	(a)		1,300		379,522
Automatic Data Processing, Inc. (IT Svs.)			10,100		810,323
Cognizant Technology Solutions Corp. Class A (IT Svs.)	(a)		13,100		800,279
Computer Sciences Corp. (IT Svs.)			3,000		196,920
Fidelity National Information Services, Inc. (IT Svs.)			6,100		376,980
Fiserv, Inc. (IT Svs.)	(a)		5,100		422,433
International Business Machines Corp. (IT Svs.)			19,650		3,196,269
MasterCard, Inc. Class A (IT Svs.)			20,800		1,944,384
Paychex, Inc. (IT Svs.)			7,000		328,160
Teradata Corp. (IT Svs.)	(a)		3,100		114,700
Total System Services, Inc. (IT Svs.)			3,477		145,234
Visa, Inc. (IT Svs.)			41,500		2,786,725
Western Union Co. / The (IT Svs.)			11,047		224,586
Xerox Corp. (IT Svs.)			22,302		237,293
Altera Corp. (Semiconductors & Equip.)			6,500		332,800
Analog Devices, Inc. (Semiconductors & Equip.)			6,700		430,040
Applied Materials, Inc. (Semiconductors & Equip.)			26,500		509,330
Avago Technologies Ltd. (Semiconductors & Equip.)			5,500		731,115
Broadcom Corp. Class A (Semiconductors & Equip.)			11,650		599,859
First Solar, Inc. (Semiconductors & Equip.)	(a)		1,650		77,517
Intel Corp. (Semiconductors & Equip.)			102,000		3,102,330
KLA-Tencor Corp. (Semiconductors & Equip.)			3,400		191,114
Lam Research Corp. (Semiconductors & Equip.)			3,425		278,624
Linear Technology Corp. (Semiconductors & Equip.)			5,100		225,573
Microchip Technology, Inc. (Semiconductors & Equip.)			4,300		203,928
Micron Technology, Inc. (Semiconductors & Equip.)	(a)		23,200		437,088
NVIDIA Corp. (Semiconductors & Equip.)			11,000		221,210
Qorvo, Inc. (Semiconductors & Equip.)	(a)		3,200		256,864
Skyworks Solutions, Inc. (Semiconductors & Equip.)			4,100		426,810
Texas Instruments, Inc. (Semiconductors & Equip.)			22,400		1,153,824
Xilinx, Inc. (Semiconductors & Equip.)			5,600		247,296
Adobe Systems, Inc. (Software)	(a)		10,200		826,302
Autodesk, Inc. (Software)	(a)		4,900		245,368
CA, Inc. (Software)			6,800		199,172
Citrix Systems, Inc. (Software)	(a)		3,400		238,544
Electronic Arts, Inc. (Software)	(a)		6,700		445,550
Intuit, Inc. (Software)			5,900		594,543
Microsoft Corp. (Software)			173,900		7,677,685
Oracle Corp. (Software)			68,500		2,760,550
Red Hat, Inc. (Software)	(a)		3,900		296,127
Salesforce.com, Inc. (Software)	(a)		13,100		912,153
Symantec Corp. (Software)			14,594		339,311
Apple, Inc. (Tech. Hardware, Storage & Periph.)			123,800		15,527,615
EMC Corp. (Tech. Hardware, Storage & Periph.)			41,700		1,100,463
Hewlett-Packard Co. (Tech. Hardware, Storage & Periph.)			38,800		1,164,388
NetApp, Inc. (Tech. Hardware, Storage & Periph.)			6,700		211,452
SanDisk Corp. (Tech. Hardware, Storage & Periph.)			4,500		261,990

54 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (Continued)
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)			6,800	$	323,000
Western Digital Corp. (Tech. Hardware, Storage & Periph.)			4,700		368,574
					77,030,871
MATERIALS – 3.0%
Air Products & Chemicals, Inc. (Chemicals)			4,200		574,686
Airgas, Inc. (Chemicals)			1,500		158,670
CF Industries Holdings, Inc. (Chemicals)			5,100		327,828
Dow Chemical Co. / The (Chemicals)			23,300		1,192,261
Eastman Chemical Co. (Chemicals)			3,200		261,824
Ecolab, Inc. (Chemicals)			5,800		655,806
E.I. du Pont de Nemours & Co. (Chemicals)			19,500		1,247,025
FMC Corp. (Chemicals)			2,900		152,395
International Flavors & Fragrances, Inc. (Chemicals)			1,700		185,793
LyondellBasell Industries NV Class A (Chemicals)			8,400		869,568
Monsanto Co. (Chemicals)			10,186		1,085,726
Mosaic Co. / The (Chemicals)			6,700		313,895
PPG Industries, Inc. (Chemicals)			5,800		665,376
Praxair, Inc. (Chemicals)			6,200		741,210
Sherwin-Williams Co. / The (Chemicals)			1,700		467,534
Sigma-Aldrich Corp. (Chemicals)			2,600		362,310
Martin Marietta Materials, Inc. (Construction Materials)			1,300		183,963
Vulcan Materials Co. (Construction Materials)			2,900		243,397
Avery Dennison Corp. (Containers & Packaging)			2,000		121,880
Ball Corp. (Containers & Packaging)			3,000		210,450
MeadWestvaco Corp. (Containers & Packaging)			7,100		335,049
Owens-Illinois, Inc. (Containers & Packaging)	(a)		3,500		80,290
Sealed Air Corp. (Containers & Packaging)			4,500		231,210
Alcoa, Inc. (Metals & Mining)			26,300		293,245
Allegheny Technologies, Inc. (Metals & Mining)			2,300		69,460
Freeport-McMoRan, Inc. (Metals & Mining)			22,352		416,194
Newmont Mining Corp. (Metals & Mining)			11,400		266,304
Nucor Corp. (Metals & Mining)			6,900		304,083
International Paper Co. (Paper & Forest Products)			9,100		433,069
					12,450,501
TELECOMMUNICATION SERVICES – 2.1%
AT&T, Inc. (Diversified Telecom. Svs.)			111,578		3,963,251
CenturyLink, Inc. (Diversified Telecom. Svs.)			12,072		354,675
Frontier Communications Corp. (Diversified Telecom. Svs.)			24,741		122,468
Level 3 Communications, Inc. (Diversified Telecom. Svs.)	(a)		6,300		331,821
Verizon Communications, Inc. (Diversified Telecom. Svs.)			87,700		4,087,697
					8,859,912

Common Stocks (Continued)		Shares		Value
UTILITIES – 2.7%
American Electric Power Co., Inc. (Electric Utilities)			10,500	$	556,185
Duke Energy Corp. (Electric Utilities)			14,843		1,048,213
Edison International (Electric Utilities)			7,000		389,060
Entergy Corp. (Electric Utilities)			3,900		274,950
Eversource Energy (Electric Utilities)			6,800		308,788
Exelon Corp. (Electric Utilities)			18,490		580,956
FirstEnergy Corp. (Electric Utilities)			9,034		294,057
NextEra Energy, Inc. (Electric Utilities)			9,500		931,285
Pepco Holdings, Inc. (Electric Utilities)			5,400		145,476
Pinnacle West Capital Corp. (Electric Utilities)			2,400		136,536
PPL Corp. (Electric Utilities)			14,400		424,368
Southern Co. / The (Electric Utilities)			19,500		817,050
Xcel Energy, Inc. (Electric Utilities)			10,900		350,762
AGL Resources, Inc. (Gas Utilities)			2,586		120,404
AES Corp. (Ind. Power & Renewable Elec.)			14,700		194,922
NRG Energy, Inc. (Ind. Power & Renewable Elec.)			7,200		164,736
Ameren Corp. (Multi-Utilities)			5,200		195,936
CenterPoint Energy, Inc. (Multi-Utilities)			9,200		175,076
CMS Energy Corp. (Multi-Utilities)			5,900		187,856
Consolidated Edison, Inc. (Multi-Utilities)			6,300		364,644
Dominion Resources, Inc. (Multi-Utilities)			12,800		855,936
DTE Energy Co. (Multi-Utilities)			3,900		291,096
NiSource, Inc. (Multi-Utilities)			6,800		310,012
PG&E Corp. (Multi-Utilities)			10,300		505,730
Public Service Enterprise Group, Inc. (Multi-Utilities)			10,900		428,152
SCANA Corp. (Multi-Utilities)			3,100		157,015
Sempra Energy (Multi-Utilities)			5,000		494,700
TECO Energy, Inc. (Multi-Utilities)			5,100		90,066
WEC Energy Group, Inc. (Multi-Utilities)			6,731		302,699
					11,096,666
Total Common Stocks (Cost $253,834,963)				$	391,747,417
Exchange Traded Funds – 4.0%		Shares		Value
SPDR S&P 500 ETF Trust			80,125	$	16,493,731
Total Exchange Traded Funds (Cost $16,553,999)				$	16,493,731
Total Investments – 99.6% (Cost $270,388,962)	(b)			$	408,241,148
Other Assets in Excess of Liabilities – 0.4%					1,489,563
Net Assets – 100.0%				$	409,730,711

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

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

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

55

Ohio National Fund, Inc. Strategic Value Portfolio

Objective/Strategy

The Strategic Value Portfolio seeks growth of capital and income by investing primarily in securities of high dividend yielding, undervalued stocks with dividend growth potential.

Performance as of June 30, 2015

Average Annual Returns;
One year	-1.00%
Five years	14.54%
Ten years	5.08%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Strategic Value Portfolio returned -0.36% versus -3.57% for the current benchmark, the Dow Jones U.S. Select Dividend Index (“DJSDI”).

In spite of the recent commotion in the markets, precipitated by uncertainty in Greece and the Federal Reserve’s future interest rate plans, the Portfolio remained focused, as always, on providing investors with a high dividend yield and dividend growth. At the end of June, the Portfolio’s gross dividend yield measured 4.4%, higher than that of the broad market S&P 500 Index (2.1%) and the Dow Jones U.S. Select Dividend Index (3.8%), which aims to reflect the domestic dividend-paying universe.⁽¹⁾

During the first half of the year, the Portfolio realized 17 dividend increases. The most notable of these increases came from The Williams Cos., Inc., The Coca-Cola Co., Dominion Resources, Inc., PepsiCo, Inc., General Mills, Inc., and Johnson & Johnson, as they raised their dividends by 10.3%, 8.2%, 7.9%, 7.3%, 7.3% and 7.1%, respectively. Johnson & Johnson’s April 2015 dividend hike marked the 53^rd consecutive year that the company has raised its dividend.⁽¹⁾

The Portfolio primarily invests in high yield, low beta, large cap, high quality holdings, which are representative of a dividend-oriented strategy. Despite the strong “risk on” environment during the first half of the year, which creates a significant headwind for a large cap, high yielding, low beta strategy, the Portfolio handled these obstacles well. Of note, when quintiling the S&P 500 Index, low quality (“C/D”) has outperformed high quality (“A+”) by 13.0%, low yield has outperformed high yield by 7.7%, high beta has outperformed low beta by 2.3%, and small caps have outperformed large caps by 1.6%. These characteristics are not conducive to a dividend-oriented strategy.⁽¹⁾

On an absolute performance basis, the Portfolio’s holdings in real estate investment trusts (“REITs”) and Utilities detracted from performance, as they both experienced short-term price pressure due to speculation around when the Federal Reserve might raise rates. The Portfolio’s holdings in these areas are, nonetheless, very

supportive of an income-oriented investment strategy, evidenced by their average dividend yields of 5.3% and 4.8%, respectively.⁽¹⁾

The Portfolio’s absolute performance was primarily driven by our notable weight in Consumer Staples, which returned 6.5% in the Portfolio dominated by two investments, Kraft Foods Group, Inc. (up 36.7%) and Reynolds American, Inc. (up 18.4%). Kraft Foods Group, Inc.’s shares rose 35.6% on March 25^th after the announcement of its merger agreement with Heinz. Under the terms of the deal, current Kraft Foods Group, Inc. shareholders will own 49% of the new company, while existing Heinz shareholders will own 51% and 3G Capital and Warren Buffet will be returning cash to existing Kraft Foods Group, Inc. shareholders worth $10 billion, or $16.50/share. Reynolds American, Inc. shares have also been propelled by its merger agreement with Lorillard, which was completed on June 12, 2015. Strong revenue growth and strong pricing (cigarette pricing up 5.9% year over year) has also added to Reynolds American, Inc.’s strong performance. Separately, The Williams Cos., Inc. within Energy, added positively to performance, as it returned 26.0% for the period. The Williams Cos., Inc.’s shares rose after the news of the potential buyout offer from Energy Transfer Equity L.P. ⁽¹⁾

The Portfolio’s five best performing securities were Kraft Foods Group, Inc. (up 36.7%), The Williams Cos., Inc. (up 26.0%), Reynolds American, Inc. (up 18.4%), Sanofi (up 15.2%), and Vodafone Group PLC (up 10.1%). The Portfolio’s five worst performing securities were, Royal Dutch Shell PLC (down 15.7%), HCP, Inc. (down 14.9%), Duke Energy Corp. (down 13.7%), National Retail Properties, Inc. (down 13.3%) and The Procter & Gamble Co. (down 12.8%). The Procter & Gamble Co. had disappointing first quarter results as organic sales came in below expectations. Most defensive investments experience near term pressure due to concerns surrounding interest rate volatility. ⁽¹⁾

On a relative basis, the Portfolio’s strongest contribution came from the notable performance within Consumer Staples. The Portfolio’s 31.5% Consumer Staples exposure posted a return of 6.5%, compared to an average return of 1.7% for the Staples holdings within the benchmark. The most notable performers in Consumer Staples were Kraft Foods Group, Inc., Reynolds American, Inc. and Unilever PLC. The Portfolio’s significant underweight in Utilities versus the benchmark also contributed significantly to relative performance, adding 1.5%. Lastly, the Portfolio’s superior stock selection in Telecommunication Services added 2.0% to relative performance. This substantial outperformance was driven by the Portfolio’s exposure to Vodafone Group PLC (up 10.1%) and AT&T, Inc. (up 8.8%), while avoiding CenturyLink, Inc., which posted a -23.4% return in the index for the period. ⁽¹⁾

The primary driver of relative weakness was Financials, which was the third best performer in the index posting a return of 4.5%. While the Portfolio’s only exposure in Financials is the position in REITs, REITs underperformed during the period driven by the speculation around rising rates. The index’s 4.8% average weight in Commercial Banks posted a return of 10.6%, as Commercial Banks tend to outperform in a rising rate environment. Due to the financial crisis of 2008, however, dividend payout ratios within Financials were greatly reduced. As a result, the Financials sector is not an optimal sector to find investments with a strong history of consecutively paying and an increasing dividend.⁽¹⁾

The Portfolio has not changed its basic positioning, as it continues to invest in companies that exhibit both the ability and the inclination to pay and increase their dividends, although the security makeup of the Portfolio has changed modestly over the first half of the year.

56 (continued)

Ohio National Fund, Inc. Strategic Value Portfolio (Continued)

Changes to sector exposures included a 4.4% decrease in the Energy exposure and a 1.8% increase in Consumer Staples and Telecommunication Services. Energy decreased as a result of eliminating our positions in ConocoPhillips and The Williams Cos., Inc. We exited our position in ConocoPhillips because the company does not have a downstream business that would have aided it through this period of low energy prices. The company spun off its refining business, Phillips 66, back in early 2012, which would have benefited from lower input costs associated with lower oil prices. Without the benefit of a downstream business, ConocoPhillips failed our dividend safety stress test and was subsequently eliminated. We also exited The Williams Cos., Inc. after the shares soared 26% on June 22, based on the news of a potential buyout from Energy Transfer Equity L.P.⁽¹⁾

Consumer Staples increased as a result of adding to existing positions in Altria Group, Inc., Philip Morris International, Inc. and The Procter & Gamble Co., three companies that have a very strong history of paying consecutive dividends. Altria Group, Inc. and Philip Morris International, Inc. have been paying consecutive dividends every year since 1928 and The Procter & Gamble Co. has paid consecutive dividends every year since 1890! Exposure to the Telecommunication Services sector increased due to increases to an existing position in BCE, Inc. BCE, Inc. currently yields 4.2% and increased its dividend by over 5.3% in February. BCE, Inc. has a high commitment to the dividend and a long track record of paying and growing the dividend. There was one new addition in Heath Care, Sanofi, which currently yields 3.2%. The company’s ability and willingness to share a fair amount of its profits with shareholders makes Sanofi a compelling investment option for a dividend-focused strategy.⁽¹⁾

The year 2015 has been a tumultuous year so far for stocks, as several issues continue to trigger volatility in the market. Speculation around when the Federal Reserve will raise rates, the potential Greece default, China’s declining growth rate, and the volatility within oil prices have been the major concerns driving market volatility. Globally, the potential default of Greece, and its possible exit from the European Union, is causing volatility throughout the European markets. Domestically, oil prices have dropped again on the threat of Iranian supply coming online, and an increase in U.S. drilling has added to signs that producers will keep adding to an already oversupplied market. The Federal Reserve is expected to raise rates by the end of the year, with some speculating the raise to occur as early as September. The U.S. markets have seen solid economic growth and job growth, but the stagnant pace of inflation may cause the Federal Reserve to hold off on raising rates even longer.

The Portfolio’s unchanging investment strategy looks beyond short-term market noise and focuses instead on the long-term drivers of total return. As the broad market constantly ebbs and flows in its unpredictable fashion, the Portfolio provides a steadfast, objectives-based investment approach that we believe is designed to provide a meaningful source of income, growth in that income which can offset inflation, downside protection characteristics and a long-term investment approach positioned to outperform the broad market.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

The Dow Jones U.S. Select Dividend Index is comprised of all dividend-paying companies in the Dow Jones U.S. Index that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend to earnings-per-share ratio of less than or equal to 60%, paid dividends in each of the previous five years, and a three-month average daily trading volume of 200,000 shares. Current index components are included in the universe regardless of their dividend payout ratio or trading volume. The Dow Jones U.S. Index aims to consistently represent the top 95% of U.S. companies based on float-adjusted market capitalization, excluding non common issues and illiquid stocks. The index presented includes the effects of reinvested dividends.

57 (continued)

Ohio National Fund, Inc. Strategic Value Portfolio (Continued)

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	97.6
Money Market Funds and Other Net Assets	2.4
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     Kraft Foods Group, Inc.	5.3
2.     AT&T, Inc.	4.7
3.     Altria Group, Inc.	4.7
4.     Reynolds American, Inc.	4.6
5.     Verizon Communications, Inc.	4.3
6.     McDonald’s Corp.	4.3
7.     National Grid PLC	4.3
8.     Philip Morris International, Inc.	4.2
9.     GlaxoSmithKline PLC	4.0
10.     Vodafone Group PLC – ADR	3.7

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Consumer Staples	32.7
Telecommunication Services	14.8
Utilities	14.5
Energy	13.3
Health Care	9.1
Financials	8.9
Consumer Discretionary	4.3
	97.6

58

Ohio National Fund, Inc. Strategic Value Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 97.6%		Shares		Value
CONSUMER DISCRETIONARY – 4.3%
McDonald’s Corp. (Hotels, Restaurants & Leisure)			149,645	$	14,226,750
CONSUMER STAPLES – 32.7%
Coca-Cola Co. / The (Beverages)			119,450		4,686,023
PepsiCo, Inc. (Beverages)			36,700		3,425,578
General Mills, Inc. (Food Products)			97,100		5,410,412
Kellogg Co. (Food Products)			54,075		3,390,502
Kraft Foods Group, Inc. (Food Products)			206,730		17,600,992
Kimberly-Clark Corp. (Household Products)			78,475		8,315,996
Procter & Gamble Co. / The (Household Products)			140,350		10,980,984
Unilever PLC (Personal Products)	(a)		215,600		9,257,624
Altria Group, Inc. (Tobacco)			315,195		15,416,187
Philip Morris International, Inc. (Tobacco)			174,545		13,993,273
Reynolds American, Inc. (Tobacco)			203,620		15,202,269
					107,679,840
ENERGY – 13.3%
BP PLC (Oil, Gas & Consumable Fuels)	(a)		1,685,300		11,184,726
Chevron Corp. (Oil, Gas & Consumable Fuels)			110,980		10,706,241
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)			137,390		5,274,402
Royal Dutch Shell PLC (Oil, Gas & Consumable Fuels)	(a)		321,220		9,145,244
TOTAL SA (Oil, Gas & Consumable Fuels)	(a)		152,420		7,476,363
					43,786,976
FINANCIALS – 8.9%
Digital Realty Trust, Inc. (Real Estate Investment Trusts)			85,700		5,714,476
HCP, Inc. (Real Estate Investment Trusts)			155,190		5,659,779
Health Care REIT, Inc. (Real Estate Investment Trusts)			81,800		5,368,534
National Retail Properties, Inc. (Real Estate Investment Trusts)			83,000		2,905,830
Realty Income Corp. (Real Estate Investment Trusts)			80,800		3,586,712
Ventas, Inc. (Real Estate Investment Trusts)			97,530		6,055,638
					29,290,969

Common Stocks (Continued)		Shares		Value
HEALTH CARE – 9.1%
GlaxoSmithKline PLC (Pharmaceuticals)	(a)		629,156	$	13,081,295
Johnson & Johnson (Pharmaceuticals)			51,860		5,054,276
Merck & Co., Inc. (Pharmaceuticals)			145,800		8,300,394
Sanofi (Pharmaceuticals)	(a)		37,036		3,663,977
					30,099,942
TELECOMMUNICATION SERVICES – 14.8%
AT&T, Inc. (Diversified Telecom. Svs.)			439,223		15,601,201
BCE, Inc. (Diversified Telecom. Svs.)			160,280		6,809,013
Verizon Communications, Inc. (Diversified Telecom. Svs.)			307,101		14,313,978
Vodafone Group PLC – ADR (Wireless Telecom. Svs.)			331,893		12,097,500
					48,821,692
UTILITIES – 14.5%
American Electric Power Co., Inc. (Electric Utilities)			74,600		3,951,562
Duke Energy Corp. (Electric Utilities)			139,906		9,880,162
PPL Corp. (Electric Utilities)			251,900		7,423,493
Southern Co. / The (Electric Utilities)			194,860		8,164,634
Dominion Resources, Inc. (Multi-Utilities)			61,225		4,094,116
National Grid PLC (Multi-Utilities)	(a)		1,103,800		14,206,732
					47,720,699
Total Common Stocks (Cost $305,147,781)				$	321,626,868
Money Market Funds – 2.0%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			6,640,000	$	6,640,000
Total Money Market Funds (Cost $6,640,000)				$	6,640,000
Total Investments – 99.6% (Cost $311,787,781)	(b)			$	328,266,868
Other Assets in Excess of Liabilities – 0.4%					1,331,604
Net Assets – 100.0%				$	329,598,472

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

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 $68,015,961, or 20.6% of the Portfolio’s net assets. Other Portfolio securities are not subjected to fair value procedures because they are traded on domestic or foreign exchanges that have close times that are consistent with the U.S. market close, normally 4:00 pm Eastern Time.

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

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

59

Ohio National Fund, Inc. High Income Bond Portfolio

Objective/Strategy

The High Income Bond Portfolio seeks high current income by investing 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 Ba or lower by Moody’s, or BB or lower by Standard & Poor’s or Fitch.

Performance as of June 30, 2015

Average Annual Returns:
One year	0.48%
Five years	8.22%
Ten years	7.28%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the High Income Bond Portfolio returned 2.33% versus 2.53% for the current benchmark, the Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index (“BCHY2%”).

The high yield market generated attractive relative returns during the reporting period. For comparison, the Barclays U.S. Aggregate Index, a measure of high quality bond performance, returned (0.10%) versus the 2.53% for the BCHY2%. The high yield market benefitted from the general perception that the U.S. economy was in a modest self-sustaining economic expansion, led by rising employment levels and consumer confidence. This provided an environment for strong corporate credit conditions in non-commodity based industries. Even issuers in the Energy sector rebounded from year end levels, as the worst outcomes for oil prices did not materialize in the first half. The market’s strength is illustrated by the narrowing of yield spreads between the Credit Suisse High Yield Bond Index and U.S. Treasury securities with comparable maturities which began the period at 564 basis points and ended the period at 535 basis points.

Within the high-yield market, major industry sectors that substantially outperformed the overall BCHY2% included: midstream, oil field services, food/beverages, consumer cyclical services and leisure. Major industry sectors that substantially underperformed the overall BCHY2% included: metals/mining, wireline telecommunications, aerospace/defense, cable/satellite and construction machinery. From a ratings quality perspective, the more interest rate sensitive BB-rated securities were the worst performer at a still respectable 2.31%. The B-rated sector led the way returning 3.01% followed by the CCC-rated sector which returned 2.50%.

The Portfolio was positively impacted by its underweight to the poor performing metals/mining and wireline telecommunication sector. The Portfolio benefitted from strong security selection in the independent energy, aerospace/defense, gaming and retail sectors. Specific Portfolio holdings that substantially outperformed the BCHY2% included: Approach Resources, Inc., Northern Oil & Gas,

Inc., Hiland Partners LP/Hiland Partners Finance Corp., Oasis Petroleum, Inc. and Laredo Petroleum, Inc. The Portfolio was negatively impacted by security selection in the Information Technology sector. Specific Portfolio holdings that substantially underperformed the BCHY2% included: Chaparral Energy, Inc., Energy XXI Gulf Coast, Inc., SandRidge Energy, Inc., Intelsat SA and BMC Software Finance, Inc. The Portfolio was positively impacted by its underweight to the poor performing metals/mining and wireline telecommunication sector. ⁽¹⁾

As the third quarter begins, two major uncertainties dominate the headlines, the ongoing financial problems in Greece and the timing of the Federal Reserve’s first move to raise the federal funds rate. From an intermediate-to-longer-term perspective, we believe the strengthening U.S. economic climate, supported by stimulative central bank policies outside the U.S., will have a much greater impact on the high yield market than Greece or the Federal Reserve’s modest tightening actions. We believe credit spreads will tighten, offsetting any increase in intermediate U.S. Treasury rates. The credit deterioration in the metals & mining and energy sectors will most likely serve as a headwind for the overall high yield market should commodity prices not improve from current levels.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

Hypothetical illustration based on past performance. Future performance will vary. All returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of Portfolio management or trading. Neither the Portfolio nor the index is open to direct investment.

The Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index is the 2% Issuer Cap component of the Barclays Capital U.S. Corporate High Yield Bond Index. The Barclays Capital U.S. Corporate High Yield Bond Index is an unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1/BB+/BB+, a minimum amount outstanding of $150 million, and a least 1 year to maturity. The 2% Issuer Cap component limits the exposure of each issuer to 2% of the total market value and distributes any excess market value index–wide on a pro–rata basis. The index is presented on a total return basis.

60 (continued)

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Corporate Bonds (3)	97.7
Money Market Funds and Other Net Assets	2.3
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     First Data Corp. 8.750%, 01/15/2022	1.3
2.     HCA, Inc. 5.000%, 03/15/2024	1.0
3.     Energy Transfer Equity LP 5.875%, 01/15/2024	0.8
4.     Infor Software Parent LLC / Infor Software Parent, Inc. 7.125%, 05/01/2021	0.8
5.     DISH DBS Corp. 5.875%, 07/15/2022	0.7
6.     Crimson Merger Sub., Inc. 6.625%, 05/15/2022	0.7
7.     Berry Plastics Corp. 5.500%, 05/15/2022	0.6
8.     Aramark Services, Inc. 5.750%, 03/15/2020	0.6
9.     Signode Industrial Group Lux SA / Signode Industrial Group U.S., Inc. 6.375%, 05/01/2022	0.6
10.     Serta Simmons Holdings LLC 8.125%, 10/01/2020	0.6

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Consumer Discretionary	29.9
Health Care	12.1
Industrials	11.7
Energy	11.2
Information Technology	10.4
Materials	9.1
Telecommunication Services	4.0
Consumer Staples	3.9
Financials	3.2
Utilities	2.2
	97.7

61

Ohio National Fund, Inc. High Income Bond Portfolio

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds – 97.7%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 29.9%
American Axle & Manufacturing, Inc. (Auto Components)			6.625%	10/15/2022	$	625,000	$	656,250
American Axle & Manufacturing, Inc. (Auto Components)			6.250%	03/15/2021		400,000		420,000
Gates Global LLC / Gates Global Co. (Auto Components)	(b)		6.000%	07/15/2022		900,000		814,500
International Automotive Components Group SL (Auto Components)	(b)		9.125%	06/01/2018		850,000		867,000
J.B. Poindexter & Co., Inc. (Auto Components)	(b)		9.000%	04/01/2022		725,000		775,750
Lear Corp. (Auto Components)			5.375%	03/15/2024		225,000		228,375
Lear Corp. (Auto Components)			4.750%	01/15/2023		625,000		615,625
Lear Corp. (Auto Components)			5.250%	01/15/2025		100,000		98,250
MPG Holdco I, Inc. (Auto Components)			7.375%	10/15/2022		700,000		745,500
Omega U.S. Sub, LLC (Auto Components)	(b)		8.750%	07/15/2023		300,000		299,250
Stackpole International Intermediate / Stackpole International Powder (Auto Components)	(b)		7.750%	10/15/2021		625,000		615,625
Tenneco, Inc. (Auto Components)			5.375%	12/15/2024		225,000		231,187
UCI International, Inc. (Auto Components)			8.625%	02/15/2019		825,000		734,250
ZF North America Capital, Inc. (Auto Components)	(b)		4.750%	04/29/2025		325,000		315,250
General Motors Co. (Automobiles)			4.000%	04/01/2025		500,000		491,643
General Motors Financial Co., Inc. (Automobiles)			4.250%	05/15/2023		325,000		328,442
General Motors Financial Co., Inc. (Automobiles)			4.000%	01/15/2025		150,000		147,775
Affinia Group, Inc. (Distributors)			7.750%	05/01/2021		1,125,000		1,175,625
ServiceMaster Co. LLC / The (Diversified Consumer Svs.)			7.100%	03/01/2018		450,000		472,500
ServiceMaster Co. LLC / The (Diversified Consumer Svs.)			7.450%	08/15/2027		300,000		303,000
ServiceMaster Co. LLC / The (Diversified Consumer Svs.)			7.000%	08/15/2020		649,000		685,506
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(b)		6.000%	04/01/2022		1,175,000		1,207,312
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(b)		4.625%	01/15/2022		375,000		369,375
Affinity Gaming LLC / Affinity Gaming Finance Corp. (Hotels, Restaurants & Leisure)			9.000%	05/15/2018		250,000		248,750
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)			6.875%	05/15/2023		375,000		384,375
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. (Hotels, Restaurants & Leisure)			5.250%	03/15/2021		125,000		128,437
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. (Hotels, Restaurants & Leisure)			5.375%	06/01/2024		375,000		379,200
Chester Downs & Marina LLC (Hotels, Restaurants & Leisure)	(b)		9.250%	02/01/2020		450,000		351,000
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)			5.375%	12/15/2021		225,000		230,625
ESH Hospitality, Inc. (Hotels, Restaurants & Leisure)	(b)		5.250%	05/01/2025		225,000		218,812
GLP Capital LP / GLP Financing II, Inc. (Hotels, Restaurants & Leisure)			5.375%	11/01/2023		375,000		385,312
GLP Capital LP / GLP Financing II, Inc. (Hotels, Restaurants & Leisure)			4.875%	11/01/2020		625,000		635,937
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. (Hotels, Restaurants & Leisure)			5.625%	10/15/2021		300,000		311,610
MGM Resorts International (Hotels, Restaurants & Leisure)			7.750%	03/15/2022		1,125,000		1,237,500
MGM Resorts International (Hotels, Restaurants & Leisure)			6.750%	10/01/2020		425,000		449,352
Mohegan Tribal Gaming Authority (Hotels, Restaurants & Leisure)			9.750%	09/01/2021		450,000		471,375
NPC International, Inc. / NPC Operating Co. A, Inc. / NPC Operating Co. B, Inc. (Hotels, Restaurants & Leisure)			10.500%	01/15/2020		900,000		942,750
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)			5.875%	11/01/2021		1,075,000		1,083,062
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)			7.500%	04/15/2021		225,000		238,219
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)			6.375%	08/01/2021		650,000		689,812
Rivers Pittsburgh Borrower LP / Rivers Pittsburgh Finance Corp. (Hotels, Restaurants & Leisure)	(b)		9.500%	06/15/2019		577,000		606,571
Seminole Hard Rock Entertainment, Inc. / Seminole Hard Rock International LLC (Hotels, Restaurants & Leisure)	(b)		5.875%	05/15/2021		1,225,000		1,237,250
Seminole Indian Tribe of Florida (Hotels, Restaurants & Leisure)	(b)		7.804%	10/01/2020		745,000		795,287
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)	(b)		5.250%	01/15/2021		800,000		816,000
Station Casinos LLC (Hotels, Restaurants & Leisure)			7.500%	03/01/2021		800,000		856,000
RSI Home Products, Inc. (Household Durables)	(b)		6.500%	03/15/2023		550,000		554,125
Serta Simmons Holdings LLC (Household Durables)	(b)		8.125%	10/01/2020		1,275,000		1,345,125
CDW LLC / CDW Finance Corp. (Internet & Catalog Retail)			6.000%	08/15/2022		100,000		103,250
CDW LLC / CDW Finance Corp. (Internet & Catalog Retail)			5.500%	12/01/2024		525,000		519,750
CDW LLC / CDW Finance Corp. (Internet & Catalog Retail)			5.000%	09/01/2023		550,000		540,375
FGI Operating Co. LLC / FGI Finance, Inc. (Leisure Equip. & Products)			7.875%	05/01/2020		800,000		612,000
Altice SA (Media)	(b)		7.750%	05/15/2022		875,000		846,562
Altice SA (Media)	(b)		7.625%	02/15/2025		250,000		235,000
Altice U.S. Finance I Corp. (Media)	(b)		5.375%	07/15/2023		375,000		364,687
Altice U.S. Finance II Corp. (Media)	(b)		7.750%	07/15/2025		200,000		194,000
AMC Networks, Inc. (Media)			7.750%	07/15/2021		475,000		513,000
AMC Networks, Inc. (Media)			4.750%	12/15/2022		350,000		350,000
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			6.625%	01/31/2022		400,000		417,000
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.125%	02/15/2023		150,000		146,250
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.750%	01/15/2024		1,275,000		1,284,562
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.750%	09/01/2023		325,000		325,609
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(b)		5.375%	05/01/2025		175,000		170,406
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(b)		5.875%	05/01/2027		150,000		146,437
Cequel Communications Holdings I LLC / Cequel Capital Corp. (Media)	(b)		6.375%	09/15/2020		350,000		347,637
Cequel Communications Holdings I LLC / Cequel Capital Corp. (Media)	(b)		5.125%	12/15/2021		750,000		681,094

62 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY (continued)
Cequel Communications Holdings I LLC / Cequel Capital Corp. (Media)	(b)		5.125%	12/15/2021	$	100,000	$	90,812
Clear Channel Worldwide Holdings, Inc. (Media)			6.500%	11/15/2022		275,000		281,531
Clear Channel Worldwide Holdings, Inc. (Media)			6.500%	11/15/2022		1,125,000		1,171,406
Crown Media Holdings, Inc. (Media)			10.500%	07/15/2019		700,000		739,375
Cumulus Media Holdings, Inc. (Media)			7.750%	05/01/2019		350,000		321,125
DISH DBS Corp. (Media)			5.875%	07/15/2022		1,600,000		1,568,000
Entercom Radio LLC (Media)			10.500%	12/01/2019		500,000		536,250
Expo Event Transco, Inc. (Media)	(b)		9.000%	06/15/2021		800,000		828,000
Gray Television, Inc. (Media)			7.500%	10/01/2020		700,000		742,000
Igloo Holdings Corp. (Media)	(b)(d)		8.250%	12/15/2017		875,000		885,937
iHeartCommunications, Inc. (Media)			9.000%	03/01/2021		700,000		637,875
Intelsat Jackson Holdings SA (Media)			6.625%	12/15/2022		825,000		755,906
Intelsat Jackson Holdings SA (Media)			5.500%	08/01/2023		550,000		486,750
Intelsat Luxembourg SA (Media)			7.750%	06/01/2021		325,000		271,375
Intelsat Luxembourg SA (Media)			8.125%	06/01/2023		750,000		615,000
Lamar Media Corp. (Media)			5.875%	02/01/2022		250,000		258,750
Lamar Media Corp. (Media)			5.000%	05/01/2023		725,000		717,750
LIN Television Corp. (Media)	(b)		5.875%	11/15/2022		150,000		151,875
Nexstar Broadcasting, Inc. (Media)	(b)		6.125%	02/15/2022		475,000		482,125
Nielsen Co. Luxembourg SARL / The (Media)	(b)		5.500%	10/01/2021		175,000		176,750
Nielsen Finance LLC / Nielsen Finance Co. (Media)			4.500%	10/01/2020		450,000		447,750
Nielsen Finance LLC / Nielsen Finance Co. (Media)	(b)		5.000%	04/15/2022		1,025,000		1,007,062
Numericable Group SA (Media)	(b)		6.000%	05/15/2022		575,000		566,734
Numericable Group SA (Media)	(b)		6.250%	05/15/2024		400,000		393,500
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media)			5.625%	02/15/2024		75,000		76,687
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media)			5.250%	02/15/2022		100,000		101,250
Radio One, Inc. (Media)	(b)		9.250%	02/15/2020		650,000		591,500
Radio One, Inc. (Media)	(b)		7.375%	04/15/2022		475,000		465,500
Regal Entertainment Group (Media)			5.750%	02/01/2025		550,000		536,937
Regal Entertainment Group (Media)			5.750%	03/15/2022		100,000		101,120
Sinclair Television Group, Inc. (Media)	(b)		5.625%	08/01/2024		875,000		855,312
Sirius XM Radio, Inc. (Media)	(b)		4.250%	05/15/2020		150,000		149,250
Sirius XM Radio, Inc. (Media)	(b)		4.625%	05/15/2023		1,400,000		1,314,250
Sirius XM Radio, Inc. (Media)	(b)		6.000%	07/15/2024		275,000		277,750
Sirius XM Radio, Inc. (Media)	(b)		5.375%	04/15/2025		150,000		145,125
Gannett Co., Inc. (Media)	(b)		5.500%	09/15/2024		75,000		74,250
Gannett Co., Inc. (Media)	(b)		4.875%	09/15/2021		75,000		74,437
TEGNA, Inc. (Media)			6.375%	10/15/2023		775,000		806,969
Time, Inc. (Media)	(b)		5.750%	04/15/2022		475,000		459,562
Townsquare Media, Inc. (Media)	(b)		6.500%	04/01/2023		500,000		495,000
Tribune Media Co. (Media)	(b)		5.875%	07/15/2022		600,000		604,500
Unitymedia KabelBW GmbH (Media)	(b)		6.125%	01/15/2025		425,000		444,125
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH (Media)	(b)		5.500%	01/15/2023		475,000		484,203
Lynx II Corp. (Media)	(b)		6.375%	04/15/2023		475,000		491,031
Virgin Media Finance PLC (Media)	(b)		5.750%	01/15/2025		200,000		200,000
Virgin Media Secured Finance PLC (Media)	(b)		5.250%	01/15/2026		425,000		410,656
Family Tree Escrow, LLC (Multiline Retail)	(b)		5.250%	03/01/2020		75,000		78,469
Family Tree Escrow, LLC (Multiline Retail)	(b)		5.750%	03/01/2023		325,000		339,625
Academy Ltd. / Academy Finance Corp. (Specialty Retail)	(b)		9.250%	08/01/2019		800,000		840,560
Argos Merger Sub, Inc. (Specialty Retail)	(b)		7.125%	03/15/2023		925,000		968,937
Jo-Ann Stores Holdings, Inc. (Specialty Retail)	(b)(d)		9.750%	10/15/2019		375,000		335,625
Jo-Ann Stores, Inc. (Specialty Retail)	(b)		8.125%	03/15/2019		250,000		235,312
L Brands, Inc. (Specialty Retail)			5.625%	02/15/2022		725,000		763,062
Michaels Stores, Inc. (Specialty Retail)	(b)		5.875%	12/15/2020		925,000		966,625
Neiman Marcus Group LTD, Inc. (Specialty Retail)	(b)(d)		8.750%	10/15/2021		750,000		805,312
New Academy Finance Co. LLC / New Academy Finance Corp. (Specialty Retail)	(b)(d)		8.000%	06/15/2018		750,000		757,500
Party City Holdings, Inc. (Specialty Retail)			8.875%	08/01/2020		550,000		587,125
Petco Animal Supplies, Inc. (Specialty Retail)	(b)		9.250%	12/01/2018		525,000		548,625
Petco Holdings, Inc. (Specialty Retail)	(b)(d)		8.500%	10/15/2017		750,000		770,625
PVH Corp. (Textiles, Apparel & Luxury Goods)			4.500%	12/15/2022		275,000		272,250
Springs Industries, Inc. (Textiles, Apparel & Luxury Goods)			6.250%	06/01/2021		625,000		610,937
								67,165,736
CONSUMER STAPLES – 3.9%
Rite Aid Corp. (Food & Staples Retailing)	(b)		6.125%	04/01/2023		475,000		489,250
B&G Foods, Inc. (Food Products)			4.625%	06/01/2021		250,000		246,250
Dean Foods Co. (Food Products)	(b)		6.500%	03/15/2023		475,000		484,500
Hearthside Group Holdings LLC / Hearthside Finance Co. (Food Products)	(b)		6.500%	05/01/2022		1,100,000		1,050,500
Kraft Heinz Foods Co. (Food Products)			4.250%	10/15/2020		1,100,000		1,123,375

63 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
CONSUMER STAPLES (continued)
H.J. Heinz Co. (Food Products)	(b)		4.875%	02/15/2025	$	275,000	$	299,406
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. (Food Products)			4.875%	05/01/2021		1,175,000		1,157,375
Smithfield Foods, Inc. (Food Products)			6.625%	08/15/2022		1,050,000		1,120,875
Sun Merger Sub., Inc. (Food Products)	(b)		5.875%	08/01/2021		100,000		103,250
TreeHouse Foods, Inc. (Food Products)			4.875%	03/15/2022		75,000		75,562
Spectrum Brands, Inc. (Household Products)			6.750%	03/15/2020		650,000		684,450
Spectrum Brands, Inc. (Household Products)	(b)		6.125%	12/15/2024		175,000		181,562
Spectrum Brands, Inc. (Household Products)	(b)		5.750%	07/15/2025		200,000		203,000
First Quality Finance Co., Inc. (Personal Products)	(b)		4.625%	05/15/2021		675,000		631,125
Prestige Brands, Inc. (Personal Products)			8.125%	02/01/2020		175,000		186,812
Prestige Brands, Inc. (Personal Products)	(b)		5.375%	12/15/2021		625,000		625,000
								8,662,292
ENERGY – 11.2%
CGG SA (Energy Equip. & Svs.)			6.875%	01/15/2022		400,000		332,000
Chaparral Energy, Inc. (Energy Equip. & Svs.)			7.625%	11/15/2022		200,000		144,000
FTS International, Inc. (Energy Equip. & Svs.)			6.250%	05/01/2022		375,000		275,625
Antero Resources Corp. (Oil, Gas & Consumable Fuels)			6.000%	12/01/2020		775,000		782,750
Antero Resources Corp. (Oil, Gas & Consumable Fuels)			5.125%	12/01/2022		200,000		189,000
Antero Resources Corp. (Oil, Gas & Consumable Fuels)	(b)		5.625%	06/01/2023		125,000		120,781
Approach Resources, Inc. (Oil, Gas & Consumable Fuels)			7.000%	06/15/2021		650,000		585,000
Blue Racer Midstream LLC / Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		6.125%	11/15/2022		325,000		334,750
BreitBurn Energy Partners LP / BreitBurn Finance Corp. (Oil, Gas & Consumable Fuels)			7.875%	04/15/2022		225,000		187,875
California Resources Corp. (Oil, Gas & Consumable Fuels)			6.000%	11/15/2024		725,000		622,594
California Resources Corp. (Oil, Gas & Consumable Fuels)			5.500%	09/15/2021		150,000		129,937
Carrizo Oil & Gas, Inc. (Oil, Gas & Consumable Fuels)			7.500%	09/15/2020		575,000		605,187
Carrizo Oil & Gas, Inc. (Oil, Gas & Consumable Fuels)			6.250%	04/15/2023		100,000		100,250
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			6.875%	11/15/2020		675,000		658,125
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			5.375%	06/15/2021		525,000		475,125
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		6.250%	04/01/2023		450,000		466,875
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)	(b)		7.750%	02/15/2023		175,000		186,375
CVR Refining LLC / Coffeyville Finance, Inc. (Oil, Gas & Consumable Fuels)			6.500%	11/01/2022		325,000		325,000
Energy Transfer Equity LP (Oil, Gas & Consumable Fuels)			5.875%	01/15/2024		1,725,000		1,788,825
Energy XXI Gulf Coast, Inc. (Oil, Gas & Consumable Fuels)			7.500%	12/15/2021		350,000		113,750
Energy XXI Gulf Coast, Inc. (Oil, Gas & Consumable Fuels)			6.875%	03/15/2024		125,000		40,625
EP Energy LLC / Everest Acquisition Finance, Inc. (Oil, Gas & Consumable Fuels)			9.375%	05/01/2020		350,000		374,937
EP Energy LLC / Everest Acquisition Finance, Inc. (Oil, Gas & Consumable Fuels)			7.750%	09/01/2022		100,000		105,000
EP Energy LLC / Everest Acquisition Finance, Inc. (Oil, Gas & Consumable Fuels)	(b)		6.375%	06/15/2023		200,000		200,500
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)			7.750%	11/01/2020		350,000		366,625
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)	(b)		6.625%	05/01/2023		225,000		227,812
Halcon Resources Corp. (Oil, Gas & Consumable Fuels)	(b)		8.625%	02/01/2020		200,000		197,500
Hiland Partners LP / Hiland Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		5.500%	05/15/2022		250,000		260,000
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)			6.500%	03/01/2020		475,000		473,813
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)	(b)		5.625%	11/15/2023		550,000		584,335
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)			5.625%	01/15/2022		225,000		222,750
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)			7.375%	05/01/2022		100,000		105,250
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)			6.250%	03/15/2023		125,000		127,187
Legacy Reserves LP / Legacy Reserves Finance Corp. (Oil, Gas & Consumable Fuels)			6.625%	12/01/2021		850,000		688,500
Linn Energy LLC / Linn Energy Finance Corp. (Oil, Gas & Consumable Fuels)			8.625%	04/15/2020		350,000		287,073
Linn Energy LLC / Linn Energy Finance Corp. (Oil, Gas & Consumable Fuels)			7.750%	02/01/2021		300,000		233,250
Linn Energy LLC / Linn Energy Finance Corp. (Oil, Gas & Consumable Fuels)			6.500%	09/15/2021		125,000		93,125
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. (Oil, Gas & Consumable Fuels)			5.500%	02/15/2023		600,000		618,000
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. (Oil, Gas & Consumable Fuels)			4.500%	07/15/2023		325,000		318,500
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. (Oil, Gas & Consumable Fuels)			4.875%	12/01/2024		75,000		73,312
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)			8.000%	06/01/2020		850,000		765,000
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)			6.875%	03/15/2022		625,000		634,375
Range Resources Corp. (Oil, Gas & Consumable Fuels)	(b)		4.875%	05/15/2025		622,000		604,211
Regency Energy Partners LP / Regency Energy Finance Corp. (Oil, Gas & Consumable Fuels)			5.500%	04/15/2023		175,000		178,115
Regency Energy Partners LP / Regency Energy Finance Corp. (Oil, Gas & Consumable Fuels)			4.500%	11/01/2023		225,000		217,125
Regency Energy Partners LP / Regency Energy Finance Corp. (Oil, Gas & Consumable Fuels)			5.875%	03/01/2022		150,000		159,516
Regency Energy Partners LP / Regency Energy Finance Corp. (Oil, Gas & Consumable Fuels)			5.000%	10/01/2022		200,000		202,935
Rice Energy, Inc. (Oil, Gas & Consumable Fuels)			6.250%	05/01/2022		500,000		496,250
Rice Energy, Inc. (Oil, Gas & Consumable Fuels)	(b)		7.250%	05/01/2023		75,000		76,875
Rose Rock Midstream LP / Rose Rock Finance Corp. (Oil, Gas & Consumable Fuels)			5.625%	07/15/2022		600,000		586,500
Rose Rock Midstream LP / Rose Rock Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		5.625%	11/15/2023		225,000		217,687
RSP Permian, Inc. (Oil, Gas & Consumable Fuels)	(b)		6.625%	10/01/2022		275,000		281,187
Sabine Pass Liquefaction, LLC (Oil, Gas & Consumable Fuels)			5.625%	02/01/2021		950,000		969,000
Sabine Pass Liquefaction, LLC (Oil, Gas & Consumable Fuels)			5.625%	04/15/2023		225,000		224,226
Sabine Pass Liquefaction, LLC (Oil, Gas & Consumable Fuels)			6.250%	03/15/2022		300,000		310,500

64 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
ENERGY (continued)
Sabine Pass Liquefaction, LLC (Oil, Gas & Consumable Fuels)	(b)		5.625%	03/01/2025	$	375,000	$	371,250
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)			7.500%	03/15/2021		50,000		22,000
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)			8.125%	10/15/2022		500,000		213,750
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)			7.500%	02/15/2023		200,000		84,540
SM Energy Co. (Oil, Gas & Consumable Fuels)			5.000%	01/15/2024		275,000		260,562
SM Energy Co. (Oil, Gas & Consumable Fuels)			5.625%	06/01/2025		150,000		148,470
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. (Oil, Gas & Consumable Fuels)			5.500%	08/15/2022		650,000		620,750
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)			5.250%	05/01/2023		350,000		346,500
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		5.000%	01/15/2018		200,000		204,500
Tesoro Corp. (Oil, Gas & Consumable Fuels)			5.125%	04/01/2024		425,000		427,125
Tesoro Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)			6.125%	10/15/2021		325,000		338,812
Tesoro Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)			5.875%	10/01/2020		547,000		562,042
Tesoro Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		6.250%	10/15/2022		75,000		77,625
Tesoro Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		5.500%	10/15/2019		50,000		51,875
W&T Offshore, Inc. (Oil, Gas & Consumable Fuels)			8.500%	06/15/2019		775,000		545,135
Western Refining Logistics LP / WNRL Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		7.500%	02/15/2023		300,000		309,000
Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels)	(b)		6.250%	04/01/2023		425,000		421,812
Williams Partners LP / ACMP Finance Corp. (Oil, Gas & Consumable Fuels)			6.125%	07/15/2022		225,000		237,937
								25,189,105
FINANCIALS – 3.2%
CIT Group, Inc. (Banks)			5.250%	03/15/2018		675,000		697,781
CIT Group, Inc. (Banks)			5.375%	05/15/2020		225,000		234,562
CIT Group, Inc. (Banks)			5.000%	08/01/2023		475,000		467,875
Ally Financial, Inc. (Consumer Finance)			4.750%	09/10/2018		300,000		309,375
Ally Financial, Inc. (Consumer Finance)			4.125%	02/13/2022		475,000		456,000
Ally Financial, Inc. (Consumer Finance)			4.125%	03/30/2020		125,000		124,765
Ally Financial, Inc. (Consumer Finance)			4.625%	03/30/2025		400,000		382,200
Ally Financial, Inc. (Consumer Finance)			4.625%	05/19/2022		250,000		246,875
Interactive Data Corp. (Diversified Financial Svs.)	(b)		5.875%	04/15/2019		700,000		703,500
MSCI, Inc. (Diversified Financial Svs.)	(b)		5.250%	11/15/2024		150,000		151,875
Hockey Merger Sub 2, Inc. (Insurance)	(b)		7.875%	10/01/2021		800,000		816,000
Onex York Acquisition Corp. (Insurance)	(b)		8.500%	10/01/2022		325,000		286,406
Iron Mountain, Inc. (Real Estate Investment Trusts)			7.750%	10/01/2019		525,000		548,625
Outfront Media Capital LLC / Outfront Media Capital Corp. (Real Estate Investment Trusts)	(b)		5.625%	02/15/2024		225,000		230,062
RHP Hotel Properties LP / RHP Finance Corp. (Real Estate Investment Trusts)	(b)		5.000%	04/15/2023		100,000		98,000
Hub Holdings, LLC / Hub Holdings Finance, Inc. (Real Estate Mgmt. & Development)	(b)(d)		8.125%	07/15/2019		600,000		597,000
Quicken Loans, Inc. (Thrifts & Mortgage Finance)	(b)		5.750%	05/01/2025		775,000		742,063
								7,092,964
HEALTH CARE – 12.1%
Grifols Worldwide Operations Ltd. (Biotechnology)			5.250%	04/01/2022		675,000		676,688
Crimson Merger Sub., Inc. (Health Care Equip. & Supplies)	(b)		6.625%	05/15/2022		1,775,000		1,566,438
Hologic, Inc. (Health Care Equip. & Supplies)			6.250%	08/01/2020		525,000		543,060
Hologic, Inc. (Health Care Equip. & Supplies)	(b)		5.250%	07/15/2022		300,000		306,375
Sterigenics-Nordion Holdings LLC (Health Care Equip. & Supplies)	(b)		6.500%	05/15/2023		625,000		628,125
Teleflex, Inc. (Health Care Equip. & Supplies)			5.250%	06/15/2024		275,000		278,493
VWR Funding, Inc. (Health Care Equip. & Supplies)			7.250%	09/15/2017		850,000		878,688
Air Medical Merger Sub Corp. (Health Care Providers & Svs.)	(b)		6.375%	05/15/2023		575,000		540,500
Amsurg Corp. (Health Care Providers & Svs.)			5.625%	07/15/2022		675,000		680,906
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)			6.875%	02/01/2022		1,175,000		1,241,094
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)			5.125%	08/01/2021		300,000		305,625
DaVita HealthCare Partners, Inc. (Health Care Providers & Svs.)			5.750%	08/15/2022		350,000		371,000
DaVita HealthCare Partners, Inc. (Health Care Providers & Svs.)			5.125%	07/15/2024		450,000		442,406
Envision Healthcare Corp. (Health Care Providers & Svs.)	(b)		5.125%	07/01/2022		875,000		881,563
HCA, Inc. (Health Care Providers & Svs.)			6.500%	02/15/2020		275,000		307,313
HCA, Inc. (Health Care Providers & Svs.)			5.875%	05/01/2023		275,000		292,188
HCA, Inc. (Health Care Providers & Svs.)			5.000%	03/15/2024		2,175,000		2,213,063
HCA, Inc. (Health Care Providers & Svs.)			5.250%	04/15/2025		450,000		466,031
HCA, Inc. (Health Care Providers & Svs.)			5.375%	02/01/2025		1,200,000		1,212,000
Jaguar Holding Co. I (Health Care Providers & Svs.)	(b)(d)		9.375%	10/15/2017		725,000		740,406
Jaguar Holding Co. II / Jaguar Merger Sub, Inc. (Health Care Providers & Svs.)	(b)		9.500%	12/01/2019		800,000		852,000
LifePoint Hospitals, Inc. (Health Care Providers & Svs.)			5.500%	12/01/2021		750,000		774,375
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)	(b)		6.625%	04/01/2022		1,300,000		1,327,625
Omnicare, Inc. (Health Care Providers & Svs.)			4.750%	12/01/2022		100,000		106,000
Omnicare, Inc. (Health Care Providers & Svs.)			5.000%	12/01/2024		50,000		53,750
Surgical Care Affiliates, Inc. (Health Care Providers & Svs.)	(b)		6.000%	04/01/2023		475,000		475,000
Tenet Healthcare Corp. (Health Care Providers & Svs.)			4.500%	04/01/2021		350,000		346,500

65 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
HEALTH CARE (continued)
Tenet Healthcare Corp. (Health Care Providers & Svs.)			8.125%	04/01/2022	$	900,000	$	985,500
Tenet Healthcare Corp. (Health Care Providers & Svs.)			4.375%	10/01/2021		850,000		830,875
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(b)		6.750%	06/15/2023		300,000		306,188
United Surgical Partners International, Inc. (Health Care Providers & Svs.)			9.000%	04/01/2020		850,000		907,375
Emdeon, Inc. (Health Care Technology)			11.000%	12/31/2019		400,000		434,000
Truven Health Analytics, Inc. (Health Care Technology)			10.625%	06/01/2020		600,000		628,500
Quintiles Transnational Corp. (Life Sciences Tools & Svs.)	(b)		4.875%	05/15/2023		250,000		251,250
Endo Finance LLC / Endo Ltd. / Endo Finco, Inc. (Pharmaceuticals)	(b)		6.000%	02/01/2025		625,000		635,156
Endo Finance LLC / Endo Ltd. / Endo Finco, Inc. (Pharmaceuticals)	(b)		6.000%	07/15/2023		250,000		255,938
Mallinckrodt International Finance SA (Pharmaceuticals)			4.750%	04/15/2023		175,000		163,297
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Pharmaceuticals)	(b)		4.875%	04/15/2020		100,000		101,755
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Pharmaceuticals)	(b)		5.500%	04/15/2025		200,000		194,000
VPII Escrow Corp. (Pharmaceuticals)	(b)		7.500%	07/15/2021		1,150,000		1,243,438
Valeant Pharmaceuticals International, Inc. (Pharmaceuticals)	(b)		5.500%	03/01/2023		175,000		176,750
VRX Escrow Corp. (Pharmaceuticals)	(b)		6.125%	04/15/2025		725,000		746,750
VRX Escrow Corp. (Pharmaceuticals)	(b)		5.875%	05/15/2023		825,000		844,594
VRX Escrow Corp. (Pharmaceuticals)	(b)		5.375%	03/15/2020		50,000		51,625
								27,264,203
INDUSTRIALS – 11.7%
Silver II Borrower / Silver II U.S. Holdings LLC (Aerospace & Defense)	(b)		7.750%	12/15/2020		600,000		555,000
KLX, Inc. (Aerospace & Defense)	(b)		5.875%	12/01/2022		425,000		429,203
TransDigm, Inc. (Aerospace & Defense)			5.500%	10/15/2020		275,000		273,281
TransDigm, Inc. (Aerospace & Defense)			7.500%	07/15/2021		300,000		322,500
TransDigm, Inc. (Aerospace & Defense)			6.500%	07/15/2024		475,000		469,063
TransDigm, Inc. (Aerospace & Defense)			6.000%	07/15/2022		550,000		543,125
TransDigm, Inc. (Aerospace & Defense)	(b)		6.500%	05/15/2025		50,000		49,500
Allegion U.S. Holding Co., Inc. (Building Products)			5.750%	10/01/2021		325,000		335,563
CPG Merger Sub. LLC (Building Products)	(b)		8.000%	10/01/2021		475,000		490,913
Hillman Group, Inc. / The (Building Products)	(b)		6.375%	07/15/2022		625,000		590,625
Masonite International Corp. (Building Products)	(b)		5.625%	03/15/2023		150,000		152,438
NCI Building Systems, Inc. (Building Products)	(b)		8.250%	01/15/2023		425,000		452,625
Nortek, Inc. (Building Products)			8.500%	04/15/2021		550,000		587,125
USG Corp. (Building Products)	(b)		5.875%	11/01/2021		175,000		182,875
USG Corp. (Building Products)	(b)		5.500%	03/01/2025		50,000		49,813
Unifrax I LLC / Unifrax Holding Co. (Building Products)	(b)		7.500%	02/15/2019		625,000		628,125
Unifrax I LLC / Unifrax Holding Co. (Building Products)	(b)		7.500%	02/15/2019		150,000		150,750
Aramark Services, Inc. (Commercial Svs. & Supplies)			5.750%	03/15/2020		1,350,000		1,409,400
Garda World Security Corp. (Commercial Svs. & Supplies)	(b)		7.250%	11/15/2021		600,000		576,000
Garda World Security Corp. (Commercial Svs. & Supplies)	(b)		7.250%	11/15/2021		650,000		624,000
Jurassic Holdings III, Inc. (Commercial Svs. & Supplies)	(b)		6.875%	02/15/2021		775,000		601,594
Multi-Color Corp. (Commercial Svs. & Supplies)	(b)		6.125%	12/01/2022		650,000		664,625
Southern Graphics, Inc. (Commercial Svs. & Supplies)	(b)		8.375%	10/15/2020		1,200,000		1,230,000
United Rentals North America, Inc. (Commercial Svs. & Supplies)			6.125%	06/15/2023		100,000		102,125
United Rentals North America, Inc. (Commercial Svs. & Supplies)			7.375%	05/15/2020		100,000		106,699
United Rentals North America, Inc. (Commercial Svs. & Supplies)			5.750%	11/15/2024		100,000		98,500
United Rentals North America, Inc. (Commercial Svs. & Supplies)			4.625%	07/15/2023		225,000		220,635
United Rentals North America, Inc. (Commercial Svs. & Supplies)			5.500%	07/15/2025		750,000		724,688
EnerSys (Electrical Equip.)	(b)		5.000%	04/30/2023		225,000		222,539
Sensata Technologies BV (Electrical Equip.)	(b)		5.625%	11/01/2024		225,000		231,750
Sensata Technologies BV (Electrical Equip.)	(b)		5.000%	10/01/2025		300,000		292,125
ATS Automation Tooling Systems, Inc. (Machinery)	(b)		6.500%	06/15/2023		300,000		306,375
Dematic SA / DH Services Luxembourg Sarl (Machinery)	(b)		7.750%	12/15/2020		1,100,000		1,141,250
Gardner Denver, Inc. (Machinery)	(b)		6.875%	08/15/2021		800,000		729,000
Milacron LLC / Mcron Finance Corp. (Machinery)	(b)		7.750%	02/15/2021		225,000		231,750
Schaeffler Finance BV (Machinery)	(b)		4.750%	05/15/2021		375,000		376,875
Schaeffler Finance BV (Machinery)	(b)		4.250%	05/15/2021		250,000		243,750
Schaeffler Finance BV (Machinery)	(b)		4.750%	05/15/2023		200,000		195,000
Schaeffler Holding Finance BV (Machinery)	(b)(d)		6.875%	08/15/2018		475,000		491,625
Schaeffler Holding Finance BV (Machinery)	(b)(d)		6.750%	11/15/2022		400,000		431,500
Anna Merger Sub., Inc. (Professional Svs.)	(b)		7.750%	10/01/2022		1,325,000		1,334,938
IHS, Inc. (Professional Svs.)	(b)		5.000%	11/01/2022		175,000		173,906
TransUnion (Professional Svs.)	(d)		9.625%	06/15/2018		1,125,000		1,128,150
TransUnion (Professional Svs.)			8.125%	06/15/2018		525,000		536,550
Hertz Corp. / The (Road & Rail)			6.750%	04/15/2019		625,000		644,938
Hertz Corp. / The (Road & Rail)			6.250%	10/15/2022		375,000		380,625
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust (Trading Companies & Distributors)			4.625%	07/01/2022		150,000		150,188
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)	(b)		5.625%	04/15/2021		625,000		635,938
HD Supply, Inc. (Trading Companies & Distributors)			7.500%	07/15/2020		50,000		52,875

66 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
INDUSTRIALS (continued)
HD Supply, Inc. (Trading Companies & Distributors)	(b)		5.250%	12/15/2021	$	75,000	$	76,031
Interline Brands, Inc. (Trading Companies & Distributors)	(d)		10.000%	11/15/2018		605,000		632,225
International Lease Finance Corp. (Trading Companies & Distributors)			5.875%	08/15/2022		1,075,000		1,162,344
International Lease Finance Corp. (Trading Companies & Distributors)			4.625%	04/15/2021		1,150,000		1,161,500
Rexel SA (Trading Companies & Distributors)	(b)		5.250%	06/15/2020		450,000		468,000
WESCO Distribution, Inc. (Trading Companies & Distributors)			5.375%	12/15/2021		225,000		227,250
								26,279,787
INFORMATION TECHNOLOGY – 10.4%
CommScope Holding Co., Inc. (Communications Equip.)	(b)(d)		6.625%	06/01/2020		1,025,000		1,063,438
CommScope, Inc. (Communications Equip.)	(b)		5.500%	06/15/2024		525,000		510,563
Anixter, Inc. (Electronic Equip., Instr. & Comp.)			5.625%	05/01/2019		300,000		318,750
Belden, Inc. (Electronic Equip., Instr. & Comp.)	(b)		5.500%	09/01/2022		725,000		719,563
Belden, Inc. (Electronic Equip., Instr. & Comp.)	(b)		5.250%	07/15/2024		375,000		363,750
Cleaver-Brooks, Inc. (Electronic Equip., Instr. & Comp.)	(b)		8.750%	12/15/2019		575,000		566,375
Zebra Technologies Corp. (Electronic Equip., Instr. & Comp.)	(b)		7.250%	10/15/2022		500,000		541,250
Blackboard, Inc. (Internet Software & Svs.)	(b)		7.750%	11/15/2019		400,000		376,000
IAC / InterActiveCorp (Internet Software & Svs.)			4.750%	12/15/2022		1,100,000		1,078,000
VeriSign, Inc. (Internet Software & Svs.)			4.625%	05/01/2023		300,000		287,250
VeriSign, Inc. (Internet Software & Svs.)	(b)		5.250%	04/01/2025		125,000		124,688
Compiler Finance Sub, Inc. (Acquired 05/02/2013 through 02/25/2014, Cost $749,813)(IT Svs.)	(b)(f)		7.000%	05/01/2021		750,000		570,000
CoreLogic, Inc. (IT Svs.)			7.250%	06/01/2021		850,000		898,875
First Data Corp. (IT Svs.)	(b)		8.750%	01/15/2022		2,825,000		3,003,328
Sabre GLBL, Inc. (IT Svs.)	(b)		5.375%	04/15/2023		350,000		344,750
SunGard Data Systems, Inc. (IT Svs.)			7.625%	11/15/2020		200,000		209,000
SunGard Data Systems, Inc. (IT Svs.)			6.625%	11/01/2019		875,000		903,438
Advanced Micro Devices, Inc. (Semiconductors & Equip.)			7.500%	08/15/2022		250,000		220,625
Advanced Micro Devices, Inc. (Semiconductors & Equip.)			7.000%	07/01/2024		550,000		464,750
Entegris, Inc. (Semiconductors & Equip.)	(b)		6.000%	04/01/2022		925,000		950,438
Magnachip Semiconductor Corp. (Semiconductors & Equip.)			6.625%	07/15/2021		175,000		138,250
Micron Technology, Inc. (Semiconductors & Equip.)	(b)		5.250%	08/01/2023		400,000		383,500
Micron Technology, Inc. (Semiconductors & Equip.)	(b)		5.250%	01/15/2024		175,000		165,266
NXP BV / NXP Funding LLC (Semiconductors & Equip.)	(b)		5.750%	02/15/2021		200,000		208,000
NXP BV / NXP Funding LLC (Semiconductors & Equip.)	(b)		5.750%	03/15/2023		200,000		208,000
Audatex North America, Inc. (Software)	(b)		6.000%	06/15/2021		825,000		847,688
Audatex North America, Inc. (Software)	(b)		6.125%	11/01/2023		100,000		102,750
Blue Coat Holdings, Inc. (Software)	(b)		8.375%	06/01/2023		550,000		559,625
BMC Software Finance, Inc. (Software)	(b)		8.125%	07/15/2021		600,000		486,000
Boxer Parent Co., Inc. (Software)	(b)(d)		9.000%	10/15/2019		775,000		550,250
Infor Software Parent LLC / Infor Software Parent, Inc. (Software)	(b)(d)		7.125%	05/01/2021		1,725,000		1,731,469
Infor U.S., Inc. (Software)	(b)		6.500%	05/15/2022		775,000		790,500
Italics Merger Sub, Inc. (Software)	(b)		7.125%	07/15/2023		575,000		567,813
Nuance Communications, Inc. (Software)	(b)		5.375%	08/15/2020		1,050,000		1,055,250
Open Text Corp. (Software)	(b)		5.625%	01/15/2023		475,000		470,250
Sophia Holding Finance LP / Sophia Holding Finance, Inc. (Software)	(b)(d)		9.625%	12/01/2018		200,000		202,500
SS&C Technologies Holdings, Inc. (Software)	(b)		5.875%	07/15/2023		250,000		252,500
NCR Corp. (Tech. Hardware, Storage & Periph.)			5.000%	07/15/2022		450,000		456,188
NCR Corp. (Tech. Hardware, Storage & Periph.)			4.625%	02/15/2021		475,000		476,188
NCR Corp. (Tech. Hardware, Storage & Periph.)			6.375%	12/15/2023		225,000		238,500
								23,405,318
MATERIALS – 9.1%
Ashland, Inc. (Chemicals)			4.750%	08/15/2022		600,000		588,750
U.S. Coatings Acquisition, Inc. / Flash Dutch 2 BV (Chemicals)	(b)		7.375%	05/01/2021		825,000		883,781
Axiall Corp. (Chemicals)			4.875%	05/15/2023		100,000		96,500
Celanese U.S. Holdings LLC (Chemicals)			4.625%	11/15/2022		325,000		321,750
Eagle Spinco, Inc. (Chemicals)			4.625%	02/15/2021		250,000		242,500
Eco Services Operations LLC / Eco Finance Corp. (Chemicals)	(b)		8.500%	11/01/2022		300,000		301,500
Hexion, Inc. (Chemicals)			8.875%	02/01/2018		800,000		722,000
Hexion, Inc. (Chemicals)			6.625%	04/15/2020		425,000		389,938
Huntsman International LLC (Chemicals)			4.875%	11/15/2020		250,000		249,375
Huntsman International LLC (Chemicals)	(b)		5.125%	11/15/2022		200,000		197,000
Platform Specialty Products Corp. (Chemicals)	(b)		6.500%	02/01/2022		650,000		671,125
W.R. Grace & Co. (Chemicals)	(b)		5.625%	10/01/2024		150,000		151,875
W.R. Grace & Co. (Chemicals)	(b)		5.125%	10/01/2021		150,000		151,125
Ardagh Packaging Finance PLC (Containers & Packaging)	(b)		9.125%	10/15/2020		675,000		712,125
Ardagh Packaging Finance PLC / Ardagh MP Holdings U.S.A., Inc. (Containers & Packaging)	(b)		9.125%	10/15/2020		425,000		446,250
Ardagh Packaging Finance PLC / Ardagh MP Holdings U.S.A., Inc. (Containers & Packaging)	(b)		7.000%	11/15/2020		48,529		49,500
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(b)		6.750%	01/31/2021		200,000		204,500
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(b)(e)		3.286%	12/15/2019		200,000		194,500

67 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
MATERIALS (continued)
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(b)		6.000%	06/30/2021	$	200,000	$	200,500
Ball Corp. (Containers & Packaging)			4.000%	11/15/2023		875,000		811,563
Ball Corp. (Containers & Packaging)			5.250%	07/01/2025		225,000		223,313
Berry Plastics Corp. (Containers & Packaging)			5.500%	05/15/2022		1,425,000		1,428,563
Berry Plastics Corp. (Containers & Packaging)			5.125%	07/15/2023		250,000		243,750
BWAY Holding Co. (Containers & Packaging)	(b)		9.125%	08/15/2021		1,150,000		1,184,500
Crown Americas LLC / Crown Americas Capital Corp. IV (Containers & Packaging)			4.500%	01/15/2023		725,000		684,676
Graphic Packaging International, Inc. (Containers & Packaging)			4.875%	11/15/2022		350,000		351,750
Greif, Inc. (Containers & Packaging)			7.750%	08/01/2019		475,000		528,438
Mustang Merger Corp. (Commercial Svs. & Supplies)	(b)		8.500%	08/15/2021		775,000		786,625
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(b)		5.000%	01/15/2022		100,000		98,750
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(b)		5.375%	01/15/2025		200,000		195,500
Pactiv LLC (Containers & Packaging)			7.950%	12/15/2025		225,000		222,750
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC (Containers & Packaging)			8.250%	02/15/2021		975,000		1,011,563
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC (Containers & Packaging)			5.750%	10/15/2020		1,025,000		1,050,625
Sealed Air Corp. (Containers & Packaging)	(b)		6.500%	12/01/2020		125,000		137,813
Sealed Air Corp. (Containers & Packaging)	(b)		4.875%	12/01/2022		300,000		295,500
Sealed Air Corp. (Containers & Packaging)	(b)		5.125%	12/01/2024		300,000		295,875
Sealed Air Corp. (Containers & Packaging)	(b)		5.500%	09/15/2025		300,000		302,250
Signode Industrial Group Lux SA / Signode Industrial Group U.S., Inc. (Containers & Packaging)	(b)		6.375%	05/01/2022		1,450,000		1,406,500
ArcelorMittal (Metals & Mining)			6.125%	06/01/2025		300,000		299,063
Steel Dynamics, Inc. (Metals & Mining)			5.250%	04/15/2023		125,000		124,063
Steel Dynamics, Inc. (Metals & Mining)			5.125%	10/01/2021		200,000		200,400
Steel Dynamics, Inc. (Metals & Mining)			5.500%	10/01/2024		350,000		350,000
Wise Metals Intermediate Holdings LLC / Wise Holdings Finance Corp. (Metals & Mining)	(b)		9.750%	06/15/2019		325,000		346,125
Clearwater Paper Corp. (Paper & Forest Products)			4.500%	02/01/2023		750,000		710,625
Clearwater Paper Corp. (Paper & Forest Products)	(b)		5.375%	02/01/2025		500,000		490,000
								20,555,174
TELECOMMUNICATION SERVICES – 4.0%
Level 3 Communications, Inc. (Diversified Telecom. Svs.)			5.750%	12/01/2022		375,000		372,188
Level 3 Financing, Inc. (Diversified Telecom. Svs.)	(b)		5.375%	05/01/2025		600,000		578,250
Altice Financing SA (Wireless Telecom. Svs.)	(b)		6.625%	02/15/2023		200,000		198,560
Digicel Group Ltd. (Wireless Telecom. Svs.)	(b)		8.250%	09/30/2020		1,075,000		1,075,000
Sprint Capital Corp. (Wireless Telecom. Svs.)			6.875%	11/15/2028		925,000		793,188
Sprint Capital Corp. (Wireless Telecom. Svs.)			6.900%	05/01/2019		525,000		535,500
Sprint Nextel Corp. (Wireless Telecom. Svs.)	(b)		7.000%	03/01/2020		350,000		380,695
Sprint Communications, Inc. (Wireless Telecom. Svs.)			6.000%	11/15/2022		875,000		799,531
Sprint Corp. (Wireless Telecom. Svs.)			7.875%	09/15/2023		675,000		658,125
Sprint Corp. (Wireless Telecom. Svs.)			7.125%	06/15/2024		275,000		255,090
Syniverse Holdings, Inc. (Wireless Telecom. Svs.)			9.125%	01/15/2019		750,000		660,000
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.625%	11/15/2020		875,000		910,000
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.731%	04/28/2022		75,000		78,188
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.500%	01/15/2024		625,000		645,313
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.125%	01/15/2022		200,000		206,500
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.625%	04/01/2023		450,000		467,438
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.375%	03/01/2025		225,000		230,906
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.000%	03/01/2023		150,000		153,563
								8,998,035
UTILITIES – 2.2%
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)			6.500%	05/01/2021		450,000		448,875
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)			6.750%	01/15/2022		500,000		501,250
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)	(b)		6.750%	06/15/2023		200,000		201,000
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)			7.375%	08/01/2021		372,000		397,110
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)			5.500%	06/01/2024		825,000		829,125
Calpine Corp. (Ind. Power Prod. & Energy Traders)	(b)		6.000%	01/15/2022		175,000		185,063
Calpine Corp. (Ind. Power & Renewable Elec.)			5.750%	01/15/2025		1,275,000		1,239,938
NRG Energy, Inc. (Ind. Power & Renewable Elec.)			6.250%	05/01/2024		725,000		719,563
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)	(b)		5.875%	02/01/2023		375,000		380,625
FPL Energy National Wind Portfolio LLC (Acquired 05/27/2009, Cost $13,126)(Multi-Utilities)	(b)(f)		6.125%	03/25/2019		14,374		14,374
								4,916,923
Total Corporate Bonds (Cost $221,966,488)							$	219,529,537
Common Stocks – 0.0%					Shares		Value
ENERGY – 0.0%
Lone Pine Resources Canada Ltd. (Acquired 07/10/2012, Cost $48,614)(Oil, Gas & Consumable Fuels)	(a)(c)(f)					6,236	$	11,350
Total Common Stocks (Cost $48,613)							$	11,350

68 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Money Market Funds – 1.5%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			3,317,000	$	3,317,000
Total Money Market Funds (Cost $3,317,000)				$	3,317,000
Total Investments – 99.2% (Cost $225,332,101)	(g)			$	222,857,887
Other Assets in Excess of Liabilities – 0.8%					1,903,366
Net Assets – 100.0%				$	224,761,253

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $103,396,169, or 46.0% of the Portfolio’s net assets. Unless also noted with (f), as defined below, these securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(c) A market quotation for this investment was not readily available at June 30, 2015. As discussed in Note 2 of the Notes to Financial Statements, the price for this issue was derived from an estimate of fair market value using methods determined in good faith by the Fund’s Pricing Committee under supervision of the Board. This security represents $11,350 or 0.0% of the Portfolio’s net assets.

(d) Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond. Rate presented is the coupon rate for the cash option.

(e) Security is a variable rate instrument in which the coupon rate is adjusted quarterly in concert with U.S. LIBOR. Interest rates stated are those in effect at June 30, 2015.

(f) Represents a security deemed to be illiquid. At June 30, 2015, the value of illiquid securities in the Portfolio totaled $595,724, or 0.3% of the Portfolio’s net assets.

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

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

69

Ohio National Fund, Inc. Capital Growth Portfolio

Objective/Strategy

The Capital Growth Portfolio seeks long-term capital appreciation by investing primarily in an actively managed portfolio of equity securities of small cap growth companies.

Performance as of June 30, 2015

Average Annual Returns:
One year	8.21%
Five years	16.70%
Ten years	10.03%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Capital Growth Portfolio returned 7.29% versus 8.74% for the current benchmark, the Russell 2000 Growth Index.

For the reporting period, the Portfolio was outpaced by the benchmark Russell 2000 Growth Index; however, we narrowed the gap to a degree during the second quarter. Consumer Discretionary was the most notable detracting sector, as select Portfolio holdings within the specialty retail industry trailed behind related positions in the Portfolio’s benchmark. The Portfolio also encountered difficulty to a lesser extent in the Financials sector, where poor performance within the capital markets industry weighed on relative performance. The Portfolio experienced solid outperformance in the Industrials sector, as well as a modest amount of outperformance in the Materials sector. ⁽¹⁾

The Portfolio’s best-performing stocks for the period included Centene Corp., Anacor Pharmaceuticals, Inc. and JetBlue Airways Corp. Medicaid managed-care program operator Centene Corp. continues to benefit from its close alignment with the Affordable Care Act (“ACA”), both through participation in ACA-facilitated healthcare exchanges and through a shift of previously uninsured state populations into Medicaid programs administered by Centene Corp. Anacor Pharmaceuticals, Inc. develops several skin-related treatments. Anacor Pharmaceuticals, Inc. recently launched an antifungal treatment that has been well-received as partner firm Sandoz markets the drug among physicians. JetBlue Airways Corp. continues to benefit from a more disciplined and rational competitive environment as well as lower fuel prices. Additionally, JetBlue Airways Corp.’s plans to increase revenues and margins by adding additional seats to each plane, and introducing a fee for checked luggage has been largely well-received by the investor community. ⁽¹⁾

The Portfolio’s worst-performing stocks for the period included FXCM, Inc., Universal Electronics, Inc. and Vitamin Shoppe, Inc. Online foreign-exchange platform operator FXCM, Inc. encountered an unexpected move by the Swiss National Bank to remove its currency peg to the euro, which caught many investors by surprise,

including many of FXCM, Inc.’s clients who were holding positions that suffered as a result of the move. Those losses significantly impaired FXCM, Inc.’s balance sheet, resulting in the need to raise additional capital to meet regulatory capital requirements. Remote control and associated software producer Universal Electronics, Inc. encountered substantial destocking on the part of its largest customer, Comcast, ahead of a voice-activated remote projected to start hitting the market later this year. Despite the near-term order lull, we would expect Universal Electronics, Inc. to benefit from the approaching new-product launch through renewed order growth and the increased dollar content contributed to the next-generation remotes. Vitamin and supplements retailer Vitamin Shoppe, Inc. saw its shares sell off modestly after it reported lighter-than-expected same-store sales growth and slightly tempered full-year earnings guidance. Despite the near-term breather, we continue to see significant secular tailwinds supporting the vitamins and supplements industry (e.g., an aging U.S. baby boomer population and increasing public-health awareness), which should bode well for Vitamin Shoppe, Inc. ⁽¹⁾

As of this writing, equity markets appear to be facing myriad potential problems. First and foremost, valuations are high, with the S&P 500 Index at 17 times forward earnings and the Russell 2000 Index at 19 times for the comparable ratio. Economic growth in China appears to be slowing, resulting in extreme pressure on commodities, particularly oil and copper. Well-publicized issues in Greece have contributed to the strong U.S. dollar, which - in turn - will consequently result in a challenging competitive environment for U.S. multinationals. The transport index, a leading market indicator, has been very weak as of late, while auto sales appear to be peaking. Finally, the U.S. Federal Reserve appears committed to an interest-rate increase later this year. The current environment can change rapidly, but it appears to us that caution would be a watchword for the third quarter.

On the Portfolio front, we maintain a constructive view of the Energy sector, as the oil market continues a painful rebalancing process. Against a near-term backdrop of subdued commodity prices, we continue to avoid oil-service companies and favor oil producers with access to best acreage and that can still generate strong returns on invested capital. We maintain a balanced view of the Materials and Industrials sectors and continue to favor companies with exposure to both residential and non-residential construction in North America. We hold an optimistic view of commercial aerospace industry where industry management teams maintain a disciplined approach to growing capacity. ⁽¹⁾

In Health Care, we continue to identify opportunities in certain trends, such as Medicaid managed-care companies that take over the administration of state Medicaid programs from the states. We continue to be positioned in select biotech stocks with drugs that possess strong clinical profiles, clear and impressive value propositions as well as validated mechanisms of action. We expect a clear and growing trend toward more consolidation, which has been evident thus far in 2015.

In Financials, we would expect to see an eventual rise in interest rates temper the performance of more yield-oriented investments (e.g., real-estate investment trusts and business-development companies), and ultimately provide a boost to banks and other market-driven firms as spreads recover and profitability shows improvement.

Despite increasing macroeconomic volatility in Europe, technology spending in the U.S. and other parts of the world remains healthy.

70 (continued)

Ohio National Fund, Inc. Capital Growth Portfolio (Continued)

We believe that increasing capital spending should help provide for stable technology trends moving into the latter half of 2015. Merger-and-acquisition activity across the technology landscape continues; especially within the semiconductor space. We remain focused on what we believe are high-quality companies with strong management teams that are well-positioned to gain market share. Additionally, we are looking for names that benefit from long-term secular growth trends with themes that include security software, cloud computing, mobility, e-commerce and alternative energy. We remain cautious on the semiconductor cycle, as fundamentals may be peaking while the lackluster telecommunications equipment cycle may begin to show improvement in the coming quarters.

Finally, we believe consumer stocks should hold up relatively well considering our concerns over both China and Europe. A new fashion cycle in shoes stands to benefit two of our shoe companies. We also favor companies that we believe will benefit from lower gasoline prices. ⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	99.1
Master Limited Partnerships (3)	0.6
Money Market Funds and Other Net Assets	0.3
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^(1) (2)

	% of Net Assets
1.     Genesco, Inc.	2.7
2.     JetBlue Airways Corp.	2.5
3.     Centene Corp.	2.4
4.     Quaker Chemical Corp.	2.3
5.     Imperva, Inc.	2.1
6.     Cavium, Inc.	2.0
7.     Hexcel Corp.	1.9
8.     Universal Electronics, Inc.	1.8
9.     WhiteWave Foods Co. / The	1.6
10.     Fortinet, Inc.	1.6

⁽¹⁾ Composition of Portfolio subject to change.

⁽²⁾ Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾ Sectors (combined):

	% of Net Assets
Information Technology	26.8
Health Care	25.6
Consumer Discretionary	14.7
Industrials	14.6
Financials	6.9
Materials	4.0
Consumer Staples	3.7
Energy	3.4
	99.7

71

Ohio National Fund, Inc. Capital Growth Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 99.1%		Shares		Value
CONSUMER DISCRETIONARY – 14.7%
Bright Horizons Family Solutions, Inc. (Diversified Consumer Svs.)	(a)		10,627	$	614,241
Grand Canyon Education, Inc. (Diversified Consumer Svs.)	(a)		7,970		337,928
Sotheby’s (Diversified Consumer Svs.)			6,273		283,790
Belmond Ltd. Class A (Hotels, Restaurants & Leisure)	(a)		93,214		1,164,243
Bojangles’, Inc. (Hotels, Restaurants & Leisure)	(a)		11,311		269,880
Buffalo Wild Wings, Inc. (Hotels, Restaurants & Leisure)	(a)		2,342		366,968
Chuy’s Holdings, Inc. (Hotels, Restaurants & Leisure)	(a)		17,552		470,218
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)			2,113		315,175
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)			1,779		194,267
KB Home (Household Durables)			26,585		441,311
Universal Electronics, Inc. (Household Durables)	(a)		27,274		1,359,336
Brunswick Corp. (Leisure Products)			14,570		741,030
Genesco, Inc. (Specialty Retail)	(a)		30,870		2,038,346
MarineMax, Inc. (Specialty Retail)	(a)		13,287		312,377
Vitamin Shoppe, Inc. (Specialty Retail)	(a)		28,165		1,049,710
Steven Madden Ltd. (Textiles, Apparel & Luxury Goods)	(a)		19,555		836,563
Tumi Holdings, Inc. (Textiles, Apparel & Luxury Goods)	(a)		16,526		339,114
					11,134,497
CONSUMER STAPLES – 3.7%
Casey’s General Stores, Inc. (Food & Staples Retailing)			6,093		583,344
Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing)	(a)		26,282		647,063
United Natural Foods, Inc. (Food & Staples Retailing)	(a)		5,830		371,254
WhiteWave Foods Co. / The (Food Products)	(a)		25,359		1,239,548
					2,841,209
ENERGY – 3.4%
Geospace Technologies Corp. (Energy Equip. & Svs.)	(a)		14,523		334,755
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)	(a)		17,090		687,872
Rice Energy, Inc. (Oil, Gas & Consumable Fuels)	(a)		36,773		765,982
RSP Permian, Inc. (Oil, Gas & Consumable Fuels)	(a)		27,401		770,242
					2,558,851
FINANCIALS – 6.3%
Synovus Financial Corp. (Banks)			8,592		264,805
UMB Financial Corp. (Banks)			12,547		715,430
Stifel Financial Corp. (Capital Markets)	(a)		18,742		1,082,163
PRA Group, Inc. (Consumer Finance)	(a)		5,063		315,475
Enstar Group Ltd. (Insurance)	(a)		3,039		470,893
GEO Group, Inc. / The (Real Estate Investment Trusts)			24,366		832,343
Two Harbors Investment Corp. (Real Estate Investment Trusts)			33,605		327,313
MGIC Investment Corp. (Thrifts & Mortgage Finance)	(a)		69,885		795,291
					4,803,713
HEALTH CARE – 25.6%
Acorda Therapeutics, Inc. (Biotechnology)	(a)		19,951		664,967
Akebia Therapeutics, Inc. (Biotechnology)	(a)		29,249		300,972
Alder Biopharmaceuticals, Inc. (Biotechnology)	(a)		12,704		672,931
Anacor Pharmaceuticals, Inc. (Biotechnology)	(a)		12,054		933,341
Chimerix, Inc. (Biotechnology)	(a)		11,815		545,853
Enanta Pharmaceuticals, Inc. (Biotechnology)	(a)		7,127		320,644
Neurocrine Biosciences, Inc. (Biotechnology)	(a)		10,733		512,608
Ophthotech Corp. (Biotechnology)	(a)		16,314		849,307
Portola Pharmaceuticals, Inc. (Biotechnology)	(a)		12,437		566,505
Receptos, Inc. (Biotechnology)	(a)		3,800		722,190
Sage Therapeutics, Inc. (Biotechnology)	(a)		8,185		597,505
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)			3,547		631,260
DexCom, Inc. (Health Care Equip. & Supplies)	(a)		9,051		723,899

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Natus Medical, Inc. (Health Care Equip. & Supplies)	(a)		27,525	$	1,171,464
Sirona Dental Systems, Inc. (Health Care Equip. & Supplies)	(a)		7,684		771,627
Spectranetics Corp. / The (Health Care Equip. & Supplies)	(a)		25,968		597,524
STERIS Corp. (Health Care Equip. & Supplies)			7,737		498,572
Thoratec Corp. (Health Care Equip. & Supplies)	(a)		25,391		1,131,677
Zeltiq Aesthetics, Inc. (Health Care Equip. & Supplies)	(a)		13,129		386,912
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)	(a)		8,459		662,593
Air Methods Corp. (Health Care Providers & Svs.)	(a)		11,532		476,733
Centene Corp. (Health Care Providers & Svs.)	(a)		22,916		1,842,446
ExamWorks Group, Inc. (Health Care Providers & Svs.)	(a)		9,810		383,571
HealthSouth Corp. (Health Care Providers & Svs.)			12,328		567,828
Team Health Holdings, Inc. (Health Care Providers & Svs.)	(a)		13,771		899,659
MedAssets, Inc. (Health Care Technology)	(a)		19,668		433,876
Medidata Solutions, Inc. (Health Care Technology)	(a)		9,519		517,072
PAREXEL International Corp. (Life Sciences Tools & Svs.)	(a)		8,410		540,847
Prestige Brands Holdings, Inc. (Pharmaceuticals)	(a)		9,294		429,755
Theravance Biopharma, Inc. (Pharmaceuticals)	(a)		8,030		104,551
					19,458,689
INDUSTRIALS – 14.6%
Hexcel Corp. (Aerospace & Defense)			28,636		1,424,355
JetBlue Airways Corp. (Airlines)	(a)		91,789		1,905,540
PGT, Inc. (Building Products)	(a)		28,330		411,068
Trex Co., Inc. (Building Products)	(a)		21,197		1,047,768
Waste Connections, Inc. (Commercial Svs. & Supplies)			23,043		1,085,786
EMCOR Group, Inc. (Construction & Engineering)			8,630		412,255
Northwest Pipe Co. (Construction & Engineering)	(a)		21,235		432,557
Thermon Group Holdings, Inc. (Electrical Equip.)	(a)		23,380		562,757
Chart Industries, Inc. (Machinery)	(a)		10,075		360,181
Colfax Corp. (Machinery)	(a)		12,424		573,368
Proto Labs, Inc. (Machinery)	(a)		5,261		355,012
WABCO Holdings, Inc. (Machinery)	(a)		5,572		689,368
Woodward, Inc. (Machinery)			13,894		764,031
Advisory Board Co. / The (Professional Svs.)	(a)		6,547		357,924
Landstar System, Inc. (Road & Rail)			10,841		724,938
					11,106,908
INFORMATION TECHNOLOGY – 26.8%
Finisar Corp. (Communications Equip.)	(a)		16,964		303,147
Palo Alto Networks, Inc. (Communications Equip.)	(a)		4,528		791,042
Cognex Corp. (Electronic Equip., Instr. & Comp.)			12,695		610,629
Coherent, Inc. (Electronic Equip., Instr. & Comp.)	(a)		11,944		758,205
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)	(a)		13,847		1,179,418
Cornerstone OnDemand, Inc. (Internet Software & Svs.)	(a)		22,075		768,210
Demandware, Inc. (Internet Software & Svs.)	(a)		13,830		983,036
HomeAway, Inc. (Internet Software & Svs.)	(a)		22,100		687,752
WebMD Health Corp. (Internet Software & Svs.)	(a)		11,450		507,006
Yelp, Inc. (Internet Software & Svs.)	(a)		10,275		442,133
Zillow Group, Inc. Class A (Internet Software & Svs.)	(a)		7,280		631,467
Global Cash Access Holdings, Inc. (IT Svs.)	(a)		38,046		294,476
Cavium, Inc. (Semiconductors & Equip.)	(a)		21,829		1,502,053
Kulicke & Soffa Industries, Inc. (Semiconductors & Equip.)	(a)		18,534		217,033
Qorvo, Inc. (Semiconductors & Equip.)	(a)		8,971		720,102
Veeco Instruments, Inc. (Semiconductors & Equip.)	(a)		24,285		697,951
Aspen Technology, Inc. (Software)	(a)		13,938		634,876
Fortinet, Inc. (Software)	(a)		28,572		1,180,881
Guidewire Software, Inc. (Software)	(a)		14,048		743,561
Imperva, Inc. (Software)	(a)		23,065		1,561,501

72 (continued)

Ohio National Fund, Inc. Capital Growth Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (continued)
Manhattan Associates, Inc. (Software)	(a)		9,228	$	550,450
Paylocity Holding Corp. (Software)	(a)		13,824		495,590
PTC, Inc. (Software)	(a)		20,409		837,177
Qualys, Inc. (Software)	(a)		27,174		1,096,471
Tableau Software, Inc. Class A (Software)	(a)		6,839		788,537
Ultimate Software Group, Inc. / The (Software)	(a)		5,214		856,869
Varonis Systems, Inc. (Software)	(a)		13,142		290,307
Stratasys Ltd. (Tech. Hardware, Storage & Periph.)	(a)		7,318		255,618
					20,385,498
MATERIALS – 4.0%
Huntsman Corp. (Chemicals)			26,366		581,898
Quaker Chemical Corp. (Chemicals)			19,304		1,714,967
Martin Marietta Materials, Inc. (Construction Materials)			5,275		746,465
					3,043,330
Total Common Stocks (Cost $57,271,886)				$	75,332,695

Master Limited Partnerships – 0.6%		Shares		Value
FINANCIALS – 0.6%
Fortress Investment Group LLC Class A (Capital Markets)			60,506	$	441,694
Total Master Limited Partnerships (Cost $398,400)				$	441,694
Money Market Funds – 0.1%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			118,000	$	118,000
Total Money Market Funds (Cost $118,000)				$	118,000
Total Investments – 99.8% (Cost $57,788,286)	(b)			$	75,892,389
Other Assets in Excess of Liabilities – 0.2%					151,794
Net Assets – 100.0%				$	76,044,183

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

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

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

73

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

Objective/Strategy

The Nasdaq-100^® Index Portfolio seeks long-term growth of capital by investing primarily in stocks that are included in the Nasdaq-100^® Index. Unlike the other Portfolios of the Fund, the Nasdaq-100^® Index Portfolio is a non-diversified portfolio for purposes of Section 5(b) of the Investment Company Act of 1940, as amended.

Performance as of June 30, 2015

Average Annual Total Returns:
One year	14.98%
Five years	21.11%
Ten years	11.73%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Nasdaq-100^® Index Portfolio returned 4.14% versus 4.42% for the current benchmark, the Nasdaq-100^® Index.

The Portfolio’s correlation to the index for the reporting period was 99.9%. The high correlation is due to the fact that the Portfolio invests in each of the 100 stocks in the index. The Portfolio also invests in PowerShares QQQ Trust Series 1, an exchange traded fund that mimics the holdings and returns of the Nasdaq-100^® Index. ⁽¹⁾

The largest contributors to the index return for the reporting period were Apple, Inc., Amazon.com, Inc., Gilead Sciences, Inc., Starbucks Corp., and Netflix, Inc. The largest detractors for the reporting period were Intel Corp., Microsoft Corp., QUALCOMM, Inc., Micron Technology, Inc., and Yahoo!, Inc. ⁽¹⁾

U.S. indices ended the reporting period in positive territory, despite earlier weakness due to bad weather and the ongoing drama in Greece. The Federal Reserve has signaled that it expects to begin raising rates by the end of the year, as economic data continues to confirm a strengthening U.S. economy. We would expect moderate growth in U.S. equity indices for the rest of 2015.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting. Investors cannot invest in an index. Although they can invest in its underlying securities or funds.

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

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

74 (continued)

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	97.1
Exchange Traded Funds Less Net Liabilities	2.9
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^(1) (2)

	% of Net Assets
1.     Apple, Inc.	13.9
2.     Microsoft Corp.	6.9
3.     Amazon.com, Inc.	3.9
4.     Facebook, Inc. Class A	3.7
5.     Google, Inc. Class C	3.4
6.     Gilead Sciences, Inc.	3.3
7.     Google, Inc. Class A	3.0
8.     PowerShares QQQ Trust Series 1	2.9
9.     Intel Corp.	2.8
10.     Cisco Systems, Inc.	2.7

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Information Technology	53.5
Consumer Discretionary	19.2
Health Care	15.2
Consumer Staples	6.1
Industrials	2.0
Telecommunication Services	0.8
Materials	0.3
	97.1

75

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

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks – 97.1%		Shares		Value
CONSUMER DISCRETIONARY – 19.2%
Tesla Motors, Inc. (Automobiles)	(a)		3,150	$	845,019
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)			6,850		509,571
Starbucks Corp. (Hotels, Restaurants & Leisure)			37,375		2,003,861
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)			2,525		249,142
Garmin Ltd. (Household Durables)			4,775		209,766
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		11,600		5,035,444
Liberty Interactive Corp. QVC Group Class A (Internet & Catalog Retail)	(a)		11,050		306,637
Liberty Ventures (Internet & Catalog Retail)	(a)		3,363		132,065
Netflix, Inc. (Internet & Catalog Retail)	(a)		1,500		985,410
Priceline Group, Inc. / The (Internet & Catalog Retail)	(a)		1,290		1,485,267
TripAdvisor, Inc. (Internet & Catalog Retail)	(a)		3,250		283,205
Mattel, Inc. (Leisure Products)			8,425		216,438
Charter Communications, Inc. Class A (Media)	(a)		2,800		479,500
Comcast Corp. Class A (Media)			52,872		3,179,722
Comcast Corp. Class A Special (Media)			9,500		569,430
DIRECTV (Media)	(a)		12,550		1,164,514
Discovery Communications, Inc. Class A (Media)	(a)		3,725		123,894
Discovery Communications, Inc. Class C (Media)	(a)		6,825		212,121
DISH Network Corp. Class A (Media)	(a)		5,575		377,483
Liberty Global PLC Class A (Media)	(a)		6,275		339,289
Liberty Global PLC Class C (Media)	(a)		15,425		780,968
Liberty Media Corp. Class A (Media)	(a)		2,600		93,704
Liberty Media Corp. Class C (Media)	(a)		5,650		202,835
Sirius XM Holdings, Inc. (Media)	(a)		136,275		508,306
Twenty-First Century Fox, Inc. Class A (Media)			31,350		1,020,286
Twenty-First Century Fox, Inc. Class B (Media)			19,875		640,372
Viacom, Inc. Class B (Media)			8,625		557,520
Dollar Tree, Inc. (Multiline Retail)	(a)		5,125		404,824
Bed Bath & Beyond, Inc. (Specialty Retail)	(a)		4,275		294,889
O’Reilly Automotive, Inc. (Specialty Retail)	(a)		2,525		570,599
Ross Stores, Inc. (Specialty Retail)			10,300		500,683
Staples, Inc. (Specialty Retail)			15,950		244,194
Tractor Supply Co. (Specialty Retail)			3,400		305,796
					24,832,754
CONSUMER STAPLES – 6.1%
Monster Beverage Corp. (Beverages)	(a)		4,225		566,234
Costco Wholesale Corp. (Food & Staples Retailing)			10,960		1,480,258
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)			27,150		2,292,546
Whole Foods Market, Inc. (Food & Staples Retailing)			8,925		352,002
Keurig Green Mountain, Inc. (Food Products)			3,825		293,110
Kraft Foods Group, Inc. (Food Products)			14,750		1,255,815
Mondelez International, Inc. Class A (Food Products)			40,500		1,666,170
					7,906,135
HEALTH CARE – 15.2%
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a)		4,975		899,331
Amgen, Inc. (Biotechnology)			18,922		2,904,905
Biogen, Inc. (Biotechnology)	(a)		5,850		2,363,049
Celgene Corp. (Biotechnology)	(a)		19,750		2,285,766
Gilead Sciences, Inc. (Biotechnology)			36,600		4,285,128
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)		2,525		1,288,078
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a)		6,075		750,141
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a)		925		448,162
Catamaran Corp. (Health Care Providers & Svs.)	(a)		5,175		316,089
Express Scripts Holding Co. (Health Care Providers & Svs.)	(a)		18,150		1,614,261
Henry Schein, Inc. (Health Care Providers & Svs.)	(a)		2,075		294,899
Cerner Corp. (Health Care Technology)	(a)		8,575		592,189
Illumina, Inc. (Life Sciences Tools & Svs.)	(a)		3,600		786,096
Mylan NV (Pharmaceuticals)	(a)		12,200		827,892
					19,655,986

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 2.0%
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)			3,625	$	226,164
Expeditors International of Washington, Inc. (Air Freight & Logistics)			4,775		220,151
American Airlines Group, Inc. (Airlines)			17,250		688,879
Stericycle, Inc. (Commercial Svs. & Supplies)	(a)		2,125		284,559
PACCAR, Inc. (Machinery)			8,839		564,017
Verisk Analytics, Inc. (Professional Svs.)	(a)		4,200		305,592
Fastenal Co. (Trading Companies & Distributors)			7,325		308,969
					2,598,331
INFORMATION TECHNOLOGY – 53.5%
Cisco Systems, Inc. (Communications Equip.)			126,650		3,477,809
QUALCOMM, Inc. (Communications Equip.)			40,595		2,542,465
Akamai Technologies, Inc. (Internet Software & Svs.)	(a)		4,450		310,699
Baidu, Inc. – ADR (Internet Software & Svs.)	(a)		6,900		1,373,652
eBay, Inc. (Internet Software & Svs.)	(a)		30,260		1,822,862
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		56,000		4,802,840
Google, Inc. Class A (Internet Software & Svs.)	(a)		7,175		3,874,787
Google, Inc. Class C (Internet Software & Svs.)	(a)		8,523		4,436,307
Yahoo!, Inc. (Internet Software & Svs.)	(a)		23,360		917,814
Automatic Data Processing, Inc. (IT Svs.)			11,700		938,691
Cognizant Technology Solutions Corp. Class A (IT Svs.)	(a)		15,200		928,568
Fiserv, Inc. (IT Svs.)	(a)		5,899		488,614
Paychex, Inc. (IT Svs.)			9,045		424,030
Altera Corp. (Semiconductors & Equip.)			7,500		384,000
Analog Devices, Inc. (Semiconductors & Equip.)			7,800		500,643
Applied Materials, Inc. (Semiconductors & Equip.)			30,675		589,574
Avago Technologies Ltd. (Semiconductors & Equip.)			6,400		850,752
Broadcom Corp. Class A (Semiconductors & Equip.)			13,775		709,275
Intel Corp. (Semiconductors & Equip.)			118,120		3,592,620
KLA-Tencor Corp. (Semiconductors & Equip.)			3,975		223,435
Lam Research Corp. (Semiconductors & Equip.)			3,950		321,332
Linear Technology Corp. (Semiconductors & Equip.)			5,955		263,390
Micron Technology, Inc. (Semiconductors & Equip.)	(a)		26,925		507,267
NVIDIA Corp. (Semiconductors & Equip.)			13,387		269,213
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		6,275		616,205
Texas Instruments, Inc. (Semiconductors & Equip.)			25,900		1,334,109
Xilinx, Inc. (Semiconductors & Equip.)			6,430		283,949
Activision Blizzard, Inc. (Software)			18,075		437,596
Adobe Systems, Inc. (Software)	(a)		12,455		1,008,980
Autodesk, Inc. (Software)	(a)		5,675		284,176
CA, Inc. (Software)			10,950		320,725
Check Point Software Technologies Ltd. (Software)	(a)		4,495		357,577
Citrix Systems, Inc. (Software)	(a)		4,000		280,640
Electronic Arts, Inc. (Software)	(a)		7,825		520,363
Intuit, Inc. (Software)			6,855		690,778
Microsoft Corp. (Software)			201,425		8,892,914
Symantec Corp. (Software)			16,948		394,041
Apple, Inc. (Tech. Hardware, Storage & Periph.)			143,460		17,993,470
NetApp, Inc. (Tech. Hardware, Storage & Periph.)			7,760		244,906
SanDisk Corp. (Tech. Hardware, Storage & Periph.)			5,175		301,289
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)			7,900		375,250
Western Digital Corp. (Tech. Hardware, Storage & Periph.)			5,750		450,915
					69,338,522
MATERIALS – 0.3%
Sigma-Aldrich Corp. (Chemicals)			2,975		414,566

76 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks (Continued)		Shares		Value
TELECOMMUNICATION SERVICES – 0.8%
SBA Communications Corp. Class A (Wireless Telecom. Svs.)	(a)		3,225	$	370,778
VimpelCom Ltd. – ADR (Wireless Telecom. Svs.)			43,750		217,438
Vodafone Group PLC – ADR (Wireless Telecom. Svs.)			10,604		386,516
					974,732
Total Common Stocks (Cost $75,027,107)				$	125,721,026
Exchange Traded Funds – 2.9%		Shares		Value
PowerShares QQQ Trust Series 1			35,375	$	3,787,601
Total Exchange Traded Funds (Cost $3,797,757)				$	3,787,601
Total Investments – 100.0% (Cost $78,824,864)	(b)			$	129,508,627
Liabilities in Excess of Other Assets – (0.0)%					(15,001)
Net Assets – 100.0%				$	129,493,626

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a) Non-income producing security.

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

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

77

Ohio National Fund, Inc. Bristol Portfolio

Objective/Strategy

The Bristol Portfolio seeks long-term growth of capital by investing primarily in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.

Performance as of June 30, 2015

Average Annual Total Returns:
One year	13.00%
Five years	17.28%
Ten years	8.20%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Bristol Portfolio returned 6.60% versus 1.23% for the current benchmark, the S&P 500 Index.

The year began with many thinking macroeconomic fundamentals had firmed amidst global monetary easing. While the U.S. Federal Reserve ended its historic bond-buying stimulus program, the European Central Bank continued its own stimulus measures and the Japanese Central Bank continued efforts to create growth and inflation. The end of the Federal Reserve’s quantitative easing introduced new controversy, as investors shifted to debating the timing of potential interest rate hikes. Economic data points that traditionally would have been seen as positive indicators began to raise fears that yields could move higher sooner than expected. Meanwhile, Greece reappeared in the headlines, as its position within the European Union became more uncertain. A new Greek government was elected with a mandate to take a hard stance on its debt obligations, while the European Troika refused to renegotiate. Domestically, the turmoil in the North American energy sector continued to work its way through the system, with a lack of consensus about the length and depth of the downturn. These uncertainties were compounded by fear of the potential return of Iranian oil to global markets.

The outperformance for the period was driven primarily by the 621 basis point outperformance in Health Care, most of which resulted from positive stock selection rather than the sector’s overweight. Financials also benefited from positive stock selection, but weakness in Information Technology names detracted on a relative basis.⁽¹⁾

The Portfolio’s best performers for the period were Intercept Pharmaceuticals, Inc., Pharmacyclics, Inc., Valeant Pharmaceuticals International, Inc., Humana, Inc., and Clovis Oncology, Inc. The Portfolio’s worst performers were Hewlett-Packard Co., PVH Corp., Verifone Systems, Inc., Avago Technologies Ltd., and Intel Corp. The top contributors to performance were Clovis Oncology, Inc., Pharmacyclics, Inc., Intercept Pharmaceuticals, Inc., Valeant Pharmaceuticals International, Inc., and Mylan, Inc. The top detractors from perform-

ance were Hewlett-Packard Co., PVH Corp., Intel Corp., Yahoo!, Inc. and Avago Technologies Ltd. ⁽¹⁾

The top contributor to the Portfolio’s performance, at 125 basis points, was Clovis Oncology, Inc. due to mediocre results from its main competitor Astra Zeneca as well as positive data on its ovarian cancer drug. Pharmacyclics, Inc. contributed 116 basis points as its new cancer drug expectations were raised and the company was eventually purchased. Intercept Pharmaceuticals, Inc. contributed 106 basis points due to positive results from its NASH drug, as well as the failure of competitor drugs. Valeant Pharmaceuticals International, Inc. contributed 102 basis points, due to increased earnings guidance for the year. Mylan, Inc. contributed 53 basis points, initially due its bid for Perrigo Company Plc, followed by a bid for the company by Teva Pharmaceutical. ⁽¹⁾

Detractors from performance during the period included Hewlett Packard Co., detracting 65 basis points due to weak PC sales, as well as additional costs due to the breakup of the company. PVH Corp. detracted 42 basis points due to currency translation impacts from the weak Euro. Intel Corp. detracted 32 basis points due to weak PC sales. Yahoo!, Inc. detracted 29 basis points due to concerns regarding its ability to spinoff Alibaba in a tax efficient manner, and Avago Technologies Ltd. detracted 26 basis points due to concerns about handset weakness. ⁽¹⁾

For the balance of the year, we remain optimistic. While concerns regarding China and Greece have made their way into the headlines again, the risks to both regions should be contained. The Chinese government still has many levers to pull to stimulate its economy and Greece should have a minimal impact on the European economy even if it exits the European Union. The corporate profit picture looks positive though slightly below historical trendline and the market seems well prepared for an increase in interest rates as the Federal Reserve tries to normalize. With valuations being “fair” at this point, we believe our continued focus on companies with a strong competitive position and ability to gain share will help benefit the Portfolio’s performance going forward.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

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

78 (continued)

Ohio National Fund, Inc. Bristol Portfolio (Continued)

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	99.2
Money Market Funds and Other Net Assets	0.8
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     Apple, Inc.	3.5
2.     Thermo Fisher Scientific, Inc.	2.6
3.     Microsoft Corp.	2.6
4.     Allergan PLC	2.5
5.     Citigroup, Inc.	2.5
6.     Prudential Financial, Inc.	2.5
7.     MetLife, Inc.	2.4
8.     Mylan NV	2.4
9.     JPMorgan Chase & Co.	2.3
10.     Walt Disney Co. / The	2.1

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Information Technology	21.6
Health Care	19.4
Consumer Discretionary	19.1
Financials	17.5
Industrials	8.6
Materials	4.7
Energy	4.3
Consumer Staples	4.0
	99.2

79

Ohio National Fund, Inc. Bristol Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 99.2%		Shares		Value
CONSUMER DISCRETIONARY – 19.1%
Johnson Controls, Inc. (Auto Components)			92,517	$	4,582,367
Jarden Corp. (Household Durables)	(a)		88,651		4,587,689
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		10,821		4,697,288
CBS Corp. Class B (Media)			82,600		4,584,300
Time Warner, Inc. (Media)			54,490		4,762,971
Viacom, Inc. Class B (Media)			66,210		4,279,814
Walt Disney Co. / The (Media)			43,359		4,948,996
Lowe’s Cos., Inc. (Specialty Retail)			68,116		4,561,728
Tiffany & Co. (Specialty Retail)			28,384		2,605,651
PVH Corp. (Textiles, Apparel & Luxury Goods)			40,702		4,688,870
					44,299,674
CONSUMER STAPLES – 4.0%
Mondelez International, Inc. Class A (Food Products)			114,549		4,712,546
Tyson Foods, Inc. Class A (Food Products)			108,509		4,625,739
					9,338,285
ENERGY – 4.3%
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			57,560		4,493,134
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			74,867		4,453,838
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)		31,706		1,145,221
					10,092,193
FINANCIALS – 17.5%
Bank of America Corp. (Banks)			274,835		4,677,692
BankUnited, Inc. (Banks)			65,190		2,342,277
Citigroup, Inc. (Banks)			103,536		5,719,329
JPMorgan Chase & Co. (Banks)			77,673		5,263,122
Capital One Financial Corp. (Consumer Finance)			52,710		4,636,899
Hartford Financial Services Group, Inc. / The (Insurance)			110,371		4,588,122
Lincoln National Corp. (Insurance)			36,816		2,180,244
MetLife, Inc. (Insurance)			98,671		5,524,589
Prudential Financial, Inc. (Insurance)			65,182		5,704,729
					40,637,003
HEALTH CARE – 19.4%
Amgen, Inc. (Biotechnology)			25,914		3,978,317
Celgene Corp. (Biotechnology)	(a)		25,284		2,926,244
Receptos, Inc. (Biotechnology)	(a)		20,721		3,938,026
St. Jude Medical, Inc. (Health Care Equip. & Supplies)			65,645		4,796,680
Aetna, Inc. (Health Care Providers & Svs.)			26,508		3,378,710
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		49,169		4,460,612
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			46,208		5,995,950

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Allergan PLC (Pharmaceuticals)	(a)		19,064	$	5,785,161
Mylan NV (Pharmaceuticals)	(a)		81,279		5,515,593
Valeant Pharmaceuticals International, Inc. (Pharmaceuticals)	(a)		19,746		4,386,574
					45,161,867
INDUSTRIALS – 8.6%
Honeywell International, Inc. (Aerospace & Defense)			44,312		4,518,495
Lockheed Martin Corp. (Aerospace & Defense)			24,615		4,575,928
FedEx Corp. (Air Freight & Logistics)			25,684		4,376,554
General Electric Co. (Industrial Conglomerates)			73,053		1,941,018
Xylem, Inc. (Machinery)			123,796		4,589,118
					20,001,113
INFORMATION TECHNOLOGY – 21.6%
Cisco Systems, Inc. (Communications Equip.)			155,111		4,259,348
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		53,412		4,580,880
Google, Inc. Class A (Internet Software & Svs.)	(a)		5,007		2,703,980
Google, Inc. Class C (Internet Software & Svs.)	(a)		3,900		2,029,989
MasterCard, Inc. Class A (IT Svs.)			51,634		4,826,746
Avago Technologies Ltd. (Semiconductors & Equip.)			34,520		4,588,744
Intel Corp. (Semiconductors & Equip.)			147,400		4,483,171
Microsoft Corp. (Software)			134,883		5,955,084
Oracle Corp. (Software)			107,220		4,320,966
Apple, Inc. (Tech. Hardware, Storage & Periph.)			64,732		8,119,011
Hewlett-Packard Co. (Tech. Hardware, Storage & Periph.)			147,513		4,426,865
					50,294,784
MATERIALS – 4.7%
Dow Chemical Co. / The (Chemicals)			87,715		4,488,377
Huntsman Corp. (Chemicals)			191,210		4,220,005
Monsanto Co. (Chemicals)			20,317		2,165,589
					10,873,971
Total Common Stocks (Cost $219,489,740)				$	230,698,890
Money Market Funds – 0.3%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			706,000	$	706,000
Total Money Market Funds (Cost $706,000)				$	706,000
Total Investments – 99.5% (Cost $220,195,740)	(b)			$	231,404,890
Other Assets in Excess of Liabilities – 0.5%					1,039,707
Net Assets – 100.0%				$	232,444,597

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

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

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

80

Ohio National Fund, Inc. Bryton Growth Portfolio

Objective/Strategy

The Bryton Growth Portfolio seeks long-term growth of capital by investing primarily in common stocks of growth-oriented U.S. companies smaller than the 500 largest publicly traded U.S. companies in terms of market capitalization.

Performance as of June 30, 2015

Average Annual Total Returns:
One year	11.02%
Five years	17.18%
Ten years	9.07%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Bryton Growth Portfolio returned 10.75% versus 8.74% for the current benchmark, the Russell 2000 Growth Index.

The year began with many thinking macroeconomic fundamentals had firmed amidst global monetary easing. While the U.S. Federal Reserve ended its historic bond-buying stimulus program, the European Central Bank introduced its own stimulus measures and the Japanese Central Bank continued efforts to create growth and inflation. The end of the Federal Reserve’s quantitative easing introduced new controversy, as investors shifted to debating the timing of potential interest rate hikes. Economic data points that traditionally would have been seen as positive indicators began to raise fears that yields could move higher sooner than expected. Meanwhile, Greece reappeared in the headlines, as its position within the European Union became more uncertain. A new Greek government was elected with a mandate to take a hard stance on its debt obligations, while the European Troika refused to renegotiate. Domestically, the turmoil in the North American energy sector continued to work its way through the system, with a lack of consensus about the length and depth of the downturn. These uncertainties were compounded by fear of the potential return of Iranian oil to global markets.

The Portfolio’s outperformance resulted from positive stock selection in several sectors, led by Industrials. Stock section in the Industrials sector provided 212 basis points to relative performance, while stock selection in Materials, Financials, and Energy was also positive. Although also positive, there were no significant individual contributions to relative performance due to sector allocation.⁽¹⁾

The Portfolio’s best performers for the period were Ligand Pharmaceuticals, Inc., Bluebird Bio, Inc., Intercept Pharmaceuticals, Inc., Rally Software Development Corp. and TESARO, Inc. The Portfolio’s worst performers were Tekmira Pharmaceuticals Corp., Puma Biotechnology, Inc., Lands’ End, Inc., BioDelivery Sciences International, Inc. and IGI Laboratories, Inc. The top contributors to performance were Ligand Pharmaceuticals, Inc., Clovis Oncology,

Inc., Rally Software Development Corp., Bluebird Bio, Inc. and Intercept Pharmaceuticals, Inc. The top detractors from performance were Tekmira Pharmaceuticals Corp., BioDelivery Sciences International, Inc., IGI Laboratories, Inc., Lands’ End, Inc. and Build-A-Bear Workshop, Inc. ⁽¹⁾

The top contributor to the Portfolio’s performance was Ligand Pharmaceuticals, Inc., which generated 113 basis points. The stock steadily climbed due to its partner Amgen reporting interim data for a potentially blockbuster Myeloma drug, along with the belief that the company has a rich drug pipeline ahead of it. Clovis Oncology, Inc. contributed 106 basis points, thanks to optimism around its lung and cancer ovarian therapies. Rally Software Development Corp. was a software company attempting to turn itself around, before eventually selling themselves to CA, Inc., generating 92 basis points. Bluebird Bio, Inc. released positive data for its experimental gene therapies, and the stock contributed 78 points. Intercept Pharmaceuticals, Inc. added 76 points, as some felt safety concerns about its liver drug were overdone and the stock rebounded to previous levels. ⁽¹⁾

Detractors from performance during the period included Tekmira Pharmaceuticals Corp., which cost the Portfolio 66 basis points. There are concerns the company is still in an early stage and lacks near-term catalysts with potential competition looming. BioDelivery Sciences International, Inc. dropped after it was unable to show effectiveness in a drug trial for painful diabetic neuropathy, losing 60 points. IGI Laboratories, Inc. reported conservative guidance, subtracting 51 points. Lands’ End, Inc. preannounced negatively in the beginning of the year, citing struggles within its domestic e-commerce business and international sales. This impacted the Portfolio negatively by 48 points. Build-A-Bear Workshop, Inc. detracted 44 points after reporting weak spring comps. ⁽¹⁾

For the balance of the year the prospects for the markets look good. Absent an external shock - less likely, even as turmoil continues in the Middle East - the corporate profit picture looks good. While Greece’s status in the European Union and the volatility in China remain overhangs, many have come to terms with the Federal Reserve raising interest rates at least once this year. Meanwhile, employment figures, corporate profits, and other leading economic indicators remain positive, while inflation and interest rates remain at historically low levels.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

81 (continued)

Ohio National Fund, Inc. Bryton Growth Portfolio (Continued)

Change in Value of $10,000 Investment

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

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

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	98.2
Money Market Funds Less Net Liabilities	1.8
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^(1) (2)

	% of Net Assets
1.     J&J Snack Foods Corp.	1.9
2.     Healthcare Services Group, Inc.	1.9
3.     Eagle Bancorp, Inc.	1.9
4.     AngioDynamics, Inc.	1.9
5.     Receptos, Inc.	1.9
6.     ClubCorp Holdings, Inc.	1.8
7.     Alliqua BioMedical, Inc.	1.8
8.     Remy International, Inc.	1.8
9.     Phibro Animal Health Corp. Class A	1.8
10.     State Bank Financial Corp.	1.7

⁽¹⁾ Composition of Portfolio subject to change.

⁽²⁾ Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾ Sectors:

	% of Net Assets
Information Technology	28.6
Health Care	28.4
Industrials	14.1
Consumer Discretionary	9.6
Energy	6.3
Financials	5.0
Consumer Staples	3.3
Materials	2.9
	98.2

82

Ohio National Fund, Inc. Bryton Growth Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 98.2%		Shares		Value
CONSUMER DISCRETIONARY – 9.6%
Motorcar Parts of America, Inc. (Auto Components)	(a)		85,919	$	2,585,303
Remy International, Inc. (Auto Components)			145,508		3,217,182
Buffalo Wild Wings, Inc. (Hotels, Restaurants & Leisure)	(a)		16,861		2,641,950
ClubCorp Holdings, Inc. (Hotels, Restaurants & Leisure)			136,337		3,255,728
Callaway Golf Co. (Leisure Products)			309,094		2,763,300
Build-A-Bear Workshop, Inc. (Specialty Retail)	(a)		180,784		2,890,736
					17,354,199
CONSUMER STAPLES – 3.3%
Boston Beer Co., Inc. / The Class A (Beverages)	(a)		11,045		2,562,330
J&J Snack Foods Corp. (Food Products)			31,247		3,458,105
					6,020,435
ENERGY – 6.3%
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels)			175,421		2,124,348
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)	(a)		23,536		1,774,144
GasLog Ltd. (Oil, Gas & Consumable Fuels)			138,200		2,757,090
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)			209,378		2,112,624
Synergy Resources Corp. (Oil, Gas & Consumable Fuels)	(a)		225,889		2,581,911
					11,350,117
FINANCIALS – 5.0%
Bank of the Ozarks, Inc. (Banks)			56,336		2,577,372
Eagle Bancorp, Inc. (Banks)	(a)		76,783		3,375,381
State Bank Financial Corp. (Banks)			143,053		3,104,250
					9,057,003
HEALTH CARE – 28.4%
Bluebird Bio, Inc. (Biotechnology)	(a)		8,114		1,366,154
Celldex Therapeutics, Inc. (Biotechnology)	(a)		98,477		2,483,590
Cepheid (Biotechnology)	(a)		21,800		1,333,070
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a)		24,569		2,479,012
MacroGenics, Inc. (Biotechnology)	(a)		72,388		2,748,572
Organovo Holdings, Inc. (Biotechnology)	(a)		242,500		914,225
Receptos, Inc. (Biotechnology)	(a)		17,727		3,369,016
Sangamo BioSciences, Inc. (Biotechnology)	(a)		197,000		2,184,730
Tekmira Pharmaceuticals Corp. (Biotechnology)	(a)		207,417		2,459,966
TESARO, Inc. (Biotechnology)	(a)		33,269		1,955,885
Alliqua BioMedical, Inc. (Health Care Equip. & Supplies)	(a)		614,293		3,237,324
AngioDynamics, Inc. (Health Care Equip. & Supplies)	(a)		205,599		3,371,824
Wright Medical Group, Inc. (Health Care Equip. & Supplies)	(a)		66,346		1,742,246
Team Health Holdings, Inc. (Health Care Providers & Svs.)	(a)		40,227		2,628,030
Cambrex Corp. (Life Sciences Tools & Svs.)	(a)		65,100		2,860,494
Alimera Sciences, Inc. (Pharmaceuticals)	(a)		642,168		2,960,394
BioDelivery Sciences International, Inc. (Pharmaceuticals)	(a)		353,690		2,815,372
Flamel Technologies SA-ADR (Pharmaceuticals)	(a)		129,626		2,746,775
IGI Laboratories, Inc. (Pharmaceuticals)	(a)		388,792		2,449,390
Phibro Animal Health Corp. Class A (Pharmaceuticals)			81,707		3,181,671
Prestige Brands Holdings, Inc. (Pharmaceuticals)	(a)		40,834		1,888,164
					51,175,904

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 14.1%
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)	(a)		135,115	$	2,784,720
Hub Group, Inc. Class A (Air Freight & Logistics)	(a)		57,173		2,306,359
XPO Logistics, Inc. (Air Freight & Logistics)	(a)		62,058		2,803,780
PGT, Inc. (Building Products)	(a)		198,893		2,885,937
Healthcare Services Group, Inc. (Commercial Svs. & Supplies)			103,228		3,411,685
Mobile Mini, Inc. (Commercial Svs. & Supplies)			69,200		2,909,168
Power Solutions International, Inc. (Electrical Equip.)	(a)		51,962		2,806,987
Actuant Corp. Class A (Machinery)			119,300		2,754,637
Mueller Water Products, Inc. Class A (Machinery)			299,759		2,727,807
					25,391,080
INFORMATION TECHNOLOGY – 28.6%
Ubiquiti Networks, Inc. (Communications Equip.)			91,480		2,919,584
Belden, Inc. (Electronic Equip., Instr. & Comp.)			30,052		2,441,124
Cognex Corp. (Electronic Equip., Instr. & Comp.)			55,614		2,675,033
FARO Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a)		39,888		1,862,770
Perceptron, Inc. (Electronic Equip., Instr. & Comp.)			252,201		2,663,243
Cvent, Inc. (Internet Software & Svs.)	(a)		110,220		2,841,472
Demandware, Inc. (Internet Software & Svs.)	(a)		41,860		2,975,409
Textura Corp. (Internet Software & Svs.)	(a)		106,383		2,960,639
Euronet Worldwide, Inc. (IT Svs.)	(a)		43,128		2,660,998
Cypress Semiconductor Corp. (Semiconductors & Equip.)			204,474		2,404,614
Microsemi Corp. (Semiconductors & Equip.)	(a)		86,771		3,032,646
Power Integrations, Inc. (Semiconductors & Equip.)			64,502		2,914,200
CommVault Systems, Inc. (Software)	(a)		64,200		2,722,722
Imperva, Inc. (Software)	(a)		28,527		1,931,278
Infoblox, Inc. (Software)	(a)		103,456		2,711,582
Qlik Technologies, Inc. (Software)	(a)		78,304		2,737,508
Telenav, Inc. (Software)	(a)		336,955		2,712,488
Electronics For Imaging, Inc. (Tech. Hardware, Storage & Periph.)	(a)		66,403		2,889,195
Immersion Corp. (Tech. Hardware, Storage & Periph.)	(a)		70,650		895,135
Quantum Corp. (Tech. Hardware, Storage & Periph.)	(a)		1,611,656		2,707,582
					51,659,222
MATERIALS – 2.9%
Ferro Corp. (Chemicals)	(a)		150,590		2,526,900
PolyOne Corp. (Chemicals)			70,771		2,772,100
					5,299,000
Total Common Stocks (Cost $166,419,688)				$	177,306,960
Money Market Funds – 2.7%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			4,905,000	$	4,905,000
Total Money Market Funds (Cost $4,905,000)				$	4,905,000
Total Investments – 100.9% (Cost $171,324,688)	(b)			$	182,211,960
Liabilities in Excess of Other Assets – (0.9)%					(1,669,637)
Net Assets – 100.0%				$	180,542,323

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a) Non-income producing security.

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

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

83

Ohio National Fund, Inc. Balanced Portfolio

Objective/Strategy

The Balanced Portfolio seeks capital appreciation and income by investing normally up to 75% of its assets in equity securities within under-priced sectors and industries while maintaining a minimum of 25% of its assets in fixed income securities.

Performance as of June 30, 2015

Average Annual Returns:
One year	3.99%
Five years	10.39%
Ten years	6.54%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Balanced Portfolio returned 2.90% versus 1.14% for the current benchmark, which is comprised of 60% S&P Composite 1500 Index and 40% Barclays Capital U.S. Universal Index.

As we entered 2015, our equity valuation model viewed the overall broad domestic market as approximately 5% below our estimate of fair value, indicating some upside opportunity over the next 9 to 12 month time frame. While our returns expectations were relatively muted for the overall market, our system saw opportunities in specific sectors and industries. In an attempt to take advantage of those opportunities, the Portfolio was slightly overweight in equities relative to the blended benchmark, with a specific focus on the Consumer Discretionary, Financials, and Information Technology sectors. However, because of our lower overall market value readings, we implemented a hedge strategy by buying both out-of-the-money S&P 500 put options and writing out-of-the-money S&P 500 call options in an attempt to reduce the effects of market-based volatility on the Portfolio. Relative to the fixed income portion of the benchmark, the fixed income portion of the Portfolio began the year with an overweight position in the corporate debt segment of the market, with specific focus on rating crossover plays and high yield yield-to-call paper. Value was tough to find due to tight corporate bond spreads. Further, relative to the fixed income portion of the blended benchmark, the Portfolio maintained a shorter overall duration and was underweight U.S. Treasuries. Overall, this portfolio strategy turned out to be advantageous during the first month of the year, as the equity market fell by about 2.87% due to a combination of macro-economic concerns and a U.S. gross domestic product (“GDP”) slowdown. The decline in equities had many investors fleeing to the safety of U.S. Treasuries, as yields on the U.S. 10-year Treasury fell from 2.17% on January 1, 2015 to 1.64% on January 31, 2015. While the underlying holdings in the Portfolio were generally in line with the benchmark during this sell-off, our hedging profile helped the Portfolio outperform the blended benchmark during this initial move. The initial bout of equity volatility provided some attractive entry points within certain sectors, according to our system, and

we began to increase the Portfolio’s equity exposure throughout the remainder of the first quarter. In addition, we realized some profits from our option holdings and loosened the hedge on the equity portion of the Portfolio to put it in position to participate in the anticipated upside move. Increasing the equity exposure and loosening the hedge turned out to be a positive contribution to returns, as the equity market reversed course and rallied aggressively through the end of the first quarter. Further, positive selection effect in both the equity and fixed income portion of the Portfolio produced market-beating returns during this move. ⁽¹⁾

The second quarter of 2015 proved to be relatively uneventful from a price movement standpoint, although volatility returned to the marketplace near the end of June as concerns over Greece reemerged. Over the course of the second quarter, our methodology indicated decreasing value and fewer attractive opportunities in the equity market, leading us to reduce our equity exposure in a systematic fashion, and increase our fixed income exposure in both corporate bonds and U.S. Treasuries. Additionally, the hedge was slowly increased throughout the second quarter, as stretched valuations made us wary of increased market volatility ahead. Again, positive selection effect in both the equity and fixed income portions of the Portfolio outperformed the benchmark for the second quarter of 2015. Ultimately, over the entire first half of 2015, the Portfolio had both higher returns and reduced volatility relative to the blended benchmark.

Focusing on the equity portion of the Portfolio, the largest sector contributor to performance over the first six months of the year was the Consumer Discretionary sector. The combination of the Portfolio’s overweight position and positive selection effect in this sector produced positive returns relative to the benchmark. Other sectors that contributed positively to the Portfolio’s performance included Financials, Health Care, and Information Technology. Inversely, the Portfolio’s positions in the Utilities and Industrials sectors produced negative contributions to Portfolio returns during the period. ⁽¹⁾

On the individual equity security level, the five biggest contributors to performance relative to the benchmark were SVB Financial Group, Signature Bank, DST Systems, Inc., Jones Lang LaSalle, Inc., and Starbucks Corp. The five biggest detractors from performance relative to the benchmark were Delta Air Lines, Inc., Union Pacific Corp., Applied Materials, Inc., Precision Castparts Corp., and Discover Financial Services. ⁽¹⁾

Focusing on the fixed income portion of the Portfolio, the first month of 2015 saw an aggressive rally in U.S. Treasury bonds as yields fell across the board. This rally in the U.S. Treasury market was coupled with a widening in corporate bond spreads throughout a good portion of the first half of the year. This widening occurred in both investment grade and high yield corporate bonds, as investors focused on low overall returns in the fixed income market. The fixed income portion of the Portfolio maintained a lower overall duration over the course of the first half of 2015, resulting in less relative curve effect during the rally at the beginning of the year. Ultimately, the Portfolio was able to outperform the fixed income portion of the benchmark during the first half of the year through a combination of individual bond selections within the corporate bond segment of the market and an active allocation to both preferred shares and closed-end fund positions. As we saw less and less value in the overall fixed income market, the Portfolio focused on holdings in preferred shares and closed-end fund discount arbitrage plays to produce positive returns relative to the fixed income benchmark and contribute to overall Portfolio performance. ⁽¹⁾

84 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Looking ahead to the second half of 2015, our equity valuation model currently sees the overall equity market as close to our estimate of fair value. However, we continue to see clear opportunities in certain sectors and industries. The Portfolio heads into the second half of the year with a slight equity underweight relative to the blended benchmark’s allocation of 60% equities and 40% fixed income. From a sector standpoint, the equity portion of the Portfolio is overweight in both the Financials and Utilities sectors, as these sectors remain attractive according to our system. The equity hedge is currently targeting a beta of approximately 0.76, which is at the lower end of our historical range, as we anticipate the second half of the year could see increased volatility due to stretched equity valuations. In the fixed income portion of the Portfolio, we continue to be selective in our individual bond positions as tight spreads force us to focus on downside risks. However, we still see opportunities in certain lower investment grade and high yield segments of the corporate bond market, preferred securities, and closed-end funds. Regardless of how the market behaves, we will continue to manage the Portfolio with the goal of providing returns while reducing the effects of market volatility. ⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

The S&P Composite 1500 Index is a broad-based capitalization-weighted index of 1500 U.S. companies and is comprised of the S&P MidCap 400, S&P 500, and the S&P SmallCap 600. It is designed for investors seeking to replicate to the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks. The index presented herein includes the effects of reinvested dividends.

The Barclays Capital U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index. Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA portion of the Commercial Mortgage-Backed Securities (CMBS) Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield.

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	54.1
Corporate Bonds (3)	22.3
U.S. Treasury Obligations	9.6
Trust Preferred Securities (3)	3.9
Closed-End Mutual Funds	3.0
Asset-Backed / Mortgage-Backed Securities (3)	2.3
Preferred Stocks (3)	1.5
Exchange Traded Funds	0.9
Purchased Options	0.6
Municipal Bonds	0.4
Money Market Funds Less Net Liabilities	1.4
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^(1) (2)

	% of Net Assets
1.     U.S. Treasury Note 1.000%, 09/15/2017	2.3
2.     U.S. Treasury Note 0.500%, 09/30/2016	2.3
3.     McKesson Corp.	1.9
4.     Signature Bank	1.9
5.     Jones Lang LaSalle, Inc.	1.8
6.     SVB Financial Group	1.8
7.     Delta Air Lines, Inc.	1.8
8.     U.S. Treasury Note 2.250%, 11/15/2024	1.7
9.     Google, Inc. Class C	1.6
10.     Allergan PLC	1.5

⁽¹⁾ Composition of Portfolio subject to change.

⁽²⁾ Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾ Sectors (combined):

	% of Net Assets
Financials	27.3
Health Care	11.7
Information Technology	11.5
Industrials	10.3
Consumer Discretionary	9.2
Consumer Staples	3.5
Materials	3.3
Utilities	3.3
Energy	2.3
Telecommunication Services	1.7
	84.1

85

Ohio National Fund, Inc. Balanced Portfolio

Schedule of Investments June 30, 2015 (Unaudited)

Common Stocks – 54.1%		Shares		Value
CONSUMER DISCRETIONARY – 8.1%
BorgWarner, Inc. (Auto Components)			112,146	$	6,374,379
Delphi Automotive PLC (Auto Components)			58,524		4,979,807
Gentherm, Inc. (Auto Components)	(a)		50,000		2,745,500
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)		20,500		12,402,295
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)			60,000		4,721,400
Starbucks Corp. (Hotels, Restaurants & Leisure)	(d)		40,000		2,144,600
Jarden Corp. (Household Durables)	(a)		122,197		6,323,695
CBS Corp. Class B (Media)			149,704		8,308,572
Comcast Corp. Class A (Media)	(d)		34,044		2,047,406
Walt Disney Co. / The (Media)			60,280		6,880,359
Advance Auto Parts, Inc. (Specialty Retail)			60,000		9,557,400
Home Depot, Inc. / The (Specialty Retail)			40,000		4,445,200
					70,930,613
CONSUMER STAPLES – 1.6%
CVS Health Corp. (Food & Staples Retailing)			50,000		5,244,000
Tyson Foods, Inc. Class A (Food Products)			200,000		8,526,000
					13,770,000
ENERGY – 1.4%
Schlumberger Ltd. (Energy Equip. & Svs.)			45,000		3,878,550
EQT Corp. (Oil, Gas & Consumable Fuels)			45,010		3,661,113
Valero Energy Corp. (Oil, Gas & Consumable Fuels)			75,000		4,695,000
					12,234,663
FINANCIALS – 13.0%
Bank of America Corp. (Banks)			540,000		9,190,800
Signature Bank (Banks)	(a)(d)		113,270		16,581,595
SVB Financial Group (Banks)	(a)		110,000		15,837,800
Wells Fargo & Co. (Banks)	(d)		79,000		4,442,960
Invesco Ltd. (Capital Markets)			202,900		7,606,721
Waddell & Reed Financial, Inc. Class A (Capital Markets)			92,000		4,352,520
Discover Financial Services (Consumer Finance)			162,080		9,339,050
Encore Capital Group, Inc. (Consumer Finance)	(a)(d)		235,370		10,059,714
Arthur J. Gallagher & Co. (Insurance)			85,670		4,052,191
Sun Life Financial, Inc. (Insurance)			122,725		4,099,015
CBRE Group, Inc. (Real Estate Mgmt. & Development)	(a)		355,000		13,135,000
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)	(d)		95,000		16,245,000
					114,942,366
HEALTH CARE – 7.8%
Biogen, Inc. (Biotechnology)	(a)		23,000		9,290,620
Gilead Sciences, Inc. (Biotechnology)			55,530		6,501,452
McKesson Corp. (Health Care Providers & Svs.)			75,000		16,860,750
AbbVie, Inc. (Pharmaceuticals)			100,000		6,719,000
Allergan PLC (Pharmaceuticals)	(a)		43,700		13,261,202
Jazz Pharmaceuticals PLC (Pharmaceuticals)	(a)		45,000		7,923,150
Johnson & Johnson (Pharmaceuticals)			85,000		8,284,100
					68,840,274
INDUSTRIALS – 6.9%
Curtiss-Wright Corp. (Aerospace & Defense)			89,563		6,487,944
General Dynamics Corp. (Aerospace & Defense)			50,000		7,084,500
Precision Castparts Corp. (Aerospace & Defense)			35,083		7,012,039
Delta Air Lines, Inc. (Airlines)	(d)		385,000		15,815,800
Southwest Airlines Co. (Airlines)			60,000		1,985,400
United Continental Holdings, Inc. (Airlines)	(a)		40,000		2,120,400
Genesee & Wyoming, Inc. Class A (Road & Rail)	(a)		40,200		3,062,436
Ryder System, Inc. (Road & Rail)			45,000		3,931,650
Union Pacific Corp. (Road & Rail)	(d)		138,160		13,176,319
					60,676,488

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY – 9.7%
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)	(a)		52,172	$	4,443,750
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		150,000		12,864,750
Google, Inc. Class A (Internet Software & Svs.)	(a)		700		378,028
Google, Inc. Class C (Internet Software & Svs.)	(a)		27,776		14,457,686
Accenture PLC Class A (IT Svs.)			45,786		4,431,169
DST Systems, Inc. (IT Svs.)			65,000		8,188,700
MasterCard, Inc. Class A (IT Svs.)	(d)		96,600		9,030,168
Visa, Inc. (IT Svs.)			131,400		8,823,510
Applied Materials, Inc. (Semiconductors & Equip.)			570,000		10,955,400
Synaptics, Inc. (Semiconductors & Equip.)	(a)		27,000		2,341,845
Apple, Inc. (Tech. Hardware, Storage & Periph.)			78,910		9,897,287
					85,812,293
MATERIALS – 3.1%
Ashland, Inc. (Chemicals)			70,000		8,533,000
Methanex Corp. (Chemicals)	(d)		65,183		3,628,086
Monsanto Co. (Chemicals)			70,000		7,461,300
Eagle Materials, Inc. (Construction Materials)			105,000		8,014,650
					27,637,036
UTILITIES – 2.5%
ALLETE, Inc. (Electric Utilities)			90,000		4,175,100
OGE Energy Corp. (Electric Utilities)			125,190		3,576,678
Atmos Energy Corp. (Gas Utilities)			85,000		4,358,800
Ameren Corp. (Multi-Utilities)			100,000		3,768,000
CMS Energy Corp. (Multi-Utilities)			186,300		5,931,792
					21,810,370
Total Common Stocks (Cost $439,256,753)				$	476,654,103

86 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Corporate Bonds – 22.3%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 1.1%
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)	(i)		7.050%	10/15/2037	$	3,500,000	$	4,241,720
Eldorado Resorts LLC / Eldorado Capital Corp. (Hotels, Restaurants & Leisure)	(b)		8.625%	06/15/2019		1,875,000		1,954,688
Marina District Finance Co., Inc. (Hotels, Restaurants & Leisure)			9.875%	08/15/2018		1,710,000		1,757,025
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)			7.500%	04/15/2021		475,000		502,906
Intelsat Jackson Holdings SA (Media)			7.250%	04/01/2019		1,482,000		1,504,230
								9,960,569
CONSUMER STAPLES – 1.9%
Kraft Heinz Foods Co. (Food Products)	(b)		4.875%	02/15/2025		6,100,000		6,641,375
Altria Group, Inc. (Tobacco)			9.250%	08/06/2019		7,967,000		10,004,417
								16,645,792
ENERGY – 0.9%
Alliance Pipeline LP / United States (Oil, Gas & Consumable Fuels)	(b)		7.877%	12/31/2025		2,000,000		2,437,328
BG Energy Capital PLC (Oil, Gas & Consumable Fuels)	(b)		4.000%	10/15/2021		3,090,000		3,274,476
United Refining Co. (Oil, Gas & Consumable Fuels)			10.500%	02/28/2018		1,812,000		1,902,600
								7,614,404
FINANCIALS – 7.2%
City National Corp. (Banks)			5.250%	09/15/2020		1,500,000		1,695,711
Hancock Holding Co. (Banks)			5.875%	04/01/2017		2,950,000		3,091,765
E*TRADE Financial Corp. (Capital Markets)			5.375%	11/15/2022		3,040,000		3,116,000
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. (Capital Markets)	(b)		5.875%	03/15/2022		5,800,000		6,198,750
Ally Financial, Inc. (Consumer Finance)			8.000%	03/15/2020		1,950,000		2,296,125
General Electric Capital Corp. / LJ VP Holdings LLC (Diversified Financial Svs.)	(b)		3.800%	06/18/2019		2,750,000		2,905,911
Alleghany Corp. (Insurance)			5.625%	09/15/2020		1,000,000		1,118,768
Glen Meadow Pass-Through Trust (Insurance)	(b)(f)		6.505%	02/12/2067		395,000		367,350
MBIA, Inc. (Insurance)			6.625%	10/01/2028		2,810,000		2,585,200
Old Republic International Corp. (Insurance)			4.875%	10/01/2024		5,000,000		5,165,585
ProAssurance Corp. (Insurance)			5.300%	11/15/2023		5,063,000		5,394,976
Protective Life Corp. (Insurance)			6.250%	05/15/2042		32,350		829,454
Prudential Financial, Inc. (Insurance)	(f)		8.875%	06/15/2068		8,635,000		10,102,950
Prudential Insurance Co. of America / The (Insurance)	(b)		8.300%	07/01/2025		2,500,000		3,324,095
Reinsurance Group of America, Inc. (Insurance)			6.450%	11/15/2019		1,000,000		1,151,204
SAFG Retirement Services, Inc. (Insurance)			8.125%	04/28/2023		500,000		626,067
StanCorp Financial Group, Inc. (Insurance)	(f)		6.900%	06/01/2067		4,500,000		4,185,000
Travelers Property Casualty Corp. (Insurance)			7.750%	04/15/2026		5,400,000		7,102,150
Hunt Cos., Inc. (Real Estate Mgmt. & Development)	(b)		9.625%	03/01/2021		2,100,000		2,163,000
								63,420,061
HEALTH CARE – 3.9%
Highmark, Inc. (Health Care Providers & Svs.)	(b)		4.750%	05/15/2021		3,500,000		3,582,526
Highmark, Inc. (Health Care Providers & Svs.)	(b)		6.125%	05/15/2041		2,100,000		2,058,594
inVentiv Health, Inc. (Health Care Providers & Svs.)	(b)		9.000%	01/15/2018		3,405,000		3,549,713
Omnicare, Inc. (Health Care Providers & Svs.)			4.750%	12/01/2022		10,726,000		11,369,560
Prospect Medical Holdings, Inc. (Health Care Providers & Svs.)	(b)		8.375%	05/01/2019		5,035,000		5,353,716
Hospira, Inc. (Pharmaceuticals)			5.800%	08/12/2023		7,490,000		8,706,885
								34,620,994
INDUSTRIALS – 3.4%
Air Canada (Airlines)	(b)		8.750%	04/01/2020		1,460,000		1,613,300
Goodman Networks, Inc. (Building Products)			12.125%	07/01/2018		2,570,000		2,133,100
Masco Corp. (Building Products)	(i)		6.125%	10/03/2016		5,000,000		5,262,500
Masco Corp. (Building Products)			5.950%	03/15/2022		4,934,000		5,538,415
USG Corp. (Building Products)	(b)		7.875%	03/30/2020		4,000,000		4,280,000
Siemens Financieringsmaatschappij NV (Industrial Conglomerates)	(b)		6.125%	08/17/2026		3,000,000		3,639,420
Case New Holland Industrial, Inc. (Machinery)			7.875%	12/01/2017		980,000		1,073,100
Ingersoll-Rand Co. (Machinery)			6.391%	11/15/2027		2,215,000		2,613,126
Ingersoll-Rand Co. (Machinery)			6.443%	11/15/2027		1,800,000		2,151,299
Brightstar Corp. (Trading Companies & Distributors)	(b)		7.250%	08/01/2018		1,832,000		1,937,340
								30,241,600
INFORMATION TECHNOLOGY – 1.8%
Corning, Inc. (Electronic Equip., Instr. & Comp.)			7.250%	08/15/2036		2,180,000		2,743,813
EarthLink Holdings Corp. (Internet Software & Svs.)			7.375%	06/01/2020		2,400,000		2,496,000
First Data Corp. (IT Svs.)			12.625%	01/15/2021		3,584,000		4,139,520
Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc. (IT Svs.)			5.750%	04/15/2023		6,275,000		6,604,437
								15,983,770
MATERIALS – 0.2%
Vulcan Materials Co. (Construction Materials)			4.500%	04/01/2025		1,250,000		1,246,875

87 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
TELECOMMUNICATION SERVICES – 1.7%
Cincinnati Bell, Inc. (Diversified Telecom. Svs.)			8.375%	10/15/2020	$	3,950,000	$	4,152,438
Level 3 Financing, Inc. (Diversified Telecom. Svs.)			7.000%	06/01/2020		2,000,000		2,122,500
Clearwire Communications LLC / Clearwire Finance, Inc. (Wireless Telecom. Svs.)	(b)		14.750%	12/01/2016		4,506,000		5,215,695
Sprint Communications, Inc. (Wireless Telecom. Svs.)			6.000%	11/15/2022		1,755,000		1,603,631
Vodafone Group PLC (Wireless Telecom. Svs.)			6.250%	11/30/2032		1,683,000		1,838,612
								14,932,876
UTILITIES – 0.2%
Tenaska Georgia Partners LP (Electric Utilities)			9.500%	02/01/2030		1,319,962		1,641,984
Total Corporate Bonds (Cost $199,791,915)							$	196,308,925
Municipal Bonds – 0.4%		Rate		Maturity	Face Amount		Value
City of Cape Coral, FL Gas Tax Revenue			7.147%	10/01/2030	$	3,000,000	$	3,558,720
Total Municipal Bonds (Cost $3,563,851)							$	3,558,720
Preferred Stocks – 1.5%				Rate	Quantity		Value
FINANCIALS – 1.5%
Charles Schwab Corp. Series A / The (Capital Markets)	(h)			7.000%		4,000,000	$	4,643,880
Oxford Lane Capital Corp. (Capital Markets)				8.500%		2,000		50,220
General Electric Capital Corp. (Diversified Financial Svs.)	(h)			7.125%		2,500,000		2,884,375
Digital Realty Trust, Inc. (Real Estate Investment Trusts)				7.000%		22,420		573,055
Equity Commonwealth (Real Estate Investment Trusts)				7.250%		92,011		2,347,201
Gramercy Property Trust, Inc. (Acquired 08/26/2014 through 06/10/2015, Cost $2,380,961)(Real Estate Investment Trusts)	(j)			7.125%		102,979		2,728,943
Total Preferred Stocks (Cost $13,170,621)							$	13,227,674
Trust Preferred Securities – 3.9%				Rate	Quantity		Value
FINANCIALS – 3.3%
PNC Preferred Funding Trust II (Banks)	(b)(h)			1.508%		4,000,000	$	3,600,000
RBS Capital Funding Trust V (Banks)				5.900%		246,303		5,967,922
USB Capital IX (Banks)	(h)			3.500%		1,500,000		1,238,250
USB Realty Corp. (Banks)	(b)(h)			1.422%		5,000,000		4,568,750
NTC Capital I (Capital Markets)	(e)			0.795%		3,300,000		2,862,750
State Street Capital Trust I (Capital Markets)	(g)			0.834%		5,123,000		4,444,203
GMAC Capital Trust I (Consumer Finance)				8.125%		143,287		3,722,596
ILFC E-Capital Trust II (Diversified Financial Svs.)	(b)(f)			6.250%		2,900,000		2,842,000
								29,246,471
UTILITIES – 0.6%
PECO Energy Capital Trust IV (Electric Utilities)				5.750%		5,000,000		4,843,925
Total Trust Preferred Securities (Cost $34,777,379)							$	34,090,396
Asset-Backed / Mortgage-Backed Securities – 2.3%		Rate		Maturity	Face Amount		Value
FINANCIALS – 2.3%
Citigroup Mortgage Loan Trust 2013-J1 Class B2 (Acquired 05/21/2015, Cost $1,996,379)	(b)(j)		3.567%	10/25/2043	$	2,001,383	$	1,995,769
Citigroup Mortgage Loan Trust, Inc. 2004-NCM2 Class 2CB1			5.500%	08/25/2034		1,404,546		1,513,946
Fannie Mae Trust 2003-W2 Class 1A4			2.986%	07/25/2042		1,631,971		1,719,350
MASTR Seasoned Securitization Trust 2005-1 Class 1A1			6.617%	09/25/2032		2,336,014		2,556,048
Sequoia Mortgage Trust 2013-1 Class B2 (Acquired 04/15/2015, Cost $4,917,160)	(j)		3.645%	02/25/2043		4,870,385		4,690,434
Sequoia Mortgage Trust 2013-10 Class B2 (Acquired 02/17/2015, Cost $4,306,412)	(b)(j)		3.586%	08/25/2043		4,416,833		4,149,818
Sequoia Mortgage Trust 2014-4 Class B2 (Acquired 03/11/2015, Cost $3,503,715)	(b)(j)		3.905%	11/25/2044		3,521,322		3,496,285
Total Asset-Backed / Mortgage-Backed Securities (Cost $20,508,285)							$	20,121,650
U.S. Treasury Obligations – 9.6%		Rate		Maturity	Face Amount		Value
U.S. Treasury Inflation Indexed Bonds			0.125%	04/15/2019	$	10,097,300	$	10,216,418
U.S. Treasury Inflation Indexed Bonds			0.125%	07/15/2024		9,964,300		9,692,613
U.S. Treasury Note			0.500%	09/30/2016		20,000,000		20,018,760
U.S. Treasury Note			1.000%	09/15/2017		20,000,000		20,110,940
U.S. Treasury Note			1.875%	05/31/2022		10,000,000		9,878,910
U.S. Treasury Note			2.250%	11/15/2024		15,000,000		14,882,820
Total U.S. Treasury Obligations (Cost $83,637,946)							$	84,800,461

88 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Schedule of Investments June 30, 2015 (Unaudited)

Closed-End Mutual Funds – 3.0%		Shares		Value
Alliance New York Municipal Income Fund, Inc.			135,448	$	1,904,399
BlackRock Enhanced Government Fund, Inc.			77,605		1,049,996
Delaware Investments Dividend & Income Fund, Inc.			61,025		604,148
Deutsche Global High Income Fund, Inc.			177,040		1,441,106
Diversified Real Asset Income Fund			149,548		2,623,072
Federated Enhanced Treasury Income Fund			246,001		3,249,673
Firsthand Technology Value Fund, Inc.			70,965		912,610
Fort Dearborn Income Securities, Inc.			107,539		1,484,038
LMP Real Estate Income Fund, Inc.			299,923		3,509,099
MFS InterMarket Income Trust I			212,181		1,788,686
Montgomery Street Income Securities, Inc.			113,373		1,858,183
Nuveen Mortgage Opportunity Term Fund			90,658		2,057,030
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund			92,202		1,031,740
Western Asset/Claymore Inflation-Linked Securities & Income Fund			234,910		2,647,436
Total Closed-End Mutual Funds (Cost $27,611,924)				$	26,161,216
Exchange Traded Funds – 0.9%		Shares		Value
SPDR S&P 500 ETF Trust			40,000	$	8,234,000
Total Exchange Traded Funds (Cost $8,503,704)				$	8,234,000
Purchased Options – 0.6%		Contracts (c)		Value
S&P 500 Index Put Option Expiration: September 2015, Exercise Price: $2,000.00			1,000	$	4,240,000
S&P 500 Index Put Option Expiration: September 2015, Exercise Price: $1,950.00			500		1,565,000
Total Purchased Options (Cost $4,575,913)				$	5,805,000
Money Market Funds – 2.3%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			20,264,000	$	20,264,000
Total Money Market Funds (Cost $20,264,000)				$	20,264,000
Total Investments – 100.9% (Cost $855,662,291)	(k)			$	889,226,145
Total Written Options Outstanding – (0.0)% (see following schedule)					(115,150)
Liabilities in Excess of Other Assets – (0.9)%	(d)				(7,719,820)
Net Assets – 100.0%				$	881,391,175

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $81,149,899, or 9.2% of the Portfolio’s net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(c) 100 shares per contract.

(d) Security is fully or partially pledged as collateral for written call options outstanding. Collateral also includes a portion of the Portfolio’s cash holdings. Outstanding written call options are presented in the following schedule.

(e) Security is a variable rate instrument in which the coupon rate is adjusted quarterly in concert with U.S. LIBOR. Interest rates stated are those in effect at June 30, 2015.

(f) Security is a variable rate instrument in which the coupon rate is fixed until a later specified date, then is adjusted quarterly in concert with U.S. LIBOR, 10 Year Constant Maturity Treasury Rate, or 30 Year Constant Maturity Treasury Rate. Interest rates stated are those in effect at June 30, 2015.

(g) Security is a variable rate trust preferred security in which the dividend rate is adjusted quarterly in concert with U.S. LIBOR. Dividend rates stated are those in effect at June 30, 2015.

(h) Security is a variable rate preferred stock or trust preferred security in which the dividend rate is fixed until a later specified date, then is adjusted quarterly in concert with U.S. LIBOR. Dividend rates stated are those in effect at June 30, 2015.

(i) Represents bonds that are credit sensitive. The coupon rates for these bonds are subject to adjustment based on changes in national credit rating agency ratings.

(j) Represents a security deemed to be illiquid. At June 30, 2015, the value of illiquid securities in the Portfolio totaled $17,061,249, or 1.9% of the Portfolio’s net assets.

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

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

89 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Schedule of Written Options Outstanding June 30, 2015 (Unaudited)

	Contracts*	Value
S&P 500 Index Call Option
Expiration: August 2015, Exercise Price: $2,175.00	350	$	115,150
Total Written Options Outstanding (Premiums received $419,531)	350	$	115,150

* 100 shares per contract.

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

90

Ohio National Fund, Inc. Target VIP Portfolio

Objective/Strategy

The Target VIP Portfolio seeks an above average total return by investing in the common stocks of companies which are identified by a model which applies separate uniquely specialized strategies.

Performance as of June 30, 2015

Average Annual Returns:
One year	2.70%
Five years	17.02%
Since inception (11/2/05)	5.20%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Target VIP Portfolio returned 2.07% versus 1.94% for the current benchmark, the Russell 3000 Index.

U.S. equities posted modest gains over the reporting period. Economic data was sluggish to begin the year, but steadily gained momentum by period end. Harsh winter weather and a west coast port strike were blamed for generally weaker than expected first quarter growth. This, combined with the impact of the stronger dollar, led to muted earnings growth in the first quarter. The slow start to the year pushed out expectations for the first Federal Reserve rate hike. The push out of rate hikes was generally viewed in a positive light by equity investors. With employment data gradually strengthening, along with steadily improving economic data later in the first half of the year, the consensus forecast is now calling for rate hikes to begin this fall. Though rate hikes appear imminent, interest rates near historic lows and improving economic fundamentals should continue to support investors’ risk appetite and demand for equities.

The Portfolio had its annual rebalance in early January 2015. Though the selection process for the underlying strategies did not change, there were changes in the sector exposure of the Portfolio as a result of the rebalance. The rebalance resulted in additional exposure to the Industrials, Consumer Discretionary and Consumer Staples sectors. Industrials are now overweight, while the additional Consumer Discretionary exposure increased its overweight. Consumer Staples remains underweight. The sectors losing notable weight as a result of the rebalance were Financials and Energy. Both sectors are underweight in relation to the benchmark.⁽¹⁾

The Health Care sector was the biggest contributor to relative performance, as stock selection drove performance in the sector. Gilead Sciences, Inc. and Insys Therapeutics, Inc. were among the top five contributors in the Portfolio for the period. Stock selection was also positive in the Consumer Staples and Energy sectors, led

by The Kroger Co. and Tesoro Corp., respectively. A large underweight in the Financials sector also contributed to relative performance, as the sector underperformed the broader market for the period.⁽¹⁾

Stock selection in Information Technology resulted in the sector being the biggest detractor from relative performance. Micron Technology, Inc. and Intel Corp. were the two biggest detractors in the Portfolio over the period. Stock selection in the Industrials sector also weighed on relative performance. 3M Co. and United Continental Holdings, Inc. were among the Portfolio’s holdings in the sector that had a negative impact on performance. An overweight to Utilities also hurt the Portfolio, as the sector was the worst performer amid investors’ expectations of Federal Reserve rate hikes later in the year.⁽¹⁾

The Portfolio’s best performers were Repligen Corp., Ellie Mae, Inc., Insys Therapeutics, Inc., AMN Healthcare Services, Inc. and Gentherm, Inc. The worst performers were Micron Technology, Inc., OraSure Technologies, Inc., Keurig Green Mountain, Inc., Avis Budget Group, Inc. and Zumiez, Inc. The Portfolio’s top contributors to performance were Apple, Inc., The Walt Disney Co., Gilead Sciences, Inc., Insys Therapeutics, Inc. and The Home Depot, Inc. The top detractors from performance were Micron Technology, Inc., Intel Corp., Yahoo! Inc., 3M Co. and United Continental Holdings, Inc.⁽¹⁾

As we look to the second half of 2015, equities continue to offer an attractive risk/reward proposition relative to other asset classes in our opinion. The Greek situation in Europe and potential Federal Reserve rate hikes here at home are areas to keep an eye on as they could lead to near-term increases in market volatility. Taking a longer term view though, we view steady economic growth, historically low interest rates and strong corporate balance sheets as reasons to remain positive on equities. As always, we remain consistent in the application of the six strategies underlying the Portfolio. The result is a Portfolio with broad exposures across the size and sector spectrum, which we believe provides diversification along with upside potential.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The index presented includes the effects of reinvested dividends.

91 (continued)

Ohio National Fund, Inc. Target VIP Portfolio (Continued)

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	99.0
Money Market Funds and Other Net Assets	1.0
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^(1) (2)

	% of Net Assets
1.     Apple, Inc.	8.0
2.     Home Depot, Inc. / The	5.2
3.     3M Co.	4.3
4.     Taiwan Semiconductor Manufacturing Co Ltd. – ADR	4.1
5.     Walt Disney Co. / The	3.9
6.     Boeing Co. / The	3.4
7.     AT&T, Inc.	3.4
8.     Gilead Sciences, Inc.	3.2
9.     Intel Corp.	2.6
10.     Amgen, Inc.	2.2

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Information Technology	20.0
Consumer Discretionary	18.0
Health Care	15.2
Industrials	12.8
Telecommunication Services	6.6
Financials	6.6
Energy	6.3
Consumer Staples	5.6
Utilities	4.2
Materials	3.7
	99.0

92

Ohio National Fund, Inc. Target VIP Portfolio

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks – 99.0%		Shares		Value
CONSUMER DISCRETIONARY – 18.0%
American Axle & Manufacturing Holdings, Inc. (Auto Components)	(a)		3,798	$	79,416
Delphi Automotive PLC (Auto Components)			6,578		559,722
Gentherm, Inc. (Auto Components)	(a)		7,164		393,375
Magna International, Inc. (Auto Components)			9,183		515,074
Tata Motors Ltd. – ADR (Automobiles)			11,943		411,675
Core-Mark Holding Co., Inc. (Distributors)			4,631		274,387
BJ’s Restaurants, Inc. (Hotels, Restaurants & Leisure)	(a)		5,170		250,486
Brinker International, Inc. (Hotels, Restaurants & Leisure)			1,465		84,457
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)			1,799		133,828
Popeye’s Louisiana Kitchen, Inc. (Hotels, Restaurants & Leisure)	(a)		4,683		280,933
Universal Electronics, Inc. (Household Durables)	(a)		3,143		156,647
Cablevision Systems Corp. Class A (Media)			4,796		114,816
Walt Disney Co. / The (Media)			18,203		2,077,690
Dillard’s, Inc. Class A (Multiline Retail)			830		87,308
Dollar Tree, Inc. (Multiline Retail)	(a)		1,913		151,108
Bed Bath & Beyond, Inc. (Specialty Retail)	(a)		2,929		202,042
Caleres, Inc. (Specialty Retail)			2,674		84,980
Cato Corp. / The Class A (Specialty Retail)			5,215		202,133
Home Depot, Inc. / The (Specialty Retail)			24,832		2,759,580
O’Reilly Automotive, Inc. (Specialty Retail)	(a)		953		215,359
Outerwall, Inc. (Specialty Retail)			1,154		87,831
Ross Stores, Inc. (Specialty Retail)			3,896		189,385
Zumiez, Inc. (Specialty Retail)	(a)		5,820		154,987
					9,467,219
CONSUMER STAPLES – 5.6%
Brown-Forman Corp. Class B (Beverages)			1,003		100,481
Dr Pepper Snapple Group, Inc. (Beverages)			1,525		111,172
Monster Beverage Corp. (Beverages)	(a)		1,588		212,824
Kroger Co. / The (Food & Staples Retailing)			10,826		784,993
Keurig Green Mountain, Inc. (Food Products)			1,546		118,470
Sanderson Farms, Inc. (Food Products)			993		74,634
USANA Health Sciences, Inc. (Personal Products)	(a)		2,470		337,550
Altria Group, Inc. (Tobacco)			15,575		761,773
Imperial Tobacco Group PLC – ADR (Tobacco)			4,898		472,657
					2,974,554
ENERGY – 6.3%
FMC Technologies, Inc. (Energy Equip. & Svs.)	(a)		429		17,799
BP PLC – ADR (Oil, Gas & Consumable Fuels)			11,235		448,951
Eni SpA – ADR (Oil, Gas & Consumable Fuels)			12,277		436,816
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			7,622		634,150
Hess Corp. (Oil, Gas & Consumable Fuels)			542		36,249
REX American Resources Corp. (Oil, Gas & Consumable Fuels)	(a)		1,609		102,397
Royal Dutch Shell PLC Class B – ADR (Oil, Gas & Consumable Fuels)			6,160		353,276
Statoil ASA – ADR (Oil, Gas & Consumable Fuels)			24,253		434,129
Synergy Resources Corp. (Oil, Gas & Consumable Fuels)	(a)		17,532		200,391
Tesoro Corp. (Oil, Gas & Consumable Fuels)			2,795		235,926
TOTAL SA – ADR (Oil, Gas & Consumable Fuels)			8,365		411,307
					3,311,391
FINANCIALS – 6.6%
HSBC Holdings PLC – ADR (Banks)			9,091		407,368
Standard Chartered PLC (Banks)			30,122		490,085
Swedbank AB – ADR (Banks)			17,041		399,441
HFF, Inc. Class A (Capital Markets)			7,550		315,061
Legg Mason, Inc. (Capital Markets)			3,067		158,043
Piper Jaffray Cos. (Capital Markets)	(a)		3,226		140,783
Moody’s Corp. (Diversified Financial Svs.)			5,588		603,280
Allstate Corp. / The (Insurance)			11,149		723,236
United Insurance Holdings Corp. (Insurance)			4,163		64,693
Universal Insurance Holdings, Inc. (Insurance)			6,784		164,173
					3,466,163

Common Stocks (Continued)		Shares		Value
HEALTH CARE – 15.2%
Amgen, Inc. (Biotechnology)			7,591	$	1,165,370
Gilead Sciences, Inc. (Biotechnology)			14,374		1,682,908
Insys Therapeutics, Inc. (Biotechnology)	(a)		14,012		503,311
MiMedx Group, Inc. (Biotechnology)	(a)		21,664		251,086
Repligen Corp. (Biotechnology)	(a)		6,503		268,379
Abaxis, Inc. (Health Care Equip. & Supplies)			4,481		230,682
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)	(a)		1,234		175,759
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a)		421		203,974
Natus Medical, Inc. (Health Care Equip. & Supplies)	(a)		6,500		276,640
OraSure Technologies, Inc. (Health Care Equip. & Supplies)	(a)		11,268		60,735
AMN Healthcare Services, Inc. (Health Care Providers & Svs.)	(a)		9,308		294,040
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		9,610		871,819
Providence Service Corp. / The (Health Care Providers & Svs.)	(a)		3,222		142,670
Albany Molecular Research, Inc. (Life Sciences Tools & Svs.)	(a)		6,420		129,812
Depomed, Inc. (Pharmaceuticals)	(a)		11,654		250,095
Eli Lilly & Co. (Pharmaceuticals)			12,912		1,078,023
GlaxoSmithKline PLC – ADR (Pharmaceuticals)			10,070		419,416
					8,004,719
INDUSTRIALS – 12.8%
Boeing Co. / The (Aerospace & Defense)			13,076		1,813,903
Huntington Ingalls Industries, Inc. (Aerospace & Defense)			1,072		120,696
Northrop Grumman Corp. (Aerospace & Defense)			1,307		207,329
TASER International, Inc. (Aerospace & Defense)	(a)		10,410		346,757
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)			2,091		130,457
Echo Global Logistics, Inc. (Air Freight & Logistics)	(a)		4,774		155,919
Alaska Air Group, Inc. (Airlines)			2,925		188,458
United Continental Holdings, Inc. (Airlines)	(a)		8,044		426,412
ACCO Brands Corp. (Commercial Svs. & Supplies)	(a)		22,536		175,105
3M Co. (Industrial Conglomerates)			14,519		2,240,282
Greenbrier Cos., Inc. / The (Machinery)			7,143		334,650
Avis Budget Group, Inc. (Road & Rail)	(a)		2,322		102,354
Ryder System, Inc. (Road & Rail)			1,173		102,485
Saia, Inc. (Road & Rail)	(a)		4,872		191,421
United Rentals, Inc. (Trading Companies & Distributors)	(a)		2,237		196,006
					6,732,234
INFORMATION TECHNOLOGY – 20.0%
F5 Networks, Inc. (Communications Equip.)	(a)		179		21,543
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)	(a)		3,976		281,461
Sanmina Corp. (Electronic Equip., Instr. & Comp.)	(a)		3,625		73,080
DHI Group, Inc. (Internet Software & Svs.)	(a)		10,588		94,127
LogMeIn, Inc. (Internet Software & Svs.)	(a)		4,847		312,583
Yahoo!, Inc. (Internet Software & Svs.)	(a)		10,976		431,247
Intel Corp. (Semiconductors & Equip.)			45,622		1,387,593
Lam Research Corp. (Semiconductors & Equip.)			1,079		87,777
Micron Technology, Inc. (Semiconductors & Equip.)	(a)		33,857		637,866
Taiwan Semiconductor Manufacturing Co Ltd. – ADR (Semiconductors & Equip.)			95,983		2,179,774
Ellie Mae, Inc. (Software)	(a)		5,792		404,224
Qualys, Inc. (Software)	(a)		6,845		276,196
Apple, Inc. (Tech. Hardware, Storage & Periph.)			33,476		4,198,727
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)			3,097		147,107
					10,533,305
MATERIALS – 3.7%
Celanese Corp. (Chemicals)			3,401		244,464
Headwaters, Inc. (Construction Materials)	(a)		14,396		262,295
Packaging Corp. of America (Containers & Packaging)			2,176		135,978
Anglo American PLC – ADR (Metals & Mining)			46,738		338,383

93 (continued)

Ohio National Fund, Inc. Target VIP Portfolio (Continued)

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks (Continued)		Shares		Value
MATERIALS (continued)
BHP Billiton Ltd. – ADR (Metals & Mining)			9,007	$	366,675
Rio Tinto PLC – ADR (Metals & Mining)			9,253		381,316
South32 Ltd. – ADR (Metals & Mining)	(a)		3,653		24,512
Neenah Paper, Inc. (Paper & Forest Products)			3,325		196,042
					1,949,665
TELECOMMUNICATION SERVICES – 6.6%
AT&T, Inc. (Diversified Telecom. Svs.)			50,580		1,796,602
Consolidated Communications Holdings, Inc. (Diversified Telecom. Svs.)			10,056		211,277
Iridium Communications, Inc. (Diversified Telecom. Svs.)	(a)		19,013		172,828
Telenor ASA – ADR (Diversified Telecom. Svs.)			7,057		462,974
TeliaSonera AB – ADR (Diversified Telecom. Svs.)			33,156		389,915
Vodafone Group PLC – ADR (Wireless Telecom. Svs.)			12,532		456,791
					3,490,387
UTILITIES – 4.2%
Electricite de France SA – ADR (Electric Utilities)			78,493		349,294
Empire District Electric Co. / The (Electric Utilities)			8,875		193,475
Southern Co. / The (Electric Utilities)			3,271		137,055

Common Stocks (Continued)		Shares		Value
UTILITIES (continued)
SSE PLC – ADR (Electric Utilities)			17,000	$	410,720
GDF Suez – ADR (Multi-Utilities)			18,314		341,098
National Grid PLC – ADR (Multi-Utilities)			6,074		392,198
SCANA Corp. (Multi-Utilities)			519		26,287
Sempra Energy (Multi-Utilities)			895		88,551
American States Water Co. (Water Utilities)			7,790		291,268
					2,229,946
Total Common Stocks (Cost $49,323,993)				$	52,159,583
Money Market Funds – 0.9%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			467,000	$	467,000
Total Money Market Funds (Cost $467,000)				$	467,000
Total Investments – 99.9% (Cost $49,790,993)	(b)			$	52,626,583
Other Assets in Excess of Liabilities – 0.1%					67,008
Net Assets – 100.0%				$	52,693,591

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a) Non-income producing security.

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

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

94

Ohio National Fund, Inc. Bristol Growth Portfolio

Objective/Strategy

The Bristol Growth Portfolio seeks long-term growth of capital by investing primarily in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.

Performance as of June 30, 2015

Average Annual Returns:
One year	11.52%
Five years	17.21%
Since inception (5/1/07)	7.23%

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

The Portfolio is not open to direct retail investment. Beneficial interest in shares is obtained solely by purchase of variable life insurance policies and variable annuity contracts. Actual performance results for variable annuity and variable universal life contracts will be lower due to contract charges. Consult your contract for applicable charges.

Comments

For the six-month period ended June 30, 2015, the Bristol Growth Portfolio returned 5.72% versus 3.96% for the current benchmark, the Russell 1000 Growth Index.

The year began with many thinking macroeconomic fundamentals had firmed amidst global monetary easing. While the U.S. Federal Reserve ended its historic bond-buying stimulus program, the European Central Bank continued its own stimulus measures and the Japanese Central Bank continued efforts to create growth and inflation. The end of the Federal Reserve’s quantitative easing introduced new controversy, as investors shifted to debating the timing of potential interest rate hikes. Economic data points that traditionally would have been seen as positive indicators began to raise fears that yields could move higher sooner than expected. Meanwhile, Greece reappeared in the headlines, as its position within the European Union became more uncertain. A new Greek government was elected with a mandate to take a hard stance on its debt obligations, while the European Troika refused to renegotiate. Domestically, the turmoil in the North American energy sector continued to work its way through the system, with a lack of consensus about the length and depth of the downturn. These uncertainties were compounded by fear of the potential return of Iranian oil to global markets.

The outperformance for the period was driven primarily by the 477 basis point outperformance in Health Care, most of which resulted from positive stock selection rather than the sector’s overweight. Industrials and Financials also benefited from positive stock selection, but weakness in Information Technology names detracted on a relative basis.⁽¹⁾

The Portfolio’s best performers for the reporting period were Intercept Pharmaceuticals, Inc., Pharmacyclics, Inc., Humana, Inc., Clovis Oncology, Inc. and Amazon.com, Inc. The Portfolio’s worst performers were PVH Corp., VeriFone Systems, Inc., Intel Corp., Yahoo!, Inc. and The Procter & Gamble Co. The top contributors to performance were Clovis Oncology, Inc., Pharmacyclics, Inc., Inter-

cept Pharmaceuticals, Inc., Apple, Inc. and Amazon.com, Inc. The top detractors from performance were PVH Corp., Intel Corp., Yahoo!, Inc., Microsoft Corp., and The Procter & Gamble Co.⁽¹⁾

The top contributor to the Portfolio’s performance, at 124 basis points, was Clovis Oncology, Inc. due to mediocre results from its main competitor Astra Zeneca, as well as positive data on its ovarian cancer drug. Pharmacyclics, Inc. contributed 115 basis points as its new cancer drug expectations were raised and the company was eventually purchased. Intercept Pharmaceuticals, Inc. contributed 104 basis points due to positive results from its NASH drug as well as the failings of competing drugs. Apple, Inc. added 70 basis points due to strong iPhone sales. Amazon.com, Inc. added 60 basis points, as near term profitability for the company improved and improved trends in the Prime business provide greater visibility for the company’s long term profitability outlook.⁽¹⁾

Detractors from Portfolio performance during the reporting period included PVH Corp., detracting 42 basis points due to currency translation impact from the weak Euro. Intel Corp. detracted 38 basis points and Microsoft Corp. detracted 26 basis points due to weak PC sales. Yahoo!, Inc. detracted 29 basis points due to concerns regarding its ability to spinoff Alibaba in a tax efficient manner. The Procter & Gamble Co. detracted 24 basis points due to weak organic sales growth and currency translation impact.⁽¹⁾

For the balance of the year, we remain optimistic. While concerns regarding China and Greece have made their way into the headlines again, the risks to both regions should be contained. The Chinese government still has many levers to pull to stimulate its economy and Greece should have a minimal impact on the European economy even if it exits the European Union. The corporate profit picture looks positive though slightly below historical trendline and the market seems well prepared for an increase in interest rates as the Federal Reserve tries to normalize. With valuations being “fair” at this point, we believe our continued focus on companies with a strong competitive position and ability to gain market share will help benefit our performance going forward.

The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

Change in Value of $10,000 Investment

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

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

95 (continued)

Ohio National Fund, Inc. Bristol Growth Portfolio (Continued)

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	99.0
Money Market Funds and Other Net Assets	1.0
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     Apple, Inc.	4.3
2.     Microsoft Corp.	3.8
3.     Thermo Fisher Scientific, Inc.	2.6
4.     Honeywell International, Inc.	2.6
5.     Amgen, Inc.	2.5
6.     Oracle Corp.	2.4
7.     St. Jude Medical, Inc.	2.4
8.     Prudential Financial, Inc.	2.3
9.     Danaher Corp.	2.2
10.     Bank of America Corp.	2.2

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors:

	% of Net Assets
Information Technology	25.5
Consumer Discretionary	20.2
Health Care	17.8
Industrials	11.6
Consumer Staples	7.6
Financials	6.5
Materials	4.6
Energy	4.1
Telecommunication Services	1.1
	99.0

96

Ohio National Fund, Inc. Bristol Growth Portfolio

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks – 99.0%		Shares		Value
CONSUMER DISCRETIONARY – 20.2%
Johnson Controls, Inc. (Auto Components)			50,796	$	2,515,926
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)		3,362		2,033,976
Jarden Corp. (Household Durables)	(a)		49,696		2,571,768
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		5,909		2,565,038
CBS Corp. Class B (Media)			44,147		2,450,158
Twenty-First Century Fox, Inc. Class A (Media)			38,734		1,260,598
Viacom, Inc. Class B (Media)			37,796		2,443,133
Walt Disney Co. / The (Media)			23,825		2,719,386
Lowe’s Cos., Inc. (Specialty Retail)			37,279		2,496,575
Tiffany & Co. (Specialty Retail)			15,864		1,456,315
PVH Corp. (Textiles, Apparel & Luxury Goods)			22,093		2,545,114
					25,057,987
CONSUMER STAPLES – 7.6%
Coca-Cola Co. / The (Beverages)			55,912		2,193,428
Tyson Foods, Inc. Class A (Food Products)			59,156		2,521,820
Colgate-Palmolive Co. (Household Products)			38,275		2,503,568
Procter & Gamble Co. / The (Household Products)			27,982		2,189,312
					9,408,128
ENERGY – 4.1%
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			31,568		2,464,198
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			34,640		2,060,734
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)		16,729		604,251
					5,129,183
FINANCIALS – 6.5%
Bank of America Corp. (Banks)			161,231		2,744,152
Hartford Financial Services Group, Inc. / The (Insurance)			60,476		2,513,987
Prudential Financial, Inc. (Insurance)			32,134		2,812,368
					8,070,507
HEALTH CARE – 17.8%
Amgen, Inc. (Biotechnology)			20,007		3,071,475
Celgene Corp. (Biotechnology)	(a)		13,556		1,568,904
Receptos, Inc. (Biotechnology)	(a)		11,331		2,153,457
St. Jude Medical, Inc. (Health Care Equip. & Supplies)			39,991		2,922,142
Aetna, Inc. (Health Care Providers & Svs.)			14,519		1,850,592
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		26,626		2,415,511
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			25,262		3,277,997
Allergan PLC (Pharmaceuticals)	(a)		8,380		2,542,995
Mylan NV (Pharmaceuticals)	(a)		34,448		2,337,641
					22,140,714

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 11.6%
Honeywell International, Inc. (Aerospace & Defense)			31,245	$	3,186,053
Lockheed Martin Corp. (Aerospace & Defense)			13,430		2,496,637
United Technologies Corp. (Aerospace & Defense)			10,767		1,194,383
FedEx Corp. (Air Freight & Logistics)			13,986		2,383,214
Danaher Corp. (Industrial Conglomerates)			32,093		2,746,840
Xylem, Inc. (Machinery)			66,166		2,452,774
					14,459,901
INFORMATION TECHNOLOGY – 25.5%
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		28,909		2,479,380
Google, Inc. Class A (Internet Software & Svs.)	(a)		4,335		2,341,073
Google, Inc. Class C (Internet Software & Svs.)	(a)		4,223		2,198,114
MasterCard, Inc. Class A (IT Svs.)			28,397		2,654,552
Visa, Inc. (IT Svs.)			37,316		2,505,769
Avago Technologies Ltd. (Semiconductors & Equip.)			18,450		2,452,558
Intel Corp. (Semiconductors & Equip.)			74,707		2,272,213
Microsoft Corp. (Software)			106,885		4,718,973
Oracle Corp. (Software)			74,511		3,002,793
Apple, Inc. (Tech. Hardware, Storage & Periph.)			42,400		5,318,020
Hewlett-Packard Co. (Tech. Hardware, Storage & Periph.)			57,471		1,724,705
					31,668,150
MATERIALS – 4.6%
Dow Chemical Co. / The (Chemicals)			38,362		1,962,984
Huntsman Corp. (Chemicals)			113,848		2,512,625
Monsanto Co. (Chemicals)			11,173		1,190,930
					5,666,539
TELECOMMUNICATION SERVICES – 1.1%
Verizon Communications, Inc. (Diversified Telecom. Svs.)			30,173		1,406,363
Total Common Stocks (Cost $114,001,826)				$	123,007,472
Money Market Funds – 0.5%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			649,000	$	649,000
Total Money Market Funds (Cost $649,000)				$	649,000
Total Investments – 99.5% (Cost $114,650,826)	(b)			$	123,656,472
Other Assets in Excess of Liabilities – 0.5%					590,793
Net Assets – 100.0%				$	124,247,265

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

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

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

97

Ohio National Fund, Inc. Risk Managed Balanced Portfolio

Objective/Strategy

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

Performance as of June 30, 2015

Average Annual Total Return:
One year	4.47%
Since inception (5/1/14)	6.49%

Comments

For the six-month period ended June 30, 2015, the Risk Managed Balanced Portfolio returned -0.65% versus 0.73% for the current benchmark, which is comprised of 55% S&P 500 Index and 45% Barclays Capital U.S. Aggregate Bond Index.

Stocks gained slowly over most of the period, but illustrated weakness toward the end on account of factors emanating from Greece and China. After weathering weak first quarter economic and jobs growth, stocks were later aided by favorable data that indicated the factors contributing to the winter slowdown were indeed transitory. Crude oil prices reset within a higher trading band and the dollar stabilized after its recent strong period of appreciation. Both developments were highlighted by the Federal Reserve’s (“Fed”) June statement, in which it said a potential increase of the Fed Funds rate during the latter part of the year would be “appropriate.” Fixed income markets rallied during the winter, given the weak U.S. data. They largely retreated over the spring, influenced by a combination of improving U.S. data and lingering uncertainty about the path of global monetary policy. Low rates in Europe and geopolitical concerns kept yield-curve steepening in check, however.

The Balanced Component, sub-advised by Janus Capital Management LLC, seeks to provide consistent returns over time by allocating across the spectrum of fixed income and equity securities. For the six-month period, the Balanced Component slightly under-performed the Balanced Index, a blended benchmark of the S&P 500 Index (55%) and the Barclays Capital U.S. Aggregate Bond Index (45%), by .45%.

The equity-to-fixed-income allocation, which may vary with market conditions, ended the period with an equity weighting of roughly 57%, with the remainder in fixed income. The current level reflects our view that on a risk-adjusted basis, equities represent greater opportunity for returns at this juncture.⁽¹⁾

The Balanced Component’s equity sleeve underperformed its benchmark, the S&P 500 Index. Holdings within the Industrials and Consumer Discretionary sectors detracted most from relative performance. Airline carrier United Continental Holdings, Inc. weighed on performance. Shares declined due to concerns about industry pricing. Our outlook for the stock remains favorable at current valuations. The company is beginning to realize meaningful synergies from its Continental merger and is remaining disciplined on capacity. It also has taken constructive measures with stock buybacks and reducing debt.⁽¹⁾

Similar to other railroad companies, Union Pacific Corp. has suffered year-to-date volume declines from the slowdown in the oil market and related lower transportation needs. Coal and agriculture

industry demands have also been softer. We remain positive on the stock. The company continues to benefit from its large, profitable intermodal freight business. Fundamentals remain attractive, and the company continues to demonstrate a firm commitment to returning capital to shareholders with a healthy dividend yield and stock buybacks.⁽¹⁾

Diversified materials company E.I. du Pont de Nemours & Co. was another detractor, as the company defeated an activist investor’s proxy fight to win seats on its board. Shares sold off on concerns that there is now less pressure for aggressive cost reductions or to break up the company to unlock unrealized potential value. We believe the price weakness provided an attractive entry point for the stock. The company has introduced new board members that we expect will maintain a sharp focus on capturing current untapped gains from its businesses. The company also has been affected by softness in the agriculture cycle, a sector where we see a number of interesting developments, such as ongoing consolidation. Such consolidation could enhance the value E.I. du Pont de Nemours & Co.’s Pioneer business, a leading developer and supplier of plant genetics to farmers. The stock’s dividend yield also remains attractive.⁽¹⁾

Contributing to relative performance during the quarter was our stock selections in Financials and Materials. LyondellBasell Industries NV was the largest individual contributor, which aided our Materials holdings. Prices for many of the petrochemicals the company produces are tied to oil prices, which had weighed on the stock at the end of 2014. However, prices for the feedstocks LyondellBasell Industries NV uses to create ethylene and some of its other chemicals have also declined, leading to better profit margins than the market initially expected. The bounce back in oil prices during the period also allowed chemical producers to raise ethylene prices, which was further supportive for margins. In addition, concerns around the recent CEO transition began to dissipate, with current management continuing to demonstrate its commitment to returning shareholder capital through an increased dividend and stock buybacks.⁽¹⁾

Aetna, Inc., a diversified health care benefits company, was also a top contributor. A Supreme Court ruling that keeps federally established health care exchanges intact lifted managed care stocks broadly. Acquisition rumors among managed care companies also point to an upcoming round of consolidation in the industry, and anticipation of this wave of consolidation has been favorable for managed care stocks. We believe the company is well positioned for growth in the post-Affordable Care Act reform environment.⁽¹⁾

The Blackstone Group LP was another top contributor, which boosted our Financials holdings. The stock was up after reporting earnings that exceeded expectations, driven by a strong quarter for The Blackstone Group LP’s private equity business and by strong inflows for some of its other asset management products. We continue to like the company. We think the company is a best-in-class alternatives manager, and also like the company for its high dividend yield.⁽¹⁾

The fixed income sleeve outperformed its benchmark, the Barclays Capital U.S. Aggregate Bond Index. Our corporate credit allocation was a key a driver of outperformance. Yield curve positioning within investment-grade contributed as our defensive move into higher-quality names proved timely. The positive contribution attributed to our high-yield security selection is, in our view, the result of our rigorous, fundamental investment process that analyzes not only companies, but also specific securities, identifying the instruments that have the most robust protections for fixed income investors.

98 (continued)

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

While we remain overweight corporate credit relative to the benchmark, our allocation to the segment is close to the lowest point it has been since the financial crisis. On a sector basis, banking, brokerage, asset managers and exchanges were relative contributors.

Two financial companies that contributed to relative performance were E*TRADE Financial Corp. and Ally Financial, Inc. Ally Financial, Inc. has many attributes that we find attractive. The company has streamlined itself into a pure play on auto financing, a sector that, we believe, has tailwinds as U.S. employment and consumption improves. The company has an asset-light business model, reliant upon its online banking channel to grow its substantial deposit base. We find that Ally Financial, Inc. has been able to retain these deposits at a greater rate than many expected possible with online accounts. Ally Financial, Inc.’s management is moving to pay down its highest-cost debt.⁽¹⁾

Certain credits also weighed on relative results. Chesapeake Energy Corp., a leading producer of natural gas, has a leadership team that manages its balance sheet like an investment grade company. With its ample liquidity and a large asset base, Chesapeake Energy Corp., in our view, is well-positioned to attain a ratings upgrade.⁽¹⁾

On an asset class basis, our U.S. Treasury allocation was a relative contributor. During the period, we increased the position to better reflect our defensive stance. This move was engineered through a reduction of our duration contribution from Treasuries, with our holdings being markedly shorter than those of the benchmark. As a result, Treasury yield curve positioning contributed to performance given the period’s steepening curve.⁽¹⁾

The Portfolio’s Risk Managed Component, sub-advised by AnchorPath Financial LLC, a sleeve of derivatives and cash equivalents, seeks to limit the downside risk of the Portfolio. Under normal circumstances, the Risk Managed Component will represent approximately 20% of the Portfolio. The allocation from this target over this period ranged between 18.7% and 22.4%, and ended the period representing approximately 19.0% of the Portfolio. ⁽¹⁾

The Portfolio returns are enhanced on a risk-adjusted basis when the aggregate Portfolio achieves lower volatility with similar returns, or higher returns at similar volatility compared to a benchmark. For the period, however, the Risk Managed Component increased the annualized volatility of the aggregate Portfolio by 0.3%. The component also decreased the cumulative return of the Portfolio by 0.9% as compared to the Balanced Component of the Portfolio. Over this period, when the Balanced Component experienced lower realized drawdowns and relatively flat performance, the Risk Managed Balanced Portfolio’s risk adjusted returns were not enhanced. Most of the underperformance of the Risk Managed Component was attributed to losses on index-based option positions that declined in value as the implied volatility related to those options declined.⁽¹⁾

Many of the reasons that we remain cautious in our approach to fixed income are the same that cause us to favor equities. The Fed has reiterated its commitment to growth. As a consequence, the initiation of rate hikes would infer an expanding economy conducive for stocks. High-yield spreads, which are still tight by historical standards, limit the upside of those securities, which further supports the rationale for favoring those companies’ stocks at present.

We believe stock valuations remain relatively attractive in the context of the current market environment. Global economic growth continues to strengthen, with steady, if slow, gains in the U.S. and positive signals finally emerging from Europe, issues in Greece notwithstanding. China also seems to be navigating its economic

slowdown reasonably well, without any recent material deterioration.

The U.S. labor market continues to gain on the employment front, with indications that companies are beginning to increase wages as well. The housing market is improving, and consumer spending continues to increase with strong demand for automobiles and other big-ticket items – all further evidence that the economy is on stable footing. Against this backdrop, it seems likely the Fed will begin raising interest rates later this year. This would be a positive signal that the economy is once again normalizing and should be supportive for stocks, though any dramatic, unexpected rate jump would probably prove to be disruptive short term.

Multiple factors have the potential to impact the fixed income environment; chief among them remains the timing and pace of the Fed’s rate hikes. Data suggest that the central bank is achieving its dual mandate. Strong gains in payrolls have resumed and wage growth has shown signs of accelerating. Rates have yet to rise, as the Fed has made clear its objective of achieving sustainable growth. With economic expansion comes jobs, and after that, wage-driven inflation. A strong jobs market, according to the Fed, should help push inflation back toward its target of 2%.

The dollar remains one of our wild cards. Deterioration in the Greece dispute or a deceleration in non-U.S. economies could send investors fleeing back toward dollar-denominated assets, forcing a resumption in the currency’s march upward. In a nod to this scenario, the Fed has acknowledged that international developments are being considered as it charts its path forward.

We are mindful that we are nearing the end of a credit cycle. Merger and acquisition activity, share buybacks, and debt issuance are up. As a result, our credit allocation is near the lowest since the financial crisis, while still being overweight versus the benchmark. Utilizing our fundamental security-level approach, we are concentrating our holdings in the highest-quality companies whose management teams have maintained balance sheet discipline.

We are also concerned with the potential for sustained periods of elevated market volatility, which we consider suppressed by continued fixed income inflows. Alarmingly low levels of liquidity are a serious risk factor, in our view. Should an illiquidity event occur, we want to be a provider of liquidity. Accordingly, we have lowered the overall duration of the portfolio, especially as a percentage of the benchmark. Treasuries are the tool we utilize to toggle duration. Shorter-dated government securities act as a cash cushion for our portfolios, allowing us to better weather storms and opportunistically make attractive investments caused by market dislocations.

Over the past quarter, we have dramatically reduced risks in the fixed income sleeve of the Balanced Component and expect to maintain this defensive posture as the aforementioned risk factors play out. We have not seen such a confluence of potentially adverse forces for several years. Our binding principle of capital preservation is of utmost importance as we navigate the choppy waters ahead.⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2015.

99 (continued)

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

Change in Value of $10,000 Investment

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

The Barclays Capital U.S. Aggregate Bond Index measures returns of U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, high quality corporate bonds, mortgage pass-through securities, and asset-backed securities publicly offered for sale in the U.S. The index’s securities must have at least one year remaining to maturity; they must also be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable.

Portfolio Composition as of June 30, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (3)	42.6
U.S. Treasury Obligations	15.5
Corporate Bonds (3)	11.5
U.S. Government Agency Mortgage-Backed Securities	6.2
Purchased Options	5.6
Master Limited Partnerships (3)	2.8
Asset-Backed / Mortgage-Backed Securities (3)	1.6
Preferred Stocks (3)	0.5
Preferred Stock Depository Receipts (3)	0.5
Trust Preferred Securities (3)	0.2
Money Market Funds Less Net Liabilities	13.0
	100.0

Top 10 Portfolio Holdings as of June 30, 2015 ^{(1) (2)}

	% of Net Assets
1.     Apple, Inc.	2.5
2.     MasterCard, Inc. Class A	2.2
3.     U.S. Treasury Note 2.250%, 11/15/2024	1.9
4.     Blackstone Group LP / The	1.8
5.     U.S. Treasury Note 1.375%, 09/30/2018	1.7
6.     AbbVie, Inc.	1.6
7.     NIKE, Inc. Class B	1.6
8.     Microsoft Corp.	1.5
9.     Bristol-Myers Squibb Co.	1.4
10.     U.S. Treasury Note 0.625%, 07/15/2016	1.4

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Short-term investments have been excluded from the list of Top 10 Portfolio Holdings.

⁽³⁾  Sectors (combined):

	% of Net Assets
Financials	12.8
Information Technology	10.9
Health Care	10.8
Consumer Discretionary	8.5
Industrials	6.4
Energy	3.8
Materials	3.7
Consumer Staples	2.4
Telecommunication Services	0.3
Utilities	0.1
	59.7

100

Ohio National Fund, Inc. Risk Managed Balanced Portfolio

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks – 42.6%		Shares		Value
CONSUMER DISCRETIONARY – 6.7%
General Motors Co. (Automobiles)			18,551	$	618,305
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)			13,570		713,375
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)			4,507		202,139
Starwood Hotels & Resorts Worldwide, Inc. (Hotels, Restaurants & Leisure)			4,989		404,558
Priceline Group, Inc. / The (Internet & Catalog Retail)	(a)		560		644,767
Mattel, Inc. (Leisure Products)			10,134		260,342
Home Depot, Inc. / The (Specialty Retail)			8,767		974,277
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)			10,727		1,158,731
					4,976,494
CONSUMER STAPLES – 2.1%
Diageo PLC (Beverages)	(c)		5,954		172,426
Hershey Co. / The (Food Products)			4,165		369,977
Altria Group, Inc. (Tobacco)			11,310		553,172
Philip Morris International, Inc. (Tobacco)			6,090		488,235
					1,583,810
ENERGY – 1.1%
Chevron Corp. (Oil, Gas & Consumable Fuels)			5,714		551,230
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			11,233		298,124
					849,354
FINANCIALS – 4.6%
JPMorgan Chase & Co. (Banks)			8,840		598,998
U.S. Bancorp (Banks)			20,167		875,248
TD Ameritrade Holding Corp. (Capital Markets)			10,044		369,820
American Express Co. (Consumer Finance)			6,821		530,128
CME Group, Inc. (Diversified Financial Svs.)			4,144		385,641
Prudential PLC (Insurance)	(c)		21,558		519,535
Outfront Media, Inc. (Real Estate Investment Trusts)			5,966		150,582
					3,429,952
HEALTH CARE – 9.7%
Amgen, Inc. (Biotechnology)			5,954		914,058
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)		908		463,198
Aetna, Inc. (Health Care Providers & Svs.)			5,052		643,928
AbbVie, Inc. (Pharmaceuticals)			17,614		1,183,485
Allergan PLC (Pharmaceuticals)	(a)		3,216		975,927
Bristol-Myers Squibb Co. (Pharmaceuticals)			16,131		1,073,357
Eli Lilly & Co. (Pharmaceuticals)			8,145		680,026
Endo International PLC (Pharmaceuticals)	(a)		9,214		733,895
Merck & Co., Inc. (Pharmaceuticals)			10,319		587,461
					7,255,335
INDUSTRIALS – 5.5%
Boeing Co. / The (Aerospace & Defense)			6,971		967,017
Honeywell International, Inc. (Aerospace & Defense)			7,207		734,898
United Continental Holdings, Inc. (Airlines)	(a)		10,448		553,848
3M Co. (Industrial Conglomerates)			2,762		426,177
Dover Corp. (Machinery)			4,214		295,739
Towers Watson & Co. Class A (Professional Svs.)			1,681		211,470
Union Pacific Corp. (Road & Rail)			9,490		905,061
					4,094,210
INFORMATION TECHNOLOGY – 10.0%
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)			9,490		610,207
Google, Inc. Class C (Internet Software & Svs.)	(a)		1,755		913,495
Yahoo!, Inc. (Internet Software & Svs.)	(a)		10,865		426,886
Automatic Data Processing, Inc. (IT Svs.)			3,202		256,896
MasterCard, Inc. Class A (IT Svs.)			17,361		1,622,906
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		3,517		345,369
Microsoft Corp. (Software)			25,035		1,105,295
Apple, Inc. (Tech. Hardware, Storage & Periph.)			15,098		1,893,667
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)			6,645		315,638
					7,490,359
MATERIALS – 2.7%
E.I. du Pont de Nemours & Co. (Chemicals)			16,241		1,038,612
LyondellBasell Industries NV Class A (Chemicals)			9,692		1,003,316
					2,041,928

101 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Common Stocks (Continued)				Shares		Value
TELECOMMUNICATION SERVICES – 0.2%
Verizon Communications, Inc. (Diversified Telecom. Svs.)					2,271	$	105,851
Total Common Stocks (Cost $31,602,964)						$	31,827,293
Corporate Bonds – 11.5%		Rate	Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 1.0%
ZF North America Capital, Inc. (Auto Components)	(b)	4.750%	04/29/2025	$	150,000	$	145,500
General Motors Co. (Automobiles)		6.250%	10/02/2043		9,000		10,021
General Motors Co. (Automobiles)		4.875%	10/02/2023		183,000		192,685
General Motors Co. (Automobiles)		3.500%	10/02/2018		42,000		43,365
1011778 BC ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(b)	4.625%	01/15/2022		61,000		60,085
Brinker International, Inc. (Hotels, Restaurants & Leisure)		3.875%	05/15/2023		71,000		69,140
PPL WEM Holdings Ltd. (Hotels, Restaurants & Leisure)	(b)	5.375%	05/01/2021		43,000		47,518
PPL WEM Holdings Ltd. (Hotels, Restaurants & Leisure)	(b)	3.900%	05/01/2016		33,000		33,658
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (Hotels, Restaurants & Leisure)	(b)	4.250%	05/30/2023		16,000		14,720
D.R. Horton, Inc. (Household Durables)		4.750%	05/15/2017		27,000		28,012
MDC Holdings, Inc. (Household Durables)		5.500%	01/15/2024		38,000		37,335
Toll Brothers Finance Corp. (Household Durables)		5.875%	02/15/2022		25,000		26,812
UBM PLC (Media)	(b)	5.750%	11/03/2020		31,000		33,422
Macy’s Retail Holdings, Inc. (Multiline Retail)		5.900%	12/01/2016		25,000		26,633
							768,906
CONSUMER STAPLES – 0.3%
Kraft Heinz Foods Co. (Food Products)	(b)	3.500%	07/15/2022		30,000		30,109
Kraft Heinz Foods Co. (Food Products)	(b)	2.800%	07/02/2020		35,000		34,995
Wm. Wrigley Jr. Co. (Food Products)	(b)	3.375%	10/21/2020		49,000		50,445
Wm. Wrigley Jr. Co. (Food Products)	(b)	2.400%	10/21/2018		116,000		117,580
							233,129
ENERGY – 1.7%
Forum Energy Technologies, Inc. (Energy Equip. & Svs.)		6.250%	10/01/2021		24,000		23,760
Helmerich & Payne International Drilling Co. (Energy Equip. & Svs.)	(b)	4.650%	03/15/2025		52,000		53,602
Oceaneering International, Inc. (Energy Equip. & Svs.)		4.650%	11/15/2024		90,000		89,790
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		5.375%	06/15/2021		37,000		33,485
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		4.875%	04/15/2022		61,000		53,070
Chevron Corp. (Oil, Gas & Consumable Fuels)		1.345%	11/15/2017		27,000		27,105
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		5.875%	05/01/2022		140,000		149,800
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		4.375%	06/01/2024		80,000		79,357
DCP Midstream Operating LP (Oil, Gas & Consumable Fuels)		5.600%	04/01/2044		11,000		9,780
DCP Midstream Operating LP (Oil, Gas & Consumable Fuels)		3.875%	03/15/2023		46,000		42,448
DCP Midstream Operating LP (Oil, Gas & Consumable Fuels)		4.950%	04/01/2022		75,000		73,898
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		2.250%	12/15/2018		46,000		46,097
Energy Transfer Partners LP (Oil, Gas & Consumable Fuels)		4.150%	10/01/2020		31,000		31,832
EnLink Midstream Partners LP (Oil, Gas & Consumable Fuels)		4.400%	04/01/2024		48,000		48,065
EnLink Midstream Partners LP (Oil, Gas & Consumable Fuels)		5.600%	04/01/2044		35,000		33,895
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)		5.000%	10/01/2021		58,000		61,310
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)		4.300%	05/01/2024		33,000		32,521
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		7.750%	01/15/2032		24,000		27,442
Motiva Enterprises LLC (Oil, Gas & Consumable Fuels)	(b)	5.750%	01/15/2020		26,000		28,565
NGL Energy Partners LP / NGL Energy Finance Corp. (Oil, Gas & Consumable Fuels)		5.125%	07/15/2019		35,000		34,912
Phillips 66 Partners LP (Oil, Gas & Consumable Fuels)		3.605%	02/15/2025		16,000		15,035
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels)		3.950%	09/15/2015		71,000		71,402
Spectra Energy Partners LP (Oil, Gas & Consumable Fuels)		4.750%	03/15/2024		53,000		56,173
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(b)	4.125%	11/15/2019		35,000		34,650
Western Gas Partners LP (Oil, Gas & Consumable Fuels)		5.375%	06/01/2021		93,000		100,288
							1,258,282
FINANCIALS – 4.4%
CIT Group, Inc. (Banks)	(b)	5.500%	02/15/2019		99,000		103,207
CIT Group, Inc. (Banks)		4.250%	08/15/2017		102,000		103,530
Royal Bank of Scotland Group PLC (Banks)		6.100%	06/10/2023		76,000		80,710
Royal Bank of Scotland Group PLC (Banks)		6.000%	12/19/2023		117,000		123,740
Royal Bank of Scotland Group PLC (Banks)		5.125%	05/28/2024		129,000		128,671
Royal Bank of Scotland Group PLC (Banks)		2.550%	09/18/2015		107,000		107,299
Santander UK PLC (Banks)	(b)	5.000%	11/07/2023		256,000		261,625
SVB Financial Group (Banks)		5.375%	09/15/2020		33,000		36,740
Ameriprise Financial, Inc. (Capital Markets)	(d)	7.518%	06/01/2066		122,000		122,000
Carlyle Holdings Finance LLC (Capital Markets)	(b)	3.875%	02/01/2023		25,000		25,236
Charles Schwab Corp. / The (Capital Markets)		3.000%	03/10/2025		28,000		27,421
E*TRADE Financial Corp. (Capital Markets)		5.375%	11/15/2022		66,000		67,650

102 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value
FINANCIALS (continued)
E*TRADE Financial Corp. (Capital Markets)		4.625%	09/15/2023	$	89,000	$	87,442
Goldman Sachs Group, Inc. / The (Capital Markets)		5.625%	01/15/2017		31,000		32,823
Lazard Group LLC (Capital Markets)		4.250%	11/14/2020		72,000		75,634
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. (Capital Markets)	(b)	5.875%	03/15/2022		137,000		146,419
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. (Capital Markets)	(b)	4.875%	04/15/2045		57,000		51,503
Raymond James Financial, Inc. (Capital Markets)		5.625%	04/01/2024		127,000		141,089
Raymond James Financial, Inc. (Capital Markets)		4.250%	04/15/2016		77,000		78,920
Stifel Financial Corp. (Capital Markets)		4.250%	07/18/2024		40,000		39,467
TD Ameritrade Holding Corp. (Capital Markets)		3.625%	04/01/2025		116,000		117,626
TD Ameritrade Holding Corp. (Capital Markets)		2.950%	04/01/2022		40,000		39,623
Ally Financial, Inc. (Consumer Finance)		8.000%	12/31/2018		13,000		14,511
Ally Financial, Inc. (Consumer Finance)		4.125%	03/30/2020		51,000		50,904
Ally Financial, Inc. (Consumer Finance)		4.625%	05/19/2022		43,000		42,462
American Express Co. (Consumer Finance)	(d)	6.800%	09/01/2066		65,000		66,878
Discover Financial Services (Consumer Finance)		3.950%	11/06/2024		12,000		11,643
Discover Financial Services (Consumer Finance)		3.750%	03/04/2025		60,000		57,203
Synchrony Financial (Consumer Finance)		3.000%	08/15/2019		59,000		59,376
GE Capital Trust I (Diversified Financial Svs.)	(d)	6.375%	11/15/2067		133,000		142,044
General Electric Capital Corp. (Diversified Financial Svs.)	(d)	6.375%	11/15/2067		57,000		61,275
LeasePlan Corp. NV (Diversified Financial Svs.)	(b)	2.500%	05/16/2018		241,000		241,230
Voya Financial, Inc. (Diversified Financial Svs.)	(d)	5.650%	05/15/2053		24,000		24,480
CNO Financial Group, Inc. (Insurance)		4.500%	05/30/2020		12,000		12,180
CNO Financial Group, Inc. (Insurance)		5.250%	05/30/2025		33,000		33,535
Primerica, Inc. (Insurance)		4.750%	07/15/2022		66,000		70,335
Alexandria Real Estate Equities, Inc. (Real Estate Investment Trusts)		4.600%	04/01/2022		63,000		66,308
Alexandria Real Estate Equities, Inc. (Real Estate Investment Trusts)		2.750%	01/15/2020		51,000		50,408
Alexandria Real Estate Equities, Inc. (Real Estate Investment Trusts)		4.500%	07/30/2029		49,000		48,997
Retail Opportunity Investments Partnership LP (Real Estate Investment Trusts)		4.000%	12/15/2024		10,000		9,880
Retail Opportunity Investments Partnership LP (Real Estate Investment Trusts)		5.000%	12/15/2023		22,000		23,054
Senior Housing Properties Trust (Real Estate Investment Trusts)		6.750%	12/15/2021		29,000		32,985
SL Green Realty Corp. (Real Estate Investment Trusts)		7.750%	03/15/2020		35,000		41,667
SL Green Realty Corp. (Real Estate Investment Trusts)		5.000%	08/15/2018		55,000		58,856
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)		4.400%	11/15/2022		30,000		30,735
Kennedy-Wilson, Inc. (Real Estate Mgmt. & Development)		5.875%	04/01/2024		60,000		59,700
							3,309,021
HEALTH CARE – 1.1%
Becton Dickinson and Co. (Health Care Equip. & Supplies)		1.800%	12/15/2017		31,000		30,998
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)		2.700%	04/01/2020		47,000		46,717
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)		3.550%	04/01/2025		88,000		85,170
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)		3.150%	04/01/2022		55,000		54,050
Fresenius Medical Care U.S. Finance II, Inc. (Health Care Providers & Svs.)	(b)	5.875%	01/31/2022		49,000		52,185
HCA, Inc. (Health Care Providers & Svs.)		3.750%	03/15/2019		25,000		25,187
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)		3.200%	02/01/2022		57,000		56,134
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)		3.600%	02/01/2025		57,000		54,325
Omnicare, Inc. (Health Care Providers & Svs.)		4.750%	12/01/2022		23,000		24,380
Omnicare, Inc. (Health Care Providers & Svs.)		5.000%	12/01/2024		19,000		20,425
Life Technologies Corp. (Life Sciences Tools & Svs.)		6.000%	03/01/2020		34,000		38,214
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)		3.300%	02/15/2022		19,000		18,755
Actavis Funding SCS (Pharmaceuticals)		4.850%	06/15/2044		16,000		15,382
Actavis Funding SCS (Pharmaceuticals)		3.850%	06/15/2024		14,000		13,812
Actavis Funding SCS (Pharmaceuticals)		2.450%	06/15/2019		5,000		4,976
Actavis Funding SCS (Pharmaceuticals)		4.750%	03/15/2045		25,000		23,697
Actavis Funding SCS (Pharmaceuticals)		4.550%	03/15/2035		37,000		35,074
Actavis Funding SCS (Pharmaceuticals)		3.000%	03/12/2020		85,000		85,231
Actavis Funding SCS (Pharmaceuticals)		3.800%	03/15/2025		88,000		86,313
VRX Escrow Corp. (Pharmaceuticals)	(b)	6.125%	04/15/2025		21,000		21,630
VRX Escrow Corp. (Pharmaceuticals)	(b)	5.875%	05/15/2023		21,000		21,499
							814,154
INDUSTRIALS – 0.9%
Exelis, Inc. (Aerospace & Defense)		5.550%	10/01/2021		18,000		19,785
Exelis, Inc. (Aerospace & Defense)		4.250%	10/01/2016		15,000		15,479
Southwest Airlines Co. (Airlines)		5.125%	03/01/2017		36,000		38,194
Owens Corning (Building Products)		4.200%	12/01/2024		22,000		21,563
CNH Industrial Capital LLC (Machinery)		3.625%	04/15/2018		25,000		25,000
Verisk Analytics, Inc. (Professional Svs.)		5.800%	05/01/2021		170,000		191,079
Verisk Analytics, Inc. (Professional Svs.)		4.125%	09/12/2022		24,000		24,409
Verisk Analytics, Inc. (Professional Svs.)		4.875%	01/15/2019		22,000		23,503

103 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Corporate Bonds (Continued)		Rate	Maturity	Face Amount		Value
INDUSTRIALS (continued)
Verisk Analytics, Inc. (Professional Svs.)		4.000%	06/15/2025	$	104,000	$	101,733
Verisk Analytics, Inc. (Professional Svs.)		5.500%	06/15/2045		57,000		55,870
J.B. Hunt Transport Services, Inc. (Road & Rail)		3.375%	09/15/2015		42,000		42,211
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)	(b)	3.375%	03/15/2018		37,000		38,115
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)	(b)	4.250%	01/17/2023		63,000		63,768
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)	(b)	2.500%	06/15/2019		27,000		26,723
							687,432
INFORMATION TECHNOLOGY – 0.9%
Harris Corp. (Communications Equip.)		3.832%	04/27/2025		20,000		19,412
Harris Corp. (Communications Equip.)		5.054%	04/27/2045		26,000		24,684
Seagate HDD Cayman (Computers & Peripherals)	(b)	4.750%	01/01/2025		196,000		194,737
Seagate HDD Cayman (Computers & Peripherals)		4.750%	06/01/2023		28,000		28,497
Seagate HDD Cayman (Computers & Peripherals)	(b)	5.750%	12/01/2034		55,000		54,008
Seagate HDD Cayman (Computers & Peripherals)	(b)	4.875%	06/01/2027		51,000		49,492
FLIR Systems, Inc. (Electronic Equip., Instr. & Comp.)		3.750%	09/01/2016		24,000		24,600
Molex Electronic Technologies, LLC (Electronic Equip., Instr. & Comp.)	(b)	2.878%	04/15/2020		22,000		21,644
Molex Electronic Technologies, LLC (Electronic Equip., Instr. & Comp.)	(b)	3.900%	04/15/2025		72,000		69,659
Trimble Navigation Ltd. (Electronic Equip., Instr. & Comp.)		4.750%	12/01/2024		42,000		41,997
Fidelity National Information Services, Inc. (IT Svs.)		5.000%	03/15/2022		9,000		9,498
Fiserv, Inc. (IT Svs.)		3.125%	10/01/2015		32,000		32,170
Autodesk, Inc. (Software)		3.600%	12/15/2022		33,000		32,786
Cadence Design Systems, Inc. (Software)		4.375%	10/15/2024		76,000		76,137
							679,321
MATERIALS – 1.0%
Albemarle Corp. (Chemicals)		5.450%	12/01/2044		52,000		51,870
Albemarle Corp. (Chemicals)		4.150%	12/01/2024		63,000		62,705
Ashland, Inc. (Chemicals)		3.875%	04/15/2018		28,000		28,770
Ashland, Inc. (Chemicals)		6.875%	05/15/2043		45,000		45,675
LyondellBasell Industries NV (Chemicals)		4.625%	02/26/2055		78,000		68,420
Rockwood Specialties Group, Inc. (Chemicals)		4.625%	10/15/2020		87,000		90,589
Hanson Ltd. (Construction Materials)		6.125%	08/15/2016		34,000		35,411
Martin Marietta Materials, Inc. (Construction Materials)		4.250%	07/02/2024		27,000		27,295
Vulcan Materials Co. (Construction Materials)		7.000%	06/15/2018		40,000		45,200
Vulcan Materials Co. (Construction Materials)		7.500%	06/15/2021		18,000		20,700
Vulcan Materials Co. (Construction Materials)		4.500%	04/01/2025		89,000		88,777
Reliance Steel & Aluminum Co. (Metals & Mining)		4.500%	04/15/2023		60,000		58,953
Georgia-Pacific LLC (Paper & Forest Products)	(b)	3.163%	11/15/2021		54,000		54,597
Georgia-Pacific LLC (Paper & Forest Products)	(b)	3.600%	03/01/2025		83,000		82,060
							761,022
TELECOMMUNICATION SERVICES – 0.1%
Sprint Corp. (Wireless Telecom. Svs.)		7.250%	09/15/2021		59,000		58,078
UTILITIES – 0.1%
IPALCO Enterprises, Inc. (Electric Utilities)		5.000%	05/01/2018		34,000		35,870
Total Corporate Bonds (Cost $8,789,806)						$	8,605,215
Preferred Stocks – 0.5%			Rate	Quantity		Value
FINANCIALS – 0.5%
Zions Bancorporation (Banks)	(e)		5.800%		38,000	$	36,148
Charles Schwab Corp. Series A / The (Capital Markets)	(e)		7.000%		59,000		68,497
Ally Financial, Inc. (Consumer Finance)	(b)		7.000%		45		45,696
General Electric Capital Corp. (Diversified Financial Svs.)	(e)		7.125%		100,000		115,375
General Electric Capital Corp. (Diversified Financial Svs.)	(e)		6.250%		100,000		109,375
General Electric Capital Corp. (Diversified Financial Svs.)			4.700%		239		5,808
							380,899
HEALTH CARE – 0.0%
Allergan PLC (Pharmaceuticals)			5.500%		11		11,468
Total Preferred Stocks (Cost $393,649)						$	392,367

104 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

Trust Preferred Securities – 0.2%			Rate	Quantity		Value
FINANCIALS – 0.2%
Citigroup Capital XIII (Banks)	(e)		7.875%		1,600	$	41,536
Goldman Sachs Capital I (Capital Markets)			6.345%		99,000		114,516
Morgan Stanley Capital Trust III (Capital Markets)			6.250%		323		8,246
Morgan Stanley Capital Trust IV (Capital Markets)			6.250%		73		1,857
Morgan Stanley Capital Trust V (Capital Markets)			5.750%		23		581
Morgan Stanley Capital Trust VIII (Capital Markets)			6.450%		13		330
Total Trust Preferred Securities (Cost $170,357)						$	167,066
Preferred Stock Depository Receipts – 0.5%			Rate	Shares		Value
FINANCIALS – 0.5%
Bank of America Corp. (Banks)	(f)		8.000%		59,000	$	62,245
Citigroup, Inc. (Banks)	(f)		5.800%		22,000		22,055
Wells Fargo & Co. (Banks)	(h)		6.625%		2,500		69,000
Morgan Stanley (Capital Markets)	(f)		5.550%		45,000		44,674
Morgan Stanley (Capital Markets)	(h)		7.125%		1,650		46,117
Morgan Stanley (Capital Markets)	(h)		6.875%		1,200		32,016
Discover Financial Services (Consumer Finance)	(g)		6.500%		2,625		66,859
Total Preferred Stock Depository Receipts (Cost $346,884)						$	342,966
Master Limited Partnerships – 2.8%				Shares		Value
ENERGY – 1.0%
Enterprise Products Partners LP (Oil, Gas & Consumable Fuels)					25,188	$	752,869
FINANCIALS – 1.8%
Blackstone Group LP / The (Capital Markets)					32,995		1,348,506
Total Master Limited Partnerships (Cost $2,020,401)						$	2,101,375
Asset-Backed / Mortgage-Backed Securities – 1.6%		Rate	Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 0.8%
Applebee’s Funding LLC / IHOP Funding LLC 2014-1 A2	(b)	4.277%	09/05/2044	$	7,000	$	7,089
CKE Restaurant Holdings, Inc. 2013-1A A2	(b)	4.474%	03/20/2043		48,313		49,021
DB Master Finance LLC 2015-1A A2I	(b)	3.262%	02/20/2045		49,875		50,034
Hilton U.S.A. Trust 2013-HLT EFX	(b)	5.609%	11/05/2030		150,000		151,949
Hilton U.S.A. Trust 2013-HLT DFX	(b)	4.407%	11/05/2030		250,000		252,036
Wendys Funding LLC 2015-1A A2I	(b)	3.371%	06/15/2045		85,000		84,793
							594,922
FINANCIALS – 0.8%
AmeriCredit Automobile Receivables Trust 2012-4 D		2.680%	10/09/2018		100,000		101,850
AmeriCredit Automobile Receivables Trust 2012-4 E	(b)	3.820%	02/10/2020		145,000		148,646
AmeriCredit Automobile Receivables Trust 2015-2 D		3.000%	06/08/2021		20,000		20,020
Banc of America Commercial Mortgage Trust 2006-6 AJ		5.421%	10/10/2045		120,000		123,630
COMM 2007-C9 Mortgage Trust AJ		5.650%	12/10/2049		10,000		10,447
GCCFC Commercial Mortgage Trust 2007-GG11 AM		5.867%	12/10/2049		50,000		53,624
GAHR Commericial Mortgage Trust 2015-NRF DFX	(b)	3.495%	12/15/2019		10,000		9,789
LB-UBS Commercial Mortgage Trust 2007-C2 AM		5.493%	02/15/2040		10,000		10,488
Santander Drive Auto Receivables Trust 2015-1 D		3.240%	04/15/2021		16,000		16,080
Wachovia Bank Commercial Mortgage Trust Series 2007-C30 AM		5.383%	12/15/2043		57,681		60,607
Wachovia Bank Commercial Mortgage Trust Series 2007-C31 AJ		5.660%	04/15/2047		40,000		41,022
Wachovia Bank Commercial Mortgage Trust Series 2007-C33 AJ		6.150%	02/15/2051		25,621		26,484
							622,687
Total Asset-Backed / Mortgage-Backed Securities (Cost $1,227,895)						$	1,217,609
U.S. Treasury Obligations – 15.5%		Rate	Maturity	Face Amount		Value
U.S. Treasury Note		0.375%	05/31/2016	$	118,000	$	118,074
U.S. Treasury Note		0.500%	06/30/2016		861,000		862,278
U.S. Treasury Note		0.625%	07/15/2016		1,066,000		1,068,748
U.S. Treasury Note		0.625%	12/31/2016		772,000		773,327
U.S. Treasury Note		0.500%	01/31/2017		845,000		844,406
U.S. Treasury Note		0.875%	02/28/2017		4,000		4,020
U.S. Treasury Note		0.500%	04/30/2017		350,000		349,289
U.S. Treasury Note		0.625%	05/31/2017		59,000		58,968
U.S. Treasury Note		0.875%	07/15/2017		8,000		8,031
U.S. Treasury Note		1.000%	09/15/2017		1,000		1,006
U.S. Treasury Note		0.875%	10/15/2017		2,000		2,004

105 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

U.S. Treasury Obligations (Continued)		Rate	Maturity	Face Amount		Value
U.S. Treasury Note		1.000%	12/15/2017	$	354,000	$	355,327
U.S. Treasury Note		0.875%	01/31/2018		6,000		5,999
U.S. Treasury Note		1.375%	07/31/2018		316,000		318,962
U.S. Treasury Note		1.500%	08/31/2018		374,000		378,617
U.S. Treasury Note		1.375%	09/30/2018		1,247,000		1,256,450
U.S. Treasury Note		1.250%	10/31/2018		246,000		246,673
U.S. Treasury Note		1.625%	07/31/2019		213,000		214,697
U.S. Treasury Note		1.750%	09/30/2019		190,000		192,123
U.S. Treasury Note		1.500%	10/31/2019		282,000		281,912
U.S. Treasury Note		1.500%	11/30/2019		344,000		343,785
U.S. Treasury Note		1.625%	12/31/2019		292,000		292,935
U.S. Treasury Note		1.375%	03/31/2020		8,000		7,915
U.S. Treasury Note		2.125%	09/30/2021		153,000		154,386
U.S. Treasury Note		2.125%	12/31/2021		215,000		216,478
U.S. Treasury Note		1.750%	05/15/2023		65,000		62,806
U.S. Treasury Note		2.500%	08/15/2023		242,000		246,935
U.S. Treasury Note		2.750%	11/15/2023		336,000		348,889
U.S. Treasury Note		2.500%	05/15/2024		174,000		176,746
U.S. Treasury Note		2.375%	08/15/2024		44,000		44,172
U.S. Treasury Note	(j)	2.250%	11/15/2024		1,425,000		1,413,868
U.S. Treasury Note		2.000%	02/15/2025		31,000		30,075
U.S. Treasury Note		2.125%	05/15/2025		361,000		353,864
U.S. Treasury Note		3.750%	11/15/2043		225,000		251,894
U.S. Treasury Note		3.625%	02/15/2044		50,000		54,727
U.S. Treasury Note		3.375%	05/15/2044		43,000		44,952
U.S. Treasury Note		3.000%	05/15/2045		184,000		179,457
Total U.S. Treasury Obligations (Cost $11,602,741)						$	11,564,795
U.S. Government Agency Mortgage-Backed Securities – 6.2%		Rate	Maturity	Face Amount		Value
Fannie Mae Pool		4.000%	06/01/2029	$	7,463	$	8,024
Fannie Mae Pool		4.000%	09/01/2029		253,778		272,844
Fannie Mae Pool		3.500%	10/01/2029		29,326		30,884
Fannie Mae Pool		4.000%	04/01/2034		23,428		25,250
Fannie Mae Pool		5.500%	04/01/2040		335,893		378,725
Fannie Mae Pool		5.500%	05/01/2041		8,425		9,455
Fannie Mae Pool		5.500%	07/01/2041		46,221		51,903
Fannie Mae Pool		4.000%	06/01/2042		16,664		17,759
Fannie Mae Pool		3.500%	07/01/2042		39,729		41,047
Fannie Mae Pool		4.000%	07/01/2042		127,995		136,393
Fannie Mae Pool		4.000%	08/01/2042		7,613		8,113
Fannie Mae Pool		4.000%	09/01/2042		9,348		9,965
Fannie Mae Pool		4.000%	12/01/2042		6,485		6,926
Fannie Mae Pool		3.500%	01/01/2043		44,074		45,404
Fannie Mae Pool		3.500%	02/01/2043		68,506		70,576
Fannie Mae Pool		3.500%	02/01/2043		43,575		44,889
Fannie Mae Pool		4.500%	03/01/2043		214,154		235,300
Fannie Mae Pool		4.000%	08/01/2043		23,423		24,969
Fannie Mae Pool		3.500%	04/01/2044		7,320		7,562
Fannie Mae Pool		3.500%	05/01/2044		52,501		54,342
Fannie Mae Pool		4.500%	05/01/2044		331,415		365,107
Fannie Mae Pool		4.000%	06/01/2044		179,767		191,610
Fannie Mae Pool		4.000%	07/01/2044		53,003		56,739
Fannie Mae Pool		5.000%	07/01/2044		258,560		291,893
Fannie Mae Pool		4.000%	08/01/2044		33,425		35,782
Fannie Mae Pool		4.500%	08/01/2044		77,994		85,933
Fannie Mae Pool		4.500%	10/01/2044		49,446		54,392
Fannie Mae Pool		4.500%	10/01/2044		58,986		64,995
Fannie Mae Pool		3.500%	02/01/2045		54,570		56,212
Fannie Mae Pool		4.500%	03/01/2045		90,706		99,778
Fannie Mae Pool		4.500%	05/01/2045		170,841		188,957
Freddie Mac Gold Pool		3.500%	07/01/2029		89,187		93,965
Freddie Mac Gold Pool		3.500%	09/01/2029		382,337		402,882
Freddie Mac Gold Pool		5.500%	08/01/2041		153,311		176,032
Freddie Mac Gold Pool		3.500%	02/01/2044		19,965		20,567
Freddie Mac Gold Pool		4.000%	08/01/2044		92,678		98,861
Ginnie Mae I Pool		5.000%	01/15/2040		294,428		326,840
Ginnie Mae I Pool		5.000%	05/15/2040		130,453		146,982
Ginnie Mae I Pool		5.000%	06/15/2044		44,540		50,477

106 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

U.S. Government Agency Mortgage-Backed Securities (Continued)		Rate	Maturity	Face Amount		Value
Ginnie Mae I Pool		5.000%	06/15/2044	$	89,879	$	101,763
Ginnie Mae I Pool		4.000%	04/15/2045		162,496		175,621
Ginnie Mae II Pool		5.500%	11/20/2037		6,451		7,220
Ginnie Mae II Pool		5.500%	05/20/2042		9,399		10,700
Total U.S. Government Agency Mortgage-Backed Securities (Cost $4,584,651)						$	4,583,638
Purchased Options – 5.6%				Contracts (i)		Value
SPDR S&P 500 ETF Trust Put Option Expiration: December 2016, Exercise Price: $195.00					99	$	139,986
SPDR S&P 500 ETF Trust Put Option Expiration: December 2016, Exercise Price: $200.00					152		242,972
SPDR S&P 500 ETF Trust Put Option Expiration: December 2016, Exercise Price: $205.00					116		207,988
SPDR S&P 500 ETF Trust Put Option Expiration: December 2016, Exercise Price: $210.00					140		285,530
SPDR S&P 500 ETF Trust Put Option Expiration: December 2016, Exercise Price: $215.00					155		349,370
SPDR S&P 500 ETF Trust Put Option Expiration: December 2017, Exercise Price: $205.00					134		328,702
SPDR S&P 500 ETF Trust Put Option Expiration: December 2017, Exercise Price: $210.00					190		509,010
SPDR S&P 500 ETF Trust Put Option Expiration: December 2017, Exercise Price: $215.00					40		117,380
SPDR S&P 500 ETF Trust Put Option Expiration: December 2017, Exercise Price: $220.00					20		62,820
SPDR S&P 500 ETF Trust Call Option Expiration: December 2016, Exercise Price: $190.00					51		130,050
SPDR S&P 500 ETF Trust Call Option Expiration: December 2016, Exercise Price: $195.00					94		208,022
SPDR S&P 500 ETF Trust Call Option Expiration: December 2016, Exercise Price: $200.00					152		288,648
SPDR S&P 500 ETF Trust Call Option Expiration: December 2016, Exercise Price: $205.00					116		185,716
SPDR S&P 500 ETF Trust Call Option Expiration: December 2016, Exercise Price: $210.00					140		185,500
SPDR S&P 500 ETF Trust Call Option Expiration: December 2016, Exercise Price: $215.00					155		166,005
SPDR S&P 500 ETF Trust Call Option Expiration: December 2017, Exercise Price: $205.00					134		294,398
SPDR S&P 500 ETF Trust Call Option Expiration: December 2017, Exercise Price: $210.00					190		368,600
SPDR S&P 500 ETF Trust Call Option Expiration: December 2017, Exercise Price: $215.00					40		67,820
SPDR S&P 500 ETF Trust Call Option Expiration: December 2017, Exercise Price: $220.00					40		58,800
Total Purchased Options (Cost $4,634,119)						$	4,197,317
Money Market Funds – 14.6%				Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I					6,000,000	$	6,000,000
Short-Term Investments Trust – STIC Prime Portfolio					4,879,000		4,879,000
Total Money Market Funds (Cost $10,879,000)						$	10,879,000
Total Investments – 101.6% (Cost $76,252,467)	(k)					$	75,878,641
Liabilities in Excess of Other Assets – (1.6)%	(l)						(1,204,405)
Net Assets – 100.0%						$	74,674,236

Percentages are stated as a percent of net assets.

Footnotes:

(a) Non-income producing security.

(b) Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2015, the value of these securities totaled $3,063,239, or 4.1% of the Portfolio’s net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(c) 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 $691,961, or 0.9% of the Portfolio’s net

107 (continued)

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

Schedule of Investments June 30, 2015  (Unaudited)

assets. Other Portfolio securities are not subjected to fair value procedures because they are traded on domestic or foreign exchanges that have close times that are consistent with the U.S. market close, normally 4:00 pm Eastern Time.

(d) Security is a variable rate instrument in which the coupon rate is fixed until a later specified date, then is adjusted quarterly in concert with U.S. LIBOR. Interest rates stated are those in effect at June 30, 2015.

(e) Security is a variable rate preferred stock or trust preferred security in which the dividend rate is fixed until a later specified date, then is adjusted quarterly in concert with U.S. LIBOR. Dividend rates stated are those in effect at June 30, 2015.

(f) Security is a depository receipt in which each share represents a 1/25th interest in a share of the corresponding perpetual non-cumulative variable rate preferred stock. The dividend rate is fixed until a later specified date, then is adjusted quarterly in concert with U.S. LIBOR. Dividend rates stated are those in effect at June 30, 2015.

(g) Security is a depository receipt in which each share represents a 1/40th interest in a share of the corresponding perpetual non-cumulative fixed rate preferred stock.

(h) Security is a depository receipt in which each share represents a 1/1,000th interest in a share of the corresponding perpetual non-cumulative variable rate preferred stock. The dividend rate is fixed until a later specified date, then is adjusted quarterly in concert with U.S. LIBOR. Dividend rates stated are those in effect at June 30, 2015.

(i) 100 shares per contract.

(j) Security is fully or partially pledged as collateral for futures contracts outstanding at June 30, 2015.

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

(l) Includes $196,095 of cash pledged as collateral for the following futures contracts outstanding at June 30, 2015:

Type	Description	Expiration	Number of Contracts		Contract at Value	Initial Contract Amount		Unrealized Appreciation (Depreciation)			Variation Margin Receivable (Payable)
Long	S&P 500 E-mini	September 18, 2015		113	$11,607,360	$	11,783,380	$	(176,020	)	$	—
Long	10-Year U.S. Treasury Note	September 21, 2015		313	$39,491,797	$	39,738,083	$	(246,286	)	$	—
								$	(422,306	)	$	—

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

108

Ohio National Fund, Inc.

Statements of Assets and Liabilities June 30, 2015 (Unaudited)

	Equity Portfolio			Money Market Portfolio		Bond Portfolio			Omni Portfolio		International Portfolio			Capital Appreciation Portfolio			International Small-Mid Company Portfolio			Aggressive Growth Portfolio
Assets:
Investments in securities, at value*	$	520,127,213		$	141,496,772	$	156,797,862		$	50,499,822	$	173,980,700		$	447,830,388		$	87,393,899		$	46,511,773
Cash		955			55,946,701		277			2,424		1,541,689			23			—			253
Foreign currencies, at value**		—			—		—			—		1,343			—			281			—
Receivable for securities sold		1,645,657			—		—			456,775		633,363			6,681,686			334,688			133,504
Due from adviser		—			29,024		—			—		—			—			—			—
Receivable for fund shares sold		93,497			994,787		1,124,954			45,431		685,830			425,173			175,247			63,736
Dividends and accrued interest receivable		487,687			1,552		1,542,536			160,039		132,721			323,910			92,021			13,942
Foreign tax reclaim receivable		13,620			—		—			—		176,556			26,908			25,940			4,102
Variation margin receivable on futures contracts		—			—		—			—		144,205			—			—			—
Prepaid expenses and other assets		4,621			1,451		1,193			302		1,280			4,710			525			298
Total assets		522,373,250			198,470,287		159,466,822			51,164,793		177,297,687			455,292,798			88,022,601			46,727,608
Liabilities:
Payable for securities purchased		5,479,112			—		—			461,274		326,305			10,806,565			852,349			—
Payable for fund shares redeemed		1,954,157			1,216,712		141,084			71,851		35,562			753,296			24,952			40,589
Payable for investment management services		329,908			40,249		73,580			25,283		122,481			280,440			71,459			30,884
Accrued custody expense		3,336			1,702		1,136			1,317		40,511			3,596			26,844			849
Accrued professional fees		6,441			7,849		6,960			6,554		7,212			6,440			6,737			6,573
Accrued accounting fees		15,790			6,725		8,702			4,659		15,293			13,911			8,079			2,279
Accrued printing and filing fees		14,612			6,240		4,645			1,517		5,441			12,112			2,541			1,574
Withholding tax payable		—			—		—			—		44,063			—			5,969			314
Unrealized depreciation on foreign currency contracts		—			—		—			—		271,805			—			335,828			—
Total liabilities		7,803,356			1,279,477		236,107			572,455		868,673			11,876,360			1,334,758			83,062
Net assets	$	514,569,894		$	197,190,810	$	159,230,715		$	50,592,338	$	176,429,014		$	443,416,438		$	86,687,843		$	46,644,546
Net assets consist of:
Par value, $1 per share	$	15,273,671		$	19,719,094	$	10,235,537		$	2,003,329	$	13,299,206		$	12,601,440		$	2,773,922		$	3,173,759
Paid-in capital in excess of par value		477,408,609			177,471,716		147,824,994			37,866,369		209,716,356			355,805,519			61,819,956			25,020,384
Accumulated net realized gain (loss) on investments		(21,852,110	)		—		(8,856,516	)		8,865,605		(67,520,598	)		45,458,526			4,416,617			11,488,957
Net unrealized appreciation (depreciation) on:
Investments		41,695,212			—		2,168,510			1,533,953		15,763,192			27,433,382			17,564,195			6,974,784
Foreign currency contracts		—			—		—			—		(271,805	)		—			(335,828	)		—
Futures contracts		—			—		—			—		(722,349	)		—			—			—
Other foreign currency related transactions		—			—		—			—		(9,005	)		(2,160	)		(4,560	)		(55	)
Undistributed net investment income (loss)		2,044,512			—		7,858,190			323,082		6,174,017			2,119,731			453,541			(13,283	)
Net assets	$	514,569,894		$	197,190,810	$	159,230,715		$	50,592,338	$	176,429,014		$	443,416,438		$	86,687,843		$	46,644,546
* Investments in securities, at cost	$	478,432,001		$	141,496,772	$	154,629,352		$	48,965,869	$	158,217,508		$	420,397,006		$	69,829,704		$	39,536,989
** Foreign currencies, at cost	$	—		$	—	$	—		$	—	$	983		$	—		$	390		$	—
Shares outstanding		15,273,671			19,719,094		10,235,537			2,003,329		13,299,206			12,601,440			2,773,922			3,173,759
Authorized Fund shares allocated to Portfolio		25,000,000			55,000,000		30,000,000			10,000,000		30,000,000			25,000,000			7,000,000			7,000,000
Net asset value per share	$	33.69		$	10.00	$	15.56		$	25.25	$	13.27		$	35.19		$	31.25		$	14.70

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

109

Ohio National Fund, Inc.

Statements of Assets and Liabilities June 30, 2015 (Unaudited)

	Small Cap Growth Portfolio			Mid Cap Opportunity Portfolio			S&P 500® Index Portfolio		Strategic Value Portfolio			High Income Bond Portfolio			Capital Growth Portfolio			Nasdaq-100® Index Portfolio		Bristol Portfolio
Assets:
Investments in securities, at value*	$	226,897,571		$	89,614,852		$	408,241,148	$	328,266,868		$	222,857,887		$	75,892,389		$	129,508,627	$	231,404,890
Cash		10,287			408			1,666,703		576			164			824			776,480		14,716
Receivable for securities sold		575,213			772,665			64,749		—			75,540			617,970			—		8,609,342
Receivable for fund shares sold		61,301			8,724			195,331		2,352,421			44,167			32,872			29,556		28,509
Dividends and accrued interest receivable		43,426			29,802			527,659		1,976,162			3,664,638			14,292			59,261		262,336
Foreign tax reclaim receivable		2,081			—			3,263		66,468			—			—			—		—
Prepaid expenses and other assets		1,913			621			2,862		2,391			1,716			540			912		1,702
Total assets		227,591,792			90,427,072			410,701,715		332,664,886			226,644,112			76,558,887			130,374,836		240,321,495
Liabilities:
Payable for securities purchased		1,361,932			1,514,295			675,139		2,693,912			919,502			392,770			453,990		2,437,161
Payable for fund shares redeemed		2,604,015			30,052			133,455		64,509			790,770			47,007			368,103		5,266,730
Payable for investment management services		146,439			63,149			121,078		195,468			131,009			56,943			42,006		147,537
Accrued custody expense		3,107			1,428			5,660		3,655			1,909			930			1,331		2,337
Accrued professional fees		6,440			6,760			7,468		10,652			8,379			10,793			6,686		7,444
Accrued accounting fees		7,864			3,843			16,573		10,815			22,636			3,721			5,245		7,682
Accrued printing and filing fees		6,681			2,811			10,927		11,004			8,654			2,540			3,849		8,007
Withholding tax payable		—			—			704		76,399			—			—			—		—
Total liabilities		4,136,478			1,622,338			971,004		3,066,414			1,882,859			514,704			881,210		7,876,898
Net assets	$	223,455,314		$	88,804,734		$	409,730,711	$	329,598,472		$	224,761,253		$	76,044,183		$	129,493,626	$	232,444,597
Net assets consist of:
Par value, $1 per share	$	8,260,901		$	2,766,694		$	18,493,864	$	23,770,147		$	13,462,036		$	1,728,144		$	11,430,365	$	10,508,369
Paid-in capital in excess of par value		161,697,280			69,005,121			243,129,488		237,496,728			183,286,058			45,670,289			60,978,140		141,736,001
Accumulated net realized gain on investments		22,164,846			3,415,302			5,999,777		43,080,112			7,268,678			10,789,322			5,725,153		68,187,657
Net unrealized appreciation (depreciation) on:
Investments		31,526,265			13,744,454			137,852,186		16,479,087			(2,474,214	)		18,104,103			50,683,763		11,209,150
Foreign currency related transactions		42			—			—		(3,794	)		—			—			—		—
Undistributed net investment income (loss)		(194,020	)		(126,837	)		4,255,396		8,776,192			23,218,695			(247,675	)		676,205		803,420
Net assets	$	223,455,314		$	88,804,734		$	409,730,711	$	329,598,472		$	224,761,253		$	76,044,183		$	129,493,626	$	232,444,597
* Investments in securities, at cost	$	195,371,306		$	75,870,398		$	270,388,962	$	311,787,781		$	225,332,101		$	57,788,286		$	78,824,864	$	220,195,740
Shares outstanding		8,260,901			2,766,694			18,493,864		23,770,147			13,462,036			1,728,144			11,430,365		10,508,369
Authorized Fund shares allocated to Portfolio		15,000,000			6,000,000			35,000,000		65,000,000			35,000,000			5,000,000			25,000,000		40,000,000
Net asset value per share	$	27.05		$	32.10		$	22.15	$	13.87		$	16.70		$	44.00		$	11.33	$	22.12

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

110

Ohio National Fund, Inc.

Statements of Assets and Liabilities June 30, 2015 (Unaudited)

	Bryton Growth Portfolio			Balanced Portfolio		Target VIP Portfolio			Bristol Growth Portfolio		Risk Managed Balanced Portfolio
Assets:
Investments in securities, at value*	$	182,211,960		$	889,226,145	$	52,626,583		$	123,656,472	$	75,878,641
Cash		391			382,029		72			7,627		282,020
Receivable for securities sold		6,189,058			10,398,676		—			2,814,843		133,926
Receivable for fund shares sold		45,761			527,020		36,165			5,144		359,716
Dividends and accrued interest receivable		42,432			3,669,707		133,581			120,910		170,081
Foreign tax reclaim receivable		—			—		4,284			—		—
Prepaid expenses and other assets		1,345			8,729		396			910		332
Total assets		188,490,947			904,212,306		52,801,081			126,605,906		76,824,716
Liabilities:
Options written, at value**		—			115,150		—			—		—
Payable for securities purchased		4,869,337			19,700,211		—			955,481		2,050,688
Payable for fund shares redeemed		2,933,494			2,514,286		49,537			1,303,081		10,737
Payable for investment management services		122,271			429,356		26,596			81,949		52,604
Accrued custody expense		3,561			5,689		2,775			1,523		6,203
Accrued professional fees		7,207			6,441		8,595			6,966		13,929
Accrued accounting fees		6,091			27,363		3,352			4,640		13,725
Accrued printing and filing fees		6,663			22,635		1,822			5,001		2,594
Withholding tax payable		—			—		14,813			—		—
Total liabilities		7,948,624			22,821,131		107,490			2,358,641		2,150,480
Net assets	$	180,542,323		$	881,391,175	$	52,693,591		$	124,247,265	$	74,674,236
Net assets consist of:
Par value, $1 per share	$	7,963,790		$	45,176,209	$	3,562,918		$	7,147,373	$	6,938,332
Paid-in capital in excess of par value		122,559,958			769,898,750		49,513,494			77,081,014		66,677,792
Accumulated net realized gain (loss) on investments		39,618,481			25,281,829		(3,795,660	)		30,661,622		1,608,992
Net unrealized appreciation (depreciation) on:
Investments		10,887,272			33,563,854		2,835,590			9,005,646		(373,826	)
Futures contracts		—			—		—			—		(422,306	)
Written options		—			304,381		—			—		—
Undistributed net investment income (loss)		(487,178	)		7,166,152		577,249			351,610		245,252
Net assets	$	180,542,323		$	881,391,175	$	52,693,591		$	124,247,265	$	74,674,236
* Investments in securities, at cost	$	171,324,688		$	855,662,291	$	49,790,993		$	114,650,826	$	76,252,467
** Premiums received on options written	$	—		$	419,531	$	—		$	—	$	—
Shares outstanding		7,963,790			45,176,209		3,562,918			7,147,373		6,938,332
Authorized Fund shares allocated to Portfolio		30,000,000			55,000,000		10,000,000			25,000,000		15,000,000
Net asset value per share	$	22.67		$	19.51	$	14.79		$	17.38	$	10.76

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

111

Ohio National Fund, Inc.

Statements of Operations For the Six-Month Period Ended June 30, 2015 (Unaudited)

	Equity Portfolio			Money Market Portfolio			Bond Portfolio			Omni Portfolio			International Portfolio			Capital Appreciation Portfolio			International Small-Mid Company Portfolio			Aggressive Growth Portfolio
Investment income:
Interest	$	—		$	45,496		$	3,315,244		$	195,119		$	—		$	—		$	—		$	190
Dividends, net of taxes withheld*		3,742,303			7,407			951			237,039			2,807,093			3,870,026			727,603			181,897
Total investment income		3,742,303			52,903			3,316,195			432,158			2,807,093			3,870,026			727,603			182,087
Expenses:
Management fees		1,969,233			270,420			456,811			129,113			739,600			1,686,218			384,900			169,210
Custodian fees		9,991			5,113			3,323			3,973			82,829			10,802			49,841			3,147
Directors’ fees		27,200			10,238			8,507			2,421			9,540			23,681			4,172			2,274
Professional fees		10,669			10,091			8,856			7,218			9,281			9,481			7,745			7,232
Accounting fees		43,663			22,244			27,191			13,889			31,880			38,280			15,733			7,020
Printing and filing fees		14,953			7,371			4,937			1,744			5,609			12,184			2,804			1,601
Compliance expense		4,381			4,381			4,381			4,381			4,381			4,381			4,381			4,381
Other		3,734			1,602			1,140			500			3,972			2,733			983			505
Total expenses		2,083,824			331,460			515,146			163,239			887,092			1,787,760			470,559			195,370
Less expenses reduced or reimbursed by adviser		—			(278,557	)		—			—			—			—			—			—
Net expenses		2,083,824			52,903			515,146			163,239			887,092			1,787,760			470,559			195,370
Net investment income (loss)		1,658,479			—			2,801,049			268,919			1,920,001			2,082,266			257,044			(13,283	)
Realized/unrealized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions:
Net realized gain (loss) on:
Investments		26,293,793			—			1,201,148			2,822,628			(5,960,930	)		25,605,992			3,233,983			3,385,831
Futures contracts		—			—			—			—			809,872			—			—			—
Foreign currency contracts		—			—			—			—			3,738,359			—			584,647			—
Other foreign currency related transactions		—			—			—			—			136,523			(13,967	)		(59,906	)		130
Change in unrealized appreciation/depreciation on:
Investments		(23,903,318	)		—			(4,994,203	)		(1,443,481	)		11,344,109			(9,479,167	)		5,996,437			(599,867	)
Futures contracts		—			—			—			—			(677,047	)		—			—			—
Foreign currency contracts		—			—			—			—			(1,496,303	)		—			(335,973	)		—
Other foreign currency related transactions		—			—			—			—			38,182			(1,023	)		(788	)		177
Net realized/unrealized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		2,390,475			—			(3,793,055	)		1,379,147			7,932,765			16,111,835			9,418,400			2,786,271
Change in net assets from operations	$	4,048,954		$	—		$	(992,006	)	$	1,648,066		$	9,852,766		$	18,194,101		$	9,675,444		$	2,772,988
* Taxes withheld	$	—		$	—		$	—		$	—		$	469,067		$	164,918		$	66,671		$	3,407

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

112

Ohio National Fund, Inc.

Statements of Operations For the Six-Month Period Ended June 30, 2015 (Unaudited)

	Small Cap Growth Portfolio			Mid Cap Opportunity Portfolio			S&P  500® Index Portfolio			Strategic Value Portfolio			High Income Bond Portfolio			Capital Growth Portfolio			Nasdaq-100® Index Portfolio		Bristol Portfolio
Investment income:
Interest	$	446		$	—		$	—		$	—		$	7,366,814		$	—		$	—	$	—
Dividends, net of taxes withheld*		759,109			283,208			4,208,189			7,239,485			2,828			123,406			813,628		1,649,395
Total investment income		759,555			283,208			4,208,189			7,239,485			7,369,642			123,406			813,628		1,649,395
Expenses:
Management fees		851,592			372,686			718,015			1,199,047			795,897			338,273			248,145		875,733
Custodian fees		10,320			4,484			16,864			14,790			5,690			2,651			4,527		7,114
Directors’ fees		11,511			4,625			21,457			17,344			11,934			3,972			6,784		12,515
Professional fees		8,425			7,884			11,677			13,129			10,955			11,792			8,214		10,073
Accounting fees		22,883			11,839			50,340			35,329			70,031			11,857			15,850		24,478
Printing and filing fees		6,987			3,030			11,126			11,025			8,724			2,548			3,906		8,197
Compliance expense		4,381			4,381			4,381			4,381			4,381			4,381			4,381		4,381
Other		1,656			1,116			4,612			5,169			2,036			997			1,429		3,077
Total expenses		917,755			410,045			838,472			1,300,214			909,648			376,471			293,236		945,568
Net investment income (loss)		(158,200	)		(126,837	)		3,369,717			5,939,271			6,459,994			(253,065	)		520,392		703,827
Realized/unrealized gain (loss) on investments and foreign currency related transactions:
Net realized gain (loss) on:
Investments		7,305,396			4,417,400			4,389,702			5,883,740			(956,361	)		2,303,808			2,043,729		24,592,630
Foreign currency related transactions		(84	)		—			—			(54,130	)		—			—			—		—
Change in unrealized appreciation/depreciation on:
Investments		9,384,962			(2,637,709	)		(3,569,532	)		(12,856,890	)		(288,789	)		3,328,376			2,551,923		(10,210,247	)
Foreign currency related transactions		42			—			—			10,558			—			—			—		—
Net realized/unrealized gain (loss) on investments and foreign currency related transactions		16,690,316			1,779,691			820,170			(7,016,722	)		(1,245,150	)		5,632,184			4,595,652		14,382,383
Change in net assets from operations	$	16,532,116		$	1,652,854		$	4,189,887		$	(1,077,451	)	$	5,214,844		$	5,379,119		$	5,116,044	$	15,086,210
* Taxes withheld	$	7,800		$	—		$	318		$	229,152		$	—		$	—		$	—	$	—

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

113

Ohio National Fund, Inc.

Statements of Operations For the Six-Month Period Ended June 30, 2015 (Unaudited)

	Bryton Growth Portfolio			Balanced Portfolio			Target VIP Portfolio			Bristol Growth Portfolio			Risk Managed Balanced Portfolio
Investment income:
Interest	$	—		$	4,426,925		$	—		$	—		$	229,942
Dividends, net of taxes withheld**		304,690			4,041,726			690,067			833,374			258,749
Total investment income		304,690			8,468,651			690,067			833,374			488,691
Expenses:
Management fees		730,063			2,530,707			164,536			491,308			239,727
Custodian fees		9,823			17,047			16,964			4,621			21,756
Directors’ fees		9,649			45,191			2,871			6,682			2,992
Professional fees		9,313			12,207			11,226			8,486			14,695
Accounting fees		19,777			74,815			10,432			14,688			37,969
Printing and filing fees		6,697			22,960			1,821			4,991			2,903
Compliance expense		4,381			4,381			4,381			4,381			4,380
Other		2,165			5,546			715			1,641			437
Total expenses		791,868			2,712,854			212,946			536,798			324,859
Less expenses reduced or reimbursed by adviser		—			—			—			—			—
Net expenses		791,868			2,712,854			212,946			536,798			324,859
Net investment income (loss)		(487,178	)		5,755,797			477,121			296,576			163,832
Realized/unrealized gain (loss) on investments, foreign currency related transactions, and written options:
Net realized gain (loss) on:
Investments		19,511,620			9,731,129			2,655,266			10,927,788			(22,137	)
Futures contracts		—			—			—			—			463,685
Foreign currency related transactions		—			—			—			—			125
Written options		—			2,781,568			—			—			—
Change in unrealized appreciation/depreciation on:
Investments		(124,617	)		5,916,741			(1,921,742	)		(4,184,925	)		(1,170,465	)
Futures contracts		—			—			—			—			(565,292	)
Foreign currency related transactions		—			—			—			—			—
Written options		—			(104,907	)		—			—			—
Net realized/unrealized gain (loss) on investments, foreign currency related transactions, and written options		19,387,003			18,324,531			733,524			6,742,863			(1,294,084	)
Change in net assets from operations	$	18,899,825		$	24,080,328		$	1,210,645		$	7,039,439		$	(1,130,252	)
* Taxes withheld	$	—		$	12,902		$	39,734		$	—		$	868

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

114

Ohio National Fund, Inc.

Statements of Changes in Net Assets

	Equity Portfolio						Money Market Portfolio						Bond Portfolio						Omni Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income	$	1,658,479		$	2,046,357		$	—		$	—		$	2,801,049		$	5,057,141		$	268,919		$	395,534
Net realized gain on investments and foreign currency related transactions		26,293,793			33,346,801			—			—			1,201,148			1,319,586			2,822,628			6,306,647
Change in unrealized appreciation/depreciation on investments		(23,903,318	)		6,063,115			—			—			(4,994,203	)		2,254,423			(1,443,481	)		(2,442,237	)
Change in net assets from operations		4,048,954			41,456,273			—			—			(992,006	)		8,631,150			1,648,066			4,259,944
Distributions to shareholders:
Distributions from net investment income		—			(1,660,324	)		—			—			—			—			—			(341,371	)
Capital transactions:
Received from shares sold		33,562,867			315,246,386			64,944,891			192,184,015			22,549,121			46,735,844			16,846,602			2,915,916
Received from dividends reinvested		—			1,660,324			—			—			—			—			—			341,371
Paid for shares redeemed		(41,777,343	)		(59,401,285	)		(69,766,768	)		(251,269,999	)		(20,990,226	)		(48,280,931	)		(5,098,912	)		(7,867,809	)
Change in net assets from capital transactions		(8,214,476	)		257,505,425			(4,821,877	)		(59,085,984	)		1,558,895			(1,545,087	)		11,747,690			(4,610,522	)
Change in net assets		(4,165,522	)		297,301,374			(4,821,877	)		(59,085,984	)		566,889			7,086,063			13,395,756			(691,949	)
Net assets:
Beginning of period		518,735,416			221,434,042			202,012,687			261,098,671			158,663,826			151,577,763			37,196,582			37,888,531
End of period	$	514,569,894		$	518,735,416		$	197,190,810		$	202,012,687		$	159,230,715		$	158,663,826		$	50,592,338		$	37,196,582
Undistributed net investment income	$	2,044,512		$	386,033		$	—		$	—		$	7,858,190		$	5,057,141		$	323,082		$	54,163

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

115

Ohio National Fund, Inc.

Statements of Changes in Net Assets

	International Portfolio						Capital Appreciation Portfolio						International Small-Mid Company Portfolio						Aggressive Growth Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	1,920,001		$	2,572,757		$	2,082,266		$	1,213,441		$	257,044		$	277,179		$	(13,283	)	$	(87,987	)
Net realized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		(1,276,176	)		19,582,968			25,592,025			20,173,243			3,758,724			5,598,075			3,385,961			8,194,676
Change in unrealized appreciation/depreciation on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		9,208,941			(39,577,450	)		(9,480,190	)		(1,239,649	)		5,659,676			(12,565,288	)		(599,690	)		(4,579,372	)
Change in net assets from operations		9,852,766			(17,421,725	)		18,194,101			20,147,035			9,675,444			(6,690,034	)		2,772,988			3,527,317
Distributions to shareholders:
Distributions from net investment income		—			—			—			(1,165,844	)		—			—			—			—
Capital transactions:
Received from shares sold		10,621,673			30,187,407			13,387,515			331,391,049			18,998,869			13,115,148			9,514,968			7,560,703
Received from dividends reinvested		—			—			—			1,165,844			—			—			—			—
Paid for shares redeemed		(18,415,817	)		(27,822,330	)		(37,579,225	)		(40,131,679	)		(9,540,836	)		(15,853,656	)		(5,568,679	)		(10,565,748	)
Change in net assets from capital transactions		(7,794,144	)		2,365,077			(24,191,710	)		292,425,214			9,458,033			(2,738,508	)		3,946,289			(3,005,045	)
Change in net assets		2,058,622			(15,056,648	)		(5,997,609	)		311,406,405			19,133,477			(9,428,542	)		6,719,277			522,272
Net assets:
Beginning of period		174,370,392			189,427,040			449,414,047			138,007,642			67,554,366			76,982,908			39,925,269			39,402,997
End of period	$	176,429,014		$	174,370,392		$	443,416,438		$	449,414,047		$	86,687,843		$	67,554,366		$	46,644,546		$	39,925,269
Undistributed net investment income (loss)	$	6,174,017		$	4,254,016		$	2,119,731		$	37,465		$	453,541		$	196,497		$	(13,283	)	$	—

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

116

Ohio National Fund, Inc.

Statements of Changes in Net Assets

	Small Cap Growth Portfolio						Mid Cap Opportunity Portfolio						S&P 500® Index Portfolio						Strategic Value Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	(158,200	)	$	(394,361	)	$	(126,837	)	$	(151,221	)	$	3,369,717		$	5,637,059		$	5,939,271		$	20,943,847
Net realized gain on investments and foreign currency related transactions		7,305,312			15,523,432			4,417,400			15,149,638			4,389,702			3,675,264			5,829,610			36,941,062
Change in unrealized appreciation/depreciation on investments and foreign currency related transactions		9,385,004			7,521,125			(2,637,709	)		(5,886,389	)		(3,569,532	)		33,949,693			(12,846,332	)		(11,438,100	)
Change in net assets from operations		16,532,116			22,650,196			1,652,854			9,112,028			4,189,887			43,262,016			(1,077,451	)		46,446,809
Distributions to shareholders:
Distributions from net investment income		—			—			—			—			—			(4,671,250	)		—			(17,815,244	)
Capital transactions:
Received from shares sold		21,794,079			130,344,816			8,819,561			14,483,197			55,751,183			111,526,771			24,255,128			42,389,840
Received from dividends reinvested		—			—			—			—			—			4,671,250			—			17,815,244
Paid for shares redeemed		(27,014,801	)		(50,387,901	)		(8,339,685	)		(19,935,180	)		(38,414,496	)		(81,517,679	)		(26,190,110	)		(153,890,559	)
Change in net assets from capital transactions		(5,220,722	)		79,956,915			479,876			(5,451,983	)		17,336,687			34,680,342			(1,934,982	)		(93,685,475	)
Change in net assets		11,311,394			102,607,111			2,132,730			3,660,045			21,526,574			73,271,108			(3,012,433	)		(65,053,910	)
Net assets:
Beginning of period		212,143,920			109,536,809			86,672,004			83,011,959			388,204,137			314,933,029			332,610,905			397,664,815
End of period	$	223,455,314		$	212,143,920		$	88,804,734		$	86,672,004		$	409,730,711		$	388,204,137		$	329,598,472		$	332,610,905
Undistributed net investment income (loss)	$	(194,020	)	$	(35,820	)	$	(126,837	)	$	—		$	4,255,396		$	885,679		$	8,776,192		$	2,817,246

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

117

Ohio National Fund, Inc.

Statements of Changes in Net Assets

	High Income Bond Portfolio						Capital Growth Portfolio						Nasdaq-100® Index Portfolio						Bristol Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	6,459,994		$	16,751,342		$	(253,065	)	$	(349,357	)	$	520,392		$	1,307,307		$	703,827		$	994,675
Net realized gain (loss) on investments and foreign currency related transactions		(956,361	)		8,225,039			2,303,808			8,907,401			2,043,729			4,311,375			24,592,630			45,974,586
Change in unrealized appreciation/depreciation on investments and foreign currency related transactions		(288,789	)		(16,353,341	)		3,328,376			(6,915,894	)		2,551,923			12,616,165			(10,210,247	)		(16,492,459	)
Change in net assets from operations		5,214,844			8,623,040			5,379,119			1,642,150			5,116,044			18,234,847			15,086,210			30,476,802
Distributions to shareholders:
Distributions from net investment income		—			—			—			—			—			(1,151,494	)		—			(895,082	)
Capital transactions:
Received from shares sold		13,131,374			45,515,603			5,637,870			16,459,619			24,833,045			43,549,332			10,088,080			17,018,019
Received from dividends reinvested		—			—			—			—			—			1,151,494			—			895,082
Paid for shares redeemed		(23,685,416	)		(131,923,035	)		(10,463,951	)		(23,042,984	)		(22,141,532	)		(35,945,696	)		(24,746,275	)		(47,019,709	)
Change in net assets from capital transactions		(10,554,042	)		(86,407,432	)		(4,826,081	)		(6,583,365	)		2,691,513			8,755,130			(14,658,195	)		(29,106,608	)
Change in net assets		(5,339,198	)		(77,784,392	)		553,038			(4,941,215	)		7,807,557			25,838,483			428,015			475,112
Net assets:
Beginning of period		230,100,451			307,884,843			75,491,145			80,432,360			121,686,069			95,847,586			232,016,582			231,541,470
End of period	$	224,761,253		$	230,100,451		$	76,044,183		$	75,491,145		$	129,493,626		$	121,686,069		$	232,444,597		$	232,016,582
Undistributed net investment income (loss)	$	23,218,695		$	16,758,701		$	(247,675	)	$	5,390		$	676,205		$	155,813		$	803,420		$	99,593

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

118

Ohio National Fund, Inc.

Statements of Changes in Net Assets

	Bryton Growth Portfolio						Balanced Portfolio						Target VIP Portfolio						Bristol Growth Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014			Six-Month Period Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	(487,178	)	$	(818,246	)	$	5,755,797		$	7,584,554		$	477,121		$	954,277		$	296,576		$	425,637
Net realized gain on investments, foreign currency related transactions, and written options		19,511,620			22,063,567			12,512,697			15,476,691			2,655,266			6,802,148			10,927,788			20,039,564
Change in unrealized appreciation/depreciation on investments, foreign currency related transactions, and written options		(124,617	)		(9,867,313	)		5,811,834			8,993,866			(1,921,742	)		(3,839,788	)		(4,184,925	)		(6,250,848	)
Change in net assets from operations		18,899,825			11,378,008			24,080,328			32,055,111			1,210,645			3,916,637			7,039,439			14,214,353
Distributions to shareholders:
Distributions from net investment income		—			—			—			(6,075,617	)		—			(854,149	)		—			(370,603	)
Capital transactions:
Received from shares sold		7,500,740			30,786,203			79,904,371			624,661,369			2,121,420			6,144,750			4,709,837			10,802,580
Received from dividends reinvested		—			—			—			6,075,617			—			854,149			—			370,603
Paid for shares redeemed		(24,944,178	)		(43,857,130	)		(55,727,163	)		(72,643,183	)		(5,780,383	)		(8,637,548	)		(11,555,318	)		(23,225,588	)
Change in net assets from capital transactions		(17,443,438	)		(13,070,927	)		24,177,208			558,093,803			(3,658,963	)		(1,638,649	)		(6,845,481	)		(12,052,405	)
Change in net assets		1,456,387			(1,692,919	)		48,257,536			584,073,297			(2,448,318	)		1,423,839			193,958			1,791,345
Net assets:
Beginning of period		179,085,936			180,778,855			833,133,639			249,060,342			55,141,909			53,718,070			124,053,307			122,261,962
End of period	$	180,542,323		$	179,085,936		$	881,391,175		$	833,133,639		$	52,693,591		$	55,141,909		$	124,247,265		$	124,053,307
Undistributed net investment income (loss)	$	(487,178	)	$	—		$	7,166,152		$	1,410,355		$	577,249		$	100,128		$	351,610		$	55,034

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

119

Ohio National Fund, Inc.

Statements of Changes in Net Assets

	Risk Managed Balanced Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Period from May 1, 2014* to December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income	$	163,832		$	81,427
Net realized gain on investments, futures contracts, and foreign currency related transactions		441,673			1,167,312
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions		(1,735,757	)		939,625
Change in net assets from operations		(1,130,252	)		2,188,364
Capital transactions:
Received from shares sold		48,604,016			54,419,880
Paid for shares redeemed		(6,606,221	)		(22,801,551	)
Change in net assets from capital transactions		41,997,795			31,618,329
Change in net assets		40,867,543			33,806,693
Net assets:
Beginning of period		33,806,693			—
End of period	$	74,674,236		$	33,806,693
Undistributed net investment income	$	245,252		$	81,420

* Represents date of inception and commencement of operations.

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

120

Ohio National Fund, Inc.

Financial Highlights

	Equity Portfolio															Money Market Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	33.44		$	29.41		$	21.54		$	18.88		$	19.72		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Operations:
Net investment income		0.11			0.12			0.27			0.35			0.21			—			—			—			—			—
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		0.14			4.02			7.84			2.61			(0.88	)		—			—			—			—			—
Total from operations		0.25			4.14			8.11			2.96			(0.67	)		—			—			—			—			—
Distributions:
Distributions from net investment income		—			(0.11	)		(0.24	)		(0.30	)		(0.17	)		—			—			—			—			—
Net asset value, end of period	$	33.69		$	33.44		$	29.41		$	21.54		$	18.88		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Total return		0.75	% (b)		14.07	%		37.69	%		15.69	%		–3.38	%		0.00	% (b)		0.00	%		0.00	%		0.00	%		0.00	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	514.6		$	518.7		$	221.4		$	186.5		$	187.9		$	197.2		$	202.0		$	261.1		$	258.6		$	286.2
Ratios to average net assets:
Ratios net of expenses reduced or reimbursed by adviser:
Expenses		0.80	% (a)		0.83	%		0.87	%		0.89	%		0.87	%		0.05	% (a)		0.04	%		0.06	%		0.09	%		0.11	%
Net investment income		0.64	% (a)		0.69	%		0.98	%		1.55	%		1.00	%		0.00	% (a)		0.00	%		0.00	%		0.00	%		0.00	%
Ratios assuming no expenses reduced or reimbursed by adviser:
Expenses		0.80	% (a)		0.83	%		0.87	%		0.89	%		0.87	%		0.34	% (a)		0.33	%		0.34	%		0.35	%		0.34	%
Net investment income (loss)		0.64	% (a)		0.69	%		0.98	%		1.55	%		1.00	%		–0.29	% (a)		–0.29	%		–0.28	%		–0.26	%		–0.23	%
Portfolio turnover rate		22	%		46	%		43	%		48	%		54	%		0	%		0	%		0	%		0	%		0	%

(a) Annualized.

(b) Not annualized.

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

121

Ohio National Fund, Inc.

Financial Highlights

	Bond Portfolio															Omni Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	15.65		$	14.78		$	15.07		$	14.05		$	13.21		$	24.15		$	21.74		$	16.82		$	15.21		$	16.08
Operations:
Net investment income		0.27			0.50			0.56			0.51			0.48			0.13			0.26			0.24			0.26			0.25
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(0.36	)		0.37			(0.85	)		0.51			0.36			0.97			2.37			4.89			1.57			(0.91	)
Total from operations		(0.09	)		0.87			(0.29	)		1.02			0.84			1.10			2.63			5.13			1.83			(0.66	)
Distributions:
Distributions from net investment income		—			—			—			—			—			—			(0.22	)		(0.21	)		(0.22	)		(0.21	)
Net asset value, end of period	$	15.56		$	15.65		$	14.78		$	15.07		$	14.05		$	25.25		$	24.15		$	21.74		$	16.82		$	15.21
Total return		–0.58	% (b)		5.89	%		–1.92	%		7.26	%		6.36	%		4.55	% (b)		12.12	%		30.53	%		12.04	%		–4.12	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	159.2		$	158.7		$	151.6		$	172.2		$	162.0		$	50.6		$	37.2		$	37.9		$	33.2		$	34.7
Ratios to average net assets:
Expenses		0.63	% (a)		0.64	%		0.66	%		0.66	%		0.66	%		0.76	% (a)		0.77	%		0.79	%		0.81	%		0.77	%
Net investment income		3.44	% (a)		3.34	%		3.34	%		3.41	%		3.70	%		1.25	% (a)		1.06	%		1.17	%		1.49	%		1.40	%
Portfolio turnover rate		44	%		35	%		15	%		18	%		15	%		100	%		198	%		210	%		179	%		147	%

(a) Annualized.

(b) Not annualized.

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

122

Ohio National Fund, Inc.

Financial Highlights

	International Portfolio															Capital Appreciation Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	12.55		$	13.85		$	12.41		$	10.32		$	12.20		$	33.82		$	31.24		$	23.32		$	19.95		$	20.37
Operations:
Net investment income		0.16			0.18			0.23			0.20			0.17			0.17			0.08			0.13			0.15			0.09
Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		0.56			(1.48	)		1.21			1.89			(2.05	)		1.20			2.59			7.91			3.36			(0.43	)
Total from operations		0.72			(1.30	)		1.44			2.09			(1.88	)		1.37			2.67			8.04			3.51			(0.34	)
Distributions:
Distributions from net investment income		—			—			—			—			—			—			(0.09	)		(0.12	)		(0.14	)		(0.08	)
Net asset value, end of period	$	13.27		$	12.55		$	13.85		$	12.41		$	10.32		$	35.19		$	33.82		$	31.24		$	23.32		$	19.95
Total return		5.74	% (b)		–9.39	%		11.60	%		20.25	%		–15.41	%		4.05	% (b)		8.54	%		34.51	%		17.59	%		–1.65	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	176.4		$	174.4		$	189.4		$	180.3		$	172.8		$	443.4		$	449.4		$	138.0		$	115.7		$	114.7
Ratios to average net assets:
Ratios net of expenses reduced or reimbursed by adviser:
Expenses		0.99	% (a)		0.84	%		0.75	%		1.02	%		1.02	%		0.79	% (a)		0.83	%		0.88	%		0.90	%		0.88	%
Net investment income		2.15	% (a)		1.43	%		1.52	%		1.65	%		1.41	%		0.93	% (a)		0.56	%		0.45	%		0.66	%		0.41	%
Ratios assuming no expenses reduced or reimbursed by adviser:
Expenses		0.99	% (a)		1.00	%		1.01	%		1.02	%		1.02	%		0.79	% (a)		0.83	%		0.88	%		0.90	%		0.88	%
Net investment income		2.15	% (a)		1.27	%		1.26	%		1.65	%		1.41	%		0.93	% (a)		0.56	%		0.45	%		0.66	%		0.41	%
Portfolio turnover rate		45	%		95	%		53	%		61	%		58	%		31	%		67	%		49	%		39	%		61	%

(a) Annualized.

(b) Not annualized.

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

123

Ohio National Fund, Inc.

Financial Highlights

	International Small-Mid Company Portfolio															Aggressive Growth Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	27.39		$	30.03		$	23.52		$	19.17		$	23.24		$	13.70		$	12.50		$	9.51		$	7.74		$	8.17
Operations:
Net investment income (loss)		0.08			0.12			0.12			0.17			0.26			—			(0.03	)		(0.02	)		0.03			—
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		3.78			(2.76	)		6.39			4.18			(4.33	)		1.00			1.23			3.01			1.74			(0.43	)
Total from operations		3.86			(2.64	)		6.51			4.35			(4.07	)		1.00			1.20			2.99			1.77			(0.43	)
Net asset value, end of period	$	31.25		$	27.39		$	30.03		$	23.52		$	19.17		$	14.70		$	13.70		$	12.50		$	9.51		$	7.74
Total return		14.09	% (b)		–8.79	%		27.68	%		22.69	%		–17.51	%		7.30	% (b)		9.60	%		31.44	%		22.87	%		–5.26	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	86.7		$	67.6		$	77.0		$	64.5		$	57.5		$	46.6		$	39.9		$	39.4		$	33.1		$	25.8
Ratios to average net assets:
Expenses		1.22	% (a)		1.18	%		1.19	%		1.21	%		1.20	%		0.92	% (a)		0.94	%		0.97	%		0.99	%		1.04	%
Net investment income (loss)		0.67	% (a)		0.38	%		0.40	%		0.64	%		1.07	%		–0.06	% (a)		–0.23	%		–0.25	%		0.34	%		0.02	%
Portfolio turnover rate		25	%		65	%		51	%		55	%		67	%		31	%		55	%		60	%		17	%		47	%

(a) Annualized.

(b) Not annualized.

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

124

Ohio National Fund, Inc.

Financial Highlights

	Small Cap Growth Portfolio															Mid Cap Opportunity Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	25.07		$	22.65		$	15.59		$	13.21		$	12.86		$	31.49		$	28.24		$	21.32		$	17.81		$	18.43
Operations:
Net investment income (loss)		(0.02	)		(0.05	)		(0.03	)		(0.03	)		(0.08	)		(0.05	)		(0.05	)		(0.07	)		(0.02	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		2.00			2.47			7.09			2.41			0.43			0.66			3.30			6.99			3.53			(0.56	)
Total from operations		1.98			2.42			7.06			2.38			0.35			0.61			3.25			6.92			3.51			(0.62	)
Distributions:
Distributions from net investment income		—			—			—			—			—			—			—			—			—			—
Net asset value, end of period	$	27.05		$	25.07		$	22.65		$	15.59		$	13.21		$	32.10		$	31.49		$	28.24		$	21.32		$	17.81
Total return		7.90	% (b)		10.68	%		45.29	%		18.02	%		2.72	%		1.94	% (b)		11.51	%		32.46	%		19.71	%		–3.36	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	223.5		$	212.1		$	109.5		$	35.0		$	31.5		$	88.8		$	86.7		$	83.0		$	67.1		$	61.1
Ratios to average net assets:
Expenses		0.85	% (a)		0.89	%		1.04	%		1.10	%		1.08	%		0.94	% (a)		0.94	%		0.96	%		0.98	%		0.96	%
Net investment income (loss)		–0.15	% (a)		–0.31	%		–0.29	%		–0.20	%		–0.60	%		–0.29	% (a)		–0.18	%		–0.28	%		–0.09	%		–0.29	%
Portfolio turnover rate		16	%		58%			69	% (c)		65	%		58	%		31	%		61	%		44	%		45	%		51	%

(a) Annualized.

(b) Not annualized.

(c) The cost of purchases and proceeds from sales of securities that were incurred to realign the Portfolio’s holdings subsequent to the December 20, 2013 reorganization are excluded from the 2013 portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 146%.

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

125

Ohio National Fund, Inc.

Financial Highlights

	S&P 500® Index Portfolio															Strategic Value Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	21.93		$	19.63		$	15.08		$	13.25		$	13.21		$	13.92		$	13.09		$	11.09		$	10.50		$	9.36
Operations:
Net investment income		0.18			0.32			0.26			0.26			0.22			0.25			0.93			0.35			0.13			0.33
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		0.04			2.25			4.52			1.78			0.01			(0.30	)		0.68			1.97			0.63			0.98
Total from operations		0.22			2.57			4.78			2.04			0.23			(0.05	)		1.61			2.32			0.76			1.31
Distributions:
Distributions from net investment income		—			(0.27	)		(0.23	)		(0.21	)		(0.19	)		—			(0.78	)		(0.32	)		(0.17	)		(0.17	)
Net asset value, end of period	$	22.15		$	21.93		$	19.63		$	15.08		$	13.25		$	13.87		$	13.92		$	13.09		$	11.09		$	10.50
Total return		1.00	% (b)		13.11	%		31.74	%		15.40	%		1.77	%		–0.36	% (b)		12.41	%		21.00	%		7.21	%		14.03	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	409.7		$	388.2		$	314.9		$	207.8		$	170.7		$	329.6		$	332.6		$	397.7		$	268.2		$	42.0
Ratios to average net assets:
Expenses		0.41	% (a)		0.43	%		0.45	%		0.48	%		0.47	%		0.78	% (a)		0.78	%		0.79	%		0.82	%		0.96	%
Net investment income		1.66	% (a)		1.64	%		1.68	%		1.87	%		1.62	%		3.54	% (a)		5.37	%		3.58	%		3.84	%		4.07	%
Portfolio turnover rate		7	%		11	%		15	%		7	%		9	%		8	%		22	%		22	%		30	%		19	%

(a) Annualized.

(b) Not annualized.

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

126

Ohio National Fund, Inc.

Financial Highlights

	High Income Bond Portfolio															Capital Growth Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	16.32		$	15.88		$	14.83		$	12.97		$	12.31		$	41.01		$	40.03		$	30.73		$	27.00		$	27.68
Operations:
Net investment income (loss)		0.54			1.57			1.10			0.99			1.08			(0.15	)		(0.19	)		(0.15	)		(0.03	)		(0.19	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(0.16	)		(1.13	)		(0.05	)		0.87			(0.42	)		3.14			1.17			9.45			3.76			(0.49	)
Total from operations		0.38			0.44			1.05			1.86			0.66			2.99			0.98			9.30			3.73			(0.68	)
Net asset value, end of period	$	16.70		$	16.32		$	15.88		$	14.83		$	12.97		$	44.00		$	41.01		$	40.03		$	30.73		$	27.00
Total return		2.33	% (b)		2.77	%		7.08	%		14.34	%		5.36	%		7.29	% (b)		2.45	%		30.26	%		13.81	%		–2.46	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	224.8		$	230.1		$	307.9		$	311.9		$	267.5		$	76.0		$	75.5		$	80.4		$	55.1		$	51.1
Ratios to average net assets:
Expenses		0.80	% (a)		0.77	%		0.77	%		0.79	%		0.78	%		1.00	% (a)		1.00	%		1.01	%		1.04	%		1.02	%
Net investment income (loss)		5.66	% (a)		5.73	%		6.36	%		7.17	%		7.69	%		–0.67	% (a)		–0.45	%		–0.44	%		–0.10	%		–0.64	%
Portfolio turnover rate		16	%		33	%		29	%		35	%		35	%		17	%		44	%		42	%		42	%		44	%

(a) Annualized.

(b) Not annualized.

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

127

Ohio National Fund, Inc.

Financial Highlights

	Nasdaq-100® Index Portfolio															Bristol Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	10.88		$	9.25		$	6.85		$	5.85		$	5.69		$	20.75		$	18.29		$	13.01		$	11.56		$	12.51
Operations:
Net investment income		0.05			0.12			0.07			0.06			0.02			0.07			0.09			0.09			0.09			0.06
Net realized and unrealized gain (loss) on investments		0.40			1.62			2.39			0.99			0.16			1.30			2.45			5.27			1.43			(0.95	)
Total from operations		0.45			1.74			2.46			1.05			0.18			1.37			2.54			5.36			1.52			(0.89	)
Distributions:
Distributions from net investment income		—			(0.11	)		(0.06	)		(0.05	)		(0.02	)		—			(0.08	)		(0.08	)		(0.07	)		(0.06	)
Net asset value, end of period	$	11.33		$	10.88		$	9.25		$	6.85		$	5.85		$	22.12		$	20.75		$	18.29		$	13.01		$	11.56
Total return		4.14	% (b)		18.77	%		35.98	%		17.88	%		3.19	%		6.60	% (b)		13.88	%		41.21	%		13.19	%		–7.16	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	129.5		$	121.7		$	95.8		$	68.5		$	55.5		$	232.4		$	232.0		$	231.5		$	204.9		$	192.7
Ratios to average net assets:
Expenses		0.46	% (a)		0.48	%		0.51	%		0.53	%		0.52	%		0.80	% (a)		0.81	%		0.82	%		0.85	%		0.84	%
Net investment income		0.82	% (a)		1.23	%		0.94	%		0.98	%		0.41	%		0.60	% (a)		0.42	%		0.51	%		0.68	%		0.52	%
Portfolio turnover rate		9	%		23	%		43	%		25	%		44	%		123	%		239	%		269	%		244	%		198	%

(a) Annualized.

(b) Not annualized.

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

128

Ohio National Fund, Inc.

Financial Highlights

	Bryton Growth Portfolio															Balanced Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	20.47		$	19.28		$	13.70		$	12.31		$	13.57		$	18.96		$	18.02		$	15.76		$	13.91		$	13.87
Operations:
Net investment income (loss)		(0.06	)		(0.09	)		(0.11	)		(0.07	)		(0.08	)		0.13			0.16			0.08			0.10			0.31
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and written options		2.26			1.28			5.69			1.46			(1.18	)		0.42			0.92			2.32			1.75			(0.00	)
Total from operations		2.20			1.19			5.58			1.39			(1.26	)		0.55			1.08			2.40			1.85			0.31
Distributions:
Distributions from net investment income		—			—			—			—			—			—			(0.14	)		(0.14	)		—			(0.27	)
Net asset value, end of period	$	22.67		$	20.47		$	19.28		$	13.70		$	12.31		$	19.51		$	18.96		$	18.02		$	15.76		$	13.91
Total return		10.75	% (b)		6.17	%		40.73	%		11.29	%		–9.29	%		2.90	% (b)		5.99	%		15.26	%		13.30	%		2.29	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	180.5		$	179.1		$	180.8		$	157.7		$	155.4		$	881.4		$	833.1		$	249.1		$	77.1		$	17.1
Ratios to average net assets:
Ratios net of expenses reduced or reimbursed by adviser:
Expenses		0.87	% (a)		0.88	%		0.89	%		0.93	%		0.91	%		0.63	% (a)		0.64	%		0.75	%		0.86	%		0.94	%
Net investment income (loss)		–0.54	% (a)		–0.45	%		–0.59	%		–0.57	%		–0.67	%		1.34	% (a)		1.80	%		1.45	%		1.90	%		2.33	%
Ratios assuming no expenses reduced or reimbursed by adviser:
Expenses		0.87	% (a)		0.88	%		0.89	%		0.93	%		0.91	%		0.63	% (a)		0.68	%		0.75	%		0.86	%		0.94	%
Net investment income (loss)		–0.54	% (a)		–0.45	%		–0.59	%		–0.57	%		–0.67	%		1.34	% (a)		1.76	%		1.45	%		1.90	%		2.33	%
Portfolio turnover rate		82	%		178	%		185	%		152	%		156	%		45	%		94	%		82	% (c)		60	%		47	%

(a) Annualized.

(b) Not annualized.

(c) The cost of purchases and proceeds from sales of securities that were incurred to realign the Portfolio’s holdings subsequent to the December 20, 2013 reorganization are excluded from the 2013 portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 89%.

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

129

Ohio National Fund, Inc.

Financial Highlights

	Target VIP Portfolio															Bristol Growth Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,												Six-Month Period Ended June 30, 2015 (Unaudited)			Years Ended December 31,
				2014			2013			2012			2011						2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of period	$	14.49		$	13.70		$	10.10		$	8.89		$	9.11		$	16.44		$	14.72		$	10.66		$	9.63		$	9.84
Operations:
Net investment income		0.14			0.25			0.09			0.18			0.10			0.04			0.06			0.06			0.06			0.04
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		0.16			0.77			3.61			1.17			(0.23	)		0.90			1.71			4.05			1.02			(0.21	)
Total from operations		0.30			1.02			3.70			1.35			(0.13	)		0.94			1.77			4.11			1.08			(0.17	)
Distributions:
Distributions from net investment income		—			(0.23	)		(0.10	)		(0.14	)		(0.09	)		—			(0.05	)		(0.05	)		(0.05	)		(0.04	)
Net asset value, end of period	$	14.79		$	14.49		$	13.70		$	10.10		$	8.89		$	17.38		$	16.44		$	14.72		$	10.66		$	9.63
Total return		2.07	% (b)		7.44	%		36.71	%		15.24	%		–1.41	%		5.72	% (b)		12.01	%		38.62	%		11.20	%		–1.77	%
Ratios and supplemental data:
Net assets at end of period (in millions)	$	52.7		$	55.1		$	53.7		$	21.2		$	20.5		$	124.2		$	124.1		$	122.3		$	108.0		$	99.9
Ratios to average net assets:
Expenses		0.78	% (a)		0.77	%		0.82	%		0.87	%		0.84	%		0.85	% (a)		0.86	%		0.88	%		0.92	%		0.90	%
Net investment income		1.74	% (a)		1.77	%		0.92	%		1.73	%		1.07	%		0.47	% (a)		0.34	%		0.42	%		0.57	%		0.41	%
Portfolio turnover rate		68	%		79	%		57	% (c)		70	%		79	%		95	%		192	%		237	%		229	%		187	%

(a) Annualized.

(b) Not annualized.

(c) The cost of purchases and proceeds from sales of securities that were incurred to realign the Portfolio’s holdings subsequent to the December 20, 2013 reorganization are excluded from the 2013 portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 138%.

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

130

Ohio National Fund, Inc.

Financial Highlights

	Risk Managed Balanced Portfolio
	Six-Month Period Ended June 30, 2015 (Unaudited)			Period from May 1, 2014* to December 31, 2014
Selected per-share data:
Net asset value, beginning of period	$	10.83		$	10.00
Operations:
Net investment income		0.01			0.03
Net realized and unrealized gain (loss) on investments, futures contracts, and foreign currency related transactions		(0.08	)		0.80
Total from operations		(0.07	)		0.83
Net asset value, end of period	$	10.76		$	10.83
Total return		–0.65	% (b)		8.30	% (b)
Ratios and supplemental data:
Net assets at end of period (in millions)	$	74.7		$	33.8
Ratios to average net assets:
Expenses		1.22	% (a)		1.43	% (a)
Net investment income		0.61	% (a)		0.43	% (a)
Portfolio turnover rate		35	%		94	%

(a) Annualized.

(b) Not annualized.

* Represents date of inception and commencement of operations.

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

131

Ohio National Fund, Inc.

Notes to Financial Statements June 30, 2015  (Unaudited)

(1) Organization

Ohio National Fund, Inc. (the “Fund”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “40 Act”). The fund is an open-end investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The Fund consists of twenty-one separate investment portfolios (the “Portfolios”) that seek the following objectives and strategies:

¢ Equity Portfolio — Long-term growth of capital by investing at least 80% of its assets in equity securities.

¢ Money Market Portfolio — Maximum current income consistent with preservation of principal and liquidity by investing in high quality money market instruments.

¢ Bond Portfolio — High level of income and opportunity for capital appreciation consistent with preservation of capital by investing primarily in intermediate-term and long-term fixed income securities.

¢ Omni Portfolio — High level of long-term total return consistent with preservation of capital by investing in stocks, bonds, and money market instruments.

¢ International Portfolio — Long term growth of capital by investing at least 80% of its assets in securities of foreign companies.

¢ Capital Appreciation Portfolio — Long-term capital growth by investing primarily in equity and equity related securities of established companies with either current or emerging earnings growth not fully appreciated or recognized by the market.

¢ International Small-Mid Company Portfolio — Long-term growth of capital by investing at least 80% of its assets in equity securities of foreign small and mid-cap companies.

¢ Aggressive Growth Portfolio — Long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.

¢ Small Cap Growth Portfolio — Long-term capital appreciation by investing at least 80% of its net assets in stocks of small companies.

¢ Mid Cap Opportunity Portfolio — Long-term total return by investing at least 80% of its net assets in equity securities of mid-cap companies, primarily those that are strategically positioned for long-term growth.

¢ S&P 500^® Index Portfolio — Total return that approximates the total return of the Standard & Poor’s 500^® Index, at a risk level consistent with that of the Standard & Poor’s 500^® Index.

¢ Strategic Value Portfolio — Growth of capital and income by investing primarily in high dividend yielding common stocks with dividend growth potential.

¢ High Income Bond Portfolio — High current income by investing 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 Ba or lower by Moody’s, or BB or lower by Standard & Poor’s or Fitch.

¢ Capital Growth Portfolio — Long-term capital appreciation by investing primarily in an actively managed portfolio of equity securities of small cap growth companies.

¢ Nasdaq-100^® Index Portfolio — Long-term growth of capital by investing primarily in stocks that are included in the Nasdaq-100^® Index. Unlike the other Portfolios of the Fund, the Nasdaq-100^® Index Portfolio is a non-diversified portfolio for purposes of Section 5(b) of the 40 Act.

¢ Bristol Portfolio — Long-term growth of capital by investing primarily in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.

¢ Bryton Growth Portfolio — Long-term growth of capital by investing primarily in common stocks of growth-oriented U.S. companies smaller than the 500 largest publicly traded U.S. companies in terms of market capitalization.

¢ Balanced Portfolio — Capital appreciation and income by investing normally up to 75% of its assets in equity securities of domestic and foreign securities of any market capitalization while maintaining a minimum of 25% of its assets in fixed income securities.

132 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

¢ Target VIP Portfolio — Above average total return by investing in the common stocks of companies which are identified by a model that applies separate uniquely specialized strategies.

¢ Bristol Growth Portfolio — Long-term growth of capital by investing primarily in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.

¢ 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.

Additional detail regarding portfolio-specific objectives, policies, and investment strategies is provided in the prospectus and Statement of Additional Information of Ohio National Fund, Inc. There are no assurances that these objectives will be met. Each Portfolio, except the Nasdaq-100^® Index Portfolio, is classified as diversified for purposes of Section 5(b) of the 40 Act.

At present, the Fund sells its shares only to separate accounts of The Ohio National Life Insurance Company (“ONLIC”), Ohio National Life Assurance Corporation (“ONLAC”), and National Security Life and Annuity Company (“NSLA”) to support certain benefits under variable contracts issued by those entities. In the future, Fund shares may be used for other purposes but, unless there is a change in applicable law, they will not be sold directly to the public.

Interest in each Portfolio is represented by a separate class of the Fund’s capital stock, par value $1. Each share of a Portfolio participates equally in the Portfolio’s dividends, distributions, net assets, and voting matters.

The Fund is authorized to issue 550 million of its capital shares. These authorized shares have been allocated to specific Portfolios of the Fund as follows:

Portfolio	Authorized Shares
Equity		25,000,000
Money Market		55,000,000
Bond		30,000,000
Omni		10,000,000
International		30,000,000
Capital Appreciation		25,000,000
International Small-Mid Company		7,000,000
Aggressive Growth		7,000,000
Small Cap Growth		15,000,000
Mid Cap Opportunity		6,000,000
S&P 500® Index		35,000,000

Portfolio	Authorized Shares
Strategic Value		65,000,000
High Income Bond		35,000,000
Capital Growth		5,000,000
Nasdaq-100® Index		25,000,000
Bristol		40,000,000
Bryton Growth		30,000,000
Balanced		55,000,000
Target VIP		10,000,000
Bristol Growth		25,000,000
Risk Managed Balanced		15,000,000

The Fund’s Board of Directors (the “Board”) periodically reallocates authorized shares among the Portfolios of the Fund and may authorize additional shares as deemed necessary.

Under the Fund’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund. However, based on experience, the risk of loss to the Fund is expected to be remote.

(2) Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in preparation of its Schedules of Investments:

Use of Estimates

The preparation of Schedules of Investments in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

133 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

Security Valuation

Investments are valued using pricing procedures approved by the Board.

Various investments in the Money Market Portfolio are valued at amortized cost in accordance with Rule 2a-7 of the 40 Act. In all Portfolios of the Fund, fixed income instruments that mature in sixty days or less, and of sufficient credit quality, are valued at amortized cost. Amortized cost valuation involves valuing a security at its cost initially and thereafter amortizing to maturity any discounts or premiums on the level-yield method, regardless of the impact of fluctuating market interest rates on the value of the security. In these instances, amortized cost approximates fair value.

Investments, other than those securities aforementioned, are valued as follows:

Domestic equity securities that are traded on U.S. exchanges, other than Nasdaq Stock Market, are valued at the last trade price reported by the primary exchange of each security (4:00 pm Eastern Time for normal trading sessions). Domestic equity securities that are listed on the Nasdaq Stock Market are valued at the Nasdaq Official Closing Price (“NOCP”). Over-the-counter domestic equity securities are valued at the last trade price reported daily as of 4:00 pm Eastern Time (normal trading sessions). Over-the-counter traded ADRs may also be valued at an evaluated price based on the value of the underlying securities. If a domestic equity security is not traded on a particular day, the mean between the bid and ask prices reported at 4:00 pm Eastern Time (normal trading sessions) by the primary exchange will generally be used for valuation purposes. The principal sources for market quotations are independent pricing services that have been approved by the Board.

Fixed income securities that have a remaining maturity exceeding sixty days are generally valued at the bid price reported at 4:00 pm Eastern Time (normal trading sessions), as provided by independent pricing services approved by the Board.

Shares of open-end mutual funds are valued at each fund’s last calculated net asset value per share.

Restricted securities, illiquid securities, or other investments for which market quotations or other observable market inputs are not readily available are valued at an estimate of value using methods determined in good faith by the Fund’s Pricing Committee under the supervision of the Board.

Foreign equity securities are initially priced at the reported close price of the exchange on which a security is primarily traded. Securities not traded on a particular day are valued at the mean between the last reported bid and ask quotes at daily close, or the last sale price when appropriate. The principal sources for market quotations are independent pricing services that have been approved by the Board.

Equity securities that are primarily traded on foreign exchanges, other than those with close times that are consistent with the normal 4:00 pm Eastern Time close of U.S. equity markets, are further subjected to fair valuation pricing procedures provided by an independent fair valuation service. The service provides data that can be used to estimate the price of a foreign issue that would prevail in a liquid market given market information available daily at 4:00 pm Eastern Time (normal trading sessions). Multiple factors may be considered in performing this valuation, including an issue’s local close price, relevant general and sector indices, currency fluctuations, and pricing of related depository receipts, exchange traded funds, and futures. The pricing procedures are performed for each individual security for which there is a fairly large degree of certainty that the local close price is not the liquid market price at the time of U.S. market close. The procedures are performed each day there is a change in a consistently used market index from the time of local close to the U.S. market close. Backtesting analysis is performed on a quarterly basis to monitor the effectiveness of these procedures. The testing is reviewed by management of the Fund as well as the Fund’s Board. Prior results have indicated that these procedures have been effective in reaching valuation objectives.

The differences between the aggregate cost and values of investments are reflected as unrealized appreciation or unrealized depreciation.

Pricing inputs used in the Fund’s determination of its investment values are categorized according to a three-tier hierarchy framework. The hierarchy is summarized in three broad levels:

Level 1: Quoted prices in active markets for identical securities.

Level 2: Other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.

Level 3: Significant unobservable inputs, including the Fund’s own assumptions used to determine the value of securities.

134 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

The following is a summary of the inputs used in valuing each of the Portfolio’s assets (liabilities) at value as of June 30, 2015:

Portfolio	Financial Instrument Type	Level 1			Level 2		Level 3
Equity	Common Stocks**	$	501,425,847		$	—	$	—
	Master Limited Partnerships**		7,879,366			—		—
	Money Market Funds		10,822,000			—		—
		$	520,127,213		$	—	$	—
Money Market*	Commercial Paper**	$	—		$	106,496,865	$	—
	U.S. Government Agency Issues		—			7,999,907		—
	Money Market Funds		27,000,000			—		—
		$	27,000,000		$	114,496,772	$	—
Bond	Corporate Bonds**	$	—		$	154,729,862	$	—
	Asset-Backed Securities**		—			882,000		—
	Money Market Funds		1,186,000			—		—
		$	1,186,000		$	155,611,862	$	—
Omni	Common Stocks**	$	38,298,168		$	—	$	—
	Corporate Bonds**		—			10,320,076		—
	Asset-Backed Securities**		—			98,000		—
	U.S. Treasury Obligations		—			1,243,578		—
	Money Market Funds		540,000			—		—
		$	38,838,168		$	11,661,654	$	—
International	Common Stocks**	$	10,175,903		$	139,262,011	$	—
	Preferred Stocks**		—			1,032,387		—
	Money Market Funds		23,510,399			—		—
		$	33,686,302		$	140,294,398	$	—
	Foreign currency contracts	$	(271,805	)	$	—	$	—
	Futures contracts	$	(722,349	)	$	—	$	—
Capital Appreciation	Common Stocks**	$	427,755,967		$	7,256,421	$	—
	Money Market Funds		12,818,000			—		—
		$	440,573,967		$	7,256,421	$	—
International Small-Mid Company	Common Stocks**	$	15,706,154		$	69,063,317	$	—
	Exchange Traded Funds		403,609			—		—
	Rights**		—			9		—
	Money Market Funds		2,220,810			—		—
		$	18,330,573		$	69,063,326	$	—
	Foreign currency contracts	$	(335,828	)	$	—	$	—
Aggressive Growth	Common Stocks**	$	45,037,773		$	—	$	—
	Money Market Funds		1,474,000			—		—
		$	46,511,773		$	—	$	—
Small Cap Growth	Common Stocks**	$	217,688,332		$	4,011,857	$	—
	Master Limited Partnerships**		1,693,382			—		—
	Money Market Funds		3,504,000			—		—
		$	222,885,714		$	4,011,857	$	—
Mid Cap Opportunity	Common Stocks**	$	88,184,852		$	—	$	—
	Money Market Funds		1,430,000			—		—
		$	89,614,852		$	—	$	—

135 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

Portfolio	Financial Instrument Type	Level 1			Level 2		Level 3
S&P 500® Index	Common Stocks**	$	391,747,417		$	—	$	—
	Exchange Traded Funds		16,493,731			—		—
		$	408,241,148		$	—	$	—
Strategic Value	Common Stocks**	$	253,610,907		$	68,015,961	$	—
	Money Market Funds		6,640,000			—		—
		$	260,250,907		$	68,015,961	$	—
High Income Bond	Corporate Bonds**	$	—		$	219,529,537	$	—
	Common Stocks**		—			—		11,350
	Money Market Funds		3,317,000			—		—
		$	3,317,000		$	219,529,537	$	11,350
Capital Growth	Common Stocks**	$	75,332,695		$	—	$	—
	Master Limited Partnerships**		441,694			—		—
	Money Market Funds		118,000			—		—
		$	75,892,389		$	—	$	—
Nasdaq-100® Index	Common Stocks**	$	125,721,026		$	—	$	—
	Exchange Traded Funds		3,787,601			—		—
		$	129,508,627		$	—	$	—
Bristol	Common Stocks**	$	230,698,890		$	—	$	—
	Money Market Funds		706,000			—		—
		$	231,404,890		$	—	$	—
Bryton Growth	Common Stocks**	$	177,306,960		$	—	$	—
	Money Market Funds		4,905,000			—		—
		$	182,211,960		$	—	$	—
Balanced	Common Stocks**	$	476,654,103		$	—	$	—
	Corporate Bonds**		—			196,308,925		—
	Municipal Bonds		—			3,558,720		—
	Preferred Stocks**		5,699,419			7,528,255		—
	Trust Preferred Securities**		9,690,518			24,399,878		—
	Asset-Backed / Mortgage-Backed Securities**		—			20,121,650		—
	U.S. Treasury Obligations		—			84,800,461		—
	Closed-End Mutual Funds		26,161,216			—		—
	Exchange Traded Funds		8,234,000			—		—
	Purchased Options		5,805,000			—		—
	Money Market Funds		20,264,000			—		—
		$	552,508,256		$	336,717,889	$	—
	Written Options	$	(115,150	)	$	—	$	—
Target VIP	Common Stocks**	$	52,159,583		$	—	$	—
	Money Market Funds		467,000			—		—
		$	52,626,583		$	—	$	—
Bristol Growth	Common Stocks**	$	123,007,472		$	—	$	—
	Money Market Funds		649,000			—		—
		$	123,656,472		$	—	$	—

136 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

Portfolio	Financial Instrument Type	Level 1			Level 2		Level 3
Risk Managed Balanced	Common Stocks**	$	31,135,332		$	691,961	$	—
	Corporate Bonds**		—			8,605,215		—
	Preferred Stocks**		17,276			375,091		—
	Trust Preferred Securities**		52,550			114,516		—
	Preferred Stock Depository Receipts**		213,992			128,974		—
	Master Limited Partnerships**		2,101,375			—		—
	Asset-Backed / Mortgage-Backed Securities**		—			1,217,609		—
	U.S. Treasury Obligations		—			11,564,795		—
	U.S. Government Agency Mortgage-Backed Securities		—			4,583,638		—
	Purchased Options		2,619,909			1,577,408		—
	Money Market Funds		10,879,000			—		—
		$	47,019,434		$	28,859,207	$	—
	Futures contracts	$	(422,306	)	$	—	$	—

* At June 30, 2015, the Money Market Portfolio’s investments, with the exception of money market funds, were valued using amortized cost, in accordance with rules under the 40 Act. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are considered to be valued using Level 2 inputs.

** For detailed industry descriptions, see the accompanying Schedules of Investments.

As stated above, the value assigned to the Fund’s foreign securities will, in most cases, not be the quoted or published prices of the investments on their respective primary markets or exchanges. Securities that are priced using fair value estimates are categorized as Level 2 in the fair value hierarchy, whereas securities that do not meet the established criteria are categorized as Level 1. The valuation of a foreign security from one valuation period to the next may result in a transfer between Levels 1 and 2 if the degree of certainty that the local close price is not the liquid market price at the time of U.S. market close is not similar for both periods. The Fund’s policy is to recognize transfers between fair value hierarchy levels at the reporting period end.

In the International Portfolio, there was a transfer of a security from Level 2 pricing at December 31, 2014, to Level 1 at June 30, 2015. This security was that Portfolio’s holding of Cerved Information Solutions SpA common stock. The fair valuation service provider reported that this security did not meet the minimum predictability threshold to be fair valued at June 30, 2015 and was not fair valued in the current period, whereas in the prior period, the security met the threshold to be fair valued. The value of this holding was $933,097 and $533,906 at June 30, 2015 and December 31, 2014, respectively.

In the International Small-Mid Company Portfolio, there was a transfer of a security from Level 2 pricing at December 31, 2014, to Level 1 at June 30, 2015. This security was that Portfolio’s holding of MorphoSys AG common stock. The fair valuation service provider reported that this security did not meet the minimum predictability threshold to be fair valued at June 30, 2015 and was not fair valued in the current period, whereas in the prior period, the security met the threshold to be fair valued. The value of this holding was $115,628 and $475,286 at June 30, 2015 and December 31, 2014, respectively.

137 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

Below is a reconciliation that details the activity of securities in Level 3 during the six-month period ended June 30, 2015:

	High Income Bond
Beginning Balance – January 1, 2015	$	5,799
Total gains or losses (realized/unrealized):
Included in earnings (or changes in net assets)		5,551
Issuances		—
Settlements		—
Transfers out of Level 3 (due to availability of acitve market quotations or significant observable market inputs)		—
Transfers into Level 3 (due to lack of active market quotations or significant observable inputs)		—
Ending Balance – June 30, 2015	$	11,350
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$	5,551

The following table present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at June 30, 2015:

Instrument	Valuation Technique Used	Unobservable inputs	Input Values
Lone Pine Common Stock	Value of claim on the enterprise value of underlying company	Net enterprise value (in thousands)	$	181,770
		Share class claim on value		25	%
		# of share class total shares (in thousands)		24,990

Foreign Securities and Currency

The books and records of all the Portfolios are maintained in U.S. dollars. All investments and cash quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates provided by an independent source. These exchange rates are currently determined daily, at 4:00 pm Eastern Time for normal trading sessions. Purchases and sales of foreign-denominated investments are recorded at rates of exchange prevailing on the respective dates of such transactions.

The Fund may not fully isolate that portion of the results of operations resulting from changes in foreign exchange rates from fluctuations arising from changes in market prices on foreign currency-denominated investments. For the portion that is isolated, amounts are reflected in the Statements of Operations as other foreign currency related transactions. However, for tax purposes, the Fund does fully isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon sale or maturity of such investments to the extent required by federal income tax regulations.

All Portfolios of the Fund may invest in securities of foreign issuers. Securities of foreign issuers that are purchased by the Money Market Portfolio are limited to 50% of that Portfolio’s assets and must be denominated in U.S. dollars and held in custody in the United States of America. The International and International Small-Mid Company Portfolios may be invested entirely in foreign securities. Investments in securities of foreign issuers, including investments in foreign companies through the use of depositary receipts, carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that could adversely affect capital investment within those countries.

Restricted and Illiquid Securities

Restricted securities are those securities purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (“the 1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. 144A securities are issued by corporations without registration in reliance on 1933 Act provisions allowing for the private resale of unregistered securities to qualified institutional buyers. Section 4(a)(2) commercial paper is issued pursuant to Section 4(a)(2) of the 1933 Act which exempts an issue from registration. This paper may be used to finance non-current transactions, such as acquisitions, stock

138 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

repurchase programs, and other long-term assets. Investments by a portfolio in Rule 144A and Section 4(a)(2) securities could have the effect of decreasing the liquidity of a Portfolio during any period in which qualified institutional investors were no longer interested in purchasing these securities.

Typically, the restricted securities noted above are not considered illiquid. The criteria used to determine if a restricted security is illiquid includes frequency of trades and quotes, available dealers willing to make transactions, availability of market makers in the security, and the nature of the security and its trades. The Money Market, Bond, and Omni Portfolios may invest up to 10% of their respective assets in illiquid securities. Each of the other Portfolios of the Fund may invest up to 15% of its net assets in illiquid securities.

Investment Transactions and Related Income

For financial reporting purposes, investment transactions are accounted for on a trade date basis. For purposes of executing separate account shareholder transactions in the normal course of business, however, the Fund’s investment transactions are recorded no later than the first calculation on the first business day following the trade date in accordance with Rule 2a-4 of the 40 Act. Accordingly, differences between the net asset values for financial reporting and for executing separate account shareholder transactions may arise.

Dividend income is recognized on the ex-dividend date, except in the case of those Portfolios holding foreign securities, in which dividends are recorded as soon after the ex-dividend date as the Fund’s information agents become aware of such dividends. Interest income is accrued daily as earned and includes the amortization of premium and accretion of discount. Net realized gain or loss on investments and foreign exchange transactions are determined using the specific identification method.

Distributions to Shareholders and Federal Taxes

Net investment income of the Money Market Portfolio is declared and paid daily as a dividend to shareholders immediately before the computation of the net asset value of Money Market Portfolio shares. Dividends are automatically reinvested in additional Money Market Portfolio shares at the net asset value immediately following such computation. Distributions arising from net investment income and net capital gains from the remaining Portfolios are declared and paid to shareholders periodically as required for each of the Portfolios to continue to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code. The Fund, excluding the Money Market Portfolio, may also fully or partially satisfy its distribution requirements by using consent dividends rather than cash dividends if consent dividends are authorized, these amounts will become taxable to the shareholders as if they were paid in cash. The Fund has the intent to continue to comply with tax provisions pertaining to regulated investment companies and make distributions of taxable income, whether by cash or consent dividends, sufficient to relieve it from substantially all federal income and excise taxes. As such, no provisions for federal income or excise taxes have been recorded.

The character of income and realized capital gains distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains for financial reporting purposes. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature they are reclassified within the composition of net assets; temporary differences do not require such reclassification. Distributions to shareholders that exceed taxable income and net taxable realized gains are reported as return of capital distributions.

The Fund’s management and its tax agent, U.S. Bancorp Fund Services, LLC, perform an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e. greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the Schedules of Investments. Differences between tax positions taken in a tax return and amounts recognized in the Schedules of Investments will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Implementation of the evaluation included a review of tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal tax and the state of Maryland (i.e., the last four tax year ends and the interim tax period since then). The determination has been made that there are no uncertain tax positions that would require the Portfolios to record a tax liability and, therefore, there is no impact to the Portfolios’ Schedules of Investments.

139 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

Expense Allocation

Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses that cannot be directly attributed to a Portfolio are allocated among all the benefited Portfolios on a basis of relative net assets or other appropriate method.

Foreign Withholding Taxes

Certain Portfolios in the Fund may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally withheld based on income earned. These Portfolios accrue such taxes as the related income is earned.

Subsequent Events

In its meeting on May 21, 2015, the Board determined, due to the continued poor performance of the Capital Growth Portfolio, to replace Eagle Asset Management, Inc. (“Eagle”) as the sub-adviser for the Portfolio. Accordingly, the Board approved the continuance of the sub-advisory agreement with Eagle only until such time as a replacement sub-adviser could take over management of the Portfolio. In its meeting on August 13, 2015, the Board, including a majority of the Directors who are not “interested persons” of the Fund, approved a sub-advisory agreement with ClearBridge, LLC to become the sub-adviser of the Portfolio. It is anticipated that the change in sub-adviser will be effective on September 25, 2015. Upon the change in sub-adviser, the name of the Portfolio will become “ClearBridge Small Cap Portfolio” and the new sub-adviser will begin managing the Portfolio using a different investment strategy that will be described in a revised prospectus for the Portfolio.

Management has evaluated events and transactions through the date the financial statements were issued, for purposes of recognition or disclosure in these financial statements, and there are no other subsequent events to report.

(3) Related Party and Other Transactions

The Fund has an Investment Advisory Agreement with Ohio National Investments, Inc. (“ONI”), a wholly-owned subsidiary of ONLIC. Under the terms of this agreement, ONI provides portfolio management and investment advice to the Fund and administers its operations, subject to the supervision of the Fund’s Board. This agreement is renewed annually upon the approval by the Board. As compensation for its services, ONI receives advisory fees from the Fund calculated on the basis of each Portfolio’s average daily net assets and the following current schedule of Board-approved annualized fee breakpoints.

Equity

0.79% of first $200 million

0.74% of next $800 million

0.70% over $1 billion

Bond

0.60% of first $100 million

0.50% of next $150 million

0.45% of next $250 million

0.40% of next $500 million

0.30% of next $1 billion

0.25% over $2 billion

International

0.85% of first $100 million

0.80% of next $100 million

0.70% over $200 million

International Small-Mid Company

1.00% of first $100 million

0.90% of next $100 million

0.85% over $200 million

Small Cap Growth

0.80% of first $150 million

0.75% of next $150 million

0.70% of next $300 million

0.65% over $600 million

Money Market

0.30% of first $100 million¹

0.25% of next $150 million

0.23% of next $250 million

0.20% of next $500 million

0.15% over $1 billion

Omni

0.60% of first $100 million

0.50% of next $150 million

0.45% of next $250 million

0.40% of next $500 million

0.30% of next $1 billion

0.25% over $2 billion

Capital Appreciation

0.80% of first $100 million

0.75% of next $300 million

0.65% of next $600 million

0.60% over $1 billion

Aggressive Growth

0.80% of first $100 million

0.75% of next $400 million

0.70% over $500 million

140 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

S&P 500^® Index

0.40% of first $100 million

0.35% of next $150 million

0.33% over $250 million

High Income Bond

0.75% of first $75 million

0.70% of next $75 million

0.65% of next $75 million

0.60% over $225 million

Nasdaq-100^® Index

0.40% of first $100 million

0.35% of next $150 million

0.33% over $250 million

Bryton Growth

0.85% of first $100 million

0.75% of next $400 million

0.70% over $500 million

Target VIP

0.60% of first $100 million

0.55% of next $400 million

0.50% over $500 million

Risk Managed Balanced

0.90% of first $500 million

0.75% over $500 million

Mid Cap Opportunity

0.85% of first $100 million

0.80% of next $100 million

0.75% of next $300 million

0.70% over $500 million

Strategic Value

0.75% of first $100 million

0.70% of next $400 million

0.65% over $500 million

Capital Growth

0.90% of first $100 million

0.85% of next $100 million

0.80% of next $300 million

0.75% over $500 million

Bristol

0.80% of first $100 million

0.70% of next $400 million

0.65% over $500 million

Balanced

0.65% of first $200 million

0.60% of next $300 million

0.55% over $500 million

Bristol Growth

0.80% of first $100 million

0.70% of next $400 million

0.65% over $500 million

¹  For the six-month period ended June 30, 2015, ONI waived advisory fees in excess of an annualized rate of 0.25% of the first $100 million of average daily net assets in the Money Market Portfolio. Waivers related to the Money Market Portfolio are voluntary and are not subject to recoupment in subsequent periods. The amount of the waiver for the six-month period ended June 30, 2015 was $25,000. If ONI did not agree to waive these fees, the total expenses incurred by the Money Market Portfolio for the six-month period ended June 30, 2015 would have been higher than the net expenses reflected in the Statements of Operations.

Under the Investment Advisory Agreement, the Fund authorizes ONI to retain sub-advisers (“the Sub-Advisers”) for the Equity, Omni, International, Capital Appreciation, International Small-Mid Company, Aggressive Growth, Small Cap Growth, Mid Cap Opportunity, Strategic Value, High Income Bond, Capital Growth, Bristol, Bryton Growth, Balanced, Target VIP, Bristol Growth, and Risk Managed Balanced Portfolios subject to the approval of the Board. ONI has entered into sub-advisory agreements with ClearBridge, LLC (formerly Legg Mason Capital Management, Inc.) (“ClearBridge”), Suffolk Capital Management, LLC (“Suffolk”), Federated Global Investment Management Corp. (“Federated Global”), Jennison Associates LLC (“Jennison”), Janus Capital Management LLC (“Janus”), Goldman Sachs Asset Management, L.P. (“Goldman Sachs”), Federated Equity Management Company of Pennsylvania (“Federated Equity”), Federated Investment Management Company (“Federated Investment”), Eagle Asset Management, Inc. (“Eagle”), ICON Advisers, Inc. (“ICON”), First Trust Advisors L.P. (“First Trust”), and AnchorPath Financial, LLC (“AnchorPath”), to manage the investment of those Portfolios’ assets, subject to the supervision of ONI. As compensation for their services, the Sub-Advisers receive from ONI a sub-advisory fee calculated on the basis of each of the aforementioned Portfolio’s average daily net assets and the following current Board-approved schedule of annualized fee breakpoints.

Equity (ClearBridge)

0.40% of first $200 million

0.38% over $200 million

International (Federated Global)

0.40% of first $200 million

0.35% over $200 million

Omni (Suffolk)

0.30% of first $100 million

0.25% of next $150 million

0.225% of next $250 million

0.20% of next $500 million

0.15% of next $1 billion

0.125% over $2 billion

141 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

Capital Appreciation (Jennison)

0.75% of first $10 million

0.50% of next $30 million

0.35% of next $25 million

0.25% of next $335 million

0.22% of next $600 million

0.20% over $1 billion

Small Cap Growth (Janus)

0.55% of first $150 million

0.45% over $150 million

Strategic Value (Federated Equity)

0.50% of first $35 million

0.35% of next $65 million

0.25% over $100 million

Capital Growth (Eagle)

0.59% of first $100 million

0.55% of next $100 million

0.50% over $200 million

Bristol (Suffolk)

0.45% of first $100 million

0.40% of next $400 million

0.35% over $500 million

Balanced (ICON)

0.40% of first $200 million

0.35% of next $300 million

0.30% over $500 million

Bristol Growth (Suffolk)

0.45% of first $100 million

0.40% of next $400 million

0.35% over $500 million

International Small-Mid Company (Federated Global)

0.75% of first $100 million

0.65% over $100 million

Aggressive Growth (Janus)

0.55% of first $100 million

0.50% of next $400 million

0.45% over $500 million

Mid Cap Opportunity (Goldman Sachs)

0.60% of first $100 million

0.55% of next $100 million

0.50% over $200 million

High Income Bond (Federated Investment)

0.50% of first $30 million

0.40% of next $20 million

0.30% of next $25 million

0.25% over $75 million

Bryton Growth (Suffolk)

0.50% of first $100 million

0.45% of next $400 million

0.40% over $500 million

Target VIP (First Trust)

0.35% of first $500 million

0.25% over $500 million

Risk Managed Balanced (Janus)

0.35% of first $500 million

0.25% over $500 million

Risk Managed Balanced (AnchorPath)

0.20% of first $500 million

0.15% over $500 million

Suffolk, the sub-adviser for the Omni, Bristol, Bryton Growth, and Bristol Growth Portfolios has an affiliation with ONI. Ohio National Financial Services, Inc. (ONFS) owns 100% of ONLIC, the parent company of ONI, and also owns 84.7% of the voting securities of Suffolk. There were no Fund liabilities payable to Suffolk at June 30, 2015 and fees paid to Suffolk are an expense of ONI, not of the Fund.

Pursuant to a service agreement among ONI, ONLIC, and the Fund, ONLIC has agreed to provide personnel and facilities to ONI on a cost-reimbursement basis. These personnel members include officers of the Fund. ONLIC also provides clerical and administrative services and such supplies and equipment as may be reasonably required in order for ONI to properly perform its advisory function pursuant to the Investment Advisory Agreement. ONLIC further performs duties to fulfill the transfer agent function on behalf of the Fund. Performance of these duties by ONLIC and availability of facilities, personnel, supplies, and equipment does not represent an expense to the Fund in excess of the advisory fees paid to ONI.

Pursuant to the Investment Advisory Agreement between ONI and the Fund, if the total expenses applicable to any Portfolio during any calendar quarter (excluding taxes, brokerage commissions, interest expense and management fees) exceed 1%, on an annualized basis, evaluated quarterly, of such Portfolio’s average daily net asset value, ONI will reimburse the Portfolio for such excess expenses. There were no expense reimbursements associated with this agreement during the six-month period ended June 30, 2015.

During the six-month period ended June 30, 2015, ONI voluntarily reimbursed the amount of daily gross expenses of the Money Market Portfolio in excess of daily income earned by the Portfolio. The amount reimbursed to the Portfolio for the six-month period ended June 30, 2015 was $ 253,557, of which $29,024 was receivable from ONI at June 30, 2015. This reimbursement is not subject to recoupment in subsequent periods. The total amount noted as “Less expenses reduced or reimbursed by adviser” for this Portfolio on the Statements of Operations also includes a waiver of advisory fees. For the six-month period ended June 30, 2015, ONI waived advisory fees in excess of an annualized rate of 0.25% of the first $100 million of average daily net assets in the Money Market Portfolio. Waivers related to the Money Market Portfolio are voluntary and are not subject to recoupment in subsequent periods. The amount of the waiver for the six-month period ended June 30, 2015 was $25,000. If ONI did not agree to

142 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

waive these fees, the total expenses incurred by the Money Market Portfolio for the six-month period ended June 30, 2015 would have been higher than the net expenses reflected in the Statements of Operations.

The Investment Advisory Agreement allows for a portion of the expenses related to the Fund’s Chief Compliance Officer and staff to be incurred by the Fund and paid from the Fund to the Fund’s adviser, ONI. Pursuant to the service agreement among ONI, ONLIC, and the Fund, ONLIC has provided the personnel, services, and equipment necessary for the execution of the Fund’s regulation-mandated compliance function and ONI has reimbursed ONLIC for costs allocated to the Fund. For the six-month period ended June 30, 2015, the Fund incurred compliance expenses totaling $92,000, which is allocated to the Portfolios by equal dollar amounts. Expenses incurred by the Portfolios are reflected on the Statements of Operations as “Compliance expense”.

Each director of the Board is compensated based on an annual retainer fee of $90,000, paid quarterly. The Board chair receives an additional quarterly retainer fee of $3,750, the lead independent director of the Board receives an additional quarterly retainer fee of $3,125, and the Audit Committee chair receives an additional quarterly retainer fee of $1,250; each paid quarterly. For the six-month period ended June 30, 2015, directors’ compensation and reimbursement of director expenses by the Portfolios of the Fund totaled $245,560.

U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, Wisconsin, serves as the accounting agent for all but the International and International Small-Mid Company Portfolios. U.S. Bank Institutional Trust & Custody, 425 Walnut Street, Cincinnati, Ohio serves as the custodian for all but the International and International Small-Mid Company Portfolios. The accounting agent and custodian for the International and International Small-Mid Company Portfolios is State Street Bank-Kansas City, 801 Pennsylvania Ave., Kansas City, Missouri. For assets held outside the United States, U.S. Bank and State Street Bank-Kansas City enter into sub-custodial agreements, subject to approval by the Board.

(4) Capital Share Transactions

Capital share transactions for the six-month period ended June 30, 2015, and the year ended December 31, 2014, respectively, were as follows:

	Equity						Money Market						Bond
	Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014
Capital shares issued on sales		994,813			9,807,995			6,494,490			19,218,401			1,420,290			3,030,585
Capital shares issued on reinvested dividends		—			50,620			—			—			—			—
Capital shares redeemed		(1,235,086	)		(1,872,987	)		(6,976,677	)		(25,127,000	)		(1,324,526	)		(3,149,736	)
Net increase/(decrease)		(240,273	)		7,985,628			(482,187	)		(5,908,599	)		95,764			(119,151	)
	Omni						International						Capital Appreciation
	Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014
Capital shares issued on sales		668,319			127,023			793,660			2,302,342			382,464			10,054,175
Capital shares issued on reinvested dividends		—			14,307			—			—			—			35,371
Capital shares redeemed		(204,913	)		(344,229	)		(1,384,358	)		(2,089,021	)		(1,070,797	)		(1,217,063	)
Net increase/(decrease)		463,406			(202,899	)		(590,698	)		213,321			(688,333	)		8,872,483
	International Small-Mid Company						Aggressive Growth						Small Cap Growth
	Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014
Capital shares issued on sales		625,125			451,579			648,169			596,695			836,003			5,798,430
Capital shares issued on reinvested dividends		—			—			—			—			—			—
Capital shares redeemed		(317,156	)		(549,074	)		(388,149	)		(835,040	)		(1,036,873	)		(2,173,789	)
Net increase/(decrease)		307,969			(97,495	)		260,020			(238,345	)		(200,870	)		3,624,641

143 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

	Mid Cap Opportunity						S&P 500® Index						Strategic Value
	Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014
Capital shares issued on sales		275,669			492,242			2,517,349			5,393,429			1,722,706			2,994,850
Capital shares issued on reinvested dividends		—			—			—			216,562			—			1,295,654
Capital shares redeemed		(261,697	)		(679,451	)		(1,723,482	)		(3,957,420	)		(1,846,578	)		(10,775,289	)
Net increase/(decrease)		13,972			(187,209	)		793,867			1,652,571			(123,872	)		(6,484,785	)
	High Income Bond						Capital Growth						Nasdaq-100® Index
	Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014
Capital shares issued on sales		786,385			2,776,857			134,219			416,020			2,209,299			4,349,282
Capital shares issued on reinvested dividends		—			—			—			—			—			106,128
Capital shares redeemed		(1,420,492	)		(8,064,822	)		(246,826	)		(584,328	)		(1,967,686	)		(3,627,481	)
Net increase/(decrease)		(634,107	)		(5,287,965	)		(112,607	)		(168,308	)		241,613			827,929
	Bristol						Bryton Growth						Balanced
	Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014
Capital shares issued on sales		464,799			885,795			348,044			1,556,041			4,105,838			33,697,189
Capital shares issued on reinvested dividends		—			43,834			—			—			—			325,770
Capital shares redeemed		(1,136,866	)		(2,406,623	)		(1,132,343	)		(2,185,467	)		(2,865,306	)		(3,910,873	)
Net increase/(decrease)		(672,067	)		(1,476,994	)		(784,299	)		(629,426	)		1,240,532			30,112,086
	Target VIP						Bristol Growth						Risk Managed Balanced
	Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Year Ended 12/31/2014			Six-Month Period ended 6/30/2015			Period from 5/1/2014* to 12/31/2014
Capital shares issued on sales		142,875			435,011			272,149			703,568			4,419,358			5,294,469
Capital shares issued on reinvested dividends		—			59,398			—			22,849			—			—
Capital shares redeemed		(386,366	)		(609,589	)		(670,702	)		(1,488,214	)		(601,759	)		(2,173,736	)
Net increase/(decrease)		(243,491	)		(115,180	)		(398,553	)		(761,797	)		3,817,599			3,120,733

* Date of commencement of operations

(5) Investment Transactions

Cost of purchases and proceeds from sales of investments (excluding short-term and government securities) for the six-month period ended June 30, 2015 were as follows:

	Equity		Bond		Omni		International		Capital Appreciation
Cost of purchases	$	112,725,460	$	57,443,914	$	51,978,151	$	63,314,085	$	134,955,265
Proceeds from sales	$	117,376,737	$	50,804,710	$	40,834,200	$	72,624,834	$	154,770,738
	International Small-Mid Company		Aggressive Growth		Small Cap Growth		Mid Cap Opportunity		S&P 500® Index
Cost of purchases	$	31,429,775	$	16,314,573	$	35,096,199	$	27,836,676	$	48,331,501
Proceeds from sales	$	18,719,983	$	12,731,606	$	38,198,884	$	26,559,067	$	27,611,311
	Strategic Value		High Income Bond		Capital Growth		Nasdaq-100® Index		Bristol
Cost of purchases	$	30,653,145	$	36,428,964	$	12,384,983	$	14,987,575	$	288,307,669
Proceeds from sales	$	26,202,287	$	38,071,953	$	17,380,054	$	11,815,555	$	301,791,938

144 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

	Bryton Growth		Balanced		Target VIP		Bristol Growth		Risk Managed Balanced
Cost of purchases	$	145,180,272	$	363,416,688	$	36,501,013	$	118,049,139	$	35,969,182
Proceeds from sales	$	164,703,496	$	348,044,202	$	39,328,839	$	124,229,615	$	6,291,612

Cost of purchases and proceeds from sales of government securities for the six-month period ended June 30, 2015 were as follows:

	Bond		Omni		Balanced		Risk Managed Balanced
Cost of purchases	$	20,346,882	$	2,841,695	$	41,831,298	$	17,692,850
Proceeds from sales	$	20,266,298	$	1,984,746	$	20,777,618	$	9,652,079

(6) Financial Instruments

The Fund’s Portfolios, other than the Money Market Portfolio, may trade in financial instruments with off-balance sheet risk for hedging purposes or, otherwise, in accordance with stated investing objectives. These financial instruments may include options, futures, and foreign currency contracts that may involve, to a varying degree, elements of risk in excess of the amounts recognized on financial statements.

Options

A Portfolio may buy and write (i.e., sell) call and put options. In writing call options, the Portfolio gives the purchaser of the call option the right to purchase the underlying securities from the Portfolio at a specified “exercise” price at any time prior to the expiration of the option, normally within nine months. A Portfolio writes a covered call option when it owns the underlying securities and an uncovered call option when it does not. In purchasing put options, a Portfolio pays the seller of the put option a premium for the right of the Portfolio to sell the underlying securities to the seller at a specified exercise price prior to the expiration of the option. When a Portfolio sells a put option, it has the obligation to buy, and the purchaser of the put the right to sell, the underlying security at the exercise price during the option period. Whenever a Portfolio has a written covered call option outstanding, the underlying securities will be segregated by the Custodian and held in an escrow account to assure that such securities will be delivered to the option holder if the option is exercised. While the underlying securities are subject to the option, the Portfolio remains the record owner of the securities, entitling it to receive dividends and to exercise any voting rights. Whenever a Portfolio has a written uncovered call option outstanding, it will segregate with the Custodian cash or liquid assets that, when added to the amounts deposited with the broker as margin, equal to the market value of the securities underlying the call option (but not less than the exercise price of the call option). To cover a written put option, the Portfolio writing the option deposits cash or liquid securities in a segregated account at the Custodian. In order to terminate its position as the writer or the purchaser of an option, the Portfolio may enter into a “closing” transaction, which is the purchase (if the Portfolio has written the option) or sale (if the Portfolio is the purchaser of the option) of an option on the same underlying securities and having the same exercise price and expiration date as the option previously written or purchased by the Portfolio.

When a Portfolio writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. Such liability is subject to off balance sheet risks to the extent of any future increases in market value of the written options. If an option expires on its stipulated expiration date or if the Portfolio enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. When a Portfolio purchases a put or call option, an amount equal to the premium paid is included on the Portfolio’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If a Portfolio exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Portfolio exercises a put option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index.

145 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

The Balanced Portfolio wrote call options and purchased put options associated with the S&P 500 Index during the six-month period ended June 30, 2015 . These instruments were used by the Portfolio to provide a hedge against equity price risk. During a period in which the prices of the Portfolio’s common stocks may decline, these instruments are designed to increase in value, thus providing price accumulation gains that partially offset the price accumulation losses of the common stocks in the Portfolio.

The Balanced Portfolio’s written call options are collateralized by cash and/or securities held with the Portfolio’s prime broker and in segregated accounts at the Portfolio’s custodian. Such collateral holdings are restricted from use. The cash collateral or borrowings from the prime broker, if necessary, are included on the Statement of Assets and Liabilities. The securities pledged as collateral are noted as such on the Portfolio’s Schedules of Investments. Written and purchased options are non-income producing securities.

The number of option contracts written and the premiums received by the Balanced Portfolio for the six-month period ended June 30, 2015 as follows:

	Number of Contracts			Premiums Received
Options outstanding, beginning of period		800		$	1,432,788
Options written		3,400			3,602,894
Options exercised		—			—
Options expired		—			—
Options closed		(3,850	)		(4,616,151	)
Options outstanding, end of period		350		$	419,531

Transactions involving purchased options by the Balanced Portfolio for the six-month period ended June 30, 2015 were: Cost of purchases: $11.1 million, Proceeds from sales: $2.9 million, Expirations: $4.9 million.

The Risk Managed Balanced Portfolio also purchased call and put options associated with the S&P 500 Index during the six-month period ended June 30, 2015. These instruments were used by the Portfolio to provide for the Portfolio’s stated risk management strategy. Transactions involving purchased options by the Risk Managed Balanced Portfolio for the six-month period ended June 30, 2105 were: Cost of purchases: $2.8 million, Proceeds from sales: $0.5 million.

Futures Contracts

A Portfolio may buy or sell two kinds of financial futures contracts: stock index futures contracts and interest rate futures contracts. Stock index futures contracts are contracts developed by and traded on national commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the actual value of the stock index on the last day of the contract and the value of the stock index established by the contract multiplied by the specific dollar amount set by the exchange. Futures contracts may be based on broad-based stock indexes such as the S&P 500 Index or on narrow-based stock indexes. A particular index will be selected according to the Adviser’s investment strategy for the particular Portfolio. An interest rate futures contract is an agreement whereby one party agrees to sell and another party agrees to purchase a specified amount of a specified financial instrument (debt security) at a specified price at a specified date, time and place. Although interest rate futures contracts typically require actual future delivery of and payment for financial instruments, the contracts are usually closed out before the delivery date. A public market exists in interest rate futures contracts covering primarily the following financial instruments: U.S. Treasury bonds; U.S. Treasury notes; Government National Mortgage Association (GNMA) modified pass-through mortgage-backed securities; three-month U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; and Eurodollar certificates of deposit. U.S. futures contracts are traded on exchanges which have been designated “contract markets” by the Commodities Futures Trading Commission (“CFTC”) and must be executed through a futures commission merchant (“FCM”), or brokerage firm, which is a member of the relevant contract market. It is expected that futures contracts trading in additional financial instruments will be authorized.

The Fund, on behalf of each Portfolio, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act, as amended, and the rules of the CFTC promulgated thereunder, with respect to each Portfolio’s operation. Accordingly, the Portfolios are not subject to registration or regulation as a commodity pool operator.

146 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

The buyer or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the buyer and seller are required to deposit “initial margin” for the benefit of the broker when the contract is entered into. Initial margin deposits are equal to a percentage of the contract’s value, as set by the exchange on which the contract is traded, and are similar to good faith deposits or performance bonds.

Unlike margin extended by a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of a Portfolio’s investment limitations. A Portfolio, its futures commission merchant and the Custodian retain control of the initial margin until the contract is liquidated. If the value of either party’s position declines, that party will be required to make additional “variation margin” payments to settle the change in value on a daily basis. The party that has a gain may be entitled to receive all or a portion of this amount. In the event of the bankruptcy of the FCM that holds margin on behalf of a Portfolio, the Portfolio may be entitled to return of margin owed to the Portfolio only in proportion to the amount received by the FCM’s other customers. ONI and the Sub-Advisers will attempt to minimize this risk by carefully monitoring the creditworthiness of the FCMs with which the Portfolios do business. In addition to the margin restrictions discussed above, transactions in futures contracts and options on futures contracts may involve the segregation of funds pursuant to requirements imposed by the SEC. Under those requirements, where a Portfolio has a long position in a futures contract or sells a put option, it will be required to establish a segregated account (not with an FCM or broker) containing cash or certain liquid assets equal to the purchase price of the contract or the exercise price of the option (less any margin on deposit). For a short position in futures contacts held by a Portfolio or call options sold by a Portfolio, those requirements mandate the establishment of a segregated account (not with a futures commission merchant or broker) containing cash or certain liquid assets that, when added to the amounts deposited as margin, equal the market value of the instruments underlying the futures contracts or call options. However, segregation of assets is not required if a Portfolio “covers” its position.

At June 30, 2015, there were outstanding futures contracts in the International Portfolio. Details of these contracts are as follows:

Type	Description	Expiration	Number of Contracts		Contract at Value	Initial Contract Amount		Unrealized Appreciation (Depreciation)			Variation Margin Receivable (Payable)
Long	JPX Nikkei Index 400 Future	September 10, 2015		211	$  2,536,965	$	2,602,430	$	(65,465	)	$	13,718
Long	DAX Index Future	September 18, 2015		17	5,212,632		5,354,349		(141,717	)		(44,905	)
Long	Hang Seng China Enterprises (HSCE) Index Future	July 30, 2015		112	9,337,487		9,821,230		(483,743	)		196,411
Long	OMX Stockholm 30 Index Future	July 17, 2015		100	1,859,804		1,891,228		(31,424	)		(21,019	)
					$18,946,890	$	19,669,239	$	(722,349	)	$	144,205

A portion of the International Portfolio’s securities and cash holdings, as noted on the Portfolio’s Schedule of Investments, were pledged at June 30, 2015 as collateral for these contracts.

These futures contracts were executed for the purpose of increasing exposure to an attractive equities market, beyond that evidenced by the Portfolio’s investment in common stocks, while maintaining a significant cash balance that could be used for potentially higher-than-average shareholder transactions. There were other index futures contracts that were executed and closed in the International Portfolio during the six-month period ended June 30, 2015. Those contracts were executed for similar purposes as the contracts outstanding at June 30, 2015. For the six-month period ended June 30, 2015, the notional values of futures contracts opened and closed prior to contract settlement date by the International Portfolio were $67.8 million and $56.2 million, respectively.

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Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

At June 30, 2015, there were also outstanding futures contracts in the Risk Managed Balanced Portfolio. Details of these contracts are as follows:

Type	Description	Expiration	Number of Contracts		Contract at Value	Initial Contract Amount		Unrealized Appreciation (Depreciation)			Variation Margin Receivable (Payable)
Long	S&P 500 E-mini Future	September 18, 2015		113	$11,607,360	$	11,783,380	$	(176,020	)	$	—
Long	10-Year U.S. Treasury Note Future	September 21, 2015		313	$39,491,797	$	39,738,083	$	(246,286	)	$	—
					$51,099,157	$	51,521,463	$	(422,306	)	$	—

A portion of Risk Managed Balanced Portfolio’s securities and cash holdings, as noted on the Portfolio’s Schedule of Investments, was pledged at June 30, 2015 as collateral for these contracts. These futures contracts were used by the Portfolio to provide for the Portfolio’s stated risk management strategy. There were other index futures contracts that were executed and closed in the Risk Managed Balanced Portfolio during the six-month period ended June 30, 2015. Those contracts were executed for similar purposes as the contracts outstanding at June 30, 2015. For the six-month period ended June 30, 2015, the notional values of futures contracts opened and closed prior to contract settlement date by the Risk Managed Balanced Portfolio were $104.9 million and $76.1 million, respectively.

Foreign Currency Contracts

In order to hedge against changes in the exchange rates of foreign currencies in relation to the U.S. dollar, each Portfolio, other than the Money Market Portfolio, may engage in forward foreign currency contracts, foreign currency options and foreign currency futures contracts in connection with the purchase, sale or ownership of a specific security. The International Portfolio, International Small-Mid Company Portfolio, Strategic Value Portfolio and High Income Bond Portfolio may engage in non-hedging related transactions to implement their investment strategies.

The Portfolios generally conduct their foreign currency exchange transactions on a spot (i.e., cash) basis at the spot rate prevailing in the foreign exchange currency market. When a Portfolio purchases or sells a security denominated in or exposed to a foreign currency, it may enter into a forward foreign currency contract (“forward contract”) for the purchase or sale, for a fixed amount of dollars, of the amount of currency involved in the underlying security transaction. A forward contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. In this manner, a Portfolio may obtain protection against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the foreign currency during the period between the date the security is purchased or sold and the date upon which payment is made or received. Although such contracts tend to minimize the risk of loss due to the decline in the value of the hedged currency, at the same time they tend to limit any potential gain which might result should the value of such currency increase.

Forward contracts are traded in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers. Generally a forward contract has no deposit requirement, and no commissions are charged. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference between the prices at which they buy and sell various currencies. When the Portfolio manager believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, a Portfolio may enter into a forward contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the value of some or all of that Portfolio’s securities denominated in or exposed to such foreign currency. No Portfolio will enter into such forward contracts or maintain a net exposure to such contracts where the consummation of the contracts would obligate the Portfolio to deliver an amount of foreign currency in excess of the value of its assets denominated in or exposed to that currency. At the consummation of a forward contract for delivery by a Portfolio of a foreign currency, the Portfolio may either make delivery of the foreign currency or terminate its contractual obligation to deliver the foreign currency by purchasing an offsetting contract obligating it to purchase, at the same maturity date, the same amount of the foreign currency. If the Portfolio chooses to make delivery of the foreign currency, it may be required to obtain such currency through the sale of its securities denominated in such currency or through conversion of other Portfolio assets into such currency. It is impossible to forecast the market value of Portfolio securities at the expiration of the forward contract. Accordingly, it may be necessary for the Portfolio to purchase additional foreign currency on

148 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of foreign currency the Portfolio is obligated to deliver, and if a decision is made to sell the security and make delivery of the foreign currency. Conversely, it may be necessary for the Portfolio to sell on the spot market some of the foreign currency received on the sale of its hedged security if the security’s market value exceeds the amount of foreign currency the Portfolio is obligated to deliver.

If the Portfolio retains the hedged security and engages in an offsetting transaction, it will incur a gain or loss to the extent that there has been movement in spot or forward contract prices. If a Portfolio engages in an offsetting transaction, it may subsequently enter into a new forward contract to sell the foreign currency. Should forward prices decline during the period between the Portfolio’s entering into a forward contract for the sale of a foreign currency and the date it enters into an offsetting contract for the purchase of the foreign currency, the Portfolio will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Portfolio will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell.

Buyers and sellers of foreign currency options and futures contracts are subject to the same risks previously described with respect to options and futures generally. In addition, settlement of currency options and futures contracts with respect to most currencies must occur at a bank located in the issuing nation. The ability to establish and close out positions on such options is subject to the maintenance of a liquid market that may not always be available. Currency rates may fluctuate based on political considerations and governmental actions as opposed to purely economic factors.

Predicting the movements of foreign currency in relation to the U.S. dollar is difficult and requires different skills than those necessary to predict movements in the securities market. There is no assurance that the use of foreign currency hedging transactions can successfully protect a Portfolio against loss resulting from the movements of foreign currency in relation to the U.S. dollar. In addition, it must be remembered that these methods of protecting the value of a Portfolio’s securities against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. It simply establishes a rate of exchange which can be achieved at some future point in time. Additionally, although such contracts tend to minimize the risk of loss due to the decline in the value of the hedged currency, at the same time they tend to limit any potential gain which might result should the value of such currency increase.

Foreign currency contracts were executed in the International and International Small-Mid Company Portfolios in order to mitigate the effect that exchange rate volatility had on the valuation of the Portfolios’ investments that were either significantly under-weighted or over-weighted in relation to the Portfolios’ respective benchmark indices. The International Portfolio was under-weighted in equity investments within Russia and Switzerland and, therefore, executed contracts to buy the Russian Ruble and Swiss Franc in order to mitigate the effect that volatility in those exchange rates (in relation to the U.S. dollar) might otherwise have on relative performance. Likewise, the International Portfolio was over-weighted in equity investments within Japan and member states of the European Union and, therefore, executed contracts to sell the Japanese Yen and the Euro in order to mitigate the effect that volatility in those exchange rates might otherwise have on relative performance. The International Small-Mid Company Portfolio was also over-weighted in equity investments within the member states of the European Union and, therefore, executed contracts to sell the Euro in order to mitigate the effect that volatility in that exchange rate might otherwise have on relative performance.

The Portfolios entered into other foreign currency contracts during the period for similar benchmark performance hedging purposes. The Portfolios also entered into contracts that were the inverse of previously executed contracts to effectively exit prior contracts earlier than stated contract delivery dates, as investment over-weights or under-weights were reduced, or as previously executed contracts resulted in an attractive return to the Portfolios. For the six-month period ended June 30, 2015, the notional value of foreign currency contracts executed by the International Portfolio were approximately $113.5 million for currencies bought and approximately $117.5 million for currencies sold. For the six-month period ended June 30, 2015, the notional value of foreign currency contracts executed by the International Small-Mid Company Portfolio were approximately $9.4 million for currencies bought and approximately $10.0 million for currencies sold.

149 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

The values and financial statement effects of derivative instruments that were not accounted for as hedging instruments as of, and for the six-month period ended June 30, 2015, were as follows:

Portfolio	Instrument	Primary Risk Type	Value- Asset Derivatives		Value- Liability Derivatives			Location on Statements of Assets and Liabilities
International	Contracts to buy foreign currencies	Currency exchange rate	$	11,143,716	$	(10,989,204	)		(1	)
	Contracts to sell foreign currencies	Currency exchange rate	$	55,049,300	$	(55,475,617	)		(1	)
	Futures contracts	Equity price	$	18,946,890	$	(19,669,239	)		(2	)
International Small-Mid Company	Contracts to sell foreign currencies	Currency exchange rate	$	8,217,845	$	(8,553,673	)		(1	)
Balanced	Purchased options	Equity price	$	5,805,000	$	—			(3	)
	Written options	Equity price	$	—	$	(115,150	)		(4	)
Risk Managed Balanced	Purchased options	Equity price	$	4,197,317	$	—			(3	)
	Futures contracts	Equity price	$	51,099,157	$	(51,521,463	)		(2	)

⁽¹⁾  Net unrealized appreciation(depreciation) on foreign currency contacts

⁽²⁾  Net unrealized appreciation(depreciation) on futures contracts

⁽³⁾  Investments in securities, at value

⁽⁴⁾  Options written, at value

Portfolio	Instrument	Risk Type	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income			Location on Statements of Operations
International	Foreign currency contracts	Currency exchange rate	$	3,738,359		$	(1,496,303	)		(1	),  (2)
	Futures contracts	Equity price	$	809,872		$	(677,047	)		(3	),  (4)
International Small-Mid Company	Foreign currency contracts	Currency exchange rate	$	584,647		$	(335,973	)		(1	),  (2)
Balanced	Purchased options	Equity price	$	(6,019,568	)	$	1,278,138			(5	),  (6)
	Written options	Equity price	$	2,781,568		$	(104,907	)		(7	),  (8)
Risk Managed Balanced	Futures contracts	Equity price	$	463,685		$	(422,306	)		(3	),  (4)
	Purchased options	Equity price	$	(13,466	)	$	(630,778	)		(5	),  (6)

⁽¹⁾  Net realized gain (loss) on foreign currency contracts

⁽²⁾  Change in unrealized appreciation/depreciation on foreign currency contracts

⁽³⁾  Net realized gain (loss) on futures contracts

⁽⁴⁾  Change in unrealized appreciation/depreciation on futures contracts

⁽⁵⁾  Net realized gain (loss) on investments

⁽⁶⁾  Change in unrealized appreciation/depreciation on investments

⁽⁷⁾  Net realized gain (loss) on written options

⁽⁸⁾  Change in unrealized appreciation/depreciation on written options

150 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

The Portfolios may enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar agreements with their derivative contract counterparties whereby the Portfolios may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables and create one single net payment. Under certain of the ISDA Master Agreements in place at June 30, 2015, the Portfolios are subject to master netting agreements (“MNA”) that allows for amounts owed between each Portfolio and the counterparty to their transactions to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The MNAs do not apply to amounts owed to or from different counterparties; further, certain of the MNAs limit offsetting for forward foreign currency contracts to amounts owed in the same currency and on the same exchange date.

For financial reporting purposes, the Portfolios offset derivative assets and liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. At June 30, 2015, there were no outstanding derivative transactions that were subject to netting arrangements.

(7) Federal Income Tax Information

At December 31, 2014, the components of accumulated earnings (deficit) on a tax basis were as follows:

Portfolio	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains (Losses)		Accumulated Earnings		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)(1)			Total Accumulated Earnings (Deficit)
Equity	$	386,033	$	—	$	386,033	$	(47,738,305	)	$	65,190,932		$	17,838,660
Money Market		—		—		—		—			—			—
Bond		5,057,141		—		5,057,141		(10,057,664	)		7,162,713			2,162,190
Omni		3,414,759		2,836,013		6,250,772		—			2,823,802			9,074,574
International		5,661,713		—		5,661,713		(66,063,445	)		3,962,418			(56,439,314	)
Capital Appreciation		37,465		21,377,238		21,414,703		—			35,400,675			56,815,378
International Small-Mid Company		196,497		663,392		859,889		—			11,558,632			12,418,521
Aggressive Growth		757,233		7,625,484		8,382,717		—			7,294,698			15,677,415
Small Cap Growth		6,796,985		8,271,301		15,068,286		—			21,896,731			36,965,017
Mid Cap Opportunity		—		—		—		(908,099	)		16,288,164			15,380,065
S&P 500® Index		2,502,607		2,916,947		5,419,554		—			138,497,918			143,917,472
Strategic Value		9,115,067		31,089,467		40,204,534		—			29,204,514			69,409,048
High Income Bond		16,913,403		8,062,933		24,976,336		—			(2,178,021	)		22,798,315
Capital Growth		64,168		8,492,117		8,556,285		—			14,710,346			23,266,631
Nasdaq-100® Index		642,404		3,719,174		4,361,578		—			47,607,499			51,969,077
Bristol		25,104,654		19,779,477		44,884,131		—			20,229,886			65,114,017
Bryton Growth		13,803,912		7,047,022		20,850,934		—			10,267,816			31,118,750
Balanced		7,409,393		7,100,698		14,510,091		—			27,725,797			42,235,888
Target VIP		100,128		—		100,128		(6,201,457	)		4,507,863			(1,593,466	)
Bristol Growth		9,673,590		10,640,279		20,313,869		—			12,665,570			32,979,439
Risk Managed Balanced		1,039,871		527,944		1,567,815		—			620,549			2,188,364

⁽¹⁾  The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributed primarliy to tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains/(losses) on certain instruments.

151 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

For Federal income tax purposes, the following Portfolios had capital loss carryforwards as of December 31, 2014 that are available to offset future realized gains, if any:

	Total Loss Carryforward		Expiration
Portfolio			2016		2017		2018		No Expiration Short Term		No Expiration Long Term
Equity	$	47,738,305	$	—	$	44,720,565	$	3,017,740	$	—	$	—
Bond		10,057,664		534,910		9,522,754		—		—		—
International		66,063,445		271,315		65,792,130		—		—		—
Mid Cap Opportunity		908,099		—		908,099		—		—		—
Target VIP		6,201,457		6,201,457		—		—		—		—

The tax characteristics of distributions paid to shareholders for the year ended December 31, 2014 were as follows:

Portfolio	Ordinary Income		Net Long-Term Capital Gains		Total Distribution Paid
Equity	$	1,660,324	$	—	$	1,660,324
Omni		341,371		—		341,371
Capital Appreciation		1,165,844		—		1,165,844
S&P 500® Index		4,671,250		—		4,671,250
Strategic Value		17,815,244		—		17,815,244
Nasdaq-100® Index		1,151,494		—		1,151,494
Bristol		895,082		—		895,082
Balanced		6,075,617		—		6,075,617
Target VIP		854,149		—		854,149
Bristol Growth		370,603		—		370,603

There were no distributions paid to shareholders during the six-month period ended June 30, 2015.

152 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

During the year ended December 31, 2014, the Fund recorded classifications within the composition of net assets for permanent book/tax differences. These classifications were as follows:

	Equity			Money Market		Bond			Omni			International			Capital Appreciation			International Small-Mid Company			Aggressive Growth			Small Cap Growth			Mid Cap Opportunity
Consent distributions
Paid in capital in excess of par value	$	195,315		$	—	$	5,136,321		$	1,439,909		$	4,327,327		$	2,511,660		$	196,447		$	4,354,957		$	14,770,686		$	—
Undistributed net investment income		(195,315	)		—		(5,136,321	)		(47,856	)		(4,327,327	)		(38,483	)		(196,447	)		—			—			—
Accumulated net realized gain (loss) on investments		—			—		—			(1,392,053	)		—			(2,473,177	)		—			(4,354,957	)		(14,770,686	)		—
Undistributed net investment losses
Paid in capital in excess of par value		—			—		—			—			—			—			—			—			—			(151,406	)
Undistributed net investment income		—			—		—			—			—			—			—			88,136			408,849			151,200
Accumulated net realized gain (loss) on investments		—			—		—			—			—			—			—			(88,136	)		(408,849	)		206
Foreign currency related reclassifications
Undistributed net investment income		—			—		—			—			2,945,364			(10,132	)		(80,682	)		(149	)		(1,029	)		21
Accumulated net realized gain (loss) on investments		—			—		—			—			(2,945,364	)		10,132			80,682			149			1,029			(21	)
Reclassifications for partnership sales/basis
Undistributed net investment income		—			—		—			—			—			—			—			—			(32,200	)		—
Accumulated net realized gain (loss) on investments		—			—		—			—			—			—			—			—			32,200			—
Other permanent differences
Paid in capital in excess of par value		—			—		—			—			—			—			—			—			(52	)		—
Undistributed net investment income		—			—		—			—			—			—			—			—			51			—
Accumulated net realized gain (loss) on investments		—			—		—			—			—			—			—			—			1			—

153 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

	S&P 500® Index			Strategic Value			High Income Bond			Capital Growth			Nasdaq-100® Index			Bristol			Bryton Growth			Balanced			Target VIP			Bristol Growth			Risk Managed Balanced
Consent distributions
Paid in capital in excess of par value	$	3,436,824		$	5,416,348		$	23,033,792		$	5,342,907		$	5,443,659		$	49,458,063		$	38,069,479		$	5,188,610		$	67,221		$	23,554,720		$	—
Undistributed net investment income		(584,268	)		(1,480,210	)		(19,555,535	)		—			(93,015	)		(89,796	)		—			(320,182	)		(25,680	)		(21,733	)		—
Accumulated net realized gain (loss) on investments		(2,852,556	)		(3,936,138	)		(3,478,257	)		(5,342,907	)		(5,350,644	)		(49,368,267	)		(38,069,479	)		(4,868,428	)		(41,541	)		(23,532,987	)		—
Undistributed net investment losses
Paid in capital in excess of par value		—			—			—			51,425			—			—			—			—			—			—			—
Undistributed net investment income		—			—			—			286,348			—			—			818,246			—			—			—			—
Accumulated net realized gain (loss) on investments		—			—			—			(337,773	)		—			—			(818,246	)		—			—			—			—
Foreign currency related reclassifications
Paid in capital in excess of par value		—			—			—			—			—			—			—			—			—			—			—
Undistributed net investment income		—			(169,864	)		—			—			—			—			—			(655	)		—			—			(48	)
Accumulated net realized gain (loss) on investments		—			169,864			—			—			—			—			—			655			—			—			48
Real estate investment trust (REIT) reclassifications
Undistributed net investment income		(93,694	)		(229,774	)		—			(3,826	)		—			—			—			(97,927	)		—			—			41
Accumulated net realized gain (loss) on investments		93,694			229,774			—			3,826			—			—			—			97,927			—			—			(41	)
Passive Foreign Investment Company (PFIC) reclassifications
Undistributed net investment income		—			—			—			22,081			—			—			—			—			—			—			—
Accumulated net realized gain (loss) on investments		—			—			—			(22,081	)		—			—			—			—			—			—			—
Reclassifications for partnership sales/basis
Undistributed net investment income		—			—			—			50,144			—			—			—			35,123			—			—			—
Accumulated net realized gain (loss) on investments		—			—			—			(50,144	)		—			—			—			(35,123	)		—			—			—
Other permanent differences
Paid in capital in excess of par value		—			—			—			—			—			—			—			(14	)		—			—			—
Undistributed net investment income		(47	)		—			—			—			—			—			—			(1	)		—			—			—
Accumulated net realized gain (loss) on investments		47			—			—			—			—			—			—			15			—			—			—

154 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

The cost basis for Federal income tax purposes may differ from the cost basis for financial reporting purposes. The table below details the unrealized appreciation (depreciation) and aggregate cost of securities at June 30, 2015 for Federal income tax purposes.

	Equity			Bond			Omni			International			Capital Appreciation			International Small-Mid Company
Gross unrealized:
Appreciation	$	68,949,096		$	4,908,054		$	2,576,398		$	20,880,293		$	45,606,754		$	20,115,112
Depreciation		(27,709,594	)		(2,739,544	)		(1,196,077	)		(5,388,788	)		(19,663,298	)		(2,552,789	)
Net unrealized appreciation (depreciation)	$	41,239,502		$	2,168,510		$	1,380,321		$	15,491,505		$	25,943,456		$	17,562,323
Aggregate cost of securities:	$	478,887,711		$	154,629,352		$	49,119,502		$	158,489,195		$	421,886,931		$	69,831,576
	Aggressive Growth			Small Cap Growth			Mid Cap Opportunity			S&P 500® Index			Strategic Value			High Income Bond
Gross unrealized:
Appreciation	$	7,487,835		$	40,959,783		$	16,071,373		$	143,362,723		$	31,581,670		$	3,828,744
Depreciation		(527,025	)		(9,678,090	)		(2,420,918	)		(8,441,572	)		(15,180,129	)		(6,295,554	)
Net unrealized appreciation (depreciation)	$	6,960,810		$	31,281,693		$	13,650,455		$	134,921,151		$	16,401,541		$	(2,466,810	)
Aggregate cost of securities:	$	39,550,964		$	195,503,380		$	75,964,396		$	273,319,996		$	311,865,327		$	225,324,698
	Capital Growth			Nasdaq-100® Index			Bristol			Bryton Growth			Balanced			Target VIP
Gross unrealized:
Appreciation	$	21,070,960		$	51,778,883		$	16,140,252		$	20,115,317		$	54,050,331		$	6,003,751
Depreciation		(3,032,238	)		(1,619,461	)		(6,120,613	)		(9,972,118	)		(20,501,172	)		(3,498,765	)
Net unrealized appreciation (depreciation)	$	18,038,722		$	50,159,422		$	10,019,639		$	10,143,199		$	33,549,159		$	2,504,986
Aggregate cost of securities:	$	57,853,667		$	79,349,205		$	221,385,251		$	172,068,761		$	855,676,987		$	50,121,597
	Bristol Growth			Risk Managed Balanced
Gross unrealized:
Appreciation	$	11,599,320		$	1,553,867
Depreciation		(2,843,143	)		(2,452,694	)
Net unrealized appreciation (depreciation)	$	8,756,177		$	(898,827	)
Aggregate cost of securities:	$	114,900,295		$	76,777,468

(8) Legal Matters

Effective December 20, 2013, the assets and liabilities of the Target Equity/Income Portfolio were acquired and assumed by the Target VIP Portfolio in exchange for shares of the Target VIP Portfolio (“the reorganization”).

In December 2007, prior to the reorganization, the Target Equity/Income Portfolio, as a shareholder of Lyondell Chemical Company (“Lyondell”), participated in a cash out merger of Lyondell in which it received $48 per share of consideration (the “Merger”). Lyondell later filed for bankruptcy and two entities created by the Lyondell bankruptcy plan of reorganization have initiated lawsuits seeking to recover, or clawback, proceeds received by shareholders in the December 2007 merger based on fraudulent transfer claims.

The first action, Edward S. Weisfelner, as Trustee of the LB Creditor Trust v. Morgan Stanley & Co., Inc., et. al., was initiated on October 22, 2010 (the “Creditor Trust Action”), in the Supreme Court of the State of New York in the County of New York but has

155 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) June 30, 2015  (Unaudited)

subsequently been removed to the U.S. Bankruptcy Court for the Southern District of New York. The second action, Edward S. Weisfelner, as Trustee of the LB Litigation Trust v. Holmes TTEE, et. al., was initiated on December 23, 2010 (the “Litigation Trust Action”), in the U.S. Bankruptcy Court for the Southern District of New York. Both actions attempt to recover the proceeds paid out to the holders of Lyondell shares at the time of the 2007 merger. The value of the proceeds to the fund totaled $1,772,400.

On January 4, 2012, the Fund was named in a second amended complaint in the Creditor Trust Action. On April 9, 2014, plaintiffs filed a third amended complaint. In response, on July 30, 2014, the defendant group, including the Fund, filed an omnibus motion to dismiss. The outcome of these proceedings on the Portfolio cannot be predicted.

As a result of the aforementioned reorganization involving the Target Equity/Income Portfolio, any future claims that may result from these complaints will be assumed by the Target VIP Portfolio as the Survivor Portfolio. Management of the Fund continues to assess the cases and has not yet determined the potential effect, if any, on the net asset value of the Target VIP Portfolio.

Also, in December 2007, the S&P 500^® Index and Strategic Value Portfolios, shareholders of the Tribune Company, participated in a similar cash out merger in which shareholders received $34 per share of consideration. The value of the proceeds received by the S&P 500^® Index and Strategic Value Portfolios, was $37,910 and $384,200, respectively. The company subsequently filed for bankruptcy and several legal complaints have been initiated by groups of Tribune Company creditors seeking to recover, or clawback, proceeds received by shareholders based on fraudulent transfer claims (the “Tribune Bankruptcy”).

The first action, Official Committee of Unsecured Creditors of Tribune Company v. FitzSimons, et. al. (“FitzSimons”) was initiated on November 1, 2010 in the U.S. Bankruptcy Court for the District of Delaware. As a result of these proceedings, the Court agreed to allow individual creditors to file similar complaints in U.S. state courts. The Fund is specifically named in a complaint in the U.S. District Court, Southern District of Ohio, Western Division, Deutsche Bank Trust Company Americas, et. al. v. American Electric Power, et. al., that was initiated in June of 2011. The Fund, along with the Strategic Value Portfolio, is also named in a similar complaint in the U.S. District Court, Eastern District of Pennsylvania, Deutsche Bank Trust Company Americas, et. al. v. Ametek Inc. Employees Master Retirement Trust, et. al. These Tribune litigation actions have been consolidated into a single Multidistrict Litigation (“MDL”) in the U.S. District Court, Southern District of New York. Pursuant to a Court order dated September 7, 2012, certain defendants in the MDL, including the Fund, filed a motion to dismiss on November 6, 2012. The Court granted the motion to dismiss on September 23, 2013. Pending an appeal, only the actual fraudulent transfer claims as alleged in FitzSimons remain. The outcome of these proceedings on the two Portfolios of the Fund cannot be predicted. Management of the Fund continues to assess litigation matters and any offers of settlement.

156

Ohio National Fund, Inc.

Additional Information June 30, 2015 (Unaudited)

(1) Expense Disclosure

An individual may not buy or own membership interests of the Fund directly. An individual acquires an indirect interest in the Fund by purchasing a variable annuity contract or variable insurance policy and allocating premiums or purchase payments to Fund Portfolios available through the separate accounts of ONLIC, ONLAC, and NSLA. Separate accounts of these entities are the shareholders of the Fund.

As a shareholder of the Fund, a separate account incurs ongoing costs, including management fees and other Fund expenses. This example is intended to help a policy/contract owner understand ongoing costs (in dollars) associated with the underlying investment in the Fund’s Portfolios by the separate account shareholder and to compare these costs with the ongoing costs associated with investing in other mutual funds.

The example is based on an investment of $1,000 invested at July 1, 2014 and held through December 31, 2014.

Actual Expenses

The table below provides information about investment values and actual expenses associated with each Portfolio of the Fund. The information below, together with the amount of an underlying investment, can be used to estimate expenses paid over the period. An estimate can be obtained by simply dividing an underlying investment value by $1,000 (for example, an $8,600 investment value divided by $1,000 = 8.6), then multiplying the result by the number in the table under the heading entitled “Expenses Paid During Period”.

Portfolio	Beginning Investment Value 1/1/2015		Ending Investment Value 6/30/2015		Expense Paid During Period* 1/1/2015 – 6/30/2015		Expense Ratio During Period 1/1/2015 – 6/30/2015 (Annualized)
Equity	$	1,000.00	$	1,007.50	$	3.98		0.80	%
Money Market		1,000.00		1,000.00		0.25		0.05	%
Bond		1,000.00		994.20		3.12		0.63	%
Omni		1,000.00		1,045.50		3.85		0.76	%
International		1,000.00		1,057.40		5.05		0.99	%
Capital Appreciation		1,000.00		1,040.50		4.00		0.79	%
International Small-Mid Company		1,000.00		1,140.90		6.48		1.22	%
Aggressive Growth		1,000.00		1,073.00		4.73		0.92	%
Small Cap Growth		1,000.00		1,079.00		4.38		0.85	%
Mid Cap Opportunity		1,000.00		1,019.40		4.71		0.94	%
S&P 500® Index		1,000.00		1,010.00		2.04		0.41	%
Strategic Value		1,000.00		996.40		3.86		0.78	%
High Income Bond		1,000.00		1,023.30		4.01		0.80	%
Capital Growth		1,000.00		1,072.90		5.14		1.00	%
Nasdaq-100® Index		1,000.00		1,041.40		2.33		0.46	%
Bristol		1,000.00		1,066.00		4.10		0.80	%
Bryton Growth		1,000.00		1,107.50		4.55		0.87	%
Balanced		1,000.00		1,029.00		3.17		0.63	%
Target VIP		1,000.00		1,020.70		3.91		0.78	%
Bristol Growth		1,000.00		1,057.20		4.34		0.85	%
Risk Managed Balanced		1,000.00		993.50		6.03		1.22	%

157 (continued)

Ohio National Fund, Inc.

Additional Information (Continued) June 30, 2015 (Unaudited)

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical investment values and hypothetical expenses based on each respective Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not an actual return. The hypothetical investment values and expenses may not be used to estimate the actual ending investment balance or expenses actually paid for the period by the shareholders. A policy/contract holder may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Portfolio	Beginning Investment Value 1/1/2015		Ending Investment Value 6/30/2015		Expense Paid During Period* 1/1/2015 – 6/30/2015		Expense Ratio During Period 1/1/2015 – 6/30/2015 (Annualized)
Equity	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Money Market		1,000.00		1,024.55		0.25		0.05	%
Bond		1,000.00		1,021.67		3.16		0.63	%
Omni		1,000.00		1,021.03		3.81		0.76	%
International		1,000.00		1,019.89		4.96		0.99	%
Capital Appreciation		1,000.00		1,020.88		3.96		0.79	%
International Small-Mid Company		1,000.00		1,018.74		6.11		1.22	%
Aggressive Growth		1,000.00		1,020.23		4.61		0.92	%
Small Cap Growth		1,000.00		1,020.58		4.26		0.85	%
Mid Cap Opportunity		1,000.00		1,020.13		4.71		0.94	%
S&P 500® Index		1,000.00		1,022.76		2.06		0.41	%
Strategic Value		1,000.00		1,020.93		3.91		0.78	%
High Income Bond		1,000.00		1,020.83		4.01		0.80	%
Capital Growth		1,000.00		1,019.84		5.01		1.00	%
Nasdaq-100® Index		1,000.00		1,022.51		2.31		0.46	%
Bristol		1,000.00		1,020.83		4.01		0.80	%
Bryton Growth		1,000.00		1,020.48		4.36		0.87	%
Balanced		1,000.00		1,021.67		3.16		0.63	%
Target VIP		1,000.00		1,020.93		3.91		0.78	%
Bristol Growth		1,000.00		1,020.58		4.26		0.85	%
Risk Managed Balanced		1,000.00		1,018.74		6.11		1.22	%

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year (181 days) divided by the number of days in the fiscal year (365 days). Please note that the expenses shown in these tables are meant to highlight ongoing Fund costs only and do not reflect any contract-level expenses or Fund transactional costs, such as sales charges (loads) or exchange fees (if any). Therefore, these tables are useful in comparing ongoing fund costs only, and will not fully assist a policy/contract owner in determining the relative total expenses of different funds. In addition, if transactional costs were included, costs may have been higher for these Portfolios as well as for a fund being compared.

158

Ohio National Fund, Inc.

Information about Directors and Officers June 30, 2015 (Unaudited)

Name and Address	Age		Position(s) with the Fund	Term of Office and Length of Time Served	Number of Portfolios Served as Director	Principal Occupation(s) and Other Directorships During Past Five Years
Independent Directors
George M. Vredeveld One Financial Way Cincinnati, Ohio		72	Lead Independent Director, Member of Audit and Independent Directors Committees	Indefinite; Since March 1996	21	Professor Emeritus, Finance: University of Cincinnati (January 2014 to present); Research Fellow and Member of Academic Council: Varna Free University, Varna, Bulgaria (2012 to present); Alpaugh Professor of Economics: Lindner College of Business, University of Cincinnati (2004-2013); Founder/President: Economics Center at the University of Cincinnati (1977-2012).
John I. Von Lehman One Financial Way Cincinnati, Ohio		62	Director, Chairman of Audit Committee and Member of Independent Directors Committee	Indefinite; Since August 2007	21	Executive Vice President, CFO, Secretary, and Director: The Midland Company (1988-2007); Director, Audit Committee and Corporate Governance Committee Member: American Financial Group, Inc.; Finance Committee: Life Enriching Communities; Investment Committee: Xavier University Foundation.
Madeleine W. Ludlow One Financial Way Cincinnati, Ohio		60	Director, Member of Audit and Independent Directors Committees	Indefinite; Since April 2012	21	Founder/Managing Director: West Capital Partners LLC (2010-present), Ludlow Ward Capital Advisors LLC (2005-2009); Director, ALLETE, Inc. (2004-present).
Geoffrey Keenan One Financial Way Cincinnati, Ohio		56	Director, Member of Audit and Independent Directors Committees	Indefinite; Since January 2015	21	Executive Vice President and Chief Operating Officer of Gateway Investments Advisers, LLC (1995-2013)
Interested Director
John J. Palmer One Financial Way Cincinnati, Ohio		75	Chairman and Director	Indefinite; Since July 1997	21	Insurance industry consultant (April 2010 to present), Director: NSLA; President: Ohio National Fund, Inc. (1997-2010); Director and Vice Chairman: ONLIC (1997-2010); President and CEO: NSLA (2002-2010), Director: ONI and various affiliated companies (1997-2010), Tucson Symphony Orchestra, and Pima Canyon Estates Homeowners’ Association.
Officers
Christopher A. Carlson One Financial Way Cincinnati, Ohio		56	President	Indefinite; Since March 2000		Vice Chairman and Chief Investment Officer: ONLIC; President and Director: ONI; Chief Investment Officer: NSLA; Officer and Director of various other Ohio National-affiliated companies.
Thomas A. Barefield One Financial Way Cincinnati, Ohio		62	Vice President	Indefinite; Since February 1998		Vice Chairman and Chief Distribution Officer: ONLIC; Director and Vice President — Marketing: NSLA; Director: ONI; Senior Vice President: Ohio National Equities, Inc.; Recent graduate of class XXIX of Leadership Cincinnati.
R. Todd Brockman One Financial Way Cincinnati, Ohio		46	Treasurer	Indefinite; Since August 2004		Vice President, Mutual Funds: ONLIC and NSLA; Treasurer: ONI.
Kimberly A. Plante One Financial Way Cincinnati, Ohio		41	Secretary	Indefinite; Since March 2005		Senior Associate Counsel: ONLIC; Secretary: ONI; Officer of various other Ohio National-affiliated companies.
Julie T. Thomas One Financial Way Cincinnati, Ohio		52	Chief Compliance Officer	Indefinite; Since June 2013		Vice President: ONLIC; Chief Compliance Officer: ONI, Suffolk, and other Ohio National-affiliated companies.

159 (continued)

Ohio National Fund, Inc.

Information about Directors and Officers (Continued) June 30, 2015  (Unaudited)

Name and Address	Age		Position(s) with the Fund	Term of Office and Length of Time Served	Number of Portfolios Served as Director	Principal Occupation(s) and Other Directorships During Past Five Years
Catherine E. Gehr One Financial Way Cincinnati, Ohio		43	Assistant Treasurer	Indefinite; Since March 2005		Manager, Mutual Fund Operations: ONLIC; Assistant Treasurer: ONI.
Emily Bae One Financial Way Cincinnati, Ohio		30	Assistant Secretary	Indefinite; Since May 2013		Assistant Secretary: ONI; Assistant Counsel: ONLIC. Prior to May 2013, was Counsel with Goodyear Tire & Rubber Company.

160

Item 2.  Code Of Ethics.

As of the end of the period covered by this report, Ohio National Fund, Inc. (the “Fund”) has adopted a code of ethics that applies to the Fund’s principal executive officer and principal financial officer. There were no substantive amendments or waivers to the Code of Ethics during the period covered by this report.

A copy of this Code of Ethics is filed as Exhibit EX-99.CODE to this Form N-CSR and is also available, without charge, upon request, by calling 877-781-6392 toll free.

Item 3.   Audit Committee Financial Expert.

The Fund’s Board of Directors has determined that the Fund has an audit committee financial expert serving on its Audit Committee. The Audit Committee financial expert is Mr. John I. VonLehman. Mr. VonLehman is independent for purposes of Item 3 of Form N-CSR.

Item 4.   Principal Accountant Fees And Services.

The aggregate fees for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Fund’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are listed below.

(a) Audit Fees.

Audits of the Portfolios for the year ended.

Fiscal year ended December 31, 2014: $267,750

Fiscal year ended December 31, 2013: $248,333

Consent on N-1A Annual Registration Statement filed with the SEC.

Fiscal year ended December 31, 2014: $5,000

Fiscal year ended December 31, 2013: $5,000

Merger related audit testwork.

Fiscal year ended December 31, 2013: $5,000

(b) Audit-Related Fees.

Consent on N-14 Filing filed with the SEC.

Fiscal year ended December 31, 2013: $6,000

Professional services rendered in connection with the consent on the Fund’s N-14 merger filing (paid by the Fund’s adviser (ONI)

(c) Tax Fees.                                None.

(d) All Other Fees.                       None.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Fund’s Audit Committee has adopted an Audit Committee Charter that requires that the Audit Committee oversee the quality and appropriateness of the accounting methods used in the preparation of the Fund’s financial statements, and the independent audit thereof; approve the selection and compensation of the independent auditors; and pre-approve the performance, by the independent auditors, of non-audit services for the Fund, its investment adviser, or any affiliated entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Fund.

(e)(2) Services Approved Pursuant to Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

During the fiscal years ended December 31, 2014 and 2013, there were no non-audit services provided by the Fund’s principal accountant that would have required pre-approval by the Fund’s Audit Committee. The audit related fees aforementioned were pre-approved by the Fund’s Audit Committee, although not required by paragraph (c) (7) (ii) of Regulation S-X as the audit-related fees were less than five percent of the total amount of revenues paid to the Fund’s principal accountant.

(f) Not applicable.

(g) There were no non-audit services provided by the Fund’s principal accountant, other than items disclosed in item (b) above, in which a fee was billed to the Fund, the Fund’s adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years.

(h) Not applicable, as there were no non-audit services performed by the Fund’s principal accountant that were rendered to the Fund, the Fund’s adviser, or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant that were not pre-approved for the last two fiscal years.

Item 5.  Audit Committee Of Listed Registrants.

Not applicable.

Item 6.  Schedule of Investments.

Not applicable.

Item 7.  Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.

Not Applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors.

Item 11.  Controls and Procedures.

(a) The Fund’s principal executive officer and principal financial officer have concluded, based on their evaluation conducted as of a date within 90 days of the filing of this report, that the Fund’s disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the Fund, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the Fund on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the Fund’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

Item 12.  Exhibits.

(a)(1) The Fund’s Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the Fund as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as
EX-99.CERT.

The certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ohio National Fund, Inc.

By:	/s/ Christopher A. Carlson
	Christopher A. Carlson
	President
	(Principal Executive Officer)
	September 8, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Ohio National Fund, Inc.

By:	/s/ Christopher A. Carlson
	Christopher A. Carlson
	President
	(Principal Executive Officer)
	September 8, 2015
By:	/s/ R. Todd Brockman
	R. Todd Brockman
	Treasurer
	(Principal Financial Officer)
	September 8, 2015

EX-99.CODE ETH

Code of Ethics

for

President and Treasurer

of

Ohio National Fund, Inc.

This Code of Ethics applies to the President (the principal executive officer) and the Treasurer (the principal financial and accounting officer) (collectively, the “Covered Officers”) of Ohio National Fund, Inc. (the “Fund”).

In order to maintain the Fund’s high ethical standards, each Covered Officer shall, to the best of his ability and knowledge:

1. endeavor to comply with all applicable rules and regulations of federal, state and local governments and regulatory agencies;

2. make every effort to assure that there is full, fair, accurate, timely and understandable disclosure in reports and documents which are provided by Fund to, or for the benefit of, the public;

3. provide regulators, independent auditors and shareholders with relevant, material, accurate and appropriate information reasonably needed or requested by them;

4. cooperate with any audit or investigation by, or on behalf of, any governmental or regulatory authority, including preserving all relevant and material records reasonably needed for such audit or investigation;

5. comply with the Conflicts of Interest policy applicable to Ohio National Financial Services, Inc., and its affiliates (“Ohio National”);

6. respect the confidentiality of Fund or shareholder information and not disclose such information unless such disclosure is reasonably necessary: (1) to perform your duties;

(2) to prevent a fraud, a criminal act, or serious physical or financial harm; or (3) to comply with a reasonable request for information (a) from a governmental or regulatory agency, or (b) in conjunction with pending or threatened litigation;

7. use and control Fund assets and resources responsibly; and

8. promptly report any suspected violation of this Code of Ethics in accordance with the reporting procedures published by the Fund.

EX-99.CERT

Ohio National Fund, Inc.

June 30, 2015

Section 302 Certifications

I, Christopher A. Carlson, certify that:

1. I have reviewed this report on Form N-CSR of Ohio National Fund, Inc. (“the Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 8, 2015	/s/ Christopher A. Carlson
Date	Christopher A. Carlson
	President (Principal Executive Officer)

I, R. Todd Brockman, certify that:

1. I have reviewed this report on Form N-CSR of Ohio National Fund, Inc. (“the Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 8, 2015	/s/ R. Todd Brockman
Date	R. Todd Brockman
	Treasurer (Principal Financial Officer)

EX-99.906CERT

Ohio National Fund, Inc.

June 30, 2015

Section 906 Certifications

Christopher A. Carlson and R. Todd Brockman, respectively, the President and Treasurer of Ohio National Fund, Inc. (the “Registrant”), each certify to the best of his knowledge and belief that:

1. The Registrant’s report on Form N-CSR for June 30, 2015 fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

September 8, 2015	September 8, 2015
Date	Date
/s/ Christopher A. Carlson	/s/ R. Todd Brockman
Christopher A. Carlson	R. Todd Brockman
President	Treasurer
(Principal Executive Officer)	(Principal Financial Officer)
Ohio National Fund, Inc.	Ohio National Fund, Inc.

A signed original of this written statement required by Section 906 has been provided to Ohio National Fund, Inc. and will be retained by Ohio National Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.