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: December 31, 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.	3
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	4
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	48
Strategic Value Portfolio	55
High Income Bond Portfolio	58
ClearBridge Small Cap Portfolio (formerly the Capital Growth Portfolio)	68
Nasdaq-100® Index Portfolio	73
Bristol Portfolio	77
Bryton Growth Portfolio	80
Balanced Portfolio	83
Target VIP Portfolio	91
Bristol Growth Portfolio	95
Risk Managed Balanced Portfolio	98
Statements of Assets and Liabilities	109
Statements of Operations	112
Statements of Changes in Net Assets	115
Financial Highlights	121
Notes to Financial Statements	132
Report of Independent Registered Public Accounting Firm	157
Additional Information (Unaudited)	158
Information About Directors and Officers (Unaudited)	167

President’s Message

Dear Investor:

2015 proved to be a difficult year for investors to earn meaningful, positive returns. The year was characterized by an equity market with increased volatility that had significant lows and significant rebounds during the year, ultimately finishing little changed. Large cap domestic equity indexes provided a small, positive return, while most other domestic and international indexes provided negative returns, when converted to a U.S. currency basis. Fixed income markets were somewhat better, with the broad fixed income indexes providing a small positive return. Corporate bond indexes fared worse, producing small negative returns for the year, related primarily to spread widening.

Both equity and fixed income markets were impacted by global headwinds in 2015. A slowdown in China reduced worldwide growth for the year. Domestically, the U.S. economy performed reasonably well, with moderate GDP growth. Commodity prices declined worldwide, sparking the fear of deflation and lower interest rates. However, strong employment growth in the U.S., as well as the Federal Reserve’s view that inflation pressures were growing, prompted the Fed to raise short term interest rates by 0.25 percent in December, with the expectation of further increases in 2016. Meanwhile, central bankers in Europe and Asia have been pursuing lower interest rates with the objective of spurring growth. These events were significant in causing the U.S. dollar to strengthen during the year. The stronger dollar is expected to negatively impact the U.S. economy and corporate profits in the future.

Equity Markets

Looking back over the past 60 years, large cap equities have experienced only 15 years of negative returns. During this period, large cap equities have returned an average of 9.75 percent annually. Although 2015 was probably disappointing for most investors, the data clearly support including an allocation to stocks in any investor’s portfolio that has a long-term investment horizon.

In 2015, returns varied significantly among different sectors of the equity market. For example, large cap stocks, as measured by the Standard & Poor’s 500^® Index, provided a return of 1.4 percent, while small cap stocks, as measured by the Russell 2000^®, returned a negative 4.4 percent. In the low-growth world that we experienced in 2015, large cap growth stocks, as measured by the NASDAQ-100^® Index, provided a 9.8 percent return. Meanwhile, international equities, as measured by the MSCI All Country World ex-U.S. Index, provided a negative return of 5.2 percent in U.S. dollar terms. These varied results illustrate that not all stocks perform the same in a given year, supporting the argument for a well-diversified portfolio.

Equity friendly activities such as share buybacks, increased dividends, and mergers and acquisitions (M&A) have helped buoy the stock market averages over the last few years. In fact, M&A activity set a record in 2015. All of these activities are expected to continue in 2016.

As we enter 2016, consensus among earnings forecasters is for a modest increase in U.S. corporate earnings. However, stock valuations are a function of both earnings and multiples. The current multiple for the S&P 500^® is

1

modestly above its historical average over the last 60 years. By themselves, neither earnings nor multiples can predict the future direction of the equity markets, but they are a useful guide to current valuation.

Fixed Income Markets

Fixed income markets provided meager returns in 2015. The Barclays Capital U.S. Aggregate Bond Index provided a return of 0.55 percent for the year. Within the various sectors of the index, higher quality bonds outperformed lower quality bonds, as spreads widened. Corporate bonds performed the worst, providing a negative return of 0.7 percent.

The divergence in policy of central bankers worldwide has created a divergence in interest rates and currency valuations. While the yield on the 10-year U.S. Treasury note ended the year at 2.27 percent, the yield on a Japanese 10-year government bond was 0.25 percent. The 10-year yields on government bonds in Germany and France were 0.62 percent and 0.98 percent, respectively. Absent a material increase in U.S. inflation in 2016 and beyond, it is hard to envision that the Fed will significantly increase interest rates this year, even though it has indicated that a steady rise to normalized rates is not out of the question.

As we enter 2016, fixed income markets are faced with a mixed bag of data. Economic growth in the U.S. remains modest, while the global economy is clearly slowing. U.S. employment continues to improve, and the Fed’s economic models project an increase in inflation. However, global inflation appears to be moderating, and the fear of deflation is real in many developed countries.

The Ohio National Fund, Inc.

While meaningful positive returns were difficult to achieve in 2015, the collective funds offered through the Ohio National Fund, Inc. performed well. Both index funds

tracked their indexes very closely, and the actively managed money market fund performed as expected. Of the other actively managed funds, 12 of the 18 funds either beat their benchmark or placed in the top half of their peer group, while 11 of the 18 did both. We are proud of the performance of our fund family in what turned out to be a challenging year.

Looking Ahead

Entering 2016, the global economy appears to be in a low-growth, low-return environment. This year may well prove to be another challenging year for investors seeking meaningful positive returns. Only time will tell. Inevitably, there will be pockets of both strength and weakness in the future, which will drive the short-term market performance of various asset classes. In times like these, it is important to maintain a long-term view, set realistic financial goals and support those goals with a diversified asset allocation strategy that meets your individual, long-term risk/return objectives.

Thank you for entrusting your assets to the Ohio National Fund, Inc. We look forward to continuing to serve your financial needs.

Sincerely,

Christopher A. Carlson

President

2

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

Keith Dwyer, Interim 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).

3

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 December 31, 2015

Average Annual Returns
One year	-3.69%
Five years	11.08%
Ten years	1.42%

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 year ended December 31, 2015, the Equity Portfolio returned -3.69% versus 1.38% for its benchmark, the S&P 500 Index.

Relative portfolio underperformance was due primarily to weak stock selection in Energy and Information Technology, which was partially offset by positive stock selection in Consumer Discretionary. An underweight position in Consumer Staples detracted the most from allocation effects, as the sector outperformed the index.

Amazon.com, Inc., Microsoft Corp., Expedia, Inc., Broadcom Corp. and NXP Semiconductors NV were the largest contributors to performance, while the biggest detractors included CONSOL Energy, Inc., Calpine Corp., Yahoo!, Inc., Genworth Financial, Inc. and Devon Energy Corp. ⁽¹⁾

The market appreciated through the first half of the year, largely buoyed by merger and acquisition (“M&A”) activity, but the third quarter of 2015 saw sharp declines erase the earlier gains. The selling was indiscriminate and the Chicago Board Options Exchange Volatility Index, commonly referred to as the VIX, spiked to the highest level since the U.S. lost its AAA credit rating in late 2011. Over the last several years, the market has appreciated significantly and has experienced very little volatility. Until late August, the broad averages had not seen a 10% correction in over three years - rare from a historical perspective. Growing concern for global growth, combined with sliding domestic crude oil prices, appeared to drive much of the volatility. The International Monetary Fund (“IMF”) twice lowered its global growth projections for 2015; most recently forecasting a 3.1% expansion while pointing to a weak first quarter in the U.S., lower commodity prices, and question marks about the Chinese economy as causes for the tempered expectations.

Major averages rebounded from third quarter losses by posting strong gains in the fourth quarter to close the year in positive territory. The S&P 500 Index advanced each week in October and recovered to approach the 2100 level in spite of mixed economic reports and uninspiring earnings results. After a flattish November, the equity markets closed the year relinquishing some of October’s gains in December, as the Federal Reserve’s rate decision, continued weakness in crude prices, and high-yield debt concerns

dominated the headlines. As of the end of the year, the S&P 500 Index is up 10.3% since its August low, but still down 2.8% from its May high.

As most predicted, the Federal Reserve wrapped up its bond-buying program in October of 2014, but month after month failed to raise the target lending rate from zero. Federal Reserve officials fixated on tepid inflation in the U.S. despite a decent pace of economic expansion and meaningful improvement in the labor market. Aside from a disappointing 0.6% annualized rate of expansion in the first quarter of 2015, U.S. gross domestic product (“GDP”) reports have been moderately strong over the past year. Notably, the economy expanded 3.9% in the second quarter of 2015, and roughly 2.0% in both the fourth quarter of 2014 and the third quarter of 2015. Meanwhile, U.S. employers added more than 2.3 million jobs throughout the year and the unemployment rate fell to 5.0% by the end of December from 5.6% a year ago. Federal Reserve Chair Janet Yellen commented that the U.S. is nearly at full employment, with only 100,000 new jobs per month needed to accommodate new entrants to the workforce.

The minutes from the Federal Reserve’s November meeting revealed sentiment among officials that “it may well become appropriate to initiate the normalization process at the next meeting.” However, officials also emphasized that “beginning the normalization process relatively soon would make it more likely that the policy trajectory after liftoff could be shallow.” Indeed, after months of speculation, the Federal Reserve finally raised target rates in December for the first time in seven years. The initial rate increase appeared to be priced into the market, as the S&P 500 Index gained 1.5% on the day of the announcement and the 10-Year U.S. Treasury yield oscillated between 2.20% and 2.30% for most of the month.

After opening 2015 at 1.92%, the 10-Year Treasury yield dropped as low as 1.64% in January but recovered to close above 2.25% at the end of the year. Corporations continued to take advantage of low borrowing rates as global M&A activity broke the previous record in 2007 by 9%. Dealogic reports that total volume for 2015 surpassed $5 trillion including ten deals worth $50 billion or more each. On the other hand, the U.S. dollar strengthened nearly 10% against a broad basket of foreign currencies over the past twelve months and more than 20% over the past eighteen months, driving material foreign exchange headwinds for U.S. corporate earnings.

Oil prices fluctuated between $55 and $65 per barrel throughout the first half of the year, but sold off sharply thereafter, largely reacting to reports that capacity in Cushing, Oklahoma is running out for crude supplies, as well as the potential for Iranian supply to come back to market. OPEC concluded its most recent meeting without agreeing on a production ceiling for the first time in history. The oil industry has typically relied on OPEC to control supply as a support to prices, but it appears several member countries are sticking to their recent strategy of drilling as much as possible to preserve market share. Crude prices subsequently slid further and approached $35 per barrel, roughly 30% below the August high. Perhaps related to the commodity price weakness, a mutual fund that invests in lower-quality, high-yield bonds ceased offering investors daily liquidity and the yield on the KDP High Yield Daily Index, a proxy for junk bonds, surged above 7.5% for the first time since 2011.

CONSOL Energy, Inc. has suffered, as the fundamentals of the thermal coal industry have deteriorated due to a slew of headwinds. Expectations are incredibly low for the stock despite CONSOL Energy, Inc. being one of the few well-capitalized coal and natural gas companies, with low-cost production assets in both segments.

4 (continued)

Ohio National Fund, Inc. Equity Portfolio (Continued)

We believe the stock is being unfairly associated with pure coal players and highly levered exploration & production (“E&P”) companies that will soon face liquidity issues and breach debt covenants. Depressed commodity prices could continue to pressure the shares, but we expect CONSOL Energy, Inc. to survive this cycle and take advantage of eventual industry consolidation. In the meantime, particularly with cold months ahead, any improvement in natural gas prices will provide a meaningful tailwind for the stock.⁽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 the 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. The company’s management team consistently recognizes the inherent value of the business, and have reduced share count by nearly 25% over the past four years at prices well below fair value.⁽¹⁾

Yahoo!, Inc. shares have pulled back, as Alibaba has faced headwinds from weak economic activity in China, and after the IRS refused to give its blessing on a tax-free spinoff of Yahoo!, Inc.’s stake in Alibaba. Yahoo!, Inc. has since announced that it plans to spin off the core Yahoo! search business, which will also unlock shareholder value, reduce costs dramatically and result in a far smaller tax bill than is currently embedded in the stock price. Starboard Value, an activist investor in the company, is pushing for more substantial measures, as well including replacing the current management team. As for weak fundamentals for Alibaba, our estimates for growth have certainly come down in recent months, but the market seems to be pricing in 20% growth next year and only 10% growth in the years following – overly bearish in our opinion. Even if consumption slows further in China, the continued shift from offline to online commerce should provide Alibaba with significant offset, especially given that prices are much lower online compared to brick-and-mortar stores.⁽¹⁾

Amazon.com, Inc. was a top contributor each quarter, more than doubling in value over the year. The company reported four straight quarters of earnings above Street estimates due to stronger-than-expected growth and margin improvement. The other large driver of performance this year was the new disclosure of Amazon Web Services (“AWS”) economics, which demonstrates profitability far greater than the negative earnings before interest and taxes (“EBIT”) margin business that consensus anticipated. We expect this business to be a source of strong growth for Amazon.com, Inc. going forward. Finally, a new tone from management, focused on cost management and on transparency in operating reporting, encouraged investors that we could see a much more shareholder-friendly management team going forward. We believe Amazon.com, Inc. will continue to meet growth targets and reach double-digit EBIT margins at full scale, but embedded expectations are beginning to converge with our projections. Therefore, we are more cautious on the stock.⁽¹⁾

Following both its first quarter and third quarter earnings reports, Microsoft Corp. shares jumped 10% after posting results well above

Street consensus estimates due to growth in sales and expense controls that improved margins. Recent top-line growth was driven by Microsoft Corp.’s cloud services and hardware businesses, indicating the company is executing well to diversify its historically PC-centric business. Microsoft Corp. is an example of our legacy technology investments that embeds disruption risk of the shift to mobile, but has durable cash flow streams that will allow it to transition and, perhaps, thrive in a mobile and cloud-based world. Management is also focused on cost controls, which will further elevate free cash flow to return to shareholders.⁽¹⁾

Online travel company Expedia, Inc. outperformed over the year, as the market applauded strong operating results and several large acquisitions. The company posted better-than-expected earnings for the second and third quarters, as growth accelerated due to a combination of improved technology and website, expanded supply of properties and repeat customers from aggressive loyalty programs. Additionally, Expedia, Inc. showcased solid operating leverage, and expanding margins, as technology and general expenses as a percentage of sales fell. Management announced two major acquisitions in Orbitz and HomeAway during the year as well. Orbitz adds scale to the existing business while HomeAway will provide exposure to the fast-growing vacation rental market. Both deals will generate meaningful cost synergies, and management has a strong integration track record.⁽¹⁾

Few of man’s inventions are as interconnected as markets. Yet, we often tend to simplify markets by studying things in isolation and treating certain variables as constants. Ultimately, these simplifications break down under the pressing weight of reality, as simple stories get pushed to extremes that cannot withstand the countering force of valuation and unachievable expectations. With this caveat in mind, we can address risk through the lens of crowding, and the current state of two well-known financial factors: price momentum and value. Through this two-variable simplification of markets, we will try to answer a question we get a lot: are we finally due for a turn in the market cycle that favors value?

The answer is not immediately, in our opinion, as the crowd will stay with the momentum devil they know until they experience the ultimate catalyst for behavioral change: psychological pain from either losing money from a big reversal in momentum or a lost opportunity from a big move in value. This behavioral reality is why value alone is not a good timing tool, except at dramatic extremes that we will detail below. On the momentum side, a reversal in momentum will likely require either an economic recession, odds of which we peg at less than 25% in 2016, or a big increase in global growth - which is extremely hard to forecast, but does not appear imminent.

What we can gauge more directly is the potential for a big move in value, and we do this continuously by looking at valuation spreads. Empirical Research Partners calculates the spread by taking the cheapest 20% of the market and gauging how cheap this value bucket is relative to the market average over time. The big thing to notice is that big valuation opportunities come along roughly once every ten years or so. These big value opportunities can ruin or make a career, and the key for value managers is to survive when the line is rising violently so that you have the capital to make the most of the extreme value opportunity when it peaks and turns the other way. Like all good exponential market moves, these events create violent spikes, so the art of timing is critical. At the peaks, the valuation math becomes incredibly easy, but the behavioral hurdle is incredibly difficult, as these opportunities are typically born of severe crises like the Great Financial Bubble, or generational diversity breakdowns like the Tech Bubble.

5 (continued)

Ohio National Fund, Inc. Equity Portfolio (Continued)

Currently, valuation spreads are widening due to the developing pain in commodities. Quite simply, balance sheets and cost structures that reflect the halcyon days of the great 2000s commodity boom cannot withstand current distressed commodity prices. If current prices are sustained or move lower, stress will continue to build as legacy equity capital is wiped out, and the remaining debt is restructured. This violent process will ultimately set up the next up cycle as the collapse in capital spending will ultimately lead to an undersupplied market.

Our strategy is one of constant preparation and patience as the opportunity develops. We are still underweight energy and basic commodities, but we have some capital committed to companies we deem long-term survivors. As valuation spreads most likely continue to expand, and we get paid more for the risk, we will gradually commit more capital. If the pain is severe enough to cause a two to three standard deviation blowout in spreads, commodity-related equities will likely become a major part of the Portfolio. In this scenario, the extreme pain of past investment in commodities will certainly give rise to a value cycle, as the expected returns from betting on the surviving equities will be extraordinary.

Outside of this emerging drama and opportunity, the price-to-value return potential embedded in the Portfolio is at the most attractive levels in roughly three years. Our investment team continues to find long-term valuation opportunities in several different areas, which allows us to match the valuation-driven upside potential with the Portfolio construction discipline that we think is so critical to surviving the current headwinds for value managers. Even for value managers, it is important to be good at more than just one thing, and

appreciating the cyclical dance between momentum and value is critical.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	98.7
Master Limited Partnerships (4)	1.1
Money Market Funds Less Net Liabilities	0.2
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Microsoft Corp.	4.6
2.     Citigroup, Inc.	3.8
3.     Calpine Corp.	3.6
4.     Amazon.com, Inc	3.5
5.     Merck & Co., Inc.	3.2
6.     Wells Fargo & Co.	3.2
7.     Cisco Systems, Inc.	3.1
8.     American International Group, Inc.	3.1
9.     EMC Corp.	2.8
10.     JPMorgan Chase & Co.	2.8

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks, Master Limited Partnerships):

	% of Net Assets
Financials	23.4
Information Technology	19.7
Health Care	17.9
Consumer Discretionary	13.6
Industrials	7.6
Utilities	6.4
Materials	5.4
Energy	4.1
Consumer Staples	1.7
	99.8

6

Ohio National Fund, Inc. Equity Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 98.7%		Shares		Value
CONSUMER DISCRETIONARY – 13.6%
McDonald’s Corp. (Hotels, Restaurants & Leisure)			112,849	$	13,331,981
PulteGroup, Inc. (Household Durables)			785,657		14,000,408
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		27,770		18,769,465
Expedia, Inc. (Internet & Catalog Retail)			53,080		6,597,844
Lowe’s Cos., Inc. (Specialty Retail)			146,690		11,154,308
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)			79,060		8,813,609
					72,667,615
CONSUMER STAPLES – 1.7%
Colgate-Palmolive Co. (Household Products)			137,230		9,142,263
ENERGY – 4.1%
Apache Corp. (Oil, Gas & Consumable Fuels)			219,960		9,781,621
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)			529,570		4,183,603
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			254,680		8,149,760
					22,114,984
FINANCIALS – 22.3%
Citigroup, Inc. (Banks)			398,002		20,596,603
JPMorgan Chase & Co. (Banks)			229,380		15,145,961
Wells Fargo & Co. (Banks)			314,610		17,102,200
American Express Co. (Consumer Finance)			94,510		6,573,170
Synchrony Financial (Consumer Finance)	(a)		347,990		10,582,376
American International Group, Inc. (Insurance)			263,780		16,346,447
Genworth Financial, Inc. Class A (Insurance)	(a)		1,235,670		4,609,049
Hartford Financial Services Group, Inc. / The (Insurance)			181,373		7,882,471
American Homes 4 Rent (Real Estate Investment Trusts)			726,190		12,098,325
Realogy Holdings Corp. (Real Estate Mgmt. & Development)	(a)		228,500		8,379,095
					119,315,697
HEALTH CARE – 17.9%
AbbVie, Inc. (Biotechnology)			147,796		8,755,435
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a)		43,221		8,244,406
Amgen, Inc. (Biotechnology)			89,250		14,487,952
Biogen, Inc. (Biotechnology)	(a)		28,810		8,825,943
Express Scripts Holding Co. (Health Care Providers & Svs.)	(a)		153,850		13,448,028
UnitedHealth Group, Inc. (Health Care Providers & Svs.)			96,474		11,349,201
Jazz Pharmaceuticals PLC (Pharmaceuticals)	(a)		35,890		5,044,698
Merck & Co., Inc. (Pharmaceuticals)			325,740		17,205,587
Perrigo Co. PLC (Pharmaceuticals)			56,980		8,245,006
					95,606,256

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 7.6%
Boeing Co. / The (Aerospace & Defense)			65,920	$	9,531,373
United Continental Holdings, Inc. (Airlines)	(a)		201,030		11,519,019
Rockwell Automation, Inc. (Electrical Equip.)			92,060		9,446,277
PACCAR, Inc. (Machinery)			134,295		6,365,583
United Rentals, Inc. (Trading Companies & Distributors)	(a)		51,850		3,761,199
					40,623,451
INFORMATION TECHNOLOGY – 19.7%
Cisco Systems, Inc. (Communications Equip.)			611,590		16,607,726
eBay, Inc. (Internet Software & Svs.)	(a)		224,010		6,155,795
Yahoo!, Inc. (Internet Software & Svs.)	(a)		397,250		13,212,535
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		171,637		14,460,417
Microsoft Corp. (Software)			445,310		24,705,799
Oracle Corp. (Software)			414,069		15,125,941
EMC Corp. (Tech. Hardware, Storage & Periph.)			589,900		15,148,632
					105,416,845
MATERIALS – 5.4%
Albemarle Corp. (Chemicals)			198,470		11,116,305
LyondellBasell Industries NV Class A (Chemicals)			99,579		8,653,415
Steel Dynamics, Inc. (Metals & Mining)			524,056		9,364,881
					29,134,601
UTILITIES – 6.4%
AES Corp. (Ind. Power & Renewable Elec.)			1,526,467		14,608,289
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)		1,348,580		19,513,953
					34,122,242
Total Common Stocks (Cost $522,938,985)				$	528,143,954
Master Limited Partnerships – 1.1%		Shares		Value
FINANCIALS – 1.1%
KKR & Co. LP (Capital Markets)			386,610	$	6,027,250
Total Master Limited Partnerships (Cost $7,680,538)				$	6,027,250
Money Market Funds – 3.5%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			18,889,000	$	18,889,000
Total Money Market Funds (Cost $18,889,000)				$	18,889,000
Total Investments – 103.3% (Cost $549,508,523)	(b)			$	553,060,204
Liabilities in Excess of Other Assets – (3.3)%					(17,771,244)
Net Assets – 100.0%				$	535,288,960

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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Commercial Paper (3)	49.2
U.S. Treasury Obligations	4.5
U.S. Government Agency Issues	4.4
Money Market Funds and Other Net Assets	41.9
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2)}

	% of Net Assets
1.     U.S. Bank 0.100%, 01/04/2016	4.4
2.     U.S. Treasury Bill 0.061%, 01/07/2016	4.4
3.     Prudential Funding LLC 0.330%, 01/04/2016	4.4
4.     Federal Home Loan Bank 0.205%, 01/15/2016	4.4
5.     Coca-Cola Co. / The 0.300%, 01/11/2016	4.2
6.     Federated Prime Cash Obligations Fund – Institutional Class	4.0
7.     Fidelity Institutional Money Market Funds Money Market Portfolio – Class I	4.0
8.     First American Prime Obligations Fund – Class Z	4.0
9.     Exxon Mobil Corp. 0.130%, 01/04/2016	4.0
10.     Nestle Capital Corp. 0.180%, 01/05/2016	4.0

⁽¹⁾  Composition of Portfolio subject to change.

⁽²⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽³⁾  Sectors (Commercial Paper):

	% of Net Assets
Financials	20.9
Consumer Staples	12.3
Energy	8.0
Health Care	8.0
	49.2

8

Ohio National Fund, Inc. Money Market Portfolio

Schedule of Investments December 31, 2015

Commercial Paper – 49.2%		(b) Rate		Maturity	Face Amount		Amortized Cost
CONSUMER STAPLES – 12.3%
Coca-Cola Co. / The (Beverages)	(a)		0.300%	01/11/2016	$	9,500,000	$	9,499,208
Nestle Capital Corp. (Food Products)	(a)		0.180%	01/05/2016		9,000,000		8,999,820
Procter & Gamble Co. / The (Household Products)	(a)		0.330%	01/25/2016		9,000,000		8,998,020
								27,497,048
ENERGY – 8.0%
Chevron Corp. (Oil, Gas & Consumable Fuels)	(a)		0.120%	01/06/2016		5,000,000		4,999,917
Chevron Corp. (Oil, Gas & Consumable Fuels)	(a)		0.260%	01/06/2016		4,000,000		3,999,856
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			0.130%	01/04/2016		9,000,000		8,999,903
								17,999,676
FINANCIALS – 20.9%
American Honda Finance Corp. (Consumer Finance)			0.240%	01/12/2016		5,000,000		4,999,633
American Honda Finance Corp. (Consumer Finance)			0.250%	01/12/2016		4,000,000		3,999,694
John Deere Capital Corp. (Consumer Finance)	(a)		0.250%	01/05/2016		9,000,000		8,999,750
Toyota Motor Credit Corp. (Consumer Finance)			0.250%	01/08/2016		9,000,000		8,999,562
U.S. Bank (Commercial Banks)			0.100%	01/04/2016		10,000,000		9,999,917
Prudential Funding LLC (Insurance)			0.330%	01/04/2016		10,000,000		9,999,725
								46,998,281
HEALTH CARE – 8.0%
Johnson & Johnson (Pharmaceuticals)	(a)		0.320%	01/13/2016		9,000,000		8,999,040
Pfizer, Inc. (Pharmaceuticals)	(a)		0.330%	01/20/2016		9,000,000		8,998,433
								17,997,473
Total Commercial Paper (Cost $110,492,478)							$	110,492,478
U.S. Treasury Obligations – 4.5%		Rate		Maturity	Face Amount		Value
U.S. Treasury Bill			0.061%	01/07/2016	$	10,000,000	$	9,999,898
Total U.S. Treasury Obligations (Cost $9,999,898)							$	9,999,898
U.S. Government Agency Issues – 4.4%		Rate		Maturity	Face Amount		Value
Federal Home Loan Bank			0.205%	01/15/2016	$	10,000,000	$	9,999,203
Total U.S. Government Agency Issues (Cost $9,999,203)							$	9,999,203
Money Market Funds – 12.0%					Shares		Value
Federated Prime Cash Obligations Fund – Institutional Class						9,000,000	$	9,000,000
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I						9,000,000		9,000,000
First American Prime Obligations Fund – Class Z						9,000,000		9,000,000
Total Money Market Funds (Cost $27,000,000)							$	27,000,000
Total Investments – 70.1% (Cost $157,491,579)	(c)						$	157,491,579
Other Assets in Excess of Liabilities – 29.9%								67,296,347
Net Assets – 100.0%							$	224,787,926

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 December 31, 2015, the value of these securities totaled $63,494,044, or 28.2% 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 December 31, 2015

Average Annual Returns
One year	-2.04%
Five years	3.02%
Ten years	3.80%

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 year ended December 31, 2015, the Bond Portfolio returned -2.04% versus -0.63% for its benchmark, the BofA Merrill Lynch U.S. Corporate Master Index (the “Index”).

Both the Portfolio and the Index had small negative returns for the year because U.S. Treasury yields increased across the yield curve and credit spreads widened. For the year 2015, the 10-year Treasury yield increased 10 basis points and the 30-year Treasury yield increased 26 basis points. Interest rates moved higher in anticipation of the Federal Reserve beginning to tighten credit, as it did in December. As measured by the Index, credit spreads widened 29 basis points during the year. While credit spreads widened across all industry sectors, the widening was most pronounced in the energy and mining sectors due to the collapse of energy and commodity prices.

The Portfolio under-performed the Index by 1.41% for the year 2015 due to a combination of factors, including the Portfolio’s allocation to several industry sectors, the overall credit quality of the Portfolio, certain holdings in the Portfolio, and the expense ratio of the Portfolio. The average credit quality of the Portfolio was Baa1 versus A3 for the Index, and this difference in credit quality detracted from relative performance because higher quality bonds outperformed lower quality bonds during 2015. The Portfolio’s duration positioning benefited relative performance marginally. The Portfolio’s duration was approximately 0.25 years shorter than the duration of the Index during a year in which Treasury yields rose and credit spreads widened.⁽¹⁾

With the exception of two industry sectors, differences in industry weightings between the Portfolio and the Index had little impact on relative performance. The Portfolio was over-weighted in the Energy sector by approximately 5% in the second half of 2015, and this hurt relative performance because the Energy sector performed poorly late in the year. The approximate 10% under-weighting in the banking sector also detracted from relative performance because the banking sector was the best performing sector in 2015.⁽¹⁾

The quality of corporate credit in the U.S. was largely maintained in 2015, with the exceptions of the energy and mining sectors. Indeed, the five securities in the Portfolio that performed the worst in 2015 were all from these two sectors, and include Chesapeake Energy Corp., Teck Resources Ltd., Freeport-McMoRan Inc., Noble Holding International Ltd., and The Williams Cos., Inc. The five best performing bonds in 2015 were Ally Financial, Inc., Aflac, Inc., Time Warner Cable, Inc., Packaging Corp. of America, and Union Pacific Corp.⁽¹⁾

Despite economic weakness in China, we expect the U.S. economy to continue growing slowly. With the exception of energy and mining companies, this growth in the U.S. economy will be generally supportive of corporate profits. Even though the Federal Reserve may tighten short-term credit further in 2016 if economic data is strong, we do not believe Treasury yields will increase much in 2016 because inflation continues to be very low. Because credit spreads have widened and the outlook for corporate profits in most sectors looks reasonably good, we expect to continue to overweight what we consider to be solid BBB investment grade bonds. We plan to also add some BB high yield bonds to the Portfolio if credit spreads for these securities are attractive. Even though we do not expect Treasury yields to rise significantly in 2016, we plan to maintain the duration of the Portfolio short of the Index duration. We would rather take credit risk than interest rate risk given the low level of interest rates and the wider credit spreads available on corporate bonds.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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 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.

10 (continued)

Ohio National Fund, Inc. Bond Portfolio (Continued)

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Corporate Bonds (4)	96.6
Asset-Backed Securities (4)	0.6
U.S. Treasury Obligations	0.6
Money Market Funds and Other Net Assets	2.2
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% 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.     Prudential Financial, Inc. 6.100%, 06/15/2017	1.0
4.     Kansas City Power & Light Co. 5.850%, 06/15/2017	1.0
5.     CSX Corp. 5.600%, 05/01/2017	1.0
6.     Hartford Financial Services Group, Inc. /The 5.375%, 03/15/2017	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.     Simon Property Group LP 3.750%, 02/01/2024	1.0
10.     Metropolitan Life Global Funding I 2.300%, 04/10/2019	1.0

⁽¹⁾ Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Corporate Bonds, Asset-Backed Securities):

	% of Net Assets
Financials	25.8
Energy	17.5
Utilities	9.8
Industrials	9.3
Information Technology	8.3
Consumer Discretionary	8.1
Health Care	7.1
Materials	4.6
Consumer Staples	3.9
Telecommunication Services	2.8
	97.2

11

Ohio National Fund, Inc. Bond Portfolio

Schedule of Investments December 31, 2015

Corporate Bonds – 96.6%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 8.1%
Magna International, Inc. (Auto Components)			3.625%	06/15/2024	$	1,000,000	$	977,793
General Motors Co. (Automobiles)			5.000%	04/01/2035		900,000		838,912
McDonald’s Corp. (Hotels, Restaurants & Leisure)			4.875%	12/09/2045		1,000,000		1,005,385
Expedia, Inc. (Internet & Catalog Retail)	(a)		5.000%	02/15/2026		1,000,000		976,471
Mattel, Inc. (Leisure Products)			3.150%	03/15/2023		625,000		596,347
21st Century Fox America, Inc. (Media)			4.500%	02/15/2021		1,250,000		1,345,655
CCO Safari II, LLC (Media)	(a)		3.579%	07/23/2020		1,000,000		994,272
Comcast Corp. (Media)			4.250%	01/15/2033		750,000		736,951
Discovery Communications, LLC (Media)			4.375%	06/15/2021		1,000,000		1,024,749
Discovery Communications, LLC (Media)			3.300%	05/15/2022		275,000		259,370
Time Warner Cable, Inc. (Media)			6.550%	05/01/2037		850,000		859,724
Viacom, Inc. (Media)			4.850%	12/15/2034		1,500,000		1,224,921
Kohl’s Corp. (Multiline Retail)			4.000%	11/01/2021		925,000		949,862
Bed Bath & Beyond, Inc. (Specialty Retail)			5.165%	08/01/2044		900,000		762,356
								12,552,768
CONSUMER STAPLES – 3.9%
Anheuser-Busch Cos., LLC (Beverages)			5.500%	01/15/2018		750,000		801,819
Bunge NA Finance LP (Food Products)			5.900%	04/01/2017		1,500,000		1,563,828
Mead Johnson Nutrition Co. (Food Products)			3.000%	11/15/2020		900,000		900,132
Imperial Tobacco Finance PLC (Tobacco)	(a)		3.750%	07/21/2022		1,400,000		1,405,764
Philip Morris International, Inc. (Tobacco)			4.125%	05/17/2021		1,250,000		1,328,301
								5,999,844
ENERGY – 17.5%
Ensco PLC (Energy Equip. & Svs.)			5.200%	03/15/2025		900,000		640,804
Halliburton Co. (Energy Equip. & Svs.)			4.850%	11/15/2035		900,000		884,102
Noble Holding International Ltd. (Energy Equip. & Svs.)			4.000%	03/16/2018		900,000		815,067
Noble Holding International Ltd. (Energy Equip. & Svs.)			5.950%	04/01/2025		1,000,000		690,094
Weatherford International Ltd. (Energy Equip. & Svs.)			6.000%	03/15/2018		1,500,000		1,383,150
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			5.950%	09/15/2016		1,000,000		1,027,577
Buckeye Partners LP (Oil, Gas & Consumable Fuels)			4.875%	02/01/2021		1,000,000		972,808
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)	(a)		8.000%	12/15/2022		565,000		276,850
Columbia Pipeline Group, Inc. (Oil, Gas & Consumable Fuels)	(a)		4.500%	06/01/2025		900,000		815,744
ConocoPhillips Co. (Oil, Gas & Consumable Fuels)			3.350%	05/15/2025		1,350,000		1,220,129
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			3.250%	05/15/2022		900,000		765,350
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			5.850%	12/15/2025		1,000,000		972,631
Energy Transfer Partners LP (Oil, Gas & Consumable Fuels)			4.750%	01/15/2026		400,000		344,283
Enterprise Products Operating, LLC (Oil, Gas & Consumable Fuels)			3.900%	02/15/2024		1,000,000		933,368
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			4.150%	03/01/2022		1,000,000		888,924
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)			5.300%	12/01/2034		1,000,000		787,655
Magellan Midstream Partners LP (Oil, Gas & Consumable Fuels)			4.250%	02/01/2021		1,000,000		1,000,156
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			3.850%	06/01/2025		850,000		684,229
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)			4.750%	09/15/2044		1,000,000		817,397
MPLX LP (Oil, Gas & Consumable Fuels)	(a)		4.875%	12/01/2024		1,000,000		897,500
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)	(b)		3.700%	12/01/2022		1,400,000		1,071,130
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)			3.125%	02/15/2022		1,000,000		978,149
Phillips 66 (Oil, Gas & Consumable Fuels)			4.300%	04/01/2022		1,300,000		1,338,173
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels)			2.850%	01/31/2023		1,000,000		825,241
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels)			4.650%	10/15/2025		900,000		786,099
Shell International Finance BV (Oil, Gas & Consumable Fuels)			4.375%	03/25/2020		1,250,000		1,342,710
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)	(b)		4.050%	01/23/2020		900,000		652,500
Spectra Energy Capital, LLC (Oil, Gas & Consumable Fuels)			3.300%	03/15/2023		1,425,000		1,219,712
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)			2.500%	08/01/2022		1,425,000		1,308,364
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			5.750%	06/24/2044		1,000,000		593,793
								26,933,689
FINANCIALS – 25.8%
Bank of America Corp. (Banks)			4.200%	08/26/2024		500,000		500,726
Bank of America Corp. (Banks)			3.875%	08/01/2025		850,000		862,941
Branch Banking & Trust Co. (Banks)			3.625%	09/16/2025		900,000		908,912
Citigroup, Inc. (Banks)			4.400%	06/10/2025		900,000		909,432
Comerica Bank (Banks)			5.750%	11/21/2016		1,500,000		1,553,676
Fifth Third Bancorp (Banks)			4.500%	06/01/2018		1,750,000		1,843,054
KeyCorp (Banks)			5.100%	03/24/2021		500,000		546,620
PNC Bank NA (Banks)			3.250%	06/01/2025		850,000		845,697
SunTrust Banks, Inc. (Banks)			2.500%	05/01/2019		1,400,000		1,407,130
Wells Fargo & Co. (Banks)			4.650%	11/04/2044		1,000,000		972,940
Goldman Sachs Group, Inc. / The (Capital Markets)			3.750%	05/22/2025		1,400,000		1,409,899
Morgan Stanley (Capital Markets)			3.750%	02/25/2023		1,250,000		1,281,140
Morgan Stanley (Capital Markets)			3.950%	04/23/2027		1,000,000		970,995

12 (continued)

Ohio National Fund, Inc. Bond Portfolio (Continued)

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
FINANCIALS (continued)
Northern Trust Corp. (Capital Markets)			3.450%	11/04/2020	$	1,000,000	$	1,045,536
State Street Corp. (Capital Markets)			4.375%	03/07/2021		1,250,000		1,356,456
Capital One Financial Corp. (Consumer Finance)			2.450%	04/24/2019		925,000		926,901
Discover Financial Services (Consumer Finance)			6.450%	06/12/2017		750,000		792,382
Ford Motor Credit Co., LLC (Consumer Finance)			3.157%	08/04/2020		1,400,000		1,395,783
Synchrony Financial (Consumer Finance)			4.250%	08/15/2024		900,000		887,920
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			2.750%	12/01/2020		900,000		900,152
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			3.750%	12/01/2025		1,000,000		1,003,386
Moody’s Corp. (Diversified Financial Svs.)			5.250%	07/15/2044		1,000,000		1,020,566
Aflac, Inc. (Insurance)			3.625%	06/15/2023		1,425,000		1,475,406
Allstate Corp. / The (Insurance)			5.200%	01/15/2042		500,000		497,338
American International Group, Inc. (Insurance)			3.875%	01/15/2035		1,400,000		1,234,681
Hartford Financial Services Group, Inc. / The (Insurance)			5.375%	03/15/2017		1,500,000		1,564,537
Marsh & McLennan Cos., Inc. (Insurance)			3.500%	06/03/2024		1,400,000		1,387,266
Metropolitan Life Global Funding I (Insurance)	(a)		2.300%	04/10/2019		1,500,000		1,500,385
Prudential Financial, Inc. (Insurance)			6.100%	06/15/2017		1,500,000		1,589,178
Boston Properties LP (Real Estate Investment Trusts)			3.125%	09/01/2023		925,000		901,047
Camden Property Trust (Real Estate Investment Trusts)			4.250%	01/15/2024		500,000		517,923
Equity One, Inc. (Real Estate Investment Trusts)			6.250%	01/15/2017		1,250,000		1,301,704
Federal Realty Investment Trust (Real Estate Investment Trusts)			3.000%	08/01/2022		1,425,000		1,408,202
HCP, Inc. (Real Estate Investment Trusts)			4.000%	06/01/2025		1,500,000		1,465,462
Simon Property Group LP (Real Estate Investment Trusts)			3.750%	02/01/2024		1,475,000		1,533,465
								39,718,838
HEALTH CARE – 7.1%
AbbVie, Inc. (Biotechnology)			2.900%	11/06/2022		1,425,000		1,379,598
Amgen, Inc. (Biotechnology)			4.100%	06/15/2021		1,000,000		1,053,572
Baxalta, Inc. (Biotechnology)	(a)		4.000%	06/23/2025		1,400,000		1,386,206
Celgene Corp. (Biotechnology)			3.875%	08/15/2025		1,350,000		1,345,710
Gilead Sciences, Inc. (Biotechnology)			4.500%	02/01/2045		900,000		880,723
Becton Dickinson and Co. (Health Care Equip. & Supplies)			5.000%	05/15/2019		500,000		540,047
Express Scripts Holding Co. (Health Care Providers & Svs.)			2.250%	06/15/2019		900,000		894,793
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)			3.750%	08/23/2022		425,000		428,013
Quest Diagnostics, Inc. (Health Care Providers & Svs.)			2.700%	04/01/2019		1,000,000		1,000,010
Merck Sharp & Dohme Corp. (Pharmaceuticals)			5.000%	06/30/2019		1,000,000		1,103,649
Mylan NV (Pharmaceuticals)	(a)		3.000%	12/15/2018		900,000		898,132
								10,910,453
INDUSTRIALS – 8.7%
BAE Systems Holdings, Inc. (Aerospace & Defense)	(a)		6.375%	06/01/2019		750,000		839,366
Lockheed Martin Corp. (Aerospace & Defense)			3.350%	09/15/2021		1,000,000		1,025,049
Lockheed Martin Corp. (Aerospace & Defense)			3.600%	03/01/2035		1,000,000		894,211
Raytheon Co. (Aerospace & Defense)			4.400%	02/15/2020		1,250,000		1,353,507
FedEx Corp. (Air Freight & Logistics)			4.900%	01/15/2034		1,425,000		1,463,853
American Airlines Group, Inc. (Airlines)	(a)		4.625%	03/01/2020		1,000,000		952,500
GE Capital International Funding Co. (Industrial Conglomerates)	(a)		0.964%	04/15/2016		14,000		14,006
Illinois Tool Works, Inc. (Machinery)			3.375%	09/15/2021		500,000		514,520
Parker-Hannifin Corp. (Machinery)			4.200%	11/21/2034		1,400,000		1,420,945
Burlington Northern Santa Fe, LLC (Road & Rail)			4.550%	09/01/2044		900,000		869,269
CSX Corp. (Road & Rail)			5.600%	05/01/2017		1,500,000		1,577,816
Norfolk Southern Corp. (Road & Rail)			3.000%	04/01/2022		600,000		593,116
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)	(a)		3.300%	04/01/2021		900,000		887,732
Union Pacific Corp. (Road & Rail)			3.250%	08/15/2025		1,000,000		1,016,702
								13,422,592
INFORMATION TECHNOLOGY – 8.3%
Harris Corp. (Communications Equip.)			2.700%	04/27/2020		900,000		883,256
QUALCOMM, Inc. (Communications Equip.)			3.450%	05/20/2025		1,000,000		959,317
Denali Borrower, LLC / Denali Finance Corp. (Computers & Peripherals)	(a)		5.625%	10/15/2020		900,000		942,750
Computer Sciences Corp. (IT Svs.)			6.500%	03/15/2018		1,000,000		1,079,173
Fidelity National Information Services, Inc. (IT Svs.)			2.850%	10/15/2018		900,000		903,193
Broadcom Corp. (Semiconductors & Equip.)			3.500%	08/01/2024		1,400,000		1,404,740
Intel Corp. (Semiconductors & Equip.)			4.000%	12/15/2032		1,500,000		1,492,728
KLA-Tencor Corp. (Semiconductors & Equip.)	(b)		3.375%	11/01/2019		900,000		909,327
Microsoft Corp. (Software)			4.450%	11/03/2045		900,000		928,164
Oracle Corp. (Software)			4.300%	07/08/2034		1,500,000		1,491,132
Apple, Inc. (Tech. Hardware, Storage & Periph.)			2.500%	02/09/2025		1,000,000		956,877
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)	(a)		4.900%	10/15/2025		850,000		834,769
								12,785,426

13 (continued)

Ohio National Fund, Inc. Bond Portfolio (Continued)

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
MATERIALS – 4.6%
Airgas, Inc. (Chemicals)			3.050%	08/01/2020	$	900,000	$	905,686
Dow Chemical Co. / The (Chemicals)			4.250%	10/01/2034		1,400,000		1,263,269
Eastman Chemical Co. (Chemicals)			3.600%	08/15/2022		1,000,000		995,661
FMC Corp. (Chemicals)			3.950%	02/01/2022		1,000,000		988,429
Packaging Corp. of America (Containers & Packaging)			4.500%	11/01/2023		675,000		709,105
Freeport-McMoRan, Inc. (Metals & Mining)			3.550%	03/01/2022		925,000		536,500
Newmont Mining Corp. (Metals & Mining)			3.500%	03/15/2022		1,425,000		1,270,594
Teck Resources Ltd. (Metals & Mining)			3.750%	02/01/2023		1,000,000		462,500
								7,131,744
TELECOMMUNICATION SERVICES – 2.8%
AT&T, Inc. (Diversified Telecom. Svs.)			3.400%	05/15/2025		900,000		865,094
Frontier Communications Corp. (Diversified Telecom. Svs.)			7.125%	03/15/2019		1,000,000		999,900
Verizon Communications, Inc. (Diversified Telecom. Svs.)			4.600%	04/01/2021		1,250,000		1,343,749
Verizon Communications, Inc. (Diversified Telecom. Svs.)			3.850%	11/01/2042		425,000		347,345
Rogers Communications, Inc. (Wireless Telecom. Svs.)			3.000%	03/15/2023		700,000		680,126
								4,236,214
UTILITIES – 9.8%
Appalachian Power Co. (Electric Utilities)			4.600%	03/30/2021		1,000,000		1,066,968
Commonwealth Edison Co. (Electric Utilities)			4.350%	11/15/2045		900,000		905,212
DTE Electric Co. (Electric Utilities)			3.375%	03/01/2025		1,000,000		1,021,828
Duke Energy Florida, LLC (Electric Utilities)			4.550%	04/01/2020		500,000		540,706
ITC Holdings Corp. (Electric Utilities)			3.650%	06/15/2024		500,000		492,780
Kansas City Power & Light Co. (Electric Utilities)			5.850%	06/15/2017		1,500,000		1,585,035
LG&E and KU Energy, LLC (Electric Utilities)			4.375%	10/01/2021		1,000,000		1,056,973
South Carolina Electric & Gas Co. (Electric Utilities)			4.350%	02/01/2042		1,000,000		958,245
Union Electric Co. (Electric Utilities)			6.400%	06/15/2017		1,500,000		1,602,369
Xcel Energy, Inc. (Electric Utilities)			4.700%	05/15/2020		1,000,000		1,075,097
AGL Capital Corp. (Gas Utilities)			5.250%	08/15/2019		1,000,000		1,075,762
Southwest Gas Corp. (Gas Utilities)			3.875%	04/01/2022		1,250,000		1,273,528
Avista Corp. (Multi-Utilities)			5.950%	06/01/2018		1,000,000		1,091,040
American Water Capital Corp. (Water Utilities)			4.300%	12/01/2042		1,400,000		1,415,749
								15,161,292
Total Corporate Bonds (Cost $152,759,712)							$	148,852,860
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	$	863,169	$	843,748
Total Asset-Backed Securities (Cost $863,169)							$	843,748
U.S. Treasury Obligations – 0.6%		Rate		Maturity	Face Amount		Value
U.S. Treasury Note			1.500%	01/31/2022	$	1,000,000	$	972,240
Total U.S. Treasury Obligations (Cost $971,977)							$	972,240
Money Market Funds – 0.3%					Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I						441,000	$	441,000
Total Money Market Funds (Cost $441,000)							$	441,000
Total Investments – 98.1% (Cost $155,035,858)	(c)						$	151,109,848
Other Assets in Excess of Liabilities – 1.9%								2,930,563
Net Assets – 100.0%							$	154,040,411

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 December 31, 2015, the value of these securities totaled $13,622,447, or 8.8% 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 December 31, 2015

Average Annual returns
One year	2.15%
Five years	9.94%
Ten years	7.24%

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 year ended December 31, 2015, the Omni Portfolio returned 2.15% versus 0.97% for its 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 118 basis points of outperformance for the Portfolio versus the blended benchmark is the result of outperformance by the equity portion of the Portfolio versus the S&P 500 Index, somewhat offset by the underperformance 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 benefitted relative performance because stocks outperformed bonds for the year.⁽¹⁾

For the year 2015, the equity portion of the Portfolio returned 4.09% versus 1.38% for the S&P 500 Index, for outperformance of 271 basis points. The Portfolio’s best performing stocks for the year were Amazon.com, Inc., Intercept Pharmaceuticals, Inc., Pharmacyclics, Inc., Receptos, Inc. and Humana, Inc. The Portfolio’s worst performing stocks were PVH Corp., Anadarko Petroleum Corp., Devon Energy Corp., Huntsman Corp. and HP, Inc. The top contributors to stock performance were Amazon.com, Inc., Clovis Oncology, Inc., Pharmacyclics, Inc., Intercept Pharmaceuticals, Inc. and Valeant Pharmaceuticals International, Inc. The top detractors from stock performance were PVH Corp., Devon Energy Corp., HP, Inc., Anadarko Petroleum Corp. and Huntsman Corp.⁽¹⁾

Outperformance of the equity portion of the Portfolio was led by strong stock selection in Health Care, which contributed 469 basis points to relative performance, along with a sector allocation underweight in Energy that contributed 82 basis points. Overall, both stock selection and sector allocation impacts were positive contributors to relative performance.⁽¹⁾

For the year 2015, the bond portion of the Portfolio had a return of -1.05% versus -0.63% for the Merrill Lynch Index, for underperformance of 42 basis points. Both the bond portion of the Portfolio and the Merrill Lynch Index had small negative returns because U. S. Treasury yields increased and credit spreads widened during the year.

The bond portion of the Portfolio underperformed the Merrill Lynch Index for several reasons. The bond portion of the Portfolio was overweighted in the Energy sector by approximately 6% in the second half of the year, and the Energy sector performed poorly late in 2015. The bond portion of the Portfolio was underweighted in the banking sector by approximately 8%, and the banking sector was the best performing sector for the year. The average credit quality of the bond portion of the Portfolio was Baa1 versus A3 for the Merrill Lynch Index, and this difference in credit quality detracted from relative performance because higher quality bonds outperformed lower quality bonds during 2015. Having a bond duration that was approximately 0.4 years shorter than the Merrill Lynch Index for much of the year benefitted relative performance marginally because Treasury yields increased and credit spreads widened during 2015. The bond portion of the Portfolio included a position in U.S. Treasury securities that ranged from 3% to 13% of bonds, and this also benefitted relative performance as credit spreads widened.⁽¹⁾

The quality of corporate credit in the U.S. was largely maintained in 2015, with the exceptions of the energy and mining sectors. Indeed, the five bonds in the bond portion of the Portfolio that performed the worst in 2015 were all from these two sectors, and include Teck Resources Ltd., Freeport-McMoRan, Inc., Ensco PLC, Southwestern Energy Corp. and Marathon Oil Corp. The five best performing bonds in 2015 were Aflac, Inc., Time Warner Cable, Inc., Packaging Corp. of America, Northern Trust Corp. and Union Pacific Corp.⁽¹⁾

The past year was volatile, as debate regarding the impact on the bond and stock markets from the imminent rate increase from the Federal Reserve played out. Weak consumer spending despite low oil prices weighed on the market, as did the terrorist attacks in Paris. The U.S. economy continued to slowly improve, as China continued to stimulate and employment in the U.S. remained solid. We continue to believe that the Federal Reserve will be measured in its rate increases (only increasing rates if economic data is strong) and, therefore, maintain a positive bias towards the stock market, as the Central Banks of all major economies continue to be supportive of growth. Our continued focus on companies with strong competitive positions and ability to gain market share will hopefully continue to benefit performance going forward.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2015.

15 (continued)

Ohio National Fund, Inc. Omni 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 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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	75.6
Corporate Bonds (4)	23.4
Asset-Backed Securities (4)	0.2
U.S. Treasury Obligations	0.7
Money Market Funds Less Net Liabilities	0.1
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Apple, Inc.	2.6
2.     Microsoft Corp.	2.2
3.     Mylan NV	2.2
4.     Allergan plc	2.0
5.     Intel Corp.	1.9
6.     Amazon.com, Inc.	1.9
7.     NXP Semiconductors NV	1.9
8.     Facebook, Inc. Class A	1.9
9.     Citigroup, Inc.	1.8
10.     Alibaba Group Holding Ltd. – ADR	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⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks, Corporate Bonds, Asset-Backed Securities):

	% of Net Assets
Information Technology	28.0
Financials	18.7
Health Care	18.1
Consumer Discretionary	10.7
Industrials	9.6
Energy	7.3
Consumer Staples	3.6
Utilities	1.7
Materials	1.0
Telecommunication Services	0.5
	99.2

16

Ohio National Fund, Inc. Omni Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 75.6%		Shares		Value
CONSUMER DISCRETIONARY – 9.0%
Delphi Automotive PLC (Auto Components)			8,812	$	755,453
Newell Rubbermaid, Inc. (Household Durables)			17,043		751,255
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		1,386		936,784
CBS Corp. Class B (Media)			11,261		530,731
Time Warner, Inc. (Media)			11,320		732,064
PVH Corp. (Textiles, Apparel & Luxury Goods)			9,232		679,937
					4,386,224
CONSUMER STAPLES – 2.1%
Molson Coors Brewing Co. Class B (Beverages)			3,757		352,857
Mondelez International, Inc. Class A (Food Products)			8,541		382,978
Procter & Gamble Co. / The (Household Products)			3,782		300,329
					1,036,164
ENERGY – 3.0%
Schlumberger Ltd. (Energy Equip. & Svs.)			5,373		374,767
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			7,175		348,562
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)			5,109		361,666
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)		11,038		359,397
					1,444,392
FINANCIALS – 12.8%
Bank of America Corp. (Banks)			21,939		369,233
Citigroup, Inc. (Banks)			17,399		900,398
JPMorgan Chase & Co. (Banks)			11,547		762,448
KeyCorp (Banks)			56,195		741,212
Regions Financial Corp. (Banks)			70,917		680,803
Capital One Financial Corp. (Consumer Finance)			9,735		702,672
Discover Financial Services (Consumer Finance)			14,599		782,798
Hartford Financial Services Group, Inc. / The (Insurance)			13,477		585,710
Prudential Financial, Inc. (Insurance)			9,018		734,155
					6,259,429
HEALTH CARE – 16.2%
Celgene Corp. (Biotechnology)	(a)		5,444		651,973
Medtronic PLC (Health Care Equip. & Supplies)			8,944		687,973
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			4,174		428,211
Aetna, Inc. (Health Care Providers & Svs.)			2,939		317,765
Cigna Corp. (Health Care Providers & Svs.)			5,011		733,260
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		11,076		749,070
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			5,936		842,022
Allergan plc (Pharmaceuticals)	(a)		3,048		952,500
Mylan NV (Pharmaceuticals)	(a)		19,567		1,057,988
Pfizer, Inc. (Pharmaceuticals)			22,432		724,105
Valeant Pharmaceuticals International, Inc. (Pharmaceuticals)	(a)		7,256		737,572
					7,882,439
INDUSTRIALS – 7.4%
Hexcel Corp. (Aerospace & Defense)			9,992		464,128
Honeywell International, Inc. (Aerospace & Defense)			2,977		308,328
Raytheon Co. (Aerospace & Defense)			6,001		747,305
FedEx Corp. (Air Freight & Logistics)			4,830		719,622
Stanley Black & Decker, Inc. (Machinery)			5,061		540,161
Xylem, Inc. (Machinery)			22,144		808,256
					3,587,800
INFORMATION TECHNOLOGY – 25.1%
Cisco Systems, Inc. (Communications Equip.)			26,636		723,301
Harris Corp. (Communications Equip.)			8,923		775,409
Alibaba Group Holding Ltd. – ADR (Internet Software & Svs.)	(a)		10,644		865,038
Alphabet, Inc. Class A (Internet Software & Svs.)	(a)		372		289,420
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		963		730,801
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		8,644		904,681
MasterCard, Inc. Class A (IT Svs.)			7,029		684,343
Avago Technologies Ltd. (Semiconductors & Equip.)			5,915		858,562
Intel Corp. (Semiconductors & Equip.)			27,482		946,755
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		10,833		912,680
Adobe Systems, Inc. (Software)	(a)		7,895		741,656
Microsoft Corp. (Software)			19,307		1,071,152
Oracle Corp. (Software)			16,858		615,823
Apple, Inc. (Tech. Hardware, Storage & Periph.)			11,822		1,244,384
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)			56,758		862,722
					12,226,727
Total Common Stocks (Cost $35,869,620)				$	36,823,175

17 (continued)

Ohio National Fund, Inc. Omni Portfolio (Continued)

Schedule of Investments December 31, 2015

Corporate Bonds – 23.4%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 1.7%
General Motors Co. (Automobiles)			5.000%	04/01/2035	$	100,000	$	93,212
Mattel, Inc. (Leisure Products)			3.150%	03/15/2023		75,000		71,562
21st Century Fox America, Inc. (Media)			4.500%	02/15/2021		100,000		107,652
Comcast Corp. (Media)			5.875%	02/15/2018		75,000		81,695
Discovery Communications, LLC (Media)			3.300%	05/15/2022		75,000		70,737
Time Warner Cable, Inc. (Media)			6.550%	05/01/2037		150,000		151,716
Viacom, Inc. (Media)			4.250%	09/01/2023		75,000		72,545
Kohl’s Corp. (Multiline Retail)			4.000%	11/01/2021		75,000		77,016
Bed Bath & Beyond, Inc. (Specialty Retail)			5.165%	08/01/2044		100,000		84,706
								810,841
CONSUMER STAPLES – 1.5%
Anheuser-Busch Cos., LLC (Beverages)			5.500%	01/15/2018		150,000		160,364
Bunge NA Finance LP (Food Products)			5.900%	04/01/2017		150,000		156,383
Mead Johnson Nutrition Co. (Food Products)			3.000%	11/15/2020		100,000		100,015
Procter & Gamble Co. / The (Household Products)			4.700%	02/15/2019		100,000		108,992
Imperial Tobacco Finance PLC (Tobacco)	(b)		3.750%	07/21/2022		100,000		100,412
Philip Morris International, Inc. (Tobacco)			3.375%	08/11/2025		100,000		101,213
								727,379
ENERGY – 4.3%
Ensco PLC (Energy Equip. & Svs.)			5.200%	03/15/2025		100,000		71,200
Halliburton Co. (Energy Equip. & Svs.)			4.850%	11/15/2035		100,000		98,234
Noble Holding International Ltd. (Energy Equip. & Svs.)			4.000%	03/16/2018		100,000		90,563
Weatherford International Ltd. (Energy Equip. & Svs.)			6.000%	03/15/2018		150,000		138,315
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			5.950%	09/15/2016		100,000		102,758
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels)			5.500%	02/01/2017		100,000		101,322
Columbia Pipeline Group, Inc. (Oil, Gas & Consumable Fuels)	(b)		4.500%	06/01/2025		100,000		90,638
ConocoPhillips Co. (Oil, Gas & Consumable Fuels)			3.350%	05/15/2025		150,000		135,570
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			3.250%	05/15/2022		100,000		85,039
Energy Transfer Partners LP (Oil, Gas & Consumable Fuels)			4.750%	01/15/2026		100,000		86,071
Enterprise Products Operating, LLC (Oil, Gas & Consumable Fuels)			3.900%	02/15/2024		100,000		93,337
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)			3.150%	04/01/2025		100,000		94,625
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			4.150%	03/01/2022		75,000		66,669
Magellan Midstream Partners LP (Oil, Gas & Consumable Fuels)			6.400%	07/15/2018		150,000		161,596
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			3.850%	06/01/2025		150,000		120,746
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)	(c)		3.700%	12/01/2022		100,000		76,509
Phillips 66 (Oil, Gas & Consumable Fuels)			4.300%	04/01/2022		100,000		102,936
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels)			4.650%	10/15/2025		100,000		87,344
Shell International Finance BV (Oil, Gas & Consumable Fuels)			3.250%	05/11/2025		100,000		97,641
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)	(c)		4.050%	01/23/2020		100,000		72,500
Spectra Energy Capital, LLC (Oil, Gas & Consumable Fuels)			3.300%	03/15/2023		75,000		64,195
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)			2.500%	08/01/2022		75,000		68,861
								2,106,669
FINANCIALS – 5.9%
Bank of America Corp. (Banks)			3.875%	08/01/2025		150,000		152,284
Branch Banking & Trust Co. (Banks)			3.625%	09/16/2025		100,000		100,990
Citigroup, Inc. (Banks)			5.850%	08/02/2016		75,000		76,939
Citigroup, Inc. (Banks)			4.400%	06/10/2025		100,000		101,048
Comerica, Inc. (Banks)			3.800%	07/22/2026		100,000		98,484
JPMorgan Chase & Co. (Banks)			3.250%	09/23/2022		100,000		100,650
KeyBank NA (Banks)			5.700%	11/01/2017		150,000		159,367
PNC Bank NA (Banks)			3.250%	06/01/2025		150,000		149,241
SunTrust Banks, Inc. (Banks)			2.500%	05/01/2019		100,000		100,509
Wells Fargo & Co. (Banks)			3.500%	03/08/2022		75,000		77,321
Goldman Sachs Group, Inc. / The (Capital Markets)			3.750%	05/22/2025		100,000		100,707
Mellon Funding Corp. (Capital Markets)			5.500%	11/15/2018		100,000		109,623
Morgan Stanley (Capital Markets)			3.750%	02/25/2023		75,000		76,868
Morgan Stanley (Capital Markets)			3.950%	04/23/2027		100,000		97,099
Northern Trust Corp. (Capital Markets)			3.950%	10/30/2025		75,000		78,587
Capital One Financial Corp. (Consumer Finance)			2.450%	04/24/2019		75,000		75,154
Discover Financial Services (Consumer Finance)			6.450%	06/12/2017		150,000		158,476
Ford Motor Credit Co., LLC (Consumer Finance)			3.157%	08/04/2020		100,000		99,699
Synchrony Financial (Consumer Finance)			4.250%	08/15/2024		100,000		98,658
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			2.750%	12/01/2020		100,000		100,017
Aflac, Inc. (Insurance)			3.625%	06/15/2023		75,000		77,653
Allstate Corp. / The (Insurance)			3.150%	06/15/2023		75,000		74,985
American International Group, Inc. (Insurance)			3.875%	01/15/2035		100,000		88,192
Marsh & McLennan Cos., Inc. (Insurance)			3.500%	06/03/2024		100,000		99,090

18 (continued)

Ohio National Fund, Inc. Omni Portfolio (Continued)

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
FINANCIALS (continued)
Boston Properties LP (Real Estate Investment Trusts)			3.125%	09/01/2023	$	75,000	$	73,058
Camden Property Trust (Real Estate Investment Trusts)			3.500%	09/15/2024		100,000		97,610
Federal Realty Investment Trust (Real Estate Investment Trusts)			3.000%	08/01/2022		75,000		74,116
HCP, Inc. (Real Estate Investment Trusts)			4.000%	06/01/2025		100,000		97,698
Simon Property Group LP (Real Estate Investment Trusts)			3.750%	02/01/2024		75,000		77,973
								2,872,096
HEALTH CARE – 1.9%
AbbVie, Inc. (Biotechnology)			2.900%	11/06/2022		75,000		72,610
Baxalta, Inc. (Biotechnology)	(b)		4.000%	06/23/2025		100,000		99,015
Celgene Corp. (Biotechnology)			3.875%	08/15/2025		150,000		149,523
Gilead Sciences, Inc. (Biotechnology)			4.500%	02/01/2045		100,000		97,858
Anthem, Inc. (Health Care Providers & Svs.)			5.875%	06/15/2017		150,000		158,569
Express Scripts Holding Co. (Health Care Providers & Svs.)			2.250%	06/15/2019		100,000		99,422
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)			3.750%	08/23/2022		75,000		75,532
Mylan NV (Pharmaceuticals)	(b)		3.000%	12/15/2018		100,000		99,792
Pfizer, Inc. (Pharmaceuticals)			6.050%	03/30/2017		75,000		79,509
								931,830
INDUSTRIALS – 2.0%
Lockheed Martin Corp. (Aerospace & Defense)			3.600%	03/01/2035		100,000		89,421
FedEx Corp. (Air Freight & Logistics)			4.900%	01/15/2034		75,000		77,045
Waste Management, Inc. (Commercial Svs. & Supplies)			6.100%	03/15/2018		75,000		81,760
Parker-Hannifin Corp. (Machinery)			4.200%	11/21/2034		100,000		101,496
Burlington Northern Santa Fe, LLC (Road & Rail)			4.550%	09/01/2044		100,000		96,585
ERAC U.S.A. Finance, LLC (Road & Rail)	(b)(c)		6.375%	10/15/2017		150,000		161,088
Norfolk Southern Corp. (Road & Rail)			3.000%	04/01/2022		75,000		74,140
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)	(b)		3.300%	04/01/2021		100,000		98,637
Ryder System, Inc. (Road & Rail)			2.650%	03/02/2020		100,000		98,384
Union Pacific Corp. (Road & Rail)			3.250%	08/15/2025		100,000		101,670
								980,226
INFORMATION TECHNOLOGY – 2.9%
Harris Corp. (Communications Equip.)			2.700%	04/27/2020		100,000		98,140
QUALCOMM, Inc. (Communications Equip.)			3.450%	05/20/2025		100,000		95,932
Denali Borrower, LLC / Denali Finance Corp. (Computers & Peripherals)	(b)		5.625%	10/15/2020		100,000		104,750
Amphenol Corp. (Electronic Equip., Instr. & Comp.)			3.125%	09/15/2021		100,000		98,928
Computer Sciences Corp. (IT Svs.)			6.500%	03/15/2018		150,000		161,876
Fidelity National Information Services, Inc. (IT Svs.)			2.850%	10/15/2018		100,000		100,355
Broadcom Corp. (Semiconductors & Equip.)			3.500%	08/01/2024		100,000		100,339
Intel Corp. (Semiconductors & Equip.)			4.000%	12/15/2032		100,000		99,515
KLA-Tencor Corp. (Semiconductors & Equip.)	(c)		3.375%	11/01/2019		100,000		101,036
Microsoft Corp. (Software)			4.450%	11/03/2045		100,000		103,129
Oracle Corp. (Software)			4.300%	07/08/2034		100,000		99,409
Apple, Inc. (Tech. Hardware, Storage & Periph.)			2.500%	02/09/2025		100,000		95,688
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)	(b)		4.900%	10/15/2025		150,000		147,312
								1,406,409
MATERIALS – 1.0%
Airgas, Inc. (Chemicals)			3.050%	08/01/2020		100,000		100,632
CF Industries, Inc. (Chemicals)			3.450%	06/01/2023		75,000		69,813
Dow Chemical Co. / The (Chemicals)			4.250%	10/01/2034		100,000		90,234
Packaging Corp. of America (Containers & Packaging)			4.500%	11/01/2023		75,000		78,789
Freeport-McMoRan, Inc. (Metals & Mining)			3.550%	03/01/2022		75,000		43,500
Newmont Mining Corp. (Metals & Mining)			3.500%	03/15/2022		75,000		66,873
Teck Resources Ltd. (Metals & Mining)			3.750%	02/01/2023		75,000		34,688
								484,529
TELECOMMUNICATION SERVICES – 0.5%
AT&T, Inc. (Diversified Telecom. Svs.)			3.400%	05/15/2025		100,000		96,122
Verizon Communications, Inc. (Diversified Telecom. Svs.)			3.850%	11/01/2042		75,000		61,296
Rogers Communications, Inc. (Wireless Telecom. Svs.)			3.000%	03/15/2023		75,000		72,871
								230,289
UTILITIES – 1.7%
Commonwealth Edison Co. (Electric Utilities)			4.350%	11/15/2045		100,000		100,579
Kansas City Power & Light Co. (Electric Utilities)			5.850%	06/15/2017		150,000		158,504

19 (continued)

Ohio National Fund, Inc. Omni Portfolio (Continued)

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
UTILITIES (continued)
Pennsylvania Electric Co. (Electric Utilities)			6.050%	09/01/2017	$	150,000	$	159,666
South Carolina Electric & Gas Co. (Electric Utilities)			4.350%	02/01/2042		75,000		71,868
Union Electric Co. (Electric Utilities)			6.400%	06/15/2017		150,000		160,237
Southwest Gas Corp. (Gas Utilities)			3.875%	04/01/2022		75,000		76,412
American Water Capital Corp. (Water Utilities)			4.300%	12/01/2042		100,000		101,125
								828,391
Total Corporate Bonds (Cost $11,621,778)							$	11,378,659
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	$	95,908	$	93,750
Total Asset-Backed Securities (Cost $95,907)							$	93,750
U.S. Treasury Obligations – 0.7%		Rate		Maturity	Face Amount		Value
United States Treasury Note			1.125%	04/30/2020	$	100,000	$	97,733
United States Treasury Note			1.750%	03/31/2022		150,000		147,710
United States Treasury Note			2.500%	05/15/2024		100,000		102,177
Total U.S. Treasury Obligations (Cost $348,585)							$	347,620
Money Market Funds – 0.2%					Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I						102,000	$	102,000
Total Money Market Funds (Cost $102,000)							$	102,000
Total Investments – 100.1% (Cost $48,037,890)	(d)						$	48,745,204
Liabilities in Excess of Other Assets – (0.1)%								(46,072)
Net Assets – 100.0%							$	48,699,132

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 December 31, 2015, the value of these securities totaled $901,644, or 1.9% 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 December 31, 2015

Average Annual Returns
One year	-0.40%
Five years	0.49%
Ten years	1.53%

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 year ended December 31, 2015, the International Portfolio returned -0.40% versus -5.66% for its benchmark, the MSCI All Country World ex-USA Index (Net-USD).

Global equity markets performance was mixed over the reporting period, as regional divergence caused large currency moves that impacted overall performance for investors. Outside the U.S., central banks in Canada, Europe and Japan maintained aggressively loose monetary policies in an effort to fight deflation and support economic growth. Meanwhile, in the U.S., a stronger economy raised expectations for the first Federal Reserve interest rate hike in almost a decade. The anticipated divergence in global monetary policy drove up the value of the U.S. dollar relative to other major world currencies. Over the reporting period, developed markets, as measured by MSCI EAFE Index, rose 5.33% in local terms, but fell 0.81% for U.S. dollar-based investors, due to the strong U.S. dollar. Emerging markets declined over the reporting period, as China’s slowing economy and a decline in commodity prices negatively impacted the outlook for global growth. As measured by MSCI Emerging Markets Index, emerging markets returned -5.76% in local terms, and -14.92% for U.S. dollar based investors.

The European equity market, as measured by MSCI AC Europe Index, returned 4.71% in local terms, but declined 3.23% for U.S. dollar-based investors. Throughout the reporting period, aggressively loose monetary policy by the European Central Bank (“ECB”) and a weaker euro improved the outlook for economic growth for 2015 and 2016. Despite the mid-year political crisis in Greece, the sovereign debt crisis in the euro area continued to recede, as the major economies of Spain and Italy returned to higher growth and lower unemployment. Furthermore, as government budgets have improved and bond yields declined, the impact of fiscal austerity has diminished. As the period ended, the ECB cut deposit rates to a record low -0.30% and extended its 1.1 trillion euro asset purchase program into 2017. Despite geopolitical turmoil (tragic acts of terrorism and massive influx of refugees), domestic demand in Europe continued to improve, helped by record low interest rates, lower energy costs, and a relatively weaker currency.

The Japanese equity market, as measured by MSCI Japan Index, returned 9.57% for U.S. dollar-based investors. Japan’s equity market led the major developed markets and all Asian markets. Japanese corporate data has been very strong with ongoing earnings acceleration due to the sustained weakness of the yen, lower energy prices, and higher consumption driven by a tourist boom. Japanese retail sales increased during the year, Small Business Confidence improved and the service sector Purchasing Managers’ Index rose to its highest level in nearly two years. Japanese structural reforms under the “three arrows” of Abenomics are slowly changing the economic landscape; however, persistent zero to low real economic growth continues to trouble policy makers. The Bank of Japan remains accommodative, with an open commitment to maintain asset purchases of 80 trillion yen per month. Revisions to Prime Minister Abe’s structural reform plan will be released in 2016.

While the major developed markets were growing modestly, there were signs of a deceleration and slowing trade in several emerging markets. After a decade of double-digit growth driven by fixed asset investment and a mercantilist dependence on global trade, the Chinese government’s decision to transform to a more consumption-based economy has slowed the pace of growth. While in the long-term, this economic rebalancing is positive, in the near-term, it has resulted in slower Chinese economic activity and reduced the global demand for fixed assets and commodities. Countries whose economies benefited from commodity exports to China, such as Russia and Brazil, are now expecting recessions. The volatility of the local Chinese A-share market and the government’s sudden weakening of the Chinese yuan in August has fueled worries about economic stability. After a strong start to the year, Chinese equities, as measured by MSCI China, declined 7.82%. As with most developed economies, many emerging market central banks continue to ease monetary conditions by cutting interest rates and adding liquidity. For example, the People’s Bank of China continues to ease monetary policy, using multiple measures to stimulate the economy such as cutting the benchmark one-year lending rate and lowering the reserve requirement for banks.

Chinese economic weakness impacted South Korea, which experienced an overall drop in total exports for the first time in six years. In Taiwan, weaker exports to China were offset by stronger domestic demand amid a stable job market and rising household incomes. During the reporting period, MSCI Taiwan and MSCI South Korea fell 11.72% and 6.66%, respectively. An economic bright spot for the emerging markets was South East Asia. Solid domestic demand drove recoveries in India, Indonesia, and Thailand, which were also boosted by more responsible monetary and fiscal policies, and renewed political stability. Despite positive economic and reform progress, the stock markets and currencies declined during the reporting period amid a broad sell-off in emerging market assets.

For the reporting period, the MSCI USA Index (0.69%) outperformed both the MSCI EAFE Index (-0.81%) and MSCI Emerging Markets Index (-14.92%). Broadly across the world, there was a wide divergence among country returns. Within developed markets, the best performing major economy was MSCI Japan (9.57%), which was less impacted by currency depreciation. Within the Euro area (and euro pegged currencies), the depreciation of the euro by 10.2% versus the U.S. dollar was a major detractor from returns. Within the region, only MSCI Ireland (16.49%), MSCI Denmark (23.43%) and MSCI Belgium (12.10%) had positive returns. The major developed economies which underperformed the most were the ones most exposed to commodities and emerging markets: MSCI Canada (-24.16%), MSCI Singapore (-17.71%), MSCI Spain (-15.64%) and MSCI Norway (-14.99%). Within emerging markets, no major market

21 (continued)

Ohio National Fund, Inc. International Portfolio (Continued)

had positive returns. The top performers were the ones with the strongest currencies: MSCI China (-7.82%), MSCI South Korea (-6.66%) and MSCI Philippines (-6.80%). Laggards in the emerging markets included: MSCI Brazil (-41.37%), MSCI Colombia (-41.80%) and MSCI Greece (-61.33%).

Country allocation remained a key driver of performance for the reporting period, as it consistently has been in the past. The Portfolio maintained exposure to select healthy, high sovereign quality, developed and emerging markets.⁽¹⁾

In Japan, positive performance was driven by the Portfolio’s overweight allocation to Japanese equities. Japanese pharmaceuticals developer Shionogi & Co. Ltd. was one of the Portfolio’s top contributors. Broadly, exporters were the primary beneficiaries of the weaker yen. For example, our investment in Fuji Heavy Industries Ltd. benefited from strong demand for its Subaru brand of cars while Murata Manufacturing Co. Ltd., an electronic component producer, saw strong demand from global smart phone and tablet manufacturers. Domestic travel related stocks also turned in a strong performance, as a growing Chinese middle class took advantage of the weaker yen and looser visa requirements to visit Japan. Internet travel booking company Ikyu Corp. and hotel group Resorttrust, Inc. were among the Portfolio’s top performers. Contributions from home builder Sekisui House Ltd. were offset by losses from building materials company Asahi Kasei Corp.⁽¹⁾

Contributions from Europe were mixed during the period. Danish companies sensitive to the improvement in regional economic growth and lower fuel costs, such as transportation company DSV A/S, outperformed. Danish pharmaceutical company, Novo Nordisk A/S, also outperformed due to continued global demand for its diabetes medications. Ireland and Germany also benefited from an improving European domestic growth outlook. Irish construction equipment company, CRH PLC, and German broadcaster, ProSiebenSat.1 Media SE, rose during the period. Elsewhere in Europe, the Portfolio’s positioning in Austria contributed negatively to results. Austrian insurance company UNIQA Insurance Group AG and steel maker voestalpine AG underperformed. In Turkey, the year began with an improvement in the economic outlook as inflation stabilized and the central bank cut rates. However, over the summer, with a failed election, political instability weighed on the market. The Portfolio’s overweight position to Turkey detracted from performance. Finally, an overweight position in Italy, led by banking service company Cerved Information Solutions SpA and Luxottica Group SpA, contributed positively to Portfolio performance. The Portfolio’s underweight position in France and Switzerland detracted from performance.⁽¹⁾

The Portfolio’s underweight allocation to major commodity-producing countries helped performance. The Portfolio maintained underweights to Australia, Canada, and South Africa. Overcapacity and slowing global growth drove commodity prices broadly lower, as Brent crude oil and copper slumped 35.0% and 24.4%, respectively. The Portfolio was overweight Norway, which is a large oil and gas producing country; however, stock selection benefited performance. Royal Caribbean Cruises Ltd. outperformed on rising demand and lower operating costs.⁽¹⁾

The Portfolio maintained its largest underweight to emerging market countries in many years, which generally benefited performance as emerging markets broadly underperformed developed markets. The biggest positive contribution came from our zero weight in Brazil, which declined 41.4%, as measured by MSCI Brazil. In China, Taiwan and Thailand, poor timing and asset selection hurt Portfolio

performance, while an overweight position in Indonesia also hurt performance.⁽¹⁾

During the reporting period, the Portfolio hedged some currencies with currency forwards. The overall net returns of the currency forward positions contributed positively to Portfolio performance. Positive contribution from a short position in the Canadian dollar (versus the U.S. dollar) and a short position in the Euro (versus the U.S. dollar) aided performance, while a long position in the Swiss franc (versus the euro) was a drag on performance. The Portfolio also utilized equity index futures to assist in managing country weights and cash in the Portfolio. The Portfolio also utilized equity index futures to assist in managing country weights and cash. During the period, equity futures detracted from the Portfolio’s return. The key poor performer for futures was China H-Shares Futures, which declined in concert with the Chinese markets.⁽¹⁾

The Portfolio was also positively impacted by purchases of Initial Public Offerings (IPOs) during the period. The two IPOs that provided the most contribution were Intertrust NV and Nordax Group AB.

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 increasing 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. In Europe, our core view is that the euro area recovery and growth cycle are genuine. The countries we have the highest conviction in are Germany, Netherlands and Ireland, which all benefit from quantitative easing. We are also overweight favored Scandinavian countries, such as Norway, Sweden, and Denmark. We expect that the resilient European economies will benefit from the weaker euro, low borrowing costs and an improving outlook. Additionally, we are also overweight Central Europe, specifically Turkey, Austria, Czech Republic and Hungary. In other major European markets, we remain underweight the UK, Switzerland, and France.⁽¹⁾

At the end of the period, Japan represented the only investment in Asia. Japan was our highest conviction overweight, where we are allocated to both exporters and domestically- oriented stocks. We continue to believe the Japanese stock market is the most attractive over the medium to long-term. The 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 return on equity, is near a 25-year high due to rising margins, (3) the yen remains near a 9-year low, which is a strong support for Japanese equities and (4) the potential for further monetary easing. The Japanese stocks positions are composed mainly of exporting companies that will benefit from the weaker yen, and also domestic stocks focused on tourism, which is booming as richer Asian tourists visit for the first time.⁽¹⁾

22 (continued)

Ohio National Fund, Inc. International Portfolio (Continued)

In Latin America, we see long-term opportunities in Mexico. Mexican companies benefit from external demand from the U.S., where roughly 80% of their exports are destined. The cheaper peso, stable labor costs, and membership in NAFTA make the country an attractive destination for investments.

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 is a drag on sentiment.⁽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’s managers expect the winners to maintain higher profitability and gain market share, while the weaker players, who continue to struggle to gain footing, 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 December 31, 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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	96.3
Preferred Stocks (4)	0.5
Money Market Funds and Other Net Assets	3.2
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Novo Nordisk A/S – ADR	3.0
2.     Honda Motor Co. Ltd.	2.5
3.     Royal Caribbean Cruises Ltd.	2.3
4.     Kubota Corp.	2.3
5.     Fuji Heavy Industries Ltd.	2.2
6.     Sekisui House Ltd.	2.2
7.     CRH PLC	2.2
8.     Danske Bank A/S	2.1
9.     Shionogi & Co. Ltd.	2.1
10.     DSV A/S	2.1

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Top 10 Country Weightings (Common Stocks, Preferred Stocks):

	% of Net Assets
Japan	31.9
Germany	11.9
Denmark	10.3
Sweden	9.3
Netherlands	6.7
Ireland	6.2
Mexico	5.4
Austria	3.3
Norway	3.1
United Kingdom	2.4

23

Ohio National Fund, Inc. International Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 96.3%		Shares		Value
Japan – 31.9%
Aisin Seiki Co. Ltd.	(c)		74,600	$	3,210,662
Alps Electric Co. Ltd.	(c)		43,100		1,168,787
ANA Holdings, Inc.	(c)		338,000		975,165
Chugai Pharmaceutical Co. Ltd.	(c)		60,900		2,122,768
Disco Corp.	(c)		21,600		2,034,102
Don Quijote Holdings Co. Ltd.	(c)		24,300		853,385
Doutor Nichires Holdings Co. Ltd.	(c)		29,900		462,477
Fuji Heavy Industries Ltd.	(c)		86,700		3,571,716
HIS Co. Ltd.	(c)		22,500		751,591
Hitachi Ltd.	(c)		318,000		1,801,906
Honda Motor Co. Ltd.	(c)		125,000		3,995,189
Hoshino Resorts REIT, Inc.	(c)		138		1,431,781
Japan Airlines Co. Ltd.	(c)		28,200		1,009,359
Japan Hotel REIT Investment Corp.	(c)		2,550		1,885,323
Kawasaki Heavy Industries Ltd.	(c)		246,000		910,174
Kubota Corp.	(c)		232,700		3,594,900
Kyowa Hakko Kirin Co. Ltd.	(c)		46,000		723,794
Murata Manufacturing Co. Ltd.	(c)		21,300		3,064,669
Nippon Express Co. Ltd.	(c)		307,000		1,442,662
Oriental Land Co. Ltd.	(c)		26,000		1,572,908
Osaka Gas Co. Ltd.	(c)		435,000		1,571,193
Resorttrust, Inc.	(c)		55,400		1,461,441
Sekisui House Ltd.	(c)		209,000		3,514,074
Shionogi & Co. Ltd.	(c)		72,700		3,288,237
Sumitomo Mitsui Financial Group, Inc.	(c)		76,000		2,868,319
Yamaha Motor Co. Ltd.	(c)		61,900		1,387,507
					50,674,089
Germany – 11.4%
Allianz SE	(c)		11,300		1,991,941
BASF SE	(c)		22,000		1,675,916
Bayer AG	(c)		15,800		1,973,267
Daimler AG	(c)		25,700		2,147,337
Deutsche Pfandbriefbank AG	(a)(b)(d)		47,923		583,300
Deutsche Telekom AG	(c)		117,000		2,101,396
HeidelbergCement AG	(c)		7,000		570,483
ProSiebenSat.1 Media SE	(c)		41,600		2,098,775
SAP SE	(c)		28,600		2,269,499
Siemens AG	(c)		10,700		1,035,180
Symrise AG	(c)		26,300		1,741,018
					18,188,112
Denmark – 10.3%
AP Moeller – Maersk A/S	(c)		886		1,155,613
Danske Bank A/S	(c)		124,000		3,327,204
DSV A/S	(c)		83,300		3,278,993
ISS A/S	(c)		24,000		865,121
NKT Holding A/S	(c)		15,071		777,971
Novo Nordisk A/S – ADR			81,800		4,750,944
Sydbank A/S	(c)		20,050		643,804
Vestas Wind Systems A/S	(c)		22,200		1,550,421
					16,350,071
Sweden – 9.3%
Hennes & Mauritz AB	(c)		78,900		2,806,495
Husqvarna AB	(c)		199,900		1,319,219
JM AB	(c)		41,600		1,238,423
Nordax Group AB	(a)(b)(d)		134,790		814,349
Nordea Bank AB	(c)		193,800		2,126,326
Peab AB	(c)		160,400		1,228,231
Skandinaviska Enskilda Banken AB	(c)		125,900		1,324,027
SKF AB	(c)		36,700		592,752
Swedbank AB	(c)		55,700		1,226,712
Telefonaktiebolaget LM Ericsson	(c)		92,100		887,964
Volvo AB	(c)		134,400		1,246,231
					14,810,729

Common Stocks (Continued)		Shares		Value
Netherlands – 6.7%
ABN AMRO Group NV	(a)(b)(d)		22,800	$	512,159
Akzo Nobel NV	(c)		8,847		591,145
ASML Holding NV			7,700		683,529
GrandVision NV	(b)(c)		15,000		450,099
Heineken NV	(c)		21,200		1,806,598
ING Groep NV	(d)		150,800		2,040,329
Intertrust NV	(a)(b)(d)		41,652		917,075
Koninklijke Philips NV	(c)		29,600		755,518
NN Group NV	(c)		16,500		582,168
Randstad Holding NV	(c)		8,000		498,171
Royal Dutch Shell PLC – ADR			39,237		1,796,662
					10,633,453
Ireland – 6.2%
Bank of Ireland	(a)(c)		6,915,000		2,531,957
CRH PLC	(c)		120,944		3,487,896
Kerry Group PLC	(c)		33,700		2,788,329
Smurfit Kappa Group PLC	(c)		43,100		1,103,835
					9,912,017
Mexico – 5.4%
Alpek SAB de CV			275,000		384,548
Alsea SAB de CV			312,000		1,086,012
Fibra Uno Administracion SA de CV			270,000		595,161
Fomento Economico Mexicano SAB de CV – ADR			8,700		803,445
Gruma SAB de CV			38,200		537,453
Grupo Aeroportuario del Sureste SAB de CV – ADR			5,700		801,819
Grupo Financiero Banorte SAB de CV			295,200		1,623,776
Grupo Lala SAB de CV			361,500		836,498
Grupo Mexico SAB de CV			70,000		149,427
Infraestructura Energetica Nova SAB de CV			126,500		528,548
Wal-Mart de Mexico SAB de CV			478,000		1,206,475
					8,553,162
Austria – 3.3%
Erste Group Bank AG	(a)(c)		61,500		1,924,339
OMV AG	(c)		19,500		553,512
UNIQA Insurance Group AG	(c)		89,700		730,956
voestalpine AG	(c)		32,600		997,174
Wienerberger AG	(c)		59,500		1,102,673
					5,308,654
Norway – 3.1%
DNB ASA	(c)		92,885		1,144,457
Statoil ASA	(c)		155,600		2,170,116
Yara International ASA	(c)		35,898		1,543,911
					4,858,484
United Kingdom – 2.4%
BG Group PLC	(c)		30,000		434,875
Dialog Semiconductor PLC	(a)(c)		41,600		1,388,134
Fiat Chrysler Automobiles NV	(c)		62,535		868,476
Unilever NV	(d)		26,263		1,144,649
					3,836,134
United States – 2.3%
Royal Caribbean Cruises Ltd.			35,650		3,608,137
Italy – 2.0%
Azimut Holding SpA	(c)		20,800		517,009
Cerved Information Solutions SpA	(c)		129,100		1,072,354
Luxottica Group SpA	(c)		11,300		736,365
UniCredit SpA	(c)		146,996		812,695
					3,138,423

24 (continued)

Ohio National Fund, Inc. International Portfolio (Continued)

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
Czech Republic – 1.1%
CEZ AS	(c)		39,800	$	709,794
Komercni banka as	(c)		5,100		1,012,507
					1,722,301
Hungary – 0.9%
MOL Hungarian Oil & Gas PLC	(c)		9,900		482,850
OTP Bank PLC	(c)		45,500		935,542
					1,418,392
Taiwan – 0.0%
Hon Hai Precision Industry Co. Ltd.	(c)		12,150		29,735
Total Common Stocks (Cost $142,692,346)				$	153,041,893

Preferred Stocks – 0.5%		Shares		Value
Germany – 0.5%
Henkel AG & Co. KGaA	(c)		7,500	$	837,014
Total Preferred Stocks (Cost $904,221)				$	837,014
Money Market Funds – 3.8%		Shares		Value
State Street Institutional Liquid Reserves Fund
Institutional Class			5,997,019	$	5,997,019
Total Money Market Funds (Cost $5,997,019)				$	5,997,019
Total Investments – 100.6% (Cost $149,593,586)	(e)			$	159,875,926
Liabilities in Excess of Other Assets – (0.6)%	(f)				(898,367)
Net Assets – 100.0%				$	158,977,559

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 December 31, 2015, the value of these securities totaled $3,276,982, or 2.1% 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 $128,474,612, or 80.8% 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 its valuation model of a stock is below a chosen threshold. These securities represent $4,867,212, or 3.1% 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 $211,708 of cash pledged as collateral for the following futures contracts outstanding at December 31, 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	March 10, 2016	211	$2,448,896	$	2,513,447	$	(64,551	)	$	(177	)
Long	Borsa Istanbul (BIST) 30 Future	February 29, 2016	483	$1,475,217	$	1,534,981	$	(59,764	)	$	(24,468	)
				$3,924,113	$	4,048,428	$	(124,315	)	$	(24,645	)

Details of the foreign currency contracts outstanding in the International Portfolio at December 31, 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)
October 22, 2015	January 27, 2016	GS		10,749,562 CHF	$	11,100,000	$	10,742,405	$	(357,595	)
					$	11,100,000	$	10,742,405	$	(357,595	)

Contracts to sell foreign currency:

Date of contract	Exchange date	Counterparty	Currency to receive		Currency to deliver		Contract at value		Unrealized Appreciation (Depreciation)
December 14, 2015	March 15, 2016	CITI	$	21,233,577		19,228,000 EUR	$	20,932,908	$	300,669
December 14, 2015	March 15, 2016	HSBC	$	27,019,477		3,253,145,000 JPY	$	27,109,078	$	(89,601	)
			$	48,253,054			$	48,041,986	$	211,068

25 (continued)

Ohio National Fund, Inc. International Portfolio (Continued)

Counterparties	Currencies
CITI – Citigroup Global Markets, Inc.	CHF – Swiss Franc
GS – Goldman Sachs Bank USA	EUR – Euro
HSBC – HSBC Bank USA, N.A.	JPY – Japanese Yen

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

Consumer Discretionary	23.4	%
Financials	22.1	%
Industrials	14.3	%
Information Technology	8.4	%
Health Care	8.1	%
Materials	7.7	%
Consumer Staples	6.3	%
Energy	3.4	%
Utilities	1.8	%
Telecommunication Services	1.3	%
	96.8	%

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 equity and equity related securities of established companies with either current or emerging earnings growth not fully appreciated or recognized by the market.

Performance as of December 31, 2015

Average Annual Returns
One year	-2.05%
Five years	10.59%
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 year ended December 31, 2015, the Capital Appreciation Portfolio returned -2.05% versus 1.38% for its benchmark, the S&P 500 Index.

Overall, 2015 proved to be difficult for many active managers. It was a very narrow, macro driven market with only a few holdings driving the majority of gains in the broad market indices. The average stock in the Russell 3000 Index is down over 12% since the market high earlier this year, while the index itself is down 4% for the same period. Furthermore, the S&P 500 Equal Weighted Index, which returned -2.2%, lagged the S&P 500 Index by 3.6%; its smaller weightings in Amazon.com, Inc., Microsoft Corp., Alphabet, Inc. (f/k/a Google), and Facebook, Inc. accounted for nearly half of the shortfall. Media reports on “FANG” (Facebook, Amazon.com, Netflix, and Google) stocks have been widespread, rightfully so. In Information Technology, Facebook, Inc. and Alphabet, Inc. accounted for 83 basis points of the index’s return; in Consumer Discretionary, Amazon.com, Inc. and Netflix, Inc. contributed 72 basis points.

There was also significant disparity among market segments: the Russell 1000 Growth Index outperformed its value counterpart by more than 9% and the Russell 1000 Index outperformed the Russell 2000 Index by over 5%. From a sector perspective, those sectors most tied to commodity prices and global growth, like Energy, Materials, and Industrials declined. Health Care, Information Technology, and the Consumer sectors posted solid gains. This illustrates that the market was focused on top-line revenue growers, along with safety, in the face of slowing earnings growth, global turmoil, China/emerging market weakness, and the resulting volatility that ensued.

Against that backdrop, the calendar year relative performance fell short of the S&P 500 Index. This marks the first time in our history at Jennison to underperform for two consecutive calendar years. Several of our holdings, especially in Energy and Materials, were hurt by negative volatility in sectors overall; however, in most cases fundamentals are strong and earnings did not disappoint. Our positions in these sectors trailed the poor returns of the index and were the largest sources of absolute and relative weakness.⁽¹⁾

Constellium NV hit new lows in October that were partly a function of mutual fund fiscal year tax loss selling. Earlier in the year, the stock was punished due to its increased leverage to purchase Wise Metals, which won’t add capacity in its key auto-panel sheet business until 2017/18. Shares rebounded recently, reflecting its fundamentals more accurately, in our view. We think that the current valuation already discounts negative scenarios and that there will be more market recognition of the long-term growth opportunity or specialty aluminum due to the light weighting in auto and aerospace markets going forward.⁽¹⁾

Shares of Potash Corp. of Saskatchewan, Inc. performed poorly for two reasons: recent weakness in the potash market as pricing has retraced to the lows of last year at $300 per ton, and uncertainty around its bidding for a European competitor, K+S in Germany.⁽¹⁾ Although we continue to like the positive free cash flow metrics of Potash Corp. of Saskatchewan, Inc., which more than funds its almost 7% dividend, we eliminated the position due to the risk of the company’s biggest commodity, potash, going lower in price or staying under $300 for a prolonged period.⁽¹⁾

In Energy, we invested in companies that we believed were major independent players, high quality, and had solid balance sheets. Unfortunately, two of our holdings were hurt by one-time company-specific events; however, we still maintain conviction in our investment thesis.⁽¹⁾

Noble Energy, Inc. experienced delays in contract negotiations with the Israeli government over disposal of its assets in the Eastern Mediterranean. The company’s core U.S. assets are located in the Niobrara and Marcellus - two of the most economic onshore basins in the U.S., which should provide years of inventory. With its prospects for growth in the Middle East, efficient use of capital and prudent cost management, we believe Noble Energy, Inc. could benefit over the medium- to long-term given its inexpensive valuation relative to its peer group.⁽¹⁾

Anadarko Petroleum Corp.’s attempts to takeover Apache Energy were viewed as negative by the markets and share price was penalized. We believe its assets are underappreciated by the market and like its strong management team and diversified portfolio that should allow it to grow both reserves and production faster than the industry over the longer-term.⁽¹⁾

On the other hand, Health Care and Consumer Staples added value as a number of positions generated solid gains. Hologic, Inc. executed on a multi-year turnaround with a new management team capitalizing on a strong mammography upgrade cycle. While we think the cycle still has a runway, we eliminated the position as its valuation no longer justified our reward-to-risk assessments.⁽¹⁾

As mentioned above, Bristol-Myers Squibb Co.’s overall immune-oncology program has significant potential and we think the company will continue to benefit from product momentum, new product launches, pipeline data, and strong business development deals. ⁽¹⁾

Shares of Impax Laboratories, Inc. benefited from FDA approval of IPXL’s Rytary treatment for Parkinson’s disease, ending the multi-year probation status for at least one of the company’s major manufacturing facilities. Like we did with Hologic, Inc., we exited this position with a solid gain, as its valuation no longer met our reward versus risk requirements.⁽¹⁾

Diamond Foods, Inc. was restructuring its nut business when snacks maker Snyder’s-Lance announced it was bidding to buy the company with a combination of stock and cash. Snyder’s goal is to expand its presence in natural foods, as well as gain easier access to the European market.⁽¹⁾

27 (continued)

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

Mondelez International, Inc. manufactures and markets snack food and beverage products worldwide. We believe margin improvement will continue and a supply chain overhaul could contribute to additional upside.⁽¹⁾

With recent broad equity market declines, valuations overall have improved; however, there has also been a notable uptick in the dispersion of fundamentals and valuations of companies within the same industry. In addition, deteriorating fundamentals in many emerging markets and tepid top line growth may imply that expectations for most U.S. companies are still high by historical standards. Our view is that these factors, along with the continued uncertainty around China’s economic growth trajectory, should contribute to heightened volatility for the remainder of the year. Against this backdrop, we think it is still premature to buy many companies based on valuations alone; however, we are well prepared to take advantage of irrational market behavior and near term volatility to capture opportunistic buys.

Two sectors we are frequently asked about are Materials and Energy. We are currently underweight both sectors, and feel comfortable with the few names that we have. Each company in our Portfolio has solid fundamentals and we expect those companies to be able to execute through a low price environment. They have differentiated assets and are well positioned for business growth, key facts that we believe market consensus is ignoring. Nevertheless, we are very cautious and closely watching for their business catalysts to develop over the next six months.⁽¹⁾

In this environment, bottom-up research and understanding individual company business risk drivers are critical. We believe this

bodes well for our investment process, long-term approach, and the performance expectations of our clients.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	95.7
Money Market Funds Less Net Liabilities	4.3
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Bristol-Myers Squibb Co.	2.4
2.     Alphabet, Inc. Class C	2.3
3.     Express Scripts Holding Co.	2.1
4.     FirstEnergy Corp.	2.0
5.     MetLife, Inc.	1.9
6.     JPMorgan Chase & Co.	1.9
7.     Boeing Co. / The	1.9
8.     Microsoft Corp.	1.9
9.     Wells Fargo & Co.	1.9
10.     Mylan NV	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⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Consumer Discretionary	22.8
Information Technology	17.3
Financials	15.7
Health Care	14.9
Industrials	7.0
Energy	6.0
Consumer Staples	4.8
Utilities	3.8
Materials	2.3
Telecommunication Services	1.1
	95.7

28

Ohio National Fund, Inc. Capital Appreciation Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 95.7%		Shares		Value
CONSUMER DISCRETIONARY – 22.8%
Lear Corp. (Auto Components)			36,551	$	4,489,559
Carnival Corp. (Hotels, Restaurants & Leisure)			135,695		7,392,664
Hyatt Hotels Corp. Class A (Hotels, Restaurants & Leisure)	(a)		133,555		6,279,756
MGM Resorts International (Hotels, Restaurants & Leisure)	(a)		285,106		6,477,608
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a)		106,802		3,323,678
SeaWorld Entertainment, Inc. (Hotels, Restaurants & Leisure)			210,824		4,151,125
Starwood Hotels & Resorts Worldwide, Inc. (Hotels, Restaurants & Leisure)			47,313		3,277,845
Wendy’s Co. / The (Hotels, Restaurants & Leisure)			537,881		5,792,978
CalAtlantic Group, Inc. (Household Durables)			191,750		7,271,160
Comcast Corp. Class A (Media)			129,999		7,335,844
Live Nation Entertainment, Inc. (Media)	(a)		267,977		6,584,195
Twenty-First Century Fox, Inc. Class A (Media)			129,621		3,520,506
Viacom, Inc. Class B (Media)			169,663		6,983,329
Vivendi SA (Media)	(b)		255,230		5,481,617
Target Corp. (Multiline Retail)			100,757		7,315,966
Coach, Inc. (Textiles, Apparel & Luxury Goods)			178,671		5,847,902
lululemon athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a)		125,915		6,606,760
					98,132,492
CONSUMER STAPLES – 4.8%
United Natural Foods, Inc. (Food & Staples Retailing)	(a)		56,327		2,217,031
ConAgra Foods, Inc. (Food Products)			178,710		7,534,414
Diamond Foods, Inc. (Food Products)	(a)		110,581		4,262,898
Mondelez International, Inc. Class A (Food Products)			148,565		6,661,655
					20,675,998
ENERGY – 6.0%
Patterson-UTI Energy, Inc. (Energy Equip. & Svs.)			382,788		5,772,443
Schlumberger Ltd. (Energy Equip. & Svs.)			76,183		5,313,764
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			41,440		2,013,155
Cobalt International Energy, Inc. (Oil, Gas & Consumable Fuels)	(a)		278,249		1,502,545
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)	(a)		207,428		1,657,350
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)			193,539		6,373,239
Plains GP Holdings LP Class A (Oil, Gas & Consumable Fuels)			210,066		1,985,124
Rice Energy, Inc. (Oil, Gas & Consumable Fuels)	(a)		124,639		1,358,565
					25,976,185
FINANCIALS – 15.7%
Bank of America Corp. (Banks)			391,275		6,585,158
Citigroup, Inc. (Banks)			141,916		7,344,153
JPMorgan Chase & Co. (Banks)			125,377		8,278,643
PNC Financial Services Group, Inc. / The (Banks)			66,979		6,383,768
Wells Fargo & Co. (Banks)			147,146		7,998,857
Goldman Sachs Group, Inc. / The (Capital Markets)			34,954		6,299,759
Capital One Financial Corp. (Consumer Finance)			65,850		4,753,053
Synchrony Financial (Consumer Finance)	(a)		155,410		4,726,018
Voya Financial, Inc. (Diversified Financial Svs.)			179,688		6,632,284
MetLife, Inc. (Insurance)			173,930		8,385,165
					67,386,858
HEALTH CARE – 14.9%
AbbVie, Inc. (Biotechnology)			124,845		7,395,818
Express Scripts Holding Co. (Health Care Providers & Svs.)	(a)		104,489		9,133,383

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Veeva Systems, Inc. Class A (Health Care Technology)	(a)		201,393	$	5,810,188
Allergan PLC (Pharmaceuticals)	(a)		11,431		3,572,187
Bristol-Myers Squibb Co. (Pharmaceuticals)			149,291		10,269,728
Merck & Co., Inc. (Pharmaceuticals)			111,751		5,902,688
Mylan NV (Pharmaceuticals)	(a)		144,907		7,835,121
Pfizer, Inc. (Pharmaceuticals)			236,870		7,646,164
Shire PLC – ADR (Pharmaceuticals)			31,747		6,508,135
					64,073,412
INDUSTRIALS – 7.0%
Boeing Co. / The (Aerospace & Defense)			57,112		8,257,824
ADT Corp. / The (Commercial Svs. & Supplies)			230,576		7,604,396
Eaton Corp. PLC (Electrical Equip.)			82,900		4,314,116
General Electric Co. (Industrial Conglomerates)			138,047		4,300,164
Hertz Global Holdings, Inc. (Road & Rail)	(a)		392,911		5,591,124
					30,067,624
INFORMATION TECHNOLOGY – 17.3%
Brocade Communications Systems, Inc. (Communications Equip.)			370,688		3,402,916
Juniper Networks, Inc. (Communications Equip.)			158,353		4,370,543
Polycom, Inc. (Communications Equip.)	(a)		357,903		4,505,999
Viavi Solutions, Inc. (Communications Equip.)	(a)		492,605		2,999,964
Benchmark Electronics, Inc. (Electronic Equip., Instr. & Comp.)	(a)		170,159		3,517,186
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		13,214		10,027,840
Match Group, Inc. (Internet Software & Svs.)	(a)		134,525		1,822,814
Cadence Design Systems, Inc. (Software)	(a)		209,909		4,368,206
Fortinet, Inc. (Software)	(a)		99,252		3,093,685
Guidewire Software, Inc. (Software)	(a)		62,067		3,733,951
Microsoft Corp. (Software)			145,900		8,094,532
PTC, Inc. (Software)	(a)		186,789		6,468,503
Rovi Corp. (Software)	(a)		296,163		4,934,076
Apple, Inc. (Tech. Hardware, Storage & Periph.)			53,397		5,620,568
Diebold, Inc. (Tech. Hardware, Storage & Periph.)			255,757		7,695,728
					74,656,511
MATERIALS – 2.3%
Monsanto Co. (Chemicals)			36,764		3,621,989
Constellium NV Class A (Metals & Mining)	(a)		253,511		1,952,035
Louisiana-Pacific Corp. (Paper & Forest Products)	(a)		244,706		4,407,155
					9,981,179
TELECOMMUNICATION SERVICES – 1.1%
Frontier Communications Corp. (Diversified Telecom. Svs.)			1,007,536		4,705,193
UTILITIES – 3.8%
FirstEnergy Corp. (Electric Utilities)			276,789		8,782,515
Calpine Corp. (Ind. Power & Renewable Elec.)	(a)		254,746		3,686,175
PG&E Corp. (Multi-Utilities)			75,479		4,014,728
					16,483,418
Total Common Stocks (Cost $421,737,026)				$	412,138,870
Money Market Funds – 6.2%		Shares		Value
Fidelity Institutional Money Market Funds
Money Market Portfolio – Class I			26,660,000	$	26,660,000
Total Money Market Funds (Cost $26,660,000)				$	26,660,000
Total Investments – 101.9% (Cost $448,397,026)	(c)			$	438,798,870
Liabilities in Excess of Other Assets – (1.9)%					(8,370,711)
Net Assets – 100.0%				$	430,428,159

29 (continued)

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

Schedule of Investments December 31, 2015

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 $5,481,617, or 1.3% 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.

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 non-U.S. small and mid-cap companies.

Performance as of December 31, 2015

Average Annual Returns
One year	9.46%
Five years	5.23%
Ten years	5.01%

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 year ended December 31, 2015, the International Small-Mid Company Portfolio returned 9.46% versus 0.44% for the current benchmark, the MSCI ACWI Ex USA SMID Cap Index (Net-USD) and 7.22% for the former benchmark, the S&P Developed Small Cap Ex-U.S. Growth Index.

Global equity markets performance was mixed over the reporting period, as regional divergence caused large currency moves that impacted overall performance for investors. Outside the U.S., central banks in Canada, Europe and Japan maintained aggressively loose monetary policies in an effort to fight deflation and support economic growth. Meanwhile, in the U.S., a stronger economy raised expectations for the first Federal Reserve interest rate hike in almost a decade. The anticipated divergence in global monetary policy drove up the value of the U.S. dollar relative to other major world currencies. Over the reporting period, developed markets, as measured by MSCI EAFE Index, rose 5.33% in local terms, but fell 0.81% for U.S. dollar-based investors, due to the strong U.S. dollar. Emerging markets declined over the reporting period, as China’s slowing economy and a decline in commodity prices negatively impacted the outlook for global growth. As measured by MSCI Emerging Markets Index, emerging markets returned -5.76% in local terms, and -14.92% for U.S. dollar based investors.

The European equity market, as measured by MSCI AC Europe Index, returned 4.71% in local terms, but declined 3.23% for U.S. dollar-based investors. Throughout the reporting period, aggressively loose monetary policy by the European Central Bank (“ECB”) and a weaker euro improved the outlook for economic growth for 2015 and 2016. Despite the mid-year political crisis in Greece, the sovereign debt crisis in the euro area continued to recede, as the major economies of Spain and Italy returned to higher growth and lower unemployment. Furthermore, as government budgets have improved and bond yields declined, the impact of fiscal austerity has diminished. As the period ended, the ECB cut deposit rates to a record low -0.30% and extended its 1.1 trillion euro asset purchase program into 2017. Despite geopolitical turmoil (tragic acts of terrorism and massive influx of refugees), domestic

demand in Europe continued to improve, helped by record low interest rates, lower energy costs, and a relatively weaker currency.

The Japanese equity market, as measured by MSCI Japan Index, returned 9.57% for U.S. dollar-based investors with limited impact from the yen volatility versus the U.S. dollar as it was range bound in the period. Japan’s equity market led the major developed markets and all Asian markets. Japanese corporate data has been very strong with ongoing earnings acceleration due to the sustained weakness of the yen, lower energy prices, and higher consumption driven by a tourist boom. Japanese retail sales increased during the year, Small Business Confidence improved and the service sector Purchasing Managers’ Index rose to its highest level in nearly two years. Japanese structural reforms under the “three arrows” of Abenomics are slowly changing the economic landscape; however, persistent zero to low real economic growth continues to trouble policy makers. The Bank of Japan remains accommodative with an open commitment to maintain asset purchases of 80 trillion yen per month. Revisions to Prime Minister Abe’s structural reform plan will be released in 2016.

While the major developed markets were growing modestly, there were signs of a deceleration and slowing trade in several emerging markets. After a decade of double-digit growth driven by fixed asset investment and a mercantilist dependence on global trade, the Chinese government’s decision to transform to a more consumption-based economy has slowed the pace of growth. While in the long-term, this economic rebalancing is positive, in the near-term, it has resulted in slower Chinese economic activity and reduced the global demand for fixed assets and commodities. Countries whose economies benefited from commodity exports to China, such as Russia and Brazil, are now expecting recessions. The volatility of the local Chinese A-share market and the government’s sudden weakening of the Chinese yuan in August has fueled worries about economic stability. After a strong start to the year, Chinese equities, as measured by MSCI China, declined 7.82%. As with most developed economies, many emerging market central banks continue to ease monetary conditions by cutting interest rates and adding liquidity. For example, the People’s Bank of China continues to ease monetary policy using multiple measures to stimulate the economy such as cutting the benchmark one-year lending rate and lowering the reserve requirement for banks.

Chinese economic weakness impacted South Korea, which experienced an overall drop in total exports for the first time in six years. In Taiwan, weaker exports to China were offset by stronger domestic demand amid a stable job market and rising household incomes. During the reporting period, MSCI Taiwan and MSCI South Korea fell 11.72% and 6.66%, respectively. An economic bright spot for the emerging markets was South East Asia. Solid domestic demand drove recoveries in India, Indonesia, and Thailand, which were also boosted by more responsible monetary and fiscal policies, and renewed political stability. Despite positive economic and reform progress, the stock markets and currencies declined during the reporting period amid a broad sell-off in emerging market assets.

For the reporting period, the MSCI USA Index (0.69%) outperformed both the MSCI EAFE Index (-0.81%) and MSCI Emerging Markets Index (-14.92%). Broadly across the world, there was a wide divergence among country returns. Within developed markets, the best performing major economy was MSCI Japan (9.57%), which was less impacted by currency depreciation. Within the euro area (and euro pegged currencies), the depreciation of the euro by 10.2% versus the U.S. dollar was a major detractor from returns. Within the region, only MSCI Ireland (16.49%), MSCI Denmark (23.43%) and

31 (continued)

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

MSCI Belgium (12.10%) had positive returns. The major developed economies which underperformed the most were the ones most exposed to commodities and emerging markets: MSCI Canada (-24.16%), MSCI Singapore (-17.71), MSCI Spain (-15.64%) and MSCI Norway (-14.99%). Within emerging markets, no major market had positive returns. The top performers were the ones with the strongest currencies: MSCI China (-7.82%), MSCI South Korea (-6.66%) and MSCI Philippines (-6.80%). Laggards in the emerging markets included: MSCI Brazil (-41.37%), MSCI Colombia (-41.80%) and MSCI Greece (-61.33%).

During the reporting period, the Portfolio significantly outperformed its benchmark. Strong stock selection in the Financials and Consumer Discretionary sectors were the biggest drivers of outperformance. Overweighting the outperforming Health Care and Information Technology sectors also contributed to the outperformance. Finally, the decision to hedge our exposure to the euro contributed positively to performance as well.⁽¹⁾

Stocks that contributed to the positive stock selection in Consumer Discretionary were Pandora A/S and Yoox Net-A-Porter Group SpA. Pandora A/S is a global jeweler based in Denmark. High demand for its products along with declining silver prices helped the company deliver results above expectations and announce a large share buyback. Yoox Group SpA, an Italian online luxury goods retailer, announced a merger with UK’s Net-A-Porter Group, consolidating the online luxury goods market. The favorable terms of the merger for Yoox Net-A-Porter Group SpA shareholders and larger than expected synergies drove the share price outperformance. In Financials, UK financial advisor St. James Place PLC and Italian asset manager Anima Holding SpA added to the Portfolio’s outperformance. Both companies reported better than expected assets under management growth, benefitting from market share gains and ongoing quantitative easing by the ECB.⁽¹⁾

Positive relative contributions also came from over-weighting two of the top performing sectors, Health Care and Information Technology, along with strong stock selection within these sectors. In Health Care, Japanese holdings Chugai Pharmaceutical Co. Ltd. and Shionogi & Co. Ltd. were top performers. Shionogi & Co. Ltd. earnings exceeded expectations following a successful global launch of its drug that treats HIV while Chugai Pharmaceutical Co. Ltd. benefitted from a robust pipeline and anticipated launches in early 2016. Stock selection in Information Technology was driven by French videogame maker UBISOFT Entertainment. UBISOFT Entertainment announced a strong product launch cycle and is also subject to ongoing takeover rumors as Vivendi SA continues to build a stake in the company.⁽¹⁾

Two of the Portfolio’s Energy holdings were among the worst performers for the year, Tidewater, Inc. and Soco International PLC. Both companies were impacted by the sudden drop in the price of oil. Soco International PLC also took a write off on assets in Vietnam and the Democratic Republic of Congo, which put added pressure on its earnings. Lower oil also impacted one of the Portfolio’s financial holdings, Canadian Western Bank. The Alberta-based bank has minimal direct oil exposure but it services Western Canada where energy is a key component of the economy. Slowing gross domestic product growth in Alberta has translated into lower loan growth for Canadian Western Bank and that, along with uncertainties over the bank’s indirect oil exposure, has weighed on its share price.⁽¹⁾

The Portfolio was also negatively impacted by two holdings in Consumer Discretionary, Prada SpA and Hudson’s Bay Co. Prada SpA has been a leading luxury goods company since its founding in 1913.

Earnings came under pressure as the company pursued an aggressive expansion strategy while the underlying market was slowing down. China and Hong Kong saw the largest slowdown in luxury demand, and these are two of Prada SpA’s biggest markets. Hudson’s Bay Co. is a leading department store operator in the United States, Canada and Germany, operating the Saks, Lord & Taylor, Hudson’s Bay and Galeria Kaufhof banners. Hudson’s Bay Co. shares came under pressure late in the year, as unseasonal weather and changing consumer behavior caused the company to revise its earnings outlook downward.⁽¹⁾

During the reporting period, the Portfolio hedged a portion of its Euro exposure (versus the U.S. dollar) with currency forwards. The overall net return of the currency forward position contributed positively to Portfolio performance. The Portfolio also utilized equity index futures to assist in managing country weights and cash. These futures did not have a meaningful impact on total return.

During the reporting period, the Portfolio participated in a significant number of Initial Public Offerings (IPOs). The overall net returns of the IPOs contributed positively to Portfolio performance. Auto Trader Group Plc, Infrastrutture Wireless Italiane S.p.A. and Grandvision N.V. were the largest positive contributors to the Portfolio’s return, while Massimo Zanetti Beverage Group S.p.A. and Alimak Group AB were a drag on performance.⁽¹⁾

The Portfolio’s positioning reflects our best long-term investment ideas combined with a portion of the Portfolio dedicated to more tactical holdings. During the first quarter, prior to the ECB’s quantitative easing (“QE”) announcement, we established a short position in the euro, effectively neutralizing our exposure relative to our benchmark to manage risk. We subsequently exited this position in the fourth quarter. Our expectation for a European recovery has not been altered in light of recent developments. We continue to expect the European economies to benefit from the tailwind of a weaker euro, ongoing QE, low borrowing costs and an improving macro outlook as we look into 2016 and beyond. 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 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 exposure to Asia.⁽¹⁾

In terms of sector exposure, we continue to have a cyclical bias with an overweight to Consumer Discretionary and Information Technology, while we remain underweight the Energy sector. Our sector positioning stems from our belief that the economic recovery will be driven by advancements in technology and continued strength in consumer spending. These sectors should be beneficiaries from additional stimulus measures being discussed in Europe and Japan. Looking forward, we continue to see a healthy initial public offering pipeline and will participate in deals that fit our investment strategy and philosophy.⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2015.

32 (continued)

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

Effective May 1, 2015, the Portfolio’s benchmark was changed from S&P Developed Small Cap Ex-U.S. Growth Index to MSCI ACWI ex USA SMID Cap Index. The change in the benchmark was made because the new benchmark was more comparable to the holdings selected by the sub-adviser’s investment strategy.

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 returns presented for this index includes the effects of reinvested dividends, net of taxes, and adjustment to U.S. Dollar denomination.

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	94.6
Money Market Funds and Other Net Assets	5.4
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1. St. James’s Place PLC	1.8
2. Kakaku.com, Inc.	1.6
3. Shawbrook Group PLC	1.5
4. Daifuku Co. Ltd.	1.5
5. Chugai Pharmaceutical Co. Ltd.	1.5
6. Ashtead Group PLC	1.5
7. Criteo SA – ADR	1.3
8. Shionogi & Co. Ltd.	1.3
9. Julius Baer Group Ltd.	1.3
10. Babcock International Group PLC	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 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Top 10 Country Weightings (Common Stocks):

	% of Net Assets
United Kingdom	19.6
Japan	17.7
France	10.1
Germany	8.4
Italy	6.0
Hong Kong	5.5
Netherlands	4.4
Canada	2.8
Ireland	2.6
United States	2.4

33

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

Schedule of Investments December 31, 2015

Common Stocks – 94.6%		Shares		Value
United Kingdom – 19.6%
Ashtead Group PLC	(d)		69,241	$	1,139,556
ASOS PLC	(a)(d)		16,700		848,522
Babcock International Group PLC	(d)		66,953		1,001,961
BTG PLC	(a)(d)		30,642		310,493
Burberry Group PLC	(d)		22,887		402,674
Croda International PLC	(d)		15,633		700,435
Dialog Semiconductor PLC	(a)(d)		17,700		590,625
Essentra PLC	(d)		56,570		689,594
Howden Joinery Group PLC	(d)		78,978		611,925
InterContinental Hotels Group PLC	(d)		22,608		881,227
John Wood Group PLC	(d)		61,045		549,784
LivaNova PLC	(a)		15,097		896,301
London Stock Exchange Group PLC	(d)		19,979		808,312
Michael Page International PLC	(d)		59,025		421,695
Rightmove PLC	(d)		9,688		588,740
Schroders PLC	(d)		21,489		941,196
Shawbrook Group PLC	(a)(b)(e)		233,545		1,205,366
St. James’s Place PLC	(d)		96,611		1,431,937
Stock Spirits Group PLC	(e)		245,343		504,550
Vectura Group PLC	(a)(e)		124,833		323,891
Worldpay Group PLC	(a)(b)(e)		100,930		457,235
					15,306,019
Japan – 17.7%
Aisin Seiki Co. Ltd.	(d)		20,600		886,590
Alps Electric Co. Ltd.	(d)		13,700		371,517
Chugai Pharmaceutical Co. Ltd.	(d)		33,000		1,150,268
Daifuku Co. Ltd.	(d)		67,900		1,156,272
Disco Corp.	(d)		4,400		414,354
Don Quijote Holdings Co. Ltd.	(d)		25,800		906,063
Doutor Nichires Holdings Co. Ltd.	(d)		24,900		385,140
Horiba Ltd.	(d)		22,500		868,792
Japan Hotel REIT Investment Corp.	(d)		820		606,261
Kakaku.com, Inc.	(d)		64,201		1,262,808
Kanamoto Co. Ltd.	(d)		19,400		490,618
K’s Holdings Corp.	(d)		12,900		439,268
Kyowa Hakko Kirin Co. Ltd.	(d)		26,000		409,101
Nidec Corp.	(d)		5,300		384,335
NSK Ltd.	(d)		66,600		723,670
NTN Corp.	(d)		56,000		236,133
Ono Pharmaceutical Co. Ltd.	(d)		3,300		588,429
Shionogi & Co. Ltd.	(d)		22,300		1,008,634
Sompo Japan Nipponkoa Holdings, Inc.	(d)		18,000		591,024
Tadano Ltd.	(d)		29,000		351,071
United Arrows Ltd.	(d)		15,000		646,666
					13,877,014
France – 10.1%
Accor SA	(d)		16,417		711,019
Advanced Accelerator Applications SA – ADR	(a)		16,367		511,796
Criteo SA – ADR	(a)		26,317		1,042,153
Edenred	(d)		29,887		564,955
Ingenico Group SA	(d)		3,610		455,658
Ipsen SA	(d)		14,347		950,597
Publicis Groupe SA	(d)		13,335		886,715
Societe Television Francaise 1	(d)		32,500		360,874
Teleperformance	(d)		10,732		902,426
UBISOFT Entertainment	(a)(d)		32,843		950,513
Zodiac Aerospace	(d)		22,774		542,256
					7,878,962
Germany – 8.4%
Commerzbank AG	(a)(d)		28,726		296,411
Deutsche Pfandbriefbank AG	(a)(b)(e)		53,246		648,089
Deutz AG	(d)		156,550		623,118
GEA Group AG	(d)		10,189		411,644
HeidelbergCement AG	(d)		10,586		862,733
Kloeckner & Co. SE	(d)		79,733		689,622
OSRAM Licht AG	(d)		9,837		410,980

Common Stocks (Continued)		Shares		Value
Germany (continued)
Rheinmetall AG	(d)		12,044	$	800,587
SAF-Holland SA	(d)		39,243		531,276
Scout24 AG	(a)(b)(d)		9,920		351,677
Siltronic AG	(a)(d)		17,050		413,516
Wirecard AG	(d)		10,761		537,889
					6,577,542
Italy – 6.0%
Anima Holding SpA	(b)(d)		88,836		767,285
Azimut Holding SpA	(d)		25,908		643,974
Banca Generali SpA	(d)		14,856		467,310
Infrastrutture Wireless Italiane SpA	(a)(b)(d)		157,319		857,794
Massimo Zanetti Beverage Group SpA	(a)(b)(d)		60,835		627,542
Prada SpA	(e)		171,000		531,751
Yoox Net-A-Porter Group SpA	(a)(d)		22,035		820,822
					4,716,478
Hong Kong – 5.5%
Beijing Enterprises Water Group Ltd.	(d)		900,000		630,049
China Everbright International Ltd.	(d)		589,000		752,385
Haier Electronics Group Co. Ltd.	(d)		246,000		496,553
PAX Global Technology Ltd.	(d)		241,000		247,259
Regina Miracle International Holdings Ltd.	(a)(b)(e)		291,000		425,796
Shun Tak Holdings Ltd.	(d)		2,008,000		753,839
Techtronic Industries Co. Ltd.	(d)		239,500		969,554
					4,275,435
Netherlands – 4.4%
ABN AMRO Group NV	(a)(b)(e)		36,100		810,919
GrandVision NV	(b)(d)		25,758		772,910
Intertrust NV	(a)(b)(e)		19,673		433,151
Koninklijke DSM NV	(d)		10,464		524,722
NN Group NV	(d)		25,587		902,784
					3,444,486
Canada – 2.8%
Canadian Western Bank			33,000		557,592
Hudson’s Bay Co.			57,171		747,846
lululemon athletica, Inc.	(a)		17,200		902,484
					2,207,922
Ireland – 2.6%
Grafton Group PLC	(d)		53,983		589,476
Shire PLC	(d)		11,010		755,367
Smurfit Kappa Group PLC	(d)		27,300		699,181
					2,044,024
United States – 2.4%
Nexteer Automotive Group Ltd.	(d)		836,000		924,089
Signet Jewelers Ltd.			6,400		791,616
Tidewater, Inc.			27,100		188,616
					1,904,321
China – 2.1%
CT Environmental Group Ltd.	(d)		2,434,000		802,864
SouFun Holdings Ltd. – ADR			81,995		605,943
Sound Global Ltd.	(a)(c)(f)		372,000		247,246
					1,656,053
Taiwan – 1.5%
Eclat Textile Co. Ltd.	(d)		45,000		618,355
Makalot Industrial Co. Ltd.	(d)		83,000		584,698
					1,203,053
Switzerland – 1.3%
Julius Baer Group Ltd.	(d)		20,769		1,004,745
Israel – 1.2%
Caesarstone Sdot-Yam Ltd.	(a)		8,614		373,331
NICE-Systems Ltd. – ADR			10,300		590,396
					963,727

34 (continued)

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

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
Sweden – 1.1%
Hoist Finance AB	(a)(b)(d)		53,059	$	552,762
Nordax Group AB	(a)(b)(e)		52,472		317,016
					869,778
Spain – 1.1%
Cellnex Telecom SAU	(b)(d)		46,473		868,903
Bermuda – 1.1%
Arch Capital Group Ltd.	(a)		12,100		843,975
Denmark – 1.1%
Pandora A/S	(d)		6,673		841,357
Belgium – 1.0%
UCB SA	(d)		8,991		811,555
South Korea – 0.9%
Hotel Shilla Co. Ltd.	(d)		11,118		727,997
Mexico – 0.7%
Grupo Aeroportuario del Sureste SAB de CV –ADR			4,020		565,493

Common Stocks (Continued)		Shares		Value
Thailand – 0.7%
Minor International PCL	(d)		553,000	$	553,830
Australia – 0.7%
Link Administration Holdings Ltd.	(a)(e)		96,586		524,347
Austria – 0.6%
Erste Group Bank AG	(a)(d)		15,200		475,609
Total Common Stocks (Cost $63,039,247)				$	74,142,625
Money Market Funds – 5.0%		Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class			3,913,594	$	3,913,594
Total Money Market Funds (Cost $3,913,594)				$	3,913,594
Total Investments – 99.6% (Cost $66,952,841)	(g)			$	78,056,219
Other Assets in Excess of Liabilities – 0.4%	(h)				270,704
Net Assets – 100.0%				$	78,326,923

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 December 31, 2015, the value of these securities totaled $9,096,445, or 11.6% 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 December 31, 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 $247,246, or 0.3% of the Portfolio’s net assets.

(d) 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 $59,095,726, or 75.4% of the Portfolio’s net assets.

(e) 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 its valuation model of a stock is below a chosen threshold. These securities represent $6,182,111, or 7.9% of the Portfolio’s net assets.

(f) Represents a security deemed to be illiquid. At December 31, 2015, the value of illiquid securities in the Portfolio totaled $247,246, 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.

(h) Includes $28,437 of cash pledged as collateral for the following futures contracts outstanding at December 31, 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	March 10, 2016	68	$789,218	$	810,021	$	(20,803	)	$	(57	)
				$789,218	$	810,021	$	(20,803	)	$	(57	)

Details of the foreign currency contracts outstanding in the International Small-Mid Company Portfolio at December 31, 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)
November 2, 2015	January 27, 2016	JPM		1,700,000 EUR	$	1,878,602	$	1,848,484	$	(30,118	)
December 3, 2015	January 27, 2016	JPM		2,600,000 EUR	$	2,826,876	$	2,827,093	$	217
December 3, 2015	January 27, 2016	JPM		2,600,000 EUR	$	2,793,173	$	2,827,093	$	33,920
December 3, 2015	January 27, 2016	JPM		2,600,000 EUR	$	2,839,644	$	2,827,093	$	(12,551	)
					$	10,338,295	$	10,329,763	$	(8,532	)

35 (continued)

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

Schedule of Investments December 31, 2015

Contracts to sell foreign currency:

Date of contract	Exchange date	Counterparty	Currency to receive		Currency to deliver		Contract at value		Unrealized Appreciation (Depreciation)
October 21, 2015	January 27, 2016	JPM	$	10,801,405		9,500,000 EUR	$	10,329,763	$	471,642
			$	10,801,405			$	10,329,763	$	471,642

Counterparties	Currencies
JPM – J.P. Morgan Chase Bank, N.A.	EUR – Euro

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

Consumer Discretionary	24.5	%
Financials	18.3	%
Industrials	17.7	%
Information Technology	13.1	%
Health Care	9.9	%
Materials	4.4	%
Telecommunication Services	2.2	%
Utilities	2.1	%
Consumer Staples	1.5	%
Energy	0.9	%
	94.6	%

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 December 31, 2015

Average Annual Returns
One year	10.15%
Five years	13.06%
Ten years	8.38%

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 year ended December 31, 2015, the Aggressive Growth Portfolio returned 10.15% versus 1.38% for its benchmark, the S&P 500 Index.

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. The performance of many companies in our Portfolio validated our belief that they are well positioned to grow in excess of the market.

Our stock selection in the Consumer Discretionary sector and our underweight allocation to the Energy sector were the largest relative contributors to our outperformance. Our relative outperformance in the Consumer Discretionary sector was stock specific, rather than the result of a positive or negative underlying trend we were under or over exposed to. We have long maintained an underweight to the Energy sector in our Portfolio due to the sensitivity many businesses in the sector have to commodity prices. The decision to be underweight the sector was important during the year, as energy stocks continued to be impacted by plummeting oil prices.⁽¹⁾

Relative detractors included our stock selection in the Industrials sector and our zero weighting to the Consumer Staples sector. The underperformance of the Industrials sector was due, in part, to weakness in Energy prices, which impacted some of our holdings that serve those end markets.⁽¹⁾

During the year, we were pleased to see stock selection play a large role in driving our relative outperformance. Top Portfolio contrib-

utors were Amazon.com, Inc., Alphabet, Inc., Starbucks Corp., Pharmacyclics, Inc. and salesforce.com, Inc. Amazon.com, Inc., the online retailer, 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 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.⁽¹⁾

Alphabet, Inc., the Internet search engine leader, which was formerly known as Google, is benefiting from strong growth in mobile search through its Android software for mobile devices. We think Android’s rapidly growing installed base will provide the company significant control over its mobile search and display advertising destiny. We also believe the company’s mobile and tablet search business will more than neutralize the impact of its declining desktop computer search business in developed markets. We also believe YouTube is well positioned to benefit from secular growth in online video.⁽¹⁾

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 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 margin and Starbucks Corp.’s underpenetrated market positioning. We also believe that Starbucks Corp. has a unique long-term strategy to increase its penetration in the consumer packaged food channel by leveraging its brand name into new non-coffee products. Finally, we appreciate the company’s multiple levers to drive traffic into its stores and company-wide focus on growing comparable store sales.⁽¹⁾

Pharmacyclics, Inc. was up significantly this year after it was announced that AbbVie had won a bidding war to acquire the company. The high interest Pharmacyclics, Inc. received from other companies validated our view that its blood cancer treatments offer significant growth potential.⁽¹⁾

Salesforce.com, Inc. is a global cloud computing company best known for its customer relationship management (CRM) solutions. We believe the flexibility and low-cost nature of the company’s cloud-based offerings give it a competitive advantage over on-premises legacy solutions.⁽¹⁾

The Portfolio’s detractors were Canadian Pacific Railway Ltd., Chipotle Mexican Grill, Inc., Alibaba Group Holding Ltd., Precision Castparts Corp., and Apple, Inc. 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 relatively new management team is improving the railroad company’s culture, operational performance and capital allocation decisions.⁽¹⁾

We think Chipotle Mexican Grill, Inc. is still early in its store unit growth. As consumers continue to seek healthier, more natural

37 (continued)

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

foods, we believe Chipotle Mexican Grill, Inc.’s commitment to simple, sustainably grown and produced food without the use of additives is a differentiator compared to other fast-food, family dining and fast-casual establishments.⁽¹⁾

Alibaba Group Holding Ltd., a Chinese e-commerce company, provides consumer-to-consumer, business-to-consumer and business-to-business sales services via Web and mobile platforms. We exited our position during the period.⁽¹⁾

Precision Castparts Corp. makes a number of parts for the aerospace industry and other end markets. We sold the position after disappointing results were reported by the company.⁽¹⁾

Apple, Inc. is one of the world’s largest mobile device and computer makers. Apple, Inc. has been the beneficiary of incremental sales opportunities and increased penetration in new geographies, mobile service providers and product categories.⁽¹⁾

We believe that volatility will stay elevated amid continuing questions about global economic growth. While household balance sheets are strong and improving employment and early signs of wage growth are supportive of U.S. consumer spending, modern consumers are also sober minded, as shown by their long-term focus on using savings from cheaper gas and utilities to build up their personal savings. We expect this mindset to continue for the foreseeable future.

While there are legitimate concerns about the global economy, we think it underscores the importance of finding those select companies with truly sustainable competitive advantages that can take market share and continue to grow earnings, even without the backdrop of a strong global economy. Such companies are more

appreciated in a world where growth is harder to come by, as they can create their own path to creating value.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	97.8
Money Market Funds Less Net Liabilities	2.2
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Alphabet, Inc. Class C	6.1
2.     Lowe’s Cos., Inc.	4.7
3.     General Electric Co.	4.0
4.     MasterCard, Inc. Class A	3.6
5.     Adobe Systems, Inc.	3.6
6.     Amgen, Inc.	3.1
7.     Amazon.com, Inc	3.1
8.     Norwegian Cruise Line Holdings Ltd.	3.0
9.     Nielsen Holdings PLC	3.0
10.     Crown Castle International Corp.	2.7

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Information Technology	28.6
Consumer Discretionary	26.8
Health Care	14.7
Financials	13.5
Industrials	10.3
Materials	3.9
	97.8

38

Ohio National Fund, Inc. Aggressive Growth Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 97.8%		Shares		Value
CONSUMER DISCRETIONARY – 26.8%
Tesla Motors, Inc. (Automobiles)	(a)		1,758	$	421,937
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)		2,633		1,263,445
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a)		26,646		1,561,456
Starbucks Corp. (Hotels, Restaurants & Leisure)			18,222		1,093,867
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		2,325		1,571,444
Ctrip.com International Ltd. – ADR (Internet & Catalog Retail)	(a)		16,564		767,410
Priceline Group, Inc. / The (Internet & Catalog Retail)	(a)		1,055		1,345,072
Wayfair, Inc. Class A (Internet & Catalog Retail)	(a)		5,196		247,433
Advance Auto Parts, Inc. (Specialty Retail)			8,546		1,286,258
Lowe’s Cos., Inc. (Specialty Retail)			31,447		2,391,230
TJX Cos., Inc. / The (Specialty Retail)			7,627		540,831
Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)			45,193		1,284,385
					13,774,768
FINANCIALS – 13.5%
PacWest Bancorp (Banks)			28,639		1,234,341
Charles Schwab Corp. / The (Capital Markets)			20,359		670,422
E*TRADE Financial Corp. (Capital Markets)	(a)		46,131		1,367,323
Synchrony Financial (Consumer Finance)	(a)		30,107		915,554
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			5,247		1,344,596
Crown Castle International Corp. (Real Estate Investment Trusts)			16,017		1,384,670
					6,916,906
HEALTH CARE – 14.7%
Amgen, Inc. (Biotechnology)			9,790		1,589,211
Celgene Corp. (Biotechnology)	(a)		10,686		1,279,755
DBV Technologies SA – ADR (Biotechnology)	(a)		8,731		317,023
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)		1,972		1,070,540
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a)		63,852		1,177,431
Teleflex, Inc. (Health Care Equip. & Supplies)			3,878		509,763
Phibro Animal Health Corp. Class A (Pharmaceuticals)			12,185		367,134
Zoetis, Inc. (Pharmaceuticals)			25,662		1,229,723
					7,540,580

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 10.3%
General Electric Co. (Industrial Conglomerates)			66,255	$	2,063,843
Nielsen Holdings PLC (Professional Svs.)			33,265		1,550,149
Verisk Analytics, Inc. (Professional Svs.)	(a)		6,947		534,085
Canadian Pacific Railway Ltd. (Road & Rail)			8,942		1,140,999
					5,289,076
INFORMATION TECHNOLOGY – 28.6%
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		4,095		3,107,614
CoStar Group, Inc. (Internet Software & Svs.)	(a)		6,149		1,270,937
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		12,757		1,335,148
SPS Commerce, Inc. (Internet Software & Svs.)	(a)		10,796		757,987
MasterCard, Inc. Class A (IT Svs.)			19,153		1,864,736
WEX, Inc. (IT Svs.)	(a)		5,535		489,294
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		11,329		954,468
Adobe Systems, Inc. (Software)	(a)		19,530		1,834,648
Atlassian Corp. PLC Class A (Software)	(a)		2,207		66,386
salesforce.com, Inc. (Software)	(a)		17,224		1,350,362
Workday, Inc. Class A (Software)	(a)		7,579		603,895
Apple, Inc. (Tech. Hardware, Storage & Periph.)			10,216		1,075,336
					14,710,811
MATERIALS – 3.9%
Summit Materials, Inc. Class A (Construction Materials)	(a)		30,467		610,564
Vulcan Materials Co. (Construction Materials)			14,375		1,365,194
					1,975,758
Total Common Stocks (Cost $42,790,634)				$	50,207,899
Money Market Funds – 2.7%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			1,387,000	$	1,387,000
Total Money Market Funds (Cost $1,387,000)				$	1,387,000
Total Investments – 100.5% (Cost $44,177,634)	(b)			$	51,594,899
Liabilities in Excess of Other Assets – (0.5)%					(243,102)
Net Assets – 100.0%				$	51,351,797

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 capitalization companies.

Performance as of December 31, 2015

Average Annual Returns
One year	-0.24%
Five years	14.23%
Ten years	11.12%

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 year ended December 31, 2015, the Small Cap Growth Portfolio returned -0.24% versus -1.38% for its benchmark, the Russell 2000 Growth Index.

We have taken a high-quality approach to investing in small-caps, and that approach paid off during year. Many of the companies in our 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 our 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. We saw this play out during the year, as much of our outperformance came in the final six months of 2015, when the global economic outlook was less certain.

Most of our outperformance during the year was due to stock selection. Stock selection was particularly strong in the Consumer Staples, Consumer Discretionary and Information Technology sectors. Our sector weighting also contributed to relative performance, particularly our overweight to the Information Technology sector and underweight to the Materials sector.⁽¹⁾

Within the Information Technology sector, many of the companies we own have predictable or recurring revenue streams from diverse end markets outside the technology sector, and these companies were among our top-performing technology stocks this year. Blackbaud, Inc., our top contributor to performance within the sector, serves as an example. Blackbaud, Inc. provides technology solutions designed to improve fundraising for the nonprofit industry. Fundraising is clearly a critical function for that industry, and Blackbaud, Inc.’s solutions have proved an effective proposition for improving those fundraising efforts. However, many nonprofits have been slow to integrate technology into the fundraising process,

which creates a potentially large addressable market for Blackbaud, Inc. going forward. The stock has been up as the market has received more confirmation about the growth potential of the company.⁽¹⁾

Within the Materials sector, we’ve avoided a number of companies whose underlying performance is tied to a commodity price, and in a year of tumbling energy and materials prices, this also helped performance.⁽¹⁾

With the Consumer Discretionary sector, a slow global economy and the transition toward more online and mobile shopping has created a challenging backdrop for many companies. We’ve managed that backdrop by identifying companies whose product sales are less economically sensitive, and that are also somewhat insulated from the threat of ecommerce. Some of those companies were among our top contributors to performance.⁽¹⁾

Initial public offerings (IPOs) also contributed approximately 40 basis points to the Portfolio’s return in 2015. Top IPO contributors included SolarEdge Technologies Inc., Box Inc. and Easterly Government Properties Inc.

While pleased with our relative performance during the year, we did have areas that were disappointing. Our stock selection in the Industrials sector detracted from relative results. Within the sector, we didn’t appreciate the indirect impacts a weak energy sector would have on some of our holdings. Companies with more revenue exposure to energy end markets have now reduced prices in the non-energy industries in which they compete, and this has affected several of the companies we hold. While we like the long term prospects of these companies in a more rational pricing environment, we have reduced exposure to some of these holdings.⁽¹⁾

Our underweight to the Health Care sector also detracted from relative performance, though it is worth highlighting that some of our top contributors to absolute performance came from the Health Care sector.⁽¹⁾

Contributors to the Portfolio’s performance included Dyax Corp., Synageva BioPharma Corp., Blackbaud, Inc., Eagle Pharmaceuticals, Inc., and Euronet Worldwide, Inc. 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 should continue to generate revenues from its acute-use treatment, Kalbitor, and finally collect royalties on a portfolio of antibody therapeutics.⁽¹⁾

Synageva BioPharma Corp. is focused 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.⁽¹⁾

Blackbaud, Inc. provides software solutions to the nonprofit industry. We believe the software company has long-duration growth potential as it penetrates the not-for-profit market, which has long been underserved. We also believe the company’s software as a service business creates attractive recurring revenues.⁽¹⁾

40 (continued)

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

Eagle Pharmaceuticals, Inc. 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 (“CLL”) and non-Hodgkin’s lymphoma (“NHL”).⁽¹⁾

Euronet Worldwide, Inc. is a global electronic payments provider. The company offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. We like the company for its distinct growth platforms in money transfer, prepaid and mobile, along with its recurring revenues and growth opportunities. We believe Euronet Worldwide, Inc. also has an attractive ATM outsourcing business with market leading positions in Europe.⁽¹⁾

Detractors from the Portfolio’s performance included Rexnord Corp., Wolverine World Wide, Inc., Kennametal, Inc., WESCO International, Inc., and Belden, Inc. Rexford Corp.’s products enable 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 waste water control products. We consider Rexnord Corp. to be 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 relatively low cost but mission critical to its customers, who give the firm high ratings.⁽¹⁾

Wolverine World Wide, Inc. designs, manufactures and markets a range of casual footwear and apparel, performance outdoor footwear and apparel, industrial work shoes, boots and apparel, and uniform shoes and boots. We are reviewing the stock after some management changes at the company.⁽¹⁾

Kennametal, Inc. makes cutting tools used in end markets serving the energy sector. While those end markets have been weak, we believe the new management team at Kennametal, Inc. will take some appropriate steps to restructure the company.⁽¹⁾

WESCO International, Inc. is a distributor of electrical and industrial maintenance, repair and operating supplies to various end markets (mainly government and construction). We sold the position to pursue the companies we felt offered better risk/reward opportunities.⁽¹⁾

Belden, Inc. is a supplier of cables, connectors and networking equipment that serves industrial, broadcast and enterprise information technology end markets. We believe management will continue to focus its product portfolio toward its higher-quality connector and networking products, and away from its legacy cable products, which have less pricing power. We also expect management will create value through acquisitions to improve its product portfolio and will drive productivity improvements to boost margins and returns on invested capital. Finally, we appreciate that Belden, Inc. serves large and growing markets and should benefit longer term from the Internet of Things (IoT), or the increasing connectivity of electronic devices.⁽¹⁾

Heading into 2016, we expect a modest aggregate return environment for small-cap equities. However, there are a number of factors that make us excited about the potential for active management to add value going forward. With valuations of small-cap equities near normalized levels, earnings growth will be needed to drive further stock price appreciation. A slow-growth economy will make broad earnings growth less robust, but should be favorable for our

investment process, in our view. We tend to focus on companies that have demonstrated a steady path toward earnings growth through strong pricing power or market share gains. These companies should be more appreciated by the market when broad earnings growth is harder for many businesses to achieve.

Another important point to consider about small-cap valuations is the disparity between valuations for a set of momentum-driven stocks, which are yet to generate earnings, and the rest of the market. As it stands today, the percentage of loss-making companies in our benchmark index is at its highest level in any non-recessionary period over the last twenty years. Many of these stocks are tied to popular high-growth themes such as cloud computing and biotechnology. If one strips the loss-making companies out of the index, the valuation premium of other small-cap companies relative to large caps is actually much more reasonable.

While we do not deny the exciting innovation and growth potential tied to these industries – and hold a few companies that our health care and technology teams have identified with exciting new drugs on the horizon or a disruptive business model attacking a specific industry – not every company tied to cloud computing and biotechnology will be successful. As part of our investment process, we have sought to avoid many of the companies with negative earnings in the index. We believe this strategy will prove successful over the long term, as it will prove difficult for many of these companies to generate the future earnings currently implied in their valuations. We see more opportunity in companies that have more steady business models and can continue to generate earnings growth in 2016. Many of these businesses are heading into the new year with relatively attractive valuations that offer an interesting entry point for investing. We look forward to seeing how these companies perform in the coming months.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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.

41 (continued)

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

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	95.4
Master Limited Partnerships (4)	1.9
Money Market Funds Less Net Liabilities	2.7
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     SS&C Technologies Holdings, Inc.	2.5
2.     Sensient Technologies Corp.	2.1
3.     Broadridge Financial Solutions, Inc.	1.9
4.     Blackbaud, Inc.	1.9
5.     ServiceMaster Global Holdings, Inc.	1.8
6.     Sally Beauty Holdings, Inc.	1.8
7.     Cadence Design Systems, Inc.	1.8
8.     NICE-Systems Ltd. – ADR	1.7
9.     Dyax Corp.	1.6
10.     Ontex Group NV	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 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks, Master Limited Partnerships):

	% of Net Assets
Information Technology	33.2
Health Care	23.3
Consumer Discretionary	13.7
Industrials	11.6
Financials	9.1
Consumer Staples	2.7
Materials	2.1
Energy	1.6
	97.3

42

Ohio National Fund, Inc. Small Cap Growth Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 95.4%		Shares		Value
CONSUMER DISCRETIONARY – 12.8%
ServiceMaster Global Holdings, Inc. (Diversified Consumer Svs.)	(a)		109,912	$	4,312,947
Biglari Holdings, Inc. (Hotels, Restaurants & Leisure)	(a)		9,449		3,078,673
Diamond Resorts International, Inc. (Hotels, Restaurants & Leisure)	(a)		59,735		1,523,840
Domino’s Pizza Group PLC (Hotels, Restaurants & Leisure)	(b)		117,208		1,816,618
Dunkin’ Brands Group, Inc. (Hotels, Restaurants & Leisure)			46,408		1,976,517
Manchester United PLC Class A (Media)			75,977		1,353,150
National CineMedia, Inc. (Media)			149,546		2,349,368
DavidsTea, Inc. (Specialty Retail)	(a)		30,213		374,339
Monro Muffler Brake, Inc. (Specialty Retail)			20,123		1,332,545
Party City Holdco, Inc. (Specialty Retail)	(a)		53,117		685,740
Sally Beauty Holdings, Inc. (Specialty Retail)	(a)		152,944		4,265,608
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)			40,328		3,590,402
Tumi Holdings, Inc. (Textiles, Apparel & Luxury Goods)	(a)		93,986		1,562,987
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)			136,390		2,279,077
					30,501,811
CONSUMER STAPLES – 2.7%
Britvic PLC (Beverages)	(b)		40,633		435,353
Casey’s General Stores, Inc. (Food & Staples Retailing)			18,333		2,208,210
Ontex Group NV (Personal Products)	(b)		105,993		3,768,618
					6,412,181
ENERGY – 0.6%
Dril-Quip, Inc. (Energy Equip. & Svs.)	(a)		22,202		1,315,024
FINANCIALS – 9.1%
Bank of the Ozarks, Inc. (Banks)			40,206		1,988,589
Artisan Partners Asset Management, Inc. Class A (Capital Markets)			43,933		1,584,224
Financial Engines, Inc. (Capital Markets)			37,936		1,277,305
LPL Financial Holdings, Inc. (Capital Markets)			79,930		3,409,014
Pace Holdings Corp. (Capital Markets)	(a)		84,896		857,450
WisdomTree Investments, Inc. (Capital Markets)			104,311		1,635,596
MSCI, Inc. (Diversified Financial Svs.)			44,502		3,209,929
RLI Corp. (Insurance)			32,490		2,006,258
Easterly Government Properties, Inc. (Real Estate Investment Trusts)			76,645		1,316,761
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)			11,198		1,790,112
St. Joe Co. / The (Real Estate Mgmt. & Development)	(a)		68,635		1,270,434
LendingTree, Inc. (Thrifts & Mortgage Finance)	(a)		15,377		1,372,859
					21,718,531
HEALTH CARE – 23.3%
ACADIA Pharmaceuticals, Inc. (Biotechnology)	(a)		37,004		1,319,193
Anacor Pharmaceuticals, Inc. (Biotechnology)	(a)		7,140		806,606
Chimerix, Inc. (Biotechnology)	(a)		22,203		198,717
DBV Technologies SA – ADR (Biotechnology)	(a)		37,345		1,355,997
Dyax Corp. (Biotechnology)	(a)		103,366		3,888,629
Eagle Pharmaceuticals, Inc. (Biotechnology)	(a)		29,812		2,643,430
Insys Therapeutics, Inc. (Biotechnology)	(a)		55,384		1,585,644
Ironwood Pharmaceuticals, Inc. (Biotechnology)	(a)		110,298		1,278,354
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a)		14,945		1,620,337
OvaScience, Inc. (Biotechnology)	(a)		22,716		221,935
Puma Biotechnology, Inc. (Biotechnology)	(a)		8,021		628,846
Atrion Corp. (Health Care Equip. & Supplies)			956		364,427
EndoChoice Holdings, Inc. (Health Care Equip. & Supplies)	(a)		89,615		748,285
Endologix, Inc. (Health Care Equip. & Supplies)	(a)		149,403		1,479,090
Globus Medical, Inc. (Health Care Equip. & Supplies)	(a)		73,597		2,047,469

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
LDR Holding Corp. (Health Care Equip. & Supplies)	(a)		58,569	$	1,470,668
Masimo Corp. (Health Care Equip. & Supplies)	(a)		32,499		1,349,033
Novadaq Technologies, Inc. (Health Care Equip. & Supplies)	(a)		149,663		1,906,707
Quidel Corp. (Health Care Equip. & Supplies)	(a)		71,261		1,510,733
STERIS PLC (Health Care Equip. & Supplies)			36,125		2,721,658
Trinity Biotech PLC – ADR (Health Care Equip. & Supplies)			104,778		1,232,189
Wright Medical Group NV (Health Care Equip. & Supplies)	(a)		67,513		1,632,464
Aceto Corp. (Health Care Providers & Svs.)			6,779		182,897
Capital Senior Living Corp. (Health Care Providers & Svs.)	(a)		59,086		1,232,534
ExamWorks Group, Inc. (Health Care Providers & Svs.)	(a)		29,161		775,683
HealthEquity, Inc. (Health Care Providers & Svs.)	(a)		59,240		1,485,147
athenahealth, Inc. (Health Care Technology)	(a)		16,148		2,599,344
Medidata Solutions, Inc. (Health Care Technology)	(a)		29,649		1,461,399
Bio-Techne Corp. (Life Sciences Tools & Svs.)			23,625		2,126,250
Catalent, Inc. (Pharmaceuticals)	(a)		111,682		2,795,400
Flamel Technologies SA – ADR (Pharmaceuticals)	(a)		92,620		1,130,890
GW Pharmaceuticals PLC – ADR (Pharmaceuticals)	(a)		7,909		549,201
Pacira Pharmaceuticals, Inc. (Pharmaceuticals)	(a)		14,564		1,118,370
Phibro Animal Health Corp. Class A (Pharmaceuticals)			55,235		1,664,231
POZEN, Inc. (Pharmaceuticals)	(a)		76,323		521,286
Prestige Brands Holdings, Inc. (Pharmaceuticals)	(a)		44,415		2,286,484
Relypsa, Inc. (Pharmaceuticals)	(a)		46,444		1,316,223
Teligent, Inc. (Pharmaceuticals)	(a)		122,398		1,089,342
XenoPort, Inc. (Pharmaceuticals)	(a)		206,453		1,133,427
					55,478,519
INDUSTRIALS – 11.6%
HEICO Corp. Class A (Aerospace & Defense)			66,539		3,273,719
Sparton Corp. (Aerospace & Defense)	(a)		38,896		777,531
A.O. Smith Corp. (Building Products)			34,288		2,626,804
SP Plus Corp. (Commercial Svs. & Supplies)	(a)		66,046		1,578,499
EnerSys (Electrical Equip.)			47,879		2,677,872
Raven Industries, Inc. (Industrial Conglomerates)			84,673		1,320,899
Kennametal, Inc. (Machinery)			101,747		1,953,542
Nordson Corp. (Machinery)			37,313		2,393,629
Proto Labs, Inc. (Machinery)	(a)		24,154		1,538,368
Rexnord Corp. (Machinery)	(a)		154,843		2,805,755
Wabtec Corp. (Machinery)			15,391		1,094,608
Advisory Board Co. / The (Professional Svs.)	(a)		45,130		2,238,899
CEB, Inc. (Professional Svs.)			34,882		2,141,406
Old Dominion Freight Line, Inc. (Road & Rail)	(a)		21,574		1,274,376
					27,695,907
INFORMATION TECHNOLOGY – 33.2%
Belden, Inc. (Electronic Equip., Instr. & Comp.)			56,091		2,674,419
CTS Corp. (Electronic Equip., Instr. & Comp.)			134,103		2,365,577
FEI Co. (Electronic Equip., Instr. & Comp.)			30,833		2,460,165
National Instruments Corp. (Electronic Equip., Instr. & Comp.)			50,265		1,442,103
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)	(a)		33,555		2,974,986
Alarm.com Holdings, Inc. (Internet Software & Svs.)	(a)		44,180		736,922
ChannelAdvisor Corp. (Internet Software & Svs.)	(a)		50,113		694,065
Cimpress NV (Internet Software & Svs.)	(a)		18,411		1,493,869
CoStar Group, Inc. (Internet Software & Svs.)	(a)		9,083		1,877,365
Endurance International Group Holdings, Inc. (Internet Software & Svs.)	(a)		104,885		1,146,393
Envestnet, Inc. (Internet Software & Svs.)	(a)		66,665		1,989,950
j2 Global, Inc. (Internet Software & Svs.)			41,552		3,420,561

43 (continued)

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

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (continued)
Textura Corp. (Internet Software & Svs.)	(a)		41,824	$	902,562
Zillow Group, Inc. (Internet Software & Svs.)	(a)		44,564		1,160,447
Blackhawk Network Holdings, Inc. (IT Svs.)	(a)		24,089		1,064,975
Broadridge Financial Solutions, Inc. (IT Svs.)			85,581		4,598,267
Euronet Worldwide, Inc. (IT Svs.)	(a)		49,942		3,617,299
MAXIMUS, Inc. (IT Svs.)			41,733		2,347,481
WEX, Inc. (IT Svs.)	(a)		31,393		2,775,141
Atmel Corp. (Semiconductors & Equip.)			332,671		2,864,297
ON Semiconductor Corp. (Semiconductors & Equip.)	(a)		278,651		2,730,780
SolarEdge Technologies, Inc. (Semiconductors & Equip.)	(a)		48,715		1,372,302
ACI Worldwide, Inc. (Software)	(a)		67,322		1,440,691
Blackbaud, Inc. (Software)			69,044		4,547,238
Cadence Design Systems, Inc. (Software)	(a)		204,151		4,248,382
Fleetmatics Group PLC (Software)	(a)		49,951		2,537,011
Guidewire Software, Inc. (Software)	(a)		28,957		1,742,053
NICE-Systems Ltd. – ADR (Software)			69,564		3,987,408
Paylocity Holding Corp. (Software)	(a)		27,155		1,101,135
RealPage, Inc. (Software)	(a)		108,321		2,431,806
Solera Holdings, Inc. (Software)			36,419		1,996,854
SS&C Technologies Holdings, Inc. (Software)			85,743		5,853,675
Tyler Technologies, Inc. (Software)	(a)		11,721		2,043,205
Stratasys Ltd. (Tech. Hardware, Storage & Periph.)	(a)		23,885		560,820
					79,200,204

Common Stocks (Continued)	Shares		Value
MATERIALS – 2.1%
Sensient Technologies Corp. (Chemicals)		77,936	$	4,895,940
Total Common Stocks (Cost $209,164,551)			$	227,218,117

Master Limited Partnerships – 1.9%		Shares		Value
CONSUMER DISCRETIONARY – 0.9%
Cedar Fair LP (Hotels, Restaurants & Leisure)			37,809	$	2,111,255
ENERGY – 1.0%
DCP Midstream Partners LP (Oil, Gas & Consumable Fuels)			95,422		2,354,061
Total Master Limited Partnerships (Cost $5,704,685)				$	4,465,316
Money Market Funds – 3.8%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			9,074,000	$	9,074,000
Total Money Market Funds (Cost $9,074,000)				$	9,074,000
Total Investments – 101.1% (Cost $223,943,236)	(c)			$	240,757,433
Liabilities in Excess of Other Assets – (1.1)%					(2,522,427)
Net Assets – 100.0%				$	238,235,006

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 $6,020,589, or 2.5% 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 December 31, 2015

Average Annual Returns
One year	-5.05%
Five years	10.16%
Ten years	5.56%

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 year ended December 31, 2015, the Mid Cap Opportunity Portfolio returned -5.05% versus -0.20% for its benchmark, the Russell Midcap Growth Index.

In 2015, the Portfolio delivered a negative absolute return and underperformed its benchmark, the Russell Midcap Growth Index. Weak stock selection in the Consumer Staples and Health Care sectors detracted from relative performance, while stock selection in the Information Technology and Financials sectors contributed to relative performance.⁽¹⁾

Kate Spade & Co. was a top detractor from returns during the year. The company reported first and second quarter earnings that were disappointing overall. While revenues topped expectations in the first quarter, sales growth was light. However, toward the end of the year, the company released encouraging third quarter earnings that highlighted better than expected same store sales growth. Despite the company’s weakness in 2015, we believe its strong underlying fundamentals remain intact and the catalysts for growth are unchanged. In our view, wholesale expansion, merchandising initiatives and the company’s strategic partnership with Exclusive Brands, could potentially fuel revenue growth and support the company’s attractive valuation.⁽¹⁾

PVH Corp., a global apparel company, was also a top detractor from returns during the year. The stock has been under ongoing pressure, driven by soft data points that suggested weakness in the U.S. retail environment. In our view, however, the concern is transitory and investors are overreacting to the news. We believe PVH Corp. is a leading franchise with dominant market share and strong fundamentals. In particular, established brand names Tommy Hilfiger and Calvin Klein have demonstrated international strength and have been a key source of growth. We believe PVH Corp. continues to be resilient despite macroeconomic and sector challenges. We also remain positive on the company’s long-term profile, quality of management and the stock’s return potential.⁽¹⁾

Equinix, Inc. was a top contributor to returns during the year. The company has reported strong first, second and third quarter earn-

ings and, as a result, has raised guidance across key metrics for a third time. Most notably, revenue and earnings saw significant growth on a year-over-year basis. Additionally, operating leverage has returned to the business after a period of systems investment and international expansion. In our view, Equinix, Inc. continues to present an enduringly favorable outlook, as pricing has been net positive in the low churn rate environment. Going forward, we believe Equinix, Inc. can further benefit from its steady recurring revenue business model and a solid demand environment. We also feel that integration of recent acquisitions could unlock significant synergies.⁽¹⁾

Netflix, Inc. was a top contributor to returns during the year. In April, the company reported first quarter earnings that exceeded market expectations on both earnings per share and key subscription metrics. The company’s second and third quarter earnings were largely in-line with market expectations and were received favorably by investors. 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. Given the exceptional move in the stock through the year, we took profits and exited our position as it grew beyond our market cap threshold for mid-cap companies.⁽¹⁾

The Portfolio also benefitted from several Initial Public Offering (IPO) investments that provided a significant contribution to the Portfolio’s total return for the period. Positive performance resulting from the contribution of IPO investments may be difficult for the Portfolio to repeat in future periods.⁽¹⁾

The Portfolio’s top performers were Netflix, Inc., Global Payment, Inc., Ulta Salon Cosmetics & Fragrance, Inc., Equinix, Inc., and Eagle Bancorp, Inc. The Portfolio’s worst performers were Bluebird Bio, Inc., Adeptus Health, Inc., Navient Corp., HMS Holdings Corp., and Kate Spade & Co. The Portfolio’s top contributors to returns were Equinix, Inc., Ulta Salon Cosmetics & Fragrance, Inc., Netflix, Inc., First Republic Bank, and Intercontinental Exchange, Inc. The Portfolio’s largest detractors from returns were Kate Spade & Co., PVH Corp., Kansas City Southern, Adeptus Health, Inc., and Navient Corp.⁽¹⁾

Our overall global equity return expectations for 2016 are modest mid-single digits, in light of tepid economic growth forecasts and a dearth of outright cheap valuations. Yet, in our view, equities still look more attractive than other asset classes in a continued low-return environment. While the performance of the “FANGs” (Facebook, Amazon.com, Netflix, Google) has captured the headlines, we are more concerned with the other four hundred ninety six stocks that did not participate in the extreme growth-at-any price mentality. This phenomenon led to the narrowest trading breadth in thirty years for the S&P 500 Index. We are also well aware of the significant underperformance of value stocks, which deepened further in 2016. If history is any guide, the U.S. market could be filled with relative value opportunities.

While the lost art of active management has been tested in recent years, we remain committed to our core philosophy and process. We will maintain a long term time horizon, rather than forecast the next quarter. We will continue to favor high quality growth businesses over breathtaking concepts. We intend to invest when valuations are attractive, rather than following the trend. These core

45 (continued)

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

beliefs have guided our team over the past thirty years, and we believe they hold the answer for the next thirty.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	97.9
Money Market Funds
Less Net Liabilities	2.1
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Equinix, Inc.	2.9
2.     Ulta Salon Cosmetics & Fragrance, Inc.	2.4
3.     Panera Bread Co. Class A	2.4
4.     McCormick & Co., Inc.	2.3
5.     Intuit, Inc.	2.3
6.     Intercontinental Exchange, Inc.	2.3
7.     Tractor Supply Co.	2.3
8.     LinkedIn Corp.	2.2
9.     SBA Communications Corp. Class A	2.2
10.     Amphenol Corp. Class A	2.1

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Consumer Discretionary	23.4
Information Technology	19.9
Health Care	16.6
Industrials	14.0
Financials	9.3
Consumer Staples	7.9
Telecommunication Services	3.1
Materials	3.1
Energy	0.6
	97.9

46

Ohio National Fund, Inc. Mid Cap Opportunity Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 97.9%		Shares		Value
CONSUMER DISCRETIONARY – 23.4%
BorgWarner, Inc. (Auto Components)			29,527	$	1,276,452
LKQ Corp. (Distributors)	(a)		42,314		1,253,764
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)			43,054		921,356
Panera Bread Co. Class A (Hotels, Restaurants & Leisure)	(a)		9,596		1,869,109
Expedia, Inc. (Internet & Catalog Retail)			10,218		1,270,097
Advance Auto Parts, Inc. (Specialty Retail)			8,810		1,325,993
Five Below, Inc. (Specialty Retail)	(a)		25,759		826,864
L Brands, Inc. (Specialty Retail)			8,841		847,145
O’Reilly Automotive, Inc. (Specialty Retail)	(a)		1,542		390,774
Restoration Hardware Holdings, Inc. (Specialty Retail)	(a)		11,827		939,655
Tractor Supply Co. (Specialty Retail)			20,893		1,786,352
Ulta Salon Cosmetics & Fragrance, Inc. (Specialty Retail)	(a)		10,369		1,918,265
Kate Spade & Co. (Textiles, Apparel & Luxury Goods)	(a)		69,235		1,230,306
PVH Corp. (Textiles, Apparel & Luxury Goods)			13,705		1,009,373
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)	(a)		14,320		1,154,335
V.F. Corp. (Textiles, Apparel & Luxury Goods)			6,394		398,027
					18,417,867
CONSUMER STAPLES – 7.9%
Brown-Forman Corp. Class B (Beverages)			11,668		1,158,399
Whole Foods Market, Inc. (Food & Staples Retailing)			38,044		1,274,474
Blue Buffalo Pet Products, Inc. (Food Products)	(a)		39,043		730,495
Hain Celestial Group, Inc. / The (Food Products)	(a)		12,460		503,259
McCormick & Co., Inc. (Food Products)			21,388		1,829,957
TreeHouse Foods, Inc. (Food Products)	(a)		9,090		713,201
					6,209,785
ENERGY – 0.6%
Dril-Quip, Inc. (Energy Equip. & Svs.)	(a)		8,054		477,038
FINANCIALS – 9.3%
Eagle Bancorp, Inc. (Banks)	(a)		13,659		689,370
First Republic Bank (Banks)			24,761		1,635,712
Affiliated Managers Group, Inc. (Capital Markets)	(a)		2,202		351,792
SLM Corp. (Consumer Finance)	(a)		89,066		580,710
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			7,056		1,808,171
Equinix, Inc. (Real Estate Investment Trusts)			7,427		2,245,925
					7,311,680
HEALTH CARE – 16.6%
Alkermes PLC (Biotechnology)	(a)		9,838		780,940
BioMarin Pharmaceutical, Inc. (Biotechnology)	(a)		6,591		690,473
Cepheid (Biotechnology)	(a)		31,393		1,146,786
Medivation, Inc. (Biotechnology)	(a)		5,870		283,756
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a)		4,569		574,917
DexCom, Inc. (Health Care Equip. & Supplies)	(a)		9,760		799,344
Teleflex, Inc. (Health Care Equip. & Supplies)			6,228		818,671
Adeptus Health, Inc. Class A (Health Care Providers & Svs.)	(a)		16,121		878,917
Cardinal Health, Inc. (Health Care Providers & Svs.)			10,260		915,910
Henry Schein, Inc. (Health Care Providers & Svs.)	(a)		9,800		1,550,262
Cerner Corp. (Health Care Technology)	(a)		21,031		1,265,435
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)			23,267		972,793
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)	(a)		2,597		880,721

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Zoetis, Inc. (Pharmaceuticals)			31,119	$	1,491,222
					13,050,147
INDUSTRIALS – 14.0%
Fortune Brands Home & Security, Inc. (Building Products)			22,947		1,273,559
AMETEK, Inc. (Electrical Equip.)			23,728		1,271,584
Hubbell, Inc. (Electrical Equip.)			9,259		935,529
Sensata Technologies Holding NV (Electrical Equip.)	(a)		35,241		1,623,200
Graco, Inc. (Machinery)			18,523		1,334,953
Middleby Corp. / The (Machinery)	(a)		14,700		1,585,689
Xylem, Inc. (Machinery)			17,228		628,822
Kansas City Southern (Road & Rail)			15,972		1,192,629
W.W. Grainger, Inc. (Trading Companies & Distributors)			5,944		1,204,195
					11,050,160
INFORMATION TECHNOLOGY – 19.9%
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)			31,767		1,659,190
LinkedIn Corp. (Internet Software & Svs.)	(a)		7,700		1,733,116
Match Group, Inc. (Internet Software & Svs.)	(a)		27,915		378,248
Twitter, Inc. (Internet Software & Svs.)	(a)		12,424		287,491
Black Knight Financial Services, Inc. Class A (IT Svs.)	(a)		41,316		1,365,907
Fidelity National Information Services, Inc. (IT Svs.)			20,033		1,214,000
FleetCor Technologies, Inc. (IT Svs.)	(a)		8,996		1,285,798
Global Payments, Inc. (IT Svs.)			10,155		655,099
Sabre Corp. (IT Svs.)			47,683		1,333,694
Qorvo, Inc. (Semiconductors & Equip.)	(a)		29,095		1,480,936
Intuit, Inc. (Software)			18,932		1,826,938
ServiceNow, Inc. (Software)	(a)		15,957		1,381,238
Splunk, Inc. (Software)	(a)		14,655		861,861
Pure Storage, Inc. Class A (Tech. Hardware, Storage & Periph.)	(a)		12,200		189,954
					15,653,470
MATERIALS – 3.1%
Ashland, Inc. (Chemicals)			9,422		967,639
Axalta Coating Systems Ltd. (Chemicals)	(a)		39,604		1,055,447
RPM International, Inc. (Chemicals)			8,521		375,435
					2,398,521
TELECOMMUNICATION SERVICES – 3.1%
Level 3 Communications, Inc. (Diversified Telecom. Svs.)	(a)		13,876		754,299
SBA Communications Corp. Class A (Wireless Telecom. Svs.)	(a)		16,188		1,700,873
					2,455,172
Total Common Stocks (Cost $71,035,839)				$	77,023,840
Money Market Funds – 2.3%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			1,847,000	$	1,847,000
Total Money Market Funds (Cost $1,847,000)				$	1,847,000
Total Investments – 100.2% (Cost $72,882,839)	(b)			$	78,870,840
Liabilities in Excess of Other Assets – (0.2)%					(167,469)
Net Assets – 100.0%				$	78,703,371

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.

47

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 December 31, 2015

Average Annual returns
One year	0.91%
Five years	12.05%
Ten years	6.81%

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 year ended December 31, 2015, the S&P 500^® Index Portfolio returned 0.91% versus 1.38% for its 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 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 2015 were Amazon.com, Inc., Alphabet, Inc. Class A, Microsoft Corp., Alphabet, Inc. Class C and General Electric Co. The largest detractors from the index return for 2015 were Exxon Mobil Corp., Kinder Morgan, Inc., Chevron Corp., QUALCOMM, Inc., and Apple, Inc.

2015 had a few major developments that affected the equity market. One of the bigger moments of 2015 was the Federal Reserve’s decision to begin raising the Federal Funds rate off of the 0.00 to 0.25 range that had been in place since January 28, 2008. Another theme in 2015 was the continued poor performance of commodities. Oil prices continued to fall throughout the year, putting pressure on oil stocks such as Chevron Corp. and Exxon Corp. The slowing of the Chinese economy, and continued sluggish economic “growth” in the rest of the world also put pressure on stocks.

Going into 2016, the U.S. economy seems to be on solid ground, as the Federal Reserve has normalized monetary policy. Themes from 2015 will still be relevant in 2016. Chinese gross domestic product growth, oil and commodity prices, the strong U.S. dollar versus the rest of the world currencies, and the lack of any meaningful inflation (wage or otherwise) will be watched closely.

⁽¹⁾ The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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.

48 (continued)

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

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	95.6
Exchange Traded Funds and Other Net Assets	4.4
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     SPDR S&P 500 ETF Trust	4.2
2.     Apple, Inc.	3.1
3.     Microsoft Corp.	2.4
4.     Exxon Mobil Corp.	1.7
5.     General Electric Co.	1.6
6.     Johnson & Johnson	1.5
7.     Amazon.com, Inc	1.4
8.     Wells Fargo & Co.	1.3
9.     Berkshire Hathaway, Inc. Class B	1.3
10.     JPMorgan Chase & Co.	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 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾ Sectors (Common Stocks):

	% of Net Assets
Information Technology	19.8
Financials	15.7
Health Care	14.5
Consumer Discretionary	12.4
Consumer Staples	9.6
Industrials	9.6
Energy	6.2
Utilities	2.9
Materials	2.6
Telecommunication Services	2.3
	95.6

49

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

Schedule of Investments December 31, 2015

Common Stocks – 95.6%		Shares		Value
CONSUMER DISCRETIONARY – 12.4%
BorgWarner, Inc. (Auto Components)			4,900	$	211,827
Delphi Automotive PLC (Auto Components)			6,100		522,953
Goodyear Tire & Rubber Co. / The (Auto Components)			5,900		192,753
Johnson Controls, Inc. (Auto Components)			14,200		560,758
Ford Motor Co. (Automobiles)			85,487		1,204,512
General Motors Co. (Automobiles)			31,100		1,057,711
Harley-Davidson, Inc. (Automobiles)			4,200		190,638
Genuine Parts Co. (Distributors)			3,300		283,437
H&R Block, Inc. (Diversified Consumer Svs.)			5,200		173,212
Carnival Corp. (Hotels, Restaurants & Leisure)			10,100		550,248
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)		650		311,902
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)			2,500		159,100
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)			4,246		284,652
McDonald’s Corp. (Hotels, Restaurants & Leisure)			20,100		2,374,614
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)			3,800		384,598
Starbucks Corp. (Hotels, Restaurants & Leisure)			32,600		1,956,978
Starwood Hotels & Resorts Worldwide, Inc. (Hotels, Restaurants & Leisure)			3,700		256,336
Wyndham Worldwide Corp. (Hotels, Restaurants & Leisure)			2,560		185,984
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)			1,800		124,542
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)			9,500		693,975
D.R. Horton, Inc. (Household Durables)			7,200		230,616
Garmin Ltd. (Household Durables)			2,600		96,642
Harman International Industries, Inc. (Household Durables)			1,600		150,736
Leggett & Platt, Inc. (Household Durables)			3,000		126,060
Lennar Corp. Class A (Household Durables)			3,900		190,749
Mohawk Industries, Inc. (Household Durables)	(a)		1,400		265,146
Newell Rubbermaid, Inc. (Household Durables)			5,900		260,072
PulteGroup, Inc. (Household Durables)			6,950		123,849
Whirlpool Corp. (Household Durables)			1,755		257,757
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		8,450		5,711,270
Expedia, Inc. (Internet & Catalog Retail)			2,600		323,180
Netflix, Inc. (Internet & Catalog Retail)	(a)		9,400		1,075,172
Priceline Group, Inc. / The (Internet & Catalog Retail)	(a)		1,100		1,402,445
TripAdvisor, Inc. (Internet & Catalog Retail)	(a)		2,500		213,125
Hasbro, Inc. (Leisure Products)			2,500		168,400
Mattel, Inc. (Leisure Products)			7,400		201,058
Cablevision Systems Corp. Class A (Media)			4,900		156,310
CBS Corp. Class B (Media)			9,550		450,092
Comcast Corp. Class A (Media)			53,553		3,021,996
Discovery Communications, Inc. Class A (Media)	(a)		3,300		88,044
Discovery Communications, Inc. Class C (Media)	(a)		5,700		143,754
Interpublic Group of Cos., Inc. / The (Media)			8,923		207,727
News Corp. Class A (Media)			8,375		111,890
News Corp. Class B (Media)			2,400		33,504
Omnicom Group, Inc. (Media)			5,300		400,998
Scripps Networks Interactive, Inc. Class A (Media)			2,100		115,941
TEGNA, Inc. (Media)			4,900		125,048
Time Warner Cable, Inc. (Media)			6,232		1,156,597
Time Warner, Inc. (Media)			17,566		1,135,993
Twenty-First Century Fox, Inc. Class A (Media)			25,700		698,012
Twenty-First Century Fox, Inc. Class B (Media)			9,500		258,685
Viacom, Inc. Class B (Media)			7,650		314,874
Walt Disney Co. / The (Media)			33,400		3,509,672
Dollar General Corp. (Multiline Retail)			6,400		459,968
Dollar Tree, Inc. (Multiline Retail)	(a)		5,121		395,444
Kohl’s Corp. (Multiline Retail)			4,200		200,046
Macy’s, Inc. (Multiline Retail)			6,876		240,522
Nordstrom, Inc. (Multiline Retail)			3,000		149,430
Target Corp. (Multiline Retail)			13,500		980,235
Advance Auto Parts, Inc. (Specialty Retail)			1,600		240,816

Common Stocks (Continued)		Shares		Value
CONSUMER DISCRETIONARY (continued)
AutoNation, Inc. (Specialty Retail)	(a)		1,700	$	101,422
AutoZone, Inc. (Specialty Retail)	(a)		675		500,789
Bed Bath & Beyond, Inc. (Specialty Retail)	(a)		3,700		178,525
Best Buy Co., Inc. (Specialty Retail)			6,575		200,209
CarMax, Inc. (Specialty Retail)	(a)		4,400		237,468
GameStop Corp. Class A (Specialty Retail)			2,300		64,492
Gap, Inc. / The (Specialty Retail)			5,050		124,735
Home Depot, Inc. / The (Specialty Retail)			27,800		3,676,550
L Brands, Inc. (Specialty Retail)			5,600		536,592
Lowe’s Cos., Inc. (Specialty Retail)			20,100		1,528,404
O’Reilly Automotive, Inc. (Specialty Retail)	(a)		2,200		557,524
Ross Stores, Inc. (Specialty Retail)			8,900		478,909
Signet Jewelers Ltd. (Specialty Retail)			1,700		210,273
Staples, Inc. (Specialty Retail)			14,100		133,527
Tiffany & Co. (Specialty Retail)			2,400		183,096
TJX Cos., Inc. / The (Specialty Retail)			14,700		1,042,377
Tractor Supply Co. (Specialty Retail)			2,900		247,950
Urban Outfitters, Inc. (Specialty Retail)	(a)		1,900		43,225
Coach, Inc. (Textiles, Apparel & Luxury Goods)			6,100		199,653
Fossil Group, Inc. (Textiles, Apparel & Luxury Goods)	(a)		900		32,904
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)			8,600		253,098
Michael Kors Holdings Ltd. (Textiles, Apparel & Luxury Goods)	(a)		4,000		160,240
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)			29,600		1,850,000
PVH Corp. (Textiles, Apparel & Luxury Goods)			1,800		132,570
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)			1,300		144,924
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)	(a)		4,000		322,440
V.F. Corp. (Textiles, Apparel & Luxury Goods)			7,500		466,875
					50,681,376
CONSUMER STAPLES – 9.6%
Brown-Forman Corp. Class B (Beverages)			2,275		225,862
Coca-Cola Co. / The (Beverages)			85,900		3,690,264
Coca-Cola Enterprises, Inc. (Beverages)			4,600		226,504
Constellation Brands, Inc. Class A (Beverages)			3,800		541,272
Dr Pepper Snapple Group, Inc. (Beverages)			4,100		382,120
Molson Coors Brewing Co. Class B (Beverages)			3,500		328,720
Monster Beverage Corp. (Beverages)	(a)		3,300		491,568
PepsiCo, Inc. (Beverages)			31,947		3,192,144
Costco Wholesale Corp. (Food & Staples Retailing)			9,600		1,550,400
CVS Health Corp. (Food & Staples Retailing)			24,320		2,377,766
Kroger Co. / The (Food & Staples Retailing)			21,400		895,162
Sysco Corp. (Food & Staples Retailing)			11,500		471,500
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)			19,100		1,626,461
Wal-Mart Stores, Inc. (Food & Staples Retailing)			34,400		2,108,720
Whole Foods Market, Inc. (Food & Staples Retailing)			7,500		251,250
Archer-Daniels-Midland Co. (Food Products)			13,050		478,674
Campbell Soup Co. (Food Products)			3,900		204,945
ConAgra Foods, Inc. (Food Products)			9,500		400,520
General Mills, Inc. (Food Products)			13,100		755,346
Hershey Co. / The (Food Products)			3,200		285,664
Hormel Foods Corp. (Food Products)			3,000		237,240
J.M. Smucker Co. / The (Food Products)			2,600		320,684
Kellogg Co. (Food Products)			5,600		404,712
Keurig Green Mountain, Inc. (Food Products)			2,500		224,950
Kraft Heinz Co. / The (Food Products)			13,025		947,699
McCormick & Co., Inc. (Food Products)			2,600		222,456
Mead Johnson Nutrition Co. (Food Products)			4,351		343,511
Mondelez International, Inc. Class A (Food Products)			34,876		1,563,840
Tyson Foods, Inc. Class A (Food Products)			6,500		346,645
Church & Dwight Co., Inc. (Household Products)			2,800		237,664
Clorox Co. / The (Household Products)			2,800		355,124

50 (continued)

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

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
CONSUMER STAPLES (continued)
Colgate-Palmolive Co. (Household Products)			19,700	$	1,312,414
Kimberly-Clark Corp. (Household Products)			8,000		1,018,400
Procter & Gamble Co. / The (Household Products)			59,722		4,742,524
Estee Lauder Cos., Inc. / The Class A (Personal Products)			4,900		431,494
Altria Group, Inc. (Tobacco)			43,000		2,503,030
Philip Morris International, Inc. (Tobacco)			34,000		2,988,940
Reynolds American, Inc. (Tobacco)			18,174		838,730
					39,524,919
ENERGY – 6.2%
Baker Hughes, Inc. (Energy Equip. & Svs.)			9,541		440,317
Cameron International Corp. (Energy Equip. & Svs.)	(a)		4,200		265,440
Diamond Offshore Drilling, Inc. (Energy Equip. & Svs.)			1,400		29,540
Ensco PLC Class A (Energy Equip. & Svs.)			5,200		80,028
FMC Technologies, Inc. (Energy Equip. & Svs.)	(a)		5,000		145,050
Halliburton Co. (Energy Equip. & Svs.)			18,800		639,952
Helmerich & Payne, Inc. (Energy Equip. & Svs.)			2,400		128,520
National Oilwell Varco, Inc. (Energy Equip. & Svs.)			8,200		274,618
Schlumberger Ltd. (Energy Equip. & Svs.)			27,647		1,928,378
Transocean Ltd. (Energy Equip. & Svs.)			7,500		92,850
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			11,100		539,238
Apache Corp. (Oil, Gas & Consumable Fuels)			8,272		367,856
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)			9,100		160,979
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			11,400		51,300
Chevron Corp. (Oil, Gas & Consumable Fuels)			41,238		3,709,770
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)			2,100		187,698
Columbia Pipeline Group, Inc. (Oil, Gas & Consumable Fuels)			8,500		170,000
ConocoPhillips (Oil, Gas & Consumable Fuels)			27,100		1,265,299
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)			5,000		39,500
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			8,500		272,000
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)			12,100		856,559
EQT Corp. (Oil, Gas & Consumable Fuels)			3,300		172,029
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			91,264		7,114,029
Hess Corp. (Oil, Gas & Consumable Fuels)			5,300		256,944
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)			40,173		599,381
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			14,820		186,584
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)			11,720		607,565
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)			3,500		78,575
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)		3,500		113,960
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)			9,300		306,249
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)			16,800		1,135,848
ONEOK, Inc. (Oil, Gas & Consumable Fuels)			4,600		113,436
Phillips 66 (Oil, Gas & Consumable Fuels)			10,450		854,810
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)			3,300		413,754
Range Resources Corp. (Oil, Gas & Consumable Fuels)			3,700		91,057
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)	(a)		8,400		59,724
Spectra Energy Corp. (Oil, Gas & Consumable Fuels)			14,718		352,349
Tesoro Corp. (Oil, Gas & Consumable Fuels)			2,600		273,962
Valero Energy Corp. (Oil, Gas & Consumable Fuels)			10,600		749,526
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			15,000		385,500
					25,510,174
FINANCIALS – 15.7%
Bank of America Corp. (Banks)			228,427		3,844,426
BB&T Corp. (Banks)			17,100		646,551

Common Stocks (Continued)		Shares		Value
FINANCIALS (continued)
Citigroup, Inc. (Banks)			65,336	$	3,381,138
Comerica, Inc. (Banks)			3,900		163,137
Fifth Third Bancorp (Banks)			17,450		350,745
Huntington Bancshares, Inc. (Banks)			17,500		193,550
JPMorgan Chase & Co. (Banks)			80,743		5,331,460
KeyCorp (Banks)			18,300		241,377
M&T Bank Corp. (Banks)			3,500		424,130
People’s United Financial, Inc. (Banks)			6,800		109,820
PNC Financial Services Group, Inc. / The (Banks)			11,142		1,061,944
Regions Financial Corp. (Banks)			28,675		275,280
SunTrust Banks, Inc. (Banks)			11,200		479,808
U.S. Bancorp (Banks)			36,090		1,539,960
Wells Fargo & Co. (Banks)			101,913		5,539,991
Zions Bancorporation (Banks)			4,500		122,850
Affiliated Managers Group, Inc. (Capital Markets)	(a)		1,200		191,712
Ameriprise Financial, Inc. (Capital Markets)			3,780		402,268
Bank of New York Mellon Corp. / The (Capital Markets)			24,011		989,733
BlackRock, Inc. (Capital Markets)			2,800		953,456
Charles Schwab Corp. / The (Capital Markets)			26,300		866,059
E*TRADE Financial Corp. (Capital Markets)	(a)		6,390		189,400
Franklin Resources, Inc. (Capital Markets)			8,300		305,606
Goldman Sachs Group, Inc. / The (Capital Markets)			8,750		1,577,012
Invesco Ltd. (Capital Markets)			9,300		311,364
Legg Mason, Inc. (Capital Markets)			2,400		94,152
Morgan Stanley (Capital Markets)			33,100		1,052,911
Northern Trust Corp. (Capital Markets)			4,800		346,032
State Street Corp. (Capital Markets)			8,900		590,604
T. Rowe Price Group, Inc. (Capital Markets)			5,500		393,195
American Express Co. (Consumer Finance)			18,400		1,279,720
Capital One Financial Corp. (Consumer Finance)			11,673		842,557
Discover Financial Services (Consumer Finance)			9,350		501,347
Navient Corp. (Consumer Finance)			7,900		90,455
Synchrony Financial (Consumer Finance)	(a)		18,300		556,503
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)	(a)		41,091		5,425,656
CME Group, Inc. (Diversified Financial Svs.)			7,375		668,175
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			2,432		623,224
Leucadia National Corp. (Diversified Financial Svs.)			7,300		126,947
McGraw Hill Financial, Inc. (Diversified Financial Svs.)			5,900		581,622
Moody’s Corp. (Diversified Financial Svs.)			3,800		381,292
Nasdaq, Inc. (Diversified Financial Svs.)			2,500		145,425
ACE Ltd. (Insurance)			7,100		829,635
Aflac, Inc. (Insurance)			9,400		563,060
Allstate Corp. / The (Insurance)			8,500		527,765
American International Group, Inc. (Insurance)			27,095		1,679,077
Aon PLC (Insurance)			6,000		553,260
Assurant, Inc. (Insurance)			1,400		112,756
Chubb Corp. / The (Insurance)			5,000		663,200
Cincinnati Financial Corp. (Insurance)			3,266		193,249
Hartford Financial Services Group, Inc. / The (Insurance)			9,000		391,140
Lincoln National Corp. (Insurance)			5,386		270,700
Loews Corp. (Insurance)			6,161		236,582
Marsh & McLennan Cos., Inc. (Insurance)			11,400		632,130
MetLife, Inc. (Insurance)			24,400		1,176,324
Principal Financial Group, Inc. (Insurance)			6,000		269,880
Progressive Corp. / The (Insurance)			12,800		407,040
Prudential Financial, Inc. (Insurance)			9,800		797,818
Torchmark Corp. (Insurance)			2,475		141,471
Travelers Cos., Inc. / The (Insurance)			6,659		751,535
Unum Group (Insurance)			5,300		176,437
XL Group PLC (Insurance)			6,500		254,670
American Tower Corp. (Real Estate Investment Trusts)			9,300		901,635
Apartment Investment & Management Co. Class A (Real Estate Investment Trusts)			3,473		139,024

51 (continued)

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

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
FINANCIALS (continued)
AvalonBay Communities, Inc. (Real Estate Investment Trusts)			3,031	$	558,098
Boston Properties, Inc. (Real Estate Investment Trusts)			3,400		433,636
Crown Castle International Corp. (Real Estate Investment Trusts)			7,300		631,085
Equinix, Inc. (Real Estate Investment Trusts)			1,344		406,426
Equity Residential (Real Estate Investment Trusts)			8,000		652,720
Essex Property Trust, Inc. (Real Estate Investment Trusts)			1,400		335,174
General Growth Properties, Inc. (Real Estate Investment Trusts)			12,800		348,288
HCP, Inc. (Real Estate Investment Trusts)			10,200		390,048
Host Hotels & Resorts, Inc. (Real Estate Investment Trusts)			16,502		253,141
Iron Mountain, Inc. (Real Estate Investment Trusts)			4,228		114,198
Kimco Realty Corp. (Real Estate Investment Trusts)			9,100		240,786
Macerich Co. / The (Real Estate Investment Trusts)			3,000		242,070
Plum Creek Timber Co., Inc. (Real Estate Investment Trusts)			3,800		181,336
Prologis, Inc. (Real Estate Investment Trusts)			11,539		495,254
Public Storage (Real Estate Investment Trusts)			3,200		792,640
Realty Income Corp. (Real Estate Investment Trusts)			5,500		283,965
Simon Property Group, Inc. (Real Estate Investment Trusts)			6,762		1,314,803
SL Green Realty Corp. (Real Estate Investment Trusts)			2,200		248,556
Ventas, Inc. (Real Estate Investment Trusts)			7,300		411,939
Vornado Realty Trust (Real Estate Investment Trusts)			3,893		389,144
Welltower, Inc. (Real Estate Investment Trusts)			7,800		530,634
Weyerhaeuser Co. (Real Estate Investment Trusts)			11,163		334,667
CBRE Group, Inc. (Real Estate Mgmt. & Development)	(a)		6,400		221,312
					64,670,902
HEALTH CARE – 14.5%
AbbVie, Inc. (Biotechnology)			35,900		2,126,716
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a)		4,900		934,675
Amgen, Inc. (Biotechnology)			16,506		2,679,419
Baxalta, Inc. (Biotechnology)			11,900		464,457
Biogen, Inc. (Biotechnology)	(a)		4,845		1,484,266
Celgene Corp. (Biotechnology)	(a)		17,200		2,059,872
Gilead Sciences, Inc. (Biotechnology)			31,600		3,197,604
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)		1,700		922,879
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a)		5,400		679,482
Abbott Laboratories (Health Care Equip. & Supplies)			32,700		1,468,557
Baxter International, Inc. (Health Care Equip. & Supplies)			12,000		457,800
Becton Dickinson and Co. (Health Care Equip. & Supplies)			4,637		714,515
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a)		29,503		544,035
C.R. Bard, Inc. (Health Care Equip. & Supplies)			1,600		303,104
DENTSPLY International, Inc. (Health Care Equip. & Supplies)			3,100		188,635
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)	(a)		4,700		371,206
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a)		825		450,582
Medtronic PLC (Health Care Equip. & Supplies)			30,890		2,376,059
St. Jude Medical, Inc. (Health Care Equip. & Supplies)			6,200		382,974
Stryker Corp. (Health Care Equip. & Supplies)			6,900		641,286
Varian Medical Systems, Inc. (Health Care Equip. & Supplies)	(a)		2,100		169,680
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			3,770		386,764

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Aetna, Inc. (Health Care Providers & Svs.)			7,654	$	827,550
AmerisourceBergen Corp. (Health Care Providers & Svs.)			4,300		445,953
Anthem, Inc. (Health Care Providers & Svs.)			5,700		794,808
Cardinal Health, Inc. (Health Care Providers & Svs.)			7,200		642,744
Cigna Corp. (Health Care Providers & Svs.)			5,700		834,081
DaVita HealthCare Partners, Inc. (Health Care Providers & Svs.)	(a)		3,700		257,927
Express Scripts Holding Co. (Health Care Providers & Svs.)	(a)		14,878		1,300,486
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		6,900		466,647
Henry Schein, Inc. (Health Care Providers & Svs.)	(a)		1,800		284,742
Humana, Inc. (Health Care Providers & Svs.)			3,300		589,083
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)	(a)		2,200		272,008
McKesson Corp. (Health Care Providers & Svs.)			5,000		986,150
Patterson Cos., Inc. (Health Care Providers & Svs.)			1,800		81,378
Quest Diagnostics, Inc. (Health Care Providers & Svs.)			3,100		220,534
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(a)		2,212		67,024
UnitedHealth Group, Inc. (Health Care Providers & Svs.)			20,900		2,458,676
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)			2,000		238,980
Cerner Corp. (Health Care Technology)	(a)		6,700		403,139
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)			7,300		305,213
Illumina, Inc. (Life Sciences Tools & Svs.)	(a)		3,200		614,224
PerkinElmer, Inc. (Life Sciences Tools & Svs.)			2,500		133,925
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			8,800		1,248,280
Waters Corp. (Life Sciences Tools & Svs.)	(a)		1,800		242,244
Allergan PLC (Pharmaceuticals)	(a)		8,640		2,700,000
Bristol-Myers Squibb Co. (Pharmaceuticals)			36,569		2,515,582
Eli Lilly & Co. (Pharmaceuticals)			21,400		1,803,164
Endo International PLC (Pharmaceuticals)	(a)		4,600		281,612
Johnson & Johnson (Pharmaceuticals)			60,700		6,235,104
Mallinckrodt PLC (Pharmaceuticals)	(a)		2,500		186,575
Merck & Co., Inc. (Pharmaceuticals)			61,294		3,237,549
Mylan NV (Pharmaceuticals)	(a)		9,100		492,037
Perrigo Co. PLC (Pharmaceuticals)			3,200		463,040
Pfizer, Inc. (Pharmaceuticals)			135,410		4,371,035
Zoetis, Inc. (Pharmaceuticals)			10,000		479,200
					59,485,261
INDUSTRIALS – 9.6%
Boeing Co. / The (Aerospace & Defense)			13,800		1,995,342
General Dynamics Corp. (Aerospace & Defense)			6,500		892,840
Honeywell International, Inc. (Aerospace & Defense)			16,900		1,750,333
L-3 Communications Holdings, Inc. (Aerospace & Defense)			1,700		203,167
Lockheed Martin Corp. (Aerospace & Defense)			5,800		1,259,470
Northrop Grumman Corp. (Aerospace & Defense)			4,000		755,240
Precision Castparts Corp. (Aerospace & Defense)			3,000		696,030
Raytheon Co. (Aerospace & Defense)			6,600		821,898
Rockwell Collins, Inc. (Aerospace & Defense)			2,900		267,670
Textron, Inc. (Aerospace & Defense)			6,000		252,060
United Technologies Corp. (Aerospace & Defense)			18,100		1,738,867
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)			3,200		198,464
Expeditors International of Washington, Inc. (Air Freight & Logistics)			4,100		184,910
FedEx Corp. (Air Freight & Logistics)			5,800		864,142
United Parcel Service, Inc. Class B (Air Freight & Logistics)			15,300		1,472,319
American Airlines Group, Inc. (Airlines)			13,800		584,430
Delta Air Lines, Inc. (Airlines)			17,300		876,937
Southwest Airlines Co. (Airlines)			14,300		615,758

52 (continued)

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

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
INDUSTRIALS (continued)
United Continental Holdings, Inc. (Airlines)	(a)		8,200	$	469,860
Allegion PLC (Building Products)			2,100		138,432
Masco Corp. (Building Products)			7,400		209,420
ADT Corp. / The (Commercial Svs. & Supplies)			3,650		120,377
Cintas Corp. (Commercial Svs. & Supplies)			1,900		172,995
Pitney Bowes, Inc. (Commercial Svs. & Supplies)			4,300		88,795
Republic Services, Inc. (Commercial Svs. & Supplies)			5,280		232,267
Stericycle, Inc. (Commercial Svs. & Supplies)	(a)		1,900		229,140
Tyco International PLC (Commercial Svs. & Supplies)			9,300		296,577
Waste Management, Inc. (Commercial Svs. & Supplies)			9,100		485,667
Fluor Corp. (Construction & Engineering)			3,100		146,382
Jacobs Engineering Group, Inc. (Construction & Engineering)	(a)		2,700		113,265
Quanta Services, Inc. (Construction & Engineering)	(a)		3,500		70,875
AMETEK, Inc. (Electrical Equip.)			5,200		278,668
Eaton Corp. PLC (Electrical Equip.)			10,136		527,477
Emerson Electric Co. (Electrical Equip.)			14,400		688,752
Rockwell Automation, Inc. (Electrical Equip.)			2,900		297,569
3M Co. (Industrial Conglomerates)			13,500		2,033,640
Danaher Corp. (Industrial Conglomerates)			13,100		1,216,728
General Electric Co. (Industrial Conglomerates)			207,000		6,448,050
Roper Technologies, Inc. (Industrial Conglomerates)			2,200		417,538
Caterpillar, Inc. (Machinery)			12,800		869,888
Cummins, Inc. (Machinery)			3,600		316,836
Deere & Co. (Machinery)			6,800		518,636
Dover Corp. (Machinery)			3,400		208,454
Flowserve Corp. (Machinery)			2,900		122,032
Illinois Tool Works, Inc. (Machinery)			7,200		667,296
Ingersoll-Rand PLC (Machinery)			5,700		315,153
PACCAR, Inc. (Machinery)			7,712		365,549
Parker-Hannifin Corp. (Machinery)			3,000		290,940
Pentair PLC (Machinery)			4,003		198,269
Snap-on, Inc. (Machinery)			1,300		222,859
Stanley Black & Decker, Inc. (Machinery)			3,247		346,552
Xylem, Inc. (Machinery)			3,900		142,350
Dun & Bradstreet Corp. / The (Professional Svs.)			800		83,144
Equifax, Inc. (Professional Svs.)			2,600		289,562
Nielsen Holdings PLC (Professional Svs.)			8,000		372,800
Robert Half International, Inc. (Professional Svs.)			2,900		136,706
Verisk Analytics, Inc. (Professional Svs.)	(a)		3,400		261,392
CSX Corp. (Road & Rail)			21,400		555,330
J.B. Hunt Transport Services, Inc. (Road & Rail)			2,000		146,720
Kansas City Southern (Road & Rail)			2,400		179,208
Norfolk Southern Corp. (Road & Rail)			6,500		549,835
Ryder System, Inc. (Road & Rail)			1,200		68,196
Union Pacific Corp. (Road & Rail)			18,700		1,462,340
Fastenal Co. (Trading Companies & Distributors)			6,400		261,248
United Rentals, Inc. (Trading Companies & Distributors)	(a)		2,000		145,080
W.W. Grainger, Inc. (Trading Companies & Distributors)			1,300		263,367
					39,472,093
INFORMATION TECHNOLOGY – 19.8%
Cisco Systems, Inc. (Communications Equip.)			111,300		3,022,352
F5 Networks, Inc. (Communications Equip.)	(a)		1,500		145,440
Harris Corp. (Communications Equip.)			2,700		234,630
Juniper Networks, Inc. (Communications Equip.)			7,800		215,280
Motorola Solutions, Inc. (Communications Equip.)			3,514		240,533
QUALCOMM, Inc. (Communications Equip.)			33,000		1,649,505
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)			6,800		355,164
Corning, Inc. (Electronic Equip., Instr. & Comp.)			25,900		473,452
FLIR Systems, Inc. (Electronic Equip., Instr. & Comp.)			3,000		84,210

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (continued)
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)			8,500	$	549,185
Akamai Technologies, Inc. (Internet Software & Svs.)	(a)		3,900		205,257
Alphabet, Inc. Class A (Internet Software & Svs.)	(a)		6,375		4,959,814
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		6,516		4,944,862
eBay, Inc. (Internet Software & Svs.)	(a)		24,200		665,016
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		49,800		5,212,068
VeriSign, Inc. (Internet Software & Svs.)	(a)		2,200		192,192
Yahoo!, Inc. (Internet Software & Svs.)	(a)		19,100		635,266
Accenture PLC Class A (IT Svs.)			13,700		1,431,650
Alliance Data Systems Corp. (IT Svs.)	(a)		1,300		359,541
Automatic Data Processing, Inc. (IT Svs.)			10,100		855,672
Cognizant Technology Solutions Corp. Class A (IT Svs.)	(a)		13,300		798,266
CSRA, Inc. (IT Svs.)			3,000		90,000
Fidelity National Information Services, Inc. (IT Svs.)			6,100		369,660
Fiserv, Inc. (IT Svs.)	(a)		5,000		457,300
International Business Machines Corp. (IT Svs.)			19,550		2,690,471
MasterCard, Inc. Class A (IT Svs.)			21,700		2,112,712
Paychex, Inc. (IT Svs.)			7,000		370,230
PayPal Holdings, Inc. (IT Svs.)	(a)		24,400		883,280
Teradata Corp. (IT Svs.)	(a)		2,900		76,618
Total System Services, Inc. (IT Svs.)			3,677		183,115
Visa, Inc. (IT Svs.)			42,700		3,311,385
Western Union Co. / The (IT Svs.)			11,047		197,852
Xerox Corp. (IT Svs.)			20,902		222,188
Analog Devices, Inc. (Semiconductors & Equip.)			6,800		376,176
Applied Materials, Inc. (Semiconductors & Equip.)			25,200		470,484
Avago Technologies Ltd. (Semiconductors & Equip.)			5,800		841,870
Broadcom Corp. Class A (Semiconductors & Equip.)			12,350		714,077
First Solar, Inc. (Semiconductors & Equip.)	(a)		1,650		108,884
Intel Corp. (Semiconductors & Equip.)			103,500		3,565,575
KLA-Tencor Corp. (Semiconductors & Equip.)			3,400		235,790
Lam Research Corp. (Semiconductors & Equip.)			3,425		272,014
Linear Technology Corp. (Semiconductors & Equip.)			5,200		220,844
Microchip Technology, Inc. (Semiconductors & Equip.)			4,500		209,430
Micron Technology, Inc. (Semiconductors & Equip.)	(a)		23,800		337,008
NVIDIA Corp. (Semiconductors & Equip.)			11,200		369,152
Qorvo, Inc. (Semiconductors & Equip.)	(a)		3,100		157,790
Skyworks Solutions, Inc. (Semiconductors & Equip.)			4,200		322,686
Texas Instruments, Inc. (Semiconductors & Equip.)			22,300		1,222,263
Xilinx, Inc. (Semiconductors & Equip.)			5,600		263,032
Activision Blizzard, Inc. (Software)			11,100		429,681
Adobe Systems, Inc. (Software)	(a)		10,900		1,023,946
Autodesk, Inc. (Software)	(a)		5,000		304,650
CA, Inc. (Software)			6,800		194,208
Citrix Systems, Inc. (Software)	(a)		3,400		257,210
Electronic Arts, Inc. (Software)	(a)		6,800		467,296
Intuit, Inc. (Software)			5,800		559,700
Microsoft Corp. (Software)			175,200		9,720,096
Oracle Corp. (Software)			70,200		2,564,406
Red Hat, Inc. (Software)	(a)		4,000		331,240
salesforce.com, Inc. (Software)	(a)		13,700		1,074,080
Symantec Corp. (Software)			14,794		310,674
Apple, Inc. (Tech. Hardware, Storage & Periph.)			122,300		12,873,298
EMC Corp. (Tech. Hardware, Storage & Periph.)			42,500		1,091,400
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)			39,400		598,880
HP, Inc. (Tech. Hardware, Storage & Periph.)			39,600		468,864
NetApp, Inc. (Tech. Hardware, Storage & Periph.)			6,400		169,792
SanDisk Corp. (Tech. Hardware, Storage & Periph.)			4,400		334,356

53 (continued)

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

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (continued)
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)			6,600	$	241,956
Western Digital Corp. (Tech. Hardware, Storage & Periph.)			5,100		306,255
					81,203,229
MATERIALS – 2.6%
Air Products & Chemicals, Inc. (Chemicals)			4,300		559,473
Airgas, Inc. (Chemicals)			1,400		193,648
CF Industries Holdings, Inc. (Chemicals)			5,100		208,131
Dow Chemical Co. / The (Chemicals)			24,700		1,271,556
Eastman Chemical Co. (Chemicals)			3,300		222,783
Ecolab, Inc. (Chemicals)			5,800		663,404
E.I. du Pont de Nemours & Co. (Chemicals)			19,200		1,278,720
FMC Corp. (Chemicals)			2,900		113,477
International Flavors & Fragrances, Inc. (Chemicals)			1,800		215,352
LyondellBasell Industries NV Class A (Chemicals)			7,900		686,510
Monsanto Co. (Chemicals)			9,686		954,265
Mosaic Co. / The (Chemicals)			7,400		204,166
PPG Industries, Inc. (Chemicals)			5,900		583,038
Praxair, Inc. (Chemicals)			6,200		634,880
Sherwin-Williams Co. / The (Chemicals)			1,700		441,320
Martin Marietta Materials, Inc. (Construction Materials)			1,500		204,870
Vulcan Materials Co. (Construction Materials)			2,900		275,413
Avery Dennison Corp. (Containers & Packaging)			2,000		125,320
Ball Corp. (Containers & Packaging)			3,000		218,190
International Paper Co. (Containers & Packaging)			9,100		343,070
Owens-Illinois, Inc. (Containers & Packaging)	(a)		3,500		60,970
Sealed Air Corp. (Containers & Packaging)			4,300		191,780
WestRock Co. (Containers & Packaging)			5,638		257,206
Alcoa, Inc. (Metals & Mining)			28,700		283,269
Freeport-McMoRan, Inc. (Metals & Mining)			25,352		171,633
Newmont Mining Corp. (Metals & Mining)			11,600		208,684
Nucor Corp. (Metals & Mining)			7,000		282,100
					10,853,228
TELECOMMUNICATION SERVICES – 2.3%
AT&T, Inc. (Diversified Telecom. Svs.)			134,911		4,642,288
CenturyLink, Inc. (Diversified Telecom. Svs.)			12,072		303,732
Frontier Communications Corp. (Diversified Telecom. Svs.)			25,641		119,743
Level 3 Communications, Inc. (Diversified Telecom. Svs.)	(a)		6,300		342,468
Verizon Communications, Inc. (Diversified Telecom. Svs.)			89,200		4,122,824
					9,531,055

Common Stocks (Continued)		Shares		Value
UTILITIES – 2.9%
American Electric Power Co., Inc. (Electric Utilities)			10,800	$	629,316
Duke Energy Corp. (Electric Utilities)			15,143		1,081,059
Edison International (Electric Utilities)			7,100		420,391
Entergy Corp. (Electric Utilities)			3,900		266,604
Eversource Energy (Electric Utilities)			7,000		357,490
Exelon Corp. (Electric Utilities)			20,190		560,676
FirstEnergy Corp. (Electric Utilities)			9,234		292,995
NextEra Energy, Inc. (Electric Utilities)			10,100		1,049,289
Pepco Holdings, Inc. (Electric Utilities)			5,600		145,656
Pinnacle West Capital Corp. (Electric Utilities)			2,400		154,752
PPL Corp. (Electric Utilities)			14,700		501,711
Southern Co. / The (Electric Utilities)			19,900		931,121
Xcel Energy, Inc. (Electric Utilities)			11,100		398,601
AGL Resources, Inc. (Gas Utilities)			2,686		171,394
AES Corp. (Ind. Power & Renewable Elec.)			14,800		141,636
NRG Energy, Inc. (Ind. Power & Renewable Elec.)			6,900		81,213
Ameren Corp. (Multi-Utilities)			5,300		229,119
CenterPoint Energy, Inc. (Multi-Utilities)			9,400		172,584
CMS Energy Corp. (Multi-Utilities)			6,100		220,088
Consolidated Edison, Inc. (Multi-Utilities)			6,400		411,328
Dominion Resources, Inc. (Multi-Utilities)			13,100		886,084
DTE Energy Co. (Multi-Utilities)			3,900		312,741
NiSource, Inc. (Multi-Utilities)			7,000		136,570
PG&E Corp. (Multi-Utilities)			10,800		574,452
Public Service Enterprise Group, Inc. (Multi-Utilities)			11,100		429,459
SCANA Corp. (Multi-Utilities)			3,100		187,519
Sempra Energy (Multi-Utilities)			5,200		488,852
TECO Energy, Inc. (Multi-Utilities)			5,200		138,580
WEC Energy Group, Inc. (Multi-Utilities)			6,931		355,630
					11,726,910
Total Common Stocks (Cost $261,563,270)				$	392,659,147
Exchange Traded Funds – 4.2%		Shares		Value
SPDR S&P 500 ETF Trust			84,725	$	17,274,580
Total Exchange Traded Funds (Cost $16,944,049)				$	17,274,580
Total Investments – 99.8% (Cost $278,507,319)	(b)			$	409,933,727
Other Assets in Excess of Liabilities – 0.2%					789,914
Net Assets – 100.0%				$	410,723,641

Percentages are stated as a percent of net assets.

Abbreviations:

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.

54

Ohio National Fund, Inc. Strategic Value Portfolio

Objective/Strategy

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

Performance as of December 31, 2015

Average Annual returns
One year	4.26%
Five years	11.63%
Ten years	5.13%

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 year ended December 31, 2015, the Strategic Value Portfolio returned 4.26% versus -1.64% for its benchmark, the Dow Jones U.S. Select Dividend Index (“DJSDI”).

During the period, the DJSDI experienced its highest returns from the Consumer Staples (up 18.4%), Health Care (up 7.2%) and Industrials (up 3.9%) sectors. On a relative basis, the Portfolio’s highest contribution came from the strong performance in Consumer Staples. The Portfolio’s notable average weight of 32.4% returned 21.0% versus the average return of 18.4% in the benchmark. Notable performers include Reynolds American, Inc., The Kraft Heinz Co., and Altria Group, Inc., all of which have important weights greater than 4% in the Portfolio. Relative performance was further enhanced by the Portfolio’s 4.5% exposure to Consumer Discretionary, posting a return of 30.4% (versus -0.35% in the benchmark) driven by the sole sector holding of McDonald’s Corp. The Portfolio’s relative outperformance in Telecommunication Services was driven by having no exposure to CenturyLink, Inc. (down 31.8%). The Portfolio benefited further from avoiding Information Technology, which was the worst performer for the year in the benchmark, posting a return of -30.6%.⁽¹⁾

Areas of relative weakness were Industrials and Health Care. The DJSDI has a notable weight in the Industrials sector, which advanced 3.9% for the year. The Portfolio has no exposure to this cyclical sector due to the lack of reliable dividend growth and yield opportunities. The index’s relative outperformance in Health Care was driven by strong performance from Eli Lilly & Co. and Bristol-Myers Squibb Co. Both names were previous holdings in the Portfolio but were sold due to strong price advances which exceeded their dividend growth trajectories, pushing the dividend yields well below 3%.⁽¹⁾

From an absolute perspective, positive contributors to sector performance within the Portfolio were Consumer Staples and Consumer Discretionary. Consumer Staples outperformance was driven by Reynolds American, Inc., The Kraft Heinz Co., and Altria Group, Inc. The Kraft Heinz Co. returned 46.6% on news of the merger agreement between Kraft and Heinz. Reynolds American, Inc. and Altria

Group, Inc. posted total returns of 48.8% and 23.1% respectively. Both tobacco investments benefitted from increased convenience store traffic and stronger pricing in the U.S. tobacco industry. Reynolds American, Inc. benefitted further from its merger agreement with Lorillard. The sole investment within Consumer Discretionary, McDonald’s Corp., returned 30.4% due to improved investor confidence, driven by the addition of new premium sandwiches and the implementation of all-day breakfast.⁽¹⁾

The Portfolio’s five best performing securities were Reynolds American, Inc. (up 48.8%), The Kraft Heinz Co. (up 46.6%), McDonald’s Corp. (up 30.4%), The Williams Cos., Inc. (up 26.0%) and Altria Group, Inc. (up 23.1%).⁽¹⁾

Conversely, negative performance was noted in the Energy sector, with Portfolio holdings posting a return of -17.8% for the year, as oil prices continued their decline, driven by oversupply concerns and weakness in China. Laggards in the Portfolio included Kinder Morgan, Inc. (down 59.0%), Royal Dutch Shell PLC (down 29.8%), and Chevron Corp. (down 16.2%). The 1.4% exposure to Kinder Morgan, Inc. was ultimately sold due to concerns that a dramatic change in capital market funding prospects created material risk to the dividend. Subsequently, Kinder Morgan, Inc. did cut its dividend distribution.⁽¹⁾

The Portfolio’s five worst performing securities were Kinder Morgan, Inc. (down 59.0%), Royal Dutch Shell PLC (down 29.8%), Chevron Corp. (down 16.2%), TOTAL SA (down 14.5%) and BCE, Inc. (down 12.8%).⁽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. That said, the holdings of the Portfolio have changed modestly. Notable changes to sector exposures included a 7.2% decrease in Energy, a 2.6% increase in Consumer Staples and a 1.2% increase in Utilities. Energy decreased from 17.7% to 10.5%, a result of eliminating our positions in ConocoPhillips and The Williams Cos., Inc. We exited the position in ConocoPhillips because it did not have a downstream business. We exited The Williams Cos., Inc. after the shares soared based on the news of a potential buyout from Energy Transfer Equity L.P. causing the yield to decline. We also eliminated TOTAL SA in the Portfolio and used the proceeds to start a new position in Exxon Mobil Corp. The recent decline in commodity prices has generated a yield opportunity to tap into a high quality income stream of an AAA-rated, acknowledged industry leader. Exxon Mobil Corp.’s payout ratio/mix of business/balance sheet should allow it to continue to pay and increase its dividend through its current cycle, and emerge with fewer small-scale competitors. This is the first time in 18 years that Exxon Mobil Corp.’s yield has been above 4%.⁽¹⁾

As Energy was reduced, the Portfolio’s Consumer Staples exposure was increased, driven by adding to existing names such as Philip Morris, Altria Group, Inc., and The Procter & Gamble Co. Exposure to Utilities increased due to increases to an existing position, National Grid PLC. National Grid PLC is a low risk and predominately regulated utility with a current yield of 4.6% and graphic diversity (U.S. and UK) that offers a compelling combination of dividend yield and growth potential of at least retail prices index inflation.⁽¹⁾

The volatility of 2015 continued through year-end, as investors vacillated between preferences for safer havens, characterized by defensive securities, and preferences for riskier assets in anticipation of an eventual increase to the Federal Reserve Funds Rate. By December, it was evident that positive investor expectations succumbed to ongoing concerns regarding oil prices, weakness in

55 (continued)

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

China, and tensions in the Middle East. Ultimately, these macro concerns dwarfed the market’s anticipation of the long-awaited rate hike, which ended up being more or less a non-event for dividend-friendly portfolios.

Notwithstanding the heightened volatility in the year, the Portfolio remained tenaciously focused on providing investors with a high dividend yield portfolio complemented by dividend growth.

Looking forward, we expect investor concerns and the resulting market volatility will continue well into 2016. We believe investors will continue to closely watch for ongoing concerns regarding oil prices, weakness in China, tensions in the Middle East and the trajectory for future Federal Reserve Fund Rate increases. Historically, the defensive features of high quality investments have provided less downside risk during periods of high volatility and during periods of slowing growth, which should benefit the strategy. Regardless of market conditions, we believe the Portfolio provides an unwavering, lower risk investment approach that can address a variety of investor needs, both in the short-term and the long-term.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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.

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	98.5
Money Market Funds Less Net Liabilities	1.5
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

		% of Net Assets
1.	McDonald’s Corp.	4.9
2.	Reynolds American, Inc.	4.8
3.	Altria Group, Inc.	4.8
4.	National Grid PLC	4.7
5.	Philip Morris International, Inc.	4.7
6.	Kraft Heinz Co. / The	4.5
7.	Verizon Communications, Inc.	4.4
8.	AT&T, Inc.	4.1
9.	GlaxoSmithKline PLC	4.1
10.	Procter & Gamble Co. / The	3.6

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Consumer Staples	34.2
Utilities	17.0
Telecommunication Services	13.4
Energy	10.7
Health Care	9.3
Financials	8.9
Consumer Discretionary	5.0
	98.5

56

Ohio National Fund, Inc. Strategic Value Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 98.5%		Shares		Value
CONSUMER DISCRETIONARY – 5.0%
McDonald’s Corp. (Hotels, Restaurants & Leisure)			129,645	$	15,316,260
CONSUMER STAPLES – 34.2%
Coca-Cola Co. / The (Beverages)			119,450		5,131,572
PepsiCo, Inc. (Beverages)			36,700		3,667,064
General Mills, Inc. (Food Products)			97,100		5,598,786
Kellogg Co. (Food Products)			54,075		3,908,000
Kraft Heinz Co. / The (Food Products)			189,930		13,819,307
Kimberly-Clark Corp. (Household Products)			71,475		9,098,767
Procter & Gamble Co. / The (Household Products)			140,350		11,145,194
Unilever PLC (Personal Products)	(a)		215,600		9,247,604
Altria Group, Inc. (Tobacco)			255,195		14,854,901
Philip Morris International, Inc. (Tobacco)			164,045		14,421,196
Reynolds American, Inc. (Tobacco)			324,340		14,968,291
					105,860,682
ENERGY – 10.7%
BP PLC (Oil, Gas & Consumable Fuels)	(a)		1,685,300		8,758,025
Chevron Corp. (Oil, Gas & Consumable Fuels)			110,980		9,983,761
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			110,000		8,574,500
Royal Dutch Shell PLC (Oil, Gas & Consumable Fuels)	(a)		258,220		5,885,109
					33,201,395
FINANCIALS – 8.9%
Digital Realty Trust, Inc. (Real Estate Investment Trusts)			65,900		4,983,358
HCP, Inc. (Real Estate Investment Trusts)			105,190		4,022,466
National Retail Properties, Inc. (Real Estate Investment Trusts)			83,000		3,324,150
Realty Income Corp. (Real Estate Investment Trusts)			80,800		4,171,704
Ventas, Inc. (Real Estate Investment Trusts)			97,530		5,503,618
Welltower, Inc. (Real Estate Investment Trusts)			81,800		5,564,854
					27,570,150

Common Stocks (Continued)		Shares		Value
HEALTH CARE – 9.3%
GlaxoSmithKline PLC (Pharmaceuticals)	(a)		629,156	$	12,706,410
Johnson & Johnson (Pharmaceuticals)			51,860		5,327,059
Merck & Co., Inc. (Pharmaceuticals)			145,800		7,701,156
Sanofi (Pharmaceuticals)	(a)		37,036		3,156,290
					28,890,915
TELECOMMUNICATION SERVICES – 13.4%
AT&T, Inc. (Diversified Telecom. Svs.)			373,223		12,842,603
BCE, Inc. (Diversified Telecom. Svs.)			156,280		6,037,963
Verizon Communications, Inc. (Diversified Telecom. Svs.)			294,101		13,593,348
Vodafone Group PLC – ADR (Wireless Telecom. Svs.)			283,393		9,142,258
					41,616,172
UTILITIES – 17.0%
American Electric Power Co., Inc. (Electric Utilities)			74,600		4,346,942
Duke Energy Corp. (Electric Utilities)			139,906		9,987,889
PPL Corp. (Electric Utilities)			251,900		8,597,347
Southern Co. / The (Electric Utilities)			234,860		10,989,099
Dominion Resources, Inc. (Multi-Utilities)			61,225		4,141,259
National Grid PLC (Multi-Utilities)	(a)		1,049,800		14,478,493
					52,541,029
Total Common Stocks (Cost $280,777,460)				$	304,996,603
Money Market Funds – 3.3%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			10,286,000	$	10,286,000
Total Money Market Funds (Cost $10,286,000)				$	10,286,000
Total Investments – 101.8% (Cost $291,063,460)	(b)			$	315,282,603
Liabilities in Excess of Other Assets – (1.8)%					(5,473,837)
Net Assets – 100.0%				$	309,808,766

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 $54,231,931, or 17.5% 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.

57

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 December 31, 2015

Average Annual returns
One year	-3.06%
Five years	5.15%
Ten years	6.42%

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 year ended December 31, 2015, the High Income Bond Portfolio returned -3.06% versus -4.43% for its benchmark, the Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index (“BCHY2%”).

The total return for the high yield market for the reporting period was disappointing on both an absolute and a relative basis. For example, the BCHY2%, returned -4.43% for the period, underperforming the Barclay’s U.S. Aggregate Bond Index, a measure of high quality bond performance, which returned 0.55% for the period. The main factor which negatively impacted the high yield market was the weakness in commodity prices, especially energy prices. Three major sectors were especially hard hit by the commodity price decline and drove the BCHY2%’s return into negative territory. Independent energy had a total return of -35.62%, oil field services had a total return of -20.91% and metals had a total return of -23.69%. The BCHY2%, excluding these three sectors, had a total return of -0.04% for the period. Also, late in the period, the Third Avenue Focused Credit Fund (“TFCIX”), an open-end mutual fund focusing on distressed securities had to halt redemptions and go into liquidation mode. While TFCIX’s security holdings were dramatically different than most open-end high yield mutual funds, the fact that it needed to halt redemptions sent a shiver down the back of the market. Liquidity concerns resulted in an uptick in mutual fund liquidations in December, putting considerable selling pressure on the market. The impact of these events can be seen in the spread between high-yield bonds and U.S. Treasury securities with comparable maturities. According to the Credit Suisse High Yield Bond Index, the spread began the reporting period at 564 basis points and ended the reporting period at 747 basis points.

Within the high-yield market, major industry sectors that substantially outperformed the overall BCHY2% included food & beverage, leisure, building materials, consumer products and packaging. Major industry sectors that substantially underperformed the overall BCHY2% included independent energy, metals, oil field services, aerospace/defense and midstream. From a credit quality per-

spective, the higher quality BB-rated sector led the way with a return of -1.00% followed by the B-rated and CCC-rated sectors which returned -4.63% and -12.11%, respectively.

The Portfolio was positively impacted by its underweight to the poor performing independent energy, oil field services and metals industry sectors. The Portfolio was also positively impacted by its overweight to the outperforming packaging, health care, gaming and consumer products sectors. The Portfolio was negatively impacted by its underweight in the strong performing home construction and financial institutions sectors.⁽¹⁾

The Portfolio was positively impacted relative to the BCHY2% by strong security selection in the independent energy, media entertainment, gaming, retail, aerospace/defense and industrial other industry sectors. The Portfolio was negatively impacted by poor security selection in the cable satellite, midstream and wireless telecommunications industry sectors. Specific Portfolio holdings that substantially outperformed the BCHY2% included Hiland Partners LP/Hiland Partners Finance Corp., Regal Entertainment Group, The ServiceMaster Co. LLC, and Affinity Gaming LLC/Affinity Gaming Finance Corp. Specific Portfolio holdings that substantially underperformed the BCHY2% included SandRidge Energy, Inc., Linn Energy LLC/Linn Energy Finance Corp., Energy XXI Gulf Coast, Inc., Legacy Reserves LP/Legacy Reserves Finance Corp. and Chesapeake Energy Corp.⁽¹⁾

The commodity sectors will continue to be a source of volatility for the high yield market as 2016 begins. We would expect debt restructurings to continue, if not increase, in the independent energy, oil field service and metals sector. Given the price levels that many of the securities in these sectors exited 2015 with, a significant portion of the negative impact has most likely been absorbed. The good news is that sectors not associated with energy and metals continue to be characterized by relatively good credit fundamentals and attractive credit spreads. If the U.S. economy continues its slow steady pace of growth, we would expect credit spreads to tighten in sectors away from commodities, leading to attractive returns for high yield in 2016. The key risks would be a slowing of U.S. economic growth or a further decline in commodity prices.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2015.

58 (continued)

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

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.

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Corporate Bonds (4)	95.1
Money Market Funds and Other Net Assets	4.9
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     HCA, Inc. 5.000%, 03/15/2024	1.1
2.     First Data Corp. 5.750%, 01/15/2024	1.0
3.     DISH DBS Corp. 5.875%, 07/15/2022	0.8
4.     Berry Plastics Corp. 5.500%, 05/15/2022	0.7
5.     Energy Transfer Equity LP 5.875%, 01/15/2024	0.7
6.     Serta Simmons Holdings LLC 8.125%, 10/01/2020	0.7
7.     CCO Holdings LLC / CCO Holdings Capital Corp. 5.750%, 01/15/2024	0.7
8.     MPH Acquisition Holdings LLC 6.625%, 04/01/2022	0.7
9.     Sirius XM Radio, Inc. 4.625%, 05/15/2023	0.7
10.     Jaguar Holding Co II / Pharmaceutical Product Development LLC 6.375%, 08/01/2023	0.7

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Corporate Bonds):

	% of Net Assets
Consumer Discretionary	29.1
Health Care	12.8
Information Technology	10.8
Industrials	10.1
Materials	9.5
Energy	9.4
Telecommunication Services	5.0
Consumer Staples	3.2
Financials	2.9
Utilities	2.3
	95.1

59

Ohio National Fund, Inc. High Income Bond Portfolio

Schedule of Investments December 31, 2015

Corporate Bonds – 95.1%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 29.1%
Affinia Group, Inc. (Auto Components)			7.750%	05/01/2021	$	1,125,000	$	1,145,025
American Axle & Manufacturing, Inc. (Auto Components)			6.625%	10/15/2022		625,000		654,687
American Axle & Manufacturing, Inc. (Auto Components)			6.250%	03/15/2021		400,000		414,000
Gates Global LLC / Gates Global Co. (Auto Components)	(b)		6.000%	07/15/2022		900,000		648,000
Goodyear Tire & Rubber Co. / The (Auto Components)			5.125%	11/15/2023		300,000		307,500
International Automotive Components Group SL (Acquired 05/26/2011 through 01/03/2012, Cost $550,675)(Auto Components)	(b)(f)		9.125%	06/01/2018		550,000		470,250
J.B. Poindexter & Co., Inc. (Auto Components)	(b)		9.000%	04/01/2022		725,000		757,625
Lear Corp. (Auto Components)			4.750%	01/15/2023		625,000		628,125
Lear Corp. (Auto Components)			5.375%	03/15/2024		225,000		231,187
Lear Corp. (Auto Components)			5.250%	01/15/2025		100,000		101,750
MPG Holdco I, Inc. (Auto Components)			7.375%	10/15/2022		625,000		631,250
Omega U.S. Sub, LLC (Auto Components)	(b)		8.750%	07/15/2023		325,000		299,812
UCI International, Inc. (Acquired 06/14/2011 through 09/18/2012, Cost $630,825)(Auto Components)	(f)		8.625%	02/15/2019		625,000		215,625
ZF North America Capital, Inc. (Auto Components)	(b)		4.750%	04/29/2025		325,000		309,562
ServiceMaster Co. LLC / The (Diversified Consumer Svs.)			7.450%	08/15/2027		300,000		298,500
ServiceMaster Co. LLC / The (Diversified Consumer Svs.)			7.100%	03/01/2018		450,000		447,750
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(b)		6.000%	04/01/2022		1,175,000		1,210,250
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(b)		4.625%	01/15/2022		375,000		375,937
Affinity Gaming LLC / Affinity Gaming Finance Corp. (Hotels, Restaurants & Leisure)			9.000%	05/15/2018		250,000		251,250
Aramark Services, Inc. (Hotels, Restaurants & Leisure)	(b)		5.125%	01/15/2024		425,000		432,969
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)			6.875%	05/15/2023		425,000		436,688
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. (Hotels, Restaurants & Leisure)			5.250%	03/15/2021		125,000		128,750
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. (Hotels, Restaurants & Leisure)			5.375%	06/01/2024		375,000		378,750
Chester Downs & Marina LLC (Hotels, Restaurants & Leisure)	(b)		9.250%	02/01/2020		450,000		320,625
GLP Capital LP / GLP Financing II, Inc. (Hotels, Restaurants & Leisure)			5.375%	11/01/2023		375,000		365,625
MGM Resorts International (Hotels, Restaurants & Leisure)			6.750%	10/01/2020		425,000		436,688
MGM Resorts International (Hotels, Restaurants & Leisure)			7.750%	03/15/2022		1,125,000		1,195,312
Mohegan Tribal Gaming Authority (Hotels, Restaurants & Leisure)			9.750%	09/01/2021		450,000		448,875
NPC International, Inc. / NPC Operating Co. A, Inc. / NPC Operating Co. B, Inc. (Hotels, Restaurants & Leisure)			10.500%	01/15/2020		650,000		672,750
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)			5.875%	11/01/2021		1,075,000		1,042,750
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)			7.500%	04/15/2021		225,000		234,563
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)			6.375%	08/01/2021		650,000		683,312
Rivers Pittsburgh Borrower LP / Rivers Pittsburgh Finance Corp. (Hotels, Restaurants & Leisure)	(b)		9.500%	06/15/2019		540,000		558,900
Seminole Hard Rock Entertainment, Inc. / Seminole Hard Rock International LLC (Hotels, Restaurants & Leisure)	(b)		5.875%	05/15/2021		1,225,000		1,221,937
Seminole Indian Tribe of Florida (Hotels, Restaurants & Leisure)	(b)		7.804%	10/01/2020		630,000		648,900
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)	(b)		5.250%	01/15/2021		475,000		480,937
Station Casinos LLC (Hotels, Restaurants & Leisure)			7.500%	03/01/2021		800,000		816,000
RSI Home Products, Inc. (Household Durables)	(b)		6.500%	03/15/2023		675,000		695,250
Serta Simmons Holdings LLC (Household Durables)	(b)		8.125%	10/01/2020		1,275,000		1,332,375
CDW LLC / CDW Finance Corp. (Internet & Catalog Retail)			6.000%	08/15/2022		100,000		105,500
CDW LLC / CDW Finance Corp. (Internet & Catalog Retail)			5.500%	12/01/2024		650,000		680,875
CDW LLC / CDW Finance Corp. (Internet & Catalog Retail)			5.000%	09/01/2023		550,000		558,250
FGI Operating Co. LLC / FGI Finance, Inc. (Leisure Products)			7.875%	05/01/2020		800,000		576,000
Vista Outdoor, Inc. (Leisure Products)	(b)		5.875%	10/01/2023		275,000		281,875
Altice SA (Media)	(b)		7.750%	05/15/2022		975,000		879,938
Altice SA (Media)	(b)		7.625%	02/15/2025		250,000		215,625
Altice U.S. Finance I Corp. (Media)	(b)		5.375%	07/15/2023		375,000		375,937
Altice U.S. Finance II Corp. (Media)	(b)		7.750%	07/15/2025		325,000		299,000
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			6.625%	01/31/2022		400,000		421,500
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.125%	02/15/2023		150,000		150,187
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.750%	09/01/2023		325,000		333,125
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.750%	01/15/2024		1,275,000		1,310,063
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(b)		5.375%	05/01/2025		175,000		174,125
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(b)		5.875%	05/01/2027		150,000		149,250
Cequel Communications Holdings I LLC / Cequel Capital Corp. (Media)	(b)		5.125%	12/15/2021		750,000		675,000
Cequel Communications Holdings I LLC / Cequel Capital Corp. (Media)	(b)		5.125%	12/15/2021		100,000		90,000
Clear Channel International BV (Media)	(b)		8.750%	12/15/2020		50,000		49,750
Clear Channel Worldwide Holdings, Inc. (Media)			6.500%	11/15/2022		275,000		265,375
Clear Channel Worldwide Holdings, Inc. (Media)			6.500%	11/15/2022		1,125,000		1,096,875
Cumulus Media Holdings, Inc. (Media)			7.750%	05/01/2019		275,000		92,812
DISH DBS Corp. (Media)			5.875%	07/15/2022		1,600,000		1,492,000
Entercom Radio LLC (Media)			10.500%	12/01/2019		500,000		517,500
Expo Event Transco, Inc. (Media)	(b)		9.000%	06/15/2021		800,000		760,000
Gray Television, Inc. (Media)			7.500%	10/01/2020		700,000		719,250

60 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY (continued)
Igloo Holdings Corp. (Media)	(b)(d)		8.250%, 9.000% PIK	12/15/2017	$	875,000	$	875,000
iHeartCommunications, Inc. (Media)			9.000%	03/01/2021		700,000		488,250
Intelsat Jackson Holdings SA (Media)			6.625%	12/15/2022		825,000		525,937
Intelsat Jackson Holdings SA (Media)			5.500%	08/01/2023		550,000		431,750
Intelsat Luxembourg SA (Media)			7.750%	06/01/2021		325,000		151,125
Intelsat Luxembourg SA (Media)			8.125%	06/01/2023		750,000		337,500
Lamar Media Corp. (Media)			5.875%	02/01/2022		125,000		131,250
Lamar Media Corp. (Media)			5.000%	05/01/2023		450,000		455,625
Lamar Media Corp. (Media)			5.375%	01/15/2024		275,000		283,250
LIN Television Corp. (Media)			5.875%	11/15/2022		350,000		348,250
Nexstar Broadcasting, Inc. (Media)	(b)		6.125%	02/15/2022		475,000		465,500
Nielsen Co. Luxembourg SARL / The (Media)	(b)		5.500%	10/01/2021		175,000		179,375
Nielsen Finance LLC / Nielsen Finance Co. (Media)	(b)		5.000%	04/15/2022		1,250,000		1,234,375
Numericable Group SA (Media)	(b)		6.000%	05/15/2022		575,000		557,750
Numericable Group SA (Media)	(b)		6.250%	05/15/2024		400,000		386,000
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media)			5.250%	02/15/2022		300,000		306,750
Outfront Media Capital LLC / Outfront Media Capital Corp. (Media)			5.625%	02/15/2024		300,000		308,250
Radio One, Inc. (Media)	(b)		9.250%	02/15/2020		650,000		513,500
Radio One, Inc. (Media)	(b)		7.375%	04/15/2022		475,000		422,750
Regal Entertainment Group (Media)			5.750%	02/01/2025		550,000		530,750
Regal Entertainment Group (Media)			5.750%	03/15/2022		100,000		100,000
Sinclair Television Group, Inc. (Media)	(b)		5.625%	08/01/2024		875,000		850,937
Sinclair Television Group, Inc. (Media)			6.125%	10/01/2022		50,000		51,000
Sirius XM Radio, Inc. (Media)	(b)		4.625%	05/15/2023		1,300,000		1,274,000
Sirius XM Radio, Inc. (Media)	(b)		6.000%	07/15/2024		275,000		287,375
Sirius XM Radio, Inc. (Media)	(b)		5.375%	04/15/2025		150,000		150,937
TEGNA, Inc. (Media)			6.375%	10/15/2023		775,000		817,625
Gannett Co., Inc. (Media)	(b)		4.875%	09/15/2021		75,000		75,187
Gannett Co., Inc. (Media)	(b)		5.500%	09/15/2024		75,000		75,000
Time, Inc. (Media)	(b)		5.750%	04/15/2022		200,000		183,000
Townsquare Media, Inc. (Media)	(b)		6.500%	04/01/2023		500,000		457,500
Tribune Media Co. (Media)	(b)		5.875%	07/15/2022		650,000		650,000
Unitymedia KabelBW GmbH (Media)	(b)		6.125%	01/15/2025		425,000		419,964
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH (Media)	(b)		5.500%	01/15/2023		475,000		473,813
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH (Media)	(b)		5.000%	01/15/2025		200,000		191,000
Lynx II Corp. (Media)	(b)		6.375%	04/15/2023		475,000		482,125
Virgin Media Finance PLC (Media)	(b)		5.750%	01/15/2025		200,000		192,500
Virgin Media Secured Finance PLC (Media)	(b)		5.250%	01/15/2026		425,000		413,312
Family Tree Escrow, LLC (Multiline Retail)	(b)		5.750%	03/01/2023		250,000		260,625
Argos Merger Sub, Inc. (Specialty Retail)	(b)		7.125%	03/15/2023		1,000,000		991,500
Jo-Ann Stores Holdings, Inc. (Acquired 10/09/2012, Cost $296,292)(Specialty Retail)	(b)(d)(f)		9.750%, 10.500% PIK	10/15/2019		300,000		165,000
Jo-Ann Stores, Inc. (Specialty Retail)	(b)		8.125%	03/15/2019		50,000		40,000
L Brands, Inc. (Specialty Retail)			5.625%	02/15/2022		725,000		770,312
Michaels Stores, Inc. (Specialty Retail)	(b)		5.875%	12/15/2020		800,000		827,000
Neiman Marcus Group LTD, Inc. (Specialty Retail)	(b)(d)		8.750%, 9.500% PIK	10/15/2021		575,000		356,500
Party City Holdings, Inc. (Specialty Retail)	(b)		6.125%	08/15/2023		500,000		485,000
Petco Animal Supplies, Inc. (Specialty Retail)	(b)		9.250%	12/01/2018		525,000		538,781
Petco Holdings, Inc. (Specialty Retail)	(b)(d)		8.500%, 9.250% PIK	10/15/2017		750,000		763,125
Sally Holdings LLC / Sally Capital, Inc. (Specialty Retail)			5.625%	12/01/2025		100,000		101,000
PVH Corp. (Textiles, Apparel & Luxury Goods)			4.500%	12/15/2022		275,000		268,812
Springs Industries, Inc. (Textiles, Apparel & Luxury Goods)			6.250%	06/01/2021		625,000		618,750
								56,464,470
CONSUMER STAPLES – 3.2%
Constellation Brands, Inc. (Beverages)			4.750%	12/01/2025		175,000		178,281
Rite Aid Corp. (Food & Staples Retailing)	(b)		6.125%	04/01/2023		550,000		569,250
U.S. Foods, Inc. (Food & Staples Retailing)			8.500%	06/30/2019		525,000		540,750
Dean Foods Co. (Food Products)	(b)		6.500%	03/15/2023		475,000		494,000
Hearthside Group Holdings LLC / Hearthside Finance Co. (Food Products)	(b)		6.500%	05/01/2022		1,100,000		1,017,500
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. (Food Products)			4.875%	05/01/2021		1,175,000		1,128,000
Post Holdings, Inc. (Food Products)	(b)		7.750%	03/15/2024		225,000		235,687
Post Holdings, Inc. (Food Products)	(b)		8.000%	07/15/2025		550,000		583,000
Sun Merger Sub., Inc. (Food Products)	(b)		5.875%	08/01/2021		100,000		103,000
TreeHouse Foods, Inc. (Food Products)			4.875%	03/15/2022		75,000		71,437
Spectrum Brands, Inc. (Household Products)	(b)		6.125%	12/15/2024		175,000		182,000
Spectrum Brands, Inc. (Household Products)	(b)		5.750%	07/15/2025		400,000		410,000
First Quality Finance Co., Inc. (Personal Products)	(b)		4.625%	05/15/2021		700,000		637,000
								6,149,905

61 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
ENERGY – 9.4%
CGG SA (Energy Equip. & Svs.)			6.875%	01/15/2022	$	300,000	$	123,000
Chaparral Energy, Inc. (Energy Equip. & Svs.)			7.625%	11/15/2022		200,000		46,000
FTS International, Inc. (Energy Equip. & Svs.)			6.250%	05/01/2022		325,000		91,000
Antero Resources Corp. (Oil, Gas & Consumable Fuels)			6.000%	12/01/2020		775,000		647,125
Antero Resources Corp. (Oil, Gas & Consumable Fuels)			5.125%	12/01/2022		200,000		152,000
Antero Resources Corp. (Oil, Gas & Consumable Fuels)	(b)		5.625%	06/01/2023		125,000		97,500
Approach Resources, Inc. (Oil, Gas & Consumable Fuels)			7.000%	06/15/2021		550,000		195,250
BreitBurn Energy Partners LP / BreitBurn Finance Corp. (Oil, Gas & Consumable Fuels)			7.875%	04/15/2022		225,000		40,500
California Resources Corp. (Oil, Gas & Consumable Fuels)			5.500%	09/15/2021		150,000		47,250
California Resources Corp. (Oil, Gas & Consumable Fuels)			6.000%	11/15/2024		725,000		221,125
Carrizo Oil & Gas, Inc. (Oil, Gas & Consumable Fuels)			7.500%	09/15/2020		575,000		502,406
Carrizo Oil & Gas, Inc. (Oil, Gas & Consumable Fuels)			6.250%	04/15/2023		100,000		81,000
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			6.875%	11/15/2020		675,000		192,375
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			5.375%	06/15/2021		525,000		141,750
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels)			6.125%	03/01/2022		150,000		104,250
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		6.250%	04/01/2023		625,000		435,937
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)	(b)		7.750%	02/15/2023		175,000		164,500
CVR Refining LLC / Coffeyville Finance, Inc. (Oil, Gas & Consumable Fuels)			6.500%	11/01/2022		325,000		315,250
Energy Transfer Equity LP (Oil, Gas & Consumable Fuels)			5.875%	01/15/2024		1,725,000		1,405,875
Energy XXI Gulf Coast, Inc. (Oil, Gas & Consumable Fuels)			7.500%	12/15/2021		350,000		38,062
Energy XXI Gulf Coast, Inc. (Oil, Gas & Consumable Fuels)			6.875%	03/15/2024		50,000		5,500
EP Energy LLC / Everest Acquisition Finance, Inc. (Oil, Gas & Consumable Fuels)			9.375%	05/01/2020		350,000		223,125
EP Energy LLC / Everest Acquisition Finance, Inc. (Oil, Gas & Consumable Fuels)			7.750%	09/01/2022		100,000		51,000
EP Energy LLC / Everest Acquisition Finance, Inc. (Oil, Gas & Consumable Fuels)			6.375%	06/15/2023		250,000		125,000
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)			7.750%	11/01/2020		350,000		313,250
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)			6.625%	05/01/2023		225,000		187,875
Halcon Resources Corp. (Oil, Gas & Consumable Fuels)	(b)		8.625%	02/01/2020		300,000		207,000
Hiland Partners LP / Hiland Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		5.500%	05/15/2022		250,000		240,000
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)			6.500%	03/01/2020		475,000		470,250
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)	(b)		5.625%	11/15/2023		550,000		503,097
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)			5.625%	01/15/2022		225,000		195,750
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)			7.375%	05/01/2022		100,000		92,000
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)			6.250%	03/15/2023		125,000		108,750
Legacy Reserves LP / Legacy Reserves Finance Corp. (Acquired 05/08/2014 through 08/26/2014, Cost $801,602)(Oil, Gas & Consumable Fuels)			6.625%	12/01/2021		700,000		147,000
Linn Energy LLC / Linn Energy Finance Corp. (Oil, Gas & Consumable Fuels)			8.625%	04/15/2020		350,000		59,937
Linn Energy LLC / Linn Energy Finance Corp. (Oil, Gas & Consumable Fuels)			7.750%	02/01/2021		300,000		43,500
Linn Energy LLC / Linn Energy Finance Corp. (Oil, Gas & Consumable Fuels)			6.500%	09/15/2021		125,000		16,875
MPLX LP (Oil, Gas & Consumable Fuels)	(b)		5.500%	02/15/2023		600,000		525,000
MPLX LP (Oil, Gas & Consumable Fuels)	(b)		4.500%	07/15/2023		325,000		290,778
MPLX LP (Oil, Gas & Consumable Fuels)	(b)		4.875%	12/01/2024		75,000		67,312
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)			8.000%	06/01/2020		850,000		565,250
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)			6.875%	03/15/2022		625,000		400,000
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)			7.750%	10/15/2022		125,000		120,000
Range Resources Corp. (Oil, Gas & Consumable Fuels)	(b)		4.875%	05/15/2025		647,000		491,720
Regency Energy Partners LP / Regency Energy Finance Corp. (Oil, Gas & Consumable Fuels)			5.875%	03/01/2022		150,000		141,396
Regency Energy Partners LP / Regency Energy Finance Corp. (Oil, Gas & Consumable Fuels)			5.000%	10/01/2022		200,000		177,253
Regency Energy Partners LP / Regency Energy Finance Corp. (Oil, Gas & Consumable Fuels)			5.500%	04/15/2023		175,000		157,355
Regency Energy Partners LP / Regency Energy Finance Corp. (Oil, Gas & Consumable Fuels)			4.500%	11/01/2023		225,000		194,749
Rice Energy, Inc. (Oil, Gas & Consumable Fuels)	(b)		7.250%	05/01/2023		75,000		54,750
Rice Energy, Inc. (Oil, Gas & Consumable Fuels)			6.250%	05/01/2022		500,000		360,000
Rose Rock Midstream LP / Rose Rock Finance Corp. (Oil, Gas & Consumable Fuels)			5.625%	07/15/2022		600,000		426,000
Rose Rock Midstream LP / Rose Rock Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		5.625%	11/15/2023		325,000		230,750
RSP Permian, Inc. (Oil, Gas & Consumable Fuels)	(b)		6.625%	10/01/2022		75,000		69,000
RSP Permian, Inc. (Oil, Gas & Consumable Fuels)			6.625%	10/01/2022		275,000		253,000
Sabine Pass Liquefaction, LLC (Oil, Gas & Consumable Fuels)			5.625%	02/01/2021		950,000		874,000
Sabine Pass Liquefaction, LLC (Oil, Gas & Consumable Fuels)			6.250%	03/15/2022		300,000		277,500
Sabine Pass Liquefaction, LLC (Oil, Gas & Consumable Fuels)			5.625%	04/15/2023		225,000		197,437
Sabine Pass Liquefaction, LLC (Oil, Gas & Consumable Fuels)	(b)		5.625%	03/01/2025		375,000		317,344
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)			7.500%	03/15/2021		50,000		5,250
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)			8.125%	10/15/2022		500,000		55,000
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)			7.500%	02/15/2023		200,000		21,750
SM Energy Co. (Oil, Gas & Consumable Fuels)			6.500%	01/01/2023		50,000		36,750
SM Energy Co. (Oil, Gas & Consumable Fuels)			5.000%	01/15/2024		325,000		211,250
SM Energy Co. (Oil, Gas & Consumable Fuels)			5.625%	06/01/2025		150,000		99,000
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. (Oil, Gas & Consumable Fuels)			5.500%	08/15/2022		700,000		518,000
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)			5.250%	05/01/2023		350,000		283,500
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)			4.250%	11/15/2023		175,000		134,750
Tesoro Corp. (Oil, Gas & Consumable Fuels)			5.125%	04/01/2024		425,000		422,875

62 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
ENERGY (continued)
Tesoro Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		5.500%	10/15/2019	$	50,000	$	48,500
Tesoro Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)			5.875%	10/01/2020		547,000		522,385
Tesoro Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)			6.125%	10/15/2021		325,000		308,750
Tesoro Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)	(b)		6.250%	10/15/2022		75,000		71,062
W&T Offshore, Inc. (Oil, Gas & Consumable Fuels)			8.500%	06/15/2019		775,000		271,250
Western Refining Logistics LP / WNRL Finance Corp. (Oil, Gas & Consumable Fuels)			7.500%	02/15/2023		400,000		382,000
Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels)			6.250%	04/01/2023		700,000		504,000
Williams Partners LP / ACMP Finance Corp. (Oil, Gas & Consumable Fuels)			6.125%	07/15/2022		225,000		212,906
								18,331,636
FINANCIALS – 2.9%
CIT Group, Inc. (Banks)			5.000%	08/01/2023		475,000		482,125
CIT Group, Inc. (Banks)			5.375%	05/15/2020		225,000		235,687
Ally Financial, Inc. (Consumer Finance)			3.250%	11/05/2018		500,000		490,625
Ally Financial, Inc. (Consumer Finance)			4.125%	03/30/2020		125,000		124,375
Ally Financial, Inc. (Consumer Finance)			4.125%	02/13/2022		475,000		470,250
Ally Financial, Inc. (Consumer Finance)			4.625%	05/19/2022		250,000		251,250
Ally Financial, Inc. (Consumer Finance)			4.625%	03/30/2025		400,000		395,000
Ally Financial, Inc. (Consumer Finance)			5.750%	11/20/2025		325,000		329,062
MSCI, Inc. (Diversified Financial Svs.)	(b)		5.250%	11/15/2024		150,000		152,250
MSCI, Inc. (Diversified Financial Svs.)	(b)		5.750%	08/15/2025		325,000		333,125
Hockey Merger Sub 2, Inc. (Insurance)	(b)		7.875%	10/01/2021		925,000		832,500
RHP Hotel Properties LP / RHP Finance Corp. (Real Estate Investment Trusts)			5.000%	04/15/2023		100,000		100,000
Hub Holdings, LLC / Hub Holdings Finance, Inc. (Real Estate Mgmt. & Development)	(b)(d)		8.125%, 8.875% PIK	07/15/2019		600,000		561,000
Quicken Loans, Inc. (Thrifts & Mortgage Finance)	(b)		5.750%	05/01/2025		900,000		857,250
								5,614,499
HEALTH CARE – 12.8%
Grifols Worldwide Operations Ltd. (Biotechnology)			5.250%	04/01/2022		675,000		678,375
Crimson Merger Sub., Inc. (Health Care Equip. & Supplies)	(b)		6.625%	05/15/2022		1,775,000		1,215,875
Hill-Rom Holdings, Inc. (Health Care Equip. & Supplies)	(b)		5.750%	09/01/2023		125,000		127,500
Sterigenics-Nordion Holdings LLC (Health Care Equip. & Supplies)	(b)		6.500%	05/15/2023		775,000		740,125
Teleflex, Inc. (Health Care Equip. & Supplies)			5.250%	06/15/2024		275,000		273,625
Air Medical Merger Sub Corp. (Health Care Providers & Svs.)	(b)		6.375%	05/15/2023		625,000		556,250
Amsurg Corp. (Health Care Providers & Svs.)			5.625%	07/15/2022		675,000		668,250
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)			5.125%	08/01/2021		300,000		298,500
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)			6.875%	02/01/2022		1,175,000		1,114,781
DaVita HealthCare Partners, Inc. (Health Care Providers & Svs.)			5.125%	07/15/2024		450,000		450,000
Envision Healthcare Corp. (Health Care Providers & Svs.)	(b)		5.125%	07/01/2022		875,000		857,500
HCA, Inc. (Health Care Providers & Svs.)			5.875%	05/01/2023		275,000		281,875
HCA, Inc. (Health Care Providers & Svs.)			5.000%	03/15/2024		2,175,000		2,169,562
HCA, Inc. (Health Care Providers & Svs.)			5.375%	02/01/2025		1,200,000		1,185,000
HCA, Inc. (Health Care Providers & Svs.)			5.250%	04/15/2025		450,000		453,375
HCA, Inc. (Health Care Providers & Svs.)			5.875%	02/15/2026		225,000		225,844
IASIS Healthcare LLC / IASIS Capital Corp. (Health Care Providers & Svs.)			8.375%	05/15/2019		400,000		368,000
Jaguar Holding Co II / Pharmaceutical Product Development LLC (Health Care Providers & Svs.)	(b)		6.375%	08/01/2023		1,300,000		1,267,500
LifePoint Hospitals, Inc. (Health Care Providers & Svs.)			5.500%	12/01/2021		750,000		763,125
LifePoint Health, Inc. (Health Care Providers & Svs.)			5.875%	12/01/2023		75,000		76,125
MEDNAX, Inc. (Health Care Providers & Svs.)	(b)		5.250%	12/01/2023		125,000		125,625
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)	(b)		6.625%	04/01/2022		1,300,000		1,303,250
Surgical Care Affiliates, Inc. (Health Care Providers & Svs.)	(b)		6.000%	04/01/2023		600,000		585,000
Team Health, Inc. (Health Care Providers & Svs.)	(b)		7.250%	12/15/2023		300,000		310,500
Tenet Healthcare Corp. (Health Care Providers & Svs.)			4.500%	04/01/2021		350,000		341,250
Tenet Healthcare Corp. (Health Care Providers & Svs.)			4.375%	10/01/2021		850,000		820,250
Tenet Healthcare Corp. (Health Care Providers & Svs.)			8.125%	04/01/2022		900,000		897,750
Tenet Healthcare Corp. (Health Care Providers & Svs.)			6.750%	06/15/2023		300,000		278,250
Emdeon, Inc. (Health Care Technology)			11.000%	12/31/2019		400,000		417,000
Emdeon, Inc. (Health Care Technology)	(b)		6.000%	02/15/2021		225,000		209,250
Truven Health Analytics, Inc. (Health Care Technology)			10.625%	06/01/2020		600,000		603,000
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		615,625
Endo Finance LLC / Endo Ltd. / Endo Finco, Inc. (Pharmaceuticals)	(b)		6.000%	07/15/2023		475,000		472,625
Mallinckrodt International Finance SA (Pharmaceuticals)			4.750%	04/15/2023		475,000		420,375
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Pharmaceuticals)	(b)		4.875%	04/15/2020		100,000		96,250
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Pharmaceuticals)	(b)		5.500%	04/15/2025		200,000		184,000
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Pharmaceuticals)	(b)		5.625%	10/15/2023		200,000		190,000
Prestige Brands, Inc. (Pharmaceuticals)	(b)		5.375%	12/15/2021		850,000		816,000
VPII Escrow Corp. (Pharmaceuticals)	(b)		7.500%	07/15/2021		825,000		822,937
Valeant Pharmaceuticals International, Inc. (Pharmaceuticals)	(b)		5.500%	03/01/2023		175,000		154,000

63 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
HEALTH CARE (continued)
VRX Escrow Corp. (Pharmaceuticals)	(b)		5.375%	03/15/2020	$	50,000	$	47,000
VRX Escrow Corp. (Pharmaceuticals)	(b)		5.875%	05/15/2023		650,000		580,125
VRX Escrow Corp. (Pharmaceuticals)	(b)		6.125%	04/15/2025		675,000		602,437
								24,914,936
INDUSTRIALS – 10.1%
Silver II Borrower / Silver II U.S. Holdings LLC (Aerospace & Defense)	(b)		7.750%	12/15/2020		550,000		396,000
TransDigm, Inc. (Aerospace & Defense)	(b)		6.500%	05/15/2025		50,000		48,437
TransDigm, Inc. (Aerospace & Defense)			5.500%	10/15/2020		275,000		266,062
TransDigm, Inc. (Aerospace & Defense)			7.500%	07/15/2021		300,000		310,500
TransDigm, Inc. (Aerospace & Defense)			6.000%	07/15/2022		550,000		537,625
TransDigm, Inc. (Aerospace & Defense)			6.500%	07/15/2024		475,000		472,387
Allegion PLC (Building Products)			5.875%	09/15/2023		125,000		127,500
Allegion U.S. Holding Co., Inc. (Building Products)			5.750%	10/01/2021		325,000		329,062
Building Materials Corp. of America (Building Products)	(b)		6.000%	10/15/2025		225,000		229,500
Hillman Group, Inc. / The (Building Products)	(b)		6.375%	07/15/2022		625,000		518,750
Masonite International Corp. (Building Products)	(b)		5.625%	03/15/2023		150,000		154,875
NCI Building Systems, Inc. (Building Products)	(b)		8.250%	01/15/2023		450,000		472,500
USG Corp. (Building Products)	(b)		5.875%	11/01/2021		175,000		182,000
USG Corp. (Building Products)	(b)		5.500%	03/01/2025		50,000		50,750
Unifrax I LLC / Unifrax Holding Co. (Building Products)	(b)		7.500%	02/15/2019		775,000		685,875
Garda World Security Corp. (Commercial Svs. & Supplies)	(b)		7.250%	11/15/2021		600,000		516,000
Garda World Security Corp. (Commercial Svs. & Supplies)	(b)		7.250%	11/15/2021		650,000		559,000
Multi-Color Corp. (Commercial Svs. & Supplies)	(b)		6.125%	12/01/2022		650,000		643,500
Mustang Merger Corp. (Commercial Svs. & Supplies)	(b)		8.500%	08/15/2021		775,000		804,063
Southern Graphics, Inc. (Commercial Svs. & Supplies)	(b)		8.375%	10/15/2020		1,200,000		1,206,000
United Rentals North America, Inc. (Commercial Svs. & Supplies)			7.375%	05/15/2020		100,000		105,500
United Rentals North America, Inc. (Commercial Svs. & Supplies)			6.125%	06/15/2023		100,000		102,250
United Rentals North America, Inc. (Commercial Svs. & Supplies)			4.625%	07/15/2023		225,000		224,438
United Rentals North America, Inc. (Commercial Svs. & Supplies)			5.750%	11/15/2024		100,000		99,000
United Rentals North America, Inc. (Commercial Svs. & Supplies)			5.500%	07/15/2025		875,000		848,750
EnerSys (Electrical Equip.)	(b)		5.000%	04/30/2023		225,000		223,875
Sensata Technologies BV (Electrical Equip.)	(b)		5.625%	11/01/2024		225,000		230,063
Sensata Technologies BV (Electrical Equip.)	(b)		5.000%	10/01/2025		300,000		293,250
Sensata Technologies UK Financing Co. PLC (Electrical Equip.)	(b)		6.250%	02/15/2026		225,000		234,000
Dematic SA / DH Services Luxembourg Sarl (Machinery)	(b)		7.750%	12/15/2020		1,100,000		1,105,500
Gardner Denver, Inc. (Machinery)	(b)		6.875%	08/15/2021		800,000		612,000
Milacron LLC / Mcron Finance Corp. (Machinery)	(b)		7.750%	02/15/2021		350,000		326,375
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		248,125
Schaeffler Finance BV (Machinery)	(b)		4.750%	05/15/2023		200,000		196,000
Schaeffler Holding Finance BV (Machinery)	(b)(d)		6.750%, 7.500% PIK	11/15/2022		400,000		430,000
IHS, Inc. (Professional Svs.)			5.000%	11/01/2022		175,000		177,188
Anna Merger Sub., Inc. (Professional Svs.)	(b)		7.750%	10/01/2022		1,325,000		1,169,312
Hertz Corp. / The (Road & Rail)			6.750%	04/15/2019		625,000		638,438
Hertz Corp. / The (Road & Rail)			6.250%	10/15/2022		375,000		388,125
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust (Trading Companies & Distributors)			4.625%	07/01/2022		150,000		151,688
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust (Trading Companies & Distributors)			4.625%	10/30/2020		200,000		204,750
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)	(b)		5.625%	04/15/2021		625,000		632,813
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)	(b)		5.750%	12/15/2023		50,000		50,375
Beacon Roofing Supply, Inc. (Trading Companies & Distributors)	(b)		6.375%	10/01/2023		175,000		178,281
HD Supply, Inc. (Trading Companies & Distributors)			7.500%	07/15/2020		100,000		104,000
HD Supply, Inc. (Trading Companies & Distributors)	(b)		5.250%	12/15/2021		225,000		229,500
International Lease Finance Corp. (Trading Companies & Distributors)			5.875%	08/15/2022		1,075,000		1,144,875
WESCO Distribution, Inc. (Trading Companies & Distributors)			5.375%	12/15/2021		425,000		408,000
								19,643,732
INFORMATION TECHNOLOGY – 10.8%
CommScope Holding Co., Inc. (Communications Equip.)	(b)(d)		6.625%, 7.375% PIK	06/01/2020		400,000		404,500
CommScope, Inc. (Communications Equip.)	(b)		5.500%	06/15/2024		525,000		498,750
Anixter, Inc. (Electronic Equip., Instr. & Comp.)			5.625%	05/01/2019		300,000		312,000
Anixter, Inc. (Electronic Equip., Instr. & Comp.)	(b)		5.500%	03/01/2023		325,000		326,625
Belden, Inc. (Electronic Equip., Instr. & Comp.)	(b)		5.500%	09/01/2022		725,000		697,813
Belden, Inc. (Electronic Equip., Instr. & Comp.)	(b)		5.250%	07/15/2024		375,000		345,000
Cleaver-Brooks, Inc. (Electronic Equip., Instr. & Comp.)	(b)		8.750%	12/15/2019		575,000		554,875
Zebra Technologies Corp. (Electronic Equip., Instr. & Comp.)			7.250%	10/15/2022		650,000		679,250
Blackboard, Inc. (Internet Software & Svs.)	(b)		7.750%	11/15/2019		400,000		346,000
Match Group, Inc. (Internet Software & Svs.)	(b)		6.750%	12/15/2022		1,100,000		1,089,000

64 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
INFORMATION TECHNOLOGY (continued)
VeriSign, Inc. (Internet Software & Svs.)			4.625%	05/01/2023	$	300,000	$	290,475
VeriSign, Inc. (Internet Software & Svs.)			5.250%	04/01/2025		125,000		125,625
CoreLogic, Inc. (IT Svs.)			7.250%	06/01/2021		450,000		468,000
First Data Corp. (IT Svs.)	(b)		8.750%	01/15/2022		750,000		783,638
First Data Corp. (IT Svs.)	(b)		5.375%	08/15/2023		550,000		552,750
First Data Corp. (IT Svs.)	(b)		7.000%	12/01/2023		175,000		175,000
First Data Corp. (IT Svs.)	(b)		5.750%	01/15/2024		2,000,000		1,970,000
Sabre GLBL, Inc. (IT Svs.)	(b)		5.375%	04/15/2023		450,000		447,750
Sabre GLBL, Inc. (IT Svs.)	(b)		5.250%	11/15/2023		75,000		74,156
Advanced Micro Devices, Inc. (Semiconductors & Equip.)			7.500%	08/15/2022		250,000		170,000
Advanced Micro Devices, Inc. (Semiconductors & Equip.)			7.000%	07/01/2024		550,000		357,500
Entegris, Inc. (Semiconductors & Equip.)	(b)		6.000%	04/01/2022		925,000		936,563
Micron Technology, Inc. (Semiconductors & Equip.)	(b)		5.250%	08/01/2023		400,000		359,000
Micron Technology, Inc. (Semiconductors & Equip.)	(b)		5.250%	01/15/2024		175,000		154,000
Qorvo, Inc. (Semiconductors & Equip.)	(b)		7.000%	12/01/2025		500,000		515,000
Audatex North America, Inc. (Software)	(b)		6.000%	06/15/2021		525,000		528,938
Audatex North America, Inc. (Software)	(b)		6.125%	11/01/2023		500,000		503,125
Blue Coat Holdings, Inc. (Software)	(b)		8.375%	06/01/2023		675,000		678,375
BMC Software Finance, Inc. (Software)	(b)		8.125%	07/15/2021		600,000		399,000
Boxer Parent Co., Inc. (Software)	(b)(d)		9.000%, 9.750% PIK	10/15/2019		775,000		480,500
Ensemble S Merger Sub, Inc. (Software)	(b)		9.000%	09/30/2023		675,000		652,219
Infor Software Parent LLC / Infor Software Parent, Inc. (Software)	(b)(d)		7.125%, 7.875% PIK	05/01/2021		1,725,000		1,246,313
Infor U.S., Inc. (Software)	(b)		6.500%	05/15/2022		775,000		654,875
Infor U.S., Inc. (Software)	(b)		5.750%	08/15/2020		75,000		75,563
Italics Merger Sub, Inc. (Software)	(b)		7.125%	07/15/2023		750,000		678,750
Nuance Communications, Inc. (Software)	(b)		5.375%	08/15/2020		900,000		901,188
SS&C Technologies Holdings, Inc. (Software)	(b)		5.875%	07/15/2023		400,000		413,000
NCR Corp. (Tech. Hardware, Storage & Periph.)			4.625%	02/15/2021		475,000		452,438
NCR Corp. (Tech. Hardware, Storage & Periph.)			5.000%	07/15/2022		450,000		436,500
NCR Corp. (Tech. Hardware, Storage & Periph.)			6.375%	12/15/2023		225,000		221,625
								20,955,679
MATERIALS – 9.5%
Ashland, Inc. (Chemicals)			4.750%	08/15/2022		600,000		583,500
Celanese U.S. Holdings LLC (Chemicals)			4.625%	11/15/2022		325,000		320,125
Eco Services Operations LLC / Eco Finance Corp. (Chemicals)	(b)		8.500%	11/01/2022		325,000		276,250
Hexion, Inc. (Chemicals)			6.625%	04/15/2020		425,000		332,563
Hexion, Inc. (Chemicals)			8.875%	02/01/2018		800,000		564,000
Huntsman International LLC (Chemicals)	(b)		5.125%	11/15/2022		325,000		292,500
Huntsman International LLC (Chemicals)			4.875%	11/15/2020		250,000		228,125
Platform Specialty Products Corp. (Chemicals)	(b)		6.500%	02/01/2022		900,000		778,500
Platform Specialty Products Corp. (Chemicals)	(b)		10.375%	05/01/2021		100,000		99,750
U.S. Coatings Acquisition, Inc. / Flash Dutch 2 BV (Chemicals)	(b)		7.375%	05/01/2021		400,000		421,750
W.R. Grace & Co. (Chemicals)	(b)		5.125%	10/01/2021		150,000		151,500
W.R. Grace & Co. (Chemicals)	(b)		5.625%	10/01/2024		200,000		202,000
Ardagh Packaging Finance PLC (Containers & Packaging)	(b)		9.125%	10/15/2020		675,000		695,250
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(b)		6.750%	01/31/2021		200,000		192,000
Ardagh Packaging Finance PLC / Ardagh MP Holdings U.S.A., Inc. (Containers & Packaging)	(b)		9.125%	10/15/2020		425,000		435,625
Ardagh Packaging Finance PLC / Ardagh MP Holdings U.S.A., Inc. (Containers & Packaging)	(b)		7.000%	11/15/2020		48,529		47,680
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(b)(e)		QL + 300	12/15/2019		200,000		195,500
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(b)		6.000%	06/30/2021		200,000		186,500
Ball Corp. (Containers & Packaging)			5.250%	07/01/2025		325,000		332,313
Ball Corp. (Containers & Packaging)			4.000%	11/15/2023		875,000		834,531
Berry Plastics Corp. (Containers & Packaging)			5.125%	07/15/2023		250,000		243,125
Berry Plastics Corp. (Containers & Packaging)			5.500%	05/15/2022		1,425,000		1,419,656
Berry Plastics Corp. (Containers & Packaging)	(b)		6.000%	10/15/2022		75,000		76,313
BWAY Holding Co. (Containers & Packaging)	(b)		9.125%	08/15/2021		1,150,000		1,075,250
Crown Americas LLC / Crown Americas Capital Corp. IV (Containers & Packaging)			4.500%	01/15/2023		725,000		708,688
Graphic Packaging International, Inc. (Containers & Packaging)			4.875%	11/15/2022		350,000		354,375
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(b)		5.875%	08/15/2023		225,000		228,375
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(b)		6.375%	08/15/2025		250,000		256,875
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(b)		5.000%	01/15/2022		100,000		97,750
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(b)		5.375%	01/15/2025		325,000		317,688
Pactiv LLC (Containers & Packaging)			7.950%	12/15/2025		225,000		209,250
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC (Containers & Packaging)			5.750%	10/15/2020		1,025,000		1,042,620
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC (Containers & Packaging)			8.250%	02/15/2021		650,000		625,625
Sealed Air Corp. (Containers & Packaging)	(b)		4.875%	12/01/2022		300,000		300,750

65 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
MATERIALS (continued)
Sealed Air Corp. (Containers & Packaging)	(b)		5.250%	04/01/2023	$	100,000	$	102,000
Sealed Air Corp. (Containers & Packaging)	(b)		5.125%	12/01/2024		350,000		350,000
Sealed Air Corp. (Containers & Packaging)	(b)		5.500%	09/15/2025		400,000		408,000
Signode Industrial Group Lux SA / Signode Industrial Group U.S., Inc. (Containers & Packaging)	(b)		6.375%	05/01/2022		1,450,000		1,232,500
ArcelorMittal (Metals & Mining)			6.125%	06/01/2025		375,000		272,813
Steel Dynamics, Inc. (Metals & Mining)			5.125%	10/01/2021		200,000		185,000
Steel Dynamics, Inc. (Metals & Mining)			5.250%	04/15/2023		125,000		114,063
Steel Dynamics, Inc. (Metals & Mining)			5.500%	10/01/2024		350,000		319,375
Wise Metals Intermediate Holdings LLC / Wise Holdings Finance Corp. (Acquired 04/11/2014 through 04/15/2014, Cost $323,903)(Metals & Mining)	(b)(d)(f)		9.750%, 10.500% PIK	06/15/2019		325,000		161,688
Clearwater Paper Corp. (Paper & Forest Products)			4.500%	02/01/2023		750,000		705,000
Clearwater Paper Corp. (Paper & Forest Products)	(b)		5.375%	02/01/2025		500,000		483,750
								18,460,491
TELECOMMUNICATION SERVICES – 5.0%
Level 3 Communications, Inc. (Diversified Telecom. Svs.)			5.750%	12/01/2022		475,000		485,688
Level 3 Financing, Inc. (Diversified Telecom. Svs.)	(b)		5.375%	01/15/2024		100,000		100,500
Level 3 Financing, Inc. (Diversified Telecom. Svs.)	(b)		5.375%	05/01/2025		775,000		771,125
Neptune Finco Corp. (Diversified Telecom. Svs.)	(b)		10.125%	01/15/2023		300,000		312,750
Neptune Finco Corp. (Diversified Telecom. Svs.)	(b)		6.625%	10/15/2025		300,000		312,000
Neptune Finco Corp. (Diversified Telecom. Svs.)	(b)		10.875%	10/15/2025		750,000		785,625
Altice Financing SA (Wireless Telecom. Svs.)	(b)		6.625%	02/15/2023		100,000		98,750
Digicel Group Ltd. (Wireless Telecom. Svs.)	(b)		8.250%	09/30/2020		1,075,000		886,875
Sprint Capital Corp. (Wireless Telecom. Svs.)			6.875%	11/15/2028		1,225,000		857,500
Sprint Nextel Corp. (Wireless Telecom. Svs.)	(b)		7.000%	03/01/2020		350,000		350,875
Sprint Communications, Inc. (Wireless Telecom. Svs.)			6.000%	11/15/2022		875,000		627,813
Sprint Corp. (Wireless Telecom. Svs.)			7.875%	09/15/2023		675,000		506,925
Sprint Corp. (Wireless Telecom. Svs.)			7.125%	06/15/2024		275,000		200,063
Syniverse Holdings, Inc. (Wireless Telecom. Svs.)			9.125%	01/15/2019		725,000		328,063
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.625%	11/15/2020		875,000		909,554
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.125%	01/15/2022		200,000		205,500
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.)			6.000%	03/01/2023		150,000		151,875
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.625%	04/01/2023		450,000		459,000
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.500%	01/15/2024		625,000		637,500
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.375%	03/01/2025		225,000		227,250
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.500%	01/15/2026		325,000		328,084
								9,621,503
UTILITIES – 2.3%
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)			6.500%	05/01/2021		450,000		382,500
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)			6.750%	01/15/2022		500,000		421,250
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)	(b)		6.750%	06/15/2023		200,000		163,000
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)			7.375%	08/01/2021		372,000		357,120
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)			5.500%	06/01/2024		825,000		664,125
Calpine Corp. (Ind. Power & Renewable Elec.)			5.750%	01/15/2025		1,275,000		1,125,188
Calpine Corp. (Ind. Power Prod. & Energy Traders)	(b)		6.000%	01/15/2022		175,000		180,633
NRG Energy, Inc. (Ind. Power & Renewable Elec.)			6.250%	05/01/2024		925,000		777,185
TerraForm Power Operating, LLC (Ind. Power & Renewable Elec.)	(b)		5.875%	02/01/2023		375,000		310,313
TerraForm Power Operating, LLC (Ind. Power & Renewable Elec.)	(b)		6.125%	06/15/2025		150,000		120,750
FPL Energy National Wind Portfolio LLC (Acquired 05/27/2009, Cost $11,942)(Multi-Utilities)	(b)(f)		6.125%	03/25/2019		12,934		12,934
								4,514,998
Total Corporate Bonds (Cost $204,246,391)							$	184,671,849
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	$	8,419
Total Common Stocks (Cost $48,614)							$	8,419

66 (continued)

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

Schedule of Investments December 31, 2015

Money Market Funds – 1.2%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			2,293,000	$	2,293,000
Total Money Market Funds (Cost $2,293,000)				$	2,293,000
Total Investments – 96.3% (Cost $206,588,005)	(g)			$	186,973,268
Other Assets in Excess of Liabilities – 3.7%					7,247,745
Net Assets – 100.0%				$	194,221,013

Percentages are stated as a percent of net assets.

Abbreviations:

PIK: Payment-in-Kind

QL: Quarterly U.S. LIBOR Rate, 0.613% on 12/31/2015

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 December 31, 2015, the value of these securities totaled $95,782,430, or 49.3% 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 December 31, 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 $8,419 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 (Payment-in-Kind).

(e) Security is a variable rate instrument in which the coupon rate is adjusted quarterly in concert with U.S. LIBOR.

(f) Represents a security deemed to be illiquid. At December 31, 2015, the value of illiquid securities in the Portfolio totaled $1,033,916, or 0.5% 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.

67

Ohio National Fund, Inc. ClearBridge Small Cap Portfolio (formerly the Capital Growth Portfolio)

Objective/Strategy

The ClearBridge Small Cap Portfolio (formerly the Capital Growth Portfolio) seeks long-term capital appreciation by investing at least 80% of its net assets in common stocks and other equity securities of small capitalization companies or in other investments that the portfolio managers believe have similar economic characteristics.

Performance as of December 31, 2015

Average Annual returns
One year	-2.46%
Five years	7.64%
Ten years	8.53%

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 year ended December 31, 2015, the ClearBridge Small Cap Portfolio returned -2.46% versus -4.41% for the current benchmark, the Russell 2000 Index, and -1.38% for the former benchmark, the Russell 2000 Growth Index.

For the period from January 1, 2015 to September 24, 2015 the Portfolio was known as the Capital Growth Portfolio, was sub-advised by Eagle Asset Management, Inc. (“Eagle”), and utilized the Russell 2000 Growth Index as its benchmark. During this period, the Portfolio returned -1.44% versus -0.90% for the Russell 2000 Growth Index. Also, during that period, the Russell 2000 Growth Index (down 0.9 percent) fared substantially better than the Russell 2000 Value Index (down 8.5 percent), primarily driven by strong performance within Health Care (up 10.8 percent), as the biotech industry performed well as a whole. Energy (down 21.3 percent) was the clear laggard for the year, as oil prices reached lows last seen more than a decade ago.

The Portfolio’s Industrials and Materials holdings contributed most notably to relative returns during this period, both faring substantially better than the holdings of the respective sectors of the benchmark. However, relative gains were offset by weak performance within the Portfolio’s Consumer Discretionary and Financials holdings that weighed on relative returns.

The Portfolio’s best performing stocks for this period were Anacor Pharmaceuticals, Inc., JetBlue Airways Corp., Thoratec Corp., Imperva, Inc. and Receptos, Inc. Anacor Pharmaceuticals, Inc.’s shares jumped as the firm reported positive phase-3 results for a potential eczema-treatment compound. JetBlue Airways Corp.’s plans to increase revenues and margins by adding checked-luggage fees and more seats to each plane, as well as a first-class section dubbed Mint, all have been largely well received by the investor community. Thoratec Corp. agreed to be acquired by St. Jude Medical during the period at a sizable premium. Imperva, Inc.’s shares appreciated as investors gained confidence in a new management team as well as its much stronger product, in our view, compared to

competitor IBM. Celgene announced that it is buying Receptos, Inc. at a substantial premium toward the end of the period.

The Portfolio’s worst performing stocks for this period were Genesco, Inc., FXCM, Universal Electronics, Inc., Vitamin Shoppe, Inc. and Spectranetics. Genesco, Inc. is a retailer of headwear, footwear and clothing accessories. Shares were off as its Lids segment reflected elevated promotional activity. Solid performance from its Journeys footwear division wasn’t enough to offset the drag from Lids. FXCM is an online provider of foreign-exchange trading and related services primarily focused on the retail investing community. The unexpected move by the Swiss National Bank to remove its currency peg to the euro caught many investors, including many FXCM clients who were holding positions that suffered as a result of the move, by surprise. Those losses significantly impaired FXCM’s balance sheet, resulting in the need to raise additional capital to meet regulatory capital requirements. Universal Electronics, Inc., largely a producer of universal remotes as well as related software, encountered substantial “destocking” on the part of its largest customer. Comcast, that customer, was scheduled to begin a voice-activated-remote initiative toward the end of 2015. We would expect Universal Electronics, Inc. to benefit from the renewed order growth as the next-generation product sales ramp up. Vitamin Shoppe, Inc.’s shares were down modestly after the firm reported lighter-than-expected same store sales growth and slightly tempered full-year guidance early on in the period. Spectranetics’ results came in just shy of revenue expectations; further, concerns of reimbursement cuts for some of Spectranetics’ devices also arose during the period.

For the period from September 25, 2015 to December 31, 2015, the Portfolio was sub-advised by ClearBridge, LLC (“ClearBridge”). The investment strategy utilized by ClearBridge is less growth focused and includes more value discipline than the strategy utilized by Eagle. The holdings of the Portfolio after the sub-adviser transition should be more of a mix of stocks with both growth and value characteristics and, therefore, more comparable to the new benchmark, the Russell 2000 Index, than the former benchmark, the Russell 2000 Growth Index. During this period, the Portfolio returned -1.04% versus its new benchmark, the Russell 2000 Index, which returned 0.31%. The Portfolio’s underperformance during that period was driven by security selection in Financial Services and Health Care, partially offset by positive stock selection in Consumer Discretionary and Energy.

CSG Systems International, Inc., WebMD Health Corp., Quotient Ltd., Woodward, Inc. and Semtech Corp. were the largest contributors to performance, while the biggest detractors included Exact Sciences Corp., PRA Group, Inc., Dynegy, Inc., OneMain Holdings, Inc. and Allegiant Travel Co. ⁽¹⁾

Major averages recovered from third quarter losses to post strong gains in the final quarter of the year. The market advanced each week in October in spite of mixed economic reports and uninspiring earnings results. After a flattish November, the market closed the year relinquishing some of October’s gains in December as the Federal Reserve’s rate decision, continued weakness in crude oil prices, and high-yield debt concerns dominated the headlines.

U.S. GDP for the third quarter was initially reported at a 1.5% annualized rate, but was later revised to 2.0%, still well short of the second quarter’s growth rate. Consumption growth was healthy, while the muted GDP figure was attributed to a broad reduction in business inventories. Elsewhere, the IMF released its World Economic Outlook, cutting its 2015 global growth forecast once again from 3.3% to 3.1%.

68 (continued)

Ohio National Fund, Inc. ClearBridge Small Cap Portfolio (formerly the Capital Growth Portfolio) (Continued)

U.S. employers added only 145K jobs in September, but very strong October and November jobs reports indicated that employers added another half million jobs during the two months, well ahead of the Street’s consensus estimates and pushing the unemployment rate down to 5.0%. Federal Reserve Chair Janet Yellen commented that the U.S. is nearly at full employment, with only 100,000 new jobs per month needed to accommodate new entrants to the workforce.

Roughly 70% of S&P 500 constituents topped the Street’s bottom-line expectations for the third quarter. However, earnings season was uninspiring, as Street estimates had been tempered and, more importantly, nearly half the companies missed top-line expectations.

The minutes from the Federal Reserve’s November meeting revealed sentiment among officials that “it may well become appropriate to initiate the normalization process at the next meeting.” However, officials also emphasized that “beginning the normalization process relatively soon would make it more likely that the policy trajectory after liftoff could be shallow.” Indeed, after months of speculation, the Fed finally raised target rates in December for the first time in seven years. The initial rate increase appeared to be priced into the market as the S&P 500 Index gained 1.5% on the day of the announcement and the 10-Year U.S. Treasury yield oscillated between 2.20% and 2.30% for most of the month.

OPEC concluded its most recent meeting without agreeing on a production ceiling for the first time in history. The oil industry has typically relied on OPEC to control supply as a support to prices, but it appears several member countries are sticking to their recent strategy of drilling as much as possible to preserve market share. Crude oil prices subsequently slid further and approached $35 per barrel, roughly 30% below the August high. Perhaps related to the commodity price weakness, a mutual fund that invests in lower-quality, high-yield bonds ceased offering investors daily liquidity and the yield on the KDP High Yield Daily Index, a proxy for junk bonds, surged above 7.5% for the first time since 2011.

Exact Sciences Corp.’s stock opened the fourth quarter of 2015 with a drastic drop after the company received an unfavorable independent rating that will not require private insurance companies to cover Exact Sciences Corp.’s primary product, Cologuard, a colorectal cancer screening test. Though the product is approved for Medicare coverage, greater uncertainty surrounding the company’s private business prospects jeopardized our investment case for the company, and thus we exited the position.⁽¹⁾

PRA Group, Inc. detracted from performance as concerns for the growth potential and profitability for the receivables industry weighed on the stock. While stricter regulation remains an overhang for the company, embedded expectations indicate the market expects a drastic decline in profitability that we find unwarranted. PRA Group, Inc. has delivered stable results that counter such expectations, and any sign of big banks re-initiating the sale of receivables should provide meaningful upside for the stock.⁽¹⁾

Dynegy, Inc. was a top detractor during the period, as pricing in the U.S. power industry remains challenged. Depressed commodity prices, industry reports pointing to lower demand, fewer plant retirements, and regulatory concerns drove the stock lower throughout the second half of the year. We continue to own the position, however, as embedded expectations for free cash flow are far too pessimistic, and currently assign no value to Dynegy, Inc.’s coal business.⁽¹⁾

CSG Systems International, Inc. was a top contributor, as the company reported a strong quarter highlighted by substantial margin

expansion. Comcast, a long-time client of the billing solutions provider, recently awarded CSG Systems International, Inc. with a contract covering the entirety of its customers. Through the first nine months of the year, 1.6 million of the remaining Comcast accounts had migrated to CSG Systems International, Inc., which is only one-third of accounts moving to CSG Systems International, Inc. under the new contract. The market is rewarding the stock, as the operating leverage from scaling the company’s processing business is boosting profitability, and we believe margin expansion will continue.⁽¹⁾

WebMD Health Corp. reported solid earnings for the third quarter, and management boosted investor confidence by reiterating its guidance for a strong fourth quarter. We see this as evidence WebMD Health Corp.’s base business is healthy despite concerns from the shift to mobile users, and see upside in the company’s adjacent operating units as well as new business opportunities in an increasingly consumer-directed healthcare environment.⁽¹⁾

Quotient Ltd. contributed to performance as shares recovered their third quarter losses. Management reported narrower-than-expected losses and provided commentary that clarified the product development timeline for its MosaiQ platform, an automation platform for blood grouping and serological disease screening. The status update for MosaiQ gives us confidence that the company will deliver on its plans for a commercial launch in Europe in the second half of 2016 and in the U.S. early in 2017.⁽¹⁾

When we consider our outlook for the Portfolio, we focus on the number of investment opportunities that we find attractive. The criteria we use remain the same: risk of capital impairment, diversity, and potential upside are the keys. Based on those measures, our outlook is positive, especially because the diversity of undervalued investment candidates we are finding has increased considerably relative to the first half of 2015. There are certainly a lot of macro cross-currents that have dominated the headlines: Chinese economy, Federal Reserve interest rate hikes, commodity prices, etc. Our goal is not to forecast macro factors or to have the Portfolio exposed/dependent on a certain path. Instead, we observe what is discounted and compare it to our probabilistic assessment of future value for each investment candidate. For some time, we have observed the continued flow of capital into certain areas of the market such as real estate, and the public funding of early stage companies (in health care and technology). The lack of robust economic growth resulted in a market that placed extremely high valuations on the relatively few companies that continued to power through the economic malaise. That trend has begun to reverse, which should result in more investment opportunities for the Portfolio.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2015.

69 (continued)

Ohio National Fund, Inc. ClearBridge Small Cap Portfolio (formerly the Capital 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.

Effective September 25, 2015, the Portfolio’s benchmark was changed from Russell 2000 Growth Index to Russell 2000 Index. The change in the benchmark was made because the strategy used by ClearBridge, LLC has more value discipline, and results in the selection of less growth-oriented stocks, than the strategy utilized by the prior sub-adviser.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S equity universe. 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.

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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	96.7
Money Market Funds and Other Net Assets	3.3
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     OneMain Holdings, Inc.	2.6
2.     CSG Systems International, Inc.	2.3
3.     Service Corp. International	2.2
4.     TreeHouse Foods, Inc.	2.1
5.     Quotient Ltd.	2.1
6.     Gentex Corp.	1.9
7.     First Interstate BancSystem, Inc. Class A	1.9
8.     MarketAxess Holdings, Inc.	1.9
9.     Portland General Electric Co.	1.8
10.     WebMD Health 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⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Financials	24.6
Information Technology	19.0
Consumer Discretionary	16.0
Industrials	14.0
Health Care	10.4
Utilities	3.8
Energy	3.5
Materials	3.3
Consumer Staples	2.1
	96.7

70

Ohio National Fund, Inc. ClearBridge Small Cap Portfolio (formerly the Capital Growth Portfolio)

Schedule of Investments December 31, 2015

Common Stocks – 96.7%		Shares		Value
CONSUMER DISCRETIONARY – 16.0%
Gentex Corp. (Auto Components)			113,220	$	1,812,652
Pool Corp. (Distributors)			9,353		755,535
2U, Inc. (Diversified Consumer Svs.)	(a)		40,290		1,127,314
Service Corp. International (Diversified Consumer Svs.)			77,850		2,025,657
Chuy’s Holdings, Inc. (Hotels, Restaurants & Leisure)	(a)		39,440		1,236,050
Fogo De Chao, Inc. (Hotels, Restaurants & Leisure)	(a)		44,180		669,769
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure)	(a)		47,320		739,612
Potbelly Corp. (Hotels, Restaurants & Leisure)	(a)		94,650		1,108,351
Red Robin Gourmet Burgers, Inc. (Hotels, Restaurants & Leisure)	(a)		14,990		925,483
Taylor Morrison Home Corp. Class A (Household Durables)	(a)		53,840		861,440
Carmike Cinemas, Inc. (Media)	(a)		29,690		681,089
Monro Muffler Brake, Inc. (Specialty Retail)			23,660		1,566,765
Murphy U.S.A., Inc. (Specialty Retail)	(a)		25,240		1,533,078
					15,042,795
CONSUMER STAPLES – 2.1%
TreeHouse Foods, Inc. (Food Products)	(a)		25,240		1,980,330
ENERGY – 3.5%
Frank’s International NV (Energy Equip. & Svs.)			78,870		1,316,340
U.S. Silica Holdings, Inc. (Energy Equip. & Svs.)			54,860		1,027,528
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)	(a)		8,680		580,692
Sanchez Energy Corp. (Oil, Gas & Consumable Fuels)	(a)		92,390		398,201
					3,322,761
FINANCIALS – 24.6%
First Interstate BancSystem, Inc. Class A (Banks)			61,670		1,792,747
Hancock Holding Co. (Banks)			41,490		1,044,303
LegacyTexas Financial Group, Inc. (Banks)			37,260		932,245
Talmer Bancorp, Inc. Class A (Banks)			86,760		1,571,224
Main Street Capital Corp. (Capital Markets)			49,132		1,428,762
PennantPark Investment Corp. (Capital Markets)			97,977		605,496
Triangle Capital Corp. (Capital Markets)			46,989		897,952
OneMain Holdings, Inc. (Consumer Finance)	(a)		58,440		2,427,598
PRA Group, Inc. (Consumer Finance)	(a)		25,237		875,472
MarketAxess Holdings, Inc. (Diversified Financial Svs.)			15,770		1,759,774
Assured Guaranty Ltd. (Insurance)			47,320		1,250,668
ProAssurance Corp. (Insurance)			32,400		1,572,372
American Homes 4 Rent (Real Estate Investment Trusts)			85,180		1,419,099
Lexington Realty Trust (Real Estate Investment Trusts)			92,440		739,520
Potlatch Corp. (Real Estate Investment Trusts)			35,490		1,073,218
Rouse Properties, Inc. (Real Estate Investment Trusts)			77,040		1,121,702
Summit Hotel Properties, Inc. (Real Estate Investment Trusts)			90,230		1,078,248
Washington Federal, Inc. (Thrifts & Mortgage Finance)			62,740		1,495,094
					23,085,494
HEALTH CARE – 10.4%
Amarin Corp. PLC – ADR (Biotechnology)	(a)		271,230		512,625
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a)		8,520		923,738
Endologix, Inc. (Health Care Equip. & Supplies)	(a)		83,610		827,739
Haemonetics Corp. (Health Care Equip. & Supplies)	(a)		20,030		645,767
LivaNova PLC (Health Care Equip. & Supplies)	(a)		26,030		1,545,401
Quotient Ltd. (Health Care Equip. & Supplies)	(a)		123,000		1,968,000
Brookdale Senior Living, Inc. (Health Care Providers & Svs.)	(a)		32,810		605,673
Surgical Care Affiliates, Inc. (Health Care Providers & Svs.)	(a)		35,197		1,401,193

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Press Ganey Holdings, Inc. (Health Care Technology)	(a)		41,220	$	1,300,491
					9,730,627
INDUSTRIALS – 14.0%
HEICO Corp. (Aerospace & Defense)			25,240		1,372,046
Allegiant Travel Co. (Airlines)			5,520		926,422
Continental Building Products, Inc. (Building Products)	(a)		58,200		1,016,172
Copart, Inc. (Commercial Svs. & Supplies)	(a)		41,800		1,588,818
CIRCOR International, Inc. (Machinery)			17,350		731,302
Woodward, Inc. (Machinery)			29,105		1,445,354
Matson, Inc. (Marine)			19,720		840,664
ICF International, Inc. (Professional Svs.)	(a)		31,360		1,115,162
Landstar System, Inc. (Road & Rail)			22,561		1,323,203
Marten Transport Ltd. (Road & Rail)			40,500		716,850
GATX Corp. (Trading Companies & Distributors)			25,130		1,069,281
Rush Enterprises, Inc. Class A (Trading Companies & Distributors)	(a)		47,320		1,035,835
					13,181,109
INFORMATION TECHNOLOGY – 19.0%
ePlus, Inc. (Electronic Equip., Instr. & Comp.)	(a)		13,940		1,300,044
Knowles Corp. (Electronic Equip., Instr. & Comp.)	(a)		56,000		746,480
Methode Electronics, Inc. (Electronic Equip., Instr. & Comp.)			43,380		1,380,785
Criteo SA – ADR (Internet Software & Svs.)	(a)		22,260		881,496
DHI Group, Inc. (Internet Software & Svs.)	(a)		115,160		1,056,017
Q2 Holdings, Inc. (Internet Software & Svs.)	(a)		55,210		1,455,888
WebMD Health Corp. (Internet Software & Svs.)	(a)		33,250		1,605,975
CSG Systems International, Inc. (IT Svs.)			59,080		2,125,698
EVERTEC, Inc. (IT Svs.)			90,700		1,518,318
Applied Micro Circuits Corp. (Semiconductors & Equip.)	(a)		146,820		935,243
Power Integrations, Inc. (Semiconductors & Equip.)			18,930		920,566
Semtech Corp. (Semiconductors & Equip.)	(a)		50,400		953,568
Veeco Instruments, Inc. (Semiconductors & Equip.)	(a)		33,820		695,339
AVG Technologies NV (Software)	(a)		61,520		1,233,476
Manhattan Associates, Inc. (Software)	(a)		16,198		1,071,822
					17,880,715
MATERIALS – 3.3%
Balchem Corp. (Chemicals)			25,240		1,534,592
Steel Dynamics, Inc. (Metals & Mining)			86,790		1,550,937
					3,085,529
UTILITIES – 3.8%
PNM Resources, Inc. (Electric Utilities)			40,700		1,244,199
Portland General Electric Co. (Electric Utilities)			45,270		1,646,470
Dynegy, Inc. (Ind. Power & Renewable Elec.)	(a)		53,040		710,736
					3,601,405
Total Common Stocks (Cost $90,164,126)				$	90,910,765
Money Market Funds – 2.7%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			2,518,000	$	2,518,000
Total Money Market Funds (Cost $2,518,000)				$	2,518,000
Total Investments – 99.4% (Cost $92,682,126)	(b)			$	93,428,765
Other Assets in Excess of Liabilities – 0.6%					574,702
Net Assets – 100.0%				$	94,003,467

71 (continued)

Ohio National Fund, Inc. ClearBridge Small Cap Portfolio (formerly the Capital Growth Portfolio) (Continued)

Schedule of Investments December 31, 2015

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.

72

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 December 31, 2015

Average Annual Returns
One year	9.14%
Five years	16.48%
Ten years	11.18%

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 year ended December 31, 2015, the Nasdaq-100^® Index Portfolio returned 9.14% versus 9.75% for its benchmark, the Nasdaq-100^® Index.

The Portfolio’s correlation to the index for the year 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 2015 were Amazon.com, Inc., Alphabet, Inc. Class C, Alphabet, Inc. Class A, Microsoft Corp. and Facebook, Inc. The largest detractors from the index return for 2015 were QUALCOMM, Inc., Apple, Inc., Micron Technology, Inc., Yahoo!, Inc. and Twenty-First Century Fox Class A.

2015 had a few major developments that affected the equity market. One of the bigger moments of 2015 was the Federal Reserve’s decision to begin raising the Federal Funds rate off of the 0.00 to 0.25 range that had been in place since January 28, 2008. Another theme in 2015 was the continued poor performance of commodities. Oil prices continued to fall throughout the year, putting pressure on oil stocks such as Chevron Corp. and Exxon Corp. The slowing of the Chinese economy, and continued sluggish economic “growth” in the rest of the world also put pressure on stocks.

Going into 2016, the U.S. economy seems to be on solid ground, as the Federal Reserve has normalized monetary policy. Themes from 2015 will still be relevant in 2016. Chinese gross domestic product growth, oil and commodity prices, the strong U.S. dollar versus the rest of the world currencies, and the lack of any meaningful inflation (wage or otherwise) will be watched closely in 2016.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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.

73 (continued)

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

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	96.1
Exchange Traded Funds
Less Net Liabilities	3.9
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Apple, Inc.	10.7
2.     Microsoft Corp.	8.1
3.     Amazon.com, Inc	5.8
4.     Alphabet, Inc. Class C	4.8
5.     Facebook, Inc. Class A	4.3
6.     Alphabet, Inc. Class A	4.1
7.     PowerShares QQQ Trust Series 1	4.1
8.     Intel Corp.	3.0
9.     Gilead Sciences, Inc.	2.7
10.     Cisco Systems, Inc.	2.5

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Information Technology	53.0
Consumer Discretionary	19.8
Health Care	14.2
Consumer Staples	6.6
Industrials	1.4
Telecommunication Services	1.1
	96.1

74

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

Schedule of Investments December 31, 2015

Common Stocks – 96.1%		Shares		Value
CONSUMER DISCRETIONARY – 19.8%
Tesla Motors, Inc. (Automobiles)	(a)		3,300	$	792,033
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)			6,475		434,084
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a)		5,775		338,415
Starbucks Corp. (Hotels, Restaurants & Leisure)			37,425		2,246,623
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		11,825		7,992,399
Ctrip.com International Ltd. – ADR (Internet & Catalog Retail)	(a)		7,875		364,849
Expedia, Inc. (Internet & Catalog Retail)			2,950		366,685
JD.com, Inc. – ADR (Internet & Catalog Retail)	(a)		21,975		709,023
Liberty Interactive Corp. QVC Group Class A (Internet & Catalog Retail)	(a)		11,775		321,693
Liberty Ventures (Internet & Catalog Retail)	(a)		3,388		152,833
Netflix, Inc. (Internet & Catalog Retail)	(a)		10,775		1,232,444
Priceline Group, Inc. / The (Internet & Catalog Retail)	(a)		1,265		1,612,812
TripAdvisor, Inc. (Internet & Catalog Retail)	(a)		3,300		281,325
Mattel, Inc. (Leisure Products)			8,550		232,303
Charter Communications, Inc. Class A (Media)	(a)		2,825		517,257
Comcast Corp. Class A (Media)			61,547		3,473,097
Discovery Communications, Inc. Class A (Media)	(a)		3,775		100,717
Discovery Communications, Inc. Class C (Media)	(a)		6,925		174,648
DISH Network Corp. Class A (Media)	(a)		5,675		324,496
Liberty Global PLC Class A (Media)	(a)		6,375		270,045
Liberty Global PLC Class C (Media)	(a)		14,875		606,454
Liberty Media Corp. Class A (Media)	(a)		2,575		101,069
Liberty Media Corp. Class C (Media)	(a)		5,600		213,248
Sirius XM Holdings, Inc. (Media)	(a)		131,375		534,696
Twenty-First Century Fox, Inc. Class A (Media)			29,500		801,220
Twenty-First Century Fox, Inc. Class B (Media)			20,125		548,004
Viacom, Inc. Class B (Media)			8,750		360,150
Dollar Tree, Inc. (Multiline Retail)	(a)		5,925		457,528
Bed Bath & Beyond, Inc. (Specialty Retail)	(a)		4,200		202,650
O’Reilly Automotive, Inc. (Specialty Retail)	(a)		2,475		627,214
Ross Stores, Inc. (Specialty Retail)			10,275		552,898
Tractor Supply Co. (Specialty Retail)			3,375		288,562
Ulta Salon Cosmetics & Fragrance, Inc. (Specialty Retail)	(a)		1,600		296,000
					27,527,474
CONSUMER STAPLES – 6.6%
Monster Beverage Corp. (Beverages)	(a)		5,100		759,696
Costco Wholesale Corp. (Food & Staples Retailing)			11,035		1,782,152
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)			26,375		2,245,963
Whole Foods Market, Inc. (Food & Staples Retailing)			8,600		288,100
Kraft Heinz Co. / The (Food Products)			30,575		2,224,637
Mondelez International, Inc. Class A (Food Products)			40,050		1,795,842
					9,096,390
HEALTH CARE – 14.2%
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a)		5,675		1,082,506
Amgen, Inc. (Biotechnology)			19,022		3,087,841
Biogen, Inc. (Biotechnology)	(a)		5,625		1,723,219
BioMarin Pharmaceutical, Inc. (Biotechnology)	(a)		4,075		426,897
Celgene Corp. (Biotechnology)	(a)		19,800		2,371,248
Gilead Sciences, Inc. (Biotechnology)			36,325		3,675,727
Incyte Corp. (Biotechnology)	(a)		4,700		509,715
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)		2,575		1,397,890
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a)		6,200		780,146
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a)		950		518,852
Express Scripts Holding Co. (Health Care Providers & Svs.)	(a)		17,050		1,490,340
Henry Schein, Inc. (Health Care Providers & Svs.)	(a)		2,100		332,199
Cerner Corp. (Health Care Technology)	(a)		8,625		518,966
Illumina, Inc. (Life Sciences Tools & Svs.)	(a)		3,700		710,196

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Endo International PLC (Pharmaceuticals)	(a)		5,700	$	348,954
Mylan NV (Pharmaceuticals)	(a)		12,400		670,468
					19,645,164
INDUSTRIALS – 1.4%
American Airlines Group, Inc. (Airlines)			15,875		672,306
Stericycle, Inc. (Commercial Svs. & Supplies)	(a)		2,150		259,290
PACCAR, Inc. (Machinery)			8,914		422,524
Verisk Analytics, Inc. (Professional Svs.)	(a)		4,275		328,662
Fastenal Co. (Trading Companies & Distributors)			7,300		297,986
					1,980,768
INFORMATION TECHNOLOGY – 53.0%
Cisco Systems, Inc. (Communications Equip.)			127,925		3,473,803
QUALCOMM, Inc. (Communications Equip.)			37,895		1,894,182
Akamai Technologies, Inc. (Internet Software & Svs.)	(a)		4,475		235,519
Alphabet, Inc. Class A (Internet Software & Svs.)	(a)		7,350		5,718,373
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		8,698		6,600,738
Baidu, Inc. – ADR (Internet Software & Svs.)	(a)		6,975		1,318,554
eBay, Inc. (Internet Software & Svs.)	(a)		30,260		831,545
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		57,225		5,989,168
Yahoo!, Inc. (Internet Software & Svs.)	(a)		23,810		791,921
Automatic Data Processing, Inc. (IT Svs.)			11,625		984,870
Cognizant Technology Solutions Corp. Class A (IT Svs.)	(a)		15,325		919,806
Fiserv, Inc. (IT Svs.)	(a)		5,749		525,804
Paychex, Inc. (IT Svs.)			9,095		481,035
PayPal Holdings, Inc. (IT Svs.)	(a)		30,800		1,114,960
Analog Devices, Inc. (Semiconductors & Equip.)			7,875		435,645
Applied Materials, Inc. (Semiconductors & Equip.)			30,250		564,768
Avago Technologies Ltd. (Semiconductors & Equip.)			6,950		1,008,792
Intel Corp. (Semiconductors & Equip.)			118,945		4,097,655
KLA-Tencor Corp. (Semiconductors & Equip.)			3,925		272,199
Lam Research Corp. (Semiconductors & Equip.)			4,000		317,680
Linear Technology Corp. (Semiconductors & Equip.)			6,030		256,094
Maxim Integrated Products, Inc. (Semiconductors & Equip.)			7,175		272,650
Micron Technology, Inc. (Semiconductors & Equip.)	(a)		27,375		387,630
NVIDIA Corp. (Semiconductors & Equip.)			13,562		447,004
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		6,350		534,988
Skyworks Solutions, Inc. (Semiconductors & Equip.)			4,825		370,705
Texas Instruments, Inc. (Semiconductors & Equip.)			25,575		1,401,766
Xilinx, Inc. (Semiconductors & Equip.)			6,480		304,366
Activision Blizzard, Inc. (Software)			18,425		713,232
Adobe Systems, Inc. (Software)	(a)		12,580		1,181,765
Autodesk, Inc. (Software)	(a)		5,700		347,301
CA, Inc. (Software)			11,050		315,588
Check Point Software Technologies Ltd. (Software)	(a)		4,570		371,907
Citrix Systems, Inc. (Software)	(a)		3,875		293,144
Electronic Arts, Inc. (Software)	(a)		7,825		537,734
Intuit, Inc. (Software)			6,655		642,208
Microsoft Corp. (Software)			201,325		11,169,511
Symantec Corp. (Software)			17,023		357,483
Apple, Inc. (Tech. Hardware, Storage & Periph.)			140,510		14,790,083
NetApp, Inc. (Tech. Hardware, Storage & Periph.)			7,435		197,251
SanDisk Corp. (Tech. Hardware, Storage & Periph.)			5,050		383,750
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)			7,525		275,867
Western Digital Corp. (Tech. Hardware, Storage & Periph.)			5,850		351,293
					73,480,337

75 (continued)

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

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
TELECOMMUNICATION SERVICES – 1.1%
SBA Communications Corp. Class A (Wireless Telecom. Svs.)	(a)		3,175	$	333,597
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)	(a)		20,575		804,894
Vodafone Group PLC – ADR (Wireless Telecom. Svs.)			10,004		322,729
					1,461,220
Total Common Stocks (Cost $78,794,895)				$	133,191,353

Exchange Traded Funds – 4.1%		Shares		Value
PowerShares QQQ Trust Series 1			50,675	$    5,668,506
Total Exchange Traded Funds (Cost $5,592,491)				$    5,668,506
Total Investments – 100.2% (Cost $84,387,386)	(b)			$138,859,859
Liabilities in Excess of Other Assets – (0.2)%				(292,954)
Net Assets – 100.0%				$138,566,905

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.

76

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 December 31, 2015

Average Annual returns
One year	4.08%
Five years	11.96%
Ten years	7.26%

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 year ended December 31, 2015, the Bristol Portfolio returned 4.08% versus 1.38% for its benchmark, the S&P 500 Index.

The Portfolio’s relative out-performance resulted primarily from strong stock selection in Health Care, which contributed 510 basis points to relative performance. This contribution was somewhat offset by weaker stock selection in Consumer Discretionary. Overall, sector allocations also contributed 182 basis points to relative performance, led by an underweight exposure to Energy.⁽¹⁾

The Portfolio’s best performers for the full year were Amazon.com, Inc., Intercept Pharmaceuticals, Inc., Pharmacyclics, Inc., Receptos, Inc., and Humana, Inc. The Portfolio’s worst performers were PVH Corp., Anadarko Petroleum Corp., Devon Energy Corp., Huntsman Corp. and HP, Inc. The top contributors to performance were Amazon.com, Inc., Clovis Oncology, Inc., Pharmacyclics, Inc., Intercept Pharmaceuticals, Inc., and Valeant Pharmaceuticals International, Inc. The top detractors from performance were PVH Corp., Devon Energy Corp., Anadarko Petroleum Corp., HP, Inc., and Time Warner, Inc.⁽¹⁾

The top contributor to the Portfolio’s performance for the reporting period was Amazon.com, Inc., which generated 140 basis points due to strong earnings reports and strong sales growth. Other top contributors to performance were mainly stocks in the Health Care sector. Clovis Oncology, Inc. contributed 124 basis points thanks to optimism around its lung cancer therapies. Pharmacyclics, Inc. was acquired by Abbvie, and contributed 115 basis points due to positive data on its cancer drug. Intercept Pharmaceuticals, Inc. added 105 basis points with positive data on its drug for NASH liver disease. Valeant Pharmaceuticals International, Inc. contributed 91 basis points due to increased earnings guidance for the year.⁽¹⁾

Detractors from performance during the reporting period included PVH Corp., which detracted 124 basis points due to weak earnings reports and weakness in retail. Energy stocks such as Anadarko Petroleum Corp. and Devon Energy Corp. detracted 148 basis points as oil prices continued to plummet. HP, Inc. detracted 67 basis points due to weak earnings reports caused by slowing PC sales.

Time Warner, Inc. also saw sharp drops, due to concerns about cord cutting, weak ratings and an overall weak advertising environment, and detracted 53 basis points.⁽¹⁾

The year was volatile, as continued debate regarding the impact of the imminent rate increase played out. Weak consumer spending despite low oil prices weighed on the market, as did the terrorist attacks in Paris. The economy continued to slowly improve, as China continued to move forward and employment in the U.S. remained solid. We continue to believe that the Federal Reserve will be measured in its increases (only if the economic data is strong) and, therefore, maintain a positive bias towards the market as the Central Banks of all the major economies continue to be supportive of growth. Our continued focus on companies with strong competitive positions and ability to gain market share will hopefully continue to benefit performance going forward.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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.

77 (continued)

Ohio National Fund, Inc. Bristol Portfolio (Continued)

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	99.6
Money Market Funds and Other Net Assets	0.4
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Microsoft Corp.	3.2
2.     Apple, Inc.	3.0
3.     Allergan PLC	2.6
4.     Intel Corp.	2.6
5.     Amazon.com, Inc	2.5
6.     Thermo Fisher Scientific, Inc.	2.5
7.     Mylan NV	2.5
8.     NXP Semiconductors NV	2.5
9.     Facebook, Inc. Class A	2.4
10.     Citigroup, Inc.	2.4

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Information Technology	33.4
Health Care	21.2
Financials	16.7
Consumer Discretionary	11.4
Industrials	9.9
Energy	3.9
Consumer Staples	3.1
	99.6

78

Ohio National Fund, Inc. Bristol Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 99.6%		Shares		Value
CONSUMER DISCRETIONARY – 11.4%
Delphi Automotive PLC (Auto Components)			52,049	$	4,462,161
Newell Rubbermaid, Inc. (Household Durables)			100,584		4,433,743
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		8,187		5,533,511
CBS Corp. Class B (Media)			66,613		3,139,471
Time Warner, Inc. (Media)			62,251		4,025,772
PVH Corp. (Textiles, Apparel & Luxury Goods)			45,141		3,324,635
					24,919,293
CONSUMER STAPLES – 3.1%
Molson Coors Brewing Co. Class B (Beverages)			22,169		2,082,112
Mondelez International, Inc. Class A (Food Products)			50,377		2,258,905
Procter & Gamble Co. / The (Household Products)			31,316		2,486,803
					6,827,820
ENERGY – 3.9%
Schlumberger Ltd. (Energy Equip. & Svs.)			31,592		2,203,542
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			42,881		2,083,159
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)			29,825		2,111,312
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)		64,830		2,110,865
					8,508,878
FINANCIALS – 16.7%
Bank of America Corp. (Banks)			132,597		2,231,607
Citigroup, Inc. (Banks)			103,061		5,333,407
JPMorgan Chase & Co. (Banks)			72,565		4,791,467
KeyCorp (Banks)			331,812		4,376,600
Regions Financial Corp. (Banks)			430,598		4,133,741
Capital One Financial Corp. (Consumer Finance)			57,415		4,144,215
Discover Financial Services (Consumer Finance)			85,330		4,575,394
Hartford Financial Services Group, Inc. / The (Insurance)			60,167		2,614,858
Prudential Financial, Inc. (Insurance)			54,504		4,437,171
					36,638,460
HEALTH CARE – 21.2%
Celgene Corp. (Biotechnology)	(a)		32,100		3,844,296
Medtronic PLC (Health Care Equip. & Supplies)			48,114		3,700,929
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			24,635		2,527,305
Aetna, Inc. (Health Care Providers & Svs.)			17,549		1,897,398
Cigna Corp. (Health Care Providers & Svs.)			29,615		4,333,563
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		65,390		4,422,326
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			38,996		5,531,583
Allergan PLC (Pharmaceuticals)	(a)		18,135		5,667,187
Mylan NV (Pharmaceuticals)	(a)		102,002		5,515,248

Common Stocks (Continued)		Shares		Value
HEALTH CARE (continued)
Pfizer, Inc. (Pharmaceuticals)			132,349	$	4,272,226
Valeant Pharmaceuticals International, Inc. (Pharmaceuticals)	(a)		44,502		4,523,628
					46,235,689
INDUSTRIALS – 9.9%
Hexcel Corp. (Aerospace & Defense)			68,017		3,159,390
Honeywell International, Inc. (Aerospace & Defense)			18,350		1,900,509
Raytheon Co. (Aerospace & Defense)			34,790		4,332,399
FedEx Corp. (Air Freight & Logistics)			28,666		4,270,947
Stanley Black & Decker, Inc. (Machinery)			30,460		3,250,996
Xylem, Inc. (Machinery)			130,524		4,764,126
					21,678,367
INFORMATION TECHNOLOGY – 33.4%
Cisco Systems, Inc. (Communications Equip.)			151,658		4,118,273
Harris Corp. (Communications Equip.)			51,219		4,450,931
Alibaba Group Holding Ltd. – ADR (Internet Software & Svs.)	(a)		62,723		5,097,498
Alphabet, Inc. Class A (Internet Software & Svs.)	(a)		3,360		2,614,114
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		6,125		4,648,140
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		51,033		5,341,114
MasterCard, Inc. Class A (IT Svs.)			40,371		3,930,520
Avago Technologies Ltd. (Semiconductors & Equip.)			34,954		5,073,573
Intel Corp. (Semiconductors & Equip.)			162,252		5,589,581
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		63,741		5,370,179
Adobe Systems, Inc. (Software)	(a)		46,497		4,367,928
Microsoft Corp. (Software)			126,887		7,039,691
Oracle Corp. (Software)			97,849		3,574,424
Apple, Inc. (Tech. Hardware, Storage & Periph.)			63,291		6,662,011
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)			334,270		5,080,904
					72,958,881
Total Common Stocks (Cost $210,029,224)				$	217,767,388
Money Market Funds – 0.3%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			758,000	$	758,000
Total Money Market Funds (Cost $758,000)				$	758,000
Total Investments – 99.9% (Cost $210,787,224)	(b)			$	218,525,388
Other Assets in Excess of Liabilities – 0.1%					157,329
Net Assets – 100.0%				$	218,682,717

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.

79

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 December 31, 2015

Average Annual returns
One year	-4.25%
Five years	7.63%
Ten years	6.55%

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 year ended December 31, 2015, the Bryton Growth Portfolio returned -4.25% versus -1.38% for its benchmark, the Russell 2000 Growth Index.

The Portfolio’s relative underperformance resulted primarily from weaker stock selection in Health Care and Information Technology. Those negative results were somewhat offset by positive stock selection in Financials and Industrials. Overall, sector allocation impacts were positive, but not significant to relative performance for the period.⁽¹⁾

The Portfolio’s best performers for the reporting period were Ligand Pharmaceuticals, Inc., Intercept Pharmaceuticals, Inc., Bluebird Bio, Inc., Flamel Technologies SA, and Rally Software. The Portfolio’s worst performers were Arbutus Biopharma Corp., Power Solutions International, Inc., Ovascience, Inc., GasLog Ltd. and Alliqua BioMedical, Inc. The top contributors to performance were Ligand Pharmaceuticals, Inc., Clovis Oncology, Inc., Rally Software, PGT, Inc. and Flamel Technologies SA. The top detractors from performance were Arbutus Biopharma Corp., Alliqua BioMedical, Inc., Performance Sports Group Ltd., Alimera Sciences, Inc. and Power Solutions International, Inc.⁽¹⁾

The top contributor to the Portfolio’s performance for the reporting period was Ligand Pharmaceuticals, Inc., which generated 126 basis points. The stock steadily climbed after its partner Amgen reported interim data for a potentially blockbuster Myeloma drug, followed by another major partnership with Novartis, with the belief that the company has a rich drug pipeline ahead of it. Clovis Oncology, Inc. contributed 98 basis points thanks to optimism around its lung cancer therapies. Rally Software was a software company attempting to turn itself around, with its management beginning to reinvigorate growth before eventually selling itself to CA, Inc., generating 86 basis points to the Portfolio. PGT, Inc. benefited from improving demand for its storm windows and doors, combined with operational leverage as it integrated its acquisition of CGI Windows and Doors, and the stock contributed 76 basis points. Flamel Technologies SA added 75 basis points, as it continued to prove out its drug pipeline

and benefitted from FDA decisions that limited competition and improved its market share.⁽¹⁾

Detractors from performance during the reporting period included Arbutus Biopharma Corp., which detracted 167 basis points. The stock had climbed due to interest in its Ebola drug, but as concerns of a global pandemic faded, the stock gave up its gains. Alliqua BioMedical, Inc. moved lower as investors grew concerned about the pace of growth in its wound care products, especially given FDA rulings that were more onerous than expected, and detracted 133 basis points. Performance Sports Group Ltd. struggled with adverse currency trends through the year, detracting 117 basis points. Alimera Sciences, Inc. saw issues with physician reimbursement, which negatively impacted its sales growth. This impacted the Portfolio negatively by 110 points. Power Solutions International, Inc. detracted 107 basis points as its end-demand, exposed to slumping energy, commodities and emerging markets, struggled despite an otherwise strong product portfolio.⁽¹⁾

The Portfolio should be well-positioned for 2016. While the Federal Reserve may continue to increase interest rates through 2016, we are taking a wait and see approach to the Financials sector as we are unsure of the rate or size of the increases. The Portfolio is also taking a more balanced approach on emerging market demand, which we believe may also result in energy and commodity price volatility. That said, we think broader concerns about the global economy are overdone and feel confident in the Portfolio’s overweights in Health Care and Information Technology. We think that these sectors should benefit from strong product pipelines, growing market demand, and the potential for merger & acquisition activity.⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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 market. The index presented herein includes the effects of reinvested dividends.

80 (continued)

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

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	98.2
Money Market Funds Less Net Liabilities	1.8
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Cepheid	1.9
2.     Radware Ltd.	1.9
3.     PolyOne Corp.	1.8
4.     Teligent, Inc.	1.8
5.     Prestige Brands Holdings, Inc.	1.8
6.     PowerSecure International, Inc.	1.8
7.     ClubCorp Holdings, Inc.	1.8
8.     Carrols Restaurant Group, Inc.	1.8
9.     Cvent, Inc.	1.8
10.     Astronics Corp.	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⁾ Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾ Sectors (Common Stocks):

	% of Net Assets
Information Technology	35.0
Health Care	28.6
Consumer Discretionary	15.8
Industrials	10.5
Financials	3.7
Materials	1.8
Consumer Staples	1.7
Energy	1.1
	98.2

81

Ohio National Fund, Inc. Bryton Growth Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 98.2%		Shares		Value
CONSUMER DISCRETIONARY – 15.8%
Gentherm, Inc. (Auto Components)	(a)		55,380	$	2,625,012
Motorcar Parts of America, Inc. (Auto Components)	(a)		68,731		2,323,795
Carrols Restaurant Group, Inc. (Hotels, Restaurants & Leisure)	(a)		247,952		2,910,956
ClubCorp Holdings, Inc. (Hotels, Restaurants & Leisure)			159,858		2,920,606
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)			33,942		2,603,691
1-800-Flowers.com, Inc. Class A (Internet & Catalog Retail)	(a)		305,187		2,221,761
Callaway Golf Co. (Leisure Products)			274,859		2,589,172
Performance Sports Group Ltd. (Leisure Products)	(a)		284,824		2,742,855
Burlington Stores, Inc. (Multiline Retail)	(a)		58,418		2,506,132
G-III Apparel Group Ltd. (Textiles, Apparel & Luxury Goods)	(a)		47,631		2,108,148
					25,552,128
CONSUMER STAPLES – 1.7%
J&J Snack Foods Corp. (Food Products)			23,654		2,759,712
ENERGY – 1.1%
GasLog Ltd. (Oil, Gas & Consumable Fuels)			58,500		485,550
Parsley Energy, Inc. Class A (Oil, Gas & Consumable Fuels)	(a)		69,947		1,290,522
					1,776,072
FINANCIALS – 3.7%
Bank of the Ozarks, Inc. (Banks)			53,621		2,652,095
Eagle Bancorp, Inc. (Banks)	(a)		37,787		1,907,110
Renasant Corp. (Banks)			41,238		1,419,000
					5,978,205
HEALTH CARE – 28.6%
Anacor Pharmaceuticals, Inc. (Biotechnology)	(a)		13,532		1,528,710
Arbutus Biopharma Corp. (Biotechnology)	(a)		361,897		1,610,442
Celldex Therapeutics, Inc. (Biotechnology)	(a)		167,215		2,621,931
Cepheid (Biotechnology)	(a)		82,955		3,030,346
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a)		21,558		2,337,318
MacroGenics, Inc. (Biotechnology)	(a)		91,634		2,837,905
Sangamo BioSciences, Inc. (Biotechnology)	(a)		268,404		2,450,529
TESARO, Inc. (Biotechnology)	(a)		45,308		2,370,515
Alliqua BioMedical, Inc. (Health Care Equip. & Supplies)	(a)		870,996		1,863,931
LDR Holding Corp. (Health Care Equip. & Supplies)	(a)		111,002		2,787,260
Wright Medical Group NV (Health Care Equip. & Supplies)	(a)		113,639		2,747,791
Zeltiq Aesthetics, Inc. (Health Care Equip. & Supplies)	(a)		70,045		1,998,384
Team Health Holdings, Inc. (Health Care Providers & Svs.)	(a)		53,010		2,326,609
Cambrex Corp. (Life Sciences Tools & Svs.)	(a)		44,546		2,097,671
BioDelivery Sciences International, Inc. (Pharmaceuticals)	(a)		366,594		1,755,985
Intra-Cellular Therapies, Inc. (Pharmaceuticals)	(a)		30,505		1,640,864
Phibro Animal Health Corp. Class A (Pharmaceuticals)			95,226		2,869,159
Prestige Brands Holdings, Inc. (Pharmaceuticals)	(a)		57,236		2,946,509
Revance Therapeutics, Inc. (Pharmaceuticals)	(a)		47,958		1,638,245
Teligent, Inc. (Pharmaceuticals)	(a)		334,791		2,979,640
					46,439,744

Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 10.5%
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)	(a)		155,469	$	2,434,645
Astronics Corp. (Aerospace & Defense)	(a)		70,601		2,874,167
XPO Logistics, Inc. (Air Freight & Logistics)	(a)		60,378		1,645,301
Healthcare Services Group, Inc. (Commercial Svs. & Supplies)			79,687		2,778,686
Power Solutions International, Inc. (Electrical Equip.)	(a)		92,541		1,688,873
PowerSecure International, Inc. (Electrical Equip.)	(a)		194,574		2,928,339
Mueller Water Products, Inc. Class A (Machinery)			302,342		2,600,141
					16,950,152
INFORMATION TECHNOLOGY – 35.0%
Infinera Corp. (Communications Equip.)	(a)		132,452		2,400,030
Radware Ltd. (Communications Equip.)	(a)		196,420		3,013,083
Fabrinet (Electronic Equip., Instr. & Comp.)	(a)		75,278		1,793,122
Perceptron, Inc. (Electronic Equip., Instr. & Comp.)	(a)		274,101		2,135,247
Cornerstone OnDemand, Inc. (Internet Software & Svs.)	(a)		68,641		2,370,174
Cvent, Inc. (Internet Software & Svs.)	(a)		83,304		2,908,143
Demandware, Inc. (Internet Software & Svs.)	(a)		48,427		2,613,605
Textura Corp. (Internet Software & Svs.)	(a)		107,956		2,329,690
Euronet Worldwide, Inc. (IT Svs.)	(a)		31,317		2,268,290
Applied Micro Circuits Corp. (Semiconductors & Equip.)	(a)		355,539		2,264,783
Cavium, Inc. (Semiconductors & Equip.)	(a)		41,474		2,725,257
Inphi Corp. (Semiconductors & Equip.)	(a)		86,176		2,328,476
Integrated Device Technology, Inc. (Semiconductors & Equip.)	(a)		64,211		1,691,960
Microsemi Corp. (Semiconductors & Equip.)	(a)		86,973		2,834,450
Power Integrations, Inc. (Semiconductors & Equip.)			51,046		2,482,367
CommVault Systems, Inc. (Software)	(a)		68,646		2,701,220
Guidewire Software, Inc. (Software)	(a)		40,650		2,445,504
Imperva, Inc. (Software)	(a)		37,407		2,368,237
Qlik Technologies, Inc. (Software)	(a)		84,611		2,678,784
Telenav, Inc. (Software)	(a)		397,972		2,264,461
Electronics For Imaging, Inc. (Tech. Hardware, Storage & Periph.)	(a)		59,735		2,792,014
Immersion Corp. (Tech. Hardware, Storage & Periph.)	(a)		245,888		2,867,054
Quantum Corp. (Tech. Hardware, Storage & Periph.)	(a)		2,756,544		2,563,586
					56,839,537
MATERIALS – 1.8%
PolyOne Corp. (Chemicals)			94,107		2,988,838
Total Common Stocks (Cost $173,228,348)				$	159,284,388
Money Market Funds – 2.4%		Shares		Value
Fidelity Institutional Money Market Funds
Money Market Portfolio – Class I			3,894,000	$	3,894,000
Total Money Market Funds (Cost $3,894,000)				$	3,894,000
Total Investments – 100.6% (Cost $177,122,348)	(b)			$	163,178,388
Liabilities in Excess of Other Assets – (0.6)%					(1,009,793)
Net Assets – 100.0%				$	162,168,595

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.

82

Ohio National Fund, Inc. Balanced Portfolio

Objective/Strategy

The Balanced Portfolio seeks capital appreciation and income by investing normally up to 75% of its total assets in equity securities of domestic and foreign companies of any market capitalization while maintaining a minimum of 25% of its total assets in fixed income securities.

Performance as of December 31, 2015

Average Annual returns
One year	1.47%
Five years	7.52%
Ten years	6.03%

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 year ended December 31, 2015, the Balanced Portfolio returned 1.47% versus 0.99% for its benchmark, which is comprised of 60% S&P Composite 1500 Index and 40% Barclays Capital U.S. Universal Index.

Calendar year 2015 was an interesting year, as both equity and fixed income returns were relatively muted. However, that is not to say there was a lack of market action during the time period. In fact, 2015 saw several significant events that included a virtual repricing of nearly all types of commodity assets and times of significant market volatility in both equity and fixed income securities.

Entering 2015, our equity valuation model viewed the overall broad domestic market as approximately 5% below our estimate of fair value. While our return expectations were relatively flat for the overall market, our system identified 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. Additionally, given the lower overall market value readings, the Portfolio bought out-of-the-money S&P 500 put options and wrote 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. Because value was tough to find due to tight corporate bond spreads, the Portfolio had a specific focus on rating crossover bonds and high yield yield-to-call paper. Overall, this strategy proved advantageous during the first month of the year as the equity market fell by about 2.87%, due in large part 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% by January 31, 2015. While the

underlying holdings in the Portfolio were generally in line with the benchmark during this sell-off, the Portfolio’s hedging profile helped it outperform the blended benchmark during this move. This 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 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 through the end of the first quarter. Further, positive selection effect in both the equity and fixed income portion of the Portfolio contributed to returns during this move.

The second quarter of 2015 was 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 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.

The third quarter of 2015 brought about the largest equity downturn during the year, as concerns regarding emerging market growth and continued declines in commodity prices resulted in a rather aggressive sell-off during the last half of the quarter. Fortunately, due to low equity valuations, based on our methodology, the Portfolio began the quarter with a more defensive allocation at approximately 56% equities / 44% fixed income. Additionally, the Portfolio’s hedge profile was increased in an attempt to mitigate the effects of market volatility on the Portfolio. Specifically, deep out-of-the money puts were purchased in an attempt to protect the Portfolio should a strong sell-off take place. Both moves were advantageous as the Portfolio only captured 52% of the downside move in August 2015.

The last quarter of the year turned out to be a virtual mirror image of what took place during the third quarter, as equities produced their strongest returns of 2015. From a portfolio construction standpoint, we began to increase equity exposure to a more neutral balanced portfolio stance (60% equities / 40% fixed income) throughout the month of September as the August sell-off created attractive buying opportunities. The August volatility created additional buying opportunities in some closed-end fund arbitrage plays that we had been focusing on. While our increased allocation to these segments of the market was generally beneficial, the Portfolio underperformed the blended benchmark during the quarter in large part due to the emergence of new leadership in the market. This end of year rally was driven by the most beaten-down segments of the Energy and Materials sectors, which we still saw as too risky for purchase. While we underperformed during this final move of 2015, over the course of the entire calendar year, the Portfolio had both higher returns and reduced volatility relative to both the broad equity index and blended benchmark.

Focusing on the equity portion of the Portfolio, the largest sector contributor to performance over the course of 2015 was the Information Technology sector. While the Portfolio was underweight the sector as a whole due to stretched valuations, we saw industry-specific opportunities that performed extremely well, producing

83 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

positive benchmark-relative selection effect. Other sectors that contributed positively to Portfolio performance included the Consumer Discretionary, Consumer Staples, Utilities, and Telecommunication Services sectors. Positions in both the Industrials and Financials sectors detracted from Portfolio performance, as the combination of an overweight position and underperforming stock selections resulted in negative relative total effect.⁽¹⁾

With regard to individual stock performance within the Portfolio, the five best benchmark-relative contributors were Alphabet, Inc., Facebook, Inc., Signature Bank, Advance Auto Parts, Inc., and Chipotle Mexican Grill. The five equities that had the most negative benchmark-relative contribution were Union Pacific Corp., Encore Capital Group, Inc., Eagle Materials, Inc., HCA Holdings, Inc., and Discover Financial Services.⁽¹⁾

In the fixed income portion of the Portfolio, 2015 proved to be a challenging year in both the rate and credit markets. While the Portfolio maintained a heavy corporate bond focus, it was largely able to avoid the downturn in both investment grade and high yield corporate bonds through a combination of bottom-up bond selections and avoiding segments of the market we felt were either too risky or too tight from a credit spread standpoint. Selections in the Health Care, Insurance, and Financials segments of the market provided the highest relative total effect and resulted in strong relative selection effect compared to the broad fixed income benchmark. During the year, the Portfolio also focused on preferred issues and closed-end fund arbitrage opportunities. Both areas proved to be beneficial for the Portfolio over the course of the year. The Portfolio’s positions in the closed-end fund space provided both positive returns for our investors and a less risky place to allocate money relative to the volatility seen in the corporate bond segment of the market. These positions resulted in strong performance relative to the benchmark over the course of the year.⁽¹⁾

Our equity valuations concluded 2015 with an overall average V/P (“Value/Price”) ratio of 1.05, giving us confidence there is room for the market to rise in the coming year. Currently, our system indicates attractive opportunities within the Financials, Utilities, and Materials sectors. The Portfolio continues to maintain a more normal balanced allocation stance with approximately 60% allocated to equities and 40% to fixed income (which includes preferred stocks & closed-end funds). The equity hedge has recently been reduced, targeting an equity beta at the upper end of our historical range. We will continue to adjust the positioning based on our value readings. In the fixed income portion of the Portfolio, we continue to be very selective in our individual bond holdings, as recent spread widening has reintroduced risk into a bond market that had been relatively quiet over the last few years. The recent volatility seen in the high yield segment of the market is presenting us with opportunities in the Energy sector, although we continue to remain cautious with our individual bond selections. Additionally, we continue to see opportunity in unique structured bonds like yield-to-call extension plays, preferred securities with attractive upside profiles, and closed-end funds. As always, we look to value as our primary guide and will adjust our positioning as market conditions dictate.⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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.

84 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Portfolio Composition as of December 31, 2015 ⁽¹⁾

% of Net Assets

Common Stocks (4)	55.3
Corporate Bonds (4)	18.7
Preferred Stocks (4)	3.1
Trust Preferred Securities (4)	4.2
Master Limited Partnerships (4)	0.2
Asset-Backed / Mortgage-Backed Securities (4)	2.4
U.S. Treasury Obligations	4.6
Closed-End Mutual Funds	6.3
Exchange Traded Funds	2.8
Purchased Options	0.2
Money Market Funds and Other Net Assets	2.2
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

% of Net Assets

1.     U.S. Treasury Note 1.000%, 09/15/2017	2.3
2.     AllianceBernstein Income Fund, Inc.	1.6
3.     Discover Financial Services	1.5
4.     CBRE Group, Inc.	1.4
5.     iShares Currency Hedged MSCI Eurozone ETF	1.4
6.     iShares Europe ETF	1.4
7.     CVS Health Corp. 4.750%, 12/01/2022	1.3
8.     Union Pacific Corp.	1.2
9.     Kraft Heinz Foods Co. 4.875%, 02/15/2025	1.2
10.     Ashland, Inc.	1.2

⁽¹⁾ Composition of Portfolio subject to change.

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

⁽³⁾ Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾ Sectors (Common Stocks, Corporate Bonds, Preferred Stocks, Trust Preferred Securities, Master Limited Partnerships, Asset-Backed / Mortgage-Backed Securities):

	% of Net Assets
Financials	25.8
Health Care	11.3
Information Technology	11.0
Consumer Discretionary	9.0
Industrials	8.4
Consumer Staples	5.0
Utilities	5.0
Materials	3.2
Energy	2.9
Telecommunication Services	2.3
	83.9

85

Ohio National Fund, Inc. Balanced Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 55.3%		Shares		Value
CONSUMER DISCRETIONARY – 7.3%
BorgWarner, Inc. (Auto Components)			112,146	$	4,848,071
Delphi Automotive PLC (Auto Components)			58,524		5,017,262
Gentherm, Inc. (Auto Components)	(a)		50,000		2,370,000
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)			60,000		6,072,600
Wyndham Worldwide Corp. (Hotels, Restaurants & Leisure)			90,000		6,538,500
Jarden Corp. (Household Durables)	(a)		87,197		4,980,693
Mohawk Industries, Inc. (Household Durables)	(a)		22,500		4,261,275
Whirlpool Corp. (Household Durables)			10,000		1,468,700
CBS Corp. Class B (Media)			149,704		7,055,549
Comcast Corp. Class A (Media)	(d)		34,044		1,921,103
Advance Auto Parts, Inc. (Specialty Retail)			20,000		3,010,200
Home Depot, Inc. / The (Specialty Retail)	(d)		40,000		5,290,000
Lowe’s Cos., Inc. (Specialty Retail)			85,000		6,463,400
Signet Jewelers Ltd. (Specialty Retail)			30,000		3,710,700
					63,008,053
CONSUMER STAPLES – 1.4%
CVS Health Corp. (Food & Staples Retailing)	(d)		80,000		7,821,600
Tyson Foods, Inc. Class A (Food Products)			75,000		3,999,750
					11,821,350
ENERGY – 1.0%
Schlumberger Ltd. (Energy Equip. & Svs.)			45,000		3,138,750
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)			40,000		2,073,600
Spectra Energy Corp. (Oil, Gas & Consumable Fuels)			155,000		3,710,700
					8,923,050
FINANCIALS – 13.7%
Bank of America Corp. (Banks)			540,000		9,088,200
Fifth Third Bancorp (Banks)			150,000		3,015,000
JPMorgan Chase & Co. (Banks)			70,000		4,622,100
Signature Bank (Banks)	(a)(d)		63,270		9,703,720
SVB Financial Group (Banks)	(a)		55,000		6,539,500
U.S. Bancorp (Banks)			50,000		2,133,500
Wells Fargo & Co. (Banks)	(d)		79,000		4,294,440
Invesco Ltd. (Capital Markets)			252,900		8,467,092
Janus Capital Group, Inc. (Capital Markets)			250,000		3,522,500
Ally Financial, Inc. (Consumer Finance)	(a)		300,000		5,592,000
Discover Financial Services (Consumer Finance)			237,080		12,712,229
Encore Capital Group, Inc. (Consumer Finance)	(a)(d)		235,370		6,844,560
American International Group, Inc. (Insurance)			70,000		4,337,900
Arthur J. Gallagher & Co. (Insurance)			85,670		3,507,330
Lincoln National Corp. (Insurance)			75,000		3,769,500
Sun Life Financial, Inc. (Insurance)			122,725		3,829,020
XL Group PLC (Insurance)			200,000		7,836,000
Winthrop Realty Trust (Real Estate Investment Trusts)			245,410		3,182,968
CBRE Group, Inc. (Real Estate Mgmt. & Development)	(a)		355,000		12,275,900
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)			19,029		3,041,976
					118,315,435
HEALTH CARE – 7.7%
AbbVie, Inc. (Biotechnology)	(d)		100,000		5,924,000
Biogen, Inc. (Biotechnology)	(a)		23,000		7,046,050
Gilead Sciences, Inc. (Biotechnology)			55,530		5,619,081
Aetna, Inc. (Health Care Providers & Svs.)			20,000		2,162,400
Cardinal Health, Inc. (Health Care Providers & Svs.)			25,000		2,231,750
Cigna Corp. (Health Care Providers & Svs.)	(d)		20,000		2,926,600
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		110,000		7,439,300
McKesson Corp. (Health Care Providers & Svs.)			45,000		8,875,350
Allergan PLC (Pharmaceuticals)	(a)		28,700		8,968,750
Jazz Pharmaceuticals PLC (Pharmaceuticals)	(a)		45,000		6,325,200
Johnson & Johnson (Pharmaceuticals)	(d)		85,000		8,731,200
					66,249,681
INDUSTRIALS – 6.5%
Curtiss-Wright Corp. (Aerospace & Defense)			89,563		6,135,065
General Dynamics Corp. (Aerospace & Defense)	(d)		50,000		6,868,000
Honeywell International, Inc. (Aerospace & Defense)			60,000		6,214,200
FedEx Corp. (Air Freight & Logistics)	(d)		25,000		3,724,750
Delta Air Lines, Inc. (Airlines)	(d)		170,000		8,617,300
Southwest Airlines Co. (Airlines)			60,000		2,583,600
United Continental Holdings, Inc. (Airlines)	(a)		40,000		2,292,000
Masco Corp. (Building Products)			150,000		4,245,000
Old Dominion Freight Line, Inc. (Road & Rail)	(a)		40,000		2,362,800

86 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
INDUSTRIALS (continued)
Ryder System, Inc. (Road & Rail)			45,000	$	2,557,350
Union Pacific Corp. (Road & Rail)			138,160		10,804,112
					56,404,177
INFORMATION TECHNOLOGY – 9.0%
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)	(a)		77,172		6,880,655
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)			100,000		6,461,000
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		12,776		9,695,451
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		85,000		8,896,100
Accenture PLC Class A (IT Svs.)			20,786		2,172,137
DST Systems, Inc. (IT Svs.)			30,000		3,421,800
MasterCard, Inc. Class A (IT Svs.)			96,600		9,404,976
Visa, Inc. (IT Svs.)			131,400		10,190,070
Applied Materials, Inc. (Semiconductors & Equip.)			120,000		2,240,400
Avago Technologies Ltd. (Semiconductors & Equip.)			25,000		3,628,750
Synaptics, Inc. (Semiconductors & Equip.)	(a)		27,000		2,169,180
Synchronoss Technologies, Inc. (Software)	(a)		118,821		4,186,064
Apple, Inc. (Tech. Hardware, Storage & Periph.)	(d)		78,910		8,306,067
					77,652,650
MATERIALS – 2.8%
Ashland, Inc. (Chemicals)	(d)		100,000		10,270,000
Methanex Corp. (Chemicals)	(d)		65,183		2,151,691
Monsanto Co. (Chemicals)			20,000		1,970,400
Eagle Materials, Inc. (Construction Materials)	(d)		105,000		6,345,150
Martin Marietta Materials, Inc. (Construction Materials)			25,000		3,414,500
					24,151,741
TELECOMMUNICATION SERVICES – 1.6%
AT&T, Inc. (Diversified Telecom. Svs.)			130,000		4,473,300
BCE, Inc. (Diversified Telecom. Svs.)			70,000		2,703,400
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)	(a)		170,000		6,650,400
					13,827,100
UTILITIES – 4.3%
ALLETE, Inc. (Electric Utilities)			90,000		4,574,700
ITC Holdings Corp. (Electric Utilities)	(d)		130,164		5,108,937
OGE Energy Corp. (Electric Utilities)			125,190		3,291,245
Atmos Energy Corp. (Gas Utilities)			54,495		3,435,365
AES Corp. (Ind. Power & Renewable Elec.)			300,000		2,871,000
Ameren Corp. (Multi-Utilities)			100,000		4,323,000
CMS Energy Corp. (Multi-Utilities)			256,300		9,247,304
Sempra Energy (Multi-Utilities)			50,000		4,700,500
					37,552,051
Total Common Stocks (Cost $470,557,855)				$	477,905,288

Corporate Bonds – 18.7%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 1.7%
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)	(h)		7.050%	10/15/2037	$	3,500,000	$	3,672,407
International Game Technology (Hotels, Restaurants & Leisure)			5.350%	10/15/2023		2,000,000		1,680,000
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)			7.500%	04/15/2021		3,110,000		3,242,175
Pinnacle Entertainment, Inc. (Hotels, Restaurants & Leisure)			6.375%	08/01/2021		909,000		955,586
TCI Communications, Inc. (Media)			7.125%	02/15/2028		4,000,000		5,173,196
								14,723,364
CONSUMER STAPLES – 3.6%
CVS Health Corp. (Food & Staples Retailing)	(b)		4.750%	12/01/2022		10,726,000		11,494,325
Kraft Heinz Foods Co. (Food Products)	(b)		4.875%	02/15/2025		9,714,000		10,326,205
Altria Group, Inc. (Tobacco)	(h)		9.250%	08/06/2019		7,967,000		9,754,492
								31,575,022
ENERGY – 1.7%
Alliance Pipeline LP / United States (Oil, Gas & Consumable Fuels)	(b)		7.877%	12/31/2025		2,000,000		2,382,258
BG Energy Capital PLC (Oil, Gas & Consumable Fuels)	(b)		4.000%	10/15/2021		3,090,000		3,206,675
Bill Barrett Corp. (Oil, Gas & Consumable Fuels)			7.000%	10/15/2022		1,400,000		938,000
Encana Corp. (Oil, Gas & Consumable Fuels)			6.500%	02/01/2038		1,000,000		799,388
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)			5.875%	06/01/2022		4,000,000		3,805,200
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)			5.875%	06/01/2024		1,350,000		1,291,795
Range Resources Corp. (Oil, Gas & Consumable Fuels)			5.000%	08/15/2022		2,525,000		1,887,438
								14,310,754

87 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
FINANCIALS – 3.8%
City National Corp. (Banks)			5.250%	09/15/2020	$	1,500,000	$	1,666,296
E*TRADE Financial Corp. (Capital Markets)			5.375%	11/15/2022		3,040,000		3,184,400
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. (Capital Markets)	(b)		5.875%	03/15/2022		5,800,000		6,032,000
Ally Financial, Inc. (Consumer Finance)			8.000%	03/15/2020		4,400,000		5,016,000
Alleghany Corp. (Insurance)			5.625%	09/15/2020		1,000,000		1,086,336
MBIA, Inc. (Insurance)			6.625%	10/01/2028		2,810,000		2,669,500
Old Republic International Corp. (Insurance)			4.875%	10/01/2024		5,000,000		5,124,420
ProAssurance Corp. (Insurance)			5.300%	11/15/2023		5,063,000		5,363,621
Prudential Financial, Inc. (Insurance)	(e)		8.875%	06/15/2038		2,610,000		2,936,250
								33,078,823
HEALTH CARE – 3.6%
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)			8.000%	11/15/2019		1,750,000		1,763,125
HCA, Inc. (Health Care Providers & Svs.)			5.250%	04/15/2025		5,200,000		5,239,000
Highmark, Inc. (Health Care Providers & Svs.)	(b)		4.750%	05/15/2021		3,500,000		3,556,452
Highmark, Inc. (Health Care Providers & Svs.)	(b)		6.125%	05/15/2041		2,100,000		2,082,608
inVentiv Health, Inc. (Health Care Providers & Svs.)	(b)		9.000%	01/15/2018		4,120,000		4,223,000
Prospect Medical Holdings, Inc. (Health Care Providers & Svs.)	(b)		8.375%	05/01/2019		5,035,000		5,236,400
Pfizer, Inc. (Pharmaceuticals)			5.800%	08/12/2023		7,490,000		8,763,083
								30,863,668
INDUSTRIALS – 1.0%
Air Canada (Airlines)	(b)		8.750%	04/01/2020		3,460,000		3,702,200
Ingersoll-Rand Co. (Machinery)			6.391%	11/15/2027		2,215,000		2,531,856
Ingersoll-Rand Co. (Machinery)			6.443%	11/15/2027		1,800,000		2,149,238
								8,383,294
INFORMATION TECHNOLOGY – 2.0%
Denali Borrower LLC / Denali Finance Corp. (Computers & Peripherals)	(b)		5.625%	10/15/2020		2,750,000		2,880,625
Corning, Inc. (Electronic Equip., Instr. & Comp.)			7.250%	08/15/2036		2,180,000		2,516,976
EarthLink Holdings Corp. (Internet Software & Svs.)			7.375%	06/01/2020		2,400,000		2,442,000
Lender Processing Services, Inc. / Black Knight Lending Solutions, Inc. (IT Svs.)			5.750%	04/15/2023		9,188,000		9,463,640
								17,303,241
MATERIALS – 0.4%
Vulcan Materials Co. (Construction Materials)			4.500%	04/01/2025		1,250,000		1,237,500
Alcoa, Inc. (Metals & Mining)			5.125%	10/01/2024		2,800,000		2,548,000
								3,785,500
TELECOMMUNICATION SERVICES – 0.7%
Cincinnati Bell, Inc. (Diversified Telecom. Svs.)			8.375%	10/15/2020		3,950,000		4,038,875
Level 3 Financing, Inc. (Diversified Telecom. Svs.)			7.000%	06/01/2020		2,000,000		2,090,000
								6,128,875
UTILITIES – 0.2%
Tenaska Georgia Partners LP (Electric Utilities)			9.500%	02/01/2030		1,297,462		1,605,862
Total Corporate Bonds (Cost $167,075,361)							$	161,758,403
Preferred Stocks – 3.1%				Rate	Quantity		Value
FINANCIALS – 2.2%
Charles Schwab Corp. Series A / The (Capital Markets)	(f)			7.000%		4,000,000	$	4,540,000
Digital Realty Trust, Inc. (Real Estate Investment Trusts)				7.000%		159,628		4,123,191
Equity Commonwealth (Real Estate Investment Trusts)				7.250%		264,369		6,765,203
Gramercy Property Trust (Acquired 08/26/2014 through 10/14/2015, Cost $3,928,553)(Real Estate Investment Trusts)	(i)			7.125%		153,634		3,840,850
								19,269,244
INDUSTRIALS – 0.9%
General Electric Co. (Industrial Conglomerates)	(f)			4.000%		7,407,000		7,407,000
Total Preferred Stocks (Cost $26,362,284)							$	26,676,244
Trust Preferred Securities – 4.2%				Rate	Quantity		Value
FINANCIALS – 3.7%
PNC Preferred Funding Trust II (Banks)	(b)(f)			QL + 122		4,000,000	$	3,580,000
RBS Capital Funding Trust V (Banks)				5.900%		184,122		4,518,354
USB Capital IX (Banks)	(f)			QL + 102		1,500,000		1,155,000
USB Realty Corp. (Banks)	(b)(f)			QL + 115		5,000,000		4,500,000
NTC Capital I (Capital Markets)	(f)			QL + 52		3,300,000		2,833,875

88 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Schedule of Investments December 31, 2015

Trust Preferred Securities (Continued)				Rate	Quantity		Value
FINANCIALS (continued)
State Street Capital Trust I (Capital Markets)	(f)			QL + 56		5,123,000	$	4,399,376
GMAC Capital Trust I (Consumer Finance)	(f)			8.125%		325,000		8,242,000
ILFC E-Capital Trust II (Diversified Financial Svs.)	(b)(g)			QL/10T/30T + 180		2,900,000		2,668,000
								31,896,605
UTILITIES – 0.5%
PECO Energy Capital Trust IV (Electric Utilities)				5.750%		5,000,000		4,759,955
Total Trust Preferred Securities (Cost $37,812,312)							$	36,656,560
Master Limited Partnerships – 0.2%					Shares		Value
ENERGY – 0.2%
Plains All American Pipeline LP (Oil, Gas & Consumable Fuels)						70,000	$	1,617,000
Total Master Limited Partnerships (Cost $2,223,298)							$	1,617,000
Asset-Backed / Mortgage-Backed Securities – 2.4%		Rate		Maturity	Face Amount		Value
FINANCIALS – 2.4%
Citigroup Mortgage Loan Trust 2013-J1 Class B2 (Acquired 05/21/2015, Cost $1,964,905)	(b)(i)		3.559%	10/25/2043	$	1,969,829	$	1,963,511
Fannie Mae Trust 2003-W2 Class 1A4			3.083%	07/25/2042		1,579,875		1,603,667
MASTR Seasoned Securitization Trust 2005-1 Class 1A1			6.571%	09/25/2032		1,971,786		2,144,347
Sequoia Mortgage Trust 2013-1 Class B2 (Acquired 04/15/2015, Cost $4,822,353)	(i)		3.636%	02/25/2043		4,781,935		4,604,103
Sequoia Mortgage Trust 2013-10 Class B2 (Acquired 02/17/2015, Cost $4,254,025)	(b)(i)		3.583%	08/25/2043		4,363,103		4,110,478
Sequoia Mortgage Trust 2013-12 Class B3 (Acquired 10/07/2015, Cost $2,310,257)	(b)(i)		4.275%	12/25/2043		2,268,748		2,309,627
Towd Point Mortgage Trust 2015-4 Class M2	(b)		3.750%	04/25/2055		4,000,000		3,805,387
Total Asset-Backed / Mortgage-Backed Securities (Cost $21,061,780)							$	20,541,120
U.S. Treasury Obligations – 4.6%		Rate		Maturity	Face Amount		Value
U.S. Treasury Inflation Indexed Bonds			0.125%	04/15/2019	$	10,150,200	$	10,084,031
U.S. Treasury Note			1.000%	09/15/2017		20,000,000		19,989,880
U.S. Treasury Note			1.875%	05/31/2022		10,000,000		9,904,180
Total U.S. Treasury Obligations (Cost $40,014,244)							$	39,978,091
Closed-End Mutual Funds – 6.3%					Shares		Value
Advent/Claymore Enhanced Growth & Income Fund						183,120	$	1,514,402
AllianceBernstein Income Fund, Inc.						1,802,644		13,826,280
Delaware Investments Dividend & Income Fund, Inc.						180,766		1,594,356
Deutsche Global High Income Fund, Inc.						189,106		1,427,750
Deutsche High Income Opportunities Fund, Inc.						163,308		2,132,802
Diversified Real Asset Income Fund						162,933		2,527,091
First Trust Dividend and Income Fund						128,707		1,088,861
First Trust Mortgage Income Fund						123,249		1,792,040
Firsthand Technology Value Fund, Inc.	(a)					70,965		579,784
Fort Dearborn Income Securities, Inc.						253,937		3,684,626
Global High Income Fund, Inc.						528,581		4,492,939
LMP Real Estate Income Fund, Inc.						233,763		3,048,270
Managed High Yield Plus Fund, Inc.						1,432,448		2,521,108
Neuberger Berman Real Estate Securities Income Fund, Inc.						300,423		1,505,119
Nuveen Mortgage Opportunity Term Fund						90,876		2,063,794
Strategic Global Income Fund, Inc.						432,576		3,789,366
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund						108,660		1,118,111
Western Asset/Claymore Inflation-Linked Securities & Income Fund						215,384		2,276,609
Zweig Fund, Inc.						58,667		770,884
Zweig Total Return Fund, Inc. / The						221,135		2,693,424
Total Closed-End Mutual Funds (Cost $56,779,327)							$	54,447,616
Exchange Traded Funds – 2.8%					Shares		Value
iShares Currency Hedged MSCI Eurozone ETF						465,000	$	12,006,300
iShares Europe ETF						295,000		11,832,450
Total Exchange Traded Funds (Cost $25,136,273)							$	23,838,750

89 (continued)

Ohio National Fund, Inc. Balanced Portfolio (Continued)

Schedule of Investments December 31, 2015

Purchased Options – 0.2%		Expiration		Exercise Price	Contracts (c)		Value
S&P 500 Index Put Option			January 2016	$1,850.00		700	$	91,000
S&P 500 Index Put Option			January 2016	$1,900.00		700		175,000
S&P 500 Index Put Option			February 2016	$1,925.00		100		194,000
S&P 500 Index Put Option			February 2016	$1,950.00		700		1,652,000
Total Purchased Options (Cost $3,008,898)							$	2,112,000
Money Market Funds – 0.9%					Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I						8,140,000	$	8,140,000
Total Money Market Funds (Cost $8,140,000)							$	8,140,000
Total Investments – 98.7% (Cost $858,171,632)	(j)						$	853,671,072
Total Written Options Outstanding – (0.0)% (see following schedule)								(372,000)
Other Assets in Excess of Liabilities – 1.3%								11,622,965
Net Assets – 100.0%							$	864,922,037

Percentages are stated as a percent of net assets.

Abbreviations:

QL: Quarterly U.S. LIBOR Rate, 0.613% on 12/31/2015

10T: 10 Year Constant Maturity Treasury Rate, 2.277% on 12/31/2015

30T: 30 Year Constant Maturity Treasury Rate, 3.016% on 12/31/2015

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 December 31, 2015, the value of these securities totaled $78,059,751, or 9.0% 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. Outstanding written call options are presented in the following schedule.

(e) 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 December 31, 2015.

(f) 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 December 31, 2015.

(g) Security is a variable rate 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, 10 Year Constant Maturity Treasury Rate, or 30 Year Constant Maturity Treasury Rate up to a maximum of 14.5%. Dividend rates stated are those in effect at December 31, 2015.

(h) 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.

(i) Represents a security deemed to be illiquid. At December 31, 2015, the value of illiquid securities in the Portfolio totaled $16,828,569, or 1.9% of the Portfolio’s net assets.

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

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

Schedule of Written Options Outstanding December 31, 2015

	Expiration	Exercise Price		Contracts*		Value
S&P 500 Index Call Option	February 2016	$	2,125		400	$	372,000
Total Written Options Outstanding (Premiums received $544,685)					400	$	372,000

* 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 that applies separate uniquely specialized strategies.

Performance as of December 31, 2015

Average Annual returns
One year	-3.24%
Five years	10.06%
Ten years	4.31%

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

The Portfolio is not open to direct retail investment. Beneficial interest in 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 year ended December 31, 2015, the Target VIP Portfolio returned -3.24% versus 0.48% for its benchmark, the Russell 3000 Index.

U.S. equities posted modest gains in 2015, though the markets were much more eventful than the final tally would indicate. The first half of the year saw stocks trade in a narrow range, as slow but steady economic growth was offset by headwinds in the Energy sector. In the second half, attention turned to China as a surprise currency devaluation and evidence of slowing growth sent global equities tumbling. In the fourth quarter, U.S. stocks recovered to finish modestly higher, while the Federal Reserve began the much anticipated process of normalizing interest rates with its first rate increase since 2006. While the broad U.S. stock market averages rose in 2015, the gains were largely driven by a small group of large stocks that were able to grow well above the overall market. This caused small caps to significantly lag large caps, as the Russell 2000 Index trailed the Russell 1000 Index by over 530 basis points. Similarly, sector returns showed a wide range in 2015, as the spread between the top and bottom sectors in the S&P 500 was over 30%. Energy was by far the worst performing sector, while the Consumer Discretionary sector was the best, as that sector benefitted from lower gas prices and improving employment conditions. Expectations for continued improvement on the jobs front and steady economic growth should remain supportive for equities as we start the new year.

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 were overweight, while the additional Consumer Discretionary exposure increased its overweight. Consumer Staples remained underweight. The sectors losing notable weight as a result of the rebalance were Financials and Energy. Financials were underweight the benchmark, while Energy was in-line.⁽¹⁾

The Energy sector was the biggest contributor to relative performance, as both stock selection and allocation contributed to relative results. Stock selection provided a majority of the relative performance, led by Tesoro Corp., an independent refiner. Refiners had a good year despite the plunge in oil prices, as their businesses are not as sensitive to oil prices as other names in the sector. The underweight mentioned previously also helped, as the Energy sector was the worst performing sector in the benchmark. Stock selection was also positive in the Consumer Staples and Health Care sectors led by The Kroger Co. and Eli Lilly & Co., 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 stocks resulted in the sector being the biggest detractor from relative performance, leading the underperformance of the Portfolio. Micron Technology, Inc. and Yahoo!, Inc. were among the bottom five contributors in the Portfolio over the period. Stock selection in the Financials and Materials sectors also weighed on relative performance. Two British holdings, banking concern Standard Chartered PLC and gold miner Anglo American PLC, were also among the biggest detractors from performance over the period.⁽¹⁾

The Portfolio’s best performers were AMN Healthcare Services, Inc., Cablevision Systems Corp., Ellie Mae, Inc., Tesoro Corp. and Repligen Corp. The worst performers were Anglo American PLC, Zumiez, Inc., Saia, Inc., Micron Technology, Inc. and South32 Ltd. The Portfolio’s top contributors to performance were The Home Depot, Inc., Boeing Co., The Kroger Co., The Walt Disney Co. and Eli Lilly & Co. The top detractors from performance were Micron Technology, Inc., Anglo American PLC, Standard Chartered PLC, Yahoo!, Inc. and Electricite de France SA.⁽¹⁾

As we look to 2016, equities continue to look attractive relative to other asset classes, though short term risks have risen along with the recent Federal Reserve rate hike and China’s weakening economy. Taking a longer term view though, we view steady economic growth, improving employment data and low interest rates 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 December 31, 2015.

91 (continued)

Ohio National Fund, Inc. Target VIP 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 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.

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	98.9
Money Market Funds Less Net Liabilities	1.1
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Apple, Inc.	7.1
2.     Home Depot, Inc. / The	6.6
3.     3M Co.	4.4
4.     Taiwan Semiconductor Manufacturing Co. Ltd. – ADR	4.4
5.     Walt Disney Co. / The	3.9
6.     Boeing Co. / The	3.8
7.     AT&T, Inc.	3.5
8.     Intel Corp.	3.2
9.     Gilead Sciences, Inc.	2.9
10.     Amgen, Inc.	2.5

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Information Technology	19.7
Consumer Discretionary	19.1
Health Care	15.0
Industrials	12.9
Consumer Staples	6.7
Telecommunication Services	6.4
Financials	6.0
Energy	5.8
Utilities	4.4
Materials	2.9
	98.9

92

Ohio National Fund, Inc. Target VIP Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 98.9%		Shares		Value
CONSUMER DISCRETIONARY – 19.1%
American Axle & Manufacturing Holdings, Inc. (Auto Components)	(a)		3,541	$	67,067
Delphi Automotive PLC (Auto Components)			6,136		526,039
Gentherm, Inc. (Auto Components)	(a)		6,682		316,727
Magna International, Inc. (Auto Components)			8,567		347,478
Tata Motors Ltd. – ADR (Automobiles)	(a)		11,136		328,178
Core-Mark Holding Co., Inc. (Distributors)			4,319		353,899
BJ’s Restaurants, Inc. (Hotels, Restaurants & Leisure)	(a)		4,823		209,656
Brinker International, Inc. (Hotels, Restaurants & Leisure)			1,366		65,500
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)			1,677		112,426
Popeyes Louisiana Kitchen, Inc. (Hotels, Restaurants & Leisure)	(a)		4,368		255,528
Universal Electronics, Inc. (Household Durables)	(a)		2,932		150,558
Cablevision Systems Corp. Class A (Media)			4,474		142,721
Walt Disney Co. / The (Media)			16,978		1,784,048
Dillard’s, Inc. Class A (Multiline Retail)			775		50,925
Dollar Tree, Inc. (Multiline Retail)	(a)		1,785		137,838
Bed Bath & Beyond, Inc. (Specialty Retail)	(a)		2,733		131,867
Caleres, Inc. (Specialty Retail)			2,494		66,889
Cato Corp. / The Class A (Specialty Retail)			4,865		179,129
Home Depot, Inc. / The (Specialty Retail)			23,163		3,063,307
O’Reilly Automotive, Inc. (Specialty Retail)	(a)		889		225,290
Outerwall, Inc. (Specialty Retail)			1,076		39,317
Ross Stores, Inc. (Specialty Retail)			3,635		195,599
Zumiez, Inc. (Specialty Retail)	(a)		5,428		82,071
					8,832,057
CONSUMER STAPLES – 6.7%
Brown-Forman Corp. Class B (Beverages)			936		92,926
Dr Pepper Snapple Group, Inc. (Beverages)			1,422		132,530
Monster Beverage Corp. (Beverages)	(a)		1,481		220,610
Kroger Co. / The (Food & Staples Retailing)			20,194		844,715
Keurig Green Mountain, Inc. (Food Products)			1,443		129,841
Sanderson Farms, Inc. (Food Products)			925		71,706
USANA Health Sciences, Inc. (Personal Products)	(a)		2,304		294,336
Altria Group, Inc. (Tobacco)			14,527		845,617
Imperial Tobacco Group PLC – ADR (Tobacco)			4,569		483,172
					3,115,453
ENERGY – 5.8%
FMC Technologies, Inc. (Energy Equip. & Svs.)	(a)		401		11,633
BP PLC – ADR (Oil, Gas & Consumable Fuels)			10,477		327,511
Eni SpA – ADR (Oil, Gas & Consumable Fuels)			11,452		341,270
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			7,109		554,147
Hess Corp. (Oil, Gas & Consumable Fuels)			505		24,482
REX American Resources Corp. (Oil, Gas & Consumable Fuels)	(a)		1,502		81,213
Royal Dutch Shell PLC Class B – ADR (Oil, Gas & Consumable Fuels)			5,747		264,592
Statoil ASA – ADR (Oil, Gas & Consumable Fuels)			22,622		315,803
Synergy Resources Corp. (Oil, Gas & Consumable Fuels)	(a)		16,353		139,328
Tesoro Corp. (Oil, Gas & Consumable Fuels)			2,606		274,594
TOTAL SA – ADR (Oil, Gas & Consumable Fuels)			7,802		350,700
					2,685,273
FINANCIALS – 6.0%
HSBC Holdings PLC – ADR (Banks)			8,480		334,706
Standard Chartered PLC (Banks)			30,122		247,904
Swedbank AB – ADR (Banks)			15,895		349,611
HFF, Inc. Class A (Capital Markets)			7,042		218,795
Legg Mason, Inc. (Capital Markets)			2,861		112,237
Piper Jaffray Cos. (Capital Markets)	(a)		3,009		121,564
Moody’s Corp. (Diversified Financial Svs.)			5,213		523,072
Allstate Corp. / The (Insurance)			10,397		645,550
United Insurance Holdings Corp. (Insurance)			3,884		66,416
Universal Insurance Holdings, Inc. (Insurance)			6,328		146,683
					2,766,538

Common Stocks (Continued)		Shares		Value
HEALTH CARE – 15.0%
Amgen, Inc. (Biotechnology)			7,080	$	1,149,296
Gilead Sciences, Inc. (Biotechnology)			13,406		1,356,553
Insys Therapeutics, Inc. (Biotechnology)	(a)		13,070		374,194
MiMedx Group, Inc. (Biotechnology)	(a)		20,207		189,340
Repligen Corp. (Biotechnology)	(a)		6,066		171,607
Abaxis, Inc. (Health Care Equip. & Supplies)			4,181		232,798
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)	(a)		2,302		181,812
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a)		393		214,641
Natus Medical, Inc. (Health Care Equip. & Supplies)	(a)		6,064		291,375
OraSure Technologies, Inc. (Health Care Equip. & Supplies)	(a)		10,510		67,684
AMN Healthcare Services, Inc. (Health Care Providers & Svs.)	(a)		8,683		269,607
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		8,964		606,235
Providence Service Corp. / The (Health Care Providers & Svs.)	(a)		3,005		140,995
Albany Molecular Research, Inc. (Life Sciences Tools & Svs.)	(a)		5,988		118,862
Depomed, Inc. (Pharmaceuticals)	(a)		10,869		197,055
Eli Lilly & Co. (Pharmaceuticals)			12,043		1,014,743
GlaxoSmithKline PLC – ADR (Pharmaceuticals)			9,393		379,008
					6,955,805
INDUSTRIALS – 12.9%
Boeing Co. / The (Aerospace & Defense)			12,196		1,763,420
Huntington Ingalls Industries, Inc. (Aerospace & Defense)			999		126,723
Northrop Grumman Corp. (Aerospace & Defense)			1,218		229,971
TASER International, Inc. (Aerospace & Defense)	(a)		9,710		167,886
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)			1,950		120,939
Echo Global Logistics, Inc. (Air Freight & Logistics)	(a)		4,452		90,776
Alaska Air Group, Inc. (Airlines)			2,730		219,792
United Continental Holdings, Inc. (Airlines)	(a)		7,504		429,979
ACCO Brands Corp. (Commercial Svs. & Supplies)	(a)		21,021		149,880
3M Co. (Industrial Conglomerates)			13,544		2,040,268
Greenbrier Cos., Inc. / The (Machinery)			6,663		217,347
Avis Budget Group, Inc. (Road & Rail)	(a)		2,165		78,568
Ryder System, Inc. (Road & Rail)			1,093		62,115
Saia, Inc. (Road & Rail)	(a)		4,544		101,104
United Rentals, Inc. (Trading Companies & Distributors)	(a)		2,086		151,318
					5,950,086
INFORMATION TECHNOLOGY – 19.7%
F5 Networks, Inc. (Communications Equip.)	(a)		167		16,192
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)	(a)		3,709		328,840
Sanmina Corp. (Electronic Equip., Instr. & Comp.)	(a)		3,381		69,581
DHI Group, Inc. (Internet Software & Svs.)	(a)		9,876		90,563
LogMeIn, Inc. (Internet Software & Svs.)	(a)		4,521		303,359
Yahoo!, Inc. (Internet Software & Svs.)	(a)		10,237		340,483
Intel Corp. (Semiconductors & Equip.)			42,554		1,465,985
Lam Research Corp. (Semiconductors & Equip.)			1,006		79,897
Micron Technology, Inc. (Semiconductors & Equip.)	(a)		31,580		447,173
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR (Semiconductors & Equip.)			89,527		2,036,739
Ellie Mae, Inc. (Software)	(a)		5,402		325,362
Qualys, Inc. (Software)	(a)		6,383		211,214
Apple, Inc. (Tech. Hardware, Storage & Periph.)			31,225		3,286,744
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)			2,887		105,837
					9,107,969
MATERIALS – 2.9%
Celanese Corp. (Chemicals)			3,172		213,571
Headwaters, Inc. (Construction Materials)	(a)		13,428		226,530
Packaging Corp. of America (Containers & Packaging)			2,030		127,992

93 (continued)

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

Schedule of Investments December 31, 2015

Common Stocks (Continued)		Shares		Value
MATERIALS (continued)
Anglo American PLC – ADR (Metals & Mining)	(a)		43,595	$	95,255
BHP Billiton Ltd. – ADR (Metals & Mining)			8,450		217,672
Rio Tinto PLC – ADR (Metals & Mining)			8,631		251,335
South32 Ltd. – ADR (Metals & Mining)	(a)		2,829		10,793
Neenah Paper, Inc. (Paper & Forest Products)			3,102		193,658
					1,336,806
TELECOMMUNICATION SERVICES – 6.4%
AT&T, Inc. (Diversified Telecom. Svs.)			47,178		1,623,395
Consolidated Communications Holdings, Inc. (Diversified Telecom. Svs.)			9,380		196,511
Iridium Communications, Inc. (Diversified Telecom. Svs.)	(a)		17,734		149,143
Telenor ASA – ADR (Diversified Telecom. Svs.)			6,582		327,619
TeliaSonera AB – ADR (Diversified Telecom. Svs.)			30,927		303,703
Vodafone Group PLC – ADR (Wireless Telecom. Svs.)			11,690		377,119
					2,977,490
UTILITIES – 4.4%
Electricite de France SA – ADR (Electric Utilities)			73,215		215,252
Empire District Electric Co. / The (Electric Utilities)			8,276		232,307

Common Stocks (Continued)		Shares		Value
UTILITIES (continued)
Southern Co. / The (Electric Utilities)			3,052	$	142,803
SSE PLC – ADR (Electric Utilities)			15,856		354,619
Engie SA – ADR (Multi-Utilities)			17,082		300,643
National Grid PLC – ADR (Multi-Utilities)			5,667		394,083
SCANA Corp. (Multi-Utilities)			485		29,338
Sempra Energy (Multi-Utilities)			835		78,498
American States Water Co. (Water Utilities)			7,267		304,851
					2,052,394
Total Common Stocks (Cost $46,144,813)				$	45,779,871
Money Market Funds – 1.1%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			511,000	$	511,000
Total Money Market Funds (Cost $511,000)				$	511,000
Total Investments – 100.0% (Cost $46,655,813)	(b)			$	46,290,871
Liabilities in Excess of Other Assets – (0.0)%					(18,615)
Net Assets – 100.0%				$	46,272,256

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 December 31, 2015

Average Annual returns
One year	5.72%
Five years	12.39%
Since inception (5/1/07)	6.79%

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 year ended December 31, 2015, the Bristol Growth Portfolio returned 5.72% versus 5.67% for its benchmark, the Russell 1000 Growth Index.

The Portfolio’s slight outperformance relative to the benchmark resulted primarily from strong stock selection. Stock selection in the Health Care sector contributed 467 basis points to relative performance, although stock selection in the largest sector detractor, Consumer Discretionary, detracted 344 basis points. Sector allocation as a whole detracted from relative performance, led by a slight overweight in Energy.⁽¹⁾

The Portfolio’s best performers for the reporting period were Amazon.com, Inc., Intercept Pharmaceuticals, Inc., Pharmacyclics, Inc., Receptos, Inc. and Humana, Inc. The Portfolio’s worst performers were PVH Corp., Anadarko Petroleum Corp., Devon Energy Corp., Huntsman Corp. and Chipotle Mexican Grill. The top contributors to performance were Amazon.com, Inc., Clovis Oncology, Inc., Pharmacyclics, Inc., Intercept Pharmaceuticals, Inc. and Alphabet, Inc. The top detractors from performance were PVH Corp., Anadarko Petroleum Corp., Devon Energy Corp., Huntsman Corp. and Time Warner, Inc.⁽¹⁾

The top contributor to the Portfolio’s performance was Amazon.com, Inc., which generated 176 basis points due to strong earnings reports and strong sales growth. Other top contributors to performance were mainly due to stocks in the Health Care sector such as Clovis Oncology, Inc., which added 124 basis points thanks to optimism around its lung cancer therapies, and Pharmacyclics, Inc., which was acquired by Abbvie, and contributed 115 basis points due to positive data on its cancer drug. Intercept Pharmaceuticals, Inc. added 104 basis points with positive data on its drug for NASH liver disease. Alphabet, Inc. added 86 basis points, as the stock benefitted from strong secular drivers, ramp up of innovative ad products, and management’s initiatives to unlock hidden value in business segments with a longer-term investment horizon.⁽¹⁾

Detractors from performance during the reporting period included PVH Corp., which detracted 121 basis points due to weak earnings

reports and weakness in retail. Energy stocks such as Anadarko Petroleum Corp. and Devon Energy Corp. detracted 130 basis points as oil prices continued to plummet. Huntsman Corp. detracted 56 basis points due to bad earnings reports driven by weak pricing in titanium dioxide. We held on to Huntsman Corp. after the underperformance in the June quarter, as there were some signs its titanium-dioxide business would improve. Huntsman Corp. and its peers reduced supply, however, and its core polyurethane business was impacted by weaker growth in China and Europe. We sold it in August, which was beneficial for us, as the stock declined sharply after the company preannounced weaker earnings in late September due to a negative earnings report. Time Warner, Inc. also saw sharp drops, due to concerns about cord cutting, weak ratings and an overall weak advertising environment, and detracted 54 basis points.⁽¹⁾

The year was volatile, as continued debate regarding the impact of the imminent rate increase played out. Weak consumer spending despite low oil prices weighed on the market, as did the terrorist attacks in Paris. The economy continued to slowly improve as China continued to move forward and employment in the U.S. remained solid. We continue to believe that the Federal Reserve will be measured in its increases (only if the economic data is strong) and, therefore, maintain a positive bias towards the market, as the Central Banks of all the major economies will likely continue to be supportive of growth. Our continued focus on companies with strong competitive positions and ability to gain market share will hopefully continue to benefit performance going forward.

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 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 December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	99.4
Money Market Funds Less Net Liabilities	0.6
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     Microsoft Corp.	4.7
2.     Apple, Inc.	3.8
3.     Amazon.com, Inc	3.4
4.     Alphabet, Inc. Class C	3.1
5.     Thermo Fisher Scientific, Inc.	2.8
6.     Mylan NV	2.6
7.     Avago Technologies Ltd.	2.6
8.     Newell Rubbermaid, Inc.	2.5
9.     Visa, Inc.	2.4
10.     Hewlett Packard Enterprise Co.	2.3

⁽¹⁾  Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks):

	% of Net Assets
Information Technology	37.4
Health Care	19.4
Consumer Discretionary	15.2
Industrials	13.0
Consumer Staples	5.0
Financials	3.6
Telecommunication Services	3.2
Energy	2.6
	99.4

96

Ohio National Fund, Inc. Bristol Growth Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 99.4%		Shares		Value
CONSUMER DISCRETIONARY – 15.2%
Delphi Automotive PLC (Auto Components)			27,917	$	2,393,324
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)		2,245		1,077,263
Newell Rubbermaid, Inc. (Household Durables)			66,667		2,938,681
Amazon.com, Inc. (Internet & Catalog Retail)	(a)		5,827		3,938,411
CBS Corp. Class B (Media)			35,984		1,695,926
Time Warner, Inc. (Media)			37,360		2,416,071
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)			58,987		1,735,987
PVH Corp. (Textiles, Apparel & Luxury Goods)			20,620		1,518,663
					17,714,326
CONSUMER STAPLES – 5.0%
Coca-Cola Co. / The (Beverages)			50,492		2,169,136
Molson Coors Brewing Co. Class B (Beverages)			11,889		1,116,615
Colgate-Palmolive Co. (Household Products)			37,602		2,505,045
					5,790,796
ENERGY – 2.6%
Schlumberger Ltd. (Energy Equip. & Svs.)			16,783		1,170,614
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)			23,644		1,148,626
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)		22,924		746,405
					3,065,645
FINANCIALS – 3.6%
Bank of America Corp. (Banks)			5,607		94,366
Hartford Financial Services Group, Inc. / The (Insurance)			43,497		1,890,380
Prudential Financial, Inc. (Insurance)			26,843		2,185,289
					4,170,035
HEALTH CARE – 19.4%
Biogen, Inc. (Biotechnology)	(a)		4,977		1,524,704
Celgene Corp. (Biotechnology)	(a)		19,408		2,324,302
Juno Therapeutics, Inc. (Biotechnology)	(a)		25,148		1,105,758
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			11,181		1,147,059
Aetna, Inc. (Health Care Providers & Svs.)			14,974		1,618,989
Cigna Corp. (Health Care Providers & Svs.)			9,572		1,400,671
HCA Holdings, Inc. (Health Care Providers & Svs.)	(a)		36,160		2,445,501
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			23,341		3,310,921
Allergan PLC (Pharmaceuticals)	(a)		7,768		2,427,500
Mylan NV (Pharmaceuticals)	(a)		55,642		3,008,563
Pfizer, Inc. (Pharmaceuticals)			71,400		2,304,792
					22,618,760
INDUSTRIALS – 13.0%
Hexcel Corp. (Aerospace & Defense)			51,293		2,382,560
Honeywell International, Inc. (Aerospace & Defense)			21,202		2,195,891

Common Stocks (Continued)		Shares		Value
INDUSTRIALS (continued)
United Technologies Corp. (Aerospace & Defense)			10,578	$	1,016,228
FedEx Corp. (Air Freight & Logistics)			15,556		2,317,688
Danaher Corp. (Industrial Conglomerates)			26,713		2,481,103
Stanley Black & Decker, Inc. (Machinery)			19,500		2,081,235
Xylem, Inc. (Machinery)			71,389		2,605,699
					15,080,404
INFORMATION TECHNOLOGY – 37.4%
Harris Corp. (Communications Equip.)			31,291		2,719,188
Alibaba Group Holding Ltd. – ADR (Internet Software & Svs.)	(a)		22,939		1,864,253
Alphabet, Inc. Class A (Internet Software & Svs.)	(a)		3,332		2,592,329
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		4,694		3,562,183
Facebook, Inc. Class A (Internet Software & Svs.)	(a)		24,672		2,582,172
MasterCard, Inc. Class A (IT Svs.)			22,071		2,148,833
Visa, Inc. (IT Svs.)			36,660		2,842,983
Avago Technologies Ltd. (Semiconductors & Equip.)			20,449		2,968,172
Intel Corp. (Semiconductors & Equip.)			59,278		2,042,127
NXP Semiconductors NV (Semiconductors & Equip.)	(a)		31,988		2,694,989
Adobe Systems, Inc. (Software)	(a)		26,195		2,460,758
Microsoft Corp. (Software)			99,377		5,513,436
Oracle Corp. (Software)			63,739		2,328,386
Apple, Inc. (Tech. Hardware, Storage & Periph.)			41,655		4,384,605
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)			178,949		2,720,025
					43,424,439
TELECOMMUNICATION SERVICES – 3.2%
AT&T, Inc. (Diversified Telecom. Svs.)			68,094		2,343,115
Verizon Communications, Inc. (Diversified Telecom. Svs.)			29,643		1,370,099
					3,713,214
Total Common Stocks (Cost $106,090,299)				$	115,577,619
Money Market Funds – 0.7%		Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I			820,000	$	820,000
Total Money Market Funds (Cost $820,000)				$	820,000
Total Investments – 100.1% (Cost $106,910,299)	(b)			$	116,397,619
Liabilities in Excess of Other Assets – (0.1)%					(172,478	)
Net Assets – 100.0%				$	116,225,141

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.

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 Management Component”).

Performance as of December 31, 2015

Average Annual Returns
One year	-1.32%
Since Inception (5/1/14)	4.06%

Comments

For the year ended December 31, 2015, the Risk Managed Balanced Portfolio returned -1.32% versus 1.25% for its benchmark, which is comprised of 55% S&P 500 Index and 45% Barclays Capital U.S. Aggregate Bond Index.

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. The Balanced Component underperformed by 125 basis points.

The Balanced Component’s equity sleeve underperformed its benchmark, the S&P 500 Index. Holdings within the Industrials and Consumer Staples sectors weighed most on relative performance. Stock selection in Consumer Discretionary and our underweight in Energy contributed to relative results. Union Pacific Corp. was our largest equity detractor. Similar to all rail companies, weaker oil volumes have been a headwind. The weaker volumes and operating margins have been disappointing and we are currently reviewing the position.⁽¹⁾

The stock of Valeant Pharmaceuticals sold off after politicians criticized the company for high drug prices for some of its products that treat cardiac conditions. A short seller also questioned the company’s relationship with a specialty pharmacy that distributed some of its drugs. We have exited our position.⁽¹⁾

Seagate Technology PLC was another detractor. The data storage company has lost market share to a competitor and grown at a slower pace than we expected, so we sold the position to pursue better growth opportunities.⁽¹⁾

Microsoft Corp. was a top contributor to performance during the year. The stock has benefited from a re-valuation, as investors begin to give the company credit for the growth of its cloud business, that is second only to Amazon, and the potential for Microsoft Office 365. We believe these businesses will go a long way to offset the decline of some of Microsoft Corp.’s legacy businesses, such as its traditional desktop software. Progress on expense control and cost reduction have also been favorable for the stock. We continue to believe Microsoft Corp.’s cloud business and some of its other services are underappreciated by the market. We also appreciate the company’s efforts to reduce its share count and return more capital to shareholders.⁽¹⁾

Alphabet, Inc. (formerly Google) was another top contributor. Alphabet benefited from better than expected earnings results late in the year, driven by improvements in its mobile search revenue, as well as strong results for YouTube. The firm also announced a significant stock buyback program, providing additional support to its shares.

The company’s restructuring, which was initiated in the third quarter, has also been well received by investors because it provides greater transparency around the company’s different business lines. In addition, we have been encouraged by the focus of Alphabet, Inc.’s new CFO on reining in unnecessary spending.⁽¹⁾

Nike, Inc. was another contributor. The company continues to benefit from growth of its athletic apparel and footwear across the globe. Going forward, we believe innovation for both its products and manufacturing processes are long-term tailwinds for Nike, Inc. We also believe that investments to create a better omni-channel sales experience position Nike, Inc. well, as more sales migrate online.⁽¹⁾

The fixed income sleeve of the Balanced Component outperformed its benchmark, the Barclays Capital U.S. Aggregate Bond Index. Overall, the largest contributor to relative performance was spread carry, which is a measure of the excess income generated by holding specific securities compared to those of the benchmark. On an asset class basis, our out-of-benchmark allocation to preferred equity was the leading contributor. This was followed by our positioning in out-of-benchmark high-yield credit, which was driven by spread carry.⁽¹⁾

The main asset classes that detracted from relative performance were U.S. Treasuries and mortgage-backed securities, both due to yield curve positioning. During the period, the yield curve steepened as the market coalesced around the view that the Federal Reserve would finally raise interest rates after seven years of zero-interest-rate policy.⁽¹⁾

On a credit sector basis, banking was the leading contributor due to security selection and spread carry. Spread carry within brokerage, asset managers and exchanges also aided results. Given the weakness experienced throughout the year in the energy sector, midstream and independent energy companies were among the largest credit sector detractors.⁽¹⁾

Two companies in particular that contributed to relative performance were Fidelity National Information Services, Inc. and Ally Financial, Inc. Banking and payment technology company Fidelity National Information Services, Inc. has a solid business model, which can remain stable in a tepid economic environment. We believe that its management has the opportunity to better penetrate its customer base and can use free-cash-flow to pay down debt.⁽¹⁾

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⁾

Hard disk manufacturer Seagate Technology PLC was the largest individual detractor from relative performance. We invested in Seagate Technology PLC in 2014 due to its leading position in an industry that had undergone consolidation. We also liked its conservative balance sheet and potential for a ratings upgrade, which ultimately occurred. Recently, hard disk demand has softened due to weak personal computer growth in emerging markets and a strong U.S. dollar. The company also released a disappointing earnings report. Still, Seagate Technology PLC maintains a conservative balance sheet and management aims to reduce leverage further. The company continues to generate solid free-cash-flow, and, in our view, has a sufficient equity cushion to protect bondholders.⁽¹⁾

98 (continued)

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

Within the challenged Energy sector, Chesapeake Energy Corp. weighed on performance. We exited our positions in the company.⁽¹⁾

The Portfolio’s Risk Management Component, a sleeve of derivatives and cash equivalents, sub-advised by AnchorPath Financial LLC, seeks to enhance the risk-adjusted return of the Portfolio, attempting to enhance returns in rising markets and reduce risk in downturns. Under normal circumstances, the Risk Management Component will represent approximately 20% of the Portfolio. The allocation over this period ranged between 18.7% and 22.4%, and ended the period representing approximately 19.0% of the Portfolio.⁽¹⁾

The Portfolio’s performance is 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. Over the period, compared to the Balanced Component, the Risk Managed Balanced Portfolio’s risk adjusted returns were not enhanced. While the aggregate Portfolio achieved volatility similar to the Balanced Component, its annual return for the year was 1.32% lower. The under-performance of the Risk Management Component was primarily attributable to losses on index-based options due to time decay of premium value and to declines in market implied volatility over the period.⁽¹⁾

⁽¹⁾  The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2015.

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.

99 (continued)

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

Portfolio Composition as of December 31, 2015 ⁽¹⁾

	% of Net Assets
Common Stocks (4)	47.4
Corporate Bonds (4)	12.3
Preferred Stocks (4)	0.3
Trust Preferred Securities (4)	0.4
Preferred Stock Depository Receipts (4)	0.5
Master Limited Partnerships (4)	1.4
Asset-Backed / Mortgage-Backed Securities (4)	1.8
U.S. Treasury Obligations	7.9
U.S. Government Agency Mortgage-Backed Securities	7.0
Purchased Options	6.6
Money Market Funds and Other Net Assets	14.4
	100.0

Top 10 Portfolio Holdings as of December 31, 2015 ^{(1) (2) (3)}

	% of Net Assets
1.     MasterCard, Inc. Class A	2.5
2.     Microsoft Corp.	2.4
3.     Amgen, Inc.	2.3
4.     Allergan PLC	2.0
5.     NIKE, Inc. Class B	1.9
6.     Alphabet, Inc. Class C	1.9
7.     Apple, Inc.	1.8
8.     AbbVie, Inc.	1.8
9.     Home Depot, Inc. / The	1.7
10.     Dollar Tree, Inc.	1.7

⁽¹⁾ Composition of Portfolio subject to change.

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

⁽³⁾  Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher.

⁽⁴⁾  Sectors (Common Stocks, Corporate Bonds, Preferred Stocks, Trust Preferred Securities, Preferred Stock Depository Receipts, Master Limited Partnerships, Asset-Backed / Mortgage-Backed Securities):

	% of Net Assets
Financials	15.0
Information Technology	11.8
Consumer Discretionary	11.7
Health Care	11.7
Industrials	5.9
Materials	3.5
Consumer Staples	3.0
Energy	1.2
Telecommunication Services	0.2
Utilities	0.1
	64.1

100

Ohio National Fund, Inc. Risk Managed Balanced Portfolio

Schedule of Investments December 31, 2015

Common Stocks – 47.4%		Shares		Value
CONSUMER DISCRETIONARY – 9.6%
General Motors Co. (Automobiles)			41,554	$	1,413,252
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a)		18,817		1,102,676
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)			10,098		554,784
Starbucks Corp. (Hotels, Restaurants & Leisure)			12,019		721,501
Ctrip.com International Ltd. – ADR (Internet & Catalog Retail)	(a)		9,144		423,641
Priceline Group, Inc. / The (Internet & Catalog Retail)	(a)		1,438		1,833,378
Mattel, Inc. (Leisure Products)			22,700		616,759
Dollar Tree, Inc. (Multiline Retail)	(a)		33,018		2,549,650
Home Depot, Inc. / The (Specialty Retail)			19,638		2,597,125
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)			48,056		3,003,500
					14,816,266
CONSUMER STAPLES – 2.3%
Diageo PLC (Beverages)	(c)		13,752		375,539
Hershey Co. / The (Food Products)			11,476		1,024,463
Altria Group, Inc. (Tobacco)			25,335		1,474,750
Philip Morris International, Inc. (Tobacco)			8,069		709,346
					3,584,098
FINANCIALS – 6.6%
JPMorgan Chase & Co. (Banks)			17,920		1,183,258
U.S. Bancorp (Banks)			45,172		1,927,489
TD Ameritrade Holding Corp. (Capital Markets)			29,543		1,025,438
American Express Co. (Consumer Finance)			15,280		1,062,724
Synchrony Financial (Consumer Finance)	(a)		33,815		1,028,314
CME Group, Inc. (Diversified Financial Svs.)			15,065		1,364,889
Prudential PLC (Insurance)	(c)		49,789		1,121,727
Outfront Media, Inc. (Real Estate Investment Trusts)			13,360		291,649
CBRE Group, Inc. (Real Estate Mgmt. & Development)	(a)		35,215		1,217,735
					10,223,223
HEALTH CARE – 10.9%
AbbVie, Inc. (Biotechnology)			45,845		2,715,858
Amgen, Inc. (Biotechnology)			22,260		3,613,466
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)		2,312		1,255,115
Aetna, Inc. (Health Care Providers & Svs.)			11,313		1,223,162
Allergan PLC (Pharmaceuticals)	(a)		10,025		3,132,812
Bristol-Myers Squibb Co. (Pharmaceuticals)			31,219		2,147,555
Eli Lilly & Co. (Pharmaceuticals)			18,247		1,537,492
Merck & Co., Inc. (Pharmaceuticals)			23,118		1,221,093
					16,846,553
INDUSTRIALS – 4.8%
Boeing Co. / The (Aerospace & Defense)			15,616		2,257,917
Honeywell International, Inc. (Aerospace & Defense)			16,144		1,672,034
3M Co. (Industrial Conglomerates)			3,932		592,316
General Electric Co. (Industrial Conglomerates)			28,412		885,034
Dover Corp. (Machinery)			9,439		578,705
Union Pacific Corp. (Road & Rail)			18,781		1,468,674
					7,454,680
INFORMATION TECHNOLOGY – 10.4%
Alphabet, Inc. Class C (Internet Software & Svs.)	(a)		3,933		2,984,675
Yahoo!, Inc. (Internet Software & Svs.)	(a)		28,395		944,418
Automatic Data Processing, Inc. (IT Svs.)			7,169		607,358
MasterCard, Inc. Class A (IT Svs.)			38,887		3,786,038
Adobe Systems, Inc. (Software)	(a)		12,684		1,191,535
Microsoft Corp. (Software)			65,567		3,637,657
Apple, Inc. (Tech. Hardware, Storage & Periph.)			26,560		2,795,706
					15,947,387
MATERIALS – 2.6%
E.I. du Pont de Nemours & Co. (Chemicals)			26,150		1,741,590
LyondellBasell Industries NV Class A (Chemicals)			25,867		2,247,842
					3,989,432
TELECOMMUNICATION SERVICES – 0.2%
Verizon Communications, Inc. (Diversified Telecom. Svs.)			5,086		235,075
Total Common Stocks (Cost $69,811,633)				$	73,096,714

101 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds – 12.3%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 1.4%
ZF North America Capital, Inc. (Auto Components)	(b)		4.000%	04/29/2020	$	150,000	$	151,238
ZF North America Capital, Inc. (Auto Components)	(b)		4.750%	04/29/2025		288,000		274,320
General Motors Co. (Automobiles)			4.875%	10/02/2023		428,000		437,695
General Motors Co. (Automobiles)			3.500%	10/02/2018		98,000		98,984
General Motors Co. (Automobiles)			4.000%	04/01/2025		9,000		8,526
General Motors Financial Co., Inc. (Automobiles)			3.100%	01/15/2019		91,000		90,887
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(b)		4.625%	01/15/2022		129,000		129,323
Brinker International, Inc. (Hotels, Restaurants & Leisure)			3.875%	05/15/2023		124,000		119,638
PPL WEM Holdings Ltd. (Hotels, Restaurants & Leisure)	(b)		5.375%	05/01/2021		121,000		132,030
PPL WEM Holdings Ltd. (Hotels, Restaurants & Leisure)	(b)		3.900%	05/01/2016		36,000		36,144
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (Hotels, Restaurants & Leisure)	(b)		4.250%	05/30/2023		18,000		15,401
D.R. Horton, Inc. (Household Durables)			4.750%	05/15/2017		48,000		49,380
D.R. Horton, Inc. (Household Durables)			3.750%	03/01/2019		81,000		81,000
MDC Holdings, Inc. (Household Durables)			5.500%	01/15/2024		42,000		42,420
Toll Brothers Finance Corp. (Household Durables)			5.875%	02/15/2022		55,000		57,750
Toll Brothers Finance Corp. (Household Durables)			4.375%	04/15/2023		28,000		27,160
CCO Safari II, LLC (Media)	(b)		4.464%	07/23/2022		81,000		80,718
CCO Safari II, LLC (Media)	(b)		4.908%	07/23/2025		282,000		281,723
Nielsen Finance LLC / Nielsen Finance Co. (Media)			4.500%	10/01/2020		58,000		58,870
UBM PLC (Media)	(b)(g)		5.750%	11/03/2020		50,000		53,442
								2,226,649
CONSUMER STAPLES – 0.7%
CVS Health Corp. (Food & Staples Retailing)			2.800%	07/20/2020		198,000		198,972
CVS Health Corp. (Food & Staples Retailing)			3.500%	07/20/2022		112,000		114,023
CVS Health Corp. (Food & Staples Retailing)			3.875%	07/20/2025		166,000		169,444
CVS Health Corp. (Food & Staples Retailing)	(b)		4.750%	12/01/2022		34,000		36,435
CVS Health Corp. (Food & Staples Retailing)	(b)		5.000%	12/01/2024		30,000		32,473
Kraft Heinz Foods Co. (Food Products)	(b)		2.800%	07/02/2020		84,000		83,803
Kraft Heinz Foods Co. (Food Products)	(b)		3.500%	07/15/2022		59,000		59,414
Smithfield Foods, Inc. (Food Products)	(b)		5.250%	08/01/2018		27,000		27,338
Tyson Foods, Inc. (Food Products)			6.600%	04/01/2016		86,000		87,138
Wm. Wrigley Jr. Co. (Food Products)	(b)		2.400%	10/21/2018		271,000		271,747
								1,080,787
ENERGY – 1.2%
Helmerich & Payne International Drilling Co. (Energy Equip. & Svs.)			4.650%	03/15/2025		91,000		91,091
Oceaneering International, Inc. (Energy Equip. & Svs.)			4.650%	11/15/2024		83,000		69,701
Chevron Corp. (Oil, Gas & Consumable Fuels)			1.345%	11/15/2017		59,000		58,813
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)			5.875%	05/01/2022		246,000		235,679
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)			4.375%	06/01/2024		189,000		167,741
DCP Midstream Operating LP (Oil, Gas & Consumable Fuels)			4.950%	04/01/2022		42,000		34,373
DCP Midstream Operating LP (Oil, Gas & Consumable Fuels)			5.600%	04/01/2044		9,000		5,460
Devon Energy Corp. (Oil, Gas & Consumable Fuels)			2.250%	12/15/2018		97,000		88,550
Energy Transfer Partners LP (Oil, Gas & Consumable Fuels)			4.150%	10/01/2020		65,000		59,987
EnLink Midstream Partners LP (Oil, Gas & Consumable Fuels)			4.400%	04/01/2024		93,000		73,673
EnLink Midstream Partners LP (Oil, Gas & Consumable Fuels)			5.600%	04/01/2044		46,000		32,042
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			5.000%	10/01/2021		124,000		117,075
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			4.300%	05/01/2024		77,000		66,211
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)			7.750%	01/15/2032		59,000		55,988
Motiva Enterprises LLC (Oil, Gas & Consumable Fuels)	(b)		5.750%	01/15/2020		29,000		31,226
NGL Energy Partners LP / NGL Energy Finance Corp. (Oil, Gas & Consumable Fuels)			5.125%	07/15/2019		73,000		57,670
Phillips 66 Partners LP (Oil, Gas & Consumable Fuels)			3.605%	02/15/2025		35,000		30,734
Shell International Finance BV (Oil, Gas & Consumable Fuels)			2.250%	11/10/2020		185,000		182,225
Spectra Energy Partners LP (Oil, Gas & Consumable Fuels)			4.750%	03/15/2024		112,000		108,543
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)			4.125%	11/15/2019		56,000		46,620
Western Gas Partners LP (Oil, Gas & Consumable Fuels)			5.375%	06/01/2021		179,000		181,241
								1,794,643
FINANCIALS – 4.9%
Bank of America Corp. (Banks)			5.750%	08/15/2016		40,000		40,979
CIT Group, Inc. (Banks)	(b)		5.500%	02/15/2019		232,000		242,440
CIT Group, Inc. (Banks)			4.250%	08/15/2017		216,000		220,860
Citigroup, Inc. (Banks)			4.450%	09/29/2027		201,000		199,804
Citizens Financial Group, Inc. (Banks)			4.300%	12/03/2025		132,000		132,801
Intesa Sanpaolo SpA (Banks)	(b)		5.017%	06/26/2024		200,000		196,869
Royal Bank of Scotland Group PLC (Banks)			6.100%	06/10/2023		174,000		187,037
Royal Bank of Scotland Group PLC (Banks)			6.000%	12/19/2023		156,000		168,013
Royal Bank of Scotland Group PLC (Banks)			5.125%	05/28/2024		281,000		284,806

102 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
FINANCIALS (continued)
Santander UK PLC (Banks)	(b)		5.000%	11/07/2023	$	542,000	$	564,195
SVB Financial Group (Banks)			5.375%	09/15/2020		67,000		73,329
Ameriprise Financial, Inc. (Capital Markets)	(d)		7.518%	06/01/2066		265,000		259,038
Carlyle Holdings Finance LLC (Capital Markets)	(b)		3.875%	02/01/2023		20,000		20,267
Charles Schwab Corp. / The (Capital Markets)			3.000%	03/10/2025		67,000		65,902
E*TRADE Financial Corp. (Capital Markets)			5.375%	11/15/2022		126,000		131,985
E*TRADE Financial Corp. (Capital Markets)			4.625%	09/15/2023		191,000		194,104
Goldman Sachs Group, Inc. / The (Capital Markets)			5.625%	01/15/2017		74,000		76,861
Goldman Sachs Group, Inc. / The (Capital Markets)			4.250%	10/21/2025		108,000		107,242
Lazard Group LLC (Capital Markets)			6.850%	06/15/2017		26,000		27,682
Lazard Group LLC (Capital Markets)			4.250%	11/14/2020		153,000		158,537
Morgan Stanley (Capital Markets)			4.350%	09/08/2026		41,000		41,158
Morgan Stanley (Capital Markets)			4.875%	11/01/2022		44,000		46,724
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. (Capital Markets)	(b)		4.875%	04/15/2045		123,000		103,650
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. (Capital Markets)	(b)		5.875%	03/15/2022		264,000		274,560
Raymond James Financial, Inc. (Capital Markets)			4.250%	04/15/2016		153,000		154,162
Raymond James Financial, Inc. (Capital Markets)			5.625%	04/01/2024		268,000		296,818
Stifel Financial Corp. (Capital Markets)			4.250%	07/18/2024		48,000		47,700
TD Ameritrade Holding Corp. (Capital Markets)			2.950%	04/01/2022		72,000		71,367
TD Ameritrade Holding Corp. (Capital Markets)			3.625%	04/01/2025		271,000		274,463
Ally Financial, Inc. (Consumer Finance)			4.125%	03/30/2020		119,000		118,405
Ally Financial, Inc. (Consumer Finance)			5.750%	11/20/2025		32,000		32,400
Ally Financial, Inc. (Consumer Finance)			8.000%	12/31/2018		30,000		32,850
American Express Co. (Consumer Finance)	(d)		6.800%	09/01/2066		153,000		154,148
Discover Financial Services (Consumer Finance)			3.950%	11/06/2024		29,000		28,599
Discover Financial Services (Consumer Finance)			3.750%	03/04/2025		116,000		111,455
Ford Motor Credit Co. LLC (Consumer Finance)			3.984%	06/15/2016		152,000		153,685
Synchrony Financial (Consumer Finance)			3.000%	08/15/2019		82,000		81,902
General Electric Capital Corp. (Diversified Financial Svs.)	(d)		6.375%	11/15/2067		123,000		128,449
Intercontinental Exchange, Inc. (Diversified Financial Svs.)			3.750%	12/01/2025		104,000		104,352
International Lease Finance Corp. (Diversified Financial Svs.)	(b)		6.750%	09/01/2016		106,000		108,915
International Lease Finance Corp. (Diversified Financial Svs.)			8.750%	03/15/2017		45,000		47,925
LeasePlan Corp. NV (Diversified Financial Svs.)	(b)		2.500%	05/16/2018		293,000		288,572
Voya Financial, Inc. (Diversified Financial Svs.)	(d)		5.650%	05/15/2053		59,000		58,115
ACE INA Holdings, Inc. (Insurance)			3.350%	05/03/2026		123,000		122,645
CNO Financial Group, Inc. (Insurance)			4.500%	05/30/2020		32,000		32,640
CNO Financial Group, Inc. (Insurance)			5.250%	05/30/2025		91,000		92,593
Primerica, Inc. (Insurance)			4.750%	07/15/2022		198,000		209,335
Alexandria Real Estate Equities, Inc. (Real Estate Investment Trusts)			4.600%	04/01/2022		120,000		124,562
Alexandria Real Estate Equities, Inc. (Real Estate Investment Trusts)			2.750%	01/15/2020		108,000		106,204
Alexandria Real Estate Equities, Inc. (Real Estate Investment Trusts)			4.500%	07/30/2029		94,000		91,945
Post Apartment Homes LP (Real Estate Investment Trusts)			4.750%	10/15/2017		46,000		47,836
Retail Opportunity Investments Partnership LP (Real Estate Investment Trusts)			5.000%	12/15/2023		47,000		48,008
Retail Opportunity Investments Partnership LP (Real Estate Investment Trusts)			4.000%	12/15/2024		14,000		13,227
Senior Housing Properties Trust (Real Estate Investment Trusts)			6.750%	12/15/2021		55,000		61,933
SL Green Realty Corp. (Real Estate Investment Trusts)			7.750%	03/15/2020		111,000		129,596
SL Green Realty Corp. (Real Estate Investment Trusts)			5.000%	08/15/2018		67,000		70,311
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)			4.400%	11/15/2022		72,000		73,825
Kennedy-Wilson, Inc. (Real Estate Mgmt. & Development)			5.875%	04/01/2024		141,000		136,065
								7,473,850
HEALTH CARE – 0.8%
Becton Dickinson and Co. (Health Care Equip. & Supplies)			1.800%	12/15/2017		74,000		73,896
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			3.550%	04/01/2025		157,000		152,643
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			2.700%	04/01/2020		113,000		111,620
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)			3.150%	04/01/2022		105,000		103,228
Fresenius Medical Care U.S. Finance II, Inc. (Health Care Providers & Svs.)	(b)		5.875%	01/31/2022		116,000		124,120
HCA, Inc. (Health Care Providers & Svs.)			3.750%	03/15/2019		61,000		61,458
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)			3.200%	02/01/2022		100,000		98,180
Life Technologies Corp. (Life Sciences Tools & Svs.)			6.000%	03/01/2020		72,000		79,848
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			3.300%	02/15/2022		48,000		47,910
Actavis Funding SCS (Pharmaceuticals)			3.000%	03/12/2020		198,000		197,842
Actavis Funding SCS (Pharmaceuticals)			3.800%	03/15/2025		143,000		142,283
Actavis Funding SCS (Pharmaceuticals)			4.550%	03/15/2035		89,000		86,504
								1,279,532
INDUSTRIALS – 0.9%
Exelis, Inc. (Aerospace & Defense)			5.550%	10/01/2021		45,000		49,349
Exelis, Inc. (Aerospace & Defense)			4.250%	10/01/2016		82,000		83,473
Southwest Airlines Co. (Airlines)			5.125%	03/01/2017		79,000		82,107

103 (continued)

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

Schedule of Investments December 31, 2015

Corporate Bonds (Continued)		Rate		Maturity	Face Amount		Value
INDUSTRIALS (continued)
Owens Corning (Building Products)			4.200%	12/01/2024	$	48,000	$	46,720
Cintas Corp No. 2 (Commercial Svs. & Supplies)			2.850%	06/01/2016		48,000		48,190
CNH Industrial Capital LLC (Machinery)			3.625%	04/15/2018		55,000		54,147
Verisk Analytics, Inc. (Professional Svs.)			5.500%	06/15/2045		136,000		129,837
Verisk Analytics, Inc. (Professional Svs.)			5.800%	05/01/2021		186,000		206,164
Verisk Analytics, Inc. (Professional Svs.)			4.875%	01/15/2019		48,000		50,222
Verisk Analytics, Inc. (Professional Svs.)			4.125%	09/12/2022		48,000		48,389
Verisk Analytics, Inc. (Professional Svs.)			4.000%	06/15/2025		200,000		194,292
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)	(b)		3.375%	03/15/2018		76,000		77,208
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)	(b)		4.250%	01/17/2023		133,000		133,876
Penske Truck Leasing Co. LP / PTL Finance Corp. (Road & Rail)	(b)		2.500%	06/15/2019		53,000		52,142
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust (Trading Companies & Distributors)			4.625%	10/30/2020		181,000		185,299
								1,441,415
INFORMATION TECHNOLOGY – 1.4%
Harris Corp. (Communications Equip.)			3.832%	04/27/2025		44,000		43,341
Harris Corp. (Communications Equip.)			5.054%	04/27/2045		62,000		60,705
FLIR Systems, Inc. (Electronic Equip., Instr. & Comp.)			3.750%	09/01/2016		88,000		89,272
Molex Electronic Technologies, LLC (Electronic Equip., Instr. & Comp.)	(b)		2.878%	04/15/2020		24,000		23,384
Trimble Navigation Ltd. (Electronic Equip., Instr. & Comp.)			4.750%	12/01/2024		195,000		193,859
Fidelity National Information Services, Inc. (IT Svs.)			5.000%	03/15/2022		12,000		12,472
Fidelity National Information Services, Inc. (IT Svs.)			3.625%	10/15/2020		253,000		256,406
Fidelity National Information Services, Inc. (IT Svs.)			4.500%	10/15/2022		116,000		118,125
Fidelity National Information Services, Inc. (IT Svs.)			5.000%	10/15/2025		434,000		447,976
TSMC Global Ltd. (Semiconductors & Equip.)	(b)		1.625%	04/03/2018		318,000		311,712
Autodesk, Inc. (Software)			3.600%	12/15/2022		40,000		38,873
Cadence Design Systems, Inc. (Software)			4.375%	10/15/2024		160,000		158,869
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)			4.750%	06/01/2023		33,000		28,887
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)			4.750%	01/01/2025		362,000		301,604
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)	(b)		5.750%	12/01/2034		96,000		67,177
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)	(b)		4.875%	06/01/2027		89,000		68,336
								2,220,998
MATERIALS – 0.9%
Albemarle Corp. (Chemicals)			4.150%	12/01/2024		135,000		129,027
Albemarle Corp. (Chemicals)			5.450%	12/01/2044		49,000		47,389
Ashland, Inc. (Chemicals)			3.875%	04/15/2018		67,000		68,340
Ashland, Inc. (Chemicals)			6.875%	05/15/2043		88,000		83,600
LyondellBasell Industries NV (Chemicals)			4.625%	02/26/2055		183,000		148,405
Hanson Ltd. (Construction Materials)			6.125%	08/15/2016		66,000		67,732
Martin Marietta Materials, Inc. (Construction Materials)			4.250%	07/02/2024		65,000		63,825
Vulcan Materials Co. (Construction Materials)			7.000%	06/15/2018		64,000		71,040
Vulcan Materials Co. (Construction Materials)			7.500%	06/15/2021		35,000		40,775
Vulcan Materials Co. (Construction Materials)			4.500%	04/01/2025		189,000		187,110
Ball Corp. (Containers & Packaging)			4.375%	12/15/2020		58,000		58,906
Alcoa, Inc. (Metals & Mining)			5.125%	10/01/2024		133,000		121,030
Reliance Steel & Aluminum Co. (Metals & Mining)			4.500%	04/15/2023		105,000		97,782
Georgia-Pacific LLC (Paper & Forest Products)	(b)		3.163%	11/15/2021		74,000		73,890
Georgia-Pacific LLC (Paper & Forest Products)	(b)		3.600%	03/01/2025		176,000		174,048
								1,432,899
UTILITIES – 0.1%
IPALCO Enterprises, Inc. (Electric Utilities)			5.000%	05/01/2018		66,000		69,135
Total Corporate Bonds (Cost $19,545,145)							$	19,019,908
Preferred Stocks – 0.3%				Rate	Quantity		Value
FINANCIALS – 0.1%
Zions Bancorporation (Banks)	(e)			5.800%		28,000	$	26,810
Charles Schwab Corp. Series A / The (Capital Markets)	(e)			7.000%		139,000		157,765
General Electric Capital Corp. (Diversified Financial Svs.)				4.700%		295		7,514
								192,089
INDUSTRIALS – 0.2%
General Electric Co. (Industrial Conglomerates)	(e)			4.000%		123,450		123,450
General Electric Co. (Industrial Conglomerates)	(e)			4.100%		118,430		118,134
								241,584
Total Preferred Stocks (Cost $420,471)							$	433,673

104 (continued)

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

Schedule of Investments December 31, 2015

Trust Preferred Securities – 0.4%				Rate	Quantity		Value
FINANCIALS – 0.4%
Citigroup Capital XIII (Banks)	(e)			QL + 637		3,000	$	77,970
Goldman Sachs Capital I (Capital Markets)				6.345%		191,000		223,319
Morgan Stanley Capital Trust III (Capital Markets)				6.250%		581		14,804
Morgan Stanley Capital Trust IV (Capital Markets)				6.250%		82		2,080
Morgan Stanley Capital Trust V (Capital Markets)				5.750%		26		655
Morgan Stanley Capital Trust VIII (Capital Markets)				6.450%		150		3,796
GE Capital Trust I (Diversified Financial Svs.)	(e)			6.375%		325,000		337,797
Total Trust Preferred Securities (Cost $672,880)							$	660,421
Preferred Stock Depository Receipts – 0.5%				Rate	Quantity		Value
FINANCIALS – 0.5%
Bank of America Corp. (Banks)	(f)			8.000%		139,000	$	141,433
Wells Fargo & Co. (Banks)	(f)			5.875%		31,000		32,628
Wells Fargo & Co. (Banks)	(f)			6.625%		3,225		92,654
Morgan Stanley (Capital Markets)	(f)			5.550%		104,000		104,000
Morgan Stanley (Capital Markets)	(f)			6.875%		4,400		122,100
Morgan Stanley (Capital Markets)	(f)			7.125%		4,425		126,555
Discover Financial Services (Consumer Finance)				6.500%		6,175		163,452
Total Preferred Stock Depository Receipts (Cost $774,732)							$	782,822
Master Limited Partnerships – 1.4%					Shares		Value
FINANCIALS – 1.4%
Blackstone Group LP / The (Capital Markets)						73,905	$	2,160,982
Total Master Limited Partnerships (Cost $2,402,690)							$	2,160,982
Asset-Backed / Mortgage-Backed Securities – 1.8%		Rate		Maturity	Face Amount		Value
CONSUMER DISCRETIONARY – 0.7%
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		431,438		429,043
DB Master Finance LLC 2015-1A A2I	(b)		3.262%	02/20/2045		49,625		49,104
Domino’s Pizza Master Issuer LLC 2012-1A A2	(b)		5.216%	01/25/2042		174,206		179,218
Domino’s Pizza Master Issuer LLC 2015-1A A2I	(b)		3.484%	10/25/2045		124,000		121,520
Hilton U.S.A. Trust 2013-HLT DFX	(b)		4.407%	11/05/2030		125,000		125,108
Hilton U.S.A. Trust 2013-HLT EFX	(b)		4.453%	11/05/2030		150,000		149,960
Wendys Funding LLC 2015-1A A2I	(b)		3.371%	06/15/2045		84,788		82,726
								1,143,768
FINANCIALS – 1.1%
American Tower Trust I 13 1A	(b)		1.551%	03/15/2043		60,000		58,599
AmeriCredit Automobile Receivables Trust 2012-4 E	(b)		3.820%	02/10/2020		145,000		146,758
AmeriCredit Automobile Receivables Trust 2015-2 D			3.000%	06/08/2021		20,000		19,738
Banc of America Commercial Mortgage Trust 2006-6 AJ			5.421%	10/10/2045		320,000		324,470
COMM 2007-C9 Mortgage Trust AJ			5.650%	12/10/2049		10,000		10,129
GCCFC Commercial Mortgage Trust 2007-GG11 AM			5.867%	12/10/2049		25,000		25,969
GAHR Commericial Mortgage Trust 2015-NRF DFX	(b)		3.382%	12/15/2019		10,000		9,621
JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO D	(b)		3.631%	01/15/2032		287,000		284,952
Santander Drive Auto Receivables Trust 2015-1 D			3.240%	04/15/2021		341,000		340,389
Santander Drive Auto Receivables Trust 2015-4 D			3.530%	08/16/2021		53,000		52,526
Wachovia Bank Commercial Mortgage Trust Series 2007-C30 AM			5.383%	12/15/2043		46,628		48,179
Wachovia Bank Commercial Mortgage Trust Series 2007-C31 AJ			5.660%	04/15/2047		40,000		39,961
Wachovia Bank Commercial Mortgage Trust Series 2007-C33 AJ			5.952%	02/15/2051		25,621		26,111
JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP B	(b)		3.081%	07/15/2036		150,000		149,747
JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP D	(b)		4.831%	07/15/2036		100,000		99,986
JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES E	(b)		3.621%	09/05/2032		44,000		41,169
								1,678,304
Total Asset-Backed / Mortgage-Backed Securities (Cost $2,864,710)							$	2,822,072
U.S. Treasury Obligations – 7.9%		Rate		Maturity	Face Amount		Value
U.S. Treasury Note			1.000%	09/15/2018	$	443,000	$	439,899
U.S. Treasury Note			1.375%	09/30/2018		1,206,000		1,209,952
U.S. Treasury Note			1.250%	10/31/2018		453,000		452,424
U.S. Treasury Note			1.625%	07/31/2019		389,000		390,427
U.S. Treasury Note			1.750%	09/30/2019		347,000		349,419
U.S. Treasury Note			1.500%	10/31/2019		520,000		518,474
U.S. Treasury Note			1.625%	12/31/2019		534,000		534,134
U.S. Treasury Note			1.375%	09/30/2020		543,000		533,749

105 (continued)

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

Schedule of Investments December 31, 2015

U.S. Treasury Obligations (Continued)		Rate		Maturity	Face Amount		Value
U.S. Treasury Note			2.125%	09/30/2021	$	279,000	$	282,011
U.S. Treasury Note			2.125%	12/31/2021		392,000		395,544
U.S. Treasury Note			1.750%	05/15/2023		120,000		116,903
U.S. Treasury Note			2.500%	08/15/2023		442,000		453,470
U.S. Treasury Note			2.750%	11/15/2023		621,000		648,078
U.S. Treasury Note			2.500%	05/15/2024		322,000		329,010
U.S. Treasury Note	(i)		2.250%	11/15/2024		1,865,000		1,863,907
U.S. Treasury Note			2.000%	02/15/2025		56,000		54,737
U.S. Treasury Note			2.000%	08/15/2025		441,000		429,968
U.S. Treasury Note			2.250%	11/15/2025		952,000		949,869
U.S. Treasury Note			3.750%	11/15/2043		330,000		379,368
U.S. Treasury Note			3.625%	02/15/2044		92,000		103,295
U.S. Treasury Note			3.375%	05/15/2044		79,000		84,619
U.S. Treasury Note			2.500%	02/15/2045		61,000		54,619
U.S. Treasury Note			3.000%	05/15/2045		333,000		330,840
U.S. Treasury Note			3.000%	11/15/2045		1,288,000		1,281,704
Total U.S. Treasury Obligations (Cost $12,321,589)							$	12,186,420
U.S. Government Agency Mortgage-Backed Securities – 7.0%		Rate		Maturity	Face Amount		Value
Fannie Mae Pool			4.000%	06/01/2029	$	6,721	$	7,186
Fannie Mae Pool			4.000%	09/01/2029		241,633		258,335
Fannie Mae Pool			3.500%	10/01/2029		27,527		28,868
Fannie Mae Pool			3.500%	05/01/2033		404,745		423,935
Fannie Mae Pool			4.000%	04/01/2034		22,642		24,392
Fannie Mae Pool			5.500%	04/01/2040		288,820		322,193
Fannie Mae Pool			4.500%	01/01/2041		107,253		117,995
Fannie Mae Pool			5.500%	05/01/2041		7,255		8,082
Fannie Mae Pool			5.500%	06/01/2041		38,092		43,125
Fannie Mae Pool			5.500%	07/01/2041		39,809		44,353
Fannie Mae Pool			4.500%	11/01/2041		310,505		341,310
Fannie Mae Pool			5.500%	02/01/2042		166,303		185,345
Fannie Mae Pool			4.000%	06/01/2042		15,759		16,773
Fannie Mae Pool			3.500%	07/01/2042		36,976		38,286
Fannie Mae Pool			4.000%	07/01/2042		120,816		128,584
Fannie Mae Pool			4.000%	08/01/2042		7,224		7,689
Fannie Mae Pool			4.000%	09/01/2042		9,252		9,851
Fannie Mae Pool			4.000%	12/01/2042		6,066		6,483
Fannie Mae Pool			3.500%	01/01/2043		41,639		43,012
Fannie Mae Pool			3.500%	02/01/2043		64,007		66,109
Fannie Mae Pool			3.500%	02/01/2043		41,931		43,315
Fannie Mae Pool			4.500%	03/01/2043		204,715		224,606
Fannie Mae Pool			4.000%	07/01/2043		738,973		786,692
Fannie Mae Pool			4.000%	08/01/2043		22,609		24,071
Fannie Mae Pool			3.500%	04/01/2044		6,900		7,149
Fannie Mae Pool			3.500%	05/01/2044		49,699		51,657
Fannie Mae Pool			4.500%	05/01/2044		311,793		343,782
Fannie Mae Pool			5.500%	05/01/2044		111,797		124,716
Fannie Mae Pool			4.000%	06/01/2044		172,266		183,352
Fannie Mae Pool			4.000%	07/01/2044		50,666		54,243
Fannie Mae Pool			5.000%	07/01/2044		250,107		281,150
Fannie Mae Pool			4.000%	08/01/2044		32,084		34,349
Fannie Mae Pool			4.500%	08/01/2044		73,995		81,587
Fannie Mae Pool			4.500%	10/01/2044		47,326		52,035
Fannie Mae Pool			4.500%	10/01/2044		56,748		62,579
Fannie Mae Pool			3.500%	02/01/2045		52,390		54,116
Fannie Mae Pool			4.500%	03/01/2045		87,144		95,831
Fannie Mae Pool			4.500%	05/01/2045		164,653		181,573
Fannie Mae Pool			4.500%	06/01/2045		175,235		192,719
Fannie Mae Pool			4.000%	09/01/2045		202,812		215,957
Fannie Mae Pool			4.500%	10/01/2045		338,300		371,182
Freddie Mac Gold Pool			3.500%	07/01/2029		86,097		90,118
Freddie Mac Gold Pool			3.500%	09/01/2029		371,277		388,660
Freddie Mac Gold Pool			5.500%	08/01/2041		139,588		159,149
Freddie Mac Gold Pool			5.500%	08/01/2041		390,104		440,220
Freddie Mac Gold Pool			3.500%	02/01/2044		19,188		19,818
Freddie Mac Gold Pool			4.500%	05/01/2044		196,750		216,361
Freddie Mac Gold Pool			4.000%	08/01/2044		87,052		92,897
Freddie Mac Gold Pool			4.500%	06/01/2045		117,204		129,018
Ginnie Mae I Pool			5.000%	01/15/2040		258,560		285,949
Ginnie Mae I Pool			5.000%	05/15/2040		126,940		141,655

106 (continued)

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

Schedule of Investments December 31, 2015

U.S. Government Agency Mortgage-Backed Securities (Continued)	Rate		Maturity	Face Amount		Value
Ginnie Mae I Pool		4.500%	05/15/2044	$	26,972	$	29,425
Ginnie Mae I Pool		5.000%	06/15/2044		82,374		92,181
Ginnie Mae I Pool		5.000%	06/15/2044		42,043		47,138
Ginnie Mae I Pool		4.000%	01/15/2045		447,881		478,242
Ginnie Mae I Pool		4.000%	03/15/2045		1,054,206		1,127,360
Ginnie Mae I Pool		4.000%	04/15/2045		160,973		173,292
Ginnie Mae II Pool		5.500%	11/20/2037		5,904		6,537
Ginnie Mae II Pool		5.500%	05/20/2042		8,516		9,491
Ginnie Mae II Pool		5.000%	12/20/2044		407,927		456,806
Ginnie Mae II Pool		5.000%	09/20/2045		100,655		110,766
Ginnie Mae II Pool		4.000%	11/20/2045		653,274		706,277
Total U.S. Government Agency Mortgage-Backed Securities (Cost $10,827,344)						$	10,789,927

Purchased Options – 6.6%		Expiration		Exercise Price	Contracts (h)		Value
S&P 500 Index Call Option			December 2017	$1,900.00		12	$	326,940
S&P 500 Index Call Option			December 2017	$1,950.00		19		460,655
S&P 500 Index Call Option			December 2017	$2,000.00		2		42,690
S&P 500 Index Call Option			December 2017	$2,050.00		4		74,520
S&P 500 Index Call Option			December 2017	$2,100.00		9		144,000
S&P 500 Index Put Option			December 2017	$1,900.00		12		202,920
S&P 500 Index Put Option			December 2017	$1,950.00		19		354,635
S&P 500 Index Put Option			December 2017	$2,000.00		2		41,120
S&P 500 Index Put Option			December 2017	$2,050.00		4		90,660
S&P 500 Index Put Option			December 2017	$2,100.00		9		223,785
SPDR S&P 500 ETF Trust Call Option			December 2017	$185.00		50		154,500
SPDR S&P 500 ETF Trust Call Option			December 2017	$190.00		206		570,414
SPDR S&P 500 ETF Trust Call Option			December 2017	$195.00		226		559,915
SPDR S&P 500 ETF Trust Call Option			December 2017	$200.00		400		870,000
SPDR S&P 500 ETF Trust Call Option			December 2017	$205.00		420		783,720
SPDR S&P 500 ETF Trust Call Option			December 2017	$210.00		425		685,525
SPDR S&P 500 ETF Trust Call Option			December 2017	$215.00		137		191,800
SPDR S&P 500 ETF Trust Call Option			December 2017	$220.00		99		115,335
SPDR S&P 500 ETF Trust Put Option			December 2017	$185.00		50		77,000
SPDR S&P 500 ETF Trust Put Option			December 2017	$190.00		206		351,333
SPDR S&P 500 ETF Trust Put Option			December 2017	$195.00		226		426,575
SPDR S&P 500 ETF Trust Put Option			December 2017	$200.00		400		820,800
SPDR S&P 500 ETF Trust Put Option			December 2017	$205.00		420		947,100
SPDR S&P 500 ETF Trust Put Option			December 2017	$210.00		425		1,066,750
SPDR S&P 500 ETF Trust Put Option			December 2017	$215.00		137		380,586
SPDR S&P 500 ETF Trust Put Option			December 2017	$220.00		99		299,475
Total Purchased Options (Cost $10,926,474)							$	10,262,753
Money Market Funds – 14.2%					Shares		Value
Fidelity Institutional Money Market Funds Money Market Portfolio – Class I						15,000,000	$	15,000,000
Short-Term Investments Trust – STIC Prime Portfolio						6,874,000		6,874,000
Total Money Market Funds (Cost $21,874,000)							$	21,874,000
Total Investments – 99.8% (Cost $152,441,668)	(j)						$	154,089,692
Other Assets in Excess of Liabilities – 0.2%	(k)							234,328
Net Assets – 100.0%							$	154,324,020

Percentages are stated as a percent of net assets.

Abbreviations:

QL: Quarterly U.S. LIBOR Rate, 0.613% on 12/31/2015

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 December 31, 2015, the value of these securities totaled $6,536,736, or 4.2% 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 $1,497,266, or 1.0% of the Portfolio’s net assets. Other Portfolio securities are not subjected to fair value procedures because they are traded on domestic or foreign exchanges that have close times that are consistent with the U.S. market close, normally 4:00 pm Eastern Time.

(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 December 31, 2015.

107 (continued)

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

Schedule of Investments December 31, 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 December 31, 2015.

(f) Security is a variable rate preferred stock depository receipt 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 December 31, 2015.

(g) 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.

(h) 100 shares per contract.

(i) Security is fully or partially pledged as collateral for futures contracts outstanding at December 31, 2015.

(j) 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.

(k) Includes $230,460 of cash pledged as collateral for the following futures contracts outstanding at December 31, 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	March 18, 2016		198	$20,150,460	$	19,835,303	$	315,157		$	–
Long	10-Year U.S. Treasury Note	March 21, 2016		668	$84,105,375	$	84,329,105	$	(223,730	)	$	–
								$	91,427		$	–

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

108

Ohio National Fund, Inc.

Statements of Assets and Liabilities December 31, 2015

	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*	$	553,060,204		$	157,491,579	$	151,109,848		$	48,745,204	$	159,875,926		$	438,798,870		$	78,056,219		$	51,594,899
Cash		561			66,778,531		440			356		24,146			106			95			623
Cash subject to usage restrictions		—			—		—			—		211,708			—			28,437			—
Foreign currencies, at value**		—			—		—			—		554			—			—			—
Receivable for securities sold		—			—		—			371,990		—			—			17,816			—
Due from adviser		—			42,319		—			—		—			—			—			—
Receivable for fund shares sold		97,654			2,072,378		1,682,060			48,434		59,781			81,651			63,083			12,371
Dividends and accrued interest receivable		689,670			4,021		1,524,160			149,352		181,762			317,033			59,260			17,311
Foreign tax reclaim receivable		—			—		—			680		152,000			26,908			24,410			2,736
Prepaid expenses and other assets		3,894			837		674			355		1,262			3,295			584			350
Unrealized apppreciation on foreign currency contracts		—			—		—			—		300,669			—			463,110			—
Total assets		553,851,983			226,389,665		154,317,182			49,316,371		160,807,808			439,227,863			78,713,014			51,628,290
Liabilities:
Payable for securities purchased		—			—		—			437,811		—			—			—			—
Payable for fund shares redeemed		18,168,488			1,529,335		180,634			136,289		1,194,480			8,484,187			265,536			224,275
Payable for investment management services		356,108			48,231		73,794			25,080		113,640			281,265			66,492			35,274
Accrued custody expense		1,707			849		576			647		10,888			1,904			6,507			465
Accrued professional fees		14,435			13,653		13,478			13,217		13,489			14,182			13,287			13,220
Accrued accounting fees		8,658			4,161		4,557			2,987		5,150			7,291			2,893			1,657
Accrued printing and filing fees		13,627			5,510		3,732			1,208		3,973			10,875			2,049			1,264
Withholding tax payable		—			—		—			—		16,788			—			29,270			338
Variation margin payable on futures contracts		—			—		—			—		24,645			—			57			—
Unrealized depreciation on foreign currency contracts		—			—		—			—		447,196			—			—			—
Total liabilities		18,563,023			1,601,739		276,771			617,239		1,830,249			8,799,704			386,091			276,493
Net assets	$	535,288,960		$	224,787,926	$	154,040,411		$	48,699,132	$	158,977,559		$	430,428,159		$	78,326,923		$	51,351,797
Net assets consist of:
Par value, $1 per share	$	16,717,342		$	22,478,805	$	10,050,496		$	1,993,056	$	12,716,405		$	13,092,688		$	2,612,495		$	3,402,950
Paid-in capital in excess of par value		517,027,671			202,309,121		150,174,610			43,881,550		208,431,303			391,027,342			58,095,578			36,598,945
Accumulated net realized gain (loss) on investments		(2,269,841	)		—		(7,870,085	)		2,026,826		(76,274,768	)		35,350,953			6,048,478			3,932,832
Net unrealized appreciation (depreciation) on:
Investments		3,551,681			—		(3,926,010	)		707,314		10,282,340			(9,598,156	)		11,103,378			7,417,265
Foreign currency contracts		—			—		—			—		(146,527	)		—			463,110			—
Futures contracts		—			—		—			—		(124,315	)		—			(20,803	)		—
Other foreign currency related transactions		—			—		—			—		(10,440	)		(2,783	)		(27,848	)		(195	)
Undistributed net investment income (loss)		262,107			—		5,611,400			90,386		4,103,561			558,115			52,535			—
Net assets	$	535,288,960		$	224,787,926	$	154,040,411		$	48,699,132	$	158,977,559		$	430,428,159		$	78,326,923		$	51,351,797
* Investments in securities, at cost	$	549,508,523		$	157,491,579	$	155,035,858		$	48,037,890	$	149,593,586		$	448,397,026		$	66,952,841		$	44,177,634
** Foreign currencies, at cost	$	—		$	—	$	—		$	—	$	117		$	—		$	—		$	—
Shares outstanding		16,717,342			22,478,805		10,050,496			1,993,056		12,716,405			13,092,688			2,612,495			3,402,950
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	$	32.02		$	10.00	$	15.33		$	24.43	$	12.50		$	32.88		$	29.98		$	15.09

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

109

Ohio National Fund, Inc.

Statements of Assets and Liabilities December 31, 2015

	Small Cap Growth Portfolio			Mid Cap Opportunity Portfolio		S&P 500® Index Portfolio		Strategic Value Portfolio			High Income Bond Portfolio			ClearBridge Small Cap Portfolio		Nasdaq-100® Index Portfolio		Bristol Portfolio
Assets:
Investments in securities, at value*	$	240,757,433		$	78,870,840	$	409,933,727	$	315,282,603		$	186,973,268		$	93,428,765	$	138,859,859	$	218,525,388
Cash		652			318		1,146,494		827			725			217		333,173		665
Receivable for securities sold		155,567			—		—		—			—			130,843		—		10,533,519
Receivable for fund shares sold		127,291			44,317		215,820		112,249			4,239,484			556,971		129,968		209,665
Dividends and accrued interest receivable		63,688			26,410		622,000		1,533,892			3,371,180			116,123		56,147		146,059
Foreign tax reclaim receivable		1,867			—		3,899		80,499			—			—		—		3,798
Prepaid expenses and other assets		1,703			639		2,983		2,433			913			626		960		1,710
Total assets		241,108,201			78,942,524		411,924,923		317,012,503			194,585,570			94,233,545		139,380,107		229,420,804
Liabilities:
Payable for securities purchased		570,050			—		371,772		—			—			—		—		2,637,557
Payable for fund shares redeemed		2,115,341			163,976		670,687		6,926,047			219,186			143,359		747,150		7,931,593
Payable for investment management services		161,909			57,240		124,017		191,025			115,470			68,369		45,694		144,371
Accrued custody expense		1,495			539		1,204		1,641			713			334		418		1,155
Accrued professional fees		13,681			13,293		14,090		13,951			13,584			13,325		13,426		13,647
Accrued accounting fees		4,773			2,145		8,619		5,379			10,922			2,391		3,097		4,139
Accrued printing and filing fees		5,946			1,960		10,179		7,848			4,682			2,300		3,417		5,625
Withholding tax payable		—			—		714		57,846			—			—		—		—
Total liabilities		2,873,195			239,153		1,201,282		7,203,737			364,557			230,078		813,202		10,738,087
Net assets	$	238,235,006		$	78,703,371	$	410,723,641	$	309,808,766		$	194,221,013		$	94,003,467	$	138,566,905	$	218,682,717
Net assets consist of:
Par value, $1 per share	$	9,525,145		$	2,632,143	$	18,820,444	$	22,012,469		$	12,279,549		$	2,349,989	$	11,742,603	$	10,176,589
Paid-in capital in excess of par value		205,582,454			64,961,340		254,587,264		255,021,362			190,114,075			77,697,458		68,750,367		179,591,148
Accumulated net realized gain (loss) on investments		6,492,841			5,121,887		4,811,305		7,057,251			(975,549	)		13,209,381		3,455,737		21,034,274
Net unrealized appreciation (depreciation) on:
Investments		16,814,197			5,988,001		131,426,408		24,219,143			(19,614,737	)		746,639		54,472,473		7,738,164
Foreign currency related transactions		(191	)		—		—		(18,358	)		—			—		—		—
Undistributed net investment income (loss)		(179,440	)		—		1,078,220		1,516,899			12,417,675			—		145,725		142,542
Net assets	$	238,235,006		$	78,703,371	$	410,723,641	$	309,808,766		$	194,221,013		$	94,003,467	$	138,566,905	$	218,682,717
* Investments in securities, at cost	$	223,943,236		$	72,882,839	$	278,507,319	$	291,063,460		$	206,588,005		$	92,682,126	$	84,387,386	$	210,787,224
Shares outstanding		9,525,145			2,632,143		18,820,444		22,012,469			12,279,549			2,349,989		11,742,603		10,176,589
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	$	25.01		$	29.90	$	21.82	$	14.07		$	15.82		$	40.00	$	11.80	$	21.49

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

110

Ohio National Fund, Inc.

Statements of Assets and Liabilities December 31, 2015

	Bryton Growth Portfolio			Balanced Portfolio			Target VIP Portfolio			Bristol Growth Portfolio		Risk Managed Balanced Portfolio
Assets:
Investments in securities, at value*	$	163,178,388		$	853,671,072		$	46,290,871		$	116,397,619	$	154,089,692
Cash		240			5,405,437			711			252		1,665
Cash subject to usage restrictions		—			—			—			—		230,460
Receivable for securities sold		1,507,285			5,044,193			—			6,329,914		—
Receivable for fund shares sold		100,017			2,864,967			2,147			30,270		375,402
Dividends and accrued interest receivable		43,187			3,142,570			66,041			59,749		434,527
Foreign tax reclaim receivable		—			16,717			5,198			—		—
Prepaid expenses and other assets		1,294			6,496			375			907		724
Total assets		164,830,411			870,151,452			46,365,343			122,818,711		155,132,470
Liabilities:
Options written, at value**		—			372,000			—			—		—
Payable for securities purchased		1,451,654			2,926,203			—			2,165,131		105,155
Payable for fund shares redeemed		1,073,004			1,440,335			50,235			4,328,393		559,495
Payable for investment management services		114,894			432,379			23,960			80,425		115,341
Accrued custody expense		1,313			3,108			214			625		2,811
Accrued professional fees		13,502			15,136			13,440			13,387		13,428
Accrued accounting fees		3,391			13,972			1,940			2,630		8,530
Accrued printing and filing fees		4,058			21,276			1,160			2,979		3,690
Withholding tax payable		—			5,006			2,138			—		—
Total liabilities		2,661,816			5,229,415			93,087			6,593,570		808,450
Net assets	$	162,168,595		$	864,922,037		$	46,272,256		$	116,225,141	$	154,324,020
Net assets consist of:
Par value, $1 per share	$	8,275,790		$	45,538,142		$	3,351,089		$	6,712,745	$	14,473,682
Paid-in capital in excess of par value		149,065,562			792,411,461			46,830,954			90,497,287		140,368,908
Accumulated net realized gain (loss) on investments		18,771,203			28,849,357			(3,636,049	)		9,487,227		(2,522,952	)
Net unrealized appreciation (depreciation) on:
Investments		(13,943,960	)		(4,500,560	)		(364,942	)		9,487,320		1,648,024
Futures contracts		—			—			—			—		91,427
Other foreign currency related transactions		—			(815	)		—			—		—
Written options		—			172,685			—			—		—
Undistributed net investment income (loss)		—			2,451,767			91,204			40,562		264,931
Net assets	$	162,168,595		$	864,922,037		$	46,272,256		$	116,225,141	$	154,324,020
* Investments in securities, at cost	$	177,122,348		$	858,171,632		$	46,655,813		$	106,910,299	$	152,441,668
** Premiums received on options written	$	—		$	544,685		$	—		$	—	$	—
Shares outstanding		8,275,790			45,538,142			3,351,089			6,712,745		14,473,682
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	$	19.60		$	18.99		$	13.81		$	17.31	$	10.66

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

111

Ohio National Fund, Inc.

Statements of Operations For the Year Ended December 31, 2015

	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	$	—		$	119,670		$	6,644,396		$	435,863		$	36		$	—		$	4		$	323
Dividends, net of taxes withheld*		7,840,138			21,727			2,057			491,025			3,816,936			7,401,684			1,060,224			384,599
Total investment income		7,840,138			141,397			6,646,453			926,888			3,816,972			7,401,684			1,060,228			384,922
Expenses:
Management fees		3,966,899			576,908			911,009			278,587			1,430,001			3,339,447			788,699			367,454
Custodian fees		19,511			10,512			6,755			7,880			151,422			21,229			93,013			6,377
Directors’ fees		55,847			22,258			17,138			5,142			18,645			47,701			8,574			5,005
Professional fees		34,761			24,868			23,101			19,356			23,394			32,171			20,393			19,337
Accounting fees		93,249			47,735			56,024			32,398			67,393			81,835			36,798			16,672
Printing and filing fees		34,453			15,695			10,406			3,931			11,098			28,578			6,160			3,603
Compliance expense		9,381			9,381			9,381			9,381			9,381			9,381			9,381			9,381
Other		8,781			2,965			2,239			956			9,813			7,017			3,677			955
Total expenses		4,222,882			710,322			1,036,053			357,631			1,721,147			3,567,359			966,695			428,784
Less expenses reduced or reimbursed by adviser		—			(568,925	)		—			—			—			—			—			—
Net expenses		4,222,882			141,397			1,036,053			357,631			1,721,147			3,567,359			966,695			428,784
Net investment income (loss)		3,617,256			—			5,610,400			569,257			2,095,825			3,834,325			93,533			(43,862	)
Realized/unrealized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions:
Net realized gain (loss) on:
Investments		45,846,599			—			2,188,579			2,180,458			(7,764,751	)		36,861,690			6,062,714			4,256,616
Futures contracts		—			—			—			—			(2,254,839	)		—			(8,737	)		—
Foreign currency contracts		—			—			—			—			3,349,877			—			(12,870	)		—
Other foreign currency related transactions		—			—			—			—			54,800			(14,365	)		(28,128	)		(200	)
Change in unrealized appreciation/depreciation on:
Investments		(62,046,849	)		—			(11,088,723	)		(2,270,120	)		5,863,257			(46,510,705	)		(464,380	)		(157,386	)
Futures contracts		—			—			—			—			(79,013	)		—			(20,803	)		—
Foreign currency contracts		—			—			—			—			(1,371,025	)		—			462,965			—
Other foreign currency related transactions		—			—			—			—			36,747			(1,646	)		(24,076	)		37
Net realized/unrealized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		(16,200,250	)		—			(8,900,144	)		(89,662	)		(2,164,947	)		(9,665,026	)		5,966,685			4,099,067
Change in net assets from operations	$	(12,582,994	)	$	—		$	(3,289,744	)	$	479,595		$	(69,122	)	$	(5,830,701	)	$	6,060,218		$	4,055,205
* Taxes withheld	$	—		$	—		$	—		$	—		$	649,949		$	185,138		$	84,985		$	4,882

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

112

Ohio National Fund, Inc.

Statements of Operations For the Year Ended December 31, 2015

	Small Cap Growth Portfolio			Mid Cap Opportunity Portfolio			S&P 500® Index Portfolio			Strategic Value Portfolio			High Income Bond Portfolio			ClearBridge Small Cap Portfolio			Nasdaq-100® Index Portfolio		Bristol Portfolio
Investment income:
Interest	$	1,104		$	—		$	—		$	—		$	14,141,323		$	—		$	—	$	—
Dividends, net of taxes withheld*		1,629,675			631,164			8,651,378			14,022,733			5,236			574,036			1,642,031		3,160,810
Total investment income		1,630,779			631,164			8,651,378			14,022,733			14,146,559			574,036			1,642,031		3,160,810
Expenses:
Management fees		1,756,593			731,480			1,439,882			2,363,112			1,536,816			706,249			506,610		1,728,774
Custodian fees		20,477			8,664			22,420			32,055			10,522			6,054			8,493		14,029
Directors’ fees		24,129			9,209			43,489			35,024			23,254			8,548			14,068		25,081
Professional fees		25,137			20,589			30,962			27,798			24,919			38,397			22,081		25,370
Accounting fees		50,701			24,959			102,717			68,845			139,619			25,463			34,206		49,346
Printing and filing fees		15,845			6,027			24,477			21,449			14,277			12,498			8,678		16,970
Compliance expense		9,381			9,381			9,381			9,381			9,381			9,381			9,381		9,381
Other		3,848			2,049			8,615			8,488			3,614			1,822			2,711		5,412
Total expenses		1,906,111			812,358			1,681,943			2,566,152			1,762,402			808,412			606,228		1,874,363
Net investment income (loss)		(275,332	)		(181,194	)		6,969,435			11,456,581			12,384,157			(234,376	)		1,035,803		1,286,447
Realized/unrealized gain (loss) on investments and foreign currency related transactions:
Net realized gain (loss) on:
Investments		6,834,827			6,123,950			7,650,057			6,995,988			(949,435	)		13,222,203			3,980,078		22,223,785
Foreign currency related transactions		(348	)		—			—			(130,694	)		—			—			—		—
Change in unrealized appreciation/depreciation on:
Investments		(5,327,106	)		(10,394,162	)		(9,995,310	)		(5,116,834	)		(17,429,312	)		(14,029,088	)		6,340,633		(13,681,233	)
Foreign currency related transactions		(191	)		—			—			(4,006	)		—			—			—		—
Net realized/unrealized gain (loss) on investments and foreign currency related transactions		1,507,182			(4,270,212	)		(2,345,253	)		1,744,454			(18,378,747	)		(806,885	)		10,320,711		8,542,552
Change in net assets from operations	$	1,231,850		$	(4,451,406	)	$	4,624,182		$	13,201,035		$	(5,994,590	)	$	(1,041,261	)	$	11,356,514	$	9,828,999
* Taxes withheld	$	12,720		$	—		$	49		$	426,633		$	—		$	1,775		$	231	$	—

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

113

Ohio National Fund, Inc.

Statements of Operations For the Year Ended December 31, 2015

	Bryton Growth Portfolio			Balanced Portfolio			Target VIP Portfolio			Bristol Growth Portfolio			Risk Managed Balanced Portfolio
Investment income:
Interest	$	—		$	9,987,557		$	—		$	—		$	763,993
Dividends, net of taxes withheld**		622,831			9,218,359			1,203,638			1,601,723			830,423
Total investment income		622,831			19,205,916			1,203,638			1,601,723			1,594,416
Expenses:
Management fees		1,424,898			5,120,772			312,614			969,158			747,996
Custodian fees		16,915			35,965			21,393			8,311			41,843
Directors’ fees		18,977			92,799			5,550			13,374			9,057
Professional fees		23,547			47,608			25,013			21,845			20,793
Accounting fees		40,232			162,910			22,051			30,392			87,236
Printing and filing fees		13,312			53,616			3,599			10,041			7,449
Compliance expense		9,381			9,381			9,381			9,381			9,380
Other		3,963			13,826			1,238			2,883			1,237
Total expenses		1,551,225			5,536,877			400,839			1,065,385			924,991
Net investment income (loss)		(928,394	)		13,669,039			802,799			536,338			669,425
Realized/unrealized gain (loss) on investments, foreign currency related transactions, and written options:
Net realized gain (loss) on:
Investments		20,443,670			24,615,481			2,814,877			10,012,228			(2,133,997	)
Futures contracts		—			—			—			—			(83,930	)
Foreign currency related transactions		—			(1,493	)		—			—			(94	)
Written options		—			4,648,375			—			—			—
Change in unrealized appreciation/depreciation on:
Investments		(24,955,849	)		(32,147,673	)		(5,122,274	)		(3,703,251	)		851,385
Futures contracts		—			—			—			—			(51,559	)
Foreign currency related transactions		—			(815	)		—			—			—
Written options		—			(236,603	)		—			—			—
Net realized/unrealized gain (loss) on investments, foreign currency related transactions, and written options		(4,512,179	)		(3,122,728	)		(2,307,397	)		6,308,977			(1,418,195	)
Change in net assets from operations	$	(5,440,573	)	$	10,546,311		$	(1,504,598	)	$	6,845,315		$	(748,770	)
* Taxes withheld	$	—		$	33,979		$	48,755		$	—		$	1,802

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
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income	$	3,617,256		$	2,046,357		$	—		$	—		$	5,610,400		$	5,057,141		$	569,257		$	395,534
Net realized gain on investments and foreign currency related transactions		45,846,599			33,346,801			—			—			2,188,579			1,319,586			2,180,458			6,306,647
Change in unrealized appreciation/depreciation on investments		(62,046,849	)		6,063,115			—			—			(11,088,723	)		2,254,423			(2,270,120	)		(2,442,237	)
Change in net assets from operations		(12,582,994	)		41,456,273			—			—			(3,289,744	)		8,631,150			479,595			4,259,944
Distributions to shareholders:
Distributions from net investment income		(3,223,171	)		(1,660,324	)		—			—			—			—			(478,871	)		(341,371	)
Capital transactions:
Received from shares sold		130,000,804			315,246,386			176,016,856			192,184,015			45,521,831			46,735,844			22,103,189			2,915,916
Received from dividends reinvested		3,223,171			1,660,324			—			—			—			—			478,871			341,371
Paid for shares redeemed		(100,864,266	)		(59,401,285	)		(153,241,617	)		(251,269,999	)		(46,855,502	)		(48,280,931	)		(11,080,234	)		(7,867,809	)
Change in net assets from capital transactions		32,359,709			257,505,425			22,775,239			(59,085,984	)		(1,333,671	)		(1,545,087	)		11,501,826			(4,610,522	)
Change in net assets		16,553,544			297,301,374			22,775,239			(59,085,984	)		(4,623,415	)		7,086,063			11,502,550			(691,949	)
Net assets:
Beginning of year		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 year	$	535,288,960		$	518,735,416		$	224,787,926		$	202,012,687		$	154,040,411		$	158,663,826		$	48,699,132		$	37,196,582
Undistributed net investment income	$	262,107		$	386,033		$	—		$	—		$	5,611,400		$	5,057,141		$	90,386		$	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
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	2,095,825		$	2,572,757		$	3,834,325		$	1,213,441		$	93,533		$	277,179		$	(43,862	)	$	(87,987	)
Net realized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		(6,614,913	)		19,582,968			36,847,325			20,173,243			6,012,979			5,598,075			4,256,416			8,194,676
Change in unrealized appreciation/depreciation on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		4,449,966			(39,577,450	)		(46,512,351	)		(1,239,649	)		(46,294	)		(12,565,288	)		(157,349	)		(4,579,372	)
Change in net assets from operations		(69,122	)		(17,421,725	)		(5,830,701	)		20,147,035			6,060,218			(6,690,034	)		4,055,205			3,527,317
Distributions to shareholders:
Distributions from net investment income		—			—			(3,261,845	)		(1,165,844	)		—			—			—			—
Capital transactions:
Received from shares sold		18,999,736			30,187,407			63,158,311			331,391,049			27,350,020			13,115,148			19,273,663			7,560,703
Received from dividends reinvested		—			—			3,261,845			1,165,844			—			—			—			—
Paid for shares redeemed		(34,323,447	)		(27,822,330	)		(76,313,498	)		(40,131,679	)		(22,637,681	)		(15,853,656	)		(11,902,340	)		(10,565,748	)
Change in net assets from capital transactions		(15,323,711	)		2,365,077			(9,893,342	)		292,425,214			4,712,339			(2,738,508	)		7,371,323			(3,005,045	)
Change in net assets		(15,392,833	)		(15,056,648	)		(18,985,888	)		311,406,405			10,772,557			(9,428,542	)		11,426,528			522,272
Net assets:
Beginning of year		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 year	$	158,977,559		$	174,370,392		$	430,428,159		$	449,414,047		$	78,326,923		$	67,554,366		$	51,351,797		$	39,925,269
Undistributed net investment income (loss)	$	4,103,561		$	4,254,016		$	558,115		$	37,465		$	52,535		$	196,497		$	—		$	—

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
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	(275,332	)	$	(394,361	)	$	(181,194	)	$	(151,221	)	$	6,969,435		$	5,637,059		$	11,456,581		$	20,943,847
Net realized gain on investments and foreign currency related transactions		6,834,479			15,523,432			6,123,950			15,149,638			7,650,057			3,675,264			6,865,294			36,941,062
Change in unrealized appreciation/depreciation on investments and foreign currency related transactions		(5,327,297	)		7,521,125			(10,394,162	)		(5,886,389	)		(9,995,310	)		33,949,693			(5,120,840	)		(11,438,100	)
Change in net assets from operations		1,231,850			22,650,196			(4,451,406	)		9,112,028			4,624,182			43,262,016			13,201,035			46,446,809
Distributions to shareholders:
Distributions from net investment income		—			—			—			—			(5,803,104	)		(4,671,250	)		(9,545,259	)		(17,815,244	)
Capital transactions:
Received from shares sold		80,445,971			130,344,816			15,062,479			14,483,197			121,420,565			111,526,771			40,593,584			42,389,840
Received from dividends reinvested		—			—			—			—			5,803,104			4,671,250			9,545,259			17,815,244
Paid for shares redeemed		(55,586,735	)		(50,387,901	)		(18,579,706	)		(19,935,180	)		(103,525,243	)		(81,517,679	)		(76,596,758	)		(153,890,559	)
Change in net assets from capital transactions		24,859,236			79,956,915			(3,517,227	)		(5,451,983	)		23,698,426			34,680,342			(26,457,915	)		(93,685,475	)
Change in net assets		26,091,086			102,607,111			(7,968,633	)		3,660,045			22,519,504			73,271,108			(22,802,139	)		(65,053,910	)
Net assets:
Beginning of year		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 year	$	238,235,006		$	212,143,920		$	78,703,371		$	86,672,004		$	410,723,641		$	388,204,137		$	309,808,766		$	332,610,905
Undistributed net investment income (loss)	$	(179,440	)	$	(35,820	)	$	—		$	—		$	1,078,220		$	885,679		$	1,516,899		$	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						ClearBridge Small Cap Portfolio						Nasdaq-100® Index Portfolio						Bristol Portfolio
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	12,384,157		$	16,751,342		$	(234,376	)	$	(349,357	)	$	1,035,803		$	1,307,307		$	1,286,447		$	994,675
Net realized gain (loss) on investments and foreign currency related transactions		(949,435	)		8,225,039			13,222,203			8,907,401			3,980,078			4,311,375			22,223,785			45,974,586
Change in unrealized appreciation/depreciation on investments and foreign currency related transactions		(17,429,312	)		(16,353,341	)		(14,029,088	)		(6,915,894	)		6,340,633			12,616,165			(13,681,233	)		(16,492,459	)
Change in net assets from operations		(5,994,590	)		8,623,040			(1,041,261	)		1,642,150			11,356,514			18,234,847			9,828,999			30,476,802
Distributions to shareholders:
Distributions from net investment income		—			—			—			—			(890,078	)		(1,151,494	)		(1,143,905	)		(895,082	)
Capital transactions:
Received from shares sold		30,680,501			45,515,603			40,142,976			16,459,619			45,816,486			43,549,332			24,394,898			17,018,019
Received from dividends reinvested		—			—			—			—			890,078			1,151,494			1,143,905			895,082
Paid for shares redeemed		(60,565,349	)		(131,923,035	)		(20,589,393	)		(23,042,984	)		(40,292,164	)		(35,945,696	)		(47,557,762	)		(47,019,709	)
Change in net assets from capital transactions		(29,884,848	)		(86,407,432	)		19,553,583			(6,583,365	)		6,414,400			8,755,130			(22,018,959	)		(29,106,608	)
Change in net assets		(35,879,438	)		(77,784,392	)		18,512,322			(4,941,215	)		16,880,836			25,838,483			(13,333,865	)		475,112
Net assets:
Beginning of year		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 year	$	194,221,013		$	230,100,451		$	94,003,467		$	75,491,145		$	138,566,905		$	121,686,069		$	218,682,717		$	232,016,582
Undistributed net investment income (loss)	$	12,417,675		$	16,758,701		$	—		$	5,390		$	145,725		$	155,813		$	142,542		$	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
	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2015			Year Ended December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	(928,394	)	$	(818,246	)	$	13,669,039		$	7,584,554		$	802,799		$	954,277		$	536,338		$	425,637
Net realized gain on investments, foreign currency related transactions, and written options		20,443,670			22,063,567			29,262,363			15,476,691			2,814,877			6,802,148			10,012,228			20,039,564
Change in unrealized appreciation/depreciation on investments, foreign currency related transactions, and written options		(24,955,849	)		(9,867,313	)		(32,385,091	)		8,993,866			(5,122,274	)		(3,839,788	)		(3,703,251	)		(6,250,848	)
Change in net assets from operations		(5,440,573	)		11,378,008			10,546,311			32,055,111			(1,504,598	)		3,916,637			6,845,315			14,214,353
Distributions to shareholders:
Distributions from net investment income		—			—			(11,143,284	)		(6,075,617	)		(711,595	)		(854,149	)		(495,776	)		(370,603	)
Capital transactions:
Received from shares sold		33,757,924			30,786,203			192,294,038			624,661,369			3,534,416			6,144,750			40,862,885			10,802,580
Received from dividends reinvested		—			—			11,143,284			6,075,617			711,595			854,149			495,776			370,603
Paid for shares redeemed		(45,234,692	)		(43,857,130	)		(171,051,951	)		(72,643,183	)		(10,899,471	)		(8,637,548	)		(55,536,366	)		(23,225,588	)
Change in net assets from capital transactions		(11,476,768	)		(13,070,927	)		32,385,371			558,093,803			(6,653,460	)		(1,638,649	)		(14,177,705	)		(12,052,405	)
Change in net assets		(16,917,341	)		(1,692,919	)		31,788,398			584,073,297			(8,869,653	)		1,423,839			(7,828,166	)		1,791,345
Net assets:
Beginning of year		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 year	$	162,168,595		$	179,085,936		$	864,922,037		$	833,133,639		$	46,272,256		$	55,141,909		$	116,225,141		$	124,053,307
Undistributed net investment income (loss)	$	—		$	—		$	2,451,767		$	1,410,355		$	91,204		$	100,128		$	40,562		$	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
	Year Ended December 31, 2015			Period from May 1, 2014* to December 31, 2014
Increase (Decrease) in net assets:
Operations:
Net investment income	$	669,425		$	81,427
Net realized gain (loss) on investments, futures contracts, and foreign currency related transactions		(2,218,021	)		1,167,312
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions		799,826			939,625
Change in net assets from operations		(748,770	)		2,188,364
Distributions to shareholders:
Distributions from net investment income		(376,684	)		—
Capital transactions:
Received from shares sold		140,396,888			54,419,880
Received from dividends reinvested		376,684			—
Paid for shares redeemed		(19,130,791	)		(22,801,551	)
Change in net assets from capital transactions		121,642,781			31,618,329
Change in net assets		120,517,327			33,806,693
Net assets:
Beginning of year		33,806,693			—
End of year	$	154,324,020		$	33,806,693
Undistributed net investment income	$	264,931		$	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
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	33.44		$	29.41		$	21.54		$	18.88		$	19.72		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Operations:
Net investment income		0.21			0.12			0.27			0.35			0.21			—			—			—			—			—
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(1.44	)		4.02			7.84			2.61			(0.88	)		—			—			—			—			—
Total from operations		(1.23	)		4.14			8.11			2.96			(0.67	)		—			—			—			—			—
Distributions:
Distributions from net investment income		(0.19	)		(0.11	)		(0.24	)		(0.30	)		(0.17	)		—			—			—			—			—
Net asset value, end of year	$	32.02		$	33.44		$	29.41		$	21.54		$	18.88		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Total return		–3.69	%		14.07	%		37.69	%		15.69	%		–3.38	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	535.3		$	518.7		$	221.4		$	186.5		$	187.9		$	224.8		$	202.0		$	261.1		$	258.6		$	286.2
Ratios to average net assets:
Ratios net of expenses reduced or reimbursed by adviser:
Expenses		0.81	%		0.83	%		0.87	%		0.89	%		0.87	%		0.07	%		0.04	%		0.06	%		0.09	%		0.11	%
Net investment income		0.69	%		0.69	%		0.98	%		1.55	%		1.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratios assuming no expenses reduced or reimbursed by adviser:
Expenses		0.81	%		0.83	%		0.87	%		0.89	%		0.87	%		0.34	%		0.33	%		0.34	%		0.35	%		0.34	%
Portfolio turnover rate		47	%		46	%		43	%		48	%		54	%		0	%		0	%		0	%		0	%		0	%

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

121

Ohio National Fund, Inc.

Financial Highlights

	Bond Portfolio															Omni Portfolio
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	15.65		$	14.78		$	15.07		$	14.05		$	13.21		$	24.15		$	21.74		$	16.82		$	15.21		$	16.08
Operations:
Net investment income		0.56			0.50			0.56			0.51			0.48			0.28			0.26			0.24			0.26			0.25
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(0.88	)		0.37			(0.85	)		0.51			0.36			0.24			2.37			4.89			1.57			(0.91	)
Total from operations		(0.32	)		0.87			(0.29	)		1.02			0.84			0.52			2.63			5.13			1.83			(0.66	)
Distributions:
Distributions from net investment income		—			—			—			—			—			(0.24	)		(0.22	)		(0.21	)		(0.22	)		(0.21	)
Net asset value, end of year	$	15.33		$	15.65		$	14.78		$	15.07		$	14.05		$	24.43		$	24.15		$	21.74		$	16.82		$	15.21
Total return		–2.04	%		5.89	%		–1.92	%		7.26	%		6.36	%		2.15	%		12.12	%		30.53	%		12.04	%		-4.12	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	154.0		$	158.7		$	151.6		$	172.2		$	162.0		$	48.7		$	37.2		$	37.9		$	33.2		$	34.7
Ratios to average net assets:
Expenses		0.64	%		0.64	%		0.66	%		0.66	%		0.66	%		0.77	%		0.77	%		0.79	%		0.81	%		0.77	%
Net investment income		3.46	%		3.34	%		3.34	%		3.41	%		3.70	%		1.23	%		1.06	%		1.17	%		1.49	%		1.40	%
Portfolio turnover rate		93	%		35	%		15	%		18	%		15	%		186	%		198	%		210	%		179	%		147	%

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

122

Ohio National Fund, Inc.

Financial Highlights

	International Portfolio															Capital Appreciation Portfolio
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	12.55		$	13.85		$	12.41		$	10.32		$	12.20		$	33.82		$	31.24		$	23.32		$	19.95		$	20.37
Operations:
Net investment income		0.19			0.18			0.23			0.20			0.17			0.29			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		(0.24	)		(1.48	)		1.21			1.89			(2.05	)		(0.98	)		2.59			7.91			3.36			(0.43	)
Total from operations		(0.05	)		(1.30	)		1.44			2.09			(1.88	)		(0.69	)		2.67			8.04			3.51			(0.34	)
Distributions:
Distributions from net investment income		—			—			—			—			—			(0.25	)		(0.09	)		(0.12	)		(0.14	)		(0.08	)
Net asset value, end of year	$	12.50		$	12.55		$	13.85		$	12.41		$	10.32		$	32.88		$	33.82		$	31.24		$	23.32		$	19.95
Total return		–0.40	% (a)		–9.39	%		11.60	%		20.25	%		–15.41	%		–2.05	%		8.54	%		34.51	%		17.59	%		–1.65	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	159.0		$	174.4		$	189.4		$	180.3		$	172.8		$	430.4		$	449.4		$	138.0		$	115.7		$	114.7
Ratios to average net assets:
Ratios net of expenses reduced or reimbursed by adviser:
Expenses		1.00	%		0.84	%		0.75	%		1.02	%		1.02	%		0.80	%		0.83	%		0.88	%		0.90	%		0.88	%
Net investment income		1.21	%		1.43	%		1.52	%		1.65	%		1.41	%		0.86	%		0.56	%		0.45	%		0.66	%		0.41	%
Ratios assuming no expenses reduced or reimbursed by adviser:
Expenses		1.00	%		1.00	%		1.01	%		1.02	%		1.02	%		0.80	%		0.83	%		0.88	%		0.90	%		0.88	%
Portfolio turnover rate		72	%		95	%		53	%		61	%		58	%		69	%		67	%		49	%		39	%		61	%

(a) Initial Public Offering (IPO) investments had a significant impact on the total return in the current year and such performance may be difficult to repeat.

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
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	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)		0.03			0.12			0.12			0.17			0.26			(0.01	)		(0.03	)		(0.02	)		0.03			—
Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		2.56			(2.76	)		6.39			4.18			(4.33	)		1.40			1.23			3.01			1.74			(0.43	)
Total from operations		2.59			(2.64	)		6.51			4.35			(4.07	)		1.39			1.20			2.99			1.77			(0.43	)
Net asset value, end of year	$	29.98		$	27.39		$	30.03		$	23.52		$	19.17		$	15.09		$	13.70		$	12.50		$	9.51		$	7.74
Total return		9.46	% (a)		–8.79	%		27.68	%		22.69	%		–17.51	%		10.15	%		9.60	%		31.44	%		22.87	%		–5.26	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	78.3		$	67.6		$	77.0		$	64.5		$	57.5		$	51.4		$	39.9		$	39.4		$	33.1		$	25.8
Ratios to average net assets:
Expenses		1.23	%		1.18	%		1.19	%		1.21	%		1.20	%		0.93	%		0.94	%		0.97	%		0.99	%		1.04	%
Net investment income (loss)		0.12	%		0.38	%		0.40	%		0.64	%		1.07	%		–0.10	%		–0.23	%		–0.25	%		0.34	%		0.02	%
Portfolio turnover rate		58	%		65	%		51	%		55	%		67	%		60	%		55	%		60	%		17	%		47	%

(a) Initial Public Offering (IPO) investments had a significant impact on the total return in the current year and such performance may be difficult to repeat.

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
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	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)		(0.03	)		(0.05	)		(0.03	)		(0.03	)		(0.08	)		(0.07	)		(0.05	)		(0.07	)		(0.02	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(0.03	)		2.47			7.09			2.41			0.43			(1.52	)		3.30			6.99			3.53			(0.56	)
Total from operations		(0.06	)		2.42			7.06			2.38			0.35			(1.59	)		3.25			6.92			3.51			(0.62	)
Net asset value, end of year	$	25.01		$	25.07		$	22.65		$	15.59		$	13.21		$	29.90		$	31.49		$	28.24		$	21.32		$	17.81
Total return		–0.24	% (a)		10.64	%		45.29	%		18.02	%		2.72	%		–5.05	% (a)		11.51	%		32.46	%		19.71	%		–3.36	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	238.2		$	212.1		$	109.5		$	35.0		$	31.5		$	78.7		$	86.7		$	83.0		$	67.1		$	61.1
Ratios to average net assets:
Expenses		0.85	%		0.89	%		1.04	%		1.10	%		1.08	%		0.94	%		0.94	%		0.96	%		0.98	%		0.96	%
Net investment income (loss)		–0.12	%		–0.31	%		–0.29	%		–0.20	%		–0.60	%		–0.21	%		–0.18	%		–0.28	%		–0.09	%		–0.29	%
Portfolio turnover rate		37	%		58	%		69	% (b)		65	%		58	%		59	%		61	%		44	%		45	%		51	%

(a) Initial Public Offering (IPO) investments had a significant impact on the total return in the current year and such performance may be difficult to repeat.

(b) 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
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	21.93		$	19.63		$	15.08		$	13.25		$	13.21		$	13.92		$	13.09		$	11.09		$	10.50		$	9.36
Operations:
Net investment income		0.37			0.32			0.26			0.26			0.22			0.53			0.93			0.35			0.13			0.33
Net realized and unrealized gain on investments and foreign currency related transactions		(0.17	)		2.25			4.52			1.78			0.01			0.06			0.68			1.97			0.63			0.98
Total from operations		0.20			2.57			4.78			2.04			0.23			0.59			1.61			2.32			0.76			1.31
Distributions:
Distributions from net investment income		(0.31	)		(0.27	)		(0.23	)		(0.21	)		(0.19	)		(0.44	)		(0.78	)		(0.32	)		(0.17	)		(0.17	)
Net asset value, end of year	$	21.82		$	21.93		$	19.63		$	15.08		$	13.25		$	14.07		$	13.92		$	13.09		$	11.09		$	10.50
Total return		0.91	%		13.11	%		31.74	%		15.40	%		1.77	%		4.26	%		12.41	%		21.00	%		7.21	%		14.03	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	410.7		$	388.2		$	314.9		$	207.8		$	170.7		$	309.8		$	332.6		$	397.7		$	268.2		$	42.0
Ratios to average net assets:
Expenses		0.41	%		0.43	%		0.45	%		0.48	%		0.47	%		0.78	%		0.78	%		0.79	%		0.82	%		0.96	%
Net investment income		1.72	%		1.64	%		1.68	%		1.87	%		1.62	%		3.47	%		5.37	%		3.58	%		3.84	%		4.07	%
Portfolio turnover rate		14	%		11	%		15	%		7	%		9	%		13	%		22	%		22	%		30	%		19	%

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

126

Ohio National Fund, Inc.

Financial Highlights

	High Income Bond Portfolio															ClearBridge Small Cap Portfolio
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	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)		1.18			1.57			1.10			0.99			1.08			(0.10	)		(0.19	)		(0.15	)		(0.03	)		(0.19	)
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(1.68	)		(1.13	)		(0.05	)		0.87			(0.42	)		(0.91	)		1.17			9.45			3.76			(0.49	)
Total from operations		(0.50	)		0.44			1.05			1.86			0.66			(1.01	)		0.98			9.30			3.73			(0.68	)
Net asset value, end of year	$	15.82		$	16.32		$	15.88		$	14.83		$	12.97		$	40.00		$	41.01		$	40.03		$	30.73		$	27.00
Total return		–3.06	%		2.77	%		7.08	%		14.34	%		5.36	%		–2.46	%		2.45	%		30.26	%		13.81	%		–2.46	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	194.2		$	230.1		$	307.9		$	311.9		$	267.5		$	94.0		$	75.5		$	80.4		$	55.1		$	51.1
Ratios to average net assets:
Expenses		0.80	%		0.77	%		0.77	%		0.79	%		0.78	%		1.01	%		1.00	%		1.01	%		1.04	%		1.02	%
Net investment income (loss)		5.65	%		5.73	%		6.36	%		7.17	%		7.69	%		-0.29	%		-0.45	%		-0.44	%		-0.10	%		-0.64	%
Portfolio turnover rate		29	%		33	%		29	%		35	%		35	%		126	% (a)		44	%		42	%		42	%		44	%

(a) Effective September 25, 2015, the sub-adviser changed from Eagle Asset Management, Inc. to ClearBridge, LLC. Costs of purchases and proceeds from sales of portfolio securities associated with the change in the sub-adviser contributed to a higher portfolio turnover rate for the year ended December 31, 2015 as compared to prior years.

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

127

Ohio National Fund, Inc.

Financial Highlights

	Nasdaq-100® Index Portfolio															Bristol Portfolio
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	10.88		$	9.25		$	6.85		$	5.85		$	5.69		$	20.75		$	18.29		$	13.01		$	11.56		$	12.51
Operations:
Net investment income		0.09			0.12			0.07			0.06			0.02			0.12			0.09			0.09			0.09			0.06
Net realized and unrealized gain (loss) on investments		0.91			1.62			2.39			0.99			0.16			0.73			2.45			5.27			1.43			(0.95	)
Total from operations		1.00			1.74			2.46			1.05			0.18			0.85			2.54			5.36			1.52			(0.89	)
Distributions:
Distributions from net investment income		(0.08	)		(0.11	)		(0.06	)		(0.05	)		(0.02	)		(0.11	)		(0.08	)		(0.08	)		(0.07	)		(0.06	)
Net asset value, end of year	$	11.80		$	10.88		$	9.25		$	6.85		$	5.85		$	21.49		$	20.75		$	18.29		$	13.01		$	11.56
Total return		9.14	%		18.77	%		35.98	%		17.88	%		3.19	%		4.08	%		13.88	%		41.21	%		13.19	%		-7.16	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	138.6		$	121.7		$	95.8		$	68.5		$	55.5		$	218.7		$	232.0		$	231.5		$	204.9		$	192.7
Ratios to average net assets:
Expenses		0.46	%		0.48	%		0.51	%		0.53	%		0.52	%		0.81	%		0.81	%		0.82	%		0.85	%		0.84	%
Net investment income		0.79	%		1.23	%		0.94	%		0.98	%		0.41	%		0.55	%		0.42	%		0.51	%		0.68	%		0.52	%
Portfolio turnover rate		19	%		23	%		43	%		25	%		44	%		228	%		239	%		269	%		244	%		198	%

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

128

Ohio National Fund, Inc.

Financial Highlights

	Bryton Growth Portfolio															Balanced Portfolio
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	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)		(0.11	)		(0.09	)		(0.11	)		(0.07	)		(0.08	)		0.30			0.16			0.08			0.10			0.31
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and written options		(0.76	)		1.28			5.69			1.46			(1.18	)		(0.02	)		0.92			2.32			1.75			(0.00	)
Total from operations		(0.87	)		1.19			5.58			1.39			(1.26	)		0.28			1.08			2.40			1.85			0.31
Distributions:
Distributions from net investment income		—			—			—			—			—			(0.25	)		(0.14	)		(0.14	)		—			(0.27	)
Net asset value, end of year	$	19.60		$	20.47		$	19.28		$	13.70		$	12.31		$	18.99		$	18.96		$	18.02		$	15.76		$	13.91
Total return		–4.25	%		6.17	%		40.73	%		11.29	%		–9.29	%		1.47	%		5.99	%		15.26	%		13.30	%		2.29	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	162.2		$	179.1		$	180.8		$	157.7		$	155.4		$	864.9		$	833.1		$	249.1		$	77.1		$	17.1
Ratios to average net assets:
Ratios net of expenses reduced or reimbursed by adviser:
Expenses		0.88	%		0.88	%		0.89	%		0.93	%		0.91	%		0.64	%		0.64	%		0.75	%		0.86	%		0.94	%
Net investment income		–0.53	%		–0.45	%		–0.59	%		–0.57	%		–0.67	%		1.58	%		1.80	%		1.45	%		1.90	%		2.33	%
Ratios assuming no expenses reduced or reimbursed by adviser:
Expenses		0.88	%		0.88	%		0.89	%		0.93	%		0.91	%		0.64	%		0.68	%		0.75	%		0.86	%		0.94	%
Portfolio turnover rate		169	%		178	%		185	%		152	%		156	%		92	%		94	%		82	% (a)		60	%		47	%

(a) 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
	Years Ended December 31,															Years Ended December 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
Selected per-share data:
Net asset value, beginning of year	$	14.49		$	13.70		$	10.10		$	8.89		$	9.11		$	16.44		$	14.72		$	10.66		$	9.63		$	9.84
Operations:
Net investment income		0.25			0.25			0.09			0.18			0.10			0.08			0.06			0.06			0.06			0.04
Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(0.72	)		0.77			3.61			1.17			(0.23	)		0.86			1.71			4.05			1.02			(0.21	)
Total from operations		(0.47	)		1.02			3.70			1.35			(0.13	)		0.94			1.77			4.11			1.08			(0.17	)
Distributions:
Distributions from net investment income		(0.21	)		(0.23	)		(0.10	)		(0.14	)		(0.09	)		(0.07	)		(0.05	)		(0.05	)		(0.05	)		(0.04	)
Net asset value, end of year	$	13.81		$	14.49		$	13.70		$	10.10		$	8.89		$	17.31		$	16.44		$	14.72		$	10.66		$	9.63
Total return		–3.24	%		7.44	%		36.71	%		15.24	%		–1.41	%		5.72	%		12.01	%		38.62	%		11.20	%		–1.77	%
Ratios and supplemental data:
Net assets at end of year (in millions)	$	46.3		$	55.1		$	53.7		$	21.2		$	20.5		$	116.2		$	124.1		$	122.3		$	108.0		$	99.9
Ratios to average net assets:
Expenses		0.77	%		0.77	%		0.82	%		0.87	%		0.84	%		0.86	%		0.86	%		0.88	%		0.92	%		0.90	%
Net investment income		1.54	%		1.77	%		0.92	%		1.73	%		1.07	%		0.43	%		0.34	%		0.42	%		0.57	%		0.41	%
Portfolio turnover rate		72	%		79	%		57	% (a)		70	%		79	%		168	%		192	%		237	%		229	%		187	%

(a) 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
	Year Ended December 31, 2015			Period from May 1, 2014* to December 31, 2014
Selected per-share data:
Net asset value, beginning of year	$	10.83		$	10.00
Operations:
Net investment income		0.03			0.03
Net realized and unrealized gain (loss) on investments, futures contracts, and foreign currency related transactions		(0.17	)		0.80
Total from operations		(0.14	)		0.83
Distributions:
Distributions from net investment income		(0.03	)		—
Net asset value, end of year	$	10.66		$	10.83
Total return		–1.32	%		8.30	%**
Ratios and supplemental data:
Net assets at end of year (in millions)	$	154.3		$	33.8
Ratios to average net assets:
Expenses		1.11	%		1.43	%***
Net investment income		0.81	%		0.43	%***
Portfolio turnover rate		71	%		94	%**

* Represents date of inception and commencement of operations.

** Not annualized

*** Annualized

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

131

Ohio National Fund, Inc.

Notes to Financial Statements December 31, 2015

(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 non-U.S. 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 capitalization 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.

¢ ClearBridge Small Cap Portfolio (prior to September 25, 2015, the name of the Portfolio was the Capital Growth Portfolio) — Long-term capital appreciation by investing at least 80% of its net assets in common stocks and other equity securities of small capitalization companies or in other investments that the portfolio managers believe have similar economic characteristics.

¢ 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.

132 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) December 31, 2015

¢ Balanced Portfolio — Capital appreciation and income by investing normally up to 75% of its total assets in equity securities of domestic and foreign companies of any market capitalization while maintaining a minimum of 25% of its total assets in fixed income securities.

¢ 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
ClearBridge Small Cap		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

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disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation

Investments are valued using pricing procedures approved by the Board.

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.

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Level 2: Other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.

Level 3: Significant unobservable inputs, including the Fund’s own assumptions used to determine the value of securities.

The following is a summary of the inputs used in valuing each of the Portfolio’s assets (liabilities) at value as of December 31, 2015:

Portfolio	Financial Instrument Type		Level 1			Level 2			Level 3
Equity	Common Stocks**	$	528,143,954		$	—		$	—
	Master Limited Partnerships**		6,027,250			—			—
	Money Market Funds		18,889,000			—			—
		$	553,060,204		$	—		$	—
Money Market*	Commercial Paper**	$	—		$	110,492,478		$	—
	U.S. Treasury Obligations		—			9,999,898			—
	U.S. Government Agency Issues		—			9,999,203			—
	Money Market Funds		27,000,000			—			—
		$	27,000,000		$	130,491,579		$	—
Bond	Corporate Bonds**	$	—		$	148,852,860		$	—
	Asset-Backed Securities**		—			843,748			—
	U.S. Treasury Obligations		—			972,240			—
	Money Market Funds		441,000			—			—
		$	441,000		$	150,668,848		$	—
Omni	Common Stocks**	$	36,823,175		$	—		$	—
	Corporate Bonds**		—			11,378,659			—
	Asset-Backed Securities**		—			93,750			—
	U.S. Treasury Obligations		—			347,620			—
	Money Market Funds		102,000			—			—
		$	36,925,175		$	11,820,029		$	—
International	Common Stocks**	$	25,404,295		$	127,637,598		$	—
	Preferred Stocks**		—			837,014			—
	Money Market Funds		5,997,019			—			—
		$	31,401,314		$	128,474,612		$	—
	Futures contracts	$	(124,315	)	$	—		$	—
	Foreign currency contracts	$	—		$	(146,527	)	$	—
Capital Appreciation	Common Stocks**	$	406,657,253		$	5,481,617		$	—
	Money Market Funds		26,660,000			—			—
		$	433,317,253		$	5,481,617		$	—
International Small-Mid Company	Common Stocks**	$	14,799,653		$	59,342,972		$	—
	Money Market Funds		3,913,594			—			—
		$	18,713,247		$	59,342,972		$	—
	Foreign currency contracts	$	—		$	463,110		$	—
	Futures contracts	$	(20,803	)	$	—		$	—
Aggressive Growth	Common Stocks**	$	50,207,899		$	—		$	—
	Money Market Funds		1,387,000			—			—
		$	51,594,899		$	—		$	—
Small Cap Growth	Common Stocks**	$	221,197,528		$	6,020,589		$	—
	Master Limited Partnerships**		4,465,316			—			—
	Money Market Funds		9,074,000			—			—
		$	234,736,844		$	6,020,589		$	—

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Notes to Financial Statements (Continued) December 31, 2015

Portfolio	Financial Instrument Type	Level 1			Level 2		Level 3
Mid Cap Opportunity	Common Stocks**	$	77,023,840		$	—	$	—
	Money Market Funds		1,847,000			—		—
		$	78,870,840		$	—	$	—
S&P 500® Index	Common Stocks**	$	392,659,147		$	—	$	—
	Exchange Traded Funds		17,274,580			—		—
		$	409,933,727		$	—	$	—
Strategic Value	Common Stocks**	$	250,764,672		$	54,231,931	$	—
	Money Market Funds		10,286,000			—		—
		$	261,050,672		$	54,231,931	$	—
High Income Bond	Corporate Bonds**	$	—		$	184,671,849	$	—
	Common Stocks**		—			—		8,419
	Money Market Funds		2,293,000			—		—
		$	2,293,000		$	184,671,849	$	8,419
ClearBridge Small Cap	Common Stocks**	$	90,910,765		$	—	$	—
	Money Market Funds		2,518,000			—		—
		$	93,428,765		$	—	$	—
Nasdaq-100® Index	Common Stocks**	$	133,191,353		$	—	$	—
	Exchange Traded Funds		5,668,506			—		—
		$	138,859,859		$	—	$	—
Bristol	Common Stocks**	$	217,767,388		$	—	$	—
	Money Market Funds		758,000			—		—
		$	218,525,388		$	—	$	—
Bryton Growth	Common Stocks**	$	159,284,388		$	—	$	—
	Money Market Funds		3,894,000			—		—
		$	163,178,388		$	—	$	—
Balanced	Common Stocks**	$	477,905,288		$	—	$	—
	Corporate Bonds**		—			161,758,403		—
	Preferred Stocks**		14,729,244			11,947,000		—
	Trust Preferred Securities**		12,760,354			23,896,206		—
	Master Limited Partnerships**		1,617,000			—		—
	Asset-Backed / Mortgage-Backed Securities**		—			20,541,120		—
	U.S. Treasury Obligations		—			39,978,091		—
	Closed-End Mutual Funds		54,447,616			—		—
	Exchange Traded Funds		23,838,750			—		—
	Purchased Options		2,112,000			—		—
	Money Market Funds		8,140,000			—		—
		$	595,550,252		$	258,120,820	$	—
	Written Options Outstanding	$	(372,000	)	$	—	$	—
Target VIP	Common Stocks**	$	45,779,871		$	—	$	—
	Money Market Funds		511,000			—		—
		$	46,290,871		$	—	$	—
Bristol Growth	Common Stocks**	$	115,577,619		$	—	$	—
	Money Market Funds		820,000			—		—
		$	116,397,619		$	—	$	—

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Notes to Financial Statements (Continued) December 31, 2015

Portfolio	Financial Instrument Type	Level 1		Level 2		Level 3
Risk Managed Balanced	Common Stocks**	$	71,599,448	$	1,497,266	$	—
	Corporate Bonds**		—		19,019,908		—
	Preferred Stocks**		7,514		426,159		—
	Trust Preferred Securities**		99,305		561,116		—
	Preferred Stock Depository Receipts**		504,761		278,061		—
	Master Limited Partnerships**		2,160,982		—		—
	Asset-Backed / Mortgage-Backed Securities**		—		2,822,072		—
	U.S. Treasury Obligations		—		12,186,420		—
	U.S. Government Agency Mortgage-Backed Securities		—		10,789,927		—
	Purchased Options		4,455,260		5,807,493		—
	Money Market Funds		21,874,000		—		—
		$	100,701,270	$	53,388,422	$	—
	Futures contracts	$	91,427	$	—	$	—

* At December 31, 2015, the Money Market Portfolio’s commercial paper investments 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.

For 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 December 31, 2015. This security was that Portfolio’s holding of Vectura Group PLC common stock. The fair valuation service provider reported that this security did not meet the minimum predictability threshold to be fair valued at December 31, 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 $323,891 and $304,122 at December 31, 2015 and December 31, 2014, respectively.

Below is a reconciliation that details the activity of securities in Level 3 during the year ended December 31, 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)		2,620
Issuances		—
Settlements		—
Transfers out of Level 3 (due to availability of active market quotations or significant observable market inputs)		—
Transfers into Level 3 (due to lack of active market quotations or significant observable inputs)		—
Ending Balance – December 31, 2015	$	8,419
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	$	2,620

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Notes to Financial Statements (Continued) December 31, 2015

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2015:

Instrument	Valuation Technique Used	Unobservable inputs	Input Values
Lone Pine Common Stock	Value of claim on the enterprise	Net enterprise value (in thousands)	$	135,030
	value of underlying company	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 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.

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Notes to Financial Statements (Continued) December 31, 2015

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.

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

On November 19, 2015, the Board of Directors of the Ohio National Fund, Inc. (the “Fund”) considered and approved the liquidation and termination of the Money Market Portfolio subject to the approval by the Portfolio’s shareholders of a plan of liquidation (the “Plan of Liquidation”). If the proposed Plan of Liquidation is approved by the Portfolio’s shareholders, the Money Market Portfolio will, by the Liquidation Date (as defined below), in accordance with the Plan of Liquidation: (1) sell its portfolio

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Notes to Financial Statements (Continued) December 31, 2015

securities for cash or permit them to mature and reduce any other assets to cash or cash equivalents; (2) pay any liabilities; (3) make a liquidating distribution equal to the shareholders’ interest in the remaining assets of the Portfolio without the deduction of any fees or imposition of any charges; and (4) wind up its operations and terminate its existence. If the proposed Plan of Liquidation is approved, the Portfolio is expected to be liquidated on or about February 26, 2016 (the “Liquidation Date”).

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

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

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

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

ClearBridge Small Cap²

0.85% of first $200 million

0.80% of next $300 million

0.75% over $500 million

140 (continued)

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Notes to Financial Statements (Continued) December 31, 2015

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

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 year ended December 31, 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 year ended December 31, 2015 was $50,000. If ONI did not agree to waive these fees, the total expenses incurred by the Money Market Portfolio for the year ended December 31, 2015 would have been higher than the net expenses reflected in the Statements of Operations.

²  At a meeting held on August 13, 2015, the Board approved the replacement of the sub-adviser to the Capital Growth Portfolio. ClearBridge,LLC replaced the Portfolio’s previous sub-adviser, Eagle Asset Management, Inc., on September 25, 2015. In conjunction with the change in sub-adviser and investment strategy, the name of the Portfolio was changed from Capital Growth Portfolio to ClearBridge Small Cap Portfolio. Also, the Board approved a revision to the Portfolio’s advisory fee schedule. Prior to September 25, 2015, the advisory fee breakpoints, based on daily net assets of the Portfolio, were:

0.90% of first $100 million

0.85% of next $100 million

0.80% of next $300 million

0.75% over $500 million.

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, ClearBridge Small Cap, 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 (“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”), 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

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

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

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

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Notes to Financial Statements (Continued) December 31, 2015

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

ClearBridge Small Cap (ClearBridge) ³

0.55% of first $200 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

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

³  At a meeting held on August 13, 2015, the Board approved the replacement of the sub-adviser to the Capital Growth Portfolio. ClearBridge, LLC replaced the Portfolio’s previous sub-adviser, Eagle Asset Management, Inc., on September 25, 2015. In conjunction with the change in sub-adviser and investment strategy, the name of the Portfolio was changed from Capital Growth Portfolio to ClearBridge Small Cap Portfolio. Also, the Board approved a revision to the Portfolio’s sub-advisory fee schedule. Prior to September 25, 2015, the sub-advisory fee breakpoints, based on daily net assets of the Portfolio, were:

0.59% of first $100 million

0.55% of next $100 million

0.50% over $200 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 December 31, 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 year ended December 31, 2015.

During the year ended December 31, 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 year ended December 31, 2015 was $518,925, of which $42,319 was receivable from ONI at December 31, 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 year ended December 31, 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

142 (continued)

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Notes to Financial Statements (Continued) December 31, 2015

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 year ended December 31, 2015 was $50,000. If ONI did not agree to waive these fees, the total expenses incurred by the Money Market Portfolio for the year ended December 31, 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 year ended December 31, 2015, the Fund incurred compliance expenses totaling $197,000, 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 year ended December 31, 2015, directors’ compensation and reimbursement of director expenses by the Portfolios of the Fund totaled $502,869.

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 year ended December 31, 2015, and the year ended December 31, 2014, respectively, were as follows:

	Equity						Money Market						Bond
	Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014
Capital shares issued on sales		4,185,136			9,807,995			17,601,686			19,218,401			2,899,766			3,030,585
Capital shares issued on reinvested dividends		100,661			50,620			—			—			—			—
Capital shares redeemed		(3,082,399	)		(1,872,987	)		(15,324,162	)		(25,127,000	)		(2,989,043	)		(3,149,736	)
Net increase/(decrease)		1,203,398			7,985,628			2,277,524			(5,908,599	)		(89,277	)		(119,151	)
	Omni						International						Capital Appreciation
	Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014
Capital shares issued on sales		881,341			127,023			1,470,570			2,302,342			1,931,947			10,054,175
Capital shares issued on reinvested dividends		19,348			14,307			—			—			99,144			35,371
Capital shares redeemed		(447,556	)		(344,229	)		(2,644,069	)		(2,089,021	)		(2,228,176	)		(1,217,063	)
Net increase/(decrease)		453,133			(202,899	)		(1,173,499	)		213,321			(197,085	)		8,872,483
	International Small-Mid Company						Aggressive Growth						Small Cap Growth
	Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014
Capital shares issued on sales		902,741			451,579			1,299,408			596,695			3,225,048			5,798,430
Capital shares issued on reinvested dividends		—			—			—			—			—			—
Capital shares redeemed		(756,199	)		(549,074	)		(810,197	)		(835,040	)		(2,161,674	)		(2,173,789	)
Net increase/(decrease)		146,542			(97,495	)		489,211			(238,345	)		1,063,374			3,624,641

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Notes to Financial Statements (Continued) December 31, 2015

	Mid Cap Opportunity						S&P 500® Index						Strategic Value
	Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014
Capital shares issued on sales		476,708			492,242			5,538,430			5,393,429			2,875,366			2,994,850
Capital shares issued on reinvested dividends		—			—			263,658			216,562			689,188			1,295,654
Capital shares redeemed		(597,287	)		(679,451	)		(4,681,641	)		(3,957,420	)		(5,446,104	)		(10,775,289	)
Net increase/(decrease)		(120,579	)		(187,209	)		1,120,447			1,652,571			(1,881,550	)		(6,484,785	)
Capital shares issued on sales		1,866,173			2,776,857			999,894			416,020			4,028,917			4,349,282
Capital shares issued on reinvested dividends		—			—			—			—			73,804			106,128
Capital shares redeemed		(3,682,767	)		(8,064,822	)		(490,656	)		(584,328	)		(3,548,870	)		(3,627,481	)
Net increase/(decrease)		(1,816,594	)		(5,287,965	)		509,238			(168,308	)		553,851			827,929
	Bristol						Bryton Growth						Balanced
	Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2015			Year Ended 12/31/2014
Capital shares issued on sales		1,140,805			885,795			1,667,540			1,556,041			9,929,846			33,697,189
Capital shares issued on reinvested dividends		52,545			43,834			—			—			583,724			325,770
Capital shares redeemed		(2,197,197	)		(2,406,623	)		(2,139,839	)		(2,185,467	)		(8,911,105	)		(3,910,873	)
Net increase/(decrease)		(1,003,847	)		(1,476,994	)		(472,299	)		(629,426	)		1,602,465			30,112,086
Capital shares issued on sales		241,439			435,011			2,488,528			703,568			13,089,618			5,294,469
Capital shares issued on reinvested dividends		50,539			59,398			28,330			22,849			34,878			—
Capital shares redeemed		(747,298	)		(609,589	)		(3,350,039	)		(1,488,214	)		(1,771,547	)		(2,173,736	)
Net increase/(decrease)		(455,320	)		(115,180	)		(833,181	)		(761,797	)		11,352,949			3,120,733

* Commencement of operations.

(5) Investment Transactions

Cost of purchases and proceeds from sales of investments (excluding short-term and government securities) for the year ended December 31, 2015 were as follows:

	Equity		Bond		Omni		International		Capital Appreciation
Cost of purchases	$	278,066,687	$	116,331,461	$	93,314,225	$	113,431,906	$	294,532,025
Proceeds from sales	$	238,610,653	$	110,473,137	$	81,106,221	$	112,181,803	$	311,432,897
	International Small-Mid Company		Aggressive Growth		Small Cap Growth		Mid Cap Opportunity		S&P 500®  Index
Cost of purchases	$	48,621,959	$	33,902,214	$	100,036,088	$	49,833,342	$	82,325,662
Proceeds from sales	$	43,310,469	$	26,462,389	$	79,510,499	$	53,666,842	$	56,748,419
	Strategic Value		High Income Bond		ClearBridge Small Cap		Nasdaq-100® Index		Bristol
Cost of purchases	$	41,664,328	$	61,287,954	$	114,679,718	$	31,826,847	$	523,647,839
Proceeds from sales	$	62,696,005	$	80,556,174	$	98,093,201	$	25,028,653	$	544,222,024
	Bryton Growth		Balanced		Target VIP		Bristol Growth		Risk Managed Balanced
Cost of purchases	$	288,284,238	$	759,261,037	$	36,501,013	$	204,348,840	$	116,290,207
Proceeds from sales	$	301,930,852	$	696,397,693	$	42,653,400	$	217,525,164	$	23,434,637

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Notes to Financial Statements (Continued) December 31, 2015

Cost of purchases and proceeds from sales of government securities for the year ended December 31, 2015 were as follows:

	Bond		Omni		Balanced		Risk Managed Balanced
Cost of purchases	$	39,143,042	$	3,279,758	$	51,776,610	$	37,865,521
Proceeds from sales	$	38,121,755	$	3,331,164	$	75,896,757	$	26,117,230

(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.

The Balanced Portfolio wrote call options and purchased put options associated with the S&P 500 Index during the year ended December 31, 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.

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Notes to Financial Statements (Continued) December 31, 2015

The Balanced Portfolio’s written call options are collateralized by cash and/or securities held by the Portfolio’s custodian under an Escrow Deposit Agreement between the custodian and the Options Clearing Corporation (“OCC”). Such collateral holdings are restricted from trading. The cash collateral or borrowings, if necessary, are included on the Statement of Assets and Liabilities. The securities pledged as collateral under the Escrow Deposit Agreement 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 year ended December 31, 2015 as follows:

	Number of Contracts			Premiums Received
Options outstanding, beginning of period		800		$	1,432,788
Options written		7,600			8,582,544
Options exercised		—			—
Options expired		—			—
Options closed		(8,000	)		(9,470,647	)
Options outstanding, end of period		400		$	544,685

Transactions involving purchased options by the Balanced Portfolio for the year ended December 31, 2015 were: Cost of purchases: $22.1 million, Proceeds from sales: $14.8 million.

The Risk Managed Balanced Portfolio also purchased call and put options associated with the S&P 500 Index during the year ended December 31, 2015. These instruments were used by the Risk Management Component of the Portfolio to provide for the Portfolio’s stated risk management strategy. Transactions involving purchased options by the Risk Managed Balanced Portfolio for the year ended December 31, 2015 were: Cost of purchases: $11.9 million, Proceeds from sales: $2.9 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.

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

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Notes to Financial Statements (Continued) December 31, 2015

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 December 31, 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	March 10, 2016	211		$2,448,896	$	2,513,447	$	(64,551	)	$	(177	)
Long	Borsa Istanbul (BIST) 30 Future	February 29, 2016	483		1,475,217		1,534,981		(59,764	)		(24,468	)
				$	3,924,113	$	4,048,428	$	(124,315	)	$	(24,645	)

A portion of the International Portfolio’s cash holdings totalling $211,708, as noted on the Portfolio’s Schedule of Investments, was pledged at December 31, 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 year ended December 31, 2015. Those contracts were executed for similar purposes as the contracts outstanding at December 31, 2015. For the year ended December 31, 2015, the notional values of futures contracts opened and closed prior to contract settlement date by the International Portfolio were $81.3 million and $85.5 million, respectively.

At December 31, 2015, there were outstanding futures contracts in the International Small-Mid Company 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	March 10, 2016	68	$789,218	$	810,021	$	(20,803	)	$	(57	)

A portion of the International Small-Mid Company Portfolio’s cash holdings totalling $28,437, as noted on the Portfolio’s Schedule of Investments, was pledged at December 31, 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 Small-Mid Company Portfolio during the year ended December 31, 2015. Those contracts were executed for similar purposes as the contracts outstanding at December 31, 2015. For the year ended December 31, 2015, the notional values of futures contracts opened and closed prior to contract settlement date by the International Small-Mid Company Portfolio were $1.6 million and $0.8 million, respectively.

147 (continued)

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Notes to Financial Statements (Continued) December 31, 2015

At December 31, 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	March 18, 2016	198		$20,150,460	$	19,835,303	$	315,157		$	—
Long	10-Year U.S. Treasury Note Future	March 21, 2016	668		$84,105,375	$	84,329,105	$	(223,730	)	$	—
				$	104,255,835	$	104,164,408	$	91,427		$	—

Portions of the Risk Managed Balanced Portfolio’s securities and cash holdings, as noted on the Portfolio’s Schedule of Investments, were pledged at December 31, 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 year ended December 31, 2015. Those contracts were executed for similar purposes as the contracts outstanding at December 31, 2015. For the year ended December 31, 2015, the notional values of futures contracts opened and closed prior to contract settlement date by the Risk Managed Balanced Portfolio were $341.7 million and $260.2 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)

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Notes to Financial Statements (Continued) December 31, 2015

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 Switzerland and, therefore, executed contracts to buy the Swiss Franc in order to mitigate the effect that volatility in that exchange rate (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 International Small-Mid Company Portfolio later entered into contracts to buy the Euro to effectively exit the original contract prior to its state delivery date. These contracts were executed to lock in the unrealized gain that resulted from the original transaction.

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 year ended December 31, 2015, the notional value of foreign currency contracts executed by the International Portfolio were approximately $233.1 million for currencies bought and approximately $274.4 million for currencies sold. For the year ended December 31, 2015, the notional value of foreign currency contracts executed by the International Small-Mid Company Portfolio were approximately $39.0 million for currencies bought and approximately $39.5 million for currencies sold.

149 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) December 31, 2015

The values and financial statement effects of derivative instruments that were not accounted for as hedging instruments as of, and for the year ended December 31, 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	$	10,742,405	$	(11,100,000	)		(1	)
	Contracts to sell foreign currencies	Currency exchange rate	$	48,253,054	$	(48,041,986	)		(1	)
	Futures contracts	Equity price	$	3,924,113	$	(4,048,428	)		(2	)
International Small-Mid Company	Contracts to buy foreign currencies	Currency exchange rate	$	10,329,763	$	(10,338,295	)		(1	)
	Contracts to sell foreign currencies	Currency exchange rate	$	10,801,405	$	(10,329,763	)		(1	)
	Futures contracts	Equity price	$	789,218	$	(810,021	)		(2	)
Balanced	Purchased options	Equity price	$	2,112,000	$	—			(3	)
	Written options	Equity price	$	—	$	(372,000	)		(4	)
Risk Managed Balanced	Purchased options	Equity price	$	10,262,753	$	—			(3	)
	Futures contracts	Equity price	$	104,255,835	$	(104,164,408	)		(2	)

⁽¹⁾  Net unrealized appreciation/(depreciation) on foreign currency contacts.

⁽²⁾  Net unrealized appreciation/(depreciation) on futures contracts. The amounts represent the cumulative appreciation/(depreciation) of these futures contracts as reported in the Schedules of Investments. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities as Variation margin payable 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	$	3,349,877		$	(1,371,025	)		(1	),  (2)
	Futures contracts	Equity price	$	(2,254,839	)	$	(79,013	)		(3	),  (4)
International Small-Mid Company	Foreign currency contracts	Currency exchange rate	$	(12,870	)	$	462,965			(1	),  (2)
	Futures contracts	Equity price	$	(8,737	)	$	(20,803	)		(3	),  (4)
Balanced	Purchased options	Equity price	$	(6,619,394	)	$	(847,847	)		(5	),  (6)
	Written options	Equity price	$	4,648,375		$	(236,603	)		(7	),  (8)
Risk Managed Balanced	Futures contracts	Equity price	$	(83,930	)	$	(51,559	)		(3	),  (4)
	Purchased options	Equity price	$	(350,038	)	$	(857,697	)		(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) December 31, 2015

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 December 31, 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.

Contracts Subject to Master Netting Agreements:

International Small-Mid Company
Counterparty	Currency	Exchange Date	Derivative Asset Subject to a MNA by Counterparty		Derivative Liability Available for Offset			Net Asset presented in the Statement of Assets and Liabilities
JP Morgan Chase Bank NA	Euro	January 27, 2016	$	217	$	(217	)	$	—
JP Morgan Chase Bank NA	Euro	January 27, 2016		33,920		(33,920	)		—
JP Morgan Chase Bank NA	Euro	January 27, 2016		471,642		(8,532	)		463,110

Counterparty	Currency	Exchange Date	Derivative Liability Subject to a MNA by Counterparty			Derivative Asset Available for Offset		Net Liability presented in the Statement of Assets and Liabilities
JP Morgan Chase Bank NA	Euro	January 27, 2016	$	(12,551	)	$	12,551	$	—
JP Morgan Chase Bank NA	Euro	January 27, 2016		(30,118	)		30,118		—

(7) Federal Income Tax Information

At December 31, 2015, 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)			Unrealized Appreciation (Depreciation) on Foreign Currency, Futures, and Written Options			Total Accumulated Earnings (Deficit)
Equity	$	262,107	$	—	$	262,107	$	(1,568,071	)	$	2,849,911		$	—		$	1,543,947
Money Market		—		—		—		—			—			—			—
Bond		5,611,400		—		5,611,400		(7,870,085	)		(3,926,010	)		—			(6,184,695	)
Omni		1,381,526		1,354,862		2,736,388		—			88,138			—			2,824,526
International		4,377,935		—		4,377,935		(76,093,820	)		9,680,491			(134,755	)		(62,170,149	)
Capital Appreciation		15,482,548		21,926,582		37,409,130		—			(11,098,218	)		(2,783	)		26,308,129
International Small-Mid Company		1,698,014		5,054,277		6,752,291		—			10,915,210			(48,651	)		17,618,850
Aggressive Growth		205,653		3,727,179		3,932,832		—			7,417,265			(195	)		11,349,902
Small Cap Growth		3,446,384		3,250,368		6,696,752		—			16,430,846			(191	)		23,127,407
Mid Cap Opportunity		—		5,314,560		5,314,560		—			5,795,328			—			11,109,888
S&P 500® Index		2,075,519		7,315,899		9,391,418		—			127,924,515			—			137,315,933
Strategic Value		1,516,933		7,153,712		8,670,645		—			24,122,648			(18,358	)		32,774,935
High Income Bond		12,410,271		—		12,410,271		(975,549	)		(19,607,333	)		—			(8,172,611	)
ClearBridge Small Cap		—		13,212,026		13,212,026		—			743,994			—			13,956,020
Nasdaq-100® Index		476,885		3,643,768		4,120,653		—			53,953,282			—			58,073,935
Bristol		13,979,979		11,245,180		25,225,159		—			3,689,821			—			28,914,980

151 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) December 31, 2015

Portfolio	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains (Losses)		Accumulated Earnings		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)  (1)			Unrealized Appreciation (Depreciation) on Foreign Currency, Futures, and Written Options		Total Accumulated Earnings (Deficit)
Bryton Growth	$	10,734,231	$	10,192,779	$	20,927,010	$	—		$	(16,099,767	)	$	—	$	4,827,243
Balanced		15,705,771		15,011,456		30,717,227		—			(3,916,663	)		171,870		26,972,434
Target VIP		91,204		—		91,204		(3,578,862	)		(422,129	)		—		(3,909,787	)
Bristol Growth		5,265,240		5,668,603		10,933,843		—			8,081,266			—		19,015,109
Risk Managed Balanced		264,930		—		264,930		(2,112,457	)		1,237,530			91,427		(518,570	)

⁽¹⁾  The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributed primarily to tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains/(losses) on certain instruments.

For Federal income tax purposes, the following Portfolios had capital loss carryforwards as of December 31, 2015 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	$	1,568,071	$	—	$	—	$	1,568,071	$	—	$	—
Bond		7,870,085		—		7,870,085		—		—		—
International		76,093,820		271,315		65,792,130		—		9,777,925		252,450
High Income Bond		975,549		—		—		—		191,310		784,239
Target VIP		3,578,862		3,578,862		—		—		—		—
Risk Managed Balanced		2,112,457		—		—		—		1,789,397		323,060

The tax characteristics of distributions paid to shareholders for the year ended December 31, 2015 were as follows:

Portfolio	Ordinary Income		Net Long-Term Capital Gains		Total Distribution Paid
Equity	$	3,223,171	$	—	$	3,223,171
Omni		478,871		—		478,871
Capital Appreciation		3,261,845		—		3,261,845
S&P 500® Index		5,803,104		—		5,803,104
Strategic Value		9,545,259		—		9,545,259
Nasdaq-100® Index		890,078		—		890,078
Bristol		1,143,905		—		1,143,905
Balanced		11,143,284		—		11,143,284
Target VIP		711,595		—		711,595
Bristol Growth		495,776		—		495,776
Risk Managed Balanced		376,684		—		376,684

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

152 (continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued) December 31,  2015

During the year ended December 31, 2015, 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	$	488,548		$	—	$	5,057,141		$	6,250,772		$	5,661,713		$	21,414,702		$	859,889		$	8,382,717		$	15,069,642		$	—
Undistributed net investment income		(488,548	)		—		(5,057,141	)		(54,162	)		(5,661,713	)		(37,464	)		(196,497	)		(1	)		2			—
Accumulated net realized gain (loss) on investments		—			—		—			(6,196,610	)		—			(21,377,238	)		(663,392	)		(8,382,716	)		(15,069,644	)		—
Undistributed net investment losses
Paid in capital in excess of par value		—			—		—			—			—			—			—			—			—			(181,194	)
Undistributed net investment income		—			—		—			—			—			—			—			44,062			219,326			181,194
Accumulated net realized gain (loss) on investments		—			—		—			—			—			—			—			(44,062	)		(219,326	)		—
Foreign currency related reclassifications
Undistributed net investment income		—			—		—			—			3,404,677			(14,365	)		(40,998	)		(200	)		—			—
Accumulated net realized gain (loss) on investments		—			—		—			—			(3,404,677	)		14,365			40,998			200			—			—
Real Estate Investment Trust (REIT) reclassifications
Paid in capital in excess of par value		—			—		—			—			—			—			—			—			—			—
Undistributed net investment income		(181,838	)		—		—			—			10,756			—			—			—			—			—
Accumulated net realized gain (loss) on investments		181,838			—		—			—			(10,756	)		—			—			—			—			—
Reclassifications for partnership sales/basis
Paid in capital in excess of par value		—			—		—			—			—			—			—			—			(182	)		—
Undistributed net investment income		152,375			—		—			—			—			—			—			—			(87,268	)		—
Accumulated net realized gain (loss) on investments		(152,375	)		—		—			—			—			—			—			—			87,450			—
Other permanent differences
Paid in capital in excess of par value		—			—		—			—			—			1			—			1			—			(35	)
Undistributed net investment income		—			—		1,000			(1	)		—			(1	)		—			1			(348	)		—
Accumulated net realized gain (loss) on investments		—			—		(1,000	)		1			—			—			—			(2	)		348			35

153 (continued)

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Notes to Financial Statements (Continued) December 31,  2015

	S&P 500® Index			Strategic Value			High Income Bond			ClearBridge Small Cap			Nasdaq-100® Index			Bristol			Bryton Growth			Balanced			Target VIP			Bristol Growth			Risk Managed Balanced
Consent distributions
Paid in capital in excess of par value	$	5,422,617		$	40,289,888		$	24,976,336		$	8,562,909		$	4,361,575		$	44,884,130		$	20,850,934		$	14,666,478		$	100,128		$	20,313,869		$	1,386,280
Undistributed net investment income		(888,145	)		(2,649,665	)		(16,751,297	)		(7,715	)		(155,810	)		(99,592	)		—			(1,346,548	)		(100,128	)		(55,036	)		97,603
Accumulated net realized gain (loss) on investments		(4,534,472	)		(37,640,223	)		(8,225,039	)		(8,555,194	)		(4,205,765	)		(44,784,538	)		(20,850,934	)		(13,319,930	)		—			(20,258,833	)		(1,483,883	)
Undistributed net investment losses
Paid in capital in excess of par value		—			—			—			(293,559	)		—			—			—			—			—			—			—
Undistributed net investment income		—			—			—			285,842			—			—			928,394			—			—			—			—
Accumulated net realized gain (loss) on investments		—			—			—			7,717			—			—			(928,394	)		—			—			—			—
Foreign currency related reclassifications
Undistributed net investment income		—			(130,694	)		—			—			—			—			—			(1,493	)		—			—			(94	)
Accumulated net realized gain (loss) on investments		—			130,694			—			—			—			—			—			1,493			—			—			94
Real Estate Investment Trust (REIT) reclassifications
Paid in capital in excess of par value		—			—			—			—			—			—			—			—			—			—			377
Undistributed net investment income		(82,875	)		(450,983	)		—			(61,210	)		—			—			—			(191,247	)		—			—			(377	)
Accumulated net realized gain (loss) on investments		82,875			450,983			—			61,210			—			—			—			191,247			—			—			—
Reclassifications for partnership sales/basis
Paid in capital in excess of par value		—			—			—			—			—			—			—			—			—			—			(6	)
Undistributed net investment income		—			—			—			7,717			—			—			—			—			—			—			(11,156	)
Accumulated net realized gain (loss) on investments		—			—			—			(7,717	)		—			—			—			—			—			—			11,162
Other permanent differences
Paid in capital in excess of par value		—			1			—			—			3			1			—			3			—			—			—
Undistributed net investment income		(2,770	)		(2	)		26,114			4,352			(3	)		(1	)		—			2,528			—			2			—
Accumulated net realized gain (loss) on investments		2,770			1			(26,114	)		(4,352	)		—			—			—			(2,531	)		—			(2	)		—

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Notes to Financial Statements (Continued) December 31, 2015

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 December 31, 2015 for Federal income tax purposes.

	Equity			Bond			Omni			International			Capital Appreciation			International Small-Mid Company
Gross unrealized:
Appreciation	$	58,161,708		$	3,033,232		$	2,632,707		$	19,317,998		$	28,030,347		$	15,642,696
Depreciation		(55,311,797	)		(6,959,242	)		(2,544,569	)		(9,637,507	)		(39,128,565	)		(4,727,486	)
Net unrealized appreciation (depreciation)	$	2,849,911		$	(3,926,010	)	$	88,138		$	9,680,491		$	(11,098,218	)	$	10,915,210
Aggregate cost of securities:	$	550,210,293		$	155,035,858		$	48,657,066		$	150,195,435		$	449,897,088		$	67,141,009
	Aggressive Growth			Small Cap Growth			Mid Cap Opportunity			S&P 500® Index			Strategic Value			High Income Bond
Gross unrealized:
Appreciation	$	8,749,296		$	36,682,675		$	11,499,086		$	151,159,396		$	41,622,264		$	1,522,889
Depreciation		(1,332,031	)		(20,251,829	)		(5,703,758	)		(23,234,881	)		(17,499,616	)		(21,130,222	)
Net unrealized appreciation (depreciation)	$	7,417,265		$	16,430,846		$	5,795,328		$	127,924,515		$	24,122,648		$	(19,607,333	)
Aggregate cost of securities:	$	44,177,634		$	224,326,587		$	73,075,512		$	282,009,212		$	291,159,955		$	206,580,601
	ClearBridge Small Cap			Nasdaq-100® Index			Bristol			Bryton Growth			Balanced			Target VIP
Gross unrealized:
Appreciation	$	5,466,969		$	57,052,644		$	15,674,086		$	10,500,809		$	41,059,179		$	5,345,578
Depreciation		(4,722,975	)		(3,099,362	)		(11,984,265	)		(26,600,576	)		(44,975,842	)		(5,767,707	)
Net unrealized appreciation (depreciation)	$	743,994		$	53,953,282		$	3,689,821		$	(16,099,767	)	$	(3,916,663	)	$	(422,129	)
Aggregate cost of securities:	$	92,684,771		$	84,906,577		$	214,835,567		$	179,278,155		$	857,415,050		$	46,713,000
	Bristol Growth			Risk Managed Balanced
Gross unrealized:
Appreciation	$	13,581,304		$	6,004,910
Depreciation		(5,500,038	)		(4,767,380	)
Net unrealized appreciation (depreciation)	$	8,081,266		$	1,237,530
Aggregate cost of securities:	$	108,316,353		$	152,760,735

(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

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Notes to Financial Statements (Continued) December 31, 2015

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.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Ohio National Fund, Inc.

We have audited the accompanying statements of assets and liabilities of the Equity Portfolio, Money Market Portfolio, Bond Portfolio, Omni Portfolio, International Portfolio, Capital Appreciation Portfolio, International Small-Mid Company Portfolio, Aggressive Growth Portfolio, Small Cap Growth Portfolio, Mid Cap Opportunity Portfolio, S&P 500 Index Portfolio, Strategic Value Portfolio, High Income Bond Portfolio, ClearBridge Small Cap Portfolio (formerly, Capital Growth Portfolio), Nasdaq-100 Index Portfolio, Bristol Portfolio, Bryton Growth Portfolio, Balanced Portfolio, Target VIP Portfolio, Bristol Growth Portfolio and Risk Managed Balanced Portfolio (each a Portfolio and collectively, the Portfolios of Ohio National Fund, Inc.), including the schedules of investments, as of December 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2015, by correspondence with custodians and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Portfolios as of December 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods in the two-year period then ended and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Columbus, Ohio

February 19, 2016

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Additional Information (Unaudited) December 31, 2015

(1) Review and Approval of Advisory and Sub-advisory Agreements

At a meeting held on August 13, 2015, the Fund’s Board of Directors, including all Independent Directors, (collectively, the “Directors”) met for the specific purpose of considering the approval of a sub-advisory agreement for the Capital Growth Portfolio (currently named the ClearBridge Small Cap Portfolio) with a new sub-adviser. A representative of the Adviser reminded the Directors that at the May 21, 2015 meeting they had met with representatives of two potential sub-advisers that the Adviser had invited to the meeting to discuss their proposed strategies for the Portfolio, and that based on their consideration of the two potential sub-advisers and the Adviser’s recommendation, the Directors had determined that ClearBridge should be the proposed replacement.

The representative then reminded the Directors that at the May 21, 2015 meeting they had reviewed materials provided by ClearBridge with a Managing Director and Portfolio Manager of ClearBridge, who had discussed background information regarding the firm and its investment team for its small cap strategy, as well as the firm’s investment philosophy, portfolio construction process and approach to risk management.

The representative of the Adviser then pointed out that a copy of the proposed sub-advisory agreement was included in the Board materials, noting that it was in substantially the same form as recently used by the Fund for a different sub-adviser and that it included a reduction in the sub-advisory fee from 59 basis points to 55 basis points for the first $100 million in assets for the Portfolio. He also pointed out that the Adviser had agreed to reduce its advisory fee for the first $100 million in assets from 90 basis points to 85 basis points. It was the consensus of the Directors to agree to these fee reductions.

The representative of the Adviser then reviewed with the Directors the materials provided for purposes of their consideration of the sub-advisory agreement. He reviewed the performance for various periods ended June 30, 2015 of ClearBridge’s Small Cap composite (the “ClearBridge Composite”), which he pointed out was calculated without deduction for fees (i.e. “gross of fees”), in comparison with a peer group of funds in the U.S. Insurance Fund Small Cap Blend Morningstar category (the “Morningstar Peer Group”) and the Russell 2000 Index (the “Benchmark Index”). The Directors noted that, after deducting the anticipated net expense ratio for the Portfolio (the current actual net expense ratio, less the 5 basis point reduction of the advisory fee), the ClearBridge Composite outperformed the Morningstar Peer Group for the 1-, 3- and 5- year periods and outperformed the Benchmark Index for the 3- year period, while it underperformed the Morningstar Peer Group for the year-to-date period and underperformed the Benchmark Index for the year-to-date, 1- and 5- year periods.

The Directors also noted that the Portfolio’s anticipated net expense ratio was less than the average expense ratio for the Morningstar Peer Group, and that the sub-advisory fee was within the range of sub-advisory fees for the Morningstar Peer Group and less than the fees charged by ClearBridge to its proprietary fund and separately managed accounts with similar objectives and strategies, Overall, the Directors concluded that the proposed sub-advisory fee was reasonable. The Directors also reviewed ClearBridge’s estimated profit margin and determined that it was not excessive.

As part of the approval process, the Directors considered that, since ClearBridge is already a sub-adviser to another portfolio of the Fund, the Board had previously reviewed and approved ClearBridge’s code of ethics and compliance policies and procedures, including any changes thereto. The Directors also noted their satisfaction with the nature and quality of the services ClearBridge provides to the other portfolio.

After discussion, the Directors indicated that they were very impressed by the performance and presentation of ClearBridge, noting in particular the performance of the ClearBridge Composite (after deducting the anticipated net expense ratio for the Portfolio) relative to its Morningstar Peer Group. In unanimously determining to approve the proposed new sub-advisory agreement, the Directors concluded that the terms of the agreement were fair and reasonable and that approval was in the best interests of the Portfolio and its shareholders.

At a meeting held on November 19, 2015, the Board of Directors, including a majority of the Directors who are not “interested persons” of the Fund (the “Independent Directors”), approved the continuation of the Investment Advisory Agreement (the “Advisory Agreement”) with ONI (the “Adviser”) and, as applicable, the sub-advisory agreement with the Sub-Adviser (each a “Sub-Adviser,” and together the “Sub-Advisers”) for each of the Portfolios identified below. The Independent Directors were separately represented by independent legal counsel in connection with their consideration of the approval of the continuation of these agreements.

The Directors noted that the Adviser is responsible for monitoring the investment performance and other responsibilities of the various Sub-Advisers that have day-to-day responsibility for the decisions made for certain of the Fund’s investment portfolios (each, a “Portfolio”). They also noted that the Adviser reports to the Fund’s Board on its analysis of each Sub-Adviser’s performance at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Adviser will add or remove a particular Portfolio from a watchlist that it maintains. Watchlist criteria include, for example: (a) Portfolio performance over various time periods; (b) Portfolio risk issues, such as changes in key personnel involved with Portfolio management or changes in investment philosophy or process; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Sub-Adviser.

In considering the Advisory Agreement and sub-advisory agreements, the Board requested and reviewed a significant amount of information relating to each Portfolio, the Adviser and the Sub-Advisers, including the following: (1) performance data for each Portfolio for various time periods, including year-to-date through October 31, 2015, (2) comparative performance, advisory fee and expense ratio information for a peer group of funds in the respective Portfolio’s Morningstar category (a “Morningstar Peer Group” or “peer group”), as well as management fee

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peer comparison charts showing where each Portfolio’s advisory fee was located in the dispersion of its peer funds’ advisory fees; (3) comparable performance information for each Portfolio’s relevant benchmark index or indices; (4) comparative data regarding advisory fees, including data regarding the fees charged by the Adviser and Sub-Advisers for managing other institutional funds and institutional accounts using investment strategies and techniques similar to those used in managing the Portfolios; (5) comparative data regarding the expense ratio of each Portfolio, as compared to its Morningstar Peer Group; (6) profitability analyses for the Adviser with respect to each Portfolio; and (7) other information regarding the nature, extent and quality of services provided by the Adviser and the Sub-Advisers, as applicable. The Directors also took into account information on the services provided by the Adviser and each Sub-Adviser and performance, fee and expense ratio information regarding each Portfolio provided to them periodically throughout the year. They also met with representatives of the Adviser to review the relative performance of each Portfolio, as compared with its benchmark(s) and peers, and in particular discussed those Portfolios that were on the watchlist.

The Directors, including all of the Independent Directors, were assisted by experienced independent legal counsel throughout the contract review process. The Independent Directors discussed the proposed continuations in private session with such counsel at which no representatives of management, the Adviser or any Sub-Adviser were present. The Directors, including all of the Independent Directors, relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and each sub-advisory agreement and the weight to be given to each such factor. The conclusions reached by the Directors were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Director may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement and each sub-advisory agreement.

Nature, Extent and Quality of Services

The Board evaluated the nature, extent and quality of the advisory services provided to the Portfolios by the Adviser. As part of its review, the Board reviewed information regarding the Adviser’s operations, procedures and personnel. The Directors took into account information they received during the previous year at Board meetings and other discussions and through periodic reports regarding the Adviser’s performance of its duties. The Directors considered the capabilities and resources that the Adviser has dedicated to performing services on behalf of the Fund and its Portfolios. The quality of administrative and other services, including the Adviser’s role in monitoring the performance and quality of compliance of the Sub-Advisers, also was considered. The Directors also considered the quality of the compliance programs of the Adviser and its responsiveness to inquiries and requests from the Board.

For each Portfolio subject to a sub-advisory agreement (all Portfolios other than the Money Market Portfolio, Bond Portfolio, S&P 500 Index Portfolio, Nasdaq-100 Index Portfolio and the fixed income portion of the Omni Portfolio), the Board considered similar criteria as applied to each Sub-Adviser, including the nature, extent and quality of the sub-advisory services provided by each Sub-Adviser. In addition to the criteria used to review the Adviser, the Directors reviewed information on each Sub-Adviser’s portfolio management and brokerage practices, including any soft dollar benefits received. The Directors also reviewed the performance record of each Portfolio managed by the applicable Sub-Adviser. It was the Directors’ conclusion that overall, they were satisfied with the nature, extent and quality of services provided to the Fund and each of the Portfolios. The Directors did not consider the sub-advisory agreement with ClearBridge, LLC with respect to the ClearBridge Small Cap Portfolio, as that sub-advisory agreement recently had been approved by the Board in conjunction with the substitution of ClearBridge, LLC as the Sub-Adviser to the Portfolio.

Investment Performance

Representatives of the Adviser reviewed with the Directors each Portfolio’s performance year-to-date and for the 1-, 3- and 5-year periods ended October 31, 2015, as compared to the Portfolio’s Morningstar Peer Group and benchmark(s). The Board also considered the Adviser’s effectiveness in monitoring the performance of each Sub-Adviser and the Adviser’s timeliness in responding to performance issues. A Portfolio-by-Portfolio discussion of each Portfolio’s performance and the Board’s conclusions regarding that performance is set forth below.

Fees and Expenses

The Board considered the advisory fee for each Portfolio, as well as the difference of each Portfolio’s fee from the average advisory fee for the Portfolio’s Morningstar Peer Group and the fee’s percentile ranking within the peer group. The Board also considered charts showing, for each Portfolio, how the Portfolio’s advisory fees compared to the advisory fees of the funds in its peer group. The charts showed the number of funds in the peer group within each defined range of advisory fees, and the range that included the Portfolio. The Board also reviewed the difference between each Portfolio’s overall expense ratio and that of its Morningstar Peer Group, as well as the expense ratio’s percentile ranking within the peer group. For these purposes, the Morningstar Peer Groups excluded funds with net assets over $1 billion and all funds identified as being funds of funds. The Morningstar Peer Groups also excluded non-index funds for the S&P 500 Index Portfolio and the Nasdaq-100 Index Portfolio and excluded index funds for all other Portfolios.

In addition, the Board looked at the average net assets for each fund in the respective Morningstar Peer Group, and then compared the advisory fee that would have been paid by the Portfolio if the Portfolio had had net assets equal to the Morningstar Peer Group’s average net assets. The Board considered that comparison on an absolute and percentile ranking basis.

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Additional Information (Unaudited) (Continued) December 31, 2015

For all Portfolios other than those sub-advised by Suffolk, an affiliate of the Adviser, the Board also considered the amount of net advisory fee retained by the Adviser, after payment of the sub-advisory fee, as well as the proportion the net fee represented of the total advisory fee, in light of the services provided by the Adviser to the Portfolio. In this regard, in those cases where the Sub-Adviser provides sub-advisory services to a similar fund with an unaffiliated investment adviser, the Board reviewed a comparison of the advisory and sub-advisory fees paid by the similar fund to the fees for the Portfolio.

The Board also considered the fees paid to Sub-Advisers. With respect to the Portfolios sub-advised by Suffolk (including the equity portion of the Omni Portfolio), the Board evaluated the reasonableness of the total fees received by the Adviser. With respect to those Portfolios sub-advised by a Sub-Adviser that is not affiliated with the Adviser, the Board relied to a degree on the Adviser’s negotiation of each sub-advisory agreement on an arm’s-length basis, noting that in the past the Adviser has negotiated decreases in the sub-advisory fee for certain Portfolios and that the Adviser had always passed on the decrease by reducing its advisory fee by the same amount. Additionally, the Board considered the fees charged by the Adviser and Sub-Advisers to their separately managed institutional accounts and other accounts, and had no concerns with those rates relative to the fees charged to the Portfolios. The Directors also recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds and separately managed accounts.

Profitability

The Board reviewed the advisory fee paid to the Adviser for each Portfolio and noted the pre-tax profit margins reported by the Adviser for each Portfolio. Counsel then reviewed with the Directors a Management Practice, Inc. report on “Mutual Fund Profitability in 2013,” which showed the range of pre-tax profit margins of 16 public company investment advisers in 2013 for their respective fund complexes, as well as the average pre-tax profit margin by type of fund (equity, alternative, fixed income or money market). The Directors noted that the profit margins, with respect to the Portfolios that were profitable to the Adviser, were all within or slightly less than the range of profit margins for the 16 fund complexes (with the exception of the profit margin with respect to Omni Portfolio, which was significantly less than that range). The Directors reasoned that the Adviser’s profitability with respect to Omni Portfolio was likely attributable to the relatively smaller size of the Portfolio. The Directors also noted that the Adviser, and not the Portfolios, is responsible for paying sub-advisory fees to the Sub-Advisers. The Board also evaluated whether the net advisory fee received by the Adviser for each Portfolio, after paying sub-advisory fees to the Sub-Adviser, was reasonable, given the level of the Adviser’s services to the Portfolio. The Directors took into account the fact that the Adviser is contractually obligated to reimburse each Portfolio for certain of its expenses should they exceed a specified amount. Additionally, the Directors acknowledged that calculating the Adviser’s profitability related to a specific Portfolio can be challenging and imprecise because of the difficulties in appropriately allocating the Adviser’s expenses across the Portfolios.

The Board also noted that the Adviser has been subsidizing the Money Market Portfolio (and as a result has a loss with respect to the Portfolio) to assure that it continues to be available to all of Ohio National Fund, Inc.’s shareholders (i.e., the shareholders of every Portfolio), so that shareholders in other Portfolios can elect to invest in the Money Market Portfolio to the extent they want to take a more defensive posture. Consequently, because the Adviser’s subsidization of the Money Market Portfolio benefits the shareholders of every Portfolio, the Board acknowledged that a portion of the costs incurred by the Adviser in subsidizing the Money Market Portfolio should be considered with respect to the Adviser’s profitability from managing each of the other Portfolios.

The Board also considered the reasonableness of the sub-advisory fees paid by the Adviser to each Sub-Adviser. The Directors relied on the ability of the Adviser to negotiate the terms of each sub-advisory agreement, including the sub-advisory fee, at arm’s-length, noting that the Adviser is not affiliated with any Sub-Adviser other than Suffolk. Accordingly, the cost of services provided by each unaffiliated Sub-Adviser and the profitability to the Sub-Adviser of its relationship with the applicable Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board concluded that the potential realization of economies of scale by the Portfolios from the sub-advisory arrangements with the unaffiliated Sub-Advisers should not be a material factor in the Board’s deliberations.

In considering the reasonableness of the sub-advisory fees payable by the Adviser to Suffolk, the Directors noted that the Adviser, not the Portfolios, is responsible for paying sub-advisory fees to Suffolk and concluded, because of the affiliate relationship, that the allocation of the advisory fee between the Adviser and Suffolk was not relevant. Accordingly, the cost of services provided by Suffolk and the profitability to Suffolk of its relationship with the applicable Portfolios were not material factors in the Board’s deliberations. For similar reasons, the Board concluded that the potential realization of economies of scale by the applicable Portfolios from the sub-advisory arrangements with Suffolk should not be a material factor in the Board’s deliberations.

After considering all of the above, the Board concluded that the profitability of the Adviser with respect to each Portfolio was reasonable.

Economies of Scale

The Directors noted that all of the advisory and sub-advisory fee schedules contain breakpoints that would reduce the applicable advisory or sub-advisory fees on assets above a specified level as the applicable Portfolio’s assets increase. The Directors also noted that a Portfolio would realize additional economies of scale if the Portfolio’s net assets increase over time proportionately more than certain other expenses. The Directors took into account that many of the Portfolios had a small amount of net assets relative to peer funds. After considering each Portfolio’s current size and potential for growth, the Board concluded that each Portfolio is likely to benefit from economies of scale as the Portfolio’s net assets increase.

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Portfolio-by-Portfolio Analysis

In addition to the foregoing, the Directors considered the specific factors and related conclusions set forth below with respect to each Portfolio’s performance and fees and expenses. Except as otherwise indicated, the performance data described below for each Portfolio is for periods ended October 31, 2015 and the advisory fee and expense data described below is as of September 30, 2015 for a Portfolio’s Morningstar Peer Group.

Equity Portfolio (Adviser – ONI, Sub-Adviser – Clearbridge). The Portfolio underperformed its benchmark index and peer group for the year-to-date, 1- and 5-year periods, but outperformed the benchmark and peer group for the 3-year period. Representatives of the Adviser highlighted that for the 3-year period, the Portfolio’s performance ranked in the 16th percentile of its peer group. The Directors noted that the Portfolio’s advisory fee was higher than the peer group average, but still within the range of its peers, and recognized that the Portfolio’s expense ratio was slightly below the peer group average. Overall, the Board concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

Money Market Portfolio (Adviser – ONI). The Portfolio very slightly underperformed its peer group average for the year-to-date, 1-, 3- and 5-year periods. The Directors noted that the Portfolio’s advisory fee and expense ratio were below average relative to its peer group and that the Adviser has a negative profit margin for the Portfolio. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory fee was reasonable.

Bond Portfolio (Adviser – ONI). The Portfolio underperformed its benchmark index and its peer group average for the year-to-date, 1-, 3- and 5-year periods. Representatives of the Adviser discussed the conservative nature of the portfolio (indicating that it generally would be expected to slightly underperform) and how an unusual level of interest rate volatility that occurred in October 2015 affected overall returns for the Portfolio. The Directors noted that, although the Portfolio’s advisory fee was slightly above the peer group average, the Portfolio’s expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was acceptable and that the advisory fee was reasonable.

Omni Portfolio (Adviser – ONI, Sub-Adviser – Suffolk). The Omni Portfolio outperformed its benchmark index for the year-to-date, 1- and 3-year periods and its peer group average for the year-to-date, 1-, 3- and 5-year periods, while slightly underperforming the benchmark index for the 5-year period. Representatives of the Adviser pointed out that the Portfolio had performed in the top 1 percent of its peer group for the year-to-date, 1- and 3-year periods. The Board noted that the Portfolio’s advisory fee and expense ratio were below the Portfolio’s peer group average. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

International Portfolio (Adviser – ONI, Sub-Adviser – Federated Global). The Portfolio outperformed its benchmark index for the year-to-date and 1-year periods, while underperforming the benchmark for the 3- and 5-year periods. The Portfolio outperformed its peer group for the 1-year period, but it underperformed its peer group for the year-to-date, 3- and 5-year periods. Representatives of the Adviser noted that the Portfolio’s performance had turned around over the last year and that as a result the Adviser had taken it off the watchlist. The Board noted that while the Portfolio’s advisory fee was slightly above the peer group average, its expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

Capital Appreciation Portfolio (Adviser – ONI, Sub-Adviser – Jennison). The Portfolio underperformed its benchmark index for the year-to-date, 1-, 3- and 5-year periods, underperformed its peer group average for the year-to-date and 1-year periods, and outperformed its peer group average for the 3- and 5-year periods. Representatives of the Adviser noted that, while recent performance had been inconsistent, the Portfolio had outperformed its peer group over the longer term. The Board noted that, although the Portfolio’s advisory fee was higher than the peer group average, the expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was acceptable, especially in light of the Portfolio’s longer-term performance, and that the advisory and sub-advisory fees were reasonable.

International Small-Mid Company Portfolio (Adviser – ONI, Sub-Adviser – Federated Global). The Portfolio outperformed its benchmark index and peer group for year-to-date, 1-, 3- and 5-year periods, substantially outperforming both comparison groups for the year-to-date and 1-year periods. Representatives of the Adviser pointed out that the Portfolio’s performance had turned around significantly over the last year and that as a result the Adviser had taken it off the watchlist. The Board noted that the Portfolio’s advisory fee was slightly below the peer group average and the expense ratio was well below average relative to the peer group. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

Aggressive Growth Portfolio (Adviser – ONI, Sub-Adviser – Janus). The Portfolio outperformed its peer group average for the year-to-date, 1-, 3- and 5-year periods, outperformed its benchmark index over the year-to-date, 1- and 3-year periods, and underperformed its benchmark over the 5-year period. Representatives of the Adviser highlighted that the Portfolio significantly outperformed its benchmark index and peer group average over the 1-year period. The Board noted that the Portfolio’s advisory fee was above average compared to its peer group, but within the range of the Portfolio’s peers. The Board also noted that the Portfolio’s net expense ratio was below the average of the Portfolio’s peer group. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

Small Cap Growth Portfolio (Adviser – ONI, Sub-Adviser – Janus). The Portfolio outperformed its benchmark index and peer group average for the year-to-date, 1-, 3- and 5-year periods. Representatives of the Adviser pointed out that the Portfolio had performed in the top 1 percent of its

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Additional Information (Unaudited) (Continued) December 31, 2015

peer group for the 5-year period. The Board noted that the Portfolio’s advisory fee and expense ratio were below the peer group average. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

Mid Cap Opportunity Portfolio (Adviser – ONI, Sub-Adviser – Goldman Sachs). The Portfolio underperformed its benchmark index for the year-to-date, 1-, 3- and 5-year periods, underperformed its peer group average for the year-to-date, 1-year and 3-year periods, and outperformed its peer group average for the 5-year period. Representatives of the Adviser noted that the Portfolio’s underperformance was relatively recent, and that the Portfolio had been added to the watchlist, indicating that they would monitor performance closely, going forward. They also noted that the Portfolio’s 3-year and 5-year performance was fairly close to the peer group median, ranking in the 55th and 53rd percentile compared to the peer group. The Board noted that the Portfolio’s advisory fee was above the peer group average, although the Portfolio’s expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was acceptable, especially in light of the Portfolio’s longer-term performance, and that the advisory and sub-advisory fees were reasonable.

S&P 500^® Index Portfolio (Adviser – ONI). While the Portfolio underperformed its benchmark index for the year-to-date, 1-, 3- and 5-year periods, the Board noted that its performance generally was in line with the S&P 500^® Index when expenses were excluded. The Board did not rely on peer group comparison performance figures for the Portfolio because the Board considers peer group performance data for index funds to be generally irrelevant. The Board noted that, while the advisory fee was above the peer group average, the overall expense ratio is the statistic most important to index fund shareholders, and the Portfolio’s expense ratio was lower than the average for the peer group. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory fees were reasonable.

Strategic Value Portfolio (Adviser – ONI, Sub-Adviser – Federated Equity). The Portfolio outperformed its benchmark index and peer group average for the year-to-date and 1-year periods, underperformed its benchmark index for the 3- and 5-year periods, underperformed its peer group average over the 3-year period, and outperformed its peer group average for the 5-year period. Representatives of the Adviser discussed a summary of dividend yield and dividend growth for the Portfolio, noting that the Portfolio was meeting its objective of obtaining dividend yield. The Directors noted that the Portfolio’s advisory fee was above average for the peer group, while the expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

High Income Bond Portfolio (Adviser – ONI, Sub-Adviser – Federated Investment). The Portfolio outperformed its benchmark index and peer group average for the year-to-date, 1-, 3- and 5-year periods. The Directors noted that the advisory fee was above the peer group average, while the expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

ClearBridge Small Cap Portfolio (Adviser – ONI; sub-advisory agreement with new Sub-Adviser – ClearBridge not considered). The Directors reviewed the comparative performance information for the Portfolio, but noted that, at the recommendation of the Adviser, they had replaced the Sub-Adviser for the Portfolio, effective September 24, 2015, due to the poor performance of the Portfolio. They therefore determined that, in their consideration of the renewal of the advisory Agreement, they should focus on the factors other than performance, as they believed that the Adviser had demonstrated the appropriate oversight of the former Sub-Adviser in determining to substitute ClearBridge, LLC as the new Sub-Adviser. The Board reviewed supplemental performance information for the Portfolio that covered the period running from the effective date of the change in sub-adviser until November 2, 2015, but reasoned that such a short history of performance did not provide a sufficient track record to evaluate. The Directors noted that although the Portfolio’s advisory fee was slightly above the peer group average, the expense ratio was below the peer group average. Overall, the Board concluded that the advisory fee was reasonable.

Nasdaq-100^® Index Portfolio (Adviser – ONI). While the Portfolio underperformed its benchmark index for the year-to-date, 1-, 3- and 5-year periods, the Board noted that its performance generally was in line with the Nasdaq-100^® Index when expenses were excluded. The Board did not rely on peer group comparison performance figures for the Portfolio because the Board considers peer group performance data for index funds to be generally irrelevant. The Board noted that the Portfolio’s advisory fee and net expense ratio were below the peer group averages. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory fees were reasonable.

Bristol Portfolio (Adviser – ONI, Sub-Adviser – Suffolk). The Portfolio outperformed its peer group average for the year-to-date, 1-, 3- and 5-year periods, outperformed its benchmark index for the year-to-date, 1- and 3- year periods, and underperformed its benchmark index for the 5-year period. The Directors noted that, although the Portfolio’s advisory fee was above the peer group average, the Portfolio’s expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

Bryton Growth Portfolio (Adviser – ONI, Sub-Adviser – Suffolk). The Portfolio underperformed its benchmark index and peer group average for the year-to-date, 1-, 3- and 5-year periods. The Directors noted that the Portfolio only slightly underperformed the peer group average for the 1- and 3-year periods. Representatives of the Adviser noted that the Portfolio’s three year performance was equal to the median for its peer group. The Directors noted that the Portfolio’s advisory fee was equal to the peer group average and the expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

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Additional Information (Unaudited) (Continued) December 31, 2015

Balanced Portfolio (Adviser – ONI, Sub-Adviser – ICON). The Portfolio outperformed its benchmark index for the year-to-date period, underperformed its benchmark index for the 1-, 3- and 5-year periods, outperformed its peer group average for the year-to-date, 1- and 5-year periods, and underperformed its peer group average for the 3-year period. The Directors noted the Portfolio’s good performance relative to its peer group, particularly over the last year. The Directors further considered supplemental information regarding the Portfolio’s historical standard deviation versus several indexes and noted that, based on that data, the Portfolio seemed to be achieving a reasonable return for the risk it was taking on. The Directors noted that the Portfolio’s advisory fee and expense ratio were below the peer group averages. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

Target VIP Portfolio (Adviser – ONI, Sub-Adviser – First Trust). The Portfolio underperformed its benchmark index and peer group average for the year-to-date, 1-, 3- and 5- year periods. The Board noted that, because the Portfolio is not actively managed, its performance does not reflect on the Sub-Adviser, but is a function of the effectiveness of the model. Representatives of the Adviser indicated that the Portfolio has been added to the watchlist, indicating that they would monitor performance closely, going forward. The Board noted the Portfolio’s advisory fee and expense ratio were below its peer group averages. Overall, the Board concluded that the performance of the Portfolio was acceptable, particularly in light of the fact that the Portfolio is not actively managed, and that the advisory and sub-advisory fees were reasonable.

Bristol Growth Portfolio (Adviser – ONI, Sub-Adviser – Suffolk). The Portfolio underperformed its benchmark index over the year-to-date, 1- and 5-year periods, outperformed its benchmark index for the 3-year period, and outperformed its peer group average over the year-to-date, 1-, 3- and 5-year periods. The Directors noted that although the Portfolio’s advisory fee was slightly above its peer group average, the expense ratio was below the peer group average. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

Risk Managed Balanced Portfolio (Adviser – ONI, Sub-Advisers – Janus and AnchorPath). The Portfolio underperformed its benchmark index for the year-to-date and 1-year periods, but outperformed its peer group average over the same periods. The Board also considered supplemental performance data that showed that the Portfolio was performing favorably with relatively low volatility when returns were evaluated since inception, and noted that AnchorPath appeared to be substantially contributing to the Portfolio’s total performance. The Directors also noted that the Portfolio’s advisory fee and expense ratio were substantially higher than the peer group average. Representatives of the Adviser explained that the Portfolio’s higher advisory fee was due, in part, to the engagement of two sub-advisers for the Portfolio. They noted that the Portfolio’s higher net expense ratio was expected due to the Portfolio’s relatively shorter operating history, and was expected to decline as the Portfolio’s assets grow. They also pointed out that there was no appropriate peer group for comparison purposes among insurances funds. The peer group used is a balanced fund peer group, but the Portfolio executes a strategy that is more comparable to that of alternative funds, which generally have much higher fees. Overall, the Board concluded that the Portfolio’s performance was satisfactory and that the advisory and sub-advisory fees were reasonable.

After consideration of the foregoing, the Board reached the following conclusions regarding the Investment Advisory Agreement and, as applicable, the sub-advisory agreement(s) with respect to each Portfolio, in addition to the conclusions set forth above: (a) ONI and the Sub-Adviser(s) had demonstrated that they possessed the capability and resources to perform the duties required of them under the Investment Advisory Agreement and applicable sub-advisory agreement(s), respectively; (b) the investment philosophy, strategies and techniques of ONI (with respect to the Portfolios without a Sub-Adviser) and the Sub-Adviser(s) were appropriate for pursuing the applicable Portfolio’s investment objective; (c) ONI (with respect to the Portfolios without a Sub-Adviser) and the Sub-Adviser(s) were likely to execute their investment philosophy, strategies and techniques consistently over time; and (d) ONI and the Sub-Adviser(s) maintained appropriate compliance programs. Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Director not necessarily attributing the same weight to each factor, the Directors unanimously concluded that approval of the continuation of the Investment Advisory Agreement and, as applicable, the sub-advisory agreement was in the best interests of each Portfolio and its shareholders. Accordingly, the Board, including all of the Independent Directors, voted unanimously to approve the continuation of the Investment Advisory Agreement and, as applicable, the sub-advisory agreement(s) for each Portfolio.

(2) Expense Disclosure

An individual may not buy or own membership interests of the Fund directly. An individual acquires an indirect interest in the Fund by purchasing a variable annuity contract or variable insurance policy and allocating premiums or purchase payments to Fund Portfolios available through the separate accounts of ONLIC, ONLAC, and NSLA. Separate accounts of these entities are the shareholders of the Fund.

As a shareholder of the Fund, a separate account incurs ongoing costs, including management fees and other Fund expenses. This example is intended to help a policy/contract owner understand ongoing costs (in dollars) associated with the underlying investment in the 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, 2015 and held through December 31, 2015.

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Additional Information (Unaudited) (Continued) December 31, 2015

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 7/1/2015		Ending Investment Value 12/31/2015		Expense Paid During Period* 7/1/2015 – 12/31/2015		Expense Ratio During Period 7/1/2015 – 12/31/2015 (Annualized)
Equity	$	1,000.00	$	956.00	$	3.99		0.81	%
Money Market		1,000.00		1,000.00		0.40		0.08	%
Bond		1,000.00		985.20		3.20		0.64	%
Omni		1,000.00		977.00		3.89		0.78	%
International		1,000.00		942.00		4.89		1.00	%
Capital Appreciation		1,000.00		941.30		3.96		0.81	%
International Small-Mid Company		1,000.00		959.40		6.07		1.23	%
Aggressive Growth		1,000.00		1,026.50		4.80		0.94	%
Small Cap Growth		1,000.00		924.60		4.12		0.85	%
Mid Cap Opportunity		1,000.00		931.50		4.63		0.95	%
S&P 500® Index		1,000.00		999.10		2.07		0.41	%
Strategic Value		1,000.00		1,046.40		4.02		0.78	%
High Income Bond		1,000.00		947.30		3.98		0.81	%
ClearBridge Small Cap		1,000.00		909.10		4.91		1.02	%
Nasdaq-100® Index		1,000.00		1,048.10		2.43		0.47	%
Bristol		1,000.00		976.40		4.04		0.81	%
Bryton Growth		1,000.00		864.60		4.14		0.88	%
Balanced		1,000.00		986.10		3.20		0.64	%
Target VIP		1,000.00		947.90		3.73		0.76	%
Bristol Growth		1,000.00		1,000.00		4.39		0.87	%
Risk Managed Balanced		1,000.00		993.20		5.33		1.06	%

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Additional Information (Unaudited) (Continued) December 31, 2015

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 7/1/2015		Ending Investment Value 12/31/2015		Expense Paid During Period* 7/1/2015 – 12/31/2015		Expense Ratio During Period 7/1/2015 –  12/31/2015 (Annualized)
Equity	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Money Market		1,000.00		1,024.80		0.41		0.08	%
Bond		1,000.00		1,021.98		3.26		0.64	%
Omni		1,000.00		1,021.27		3.97		0.78	%
International		1,000.00		1,020.16		5.09		1.00	%
Capital Appreciation		1,000.00		1,021.12		4.13		0.81	%
International Small-Mid Company		1,000.00		1,019.00		6.26		1.23	%
Aggressive Growth		1,000.00		1,020.47		4.79		0.94	%
Small Cap Growth		1,000.00		1,020.92		4.33		0.85	%
Mid Cap Opportunity		1,000.00		1,020.42		4.84		0.95	%
S&P 500® Index		1,000.00		1,023.14		2.09		0.41	%
Strategic Value		1,000.00		1,021.27		3.97		0.78	%
High Income Bond		1,000.00		1,021.12		4.13		0.81	%
ClearBridge Small Cap		1,000.00		1,020.06		5.19		1.02	%
Nasdaq-100® Index		1,000.00		1,022.84		2.40		0.47	%
Bristol		1,000.00		1,021.12		4.13		0.81	%
Bryton Growth		1,000.00		1,020.77		4.48		0.88	%
Balanced		1,000.00		1,021.98		3.26		0.64	%
Target VIP		1,000.00		1,021.37		3.87		0.76	%
Bristol Growth		1,000.00		1,020.82		4.43		0.87	%
Risk Managed Balanced		1,000.00		1,019.86		5.40		1.06	%

* 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 (184 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.

(3) Other Federal Tax Information

For corporate shareholders, the percentages of the total ordinary income dividends paid in 2015, and ordinary income consent dividends that were incurred for the 2015 tax year, that qualify for the corporate dividends received deduction are as follows:

Equity	100.00	%
Money Market	0.00	%
Bond	0.00	%
Omni	24.46	%
International	0.00	%
Capital Appreciation	32.67	%
International Small-Mid Company	0.00	%
Aggressive Growth	100.00	%
Small Cap Growth	44.38	%
Mid Cap Opportunity	0.00	%
S&P 500® Index	97.60	%

Strategic Value	77.32	%
High Income Bond	0.00	%
ClearBridge Small Cap	0.00	%
Nasdaq-100® Index	100.00	%
Bristol	19.33	%
Bryton Growth	4.30	%
Balanced	22.46	%
Target VIP	84.29	%
Bristol Growth	25.67	%
Risk Managed Balanced	100.00	%

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Additional Information (Unaudited) (Continued) December 31, 2015

Pursuant to Section 853 of the Internal Revenue Code, the Fund designates the following amounts as foreign taxes paid for the year ended December 31, 2015:

	Creditable Foreign Taxes Paid		Per Share Amount		Portion of Ordinary Income Distribution Derived from Foreign  Sourced Income
International	$	641,652	$	0.0505		100.00	%
International Small-Mid Company	$	83,106	$	0.0318		100.00	%

Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes. None of the Portfolios listed above derived any income from ineligible foreign sources, as defined under Section 901(j) of the Internal Revenue Code.

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Ohio National Fund, Inc.

Information about Directors and Officers (Unaudited) December 31, 2015

Name and Address	Age		Position(s) with the Fund	Term of Office and Length of Time Served	Number of Portfolios	Principal Occupation(s) During Past Five Years and Other Directorships
Independent Directors
George M. Vredeveld One Financial Way Cincinnati, Ohio		73	Lead Independent Director, Member of Audit and Independent Directors Committees	Indefinite; Since March 1996	21	Professor Emeritus, Finance: University of Cincinnati (January 2014-present); Research Fellow and Member of Academic Council: Varna Free University, Varna, Bulgaria (2012-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		63	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 and Investment Committee member: Life Enriching Communities; Investment Committee: Xavier University Foundation.
Madeleine W. Ludlow One Financial Way Cincinnati, Ohio		61	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.
Geoffrey Keenan One Financial Way Cincinnati, Ohio		57	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		76	Chairman and Director	Indefinite; Since July 1997	21	Insurance industry consultant (April 2010 to present), President: Ohio National Fund, Inc. (1997-2010); Director and Vice Chairman: ONLIC (1997-2010); President and CEO: NSLA (2002-2010); Director: NSLA, 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 (January 2014-present); Executive Vice President and Chief Investment Officer: ONLIC (August 2010-January 2014); President and Director: ONI; Chief Investment Officer: NSLA; Officer and Director of 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 (January 2014-present); Executive Vice President and Chief Marketing Officer — Institutional: ONLIC (January 2008-January 2014); Director and Vice President — Marketing: NSLA; Director: ONI; Senior Vice President: Ohio National Equities, Inc.
R. Todd Brockman One Financial Way Cincinnati, Ohio		47	Treasurer	Indefinite; Since August 2004		Vice President, Mutual Funds: ONLIC and NSLA (February 2014-present); Second Vice President, Mutual Fund Operations: ONLIC and NSLA (January 2007-February 2014); Treasurer: ONI.
Kimberly A. Plante One Financial Way Cincinnati, Ohio		41	Secretary	Indefinite; Since March 2005		Second Vice President and Counsel: ONLIC (January 2016-present); Senior Associate Counsel: ONLIC (January 2011-January 2016); Associate Counsel: ONLIC (July 2007-January 2011); Secretary: ONI; Officer of various other Ohio National-affiliated companies.

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Information about  Directors and Officers (Unaudited) (Continued) December 31, 2015

Name and Address	Age		Position(s) with the Fund	Term of Office and Legth of Time Served	Number of Portfolios	Principal Occupation(s) and Other Directorships During Past Five Years
Keith Dwyer One Financial Way Cincinnati, Ohio		43	Interim Chief Compliance Officer	Indefinite; Since November 2015		Director, Fund Compliance: ONLIC (January 2015-present); Administrator, Fund Compliance: ONLIC (January 2014-January 2015); Compliance Analyst (September 2009-September 2011 and April 2013-January 2014); Interim Chief Compliance Officer: ONI, Suffolk, and other Ohio National-affiliated companies (November 2015 to present).
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 Counsel: ONLIC (April 2013-present); Assistant Secretary: ONI (April 2013-present); Counsel: Goodyear Tire & Rubber Company (January 2012-April 2013).

168

Ohio National Fund, Inc.

Post Office Box 371

Cincinnati, Ohio 45201

Form 1320 Rev. 2-16

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:

Fiscal year ended December 31, 2015:	$	275,500
Fiscal year ended December 31, 2014:	$	267,750

(b) Audit-Related Fees.

Consent(s) on N-1A Annual Registration Statement filed with the SEC:

Fiscal year ended December 31, 2015:	$	10,000
Fiscal year ended December 31, 2014:	$	5,000

(c) Tax Fees.

Fiscal year ended December 31, 2015:	$	81,480
Fiscal year ended December 31, 2014:	$	0

(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 year ended December 31, 2015, there were tax services provided by the Fund’s principal accountant that were pre-approved by the Fund’s Audit Committee. During the fiscal year ended December 31, 2014, 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 in item 4(b) 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 items (b) and (c) 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)
	March 4, 2016

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)
	March 4, 2016

By:	/s/ R. Todd Brockman
	R. Todd Brockman
	Treasurer
	(Principal Financial Officer)
	March 4, 2016