Ohio National Fund Inc.

Not Applicable.

There were no non-audit services provided by the Fund’s principal accountant, other than items disclosed in item(b) above, in which a fee was billed to the Fund, the Fund’s adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years.

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.

N-CSR 1 d641842dncsr.htm OHIO NATIONAL FUND INC. Ohio National Fund Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03015

Ohio National Fund, Inc.

(Exact name of registrant as specified in charter)

One Financial Way, Cincinnati, Ohio

45242

(Address of principal executive offices)

(Zip Code)

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2018

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.

LOGO

TABLE OF CONTENTS


Presidents’ Message			1

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

ON Equity Portfolio (formerly the Equity Portfolio)			3

ON Bond Portfolio (formerly the Bond Portfolio)			7

ON Omni Portfolio (formerly the Omni Portfolio)			13

ON Capital Appreciation Portfolio (formerly the Capital Appreciation Portfolio)			19

ON International Equity Portfolio			23

ON Foreign Portfolio			28

ON Janus Henderson Forty Portfolio (formerly the Aggressive Growth Portfolio)			33

ON Janus Henderson Venture Portfolio (formerly the Small Cap Growth Portfolio)			37

ON Janus Henderson Enterprise Portfolio (formerly the Mid Cap Opportunity Portfolio)			42

ON S&P 500^®Index Portfolio (formerly the S&P 500^®Index Portfolio)			47

ON Federated Strategic Value Dividend Portfolio (formerly the Strategic Value Portfolio)			55

ON Federated High Income Bond Portfolio (formerly the High Income Bond Portfolio)			58

ON ClearBridge Small Cap Portfolio (formerly the ClearBridge Small Cap Portfolio)			67

ON Nasdaq-100^®Index Portfolio (formerly the Nasdaq-100^®Index Portfolio)			71

ON Bristol Portfolio (formerly the Bristol Portfolio)			75

ON Bryton Growth Portfolio (formerly the Bryton Growth Portfolio)			78

ON ICON Balanced Portfolio (formerly the Balanced Portfolio)			81

ON S&P MidCap 400^®Index Portfolio (formerly the S&P MidCap 400^®Index Portfolio)			86

ON Bristol Growth Portfolio (formerly the Bristol Growth Portfolio)			93

ON Risk Managed Balanced Portfolio (formerly the Risk Managed Balanced Portfolio)			96

ON Conservative Model Portfolio			109

ON Moderately Conservative Model Portfolio			112

ON Balanced Model Portfolio			115

ON Moderate Growth Model Portfolio			119

ON Growth Model Portfolio			123

Statements of Assets and Liabilities			127

Statements of Operations			130

Statements of Changes in Net Assets			133

Financial Highlights			139

Notes to Financial Statements			145

Report of Independent Registered Public Accounting Firm			168

Additional Information (Unaudited)			169

Information about Directors and Officers (Unaudited)			178

Presidents’

Message

Dear Investor:

Following a reset of economic expectations in February 2018 associated with rising rates, globally diversified portfolios gained ground with very low volatility through September. In October, concerns over a trade war with China triggered a sell-off and a spike in volatility that carried through the end of the year. This decline played out in spite of a fairly strong domestic economy.

The U.S. economy posted 3.0 percent Gross Domestic Product (GDP) growth in 2018 bolstered by tax cuts and strong corporate profits. The labor market remained tight, with the unemployment rate dropping to 3.9 percent by year end. Consumer confidence also remained strong, hitting an eighteen year high during the fourth quarter.

Market participants had many concerns with a continued focus on slowing global growth from tariffs, the potential for a longer trade war with China, and the risk that the Federal Reserve would continue to raise short term interest rates aggressively in 2019. Geopolitical risk in the Middle East and Asia as well as the possibility of a poorly executed Brexit also weighed on the markets. Lastly, higher long-term interest rates, along with a divided U.S. government, also contributed to investors’ concerns.

Equity Markets

Most major equity indices posted negative returns in 2018. The S&P 500^® Index, which is a large cap domestic index, provided a -4.4 percent total return for the year. However, large cap stocks substantially outperformed mid-cap and small cap stocks, as illustrated in the table below. The S&P MidCap 400^® Index posted a total return of -11.1 percent, while the Russell 2000^® Index of small cap stocks posted a total return of -11.0 percent. Growth stocks outperformed value stocks again in 2018, as shown by the



Michael J. DeWeirdt, CFA, FRM		Gary R. Rodmaker, CFA, FLMI
President, Ohio National Fund, Inc.		President, Ohio National Investments, Inc.

S&P 500^® Growth Index, providing a total return of 0.0 percent, compared to the S&P 500^® Value Index total return of -9.0 percent. Foreign and emerging market stocks provided the least favorable returns in 2018. The MSCI All Country World ex-US Index (Net – USD) posted a total return of -14.2 percent, while the MSCI Emerging Markets Index posted a total return of -14.4 percent for the year.

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


Index	2018 U.S. Dollar Total Return (price and dividend)

S&P 500^®		-4.4%
S&P 500^®Growth		0.0%
S&P 500^®Value		-9.0%
S&P MidCap 400^®		-11.1%
Russell 2000^®Small Cap		-11.0%
MSCI All Country World Ex-USA (Net – USD)		-14.2%
MSCI Emerging Markets		-14.4%

The variability of returns in the above table serves as a very good reminder of why it is important to remain diversified. Diversification among asset classes tends to smooth returns and lower volatility over time.

Fixed Income Markets

Bond returns were mixed in 2018, but fell into a much tighter range than stocks. The Federal Reserve increased the Federal Funds rate four times in 2018, for a total of 100 basis points, or 1.0 percent. Longer term interest rates also increased, albeit less than the Federal Funds rate. As a result, the interest rate curve continued to flatten

between the 2-year and 30-year Treasury rates. Credit spreads widened throughout the year, as investors became more concerned about growing corporate debt and the prospect of slowing growth in the economy.

The Bloomberg Barclays US Aggregate Bond Index posted a total return of 0.0 percent in 2018. Higher quality indices, like the Bloomberg Barclays US Treasury Index and the Bloomberg Barclays Securitized Index provided modestly positive total returns of 0.9 percent and 1.0 percent, respectively. However, credit sensitive indices such as the Bloomberg Barclays Corporate Index and Bloomberg Barclays US Corporate High Yield Index provided negative total returns of -2.5 percent and -2.1 percent, respectively. The table below illustrates the returns of the various indices.


Index	2018 U.S. Dollar Total Return (price and interest)

Bloomberg Barclays US Aggregate		0.0%
Bloomberg Barclays US Treasury		0.9%
Bloomberg Barclays Securitized		1.0%
Bloomberg Barclays Corporate		-2.5%
Bloomberg Barclays US Corporate High Yield		-2.1%

Looking Ahead

Entering 2019, the U.S. economy remains strong and corporate profitability is expected to continue to grow, albeit at a slower pace than in 2018. Unemployment is low,

consumer confidence is high, and inflation remains under control. The Federal Reserve has expressed a less hawkish tone, which decreases the likelihood of a policy misstep in the near term. Lastly, equity market valuations are more attractive entering 2019, following the equity market declines that occurred in the fourth quarter of 2018. These items provide a positive backdrop for financial markets in 2019.

While there are many positives, financial markets are not without risk in 2019. Tariffs and trade tensions continue with China and others. Global growth is slowing, and we are late in the U.S. economic cycle. While the Federal Reserve has paused additional rate hikes in the short term, evidence of inflation could cause them to reconsider. We expect this menu of trigger items to lead to periods of heightened volatility. In this environment, we believe staying the course in a well-diversified portfolio will serve investors well over the long term.

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


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

Objective/Strategy

The ON Equity Portfolio (formerly the Equity Portfolio) seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its assets in equity securities.

Performance as of December 31, 2018


Average Annual returns
One year			-13.82%
Five years			4.12%
Ten years			10.95%

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.

Total expense ratio is 0.80% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Equity Portfolio returned -13.82% versus -4.38% for its benchmark, the S&P 500 Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. It was a tale of two markets in 2018. The S&P 500 Index generated a total return of more than 10% through September, led by the Information Technology (“IT”), Consumer Discretionary and Health Care sectors. Strong gross domestic product (“GDP”) growth, low unemployment, gently rising wages and cycle-high consumer confidence created a good environment for discretionary spending. With the exception of a market correction in February, the market behaved much like it did in 2017, with shorter-term momentum and passive strategies rewarded. Our investment discipline, which is longer-term, valuation-driven and focused on buying stocks when prices are below business value, and subsequent convergence of price and value was not optimal for this market. We had positioned the Portfolio to benefit from improving fundamentals in Financials and Energy. Energy did not benefit when oil prices rallied strongly, however, and Financials did not enjoy higher interest rates, as historic correlations and fundamental logic would suggest.

From its late-September peak, the S&P 500 fell 14%, while the NASDAQ Composite fell over 16%. Rising interest rates and suggestions that the Federal Reserve would continue unwinding its multi-trillion-dollar balance sheet pressured the stocks of many highly leveraged companies. After peaking in September, the bellwether IT companies led the market down in October. While the market steadied somewhat in November, when U.S. midterm elections produced a split Congress, viewed as more conducive to stable policy, this was short-lived. By year-end, fears of slowing economic growth negatively impacted investor sentiment, resulting in further declines. Toward the end of the

year, as investors’ risk appetite decreased, interest turned from cyclical IT and Consumer Discretionary sectors toward more traditional income sectors such as Utilities, Real Estate, and Consumer Staples. Our overweight to Utilities benefited from this, while our underweight to Consumer Staples dampened results. The Energy sector, meanwhile, fell as oil prices dropped to their lowest levels in a year, and the Portfolio’s Energy overweight did not find relief. In the intermediate term, however, we believe oil will be in undersupply unless capital expenditures increase materially. As such, we believe oil prices will find support, and price and value in the Energy sector will converge.

Q. How did sector allocation and security selection each impact the Portfolio’s performance relative to its benchmark? For sector allocation, were there any factors that impacted the benchmark’s performance more significantly than the Portfolio’s performance? For security selection, was there anything specific regarding the Portfolio’s strategy that caused deviation from the benchmark?

A. Relative to the benchmark, stock selection was the main detractor from performance. In particular, stock selection in the Health Care, Consumer Discretionary and Financials sectors dampened relative returns. Overweights to Energy and Financials and an underweight to IT also hurt relative performance. Meanwhile, stock selection in the Materials, Utilities and Communication Services sectors, and an overweight allocation to Utilities, contributed positively to relative results. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. XL Group Ltd. (“XL”), a property and casualty insurer in the Financials sector, was acquired by insurance giant AXA SA at a 50% premium to its stock price before the M&A speculation surfaced. We took advantage of the low valuation when the stock suffered an operating loss in 2017 due to large catastrophe losses. We saw value in XL’s global leadership in the commercial insurance and reinsurance markets, given its specialty focus and the highly valuable Lloyd’s franchise. ⁽¹⁾

AES Corp. (“AES”), in the Utilities sector, is starting to enjoy the full benefits from its pivot to faster-growing renewable energy projects, while also paying down debt and reducing costs. The result is a major reduction in AES’s risk profile, which will culminate in investment grade metrics by next year. At the same time, the earnings and cash flow growth has been steadily improving, which is fully supporting its 3.6% dividend yield. These fundamental improvements, along with the major risk reduction, should continue to close the gap between price and a higher and growing business value. ⁽¹⁾

Adient PLC, in the Consumer Discretionary sector, was the top detractor. The company reported a poor first fiscal quarter in 2018, with earnings below consensus and lowered guidance for 2018. Adient PLC later showed improvements in its beleaguered seat structures/mechanisms and metals business, but earnings expectations continued to drop. We exited the position during the fourth quarter. ⁽¹⁾

Synchrony Financial (“Synchrony”), in the Financials sector, was another top detractor. The company is a private label credit card issuer that works with retailers and affinity groups. Synchrony lost a 19-year partnership with Walmart, Inc. (“Walmart”) during the second quarter of 2018, although its core business is performing well. Given the low profitability of the Walmart relationship and substantial capital freed up, losing the contract is in fact earnings per share neutral, belying the sharply negative reaction in the stock. We believe Synchrony’s share price is still well below business value. Additionally, Synchrony has ample excess capital that should allow it to pay out 100% or more of


		3		(continued)


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

earnings to shareholders for years and grow at a premium to the industry. We remain positive on the stock, which is currently one of our highest-conviction names in the Financials sector. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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

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

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		84.2
Preferred Securities ⁽⁴⁾		0.8
Money Market Funds and Other Net Assets		15.0

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾⁽²⁾ ⁽³⁾


		% of Net Assets
1.	Alphabet, Inc. Class C		5.4
2.	Microsoft Corp.		4.1
3.	Oracle Corp.		3.9
4.	Allergan PLC		3.2
5.	Kinder Morgan, Inc.		3.1
6.	Wells Fargo & Co.		3.0
7.	Alexion Pharmaceuticals, Inc.		2.9
8.	Exelon Corp.		2.8
9.	American International Group, Inc.		2.8
10.	Intercontinental Exchange, 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, Preferred Securities):


	% of Net Assets
Financials		15.6
Health Care		15.3
Information Technology		14.0
Energy		8.6
Industrials		6.4
Communication Services		6.2
Consumer Discretionary		5.8
Utilities		5.0
Consumer Staples		3.2
Real Estate		2.5
Materials		2.4

		85.0


Ohio National Fund, Inc.		ON Equity Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 84.2%			Shares		Value
COMMUNICATION SERVICES – 6.2%
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		13,434	$	13,912,385
Facebook, Inc. Class A (Interactive Media & Svs.)	(a	)		15,876		2,081,185

						15,993,570

CONSUMER DISCRETIONARY – 5.0%
AutoZone, Inc. (Specialty Retail)	(a	)		7,179		6,018,443
General Motors Co. (Automobiles)				77,030		2,576,653
Lennar Corp. Class A (Household Durables)				58,027		2,271,757
Melco Resorts & Entertainment Ltd. – ADR (Hotels, Restaurants & Leisure)				121,201		2,135,562

						13,002,415

CONSUMER STAPLES – 3.2%
Anheuser-Busch InBev SA / N.V. – ADR (Beverages)				50,012		3,291,290
Mondelez International, Inc. Class A (Food Products)				121,754		4,873,812

						8,165,102

ENERGY – 8.6%
Devon Energy Corp. (Oil, Gas & Consumable Fuels)				132,929		2,996,219
Encana Corp. (Oil, Gas & Consumable Fuels)				375,415		2,169,899
Halliburton Co. (Energy Equip. & Svs.)				69,549		1,848,612
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)				520,373		8,003,337
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)				25,414		3,342,449
Plains GP Holdings LP Class A (Oil, Gas & Consumable Fuels)				184,127		3,700,953

						22,061,469

FINANCIALS – 15.6%
American International Group, Inc. (Insurance)				182,114		7,177,113
Brighthouse Financial, Inc. (Insurance)	(a	)		78,514		2,393,107
Citigroup, Inc. (Banks)				84,454		4,396,675
Intercontinental Exchange, Inc. (Capital Markets)				84,152		6,339,170
MetLife, Inc. (Insurance)				96,871		3,977,523
Synchrony Financial (Consumer Finance)				227,723		5,342,382
Voya Financial, Inc. (Diversified Financial Svs.)				72,380		2,905,333
Wells Fargo & Co. (Banks)				167,680		7,726,694

						40,257,997

HEALTH CARE – 15.3%
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a	)		77,869		7,581,326
Allergan PLC (Pharmaceuticals)				61,640		8,238,802
Biogen, Inc. (Biotechnology)	(a	)		5,974		1,797,696
Bristol-Myers Squibb Co. (Pharmaceuticals)				46,370		2,410,313
Celgene Corp. (Biotechnology)	(a	)		55,330		3,546,100
Merck & Co., Inc. (Pharmaceuticals)				75,671		5,782,021
Mylan N.V. (Pharmaceuticals)	(a	)		190,014		5,206,383
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)				41,853		4,878,386

						39,441,027

INDUSTRIALS – 6.4%
ABB Ltd. – ADR (Electrical Equip.)				63,150		1,200,481


Common Stocks (Continued)			Shares		Value
INDUSTRIALS (continued)
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)				44,462	$	3,738,810
Delta Air Lines, Inc. (Airlines)				84,759		4,229,474
Fluor Corp. (Construction & Engineering)				74,746		2,406,821
KION Group AG (Machinery)	(b	)		29,979		1,524,543
Owens Corning (Building Products)				42,267		1,858,903
Safran SA (Aerospace & Defense)	(b	)		13,093		1,570,308

						16,529,340

INFORMATION TECHNOLOGY – 14.0%
Cisco Systems, Inc. (Communications Equip.)				96,368		4,175,625
International Business Machines Corp. (IT Svs.)				36,433		4,141,339
Microsoft Corp. (Software)				104,087		10,572,117
NetApp, Inc. (Tech. Hardware, Storage & Periph.)				51,137		3,051,345
Oracle Corp. (Software)				219,783		9,923,203
QUALCOMM, Inc. (Semiconductors & Equip.)				76,908		4,376,834

						36,240,463

MATERIALS – 2.4%
Royal Gold, Inc. (Metals & Mining)				72,709		6,227,526


REAL ESTATE – 2.5%
American Homes 4 Rent Class A (Equity REIT)				190,076		3,773,009
Realogy Holdings Corp. (Real Estate Mgmt. & Development)				187,405		2,751,105

						6,524,114

UTILITIES – 5.0%
AES Corp. (Ind. Power & Renewable Elec.)				380,517		5,502,276
Exelon Corp. (Electric Utilities)				162,669		7,336,372

						12,838,648

Total Common Stocks (Cost $222,317,128)					$	217,281,671


Preferred Securities – 0.8%			Rate			Quantity		Value
CONSUMER DISCRETIONARY – 0.8%
Volkswagen AG (Automobiles)	(b	)		(c	)		12,267	$	1,956,040

Total Preferred Securities (Cost $2,085,357)								$	1,956,040


Money Market Funds – 6.9%						Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(d	)					17,838,069	$	17,836,286

Total Money Market Funds (Cost $17,836,286)								$	17,836,286

Total Investments – 91.9% (Cost $242,238,771)	(e	)						$	237,073,997
Other Assets in Excess of Liabilities – 8.1%									20,879,991

Net Assets – 100.0%								$	257,953,988


		5		(continued)


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


Schedule of Investments		December 31, 2018

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 $5,050,891 or 2.0% of the Portfolio’s net assets.

(c)

Payout is the rate of the company’s ordinary common stock dividend per share + 6 cents per share.

(d)

Rate represents the seven-day yield at December 31, 2018.

(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.

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


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

Objective/Strategy

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


Performance as of December 31, 2018


Average Annual returns
One year	-3.08	%
Five years	2.86	%
Ten years	5.33	%

Total expense ratio is 0.63% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Adviser

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

A. For the year ended December 31, 2018, the ON Bond Portfolio returned -3.08% versus -2.24% for its benchmark, the ICE BofA Merrill Lynch U.S. Corporate Master Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. Interest rates increased and the yield curve flattened during the period, as short term interest rates increased more than long term interest rates. In addition, credit spreads widened during the year. In this environment, shorter duration, high quality bonds outperformed longer duration, lower quality bonds. The Portfolio was positioned with a slightly lower duration than the benchmark for most of the year, which benefited relative performance. The Portfolio was also positioned with slightly lower credit quality than the benchmark, which detracted from relative performance, particularly during the fourth quarter, when volatility increased.

A. The Portfolio benefited from being underweight in the Consumer Staples sector, while its overweight to the Materials sector detracted from performance. The Portfolio’s exposure to lower quality bonds also detracted from performance during the period. No other sector allocation materially impacted performance. The Portfolio benefited from

security selection in the Utilities, Communication Services, and Industrials sectors, while security selection in the Consumer Staples, Materials, and Energy sectors detracted from performance. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The top three contributors to the Portfolio’s performance relative to the benchmark were Noble Holding International Ltd 7.950% due 2025 (“Noble”), Union Pacific Corp. 4.500% due 2048 (“Union Pacific”), and Spectra Energy Capital LLC 3.300% due 2023 (“Spectra”). Noble benefited from higher oil prices in 2018, which caused its credit spread to tighten. Union Pacific benefited from tightening credit spreads and lower interest rates during the time it was held in the portfolio. Spectra bonds were called at a premium during the year. ⁽¹⁾

The three top detractors to the Portfolio’s performance relative to the benchmark were BAT Capital Corp. 4.390% due 2037, General Motors Co. 5.000% due 2035, and Anheuser-Busch Cos. LLC / Anheuser-Busch InBevWorldwide, Inc. 4.700% due 2036. Each of these bonds is a longer duration bond, which performed poorly with higher interest rates, and experienced spread widening during the period. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

The ICE 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.

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


		7		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Corporate Bonds ⁽⁴⁾		95.8
Asset-Backed Securities ⁽⁴⁾		2.8
Sovereign Issues		1.1
Money Market Funds
Less Net Liabilities		0.3

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Deutsche Bank AG		1.9
	2.700%, 07/13/2020
2.	Aircastle Ltd.		1.5
	4.125%, 05/01/2024
3.	Northrop Grumman Corp.		1.4
	2.930%, 01/15/2025
4.	Martin Marietta Materials, Inc.		1.4
	3.500%, 12/15/2027
5.	American Airlines 2015-1 Class B Pass Through Trust		1.2
	3.700%, 05/01/2023
6.	Expedia Group, Inc.		1.2
	5.000%, 02/15/2026
7.	PNC Bank N.A.		1.2
	4.050%, 07/26/2028
8.	CVS Health Corp.		1.2
	4.100%, 03/25/2025
9.	Netflix, Inc.		1.1
	5.875%, 11/15/2028
10.	NextEra Energy Capital Holdings, Inc.		1.1
	2.800%, 01/15/2023

⁽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		28.4
Energy		12.9
Materials		10.2
Industrials		8.6
Utilities		7.8
Real Estate		7.3
Consumer Discretionary		6.9
Consumer Staples		5.4
Communication Services		4.6
Health Care		3.8
Information Technology		2.7

		98.6


Ohio National Fund, Inc.		ON Bond Portfolio


Schedule of Investments		December 31, 2018


Corporate Bonds – 95.8%		Rate		Maturity		Face Amount		Value
COMMUNICATION SERVICES – 4.6%
21st Century Fox America, Inc. (Entertainment)			4.500%		02/15/2021		$1,250,000	$	1,283,322
AT&T, Inc. (Diversified Telecom. Svs.)			QL + 118		06/12/2024		2,000,000		1,939,984
AT&T, Inc. (Diversified Telecom. Svs.)			3.400%		05/15/2025		900,000		846,013
AT&T, Inc. (Diversified Telecom. Svs.)			4.900%		08/15/2037		1,000,000		933,368
Discovery Communications LLC (Media)			4.375%		06/15/2021		1,000,000		1,017,588
Discovery Communications LLC (Media)			3.950%		03/20/2028		900,000		835,009
Netflix, Inc. (Entertainment)	(a)		5.875%		11/15/2028		3,000,000		2,923,290
Sirius XM Radio, Inc. (Media)	(a)		5.375%		04/15/2025		1,000,000		947,500
Time Warner Cable LLC (Media)			6.550%		05/01/2037		850,000		873,130
Verizon Communications, Inc. (Diversified Telecom. Svs.)			3.850%		11/01/2042		425,000		368,063

									11,967,267

CONSUMER DISCRETIONARY – 6.9%
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail)			3.400%		12/06/2027		2,000,000		1,850,410
Amazon.com, Inc. (Internet & Direct Marketing Retail)			3.875%		08/22/2037		900,000		874,879
Booking Holdings, Inc. (Internet & Direct Marketing Retail)			3.550%		03/15/2028		3,000,000		2,810,299
Dollar General Corp. (Multiline Retail)			4.125%		05/01/2028		2,000,000		1,942,077
Expedia Group, Inc. (Internet & Direct Marketing Retail)			5.000%		02/15/2026		3,000,000		3,031,815
General Motors Co. (Automobiles)			5.000%		04/01/2035		900,000		765,912
Hasbro, Inc. (Leisure Products)			3.500%		09/15/2027		2,000,000		1,855,512
L Brands, Inc. (Specialty Retail)			5.250%		02/01/2028		1,000,000		855,000
Lear Corp. (Auto Components)			3.800%		09/15/2027		3,000,000		2,741,938
Magna International, Inc. (Auto Components)			3.625%		06/15/2024		1,000,000		1,004,264

									17,732,106

CONSUMER STAPLES – 5.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)	(a)		4.700%		02/01/2036		2,000,000		1,862,385
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)	(a)		4.900%		02/01/2046		1,000,000		928,570
Anheuser-Busch InBev Worldwide, Inc. (Beverages)			4.600%		04/15/2048		2,000,000		1,795,430
B.A.T. Capital Corp. (Tobacco)			4.390%		08/15/2037		3,000,000		2,457,986
Campbell Soup Co. (Food Products)			4.150%		03/15/2028		2,000,000		1,863,073
J.M. Smucker Co. / The (Food Products)			3.375%		12/15/2027		3,000,000		2,788,167
Mead Johnson Nutrition Co. (Food Products)			3.000%		11/15/2020		900,000		897,191
Philip Morris International, Inc. (Tobacco)			4.125%		05/17/2021		1,250,000		1,276,798

									13,869,600

ENERGY – 12.9%
Apache Corp. (Oil, Gas & Consumable Fuels)			4.375%		10/15/2028		1,800,000		1,682,420
Baker Hughes, a GE Co. LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.)			4.080%		12/15/2047		2,000,000		1,650,379
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)			3.017%		01/16/2027		900,000		845,875
Buckeye Partners LP (Oil, Gas & Consumable Fuels)			4.875%		02/01/2021		1,000,000		1,011,078
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)			4.950%		06/01/2047		3,000,000		2,881,707
Chevron Corp. (Oil, Gas & Consumable Fuels)			2.895%		03/03/2024		900,000		878,273
Columbia Pipeline Group, Inc. (Oil, Gas & Consumable Fuels)			4.500%		06/01/2025		900,000		906,860
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)			3.750%		10/01/2027		2,000,000		1,883,807
Energy Transfer Operating LP (Oil, Gas & Consumable Fuels)			4.950%		06/15/2028		2,000,000		1,960,759
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)			4.750%		07/15/2023		900,000		895,784
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			4.114%		03/01/2046		900,000		916,962
Halliburton Co. (Energy Equip. & Svs.)			4.850%		11/15/2035		900,000		884,575
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			2.650%		02/01/2019		1,400,000		1,399,254
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			4.150%		03/01/2022		1,000,000		1,007,281
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)			5.300%		12/01/2034		1,000,000		981,841
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			3.850%		06/01/2025		850,000		797,745
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)	(a)		3.800%		04/01/2028		2,000,000		1,877,996
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)			4.750%		09/15/2044		1,000,000		882,721
ONEOK, Inc. (Oil, Gas & Consumable Fuels)			6.000%		06/15/2035		1,000,000		998,050
Petroleos Mexicanos (Oil, Gas & Consumable Fuels)			6.350%		02/12/2048		1,000,000		796,520
Shell International Finance BV (Oil, Gas & Consumable Fuels)			4.000%		05/10/2046		900,000		870,354
Texas Eastern Transmission LP (Oil, Gas & Consumable Fuels)	(a)		4.150%		01/15/2048		1,000,000		891,294
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)			2.500%		08/01/2022		1,425,000		1,367,504
Transocean Pontus Ltd. (Energy Equip. & Svs.)	(a)		6.125%		08/01/2025		1,250,000		1,206,250
Transocean, Inc. (Energy Equip. & Svs.)	(a)		9.000%		07/15/2023		1,000,000		995,000
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			3.350%		08/15/2022		1,000,000		978,574
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			3.750%		06/15/2027		1,000,000		948,106
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			5.400%		03/04/2044		1,000,000		954,256

									33,351,225

FINANCIALS – 28.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Diversified Financial Svs.)			3.300%		01/23/2023		3,000,000		2,851,974
Aflac, Inc. (Insurance)			3.625%		06/15/2023		1,425,000		1,429,643


		9		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)			Rate		Maturity		Face Amount		Value
FINANCIALS (continued)
American Express Co. (Consumer Finance)				QL + 75		08/03/2023		$1,000,000	$	980,575
American International Group, Inc. (Insurance)				3.875%		01/15/2035		2,400,000		2,066,042
Bank of America Corp. (Banks)				3.875%		08/01/2025		850,000		841,252
Bank of America Corp. (Rate is fixed until 01/23/2025, at which point, the rate becomes QL + 81) (Banks)	(b	)		3.366%		01/23/2026		2,000,000		1,912,992
Bank of America Corp. (Rate is fixed until 04/24/2037, at which point, the rate becomes QL + 181) (Banks)	(b	)		4.244%		04/24/2038		1,000,000		952,346
Bank of Montreal (Rate is fixed until 12/15/2027, at which point, the rate becomes USSW5 + 143) (Banks)	(b	)		3.803%		12/15/2032		2,800,000		2,592,800
Bank of New York Mellon Corp. / The (Capital Markets)				3.300%		08/23/2029		3,000,000		2,810,851
Berkshire Hathaway, Inc. (Diversified Financial Svs.)				3.125%		03/15/2026		900,000		872,752
Branch Banking & Trust Co. (Banks)				3.625%		09/16/2025		1,180,000		1,157,260
Charles Schwab Corp. / The (Capital Markets)				3.200%		01/25/2028		3,000,000		2,876,759
Citigroup, Inc. (Banks)				5.375%		08/09/2020		1,100,000		1,134,870
Citigroup, Inc. (Banks)				4.400%		06/10/2025		2,000,000		1,958,136
Citigroup, Inc. (Banks)				3.700%		01/12/2026		1,000,000		961,923
Deutsche Bank AG (Capital Markets)				2.700%		07/13/2020		5,000,000		4,862,406
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USSW5 + 173) (Banks)	(b	)		4.682%		08/09/2028		900,000		880,740
E*TRADE Financial Corp. (Capital Markets)				2.950%		08/24/2022		1,800,000		1,746,187
Ford Motor Credit Co. LLC (Consumer Finance)				3.157%		08/04/2020		1,400,000		1,371,675
Ford Motor Credit Co. LLC (Consumer Finance)				QL + 88		10/12/2021		2,000,000		1,919,322
General Motors Financial Co., Inc. (Consumer Finance)				3.200%		07/06/2021		900,000		879,091
General Motors Financial Co., Inc. (Consumer Finance)				QL + 99		01/05/2023		2,000,000		1,897,299
General Motors Financial Co., Inc. (Consumer Finance)				4.350%		01/17/2027		1,000,000		920,914
Goldman Sachs Group, Inc. / The (Capital Markets)				3.750%		05/22/2025		1,400,000		1,340,068
Goldman Sachs Group, Inc. / The (Rate is fixed until 04/23/2028, at which point, the rate becomes QL + 116) (Capital Markets)	(b	)		3.814%		04/23/2029		2,000,000		1,868,373
Intercontinental Exchange, Inc. (Capital Markets)				2.750%		12/01/2020		900,000		894,079
Intercontinental Exchange, Inc. (Capital Markets)				3.750%		12/01/2025		1,000,000		1,004,845
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. (Diversified Financial Svs.)				4.850%		01/15/2027		1,800,000		1,720,939
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. (Diversified Financial Svs.)				4.150%		01/23/2030		2,000,000		1,716,167
JPMorgan Chase & Co. (Banks)				3.900%		07/15/2025		2,023,000		2,005,537
JPMorgan Chase & Co. (Banks)				3.625%		12/01/2027		1,800,000		1,676,001
Marsh & McLennan Cos., Inc. (Insurance)				3.500%		06/03/2024		1,400,000		1,378,946
Morgan Stanley (Capital Markets)				QL + 140		10/24/2023		1,260,000		1,253,874
Morgan Stanley (Capital Markets)				3.950%		04/23/2027		1,000,000		943,308
Morgan Stanley (Rate is fixed until 01/24/2028, at which point, the rate becomes QL + 114) (Capital Markets)	(b	)		3.772%		01/24/2029		2,000,000		1,914,682
Nasdaq, Inc. (Capital Markets)				3.850%		06/30/2026		2,000,000		1,925,833
PNC Bank N.A. (Banks)				4.050%		07/26/2028		3,000,000		3,015,464
Progressive Corp. / The (Insurance)				2.450%		01/15/2027		900,000		819,931
Synchrony Financial (Consumer Finance)				4.250%		08/15/2024		900,000		826,535
TD Ameritrade Holding Corp. (Capital Markets)				3.300%		04/01/2027		1,900,000		1,818,284
Teachers Insurance & Annuity Association of America (Insurance)	(a	)		4.270%		05/15/2047		900,000		862,639
Wells Fargo & Co. (Banks)				3.000%		04/22/2026		900,000		839,079
Wells Fargo & Co. (Banks)				4.650%		11/04/2044		1,000,000		942,619
Wells Fargo Bank NA (Banks)				3.550%		08/14/2023		2,000,000		1,992,654
Westpac Banking Corp. (Banks)				QL + 57		01/11/2023		1,000,000		989,040
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISDA05 + 224) (Banks)	(b	)		4.322%		11/23/2031		1,800,000		1,700,447

										73,327,153

HEALTH CARE – 3.8%
AbbVie, Inc. (Biotechnology)				2.900%		11/06/2022		2,850,000		2,772,985
Bayer U.S. Finance II LLC (Pharmaceuticals)	(a	)		4.875%		06/25/2048		2,000,000		1,799,838
Celgene Corp. (Biotechnology)				3.875%		08/15/2025		1,350,000		1,300,180
CVS Health Corp. (Health Care Providers & Svs.)				4.100%		03/25/2025		3,000,000		2,973,671
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				3.875%		12/15/2028		900,000		912,233

										9,758,907

INDUSTRIALS – 5.8%
Aircastle Ltd. (Trading Companies & Distributors)				4.125%		05/01/2024		4,000,000		3,774,341
Burlington Northern Santa Fe LLC (Road & Rail)				4.550%		09/01/2044		900,000		928,968
FedEx Corp. (Air Freight & Logistics)				4.900%		01/15/2034		1,425,000		1,457,723
Lockheed Martin Corp. (Aerospace & Defense)				3.600%		03/01/2035		1,000,000		932,117
Northrop Grumman Corp. (Aerospace & Defense)				2.930%		01/15/2025		3,900,000		3,702,232
Parker-Hannifin Corp. (Machinery)				4.200%		11/21/2034		1,400,000		1,392,017


		10		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)		Rate		Maturity		Face Amount		Value
INDUSTRIALS (continued)
Union Pacific Corp. (Road & Rail)			3.250%		08/15/2025		$1,000,000	$	969,230
Waste Connections, Inc. (Commercial Svs. & Supplies)			4.250%		12/01/2028		1,800,000		1,840,522

									14,997,150

INFORMATION TECHNOLOGY – 2.7%
Apple, Inc. (Tech. Hardware, Storage & Periph.)			3.350%		02/09/2027		900,000		880,484
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)			4.900%		10/15/2025		850,000		860,264
KLA-Tencor Corp. (Semiconductors & Equip.)			3.375%		11/01/2019		900,000		898,778
Microsoft Corp. (Software)			4.100%		02/06/2037		900,000		925,287
Microsoft Corp. (Software)			4.450%		11/03/2045		900,000		955,910
Oracle Corp. (Software)			4.300%		07/08/2034		1,500,000		1,507,152
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)			4.875%		03/01/2024		900,000		818,565

									6,846,440

MATERIALS – 10.2%
Anglo American Capital PLC (Metals & Mining)	(a)		3.750%		04/10/2022		1,000,000		977,600
Anglo American Capital PLC (Metals & Mining)	(a)		4.750%		04/10/2027		1,000,000		958,232
Anglo American Capital PLC (Metals & Mining)	(a)		4.000%		09/11/2027		900,000		813,230
Dow Chemical Co. / The (Chemicals)			4.250%		10/01/2034		1,900,000		1,742,864
FMC Corp. (Chemicals)			3.950%		02/01/2022		1,000,000		1,005,502
Kinross Gold Corp. (Metals & Mining)			4.500%		07/15/2027		2,900,000		2,504,875
Martin Marietta Materials, Inc. (Construction Materials)			3.500%		12/15/2027		4,000,000		3,649,061
Martin Marietta Materials, Inc. (Construction Materials)			4.250%		12/15/2047		1,000,000		819,612
Mosaic Co. / The (Chemicals)			4.050%		11/15/2027		3,000,000		2,846,926
Packaging Corp. of America (Containers & Packaging)			2.450%		12/15/2020		2,000,000		1,963,310
Packaging Corp. of America (Containers & Packaging)			3.400%		12/15/2027		2,000,000		1,862,942
RPM International, Inc. (Chemicals)			4.250%		01/15/2048		3,000,000		2,557,295
Syngenta Finance N.V. (Chemicals)	(a)		4.441%		04/24/2023		1,000,000		963,670
Syngenta Finance N.V. (Chemicals)	(a)		5.182%		04/24/2028		1,000,000		927,872
Yamana Gold, Inc. (Metals & Mining)			4.625%		12/15/2027		2,800,000		2,594,174

									26,187,165

REAL ESTATE – 7.3%
Alexandria Real Estate Equities, Inc. (Equity REIT)			3.950%		01/15/2028		900,000		869,782
Boston Properties LP (Equity REIT)			3.125%		09/01/2023		925,000		893,585
Crown Castle International Corp. (Equity REIT)			4.000%		03/01/2027		1,800,000		1,723,047
Federal Realty Investment Trust (Equity REIT)			3.000%		08/01/2022		1,425,000		1,402,836
Federal Realty Investment Trust (Equity REIT)			3.250%		07/15/2027		2,800,000		2,654,401
HCP, Inc. (Equity REIT)			4.000%		06/01/2025		1,500,000		1,469,016
Healthcare Realty Trust, Inc. (Equity REIT)			3.875%		05/01/2025		1,400,000		1,364,674
Healthcare Realty Trust, Inc. (Equity REIT)			3.625%		01/15/2028		1,000,000		939,569
Hospitality Properties Trust (Equity REIT)			4.250%		02/15/2021		1,000,000		1,002,901
Kilroy Realty LP (Equity REIT)			3.450%		12/15/2024		1,000,000		966,166
SITE Centers Corp. (Equity REIT)			3.625%		02/01/2025		1,721,000		1,643,988
Vornado Realty LP (Equity REIT)			3.500%		01/15/2025		3,000,000		2,893,116
Welltower, Inc. (Equity REIT)			4.250%		04/01/2026		1,000,000		998,704

									18,821,785

UTILITIES – 7.8%
AEP Transmission Co. LLC (Electric Utilities)			4.000%		12/01/2046		900,000		860,574
American Water Capital Corp. (Water Utilities)			4.300%		12/01/2042		1,400,000		1,390,576
Berkshire Hathaway Energy Co. (Multi-Utilities)			3.250%		04/15/2028		1,900,000		1,808,539
Commonwealth Edison Co. (Electric Utilities)			4.350%		11/15/2045		900,000		905,320
DTE Electric Co. (Electric Utilities)			3.375%		03/01/2025		1,000,000		988,484
Duke Energy Corp. (Electric Utilities)			3.750%		09/01/2046		900,000		779,218
Duke Energy Florida LLC (Electric Utilities)			2.100%		12/15/2019		1,000,000		991,919
Eversource Energy (Electric Utilities)			3.300%		01/15/2028		3,000,000		2,847,029
LG&E & KU Energy LLC (Electric Utilities)			4.375%		10/01/2021		1,000,000		1,016,195
NextEra Energy Capital Holdings, Inc. (Electric Utilities)			2.800%		01/15/2023		3,000,000		2,894,939
Public Service Electric & Gas Co. (Multi-Utilities)			3.600%		12/01/2047		1,500,000		1,369,980
South Carolina Electric & Gas Co. (Electric Utilities)			4.350%		02/01/2042		1,000,000		981,210
Southern Co. Gas Capital Corp. (Gas Utilities)			5.250%		08/15/2019		1,000,000		1,009,352
Southwest Gas Corp. (Gas Utilities)			3.875%		04/01/2022		1,000,000		995,872
Virginia Electric & Power Co. (Electric Utilities)			3.450%		02/15/2024		1,255,000		1,253,981

									20,093,188

Total Corporate Bonds (Cost $259,062,642)								$	246,951,986


		11		(continued)


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


Schedule of Investments		December 31, 2018


Asset-Backed Securities – 2.8%		Rate		Maturity		Face Amount		Value

INDUSTRIALS – 2.8%
Air Canada 2017-1 Class B Pass Through Trust	(a)		3.700%		01/15/2026		$2,500,000	$	2,371,750
American Airlines 2015-1 Class B Pass Through Trust			3.700%		05/01/2023		3,267,388		3,150,416
United Airlines 2016-1 Class B Pass Through Trust			3.650%		01/07/2026		1,722,917		1,683,990

Total Asset-Backed Securities (Cost $7,493,609)								$	7,206,156


Sovereign Issues – 1.1%		Rate		Maturity		Face Amount		Value

Mexico Government International Bond			3.750%		01/11/2028		$3,000,000	$	2,808,030

Total Sovereign Issues (Cost $2,988,180)								$	2,808,030


Money Market Funds – 0.5%						Shares		Value

State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(c)						1,131,965	$	1,131,852

Total Money Market Funds (Cost $1,131,852)								$	1,131,852

Total Investments – 100.2% (Cost $270,676,283)	(d)							$	258,098,024
Liabilities in Excess of Other Assets – (0.2)%									(407,340	)

Net Assets – 100.0%								$	257,690,684

Percentages are stated as a percent of net assets.

Abbreviations:

QL:

Quarterly U.S. LIBOR Rate, 2.808% at 12/31/2018

USISDA05:

USD ICE Swap Rate 11:00am NY 5 Year, 2.635% at 12/31/2018

USSW5:

USD Swap Semi 30/360 5 Year, 2.607% at 12/31/2018

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, 2018, the value of these securities totaled $21,307,116, or 8.3% of the Portfolio’s net assets.

(b)

Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates stated, including interest rate caps and floors, if any, are those in effect at December 31, 2018.

(c)

Rate represents the seven-day yield at December 31, 2018.

(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.


		12


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

Objective/Strategy

The ON Omni Portfolio (formerly 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, 2018


Average Annual returns
One year	-14.57	%
Five years	5.48	%
Ten years	10.68	%

Total expense ratio is 0.78% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser/Adviser

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

A. For the year ended December 31, 2018, the ON Omni Portfolio returned -14.57% versus -4.38% for its benchmark, the S&P 500 Index. The Portfolio’s secondary benchmark, which is comprised of 70% S&P 500 Index and 30% ICE BofA Merrill Lynch U.S. Corporate Master Index, returned -3.51% for the period.

A. For the equity portion of the Portfolio, security selection was the primary driver of underperformance. Specifically, security selection in Information Technology and Health Care detracted most from relative performance. For the fixed income portion of the Portfolio, sector allocation and security selection contributed to performance vs. the benchmark and the ICE BofA Merrill Lynch U.S. Corporate Master Index. The allocation to U.S. Treasury Notes was the largest positive sector allocation, followed by Consumer Staples and Financials. Positive security selection occurred in the Consumer Staples, Consumer Discretionary, and Communication Services sectors. Negative security selection occurred in the Materials, Financials, and Information Technology sectors. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Top contributors for the equity portion of the Portfolio included Amazon.com, Inc. (“Amazon”), Xilinx, Inc. (“Xilinx“) and The Boeing Co. (“Boeing”). Amazon had several significant accomplishments in 2018 – it successfully executed the launch of its new GO checkout-less store concept, re-accelerated growth in its public cloud computing business

(Amazon Web Services), and significantly exceeded profit expectations, as investments in past years to optimize costs yielded positive results. Xilinx beat its revenue growth outlook significantly, due to earlier 5G wireless network buildouts, as well as a gain in market share from Intel Corp. for data-center acceleration opportunities. Despite well-known supplier issues, Boeing significantly exceeded its free cash flow outlook for the year. Additionally, the company made progress in executing its long-term growth strategy, via acquisitions and contract wins.⁽¹⁾

Top contributors for the fixed income portion of the Portfolio included Spectra Energy Capital LLC 3.300% due 2023, U.S. Treasury Note 2.000% due 2024, and U.S. Treasury Note 1.500% due 2026. Spectra Energy Capital LLC bonds were called with a make-whole premium during the period. The U.S. Treasury Notes performed well vs. the benchmark because the credit spread on U.S. Treasury Notes did not widen like most corporate bonds, and the U.S. Treasury Notes were held during a period when interest rates declined in 2018. ⁽¹⁾

Top equity detractors included Evoqua Water Technologies Corp. The company missed earnings twice. Initially, it was thought to be a one-time event, but the second miss was driven by significantly higher costs and a revenue shortfall. The company’s highly leveraged balance sheet was also a driver for underperformance. With Sage Therapeutics, Inc. (“Sage”), another top detractor, the Food and Drug Administration delayed its approval decision for Sage’s post-partum-depression drug to early 2019 in order to allow Sage to complete the development of a safety program for the drug. PVH Corp. missed profit expectations in its Calvin Klein division due to weaker demand for its new jeans and fashion designs. ⁽¹⁾

Top detractors for the fixed income portion of the Portfolio included General Motors Co. 5.000% due 2035, American International Group, Inc. 3.875% due 2035, and Anheuser-Busch Cos. LLC / Anheuser-Busch InBevWorldwide, Inc. 4.7000% due 2036. Each of these bonds is a longer duration bond, which performed poorly with higher interest rates, and experienced spread widening during the period. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		13		(continued)


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

Change in Value of $10,000 Investment

LOGO

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

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		74.6
Corporate Bonds ⁽⁴⁾		21.8
Master Limited Partnerships ⁽⁴⁾		1.7
Asset-Backed Securities ⁽⁴⁾		0.6
U.S. Treasury Obligations		0.3
Money Market Funds and Other Net Assets		1.0

		100.0

Top 10 Portfolio Holdings as of December 31,

2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Alphabet, Inc. Class C		2.6
2.	Microsoft Corp.		2.5
3.	Marvell Technology Group Ltd.		2.4
4.	Bank of America Corp.		2.2
5.	Amazon.com, Inc.		2.0
6.	Citigroup, Inc.		1.9
7.	Hartford Financial Services Group, Inc. / The		1.9
8.	Applied Materials, Inc.		1.8
9.	Celgene Corp.		1.7
10.	Goldman Sachs Group, Inc. / The		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, Asset-Backed Securities, Master Limited Partnerships):


	% of Net Assets
Financials		20.5
Industrials		18.1
Information Technology		16.5
Consumer Discretionary		15.8
Communication Services		8.6
Health Care		6.9
Energy		4.7
Materials		2.8
Consumer Staples		2.1
Real Estate		1.5
Utilities		1.2

		98.7


Ohio National Fund, Inc.		ON Omni Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 74.6%			Shares		Value
COMMUNICATION SERVICES – 7.5%
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		1,356	$	1,404,287
AT&T, Inc. (Diversified Telecom. Svs.)				31,054		886,281
Lions Gate Entertainment Corp. Class A (Entertainment)				51,314		826,155
Walt Disney Co. / The (Entertainment)				8,367		917,442

						4,034,165

CONSUMER DISCRETIONARY – 14.7%
Alibaba Group Holding Ltd. – ADR (Internet & Direct Marketing Retail)	(a	)		6,246		856,139
Amazon.com, Inc. (Internet & Direct Marketing Retail)	(a	)		724		1,087,426
General Motors Co. (Automobiles)				24,062		804,874
Lowe’s Cos., Inc. (Specialty Retail)				8,851		817,478
MGM Resorts International (Hotels, Restaurants & Leisure)				11,406		276,710
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a	)		18,708		793,032
PVH Corp. (Textiles, Apparel & Luxury Goods)				8,734		811,825
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)				8,664		847,253
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)				23,464		791,910
Tiffany & Co. (Specialty Retail)				9,878		795,278

						7,881,925

CONSUMER STAPLES – 1.5%
PepsiCo, Inc. (Beverages)				7,494		827,937


ENERGY – 1.5%
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)				6,058		796,748


FINANCIALS – 10.7%
Bank of America Corp. (Banks)				47,120		1,161,037
Citigroup, Inc. (Banks)				19,367		1,008,246
Goldman Sachs Group, Inc. / The (Capital Markets)				5,504		919,443
Hartford Financial Services Group, Inc. / The (Insurance)				22,258		989,368
JPMorgan Chase & Co. (Banks)				8,091		789,844
Lincoln National Corp. (Insurance)				16,265		834,557

						5,702,495

HEALTH CARE – 6.2%
Aerie Pharmaceuticals, Inc. (Pharmaceuticals)	(a	)		18,618		672,110
Celgene Corp. (Biotechnology)	(a	)		14,546		932,253
Sage Therapeutics, Inc. (Biotechnology)	(a	)		9,097		871,402
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)				3,712		830,708

						3,306,473

INDUSTRIALS – 16.1%
AECOM (Construction & Engineering)	(a	)		30,720		814,080
Boeing Co. / The (Aerospace & Defense)				2,578		831,405
Caterpillar, Inc. (Machinery)				4,515		573,721
Deere & Co. (Machinery)				6,019		897,854
Delta Air Lines, Inc. (Airlines)				16,352		815,965
FedEx Corp. (Air Freight & Logistics)				4,728		762,768
Lockheed Martin Corp. (Aerospace & Defense)				3,183		833,437
Quanta Services, Inc. (Construction & Engineering)				27,695		833,619
Raytheon Co. (Aerospace & Defense)				3,886		595,918
Rockwell Automation, Inc. (Electrical Equip.)				5,820		875,794
XPO Logistics, Inc. (Air Freight & Logistics)	(a	)		13,741		783,787

						8,618,348

INFORMATION TECHNOLOGY – 14.9%
Apple, Inc. (Tech. Hardware, Storage & Periph.)				5,502		867,885
Applied Materials, Inc. (Semiconductors & Equip.)				29,298		959,217
Broadcom, Inc. (Semiconductors & Equip.)				2,062		524,325
DXC Technology Co. (IT Svs.)				15,835		841,947
KLA-Tencor Corp. (Semiconductors & Equip.)				9,826		879,329
Marvell Technology Group Ltd. (Semiconductors & Equip.)				78,837		1,276,371
Microchip Technology, Inc. (Semiconductors & Equip.)				6,440		463,165
Microsoft Corp. (Software)				13,229		1,343,670
QUALCOMM, Inc. (Semiconductors & Equip.)				14,463		823,089

						7,978,998

MATERIALS – 1.5%
FMC Corp. (Chemicals)				10,939		809,049

Total Common Stocks (Cost $46,436,645)					$	39,956,138


		15		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds – 21.8%		Rate		Maturity		Face Amount		Value
COMMUNICATION SERVICES – 1.1%
21st Century Fox America, Inc. (Entertainment)			4.500%		02/15/2021		$100,000	$	102,666
AT&T, Inc. (Diversified Telecom. Svs.)			3.400%		05/15/2025		100,000		94,001
Discovery Communications LLC (Media)			3.950%		03/20/2028		100,000		92,779
Time Warner Cable LLC (Media)			6.550%		05/01/2037		150,000		154,082
Verizon Communications, Inc. (Diversified Telecom. Svs.)			3.850%		11/01/2042		75,000		64,952
Viacom, Inc. (Entertainment)			4.250%		09/01/2023		75,000		74,703

									583,183

CONSUMER DISCRETIONARY – 1.1%
Amazon.com, Inc. (Internet & Direct Marketing Retail)			3.875%		08/22/2037		100,000		97,209
Booking Holdings, Inc. (Internet & Direct Marketing Retail)			3.550%		03/15/2028		200,000		187,353
General Motors Co. (Automobiles)			5.000%		04/01/2035		100,000		85,101
Lear Corp. (Auto Components)			5.250%		01/15/2025		222,000		228,114

									597,777

CONSUMER STAPLES – 0.6%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages)	(b)		4.700%		02/01/2036		100,000		93,119
Mead Johnson Nutrition Co. (Food Products)			3.000%		11/15/2020		100,000		99,688
Philip Morris International, Inc. (Tobacco)			3.375%		08/11/2025		100,000		97,213

									290,020

ENERGY – 3.2%
Apache Corp. (Oil, Gas & Consumable Fuels)			4.375%		10/15/2028		200,000		186,935
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels)			3.017%		01/16/2027		100,000		93,986
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)			4.950%		06/01/2047		100,000		96,057
Chevron Corp. (Oil, Gas & Consumable Fuels)			2.895%		03/03/2024		100,000		97,586
Columbia Pipeline Group, Inc. (Oil, Gas & Consumable Fuels)			4.500%		06/01/2025		100,000		100,762
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)			3.150%		04/01/2025		100,000		96,758
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)			4.750%		07/15/2023		100,000		99,532
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)			4.114%		03/01/2046		100,000		101,885
Halliburton Co. (Energy Equip. & Svs.)			4.850%		11/15/2035		100,000		98,286
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)			4.150%		03/01/2022		75,000		75,546
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)			3.850%		06/01/2025		150,000		140,778
ONEOK, Inc. (Oil, Gas & Consumable Fuels)			4.000%		07/13/2027		150,000		143,144
Shell International Finance BV (Oil, Gas & Consumable Fuels)			4.000%		05/10/2046		100,000		96,706
TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)			2.500%		08/01/2022		75,000		71,974
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			3.350%		08/15/2022		109,000		106,665
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)			5.400%		03/04/2044		100,000		95,426

									1,702,026

FINANCIALS – 8.1%
Aflac, Inc. (Insurance)			3.625%		06/15/2023		75,000		75,244
American International Group, Inc. (Insurance)			3.875%		01/15/2035		100,000		86,085
Bank of America Corp. (Banks)			3.875%		08/01/2025		150,000		148,456
Bank of Montreal (Rate is fixed until 12/15/2027, at which point, the rate becomes USSW5 + 143) (Banks)	(c)		3.803%		12/15/2032		200,000		185,200
Bank of New York Mellon Corp. / The (Capital Markets)			3.300%		08/23/2029		200,000		187,390
Berkshire Hathaway, Inc. (Diversified Financial Svs.)			3.125%		03/15/2026		100,000		96,972
Branch Banking & Trust Co. (Banks)			3.625%		09/16/2025		100,000		98,073
Capital One Financial Corp. (Consumer Finance)			2.450%		04/24/2019		200,000		199,679
Citigroup, Inc. (Banks)			4.400%		06/10/2025		100,000		97,907
Comerica, Inc. (Banks)			3.800%		07/22/2026		100,000		97,215
Deutsche Bank AG (Capital Markets)			2.700%		07/13/2020		200,000		194,496
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USSW5 + 173) (Banks)	(c)		4.682%		08/09/2028		100,000		97,860
E*TRADE Financial Corp. (Capital Markets)			2.950%		08/24/2022		200,000		194,021
Ford Motor Credit Co. LLC (Consumer Finance)			3.157%		08/04/2020		100,000		97,977
General Motors Financial Co., Inc. (Consumer Finance)			3.200%		07/06/2021		100,000		97,677
Goldman Sachs Group, Inc. / The (Capital Markets)			3.750%		05/22/2025		100,000		95,719
Intercontinental Exchange, Inc. (Capital Markets)			2.750%		12/01/2020		100,000		99,342
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. (Diversified Financial Svs.)			4.850%		01/15/2027		200,000		191,215
JPMorgan Chase & Co. (Banks)			3.250%		09/23/2022		100,000		99,201
JPMorgan Chase & Co. (Banks)			3.625%		12/01/2027		200,000		186,222
Marsh & McLennan Cos., Inc. (Insurance)			3.500%		06/03/2024		100,000		98,496
Morgan Stanley (Capital Markets)			3.950%		04/23/2027		100,000		94,331
Nasdaq, Inc. (Capital Markets)			3.850%		06/30/2026		100,000		96,292
Northern Trust Corp. (Capital Markets)			3.950%		10/30/2025		200,000		203,838
PNC Bank N.A. (Banks)			3.250%		06/01/2025		195,000		189,323
Progressive Corp. / The (Insurance)			2.450%		01/15/2027		100,000		91,103
Raymond James Financial, Inc. (Capital Markets)			3.625%		09/15/2026		100,000		94,287


		16		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)		Rate		Maturity		Face Amount		Value
FINANCIALS (continued)
S&P Global, Inc. (Capital Markets)			4.000%		06/15/2025		$150,000	$	152,802
Synchrony Financial (Consumer Finance)			4.250%		08/15/2024		100,000		91,837
TD Ameritrade Holding Corp. (Capital Markets)			3.300%		04/01/2027		150,000		143,549
Teachers Insurance & Annuity Association of America (Insurance)	(b)		4.270%		05/15/2047		100,000		95,849
Wells Fargo & Co. (Banks)			3.500%		03/08/2022		75,000		74,747
Wells Fargo & Co. (Banks)			3.000%		04/22/2026		100,000		93,231
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISDA05 + 224) (Banks)	(c)		4.322%		11/23/2031		200,000		188,939

									4,334,575

HEALTH CARE – 0.7%
AbbVie, Inc. (Biotechnology)			2.900%		11/06/2022		150,000		145,947
Celgene Corp. (Biotechnology)			3.875%		08/15/2025		150,000		144,464
UnitedHealth Group, Inc. (Health Care Providers & Svs.)			3.875%		12/15/2028		100,000		101,359

									391,770

INDUSTRIALS – 1.4%
Burlington Northern Santa Fe LLC (Road & Rail)			4.550%		09/01/2044		100,000		103,219
FedEx Corp. (Air Freight & Logistics)			4.900%		01/15/2034		75,000		76,722
Lockheed Martin Corp. (Aerospace & Defense)			3.600%		03/01/2035		100,000		93,212
Northrop Grumman Corp. (Aerospace & Defense)			2.930%		01/15/2025		100,000		94,929
Parker-Hannifin Corp. (Machinery)			4.200%		11/21/2034		100,000		99,430
Union Pacific Corp. (Road & Rail)			3.250%		08/15/2025		100,000		96,923
Waste Connections, Inc. (Commercial Svs. & Supplies)			4.250%		12/01/2028		200,000		204,502

									768,937

INFORMATION TECHNOLOGY – 1.6%
Apple, Inc. (Tech. Hardware, Storage & Periph.)			2.500%		02/09/2025		100,000		94,477
Apple, Inc. (Tech. Hardware, Storage & Periph.)			3.350%		02/09/2027		100,000		97,832
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)			4.900%		10/15/2025		150,000		151,811
KLA-Tencor Corp. (Semiconductors & Equip.)			3.375%		11/01/2019		100,000		99,864
Microsoft Corp. (Software)			4.100%		02/06/2037		100,000		102,810
Microsoft Corp. (Software)			4.450%		11/03/2045		100,000		106,212
Oracle Corp. (Software)			4.300%		07/08/2034		100,000		100,477
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.)			4.875%		03/01/2024		100,000		90,952

									844,435

MATERIALS – 1.3%
Anglo American Capital PLC (Metals & Mining)	(b)		4.000%		09/11/2027		100,000		90,359
CF Industries, Inc. (Chemicals)	(b)		4.500%		12/01/2026		150,000		146,673
Dow Chemical Co. / The (Chemicals)			4.250%		10/01/2034		100,000		91,730
Kinross Gold Corp. (Metals & Mining)			4.500%		07/15/2027		100,000		86,375
Mosaic Co. / The (Chemicals)			4.050%		11/15/2027		100,000		94,897
Yamana Gold, Inc. (Metals & Mining)			4.625%		12/15/2027		200,000		185,298

									695,332

REAL ESTATE – 1.5%
Alexandria Real Estate Equities, Inc. (Equity REIT)			3.950%		01/15/2028		100,000		96,642
Boston Properties LP (Equity REIT)			3.125%		09/01/2023		75,000		72,453
Crown Castle International Corp. (Equity REIT)			4.000%		03/01/2027		200,000		191,450
Federal Realty Investment Trust (Equity REIT)			3.000%		08/01/2022		75,000		73,833
Federal Realty Investment Trust (Equity REIT)			3.250%		07/15/2027		200,000		189,600
HCP, Inc. (Equity REIT)			4.000%		06/01/2025		100,000		97,934
Healthcare Realty Trust, Inc. (Equity REIT)			3.875%		05/01/2025		100,000		97,477

									819,389

UTILITIES – 1.2%
AEP Transmission Co. LLC (Electric Utilities)			4.000%		12/01/2046		100,000		95,619
American Water Capital Corp. (Water Utilities)			4.300%		12/01/2042		100,000		99,327
Berkshire Hathaway Energy Co. (Multi-Utilities)			3.250%		04/15/2028		100,000		95,186
Commonwealth Edison Co. (Electric Utilities)			4.350%		11/15/2045		100,000		100,591
Duke Energy Corp. (Electric Utilities)			3.750%		09/01/2046		100,000		86,580
Fortis, Inc. (Electric Utilities)			3.055%		10/04/2026		100,000		91,337
South Carolina Electric & Gas Co. (Electric Utilities)			4.350%		02/01/2042		75,000		73,591

									642,231

Total Corporate Bonds (Cost $12,054,059)								$	11,669,675


		17		(continued)


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


Schedule of Investments		December 31, 2018


Master Limited Partnerships – 1.7%						Shares			Value
FINANCIALS – 1.7%
Blackstone Group LP / The (Capital Markets)								30,233		$	901,246

Total Master Limited Partnerships (Cost $1,050,405)										$	901,246


Asset-Backed Securities – 0.6%		Rate		Maturity		Face Amount			Value
INDUSTRIALS – 0.6%
American Airlines 2015-1 Class B Pass Through Trust			3.700%		05/01/2023		$	136,141		$	131,267
United Airlines 2016-1 Class B Pass Through Trust			3.650%		01/07/2026			191,435			187,110

Total Asset-Backed Securities (Cost $327,606)										$	318,377


U.S. Treasury Obligations – 0.3%		Rate		Maturity		Face Amount			Value
U.S. Treasury Note			1.750%		05/15/2022		$	200,000		$	195,303

Total U.S. Treasury Obligations (Cost $203,645)										$	195,303


Money Market Funds – 0.2%						Shares			Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(d)							116,976		$	116,964

Total Money Market Funds (Cost $116,964)										$	116,964

Total Investments – 99.2% (Cost $60,189,324)	(e)									$	53,157,703
Other Assets in Excess of Liabilities – 0.8%											405,845

Net Assets – 100.0%										$	53,563,548

Percentages are stated as a percent of net assets.

Abbreviations:

ADR:

American Depositary Receipts

USISDA05:

USD ICE Swap Rate 11:00am NY 5 Year, 2.635% at 12/31/2018

USSW5:

USD Swap Semi 30/360 5 Year, 2.607% at 12/31/2018

Footnotes:

(a)

Non-income producing security.

(b)

(c)

(d)

Rate represents the seven-day yield at December 31, 2018.

(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.

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


		18


Ohio National Fund, Inc.		ON Capital Appreciation Portfolio (Unaudited)

Objective/Strategy

The ON Capital Appreciation Portfolio (formerly the Capital Appreciation Portfolio) seeks long-term growth of capital 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, 2018


Average Annual returns
One year			-13.58%
Five years			4.06%
Ten years			12.23%

Total expense ratio is 0.86% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Capital Appreciation Portfolio returned -13.58% versus -4.38% for its benchmark, the S&P 500 Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. As 2018 began, global Gross Domestic Product (“GDP”) growth was accelerating, the labor market was continuing to strengthen, and lower U.S. corporate tax rates were taking effect, helping to boost wages and capital spending. Given the constructive macroeconomic landscape, investors largely overlooked the uncertainty created by White House trade and other policy initiatives. In the first nine months of the year, large cap growth stocks dominated investment returns, as they did in 2017, leaving behind the mid and large cap value names that we tend to prefer.

The fourth quarter saw low double digit losses by the broad market indices, as uncertainty and volatility increased significantly, with defensive names within Utilities and large cap Health Care performing the best by a wide margin, as investors moved to safety.

A. Stock selection detracted from performance in a number of sectors. Stock selection in Hotels, Restaurants, and Leisure hurt results in Consumer Discretionary, and the Portfolio’s positions also did not keep

pace with the strong returns in Internet & Direct Marketing Retail. In Health Care, holdings in Pharmaceuticals and Biotechnology were mostly responsible for the shortfall. Energy was another notable source of relative weakness. Although the Portfolio’s weight to Energy was reduced during the year by trimming or eliminating some holdings, the remaining positons were still hit hard, as the market focused on the global slowdown, hurting demand. We continue to believe our remaining holdings are attractive investments through the cycle, as long as crude oil stays within a range of $45-70/barrel. Financials was the other large detractor in 2018, as holdings in Capital Markets and Insurance lagged the overall sector. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The three largest relative contributors were:

Twenty-First Century Fox, Inc. Class A has been a strong performer over the past twelve months, and its shares rose again near the end of the period after The Walt Disney Co. (“Disney”) was forced to raise its bid for the company to $38 per share (plus the New Fox spin off). There was additional performance generated when the Department of Justice’s anti-trust division granted approval for Disney much earlier than expected. ⁽¹⁾

SeaWorld Entertainment, Inc. posted very strong results with operating performance that exceeded expectations, giving credence to our expectations of a turnaround at the company. This has been a low expectation stock, where its management has multiple levers available to continue to improve its earnings and free cash flow profile. We continue to believe there is material upside in the shares at current levels if execution improves. ⁽¹⁾

PTC, Inc. develops software products and solutions. Sales were better than expected, giving us confidence in the strength of the company’s end markets. The company also announced plans to offer subscription only products, starting in January 2019, and enjoyed continued success in its Internet of Things (“IoT”) division. We think the transition to a subscription model and IoT growth are catalysts for better earnings, while we continue to see steady market share opportunity in the company’s core business. ⁽¹⁾

The three largest relative detractors were:

Not owning Amazon.com, Inc., which strongly contributed to the benchmark’s total return, hurt performance relative to the benchmark. ⁽¹⁾

Shares of International Game Technology PLC (“IGT”) were weak for several reasons. First and foremost, the entire global gaming sector has been under pressure due to hedge fund liquidation, as well as the unsubstantiated fears that the new Italian government may materially alter gaming and lottery regulations and taxes, or would perhaps exit the European Union (“EU”). Italy is about 30% of IGT’s earnings before interest, taxes, depreciation, and amortization (“EBITDA”). In our view, fundamentals remain sound, and the company has delivered earnings in-line or above expectations for the last three quarters. We like the core lottery business as a recurring, steady cash generator and believe there is an accelerating turnaround for its U.S.-focused slot machine business. ⁽¹⁾

Liberty Global PLC Class C (“Liberty”) announced the sales of its assets in Germany, Hungary, Romania, and the Czech Republic to Vodafone Group PLC (“Vodafone”). Despite the premium valuation, high cash proceeds and tax efficiency on the sale, shares were down as investors focused on the assets remaining in the corporate structure: the U.K., Switzerland and Belgium, all of which are lower growth markets. We view this as the right strategic deal and continue to view Liberty’s valuation as extremely attractive with a compelling risk/return outlook, especially with a more


		19		(continued)


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

focused structure and collection of assets. Revenue and cash flow in the most recent quarter were better than expected. We continue to see material upside in the shares after the Vodafone deal closes in 2019. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. The Portfolio participated in several IPO’s during the period that contributed slightly negatively to performance, including Siemens Healthineers AG (5 basis points), Eventbrite, Inc. (-1 basis point), GrafTech International Ltd. (-5 basis points) and YETI Holdings, Inc. (-10 basis points). ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		95.6
Money Market Funds and Other Net Assets		4.4

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾⁽²⁾ ⁽³⁾


		% of Net Assets
1.	Microsoft Corp.		2.1
2.	Alphabet, Inc. Class C		2.1
3.	Union Pacific Corp.		2.0
4.	Merck & Co., Inc.		2.0
5.	JPMorgan Chase & Co.		1.8
6.	MetLife, Inc.		1.8
7.	QUALCOMM, Inc.		1.8
8.	Walmart, Inc.		1.7
9.	Bristol-Myers Squibb Co.		1.7
10.	Apple, Inc.		1.7

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		14.4
Financials		14.3
Consumer Discretionary		14.0
Health Care		13.7
Industrials		12.7
Communication Services		8.6
Materials		6.7
Energy		5.6
Consumer Staples		4.3
Real Estate		1.3

		95.6


Ohio National Fund, Inc.		ON Capital Appreciation Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 95.6%			Shares		Value
COMMUNICATION SERVICES – 8.6%
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		1,905	$	1,972,837
Comcast Corp. Class A (Media)				30,309		1,032,022
Inmarsat PLC (Diversified Telecom. Svs.)	(b	)		166,948		806,220
Liberty Global PLC Class C (Media)	(a	)		60,564		1,250,041
Spotify Technology SA (Entertainment)	(a	)		5,334		605,409
Twenty-First Century Fox, Inc. Class A (Entertainment)				21,175		1,018,941
Viacom, Inc. Class B (Entertainment)				50,006		1,285,154

						7,970,624

CONSUMER DISCRETIONARY – 14.0%
Carnival Corp. (Hotels, Restaurants & Leisure)				14,715		725,450
Extended Stay America, Inc. (Hotels,
Restaurants & Leisure)				71,019		1,100,795
Houghton Mifflin Harcourt Co. (Diversified Consumer Svs.)	(a	)		131,675		1,166,640
Hyatt Hotels Corp. Class A (Hotels, Restaurants & Leisure)				10,696		723,050
International Game Technology PLC (Hotels, Restaurants & Leisure)				96,657		1,414,092
Laureate Education, Inc. Class A (Diversified Consumer Svs.)	(a	)		98,157		1,495,913
MGM Resorts International (Hotels, Restaurants & Leisure)				52,555		1,274,984
Playa Hotels & Resorts N.V. (Hotels, Restaurants & Leisure)	(a	)		131,731		947,146
Qurate Retail, Inc. (Internet & Direct Marketing Retail)	(a	)		49,550		967,216
SeaWorld Entertainment, Inc. (Hotels, Restaurants & Leisure)	(a	)		48,116		1,062,882
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)				40,150		1,355,062
YETI Holdings, Inc. (Leisure Products)	(a	)		57,016		846,117

						13,079,347

CONSUMER STAPLES – 4.3%
Mondelez International, Inc. Class A (Food Products)				38,190		1,528,746
Philip Morris International, Inc. (Tobacco)				13,043		870,750
Walmart, Inc. (Food & Staples Retailing)				17,526		1,632,547

						4,032,043

ENERGY – 5.6%
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)				25,244		1,106,697
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)	(a	)		10,690		1,098,825
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)				57,761		1,083,596
Royal Dutch Shell PLC Class A – ADR (Oil, Gas & Consumable Fuels)				16,035		934,359
TechnipFMC PLC (Energy Equip. & Svs.)				50,746		993,607

						5,217,084

FINANCIALS – 14.3%
Brighthouse Financial, Inc. (Insurance)	(a	)		19,913		606,948
Chubb Ltd. (Insurance)				7,464		964,199
Citigroup, Inc. (Banks)				27,931		1,454,088
Goldman Sachs Group, Inc. / The (Capital Markets)				8,760		1,463,358
JPMorgan Chase & Co. (Banks)				17,153		1,674,476
MetLife, Inc. (Insurance)				40,713		1,671,676
Moelis & Co. Class A (Capital Markets)				30,469		1,047,524
Morgan Stanley (Capital Markets)				21,114		837,170
Pinnacle Financial Partners, Inc. (Banks)				18,249		841,279
PNC Financial Services Group, Inc. / The (Banks)				11,712		1,369,250
Wells Fargo & Co. (Banks)				29,774		1,371,986

						13,301,954

HEALTH CARE – 13.7%
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a	)		10,296		1,002,418
Allergan PLC (Pharmaceuticals)				11,076		1,480,418
AstraZeneca PLC – ADR (Pharmaceuticals)				26,404		1,002,824
BioMarin Pharmaceutical, Inc. (Biotechnology)	(a	)		14,166		1,206,235


Common Stocks (Continued)			Shares		Value
HEALTH CARE (continued)
Bristol-Myers Squibb Co. (Pharmaceuticals)				30,477	$	1,584,194
Celgene Corp. (Biotechnology)	(a	)		17,223		1,103,822
Centene Corp. (Health Care Providers & Svs.)	(a	)		8,412		969,904
Cigna Corp. (Health Care Providers & Svs.)				7,980		1,515,562
Merck & Co., Inc. (Pharmaceuticals)				23,978		1,832,159
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				4,157		1,035,592

						12,733,128

INDUSTRIALS – 12.7%
Arcosa, Inc. (Construction & Engineering)	(a	)		22,210		614,995
Beacon Roofing Supply, Inc. (Trading Companies & Distributors)	(a	)		31,512		999,561
Bombardier, Inc. Class B (Aerospace & Defense)	(a	)		345,441		513,658
Delta Air Lines, Inc. (Airlines)				23,265		1,160,923
Emerson Electric Co. (Electrical Equip.)				19,879		1,187,770
GrafTech International Ltd. (Electrical Equip.)				53,825		615,758
ManpowerGroup, Inc. (Professional Svs.)				8,420		545,616
Mobile Mini, Inc. (Commercial Svs. & Supplies)				15,940		506,095
Nielsen Holdings PLC (Professional Svs.)				62,969		1,469,067
Trinity Industries, Inc. (Machinery)				51,721		1,064,935
Union Pacific Corp. (Road & Rail)				13,839		1,912,965
United Technologies Corp. (Aerospace & Defense)				12,143		1,292,987

						11,884,330

INFORMATION TECHNOLOGY – 14.4%
Apple, Inc. (Tech. Hardware, Storage & Periph.)				9,844		1,552,793
BlackBerry Ltd. (Software)	(a	)		135,054		960,234
FireEye, Inc. (Software)	(a	)		43,315		702,136
FLIR Systems, Inc. (Electronic Equip., Instr. & Comp.)				21,047		916,386
Lam Research Corp. (Semiconductors & Equip.)				4,068		553,940
Microsoft Corp. (Software)				19,650		1,995,850
PTC, Inc. (Software)	(a	)		9,438		782,410
Pure Storage, Inc. Class A (Tech. Hardware, Storage & Periph.)	(a	)		43,660		702,053
QUALCOMM, Inc. (Semiconductors & Equip.)				28,826		1,640,488
Teradata Corp. (Software)	(a	)		36,112		1,385,256
Verint Systems, Inc. (Software)	(a	)		31,987		1,353,370
Verra Mobility Corp. (IT Svs.)	(a	)		92,897		906,675

						13,451,591

MATERIALS – 6.7%
Agnico Eagle Mines Ltd. (Metals & Mining)				29,238		1,181,215
Albemarle Corp. (Chemicals)				8,875		683,996
DowDuPont, Inc. (Chemicals)				25,568		1,367,377
Graphic Packaging Holding Co. (Containers & Packaging)				108,683		1,156,387
Lundin Mining Corp. (Metals & Mining)				221,800		916,314
Summit Materials, Inc. Class A (Construction Materials)	(a	)		74,919		928,996

						6,234,285

REAL ESTATE – 1.3%
CoreCivic, Inc. (Equity REIT)				66,602		1,187,514

Total Common Stocks (Cost $97,476,089)					$	89,091,900


Money Market Funds – 1.2%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(c	)		1,090,296	$	1,090,187
State Street Institutional U.S. Government Money Market Fund Institutional Class, 2.27%				70,000		70,000

Total Money Market Funds (Cost $1,160,189)					$	1,160,187

Total Investments – 96.8% (Cost $98,636,278)	(d	)			$	90,252,087
Other Assets in Excess of Liabilities – 3.2%						2,978,267

Net Assets – 100.0%					$	93,230,354


		21		(continued)


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


Schedule of Investments		December 31, 2018

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a)

Non-income producing security.

(b)

(c)

Rate represents the seven-day yield at December 31, 2018.

(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.


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

Objective/Strategy

The ON International Equity Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its assets in equity securities of foreign companies.


Performance as of December 31, 2018


Average Annual returns
One year	-13.33	%
Five years	-1.15	%
Ten years	5.63	%

Total expense ratio is 1.06% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON International Equity Portfolio returned -13.33% versus -13.79% for its current benchmark, the MSCI EAFE Index (Net – USD).

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. The Portfolio aims to outperform its benchmark by approximately 200 – 300 bps over a full market cycle with a consistent pattern of performance. Historically, the strategy has added more value versus the benchmark when markets are fundamentally driven in both down markets and moderately rising markets, as opposed to low-quality-led, rapidly rising markets.

Global equities declined significantly in 2018, as investor sentiment was undermined by global macroeconomic and geopolitical trends, including interest rate pressures, trade disputes, and populism. Riskier assets around the world sold off, with many generating their worst calendar-year performance since the global financial crisis a decade ago. The MSCI EAFE Index declined 12.5% in the fourth quarter and was down 13.8% in 2018. Emerging markets equities (represented by the MSCI Emerging Markets Index) fell less in the fourth quarter by declining 7.5%, but they fell dramatically earlier in the year and ended 2018 down 14.6%. U.S. equities joined the rout, plunging 13.5% in the quarter and ending the year down 4.4%. These returns are notable given the outperformance of U.S. equities over international equities over much of the past decade. In the fourth quarter, international equities outperformed U.S. equities by about 100 basis points (bps). In December, the margin of outperformance by international equities over U.S. equities was more than 400 bps.

Q. How did country selection impact the Portfolio’s performance relative to its benchmark?

A. The Portfolio’s overall country allocation effect was negative, while stock selection was positive. Much of the negative allocation effect can be attributed to emerging markets countries, which were out-of-benchmark exposures. Emerging markets, in aggregate, hurt relative performance by the widest margin. ⁽¹⁾

The decline of investor confidence in 2018 was most pronounced in emerging markets equities, which fell 14.6% for the year. Most of these losses occurred earlier in the year, before the decline in developed markets. Some of this performance reflected the fact that emerging markets generated extraordinary returns in 2017 and that the asset class is relatively volatile. However, the downturn was also due to a significant shift in investor sentiment from the beginning of the year, when confidence was high, as the major global economies appeared to be growing together, and investors expected healthy earnings. Within a few months, however, U.S. economic growth, boosted by tax cuts and fiscal stimulus, appeared to diverge from the rest of the world. Relatively strong U.S. growth supported further Fed rate hikes, which in turn boosted the U.S. dollar early in the year.

The rising dollar put pressure on emerging markets in general, but investors focused on countries with high current account deficits and/or significant holdings of U.S. dollar–denominated debt. Argentina’s equity markets plunged almost 51% in 2018, while the value of the peso dropped by almost half. In Turkey, uncertainty related to the country’s trade deficit was exacerbated by U.S. sanctions and a diplomatic dispute with the United States. The Turkish lira slid more than 28%, while Turkish equities fell 41.0%.

Q. How did sector allocation and security selection each impact the Portfolio’s performance relative to its benchmark? For sector allocation, were there any factors that impacted the benchmark’s performance more significantly than the Portfolio’s performance? For stock selection, was there anything specific regarding the Portfolio’s strategy that caused deviation from the benchmark?

A. Lazard’s relative value investment philosophy is based on value creation through the process of bottom-up stock selection. This philosophy is implemented by assessing the trade-off between valuation and financial productivity for an individual security. As such, sector and country/regional weightings are a residual of our bottom up stock selection process. Our attribution has historically been primarily driven by stock selection.

Relative returns were helped most by stock selection in the Consumer Discretionary sector and stock selection in the underweighted Materials sector. ⁽¹⁾

Relative returns were hurt most by stock selection and an underweight in the Consumer Staples sector (a defensive sector that defended during the pullback). Stock selection in the Energy sector also detracted meaningfully from the Portfolio’s performance. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Top Relative Contributors:

● Don Quijote Holdings Co. Ltd. (“Don Quijote”), a Japanese discount retailer that focuses on lower cost household items to drive store traffic, performed well, rising almost 20% during the year ended December 31, 2018. The company announced a favorable, significant transaction with Family Mart, involving Don Quijote taking full control of the struggling Uny chain of stores, while Family Mart tendered for 20% of Don Quijote shares in the market. ⁽¹⁾


		23		(continued)


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

● Medtronic PLC, the Irish-domiciled global leader in medical devices, positively impacted performance, rising almost 15%. Our thesis of improving revenue growth from new product launches, coupled with margin expansion from an increased focus on costs, continued to play out. ⁽¹⁾

● Wolters Kluwer N.V., a Netherlands-based publisher and provider of expert information, services, and software solutions for professionals in the legal and compliance, tax and accounting, and medical professions, rose almost 15%. The company operates a subscription model with very high retention rates, high margins, and returns on equity of around 30%. The company converts 95% of its net income into cash, which has driven more than 25 years of dividend growth. Its management’s consistent capital allocation plan of dividend growth and share buybacks has been rewarded. We continue to believe the company’s transformation from digital to expert solutions is likely to drive organic growth and higher margins. ⁽¹⁾

Top Relative Detractors:

● Cielo SA, a leading credit card acquirer in Brazil, declined more than 60%. Credit card penetration remains low in the country, offering the potential for long-term secular growth. Despite positive secular trends, we sold the position, as new competition in the market drove the company to be more aggressive on pricing, which in turn will compress margins in the short-to-medium term. ⁽¹⁾

● Turkcell Iletisim Hizmetleri AS (“Turkcell”), the largest mobile and fixed line data provider in Turkey, with 70 million subscribers in nine countries, declined more than 60%. During 2018, macroeconomic challenges overwhelmed the stock, as fears regarding the Turkish lira and the presidential election resulted in weak currency, equity, and bond markets. While the fundamentals of the business remained stable, and the valuation of the stock inexpensive, we lost confidence in the fundamentals amidst a rapidly deteriorating economic and political backdrop. As a result, we liquidated the position during the year. ⁽¹⁾

● British American Tobacco PLC declined almost 50%, as the sensitivities around a potential ban of menthol in the U.S. combustibles market made the potential for significant earnings per share (“EPS”) contraction more of a reality. For several quarters, we had thought that the growth algorithm in the combustible business (modest volume declines more than offset by price increases) remained generally intact, despite a short-term volume setback early in the year, and that the stock represented good relative value. However, due to the fact that its management had more recently appeared less confident in their margin outlook, along with the potential menthol ban and high financial leverage of the business model, we deemed the thesis impaired and sold the stock during the period. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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

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


		24		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ^{(4) (5)}		94.9
Preferred Securities ^{(4) (5)}		1.9
Money Market Funds and Other Net Assets		3.2

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Novartis AG		4.3
2.	Royal Dutch Shell PLC		3.5
3.	Prudential PLC		3.1
4.	SAP SE		3.0
5.	Medtronic PLC		2.9
6.	Daiwa House Industry Co. Ltd.		2.7
7.	Aon PLC		2.7
8.	RELX PLC		2.5
9.	Compass Group PLC		2.4
10.	Ferguson PLC		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⁾

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


	% of Net Assets
United Kingdom		18.3
Japan		13.2
France		11.4
Switzerland		7.6
Netherlands		7.0
Canada		6.2
Germany		5.6
Ireland		4.3
Sweden		3.4
Norway		3.2

⁽⁵⁾

Sectors (Common Stocks, Preferred Securities):


	% of Net Assets
Industrials		20.3
Financials		19.8
Consumer Discretionary		9.4
Communication Services		9.2
Consumer Staples		8.1
Health Care		7.9
Energy		6.7
Materials		5.7
Information Technology		5.2
Real Estate		2.7
Utilities		1.8

		96.8


Ohio National Fund, Inc.		ON International Equity Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 94.9%		Shares		Value
UNITED KINGDOM – 18.3%
Aon PLC (Financials)			95,400	$	13,867,344
Compass Group PLC (Consumer Discretionary)	(a)		595,387		12,529,811
Diageo PLC (Consumer Staples)	(a)		180,580		6,452,917
Howden Joinery Group PLC (Industrials)	(a)		801,772		4,448,634
Informa PLC (Communication Services)	(a)		753,162		6,045,426
Melrose Industries PLC (Industrials)	(a)		2,464,506		5,148,608
Prudential PLC (Financials)	(a)		894,535		15,973,219
RELX PLC (Industrials)	(a)		638,221		13,160,365
RSA Insurance Group PLC (Financials)	(a)		803,183		5,271,093
Unilever PLC (Consumer Staples)	(a)		226,570		11,895,553

					94,792,970

JAPAN – 13.2%
Daiwa House Industry Co. Ltd. (Real Estate)	(a)		442,919		14,128,417
Don Quijote Holdings Co. Ltd. (Consumer Discretionary)	(a)		154,200		9,533,649
Kao Corp. (Consumer Staples)	(a)		99,610		7,372,894
Makita Corp. (Industrials)	(a)		201,700		7,163,590
Nexon Co. Ltd. (Communication Services)	(a)(b)		562,000		7,255,153
Shin-Etsu Chemical Co. Ltd. (Materials)	(a)		92,800		7,130,084
Sumitomo Mitsui Financial Group, Inc. (Financials)	(a)		258,600		8,524,764
Suzuki Motor Corp. (Consumer Discretionary)	(a)		48,800		2,460,077
Yamaha Corp. (Consumer Discretionary)	(a)		113,300		4,819,708

					68,388,336

FRANCE – 11.4%
Air Liquide SA (Materials)	(a)		65,764		8,166,280
Capgemini SE (Information Technology)	(a)		77,810		7,739,371
Cie de Saint-Gobain (Industrials)	(a)		136,486		4,530,855
Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)	(a)		48,333		4,757,271
Safran SA (Industrials)	(a)		94,668		11,353,999
Societe Generale SA (Financials)	(a)		141,956		4,500,650
Vinci SA (Industrials)	(a)		101,084		8,312,335
Vivendi SA (Communication Services)	(a)		392,993		9,525,094

					58,885,855

SWITZERLAND – 7.6%
Ferguson PLC (Industrials)	(a)		191,682		12,248,134
Julius Baer Group Ltd. (Financials)	(a)		134,714		4,800,736
Novartis AG (Health Care)	(a)		259,082		22,188,868

					39,237,738

NETHERLANDS – 7.0%
ABN AMRO Group N.V. (Financials)	(a)		261,692		6,158,094
Koninklijke DSM N.V. (Materials)	(a)		47,056		3,817,450
Royal Dutch Shell PLC (Energy)	(a)		612,537		18,028,697
Wolters Kluwer N.V. (Industrials)	(a)		140,789		8,279,404

					36,283,645

CANADA – 6.2%
Canadian National Railway Co. (Industrials)			73,000		5,406,556
National Bank of Canada (Financials)			150,044		6,160,245
Rogers Communications, Inc. Class B (Communication Services)			202,100		10,356,663
Suncor Energy, Inc. (Energy)			374,400		10,456,982

					32,380,446

IRELAND – 4.3%
Medtronic PLC (Health Care)			166,570		15,151,207
Ryanair Holdings PLC – ADR (Industrials)	(b)		100,820		7,192,499

					22,343,706

GERMANY – 3.7%
Fresenius SE & Co. KGaA (Health Care)	(a)		78,678		3,802,830
SAP SE (Information Technology)	(a)		157,250		15,607,003

					19,409,833


Common Stocks (Continued)					Shares		Value
SWEDEN – 3.4%
Assa Abloy AB Class B (Industrials)				(a)		581,631	$	10,415,145
Epiroc AB Class A (Industrials)				(a)(b)		767,207		7,292,006

								17,707,151

NORWAY – 3.2%
Equinor ASA (Energy)				(a)		287,448		6,097,382
Telenor ASA (Communication Services)				(a)		538,806		10,463,771

								16,561,153

FINLAND – 3.0%
Nordea Bank Abp (Financials)				(a)		884,182		7,443,218
Sampo Oyj (Financials)				(a)		178,430		7,907,955

								15,351,173

SINGAPORE – 2.7%
DBS Group Holdings Ltd. (Financials)				(a)		570,420		9,919,515
NetLink NBN Trust (Communication Services)				(a)		7,461,700		4,188,122

								14,107,637

AUSTRALIA – 2.0%
BHP Group PLC (Materials)				(a)		498,432		10,532,372


SPAIN – 1.8%
Red Electrica Corp. SA (Utilities)				(a)		424,460		9,465,545


BELGIUM – 1.8%
Anheuser-Busch InBev SA/N.V. (Consumer Staples)				(a)		140,098		9,229,512


INDIA – 1.4%
ICICI Bank Ltd. – ADR (Financials)						727,610		7,487,107


DENMARK – 1.4%
Carlsberg A/S Class B (Consumer Staples)				(a)		70,220		7,469,938


HONG KONG – 1.0%
Techtronic Industries Co. Ltd. (Consumer Discretionary)				(a)		923,000		4,898,050


ISRAEL – 0.8%
Bank Leumi Le-Israel BM (Financials)				(a)		673,469		4,071,127


SOUTH KOREA – 0.7%
Samsung Electronics Co. Ltd. (Information Technology)				(a)		108,157		3,765,128

Total Common Stocks (Cost $554,595,179)							$	492,368,422


Preferred Securities – 1.9%			Rate		Quantity		Value
GERMANY – 1.9%
Volkswagen AG (Consumer Discretionary)	(a	)		(c)		61,446	$	9,797,901

Total Preferred Securities (Cost $11,567,557)								$9,797,901


Money Market Funds – 3.2%					Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(d	)				16,569,357	$	16,567,700

Total Money Market Funds (Cost $16,568,367)							$	16,567,700

Total Investments – 100.0% (Cost $582,731,103)	(e	)					$	518,734,023
Other Assets in Excess of Liabilities – 0.0%								22,971

Net Assets – 100.0%							$	518,756,994


		26		(continued)


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


Schedule of Investments		December 31, 2018

Percentages are stated as a percent of net assets.

Abbreviations:

ADR:

American Depositary Receipts

Footnotes:

(a)

(b)

Non-income producing security.

(c)

Payout is the rate of the company’s ordinary common stock dividend per share + 6 cents per share.

(d)

Rate represents the seven-day yield at December 31, 2018.

(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.

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


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

Objective/Strategy

The ON Foreign Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its assets in foreign securities.

Performance as of December 31, 2018


Average Annual returns
One year	-15.62	%
Five years	-1.37	%
Ten years	7.75	%

Total expense ratio is 1.22% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Foreign Portfolio returned -15.62% versus -14.20% for its current benchmark, the MSCI All Country World Ex-USA Index (Net – USD).

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. Broader macroeconomic and policy conditions have presented challenges for international value investors. In security analysis, applying a low discount rate to high future cash flows maximizes the net present value of an asset. That is effectively what central bank policies have done over the course of this cycle: keep discount (i.e., interest) rates low and profit expectations high. Unsurprisingly, the effects have been most acute where expectations were the highest: the United States, due to President Donald Trump’s pro-cyclical fiscal stimulus, and the Information Technology sector, due to optimistic growth assumptions and long-dated cash flows. Value investors focused outside of the U.S. have not participated in the structural tailwind associated with domestic growth stocks.

Q. How did country selection impact the Portfolio’s performance relative to the benchmark?

A. From a regional standpoint, Europe was the biggest detractor from relative performance, pressured by stock-level weakness in the United Kingdom (“U.K.”) during a period when Brexit turmoil escalated. Given high political uncertainty and a wide range of near-term outcomes in the U.K., we have tried to avoid companies overly exposed to the domestic economy and focused, instead, on what we viewed as lowly valued multinational companies with geographically diverse operations and minimal (or inverse) exposure to a volatile British pound. In our analysis, Europe remains excessively cheap and positioned for recovery following its protracted weakness. ⁽¹⁾

Positioning in Asia hindered relative results to a lesser degree, as relative weakness in South Korea offset relative strength in China. The negative impact of trade wars and economic imbalances in China became increasingly apparent as the period progressed and data softened. While officials will continue to pursue a more sustainable economic model by deleveraging, de-risking and closing excess capacity over the long term, we believe near-term pressures will probably necessitate easier policy in 2019. From an investment standpoint, Chinese companies still offer an attractive combination of high organic growth and cheap valuations, in our view, though opportunities are selective. To this end, we have largely avoided state-controlled industries plagued by excessive leverage and capacity, focusing instead on lowly valued consumer- and service-oriented sectors we believe are likely to capture an increasing share of China’s future economic growth. ⁽¹⁾

A. Stock selection in Consumer Staples, Communication Services and Energy contributed to relative results, most notably Consumer Staples, while stock selection in Consumer Discretionary, Financials and Industrials detracted. Overweighted allocations in Health Care and Energy, and an underweighting in Consumer Discretionary, contributed to performance relative to the benchmark, while underweighted allocations in Consumer Staples, Utilities and Real Estate detracted. ⁽¹⁾

The benchmark benefited from its higher exposure to traditionally defensive sectors, such as Consumer Staples and Utilities, during a period of rising risk aversion. We are finding limited value opportunities in these sectors. Utilities are broadly expensive, considering the potential impacts of weaker economic growth and increasing regulatory interference on power demand and industry pricing. Meanwhile, Consumer Staples stocks have long looked expensive, and we remained underweight in the sector. Among defensive sectors, we are finding more compelling opportunities in Health Care. Unlike Consumer Staples or Utilities, Health Care is less of a simple bond proxy, offering defensiveness independent of rate fluctuations. The sector also offers growth through innovation and untapped market potential. Indeed, over the past five years, Pharmaceuticals industry revenue growth has well exceeded that of the broader market. ⁽¹⁾

During the period, the U.S. dollar rose in value against most foreign currencies. This hurt the Portfolio’s performance because investments in securities with non-U.S. currency exposure lost value as the U.S. dollar rose.

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Top Contributors:

● SES SA, a Luxembourg Communication Services company focusing on satellite and group communications. Shares advanced after recent results showed stabilization in the firm’s video business as well as better-than-expected growth in other key segments. Recent progress highlights some of the positive changes being delivered by a new management team that is working to repair the balance sheet and seize long-term growth opportunities. ⁽¹⁾

● China Telecom Corp. Ltd., a China-based provider of wireline and mobile telecommunications services. The stock rallied after confirming its entry into the Philippines market, as their third major service provider. Despite


		28		(continued)


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

the company’s recent strength, broader industry concerns seem to be overshadowing its solid operating performance and attractive valuation, and we remain holders in anticipation of additional upside potential. ⁽¹⁾

● Softbank Group (“Softbank”), a Japanese Information Technology and Telecommunication Services provider. Shares advanced as investors looked forward to the firm’s expected merger of its U.S. wireless business, IPO of the company’s domestic telecommunications operations, and improved disclosures relating to its Vision Fund investment vehicle. As the company’s valuation discount narrowed, Softbank’s share price rose to levels we considered fair value and we realized profits on our position. ⁽¹⁾

Top Detractors:

● BNP Paribas SA (“BNP”), a France-based banking and financial services provider. Shares declined after the firm reported weak results from its bond trading business and struggled to grow revenues amid concerns about record-low interest rates, escalating trade tensions and political turmoil in France and Italy. Such negative headlines have resulted in an underappreciation of BNP’s diversity, stability, return profile and dividend payout. Trading at what we consider a considerable discount to tangible book value, and with a dividend yield that exceeds its price-to-earnings ratio, we believe BNP is significantly undervalued on a long-term investment horizon. ⁽¹⁾

● Capita PLC, a U.K. business processes outsourcing company. Shares corrected sharply after management announced plans to halt dividends and sell shares to raise capital. The emergence of new information required a reassessment of our investment thesis; with fundamentals deteriorating, valuations no longer appeared to be supportive and we liquidated the position. ⁽¹⁾

● Alamos Gold, Inc. Class A (“Alamos”), a Canada-based gold mining company. Alamos performed poorly in 2018 due to disappointingly low production and high costs at one of its Canadian mines, as well as concerns about permit delays at a Turkish asset. At current valuations, we believe the firm’s Turkish assets are being ascribed no value. In our analysis, with a net cash balance sheet and a credible plan to lower production costs, the stock could offer significant upside potential if gold prices rise or operational progress is achieved. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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 developed and emerging markets. The MSCI All Country World Index (ACWI) consists of 23 developed and 24 emerging market country indices, while the MSCI All Country World Ex-USA Index specifically excludes the impact of the United States. The returns presented for this index include the effects of reinvested dividends, net of taxes, and adjustment to U.S. Dollar denomination.

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


		29		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾⁽⁵⁾		96.8
Money Market Funds and Other Net Assets		3.2

		100.0

Top 10 Portfolio Holdings as of December 31,

2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Samsung Electronics Co. Ltd.		4.1
2.	BP PLC		3.2
3.	Roche Holding AG		3.0
4.	Royal Dutch Shell PLC		2.9
5.	Standard Chartered PLC		2.9
6.	Sanofi		2.6
7.	TOTAL SA		2.4
8.	BNP Paribas SA		2.3
9.	Oracle Corp.		2.2
10.	Eni SpA		2.2

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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		14.4
France		10.8
Japan		9.4
South Korea		8.5
Netherlands		8.5
China		7.8
Germany		7.1
Switzerland		4.9
Canada		4.2
United States		3.7

⁽⁵⁾

Sectors (Common Stocks):


	% of Net Assets
Financials		19.1
Health Care		15.6
Energy		13.0
Communication Services		11.1
Information Technology		10.5
Industrials		8.5
Materials		8.0
Consumer Discretionary		4.3
Consumer Staples		3.1
Utilities		2.9
Real Estate		0.7

		96.8


Ohio National Fund, Inc.		ON Foreign Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 96.8%		Shares		Value
UNITED KINGDOM – 14.4%
BAE Systems PLC (Industrials)	(a)		79,808	$	466,785
Barclays PLC (Financials)	(a)		356,147		681,405
BP PLC (Energy)	(a)		280,390		1,772,538
Cobham PLC (Industrials)	(a)(b)		308,586		384,747
HSBC Holdings PLC (Financials)	(a)		126,851		1,046,487
Johnson Matthey PLC (Materials)	(a)		22,402		799,877
Kingfisher PLC (Consumer Discretionary)	(a)		245,290		644,939
Standard Chartered PLC (Financials)	(a)		206,634		1,605,889
Vodafone Group PLC (Communication Services)	(a)		276,684		537,953

					7,940,620

FRANCE – 10.8%
AXA SA (Financials)	(a)		34,143		736,871
BNP Paribas SA (Financials)	(a)		27,325		1,234,016
Cie de Saint-Gobain (Industrials)	(a)		7,745		257,107
Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)	(a)		4,335		426,681
Sanofi (Health Care)	(a)		16,240		1,408,817
TOTAL SA (Energy)	(a)		24,642		1,299,745
Veolia Environnement SA (Utilities)	(a)		29,402		602,129

					5,965,366

JAPAN – 9.4%
Astellas Pharma, Inc. (Health Care)	(a)		40,400		516,175
Ezaki Glico Co. Ltd. (Consumer Staples)	(a)		7,900		401,087
Mitsui Fudosan Co. Ltd. (Real Estate)	(a)		17,100		379,824
Panasonic Corp. (Consumer Discretionary)	(a)		75,400		677,350
Seven & I Holdings Co. Ltd. (Consumer Staples)	(a)		13,600		590,989
Sumitomo Metal Mining Co. Ltd. (Materials)	(a)		11,000		294,574
Sumitomo Rubber Industries Ltd. (Consumer Discretionary)	(a)		49,000		576,871
Suntory Beverage & Food Ltd. (Consumer Staples)	(a)		16,100		726,957
Taiheiyo Cement Corp. (Materials)	(a)		19,200		590,883
Takeda Pharmaceutical Co. Ltd. (Health Care)	(a)		13,100		444,018

					5,198,728

SOUTH KOREA – 8.5%
Hana Financial Group, Inc. (Financials)	(a)		27,721		901,565
KB Financial Group, Inc. (Financials)	(a)(b)		13,601		567,390
Korea Electric Power Corp. (Utilities)	(a)(b)		11,965		354,423
Lotte Chemical Corp. (Materials)	(a)		2,400		596,717
Samsung Electronics Co. Ltd. (Information Technology)	(a)		65,363		2,275,396

					4,695,491

NETHERLANDS – 8.5%
Flow Traders (Financials)	(a)		14,424		460,392
ING Groep N.V. (Financials)	(a)		83,261		895,604
NXP Semiconductors N.V. (Information Technology)			9,600		703,488
QIAGEN N.V. (Health Care)	(a)(b)		8,496		290,315
Royal Dutch Shell PLC (Energy)	(a)		53,883		1,610,966
SBM Offshore N.V. (Energy)	(a)		48,507		716,712

					4,677,477

CHINA – 7.8%
Baidu, Inc. – ADR (Communication Services)	(b)		5,510		873,886
China Life Insurance Co. Ltd. (Financials)	(a)		352,000		744,390
China Telecom Corp. Ltd.
(Communication Services)	(a)		2,230,000		1,142,578
NetEase, Inc. – ADR (Communication Services)			2,100		494,277
Sinopec Engineering Group Co. Ltd. (Industrials)	(a)		649,800		533,368
Sinopharm Group Co. Ltd. (Health Care)	(a)		118,400		498,494

					4,286,993

GERMANY – 7.1%
Bayer AG (Health Care)	(a)		11,898		827,491


Common Stocks (Continued)		Shares		Value
GERMANY (continued)
E.ON SE (Utilities)	(a)		64,263	$	634,360
Gerresheimer AG (Health Care)	(a)		5,470		359,439
Merck KGaA (Health Care)	(a)		7,733		795,977
Siemens AG (Industrials)	(a)		5,337		595,618
Telefonica Deutschland Holding AG (Communication Services)	(a)		180,529		710,547

					3,923,432

SWITZERLAND – 4.9%
Landis+Gyr Group AG (Information Technology)	(a)		5,294		298,138
Roche Holding AG (Health Care)	(a)		6,737		1,672,520
UBS Group AG (Financials)	(a)		56,878		709,453

					2,680,111

CANADA – 4.2%
Alamos Gold, Inc. Class A (Materials)			164,300		591,480
Goldcorp, Inc. (Materials)			45,500		445,602
Husky Energy, Inc. (Energy)			50,400		520,908
Wheaton Precious Metals Corp. (Materials)			37,100		724,227

					2,282,217

UNITED STATES – 3.7%
Oracle Corp. (Information Technology)			26,960		1,217,244
Shire PLC (Health Care)	(a)		14,425		839,356

					2,056,600

HONG KONG – 3.4%
China Mobile Ltd. (Communication Services)	(a)		86,500		837,025
CK Hutchison Holdings Ltd. (Industrials)	(a)		104,500		1,003,013

					1,840,038

DENMARK – 2.5%
AP Moller – Maersk A/S Class B (Industrials)	(a)		483		607,581
Vestas Wind Systems A/S (Industrials)	(a)		10,222		773,791

					1,381,372

TAIWAN – 2.3%
Quanta Computer, Inc. (Information Technology)	(a)		271,000		463,822
Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)	(a)		113,000		820,519

					1,284,341

ITALY – 2.2%
Eni SpA (Energy)	(a)		75,671		1,195,390


ISRAEL – 1.9%
Teva Pharmaceutical Industries Ltd. – ADR (Health Care)	(b)		67,643		1,043,055


SINGAPORE – 1.6%
Singapore Telecommunications Ltd. (Communication Services)	(a)		417,600		898,773

IRELAND – 1.6%
Bank of Ireland Group PLC (Financials)	(a)		99,462		553,180
CRH PLC (Materials)	(a)		12,796		338,925

					892,105


THAILAND – 0.9%
Bangkok Bank PCL (Financials)	(a)		22,700		144,486
Kasikornbank PCL – Foreign Shares (Financials)	(a)		17,500		99,278
Kasikornbank PCL – NVDR (Financials)	(a)		46,600		265,086

					508,850

NEW ZEALAND – 0.7%
SKY Network Television Ltd. (Communication Services)	(a)		303,193		376,807



		31		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)			Shares		Value
LUXEMBOURG – 0.4%
SES SA (Communication Services)	(a	)		11,127	$	213,039

Total Common Stocks (Cost $62,266,907)					$	53,340,805


Money Market Funds – 3.1%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(c	)		1,695,765	$	1,695,595

Total Money Market Funds (Cost $1,695,711)					$	1,695,595

Total Investments – 99.9% (Cost $63,962,618)	(d	)			$	55,036,400
Other Assets in Excess of Liabilities – 0.1%						50,227

Net Assets – 100.0%					$	55,086,627

Percentages are stated as a percent of net assets.

Abbreviations:

ADR:

American Depositary Receipts

NVDR:

Non-Voting Depository Receipts

Footnotes:

(a)

(b)

Non-income producing security.

(c)

Rate represents the seven-day yield at December 31, 2018.

(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.


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

Objective/Strategy

The ON Janus Henderson Forty Portfolio (formerly 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, 2018


Average Annual returns
One year			5.22%
Five years			10.90%
Ten years			14.94%

Total expense ratio is 0.96% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Janus Henderson Forty Portfolio returned 5.22% versus -1.51% for its benchmark, the Russell 1000 Growth Index.

A. Nearly all of our relative outperformance was due to security selection. Specifically, strong stock selection in the Information Technology sector was a large driver of relative outperformance. Stock selection in the Materials and Consumer Discretionary sectors also aided relative results. Due to the concentrated nature of our investment portfolio, our sector holdings are significantly different from the benchmark. Within the Information Technology and Consumer Discretionary sectors, we held stocks that strung together several strong quarters of earnings growth, which helped drive those stocks upward. ⁽¹⁾

Sector allocation decisions also helped relative performance, specifically underweights to Industrials and Energy. We have maintained an underweight to Energy due to a lack of competitively advantaged growth companies within the sector, and believe the performance of most companies in the sector is tied largely to commodity prices.⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The Trade Desk, Inc. Class A was the largest relative contributor. The stock of the programmatic advertising specialist was up after the company reported earnings that handily beat market expectations in the second and third quarters. ⁽¹⁾

salesforce.com, Inc. was also a large relative contributor. Strong revenue growth and continued appreciation for its business model have driven the stock higher. ⁽¹⁾

Mastercard, Inc. Class A was another top contributor. The company strung together several quarters of strong revenue and earnings growth. ⁽¹⁾

Apple, Inc. was the Portfolio’s largest detractor due to the Portfolio’s underweight relative to the benchmark. We are less optimistic about its long-term topline growth potential, which is increasingly tied to iPhone replacement cycles. ⁽¹⁾

NVIDIA Corp. was another relative detractor. The stock declined after the company reported earnings below consensus expectations. We continue to be impressed with the Company’s long-term outlook, however. ⁽¹⁾

Insmed, Inc. was the third-largest relative detractor. We like the potential for its lead therapy, amikacin liposome inhalation suspension (“ALIS”), an inhaled liposomal formulation of amikacin. The drug treats nontuberculous mycobacterial (NTM) infection, a lung disease that affects more than 200,000 people worldwide, causing symptoms such as chronic cough, chest pain and fatigue. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. No derivatives were used in the Portfolio. The Portfolio participated in two IPOs during the year, Adyen N.V. and PagSeguro Digital Ltd. In total, those stocks detracted 14 basis points from performance. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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

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


		33		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		96.7
Money Market Funds
Less Net Liabilities		3.3

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Alphabet, Inc. Class C		7.2
2.	Microsoft Corp.		6.4
3.	Mastercard, Inc. Class A		5.7
4.	Amazon.com, Inc.		5.3
5.	salesforce.com, Inc.		4.1
6.	Intercontinental Exchange, Inc.		3.6
7.	American Tower Corp.		3.3
8.	TD Ameritrade Holding Corp.		3.3
9.	Boeing Co. / The		3.2
10.	Boston Scientific Corp.		3.2

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		32.1
Health Care		18.2
Financials		11.2
Consumer Discretionary		9.4
Communication Services		8.7
Industrials		8.3
Materials		5.5
Real Estate		3.3

		96.7


Ohio National Fund, Inc.		ON Janus Henderson Forty Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 96.7%			Shares		Value

COMMUNICATION SERVICES – 8.7%
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		10,406	$	10,776,558
Live Nation Entertainment, Inc. (Entertainment)	(a	)		45,182		2,225,213

						13,001,771

CONSUMER DISCRETIONARY – 9.4%
Amazon.com, Inc. (Internet & Direct Marketing Retail)	(a	)		5,291		7,946,923
Home Depot, Inc. / The (Specialty Retail)				20,034		3,442,242
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				36,017		2,670,300

						14,059,465

FINANCIALS – 11.2%
Intercontinental Exchange, Inc. (Capital Markets)				70,891		5,340,219
Markel Corp. (Insurance)	(a	)		3,716		3,857,394
SVB Financial Group (Banks)	(a	)		13,692		2,600,385
TD Ameritrade Holding Corp. (Capital Markets)				99,267		4,860,112

						16,658,110

HEALTH CARE – 18.2%
Allergan PLC (Pharmaceuticals)				24,596		3,287,501
BeiGene Ltd. – ADR (Biotechnology)	(a	)		4,293		602,136
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a	)		135,097		4,774,328
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)				14,599		3,715,446
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)	(a	)		16,153		2,474,155
Humana, Inc. (Health Care Providers & Svs.)				12,544		3,593,605
ICU Medical, Inc. (Health Care Equip. & Supplies)	(a	)		12,038		2,764,286
Insmed, Inc. (Biotechnology)	(a	)		99,034		1,299,326
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a	)		8,069		3,864,405
Neurocrine Biosciences, Inc. (Biotechnology)	(a	)		11,811		843,424

						27,218,612

INDUSTRIALS – 8.3%
Boeing Co. / The (Aerospace & Defense)				15,064		4,858,140
CoStar Group, Inc. (Professional Svs.)	(a	)		4,451		1,501,500
Harris Corp. (Aerospace & Defense)				29,084		3,916,161
Rexnord Corp. (Machinery)	(a	)		93,321		2,141,717

						12,417,518

INFORMATION TECHNOLOGY – 32.1%
Adobe Systems, Inc. (Software)	(a	)		10,412		2,355,611
Apple, Inc. (Tech. Hardware, Storage & Periph.)				13,628		2,149,681
ASML Holding N.V. (Semiconductors & Equip.)				21,130		3,288,251
Atlassian Corp. PLC Class A (Software)	(a	)		15,404		1,370,648
Mastercard, Inc. Class A (IT Svs.)				45,080		8,504,342
Microsoft Corp. (Software)				94,076		9,555,299
NVIDIA Corp. (Semiconductors & Equip.)				17,759		2,370,827
Pagseguro Digital Ltd. Class A (IT Svs.)	(a	)		44,586		835,096
salesforce.com, Inc. (Software)	(a	)		44,830		6,140,365
StoneCo Ltd. Class A (IT Svs.)	(a	)		35,303		650,987
Texas Instruments, Inc. (Semiconductors & Equip.)				44,072		4,164,804
Trade Desk, Inc. / The Class A (Software)	(a	)		11,457		1,329,699
Ultimate Software Group, Inc. / The (Software)	(a	)		15,127		3,704,148
WEX, Inc. (IT Svs.)	(a	)		10,594		1,483,796

						47,903,554

MATERIALS – 5.5%
Ball Corp. (Containers & Packaging)				99,572		4,578,321
Sherwin-Williams Co. / The (Chemicals)				9,120		3,588,355

						8,166,676

REAL ESTATE – 3.3%
American Tower Corp. (Equity REIT)				31,316		4,953,878

Total Common Stocks (Cost $147,145,545)					$	144,379,584


Money Market Funds – 4.2%			Shares		Value

State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(b	)		6,239,813	$	6,239,189

Total Money Market Funds (Cost $6,239,547)					$	6,239,189

Total Investments – 100.9% (Cost $153,385,092)	(c	)			$	150,618,773
Liabilities in Excess of Other Assets – (0.9)%						(1,281,490	)

Net Assets – 100.0%					$	149,337,283


		35		(continued)


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


Schedule of Investments		December 31, 2018

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a)

Non-income producing security.

(b)

Rate represents the seven-day yield at December 31, 2018.

(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.


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

Objective/Strategy

The ON Janus Henderson Venture Portfolio (formerly the Small Cap Growth Portfolio) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its assets in stocks of small capitalization companies.

Performance as of December 31, 2018


Average Annual returns
One year	-6.37	%
Five years	6.40	%
Ten years	16.76	%

Total expense ratio is 0.85% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Janus Henderson Venture Portfolio returned -6.37% versus -9.31% for its benchmark, the Russell 2000 Growth Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. In the second and third quarter, we were concerned about excessive valuations for many stocks of biotechnology, consumer internet and software-as a-service companies that seemed to be driving the market. While we own some of these companies, we were underweight these stocks due to valuation concerns. That hurt relative performance in the second and third quarter, but we also benefited in the fourth quarter when this theme reversed sharply.

A. Both security selection and sector allocation decisions contributed meaningfully to relative performance. Stock selection was particularly strong in the Industrials, Energy and Financials sectors. In terms of sector weightings, the Portfolio’s overweight to the Information Technology sector was a large boost to relative results. Information Technology is the Portfolio’s largest overweight, driven in large part by our allocation to application software companies. This overweight was a material benefit to relative performance, as the Information Technology

sector was one of the few positive returning sectors for the year. Business models within the application software industry tend to have better visibility and sustainability to their revenue streams. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

Bioverativ, Inc. was another top contributor. The stock soared on news that French Health Care company Sanofi agreed to buy Bioverativ, Inc. for more than $11 billion, a significant premium to the firm’s market value at the time. ⁽¹⁾

HEICO Corp. Class A was the third-largest relative contributor. Strong earnings momentum helped boost the stock of the aerospace parts supplier in recent months. A few bolt-on acquisitions made by the company have also been viewed favorably and helped drive the stock upward. ⁽¹⁾

Belden, Inc. was the largest relative detractor. Belden’s stock dipped after an announcement that the Securities and Exchange Commission (“SEC”) was investigating the company over how it recognized revenue in one of its business units. The company had already announced the accounting issue, and we believe the stock price reaction to the news about the SEC investigation was overdone. ⁽¹⁾

Visteon Corp. was another relative detractor. The company makes automotive electronics, including infotainment systems and cockpit displays for automobiles. Concerns about the automobile cycle weighed on the stock, but we continue to like the company’s long-term outlook, as it continues to increase content and gain market share. ⁽¹⁾

Puma Biotechnology, Inc. detracted from relative performance. The stock declined after the company announced it was unlikely to get approval from the European Medicines Agency (“EMA”) for its lead drug, Nerlynx. The stock continued to trend down as the U.S. launch has ramped up slower than expected. We still like the long-term growth potential of Nerlynx, a breast cancer therapy approved by the U.S. Food and Drug Administration (“FDA”) in 2017, and subsequently approved in Europe in mid-2018 after the EMA decision was reversed. We don’t believe the stock’s current valuation reflects the upside in the U.S market, let alone in Europe. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. No derivatives were used in the Portfolio. The Portfolio participated in several IPOs, which contributed 20 bps to performance on a net basis. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		37		(continued)


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

Change in Value of $10,000 Investment

LOGO

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

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		97.6
Master Limited Partnerships ⁽⁴⁾		2.1
Money Market Funds and Other Net Assets		0.3

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	HEICO Corp. Class A		2.2
2.	Nice Ltd. – ADR		2.2
3.	SS&C Technologies Holdings, Inc.		2.1
4.	STERIS PLC		1.9
5.	LPL Financial Holdings, Inc.		1.9
6.	Euronet Worldwide, Inc.		1.9
7.	Catalent, Inc.		1.8
8.	ServiceMaster Global Holdings, Inc.		1.7
9.	j2 Global, Inc.		1.5
10.	Cedar Fair LP		1.5

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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		30.8
Health Care		22.0
Industrials		17.9
Consumer Discretionary		11.2
Financials		7.5
Materials		4.2
Real Estate		2.0
Energy		1.8
Consumer Staples		1.6
Communication Services		0.7

		99.7


Ohio National Fund, Inc.		ON Janus Henderson Venture Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 97.6%			Shares		Value
COMMUNICATION SERVICES – 0.7%
Manchester United PLC Class A (Entertainment)				71,922	$	1,365,079

CONSUMER DISCRETIONARY – 9.7%
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)				13,247		1,081,220
Dunkin’ Brands Group, Inc. (Hotels, Restaurants & Leisure)				30,936		1,983,616
Farfetch Ltd. Class A (Internet & Direct Marketing Retail)	(a	)		50,543		895,117
frontdoor, Inc. (Diversified Consumer Svs.)	(a	)		48,744		1,297,078
K12, Inc. (Diversified Consumer Svs.)	(a	)		78,123		1,936,669
Lovesac Co. / The (Household Durables)	(a	)		75,020		1,720,959
MakeMyTrip Ltd. (Internet & Direct Marketing Retail)	(a	)		34,885		848,752
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)	(a	)		28,043		1,069,560
Sally Beauty Holdings, Inc. (Specialty Retail)	(a	)		46,895		799,560
ServiceMaster Global Holdings, Inc. (Diversified Consumer Svs.)	(a	)		97,489		3,581,746
Thor Industries, Inc. (Automobiles)				17,200		894,400
Visteon Corp. (Auto Components)	(a	)		22,423		1,351,658
Waitr Holdings, Inc. (Internet & Direct Marketing Retail)	(a	)		127,620		1,422,963
Williams-Sonoma, Inc. (Specialty Retail)				25,834		1,303,325

						20,186,623

CONSUMER STAPLES – 1.6%
Casey’s General Stores, Inc. (Food & Staples Retailing)				8,410		1,077,657
Hain Celestial Group, Inc. / The (Food Products)	(a	)		35,100		556,686
Ontex Group N.V. (Personal Products)	(b	)		77,507		1,589,235

						3,223,578

ENERGY – 1.2%
Magnolia Oil & Gas Corp. (Oil, Gas & Consumable Fuels)	(a	)		121,251		1,359,224
Solaris Oilfield Infrastructure, Inc. Class A (Energy Equip. & Svs.)				96,711		1,169,236

						2,528,460

FINANCIALS – 7.5%
GTY Technology Holdings, Inc. Class A (Capital Markets)	(a	)		106,257		1,057,257
Kearny Financial Corp. (Thrifts & Mortgage Finance)				90,618		1,161,723
Kingstone Cos., Inc. (Insurance)				94,664		1,674,606
LendingTree, Inc. (Thrifts & Mortgage Finance)	(a	)		5,433		1,192,924
LPL Financial Holdings, Inc. (Capital Markets)				63,615		3,885,604
MSCI, Inc. (Capital Markets)				12,008		1,770,340
RLI Corp. (Insurance)				35,146		2,424,723
SLM Corp. (Consumer Finance)	(a	)		147,036		1,221,869
UMB Financial Corp. (Banks)				20,854		1,271,468

						15,660,514

HEALTH CARE – 22.0%
Acceleron Pharma, Inc. (Biotechnology)	(a	)		14,845		646,500
AnaptysBio, Inc. (Biotechnology)	(a	)		17,113		1,091,638
AngioDynamics, Inc. (Health Care Equip. & Supplies)	(a	)		82,346		1,657,625
athenahealth, Inc. (Health Care Technology)	(a	)		8,471		1,117,579
BeiGene Ltd. – ADR (Biotechnology)	(a	)		6,914		969,758
BioCryst Pharmaceuticals, Inc. (Biotechnology)	(a	)		107,888		870,656
Biohaven Pharmaceutical Holding Co. Ltd. (Biotechnology)	(a	)		35,770		1,322,775
Bio-Techne Corp. (Life Sciences Tools & Svs.)				13,851		2,004,517
Catalent, Inc. (Pharmaceuticals)	(a	)		118,596		3,697,823
Codexis, Inc. (Life Sciences Tools & Svs.)	(a	)		66,192		1,105,406


Common Stocks (Continued)			Shares		Value
HEALTH CARE (continued)
Deciphera Pharmaceuticals, Inc. (Biotechnology)	(a	)		18,523	$	388,798
Diplomat Pharmacy, Inc. (Health Care Providers & Svs.)	(a	)		81,661		1,099,157
Eagle Pharmaceuticals, Inc. (Biotechnology)	(a	)		34,037		1,371,351
Enanta Pharmaceuticals, Inc. (Biotechnology)	(a	)		10,822		766,522
FibroGen, Inc. (Biotechnology)	(a	)		26,874		1,243,729
Globus Medical, Inc. Class A (Health Care Equip. & Supplies)	(a	)		20,634		893,040
GW Pharmaceuticals PLC – ADR (Pharmaceuticals)	(a	)		10,535		1,026,004
HealthEquity, Inc. (Health Care Providers & Svs.)	(a	)		16,825		1,003,611
Heron Therapeutics, Inc. (Biotechnology)	(a	)		58,562		1,519,098
Heska Corp. (Health Care Equip. & Supplies)	(a	)		11,601		998,846
ICU Medical, Inc. (Health Care Equip. & Supplies)	(a	)		9,034		2,074,477
Immunomedics, Inc. (Biotechnology)	(a	)		40,234		574,139
Insmed, Inc. (Biotechnology)	(a	)		78,552		1,030,602
Knight Therapeutics, Inc. (Biotechnology)	(a	)		192,555		1,084,638
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a	)		10,103		1,370,977
Mirati Therapeutics, Inc. (Biotechnology)	(a	)		11,177		474,128
Myovant Sciences Ltd. (Biotechnology)	(a	)		32,501		533,341
NeoGenomics, Inc. (Life Sciences Tools & Svs.)	(a	)		162,798		2,052,883
Neurocrine Biosciences, Inc. (Biotechnology)	(a	)		17,797		1,270,884
Prestige Consumer Healthcare, Inc. (Pharmaceuticals)	(a	)		56,527		1,745,554
Puma Biotechnology, Inc. (Biotechnology)	(a	)		27,804		565,811
RA Medical Systems, Inc. (Health Care Equip. & Supplies)	(a	)		71,557		568,878
Rhythm Pharmaceuticals, Inc. (Biotechnology)	(a	)		37,152		998,646
Senseonics Holdings, Inc. (Health Care Equip. & Supplies)	(a	)		264,736		685,666
STERIS PLC (Health Care Equip. & Supplies)				37,431		3,999,502
Surmodics, Inc. (Health Care Equip. & Supplies)	(a	)		13,283		627,755
Trinity Biotech PLC – ADR (Health Care Equip. & Supplies)	(a	)		91,807		210,238
WaVe Life Sciences Ltd. (Pharmaceuticals)	(a	)		21,586		907,476

						45,570,028

INDUSTRIALS – 17.9%
AMERCO (Road & Rail)				5,621		1,844,306
Brady Corp. Class A (Commercial Svs. & Supplies)				42,258		1,836,533
Cimpress N.V. (Commercial Svs. & Supplies)	(a	)		15,876		1,641,896
CoStar Group, Inc. (Professional Svs.)	(a	)		3,717		1,253,893
CSW Industrials, Inc. (Building Products)	(a	)		57,067		2,759,189
EnerSys (Electrical Equip.)				17,254		1,339,083
Gates Industrial Corp. PLC (Machinery)	(a	)		182,670		2,418,551
HEICO Corp. Class A (Aerospace & Defense)				74,086		4,667,419
ITT, Inc. (Machinery)				45,440		2,193,389
Kennametal, Inc. (Machinery)				46,793		1,557,271
Kornit Digital Ltd. (Machinery)	(a	)		86,516		1,619,580
Nordson Corp. (Machinery)				17,224		2,055,684
Old Dominion Freight Line, Inc. (Road & Rail)				10,774		1,330,481
Proto Labs, Inc. (Machinery)	(a	)		10,712		1,208,206
Rexnord Corp. (Machinery)	(a	)		114,383		2,625,090
Standex International Corp. (Machinery)				36,435		2,447,703
TrueBlue, Inc. (Professional Svs.)	(a	)		55,311		1,230,670
WABCO Holdings, Inc. (Machinery)	(a	)		18,223		1,956,057
Wabtec Corp. (Machinery)				17,922		1,259,021

						37,244,022

INFORMATION TECHNOLOGY – 30.8%
Altair Engineering, Inc. Class A (Software)	(a	)		34,417		949,221
Arlo Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		98,593		983,958


		39		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)			Shares		Value
INFORMATION TECHNOLOGY (continued)
Belden, Inc. (Electronic Equip., Instr. & Comp.)				55,295	$	2,309,672
Blackbaud, Inc. (Software)				41,357		2,601,355
Broadridge Financial Solutions, Inc. (IT Svs.)				29,243		2,814,639
Cadence Design Systems, Inc. (Software)	(a	)		62,435		2,714,674
ChannelAdvisor Corp. (Software)	(a	)		118,463		1,344,555
Cision Ltd. (Software)	(a	)		161,278		1,886,953
CTS Corp. (Electronic Equip., Instr. & Comp.)				39,952		1,034,357
Descartes Systems Group, Inc. / The (Software)	(a	)		76,285		2,013,294
Envestnet, Inc. (Software)	(a	)		44,492		2,188,562
Euronet Worldwide, Inc. (IT Svs.)	(a	)		37,566		3,846,007
Everbridge, Inc. (Software)	(a	)		22,381		1,270,346
Guidewire Software, Inc. (Software)	(a	)		16,997		1,363,669
Instructure, Inc. (Software)	(a	)		38,189		1,432,469
j2 Global, Inc. (Software)				44,317		3,074,714
LivePerson, Inc. (Software)	(a	)		63,427		1,196,233
National Instruments Corp. (Electronic Equip., Instr. & Comp.)				24,446		1,109,360
Nice Ltd. – ADR (Software)	(a	)		41,300		4,469,073
Novanta, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		21,825		1,374,975
ON Semiconductor Corp. (Semiconductors & Equip.)	(a	)		162,063		2,675,660
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		24,484		1,794,677
Paylocity Holding Corp. (Software)	(a	)		28,680		1,726,823
RealPage, Inc. (Software)	(a	)		37,496		1,806,932
Rogers Corp. (Electronic Equip., Instr. & Comp.)	(a	)		17,285		1,712,252
SailPoint Technologies Holding, Inc. (Software)	(a	)		58,557		1,375,504
SS&C Technologies Holdings, Inc. (Software)				98,661		4,450,598
Trade Desk, Inc. / The Class A (Software)	(a	)		13,219		1,534,197
Tyler Technologies, Inc. (Software)	(a	)		8,250		1,533,015
WEX, Inc. (IT Svs.)	(a	)		16,605		2,325,696
WNS Holdings Ltd. – ADR (IT Svs.)	(a	)		35,840		1,478,758
Yext, Inc. (Software)	(a	)		97,592		1,449,241

						63,841,439

MATERIALS – 4.2%
H.B. Fuller Co. (Chemicals)				41,347		1,764,276
Neenah, Inc. (Paper & Forest Products)				21,779		1,283,219
Sensient Technologies Corp. (Chemicals)				53,898		3,010,203
Valvoline, Inc. (Chemicals)				139,193		2,693,385

						8,751,083

REAL ESTATE – 2.0%
Condor Hospitality Trust, Inc. (Equity REIT)				90,640		624,510
Easterly Government Properties, Inc. (Equity REIT)				68,754		1,078,063
FirstService Corp. (Real Estate Mgmt. & Development)				18,001		1,232,708
Redfin Corp. (Real Estate Mgmt. & Development)	(a	)		83,746		1,205,942

						4,141,223

Total Common Stocks (Cost $181,749,360)					$	202,512,049


Master Limited Partnerships – 2.1%			Shares		Value
CONSUMER DISCRETIONARY – 1.5%
Cedar Fair LP (Hotels, Restaurants & Leisure)				64,604	$	3,055,769

ENERGY – 0.6%
DCP Midstream LP (Oil, Gas & Consumable Fuels)				49,657		1,315,414

Total Master Limited Partnerships (Cost $4,432,235)					$	4,371,183


Money Market Funds – 0.1%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(c	)		211,581	$	211,560

Total Money Market Funds (Cost $211,560)					$	211,560

Total Investments – 99.8% (Cost $186,393,155)	(d	)			$	207,094,792
Other Assets in Excess of Liabilities – 0.2%						352,635

Net Assets – 100.0%					$	207,447,427


		40		(continued)


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


Schedule of Investments		December 31, 2018

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a)

Non-income producing security.

(b)

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

(c)

Rate represents the seven-day yield at December 31, 2018.

(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.


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

Objective/Strategy

The ON Janus Henderson Enterprise Portfolio (formerly the Mid Cap Opportunity Portfolio) seeks long-term total return by investing, under normal circumstances, at least 80% of its assets in equity securities of mid-cap companies, primarily those that are strategically positioned for long-term growth.


Performance as of December 31, 2018


Average Annual returns
One year			-3.21%
Five years			5.76%
Ten years			13.05%

Total expense ratio is 0.98% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Janus Henderson Enterprise Portfolio returned -3.21% versus -4.75% for its benchmark, the Russell Midcap Growth Index.

Effective May 1, 2018, Janus Capital Management LLC (“Janus”) replaced the Portfolio’s previous sub-adviser, Goldman Sachs Asset Management, L.P. (“Goldman Sachs”). In conjunction with the change in sub-adviser, the name of the Portfolio was changed from Mid Cap Opportunity Portfolio to ON Janus Henderson Enterprise Portfolio. The Portfolio’s benchmark was unchanged.

For the period from January 1, 2018 to April 30, 2018 (the “first four-month period”), the Portfolio was known as the Mid Cap Opportunity Portfolio, and was sub-advised by Goldman Sachs. During the first four-month period, the Portfolio returned 1.66% versus 1.21% for the Russell Midcap Growth Index.

For the period from May 1, 2018 to December 31, 2018 (the “latter eight-month period”), the Portfolio was sub-advised by Janus. During this period, the Portfolio returned -4.79% versus -5.89% for the Russell Midcap Growth Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. Goldman Sachs: Stock selection was the primary driver of the Portfolio’s outperformance during the first four-month period. Strong stock selection in the Information Technology sector drove much of the outperformance.

A. Janus: In the second and third quarter, we were concerned about excessive valuations for many growth stocks; in particular, those within the biotechnology, consumer internet, and software spaces. While we own some of these companies, and appreciate their business models and growth opportunities, we were underweight these stocks due to valuation concerns. That hurt relative performance in the second and third quarter, but we benefited in the fourth quarter when stocks with the highest valuations sold off sharply. ⁽¹⁾

Q. How did sector allocation and security selection each impact the Portfolio’s performance relative to its benchmark? For sector allocation, were there any factors that impacted the benchmark’s performance more significantly than the Portfolio’s performance? For stock selection, was there anything specific regarding the Portfolio’s strategy that caused deviation from the benchmark?

A. Goldman Sachs: During the first four-month period, stock selection within the Information Technology and Financials sectors contributed most to relative returns, while stock selection within the Consumer Discretionary and Materials sectors detracted most from relative returns.

A. Janus: The strategy’s relative outperformance during the latter eight-month period was due to stock selection. Stock selection was particularly strong in the Health Care, Real Estate and Financials sectors, which contributed positively. Relative to the benchmark, the Portfolio’s overweight to the Financials sector detracted from relative results, along with an underweight to Consumer Staples. The Portfolio was underweight the Materials sector, which contributed positively. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Goldman Sachs: Intuit, Inc. was a top contributor to relative returns for the first four-month period. The company released positive numbers following the 2017 tax filing season in which it reported further market share gains while also raising its full-year consumer tax guidance. Intuit’s has continued to gain market share in the Do-It-Yourself (“DIY”) tax space and the company’s deep product line and growing customer base have been viewed as encouraging signs of further growth.

GoDaddy, Inc. Class A (“GoDaddy”), a web hosting services company, was also a top contributor for the first four-month period. The company reported strong fourth quarter results and gave impressive guidance for both the first quarter and full year of 2018. Continued customer engagement and expansion of its product Portfolio drove organic revenue growth that exceeded investor expectations. GoDaddy is a high-quality company that has consistently executed and been able to deliver durable earnings growth at an attractive valuation.

Valvoline, Inc. (“Valvoline”) was a top detractor from relative returns for the first four-month period. In early February, the company announced mixed quarterly results. Same store sales were strong with positive store traffic and good sales growth. However, higher commodity prices and performance in the core North American and International segments dragged on earnings. Despite the macro headwinds, the company has multiple sales growth drivers and is gaining market share among mechanics.

Hubbell, Inc. (“Hubbell”), a company that designs, manufactures and sells electrical and electronic products, was also a top detractor from relative returns for the four-month period. The stock came under pressure in April following its earnings announcement, in which it reported in-line earnings but slightly weaker than expected margins. The results were driven by challenging pricing in select markets and cost pressures.


		42		(continued)


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

A. Janus: Atlassian Corp. PLC Class A (“Atlassian”) was the largest relative contributor during the latter eight-month period. The company strung together consecutive quarters of strong revenue growth, validating the value of the business and driving the stock higher. We believe Atlassian’s software tools play a valuable role allowing business teams to collaborate with each other more effectively. ⁽¹⁾

Xilinx, Inc. (“Xilinx”) was another top contributor. In what was generally a tough environment for companies in the semiconductor supply chain, Xilinx beat earnings estimates and raised earnings guidance, which helped lift the stock in the fourth quarter. ⁽¹⁾

Boston Scientific Corp. was the third-largest contributor. The medical technology company reported strong earnings growth during the second quarter, which helped drive the stock. We remain encouraged by the initiatives that its management team is undertaking to boost the company’s product pipeline, expand operating margins and grow revenue. ⁽¹⁾

Flex Ltd. was the Portfolio’s largest relative detractor during the latter eight-month period. The supply chain solutions company had been working on a solution to near-source manufacturing for NIKE, Inc., but after delays on the project, both sides walked away from it. While this was a negative for the company, we continue to like the stock and believe the company provides great value to its customers. ⁽¹⁾

TD Ameritrade Holding Corp. was the second-largest detractor. Concerns about the economic and capital markets cycle weighed on the stock in the second half of 2018. Going forward, we believe that the retirement wave of baby boomers is a tailwind for companies such as TD Ameritrade, as financial assets will likely move from defined contribution plans to rollover IRAs. ⁽¹⁾

ON Semiconductor Corp. (“ON Semiconductor”) was another relative detractor. Concerns about the automobile cycle weighed on the stock. Fears about how tariffs might impact the semiconductor and technology hardware supply chains negatively affected ON Semiconductor. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. Goldman Sachs: The Portfolio did not utilize derivatives during the first four-month period. The Portfolio participated in two IPOs during the first four-month period: Dropbox, Inc. and Hudson Ltd. Class A. The Portfolio’s position in Dropbox, Inc. contributed 5 basis points to relative performance during this period, while the Portfolio’s position in Hudson LTD detracted 4 basis points from relative performance during this period.

A. Janus: The Portfolio did not hold any derivatives or participate in any IPOs during the latter eight-month period. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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 includes the effects of reinvested dividends.

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


		43		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		98.3
Money Market Funds
Less Net Liabilities		1.7

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾⁽²⁾ ⁽³⁾


		% of Net Assets
1.	Nice Ltd. – ADR		2.7
2.	Sensata Technologies Holding PLC		2.6
3.	TD Ameritrade Holding Corp.		2.5
4.	Boston Scientific Corp.		2.4
5.	Microchip Technology, Inc.		2.3
6.	Crown Castle International Corp.		2.3
7.	Constellation Software, Inc.		2.2
8.	Aon PLC		2.2
9.	Lamar Advertising Co. Class A		2.1
10.	PerkinElmer, Inc.		2.1

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		34.0
Industrials		21.4
Health Care		16.1
Financials		11.2
Consumer Discretionary		8.4
Real Estate		4.4
Communication Services		1.4
Materials		1.3
Energy		0.1

		98.3


Ohio National Fund, Inc.		ON Janus Henderson Enterprise Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 98.3%			Shares		Value
COMMUNICATION SERVICES – 1.4%
Liberty Media Corp. - Liberty Formula One Class C Class C (Entertainment)	(a	)		15,057	$	462,250
Omnicom Group, Inc. (Media)				13,556		992,841

						1,455,091

CONSUMER DISCRETIONARY – 8.4%
Aramark (Hotels, Restaurants & Leisure)				27,356		792,503
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)				6,867		560,485
Dunkin’ Brands Group, Inc. (Hotels, Restaurants & Leisure)				22,750		1,458,730
frontdoor, Inc. (Diversified Consumer Svs.)	(a	)		14,414		383,557
Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)				52,066		1,580,724
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		3,763		457,618
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a	)		22,380		948,688
ServiceMaster Global Holdings, Inc. (Diversified Consumer Svs.)	(a	)		28,830		1,059,214
Visteon Corp. (Auto Components)	(a	)		6,156		371,084
Wayfair, Inc. Class A (Internet & Direct Marketing Retail)	(a	)		4,704		423,736
Williams-Sonoma, Inc. (Specialty Retail)				11,302		570,186

						8,606,525

ENERGY – 0.1%
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)				7,189		153,917


FINANCIALS – 11.2%
Aon PLC (Insurance)				15,316		2,226,334
Intact Financial Corp. (Insurance)				17,671		1,283,904
LPL Financial Holdings, Inc. (Capital Markets)				33,999		2,076,659
MSCI, Inc. (Capital Markets)				5,209		767,963
SVB Financial Group (Banks)	(a	)		3,038		576,977
Synchrony Financial (Consumer Finance)				23,553		552,553
TD Ameritrade Holding Corp. (Capital Markets)				53,102		2,599,874
W.R. Berkley Corp. (Insurance)				19,224		1,420,846

						11,505,110

HEALTH CARE – 16.1%
ACADIA Pharmaceuticals, Inc. (Biotechnology)	(a	)		17,146		277,251
Alkermes PLC (Biotechnology)	(a	)		9,993		294,893
athenahealth, Inc. (Health Care Technology)	(a	)		9,523		1,256,369
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a	)		70,288		2,483,978
Catalent, Inc. (Pharmaceuticals)	(a	)		20,118		627,279
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)				8,031		2,043,890
Elanco Animal Health, Inc. (Pharmaceuticals)	(a	)		4,939		155,727
ICU Medical, Inc. (Health Care Equip. & Supplies)	(a	)		4,049		929,772
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.)	(a	)		14,081		1,635,790
Neurocrine Biosciences, Inc. (Biotechnology)	(a	)		12,387		884,556
PerkinElmer, Inc. (Life Sciences Tools & Svs.)				27,267		2,141,823
Sarepta Therapeutics, Inc. (Biotechnology)	(a	)		3,001		327,499
Teleflex, Inc. (Health Care Equip. & Supplies)				3,603		931,303
Varian Medical Systems, Inc. (Health Care Equip. & Supplies)	(a	)		8,324		943,192
Waters Corp. (Life Sciences Tools & Svs.)	(a	)		8,447		1,593,527

						16,526,849

INDUSTRIALS – 21.4%
A.O. Smith Corp. (Building Products)				19,235		821,334
AMETEK, Inc. (Electrical Equip.)				5,524		373,975
Carlisle Cos., Inc. (Industrial Conglomerates)				13,013		1,308,067
Cimpress N.V. (Commercial Svs. & Supplies)	(a	)		13,051		1,349,734
CoStar Group, Inc. (Professional Svs.)	(a	)		5,102		1,721,109
Edenred (Commercial Svs. & Supplies)	(b	)		29,208		1,075,700
Ferguson PLC (Trading Companies & Distributors)	(b	)		10,425		666,139
Harris Corp. (Aerospace & Defense)				7,067		951,572
HEICO Corp. (Aerospace & Defense)				10,463		810,673


Common Stocks (Continued)			Shares		Value
INDUSTRIALS (continued)
HEICO Corp. Class A (Aerospace & Defense)				3,200	$	201,600
IHS Markit Ltd. (Professional Svs.)	(a	)		20,593		987,846
Middleby Corp. / The (Machinery)	(a	)		7,070		726,301
Old Dominion Freight Line, Inc. (Road & Rail)				7,040		869,370
Rexnord Corp. (Machinery)	(a	)		54,415		1,248,824
Ritchie Bros Auctioneers, Inc. (Commercial Svs. & Supplies)				37,853		1,238,550
Ryanair Holdings PLC – ADR (Airlines)	(a	)		10,119		721,889
Sensata Technologies Holding PLC (Electrical Equip.)	(a	)		59,193		2,654,214
Teledyne Technologies, Inc. (Aerospace & Defense)	(a	)		8,425		1,744,565
Verisk Analytics, Inc. (Professional Svs.)	(a	)		18,446		2,011,352
Wabtec Corp. (Machinery)				6,540		459,435

						21,942,249

INFORMATION TECHNOLOGY – 34.0%
Amdocs Ltd. (IT Svs.)				33,051		1,936,128
Atlassian Corp. PLC Class A (Software)	(a	)		18,874		1,679,409
Belden, Inc. (Electronic Equip., Instr. & Comp.)				13,762		574,839
Broadridge Financial Solutions, Inc. (IT Svs.)				7,714		742,472
Constellation Software, Inc. (Software)				3,525		2,256,341
Dolby Laboratories, Inc. Class A (Electronic Equip., Instr. & Comp.)				10,386		642,270
Euronet Worldwide, Inc. (IT Svs.)	(a	)		4,640		475,043
Fidelity National Information Services, Inc. (IT Svs.)				14,892		1,527,175
Flex Ltd. (Electronic Equip., Instr. & Comp.)	(a	)		96,733		736,138
Gartner, Inc. (IT Svs.)	(a	)		7,849		1,003,416
Global Payments, Inc. (IT Svs.)				19,083		1,968,030
GoDaddy, Inc. Class A (IT Svs.)	(a	)		12,644		829,699
Intuit, Inc. (Software)				3,400		669,290
KLA-Tencor Corp. (Semiconductors & Equip.)				18,243		1,632,566
Lam Research Corp. (Semiconductors & Equip.)				7,973		1,085,683
Microchip Technology, Inc. (Semiconductors & Equip.)				33,188		2,386,881
National Instruments Corp. (Electronic Equip., Instr. & Comp.)				43,557		1,976,617
Nice Ltd. – ADR (Software)	(a	)		25,010		2,706,332
ON Semiconductor Corp. (Semiconductors & Equip.)	(a	)		97,261		1,605,779
SS&C Technologies Holdings, Inc. (Software)				45,608		2,057,377
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)				27,150		2,053,354
Ultimate Software Group, Inc. / The (Software)	(a	)		4,860		1,190,068
WEX, Inc. (IT Svs.)	(a	)		14,059		1,969,104
Xilinx, Inc. (Semiconductors & Equip.)				13,602		1,158,482

						34,862,493

MATERIALS – 1.3%
Sealed Air Corp. (Containers & Packaging)				37,497		1,306,395


REAL ESTATE – 4.4%
Crown Castle International Corp. (Equity REIT)				21,874		2,376,173
Lamar Advertising Co. Class A (Equity REIT)				31,567		2,183,805

						4,559,978

Total Common Stocks (Cost $109,800,011)					$	100,918,607


Money Market Funds – 1.8%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(c	)		1,824,215	$	1,824,032

Total Money Market Funds (Cost $1,824,035)					$	1,824,032

Total Investments – 100.1% (Cost $111,624,046)	(d	)			$	102,742,639
Liabilities in Excess of Other Assets – (0.1)%						(151,577	)

Net Assets – 100.0%					$	102,591,062


		45		(continued)


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


Schedule of Investments		December 31, 2018

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a)

Non-income producing security.

(b)

(c)

Rate represents the seven-day yield at December 31, 2018.

(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.


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

Objective/Strategy

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

Performance as of December 31, 2018


Average Annual returns
One year	-4.78	%
Five years	8.02	%
Ten years	12.60	%

Total expense ratio is 0.38% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON S&P 500^® Index Portfolio returned -4.78% versus -4.38% for its benchmark, the S&P 500^® Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. The Portfolio intends to track the underlying return of the S&P 500^® Index. There were no material market events or changes in strategy during the year that materially impacted the Portfolio’s relative return. Sources of return variance were related to the cumulative impact of investing the day-to-day cash flows in the Portfolio.

A. There was no impact from either sector allocation or stock selection that caused any material performance variance between the Portfolio and its benchmark. ⁽¹⁾

Most sectors had negative returns for the year. The Financials sector was down 13.0%, Industrials fell 13.3% and Energy declined 18.1%. Health Care and Utilities were up 6.5% and 4.1% for the year, respectively. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Top contributors to the benchmark’s return included Amazon.com, Inc. (28.4% return) and Microsoft Corp. (20.8% return). Together, these two stocks made up approximately 6.2% of the benchmark. Facebook, Inc. Class A (-25.7%) was the largest detractor from the benchmark’s return over the year. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. The Portfolio uses S&P 500^® Index futures contracts primarily to equitize open dividend receivables, as well as to manage day-to-day cash flows, to ensure the Portfolio is fully invested. The futures did not meaningfully impact performance, however, due to their index characteristics and size in relation to the Portfolio’s net assets. ⁽¹⁾

Q. Were there any significant changes to the Portfolio’s management team, investment strategy, or selection process during the reporting period?

A. There were no significant changes to the investment strategy or selection process during the reporting period. Over the 2018 calendar year, the portfolio management team added a total of four new members. Their names and positions have been provided below for reference.

• Manav Verma, CFA – Portfolio Manager

• Michael Trotter – Assistant Portfolio Manager

• Clinton Clark – Index Analyst

• Daniel Glenn – Portfolio Manager

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		47		(continued)


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

Change in Value of $10,000 Investment

LOGO

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

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

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		99.2
Money Market Funds and Other Net Assets		0.8

		100.0

Top 10 Portfolio Holdings as of December 31,
2018^{⁽¹⁾^(2)
(3)}


		% of Net Assets
1.	Microsoft Corp.		3.7
2.	Apple, Inc.		3.3
3.	Amazon.com, Inc.		2.9
4.	Berkshire Hathaway, Inc. Class B		1.9
5.	Johnson & Johnson		1.6
6.	JPMorgan Chase & Co.		1.5
7.	Alphabet, Inc. Class C		1.5
8.	Facebook, Inc. Class A		1.5
9.	Alphabet, Inc. Class A		1.5
10.	Exxon Mobil Corp.		1.4

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Information Technology		20.0
Health Care		15.4
Financials		13.3
Communication Services		10.0
Consumer Discretionary		9.9
Industrials		9.1
Consumer Staples		7.3
Energy		5.3
Utilities		3.3
Real Estate		2.9
Materials		2.7

		99.2


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


Schedule of Investments		December 31, 2018


Common Stocks – 99.2%		Shares	Value
COMMUNICATION SERVICES – 10.0%
Activision Blizzard, Inc. (Entertainment)		39,994	$	1,862,520
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a)	15,670		16,374,523
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a)	16,126		16,700,247
AT&T, Inc. (Diversified Telecom. Svs.)		381,466		10,887,040
CBS Corp. Class B (Media)		17,648		771,570
CenturyLink, Inc. (Diversified Telecom. Svs.)		49,844		755,137
Charter Communications, Inc. Class A (Media)	(a)	9,239		2,632,838
Comcast Corp. Class A (Media)		237,961		8,102,572
Discovery, Inc. Class A (Media)	(a)	8,217		203,289
Discovery, Inc. Class C (Media)	(a)	18,880		435,750
DISH Network Corp. Class A (Media)	(a)	12,015		300,014
Electronic Arts, Inc. (Entertainment)	(a)	15,836		1,249,619
Facebook, Inc. Class A (Interactive Media & Svs.)	(a)	125,922		16,507,115
Interpublic Group of Cos., Inc. / The (Media)		20,145		415,591
Netflix, Inc. (Entertainment)	(a)	22,857		6,117,905
News Corp. Class A (Media)		20,145		228,646
News Corp. Class B (Media)		6,532		75,445
Omnicom Group, Inc. (Media)		11,746		860,277
Take-Two Interactive Software, Inc. (Entertainment)	(a)	5,968		614,346
TripAdvisor, Inc. (Interactive Media & Svs.)	(a)	5,367		289,496
Twenty-First Century Fox, Inc. Class A (Entertainment)		55,398		2,665,752
Twenty-First Century Fox, Inc. Class B (Entertainment)		25,532		1,219,919
Twitter, Inc. (Interactive Media & Svs.)	(a)	37,905		1,089,390
Verizon Communications, Inc. (Diversified Telecom. Svs.)		216,574		12,175,790
Viacom, Inc. Class B (Entertainment)		18,525		476,092
Walt Disney Co. / The (Entertainment)		78,027		8,555,660

				111,566,543

CONSUMER DISCRETIONARY – 9.9%
Advance Auto Parts, Inc. (Specialty Retail)		3,821		601,655
Amazon.com, Inc. (Internet & Direct Marketing Retail)	(a)	21,528		32,334,410
Aptiv PLC (Auto Components)		13,810		850,282
AutoZone, Inc. (Specialty Retail)	(a)	1,322		1,108,285
Best Buy Co., Inc. (Specialty Retail)		12,271		649,872
Booking Holdings, Inc. (Internet & Direct Marketing Retail)	(a)	2,428		4,182,036
BorgWarner, Inc. (Auto Components)		10,916		379,222
CarMax, Inc. (Specialty Retail)	(a)	9,153		574,168
Carnival Corp. (Hotels, Restaurants & Leisure)		20,987		1,034,659
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure)	(a)	1,282		553,555
D.R. Horton, Inc. (Household Durables)		17,947		622,043
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		6,505		649,589
Dollar General Corp. (Multiline Retail)		13,779		1,489,234
Dollar Tree, Inc. (Multiline Retail)	(a)	12,473		1,126,561
eBay, Inc. (Internet & Direct Marketing Retail)	(a)	47,437		1,331,557
Expedia Group, Inc. (Internet & Direct Marketing Retail)		6,210		699,556
Foot Locker, Inc. (Specialty Retail)		6,022		320,370
Ford Motor Co. (Automobiles)		204,783		1,566,590
Gap, Inc. / The (Specialty Retail)		11,196		288,409
Garmin Ltd. (Household Durables)		6,334		401,069
General Motors Co. (Automobiles)		68,798		2,301,293
Genuine Parts Co. (Distributors)		7,692		738,586
Goodyear Tire & Rubber Co. / The (Auto Components)		12,213		249,267
H&R Block, Inc. (Diversified Consumer Svs.)		10,772		273,286
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		18,907		236,905
Harley-Davidson, Inc. (Automobiles)		8,535		291,214
Hasbro, Inc. (Leisure Products)		6,100		495,625


Common Stocks (Continued)		Shares	Value
CONSUMER DISCRETIONARY (continued)
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		15,544	$	1,116,059
Home Depot, Inc. / The (Specialty Retail)		59,203		10,172,259
Kohl’s Corp. (Multiline Retail)		8,655		574,173
L Brands, Inc. (Specialty Retail)		11,969		307,244
Leggett & Platt, Inc. (Household Durables)		6,836		245,002
Lennar Corp. Class A (Household Durables)		15,333		600,287
LKQ Corp. (Distributors)	(a)	16,678		395,769
Lowe’s Cos., Inc. (Specialty Retail)		42,086		3,887,063
Macy’s, Inc. (Multiline Retail)		16,115		479,905
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)		14,840		1,611,030
Mattel, Inc. (Leisure Products)	(a)	18,091		180,729
McDonald’s Corp. (Hotels, Restaurants & Leisure)		40,406		7,174,893
MGM Resorts International (Hotels, Restaurants & Leisure)		26,251		636,849
Michael Kors Holdings Ltd. (Textiles, Apparel & Luxury Goods)	(a)	7,874		298,582
Mohawk Industries, Inc. (Household Durables)	(a)	3,306		386,670
Newell Brands, Inc. (Household Durables)		22,509		418,442
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)		66,726		4,947,066
Nordstrom, Inc. (Multiline Retail)		5,964		277,982
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a)	11,530		488,757
O’Reilly Automotive, Inc. (Specialty Retail)	(a)	4,199		1,445,842
PulteGroup, Inc. (Household Durables)		13,543		351,983
PVH Corp. (Textiles, Apparel & Luxury Goods)		3,970		369,011
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		2,860		295,896
Ross Stores, Inc. (Specialty Retail)		19,569		1,628,141
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)		8,982		878,350
Starbucks Corp. (Hotels, Restaurants & Leisure)		65,024		4,187,546
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		15,189		512,629
Target Corp. (Multiline Retail)		27,351		1,807,628
Tiffany & Co. (Specialty Retail)		5,686		457,780
TJX Cos., Inc. / The (Specialty Retail)		64,863		2,901,971
Tractor Supply Co. (Specialty Retail)		6,398		533,849
Ulta Beauty, Inc. (Specialty Retail)	(a)	2,953		723,013
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods)	(a)	9,834		173,767
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods)	(a)	10,082		163,026
V.F. Corp. (Textiles, Apparel & Luxury Goods)		17,054		1,216,632
Whirlpool Corp. (Household Durables)		3,344		357,373
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)		5,129		507,309
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		16,369		1,504,638

				109,564,443

CONSUMER STAPLES – 7.3%
Altria Group, Inc. (Tobacco)		98,488		4,864,322
Archer-Daniels-Midland Co. (Food Products)		29,385		1,203,903
Brown-Forman Corp. Class B (Beverages)		8,716		414,707
Campbell Soup Co. (Food Products)		10,098		333,133
Church & Dwight Co., Inc. (Household Products)		12,906		848,699
Clorox Co. / The (Household Products)		6,691		1,031,351
Coca-Cola Co. / The (Beverages)		200,789		9,507,359
Colgate-Palmolive Co. (Household Products)		45,459		2,705,720
Conagra Brands, Inc. (Food Products)		25,453		543,676
Constellation Brands, Inc. Class A (Beverages)		8,708		1,400,420
Costco Wholesale Corp. (Food & Staples Retailing)		22,968		4,678,811
Coty, Inc. Class A (Personal Products)		23,620		154,947
Estee Lauder Cos., Inc. / The Class A (Personal Products)		11,526		1,499,533
General Mills, Inc. (Food Products)		31,251		1,216,914


		49		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)		Shares	Value
CONSUMER STAPLES (continued)
Hershey Co. / The (Food Products)		7,350	$	787,773
Hormel Foods Corp. (Food Products)		14,290		609,897
J.M. Smucker Co. / The (Food Products)		5,962		557,387
Kellogg Co. (Food Products)		13,278		756,979
Kimberly-Clark Corp. (Household Products)		18,151		2,068,125
Kraft Heinz Co. / The (Food Products)		32,597		1,402,975
Kroger Co. / The (Food & Staples Retailing)		41,826		1,150,215
Lamb Weston Holdings, Inc. (Food Products)		7,676		564,647
McCormick & Co., Inc. (Food Products)		6,382		888,630
Molson Coors Brewing Co. Class B (Beverages)		9,817		551,323
Mondelez International, Inc. Class A (Food Products)		76,201		3,050,326
Monster Beverage Corp. (Beverages)	(a)	20,868		1,027,123
PepsiCo, Inc. (Beverages)		73,985		8,173,863
Philip Morris International, Inc. (Tobacco)		81,478		5,439,471
Procter & Gamble Co. / The (Household Products)		130,584		12,003,281
Sysco Corp. (Food & Staples Retailing)		25,064		1,570,510
Tyson Foods, Inc. Class A (Food Products)		15,467		825,938
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		42,136		2,879,153
Walmart, Inc. (Food & Staples Retailing)		74,615		6,950,387

				81,661,498

ENERGY – 5.3%
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)		26,431		1,158,735
Apache Corp. (Oil, Gas & Consumable Fuels)		19,893		522,191
Baker Hughes, a GE Co. (Energy Equip. & Svs.)		26,909		578,543
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		22,600		505,110
Chevron Corp. (Oil, Gas & Consumable Fuels)		100,151		10,895,427
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		5,012		308,990
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)	(a)	10,496		1,078,884
ConocoPhillips (Oil, Gas & Consumable Fuels)		60,341		3,762,261
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		24,540		553,132
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		8,084		749,387
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		30,395		2,650,748
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		221,909		15,131,975
Halliburton Co. (Energy Equip. & Svs.)		45,917		1,220,474
Helmerich & Payne, Inc. (Energy Equip. & Svs.)		5,715		273,977
Hess Corp. (Oil, Gas & Consumable Fuels)		13,043		528,241
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		8,355		427,108
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		99,483		1,530,049
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		43,570		624,794
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		36,210		2,136,752
National Oilwell Varco, Inc. (Energy Equip. & Svs.)		20,094		516,416
Newfield Exploration Co. (Oil, Gas & Consumable Fuels)	(a)	10,501		153,945
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		25,148		471,776
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		39,574		2,429,052
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		21,561		1,163,216
Phillips 66 (Oil, Gas & Consumable Fuels)		22,236		1,915,631
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		8,935		1,175,131
Schlumberger Ltd. (Energy Equip. & Svs.)		72,582		2,618,759
TechnipFMC PLC (Energy Equip. & Svs.)		22,301		436,654


Common Stocks (Continued)		Shares	Value
ENERGY (continued)
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		22,240	$	1,667,333
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels)		63,449		1,399,050

				58,583,741

FINANCIALS – 13.3%
Affiliated Managers Group, Inc. (Capital Markets)		2,761		269,032
Aflac, Inc. (Insurance)		39,901		1,817,890
Allstate Corp. / The (Insurance)		18,053		1,491,719
American Express Co. (Consumer Finance)		36,715		3,499,674
American International Group, Inc. (Insurance)		46,368		1,827,363
Ameriprise Financial, Inc. (Capital Markets)		7,304		762,318
Aon PLC (Insurance)		12,624		1,835,025
Arthur J. Gallagher & Co. (Insurance)		9,626		709,436
Assurant, Inc. (Insurance)		2,732		244,350
Bank of America Corp. (Banks)		478,390		11,787,530
Bank of New York Mellon Corp. / The (Capital Markets)		47,679		2,244,251
BB&T Corp. (Banks)		40,391		1,749,738
Berkshire Hathaway, Inc. Class B (Diversified Financial Svs.)	(a)	101,965		20,819,214
BlackRock, Inc. (Capital Markets)		6,365		2,500,299
Brighthouse Financial, Inc. (Insurance)	(a)	6,216		189,464
Capital One Financial Corp. (Consumer Finance)		24,826		1,876,597
CBOE Global Markets, Inc. (Capital Markets)		5,881		575,338
Charles Schwab Corp. / The (Capital Markets)		62,996		2,616,224
Chubb Ltd. (Insurance)		24,152		3,119,955
Cincinnati Financial Corp. (Insurance)		7,933		614,173
Citigroup, Inc. (Banks)		128,001		6,663,732
Citizens Financial Group, Inc. (Banks)		24,525		729,128
CME Group, Inc. (Capital Markets)		18,752		3,527,626
Comerica, Inc. (Banks)		8,475		582,148
Discover Financial Services (Consumer Finance)		17,609		1,038,579
E*TRADE Financial Corp. (Capital Markets)		13,326		584,745
Everest Re Group Ltd. (Insurance)		2,131		464,047
Fifth Third Bancorp (Banks)		34,363		808,561
First Republic Bank/CA (Banks)		8,583		745,863
Franklin Resources, Inc. (Capital Markets)		15,598		462,637
Goldman Sachs Group, Inc. / The (Capital Markets)		18,132		3,028,951
Hartford Financial Services Group, Inc. / The (Insurance)		18,803		835,793
Huntington Bancshares, Inc. (Banks)		55,639		663,217
Intercontinental Exchange, Inc. (Capital Markets)		29,854		2,248,902
Invesco Ltd. (Capital Markets)		21,560		360,914
Jefferies Financial Group, Inc. (Diversified Financial Svs.)		14,732		255,748
JPMorgan Chase & Co. (Banks)		174,297		17,014,873
KeyCorp (Banks)		54,223		801,416
Lincoln National Corp. (Insurance)		11,196		574,467
Loews Corp. (Insurance)		14,492		659,676
M&T Bank Corp. (Banks)		7,357		1,053,007
Marsh & McLennan Cos., Inc. (Insurance)		26,401		2,105,480
MetLife, Inc. (Insurance)		51,724		2,123,787
Moody’s Corp. (Capital Markets)		8,737		1,223,529
Morgan Stanley (Capital Markets)		68,521		2,716,858
MSCI, Inc. (Capital Markets)		4,614		680,242
Nasdaq, Inc. (Capital Markets)		6,015		490,644
Northern Trust Corp. (Capital Markets)		11,604		969,978
People’s United Financial, Inc. (Banks)		19,783		285,469
PNC Financial Services Group, Inc. / The (Banks)		24,185		2,827,468
Principal Financial Group, Inc. (Insurance)		13,797		609,413
Progressive Corp. / The (Insurance)		30,562		1,843,805
Prudential Financial, Inc. (Insurance)		21,647		1,765,313
Raymond James Financial, Inc. (Capital Markets)		6,759		502,937


		50		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)		Shares	Value
FINANCIALS (continued)
Regions Financial Corp. (Banks)		54,189	$	725,049
S&P Global, Inc. (Capital Markets)		13,151		2,234,881
State Street Corp. (Capital Markets)		19,893		1,254,651
SunTrust Banks, Inc. (Banks)		23,549		1,187,812
SVB Financial Group (Banks)	(a)	2,791		530,067
Synchrony Financial (Consumer Finance)		34,658		813,077
T. Rowe Price Group, Inc. (Capital Markets)		12,614		1,164,524
Torchmark Corp. (Insurance)		5,379		400,897
Travelers Cos., Inc. / The (Insurance)		13,883		1,662,489
U.S. Bancorp (Banks)		79,623		3,638,771
Unum Group (Insurance)		11,465		336,842
Wells Fargo & Co. (Banks)		222,051		10,232,110
Willis Towers Watson PLC (Insurance)		6,811		1,034,318
Zions Bancorp N.A. (Banks)		10,073		410,374

				147,424,405

HEALTH CARE – 15.4%
Abbott Laboratories (Health Care Equip. & Supplies)		92,056		6,658,410
AbbVie, Inc. (Biotechnology)		78,841		7,268,352
ABIOMED, Inc. (Health Care Equip. & Supplies)	(a)	2,361		767,419
Agilent Technologies, Inc. (Life Sciences Tools & Svs.)		16,708		1,127,122
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a)	11,693		1,138,430
Align Technology, Inc. (Health Care Equip. & Supplies)	(a)	3,815		798,975
Allergan PLC (Pharmaceuticals)		16,618		2,221,162
AmerisourceBergen Corp. (Health Care Providers & Svs.)		8,220		611,568
Amgen, Inc. (Biotechnology)		33,399		6,501,783
Anthem, Inc. (Health Care Providers & Svs.)		13,556		3,560,212
Baxter International, Inc. (Health Care Equip. & Supplies)		25,939		1,707,305
Becton Dickinson and Co. (Health Care Equip. & Supplies)		14,060		3,167,999
Biogen, Inc. (Biotechnology)	(a)	10,560		3,177,715
Boston Scientific Corp. (Health Care Equip. & Supplies)	(a)	72,530		2,563,210
Bristol-Myers Squibb Co. (Pharmaceuticals)		85,549		4,446,837
Cardinal Health, Inc. (Health Care Providers & Svs.)		15,616		696,474
Celgene Corp. (Biotechnology)	(a)	36,650		2,348,898
Centene Corp. (Health Care Providers & Svs.)	(a)	10,763		1,240,974
Cerner Corp. (Health Care Technology)	(a)	17,270		905,639
Cigna Corp. (Health Care Providers & Svs.)		19,958		3,790,384
Cooper Cos., Inc. / The (Health Care Equip. & Supplies)		2,576		655,592
CVS Health Corp. (Health Care Providers & Svs.)		67,781		4,441,011
Danaher Corp. (Health Care Equip. & Supplies)		32,328		3,333,663
DaVita, Inc. (Health Care Providers & Svs.)	(a)	6,612		340,254
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies)		11,665		434,055
Edwards Lifesciences Corp. (Health Care Equip. & Supplies)	(a)	10,957		1,678,284
Eli Lilly & Co. (Pharmaceuticals)		49,415		5,718,304
Gilead Sciences, Inc. (Biotechnology)		67,803		4,241,078
HCA Healthcare, Inc. (Health Care Providers & Svs.)		14,070		1,751,011
Henry Schein, Inc. (Health Care Providers & Svs.)	(a)	7,990		627,375
Hologic, Inc. (Health Care Equip. & Supplies)	(a)	14,120		580,332
Humana, Inc. (Health Care Providers & Svs.)		7,190		2,059,791
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)	(a)	4,520		840,810
Illumina, Inc. (Life Sciences Tools & Svs.)	(a)	7,705		2,310,961
Incyte Corp. (Biotechnology)	(a)	9,258		588,716
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a)	5,986		2,866,815
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.)	(a)	8,304		964,676
Johnson & Johnson (Pharmaceuticals)		140,572		18,140,817


Common Stocks (Continued)		Shares	Value
HEALTH CARE (continued)
Laboratory Corp. of America Holdings (Health Care Providers & Svs.)	(a)	5,289	$	668,318
McKesson Corp. (Health Care Providers & Svs.)		10,240		1,131,213
Medtronic PLC (Health Care Equip. & Supplies)		70,394		6,403,038
Merck & Co., Inc. (Pharmaceuticals)		136,295		10,414,301
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.)	(a)	1,313		742,607
Mylan N.V. (Pharmaceuticals)	(a)	27,026		740,512
Nektar Therapeutics (Pharmaceuticals)	(a)	9,072		298,197
PerkinElmer, Inc. (Life Sciences Tools & Svs.)		5,830		457,947
Perrigo Co. PLC (Pharmaceuticals)		6,551		253,851
Pfizer, Inc. (Pharmaceuticals)		302,976		13,224,902
Quest Diagnostics, Inc. (Health Care Providers & Svs.)		7,132		593,882
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a)	4,068		1,519,398
ResMed, Inc. (Health Care Equip. & Supplies)		7,469		850,495
Stryker Corp. (Health Care Equip. & Supplies)		16,278		2,551,576
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)		21,100		4,721,969
UnitedHealth Group, Inc. (Health Care Providers & Svs.)		50,424		12,561,627
Universal Health Services, Inc. Class B (Health Care Providers & Svs.)		4,469		520,907
Varian Medical Systems, Inc. (Health Care Equip. & Supplies)	(a)	4,776		541,169
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a)	13,395		2,219,685
Waters Corp. (Life Sciences Tools & Svs.)	(a)	3,970		748,940
WellCare Health Plans, Inc. (Health Care Providers & Svs.)	(a)	2,620		618,556
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies)		10,691		1,108,871
Zoetis, Inc. (Pharmaceuticals)		25,182		2,154,068

				171,318,442

INDUSTRIALS – 9.1%
3M Co. (Industrial Conglomerates)		30,520		5,815,281
A.O. Smith Corp. (Building Products)		7,542		322,043
Alaska Air Group, Inc. (Airlines)		6,463		393,274
Allegion PLC (Building Products)		4,982		397,115
American Airlines Group, Inc. (Airlines)		21,485		689,883
AMETEK, Inc. (Electrical Equip.)		12,166		823,638
Arconic, Inc. (Aerospace & Defense)		22,542		380,058
Boeing Co. / The (Aerospace & Defense)		27,681		8,927,122
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		7,207		606,037
Caterpillar, Inc. (Machinery)		30,930		3,930,275
Cintas Corp. (Commercial Svs. & Supplies)		4,538		762,339
Copart, Inc. (Commercial Svs. & Supplies)	(a)	10,794		515,737
CSX Corp. (Road & Rail)		42,046		2,612,318
Cummins, Inc. (Machinery)		7,742		1,034,641
Deere & Co. (Machinery)		16,860		2,515,006
Delta Air Lines, Inc. (Airlines)		32,702		1,631,830
Dover Corp. (Machinery)		7,670		544,187
Eaton Corp. PLC (Electrical Equip.)		22,716		1,559,681
Emerson Electric Co. (Electrical Equip.)		32,819		1,960,935
Equifax, Inc. (Professional Svs.)		6,320		588,582
Expeditors International of Washington, Inc. (Air Freight & Logistics)		9,046		615,942
Fastenal Co. (Trading Companies & Distributors)		15,046		786,755
FedEx Corp. (Air Freight & Logistics)		12,707		2,050,020
Flowserve Corp. (Machinery)		6,859		260,779
Fluor Corp. (Construction & Engineering)		7,373		237,411
Fortive Corp. (Machinery)		15,404		1,042,235
Fortune Brands Home & Security, Inc. (Building Products)		7,412		281,582
General Dynamics Corp. (Aerospace & Defense)		14,591		2,293,851
General Electric Co. (Industrial Conglomerates)		455,900		3,451,163
Harris Corp. (Aerospace & Defense)		6,167		830,387


		51		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)		Shares	Value
INDUSTRIALS (continued)
Honeywell International, Inc. (Industrial Conglomerates)		38,801	$	5,126,388
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		2,251		428,388
IHS Markit Ltd. (Professional Svs.)	(a)	18,800		901,836
Illinois Tool Works, Inc. (Machinery)		16,000		2,027,040
Ingersoll-Rand PLC (Machinery)		12,876		1,174,677
J.B. Hunt Transport Services, Inc. (Road & Rail)		4,578		425,937
Jacobs Engineering Group, Inc. (Construction & Engineering)		6,267		366,369
Johnson Controls International PLC (Building Products)		48,433		1,436,038
Kansas City Southern (Road & Rail)		5,330		508,749
L3 Technologies, Inc. (Aerospace & Defense)		4,125		716,348
Lockheed Martin Corp. (Aerospace & Defense)		12,970		3,396,065
Masco Corp. (Building Products)		16,012		468,191
Nielsen Holdings PLC (Professional Svs.)		18,606		434,078
Norfolk Southern Corp. (Road & Rail)		14,275		2,134,684
Northrop Grumman Corp. (Aerospace & Defense)		9,100		2,228,590
PACCAR, Inc. (Machinery)		18,315		1,046,519
Parker-Hannifin Corp. (Machinery)		6,937		1,034,584
Pentair PLC (Machinery)		8,371		316,256
Quanta Services, Inc. (Construction & Engineering)		7,654		230,385
Raytheon Co. (Aerospace & Defense)		14,916		2,287,369
Republic Services, Inc. (Commercial Svs. & Supplies)		11,398		821,682
Robert Half International, Inc. (Professional Svs.)		6,367		364,192
Rockwell Automation, Inc. (Electrical Equip.)		6,325		951,786
Rollins, Inc. (Commercial Svs. & Supplies)		7,720		278,692
Roper Technologies, Inc. (Industrial Conglomerates)		5,421		1,444,805
Snap-on, Inc. (Machinery)		2,918		423,956
Southwest Airlines Co. (Airlines)		26,525		1,232,882
Stanley Black & Decker, Inc. (Machinery)		7,918		948,101
Textron, Inc. (Aerospace & Defense)		12,734		585,637
TransDigm Group, Inc. (Aerospace & Defense)	(a)	2,544		865,113
Union Pacific Corp. (Road & Rail)		38,618		5,338,166
United Continental Holdings, Inc. (Airlines)	(a)	11,996		1,004,425
United Parcel Service, Inc. Class B (Air Freight & Logistics)		36,439		3,553,896
United Rentals, Inc. (Trading Companies & Distributors)	(a)	4,251		435,855
United Technologies Corp. (Aerospace & Defense)		42,538		4,529,446
Verisk Analytics, Inc. (Professional Svs.)	(a)	8,628		940,797
Waste Management, Inc. (Commercial Svs. & Supplies)		20,559		1,829,545
WW Grainger, Inc. (Trading Companies & Distributors)		2,391		675,123
Xylem, Inc. (Machinery)		9,420		628,502

				101,401,199

INFORMATION TECHNOLOGY – 20.0%
Accenture PLC Class A (IT Svs.)		33,411		4,711,285
Adobe Systems, Inc. (Software)	(a)	25,585		5,788,350
Advanced Micro Devices, Inc. (Semiconductors & Equip.)	(a)	46,097		850,951
Akamai Technologies, Inc. (IT Svs.)	(a)	8,536		521,379
Alliance Data Systems Corp. (IT Svs.)		2,455		368,446
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.)		15,794		1,279,630
Analog Devices, Inc. (Semiconductors & Equip.)		19,401		1,665,188
ANSYS, Inc. (Software)	(a)	4,380		626,077
Apple, Inc. (Tech. Hardware, Storage & Periph.)		236,287		37,271,911
Applied Materials, Inc. (Semiconductors & Equip.)		51,522		1,686,830
Arista Networks, Inc. (Communications Equip.)	(a)	2,728		574,790
Autodesk, Inc. (Software)	(a)	11,479		1,476,314


Common Stocks (Continued)		Shares	Value
INFORMATION TECHNOLOGY (continued)
Automatic Data Processing, Inc. (IT Svs.)		22,943	$	3,008,286
Broadcom, Inc. (Semiconductors & Equip.)		21,670		5,510,248
Broadridge Financial Solutions, Inc. (IT Svs.)		6,119		588,954
Cadence Design Systems, Inc. (Software)	(a)	14,788		642,982
Cisco Systems, Inc. (Communications Equip.)		235,650		10,210,714
Citrix Systems, Inc. (Software)		6,710		687,507
Cognizant Technology Solutions Corp. Class A (IT Svs.)		30,349		1,926,554
Corning, Inc. (Electronic Equip., Instr. & Comp.)		41,952		1,267,370
DXC Technology Co. (IT Svs.)		14,682		780,642
F5 Networks, Inc. (Communications Equip.)	(a)	3,178		514,931
Fidelity National Information Services, Inc. (IT Svs.)		17,165		1,760,271
Fiserv, Inc. (IT Svs.)	(a)	20,885		1,534,839
FleetCor Technologies, Inc. (IT Svs.)	(a)	4,648		863,227
FLIR Systems, Inc. (Electronic Equip., Instr. & Comp.)		7,251		315,708
Fortinet, Inc. (Software)	(a)	7,590		534,564
Gartner, Inc. (IT Svs.)	(a)	4,764		609,030
Global Payments, Inc. (IT Svs.)		8,293		855,257
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.)		74,585		985,268
HP, Inc. (Tech. Hardware, Storage & Periph.)		82,940		1,696,952
Intel Corp. (Semiconductors & Equip.)		239,216		11,226,407
International Business Machines Corp. (IT Svs.)		47,633		5,414,443
Intuit, Inc. (Software)		13,603		2,677,751
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.)	(a)	1,875		212,419
Jack Henry & Associates, Inc. (IT Svs.)		4,051		512,532
Juniper Networks, Inc. (Communications Equip.)		18,091		486,829
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a)	9,824		609,874
KLA-Tencor Corp. (Semiconductors & Equip.)		8,023		717,978
Lam Research Corp. (Semiconductors & Equip.)		8,134		1,107,607
Mastercard, Inc. Class A (IT Svs.)		47,625		8,984,456
Maxim Integrated Products, Inc. (Semiconductors & Equip.)		14,522		738,444
Microchip Technology, Inc. (Semiconductors & Equip.)		12,396		891,520
Micron Technology, Inc. (Semiconductors & Equip.)	(a)	58,708		1,862,805
Microsoft Corp. (Software)		405,100		41,146,007
Motorola Solutions, Inc. (Communications Equip.)		8,571		986,008
NetApp, Inc. (Tech. Hardware, Storage & Periph.)		13,202		787,763
NVIDIA Corp. (Semiconductors & Equip.)		31,972		4,268,262
Oracle Corp. (Software)		133,557		6,030,099
Paychex, Inc. (IT Svs.)		16,751		1,091,328
PayPal Holdings, Inc. (IT Svs.)	(a)	61,762		5,193,567
Qorvo, Inc. (Semiconductors & Equip.)	(a)	6,547		397,599
QUALCOMM, Inc. (Semiconductors & Equip.)		63,534		3,615,720
Red Hat, Inc. (Software)	(a)	9,265		1,627,305
salesforce.com, Inc. (Software)	(a)	40,096		5,491,949
Seagate Technology PLC (Tech. Hardware, Storage & Periph.)		13,651		526,792
Skyworks Solutions, Inc. (Semiconductors & Equip.)		9,305		623,621
Symantec Corp. (Software)		33,486		632,718
Synopsys, Inc. (Software)	(a)	7,824		659,094
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.)		17,980		1,359,827
Texas Instruments, Inc. (Semiconductors & Equip.)		50,346		4,757,697
Total System Services, Inc. (IT Svs.)		8,797		715,108
VeriSign, Inc. (IT Svs.)	(a)	5,576		826,865
Visa, Inc. (IT Svs.)		92,103		12,152,070
Western Digital Corp. (Tech. Hardware, Storage & Periph.)		15,170		560,835
Western Union Co. / The (IT Svs.)		23,209		395,945


		52		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)			Shares	Value
INFORMATION TECHNOLOGY (continued)
Xerox Corp. (Tech. Hardware, Storage & Periph.)			10,866	$	214,712
Xilinx, Inc. (Semiconductors & Equip.)			13,263		1,129,610

					221,748,021

MATERIALS – 2.7%
Air Products & Chemicals, Inc. (Chemicals)			11,507		1,841,695
Albemarle Corp. (Chemicals)			5,567		429,049
Avery Dennison Corp. (Containers & Packaging)			4,545		408,277
Ball Corp. (Containers & Packaging)			17,778		817,433
Celanese Corp. (Chemicals)			7,011		630,780
CF Industries Holdings, Inc. (Chemicals)			12,097		526,341
DowDuPont, Inc. (Chemicals)			120,250		6,430,970
Eastman Chemical Co. (Chemicals)			7,340		536,627
Ecolab, Inc. (Chemicals)			13,324		1,963,291
FMC Corp. (Chemicals)			7,058		522,010
Freeport-McMoRan, Inc. (Metals & Mining)			75,949		783,034
International Flavors & Fragrances, Inc. (Chemicals)			5,309		712,839
International Paper Co. (Containers & Packaging)			21,229		856,803
Linde PLC (Chemicals)			28,883		4,506,903
LyondellBasell Industries N.V. Class A (Chemicals)			16,489		1,371,225
Martin Marietta Materials, Inc. (Construction Materials)			3,287		564,937
Mosaic Co. / The (Chemicals)			18,588		542,956
Newmont Mining Corp. (Metals & Mining)			27,919		967,393
Nucor Corp. (Metals & Mining)			16,454		852,482
Packaging Corp. of America (Containers & Packaging)			4,953		413,377
PPG Industries, Inc. (Chemicals)			12,573		1,285,338
Sealed Air Corp. (Containers & Packaging)			8,225		286,559
Sherwin-Williams Co. / The (Chemicals)			4,318		1,698,960
Vulcan Materials Co. (Construction Materials)			6,921		683,795
Westrock Co. (Containers & Packaging)			13,290		501,830

					30,134,904

REAL ESTATE – 2.9%
Alexandria Real Estate Equities, Inc. (Equity REIT)			5,636		649,493
American Tower Corp. (Equity REIT)			23,088		3,652,291
Apartment Investment & Management Co. Class A (Equity REIT)			8,158		357,973
AvalonBay Communities, Inc. (Equity REIT)			7,245		1,260,992
Boston Properties, Inc. (Equity REIT)			8,095		911,092
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)	(a	)	16,616		665,305
Crown Castle International Corp. (Equity REIT)			21,744		2,362,051
Digital Realty Trust, Inc. (Equity REIT)			10,812		1,152,019
Duke Realty Corp. (Equity REIT)			18,781		486,428
Equinix, Inc. (Equity REIT)			4,214		1,485,688
Equity Residential (Equity REIT)			19,311		1,274,719
Essex Property Trust, Inc. (Equity REIT)			3,463		849,162
Extra Space Storage, Inc. (Equity REIT)			6,631		599,973
Federal Realty Investment Trust (Equity REIT)			3,871		456,933
HCP, Inc. (Equity REIT)			25,027		699,004
Host Hotels & Resorts, Inc. (Equity REIT)			38,894		648,363
Iron Mountain, Inc. (Equity REIT)			15,002		486,215
Kimco Realty Corp. (Equity REIT)			22,087		323,574
Macerich Co. / The (Equity REIT)			5,545		239,988
Mid-America Apartment Communities, Inc. (Equity REIT)			5,967		571,042


Common Stocks (Continued)			Shares	Value
REAL ESTATE (continued)
Prologis, Inc. (Equity REIT)			32,996	$	1,937,525
Public Storage (Equity REIT)			7,860		1,590,943
Realty Income Corp. (Equity REIT)			15,468		975,103
Regency Centers Corp. (Equity REIT)			8,881		521,137
SBA Communications Corp. (Equity REIT)	(a	)	5,940		961,627
Simon Property Group, Inc. (Equity REIT)			16,211		2,723,286
SL Green Realty Corp. (Equity REIT)			4,469		353,408
UDR, Inc. (Equity REIT)			14,442		572,192
Ventas, Inc. (Equity REIT)			18,684		1,094,695
Vornado Realty Trust (Equity REIT)			9,076		562,984
Welltower, Inc. (Equity REIT)			19,689		1,366,613
Weyerhaeuser Co. (Equity REIT)			39,268		858,398

					32,650,216

UTILITIES – 3.3%
AES Corp. (Ind. Power & Renewable Elec.)			34,713		501,950
Alliant Energy Corp. (Electric Utilities)			12,366		522,464
Ameren Corp. (Multi-Utilities)			12,804		835,205
American Electric Power Co., Inc. (Electric Utilities)			25,846		1,931,730
American Water Works Co., Inc. (Water Utilities)			9,466		859,229
CenterPoint Energy, Inc. (Multi-Utilities)			26,269		741,574
CMS Energy Corp. (Multi-Utilities)			14,850		737,302
Consolidated Edison, Inc. (Multi-Utilities)			16,326		1,248,286
Dominion Energy, Inc. (Multi-Utilities)			34,408		2,458,796
DTE Energy Co. (Multi-Utilities)			9,535		1,051,710
Duke Energy Corp. (Electric Utilities)			37,365		3,224,599
Edison International (Electric Utilities)			17,077		969,461
Entergy Corp. (Electric Utilities)			9,494		817,149
Evergy, Inc. (Electric Utilities)			13,809		783,937
Eversource Energy (Electric Utilities)			16,609		1,080,249
Exelon Corp. (Electric Utilities)			50,684		2,285,848
FirstEnergy Corp. (Electric Utilities)			25,466		956,248
NextEra Energy, Inc. (Electric Utilities)			25,051		4,354,365
NiSource, Inc. (Multi-Utilities)			19,041		482,689
NRG Energy, Inc. (Ind. Power & Renewable Elec.)			15,196		601,762
PG&E Corp. (Electric Utilities)	(a	)	27,186		645,668
Pinnacle West Capital Corp. (Electric Utilities)			5,875		500,550
PPL Corp. (Electric Utilities)			37,748		1,069,401
Public Service Enterprise Group, Inc. (Multi-Utilities)			26,492		1,378,909
SCANA Corp. (Multi-Utilities)			7,475		357,156
Sempra Energy (Multi-Utilities)			14,344		1,551,877
Southern Co. / The (Electric Utilities)			53,928		2,368,518
WEC Energy Group, Inc. (Multi-Utilities)			16,538		1,145,422
Xcel Energy, Inc. (Electric Utilities)			26,942		1,327,432

					36,789,486

Total Common Stocks (Cost $993,918,374)				$	1,102,842,898


Money Market Funds – 0.8%			Shares	Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(b	)	8,180,939	$	8,180,121

Total Money Market Funds (Cost $8,180,121)				$	8,180,121

Total Investments – 100.0% (Cost $1,002,098,495)	(c	)		$	1,111,023,019
Other Assets in Excess of Liabilities – 0.0%	(d	)			515,516

Net Assets – 100.0%				$	1,111,538,535


		53		(continued)


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


Schedule of Investments		December 31, 2018

Percentages are stated as a percent of net assets.

Footnotes:

(a)

Non-income producing security.

(b)

Rate represents the seven-day yield at December 31, 2018.

(c)

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

(d)

Includes $438,000 of cash pledged as collateral for the futures contracts outstanding at December 31, 2018. See also the following Schedule of Open Futures Contracts.

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


Schedule of Open Futures Contracts		December 31, 2018

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

CME E-mini S&P 500 Index - Long

March 15, 2019

$9,103,880

$9,143,980

$40,100

$(32,009)

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


Ohio National Fund, Inc.		ON Federated Strategic Value Dividend Portfolio (Unaudited)

Objective/Strategy

The ON Federated Strategic Value Dividend Portfolio (formerly the Strategic Value Portfolio) seeks growth of capital and income by investing primarily in high dividend paying common stocks with dividend growth potential.


Performance as of December 31, 2018


Average Annual returns
One year	-8.45	%
Five years	6.40	%
Ten years	9.68	%

Total expense ratio is 0.75% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Federated Strategic Value Dividend Portfolio returned -8.45% versus -5.94% for its benchmark, the Dow Jones U.S. Select Dividend Index (“DJSDI”).

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. The year was mixed, oscillating between “risk-on” and “risk-off”, but one theme that remained dominant throughout the majority of the year was the underperformance of high yielding equity securities, creating a headwind for the Portfolio’s strategy. Within the S&P 500 Index, high yielding equity securities underperformed low yielding equity securities, but low beta outperformed high beta for the full year. The Portfolio’s unwavering commitment to its core objectives of providing investors with a stable, high and rising income stream from high quality investments was evidenced by the Portfolio’s gross weighted average dividend yield of 5.15%. This surpassed not only the broad market, represented by the S&P 500 Index with its 2.22% yield, and the 10 year U.S. Treasury Note (2.69%), but it also surpassed the 4.30% yield of the DJSDI, which aims to reflect the domestic high dividend-paying universe. The strategy’s tilt towards higher dividend yield reduced relative performance versus the DJSDI by 295 bps. A further detractor to relative performance, the Portfolio’s 27.4% average international exposure, posted a collective -13.76% return as international markets lagged the U.S.

The performance drag associated with a higher dividend yield and international exposure was offset by the strategy’s lower beta profile, adding 299 bps of performance. Further enhancing the dividend yield, the strategy experienced robust dividend growth, as 34 companies within the

Portfolio raised their dividends. AbbVie, Inc. increased its dividend twice in the period, for a cumulative increase of 50.7%. Other noteworthy increases included Altria Group, Inc. (21.2% increase) and PepsiCo, Inc. (15.2% increase).

Q. How did sector allocation and security selection each impact the Portfolio’s performance relative to its benchmark? For sector allocation, were there any factors that impacted the benchmark’s performance more significantly than the Portfolio’s performance? For stock selection, was there anything specific regarding the Portfolio’s strategy that caused deviation from the benchmark?

A. The strategy focuses on the dividend-rich segments of the economy, such as Consumer Staples, Health Care, Communication Services and Utilities, as reflected by the strategy’s substantial holdings in these sectors. Therefore, the strategy has a natural avoidance to the cyclical sectors that afford little to no dividend growth opportunities. The strategy has limited to no exposure to Industrials, Information Technology, Materials, and Consumer Discretionary. Further, the DJSDI has an outsized average weight in the Utilities sector, which creates notable dispersion if the sector greatly underperforms or outperforms in a given period. ⁽¹⁾

The primary driver of relative underperformance was the Portfolio’s underweight to, and selection in, Utilities. Relative weakness was also noted in Consumer Staples, as the Portfolio’s 24% weight posted a -19.5% return versus the benchmark’s 7% weight, which posted a -14% return. This underperformance was mainly driven by tobacco names as British American Tobacco PLC (“BAT”), Phillip Morris International, Inc. and Altria Group, Inc. BAT came under short-term price pressure, driven by the Food and Drug Administration (“FDA”) announcement of the potential menthol cigarette ban in the U.S. Philip Morris International, Inc. declined during the year, as it announced disappointing quarterly results in its e-cigarette segment. Additionally, Altria Group, Inc. faced price pressure after it announced a purchase of a 35% stake in JUUL Labs, Inc., which triggered numerous analyst downgrades across tobacco investments. ⁽¹⁾

The Portfolio’s top contributor to relative performance for the year was an 11.9% exposure (DJSDI has a 0% exposure) to Real Estate, which posted a return of 6.22% in the Portfolio, benefiting from the flight to safety at year end. The Portfolio’s 0% exposure in Materials also contributed to relative performance (6.1% weight in DJSDI), as the sector was the largest laggard for the year, declining 23%. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Not holding L Brands, Inc. was the top relative contributor. The Portfolio had little to no exposure to the Consumer Discretionary sector due to the lack of reliable dividend growth and yield opportunities. Verizon Communications, Inc., another contributor, benefited from strong earnings and healthy top-line growth. Not holding Ford Motor Company, another name in the Consumer Discretionary sector of the benchmark, was a third top relative contributor. ⁽¹⁾

Vodafone Group PLC, the Portfolio’s top detractor, which was one of the top performers in 2017, faced short-term headwinds with weaker than anticipated guidance from its management, M&A activity, a CEO transition and modest exposure to the underperforming Turkey market. Phillip Morris International, Inc., and Altria Group, Inc., described above, were the Portfolio’s other top detractors. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		55		(continued)


Ohio National Fund, Inc.		ON Federated Strategic Value Dividend Portfolio (Unaudited) (Continued)

Change in Value of $10,000 Investment

LOGO

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.

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		97.8
Money Market Funds and Other Net Assets		2.2

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	AT&T, Inc.		4.9
2.	Crown Castle International Corp.		4.4
3.	Dominion Energy, Inc.		4.2
4.	Philip Morris International, Inc.		4.2
5.	Altria Group, Inc.		4.2
6.	AbbVie, Inc.		4.1
7.	BP PLC		3.9
8.	Verizon Communications, Inc.		3.9
9.	GlaxoSmithKline PLC		3.8
10.	Coca-Cola Co. / The		3.7

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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		23.5
Utilities		17.3
Communication Services		15.0
Energy		14.4
Real Estate		11.8
Health Care		8.7
Financials		4.2
Industrials		2.2
Information Technology		0.7

		97.8


Ohio National Fund, Inc.		ON Federated Strategic Value Dividend Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 97.8%			Shares		Value
COMMUNICATION SERVICES – 15.0%
AT&T, Inc. (Diversified Telecom. Svs.)				554,173	$	15,816,098
BCE, Inc. (Diversified Telecom. Svs.)				213,630		8,439,105
Verizon Communications, Inc. (Diversified Telecom. Svs.)				220,451		12,393,755
Vodafone Group PLC – ADR (Wireless Telecom. Svs.)				598,818		11,545,211

						48,194,169

CONSUMER STAPLES – 23.5%
Altria Group, Inc. (Tobacco)				274,920		13,578,299
British American Tobacco PLC (Tobacco)	(a	)		91,550		2,913,031
Coca-Cola Co. / The (Beverages)				254,275		12,039,921
General Mills, Inc. (Food Products)				107,725		4,194,812
Imperial Brands PLC (Tobacco)	(a	)		134,950		4,095,963
Kimberly-Clark Corp. (Household Products)				64,875		7,391,857
Kraft Heinz Co. / The (Food Products)				82,875		3,566,940
PepsiCo, Inc. (Beverages)				46,600		5,148,368
Philip Morris International, Inc. (Tobacco)				203,995		13,618,706
Procter & Gamble Co. / The (Household Products)				100,940		9,278,405

						75,826,302

ENERGY – 14.4%
BP PLC (Oil, Gas & Consumable Fuels)	(a	)		1,975,000		12,485,332
Chevron Corp. (Oil, Gas & Consumable Fuels)				92,955		10,112,574
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)				172,000		11,728,680
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)				105,225		6,458,711
TOTAL SA (Oil, Gas & Consumable Fuels)	(a	)		104,150		5,493,403

						46,278,700

FINANCIALS – 4.2%
Canadian Imperial Bank of Commerce (Banks)				54,175		4,034,950
Invesco Ltd. (Capital Markets)				118,325		1,980,761
KeyCorp (Banks)				160,425		2,371,082
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Insurance)	(a	)		11,900		2,595,373
PNC Financial Services Group, Inc. / The (Banks)				21,100		2,466,801

						13,448,967


Common Stocks (Continued)			Shares		Value
HEALTH CARE – 8.7%
AbbVie, Inc. (Biotechnology)				142,175	$	13,107,113
AstraZeneca PLC (Pharmaceuticals)	(a	)		36,005		2,687,626
GlaxoSmithKline PLC (Pharmaceuticals)	(a	)		638,806		12,174,376

						27,969,115

INDUSTRIALS – 2.2%
United Parcel Service, Inc. Class B (Air Freight & Logistics)				71,700		6,992,901


INFORMATION TECHNOLOGY – 0.7%
Paychex, Inc. (IT Svs.)				35,000		2,280,250


REAL ESTATE – 11.8%
Crown Castle International Corp. (Equity REIT)				128,875		13,999,691
Digital Realty Trust, Inc. (Equity REIT)				33,695		3,590,202
National Retail Properties, Inc. (Equity REIT)				78,700		3,817,737
Omega Healthcare Investors, Inc. (Equity REIT)				94,150		3,309,372
Realty Income Corp. (Equity REIT)				37,075		2,337,208
Ventas, Inc. (Equity REIT)				136,805		8,015,405
Welltower, Inc. (Equity REIT)				41,450		2,877,045

						37,946,660

UTILITIES – 17.3%
American Electric Power Co., Inc. (Electric Utilities)				27,375		2,046,008
Dominion Energy, Inc. (Multi-Utilities)				191,100		13,656,006
Duke Energy Corp. (Electric Utilities)				138,081		11,916,390
National Grid PLC (Multi-Utilities)	(a	)		1,170,100		11,447,462
PPL Corp. (Electric Utilities)				275,275		7,798,541
Southern Co. / The (Electric Utilities)				199,035		8,741,617

						55,606,024

Total Common Stocks (Cost $349,806,011)					$	314,543,088


Money Market Funds – 1.7%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(b	)		5,547,829	$	5,547,275

Total Money Market Funds (Cost $5,547,463)					$	5,547,275

Total Investments – 99.5% (Cost $355,353,474)	(c	)			$	320,090,363
Other Assets in Excess of Liabilities – 0.5%						1,748,670

Net Assets – 100.0%					$	321,839,033

Percentages are stated as a percent of net assets.

Abbreviations:

ADR:

American Depositary Receipts

Footnotes:

(a)

(b)

Rate represents the seven-day yield at December 31, 2018.

(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.


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

Objective/Strategy

The ON Federated High Income Bond Portfolio (formerly the High Income Bond Portfolio) seeks high current income by investing, under normal circumstances, at least 80% of its 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, 2018


Average Annual returns
One year	-3.25	%
Five years	3.36	%
Ten years	10.02	%

Total expense ratio is 0.74% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Federated High Income Bond Portfolio returned -3.25% versus -2.08% for its benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. The total return for the high-yield market for the reporting period was disappointing on both an absolute and relative basis. For example, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index (“BBHY2%ICI”), which returned -2.08% for the period, substantially underperformed the Bloomberg Barclays U.S. Aggregate Bond Index, a measure of high-quality bond performance, which returned 0.01% for the period. For most of the period, the high yield market performed well, compared to most fixed income assets, benefiting from a strong economy and quality corporate earnings, with credit spreads touching cycle lows in early October. However, the fourth quarter proved difficult for the high yield market, as a number of factors took the market lower. These factors included the ongoing trade dispute with China, concerns about Federal Reserve policy, slowing economies in China and Europe, continuing political rancor between President Trump and Democrats and a steep drop in oil prices. These factors, along with rich valuations, led equity markets to approach bear market territory, which also negatively impacted the high yield market. In the fourth quarter decline, the high yield market seemed to ignore continuing strong earnings from corporations, very low levels of unemployment in the U.S., good high yield issuer’s credit profiles and low default rates. The impact of these factors 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 394 basis points and made yearly lows of 353 basis points on October 3rd, before rising substantially to close the year at 575 basis points.

Within the high-yield market, major industry sectors that substantially outperformed the overall BBHY2%ICI during the reporting period included: pharmaceuticals, electric utilities, media & entertainment, cable & satellite and healthcare. Major industry sectors that substantially underperformed the overall BBHY2%ICI during the reporting period included: oil field services, independent energy, automotive, home construction and banking. From a credit quality perspective, the “CCC”-rated sector was the worst performer, with a -3.84% total return, followed by the “BB”-rated sector with a -2.42% return. The B-rated sector was the strongest performing quality sector, although it was also in negative territory with a -1.31% total return during the reporting period.

A. The Portfolio was negatively affected by its security selection during the period. This was especially true in the healthcare, food & beverage, media & entertainment, packaging, technology and wireless telecommunications industry sectors. The Portfolio was positively impacted by security selection in the retail industry sector. ⁽¹⁾

The Portfolio was positively affected by its sector allocation during the reporting period. The Portfolio benefited from its underweights to the poor performing oil field services, banking, independent energy and home construction industry sectors. The Portfolio was overweight the strong performing pharmaceutical, healthcare, cable & satellite and media & entertainment industry sectors, but the benefit from this sector positioning was outweighed by the Portfolio’s specific holdings in these sectors, which underperformed. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Specific high-yield issuers held by the Portfolio that negatively impacted performance relative to the benchmark included Acosta, Inc., a marketing service company that works with large consumer product companies. Acosta, Inc. was negatively impacted as its customers have scaled back spending in light of weaker overall results. Sesi LLC, an oil field service company, was negatively impacted by the downturn in oil prices. Rackspace Hosting, Inc., a software solutions company that supports and manages cloud platforms and other hosting applications, was negatively impacted by a weak sales effort after a leveraged buyout transaction, as well as the loss of a major customer. ⁽¹⁾

Specific high-yield issuers held by the Portfolio that positively impacted performance relative to the benchmark included Urban One, Inc., an urban radio station operator and cable TV station operator. Urban Once, Inc. benefited from a refinancing transaction that resulted in a security the Portfolio owned being taken out at a premium. Platform Specialty Products Corp., which produces specialty chemicals and crop protection products, benefited from a plan to split the company in two, which will result in one of the Portfolio’s securities being retired at a premium in early 2019. Seminole Hard Rock Entertainment, Inc. / Seminole Hard Rock International LLC, 100% owned by the Seminole Tribe of Florida, operates


		58		(continued)


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

restaurants under the Hard Rock name, and licenses the name to various entities in the lodging sector as well. These securities outperformed due to their solid operations and short duration. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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

The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index is the 2% Issuer Cap component of the Bloomberg Barclays U.S. Corporate High Yield Bond Index. The Bloomberg Barclays 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.

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Corporate Bonds ⁽⁴⁾		96.4
Money Market Funds and Other Net Assets		3.6

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾⁽²⁾ ⁽³⁾


		% of Net Assets
1.	Bausch Health Cos., Inc.		1.2
	6.125%, 04/15/2025
2.	CCO Holdings LLC / CCO Holdings Capital Corp.		1.1
	5.750%, 01/15/2024
3.	Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA		1.0
	6.625%, 05/15/2022
4.	Park Aerospace Holdings Ltd.		1.0
	5.500%, 02/15/2024
5.	Sprint Corp.		0.9
	7.625%, 02/15/2025
6.	Jaguar Holding Co. II / Pharmaceutical Product Development LLC		0.9
	6.375%, 08/01/2023
7.	Altice France SA		0.9
	7.375%, 05/01/2026
8.	MPH Acquisition Holdings LLC		0.8
	7.125%, 06/01/2024
9.	BWAY Holding Co.		0.8
	7.250%, 04/15/2025
10.	HUB International Ltd.		0.8
	7.000%, 05/01/2026

⁽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
Communication Services		18.4
Health Care		17.1
Energy		13.1
Consumer Discretionary		10.7
Materials		9.8
Industrials		8.7
Information Technology		6.3
Financials		5.7
Utilities		3.5
Consumer Staples		3.1

		96.4


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


Schedule of Investments		December 31, 2018


Corporate Bonds – 96.4%		Rate		Maturity		Face Amount		Value
COMMUNICATION SERVICES – 18.4%
Acosta, Inc. (Media)	(a)		7.750%		10/01/2022		$1,075,000	$	198,875
Altice France SA (Diversified Telecom. Svs.)	(a)		7.375%		05/01/2026		1,950,000		1,789,125
Altice France SA (Diversified Telecom. Svs.)	(a)		8.125%		02/01/2027		200,000		188,500
Altice Luxembourg SA (Wireless Telecom. Svs.)	(a)		7.625%		02/15/2025		1,150,000		859,625
AMC Networks, Inc. (Media)			5.000%		04/01/2024		600,000		568,500
AMC Networks, Inc. (Media)			4.750%		08/01/2025		450,000		408,375
CBS Radio, Inc. (Media)	(a)		7.250%		11/01/2024		650,000		604,500
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.250%		09/30/2022		300,000		297,375
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.125%		02/15/2023		150,000		146,250
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.750%		09/01/2023		325,000		323,375
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)			5.750%		01/15/2024		2,325,000		2,313,375
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(a)		5.875%		05/01/2027		400,000		388,000
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)	(a)		5.000%		02/01/2028		850,000		782,000
Clear Channel Worldwide Holdings, Inc. (Media)			6.500%		11/15/2022		275,000		272,250
Clear Channel Worldwide Holdings, Inc. (Media)			6.500%		11/15/2022		175,000		175,000
CSC Holdings LLC (Media)	(a)		5.125%		12/15/2021		525,000		514,500
CSC Holdings LLC (Media)	(a)		5.375%		07/15/2023		375,000		365,970
CSC Holdings LLC (Media)			5.250%		06/01/2024		975,000		893,344
CSC Holdings LLC (Media)	(a)		7.750%		07/15/2025		525,000		534,187
CSC Holdings LLC (Media)	(a)		6.625%		10/15/2025		300,000		303,750
CSC Holdings LLC (Media)	(a)		5.500%		04/15/2027		1,100,000		1,023,000
CSC Holdings LLC (Media)	(a)		7.500%		04/01/2028		550,000		548,625
Digicel Group Ltd. (Wireless Telecom. Svs.)	(a)		8.250%		09/30/2020		200,000		135,000
DISH DBS Corp. (Media)			5.875%		11/15/2024		1,275,000		1,026,375
DISH DBS Corp. (Media)			7.750%		07/01/2026		825,000		682,687
E.W. Scripps Co. / The (Media)	(a)		5.125%		05/15/2025		175,000		160,563
EMI Music Publishing Group North America Holdings, Inc. (Entertainment)	(a)		7.625%		06/15/2024		525,000		559,125
Gray Television, Inc. (Media)	(a)		5.125%		10/15/2024		250,000		230,500
Gray Television, Inc. (Media)	(a)		5.875%		07/15/2026		825,000		769,147
iHeartCommunications, Inc. (Acquired 06/09/2011 through 02/05/2014, Cost $669,543) (Media)	(b)		9.000%		03/01/2021		700,000		469,000
Intelsat Jackson Holdings SA (Diversified Telecom. Svs.)			5.500%		08/01/2023		625,000		543,750
Intelsat Jackson Holdings SA (Diversified Telecom. Svs.)	(a)		8.500%		10/15/2024		650,000		630,500
Intelsat Jackson Holdings SA (Diversified Telecom. Svs.)	(a)		9.750%		07/15/2025		350,000		350,980
Match Group, Inc. (Interactive Media & Svs.)	(a)		5.000%		12/15/2027		675,000		619,312
Nexstar Broadcasting, Inc. (Media)			5.875%		11/15/2022		350,000		349,125
Nexstar Broadcasting, Inc. (Media)	(a)		5.625%		08/01/2024		1,025,000		958,375
Rackspace Hosting, Inc. (Interactive Media & Svs.)	(a)		8.625%		11/15/2024		1,150,000		897,000
Sinclair Television Group, Inc. (Media)	(a)		5.625%		08/01/2024		700,000		656,250
Sinclair Television Group, Inc. (Media)	(a)		5.875%		03/15/2026		500,000		466,250
Sinclair Television Group, Inc. (Media)	(a)		5.125%		02/15/2027		250,000		220,625
Sirius XM Radio, Inc. (Media)	(a)		4.625%		05/15/2023		425,000		406,937
Sirius XM Radio, Inc. (Media)	(a)		6.000%		07/15/2024		275,000		275,688
Sirius XM Radio, Inc. (Media)	(a)		5.375%		04/15/2025		75,000		71,063
Sirius XM Radio, Inc. (Media)	(a)		5.375%		07/15/2026		725,000		677,875
Sirius XM Radio, Inc. (Media)	(a)		5.000%		08/01/2027		250,000		228,438
Sprint Capital Corp. (Wireless Telecom. Svs.)			6.875%		11/15/2028		825,000		779,625
Sprint Corp. (Wireless Telecom. Svs.)			7.875%		09/15/2023		175,000		179,594
Sprint Corp. (Wireless Telecom. Svs.)			7.125%		06/15/2024		375,000		371,647
Sprint Corp. (Wireless Telecom. Svs.)			7.625%		02/15/2025		1,825,000		1,825,000
Sprint Corp. (Wireless Telecom. Svs.)			7.625%		03/01/2026		325,000		320,938
TEGNA, Inc. (Media)			6.375%		10/15/2023		475,000		476,187
Telenet Finance Luxembourg Notes SARL (Media)	(a)		5.500%		03/01/2028		1,400,000		1,267,000
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.500%		01/15/2024		325,000		333,996
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.375%		03/01/2025		125,000		126,558
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			5.125%		04/15/2025		675,000		655,594
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			6.500%		01/15/2026		325,000		331,500
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			5.375%		04/15/2027		200,000		193,000
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)			4.750%		02/01/2028		250,000		226,250
Tribune Media Co. (Media)			5.875%		07/15/2022		750,000		753,750
Unitymedia GmbH (Media)	(a)		6.125%		01/15/2025		975,000		979,777
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH (Media)	(a)		5.000%		01/15/2025		200,000		195,400
Urban One, Inc. (Media)	(a)		7.375%		04/15/2022		450,000		425,250
Virgin Media Finance PLC (Media)	(a)		6.000%		10/15/2024		800,000		768,400
Virgin Media Finance PLC (Media)	(a)		5.750%		01/15/2025		600,000		564,018
Virgin Media Secured Finance PLC (Media)	(a)		5.250%		01/15/2026		425,000		389,406
Ziggo B.V. (Diversified Telecom. Svs.)	(a)		5.500%		01/15/2027		600,000		537,000
Ziggo Bond Co. B.V. (Diversified Telecom. Svs.)	(a)		6.000%		01/15/2027		775,000		678,125

									37,261,081

CONSUMER DISCRETIONARY – 10.7%
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(a)		4.250%		05/15/2024		250,000		230,203


		60		(continued)


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


Schedule of Investments						December 31, 2018


Corporate Bonds (Continued)		Rate		Maturity		Face Amount		Value
CONSUMER DISCRETIONARY (continued)
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure)	(a)		5.000%		10/15/2025		$1,550,000	$	1,426,000
Adient Global Holdings Ltd. (Auto Components)	(a)		4.875%		08/15/2026		1,175,000		898,875
American Axle & Manufacturing, Inc. (Auto Components)			6.500%		04/01/2027		1,025,000		917,375
Aramark Services, Inc. (Hotels, Restaurants & Leisure)			5.125%		01/15/2024		175,000		173,250
Aramark Services, Inc. (Hotels, Restaurants & Leisure)	(a)		5.000%		04/01/2025		175,000		171,063
Aramark Services, Inc. (Hotels, Restaurants & Leisure)			4.750%		06/01/2026		375,000		352,500
Aramark Services, Inc. (Hotels, Restaurants & Leisure)	(a)		5.000%		02/01/2028		575,000		536,188
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)			6.375%		04/01/2026		525,000		507,938
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)			6.000%		08/15/2026		100,000		93,500
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure)	(a)		5.250%		10/15/2025		1,225,000		1,053,500
Dana Financing Luxembourg Sarl (Auto Components)	(a)		6.500%		06/01/2026		875,000		838,906
Eldorado Resorts, Inc. (Hotels, Restaurants & Leisure)			6.000%		04/01/2025		500,000		482,320
Eldorado Resorts, Inc. (Hotels, Restaurants & Leisure)	(a)		6.000%		09/15/2026		200,000		189,000
Gates Global LLC / Gates Global Co. (Auto Components)	(a)		6.000%		07/15/2022		739,000		724,220
Goodyear Tire & Rubber Co. / The (Auto Components)			5.125%		11/15/2023		50,000		49,000
Goodyear Tire & Rubber Co. / The (Auto Components)			5.000%		05/31/2026		375,000		337,500
Goodyear Tire & Rubber Co. / The (Auto Components)			4.875%		03/15/2027		300,000		263,250
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)	(a)		4.875%		05/15/2026		325,000		292,906
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure)	(a)		5.125%		05/01/2026		525,000		504,000
IHO Verwaltungs GmbH (Auto Components)	(a)(c)		4.750%		09/15/2026		1,175,000		1,022,920
J.B. Poindexter & Co., Inc. (Auto Components)	(a)		7.125%		04/15/2026		350,000		327,250
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & Leisure)	(a)		5.250%		06/01/2026		300,000		290,259
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & Leisure)	(a)		4.750%		06/01/2027		525,000		488,250
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. (Hotels, Restaurants & Leisure)			5.625%		05/01/2024		50,000		49,500
MGM Resorts International (Hotels, Restaurants & Leisure)			5.750%		06/15/2025		500,000		482,500
MGM Resorts International (Hotels, Restaurants & Leisure)			4.625%		09/01/2026		1,075,000		964,812
Mohegan Gaming & Entertainment (Hotels, Restaurants & Leisure)	(a)		7.875%		10/15/2024		700,000		653,625
Party City Holdings, Inc. (Specialty Retail)	(a)		6.125%		08/15/2023		975,000		957,937
Party City Holdings, Inc. (Specialty Retail)	(a)		6.625%		08/01/2026		400,000		364,000
PetSmart, Inc. (Specialty Retail)	(a)		7.125%		03/15/2023		400,000		233,000
Rivers Pittsburgh Borrower LP / Rivers Pittsburgh Finance Corp. (Hotels, Restaurants & Leisure)	(a)		6.125%		08/15/2021		825,000		800,250
Sally Holdings LLC / Sally Capital, Inc. (Specialty Retail)			5.625%		12/01/2025		600,000		552,000
Seminole Hard Rock Entertainment, Inc. / Seminole Hard Rock International LLC (Hotels, Restaurants & Leisure)	(a)		5.875%		05/15/2021		1,125,000		1,122,187
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)	(a)		5.500%		04/15/2027		875,000		824,687
Stars Group Holdings B.V. / Stars Group U.S. Co-Borrower LLC (Hotels, Restaurants & Leisure)	(a)		7.000%		07/15/2026		625,000		607,812
Station Casinos LLC (Hotels, Restaurants & Leisure)	(a)		5.000%		10/01/2025		725,000		656,125
Sugarhouse HSP Gaming Prop. Mezz. LP / Sugarhouse HSP Gaming Finance Corp. (Hotels, Restaurants & Leisure)	(a)		5.875%		05/15/2025		675,000		631,125
VOC Escrow Ltd. (Hotels, Restaurants & Leisure)	(a)		5.000%		02/15/2028		325,000		299,813
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)	(a)		5.375%		04/15/2026		325,000		312,000

									21,681,546

CONSUMER STAPLES – 3.1%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC (Food & Staples Retailing)			6.625%		06/15/2024		875,000		811,562
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC (Food & Staples Retailing)			5.750%		03/15/2025		825,000		721,875
B&G Foods, Inc. (Food Products)			5.250%		04/01/2025		1,100,000		1,023,000
Energizer Gamma Acquisition, Inc. (Household Products)	(a)		6.375%		07/15/2026		100,000		91,750
Energizer Holdings, Inc. (Household Products)	(a)		5.500%		06/15/2025		125,000		112,813
First Quality Finance Co., Inc. (Personal Products)	(a)		5.000%		07/01/2025		100,000		89,500
Performance Food Group, Inc. (Food & Staples Retailing)	(a)		5.500%		06/01/2024		75,000		72,563
Post Holdings, Inc. (Food Products)	(a)		5.000%		08/15/2026		1,650,000		1,501,500
Post Holdings, Inc. (Food Products)	(a)		5.750%		03/01/2027		550,000		515,625
Rite Aid Corp. (Food & Staples Retailing)	(a)		6.125%		04/01/2023		650,000		513,500
U.S. Foods, Inc. (Food & Staples Retailing)	(a)		5.875%		06/15/2024		825,000		802,312

									6,256,000

ENERGY – 13.1%
Andeavor Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)			6.250%		10/15/2022		28,000		28,560
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels)			5.375%		09/15/2024		675,000		629,437
Apergy Corp. (Energy Equip. & Svs.)			6.375%		05/01/2026		100,000		97,000
Berry Petroleum Co. LLC (Oil, Gas & Consumable Fuels)	(a)		7.000%		02/15/2026		325,000		292,500
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)			6.125%		10/01/2024		614,000		571,020


		61		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)		Rate		Maturity		Face Amount		Value
ENERGY (continued)
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)			6.375%		07/01/2026		$ 225,000	$	209,250
Carrizo Oil & Gas, Inc. (Oil, Gas & Consumable Fuels)			6.250%		04/15/2023		100,000		92,500
Carrizo Oil & Gas, Inc. (Oil, Gas & Consumable Fuels)			8.250%		07/15/2025		450,000		441,000
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels)			7.000%		06/30/2024		375,000		395,625
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels)			5.875%		03/31/2025		350,000		348,250
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels)			5.125%		06/30/2027		225,000		212,411
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)			5.250%		10/01/2025		900,000		839,250
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			5.750%		03/15/2023		50,000		43,125
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			7.000%		10/01/2024		175,000		151,375
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			8.000%		01/15/2025		175,000		154,438
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)			8.000%		06/15/2027		1,025,000		861,000
CNX Midstream Partners LP / CNX Midstream Finance Corp. (Oil, Gas & Consumable Fuels)	(a)		6.500%		03/15/2026		725,000		688,750
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels)	(a)		5.625%		10/15/2025		1,075,000		967,500
CVR Refining LLC / Coffeyville Finance, Inc. (Oil, Gas & Consumable Fuels)			6.500%		11/01/2022		1,250,000		1,231,250
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels)	(a)		5.750%		01/30/2028		300,000		306,060
Enviva Partners LP / Enviva Partners Finance Corp. (Oil, Gas & Consumable Fuels)			8.500%		11/01/2021		1,025,000		1,050,625
EP Energy LLC / Everest Acquisition Finance, Inc. (Oil, Gas & Consumable Fuels)			6.375%		06/15/2023		150,000		47,250
EP Energy LLC / Everest Acquisition Finance, Inc. (Oil, Gas & Consumable Fuels)	(a)		8.000%		11/29/2024		550,000		409,750
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)			6.625%		05/01/2023		175,000		165,375
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)			6.000%		10/15/2024		250,000		221,250
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)			6.375%		05/15/2025		275,000		243,375
Gulfport Energy Corp. (Oil, Gas & Consumable Fuels)			6.375%		01/15/2026		125,000		108,125
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels)	(a)		6.000%		08/01/2024		1,075,000		1,053,500
Jagged Peak Energy LLC (Oil, Gas & Consumable Fuels)	(a)		5.875%		05/01/2026		350,000		325,500
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)			5.625%		01/15/2022		150,000		134,625
Laredo Petroleum, Inc. (Oil, Gas & Consumable Fuels)			6.250%		03/15/2023		475,000		426,313
Nine Energy Service, Inc. (Energy Equip. & Svs.)	(a)		8.750%		11/01/2023		325,000		308,750
NuStar Logistics LP (Oil, Gas & Consumable Fuels)			5.625%		04/28/2027		875,000		815,937
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)			6.875%		03/15/2022		625,000		589,062
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)	(a)		6.250%		05/01/2026		75,000		63,000
Parsley Energy LLC / Parsley Finance Corp. (Oil, Gas & Consumable Fuels)	(a)		5.375%		01/15/2025		175,000		161,000
Parsley Energy LLC / Parsley Finance Corp. (Oil, Gas & Consumable Fuels)	(a)		5.250%		08/15/2025		175,000		158,375
Parsley Energy LLC / Parsley Finance Corp. (Oil, Gas & Consumable Fuels)	(a)		5.625%		10/15/2027		475,000		431,656
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)			6.125%		09/15/2024		350,000		323,750
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)			5.750%		05/15/2026		375,000		333,750
Precision Drilling Corp. (Energy Equip. & Svs.)			6.500%		12/15/2021		22,997		21,387
Precision Drilling Corp. (Energy Equip. & Svs.)			7.750%		12/15/2023		525,000		483,656
Precision Drilling Corp. (Energy Equip. & Svs.)	(a)		7.125%		01/15/2026		250,000		215,000
QEP Resources, Inc. (Oil, Gas & Consumable Fuels)			5.250%		05/01/2023		125,000		110,625
QEP Resources, Inc. (Oil, Gas & Consumable Fuels)			5.625%		03/01/2026		400,000		332,000
Range Resources Corp. (Oil, Gas & Consumable Fuels)			5.000%		03/15/2023		175,000		154,000
Range Resources Corp. (Oil, Gas & Consumable Fuels)			4.875%		05/15/2025		600,000		492,000
SESI LLC (Energy Equip. & Svs.)			7.125%		12/15/2021		375,000		318,750
SESI LLC (Energy Equip. & Svs.)			7.750%		09/15/2024		1,075,000		854,625
Shelf Drilling Holdings Ltd. (Oil, Gas & Consumable Fuels)	(a)		8.250%		02/15/2025		575,000		491,625
SM Energy Co. (Oil, Gas & Consumable Fuels)			5.000%		01/15/2024		175,000		152,250
SM Energy Co. (Oil, Gas & Consumable Fuels)			5.625%		06/01/2025		100,000		87,000
SM Energy Co. (Oil, Gas & Consumable Fuels)			6.750%		09/15/2026		450,000		402,750
SM Energy Co. (Oil, Gas & Consumable Fuels)			6.625%		01/15/2027		25,000		22,250
SRC Energy, Inc. (Oil, Gas & Consumable Fuels)			6.250%		12/01/2025		650,000		539,500
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. (Oil, Gas & Consumable Fuels)			5.500%		08/15/2022		1,075,000		1,021,250
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. (Oil, Gas & Consumable Fuels)			5.750%		04/15/2025		350,000		322,000
Sunoco LP / Sunoco Finance Corp. (Oil, Gas & Consumable Fuels)			4.875%		01/15/2023		50,000		48,750
Sunoco LP / Sunoco Finance Corp. (Oil, Gas & Consumable Fuels)			5.500%		02/15/2026		225,000		213,188
Sunoco LP / Sunoco Finance Corp. (Oil, Gas & Consumable Fuels)			5.875%		03/15/2028		350,000		327,383
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)			5.250%		05/01/2023		150,000		147,000
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)	(a)		5.875%		04/15/2026		150,000		145,875
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)			5.375%		02/01/2027		700,000		656,250
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels)			5.000%		01/15/2028		600,000		543,000
TransMontaigne Partners LP / TLP Finance Corp. (Oil, Gas & Consumable Fuels)			6.125%		02/15/2026		125,000		111,875
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.)	(a)		6.875%		04/01/2026		850,000		816,000
Ultra Resources, Inc. (Oil, Gas & Consumable Fuels)	(a)		6.875%		04/15/2022		150,000		52,500
Ultra Resources, Inc. (Oil, Gas & Consumable Fuels)	(a)		7.125%		04/15/2025		400,000		124,000
Weatherford International LLC (Energy Equip. & Svs.)			6.800%		06/15/2037		500,000		262,500
Weatherford International Ltd. (Energy Equip. & Svs.)			8.250%		06/15/2023		200,000		120,500


		62		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)		Rate		Maturity		Face Amount		Value
ENERGY (continued)
Weatherford International Ltd. (Energy Equip. & Svs.)			7.000%		03/15/2038		$ 325,000	$	168,188
Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels)			6.250%		04/01/2023		600,000		546,000
Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels)			6.625%		01/15/2026		325,000		278,688

									26,513,634

FINANCIALS – 5.7%
Acrisure LLC / Acrisure Finance, Inc. (Insurance)	(a)		7.000%		11/15/2025		975,000		831,187
Ally Financial, Inc. (Consumer Finance)			5.750%		11/20/2025		550,000		547,250
Alpha 2 BV (Diversified Financial Svs.)	(a)(c)		8.750%		06/01/2023		325,000		311,188
Alpha 3 BV / Alpha U.S. Bidco, Inc. (Diversified Financial Svs.)	(a)		6.250%		02/01/2025		900,000		846,000
AmWINS Group, Inc. (Insurance)	(a)		7.750%		07/01/2026		675,000		637,875
Ardonagh Midco 3 PLC (Insurance)	(a)		8.625%		07/15/2023		800,000		680,000
AssuredPartners, Inc. (Insurance)	(a)		7.000%		08/15/2025		775,000		698,492
Avolon Holdings Funding Ltd. (Diversified Financial Svs.)	(a)		5.500%		01/15/2023		75,000		72,750
HUB International Ltd. (Insurance)	(a)		7.000%		05/01/2026		1,800,000		1,633,500
Navient Corp. (Consumer Finance)			6.125%		03/25/2024		850,000		728,875
Navient Corp. (Consumer Finance)			5.875%		10/25/2024		1,050,000		876,750
Navient Corp. (Consumer Finance)			6.750%		06/15/2026		125,000		103,750
NFP Corp. (Insurance)	(a)		6.875%		07/15/2025		950,000		850,250
Quicken Loans, Inc. (Thrifts & Mortgage Finance)	(a)		5.750%		05/01/2025		1,075,000		1,005,125
Quicken Loans, Inc. (Thrifts & Mortgage Finance)	(a)		5.250%		01/15/2028		375,000		331,875
Refinitiv U.S. Holdings, Inc. (Capital Markets)	(a)		6.250%		05/15/2026		200,000		193,000
Refinitiv U.S. Holdings, Inc. (Capital Markets)	(a)		8.250%		11/15/2026		400,000		365,500
USIS Merger Sub, Inc. (Insurance)	(a)		6.875%		05/01/2025		950,000		873,012

									11,586,379

HEALTH CARE – 17.1%
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)			5.625%		02/15/2023		1,225,000		1,160,687
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)			6.500%		03/01/2024		400,000		386,000
Air Medical Group Holdings, Inc. (Health Care Providers & Svs.)	(a)		6.375%		05/15/2023		1,225,000		1,035,125
Avantor, Inc. (Health Care Equip. & Supplies)	(a)		6.000%		10/01/2024		125,000		122,813
Avantor, Inc. (Health Care Equip. & Supplies)	(a)		9.000%		10/01/2025		975,000		975,000
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)		5.500%		03/01/2023		350,000		319,092
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)		7.000%		03/15/2024		225,000		227,250
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)		6.125%		04/15/2025		2,725,000		2,377,562
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)		5.500%		11/01/2025		200,000		186,500
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)		9.000%		12/15/2025		525,000		522,375
Bausch Health Cos., Inc. (Pharmaceuticals)	(a)		8.500%		01/31/2027		275,000		266,750
Centene Corp. (Health Care Providers & Svs.)	(a)		5.375%		06/01/2026		425,000		413,312
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)	(a)		5.500%		04/01/2026		225,000		221,625
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)			6.875%		02/01/2022		700,000		318,500
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)			6.250%		03/31/2023		600,000		545,280
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.)	(a)		8.625%		01/15/2024		150,000		148,125
Eagle Holding Co. II LLC (Health Care Providers & Svs.)	(a)(c)		7.625%		05/15/2022		400,000		382,000
Endo Dac / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals)	(a)		6.000%		07/15/2023		475,000		362,188
Endo Dac / Endo Finance LLC / Endo Finco, Inc. (Pharmaceuticals)	(a)		6.000%		02/01/2025		1,225,000		878,937
Envision Healthcare Corp. (Health Care Providers & Svs.)	(a)		8.750%		10/15/2026		575,000		497,375
HCA, Inc. (Health Care Providers & Svs.)			5.875%		05/01/2023		275,000		278,438
HCA, Inc. (Health Care Providers & Svs.)			5.000%		03/15/2024		1,525,000		1,509,750
HCA, Inc. (Health Care Providers & Svs.)			5.375%		02/01/2025		900,000		877,500
HCA, Inc. (Health Care Providers & Svs.)			5.250%		04/15/2025		625,000		621,875
HCA, Inc. (Health Care Providers & Svs.)			5.875%		02/15/2026		650,000		646,750
HCA, Inc. (Health Care Providers & Svs.)			5.375%		09/01/2026		100,000		97,250
IQVIA, Inc. (Health Care Technology)	(a)		5.000%		10/15/2026		300,000		286,500
Jaguar Holding Co. II / Pharmaceutical Product Development LLC (Health Care Providers & Svs.)	(a)		6.375%		08/01/2023		1,875,000		1,791,731
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Pharmaceuticals)	(a)		5.625%		10/15/2023		1,525,000		1,159,000
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (Pharmaceuticals)	(a)		5.500%		04/15/2025		400,000		276,000
MEDNAX, Inc. (Health Care Providers & Svs.)	(a)		6.250%		01/15/2027		325,000		313,625
MPH Acquisition Holdings LLC (Health Care Providers & Svs.)	(a)		7.125%		06/01/2024		1,825,000		1,701,812
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA (Health Care Equip. & Supplies)	(a)		6.625%		05/15/2022		2,250,000		2,025,000
Polaris Intermediate Corp. (Health Care Providers & Svs.)	(a)(c)		8.500%		12/01/2022		375,000		342,045
Prestige Brands, Inc. (Pharmaceuticals)	(a)		5.375%		12/15/2021		600,000		586,500
Prestige Brands, Inc. (Pharmaceuticals)	(a)		6.375%		03/01/2024		1,300,000		1,254,500
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. (Health Care Providers & Svs.)	(a)		9.750%		12/01/2026		450,000		426,375
Sotera Health Holdings LLC (Health Care Equip. & Supplies)	(a)		6.500%		05/15/2023		900,000		861,750
Sotera Health Topco, Inc. (Health Care Equip. & Supplies)	(a)(c)		8.125%		11/01/2021		1,350,000		1,269,000
Surgery Center Holdings, Inc. (Health Care Providers & Svs.)	(a)		6.750%		07/01/2025		1,000,000		850,000
Team Health Holdings, Inc. (Health Care Providers & Svs.)	(a)		6.375%		02/01/2025		1,725,000		1,408,031


		63		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)		Rate		Maturity		Face Amount		Value
HEALTH CARE (continued)
Teleflex, Inc. (Health Care Equip. & Supplies)			5.250%		06/15/2024		$ 275,000	$	273,625
Teleflex, Inc. (Health Care Equip. & Supplies)			4.625%		11/15/2027		275,000		255,063
Tenet Healthcare Corp. (Health Care Providers & Svs.)			4.500%		04/01/2021		275,000		267,438
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(a)		7.500%		01/01/2022		150,000		152,250
Tenet Healthcare Corp. (Health Care Providers & Svs.)			6.750%		06/15/2023		1,000,000		938,750
Tenet Healthcare Corp. (Health Care Providers & Svs.)			5.125%		05/01/2025		650,000		606,125
Vizient, Inc. (Health Care Providers & Svs.)	(a)		10.375%		03/01/2024		975,000		1,033,500
WellCare Health Plans, Inc. (Health Care Providers & Svs.)	(a)		5.375%		08/15/2026		225,000		217,125
West Street Merger Sub, Inc. (Life Sciences Tools & Svs.)	(a)		6.375%		09/01/2025		950,000		840,750

									34,514,554

INDUSTRIALS – 8.7%
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)	(a)		5.750%		12/15/2023		50,000		49,500
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors)	(a)		5.875%		05/15/2026		975,000		928,385
Beacon Roofing Supply, Inc. (Trading Companies & Distributors)	(a)		4.875%		11/01/2025		225,000		197,719
Core & Main LP (Commercial Svs. & Supplies)	(a)		6.125%		08/15/2025		575,000		510,312
Engility Corp. (Aerospace & Defense)			8.875%		09/01/2024		375,000		400,313
Garda World Security Corp. (Commercial Svs. & Supplies)	(a)		8.750%		05/15/2025		800,000		728,000
Hillman Group, Inc. / The (Building Products)	(a)		6.375%		07/15/2022		875,000		708,750
JPW Industries Holding Corp. (Machinery)	(a)		9.000%		10/01/2024		100,000		96,500
Masonite International Corp. (Building Products)	(a)		5.625%		03/15/2023		175,000		169,750
Masonite International Corp. (Building Products)	(a)		5.750%		09/15/2026		225,000		212,063
Multi-Color Corp. (Commercial Svs. & Supplies)	(a)		6.125%		12/01/2022		950,000		942,875
Multi-Color Corp. (Commercial Svs. & Supplies)	(a)		4.875%		11/01/2025		450,000		384,750
NCI Building Systems, Inc. (Building Products)	(a)		8.000%		04/15/2026		750,000		686,250
Nielsen Co. Luxembourg SARL / The (Professional Svs.)	(a)		5.000%		02/01/2025		125,000		116,875
Nielsen Finance LLC / Nielsen Finance Co. (Professional Svs.)	(a)		5.000%		04/15/2022		1,125,000		1,074,375
Park Aerospace Holdings Ltd. (Trading Companies & Distributors)	(a)		5.500%		02/15/2024		2,025,000		1,954,125
Resideo Funding, Inc. (Building Products)	(a)		6.125%		11/01/2026		225,000		221,625
Sensata Technologies BV (Electrical Equip.)	(a)		5.625%		11/01/2024		100,000		98,500
Standard Industries, Inc. / NJ (Building Products)	(a)		6.000%		10/15/2025		225,000		215,798
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. (Professional Svs.)	(a)		6.750%		06/01/2025		1,600,000		1,480,000
Tervita Escrow Corp. (Commercial Svs. & Supplies)	(a)		7.625%		12/01/2021		725,000		690,562
Titan Acquisition Ltd. / Titan Co-Borrower LLC (Machinery)	(a)		7.750%		04/15/2026		600,000		513,000
TransDigm U.K. Holdings PLC (Aerospace & Defense)	(a)		6.875%		05/15/2026		200,000		190,500
TransDigm, Inc. (Aerospace & Defense)			5.500%		10/15/2020		250,000		248,125
TransDigm, Inc. (Aerospace & Defense)			6.500%		07/15/2024		600,000		583,500
TransDigm, Inc. (Aerospace & Defense)			6.500%		05/15/2025		350,000		334,250
TransDigm, Inc. (Aerospace & Defense)			6.375%		06/15/2026		850,000		790,500
Trident Merger Sub, Inc. (Machinery)	(a)		6.625%		11/01/2025		700,000		623,000
U.S.G. Corp. (Building Products)	(a)		4.875%		06/01/2027		225,000		226,688
United Rentals North America, Inc. (Trading Companies & Distributors)			5.875%		09/15/2026		100,000		94,250
United Rentals North America, Inc. (Trading Companies & Distributors)			6.500%		12/15/2026		250,000		246,250
United Rentals North America, Inc. (Trading Companies & Distributors)			5.500%		05/15/2027		350,000		324,625
United Rentals North America, Inc. (Trading Companies & Distributors)			4.875%		01/15/2028		675,000		592,312
WESCO Distribution, Inc. (Trading Companies & Distributors)			5.375%		12/15/2021		425,000		419,687
WESCO Distribution, Inc. (Trading Companies & Distributors)			5.375%		06/15/2024		600,000		565,500

									17,619,214

INFORMATION TECHNOLOGY – 6.3%
Anixter, Inc. (Electronic Equip., Instr. & Comp.)	(a)		6.000%		12/01/2025		175,000		173,688
Banff Merger Sub, Inc. (IT Svs.)	(a)		9.750%		09/01/2026		975,000		892,125
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.)			5.500%		12/01/2024		475,000		469,063
CommScope Technologies LLC (Communications Equip.)	(a)		6.000%		06/15/2025		325,000		295,750
CommScope Technologies LLC (Communications Equip.)	(a)		5.000%		03/15/2027		200,000		162,000
Dell International LLC / EMC Corp. (Computers & Peripherals)	(a)		7.125%		06/15/2024		750,000		763,125
First Data Corp. (IT Svs.)	(a)		5.000%		01/15/2024		550,000		529,375
First Data Corp. (IT Svs.)	(a)		5.750%		01/15/2024		1,025,000		1,001,005
Gartner, Inc. (IT Svs.)	(a)		5.125%		04/01/2025		200,000		194,538
Infor Software Parent LLC / Infor Software Parent, Inc. (Software)	(a)(c)		7.125%		05/01/2021		825,000		802,312
Infor U.S., Inc. (Software)			6.500%		05/15/2022		1,325,000		1,281,474
Informatica LLC (Software)	(a)		7.125%		07/15/2023		1,100,000		1,071,279
NCR Corp. (Tech. Hardware, Storage & Periph.)			4.625%		02/15/2021		350,000		341,250
NCR Corp. (Tech. Hardware, Storage & Periph.)			5.000%		07/15/2022		325,000		306,313
NCR Corp. (Tech. Hardware, Storage & Periph.)			6.375%		12/15/2023		225,000		218,072
Nuance Communications, Inc. (Software)			6.000%		07/01/2024		125,000		124,375
Nuance Communications, Inc. (Software)			5.625%		12/15/2026		750,000		712,500
Riverbed Technology, Inc. (Communications Equip.)	(a)		8.875%		03/01/2023		875,000		645,312
RP Crown Parent LLC (Software)	(a)		7.375%		10/15/2024		1,075,000		1,083,062
Solera LLC / Solera Finance, Inc. (Software)	(a)		10.500%		03/01/2024		325,000		346,125
Sophia LP / Sophia Finance, Inc. (Software)	(a)		9.000%		09/30/2023		525,000		525,000


		64		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)			Rate			Maturity		Face Amount		Value
INFORMATION TECHNOLOGY (continued)
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		5.625	%		10/01/2025		$ 600,000	$	558,000
Vantiv LLC / Vantiv Issuer Corp. (IT Svs.)	(a	)		4.375	%		11/15/2025		200,000		182,978

											12,678,721

MATERIALS – 9.8%
ARD Finance SA (Containers & Packaging)	(c	)		7.125	%		09/15/2023		1,250,000		1,121,875
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(a	)		7.250	%		05/15/2024		750,000		748,125
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging)	(a	)		6.000	%		02/15/2025		400,000		369,248
Berry Global, Inc. (Containers & Packaging)				5.500	%		05/15/2022		975,000		970,125
Berry Global, Inc. (Containers & Packaging)				6.000	%		10/15/2022		75,000		75,750
BWAY Holding Co. (Containers & Packaging)	(a	)		5.500	%		04/15/2024		300,000		282,000
BWAY Holding Co. (Containers & Packaging)	(a	)		7.250	%		04/15/2025		1,875,000		1,682,812
Clearwater Paper Corp. (Paper & Forest Products)				4.500	%		02/01/2023		650,000		585,000
Clearwater Paper Corp. (Paper & Forest Products)	(a	)		5.375	%		02/01/2025		625,000		564,063
Coeur Mining, Inc. (Metals & Mining)				5.875	%		06/01/2024		600,000		528,000
Compass Minerals International, Inc. (Metals & Mining)	(a	)		4.875	%		07/15/2024		1,000,000		905,000
Crown Americas LLC / Crown Americas Capital Corp. VI (Containers & Packaging)	(a	)		4.750	%		02/01/2026		475,000		450,656
Flex Acquisition Co., Inc. (Containers & Packaging)	(a	)		6.875	%		01/15/2025		1,500,000		1,335,000
Flex Acquisition Co., Inc. (Containers & Packaging)	(a	)		7.875	%		07/15/2026		675,000		607,500
Freeport-McMoRan, Inc. (Metals & Mining)				3.875	%		03/15/2023		800,000		740,000
Freeport-McMoRan, Inc. (Metals & Mining)				5.400	%		11/14/2034		925,000		728,437
Hexion, Inc. (Chemicals)				6.625	%		04/15/2020		1,125,000		897,187
Hudbay Minerals, Inc. (Metals & Mining)	(a	)		7.250	%		01/15/2023		225,000		222,188
Hudbay Minerals, Inc. (Metals & Mining)	(a	)		7.625	%		01/15/2025		425,000		415,438
Koppers, Inc. (Chemicals)	(a	)		6.000	%		02/15/2025		550,000		484,000
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(a	)		5.875	%		08/15/2023		225,000		225,563
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(a	)		5.375	%		01/15/2025		175,000		166,250
Owens-Brockway Glass Container, Inc. (Containers & Packaging)	(a	)		6.375	%		08/15/2025		600,000		594,000
Pactiv LLC (Containers & Packaging)				7.950	%		12/15/2025		225,000		219,375
Platform Specialty Products Corp. (Chemicals)	(a	)		6.500	%		02/01/2022		1,425,000		1,425,000
Platform Specialty Products Corp. (Chemicals)	(a	)		5.875	%		12/01/2025		225,000		210,375
PQ Corp. (Chemicals)	(a	)		5.750	%		12/15/2025		100,000		92,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (Containers & Packaging)	(a	)		7.000	%		07/15/2024		900,000		857,250
Standard Industries Inc. (Construction Materials)	(a	)		5.000	%		02/15/2027		1,200,000		1,050,000
Starfruit Finco B.V. / Starfruit U.S. Holdco LLC (Chemicals)	(a	)		8.000	%		10/01/2026		275,000		254,375
Steel Dynamics, Inc. (Metals & Mining)				5.250	%		04/15/2023		125,000		123,281
Teck Resources Ltd. (Metals & Mining)				6.125	%		10/01/2035		775,000		740,125
Teck Resources Ltd. (Metals & Mining)				6.000	%		08/15/2040		175,000		162,750

											19,833,248

UTILITIES – 3.5%
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)				5.875	%		08/20/2026		1,025,000		935,312
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities)				5.750	%		05/20/2027		200,000		177,000
Calpine Corp. (Ind. Power & Renewable Elec.)				5.750	%		01/15/2025		900,000		823,500
Calpine Corp. (Ind. Power & Renewable Elec.)	(a	)		5.250	%		06/01/2026		150,000		136,875
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)				6.500	%		05/01/2021		375,000		307,500
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)				6.750	%		01/15/2022		500,000		407,500
Ferrellgas LP / Ferrellgas Finance Corp. (Gas Utilities)				6.750	%		06/15/2023		450,000		362,250
NRG Energy, Inc. (Ind. Power & Renewable Elec.)				6.250	%		05/01/2024		350,000		355,250
NRG Energy, Inc. (Ind. Power & Renewable Elec.)				7.250	%		05/15/2026		750,000		780,937
NRG Energy, Inc. (Ind. Power & Renewable Elec.)				6.625	%		01/15/2027		250,000		251,875
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)				5.500	%		06/01/2024		525,000		488,250
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities)				5.875	%		03/01/2027		600,000		531,000
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)	(a	)		4.250	%		01/31/2023		75,000		69,938
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)	(a	)		6.625	%		06/15/2025		150,000		151,500
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.)	(a	)		5.000	%		01/31/2028		1,125,000		990,000
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.)	(a	)		5.500	%		09/01/2026		225,000		216,563

											6,985,250

Total Corporate Bonds (Cost $213,049,215)										$	194,929,627


Money Market Funds – 2.2%								Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(d	)							4,411,474	$	4,411,033

Total Money Market Funds (Cost $4,411,033)										$	4,411,033

Total Investments – 98.6% (Cost $217,460,248)	(e	)								$	199,340,660
Other Assets in Excess of Liabilities – 1.4%											2,741,630

Net Assets – 100.0%										$	202,082,290


		65		(continued)


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


Schedule of Investments		December 31, 2018

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, 2018, the value of these securities totaled $121,198,738, or 60.0% of the Portfolio’s net assets.

(b)

Represents a security that is in default. These securities were deemed liquid pursuant to procedures approved by the Board of Directors.

(c)

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

(d)

Rate represents the seven-day yield at December 31, 2018.

(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.

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


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

Objective/Strategy

The ON ClearBridge Small Cap Portfolio (formerly the ClearBridge Small Cap Portfolio) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its 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, 2018


Average Annual returns
One year	-9.24	%
Five years	5.43	%
Ten years	13.27	%

Total expense ratio is 0.89% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON ClearBridge Small Cap Portfolio returned -9.24% versus -11.01% for its benchmark, the Russell 2000 Index.

A. Relative to the benchmark, stock selection effects had the most positive contribution to the Portfolio’s outperformance. This came primarily from the Health Care, Consumer Discretionary and Consumer Staples sectors. Stock selection in the Materials and Energy sectors, meanwhile, detracted. Sector allocation had a slight positive effect, primarily due to the Portfolio’s underweight to the Materials sector. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Amarin Corp. PLC – ADR (“Amarin”), a drug company in the Health Care sector, rose more than 400% in the third quarter, after it reported very favorable results from a 7.5-year study of patients with triglyceride levels between 150 and 500 mg/dL. Amarin’s drug is already approved to treat triglyceride levels over 500, which affects roughly 4 million people in the U.S. The study found that the drug reduced major cardiovascular events by 25% with no adverse side effects compared with the placebo. This result is similar to the effectiveness of statins, which 40 million Americans take. ⁽¹⁾

HealthEquity, Inc., in the Health Care sector, is a health care savings provider. HealthEquity, Inc. performed well during the first quarter of 2018, as the company reported continued growth in the number and size of health savings accounts (“HSAs”) it manages. The results alleviated some concerns about the growth outlook for the HSA market. We believe HealthEquity, Inc.’s proprietary platform and unmatched service levels will continue to be key differentiators and will likely result in value creation that is yet to be fully reflected in its stock price. ⁽¹⁾

Venator Materials PLC (“Venator”), a titanium dioxide (TiO2) producer in the Materials sector, fell sharply after announcing that it would cost significantly more than expected to repair and reopen its facility in Pori, Finland, which was severely damaged by fire two years ago. After seeing the cost skyrocket, Venator decided to close the facility at significant cost. While the company has received more than $500 million in insurance proceeds, this incident will cost the company hundreds of millions more by the time it closes. We still believe that Venator has a strong position in TiO2 and plan to continue holding the stock. ⁽¹⁾

Smart Sand, Inc. (“Smart Sand”), in the Energy sector, provides industrial sands for use in hydraulic fracturing operations in the oil and gas industry. Smart Sand was one of the worst stocks in the poorly performing oil services industry in the first quarter of 2018. Competitors in sand for hydraulic fracturing announced capacity expansions, leading to fears of overcapacity. Smart Sand itself has expanded capacity, but only at its existing Wisconsin mine, which remains one of the lowest-cost mines in the industry, and it has resisted buying new, lower-quality mines in Texas. Nevertheless, investors have ignored Smart Sand’s cost advantage, its high percentage of capacity under take-or-pay contracts, its strong balance sheet, and its large insider ownership. We continue to think the position has an excellent risk-reward profile. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. The Portfolio did not use derivatives during the period. The Portfolio participated in the following IPO’s, which had varying degrees of impact on benchmark relative performance: Liberty Oilfield Services, Inc. Class A (-35 bps), nLight, Inc. (-1 bps), Origin Bancorp, Inc. (4 bps), Avalara, Inc. (0 bps), BJ’s Wholesale Club, Inc. (14 bps), Hudson Ltd. Class A (27 bps) and Eventbrite, Inc. (1 bps). The overall return derived from IPO participation was slightly negative. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		67		(continued)


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

Change in Value of $10,000 Investment

LOGO

The Russell 2000 Index measures the performance of the small-cap segment of the U.S equity universe. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the investable U.S. equity market. The index presented includes the effects of reinvested dividends.

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		97.8
Money Market Funds and Other Net Assets		2.2

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Amarin Corp. PLC – ADR		3.5
2.	Aaron’s, Inc.		2.5
3.	Black Hills Corp.		2.5
4.	Cadence BanCorp		2.4
5.	Gray Television, Inc.		2.3
6.	First Interstate BancSystem, Inc. Class A		2.2
7.	Murphy U.S.A., Inc.		2.0
8.	HealthEquity, Inc.		2.0
9.	Sprouts Farmers Market, Inc.		1.9
10.	Encompass Health Corp.		1.9

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Financials		21.1
Information Technology		16.0
Industrials		14.1
Health Care		12.1
Consumer Discretionary		11.3
Real Estate		5.0
Consumer Staples		4.6
Utilities		4.0
Communication Services		3.6
Energy		3.0
Materials		3.0

		97.8


Ohio National Fund, Inc.		ON ClearBridge Small Cap Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 97.8%			Shares		Value
COMMUNICATION SERVICES – 3.6%
Gray Television, Inc. (Media)	(a	)		201,670	$	2,972,616
ORBCOMM, Inc. (Diversified Telecom. Svs.)	(a	)		189,850		1,568,161

						4,540,777

CONSUMER DISCRETIONARY – 11.3%
Aaron’s, Inc. (Specialty Retail)				75,690		3,182,765
Chuy’s Holdings, Inc. (Hotels, Restaurants & Leisure)	(a	)		63,860		1,132,876
Cooper-Standard Holdings, Inc. (Auto Components)	(a	)		15,820		982,738
Hudson Ltd. Class A (Specialty Retail)	(a	)		104,103		1,785,366
Lithia Motors, Inc. Class A (Specialty Retail)				17,970		1,371,650
Monro, Inc. (Specialty Retail)				18,797		1,292,294
Murphy U.S.A., Inc. (Specialty Retail)	(a	)		32,850		2,517,624
Service Corp. International (Diversified Consumer Svs.)				50,280		2,024,273

						14,289,586

CONSUMER STAPLES – 4.6%
Inter Parfums, Inc. (Personal Products)				30,480		1,998,574
Sanderson Farms, Inc. (Food Products)				14,010		1,391,053
Sprouts Farmers Market, Inc. (Food & Staples Retailing)	(a	)		102,440		2,408,364

						5,797,991

ENERGY – 3.0%
Extraction Oil & Gas, Inc. (Oil, Gas & Consumable Fuels)	(a	)		221,830		951,651
Liberty Oilfield Services, Inc. Class A (Energy Equip. & Svs.)				107,430		1,391,218
Smart Sand, Inc. (Energy Equip. & Svs.)	(a	)		298,780		663,292
U.S. Silica Holdings, Inc. (Energy Equip. & Svs.)				81,510		829,772

						3,835,933

FINANCIALS – 21.1%
Assured Guaranty Ltd. (Insurance)				42,520		1,627,666
Bank OZK (Banks)				54,010		1,233,048
Cadence BanCorp (Banks)				180,370		3,026,609
Encore Capital Group, Inc. (Consumer Finance)	(a	)		49,740		1,168,890
Essent Group Ltd. (Thrifts & Mortgage Finance)	(a	)		41,930		1,433,167
First Interstate BancSystem, Inc. Class A (Banks)				76,230		2,786,969
Kinsale Capital Group, Inc. (Insurance)				21,910		1,217,320
LegacyTexas Financial Group, Inc. (Banks)				67,083		2,152,693
Main Street Capital Corp. (Capital Markets)				33,739		1,140,716
NMI Holdings, Inc. Class A (Thrifts & Mortgage Finance)	(a	)		24,464		436,682
OneMain Holdings, Inc. (Consumer Finance)	(a	)		88,970		2,161,081
Origin Bancorp, Inc. (Banks)				15,580		530,966
PennantPark Investment Corp. (Capital Markets)				196,205		1,249,826
ProAssurance Corp. (Insurance)				43,320		1,757,059
Radian Group, Inc. (Thrifts & Mortgage Finance)				85,530		1,399,271
TriState Capital Holdings, Inc. (Banks)	(a	)		75,748		1,474,056
Washington Federal, Inc. (Thrifts & Mortgage Finance)				66,170		1,767,401

						26,563,420

HEALTH CARE – 12.1%
Akebia Therapeutics, Inc. (Biotechnology)	(a	)		136,960		757,389
Amarin Corp. PLC – ADR (Biotechnology)	(a	)		327,010		4,450,606
Dynavax Technologies Corp. (Biotechnology)	(a	)		126,480		1,157,292
Encompass Health Corp. (Health Care Providers & Svs.)				38,100		2,350,770
HealthEquity, Inc. (Health Care Providers & Svs.)	(a	)		41,660		2,485,019
Lexicon Pharmaceuticals, Inc. (Biotechnology)	(a	)		141,720		941,021
Quotient Ltd. (Health Care Equip. & Supplies)	(a	)		271,220		1,659,866
Syneos Health, Inc. (Life Sciences Tools & Svs.)	(a	)		37,950		1,493,332

						15,295,295


Common Stocks (Continued)			Shares		Value
INDUSTRIALS – 14.1%
Continental Building Products, Inc. (Building Products)	(a	)		52,050	$	1,324,672
Dycom Industries, Inc. (Construction & Engineering)	(a	)		19,290		1,042,432
EnPro Industries, Inc. (Machinery)				25,160		1,512,116
Foundation Building Materials, Inc. (Trading Companies & Distributors)	(a	)		117,560		976,924
GATX Corp. (Trading Companies & Distributors)				20,160		1,427,530
ICF International, Inc. (Professional Svs.)				20,676		1,339,391
Landstar System, Inc. (Road & Rail)				14,871		1,422,708
Marten Transport Ltd. (Road & Rail)				74,946		1,213,376
MRC Global, Inc. (Trading Companies & Distributors)	(a	)		101,550		1,241,956
Rush Enterprises, Inc. Class A (Trading Companies & Distributors)				50,150		1,729,172
SkyWest, Inc. (Airlines)				39,840		1,771,685
Textainer Group Holdings Ltd. (Trading Companies & Distributors)	(a	)		91,060		906,958
Triton International Ltd. (Trading Companies & Distributors)				59,500		1,848,665

						17,757,585

INFORMATION TECHNOLOGY – 16.0%
2U, Inc. (Software)	(a	)		30,367		1,509,847
Advanced Energy Industries, Inc. (Semiconductors & Equip.)	(a	)		45,410		1,949,451
Blackline, Inc. (Software)	(a	)		37,390		1,531,121
EVERTEC, Inc. (IT Svs.)				44,830		1,286,621
Itron, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		43,600		2,061,844
Methode Electronics, Inc. (Electronic Equip., Instr. & Comp.)				49,960		1,163,568
nLight, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		78,655		1,398,486
Q2 Holdings, Inc. (Software)	(a	)		27,040		1,339,832
Rapid7, Inc. (Software)	(a	)		60,940		1,898,890
RingCentral, Inc. Class A (Software)	(a	)		17,890		1,474,852
Semtech Corp. (Semiconductors & Equip.)	(a	)		21,750		997,673
Tower Semiconductor Ltd. (Semiconductors & Equip.)	(a	)		131,620		1,940,079
WNS Holdings Ltd. – ADR (IT Svs.)	(a	)		40,220		1,659,477

						20,211,741

MATERIALS – 3.0%
Silgan Holdings, Inc. (Containers & Packaging)				63,170		1,492,075
U.S. Concrete, Inc. (Construction Materials)	(a	)		29,350		1,035,468
Venator Materials PLC (Chemicals)	(a	)		301,140		1,261,777

						3,789,320

REAL ESTATE – 5.0%
Lexington Realty Trust (Equity REIT)				240,340		1,973,191
Outfront Media, Inc. (Equity REIT)				46,930		850,372
STORE Capital Corp. (Equity REIT)				54,790		1,551,105
Summit Hotel Properties, Inc. (Equity REIT)				196,570		1,912,626

						6,287,294

UTILITIES – 4.0%
Black Hills Corp. (Multi-Utilities)				49,760		3,123,933
PNM Resources, Inc. (Electric Utilities)				46,030		1,891,372

						5,015,305

Total Common Stocks (Cost $130,401,518)					$	123,384,247


Money Market Funds – 1.9%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(b	)		2,448,633	$	2,448,388

Total Money Market Funds (Cost $2,448,517)					$	2,448,388

Total Investments – 99.7% (Cost $132,850,035)	(c	)			$	125,832,635
Other Assets in Excess of Liabilities – 0.3%						356,076

Net Assets – 100.0%					$	126,188,711


		69		(continued)


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


Schedule of Investments			December 31, 2018

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a)

Non-income producing security.

(b)

Rate represents the seven-day yield at December 31, 2018.

(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.


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

Objective/Strategy

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


Performance as of December 31, 2018



Average Annual returns
One year	-0.42	%
Five years	12.77	%
Ten years	18.66	%

Total expense ratio is 0.45% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Nasdaq-100^® Index Portfolio returned -0.42% versus 0.04% for its benchmark, the Nasdaq-100^® Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. The Portfolio intends to track the underlying return of the Nasdaq-100^® Index. There were no material market events or changes in strategy during the year that materially impacted the Portfolio’s relative return. Sources of return variance were related to the cumulative impact of investing the day-to-day cash flows in the Portfolio.

A. There was no impact from either sector allocation or stock selection that caused any material performance variance between the Portfolio and its benchmark. ⁽¹⁾

Consumer Discretionary contributed the most to the overall benchmark return for the year. Utilities and Financials were also positive contributors. The Information Technology sector was the primary detractor for the year. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The two most significant contributors to the benchmark’s returns were Amazon.com, Inc. (28.4%) and Microsoft Corp. (20.8%). Together, these two stocks made up approximately 19.7% of the benchmark. Facebook, Inc. Class A (-25.7%) was the largest detractor from the benchmark’s return over the year. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. The Portfolio uses Nasdaq-100^® Index futures contracts primarily to equitize open dividend receivables, as well as to manage day-to-day cash flows, to ensure the Portfolio is fully invested. The futures did not meaningfully impact performance, however, due to their index characteristics and size in relation to the Portfolio’s net assets. ⁽¹⁾

Q. Were there any significant changes to the Portfolio’s management team, investment strategy, or selection process during the reporting period?

● Manav Verma, CFA – Portfolio Manager

● Michael Trotter – Assistant Portfolio Manager

● Clinton Clark – Index Analyst

● Daniel Glenn – Portfolio Manager

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		71		(continued)


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

Change in Value of $10,000 Investment

LOGO

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

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

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		99.5
Money Market Funds and Other Net Assets		0.5

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Microsoft Corp.		10.1
2.	Apple, Inc.		9.7
3.	Amazon.com, Inc.		9.5
4.	Alphabet, Inc. Class C		4.7
5.	Alphabet, Inc. Class A		4.1
6.	Facebook, Inc. Class A		4.1
7.	Intel Corp.		3.1
8.	Cisco Systems, Inc.		2.8
9.	PepsiCo, Inc.		2.3
10.	Comcast Corp. Class A		2.2

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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		42.4
Communication Services		22.4
Consumer Discretionary		16.3
Health Care		8.9
Consumer Staples		6.4
Industrials		2.4
Utilities		0.4
Financials		0.3

		99.5


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


Schedule of Investments		December 31, 2018


Common Stocks – 99.5%			Shares		Value
COMMUNICATION SERVICES – 22.4%
Activision Blizzard, Inc. (Entertainment)				35,888	$	1,671,304
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a	)		13,021		13,606,424
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		14,921		15,452,337
Baidu, Inc. – ADR (Interactive Media & Svs.)	(a	)		13,204		2,094,154
Charter Communications, Inc. Class A (Media)	(a	)		10,766		3,067,987
Comcast Corp. Class A (Media)				213,527		7,270,594
Electronic Arts, Inc. (Entertainment)	(a	)		14,210		1,121,311
Facebook, Inc. Class A (Interactive Media & Svs.)	(a	)		102,742		13,468,449
Liberty Global PLC Class A (Media)	(a	)		9,614		205,163
Liberty Global PLC Class C (Media)	(a	)		25,318		522,563
NetEase, Inc. – ADR (Entertainment)				3,443		810,379
Netflix, Inc. (Entertainment)	(a	)		20,510		5,489,707
Sirius XM Holdings, Inc. (Media)				208,899		1,192,813
Take-Two Interactive Software, Inc. (Entertainment)	(a	)		5,356		551,347
T-Mobile U.S., Inc. (Wireless Telecom. Svs.)	(a	)		39,901		2,538,103
Twenty-First Century Fox, Inc. Class A (Entertainment)				49,709		2,391,997
Twenty-First Century Fox, Inc. Class B (Entertainment)				37,556		1,794,426

						73,249,058

CONSUMER DISCRETIONARY – 16.3%
Amazon.com, Inc. (Internet & Direct Marketing Retail)	(a	)		20,720		31,120,818
Booking Holdings, Inc. (Internet & Direct Marketing Retail)	(a	)		2,179		3,753,153
Ctrip.com International Ltd. – ADR (Internet & Direct Marketing Retail)	(a	)		22,901		619,701
Dollar Tree, Inc. (Multiline Retail)	(a	)		11,192		1,010,861
eBay, Inc. (Internet & Direct Marketing Retail)	(a	)		45,284		1,271,122
Expedia Group, Inc. (Internet & Direct Marketing Retail)				6,405		721,523
Hasbro, Inc. (Leisure Products)				5,950		483,438
JD.com, Inc. – ADR (Internet & Direct Marketing Retail)	(a	)		43,447		909,346
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods)	(a	)		5,766		701,203
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)				16,044		1,741,737
MercadoLibre, Inc. (Internet & Direct Marketing Retail)				2,126		622,599
O’Reilly Automotive, Inc. (Specialty Retail)	(a	)		3,767		1,297,091
Ross Stores, Inc. (Specialty Retail)				17,560		1,460,992
Starbucks Corp. (Hotels, Restaurants & Leisure)				58,348		3,757,611
Tesla, Inc. (Automobiles)	(a	)		8,077		2,688,026
Ulta Beauty, Inc. (Specialty Retail)	(a	)		2,811		688,245
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)				5,114		505,826

						53,353,292

CONSUMER STAPLES – 6.4%
Costco Wholesale Corp. (Food & Staples Retailing)				20,610		4,198,463
Kraft Heinz Co. / The (Food Products)				57,352		2,468,430
Mondelez International, Inc. Class A (Food Products)				68,377		2,737,131
Monster Beverage Corp. (Beverages)	(a	)		26,007		1,280,065
PepsiCo, Inc. (Beverages)				67,142		7,417,848
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)				44,641		3,050,320

						21,152,257

FINANCIALS – 0.3%
Willis Towers Watson PLC (Insurance)				6,111		928,016


Common Stocks (Continued)			Shares		Value
HEALTH CARE – 8.9%
Alexion Pharmaceuticals, Inc. (Biotechnology)	(a	)		10,493	$	1,021,598
Align Technology, Inc. (Health Care Equip. & Supplies)	(a	)		3,762		787,876
Amgen, Inc. (Biotechnology)				29,970		5,834,260
Biogen, Inc. (Biotechnology)	(a	)		9,476		2,851,518
BioMarin Pharmaceutical, Inc. (Biotechnology)	(a	)		8,375		713,131
Celgene Corp. (Biotechnology)	(a	)		32,887		2,107,728
Cerner Corp. (Health Care Technology)	(a	)		15,496		812,610
Gilead Sciences, Inc. (Biotechnology)				60,841		3,805,605
Henry Schein, Inc. (Health Care Providers & Svs.)	(a	)		7,169		562,910
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies)	(a	)		4,056		754,497
Illumina, Inc. (Life Sciences Tools & Svs.)	(a	)		6,914		2,073,716
Incyte Corp. (Biotechnology)	(a	)		10,009		636,472
Intuitive Surgical, Inc. (Health Care Equip. & Supplies)	(a	)		5,371		2,572,279
Mylan N.V. (Pharmaceuticals)	(a	)		24,251		664,477
Regeneron Pharmaceuticals, Inc. (Biotechnology)	(a	)		5,001		1,867,874
Vertex Pharmaceuticals, Inc. (Biotechnology)	(a	)		12,019		1,991,669

						29,058,220

INDUSTRIALS – 2.4%
American Airlines Group, Inc. (Airlines)				21,662		695,567
Cintas Corp. (Commercial Svs. & Supplies)				5,028		844,654
CSX Corp. (Road & Rail)				39,715		2,467,493
Fastenal Co. (Trading Companies & Distributors)				13,501		705,967
J.B. Hunt Transport Services, Inc. (Road & Rail)				5,135		477,760
PACCAR, Inc. (Machinery)				16,435		939,096
United Continental Holdings, Inc. (Airlines)	(a	)		12,814		1,072,916
Verisk Analytics, Inc. (Professional Svs.)	(a	)		7,742		844,188

						8,047,641

INFORMATION TECHNOLOGY – 42.4%
Adobe Systems, Inc. (Software)	(a	)		22,958		5,194,018
Advanced Micro Devices, Inc. (Semiconductors & Equip.)	(a	)		47,004		867,694
Analog Devices, Inc. (Semiconductors & Equip.)				17,409		1,494,214
Apple, Inc. (Tech. Hardware, Storage & Periph.)				201,053		31,714,100
Applied Materials, Inc. (Semiconductors & Equip.)				46,232		1,513,636
ASML Holding N.V. (Semiconductors & Equip.)				3,191		496,583
Autodesk, Inc. (Software)	(a	)		10,282		1,322,368
Automatic Data Processing, Inc. (IT Svs.)				20,587		2,699,367
Broadcom, Inc. (Semiconductors & Equip.)				19,445		4,944,475
Cadence Design Systems, Inc. (Software)	(a	)		13,270		576,980
Check Point Software Technologies Ltd. (Software)	(a	)		7,347		754,170
Cisco Systems, Inc. (Communications Equip.)				211,175		9,150,213
Citrix Systems, Inc. (Software)				6,338		649,391
Cognizant Technology Solutions Corp. Class A (IT Svs.)				27,233		1,728,751
Fiserv, Inc. (IT Svs.)	(a	)		18,741		1,377,276
Intel Corp. (Semiconductors & Equip.)				214,529		10,067,846
Intuit, Inc. (Software)				12,205		2,402,554
KLA-Tencor Corp. (Semiconductors & Equip.)				7,199		644,239
Lam Research Corp. (Semiconductors & Equip.)				7,299		993,905
Maxim Integrated Products, Inc. (Semiconductors & Equip.)				13,031		662,626
Microchip Technology, Inc. (Semiconductors & Equip.)				11,123		799,966


		73		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)			Shares		Value
INFORMATION TECHNOLOGY (continued)
Micron Technology, Inc. (Semiconductors & Equip.)	(a	)		53,346	$	1,692,669
Microsoft Corp. (Software)				325,215		33,032,088
NetApp, Inc. (Tech. Hardware, Storage & Periph.)				11,847		706,910
NVIDIA Corp. (Semiconductors & Equip.)				28,689		3,829,981
NXP Semiconductors N.V. (Semiconductors & Equip.)				15,459		1,132,836
Paychex, Inc. (IT Svs.)				16,888		1,100,253
PayPal Holdings, Inc. (IT Svs.)	(a	)		55,420		4,660,268
QUALCOMM, Inc. (Semiconductors & Equip.)				57,010		3,244,439
Skyworks Solutions, Inc. (Semiconductors & Equip.)				8,350		559,617
Symantec Corp. (Software)				30,048		567,757
Synopsys, Inc. (Software)	(a	)		6,988		588,669
Texas Instruments, Inc. (Semiconductors & Equip.)				45,176		4,269,132
VeriSign, Inc. (IT Svs.)	(a	)		5,686		843,177
Western Digital Corp. (Tech. Hardware, Storage & Periph.)				13,612		503,236


Common Stocks (Continued)			Shares		Value
INFORMATION TECHNOLOGY (continued)
Workday, Inc. Class A (Software)	(a	)		7,008	$	1,119,037
Xilinx, Inc. (Semiconductors & Equip.)				11,901		1,013,608

						138,918,049

UTILITIES – 0.4%
Xcel Energy, Inc. (Electric Utilities)				24,175		1,191,102

Total Common Stocks (Cost $282,133,027)					$	325,897,635


Money Market Funds – 0.2%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(b	)		653,392	$	653,327

Total Money Market Funds (Cost $653,327)					$	653,327

Total Investments – 99.7% (Cost $282,786,354)	(c	)			$	326,550,962
Other Assets in Excess of Liabilities – 0.3%	(d	)				1,031,220

Net Assets – 100.0%					$	327,582,182

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a)

Non-income producing security.

(b)

Rate represents the seven-day yield at December 31, 2018.

(c)

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

(d)

Includes $60,800 of cash pledged as collateral for the futures contracts outstanding at December 31, 2018. See also the following Schedule of Open Futures Contracts.

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


Schedule of Open Futures Contracts		December 31, 2018

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

CME E-mini Nasdaq-100 Index - Long

March 15, 2019

$1,006,669

$1,013,320

$6,651

$265,541

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


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

Objective/Strategy

The ON Bristol Portfolio (formerly 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, 2018


Average Annual returns
One year	-17.97	%
Five years	6.46	%
Ten years	12.04	%

Total expense ratio is 0.82% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Bristol Portfolio returned -17.97% versus -4.38% for its benchmark, the S&P 500 Index.

A. Stock selection was the primary detractor. Specifically, stock selection in Information Technology, Health Care, and Consumer Discretionary was the primary driver of relative underperformance for the year. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Top contributors included Amazon.com, Inc. (“Amazon”), Xilinx, Inc. (“Xilinx”) and The Boeing Co. (“Boeing”). Amazon had several significant accomplishments in 2018 – it successfully executed the launch of its new GO checkout-less store concept, re-accelerated growth in its public cloud computing business (Amazon Web Services), and significantly exceeded profit expectations, as investments in past years to optimize costs yielded positive results. Xilinx beat its revenue growth outlook significantly, due to earlier 5G wireless network buildouts, as well as a gain in market share from Intel Corp. for data-center acceleration opportunities. Despite well-known supplier issues, Boeing significantly exceeded its free cash flow outlook for the year. Additionally, the company made progress in executing its long-term growth strategy, via acquisitions and contract wins. ⁽¹⁾

Top detractors included Evoqua Water Technologies Corp. The company missed earnings twice. Initially, it was thought to be a one-time event, but the second miss was driven by significantly higher costs and a revenue shortfall. The company’s highly leveraged balance sheet was also a driver for underperformance. With Sage Therapeutics, Inc. (“Sage”), another top detractor, the Food and Drug Administration delayed its approval decision for Sage’s post-partum-depression drug to early 2019 in order to allow Sage to complete the development of a safety program for the drug. PVH Corp. missed profit expectations in its Calvin Klein division due to weaker demand for its new jeans and fashion designs. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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


		75		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		95.6
Master Limited Partnerships ⁽⁴⁾		2.2
Money Market Funds and Other Net Assets		2.2

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Microsoft Corp.		3.7
2.	Alphabet, Inc. Class C		3.4
3.	Marvell Technology Group Ltd.		2.9
4.	Bank of America Corp.		2.8
5.	Citigroup, Inc.		2.4
6.	Hartford Financial Services Group, Inc. / The		2.3
7.	Amazon.com, Inc.		2.3
8.	KLA-Tencor Corp.		2.2
9.	Applied Materials, Inc.		2.2
10.	Blackstone Group LP / The		2.2

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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
Industrials		19.9
Information Technology		19.2
Consumer Discretionary		18.9
Financials		15.5
Communication Services		9.5
Health Care		7.7
Consumer Staples		3.4
Materials		1.9
Energy		1.8

		97.8


Ohio National Fund, Inc.		ON Bristol Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 95.6%			Shares		Value
COMMUNICATION SERVICES – 9.5%
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		5,138	$	5,320,964
AT&T, Inc. (Diversified Telecom. Svs.)				112,712		3,216,800
Lions Gate Entertainment Corp. Class A (Entertainment)				186,965		3,010,137
Walt Disney Co. / The (Entertainment)				30,068		3,296,956

						14,844,857

CONSUMER DISCRETIONARY – 18.9%
Alibaba Group Holding Ltd. – ADR (Internet & Direct Marketing Retail)	(a	)		22,313		3,058,443
Amazon.com, Inc. (Internet & Direct Marketing Retail)	(a	)		2,330		3,499,590
General Motors Co. (Automobiles)				85,929		2,874,325
Lowe’s Cos., Inc. (Specialty Retail)				31,982		2,953,857
MGM Resorts International (Hotels, Restaurants & Leisure)				102,333		2,482,599
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a	)		67,481		2,860,520
PVH Corp. (Textiles, Apparel & Luxury Goods)				31,498		2,927,739
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)				31,253		3,056,231
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)				83,940		2,832,975
Tiffany & Co. (Specialty Retail)				35,618		2,867,605

						29,413,884

CONSUMER STAPLES – 3.4%
Coca-Cola Co. / The (Beverages)				28,236		1,336,975
Conagra Brands, Inc. (Food Products)				39,892		852,093
PepsiCo, Inc. (Beverages)				27,800		3,071,344

						5,260,412

ENERGY – 1.8%
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)				21,571		2,837,018


FINANCIALS – 13.3%
Bank of America Corp. (Banks)				175,836		4,332,599
Citigroup, Inc. (Banks)				70,709		3,681,111
Goldman Sachs Group, Inc. / The (Capital Markets)				15,969		2,667,621
Hartford Financial Services Group, Inc. / The (Insurance)				81,789		3,635,521
JPMorgan Chase & Co. (Banks)				34,084		3,327,280
Lincoln National Corp. (Insurance)				58,006		2,976,288

						20,620,420

HEALTH CARE – 7.7%
Aerie Pharmaceuticals, Inc. (Pharmaceuticals)	(a	)		69,877		2,522,560
Celgene Corp. (Biotechnology)	(a	)		49,294		3,159,252
Sage Therapeutics, Inc. (Biotechnology)	(a	)		33,616		3,220,077
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)				13,552		3,032,802

						11,934,691


Common Stocks (Continued)			Shares		Value
INDUSTRIALS – 19.9%
AECOM (Construction & Engineering)	(a	)		112,456	$	2,980,084
Boeing Co. / The (Aerospace & Defense)				9,527		3,072,457
Caterpillar, Inc. (Machinery)				9,058		1,151,000
Deere & Co. (Machinery)				21,704		3,237,586
Delta Air Lines, Inc. (Airlines)				58,946		2,941,405
FedEx Corp. (Air Freight & Logistics)				17,018		2,745,514
Lockheed Martin Corp. (Aerospace & Defense)				11,473		3,004,090
Quanta Services, Inc. (Construction & Engineering)				99,846		3,005,365
Raytheon Co. (Aerospace & Defense)				18,823		2,886,507
Rockwell Automation, Inc. (Electrical Equip.)				20,310		3,056,249
XPO Logistics, Inc. (Air Freight & Logistics)	(a	)		49,496		2,823,252

						30,903,509

INFORMATION TECHNOLOGY – 19.2%
Apple, Inc. (Tech. Hardware, Storage & Periph.)				18,940		2,987,595
Applied Materials, Inc. (Semiconductors & Equip.)				105,005		3,437,864
Broadcom, Inc. (Semiconductors & Equip.)				7,400		1,881,672
DXC Technology Co. (IT Svs.)				57,087		3,035,316
KLA-Tencor Corp. (Semiconductors & Equip.)				38,615		3,455,656
Marvell Technology Group Ltd. (Semiconductors & Equip.)				280,180		4,536,114
Microchip Technology, Inc. (Semiconductors & Equip.)				23,230		1,670,702
Microsoft Corp. (Software)				56,316		5,720,016
QUALCOMM, Inc. (Semiconductors & Equip.)				53,446		3,041,612

						29,766,547

MATERIALS – 1.9%
FMC Corp. (Chemicals)				40,579		3,001,223

Total Common Stocks (Cost $172,374,200)					$	148,582,561


Master Limited Partnerships – 2.2%			Shares		Value
FINANCIALS – 2.2%
Blackstone Group LP / The (Capital Markets)				113,855	$	3,394,017

Total Master Limited Partnerships (Cost $3,954,956)					$	3,394,017


Money Market Funds – 0.1%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(b	)		74,792	$	74,785

Total Money Market Funds (Cost $74,785)					$	74,785

Total Investments – 97.9% (Cost $176,403,941)	(c	)			$	152,051,363
Other Assets in Excess of Liabilities – 2.1%						3,293,253

Net Assets – 100.0%					$	155,344,616

Percentages are stated as a percent of net assets.

Abbreviations:

ADR: American Depositary Receipts

Footnotes:

(a)

Non-income producing security.

(b)

Rate represents the seven-day yield at December 31, 2018.

(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.


Ohio National Fund, Inc.		ON Bryton Growth Portfolio (Unaudited)

Objective/Strategy

The ON Bryton Growth Portfolio (formerly 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, 2018


Average Annual returns
One year	-5.18	%
Five years	4.14	%
Ten years	11.35	%

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Bryton Growth Portfolio returned -5.18% versus -9.31% for its benchmark, the Russell 2000 Growth Index.

A. Both sector allocation and security selection factored into the Portfolio’s relative outperformance. Stock selections in Information Technology and Health Care contributed to relative performance, while top detractors were stock selections within Materials and Financials. A significant overweight to Information Technology was the key sector allocation contributor. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Top contributors included Tandem Diabetes Care, Inc., as the company exceeded expectations through the year on revenue, as new diabetes pump product launches and the exit of key competitors in their end market enabled the company to beat and raise estimates several times during the year. Loxo Oncology, Inc. had strong data updates through the year on its drug, LOXO-292, which enabled the company to maintain its leadership position versus competitors. Data from one of its key competitors, Blueprint Medicines Corporation, was less impressive. Coupa Software, Inc. had strong quarterly earnings reports through the year, in which the company beat estimates on all key metrics (revenue, bookings and operating income). ⁽¹⁾

Top detractors included Asure Software, Inc., as a weak third quarter earnings report and materially lower guidance caused the stock to significantly underperform the market. Weak organic revenue growth and gross margins, combined with negative cash flow, created additional concerns that the company would do an equity raise or debt expansion to complete additional acquisitions. Evoqua Water Technologies Corp. missed earnings twice. Initially, it was thought to be a one-time event, but the second miss was driven by significantly higher costs and a revenue shortfall. The company’s highly leveraged balance sheet was also a driver for underperformance. electroCore, Inc. had a headline miss on revenue and earnings in a “risk off” market that contributed to its sharp sell-off, despite the fact that the company continued to successfully ramp up reimbursements for its newly launched product. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

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

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


		78		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		89.7
Other Net Assets		10.3

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Five9, Inc.		1.7
2.	Covanta Holding Corp.		1.7
3.	MGP Ingredients, Inc.		1.7
4.	ORBCOMM, Inc.		1.7
5.	Mueller Water Products, Inc. Class A		1.6
6.	Cubic Corp.		1.6
7.	Vonage Holdings Corp.		1.6
8.	Allegheny Technologies, Inc.		1.6
9.	Haemonetics Corp.		1.6
10.	Aerie Pharmaceuticals, Inc.		1.6

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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
Industrials		21.4
Health Care		15.3
Materials		6.8
Communication Services		4.8
Financials		4.1
Consumer Staples		3.9
Consumer Discretionary		3.3
Real Estate		1.5

		89.7


Ohio National Fund, Inc.		ON Bryton Growth Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 89.7%			Shares		Value
COMMUNICATION SERVICES – 4.8%
ORBCOMM, Inc. (Diversified Telecom. Svs.)	(a	)		50,734	$	419,063
QuinStreet, Inc. (Interactive Media & Svs.)	(a	)		24,992		405,620
Vonage Holdings Corp. (Diversified Telecom. Svs.)	(a	)		47,155		411,663

						1,236,346

CONSUMER DISCRETIONARY – 3.3%
American Eagle Outfitters, Inc. (Specialty Retail)				14,404		278,429
At Home Group, Inc. (Specialty Retail)	(a	)		13,782		257,172
G-III Apparel Group Ltd. (Textiles, Apparel & Luxury Goods)	(a	)		11,121		310,165

						845,766

CONSUMER STAPLES – 3.9%
J&J Snack Foods Corp. (Food Products)				2,184		315,785
MGP Ingredients, Inc. (Beverages)				7,441		424,509
Nomad Foods Ltd. (Food Products)	(a	)		14,988		250,599

						990,893

FINANCIALS – 4.1%
Ameris Bancorp (Banks)				11,823		374,434
Home BancShares, Inc. (Banks)				22,617		369,562
Veritex Holdings, Inc. (Banks)	(a	)		13,937		297,973

						1,041,969

HEALTH CARE – 15.3%
Aerie Pharmaceuticals, Inc. (Pharmaceuticals)	(a	)		11,243		405,872
AxoGen, Inc. (Health Care Equip. & Supplies)	(a	)		14,879		303,978
ElectroCore, Inc. (Health Care Equip. & Supplies)	(a	)		40,972		256,485
Haemonetics Corp. (Health Care Equip. & Supplies)	(a	)		4,077		407,904
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a	)		2,704		366,933
Neogen Corp. (Health Care Equip. & Supplies)	(a	)		5,250		299,250
PetIQ, Inc. (Health Care Providers & Svs.)	(a	)		14,308		335,809
Sage Therapeutics, Inc. (Biotechnology)	(a	)		3,987		381,915
Tandem Diabetes Care, Inc. (Health Care Equip. & Supplies)	(a	)		10,272		390,028
Vericel Corp. (Biotechnology)	(a	)		21,261		369,941
Vocera Communications, Inc. (Health Care Technology)	(a	)		9,555		375,989

						3,894,104

INDUSTRIALS – 21.4%
Actuant Corp. Class A (Machinery)				15,561		326,625
ASGN, Inc. (Professional Svs.)	(a	)		5,733		312,448
Astec Industries, Inc. (Machinery)				12,908		389,693
Axon Enterprise, Inc. (Aerospace & Defense)	(a	)		9,054		396,112
Casella Waste Systems, Inc. Class A (Commercial Svs. & Supplies)	(a	)		13,661		389,202
Chart Industries, Inc. (Machinery)	(a	)		5,842		379,905
Covanta Holding Corp. (Commercial Svs. & Supplies)				32,061		430,259
Cubic Corp. (Aerospace & Defense)				7,689		413,207


Common Stocks (Continued)			Shares		Value
INDUSTRIALS (continued)
John Bean Technologies Corp. (Machinery)				4,659	$	334,563
Kratos Defense & Security Solutions, Inc. (Aerospace & Defense)	(a	)		21,386		301,329
Lindsay Corp. (Machinery)				2,679		257,854
Mueller Water Products, Inc. Class A (Machinery)				45,657		415,479
Proto Labs, Inc. (Machinery)	(a	)		3,386		381,907
Spartan Motors, Inc. (Machinery)				47,089		340,453
TPI Composites, Inc. (Electrical Equip.)	(a	)		15,191		373,395

						5,442,431

INFORMATION TECHNOLOGY – 28.6%
Carbonite, Inc. (IT Svs.)	(a	)		14,803		373,924
Cloudera, Inc. (Software)	(a	)		30,420		336,445
CommVault Systems, Inc. (Software)	(a	)		6,465		382,017
Coupa Software, Inc. (Software)	(a	)		5,114		321,466
Cray, Inc. (Tech. Hardware, Storage & Periph.)	(a	)		16,560		357,530
eGain Corp. (Software)	(a	)		58,906		387,012
Evo Payments, Inc. Class A (IT Svs.)	(a	)		12,729		314,025
FARO Technologies, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		7,057		286,797
Five9, Inc. (Software)	(a	)		9,967		435,757
Itron, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		7,047		333,253
LivePerson, Inc. (Software)	(a	)		21,025		396,532
Power Integrations, Inc. (Semiconductors & Equip.)				6,291		383,625
Q2 Holdings, Inc. (Software)	(a	)		6,204		307,408
Radware Ltd. (Communications Equip.)	(a	)		16,604		377,077
Rapid7, Inc. (Software)	(a	)		12,331		384,234
Semtech Corp. (Semiconductors & Equip.)	(a	)		8,420		386,225
Silicon Motion Technology Corp. – ADR (Semiconductors & Equip.)				11,612		400,614
Tenable Holdings, Inc. (Software)	(a	)		16,185		359,145
Ultra Clean Holdings, Inc. (Semiconductors & Equip.)	(a	)		45,005		381,192
Viavi Solutions, Inc. (Communications Equip.)	(a	)		38,187		383,779

						7,288,057

MATERIALS – 6.8%
Allegheny Technologies, Inc. (Metals & Mining)	(a	)		18,837		410,082
Ferro Corp. (Chemicals)	(a	)		15,975		250,488
PolyOne Corp. (Chemicals)				13,477		385,442
Sensient Technologies Corp. (Chemicals)				6,727		375,703
Summit Materials, Inc. Class A (Construction Materials)	(a	)		25,145		311,798

						1,733,513

REAL ESTATE – 1.5%
Terreno Realty Corp. (Equity REIT)				10,657		374,807

Total Common Stocks (Cost $26,849,022)					$	22,847,886

Total Investments – 89.7% (Cost $26,849,022)	(b	)			$	22,847,886
Other Assets in Excess of Liabilities – 10.3%						2,614,079

Net Assets – 100.0%					$	25,461,965

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.


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

Objective/Strategy

The ON ICON Balanced Portfolio (formerly the Balanced Portfolio) seeks capital appreciation and income by investing, under normal circumstances, up to 75% of its assets in equity securities of domestic companies of any market capitalization while maintaining a minimum of 25% of its assets in fixed income securities.

Performance as of December 31, 2018


Average Annual returns
One year	-10.58	%
Five years	2.21	%
Ten years	7.21	%

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON ICON Balanced Portfolio returned -10.58% versus –4.96% for its benchmark, the S&P Composite 1500 Index. The Portfolio’s secondary benchmark, which is comprised of 60% S&P Composite 1500 Index and 40% Bloomberg Barclays U.S. Universal Index, returned -2.81% for the period.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. Overall, the Portfolio’s allocation to fixed income securities was a benefit to performance relative to the all-equity S&P 1500 benchmark. In early 2018, ICON’s calculation of the broad market’s fair value increased to a level which led us to adjust the Portfolio’s equity/fixed income allocation toward more equity securities. As the market declined in the last quarter of the year, both the increased allocation to equities, and the Portfolio’s equity holdings’ underperformance relative to the benchmark detracted from the overall performance of the Portfolio.

The Portfolio’s fixed income volatility remained relatively low. The Portfolio’s use of closed end funds was rewarded, as several of the positions converted to open-end funds or liquidated, capturing the discount to net asset value at which they had been acquired. The Portfolio’s underweight position in U.S. Treasury Notes hurt performance, as interest rates fell and credit spreads widened. The Portfolio’s preferred stock holdings, in general, were negatively impacted by spread widening. Given the Portfolio’s positioning, we tend to expect underperformance when rates fall aggressively and relative outperformance when rates rise.

A. The two biggest equity sector detractors from relative performance were the Portfolio’s stock selection in the Energy and Consumer Discretionary sectors. Overall, sector allocation contributed to relative performance. ⁽¹⁾

In the fixed income portion of the Portfolio, we continued our focus on high-coupon yield to call corporate securities and closed end fund event-driven arbitrage. Our short duration and credit risk focus negatively impacted returns, as U.S. Treasury Notes outperformed. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The three biggest individual stock contributors to performance were XL Group Ltd. (“XL”), HCA Healthcare, Inc. (“HCA”), and Mastercard, Inc. Class A (“Mastercard”). Shares of XL responded positively to an announced merger with AXA SA. Both HCA and Mastercard experienced a similar trend of strong earnings growth momentum during the first three quarters of the year and minimal participation during the end-of-year downturn.

The three biggest detractors on an individual stock basis were Cimarex Energy Co. (“Cimarex”), LogMeIn, Inc. (“LogMeIn”), and CDK Global, Inc. (“CDK Global”). Cimarex was negatively affected by the sharp decline in oil prices, due to concerns of supply conditions and an overall slowdown of global economic growth. Shares of LogMeIn fell sharply after reporting poor second quarter earnings and reducing their full-year guidance. CDK Global experienced significant declines due to disappointing results. ⁽¹⁾

The positive performance of the fixed income sleeve contributed to returns, as a whole, as the benchmark had no allocation to fixed income, and fixed income was an overall positive returning asset class for the Portfolio. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. The Portfolio purchased put options on the S&P 500 Index throughout most of the year in an effort to dampen the effects of market declines. The Portfolio did not hold any put options from early October through the end of the year. Over the full year, the purchase of put options detracted 12 basis points. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		81		(continued)


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

Change in Value of $10,000 Investment

LOGO

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 includes the effects of reinvested dividends.

The Bloomberg Barclays 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.

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		67.2
Corporate Bonds ⁽⁴⁾		18.9
Closed-End Mutual Funds		3.8
U.S. Treasury Obligations		2.4
Preferred Securities ⁽⁴⁾		2.1
Asset-Backed Securities ⁽⁴⁾		1.4
Money Market Funds and Other Net Assets		4.2

		100.0

Top 10 Portfolio Holdings as of December 31,
2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Mastercard, Inc. Class A		3.1
2.	Monolithic Power Systems, Inc.		2.8
3.	Adobe Systems, Inc.		2.7
4.	Visa, Inc.		2.6
5.	JPMorgan Chase & Co.		2.5
6.	Thermo Fisher Scientific, Inc.		2.3
7.	Bank of America Corp.		2.3
8.	NIKE, Inc. Class B		2.1
9.	eBay, Inc.		1.9
10.	U.S. Treasury Note		1.9
	2.500%, 12/31/2020

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

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


	% of Net Assets
Health Care		18.2
Information Technology		16.7
Financials		16.2
Consumer Discretionary		16.2
Energy		6.7
Industrials		5.9
Communication Services		4.3
Materials		2.1
Real Estate		1.6
Consumer Staples		1.2
Utilities		0.5

		89.6


Ohio National Fund, Inc.		ON ICON Balanced Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 67.2%			Shares		Value
COMMUNICATION SERVICES – 2.8%
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		4,386	$	4,542,185
Electronic Arts, Inc. (Entertainment)	(a	)		54,055		4,265,480
Facebook, Inc. Class A (Interactive Media & Svs.)	(a	)		33,254		4,359,267

						13,166,932

CONSUMER DISCRETIONARY – 13.0%
AutoZone, Inc. (Specialty Retail)	(a	)		5,302		4,444,879
Brunswick Corp. (Leisure Products)				147,713		6,861,269
D.R. Horton, Inc. (Household Durables)				138,020		4,783,773
eBay, Inc. (Internet & Direct Marketing Retail)	(a	)		325,000		9,122,750
Lowe’s Cos., Inc. (Specialty Retail)				85,629		7,908,694
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				130,000		9,638,200
Polaris Industries, Inc. (Leisure Products)				65,382		5,013,492
PulteGroup, Inc. (Household Durables)				219,915		5,715,591
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)				74,464		7,281,834

						60,770,482

ENERGY – 4.8%
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)				68,171		4,202,742
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)				61,404		5,692,151
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)				85,352		5,036,622
Parsley Energy, Inc. Class A (Oil, Gas & Consumable Fuels)	(a	)		239,508		3,827,338
SRC Energy, Inc. (Oil, Gas & Consumable Fuels)	(a	)		772,526		3,630,872

						22,389,725

FINANCIALS – 9.8%
Bank of America Corp. (Banks)				431,610		10,634,870
JPMorgan Chase & Co. (Banks)				117,804		11,500,027
KeyCorp (Banks)				297,895		4,402,888
Lincoln National Corp. (Insurance)				62,352		3,199,281
Signature Bank (Banks)				76,139		7,827,851
SVB Financial Group (Banks)	(a	)		43,537		8,268,547

						45,833,464

HEALTH CARE – 15.4%
AbbVie, Inc. (Biotechnology)				63,768		5,878,772
Celgene Corp. (Biotechnology)	(a	)		76,673		4,913,973
Cigna Corp. (Health Care Providers & Svs.)				45,891		8,715,619
HCA Healthcare, Inc. (Health Care Providers & Svs.)				49,881		6,207,690
Jazz Pharmaceuticals PLC (Pharmaceuticals)	(a	)		61,044		7,567,014
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a	)		29,516		4,005,321
PerkinElmer, Inc. (Life Sciences Tools & Svs.)				90,266		7,090,394
PRA Health Sciences, Inc. (Life Sciences Tools & Svs.)	(a	)		90,958		8,364,498
Teleflex, Inc. (Health Care Equip. & Supplies)				31,241		8,075,174
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)				47,910		10,721,779

						71,540,234

INDUSTRIALS – 4.9%
Air Lease Corp. (Trading Companies & Distributors)				99,448		3,004,324
Canadian Pacific Railway Ltd. (Road & Rail)				35,264		6,263,592
Masco Corp. (Building Products)				160,779		4,701,178
Union Pacific Corp. (Road & Rail)				63,320		8,752,723

						22,721,817

INFORMATION TECHNOLOGY – 15.2%
Adobe Systems, Inc. (Software)	(a	)		55,552		12,568,084
CDK Global, Inc. (Software)				148,752		7,122,246
LogMeIn, Inc. (Software)				58,193		4,746,803
Mastercard, Inc. Class A (IT Svs.)				76,152		14,366,075
Monolithic Power Systems, Inc. (Semiconductors & Equip.)				112,730		13,104,863
Skyworks Solutions, Inc. (Semiconductors & Equip.)				103,262		6,920,619
Visa, Inc. (IT Svs.)				92,613		12,219,359

						71,048,049

MATERIALS – 1.3%
Eagle Materials, Inc. (Construction Materials)				62,138		3,792,282
Graphic Packaging Holding Co. (Containers & Packaging)				216,477		2,303,315

						6,095,597

Total Common Stocks (Cost $326,962,692)					$	313,566,300


Corporate Bonds – 18.9%		Rate			Maturity		Face Amount		Value
COMMUNICATION SERVICES – 1.5%
CSC Holdings LLC (Media)	(b)		10.125	%		01/15/2023		$ 3,300,000		$3, 550,008
CSC Holdings LLC (Media)	(b)		10.875	%		10/15/2025		1,450,000		1,628,234
Lee Enterprises, Inc. (Media)	(b)		9.500	%		03/15/2022		1,930,000		1,968,600

										7,146,842


		83		(continued)


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


Schedule of Investments								December 31, 2018


Corporate Bonds (Continued)		Rate		Maturity		Face Amount		Value
CONSUMER DISCRETIONARY – 3.2%
Brookfield Residential Properties, Inc. (Household Durables)	(b)		6.500%		12/15/2020		$ 2,400,000	$	2,397,000
Foot Locker, Inc. (Specialty Retail)			8.500%		01/15/2022		350,000		378,000
Lear Corp. (Auto Components)			5.375%		03/15/2024		1,000,000		1,028,684
Penske Automotive Group, Inc. (Specialty Retail)			5.750%		10/01/2022		1,090,000		1,087,275
Reliance Intermediate Holdings LP (Specialty Retail)	(b)		6.500%		04/01/2023		4,012,000		4,092,240
Silversea Cruise Finance Ltd. (Hotels, Restaurants & Leisure)	(b)		7.250%		02/01/2025		1,935,000		2,045,682
William Carter Co. / The (Textiles, Apparel & Luxury Goods)			5.250%		08/15/2021		695,000		691,525
William Lyon Homes, Inc. (Textiles, Apparel & Luxury Goods)			7.000%		08/15/2022		3,250,000		3,217,500

									14,937,906

CONSUMER STAPLES – 1.2%
Central Garden & Pet Co. (Household Products)			6.125%		11/15/2023		2,229,000		2,223,428
Conagra Brands, Inc. (Food Products)			7.125%		10/01/2026		1,000,000		1,134,825
Kraft Heinz Foods Co. (Food Products)	(b)		4.875%		02/15/2025		2,080,000		2,088,579

									5,446,832

ENERGY – 1.9%
Andeavor Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)			6.250%		10/15/2022		2,748,000		2,802,960
Andeavor Logistics LP / Tesoro Logistics Finance Corp. (Oil, Gas & Consumable Fuels)			6.375%		05/01/2024		4,445,000		4,589,462
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)			5.000%		09/15/2022		1,304,000		1,294,683

									8,687,105

FINANCIALS – 3.7%
Delphi Financial Group, Inc. (Insurance)			7.875%		01/31/2020		6,140,000		6,425,821
Jefferies Finance LLC / JFIN Co-Issuer Corp. (Capital Markets)	(b)		7.375%		04/01/2020		3,902,000		3,892,245
Nationwide Mutual Insurance Co. (Insurance)	(b)		7.875%		04/01/2033		3,000,000		4,031,538
Willis North America, Inc. (Insurance)			7.000%		09/29/2019		3,000,000		3,068,882

									17,418,486

HEALTH CARE – 2.8%
Becton Dickinson and Co. (Health Care Equip. & Supplies)			3.875%		05/15/2024		3,000,000		2,987,742
Catholic Health Initiatives (Health Care Providers & Svs.)			2.950%		11/01/2022		4,000,000		3,912,168
Centene Corp. (Health Care Providers & Svs.)			5.625%		02/15/2021		510,000		511,275
Hill-Rom Holdings, Inc. (Health Care Equip. & Supplies)	(b)		5.750%		09/01/2023		2,190,000		2,190,000
Molina Healthcare, Inc. (Health Care Providers & Svs.)			5.375%		11/15/2022		3,500,000		3,377,500

									12,978,685

INDUSTRIALS – 0.9%
R.R. Donnelley & Sons Co. (Commercial Svs. & Supplies)			7.875%		03/15/2021		618,000		618,000
USG Corp. (Building Products)	(b)		5.500%		03/01/2025		2,700,000		2,720,250
XPO Logistics, Inc. (Air Freight & Logistics)	(b)		6.500%		06/15/2022		1,050,000		1,040,812

									4,379,062

INFORMATION TECHNOLOGY – 1.5%
Amkor Technology, Inc. (Semiconductors & Equip.)			6.375%		10/01/2022		3,500,000		3,509,800
Dell International LLC / EMC Corp. (Computers & Peripherals)	(b)		7.125%		06/15/2024		1,000,000		1,017,500
NXP BV / NXP Funding LLC (Semiconductors & Equip.)	(b)		4.625%		06/01/2023		2,615,000		2,562,700

									7,090,000

MATERIALS – 0.8%
Hecla Mining Co. (Metals & Mining)			6.875%		05/01/2021		550,000		539,000
Mercer International, Inc. (Paper & Forest Products)			7.750%		12/01/2022		188,000		193,640
Standard Industries, Inc. (Construction Materials)	(b)		5.500%		02/15/2023		1,185,000		1,161,300
Teck Resources Ltd. (Metals & Mining)	(b)		8.500%		06/01/2024		1,750,000		1,874,688

									3,768,628


REAL ESTATE – 0.9%
Select Income REIT (Equity REIT)			4.500%		02/01/2025		4,450,000		4,193,048


UTILITIES – 0.5%
Vistra Energy Corp. (Ind. Power & Renewable Elec.)			7.625%		11/01/2024		2,145,000		2,262,975

Total Corporate Bonds (Cost $91,172,787)								$	88,309,569


		84		(continued)


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


Schedule of Investments								December 31, 2018


Closed-End Mutual Funds – 3.8%						Shares		Value
Asia Pacific Fund, Inc. / The							205,264	$ 2,340,010
BlackRock Enhanced Government Fund, Inc.							59,009	765,937
BlackRock Income Trust, Inc.							933,658	5,265,831
Duff & Phelps Utility and Corporate Bond Trust, Inc.							122,035	1,003,128
Eaton Vance High Income 2021 Target Term Trust							31,032	276,805
High Income Securities Fund							319,705	2,845,375
Nuveen Taxable Municipal Income Fund							264,354	5,117,893

Total Closed-End Mutual Funds (Cost $18,729,575)								$ 17,614,979


U.S. Treasury Obligations – 2.4%		Rate		Maturity		Face Amount		Value
U.S. Treasury Note			2.500%		12/31/2020		$ 9,000,000	$ 8,997,751
U.S. Treasury Note			3.125%		11/15/2028		2,000,000	2,075,909

Total U.S. Treasury Obligations (Cost $10,977,291)								$ 11,073,660


Preferred Securities – 2.1%				Rate		Quantity		Value
FINANCIALS – 1.4%
Argo Group U.S., Inc. (Insurance)					6.500%		219,334	$ 5,470,190
Cabco Series 2004-101 Trust Goldman Sachs Capital I (Interest Rate Floor: 3.25%, Interest Rate Cap: 8.25%) (Diversified Financial Svs.)					QL + 85		46,713	924,450
MVC Capital, Inc. (Capital Markets)					6.250%		9,202	229,866

								6,624,506


REAL ESTATE – 0.7%
Equity Commonwealth (Equity REIT)					6.500%		119,203	3,009,876

Total Preferred Securities (Cost $9,937,708)								$ 9,634,382


Asset-Backed Securities – 1.4%		Rate		Maturity		Face Amount		Value
FINANCIALS – 1.3%
SMB Private Education Loan Trust 2014-A C	(b)		4.500%		09/15/2045		$ 6,250,000	$ 5,927,031

INDUSTRIALS – 0.1%
United Airlines 2007-1 Class B Pass Through Trust			7.336%		07/02/2019		775,227	786,855

Total Asset-Backed Securities (Cost $6,828,631)								$ 6,713,886


Money Market Funds – 4.1%						Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(c)						19,395,453	$ 19,393,514

Total Money Market Funds (Cost $19,394,914)								$ 19,393,514

Total Investments – 99.9% (Cost $484,003,598)	(d)							$466,306,290
Other Assets in Excess of Liabilities – 0.1%								378,601

Net Assets – 100.0%								$466,684,891

Percentages are stated as a percent of net assets.

Abbreviations:

QL: Quarterly U.S. LIBOR Rate, 2.808% at 12/31/2018

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, 2018, the value of these securities totaled $44,188,407, or 9.5% of the Portfolio’s net assets.

(c)

Rate represents the seven-day yield at December 31, 2018.

(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.


		85


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

Objective/Strategy

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

Performance as of December 31, 2018


Average Annual returns
One year			-11.45%
Five years			3.08%
Ten years			9.50%

Total expense ratio is 0.71% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON S&P MidCap 400^® Index Portfolio returned -11.45% versus -11.08% for the benchmark, the S&P MidCap 400^® Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. The Portfolio intends to track the underlying return of the S&P MidCap 400^® Index. There were no material market events or changes in strategy during the year that materially impacted the Portfolio’s relative return. Sources of return variance were related to the cumulative impact of investing the day-to-day cash flows in the Portfolio.

A. There was no impact from either sector allocation or stock selection that caused any material performance variance between the Portfolio and its benchmark. ⁽¹⁾

Utilities added to the benchmark’s return slightly, as the sector was up 6.7% for the year. Health Care was another positive contributor, gaining 6.5%. Two sectors driving the benchmark’s returns down were Energy and Materials, falling 29.4% and 20.4%, respectively. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. ABIOMED, Inc. (up 107.3% for the year) and Bioverative, Inc. (94.1%) were the two most positive contributors. Underperforming constituents included Thor Industries, Inc. (-64.8% for the year) and Coherent, Inc. (-62.5%). ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact performance?

A. The Portfolio uses S&P MidCap 400^® Index futures contracts primarily to equitize open dividend receivables, as well as to manage day-to-day cash flows, to ensure the Portfolio is fully invested. The futures did not meaningfully impact performance, however, due to their index characteristics and size in relation to the Portfolio’s net assets. ⁽¹⁾

Q. Were there any significant changes to the Portfolio’s management team, investment strategy, or selection process during the reporting period?

● Manav Verma, CFA – Portfolio Manager

● Michael Trotter – Assistant Portfolio Manager

● Clinton Clark – Index Analyst

● Daniel Glenn – Portfolio Manager

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		86		(continued)


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

Change in Value of $10,000 Investment

LOGO

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

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

Prior to December 16, 2016, the Portfolio was known as the Target VIP Portfolio. The strategy of the Target VIP Portfolio was to seek above average total return by investing in common stocks of companies which were identified by a model that applied separate uniquely specialized strategies.

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		99.9
Money Market Funds and Other Net Assets		0.1

		100.0

Top 10 Portfolio Holdings as of December 31,
2018 ⁽¹⁾⁽^{2) (3)}


		% of Net Assets
1.	Teleflex, Inc.		0.8
2.	Atmos Energy Corp.		0.7
3.	Domino’s Pizza, Inc.		0.7
4.	IDEX Corp.		0.7
5.	UGI Corp.		0.6
6.	Alleghany Corp.		0.6
7.	STERIS PLC		0.6
8.	PTC, Inc.		0.6
9.	Reinsurance Group of America, Inc.		0.6
10.	Zebra Technologies Corp. Class A		0.6

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

Sectors (Common Stocks):


	% of Net Assets
Financials		16.4
Industrials		15.4
Information Technology		15.3
Consumer Discretionary		11.7
Health Care		10.0
Real Estate		9.7
Materials		6.6
Utilities		5.6
Energy		3.7
Consumer Staples		3.0
Communication Services		2.5

		99.9


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


Schedule of Investments		December 31, 2018


Common Stocks – 99.9%		Shares		Value
COMMUNICATION SERVICES – 2.5%
AMC Networks, Inc. Class A (Media)	(a)		9,321		$ 511,536
Cable One, Inc. (Media)			1,026		841,423
Cars.com, Inc. (Interactive Media & Svs.)	(a)		13,053		280,640
Cinemark Holdings, Inc. (Entertainment)			21,998		787,528
John Wiley & Sons, Inc. Class A (Media)			9,360		439,639
Live Nation Entertainment, Inc. (Entertainment)	(a)		28,604		1,408,747
Meredith Corp. (Media)			8,251		428,557
New York Times Co. / The Class A (Media)			29,211		651,113
TEGNA, Inc. (Media)			44,549		484,248
Telephone & Data Systems, Inc. (Wireless Telecom. Svs.)			19,235		625,907
World Wrestling Entertainment, Inc. Class A (Entertainment)			8,984		671,284
Yelp, Inc. (Interactive Media & Svs.)	(a)		15,817		553,437

					7,684,059

CONSUMER DISCRETIONARY – 11.7%
Aaron’s, Inc. (Specialty Retail)			14,194		596,858
Adient PLC (Auto Components)			17,977		270,734
Adtalem Global Education, Inc. (Diversified Consumer Svs.)	(a)		12,156		575,222
American Eagle Outfitters, Inc. (Specialty Retail)			34,865		673,940
AutoNation, Inc. (Specialty Retail)	(a)		11,908		425,116
Bed Bath & Beyond, Inc. (Specialty Retail)			28,563		323,333
Big Lots, Inc. (Multiline Retail)			8,337		241,106
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)			16,698		346,984
Brinker International, Inc. (Hotels, Restaurants & Leisure)			7,991		351,444
Brunswick Corp. (Leisure Products)			17,948		833,685
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)			9,487		774,329
Cheesecake Factory, Inc. / The (Hotels, Restaurants & Leisure)			8,630		375,491
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)			2,471		602,776
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)			4,973		794,984
Dana, Inc. (Auto Components)			29,932		407,973
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods)	(a)		6,026		771,027
Delphi Technologies PLC (Auto Components)			18,311		262,213
Dick’s Sporting Goods, Inc. (Specialty Retail)			15,263		476,206
Dillard’s, Inc. Class A (Multiline Retail)			3,823		230,565
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)			8,604		2,133,706
Dunkin’ Brands Group, Inc. (Hotels, Restaurants & Leisure)			17,091		1,095,875
Eldorado Resorts, Inc. (Hotels, Restaurants & Leisure)	(a)		13,451		487,061
Five Below, Inc. (Specialty Retail)	(a)		11,533		1,180,057
Gentex Corp. (Auto Components)			54,211		1,095,604
Graham Holdings Co. Class B (Diversified Consumer Svs.)			897		574,600
Helen of Troy Ltd. (Household Durables)	(a)		5,463		716,636
International Speedway Corp. Class A (Hotels, Restaurants & Leisure)			5,047		221,361
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)			5,322		413,147
KB Home (Household Durables)			17,836		340,668
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)			8,461		596,585
Michaels Cos., Inc. / The (Specialty Retail)	(a)		18,597		251,803
Murphy U.S.A., Inc. (Specialty Retail)	(a)		6,204		475,475
NVR, Inc. (Household Durables)	(a)		703		1,713,204
Ollie’s Bargain Outlet Holdings, Inc. (Multiline Retail)	(a)		10,669		709,595


Common Stocks (Continued)		Shares		Value
CONSUMER DISCRETIONARY (continued)
Papa John’s International, Inc. (Hotels, Restaurants & Leisure)			4,636		$ 184,559
Penn National Gaming, Inc. (Hotels, Restaurants & Leisure)	(a)		22,379		421,397
Polaris Industries, Inc. (Leisure Products)			12,017		921,464
Pool Corp. (Distributors)			8,327		1,237,808
Sally Beauty Holdings, Inc. (Specialty Retail)	(a)		24,860		423,863
Scientific Games Corp. (Hotels, Restaurants & Leisure)	(a)		11,387		203,600
Service Corp. International (Diversified Consumer Svs.)			37,427		1,506,811
Signet Jewelers Ltd. (Specialty Retail)			10,733		340,987
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)			14,847		825,939
Skechers U.S.A., Inc. Class A (Textiles, Apparel & Luxury Goods)	(a)		27,702		634,099
Sotheby’s (Diversified Consumer Svs.)	(a)		7,193		285,850
Tempur Sealy International, Inc. (Household Durables)	(a)		9,473		392,182
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)			13,769		822,009
Thor Industries, Inc. (Automobiles)			10,381		539,812
Toll Brothers, Inc. (Household Durables)			28,035		923,192
TRI Pointe Group, Inc. (Household Durables)	(a)		29,427		321,637
Tupperware Brands Corp. (Household Durables)			10,053		317,373
Urban Outfitters, Inc. (Specialty Retail)	(a)		15,591		517,621
Visteon Corp. (Auto Components)	(a)		5,982		360,595
Weight Watchers International, Inc. (Diversified Consumer Svs.)	(a)		8,021		309,210
Wendy’s Co. / The (Hotels, Restaurants & Leisure)			38,674		603,701
Williams-Sonoma, Inc. (Specialty Retail)			16,575		836,209
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure)			20,164		722,678
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)			20,522		931,083

					35,923,042

CONSUMER STAPLES – 3.0%
Boston Beer Co., Inc. / The Class A (Beverages)	(a)		1,779		428,454
Casey’s General Stores, Inc. (Food & Staples Retailing)			7,571		970,148
Edgewell Personal Care Co. (Personal Products)	(a)		11,182		417,648
Energizer Holdings, Inc. (Household Products)			12,328		556,609
Flowers Foods, Inc. (Food Products)			37,967		701,250
Hain Celestial Group, Inc. / The (Food Products)	(a)		18,517		293,680
Ingredion, Inc. (Food Products)			14,624		1,336,634
Lancaster Colony Corp. (Food Products)			4,039		714,337
Nu Skin Enterprises, Inc. Class A (Personal Products)			11,494		704,927
Post Holdings, Inc. (Food Products)	(a)		13,791		1,229,192
Sanderson Farms, Inc. (Food Products)			4,159		412,947
Sprouts Farmers Market, Inc. (Food & Staples Retailing)	(a)		26,404		620,758
Tootsie Roll Industries, Inc. (Food Products)			3,832		127,989
TreeHouse Foods, Inc. (Food Products)	(a)		11,587		587,577

					9,102,150

ENERGY – 3.7%
Apergy Corp. (Energy Equip. & Svs.)	(a)		16,002		433,334
Callon Petroleum Co. (Oil, Gas & Consumable Fuels)	(a)		47,116		305,783
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)	(a)		189,062		397,030


		88		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)		Shares		Value
ENERGY (continued)
CNX Resources Corp. (Oil, Gas & Consumable Fuels)	(a)		42,129		$ 481,113
Core Laboratories N.V. (Energy Equip. & Svs.)			9,148		545,770
Diamond Offshore Drilling, Inc. (Energy Equip. & Svs.)	(a)		13,325		125,788
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)			1		93
Dril-Quip, Inc. (Energy Equip. & Svs.)	(a)		7,401		222,252
Ensco PLC Class A (Energy Equip. & Svs.)			90,435		321,949
EQT Corp. (Oil, Gas & Consumable Fuels)			52,647		994,502
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)	(a)		42,091		842,662
Matador Resources Co. (Oil, Gas & Consumable Fuels)	(a)		21,390		332,187
McDermott International, Inc. (Energy Equip. & Svs.)	(a)		37,387		244,511
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)			33,660		787,307
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)	(a)		55,342		306,041
Oceaneering International, Inc. (Energy Equip. & Svs.)	(a)		20,364		246,404
Patterson-UTI Energy, Inc. (Energy Equip. & Svs.)			44,983		465,574
PBF Energy, Inc. Class A (Oil, Gas & Consumable Fuels)			24,808		810,477
QEP Resources, Inc. (Oil, Gas & Consumable Fuels)	(a)		48,918		275,408
Range Resources Corp. (Oil, Gas & Consumable Fuels)			42,850		410,075
Rowan Cos. PLC Class A (Energy Equip. & Svs.)	(a)		26,255		220,279
SM Energy Co. (Oil, Gas & Consumable Fuels)			21,358		330,622
Southwestern Energy Co. (Oil, Gas & Consumable Fuels)	(a)		120,278		410,148
Transocean Ltd. (Energy Equip. & Svs.)	(a)		104,682		726,493
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)			13,911		297,835
WPX Energy, Inc. (Oil, Gas & Consumable Fuels)	(a)		81,747		927,828

					11,461,465

FINANCIALS – 16.4%
Alleghany Corp. (Insurance)			3,069		1,912,969
American Financial Group, Inc. (Insurance)			14,580		1,319,927
Aspen Insurance Holdings Ltd. (Insurance)			12,353		518,702
Associated Banc-Corp. (Banks)			34,305		678,896
BancorpSouth Bank (Banks)			18,768		490,596
Bank of Hawaii Corp. (Banks)			8,640		581,645
Bank OZK (Banks)			25,012		571,024
Brown & Brown, Inc. (Insurance)			48,536		1,337,652
Cathay General Bancorp (Banks)			15,880		532,456
Chemical Financial Corp. (Banks)			14,784		541,242
CNO Financial Group, Inc. (Insurance)			34,066		506,902
Commerce Bancshares, Inc. (Banks)			20,542		1,157,953
Cullen / Frost Bankers, Inc. (Banks)			13,232		1,163,622
East West Bancorp, Inc. (Banks)			29,958		1,304,072
Eaton Vance Corp. (Capital Markets)			24,112		848,260
Evercore, Inc. Class A (Capital Markets)			8,375		599,315
FactSet Research Systems, Inc. (Capital Markets)			7,867		1,574,423
Federated Investors, Inc. Class B (Capital Markets)			19,757		524,548
First American Financial Corp. (Insurance)			23,131		1,032,568
First Horizon National Corp. (Banks)			67,024		882,036
FNB Corp. (Banks)			67,104		660,303
Fulton Financial Corp. (Banks)			36,437		564,045
Genworth Financial, Inc. Class A (Insurance)	(a)		103,620		482,869
Hancock Whitney Corp. (Banks)			17,590		609,493


Common Stocks (Continued)		Shares		Value
FINANCIALS (continued)
Hanover Insurance Group, Inc. / The (Insurance)			8,760		$ 1,022,905
Home BancShares, Inc. (Banks)			32,920		537,913
Interactive Brokers Group, Inc. Class A (Capital Markets)			15,537		849,097
International Bancshares Corp. (Banks)			11,364		390,922
Janus Henderson Group PLC (Capital Markets)			34,525		715,358
Kemper Corp. (Insurance)			12,594		835,990
Legg Mason, Inc. (Capital Markets)			17,696		451,425
LendingTree, Inc. (Thrifts & Mortgage Finance)	(a)		1,540		338,138
MarketAxess Holdings, Inc. (Capital Markets)			7,776		1,643,147
MB Financial, Inc. (Banks)			17,432		690,830
Mercury General Corp. (Insurance)			5,615		290,352
Navient Corp. (Consumer Finance)			47,504		418,510
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)			101,461		954,748
Old Republic International Corp. (Insurance)			58,868		1,210,915
PacWest Bancorp (Banks)			25,197		838,556
Pinnacle Financial Partners, Inc. (Banks)			15,150		698,415
Primerica, Inc. (Insurance)			8,885		868,153
Prosperity Bancshares, Inc. (Banks)			13,729		855,317
Reinsurance Group of America, Inc. (Insurance)			12,982		1,820,466
RenaissanceRe Holdings Ltd. (Insurance)			8,329		1,113,587
SEI Investments Co. (Capital Markets)			27,018		1,248,232
Signature Bank (Banks)			11,039		1,134,920
SLM Corp. (Consumer Finance)	(a)		90,148		749,130
Sterling Bancorp (Banks)			46,439		766,708
Stifel Financial Corp. (Capital Markets)			14,901		617,199
Synovus Financial Corp. (Banks)			34,310		1,097,577
TCF Financial Corp. (Banks)			34,517		672,736
Texas Capital Bancshares, Inc. (Banks)	(a)		10,383		530,467
Trustmark Corp. (Banks)			13,882		394,665
UMB Financial Corp. (Banks)			9,289		566,350
Umpqua Holdings Corp. (Banks)			45,572		724,595
United Bankshares, Inc. (Banks)			21,352		664,261
Valley National Bancorp (Banks)			68,592		609,097
W.R. Berkley Corp. (Insurance)			19,965		1,475,613
Washington Federal, Inc. (Thrifts & Mortgage Finance)			16,862		450,384
Webster Financial Corp. (Banks)			19,087		940,798
Wintrust Financial Corp. (Banks)			11,669		775,872

					50,358,866

HEALTH CARE – 10.0%
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.)	(a)		18,262		469,516
Allscripts Healthcare Solutions, Inc. (Health Care Technology)	(a)		36,152		348,505
Avanos Medical, Inc. (Health Care Equip. & Supplies)	(a)		9,814		439,569
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.)	(a)		4,167		967,661
Bio-Techne Corp. (Life Sciences Tools & Svs.)			7,815		1,130,987
Cantel Medical Corp. (Health Care Equip. & Supplies)			7,511		559,194
Catalent, Inc. (Pharmaceuticals)	(a)		30,081		937,926
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.)	(a)		9,946		1,125,688
Chemed Corp. (Health Care Providers & Svs.)			3,313		938,507
Encompass Health Corp. (Health Care Providers & Svs.)			20,459		1,262,320
Exelixis, Inc. (Biotechnology)	(a)		61,867		1,216,924
Globus Medical, Inc. Class A (Health Care Equip. & Supplies)	(a)		15,730		680,794
Haemonetics Corp. (Health Care Equip. & Supplies)	(a)		10,695		1,070,035
HealthEquity, Inc. (Health Care Providers & Svs.)	(a)		11,232		669,989


		89		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)			Shares		Value
HEALTH CARE (continued)
Hill-Rom Holdings, Inc. (Health Care Equip. & Supplies)				13,913	$	1,231,996
ICU Medical, Inc. (Health Care Equip. & Supplies)	(a	)		3,434		788,549
Inogen, Inc. (Health Care Equip. & Supplies)	(a	)		3,652		453,469
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies)	(a	)		14,629		659,768
Ligand Pharmaceuticals, Inc. (Biotechnology)	(a	)		4,398		596,809
LivaNova PLC (Health Care Equip. & Supplies)	(a	)		10,074		921,469
Mallinckrodt PLC (Pharmaceuticals)	(a	)		17,239		272,376
Masimo Corp. (Health Care Equip. & Supplies)	(a	)		10,089		1,083,256
Medidata Solutions, Inc. (Health Care Technology)	(a	)		12,662		853,672
MEDNAX, Inc. (Health Care Providers & Svs.)	(a	)		18,503		610,599
Molina Healthcare, Inc. (Health Care Providers & Svs.)	(a	)		12,905		1,499,819
NuVasive, Inc. (Health Care Equip. & Supplies)	(a	)		10,640		527,318
Patterson Cos., Inc. (Health Care Providers & Svs.)				17,093		336,048
PRA Health Sciences, Inc. (Life Sciences Tools & Svs.)	(a	)		12,101		1,112,808
Prestige Consumer Healthcare, Inc. (Pharmaceuticals)	(a	)		10,706		330,601
STERIS PLC (Health Care Equip. & Supplies)				17,477		1,867,418
Syneos Health, Inc. (Life Sciences Tools & Svs.)	(a	)		12,603		495,928
Teleflex, Inc. (Health Care Equip. & Supplies)				9,511		2,458,403
Tenet Healthcare Corp. (Health Care Providers & Svs.)	(a	)		17,179		294,448
United Therapeutics Corp. (Biotechnology)	(a	)		9,019		982,169
West Pharmaceutical Services, Inc. (Health Care Equip. & Supplies)				15,322		1,502,016

						30,696,554

INDUSTRIALS – 15.4%
Acuity Brands, Inc. (Electrical Equip.)				8,291		953,050
AECOM (Construction & Engineering)	(a	)		32,332		856,798
AGCO Corp. (Machinery)				13,607		757,502
ASGN, Inc. (Professional Svs.)	(a	)		10,859		591,816
Avis Budget Group, Inc. (Road & Rail)	(a	)		13,444		302,221
Brink’s Co. / The (Commercial Svs. & Supplies)				10,474		677,144
Carlisle Cos., Inc. (Industrial Conglomerates)				12,316		1,238,004
Clean Harbors, Inc. (Commercial Svs. & Supplies)	(a	)		10,539		520,100
Crane Co. (Machinery)				10,453		754,498
Curtiss-Wright Corp. (Aerospace & Defense)				9,056		924,799
Deluxe Corp. (Commercial Svs. & Supplies)				9,582		368,332
Donaldson Co., Inc. (Machinery)				26,466		1,148,360
Dun & Bradstreet Corp. / The (Professional Svs.)				7,684		1,096,814
Dycom Industries, Inc. (Construction & Engineering)	(a	)		6,476		349,963
EMCOR Group, Inc. (Construction & Engineering)				11,902		710,430
EnerSys (Electrical Equip.)				8,722		676,914
Esterline Technologies Corp. (Aerospace & Defense)	(a	)		5,497		667,611
GATX Corp. (Trading Companies & Distributors)				7,775		550,548
Genesee & Wyoming, Inc. Class A (Road & Rail)	(a	)		12,074		893,717
Graco, Inc. (Machinery)				34,428		1,440,812
Granite Construction, Inc. (Construction & Engineering)				9,704		390,877
Healthcare Services Group, Inc. (Commercial Svs. & Supplies)				15,271		613,589
Herman Miller, Inc. (Commercial Svs. & Supplies)				12,265		371,016
HNI Corp. (Commercial Svs. & Supplies)				9,068		321,279


Common Stocks (Continued)			Shares		Value
INDUSTRIALS (continued)
Hubbell, Inc. (Electrical Equip.)				11,313	$	1,123,833
IDEX Corp. (Machinery)				15,868		2,003,494
Insperity, Inc. (Professional Svs.)				7,870		734,743
ITT, Inc. (Machinery)				18,128		875,039
JetBlue Airways Corp. (Airlines)	(a	)		63,069		1,012,888
KBR, Inc. (Construction & Engineering)				29,151		442,512
Kennametal, Inc. (Machinery)				16,989		565,394
Kirby Corp. (Marine)	(a	)		11,149		750,997
Knight-Swift Transportation Holdings, Inc. (Road & Rail)				26,005		651,945
Landstar System, Inc. (Road & Rail)				8,509		814,056
Lennox International, Inc. (Building Products)				7,499		1,641,231
Lincoln Electric Holdings, Inc. (Machinery)				13,326		1,050,755
ManpowerGroup, Inc. (Professional Svs.)				12,784		828,403
MasTec, Inc. (Construction & Engineering)	(a	)		13,187		534,865
MSA Safety, Inc. (Commercial Svs. & Supplies)				7,244		682,892
MSC Industrial Direct Co., Inc. Class A (Trading Companies & Distributors)				9,396		722,740
Nordson Corp. (Machinery)				10,825		1,291,964
NOW, Inc. (Trading Companies & Distributors)	(a	)		22,416		260,922
nVent Electric PLC (Electrical Equip.)				33,787		758,856
Old Dominion Freight Line, Inc. (Road & Rail)				13,527		1,670,449
Oshkosh Corp. (Machinery)				14,877		912,109
Pitney Bowes, Inc. (Commercial Svs. & Supplies)				38,767		229,113
Regal Beloit Corp. (Electrical Equip.)				8,928		625,406
Resideo Technologies, Inc. (Building Products)	(a	)		25,445		522,895
Ryder System, Inc. (Road & Rail)				10,986		528,976
Stericycle, Inc. (Commercial Svs. & Supplies)	(a	)		17,622		646,551
Teledyne Technologies, Inc. (Aerospace & Defense)	(a	)		7,463		1,545,363
Terex Corp. (Machinery)				13,426		370,155
Timken Co. / The (Machinery)				14,299		533,639
Toro Co. / The (Machinery)				21,769		1,216,452
Trinity Industries, Inc. (Machinery)				30,274		623,342
Valmont Industries, Inc. (Construction & Engineering)				4,570		507,042
Wabtec Corp. (Machinery)				17,793		1,249,958
Watsco, Inc. (Trading Companies & Distributors)				6,646		924,724
Werner Enterprises, Inc. (Road & Rail)				9,130		269,700
Woodward, Inc. (Machinery)				11,506		854,781

						47,154,378

INFORMATION TECHNOLOGY – 15.3%
ACI Worldwide, Inc. (Software)	(a	)		24,000		664,080
ARRIS International PLC (Communications Equip.)	(a	)		33,818		1,033,816
Arrow Electronics, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		18,024		1,242,755
Avnet, Inc. (Electronic Equip., Instr. & Comp.)				23,017		830,914
Belden, Inc. (Electronic Equip., Instr. & Comp.) .				8,340		348,362
Blackbaud, Inc. (Software)				10,050		632,145
CACI International, Inc. Class A (IT Svs.)	(a	)		5,142		740,602
CDK Global, Inc. (Software)				26,636		1,275,332
Ciena Corp. (Communications Equip.)	(a	)		29,360		995,598
Cirrus Logic, Inc. (Semiconductors & Equip.)	(a	)		12,384		410,901
Cognex Corp. (Electronic Equip., Instr. & Comp.)				35,613		1,377,155
Coherent, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		5,045		533,307
CommVault Systems, Inc. (Software)	(a	)		8,046		475,438
CoreLogic, Inc. (IT Svs.)	(a	)		16,670		557,111
Cree, Inc. (Semiconductors & Equip.)	(a	)		21,223		907,814
Cypress Semiconductor Corp. (Semiconductors & Equip.)				74,900		952,728
Fair Isaac Corp. (Software)	(a	)		5,988		1,119,756
First Solar, Inc. (Semiconductors & Equip.)	(a	)		15,616		662,977


		90		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)			Shares		Value
INFORMATION TECHNOLOGY (continued)
Integrated Device Technology, Inc. (Semiconductors & Equip.)	(a	)		26,691	$	1,292,645
InterDigital, Inc. (Communications Equip.)				7,003		465,209
j2 Global, Inc. (Software)				9,689		672,223
Jabil, Inc. (Electronic Equip., Instr. & Comp.)				29,751		737,527
Leidos Holdings, Inc. (IT Svs.)				30,976		1,633,055
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.)				5,202		892,039
LiveRamp Holdings, Inc. (IT Svs.)	(a	)		14,067		543,408
LogMeIn, Inc. (Software)				10,587		863,581
Lumentum Holdings, Inc. (Communications Equip.)	(a	)		15,239		640,190
Manhattan Associates, Inc. (Software)	(a	)		13,529		573,224
MAXIMUS, Inc. (IT Svs.)				13,271		863,809
MKS Instruments, Inc. (Semiconductors & Equip.)				11,172		721,823
Monolithic Power Systems, Inc. (Semiconductors & Equip.)				8,075		938,719
National Instruments Corp. (Electronic Equip., Instr. & Comp.)				23,281		1,056,492
NCR Corp. (Tech. Hardware, Storage & Periph.)	(a	)		24,458		564,491
NetScout Systems, Inc. (Communications Equip.)	(a	)		14,471		341,950
Perspecta, Inc. (IT Svs.)				29,268		503,995
Plantronics, Inc. (Communications Equip.)				6,836		226,272
PTC, Inc. (Software)	(a	)		22,092		1,831,427
Sabre Corp. (IT Svs.)				56,944		1,232,268
Science Applications International Corp. (IT Svs.)				8,803		560,751
Silicon Laboratories, Inc. (Semiconductors & Equip.)	(a	)		8,930		703,773
Synaptics, Inc. (Semiconductors & Equip.)	(a	)		7,164		266,572
SYNNEX Corp. (Electronic Equip., Instr. & Comp.)				8,575		693,203
Tech Data Corp. (Electronic Equip., Instr. & Comp.)	(a	)		7,722		631,737
Teradata Corp. (Software)	(a	)		24,459		938,247
Teradyne, Inc. (Semiconductors & Equip.)				37,058		1,162,880
Trimble, Inc. (Electronic Equip., Instr. & Comp.)	(a	)		51,946		1,709,543
Tyler Technologies, Inc. (Software)	(a	)		8,030		1,492,135
Ultimate Software Group, Inc. / The (Software)	(a	)		6,467		1,583,574
Universal Display Corp. (Semiconductors & Equip.)				8,772		820,796
Versum Materials, Inc. (Semiconductors & Equip.)				22,564		625,474
ViaSat, Inc. (Communications Equip.)	(a	)		11,602		683,938
Vishay Intertechnology, Inc. (Electronic Equip., Instr. & Comp.)				27,339		492,375
WEX, Inc. (IT Svs.)	(a	)		8,913		1,248,355
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.)	(a	)		11,129		1,772,071

						46,740,562

MATERIALS – 6.6%
Allegheny Technologies, Inc. (Metals & Mining)	(a	)		26,008		566,194
AptarGroup, Inc. (Containers & Packaging)				12,998		1,222,722
Ashland Global Holdings, Inc. (Chemicals)				12,930		917,513
Bemis Co., Inc. (Containers & Packaging)				18,834		864,481
Cabot Corp. (Chemicals)				12,421		533,358
Carpenter Technology Corp. (Metals & Mining)				9,802		349,049
Chemours Co. / The (Chemicals)				35,401		999,016
Commercial Metals Co. (Metals & Mining)				24,341		389,943
Compass Minerals International, Inc. (Metals & Mining)				6,998		291,747
Domtar Corp. (Paper & Forest Products)				13,015		457,217
Eagle Materials, Inc. (Construction Materials)				9,702		592,113
Greif, Inc. Class A (Containers & Packaging)				5,354		198,687


Common Stocks (Continued)			Shares		Value
MATERIALS (continued)
Louisiana-Pacific Corp. (Paper & Forest Products)				29,213	$	649,113
Minerals Technologies, Inc. (Chemicals)				7,286		374,063
NewMarket Corp. (Chemicals)				1,840		758,246
Olin Corp. (Chemicals)				34,527		694,338
Owens-Illinois, Inc. (Containers & Packaging)	(a	)		32,819		565,799
PolyOne Corp. (Chemicals)				16,497		471,814
Reliance Steel & Aluminum Co. (Metals & Mining)				14,575		1,037,303
Royal Gold, Inc. (Metals & Mining)				13,556		1,161,071
RPM International, Inc. (Chemicals)				27,452		1,613,628
Scotts Miracle-Gro Co. / The (Chemicals)				8,124		499,301
Sensient Technologies Corp. (Chemicals)				8,747		488,520
Silgan Holdings, Inc. (Containers & Packaging)				16,014		378,251
Sonoco Products Co. (Containers & Packaging)				20,653		1,097,294
Steel Dynamics, Inc. (Metals & Mining)				47,472		1,426,059
United States Steel Corp. (Metals & Mining)				36,682		669,080
Valvoline, Inc. (Chemicals)				38,935		753,392
Worthington Industries, Inc. (Metals & Mining)				8,312		289,590

						20,308,902

REAL ESTATE – 9.7%
Alexander & Baldwin, Inc. (Equity REIT)	(a	)		13,990		257,136
American Campus Communities, Inc. (Equity REIT)				28,355		1,173,613
Camden Property Trust (Equity REIT)				19,263		1,696,107
CoreCivic, Inc. (Equity REIT)				24,557		437,851
CoreSite Realty Corp. (Equity REIT)				7,594		662,425
Corporate Office Properties Trust (Equity REIT)				22,500		473,175
Cousins Properties, Inc. (Equity REIT)				86,867		686,249
CyrusOne, Inc. (Equity REIT)				21,900		1,158,072
Douglas Emmett, Inc. (Equity REIT)				33,406		1,140,147
EPR Properties (Equity REIT)				15,383		984,974
First Industrial Realty Trust, Inc. (Equity REIT)				26,136		754,285
GEO Group, Inc. / The (Equity REIT)				25,202		496,479
Healthcare Realty Trust, Inc. (Equity REIT)				25,914		736,994
Highwoods Properties, Inc. (Equity REIT)				21,414		828,508
Hospitality Properties Trust (Equity REIT)				34,027		812,565
JBG SMITH Properties (Equity REIT)				22,519		783,886
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)				9,423		1,192,952
Kilroy Realty Corp. (Equity REIT)				20,847		1,310,859
Lamar Advertising Co. Class A (Equity REIT)				17,598		1,217,430
Liberty Property Trust (Equity REIT)				30,569		1,280,230
Life Storage, Inc. (Equity REIT)				9,643		896,703
Mack-Cali Realty Corp. (Equity REIT)				18,668		365,706
Medical Properties Trust, Inc. (Equity REIT)				75,518		1,214,329
National Retail Properties, Inc. (Equity REIT)				32,913		1,596,610
Omega Healthcare Investors, Inc. (Equity REIT)				41,508		1,459,006
Pebblebrook Hotel Trust (Equity REIT)				26,489		749,904
PotlatchDeltic Corp. (Equity REIT)				13,982		442,390
Rayonier, Inc. (Equity REIT)				26,790		741,815
Realogy Holdings Corp. (Real Estate Mgmt. & Development)				24,448		358,897
Sabra Health Care REIT, Inc. (Equity REIT)				36,890		607,947
Senior Housing Properties Trust (Equity REIT)				49,190		576,507
Tanger Factory Outlet Centers, Inc. (Equity REIT)				19,409		392,450
Taubman Centers, Inc. (Equity REIT)				12,635		574,766
Uniti Group, Inc. (Equity REIT)	(a	)		37,035		576,635
Urban Edge Properties (Equity REIT)				23,648		393,030
Weingarten Realty Investors (Equity REIT)				24,693		612,633

						29,643,265

UTILITIES – 5.6%
ALLETE, Inc. (Electric Utilities)				10,641		811,057
Aqua America, Inc. (Water Utilities)				36,821		1,258,910
Atmos Energy Corp. (Gas Utilities)				24,168		2,240,857
Black Hills Corp. (Multi-Utilities)				11,169		701,190


		91		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)	Shares		Value
UTILITIES (continued)
Hawaiian Electric Industries, Inc. (Electric Utilities)		22,531	$	825,085
IDACORP, Inc. (Electric Utilities)		10,428		970,430
MDU Resources Group, Inc. (Multi-Utilities)		40,561		966,974
National Fuel Gas Co. (Gas Utilities)		17,788		910,390
New Jersey Resources Corp. (Gas Utilities)		18,314		836,400
NorthWestern Corp. (Multi-Utilities)		10,412		618,889
OGE Energy Corp. (Electric Utilities)		41,302		1,618,625
ONE Gas, Inc. (Gas Utilities)		10,869		865,173
PNM Resources, Inc. (Electric Utilities)		16,482		677,245
Southwest Gas Holdings, Inc. (Gas Utilities)		10,967		838,976
UGI Corp. (Gas Utilities)		35,959		1,918,413
Vectren Corp. (Multi-Utilities)		17,190		1,237,336

				17,295,950

Total Common Stocks (Cost $356,050,770)			$	306,369,193


Money Market Funds – 0.0%			Shares		Value
State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(b	)		87,501	$	87,493

Total Money Market Funds (Cost $87,493)					$	87,493

Total Investments – 99.9% (Cost $356,138,263)	(c	)			$	306,456,686
Other Assets in Excess of Liabilities – 0.1%	(d	)				181,171

Net Assets – 100.0%					$	306,637,857

Percentages are stated as a percent of net assets.

Footnotes:

(a)

Non-income producing security.

(b)

Rate represents the seven-day yield at December 31, 2018.

(c)

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

(d)

Includes $16,400 of cash pledged as collateral for the futures contracts outstanding at December 31, 2018. See also the following Schedule of Open Futures Contracts.

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


Schedule of Open Futures Contracts		December 31, 2018

Description

Number of
contracts

Expiration Date

Notional
Amount

Value

Unrealized
Appreciation
(Depreciation)

Variation Margin
Receivable
(Payable)

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

March 15, 2019

$334,356

$332,440

$(1,916)

$90,927

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


		92


Ohio National Fund, Inc.		ON Bristol Growth Portfolio (Unaudited)

Objective/Strategy

The ON Bristol Growth Portfolio (formerly the Bristol Growth Portfolio) seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its assets in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.

Performance as of December 31, 2018


Average Annual returns
One year			-14.88%
Five years			7.09%
Ten years			13.09%

Total expense ratio is 0.88% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Adviser

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

A. For the year ended December 31, 2018, the ON Bristol Growth Portfolio returned -14.88% versus -1.51% for its benchmark, the Russell 1000 Growth Index.

A. Stock selection was the primary detractor. Specifically, stock selection in Consumer Discretionary and Health Care accounted for over half of the relative underperformance. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Top contributors included Amazon.com, Inc. (“Amazon”), Xilinx, Inc. (“Xilinx“) and The Boeing Co. (“Boeing”). Amazon had several significant accomplishments in 2018 – it successfully executed the launch of its new GO checkout-less store concept, re-accelerated growth in its public cloud computing business (Amazon Web Services), and significantly exceeded profit expectations, as investments in past years to optimize costs yielded positive results. Xilinx beat its revenue growth outlook significantly, due to earlier 5G wireless network buildouts, as well as a gain in market share from Intel Corp. for data-center acceleration opportunities. Despite well-known supplier issues, Boeing significantly exceeded its free cash flow outlook for the year. Additionally, the company made progress in executing its long-term growth strategy, via acquisitions and contract wins. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


Change in Value of $10,000 Investment

LOGO

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


		93		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


		% of Net Assets
Common Stocks ⁽⁴⁾		96.7
Master Limited Partnerships ⁽⁴⁾		2.3
Other Net Assets		1.0

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Microsoft Corp.		5.0
2.	Alphabet, Inc. Class C		4.9
3.	Amazon.com, Inc.		4.2
4.	Apple, Inc.		4.2
5.	Marvell Technology Group Ltd.		3.1
6.	Celgene Corp.		2.6
7.	Boeing Co. / The		2.5
8.	KLA-Tencor Corp.		2.5
9.	Applied Materials, Inc.		2.5
10.	Blackstone Group LP / The		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, Master Limited Partnerships):


	% of Net Assets
Information Technology		23.8
Industrials		22.1
Consumer Discretionary		20.4
Communication Services		13.5
Health Care		8.6
Financials		6.1
Consumer Staples		2.5
Materials		2.0

		99.0


		94


Ohio National Fund, Inc.		ON Bristol Growth Portfolio


Schedule of Investments		December 31, 2018


Common Stocks – 96.7%		Shares		Value
COMMUNICATION SERVICES – 13.5%
Alphabet, Inc. Class A (Interactive Media & Svs.)	(a)		677	$	707,438
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a)		4,139		4,286,390
AT&T, Inc. (Diversified Telecom. Svs.)			63,797		1,820,766
Facebook, Inc. Class A (Interactive Media & Svs.)	(a)		10,722		1,405,547
Lions Gate Entertainment Corp. Class A (Entertainment)			107,876		1,736,804
Walt Disney Co. / The (Entertainment)			17,140		1,879,401

					11,836,346

CONSUMER DISCRETIONARY – 20.4%
Alibaba Group Holding Ltd. – ADR (Internet & Direct Marketing Retail)	(a)		13,208		1,810,421
Amazon.com, Inc. (Internet & Direct Marketing Retail)	(a)		2,464		3,700,854
General Motors Co. (Automobiles)			50,769		1,698,223
Lowe’s Cos., Inc. (Specialty Retail)			18,430		1,702,195
MGM Resorts International (Hotels, Restaurants & Leisure)			73,371		1,779,980
PVH Corp. (Textiles, Apparel & Luxury Goods)			18,006		1,673,658
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)			19,913		1,947,292
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)			51,286		1,730,902
Tiffany & Co. (Specialty Retail)			21,888		1,762,203

					17,805,728

CONSUMER STAPLES – 2.5%
PepsiCo, Inc. (Beverages)			16,120		1,780,938
Walmart, Inc. (Food & Staples Retailing)			4,721		439,761

					2,220,699

FINANCIALS – 3.8%
Citigroup, Inc. (Banks)			32,752		1,705,069
Goldman Sachs Group, Inc. / The (Capital Markets)			9,656		1,613,035

					3,318,104

HEALTH CARE – 8.6%
Aerie Pharmaceuticals, Inc. (Pharmaceuticals)	(a)		40,756		1,471,292
Celgene Corp. (Biotechnology)	(a)		34,724		2,225,461
Sage Therapeutics, Inc. (Biotechnology)	(a)		19,427		1,860,912
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.)			8,671		1,940,483

					7,498,148


Common Stocks (Continued)		Shares		Value
INDUSTRIALS – 22.1%
AECOM (Construction & Engineering)	(a)		65,230	$	1,728,595
Boeing Co. / The (Aerospace & Defense)			6,882		2,219,445
Caterpillar, Inc. (Machinery)			9,122		1,159,133
Deere & Co. (Machinery)			12,437		1,855,227
Delta Air Lines, Inc. (Airlines)			38,031		1,897,747
FedEx Corp. (Air Freight & Logistics)			11,185		1,804,476
Lockheed Martin Corp. (Aerospace & Defense)			6,538		1,711,910
Quanta Services, Inc. (Construction & Engineering)			57,000		1,715,700
Raytheon Co. (Aerospace & Defense)			10,898		1,671,208
Rockwell Automation, Inc. (Electrical Equip.)			11,895		1,789,960
XPO Logistics, Inc. (Air Freight & Logistics)	(a)		31,734		1,810,107

					19,363,508

INFORMATION TECHNOLOGY – 23.8%
Apple, Inc. (Tech. Hardware, Storage & Periph.)			23,151		3,651,839
Applied Materials, Inc. (Semiconductors & Equip.)			66,424		2,174,722
Broadcom, Inc. (Semiconductors & Equip.)			4,212		1,071,027
DXC Technology Co. (IT Svs.)			32,590		1,732,810
KLA-Tencor Corp. (Semiconductors & Equip.)			24,421		2,185,435
Marvell Technology Group Ltd. (Semiconductors & Equip.)			166,744		2,699,585
Microchip Technology, Inc. (Semiconductors & Equip.)			16,606		1,194,304
Microsoft Corp. (Software)			42,981		4,365,580
QUALCOMM, Inc. (Semiconductors & Equip.)			30,887		1,757,779

					20,833,081

MATERIALS – 2.0%
FMC Corp. (Chemicals)			23,530		1,740,279

Total Common Stocks (Cost $94,754,661)				$	84,615,893


Master Limited Partnerships – 2.3%		Shares		Value
FINANCIALS – 2.3%
Blackstone Group LP / The (Capital Markets)			67,865	$	2,023,056

Total Master Limited Partnerships (Cost $2,357,536)				$	2,023,056

Total Investments – 99.0% (Cost $97,112,197)	(b)			$	86,638,949
Other Assets in Excess of Liabilities – 1.0%					835,759

Net Assets – 100.0%				$	87,474,708

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.


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

Objective/Strategy

The ON Risk Managed Balanced Portfolio (formerly 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, 2018


Average Annual returns
One year			-0.77%
Since inception (5/1/14)			5.68%

Total expense ratio is 1.02% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights.

Comments from Sub-Advisers

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

A. For the year ended December 31, 2018, the ON Risk Managed Balanced Portfolio returned -0.77% versus -4.38% for its benchmark, the S&P 500 Index. The Portfolio’s secondary benchmark, which is comprised of 55% S&P 500 Index and 45% Bloomberg Barclays U.S. Aggregate Bond Index, returned -2.12% for the period.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. The Portfolio outperformed the S&P 500 Index during the year. Fixed income outperformed equities during the period, and the Portfolio’s allocation to fixed income securities was a large driver of the outperformance. For the first three quarters of the period, more than 60% of the Portfolio was invested in equity securities. We decreased the equity weighting during the fourth quarter to end December at approximately 57%. While we are still identifying and seeking to take advantage of equity opportunities, we have adjusted the Portfolio to be in line with our more neutral-to-cautious outlook on the equity markets. Our quarter-end allocation reflects our view that the return/risk trade-off in equities is nearly neutral, relative to fixed income. The equity allocation will continue to be dynamic based on market conditions and the investment opportunities our teams identify across asset classes.

Specific to the fixed income sleeve, relative to the Bloomberg Barclays U.S. Aggregate Bond Index, our out-of-index allocation to high-yield corporate credit was the primary driver of underperformance, given dramatic spread widening in the asset class. We seek higher-quality high-yield names, with consistent free-cash-flow generation potential and management teams committed to paying down debt, but even those names were challenged late in the period. Our out-of-index exposure to

bank loans further weighed on relative performance. Our allocation to mortgage-backed securities (“MBS”) contributed to the sleeve’s relative performance, as the asset class was one of the strongest-performing fixed income segments, with relatively better liquidity than corporate credit. Our significant reduction in investment-grade corporate credit throughout the year also proved beneficial, given the overall spread widening in the asset class.

Q. How did sector allocation and security selection each impact the Portfolio’s performance relative to its benchmark? For sector allocation, were there any factors that impacted the benchmark’s performance more significantly than the Portfolio’s performance? For stock selection, was there anything specific regarding the Portfolio’s strategy that caused deviation from the benchmark?

A. In the equity sleeve, stock selection in Information Technology, Industrials and Health Care aided returns relative to the S&P 500 Index. Stock selection in the Consumer Discretionary and Real Estate sectors detracted from relative performance. In terms of sector allocation, minimal exposure to the Energy sector proved beneficial, given the sector’s poor performance for the year. A zero weight in the relatively strong-performing Utilities sector detracted from relative results. ⁽¹⁾

In the fixed income sleeve, our holdings in pharmaceuticals and health care were among the largest relative contributors versus the Bloomberg Barclays U.S. Aggregate Bond Index. The sectors performed relatively well given their minimal exposure to trade disputes and slowing global growth. Overweight allocations to midstream energy and metals and mining detracted. The former was hampered by intra-period volatility in oil prices, including a severe sell-off near period end. U.S.-China trade relations and emerging weakness in the Chinese economy also generated concerns for commodities-related sectors. Overall, security selection had minimal impact on relative performance. ⁽¹⁾

Q. How did the Risk Management Component impact the Portfolio’s performance during the period?

A. The Portfolio’s Risk Management Component, sub-advised by AnchorPath Financial LLC, is a sleeve of derivatives and cash equivalents that seeks to enhance the risk-adjusted return of the Portfolio. Under normal circumstances, the Risk Management Component will represent approximately 20% of the Portfolio. For the calendar year 2018, this allocation ranged between 17.5% and 19.6%, and ended the year representing approximately 18.9% 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. For the calendar year 2018, the Risk Management Component did not enhance the risk-adjusted return, as the Portfolio’s return was 1.1% lower than the Balanced Component. The net loss in the Risk Management Component was primarily attributable to losses on index-based options due to the time decay of premium value. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. Largest Equity Contributors:

•

Mastercard, Inc. Class A (“Mastercard”) was one of the Portfolio’s top individual contributors to relative performance. Payments companies like Mastercard continue to benefit as consumers and businesses switch from cash and check to plastic and electronic payments. Mastercard is particularly well positioned to benefit from this shift because a majority of its revenues are generated outside the U.S., where many markets have a lower penetration of card and electronic payments and are experiencing significantly faster electronic purchase volume growth. ⁽¹⁾


		96		(continued)


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

•

CME Group, Inc. also performed well. The operator of financial exchanges benefited from market volatility and heightened volumes in interest rate and equity futures. CME Group, Inc. also continues to increase its number of customers and use cases, and its acquisition of electronic markets company NEX Group PLC, which closed in November, should eventually be accretive to earnings. ⁽¹⁾

Largest Fixed Income Contributor:

•

Our positioning in Anheuser-Busch was among leading relative contributors in the fixed income sleeve. We exited our position early in the year, as we grew uncomfortable with the return potential of the company’s recent merger and acquisition activity and had growing concerns around the issuer’s intent to increase leverage to compensate its shareholders. We were out of the name well ahead of the dramatic spread widening that followed Moody’s downgrade of the company’s credit rating in the fourth quarter. ⁽¹⁾

Largest Equity Detractors:

•

Altria Group, Inc. (“Altria”) was the leading relative detractor. The stock was impacted by weaker cigarette volumes and rising excise taxes in California early in the year and by the Food and Drug Administration’s comments that it would explore a potential ban on menthol cigarettes late in the period. We believe Altria’s recent deal with e-cigarette company JUUL Labs, Inc. will ultimately be accretive to earnings and allow it to connect with the best technology in the vaporizing industry. ⁽¹⁾

•

Synchrony Financial also detracted. We continue to favor the company for its private-label credit card business, where it has an estimated 40% market share. This business line, in our view, is quite stable given the preponderance of long-term contracts with clients.⁽¹⁾

Largest Fixed Income Detractor:

•

Freeport-McMoRan, Inc. (“Freeport”) was one of the leading corporate credit detractors. A drawn-out dispute surrounding the ownership structure of Freeport’s Grasberg mine in Indonesia weighed on the copper miner earlier in the period. Later, balance sheet improvement progress was overshadowed by fears of a slowdown in China coupled with trade war uncertainty, given that China consumes a significant portion of the world’s copper. We appreciate the value of Freeport’s assets and ultimately expect the miner to benefit from limited supply and growing demand for copper – an essential component of electric vehicles – as the electrification of vehicles accelerates. ⁽¹⁾

Q. How did the Portfolio’s use of derivative instruments and initial public offerings (IPOs), if any, impact overall Portfolio performance?

A. The Risk Management Component detracted 1.1% to the absolute return of the aggregate Portfolio during the period, primarily due to the use of derivative instruments. This was driven mainly by losses on index-based options due to the time decay of premium value, as discussed above. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

Change in Value of $10,000 Investment

LOGO

The Bloomberg Barclays 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.

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


		97		(continued)


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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Common Stocks ⁽⁴⁾		45.5
U.S. Treasury Obligations		14.1
Corporate Bonds ⁽⁴⁾		8.8
U.S. Government Agency Mortgage-Backed Securities		7.8
Purchased Options		7.3
Asset-Backed / Mortgage-Backed Securities ⁽⁴⁾		3.7
Bank Loans ⁽⁴⁾		0.9
Master Limited Partnerships ⁽⁴⁾		0.4
Preferred Securities ⁽⁴⁾		0.2
Money Market Funds Less Net Liabilities		11.3

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Microsoft Corp.		2.7
2.	U.S. Treasury Note 3.125%, 11/15/2028		2.6
3.	Mastercard, Inc. Class A		2.0
4.	Alphabet, Inc. Class C		1.8
5.	Boeing Co. / The		1.7
6.	U.S. Treasury Note 2.875%, 10/31/2020		1.6
7.	McDonald’s Corp.		1.5
8.	U.S. Bancorp		1.4
9.	Altria Group, Inc.		1.3
10.	U.S. Treasury Note 2.875%, 10/31/2023		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, Corporate Bonds, Preferred Securities, Asset-Backed / Mortgage Backed Securities, Master Limited Partnerships, Bank Loans):


	% of Net Assets
Information Technology		11.4
Financials		11.0
Health Care		6.9
Industrials		6.7
Consumer Discretionary		6.4
Consumer Staples		5.6
Communication Services		4.4
Energy		2.5
Materials		2.4
Real Estate		1.7
Utilities		0.5

		59.5


Ohio National Fund, Inc.		ON Risk Managed Balanced Portfolio


Schedule of Investments		December 31, 2018



Common Stocks – 45.5%			Shares		Value
COMMUNICATION SERVICES – 3.1%
Activision Blizzard, Inc. (Entertainment)				11,900	$	554,183
Alphabet, Inc. Class C (Interactive Media & Svs.)	(a	)		5,935		6,146,345
Comcast Corp. Class A (Media)				105,134		3,579,813
Madison Square Garden Co. / The Class A (Entertainment)	(a	)		1,438		384,953

						10,665,294


CONSUMER DISCRETIONARY – 5.5%
General Motors Co. (Automobiles)				66,724		2,231,918
Hasbro, Inc. (Leisure Products)				15,455		1,255,719
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)				21,776		1,563,517
Home Depot, Inc. / The (Specialty Retail)				25,374		4,359,760
McDonald’s Corp. (Hotels, Restaurants & Leisure)				30,197		5,362,081
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)				37,321		2,766,979
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure)	(a	)		17,934		760,222
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)				16,244		903,654

						19,203,850


CONSUMER STAPLES – 5.3%
Altria Group, Inc. (Tobacco)				94,318		4,658,366
Clorox Co. / The (Household Products)				7,169		1,105,030
Costco Wholesale Corp. (Food & Staples Retailing)				21,581		4,396,266
Estee Lauder Cos., Inc. / The Class A (Personal Products)				14,875		1,935,237
Hershey Co. / The (Food Products)				13,704		1,468,795
Kroger Co. / The (Food & Staples Retailing)				71,947		1,978,542
Sysco Corp. (Food & Staples Retailing)				44,906		2,813,810

						18,356,046


ENERGY – 1.2%
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)				38,744		1,698,537
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)				87,209		2,439,236

						4,137,773


FINANCIALS – 5.3%
American Express Co. (Consumer Finance)				15,925		1,517,971
Bank of America Corp. (Banks)				67,627		1,666,329
CME Group, Inc. (Capital Markets)				17,210		3,237,545
Morgan Stanley (Capital Markets)				28,830		1,143,109
Progressive Corp. / The (Insurance)				25,541		1,540,889
Synchrony Financial (Consumer Finance)				85,273		2,000,505
TD Ameritrade Holding Corp. (Capital Markets)				52,223		2,556,838
U.S. Bancorp (Banks)				107,173		4,897,806

						18,560,992


HEALTH CARE – 6.0%
Abbott Laboratories (Health Care Equip. & Supplies)				42,040		3,040,753
AbbVie, Inc. (Biotechnology)				27,337		2,520,198
Allergan PLC (Pharmaceuticals)				11,524		1,540,298
Bristol-Myers Squibb Co. (Pharmaceuticals)				20,445		1,062,731
Eli Lilly & Co. (Pharmaceuticals)				28,986		3,354,260
Medtronic PLC (Health Care Equip. & Supplies)				26,558		2,415,716
Merck & Co., Inc. (Pharmaceuticals)				59,178		4,521,791
UnitedHealth Group, Inc. (Health Care Providers & Svs.)				9,375		2,335,500

						20,791,247


INDUSTRIALS – 6.0%
Boeing Co. / The (Aerospace & Defense)				17,926		5,781,135
CSX Corp. (Road & Rail)				59,289		3,683,625
Deere & Co. (Machinery)				11,004		1,641,467
Delta Air Lines, Inc. (Airlines)				27,353		1,364,915
General Dynamics Corp. (Aerospace & Defense)				24,208		3,805,739
Honeywell International, Inc. (Industrial Conglomerates)				9,864		1,303,232
Parker-Hannifin Corp. (Machinery)				5,577		831,754
Stanley Black & Decker, Inc. (Machinery)				9,202		1,101,847
United Parcel Service, Inc. Class B (Air Freight & Logistics)				14,449		1,409,211

						20,922,925


INFORMATION TECHNOLOGY – 10.7%
Accenture PLC Class A (IT Svs.)				21,764		3,068,942
Adobe Systems, Inc. (Software)	(a	)		15,335		3,469,390
Apple, Inc. (Tech. Hardware, Storage & Periph.)				28,660		4,520,828


		99		(continued)


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


Schedule of Investments		December 31, 2018


Common Stocks (Continued)		Shares		Value
INFORMATION TECHNOLOGY (continued)
Corning, Inc. (Electronic Equip., Instr. & Comp.)			47,800	$	1,444,038
Intel Corp. (Semiconductors & Equip.)			74,976		3,518,624
Lam Research Corp. (Semiconductors & Equip.)			12,193		1,660,321
Mastercard, Inc. Class A (IT Svs.)			36,427		6,871,954
Microsoft Corp. (Software)			91,560		9,299,749
NVIDIA Corp. (Semiconductors & Equip.)			3,315		442,552
salesforce.com, Inc. (Software)	(a)		6,173		845,516
Texas Instruments, Inc. (Semiconductors & Equip.)			21,937		2,073,046

					37,214,960


MATERIALS – 1.1%
LyondellBasell Industries N.V. Class A (Chemicals)			45,516		3,785,110


REAL ESTATE – 1.3%
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development)	(a)		37,315		1,494,093
Crown Castle International Corp. (Equity REIT)			13,608		1,478,237
MGM Growth Properties LLC Class A (Equity REIT)			26,869		709,610
Outfront Media, Inc. (Equity REIT)			37,214		674,318

					4,356,258

Total Common Stocks (Cost $135,182,183)				$	157,994,455


U.S. Treasury Obligations – 14.1%			Rate			Maturity		Face Amount		Value
U.S. Treasury Note				2.750%			09/30/2020	$	1,904,000	$	1,910,871
U.S. Treasury Note				2.875%			10/31/2020		5,472,000		5,505,299
U.S. Treasury Note				2.875%			10/15/2021		833,000		841,712
U.S. Treasury Note				2.750%			05/31/2023		3,826,000		3,867,710
U.S. Treasury Note				2.875%			09/30/2023		3,107,000		3,157,370
U.S. Treasury Note				2.875%			10/31/2023		4,469,000		4,543,145
U.S. Treasury Note				2.875%			11/30/2023		587,000		597,191
U.S. Treasury Note	(b	)		2.250%			11/15/2024		1,865,000		1,833,022
U.S. Treasury Note				2.875%			11/30/2025		2,000		2,037
U.S. Treasury Note				2.875%			08/15/2028		3,787,000		3,848,256
U.S. Treasury Note				3.125%			11/15/2028		8,876,000		9,212,884
U.S. Treasury Note				2.250%			08/15/2046		384,000		328,808
U.S. Treasury Note				2.750%			08/15/2047		46,000		43,644
U.S. Treasury Note				2.750%			11/15/2047		3,629,000		3,439,942
U.S. Treasury Note				3.000%			02/15/2048		1,694,000		1,687,880
U.S. Treasury Note				3.125%			05/15/2048		558,000		569,574
U.S. Treasury Note				3.000%			08/15/2048		3,291,000		3,281,107
U.S. Treasury Note				3.375%			11/15/2048		4,076,000		4,366,082

Total U.S. Treasury Obligations (Cost $48,061,121)										$	49,036,534


Corporate Bonds – 8.8%			Rate			Maturity		Face Amount		Value

COMMUNICATION SERVICES – 1.2%
AT&T, Inc. (Diversified Telecom. Svs.)				5.250%			03/01/2037	$	74,000	$	72,745
AT&T, Inc. (Diversified Telecom. Svs.)				4.750%			05/15/2046		208,000		185,124
AT&T, Inc. (Diversified Telecom. Svs.)				5.150%			11/15/2046		165,000		153,525
AT&T, Inc. (Diversified Telecom. Svs.)				4.500%			03/09/2048		199,000		171,573
BellSouth LLC (Diversified Telecom. Svs.)	(c	)		4.333%			04/26/2019		564,000		565,771
CCO Holdings LLC / CCO Holdings Capital Corp. (Media)				5.250%			03/15/2021		173,000		173,108
Comcast Corp. (Media)				3.150%			03/01/2026		146,000		139,764
Comcast Corp. (Media)				4.150%			10/15/2028		121,000		122,943
Comcast Corp. (Media)				4.250%			10/15/2030		189,000		191,273
Comcast Corp. (Media)				4.600%			10/15/2038		153,000		154,670
Comcast Corp. (Media)				4.950%			10/15/2058		158,000		160,879
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.)				6.375%			03/01/2025		370,000		374,610
UBM PLC (Media)	(c	)		5.750%			11/03/2020		108,000		110,585
Unitymedia GmbH (Media)	(c	)		6.125%			01/15/2025		321,000		322,573
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH (Media)	(c	)		5.000%			01/15/2025		200,000		195,400
Verizon Communications, Inc. (Diversified Telecom. Svs.)				2.625%			08/15/2026		346,000		313,861
Verizon Communications, Inc. (Diversified Telecom. Svs.)				4.329%			09/21/2028		347,000		348,641
Viacom, Inc. (Entertainment)				5.850%			09/01/2043		291,000		284,747
Warner Media LLC (Entertainment)				3.600%			07/15/2025		170,000		161,083

											4,202,875


CONSUMER DISCRETIONARY – 0.5%
D.R. Horton, Inc. (Household Durables)				3.750	%		03/01/2019		231,000		230,981
Ford Motor Co. (Automobiles)				4.346	%		12/08/2026		183,000		163,354


		100		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)			Rate		Maturity		Face Amount		Value
CONSUMER DISCRETIONARY (continued)
General Motors Co. (Automobiles)				5.000%		10/01/2028	$	235,000	$	222,799
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. (Hotels, Restaurants & Leisure)				4.625%		04/01/2025		25,000		23,688
MDC Holdings, Inc. (Household Durables)				5.500%		01/15/2024		53,000		50,880
MGM Resorts International (Hotels, Restaurants & Leisure)				6.750%		10/01/2020		303,000		311,332
MGM Resorts International (Hotels, Restaurants & Leisure)				6.625%		12/15/2021		123,000		126,075
MGM Resorts International (Hotels, Restaurants & Leisure)				7.750%		03/15/2022		44,000		46,805
MGM Resorts International (Hotels, Restaurants & Leisure)				6.000%		03/15/2023		22,000		22,110
Toll Brothers Finance Corp. (Household Durables)				5.875%		02/15/2022		144,000		144,720
Toll Brothers Finance Corp. (Household Durables)				4.375%		04/15/2023		63,000		59,062
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure)				5.400%		04/01/2024		108,000		102,870
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure)				6.350%		10/01/2025		32,000		31,040

										1,535,716


CONSUMER STAPLES – 0.3%
Campbell Soup Co. (Food Products)				3.950%		03/15/2025		148,000		141,852
Campbell Soup Co. (Food Products)				4.150%		03/15/2028		221,000		205,869
Campbell Soup Co. (Food Products)				4.800%		03/15/2048		516,000		437,595
Reckson Operating Partnership LP (Household Products)				7.750%		03/15/2020		237,000		247,966
Sysco Corp. (Food & Staples Retailing)				2.500%		07/15/2021		73,000		71,521

										1,104,803


ENERGY – 1.3%
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels)				5.125%		06/30/2027		200,000		188,810
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels)	(c	)		5.625%		10/01/2026		300,000		280,500
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)				5.000%		09/15/2022		357,000		354,449
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)				4.500%		04/15/2023		295,000		290,315
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels)				5.875%		10/15/2025		91,000		98,635
Energy Transfer LP (Oil, Gas & Consumable Fuels)				4.250%		03/15/2023		146,000		140,525
Energy Transfer LP (Oil, Gas & Consumable Fuels)				5.875%		01/15/2024		127,000		129,652
Energy Transfer LP (Oil, Gas & Consumable Fuels)				5.500%		06/01/2027		98,000		95,550
Energy Transfer Operating LP (Oil, Gas & Consumable Fuels)				4.950%		06/15/2028		93,000		91,175
Energy Transfer Operating LP (Oil, Gas & Consumable Fuels)				6.125%		12/15/2045		77,000		75,390
Energy Transfer Operating LP (Oil, Gas & Consumable Fuels)				6.000%		06/15/2048		344,000		335,393
EnLink Midstream Partners LP (Oil, Gas & Consumable Fuels)				4.150%		06/01/2025		278,000		250,735
EnLink Midstream Partners LP (Oil, Gas & Consumable Fuels)				4.850%		07/15/2026		355,000		320,281
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)				4.750%		07/15/2023		24,000		23,888
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)				4.000%		08/01/2024		80,000		76,537
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels)				5.500%		07/15/2028		346,000		339,066
Kinder Morgan Energy Partners LP (Oil, Gas & Consumable Fuels)				5.000%		10/01/2021		304,000		312,561
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)				4.300%		03/01/2028		24,000		23,562
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)				5.550%		06/01/2045		66,000		65,444
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)				5.200%		03/01/2048		44,000		42,112
Motiva Enterprises LLC (Oil, Gas & Consumable Fuels)	(c	)		5.750%		01/15/2020		47,000		47,818
NGPL PipeCo LLC (Oil, Gas & Consumable Fuels)	(c	)		4.375%		08/15/2022		248,000		243,040
NGPL PipeCo LLC (Oil, Gas & Consumable Fuels)	(c	)		4.875%		08/15/2027		73,000		68,803
NuStar Logistics LP (Oil, Gas & Consumable Fuels)				5.625%		04/28/2027		147,000		137,078
Plains All American Pipeline LP (Oil, Gas & Consumable Fuels)				4.650%		10/15/2025		322,000		316,811
Plains All American Pipeline LP (Oil, Gas & Consumable Fuels)				4.500%		12/15/2026		94,000		90,587

										4,438,717


FINANCIALS – 1.5%
Bank of America Corp. (Banks)				2.503%		10/21/2022		849,000		817,398
CBOE Global Markets, Inc. (Capital Markets)				3.650%		01/12/2027		267,000		260,004
Charles Schwab Corp. / The (Capital Markets)				QL + 32		05/21/2021		167,000		166,302
Charles Schwab Corp. / The (Capital Markets)				3.250%		05/21/2021		88,000		88,426
Citibank NA (Banks)				QL + 32		05/01/2020		801,000		798,230
Citizens Financial Group, Inc. (Banks)				3.750%		07/01/2024		47,000		45,757
Citizens Financial Group, Inc. (Banks)				4.350%		08/01/2025		41,000		40,275
Citizens Financial Group, Inc. (Banks)				4.300%		12/03/2025		344,000		339,649
E*TRADE Financial Corp. (Capital Markets)				2.950%		08/24/2022		263,000		255,137
E*TRADE Financial Corp. (Capital Markets)				3.800%		08/24/2027		289,000		272,998
E*TRADE Financial Corp. (Capital Markets)				4.500%		06/20/2028		109,000		107,476
First Republic Bank (Banks)				4.625%		02/13/2047		100,000		96,443
Ford Motor Credit Co. LLC (Consumer Finance)				3.815%		11/02/2027		469,000		395,924
General Motors Financial Co., Inc. (Consumer Finance)				4.350%		01/17/2027		107,000		98,538
JPMorgan Chase & Co. (Banks)				2.295%		08/15/2021		292,000		284,876
JPMorgan Chase Bank NA (Banks)				QL + 34		04/26/2021		287,000		284,338
JPMorgan Chase Bank NA (Rate is fixed until 04/26/2020, at which point, the rate becomes QL + 35) (Banks)	(d	)		3.086%		04/26/2021		251,000		249,951
Morgan Stanley (Capital Markets)				3.950%		04/23/2027		165,000		155,646


		101		(continued)


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


Schedule of Investments		December 31, 2018


Corporate Bonds (Continued)			Rate		Maturity		Face Amount		Value
FINANCIALS (continued)
NextEra Energy Operating Partners LP (Insurance)	(c	)		4.250%		09/15/2024	$	37,000	$	34,225
Raymond James Financial, Inc. (Capital Markets)				3.625%		09/15/2026		132,000		124,458
Raymond James Financial, Inc. (Capital Markets)				4.950%		07/15/2046		236,000		227,032
SVB Financial Group (Banks)				5.375%		09/15/2020		139,000		143,359

										5,286,442


HEALTH CARE – 0.9%
Aetna, Inc. (Health Care Providers & Svs.)				2.800%		06/15/2023		127,000		120,771
Becton Dickinson and Co. (Health Care Equip. & Supplies)				2.894%		06/06/2022		133,000		128,807
Centene Corp. (Health Care Providers & Svs.)				4.750%		05/15/2022		15,000		14,813
Centene Corp. (Health Care Providers & Svs.)				6.125%		02/15/2024		171,000		175,061
Centene Corp. (Health Care Providers & Svs.)				4.750%		01/15/2025		166,000		158,530
Centene Corp. (Health Care Providers & Svs.)	(c	)		5.375%		06/01/2026		428,000		416,230
Cigna Corp. (Health Care Providers & Svs.)	(c	)		3.400%		09/17/2021		47,000		46,891
Cigna Corp. (Health Care Providers & Svs.)	(c	)		3.750%		07/15/2023		189,000		188,359
Cigna Corp. (Health Care Providers & Svs.)	(c	)		4.375%		10/15/2028		91,000		91,563
CVS Health Corp. (Health Care Providers & Svs.)				4.750%		12/01/2022		120,000		123,806
CVS Health Corp. (Health Care Providers & Svs.)				4.100%		03/25/2025		332,000		329,086
CVS Health Corp. (Health Care Providers & Svs.)				4.300%		03/25/2028		172,000		168,420
CVS Health Corp. (Health Care Providers & Svs.)				5.050%		03/25/2048		163,000		158,746
Elanco Animal Health, Inc. (Pharmaceuticals)	(c	)		3.912%		08/27/2021		44,000		44,272
Elanco Animal Health, Inc. (Pharmaceuticals)	(c	)		4.272%		08/28/2023		112,000		111,898
Elanco Animal Health, Inc. (Pharmaceuticals)	(c	)		4.900%		08/28/2028		104,000		105,890
HCA, Inc. (Health Care Providers & Svs.)				5.625%		09/01/2028		216,000		208,440
Teva Pharmaceutical Finance Co. BV (Pharmaceuticals)				2.950%		12/18/2022		25,000		22,108
Teva Pharmaceutical Finance Netherlands III BV (Pharmaceuticals)				2.800%		07/21/2023		146,000		125,734
WellCare Health Plans, Inc. (Health Care Providers & Svs.)				5.250%		04/01/2025		130,000		125,125
WellCare Health Plans, Inc. (Health Care Providers & Svs.)	(c	)		5.375%		08/15/2026		197,000		190,105

										3,054,655


INDUSTRIALS – 0.6%
Huntington Ingalls Industries, Inc. (Aerospace & Defense)	(c	)		5.000%		11/15/2025		429,000		435,843
IHS Markit Ltd. (Professional Svs.)	(c	)		5.000%		11/01/2022		26,000		26,260
IHS Markit Ltd. (Professional Svs.)	(c	)		4.750%		02/15/2025		215,000		211,506
Masonite International Corp. (Building Products)	(c	)		5.625%		03/15/2023		66,000		64,020
Northrop Grumman Corp. (Aerospace & Defense)				2.550%		10/15/2022		285,000		276,038
Owens Corning (Building Products)				4.200%		12/01/2024		115,000		114,077
United Technologies Corp. (Aerospace & Defense)				3.950%		08/16/2025		130,000		129,051
Verisk Analytics, Inc. (Professional Svs.)				4.875%		01/15/2019		82,000		82,029
Verisk Analytics, Inc. (Professional Svs.)				5.800%		05/01/2021		211,000		221,806
Verisk Analytics, Inc. (Professional Svs.)				4.125%		09/12/2022		184,000		186,382
Verisk Analytics, Inc. (Professional Svs.)				5.500%		06/15/2045		222,000		224,993
Wabtec Corp. (Machinery)				4.150%		03/15/2024		77,000		74,404
Wabtec Corp. (Machinery)				4.700%		09/15/2028		153,000		143,578

										2,189,987


INFORMATION TECHNOLOGY – 0.7%
Broadcom Corp. / Broadcom Cayman Finance Ltd. (Semiconductors & Equip.)				3.125%		01/15/2025		224,000		202,304
Dell International LLC / EMC Corp. (Computers & Peripherals)	(c	)		6.020%		06/15/2026		569,000		571,831
Marvell Technology Group Ltd. (Semiconductors & Equip.)				4.200%		06/22/2023		108,000		107,681
Marvell Technology Group Ltd. (Semiconductors & Equip.)				4.875%		06/22/2028		123,000		119,909
Total System Services, Inc. (IT Svs.)				3.800%		04/01/2021		134,000		133,969
Total System Services, Inc. (IT Svs.)				4.800%		04/01/2026		369,000		372,042
Trimble, Inc. (Electronic Equip., Instr. & Comp.)				4.750%		12/01/2024		270,000		272,212
Trimble, Inc. (Electronic Equip., Instr. & Comp.)				4.900%		06/15/2028		589,000		580,283

										2,360,231


MATERIALS – 1.1%
Anglo American Capital PLC (Metals & Mining)	(c	)		4.125%		09/27/2022		450,000		443,480
Ball Corp. (Containers & Packaging)				4.375%		12/15/2020		227,000		227,851
CF Industries, Inc. (Chemicals)	(c	)		4.500%		12/01/2026		116,000		113,427
CF Industries, Inc. (Chemicals)				5.375%		03/15/2044		127,000		102,870
Freeport-McMoRan, Inc. (Metals & Mining)				3.100%		03/15/2020		76,000		74,290
Freeport-McMoRan, Inc. (Metals & Mining)				3.550%		03/01/2022		295,000		279,144
Freeport-McMoRan, Inc. (Metals & Mining)				3.875%		03/15/2023		341,000		315,425
Freeport-McMoRan, Inc. (Metals & Mining)				4.550%		11/14/2024		276,000		254,610
Freeport-McMoRan, Inc. (Metals & Mining)				5.450%		03/15/2043		267,000		203,254
Georgia-Pacific LLC (Paper & Forest Products)	(c	)		3.163%		11/15/2021		99,000		98,101
Georgia-Pacific LLC (Paper & Forest Products)	(c	)		3.600%		03/01/2025		386,000		385,260
Reliance Steel & Aluminum Co. (Metals & Mining)				4.500%		04/15/2023		116,000		117,208


		102		(continued)


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

Schedule of Investments

December 31, 2018


Corporate Bonds (Continued)			Rate		Maturity		Face Amount		Value
MATERIALS (continued)
Steel Dynamics, Inc. (Metals & Mining)				4.125%		09/15/2025	$	197,000		$ 180,994
Syngenta Finance N.V. (Chemicals)	(c	)		3.698%		04/24/2020		200,000		198,523
Syngenta Finance N.V. (Chemicals)	(c	)		3.933%		04/23/2021		200,000		197,260
Syngenta Finance N.V. (Chemicals)	(c	)		4.441%		04/24/2023		200,000		192,734
Syngenta Finance N.V. (Chemicals)	(c	)		4.892%		04/24/2025		200,000		189,189
Teck Resources Ltd. (Metals & Mining)	(c	)		8.500%		06/01/2024		190,000		203,537
Vulcan Materials Co. (Construction Materials)				4.500%		04/01/2025		18,000		17,888

										3,795,045

REAL ESTATE – 0.4%
Alexandria Real Estate Equities, Inc. (Equity REIT)				2.750%		01/15/2020		152,000		150,796
Alexandria Real Estate Equities, Inc. (Equity REIT)				4.600%		04/01/2022		257,000		264,557
Crown Castle International Corp. (Equity REIT)				5.250%		01/15/2023		222,000		230,518
Crown Castle International Corp. (Equity REIT)				3.200%		09/01/2024		177,000		167,521
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development)				4.400%		11/15/2022		197,000		198,988
Kennedy-Wilson, Inc. (Real Estate Mgmt. & Development)				5.875%		04/01/2024		282,000		263,670
Senior Housing Properties Trust (Equity REIT)				6.750%		12/15/2021		61,000		63,916

										1,339,966

UTILITIES – 0.3%
Duke Energy Corp. (Electric Utilities)				1.800%		09/01/2021		96,000		91,883
Duke Energy Corp. (Electric Utilities)				2.400%		08/15/2022		116,000		111,439
NRG Energy, Inc. (Ind. Power & Renewable Elec.)				7.250%		05/15/2026		273,000		284,261
PPL WEM Ltd. / Western Power Distribution Ltd. (Electric Utilities)	(c	)		5.375%		05/01/2021		203,000		209,604
Sempra Energy (Multi-Utilities)				QL + 50		01/15/2021		202,000		198,608
Southern Co. / The (Electric Utilities)				2.950%		07/01/2023		192,000		185,495

										1,081,290

Total Corporate Bonds (Cost $31,413,035)										$30,389,727


U.S. Government Agency Mortgage-Backed Securities – 7.8%			Rate		Maturity		Face Amount		Value
Fannie Mae Pool FN AB6548				3.500%		10/01/2042	$	107,492		$ 108,293
Fannie Mae Pool FN AB8407				3.500%		02/01/2043		26,621		26,786
Fannie Mae Pool FN AL3083				3.500%		12/01/2042		250,291		251,851
Fannie Mae Pool FN AL5310				3.500%		04/01/2044		4,644		4,680
Fannie Mae Pool FN AL5439				3.500%		11/01/2043		25,412		25,570
Fannie Mae Pool FN AL5887				4.500%		10/01/2044		29,064		30,567
Fannie Mae Pool FN AL5942				5.000%		07/01/2044		159,609		170,862
Fannie Mae Pool FN AL6348				3.500%		02/01/2045		36,514		36,741
Fannie Mae Pool FN AL6535				3.500%		02/01/2045		6,687		6,729
Fannie Mae Pool FN AL6542				4.500%		03/01/2045		47,490		49,947
Fannie Mae Pool FN AL6620				4.500%		08/01/2042		296,915		311,533
Fannie Mae Pool FN AL6997				4.500%		11/01/2042		22,199		23,262
Fannie Mae Pool FN AL7381				4.500%		06/01/2045		121,441		126,997
Fannie Mae Pool FN AL8855				3.500%		07/01/2046		19,334		19,396
Fannie Mae Pool FN AR2624				3.500%		02/01/2043		42,509		42,774
Fannie Mae Pool FN AS7168				3.500%		05/01/2046		51,079		51,243
Fannie Mae Pool FN AS7587				3.500%		07/01/2046		216,490		217,376
Fannie Mae Pool FN AS7822				3.500%		08/01/2046		614,418		616,267
Fannie Mae Pool FN AS8510				4.500%		12/01/2046		75,065		78,228
Fannie Mae Pool FN AS9751				4.000%		05/01/2047		56,657		57,819
Fannie Mae Pool FN AT2957				3.000%		05/01/2043		31,964		31,428
Fannie Mae Pool FN AZ9203				3.000%		10/01/2045		78,040		76,183
Fannie Mae Pool FN BA2885				3.000%		10/01/2045		123,772		120,826
Fannie Mae Pool FN BA4752				3.000%		01/01/2046		16,735		16,347
Fannie Mae Pool FN BC1520				3.500%		08/01/2046		387,753		388,960
Fannie Mae Pool FN BC2468				3.000%		03/01/2046		348,839		340,600
Fannie Mae Pool FN BC2488				3.000%		03/01/2046		515,736		503,556
Fannie Mae Pool FN BC9077				3.500%		12/01/2046		25,646		25,719
Fannie Mae Pool FN BD0667				4.500%		06/01/2047		19,639		20,539
Fannie Mae Pool FN BD6435				4.000%		10/01/2046		9,090		9,306
Fannie Mae Pool FN BD8952				3.000%		11/01/2046		41,494		40,573
Fannie Mae Pool FN BD8980				3.000%		11/01/2046		40,022		39,133
Fannie Mae Pool FN BE0637				4.000%		07/01/2047		7,342		7,506
Fannie Mae Pool FN BE0640				4.500%		08/01/2047		17,989		18,813
Fannie Mae Pool FN BE2717				4.500%		07/01/2047		12,591		13,168
Fannie Mae Pool FN BE2732				4.000%		07/01/2047		26,240		26,826
Fannie Mae Pool FN BE2733				4.500%		07/01/2047		14,092		14,738
Fannie Mae Pool FN BE2774				4.000%		10/01/2047		57,769		59,058
Fannie Mae Pool FN BE2784				4.000%		11/01/2047		77,613		79,346


		103		(continued)


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

Schedule of Investments

December 31, 2018


U.S. Government Agency Mortgage-Backed Securities (Continued)	Rate		Maturity		Face Amount		Value
Fannie Mae Pool FN BE2786		4.500%		11/01/2047	$	69,428	$	72,610
Fannie Mae Pool FN BF0130		3.500%		08/01/2056		367,195		366,252
Fannie Mae Pool FN BF0167		3.000%		02/01/2057		330,464		319,386
Fannie Mae Pool FN BF0168		3.500%		02/01/2057		520,169		518,834
Fannie Mae Pool FN BH1596		4.000%		01/01/2048		38,366		39,332
Fannie Mae Pool FN BH1902		3.500%		12/01/2047		20,852		20,989
Fannie Mae Pool FN BH3305		4.500%		05/01/2047		29,301		30,733
Fannie Mae Pool FN BH3306		4.500%		05/01/2047		23,949		25,047
Fannie Mae Pool FN BH3307		4.500%		05/01/2047		24,122		25,228
Fannie Mae Pool FN BH3336		4.500%		05/01/2047		17,619		18,494
Fannie Mae Pool FN BH3337		4.500%		05/01/2047		14,206		14,897
Fannie Mae Pool FN BH3338		4.500%		05/01/2047		16,913		17,689
Fannie Mae Pool FN BH3540		4.000%		06/01/2047		6,896		7,038
Fannie Mae Pool FN BH3892		3.500%		08/01/2047		79,019		79,114
Fannie Mae Pool FN BH4380		4.000%		06/01/2047		15,252		15,592
Fannie Mae Pool FN BH4639		4.500%		06/01/2047		10,443		10,944
Fannie Mae Pool FN BH4640		4.500%		05/01/2047		8,295		8,675
Fannie Mae Pool FN BH4667		4.500%		05/01/2047		5,453		5,715
Fannie Mae Pool FN BH4706		4.500%		05/01/2047		6,012		6,300
Fannie Mae Pool FN BH5672		4.000%		06/01/2047		15,170		15,482
Fannie Mae Pool FN BH5673		4.000%		07/01/2047		10,512		10,747
Fannie Mae Pool FN BH5725		4.000%		11/01/2047		90,091		91,887
Fannie Mae Pool FN BH6165		4.000%		07/01/2047		24,011		24,547
Fannie Mae Pool FN BH6168		4.000%		06/01/2047		29,901		30,568
Fannie Mae Pool FN BH6170		4.500%		07/01/2047		65,835		68,853
Fannie Mae Pool FN BH6940		3.500%		08/01/2047		51,823		51,907
Fannie Mae Pool FN BH7029		4.000%		12/01/2047		176,340		179,854
Fannie Mae Pool FN BH7108		4.000%		01/01/2048		338,205		344,941
Fannie Mae Pool FN BH8168		4.000%		08/01/2047		27,834		28,456
Fannie Mae Pool FN BH8170		4.000%		08/01/2047		44,904		45,906
Fannie Mae Pool FN BH8171		4.500%		08/01/2047		88,921		92,996
Fannie Mae Pool FN BH8224		4.000%		08/01/2047		135,600		138,313
Fannie Mae Pool FN BH8655		4.000%		08/01/2047		12,116		12,357
Fannie Mae Pool FN BJ0241		4.000%		09/01/2047		11,755		12,017
Fannie Mae Pool FN BJ1588		4.000%		10/01/2047		26,482		27,073
Fannie Mae Pool FN BJ1692		3.500%		12/01/2047		131,725		132,154
Fannie Mae Pool FN BJ1695		3.500%		12/01/2047		24,165		24,208
Fannie Mae Pool FN BJ1735		4.000%		10/01/2047		52,593		53,767
Fannie Mae Pool FN BJ1747		4.000%		10/01/2047		32,250		32,970
Fannie Mae Pool FN BJ1758		4.000%		10/01/2047		50,641		51,771
Fannie Mae Pool FN BJ2553		3.500%		12/01/2047		159,758		159,852
Fannie Mae Pool FN BJ3260		4.500%		10/01/2047		6,603		6,906
Fannie Mae Pool FN BJ3265		4.000%		11/01/2047		24,039		24,576
Fannie Mae Pool FN BJ3443		4.000%		03/01/2048		33,406		34,247
Fannie Mae Pool FN BJ4558		3.500%		01/01/2048		97,663		98,039
Fannie Mae Pool FN BJ4559		3.500%		01/01/2048		34,321		34,412
Fannie Mae Pool FN BJ4566		4.000%		01/01/2048		327,275		334,929
Fannie Mae Pool FN BJ4567		4.000%		01/01/2048		559,520		572,271
Fannie Mae Pool FN BJ5170		3.500%		03/01/2048		17,867		17,985
Fannie Mae Pool FN BJ5796		4.500%		03/01/2048		114,695		120,322
Fannie Mae Pool FN BJ5834		4.500%		05/01/2048		60,983		63,881
Fannie Mae Pool FN BJ5844		4.500%		04/01/2048		88,258		92,684
Fannie Mae Pool FN BK1964		4.000%		03/01/2048		136,932		140,139
Fannie Mae Pool FN BK1975		3.500%		03/01/2048		57,756		57,978
Fannie Mae Pool FN BK3986		4.500%		05/01/2048		70,019		73,255
Fannie Mae Pool FN BK4039		4.500%		06/01/2048		67,932		70,899
Fannie Mae Pool FN BK4157		4.000%		05/01/2048		360,467		367,647
Fannie Mae Pool FN BK5358		4.000%		05/01/2048		90,720		92,528
Fannie Mae Pool FN BK5378		4.000%		06/01/2048		142,240		145,073
Fannie Mae Pool FN BK8082		4.000%		08/01/2048		116,219		118,534
Fannie Mae Pool FN BK9368		4.000%		09/01/2048		131,468		134,086
Fannie Mae Pool FN BM3032		3.000%		02/01/2047		668,653		658,176
Fannie Mae Pool FN BM3144		4.000%		11/01/2047		149,319		152,530
Fannie Mae Pool FN BM3282		3.500%		12/01/2047		10,883		10,954
Fannie Mae Pool FN BM3511		4.500%		02/01/2046		201,976		211,595
Fannie Mae Pool FN BM3557		4.000%		09/01/2047		309,338		317,996
Fannie Mae Pool FN BM3878		4.000%		04/01/2048		71,104		72,905
Fannie Mae Pool FN BM3912		3.000%		03/01/2047		262,805		256,935
Fannie Mae Pool FN BM4735		3.500%		04/01/2048		188,202		189,057
Fannie Mae Pool FN BM5138		3.500%		11/01/2048		305,130		306,286
Fannie Mae Pool FN CA0108		3.500%		08/01/2047		39,400		39,640


		104		(continued)


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

Schedule of Investments

December 31, 2018


U.S. Government Agency Mortgage-Backed Securities (Continued)	Rate		Maturity		Face Amount		Value
Fannie Mae Pool FN CA0532		3.500%		10/01/2047	$	311,307	$	311,424
Fannie Mae Pool FN MA1363		3.000%		02/01/2043		8,655		8,510
Fannie Mae Pool FN MA1404		3.500%		04/01/2043		141,576		142,457
Fannie Mae Pool FN MA3384		4.000%		06/01/2048		318,030		324,365
Fannie Mae Pool FN MA3525		4.500%		11/01/2038		165,199		172,583
Freddie Mac Gold Pool FG C92007		4.500%		05/01/2038		249,982		260,755
Freddie Mac Gold Pool FG C92015		4.500%		07/01/2038		187,810		196,098
Freddie Mac Gold Pool FG C92020		4.500%		09/01/2038		123,736		129,196
Freddie Mac Gold Pool FG C92029		4.500%		11/01/2038		108,560		113,351
Freddie Mac Gold Pool FG G08622		3.000%		01/01/2045		62,220		60,987
Freddie Mac Gold Pool FG G08817		4.000%		06/01/2048		144,846		147,707
Freddie Mac Gold Pool FG G08831		4.000%		08/01/2048		2,100,919		2,142,320
Freddie Mac Gold Pool FG G08832		4.500%		08/01/2048		669,810		693,628
Freddie Mac Gold Pool FG G60658		3.500%		07/01/2046		413,024		415,364
Freddie Mac Gold Pool FG G60726		3.500%		10/01/2046		513,549		515,106
Freddie Mac Gold Pool FG G60989		3.000%		12/01/2046		689,562		673,028
Freddie Mac Gold Pool FG G61315		3.500%		02/01/2047		327,791		328,752
Freddie Mac Gold Pool FG G61338		3.000%		08/01/2047		1,767,073		1,725,530
Freddie Mac Gold Pool FG G61392		3.500%		12/01/2044		50,984		51,360
Freddie Mac Gold Pool FG Q40332		4.000%		05/01/2046		65,818		67,417
Freddie Mac Gold Pool FG Q41917		3.500%		07/01/2046		82,631		82,762
Freddie Mac Gold Pool FG Q46411		4.000%		03/01/2047		22,752		23,253
Freddie Mac Gold Pool FG Q51328		3.500%		10/01/2047		246,994		247,065
Freddie Mac Gold Pool FG Q52419		3.500%		11/01/2047		110,473		110,599
Freddie Mac Gold Pool FG Q53205		3.500%		12/01/2047		77,854		78,119
Freddie Mac Gold Pool FG Q54450		3.500%		02/01/2048		32,637		32,709
Freddie Mac Gold Pool FG Q54453		3.500%		02/01/2048		32,532		32,568
Freddie Mac Gold Pool FG Q54780		3.500%		03/01/2048		79,934		79,936
Freddie Mac Gold Pool FG Q54952		4.000%		03/01/2048		88,753		90,808
Freddie Mac Gold Pool FG Q55522		4.000%		04/01/2048		132,955		135,570
Freddie Mac Gold Pool FG Q55628		4.000%		04/01/2048		144,084		147,333
Freddie Mac Gold Pool FG Q55894		4.000%		05/01/2048		64,049		65,312
Freddie Mac Gold Pool FG Q55913		4.000%		05/01/2048		384,144		391,753
Freddie Mac Gold Pool FG Q56524		4.000%		06/01/2048		103,361		105,400
Freddie Mac Gold Pool FG Q57835		4.000%		08/01/2048		450,793		462,093
Freddie Mac Gold Pool FG Q58012		4.500%		08/01/2048		109,950		113,893
Freddie Mac Gold Pool FG Q58159		5.000%		09/01/2048		27,218		28,519
Freddie Mac Gold Pool FG Q60519		4.500%		12/01/2048		140,000		146,144
Freddie Mac Gold Pool FG U91030		3.500%		02/01/2043		93,874		94,419
Freddie Mac Gold Pool FG U99096		4.500%		05/01/2044		123,616		129,574
Freddie Mac Gold Pool FG U99114		3.500%		02/01/2044		13,118		13,194
Freddie Mac Gold Pool FG V82645		3.000%		10/01/2046		340,616		332,453
Ginnie Mae I Pool GN 784059		4.000%		01/15/2045		269,991		278,424
Ginnie Mae I Pool GN 784182		4.500%		08/15/2046		445,401		466,417
Ginnie Mae I Pool GN BB4357		4.000%		07/15/2047		359,747		369,068
Ginnie Mae I Pool GN BC7161		4.000%		08/15/2047		76,631		78,613
Ginnie Mae I Pool GN BD7109		4.000%		11/15/2047		68,358		70,205
Ginnie Mae I Pool GN BD7135		4.000%		12/15/2047		91,002		93,465
Ginnie Mae II Pool G2 BB9817		4.000%		08/20/2047		32,576		33,575
Ginnie Mae II Pool G2 BH3672		4.500%		05/20/2048		46,850		49,036
Ginnie Mae II Pool G2 BH3673		4.500%		05/20/2048		196,205		205,362
Ginnie Mae II Pool G2 MA5332		5.000%		07/20/2048		542,738		565,125
Ginnie Mae II Pool G2 MA5468		5.000%		09/20/2048		395,364		412,414
Ginnie Mae II Pool G2 MA5652		4.500%		12/20/2048		306,000		317,300
Ginnie Mae II Pool G2 MA5653		5.000%		12/20/2048		670,205		699,491

Total U.S. Government Agency Mortgage-Backed Securities (Cost $27,430,879)							$	27,201,415


Purchased Options – 7.3%	Notional Amount		Expiration		Exercise Price		Contracts (e)		Value
S&P 500 Index Call Option	$	3,760,275		December 2020		$2,600		15	$	322,350
S&P 500 Index Call Option		2,506,850		December 2020		$2,700		10		170,000
S&P 500 Index Call Option		21,308,225		December 2020		$2,750		85		1,262,250
S&P 500 Index Call Option		17,547,950		December 2020		$2,800		70		920,500
S&P 500 Index Call Option		22,561,650		December 2020		$2,850		90		1,035,270
S&P 500 Index Call Option		8,773,975		December 2020		$2,900		35		348,250
S&P 500 Index Call Option		3,760,275		December 2020		$2,950		15		128,700
S&P 500 Index Call Option		5,013,700		December 2020		$3,000		20		146,100
S&P 500 Index Call Option		1,253,425		December 2020		$3,050		5		31,400
S&P 500 Index Put Option		3,760,275		December 2020		$2,600		15		424,650
S&P 500 Index Put Option		2,506,850		December 2020		$2,700		10		332,800


		105		(continued)


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

Schedule of Investments

December 31, 2018


Purchased Options (Continued)	Notional Amount		Expiration		Exercise Price		Contracts (e)		Value
S&P 500 Index Put Option	$	21,308,225		December 2020		$2,750		85	$	3,061,700
S&P 500 Index Put Option		17,547,950		December 2020		$2,800		70		2,723,700
S&P 500 Index Put Option		22,561,650		December 2020		$2,850		90		3,871,350
S&P 500 Index Put Option		8,773,975		December 2020		$2,900		35		1,608,425
S&P 500 Index Put Option		3,760,275		December 2020		$2,950		15		728,400
S&P 500 Index Put Option		5,013,700		December 2020		$3,000		20		1,041,400
S&P 500 Index Put Option		1,253,425		December 2020		$3,050		5		278,650
SPDR S&P 500 ETF Trust Call Option		2,124,320		December 2020		$265		85		156,400
SPDR S&P 500 ETF Trust Call Option		3,748,800		December 2020		$270		150		250,800
SPDR S&P 500 ETF Trust Call Option		5,948,096		December 2020		$275		238		352,716
SPDR S&P 500 ETF Trust Call Option		2,599,168		December 2020		$280		104		141,024
SPDR S&P 500 ETF Trust Call Option		2,124,320		December 2020		$285		85		94,775
SPDR S&P 500 ETF Trust Call Option		4,123,680		December 2020		$290		165		152,130
SPDR S&P 500 ETF Trust Call Option		5,248,320		December 2020		$300		210		151,200
SPDR S&P 500 ETF Trust Call Option		2,649,152		December 2020		$305		106		69,854
SPDR S&P 500 ETF Trust Call Option		2,749,120		December 2020		$310		110		58,520
SPDR S&P 500 ETF Trust Put Option		2,124,320		December 2020		$265		85		273,105
SPDR S&P 500 ETF Trust Put Option		3,748,800		December 2020		$270		150		523,350
SPDR S&P 500 ETF Trust Put Option		5,948,096		December 2020		$275		238		847,518
SPDR S&P 500 ETF Trust Put Option		2,599,168		December 2020		$280		104		411,528
SPDR S&P 500 ETF Trust Put Option		2,124,320		December 2020		$285		85		372,980
SPDR S&P 500 ETF Trust Put Option		4,123,680		December 2020		$290		165		790,185
SPDR S&P 500 ETF Trust Put Option		5,248,320		December 2020		$300		210		1,144,500
SPDR S&P 500 ETF Trust Put Option		2,649,152		December 2020		$305		106		594,872
SPDR S&P 500 ETF Trust Put Option		2,749,120		December 2020		$310		110		688,600

Total Purchased Options (Cost $25,336,003)									$	25,509,952


Asset-Backed / Mortgage-Backed Securities – 3.7%			Rate	Maturity		Face Amount		Value
CONSUMER DISCRETIONARY – 0.1%
Applebee’s Funding LLC / IHOP Funding LLC 2014-1 A2	(c	)	4.277%		09/05/2044	$	196,513	$	196,014


FINANCIALS – 3.6%
AmeriCredit Automobile Receivables Trust 2015-3 D			3.340%		08/08/2021		383,000		384,245
AmeriCredit Automobile Receivables Trust 2016-1 D			3.590%		02/08/2022		81,000		81,384
Angel Oak Mortgage Trust I LLC 2018-2 A1	(c	)	3.674%		07/27/2048		63,012		62,809
Arroyo Mortgage Trust 2018-1 A1	(c	)	3.763%		04/25/2048		97,830		97,601
BAMLL Commercial Mortgage Securities Trust 2013-WBRK A	(c	)	3.534%		03/10/2037		169,000		166,036
BAMLL Commercial Mortgage Securities Trust 2018-DSNY A	(c	)	ML + 85		09/15/2034		264,000		262,689
BBCMS Mortgage Trust 2018-TALL A	(c	)	ML + 72		03/15/2037		845,000		830,128
BBCMS Trust 2015-SRCH A2	(c	)	4.197%		08/10/2035		210,000		212,649
Bean Creek CLO Ltd. 2015-1A AR	(c	)	QL + 102		04/20/2031		221,000		216,055
BHMS Mortgage Trust 2018-ATLS A	(c	)	ML + 125		07/15/2035		226,000		224,883
BX Commercial Mortgage Trust 2018-IND A	(c	)	ML + 75		11/15/2035		387,422		385,000
BXP Trust 2017-GM A	(c	)	3.379%		06/13/2039		96,000		93,748
Caesars Palace Las Vegas Trust 2017-VICI C	(c	)	4.138%		10/15/2034		135,000		135,645
Caesars Palace Las Vegas Trust 2017-VICI D	(c	)	4.354%		10/15/2034		145,000		145,146
Caesars Palace Las Vegas Trust 2017-VICI E	(c	)	4.354%		10/15/2034		191,000		186,603
Carlyle Global Market Strategies CLO 2016-1A A2R	(c	)	QL + 145		04/20/2027		250,000		243,580
Carlyle Global Market Strategies CLO 2018-1A A1	(c	)	QL + 102		04/20/2031		422,000		413,629
CIFC Funding 2013-4A A1RR	(c	)	QL + 106		04/27/2031		250,000		245,570
CIFC Funding 2018-2A A1	(c	)	QL + 104		04/20/2031		258,000		252,827
CSMLT 2015-2 A6	(c	)	3.500%		08/25/2045		116,731		115,690
Drive Auto Receivables Trust 2017-1 D			3.840%		03/15/2023		23,000		23,083
Drive Auto Receivables Trust 2017-AA D	(c	)	4.160%		05/15/2024		130,000		131,467
Dryden 41 Senior Loan Fund 2015-41A AR	(c	)	QL + 97		04/15/2031		250,000		244,423
Dryden 64 CLO Ltd. 2018-64A A	(c	)	QL + 97		04/18/2031		250,000		244,420
Exeter Automobile Receivables Trust 2018-2A C	(c	)	3.690%		03/15/2023		105,000		105,366
Fannie Mae Connecticut Avenue Securities 2014-C02 1M2			ML + 260		05/25/2024		114,271		119,713
Fannie Mae Connecticut Avenue Securities 2014-C03 1M2			ML + 300		07/25/2024		402,764		423,475
Fannie Mae REMICS FNR 2018-27 EA			3.000%		05/25/2048		317,069		311,794
Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN1 M3			ML + 450		02/25/2024		338,000		378,964
J.P. Morgan Chase Commercial Mortgage Securities Trust 2015-UES E	(c	)	3.621%		09/05/2032		44,000		43,088
J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI C	(c	)	3.554%		10/05/2031		26,000		25,560
J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI D	(c	)	4.009%		10/05/2031		40,000		39,190
J.P. Morgan Mortgage Trust 2018-8 A13	(c	)	4.000%		01/25/2049		69,473		68,775
LCM XIV LP 14A AR	(c	)	QL + 104		07/20/2031		250,000		245,194
LCM XVIII LP 18A A1R	(c	)	QL + 102		04/20/2031		389,000		384,791
loanDepot Station Place Agency Securitization Trust 2017-LD1 A	(c	)	ML + 80		11/25/2050		327,000		326,006


		106		(continued)


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


Schedule of Investments		December 31, 2018


Asset-Backed / Mortgage-Backed Securities (Continued)		Rate		Maturity		Face Amount		Value
FINANCIALS (continued)
loanDepot Station Place Agency Securitization Trust 2017-LD1 B	(c)		ML + 100		11/25/2050	$	65,000	$	64,832
Magnetite VIII Ltd. 2014-8A AR2	(c)		QL + 98		04/15/2031		156,000		153,716
Magnetite XV Ltd. 2015-15A AR	(c)		QL + 101		07/25/2031		283,000		277,271
Mello Warehouse Securitization Trust 2018-W1 A	(c)		ML + 85		11/25/2051		500,000		499,854
New Residential Mortgage Loan Trust 2018-2A A1	(c)		4.500%		02/25/2058		110,087		112,191
Octagon Investment Partners 36 Ltd. 2018-1A A1	(c)		QL + 97		04/15/2031		142,000		139,231
Octagon Loan Funding Ltd. 2014-1A ARR	(c)		QL + 118		11/18/2031		334,000		331,969
OneMain Direct Auto Receivables Trust 2018-1A C	(c)		3.850%		10/14/2025		100,000		101,489
OneMain Direct Auto Receivables Trust 2018-1A D	(c)		4.400%		01/14/2028		100,000		102,054
Sequoia Mortgage Trust 2018-7 A4	(c)		4.000%		09/25/2048		96,162		97,143
Sequoia Mortgage Trust 2018-CH2 A12	(c)		4.000%		06/25/2048		238,455		240,239
Sequoia Mortgage Trust 2018-CH3 A11	(c)		4.000%		08/25/2048		123,021		124,011
Sounds Point CLO IV-R Ltd. 2013-3RA A	(c)		QL + 115		04/18/2031		250,000		246,251
Station Place Securitization Trust 2018-7 A	(c)		ML + 85		09/24/2019		460,000		460,000
Towd Point Mortgage Trust 2018-3 A1	(c)		3.750%		05/25/2058		93,690		93,595
Towd Point Mortgage Trust 2018-4 A1	(c)		3.000%		06/25/2058		156,520		152,104
Voya CLO 2015-2A BR	(c)		QL + 150		07/23/2027		250,000		248,384
Voya CLO 2018-1A A1	(c)		QL + 95		04/19/2031		427,000		420,124
Voya CLO 2018-2A A1	(c)		QL + 100		07/15/2031		361,028		356,625
Wachovia Bank Commercial Mortgage Trust Series 2007-C34 AJ			6.141%		05/15/2046		15,192		15,282
Wells Fargo Mortgage Backed Securities 2018-1 A17	(c)		3.500%		07/25/2047		99,129		96,648
Westlake Automobile Receivables Trust 2018-1A D	(c)		3.410%		05/15/2023		16,000		15,886
WinWater Mortgage Loan Trust 2015-5 A5	(c)		3.500%		08/20/2045		352,370		350,488

									12,570,613

Total Asset-Backed / Mortgage-Backed Securities (Cost $12,893,216)								$	12,766,627


Bank Loans – 0.9%		Rate		Maturity		Face Amount		Value
COMMUNICATION SERVICES – 0.1%
Mission Broadcasting, Inc. (Index Floor: 0.00%) (Media)			QL + 225		01/17/2024	$	21,801	$	20,591
Nexstar Broadcasting, Inc. (Index Floor: 0.00%) (Media)			QL + 225		01/17/2024		136,283		128,719
Zayo Group LLC (Index Floor: 1.00%) (Diversified Telecom. Svs.)			QL + 225		01/19/2024		119,000		113,688

									262,998

CONSUMER DISCRETIONARY – 0.3%
Aramark Services, Inc. (Index Floor: 0.00%) (Hotels, Restaurants & Leisure)			ML + 175		03/28/2024		118,628		114,736
Golden Nugget LLC (Index Floor: 0.75%) (Hotels, Restaurants & Leisure)			QL + 275		10/04/2023		185,605		178,180
Hilton Worldwide Finance LLC (Index Floor: 0.00%) (Hotels, Restaurants & Leisure)			QL + 175		10/25/2023		467,000		449,487
KFC Holding Co. (Index Floor: 0.00%) (Hotels, Restaurants & Leisure)			ML + 175		04/03/2025		423,777		412,920

									1,155,323

HEALTH CARE – 0.0%
Bausch Health Cos., Inc. (Index Floor: 0.00%) (Pharmaceuticals)			ML + 300		06/01/2025		11,696		11,147
IQVIA, Inc. (Index Floor: 0.75%) (Life Sciences Tools & Svs.)			QL + 200		03/07/2024		66,000		63,905

									75,052

INDUSTRIALS – 0.1%
HD Supply, Inc. (Index Floor: 0.00%) (Trading Companies & Distributors)			QL + 175		10/17/2023		154,000		147,455


INFORMATION TECHNOLOGY – 0.0%
CommScope, Inc. (Index Floor: 0.00%) (Communications Equip.)			ML + 200		12/29/2022		54,000		51,030


MATERIALS – 0.2%
Axalta Coating Systems U.S. Holdings, Inc. (Index Floor: 0.00%) (Chemicals)			QL + 175		06/01/2024		385,000		361,900
Reynolds Group Holdings, Inc. (Index Floor: 0.00%) (Containers & Packaging)			ML + 275		02/05/2023		153,284		145,620

									507,520

UTILITIES – 0.2%
NRG Energy, Inc. (Index Floor: 0.00%) (Ind. Power & Renewable Elec.)			QL + 175		06/30/2023		286,000		274,417
Vistra Operations Co. LLC (Index Floor: 0.00%) (Ind. Power & Renewable Elec.)			ML + 200		08/04/2023		502,594		483,466

									757,883

Total Bank Loans (Cost $3,093,784)								$	2,957,261


		107		(continued)


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


Schedule of Investments		December 31, 2018


Master Limited Partnerships – 0.4%				Shares		Value

FINANCIALS – 0.4%
Blackstone Group LP / The (Capital Markets)					51,045	$	1,521,651

Total Master Limited Partnerships (Cost $1,204,795)						$	1,521,651


Preferred Securities – 0.2%		Rate		Quantity		Value

FINANCIALS – 0.2%
Goldman Sachs Capital I (Capital Markets)			6.345%		497,000	$	555,184

Total Preferred Securities (Cost $580,690)						$	555,184


Money Market Funds – 11.4%				Shares		Value

State Street Institutional Liquid Reserves Fund Institutional Class, 2.50%	(f)				36,098,520	$	36,094,910
State Street Institutional U.S. Government Money Market Fund Institutional Class, 2.27%	(f)				3,359,945		3,359,945

Total Money Market Funds (Cost $39,459,610)						$	39,454,855

Total Investments – 100.1% (Cost $324,655,316)	(g)					$	347,387,661
Liabilities in Excess of Other Assets – (0.1)%	(b)						(319,965	)

Net Assets – 100.0%						$	347,067,696

Percentages are stated as a percent of net assets.

Abbreviations:

CLO:

Collaterized Loan Obligation

ML:

Monthly U.S. LIBOR Rate, 2.503% at 12/31/2018

QL:

Quarterly U.S. LIBOR Rate, 2.808% at 12/31/2018

Footnotes:

(a)

Non-income producing security.

(b)

Security is fully or partially pledged, in addition to $1,181,160 of the Portfolio’s cash holdings, as collateral for the futures contracts outstanding at December 31, 2018. See also the following Schedule of Open Futures Contracts.

(c)

Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At December 31, 2018, the value of these securities totaled $17,633,185, or 5.1% of the Portfolio’s net assets.

(d)

(e)

100 shares per contract.

(f)

Rate represents the seven-day yield at December 31, 2018.

(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.


Schedule of Open Futures Contracts		December 31, 2018


Description	Number of contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)		Variation Margin Receivable (Payable)
CME E-mini S&P 500 Index - Long		401		March 15, 2019		$	51,755,366		$	50,229,260		$(1,526,106)		$	369,023
10-Year U.S. Treasury Note - Long		1,408		March 20, 2019			167,721,756			171,798,000		4,076,244			550,007
U.S. Treasury Long Bond - Long		31		March 20, 2019			4,319,376			4,526,000		206,624			14,531

						$	223,796,498		$	226,553,260		$ 2,756,762		$	933,561

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


		108


Ohio National Fund, Inc.		ON Conservative Model Portfolio (Unaudited)

Objective/Strategy

The ON Conservative Model Portfolio is a fund of funds that seeks current income and preservation of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 0-25%, International Equity 0-10%, and Fixed Income 65-90%.

Performance as of December 31, 2018


Average Annual returns
One year	-3.04	%
Since inception (3/1/17)	1.14	%

Total gross expense ratio is estimated to be 1.08% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus. The Adviser has contractually agreed to make payments to the Fund to the extent necessary to maintain the Portfolio’s expense ratio (including AFFE, but excluding certain other expenses) at 0.87% through April 30, 2019.

Comments from Adviser

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

A. For the year ended December 31, 2018, the ON Conservative Model Portfolio returned -3.04% versus -1.20% for its benchmark, the Morningstar^® Conservative Target Risk Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. In 2018, domestic equity markets generally provided negative returns. Foreign and emerging equity markets generally provided larger negative returns, after adjusting for currency translation. Large cap stocks generally outperformed mid cap and small cap stocks, and growth stocks generally outperformed value stocks during the period. The Portfolio’s underweight to mid cap and small cap stocks benefited performance vs. the benchmark, while the overweight to value stocks detracted from performance vs. the benchmark. However, the performance of the underlying funds in the Portfolio vs. their respective benchmarks was the primary driver of underperformance during the year. ⁽¹⁾

Fixed income markets generally provided negative returns for the period. Long term interest rates increased, while the Federal Reserve continued to increase short term interest rates. In this environment, shorter duration bonds outperformed longer duration bonds. Corporate credit spreads widened, and lower quality bonds underperformed higher quality bonds during the period. Corporate and high yield bonds generally underperformed other sectors of the bond market. The Portfolio’s

exposure to short duration and inflation linked bonds benefited performance vs. the benchmark, while exposure to corporate and high yield bonds detracted from performance vs. the benchmark. ⁽¹⁾

Q. How did asset class allocation impact the Portfolio’s performance relative to its benchmark?

A. The Portfolio invests in affiliated and unaffiliated open-end mutual funds, comprised mostly of fixed income funds, but also some equity funds. The asset allocation between fixed income funds and equity funds was roughly in-line with the benchmark. On the equity side, the overweight allocation to large cap domestic equity funds added to performance vs. the benchmark, which has a larger allocation to mid cap and small cap funds. On the fixed income side, the overweight allocation to low duration and inflation protected bonds aided performance vs. the benchmark, while the allocation to high yield and corporate bonds detracted from performance relative to the benchmark during the period. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The top three performing funds in the Portfolio were the PIMCO Low Duration Institutional fund, the PIMCO Total Return Institutional fund, and the Western Asset Core Plus Bond IS fund. The PIMCO Low Duration Institutional fund benefited from its shorter duration in a rising interest rate environment. The PIMCO Total Return Institutional fund benefited from its shorter duration and exposure to higher quality bonds, while the Western Asset Core Plus Bond IS fund benefited from its exposure to higher quality bonds. ⁽¹⁾

The three funds that detracted most from benchmark relative performance were the DFA International Core Equity Portfolio Institutional fund, the Templeton Foreign Class R6 fund, and the Ohio National Fund, Inc. – ON International Equity Portfolio. All of these funds are international equity funds, and international stocks underperformed domestic stocks in 2018. ⁽¹⁾

Q. Were there any significant changes to the Portfolio’s management team, investment strategy, or selection process during the reporting period?

A. The members of the asset allocation committee changed during the second half of 2018. Tara York, CFA joined the committee, while Todd Brockman and Dan Leming left the committee. There were no other significant changes during the year, although exposure to small and mid cap funds was increased near the end of the year. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		109		(continued)


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


Change in Value of $10,000 Investment

LOGO

The Morningstar^® Target Risk Index Family is a series of Morningstar Indexes that provide exposure to a broad array of asset classes using Morningstar asset allocation methodology. The index family provides global equity market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The five levels of global equity exposure are set at 95%, 80%, 60%, 40%, and 20%, respectively, and the Morningstar^® Conservative Target Risk Index exposure is set at 20%.

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


		% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0

Top 10 Portfolio Holdings as of December 31,
2018 ⁽¹⁾ ^(2) (3)


		% of Net Assets
1.	Western Asset Core Plus Bond IS		22.3
2.	PIMCO Total Return Institutional		17.2
3.	PIMCO Real Return Institutional		15.1
4.	PIMCO Low Duration Institutional		11.1
5.	Ohio National Fund, Inc. - ON S&P 500^® Index Portfolio		10.7
6.	Ohio National Fund, Inc. - ON Bond Portfolio		7.0
7.	Ohio National Fund, Inc. - ON Federated High Income Bond Portfolio		6.9
8.	Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio		2.9
9.	Ohio National Fund, Inc. - ON International Equity Portfolio		2.0
10.	Ohio National Fund, Inc. - ON S&P MidCap 400^®Index Portfolio		1.9

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

110


Ohio National Fund, Inc.		ON Conservative Model Portfolio


Schedule of Investments in Unaffiliated Issuers		December 31, 2018


Open-End Mutual Funds – 66.6%			Shares		Value
DFA International Core Equity Portfolio Institutional				66,868	$	782,362
PIMCO Low Duration Institutional				900,910		8,738,829
PIMCO Real Return Institutional				1,129,258		11,924,965
PIMCO Total Return Institutional				1,365,546		13,559,868
Western Asset Core Plus Bond IS				1,571,222		17,597,685

Total Open-End Mutual Funds					$	52,603,709

Total Investments in Securities of Unaffiliated Issuers – 66.6% (Cost $54,103,542)	(a	)			$	52,603,709
Total Investments in Affiliates – 33.4% (Cost $27,728,259) (see schedule below)	(a	)				26,426,249
Liabilities in Excess of Other Assets – 0.0%						(29,892	)

Net Assets – 100.0%					$	79,000,066

Percentages are stated as a percent of net assets.

Footnotes:

(a)

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

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


Schedule of Investments in Affiliates		December 31, 2018


Affiliate		Value at January 1, 2018		Cost of Purchases		Proceeds from Sales			Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Income Distributions			Capital Gain Distributions			Shares at December 31, 2018		Value at December 31, 2018
Open-End Mutual Funds – 33.4%
Lazard International Equity Class R6	(a)		$1,992,490		$ 311,769		$	2,316,853		$	280,840			$	(268,246	)		$	—		$	—		—		$	—
Ohio National Fund, Inc. - ON Bond Portfolio	(b)(c)		6,475,591		1,157,680			1,879,854			(49,011	)			(146,659	)			—			—		326,542			5,557,747
Ohio National Fund, Inc. - ON Federated High Income Bond Portfolio	(b)(c)		6,973,714		1,157,720			2,480,348			87,122				(267,282	)			—			—		292,094			5,470,926
Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio	(b)(c)		6,973,714		1,491,005			5,762,136			272,387				(667,151	)			—			—		140,979			2,307,819
Ohio National Fund, Inc. - ON ICON Balanced Portfolio	(b)(c)		5,977,469		345,001			6,452,212			468,626				(338,884	)			—			—		—			—
Ohio National Fund, Inc. - ON International Equity Portfolio	(b)(c)		—		2,183,902			365,408			(11,159	)			(235,176	)			—			—		120,288			1,572,159
Ohio National Fund, Inc. - ON Janus Henderson Venture Portfolio	(b)(c)		—		886,368			27,418			(87	)			(91,038	)			—			—		24,857			767,825
Ohio National Fund, Inc. - ON S&P 500^®Index Portfolio	(b)(c)		6,475,592		7,387,897			5,057,771			790,377				(1,154,647	)			—			—		300,300			8,441,448
Ohio National Fund, Inc. - ON S&P MidCap 400^®Index Portfolio	(b)(c)		—		1,749,181			46,591			130				(177,225	)			—			—		98,674			1,525,495
Templeton Foreign Class R6	(a)		1,992,490		427,263			1,483,431			125,309				(278,801	)			24,203			—		119,516			782,830

Total Open-End Mutual Funds										$	1,964,534			$	(3,625,109	)		$	24,203		$	—				$	26,426,249

Percentages are stated as a percent of net assets.

Footnotes:

(a)

Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment met the definition of “affiliated person” at a point in time during the year ended December 31, 2018, as the Portfolio directly or indirectly owned, controlled, or held with power to vote 5 percent or more of the outstanding voting securities of the holding.

(b)

Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at December 31, 2018.

(c)

Non-income producing security.

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

111


Ohio National Fund, Inc.		ON Moderately Conservative Model Portfolio (Unaudited)

Objective/Strategy

The ON Moderately Conservative Model Portfolio is a fund of funds that seeks current income and moderate growth of capital with a greater emphasis on current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 20-40%, International Equity 5-20%, and Fixed Income 30-70%.

Performance as of December 31, 2018


Average Annual returns
One year			-5.61%
Since inception (3/1/17)			0.49%

Total gross expense ratio is estimated to be 1.07% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus. The Adviser has contractually agreed to make payments to the Fund to the extent necessary to maintain the Portfolio’s expense ratio (including AFFE, but excluding certain other expenses) at 0.92% through April 30, 2019.

Comments from Adviser

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

A. For the year ended December 31, 2018, the ON Moderately Conservative Model Portfolio returned -5.61% versus –2.87% for its benchmark, the Morningstar^® Moderately Conservative Target Risk Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. In 2018, domestic equity markets generally provided negative returns. Foreign and emerging equity markets generally provided larger negative returns, after adjusting for currency. Large cap stocks generally outperformed mid cap and small cap stocks, and growth stocks generally outperformed value stocks during the period. The Portfolio’s underweight to mid cap and small cap stocks benefited performance vs. the benchmark, while the overweight to value stocks detracted from relative performance. However, the performance of the underlying funds in the Portfolio vs. their respective benchmarks was the primary driver of underperformance during the year. ⁽¹⁾

quality bonds during the period. Corporate and high yield bonds generally underperformed other sectors of the bond market. The Portfolio’s exposure to short duration and inflation linked bonds benefited performance vs. the benchmark, while exposure to corporate and high yield bonds detracted from relative performance. ⁽¹⁾

Q. How did asset class allocation impact the Portfolio’s performance relative to its benchmark?

A. The Portfolio invests affiliated and unaffiliated open-end mutual funds, comprised mostly of fixed income funds, but also equity funds. The asset allocation to equity funds was slightly higher than the benchmark, which detracted slightly from performance vs. the benchmark. On the equity side, the overweight allocation to large cap domestic equity funds benefited performance vs. the benchmark, while the overweight to value stocks detracted from relative performance. On the fixed income side, the overweight allocation to low duration and inflation protected bonds aided performance vs. the benchmark, while the allocation to high yield and corporate bonds detracted from relative performance. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

The three funds that detracted most from relative performance were the DFA International Core Equity Portfolio Institutional fund (“DFA International”), the Fidelity Advisor^® Mid Cap II Class I fund (“Fidelity Mid Cap”), and the Templeton Foreign Class R6 fund (“Templeton Foreign”). DFA International and Templeton Foreign are international equity funds, which underperformed domestic stocks in 2018. Fidelity Mid Cap is comprised primarily of mid cap stocks, which also underperformed during the period. ⁽¹⁾

Q. Were there any significant changes to the Portfolio’s management team, investment strategy, or selection process during the reporting period?

A. The members of the asset allocation committee changed during the second half of 2018. Tara York, CFA joined the committee, while Todd Brockman and Dan Leming left the committee. There were no significant changes to the investment strategy or selection process during the period. There were asset allocation changes made during the year that increased exposure to equity index, growth and mid cap funds, and decreased exposure to value and balanced funds. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		112		(continued)


Ohio National Fund, Inc.		ON Moderately Conservative Model Portfolio (Unaudited) (Continued)

Change in Value of $10,000 Investment

LOGO

The Morningstar^® Target Risk Index Family is a series of Morningstar Indexes that provide exposure to a broad array of asset classes using Morningstar asset allocation methodology. The index family provides global equity market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The five levels of global equity exposure are set at 95%, 80%, 60%, 40%, and 20%, respectively, and the Morningstar^® Moderately Conservative Target Risk Index exposure is set at 40%.

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

Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0

Top 10 Portfolio Holdings as of December 31,
2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Western Asset Core Plus Bond IS		17.3
2.	PIMCO Total Return Institutional		13.3
3.	Ohio National Fund, Inc. - ON S&P 500^® Index Portfolio		11.7
4.	PIMCO Real Return Institutional		9.1
5.	PIMCO Low Duration Institutional		8.1
6.	Ohio National Fund, Inc. - ON Bond Portfolio		6.1
7.	Ohio National Fund, Inc. - ON International Equity Portfolio		6.1
8.	Ohio National Fund, Inc. - ON Federated High Income Bond Portfolio		6.0
9.	Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio		4.9
10.	Ohio National Fund, Inc. - ON Equity Portfolio		2.9

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

113


Ohio National Fund, Inc.		ON Moderately Conservative Model Portfolio


Schedule of Investments in Unaffiliated Issuers		December 31, 2018


Open-End Mutual Funds – 50.8%			Shares		Value
DFA International Core Equity Portfolio Institutional				405,756	$	4,747,350
PIMCO Low Duration Institutional				1,984,434		19,249,012
PIMCO Real Return Institutional				2,052,172		21,670,932
PIMCO Total Return Institutional				3,163,323		31,411,798
Vanguard International Growth Fund Admiral Class				29,601		2,344,973
Western Asset Core Plus Bond IS				3,671,920		41,125,504

Total Open-End Mutual Funds					$	120,549,569

Total Investments in Securities of Unaffiliated Issuers – 50.8% (Cost $125,037,930)	(a	)			$	120,549,569
Total Investments in Affiliates – 49.2% (Cost $125,273,445) (see schedule below)	(a	)				116,743,027
Liabilities in Excess of Other Assets – 0.0%						(74,646	)

Net Assets – 100.0%					$	237,217,950

Percentages are stated as a percent of net assets.

Footnotes:

(a)

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

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


Schedule of Investments in Affiliates		December 31, 2018


Affiliate		Value at January 1, 2018			Cost of Purchases			Proceeds from Sales			Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Income Distributions			Capital Gain Distributions			Shares at December 31, 2018		Value at December 31, 2018
Open-End Mutual Funds – 49.2%
Fidelity Advisor^®Mid Cap II Class I	(a)		$	6,513,631		$	1,350,428		$	2,179,756		$	185,940			$	(1,358,790	)		$	25,568		$	426,783		269,501		$	4,511,453
Fidelity Advisor^®Real Estate I	(a)			6,513,631			891,793			4,764,401			(357,399	)			(23,461	)			71,756			80,937		116,204			2,260,163
Lazard International Equity Class R6	(b)			19,540,894			1,084,701			20,708,783			2,860,915				(2,777,727	)			—			—		—			—
Ohio National Fund, Inc. - ON Bond Portfolio	(a)(c)			17,912,486			2,008,066			4,945,738			(140,609	)			(404,280	)			—			—		847,822			14,429,925
Ohio National Fund, Inc. - ON Bristol Growth Portfolio	(a)(c)			6,513,631			897,996			7,365,380			1,007,434				(1,053,681	)			—			—		—			—
Ohio National Fund, Inc. - ON Equity Portfolio	(a)(c)			22,797,709			2,111,473			16,982,042			1,300,921				(2,371,969	)			—			—		192,263			6,856,092
Ohio National Fund, Inc. - ON Federated High Income Bond Portfolio	(a)(c)			19,540,894			1,495,091			6,287,152			215,370				(697,794	)			—			—		761,688			14,266,409
Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio	(a)(c)			26,054,525			2,172,284			14,747,588			512,470				(2,333,482	)			—			—		712,169			11,658,209
Ohio National Fund, Inc. - ON ICON Balanced Portfolio	(a)(c)			19,540,894			9,431			19,962,794			1,550,079				(1,137,610	)			—			—		—			—
Ohio National Fund, Inc. - ON International Equity Portfolio	(a)(c)			—			19,165,446			2,458,746			(81,247	)			(2,271,134	)			—			—		1,098,265			14,354,319
Ohio National Fund, Inc. - ON Janus Henderson Enterprise Portfolio	(a)(c)			—			3,072,222			481,816			4,966				(279,496	)			—			—		61,988			2,315,876
Ohio National Fund, Inc. - ON Janus Henderson Forty Portfolio	(a)(c)			—			3,066,024			529,112			17,452				(238,883	)			—			—		110,419			2,315,481
Ohio National Fund, Inc. - ON Janus Henderson Venture Portfolio	(a)(c)			—			2,610,650			62,090			322				(284,315	)			—			—		73,311			2,264,567
Ohio National Fund, Inc. - ON Nasdaq-100^®Index Portfolio	(a)(c)			—			6,126,095			964,869			27,209				(583,007	)			—			—		277,435			4,605,428
Ohio National Fund, Inc. - ON S&P 500^®Index Portfolio	(a)(c)			17,912,486			21,566,383			10,315,595			1,684,617				(3,105,218	)			—			—		986,932			27,742,673
Ohio National Fund, Inc. - ON S&P MidCap 400^®Index Portfolio	(a)(c)			—			8,139,155			317,971			(18,887	)			(1,024,377	)			—			—		438,416			6,777,920
Templeton Foreign Class R6	(b)			13,027,263			730,477			10,845,731			906,377				(1,433,874	)			74,062			—		364,048			2,384,512

Total Open-End Mutual Funds												$	9,675,930			$	(21,379,098	)		$	171,386		$	507,720				$	116,743,027

Percentages are stated as a percent of net assets.

Footnotes:

(a)

(b)

(c)

Non-income producing security.

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

114


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

Objective/Strategy

The ON Balanced Model Portfolio is a fund of funds that seeks a balance between growth of capital and current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 25-50%, International Equity 10-25%, and Fixed Income 25-50%.

Performance as of December 31, 2018


Average Annual returns
One year			-7.77%
Since inception (3/1/17)			-0.16%

Total gross expense ratio is estimated to be 1.11% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus. The Adviser has contractually agreed to make payments to the Fund to the extent necessary to maintain the Portfolio’s expense ratio (including AFFE, but excluding certain other expenses) at 0.99% through April 30, 2019.

Comments from Adviser

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

A. For the year ended December 31, 2018, the ON Balanced Model Portfolio returned -7.77% versus -4.76% for its benchmark, the Morningstar^® Moderate Target Risk Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. In 2018, domestic equity markets generally provided negative returns. Foreign and emerging equity markets generally provided larger negative returns, after adjusting for currency translation. Large cap stocks generally outperformed mid cap and small cap stocks, and growth stocks generally outperformed value stocks during the period. The Portfolio’s underweight to mid cap stocks benefited performance vs. the benchmark, while the overweight to value stocks detracted from relative performance. However, the performance of the underlying funds in the Portfolio vs. their respective benchmarks was the primary driver of underperformance during the year. ⁽¹⁾

underperformed other sectors of the bond market. The Portfolio’s exposure to short duration and inflation linked bonds benefited performance vs. the benchmark, while exposure to corporate and high yield bonds detracted from relative performance. ⁽¹⁾

Q. How did asset class allocation impact the Portfolio’s performance relative to its benchmark?

A. The Portfolio invests in affiliated and unaffiliated open-end mutual funds, comprised of fixed income funds and equity funds. The asset allocation between fixed income funds and equity funds was roughly in-line with the benchmark. On the equity side, the overweight allocation to large cap domestic equity funds benefited performance vs. the benchmark, while the overweight to value stocks detracted from relative performance. On the fixed income side, the overweight allocation to low duration and inflation protected bonds aided performance vs. the benchmark, while the allocation to high yield and corporate bonds detracted from relative performance. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The top three performing funds in the Portfolio were the PIMCO Low Duration Institutional fund, the PIMCO Total Return Institutional fund, and the Ohio National Fund, Inc. – ON Nasdaq-100^® Index Portfolio (“ON Nasdaq-100^® Index Portfolio.”) The PIMCO Low Duration Institutional fund benefited from its shorter duration in a rising interest rate environment. The PIMCO Total Return bond fund benefited from its shorter duration and exposure to higher quality bonds, while the ON Nasdaq-100^® Index Portfolio benefited from its exposure to large cap growth stocks. The three funds that detracted most from benchmark relative performance were the Lazard Emerging Markets Equity Class R6 fund (“Lazard EM Equity”), the Ohio National Fund, Inc. – ON Bristol Portfolio (“ON Bristol Portfolio”), and the DFA International Core Equity Portfolio Institutional fund (“DFA International”). Lazard EM Equity and DFA International are international equity funds, which underperformed domestic stock in 2018. ON Bristol Portfolio trailed the benchmark due to security selection. ⁽¹⁾

Q. Were there any significant changes to the Portfolio’s management team, investment strategy, or selection process during the reporting period?

A. The members of the asset allocation committee changed during the second half of 2018. Tara York, CFA joined the committee, while Todd Brockman and Dan Leming left the committee. There were no significant changes to the investment strategy or selection process during the period. There were asset allocation changes made during the year that increased exposure to equity index, growth and mid cap funds, and decreased exposure to value and balanced funds. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.

115


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

Change in Value of $10,000 Investment

LOGO

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

Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0

Top 10 Portfolio Holdings as of December 31,
2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Ohio National Fund, Inc. - ON S&P 500^® Index Portfolio		12.9
2.	PIMCO Total Return Institutional		10.2
3.	Ohio National Fund, Inc. - ON International Equity Portfolio		9.1
4.	Western Asset Core Plus Bond IS		7.2
5.	PIMCO Real Return Institutional		7.1
6.	PIMCO Low Duration Institutional		7.1
7.	Ohio National Fund, Inc. - ON S&P MidCap 400^®Index Portfolio		6.7
8.	Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio		6.0
9.	Ohio National Fund, Inc. - ON Bond Portfolio		4.1
10.	Ohio National Fund, Inc. - ON Federated High Income Bond Portfolio		4.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

116


Ohio National Fund, Inc.		ON Balanced Model Portfolio


Schedule of Investments in Unaffiliated Issuers		December 31, 2018


Open-End Mutual Funds – 40.7%			Shares		Value
DFA Emerging Markets Portfolio Institutional				680,892	$	17,560,200
DFA International Core Equity Portfolio Institutional				2,971,792		34,769,960
Lazard Emerging Markets Equity Class R6				1,086,207		17,444,485
PIMCO Low Duration Institutional				8,422,122		81,694,588
PIMCO Real Return Institutional				7,742,160		81,757,212
PIMCO Total Return Institutional				11,808,891		117,262,286
Vanguard International Growth Fund Admiral Class				435,190		34,475,738
Western Asset Core Plus Bond IS				7,337,048		82,174,938

Total Open-End Mutual Funds					$	467,139,407

Total Investments in Securities of Unaffiliated Issuers – 40.7% (Cost $494,495,166)	(a	)			$	467,139,407
Total Investments in Affiliates – 59.3% (Cost $730,984,545) (see schedule below)	(a	)				680,158,499
Liabilities in Excess of Other Assets – 0.0%						(407,026	)

Net Assets – 100.0%					$	1,146,890,880

Percentages are stated as a percent of net assets.

Footnotes:

(a)

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

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


Schedule of Investments in Affiliates		December 31, 2018


Affiliate		Value at January 1, 2018		Cost of Purchases		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Income Distributions		Capital Gain Distributions		Shares at December 31, 2018		Value at December 31, 2018
Open-End Mutual Funds – 59.3%
Fidelity Advisor^®Mid Cap II Class I	(a)	$	46,855,864	$	5,369,466	$	10,370,674	$	965,116		$	(9,688,808	)		$188,309		$3,146,128		1,979,150	$	33,130,964
Fidelity Advisor^®Real Estate I	(a)		31,237,243		2,742,046		21,050,573		(546,049	)		(1,265,062	)		350,016		398,698		571,599		11,117,605
Lazard International Equity Class R6	(b)		140,567,593		0		141,134,849		21,218,590			(20,651,334	)		—		—		—		—
Ohio National Fund, Inc. - ON Bond Portfolio .	(a)(c)		54,665,175		8,146,545		14,467,333		(392,955	)		(1,298,085	)		—		—		2,741,090		46,653,347
Ohio National Fund, Inc. - ON Bristol Portfolio.	(a)(c)		46,855,864		3,658,504		10,903,097		1,911,521			(8,649,652	)		—		—		1,326,065		32,873,140
Ohio National Fund, Inc. - ON ClearBridge Small Cap Portfolio	(a)(c)		62,474,486		601,970		41,455,330		5,955,130			(5,993,507	)		—		—		413,700		21,582,749
Ohio National Fund, Inc. - ON Equity Portfolio .	(a)(c)		93,711,729		1,563,793		56,454,641		4,761,292			(9,949,515	)		—		—		943,148		33,632,658
Ohio National Fund, Inc. - ON Federated High Income Bond Portfolio	(a)(c)		78,093,107		337,928		30,799,618		1,516,414			(3,074,243	)		—		—		2,459,882		46,073,588
Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio	(a)(c)		124,948,971		1,997,935		49,445,677		2,043,382			(11,083,746	)		—		—		4,182,093		68,460,865
Ohio National Fund, Inc. - ON ICON Balanced Portfolio	(a)(c)		124,948,971		454,684		128,487,870		10,830,152			(7,745,937	)		—		—		—		—
Ohio National Fund, Inc. - ON International Equity Portfolio	(a)(c)		—		132,920,863		10,942,505		(562,017	)		(16,736,209	)		—		—		8,009,191		104,680,132
Ohio National Fund, Inc. - ON Janus Henderson Enterprise Portfolio	(a)(c)		—		14,534,105		1,789,402		11,251			(1,385,590	)		—		—		304,346		11,370,364
Ohio National Fund, Inc. - ON Janus Henderson Forty Portfolio	(a)(c)		—		14,599,095		2,100,022		63,439			(1,181,308	)		—		—		542,738		11,381,204
Ohio National Fund, Inc. - ON Nasdaq-100^®Index Portfolio	(a)(c)		7,809,311		22,692,906		6,335,054		731,507			(2,327,069	)		—		—		1,359,735		22,571,601
Ohio National Fund, Inc. - ON S&P 500^®Index Portfolio	(a)(c)		140,567,593		58,409,928		44,480,285		7,285,042			(14,245,588	)		—		—		5,248,548		147,536,690
Ohio National Fund, Inc. - ON S&P MidCap 400^®Index Portfolio	(a)(c)		15,618,621		80,866,233		5,432,403		119,543			(13,674,479	)		—		—		5,012,776		77,497,515
Templeton Foreign Class R6	(b)		109,330,350		927,261		95,145,075		7,448,001			(10,964,460	)		360,900		—		1,770,393		11,596,077

Total Open-End Mutual Funds								$	63,359,359		$	(139,914,592	)	$	899,225	$	3,544,826			$	680,158,499

117


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


Schedule of Investments in Affiliates		December 31, 2018

Percentages are stated as a percent of net assets.

Footnotes:

(a)

(b)

(c)

Non-income producing security.

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

118


Ohio National Fund, Inc.		ON Moderate Growth Model Portfolio (Unaudited)

Objective/Strategy

The ON Moderate Growth Model Portfolio is a fund of funds that seeks growth of capital and moderate current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 40-60%, International Equity 15-35%, and Fixed Income 10-30%.


Performance as of December 31, 2018


Average Annual returns
One year			-10.14%
Since inception (3/1/17)			-0.38%

Total gross expense ratio is estimated to be 1.14% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus. The Adviser has contractually agreed to make payments to the Fund to the extent necessary to maintain the Portfolio’s expense ratio (including AFFE, but excluding certain other expenses) at 1.04% through April 30, 2019.

Comments from Adviser

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

A. For the year ended December 31, 2018, the ON Moderate Growth Model Portfolio returned -10.14% versus -6.74% for its benchmark, the Morningstar^® Moderately Aggressive Target Risk Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. In 2018, domestic equity markets generally provided negative returns. Foreign and emerging equity markets generally provided larger negative returns, after adjusting for currency translation. Large cap stocks generally outperformed mid cap and small cap stocks, and growth stocks generally outperformed value stocks during the period. The Portfolio’s underweight to mid cap stocks benefited performance vs. the benchmark, while the overweight to value stocks detracted from relative performance. However, the performance of the underlying funds in the Portfolio vs their respective benchmarks was the primary driver of underperformance during the year. ⁽¹⁾

Q. How did asset class allocation impact the Portfolio’s performance relative to its benchmark?

A. The Portfolio invests in affiliated and unaffiliated open-end mutual funds, comprised mostly of equity funds, but also of fixed income funds. The asset allocation between fixed income funds and equity funds was roughly in-line with the benchmark. On the equity side, the overweight allocation to large cap domestic equity funds benefited performance vs. the benchmark, while the overweight to value stocks detracted from relative performance. On the fixed income side, the overweight allocation to low duration and inflation protected bonds aided performance vs. the benchmark, while the allocation to high yield and corporate bonds detracted from relative performance. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The top three performing funds in the Portfolio were the PIMCO Low Duration Institutional fund, the Ohio National Fund, Inc. – ON Nasdaq-100^® Index Portfolio (“ON Nasdaq-100^® Index Portfolio.”), and the Western Asset Core Plus Bond IS fund. The PIMCO Low Duration Institutional fund benefited from its shorter duration in a rising interest rate environment. The ON Nasdaq-100^® Index Portfolio benefited from its exposure to large cap growth stocks, while the Western Asset Core Plus Bond IS fund benefited from its exposure to higher quality bonds. ⁽¹⁾

The three funds that detracted from most from performance vs. the benchmark were the Lazard Emerging Markets Equity Class R6 fund (“Lazard EM Equity”), the Ohio National Fund, Inc. – ON Bristol Portfolio (“ON Bristol Portfolio”), and the DFA International Core Equity Portfolio Institutional fund (“DFA International”). Lazard EM Equity and DFA International are international equity funds, which underperformed domestic stock in 2018. The ON Bristol Portfolio trailed the benchmark due to security selection. ⁽¹⁾

Q. Were there any significant changes to the Portfolio’s management team, investment strategy, or selection process during the reporting period?

A. The members of the asset allocation committee changed during the second half of 2018. Tara York, CFA joined the committee, while Todd Brockman and Dan Leming left the committee. There were no significant changes to the investment strategy or selection process during the period. There were asset allocation changes made during the year that increased exposure to equity index, growth and mid cap funds, and decreased exposure to value and balanced funds. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		119		(continued)


Ohio National Fund, Inc.		ON Moderate Growth Model Portfolio (Unaudited) (Continued)

Change in Value of $10,000 Investment

LOGO

The Morningstar^® Target Risk Index Family is a series of Morningstar Indexes that provide exposure to a broad array of asset classes using Morningstar asset allocation methodology. The index family provides global equity market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The five levels of global equity exposure are set at 95%, 80%, 60%, 40%, and 20%, respectively, and the Morningstar^® Moderately Aggressive Target Risk Index exposure is set at 80%.

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ⁽¹⁾^{(2) (3)}


		% of Net Assets
1.	Ohio National Fund, Inc. - ON S&P 500^® Index Portfolio		16.0
2.	Ohio National Fund, Inc. - ON International Equity Portfolio		11.1
3.	Western Asset Core Plus Bond IS		10.1
4.	Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio		7.0
5.	Ohio National Fund, Inc. - ON S&P MidCap 400^®Index Portfolio		6.9
6.	DFA International Core Equity Portfolio Institutional		5.1
7.	Ohio National Fund, Inc. - ON Janus Henderson Venture Portfolio		4.2
8.	Vanguard International Growth Fund Admiral Class		4.0
9.	Ohio National Fund, Inc. - ON Nasdaq-100^®Index Portfolio		4.0
10.	Fidelity Advisor^®Mid Cap II Class I		3.9

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

120


Ohio National Fund, Inc.		ON Moderate Growth Model Portfolio


Schedule of Investments in Unaffiliated Issuers		December 31, 2018


Open-End Mutual Funds – 26.6%			Shares		Value
DFA Emerging Markets Portfolio Institutional				1,526,825	$	39,376,829
DFA International Core Equity Portfolio Institutional.				8,393,717		98,206,490
Lazard Emerging Markets Equity Class R6				2,443,961		39,250,006
PIMCO Low Duration Institutional				4,653,494		45,138,895
PIMCO Real Return Institutional				1,859,371		19,634,957
Vanguard International Growth Fund Admiral Class				987,452		78,225,935
Western Asset Core Plus Bond IS				17,596,466		197,080,418

Total Open-End Mutual Funds					$	516,913,530

Total Investments in Securities of Unaffiliated Issuers – 26.6% (Cost $576,376,680)	(a	)			$	516,913,530
Total Investments in Affiliates – 73.4% (Cost $1,534,225,022) (see schedule below)	(a	)				1,428,848,372
Liabilities in Excess of Other Assets – 0.0%						(773,057	)

Net Assets – 100.0%					$	1,944,988,845

Percentages are stated as a percent of net assets.

Footnotes:

(a)

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

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


Schedule of Investments in Affiliates		December 31, 2018


Affiliate		Value at January 1, 2018		Cost of Purchases		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Income Distributions		Capital Gain Distributions		Shares at December 31, 2018		Value at December 31, 2018
Open-End Mutual Funds – 73.4%
Fidelity Advisor^® Mid Cap II Class I	(a)	$	105,859,654	$	10,354,653	$	19,535,183	$	1,647,963		$	(21,958,566	)	$	433,847		$7,231,855		4,562,038	$	76,368,521
Fidelity Advisor^®Real Estate I	(a)		52,929,827		5,736,665		36,622,630		(1,809,024	)		(1,228,232	)		604,794		681,612		977,203		19,006,606
Lazard International Equity Class R6	(b)		291,114,049		0		292,159,572		38,354,841			(37,309,318	)		—		—		—		—
Ohio National Fund, Inc. - ON Bond Portfolio	(a)(c)		66,162,284		2,695,188		17,793,901		(512,158	)		(1,524,870	)		—		—		2,880,525		49,026,543
Ohio National Fund, Inc. - ON Bristol Growth Portfolio	(a)(c)		79,394,741		4,727,839		17,770,987		3,567,848			(12,706,942	)		—		—		2,778,655		57,212,499
Ohio National Fund, Inc. - ON Bristol Portfolio	(a)(c)		79,394,741		4,808,371		15,402,052		2,639,136			(14,485,847	)		—		—		2,297,473		56,954,349
Ohio National Fund, Inc. - ON Bryton Growth Portfolio	(a)(c)		18,525,439		601,466		20,892,213		4,195,661			(2,430,353	)		—		—		—		—
Ohio National Fund, Inc. - ON ClearBridge Small Cap Portfolio	(a)(c)		79,394,741		818,119		62,984,486		7,838,287			(6,409,622	)		—		—		357,620		18,657,039
Ohio National Fund, Inc. - ON Equity Portfolio	(a)(c)		211,719,309		1,485,771		145,377,302		11,287,425			(21,072,908	)		—		—		1,627,658		58,042,295
Ohio National Fund, Inc. - ON Federated High Income Bond Portfolio	(a)(c)		79,394,741		1,638,298		40,772,111		1,931,641			(3,219,872	)		—		—		2,080,763		38,972,697
Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio	(a)(c)		264,649,136		8,271,726		117,751,689		3,424,080			(22,569,553	)		—		—		8,309,328		136,023,700
Ohio National Fund, Inc. - ON ICON Balanced Portfolio	(a)(c)		185,254,395		305,775		190,442,329		15,914,248			(11,032,089	)		—		—		—		—
Ohio National Fund, Inc. - ON International Equity Portfolio	(a)(c)		—		278,656,527		25,581,576		(2,164,080	)		(34,707,964	)		—		—		16,541,921		216,202,907
Ohio National Fund, Inc. - ON Janus Henderson Enterprise Portfolio	(a)(c)		—		24,817,364		2,802,344		1,208			(2,414,598	)		—		—		524,669		19,601,630
Ohio National Fund, Inc. - ON Janus Henderson Forty Portfolio	(a)(c)		—		74,461,597		9,847,932		250,801			(6,130,707	)		—		—		2,800,847		58,733,759
Ohio National Fund, Inc. - ON Janus Henderson Venture Portfolio	(a)(c)		119,092,111		3,214,597		38,615,475		7,753,098			(10,736,643	)		—		—		2,612,745		80,707,688
Ohio National Fund, Inc. - ON Nasdaq-100^® Index Portfolio	(a)(c)		26,464,913		76,324,980		19,614,884		2,264,559			(7,883,068	)		—		—		4,672,078		77,556,500
Ohio National Fund, Inc. - ON S&P 500^®Index Portfolio	(a)(c)		272,588,610		131,578,158		75,877,338		12,177,951			(28,343,429	)		—		—		11,103,663		312,123,952
Ohio National Fund, Inc. - ON S&P MidCap 400^® Index Portfolio	(a)(c)		—		161,676,845		4,033,471		(324,525	)		(23,272,709	)		—		—		8,670,514		134,046,140
Templeton Foreign Class R6	(b)		264,649,136		1,749,375		240,205,762		13,308,775			(19,889,977	)		615,965		—		2,994,129		19,611,547

Total Open-End Mutual Funds								$	121,747,735		$	(289,327,267	)	$	1,654,606	$	7,913,467			$	1,428,848,372


		121		(continued)


Ohio National Fund, Inc.		ON Moderate Growth Model Portfolio (Continued)


Schedule of Investments in Affiliates		December 31, 2018

Percentages are stated as a percent of net assets.

Footnotes:

(a)

(b)

(c)

Non-income producing security.

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

122


Ohio National Fund, Inc.		ON Growth Model Portfolio (Unaudited)


Objective/Strategy

The ON Growth Model Portfolio is a fund of funds that seeks growth of capital and some current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 50-80%, International Equity 15-45%, and Fixed Income 0-15%.

Performance as of December 31, 2018


Average Annual returns
One year			-11.57%
Since inception (3/1/17)			-0.76%

Total gross expense ratio is estimated to be 1.21% per the Fund’s prospectus dated May 1, 2018. Additional information pertaining to the Portfolio’s expense ratio as of December 31, 2018 can be found in the Portfolio’s Financial Highlights. The Portfolio’s expense ratio included in the Financial Highlights does not include Acquired Fund Fees and Expenses (AFFE), which is a major component of the expense ratio that is required to be presented in the Fund’s prospectus. The Adviser has contractually agreed to make payments to the Fund to the extent necessary to maintain the Portfolio’s expense ratio (including AFFE, but excluding certain other expenses) at 1.08% through April 30, 2019.

Comments from Adviser

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

A. For the year ended December 31, 2018, the ON Growth Model Portfolio returned -11.57% versus -8.17% for its benchmark, the Morningstar^® Aggressive Target Risk Index.

Q. Were there specific market conditions, investment strategies, or techniques that materially affected the Portfolio’s benchmark-relative performance during the reporting period?

A. In 2018, domestic equity markets generally provided negative returns. Foreign and emerging equity markets generally provided larger negative returns, after adjusting for currency translation. Large cap stocks generally outperformed mid cap and small cap stocks, and growth stocks generally outperformed value stocks during the period. The Portfolio’s underweight to midcap stocks benefited performance vs. the benchmark, while the overweight to value stocks detracted from relative performance. However, the performance of the underlying funds in the Portfolio vs their respective benchmarks was the primary driver of underperformance during the year. ⁽¹⁾

exposure to short duration and inflation linked bonds benefited performance vs. the benchmark, while exposure to corporate and high yield bonds detracted from relative performance. ⁽¹⁾

Q. How did asset class allocation impact the Portfolio’s performance relative to its benchmark?

A. The Portfolio invests in affiliated and unaffiliated open-end mutual funds, comprised mostly of equity funds, but also of fixed income funds. The asset allocation between fixed income funds and equity funds was roughly in-line with the benchmark. On the equity side, the overweight allocation to large cap domestic equity funds benefited performance vs. the benchmark, while the overweight to value stocks detracted from relative performance. On the fixed income side, there were no material asset allocations that impacted performance vs. the benchmark during the period. ⁽¹⁾

Q. Which holdings contributed the most to, and detracted the most from, the Portfolio’s benchmark-relative performance?

A. The top three performing funds in the Portfolio were the Ohio National Fund, Inc. – ON Nasdaq-100^® Index Portfolio (“ON Nasdaq-100^® Index Portfolio.”), the Western Asset Core Plus Bond IS fund, and the Ohio National Fund, Inc. – (“ON Bond Portfolio”). ON Nasdaq-100^® Index Portfolio. benefited from its exposure to large cap growth stocks, while the Western Asset Core Plus Bond IS fund benefited from its exposure to higher quality bonds. The ON Bond Portfolio benefited from its intermediate bond positions. ⁽¹⁾

The three funds that detracted from performance vs. the benchmark were the Lazard Emerging Markets Equity Class R6 fund (“Lazard EM Equity”), the Ohio National Fund, Inc. – ON Bristol Portfolio (“ON Bristol Portfolio”), and the DFA International Core Equity Portfolio Institutional fund (“DFA International”). Lazard EM Equity and DFA International are international equity funds, which underperformed domestic stock in 2018. The ON Bristol Portfolio trailed the benchmark due to security selection. ⁽¹⁾

Q. Were there any significant changes to the Portfolio’s management team, investment strategy, or selection process during the reporting period?

A. The members of the asset allocation committee changed during the second half of 2018. Tara York, CFA joined the committee, while Todd Brockman and Dan Leming left the committee. There were no significant changes to the investment strategy or selection process during the period. There were asset allocation changes made during the year that increased exposure to equity index, growth and mid cap funds, and decreased exposure to value and balanced funds. ⁽¹⁾

⁽¹⁾	The Portfolio’s composition is subject to change. Holdings and weightings are as of December 31, 2018.


		123		(continued)


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

Change in Value of $10,000 Investment

LOGO

The Morningstar^® Target Risk Index Family is a series of Morningstar Indexes that provide exposure to a broad array of asset classes using Morningstar asset allocation methodology. The index family provides global equity market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The five levels of global equity exposure are set at 95%, 80%, 60%, 40%, and 20%, respectively, and the Morningstar^® Aggressive Target Risk Index exposure is set at 95%.

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


Portfolio Composition as of December 31, 2018 ⁽¹⁾


	% of Net Assets
Open-End Mutual Funds
Less Net Liabilities		100.0

		100.0


Top 10 Portfolio Holdings as of December 31, 2018 ^{(1) (2) (3)}


		% of Net Assets
1.	Ohio National Fund, Inc. - ON S&P 500^® Index Portfolio		17.1
2.	Ohio National Fund, Inc. - ON International Equity Portfolio		13.1
3.	Ohio National Fund, Inc. - ON S&P MidCap 400^®Index Portfolio		7.9
4.	Ohio National Fund, Inc. - ON Nasdaq-100^®Index Portfolio		7.0
5.	Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio		7.0
6.	DFA International Core Equity Portfolio Institutional		6.1
7.	Ohio National Fund, Inc. - ON Janus Henderson Venture Portfolio		6.0
8.	Vanguard International Growth Fund Admiral Class		5.0
9.	Ohio National Fund, Inc. - ON Janus Henderson Forty Portfolio		4.0
10.	Fidelity Advisor^®Mid Cap II Class I		4.0

⁽¹⁾

Composition of Portfolio subject to change.

⁽²⁾

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

⁽³⁾

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

124


Ohio National Fund, Inc.		ON Growth Model Portfolio


Schedule of Investments in Unaffiliated Issuers		December 31, 2018


Open-End Mutual Funds – 17.6%			Shares		Value
DFA Emerging Markets Portfolio Institutional				416,214	$	10,734,160
DFA International Core Equity Portfolio Institutional				2,193,910		25,668,750
Lazard Emerging Markets Equity Class R6				665,773		10,692,312
Vanguard International Growth Fund Admiral Class				268,984		21,308,912
Western Asset Core Plus Bond IS				575,774		6,448,668

Total Open-End Mutual Funds					$	74,852,802

Total Investments in Securities of Unaffiliated Issuers – 17.6% (Cost $89,222,043)	(a	)			$	74,852,802
Total Investments in Affiliates – 82.4% (Cost $375,654,330) (see schedule below)	(a	)				349,499,326
Liabilities in Excess of Other Assets – 0.0%						(200,401	)

Net Assets – 100.0%					$	424,151,727

Percentages are stated as a percent of net assets.

Footnotes:

(a)

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

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


Schedule of Investments in Affiliates		December 31, 2018


Affiliate		Value at January 1, 2018		Cost of Purchases		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Income Distributions		Capital Gain Distributions		Shares at December 31, 2018		Value at December 31 2018
Open-End Mutual Funds – 82.4%
Fidelity Advisor^®Mid Cap II Class I	(a)	$	21,755,922	$	3,414,693	$	3,880,325	$	310,889		$	(4,844,931	)	$	94,995	$	1,568,280		1,000,971	$	16,756,248
Fidelity Advisor^®Real Estate I	(a)		10,877,961		2,250,263		8,313,091		(631,015	)		(13,056	)		132,147		150,769		214,451		4,171,062
Lazard International Equity Class R6	(b)		70,706,746		5,162,166		76,019,806		10,181,869			(10,030,975	)		—		—		—		—
Ohio National Fund, Inc. - ON Bond Portfolio	(a)(c)		2,719,490		3,121,295		1,471,125		(41,809	)		(52,488	)		—		—		251,196		4,275,363
Ohio National Fund, Inc. - ON Bristol Growth Portfolio	(a)(c)		16,316,941		1,843,014		3,478,143		699,235			(2,810,475	)		—		—		610,518		12,570,572
Ohio National Fund, Inc. - ON Bristol Portfolio	(a)(c)		21,755,922		2,574,539		4,066,954		686,996			(4,266,161	)		—		—		673,027		16,684,342
Ohio National Fund, Inc. - ON Bryton Growth Portfolio	(a)(c)		2,719,490		278,155		3,250,584		637,512			(384,573	)		—		—		—		—
Ohio National Fund, Inc. - ON ClearBridge Small Cap Portfolio	(a)(c)		27,194,902		2,423,871		19,243,209		2,345,825			(2,495,056	)		—		—		196,019		10,226,333
Ohio National Fund, Inc. - ON Equity Portfolio	(a)(c)		43,511,844		2,933,419		36,379,587		2,546,995			(4,155,580	)		—		—		237,159		8,457,091
Ohio National Fund, Inc. - ON Federated High Income Bond Portfolio	(a)(c)		16,316,941		2,106,286		14,064,529		526,544			(638,843	)		—		—		226,717		4,246,399
Ohio National Fund, Inc. - ON Federated Strategic Value Dividend Portfolio	(a)(c)		59,828,785		7,782,082		33,552,933		1,037,998			(5,464,954	)		—		—		1,810,078		29,630,978
Ohio National Fund, Inc. - ON ICON Balanced Portfolio	(a)(c)		32,633,883		247,470		33,544,937		2,553,762			(1,890,178	)		—		—		—		—
Ohio National Fund, Inc. - ON International Equity Portfolio	(a)(c)		—		71,676,497		6,480,229		(648,164	)		(8,892,030	)		—		—		4,258,307		55,656,074
Ohio National Fund, Inc. - ON Janus Henderson Enterprise Portfolio	(a)(c)		—		5,432,857		606,716		(5,584	)		(530,923	)		—		—		114,819		4,289,634
Ohio National Fund, Inc. - ON Janus Henderson Forty Portfolio	(a)(c)		—		21,377,297		2,491,375		47,774			(1,804,407	)		—		—		816,847		17,129,289
Ohio National Fund, Inc. - ON Janus Henderson Venture Portfolio	(a)(c)		32,633,883		3,508,082		9,480,646		1,922,567			(3,277,922	)		—		—		819,228		25,305,964
Ohio National Fund, Inc. - ON Nasdaq-100^® Index Portfolio	(a)(c)		5,438,980		32,749,689		6,103,702		704,086			(3,050,868	)		—		—		1,791,457		29,738,185
Ohio National Fund, Inc. - ON S&P 500^®Index Portfolio	(a)(c)		65,267,766		25,375,306		14,285,824		2,247,185			(6,125,264	)		—		—		2,578,412		72,479,169
Ohio National Fund, Inc. - ON S&P MidCap 400^® Index Portfolio	(a)(c)		10,877,961		30,131,684		2,823,635		37,703			(4,614,192	)		—		—		2,173,967		33,609,521
Templeton Foreign Class R6	(b)		65,267,766		2,812,592		62,051,766		4,472,019			(6,227,509	)		134,075		—		652,382		4,273,102

Total Open-End Mutual Funds								$	29,632,387		$	(71,570,385	)	$	361,217	$	1,719,049			$	349,499,326


		125		(continued)


Ohio National Fund, Inc.		ON Growth Model Portfolio (Continued)


Schedule of Investments in Affiliates		December 31, 2018

Percentages are stated as a percent of net assets.

Footnotes:

(a)

(b)

(c)

Non-income producing security.

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

126

Ohio National Fund, Inc.

Statements of Assets and Liabilities

December 31, 2018


																	ON															ON Janus
													ON Capital				International								ON Janus				ON Janus			Henderson
	ON Equity				ON Bond				ON Omni				Appreciation				Equity				ON Foreign				Henderson				Henderson			Enterprise
	Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Forty Portfolio				Venture Portfolio			Portfolio
Assets:
Investments in securities of unaffiliated issuers, at value*		$	237,073,997			$	258,098,024			$	53,157,703			$	90,252,087			$	518,734,023			$	55,036,400			$	150,618,773			$	207,094,792		$	102,742,639
Cash			5,072				—				—				6				—				—				—				—			—
Foreign currencies, at value**			—				—				—				6				—				10				—				—			7,818
Receivable for securities sold			18,774,425				—				164,809				1,069,772				626,949				13,558				—				304,715			61,850
Receivable for fund shares sold			2,550,602				50,360				185,490				2,482,035				976,946				28,626				76,249				453,057			91,843
Dividends and accrued interest receivable			117,398				2,862,391				177,716				112,849				325,617				87,180				52,654				68,548			26,867
Foreign tax reclaim receivable			—				11,984				—				17,337				320,073				58,314				—				15,135			—
Prepaid expenses and other assets			4,554				3,296				908				1,526				7,282				935				2,138				3,478			1,515

Total assets			258,526,048				261,026,055				53,686,626				93,935,618				520,990,890				55,225,023				150,749,814				207,939,725			102,932,532

Liabilities:
Cash overdraft			—				—				—				—				—				—				70,005				—			—
Payable for securities purchased			—				—				—				553,276				569,066				—				1,038,592				192,928			160,537
Payable for fund shares redeemed			363,747				3,179,466				67,073				60,734				1,193,879				41,954				174,353				119,940			76,561
Payable for investment management services			176,247				121,396				28,556				64,751				337,659				41,008				101,334				143,849			75,651
Accrued custody expense			2,773				1,606				2,597				2,416				60,153				23,467				2,500				6,750			3,814
Accrued professional fees			15,554				15,557				15,555				15,555				15,558				15,556				15,555				15,555			15,555
Accrued accounting fees			7,019				10,252				4,488				3,365				15,159				5,185				4,393				6,631			3,498
Accrued printing and filing fees			3,014				3,413				1,075				1,442				6,013				1,108				2,088				2,589			1,595
Other liabilities			3,706				3,681				3,734				3,725				8,741				3,723				3,711				3,691			3,722
Withholding tax payable			—				—				—				—				27,668				6,395				—				365			537

Total liabilities			572,060				3,335,371				123,078				705,264				2,233,896				138,396				1,412,531				492,298			341,470

Net assets		$	257,953,988			$	257,690,684			$	53,563,548			$	93,230,354			$	518,756,994			$	55,086,627			$	149,337,283			$	207,447,427		$	102,591,062

Net assets consist of:
Paid in capital			264,793,563				271,623,015				60,983,923				101,904,172				596,247,361				64,058,301				152,105,045				187,487,345			111,561,884
Total distributable earnings			(6,839,575	)			(13,932,331	)			(7,420,375	)			(8,673,818	)			(77,490,367	)			(8,971,674	)			(2,767,762	)			19,960,082			(8,970,822	)

Net assets		$	257,953,988			$	257,690,684			$	53,563,548			$	93,230,354			$	518,756,994			$	55,086,627			$	149,337,283			$	207,447,427		$	102,591,062

*Investments in securities of unaffiliated issuers, at cost		$	242,238,771			$	270,676,283			$	60,189,324			$	98,636,278			$	582,731,103			$	63,962,618			$	153,385,092			$	186,393,155		$	111,624,046

**Foreign currencies, at cost		$	—			$	—			$	—			$	—			$	—			$	16			$	—			$	—		$	7,812

Shares outstanding, par value, $1 per share			7,233,608				15,138,545				1,923,376				2,470,983				39,686,828				1,965,158				7,121,647				6,714,935			2,745,646

Authorized Fund shares allocated to Portfolio			35,000,000				30,000,000				15,000,000				25,000,000				90,000,000				32,000,000				24,000,000				30,000,000			21,000,000

Net asset value per share		$	35.66			$	17.02			$	27.85			$	37.73			$	13.07			$	28.03			$	20.97			$	30.89		$	37.36

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

127

Ohio National Fund, Inc.

Statements of Assets and Liabilities

December 31, 2018


				ON Federated				ON Federated																							ON S&P
	ON S&P 500^®			Strategic Value				High Income				ON ClearBridge				ON Nasdaq-100^®							ON Bryton				ON ICON				MidCap 400^®
	Index			Dividend				Bond				Small Cap				Index			ON Bristol				Growth				Balanced				Index
	Portfolio			Portfolio				Portfolio				Portfolio				Portfolio			Portfolio				Portfolio				Portfolio				Portfolio
Assets:
Investments in securities of unaffiliated issuers, at value*		$	1,111,023,019		$	320,090,363			$	199,340,660			$	125,832,635			$	326,550,962		$	152,051,363			$	22,847,886			$	466,306,290			$	306,456,686
Cash			6,876			—				—				—				—			—				—				—				—
Cash subject to usage restrictions			438,000			—				—				—				60,800			—				—				—				16,400
Foreign currencies, at value**			—			112,394				—				—				—			—				—				—				—
Receivable for securities sold			333,113			—				—				—				60,267			619,724				2,035,254				1,458,132				277,040
Receivable for fund shares sold			827,344			15,309				47,852				424,084				825,179			2,861,705				1,658,473				2,594,719				38,244
Receivable for variation margin on futures contracts			—			—				—				—				265,541			—				—				—				90,927
Dividends and accrued interest receivable			1,293,658			1,953,033				3,598,109				179,328				211,376			187,208				18,101				1,840,634				358,470
Foreign tax reclaim receivable			—			410,198				—				—				—			—				—				27,160				7,152
Prepaid expenses and other assets			16,400			5,346				3,193				3,323				5,176			2,578				707				10,687				2,414

Total assets			1,113,938,410			322,586,643				202,989,814				126,439,370				327,979,301			155,722,578				26,560,421				472,237,622				307,247,333

Liabilities:
Cash overdraft			—			—				—				—				26			—				933,942				—				7
Payable for securities purchased			745,845			—				—				—				—			197,186				111,588				5,000,105				452,283
Payable for fund shares redeemed			1,215,310			467,175				741,480				125,903				253,916			47,810				7,933				258,841				15,179
Payable for investment management services			331,628			204,456				126,514				95,860				104,253			103,119				19,096				250,533				97,758
Payble for variation margin on futures contracts			32,009			—				—				—				—			—				—				—				—
Accrued custody expense			17,159			6,803				2,204				2,128				6,350			3,978				3,886				4,048				14,012
Accrued professional fees			15,548			15,553				15,556				15,555				15,553			15,554				15,555				15,556				15,553
Accrued accounting fees			27,024			8,891				15,440				5,846				8,939			4,581				1,968				12,510				6,975
Accrued printing and filing fees			11,880			3,821				2,676				1,723				3,858			2,043				771				5,008				3,972
Other liabilities			3,472			3,639				3,654				3,644				3,637			3,691				3,717				3,611				3,737
Withholding tax payable			—			37,272				—				—				587			—				—				2,519				—

Total liabilities			2,399,875			747,610				907,524				250,659				397,119			377,962				1,098,456				5,552,731				609,476

Commitments and contingent liabilities (see Note 8 of Notes to Financial Statements)
Net assets		$	1,111,538,535		$	321,839,033			$	202,082,290			$	126,188,711			$	327,582,182		$	155,344,616			$	25,461,965			$	466,684,891			$	306,637,857

Net assets consist of:
Paid in capital			1,010,978,189			357,186,750				225,017,316				137,152,964				284,414,466			181,065,611				30,280,653				484,363,865				357,839,392
Total distributable earnings			100,560,346			(35,347,717	)			(22,935,026	)			(10,964,253	)			43,167,716			(25,720,995	)			(4,818,688	)			(17,678,974	)			(51,201,535	)

Net assets		$	1,111,538,535		$	321,839,033			$	202,082,290			$	126,188,711			$	327,582,182		$	155,344,616			$	25,461,965			$	466,684,891			$	306,637,857

*Investments in securities of unaffiliated issuers, at cost		$	1,002,098,495		$	355,353,474			$	217,460,248			$	132,850,035			$	282,786,354		$	176,403,941			$	26,849,022			$	484,003,598			$	356,138,263

**Foreign currencies, at cost		$	—		$	112,180			$	—			$	—			$	—		$	—			$	—			$	—			$	—

Shares outstanding, par value, $1 per share			39,544,413			19,663,758				10,788,400				2,419,531				19,733,769			6,265,710				1,078,103				23,686,863				19,838,948

Authorized Fund shares allocated to Portfolio			90,000,000			75,000,000				45,000,000				15,000,000				50,000,000			23,000,000				15,000,000				90,000,000				30,000,000

Net asset value per share		$	28.11		$	16.37			$	18.73			$	52.15			$	16.60		$	24.79			$	23.62			$	19.70			$	15.46

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

128

Ohio National Fund, Inc.

Statements of Assets and Liabilities

December 31, 2018


												ON Moderately
	ON Bristol				ON Risk Managed			ON Conservative				Conservative				ON Balanced				ON Moderate				ON
	Growth				Balanced			Model				Model				Model				Growth Model				Growth Model
	Portfolio				Portfolio			Portfolio				Portfolio				Portfolio				Portfolio				Portfolio
Assets:
Investments in securities of unaffiliated issuers, at value*		$	86,638,949			$	347,387,661		$	52,603,709			$	120,549,569			$	467,139,407			$	516,913,530			$	74,852,802
Investments in affiliates, at value**			—				—			26,426,249				116,743,027				680,158,499				1,428,848,372				349,499,326
Cash subject to usage restrictions			—				1,181,160			—				—				—				—				—
Receivable for securities sold			757,602				1,409,585			20,501				642,806				458,340				2,049,106				220,213
Receivable for fund shares sold			328,083				12,550			105				15,085				362,641				153,789				22,277
Receivable for variation margin on futures contracts			—				933,561			—				—				—				—				—
Dividends and accrued interest receivable			98,838				1,115,406			—				—				—				—				—
Prepaid expenses and other assets			1,547				4,849			996				3,153				15,282				26,532				5,796

Total assets			87,825,019				352,044,772			79,051,560				237,953,640				1,148,134,169				1,947,991,329				424,600,414

Liabilities:
Cash overdraft			50,197				83,908			1,545				1,636				2,158				2,610				1,739
Payable for securities purchased			190,313				3,411,586			—				—				—				1				—
Payable for fund shares redeemed			20,670				1,150,198			19,061				656,255				818,824				2,200,284				240,751
Payable for investment management services			62,497				269,821			6,572				51,167				384,924				753,330				177,750
Accrued custody expense			2,871				15,535			437				421				530				596				433
Accrued professional fees			15,555				15,557			11,856				11,856				11,858				11,856				11,855
Accrued accounting fees			3,098				22,559			4,107				4,212				4,277				4,297				4,280
Accrued printing and filing fees			1,403				4,262			1,381				3,058				12,603				20,726				4,885
Other liabilities			3,707				3,650			6,535				7,085				8,115				8,784				6,994

Total liabilities			350,311				4,977,076			51,494				735,690				1,243,289				3,002,484				448,687

Net assets		$	87,474,708			$	347,067,696		$	79,000,066			$	237,217,950			$	1,146,890,880			$	1,944,988,845			$	424,151,727

Net assets consist of:
Paid in capital			99,008,608				325,828,464			84,649,179				263,091,929				1,311,486,896				2,307,434,791				514,478,645
Total distributable earnings			(11,533,900	)			21,239,232			(5,649,113	)			(25,873,979	)			(164,596,016	)			(362,445,946	)			(90,326,918	)

Net assets		$	87,474,708			$	347,067,696		$	79,000,066			$	237,217,950			$	1,146,890,880			$	1,944,988,845			$	424,151,727

*Investments in securities of unaffiliated issuers, at cost		$	97,112,197			$	324,655,316		$	54,103,542			$	125,037,930			$	494,495,166			$	576,376,680			$	89,222,043

**Investments in affiliates, at cost		$	—			$	—		$	27,728,259			$	125,273,445			$	730,984,545			$	1,534,225,022			$	375,654,330

Shares outstanding, par value, $1 per share			4,248,013				26,883,120			7,735,465				23,498,722				115,007,174				195,951,383				42,996,287

Authorized Fund shares allocated to Portfolio			30,000,000				85,000,000			30,000,000				70,000,000				200,000,000				300,000,000				100,000,000

Net asset value per share		$	20.59			$	12.91		$	10.21			$	10.09			$	9.97			$	9.93			$	9.86

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

129

Ohio National Fund, Inc.

Statements of Operations

For the Year Ended December 31, 2018


																	ON																ON Janus
													ON Capital				International								ON Janus				ON Janus				Henderson
	ON Equity				ON Bond				ON Omni				Appreciation				Equity				ON Foreign				Henderson				Henderson				Enterprise
	Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Forty Portfolio				Venture Portfolio				Portfolio
Investment income:
Interest		$	—			$	11,291,956			$	507,999			$	—			$	—			$	—			$	5,555			$	8,213			$	—
Dividends from unaffiliated issuers, net of taxes withheld*			6,994,207				105,895				778,878				2,027,435				13,302,346				2,016,305				905,234				1,632,874				1,029,664

Total investment income			6,994,207				11,397,851				1,286,877				2,027,435				13,302,346				2,016,305				910,789				1,641,087				1,029,664

Expenses:
Management fees			3,124,700				1,555,545				400,044				919,299				3,581,693				592,275				981,189				2,054,606				853,886
Custodian fees			16,648				12,430				15,205				11,747				311,656				123,515				12,519				45,326				18,439
Directors’ fees			31,392				22,114				5,006				8,688				36,993				5,201				9,020				19,766				7,408
Professional fees			24,597				23,236				20,103				20,742				25,341				20,142				20,807				22,708				20,533
Accounting fees			55,555				64,342				27,312				20,709				78,318				31,387				21,180				41,537				19,196
Administration fees			24,123				23,761				22,821				22,825				24,826				22,455				23,269				23,644				22,810
Printing and filing fees			11,576				10,860				5,295				6,347				16,932				5,659				7,408				9,708				11,107
Compliance expense			15,080				15,080				15,080				15,080				15,080				15,080				15,080				15,080				15,080
Other			12,513				4,895				1,628				3,272				8,389				1,808				2,145				6,487				2,121

Total expenses			3,316,184				1,732,263				512,494				1,028,709				4,099,228				817,522				1,092,617				2,238,862				970,580

Net investment income (loss)			3,678,023				9,665,588				774,383				998,726				9,203,118				1,198,783				(181,828	)			(597,775	)			59,084

Realized/unrealized gain (loss) on investments and foreign currency related transactions:
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers, net of foreign capital gain taxes**			34,133,682				(1,332,707	)			4,734,973				12,867,793				(13,497,050	)			939,643				9,044,031				36,514,469				19,981,181
Foreign currency related transactions			(7,551	)			—				—				536				59,421				(19,290	)			55				(908	)			(8,195	)
Change in unrealized appreciation/depreciation on:
Investments in securities of unaffiliated issuers			(79,717,749	)			(18,121,945	)			(15,186,311	)			(27,865,680	)			(81,622,559	)			(12,868,227	)			(14,617,385	)			(46,187,120	)			(26,217,307	)
Foreign currency related transactions			419				—				—				(1,867	)			(17,515	)			9,584				109				(901	)			6

Net realized/unrealized loss on investments and foreign currency related transactions			(45,591,199	)			(19,454,652	)			(10,451,338	)			(14,999,218	)			(95,077,703	)			(11,938,290	)			(5,573,190	)			(9,674,460	)			(6,244,315	)

Change in net assets from operations		$	(41,913,176	)		$	(9,789,064	)		$	(9,676,955	)		$	(14,000,492	)		$	(85,874,585	)		$	(10,739,507	)		$	(5,755,018	)		$	(10,272,235	)		$	(6,185,231	)

*Taxes withheld		$	16,515			$	—			$	—			$	13,691			$	1,447,919			$	204,645			$	4,624			$	9,628			$	13,782

**Foreign capital gain taxes		$	—			$	—			$	—			$	—			$	—			$	16,986			$	—			$	—			$	—

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

130

Ohio National Fund, Inc.

Statements of Operations

For the Year Ended December 31, 2018


					ON Federated				ON Federated																								ON S&P
	ON S&P 500^®				Strategic Value				High Income				ON ClearBridge				ON Nasdaq-100^®								ON Bryton				ON ICON				MidCap 400^®
	Index				Dividend				Bond				Small Cap				Index				ON Bristol				Growth				Balanced				Index
	Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Portfolio
Investment income:
Interest		$	12,916			$	—			$	17,172,943			$	—			$	5,749			$	—			$	—			$	8,020,773			$	1,276
Dividends from unaffiliated issuers, net of taxes withheld*			23,738,668				20,539,460				173,521				2,583,952				3,801,359				2,896,495				248,760				8,247,279				2,679,491

Total investment income			23,751,584				20,539,460				17,346,464				2,583,952				3,807,108				2,896,495				248,760				16,268,052				2,680,767

Expenses:
Management fees			4,089,496				3,142,954				1,918,605				1,995,689				1,253,990				1,496,146				426,875				4,385,049				555,734
Custodian fees			111,388				44,318				13,536				14,506				35,323				24,017				20,449				28,688				83,093
Directors’ fees			91,232				33,491				20,720				17,068				25,813				14,917				3,579				55,666				11,904
Professional fees			35,519				25,515				22,941				22,280				23,839				21,852				19,859				28,850				21,469
Accounting fees			163,569				61,481				94,356				36,734				49,771				29,695				11,993				100,342				29,921
Administration fees			27,372				24,104				23,709				23,279				24,029				23,123				22,585				24,569				23,342
Printing and filing fees			33,794				12,646				9,933				8,563				13,142				8,121				4,745				18,211				9,125
Compliance expense			15,080				15,080				15,080				15,080				15,080				15,080				15,080				15,080				15,080
Other			27,506				12,895				6,320				6,343				6,961				5,166				1,620				21,698				2,213

Total expenses			4,594,956				3,372,484				2,125,200				2,139,542				1,447,948				1,638,117				526,785				4,678,153				751,881

Net investment income (loss)			19,156,628				17,166,976				15,221,264				444,410				2,359,160				1,258,378				(278,025	)			11,589,899				1,928,886

Realized/unrealized gain (loss) on investments, capital gain distributions received from underlying mutual funds, futures contracts, and foreign currency related transactions:
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers			124,055,728				15,374,447				(539,202	)			34,009,076				47,285,646				21,820,877				8,841,303				27,738,204				3,786,921
Capital gain distributions received from underlying unaffiliated mutual funds			—				—				—				—				—				—				—				307,607				—
Futures contracts			(575,561	)			—				—				—				20,238				—				—				—				(124,393	)
Foreign currency related transactions			—				(124,372	)			—				—				—				—				—				779				—
Change in unrealized appreciation/depreciation on:
Investments in securities of unaffiliated issuers			(196,667,660	)			(75,239,678	)			(21,613,364	)			(40,203,319	)			(58,771,870	)			(55,659,595	)			(7,430,497	)			(85,113,653	)			(55,540,308	)
Futures contracts			56,528				—				—				—				692				—				—				—				(9,669	)
Foreign currency related transactions			—				(39,606	)			—				—				—				—				—				(48	)			—

Net realized/unrealized gain (loss) on investments, capital gain distributions received from underlying mutual funds, futures contracts, and foreign currency related transactions			(73,130,965	)			(60,029,209	)			(22,152,566	)			(6,194,243	)			(11,465,294	)			(33,838,718	)			1,410,806				(57,067,111	)			(51,887,449	)

Change in net assets from operations		$	(53,974,337	)		$	(42,862,233	)		$	(6,931,302	)		$	(5,749,833	)		$	(9,106,134	)		$	(32,580,340	)		$	1,132,781			$	(45,477,212	)		$	(49,958,563	)

*Taxes withheld		$	—			$	322,348			$	—			$	—			$	1,352			$	—			$	—			$	49,723			$	3,199

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

131

Ohio National Fund, Inc.

Statements of Operations

For the Year Ended December 31, 2018


													ON Moderately
	ON Bristol				ON Risk Managed				ON Conservative				Conservative				ON Balanced				ON Moderate				ON
	Growth				Balanced				Model				Model				Model				Growth Model				Growth Model
	Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Portfolio				Portfolio
Investment income:
Interest		$	—			$	3,603,404			$	—			$	—			$	—			$	—			$	—
Dividends from unaffiliated issuers, net of taxes withheld*			1,535,952				4,413,489				1,724,728				4,211,548				13,915,441				16,664,367				2,062,252
Dividends from affililiates			—				—				24,203				171,386				899,225				1,654,606				361,217

Total investment income			1,535,952				8,016,893				1,748,931				4,382,934				14,814,666				18,318,973				2,423,469

Expenses:
Management fees			921,055				3,189,317				355,493				1,138,463				5,502,970				9,503,821				2,044,619
Custodian fees			16,909				84,111				2,568				2,625				3,126				3,681				2,712
Directors’ fees			8,765				26,565				6,667				21,344				103,041				177,924				38,215
Professional fees			20,762				23,975				13,518				16,126				30,645				43,882				19,122
Accounting fees			19,659				133,567				24,681				25,193				25,619				25,699				25,633
Administration fees			22,641				23,937				38,806				42,016				44,061				45,998				42,939
Printing and filing fees			6,337				12,757				6,202				10,362				34,992				57,488				15,688
Compliance expense			15,080				15,080				15,080				15,080				15,080				15,080				15,080
Other			2,994				8,365				2,164				6,946				34,211				57,944				12,043

Total expenses			1,034,202				3,517,674				465,179				1,278,155				5,793,745				9,931,517				2,216,051

Less expenses reduced or reimbursed by advisor			—				—				(226,418	)			(470,818	)			(1,505,609	)			(1,692,796	)			(638,268	)

Net expenses			1,034,202				3,517,674				238,761				807,337				4,288,136				8,238,721				1,577,783

Net investment income			501,750				4,499,219				1,510,170				3,575,597				10,526,530				10,080,252				845,686

Realized/unrealized gain on investments, capital gain distributions received from underlying mutual funds, futures contracts, and foreign currency related transactions:
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers			15,780,396				13,795,764				(239,348	)			(880,520	)			(934,721	)			(6,035,001	)			(1,028,312	)
Investments in affiliates			—				—				1,964,534				9,675,930				63,359,359				121,747,735				29,632,387
Capital gain distributions received from underlying unaffiliated mutual funds			—				—				92,092				309,702				1,673,513				4,030,821				801,429
Capital gain distributions received from underlying affiliated mutual funds			—				—				—				507,720				3,544,826				7,913,467				1,719,049
Futures contracts			—				(6,518,525	)			—				—				—				—				—
Foreign currency related transactions			—				(932	)			—				—				—				—				—
Change in unrealized appreciation/depreciation on:
Investments in securities of unaffiliated issuers			(31,162,980	)			(18,476,194	)			(2,414,595	)			(6,891,133	)			(40,340,606	)			(77,175,557	)			(17,318,591	)
Investments in affiliates			—				—				(3,625,109	)			(21,379,098	)			(139,914,592	)			(289,327,267	)			(71,570,385	)
Futures contracts			—				3,601,820				—				—				—				—				—

Net realized/unrealized loss on investments, capital gain distributions received from underlying mutual funds, futures contracts, and foreign currency related transactions			(15,382,584	)			(7,598,067	)			(4,222,426	)			(18,657,399	)			(112,612,221	)			(238,845,802	)			(57,764,423	)

Change in net assets from operations		$	(14,880,834	)		$	(3,098,848	)		$	(2,712,256	)		$	(15,081,802	)		$	(102,085,691	)		$	(228,765,550	)		$	(56,918,737	)

*Taxes withheld		$	—			$	14,685			$	—			$	—			$	—			$	—			$	—

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

132

Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON Equity						ON Bond						ON Omni						ON Capital Appreciation
	Portfolio						Portfolio						Portfolio						Portfolio
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2018			2017			2018			2017			2018			2017
Increase (Decrease) in net assets:
Operations:
Net investment income	$	3,678,023		$	4,056,364		$	9,665,588		$	5,490,404		$	774,383		$	642,510		$	998,726		$	1,723,715
Net realized gain (loss) on investments and foreign currency related transactions		34,126,131			48,627,176			(1,332,707	)		945,221			4,734,973			8,186,809			12,868,329			22,158,899
Change in unrealized appreciation/depreciation on investments and foreign currency related transactions		(79,717,330	)		25,708,456			(18,121,945	)		3,790,719			(15,186,311	)		3,210,023			(27,867,547	)		(845,434	)

Change in net assets from operations		(41,913,176	)		78,391,996			(9,789,064	)		10,226,344			(9,676,955	)		12,039,342			(14,000,492	)		23,037,180

Capital transactions:
Received from shares sold		21,760,700			405,044,830			38,682,232			195,349,582			10,920,667			7,854,928			10,441,625			80,306,162
Paid for shares redeemed		(296,773,433	)		(490,371,035	)		(88,523,835	)		(46,957,435	)		(16,074,459	)		(9,385,488	)		(28,800,944	)		(173,461,176	)

Change in net assets from capital transactions		(275,012,733	)		(85,326,205	)		(49,841,603	)		148,392,147			(5,153,792	)		(1,530,560	)		(18,359,319	)		(93,155,014	)

Change in net assets		(316,925,909	)		(6,934,209	)		(59,630,667	)		158,618,491			(14,830,747	)		10,508,782			(32,359,811	)		(70,117,834	)
Net assets:
Beginning of year		574,879,897			581,814,106			317,321,351			158,702,860			68,394,295			57,885,513			125,590,165			195,707,999

End of year	$	257,953,988		$	574,879,897		$	257,690,684		$	317,321,351		$	53,563,548		$	68,394,295		$	93,230,354		$	125,590,165

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

133

Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON International Equity						ON Foreign						ON Janus Henderson						ON Janus Henderson Venture
	Portfolio						Portfolio						Forty Portfolio						Portfolio
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2018			2017			2018			2017			2018			2017
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	9,203,118		$	1,930,831		$	1,198,783		$	766,568		$	(181,828	)	$	(87,431	)	$	(597,775	)	$	(496,991	)
Net realized gain (loss) on investments, futures contracts, foreign currency contracts, and other foreign currency related transactions		(13,437,629	)		20,007,115			920,353			12,225,092			9,044,086			7,596,740			36,513,561			15,587,664
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions		(81,640,074	)		14,707,509			(12,858,643	)		318,637			(14,617,276	)		6,024,692			(46,188,021	)		40,132,780

Change in net assets from operations		(85,874,585	)		36,645,455			(10,739,507	)		13,310,297			(5,755,018	)		13,534,001			(10,272,235	)		55,223,453

Capital transactions:
Received from shares sold		522,211,794			14,910,907			7,071,488			19,610,626			131,184,789			12,889,196			28,648,853			177,635,315
Paid for shares redeemed		(75,666,960	)		(34,994,526	)		(20,936,084	)		(19,903,183	)		(36,734,844	)		(15,646,575	)		(87,143,672	)		(188,951,193	)

Change in net assets from capital transactions		446,544,834			(20,083,619	)		(13,864,596	)		(292,557	)		94,449,945			(2,757,379	)		(58,494,819	)		(11,315,878	)

Change in net assets		360,670,249			16,561,836			(24,604,103	)		13,017,740			88,694,927			10,776,622			(68,767,054	)		43,907,575
Net assets:
Beginning of year		158,086,745			141,524,909			79,690,730			66,672,990			60,642,356			49,865,734			276,214,481			232,306,906

End of year	$	518,756,994		$	158,086,745		$	55,086,627		$	79,690,730		$	149,337,283		$	60,642,356		$	207,447,427		$	276,214,481

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

134

Ohio National Fund, Inc.

Statements of Changes in Net Assets


													ON Federated						ON Federated
	ON Janus Henderson Enterprise						ON S&P 500^® Index						Strategic Value						High Income Bond
	Portfolio						Portfolio						Dividend Portfolio						Portfolio
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2018			2017			2018			2017			2018			2017
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	59,084		$	(178,848	)	$	19,156,628		$	15,437,238		$	17,166,976		$	20,840,410		$	15,221,264		$	16,582,542
Net realized gain (loss) on investments, futures contracts, and foreign currency related transactions		19,972,986			8,412,020			123,480,167			36,445,415			15,250,075			31,449,661			(539,202	)		2,116,365
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions		(26,217,301	)		9,661,514			(196,611,132	)		129,535,843			(75,279,284	)		21,723,360			(21,613,364	)		2,626,767

Change in net assets from operations		(6,185,231	)		17,894,686			(53,974,337	)		181,418,496			(42,862,233	)		74,013,431			(6,931,302	)		21,325,674

Capital transactions:
Received from shares sold		57,214,680			5,911,403			347,702,650			626,563,875			32,510,016			506,307,850			22,584,954			231,572,692
Paid for shares redeemed		(26,241,838	)		(16,200,896	)		(326,345,158	)		(506,466,387	)		(264,473,671	)		(459,177,636	)		(132,623,908	)		(247,603,288	)

Change in net assets from capital transactions		30,972,842			(10,289,493	)		21,357,492			120,097,488			(231,963,655	)		47,130,214			(110,038,954	)		(16,030,596	)

Change in net assets		24,787,611			7,605,193			(32,616,845	)		301,515,984			(274,825,888	)		121,143,645			(116,970,256	)		5,295,078
Net assets:
Beginning of year		77,803,451			70,198,258			1,144,155,380			842,639,396			596,664,921			475,521,276			319,052,546			313,757,468

End of year	$	102,591,062		$	77,803,451		$	1,111,538,535		$	1,144,155,380		$	321,839,033		$	596,664,921		$	202,082,290		$	319,052,546

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

135

Ohio National Fund, Inc.

Statements of Changes in Net Assets


	ON ClearBridge Small Cap						ON Nasdaq-100^® Index						ON Bristol						ON Bryton Growth
	Portfolio						Portfolio						Portfolio						Portfolio
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2018			2017			2018			2017			2018			2017
Increase (Decrease) in net assets:
Operations:
Net investment income (loss)	$	444,410		$	823,123		$	2,359,160		$	1,394,047		$	1,258,378		$	1,003,578		$	(278,025	)	$	(481,788	)
Net realized gain on investments and futures contracts		34,009,076			26,041,485			47,305,884			8,094,996			21,820,877			41,888,166			8,841,303			14,849,635
Change in unrealized appreciation/depreciation on investments and futures contracts		(40,203,319	)		5,031,578			(58,771,178	)		43,376,301			(55,659,595	)		6,677,159			(7,430,497	)		1,760,048

Change in net assets from operations		(5,749,833	)		31,896,186			(9,106,134	)		52,865,344			(32,580,340	)		49,568,903			1,132,781			16,127,895

Capital transactions:
Received from shares sold		13,705,484			210,858,672			203,694,976			104,350,460			24,292,885			177,409,632			6,244,393			75,485,463
Paid for shares redeemed		(156,864,507	)		(243,371,357	)		(124,224,169	)		(56,054,728	)		(60,069,872	)		(211,200,737	)		(38,689,793	)		(129,426,147	)

Change in net assets from capital transactions		(143,159,023	)		(32,512,685	)		79,470,807			48,295,732			(35,776,987	)		(33,791,105	)		(32,445,400	)		(53,940,684	)

Change in net assets		(148,908,856	)		(616,499	)		70,364,673			101,161,076			(68,357,327	)		15,777,798			(31,312,619	)		(37,812,789	)
Net assets:
Beginning of year		275,097,567			275,714,066			257,217,509			156,056,433			223,701,943			207,924,145			56,774,584			94,587,373

End of year	$	126,188,711		$	275,097,567		$	327,582,182		$	257,217,509		$	155,344,616		$	223,701,943		$	25,461,965		$	56,774,584

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

136

Ohio National Fund, Inc.

Statements of Changes in Net Assets


							ON S&P
	ON ICON						MidCap 400^® Index						ON Bristol						ON Risk Managed Balanced
	Balanced Portfolio						Portfolio						Growth Portfolio						Portfolio
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2018			2017			2018			2017			2018			2017
Increase (Decrease) in net assets:
Operations:
Net investment income	$	11,589,899		$	18,946,310		$	1,928,886		$	528,803		$	501,750		$	295,214		$	4,499,219		$	3,850,193
Net realized gain on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds		28,046,590			33,131,955			3,662,528			1,249,952			15,780,396			24,580,265			7,276,307			14,012,026
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions		(85,113,701	)		49,373,289			(55,549,977	)		6,263,050			(31,162,980	)		7,591,502			(14,874,374	)		33,191,554

Change in net assets from operations		(45,477,212	)		101,451,554			(49,958,563	)		8,041,805			(14,880,834	)		32,466,981			(3,098,848	)		51,053,773

Capital transactions:
Received from shares sold		51,811,471			502,351,143			294,163,638			58,563,238			16,790,977			118,823,309			67,212,455			83,103,619
Paid for shares redeemed		(494,749,369	)		(600,794,651	)		(26,349,955	)		(25,711,544	)		(42,484,491	)		(140,799,340	)		(61,216,514	)		(62,068,377	)

Change in net assets from capital transactions		(442,937,898	)		(98,443,508	)		267,813,683			32,851,694			(25,693,514	)		(21,976,031	)		5,995,941			21,035,242

Change in net assets		(488,415,110	)		3,008,046			217,855,120			40,893,499			(40,574,348	)		10,490,950			2,897,093			72,089,015
Net assets:
Beginning of year		955,100,001			952,091,955			88,782,737			47,889,238			128,049,056			117,558,106			344,170,603			272,081,588

End of year	$	466,684,891		$	955,100,001		$	306,637,857		$	88,782,737		$	87,474,708		$	128,049,056		$	347,067,696		$	344,170,603

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

137

Ohio National Fund, Inc.

Statements of Changes in Net Assets


							ON Moderately
	ON Conservative						Conservative						ON Balanced						ON Moderate						ON
	Model						Model						Model						Growth Model						Growth Model
	Portfolio						Portfolio						Portfolio						Portfolio						Portfolio
				Period from						Period from						Period from						Period from						Period from
				March 1, 2017						March 1, 2017						March 1, 2017						March 1, 2017						March 1, 2017
	Year Ended			(inception) to			Year Ended			(inception) to			Year Ended			(inception) to			Year Ended			(inception) to			Year Ended			(inception) to
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2018			2017			2018			2017			2018			2017			2018			2017
Increase (Decrease) in net assets:
Operations:
Net investment income	$	1,510,170		$	1,472,402		$	3,575,597		$	3,844,130		$	10,526,530		$	12,745,203		$	10,080,252		$	16,421,240		$	845,686		$	2,205,209
Net realized gain on investments and capital gain distributions received from underlying mutual funds		1,817,278			706,260			9,612,832			3,064,137			67,642,977			18,419,784			127,657,022			31,065,150			31,124,553			6,550,318
Change in unrealized appreciation/depreciation on investments		(6,039,704	)		3,237,861			(28,270,231	)		15,251,452			(180,255,198	)		102,073,393			(366,502,824	)		201,663,024			(88,888,976	)		48,364,731

Change in net assets from operations		(2,712,256	)		5,416,523			(15,081,802	)		22,159,719			(102,085,691	)		133,238,380			(228,765,550	)		249,149,414			(56,918,737	)		57,120,258

Capital transactions:
Received from shares sold		16,321,184			116,235,409			17,226,213			354,878,115			32,601,532			1,605,179,885			62,284,294			2,645,437,657			37,982,945			539,074,347
Paid for shares redeemed		(34,326,169	)		(21,934,625	)		(90,882,373	)		(51,081,922	)		(346,200,979	)		(175,842,247	)		(535,321,797	)		(247,795,173	)		(100,690,231	)		(52,416,855	)

Change in net assets from capital transactions		(18,004,985	)		94,300,784			(73,656,160	)		303,796,193			(313,599,447	)		1,429,337,638			(473,037,503	)		2,397,642,484			(62,707,286	)		486,657,492

Change in net assets		(20,717,241	)		99,717,307			(88,737,962	)		325,955,912			(415,685,138	)		1,562,576,018			(701,803,053	)		2,646,791,898			(119,626,023	)		543,777,750
Net assets:
Beginning of year		99,717,307			—			325,955,912			—			1,562,576,018			—			2,646,791,898			—			543,777,750			—

End of year	$	79,000,066		$	99,717,307		$	237,217,950		$	325,955,912		$	1,146,890,880		$	1,562,576,018		$	1,944,988,845		$	2,646,791,898		$	424,151,727		$	543,777,750

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

138

Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																				Ratios and supplemental data

				Operations								Distributions												Ratios to average net assets

																								Ratios net of						Ratios assuming
																								expenses						no expenses
																								reduced or						reduced or
																								reimbursed by						reimbursed by
																								adviser						adviser

						Net realized and
						unrealized gain (loss) on						Distributions
						investments and foreign						from net									Net assets at end
	Net asset value,			Net investment		currency related			Total from			investment			Net asset value,						of year						Net investment						Portfolio turnover
	beginning of year			income		transactions			operations			income			end of year			Total Return^#			(in millions)			Expenses			income			Expenses			rate

ON Equity Portfolio
Year Ended December 31, 2018		$	41.38		0.51		(6.23	)		(5.72	)		—			$	35.66		-13.82	%		$	258.0		0.81	%		0.90	%		0.81	%		28	%
Year Ended December 31, 2017		$	36.09		0.35		4.94			5.29			—			$	41.38		14.66	%		$	574.9		0.80	%		0.71	%		0.80	%		41	%
Year Ended December 31, 2016		$	32.02		0.35		3.72			4.07			—			$	36.09		12.71	%		$	581.8		0.82	%		1.05	%		0.82	%		47	%
Year Ended December 31, 2015		$	33.44		0.21		(1.44	)		(1.23	)		(0.19	)		$	32.02		-3.69	%		$	535.3		0.81	%		0.69	%		0.81	%		47	%
Year Ended December 31, 2014		$	29.41		0.12		4.02			4.14			(0.11	)		$	33.44		14.07	%		$	518.7		0.83	%		0.69	%		0.83	%		46	%

ON Bond Portfolio
Year Ended December 31, 2018		$	17.56		0.64		(1.18	)		(0.54	)		—			$	17.02		-3.08	%		$	257.7		0.59	%		3.27	%		0.59	%		40	%
Year Ended December 31, 2017		$	16.54		0.04		0.98			1.02			—			$	17.56		6.17	%		$	317.3		0.63	%		3.16	%		0.63	%		114	%
Year Ended December 31, 2016		$	15.33		0.59		0.62			1.21			—			$	16.54		7.89	%		$	158.7		0.65	%		3.33	%		0.65	%		88	%
Year Ended December 31, 2015		$	15.65		0.56		(0.88	)		(0.32	)		—			$	15.33		-2.04	%		$	154.0		0.64	%		3.46	%		0.64	%		93	%
Year Ended December 31, 2014		$	14.78		0.50		0.37			0.87			—			$	15.65		5.89	%		$	158.7		0.64	%		3.34	%		0.64	%		35	%

ON Omni Portfolio
Year Ended December 31, 2018		$	32.60		0.40		(5.15	)		(4.75	)		—			$	27.85		-14.57	%		$	53.6		0.77	%		1.16	%		0.77	%		225	%
Year Ended December 31, 2017		$	26.93		0.31		5.36			5.67			—			$	32.60		21.05	%		$	68.4		0.78	%		1.02	%		0.78	%		187	%
Year Ended December 31, 2016		$	24.43		0.25		2.25			2.50			—			$	26.93		10.23	%		$	57.9		0.80	%		1.09	%		0.80	%		194	%
Year Ended December 31, 2015		$	24.15		0.28		0.24			0.52			(0.24	)		$	24.43		2.15	%		$	48.7		0.77	%		1.23	%		0.77	%		186	%
Year Ended December 31, 2014		$	21.74		0.26		2.37			2.63			(0.22	)		$	24.15		12.12	%		$	37.2		0.77	%		1.06	%		0.77	%		198	%

ON Capital Appreciation Portfolio
Year Ended December 31, 2018		$	43.66		0.40		(6.33	)		(5.93	)		—			$	37.73		-13.58	%		$	93.2		0.89	%		0.86	%		0.89	%		55	%
Year Ended December 31, 2017		$	37.70		1.28		4.68			5.96			—			$	43.66		15.81	%		$	125.6		0.86	%		1.00	%		0.86	%		51	%
Year Ended December 31, 2016		$	32.88		0.91		3.91			4.82			—			$	37.70		14.66	%		$	195.7		0.82	%		1.21	%		0.82	%		55	%
Year Ended December 31, 2015		$	33.82		0.29		(0.98	)		(0.69	)		(0.25	)		$	32.88		-2.05	%		$	430.4		0.80	%		0.86	%		0.80	%		69	%
Year Ended December 31, 2014		$	31.24		0.08		2.59			2.67			(0.09	)		$	33.82		8.54	%		$	449.4		0.83	%		0.56	%		0.83	%		67	%

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

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

139

Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																		Ratios and supplemental data

				Operations																		Ratios to average net assets

																						Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

							Net realized and unrealized
							gain (loss) on investments,
							futures contracts, foreign
	Net asset value,						currency contracts, and
	beginning of			Net investment			other foreign currency			Total from			Net asset value,						Net assets at end						Net investment						Portfolio turnover
	year			income (loss)			related transactions			operations			end of year			Total Return^#			of year (in millions)			Expenses			income (loss)			Expenses			rate

ON International Equity Portfolio
Year Ended December 31, 2018		$	15.08		0.23			(2.24	)		(2.01	)		$	13.07		-13.33	%		$	518.8		0.86	%		1.93	%		0.86	%		44	%
Year Ended December 31, 2017		$	11.89		0.18			3.01			3.19			$	15.08		26.83	%		$	158.1		1.06	%		1.25	%		1.06	%		132	%(a)
Year Ended December 31, 2016		$	12.50		0.22			(0.83	)		(0.61	)		$	11.89		-4.88	%		$	141.5		1.02	%		1.57	%		1.02	%		69	%
Year Ended December 31, 2015		$	12.55		0.19			(0.24	)		(0.05	)		$	12.50		-0.40	%(b)		$	159.0		1.00	%		1.21	%		1.00	%		72	%
Year Ended December 31, 2014		$	13.85		0.18			(1.48	)		(1.30	)		$	12.55		-9.39	%		$	174.4		0.84	%		1.43	%		1.00	%		95	%

ON Foreign Portfolio
Year Ended December 31, 2018		$	33.22		0.57			(5.76	)		(5.19	)		$	28.03		-15.62	%		$	55.1		1.17	%		1.72	%		1.17	%		22	%
Year Ended December 31, 2017		$	27.72		0.32			5.18			5.50			$	33.22		19.84	%		$	79.7		1.22	%		1.01	%		1.22	%		126	%(a)
Year Ended December 31, 2016		$	29.98		0.26			(2.52	)		(2.26	)		$	27.72		-7.54	%		$	66.7		1.24	%		0.89	%		1.24	%		51	%
Year Ended December 31, 2015		$	27.39		0.03			2.56			2.59			$	29.98		9.46	%(b)		$	78.3		1.23	%		0.12	%		1.23	%		58	%
Year Ended December 31, 2014		$	30.03		0.12			(2.76	)		(2.64	)		$	27.39		-8.79	%		$	67.6		1.18	%		0.38	%		1.18	%		65	%

ON Janus Henderson Forty Portfolio
Year Ended December 31, 2018		$	19.93		(0.03	)		1.07			1.04			$	20.97		5.22	%		$	149.3		0.87	%		-0.15	%		0.87	%		48	%
Year Ended December 31, 2017		$	15.61		(0.03	)		4.35			4.32			$	19.93		27.67	%		$	60.6		0.96	%		-0.15	%		0.96	%		57	%
Year Ended December 31, 2016		$	15.09		(0.02	)		0.54			0.52			$	15.61		3.45	%		$	49.9		0.95	%		-0.09	%		0.95	%		63	%
Year Ended December 31, 2015		$	13.70		(0.01	)		1.40			1.39			$	15.09		10.15	%		$	51.4		0.93	%		-0.10	%		0.93	%		60	%
Year Ended December 31, 2014		$	12.50		(0.03	)		1.23			1.20			$	13.70		9.60	%		$	39.9		0.94	%		-0.23	%		0.94	%		55	%

ON Janus Henderson Venture Portfolio
Year Ended December 31, 2018		$	32.99		(0.10	)		(2.00	)		(2.10	)		$	30.89		-6.37	%		$	207.4		0.85	%		-0.23	%		0.85	%		33	%
Year Ended December 31, 2017		$	26.61		(0.06	)		6.44			6.38			$	32.99		23.98	%		$	276.2		0.85	%		-0.19	%		0.85	%		26	%
Year Ended December 31, 2016		$	25.01		0.01			1.59			1.60			$	26.61		6.40	%		$	232.3		0.86	%		0.04	%		0.86	%		25	%
Year Ended December 31, 2015		$	25.07		(0.03	)		(0.03	)		(0.06	)		$	25.01		-0.24	%(b)		$	238.2		0.85	%		-0.12	%		0.85	%		37	%
Year Ended December 31, 2014		$	22.65		(0.05	)		2.47			2.42			$	25.07		10.64	%		$	212.1		0.89	%		-0.31	%		0.89	%		58	%

(a)

Effective May 1, 2017, the sub-adviser to the ON International Equity Portfolio changed from Federated Global Investment Management Corp. to Lazard Asset Management LLC, and the sub-adviser to the ON Foreign Portfolio changed from Federated Global Investment Management Corp. to Templeton Global Advisors Limited. Costs of purchases and proceeds from sales of portfolio securities associated with the changes in the sub-advisers contributed to higher portfolio turnover rates for the year ended December 31, 2017 as compared to prior years.

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

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

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

140

Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																					Ratios and supplemental data

				Operations									Distributions												Ratios to average net assets

																									Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

							Net realized and
							unrealized gain (loss) on
							investments, futures						Distributions
							contracts, and foreign						from net									Net assets at end
	Net asset value,			Net investment			currency related			Total from			investment			Net asset value,						of year						Net investment						Portfolio turnover
	beginning of year			income (loss)			transactions			operations			income			end of year			Total Return^#			(in millions)			Expenses			income (loss)			Expenses			rate

ON Janus Henderson Enterprise Portfolio
Year Ended December 31, 2018		$	38.60		0.02			(1.26	)		(1.24	)		—			$	37.36		-3.21	%		$	102.6		0.96	%		0.06	%		0.96	%		103	%(a)
Year Ended December 31, 2017		$	30.37		(0.09	)		8.32			8.23			—			$	38.60		27.10	%		$	77.8		0.98	%		-0.24	%		0.98	%		57	%
Year Ended December 31, 2016		$	29.90		(0.09	)		0.56			0.47			—			$	30.37		1.57	%		$	70.2		0.98	%		-0.29	%		0.98	%		61	%
Year Ended December 31, 2015		$	31.49		(0.07	)		(1.52	)		(1.59	)		—			$	29.90		-5.05	%(b)		$	78.7		0.94	%		-0.21	%		0.94	%		59	%
Year Ended December 31, 2014		$	28.24		(0.05	)		3.30			3.25			—			$	31.49		11.51	%		$	86.7		0.94	%		-0.18	%		0.94	%		61	%

ON S&P 500^® Index Portfolio
Year Ended December 31, 2018		$	29.52		0.48			(1.89	)		(1.41	)		—			$	28.11		-4.78	%		$	1,111.5		0.38	%		1.58	%		0.38	%		18	%
Year Ended December 31, 2017		$	24.32		0.37			4.83			5.20			—			$	29.52		21.38	%		$	1,144.2		0.38	%		1.65	%		0.38	%		8	%
Year Ended December 31, 2016		$	21.82		0.25			2.25			2.50			—			$	24.32		11.46	%		$	842.6		0.42	%		1.84	%		0.42	%		8	%
Year Ended December 31, 2015		$	21.93		0.37			(0.17	)		0.20			(0.31	)		$	21.82		0.91	%		$	410.7		0.41	%		1.72	%		0.41	%		14	%
Year Ended December 31, 2014		$	19.63		0.32			2.25			2.57			(0.27	)		$	21.93		13.11	%		$	388.2		0.43	%		1.64	%		0.43	%		11	%

ON Federated Strategic Value Dividend Portfolio
Year Ended December 31, 2018		$	17.88		0.87			(2.38	)		(1.51	)		—			$	16.37		-8.45	%		$	321.8		0.76	%		3.88	%		0.76	%		18	%
Year Ended December 31, 2017		$	15.60		0.59			1.69			2.28			—			$	17.88		14.62	%		$	596.7		0.75	%		3.77	%		0.75	%		27	%
Year Ended December 31, 2016		$	14.07		0.36			1.17			1.53			—			$	15.60		10.87	%		$	475.5		0.78	%		3.19	%		0.78	%		32	%
Year Ended December 31, 2015		$	13.92		0.53			0.06			0.59			(0.44	)		$	14.07		4.26	%		$	309.8		0.78	%		3.47	%		0.78	%		13	%
Year Ended December 31, 2014		$	13.09		0.93			0.68			1.61			(0.78	)		$	13.92		12.41	%		$	332.6		0.78	%		5.37	%		0.78	%		22	%

ON Federated High Income Bond Portfolio
Year Ended December 31, 2018		$	19.36		1.41			(2.04	)		(0.63	)		—			$	18.73		-3.25	%		$	202.1		0.75	%		5.39	%		0.75	%		14	%
Year Ended December 31, 2017		$	18.10		1.04			0.22			1.26			—			$	19.36		6.96	%		$	319.1		0.74	%		5.21	%		0.74	%		30	%
Year Ended December 31, 2016		$	15.82		0.43			1.85			2.28			—			$	18.10		14.41	%		$	313.8		0.80	%		5.56	%		0.80	%		30	%
Year Ended December 31, 2015		$	16.32		1.18			(1.68	)		(0.50	)		—			$	15.82		-3.06	%		$	194.2		0.80	%		5.65	%		0.80	%		29	%
Year Ended December 31, 2014		$	15.88		1.57			(1.13	)		0.44			—			$	16.32		2.77	%		$	230.1		0.77	%		5.73	%		0.77	%		33	%

(a)

Effective May 1, 2018, the sub-adviser changed from Goldman Sachs Asset Management, L.P. to Janus Capital Management LLC. Costs of purchases and proceeds from sales of portfolio securities associated with the change in the sub-adviser contributed to a higher portfolio turnover rate for the year ended December 31, 2018 as compared to prior periods.

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

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

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

141

Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																					Ratios and supplemental data

				Operations									Distributions												Ratios to average net assets

																									Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

	Net asset value, beginning of year			Net investment income (loss)			Net realized and unrealized gain (loss) on investments and futures contracts			Total from operations			Distributions from net investment income			Net asset value, end of year			Total Return^#			Net assets at end of year (in millions)			Expenses			Net investment income (loss)			Expenses			Portfolio turnover rate

ON ClearBridge Small Cap Portfolio
Year Ended December 31, 2018		$	57.46		0.19			(5.50	)		(5.31	)		—			$	52.15		-9.24	%		$	126.2		0.90	%		0.19	%		0.90	%		41	%
Year Ended December 31, 2017		$	51.21		0.20			6.05			6.25			—			$	57.46		12.20	%		$	275.1		0.89	%		0.30	%		0.89	%		46	%
Year Ended December 31, 2016		$	40.00		0.22			10.99			11.21			—			$	51.21		28.03	%		$	275.7		0.93	%		0.92	%		0.93	%		51	%
Year Ended December 31, 2015		$	41.01		(0.10	)		(0.91	)		(1.01	)		—			$	40.00		-2.46	%		$	94.0		1.01	%		-0.29	%		1.01	%		126	%(a)
Year Ended December 31, 2014		$	40.03		(0.19	)		1.17			0.98			—			$	41.01		2.45	%		$	75.5		1.00	%		-0.45	%		1.00	%		44	%

ON Nasdaq-100^® Index Portfolio
Year Ended December 31, 2018		$	16.67		0.12			(0.19	)		(0.07	)		—			$	16.60		-0.42	%		$	327.6		0.41	%		0.67	%		0.41	%		22	%
Year Ended December 31, 2017		$	12.59		0.07			4.01			4.08			—			$	16.67		32.41	%		$	257.2		0.45	%		0.71	%		0.45	%		9	%
Year Ended December 31, 2016		$	11.80		0.09			0.70			0.79			—			$	12.59		6.69	%		$	156.1		0.48	%		0.84	%		0.48	%		13	%
Year Ended December 31, 2015		$	10.88		0.09			0.91			1.00			(0.08	)		$	11.80		9.14	%		$	138.6		0.46	%		0.79	%		0.46	%		19	%
Year Ended December 31, 2014		$	9.25		0.12			1.62			1.74			(0.11	)		$	10.88		18.77	%		$	121.7		0.48	%		1.23	%		0.48	%		23	%

ON Bristol Portfolio
Year Ended December 31, 2018		$	30.22		0.20			(5.63	)		(5.43	)		—			$	24.79		-17.97	%		$	155.3		0.82	%		0.63	%		0.82	%		272	%
Year Ended December 31, 2017		$	24.02		0.16			6.04			6.20			—			$	30.22		25.81	%		$	223.7		0.82	%		0.47	%		0.82	%		220	%
Year Ended December 31, 2016		$	21.49		0.12			2.41			2.53			—			$	24.02		11.77	%		$	207.9		0.83	%		0.49	%		0.83	%		223	%
Year Ended December 31, 2015		$	20.75		0.12			0.73			0.85			(0.11	)		$	21.49		4.08	%		$	218.7		0.81	%		0.55	%		0.81	%		228	%
Year Ended December 31, 2014		$	18.29		0.09			2.45			2.54			(0.08	)		$	20.75		13.88	%		$	232.0		0.81	%		0.42	%		0.81	%		239	%

ON Bryton Growth Portfolio
Year Ended December 31, 2018		$	24.91		(0.26	)		(1.03	)		(1.29	)		—			$	23.62		-5.18	%		$	25.5		1.05	%		-0.55	%		1.05	%		201	%
Year Ended December 31, 2017		$	20.49		(0.21	)		4.63			4.42			—			$	24.91		21.57	%		$	56.8		0.98	%		-0.55	%		0.98	%		196	%
Year Ended December 31, 2016		$	19.60		(0.19	)		1.08			0.89			—			$	20.49		4.54	%		$	94.6		0.92	%		-0.62	%		0.92	%		188	%
Year Ended December 31, 2015		$	20.47		(0.11	)		(0.76	)		(0.87	)		—			$	19.60		-4.25	%		$	162.2		0.88	%		-0.53	%		0.88	%		169	%
Year Ended December 31, 2014		$	19.28		(0.09	)		1.28			1.19			—			$	20.47		6.17	%		$	179.1		0.88	%		-0.45	%		0.88	%		178	%

(a)

Effective September 25, 2015, the sub-adviser changed from Eagle Asset Management, Inc. to ClearBridge Investments, 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.

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

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

142

Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																				Ratios and supplemental data

				Operations								Distributions												Ratios to average net assets

						Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency related transactions, written																		Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser
	Net asset value, beginning of year			Net investment income		options, and capital distributions received from underlying mutual funds			Total from operations			Distributions from net investment income			Net asset value, end of year			Total Return^#			Net assets at end of year (in millions)			Expenses			Net investment income			Expenses			Portfolio turnover rate

ON ICON Balanced Portfolio
Year Ended December 31, 2018		$	22.03		0.49		(2.82	)		(2.33	)		—			$	19.70		-10.58	%		$	466.7		0.64	%		1.58	%		0.64	%		47	%
Year Ended December 31, 2017		$	19.86		0.47		1.70			2.17			—			$	22.03		10.93	%		$	955.1		0.62	%		1.93	%		0.62	%		106	%
Year Ended December 31, 2016		$	18.99		0.39		0.48			0.87			—			$	19.86		4.58	%		$	952.1		0.64	%		2.05	%		0.64	%		99	%
Year Ended December 31, 2015		$	18.96		0.30		(0.02	)		0.28			(0.25	)		$	18.99		1.47	%		$	864.9		0.64	%		1.58	%		0.64	%		92	%
Year Ended December 31, 2014		$	18.02		0.16		0.92			1.08			(0.14	)		$	18.96		5.99	%		$	833.1		0.64	%		1.80	%		0.68	%		94	%

ON S&P MidCap 400^® Index Portfolio
Year Ended December 31, 2018		$	17.46		0.10		(2.10	)		(2.00	)		—			$	15.46		-11.45	%		$	306.6		0.51	%		1.32	%		0.51	%		28	%
Year Ended December 31, 2017		$	15.12		0.04		2.30			2.34			—			$	17.46		15.48	%		$	88.8		0.71	%		0.92	%		0.71	%		41	%
Year Ended December 31, 2016		$	13.81		0.17		1.14			1.31			—			$	15.12		9.49	%		$	47.9		0.79	%		1.24	%		0.79	%		179	%(a)
Year Ended December 31, 2015		$	14.49		0.25		(0.72	)		(0.47	)		(0.21	)		$	13.81		-3.24	%		$	46.3		0.77	%		1.54	%		0.77	%		72	%
Year Ended December 31, 2014		$	13.70		0.25		0.77			1.02			(0.23	)		$	14.49		7.44	%		$	55.1		0.77	%		1.77	%		0.77	%		79	%

ON Bristol Growth Portfolio
Year Ended December 31, 2018		$	24.19		0.12		(3.72	)		(3.60	)		—			$	20.59		-14.88	%		$	87.5		0.88	%		0.43	%		0.88	%		269	%
Year Ended December 31, 2017		$	18.65		0.07		5.47			5.54			—			$	24.19		29.71	%		$	128.0		0.88	%		0.24	%		0.88	%		218	%
Year Ended December 31, 2016		$	17.31		0.07		1.27			1.34			—			$	18.65		7.74	%		$	117.6		0.89	%		0.36	%		0.89	%		162	%
Year Ended December 31, 2015		$	16.44		0.08		0.86			0.94			(0.07	)		$	17.31		5.72	%		$	116.2		0.86	%		0.43	%		0.86	%		168	%
Year Ended December 31, 2014		$	14.72		0.06		1.71			1.77			(0.05	)		$	16.44		12.01	%		$	124.1		0.86	%		0.34	%		0.86	%		192	%

ON Risk Managed Balanced Portfolio
Year Ended December 31, 2018		$	13.01		0.17		(0.27	)		(0.10	)		—			$	12.91		-0.77	%		$	347.1		0.99	%		1.27	%		0.99	%		131	%(b)
Year Ended December 31, 2017		$	11.06		0.14		1.81			1.95			—			$	13.01		17.63	%		$	344.2		1.00	%		1.22	%		1.00	%		72	%(b)
Year Ended December 31, 2016		$	10.66		0.09		0.31			0.40			—			$	11.06		3.75	%		$	272.1		1.03	%		1.09	%		1.03	%		78	%
Year Ended December 31, 2015		$	10.83		0.03		(0.17	)		(0.14	)		(0.03	)		$	10.66		-1.32	%		$	154.3		1.11	%		0.81	%		1.11	%		71	%
Period From May 1, 2014 (inception) to December 31, 2014		$	10.00		0.03		0.80			0.83			—			$	10.83		8.30	%*		$	33.8		1.43	%**		0.43	%**		1.43	%**		94	%*

*	Not annualized

**	Annualized

(a)

Effective December 16, 2016, the sub-adviser to the Portfolio changed from First Trust Advisors L.P. to Geode Capital Management, LLC. Costs of purchases and proceeds from sales of portfolio securities associated with the change in the sub-adviser contributed to a higher portfolio turnover rate for the year ended December 31, 2016 as compared to prior years.

(b)

The portfolio turnover calculation includes purchases and sales from mortgage dollar roll transactions. Without the effect of mortgage dollar roll transactions, the portfolio turnover rate would have been 102% for the year ended December 31, 2018 and 63% for the year ended December 31, 2017 (see Note 2 of the Notes to Financial Statements).

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

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

143

Ohio National Fund, Inc.

Financial Highlights


	Selected per-share data																Ratios and supplemental data

			Operations																	Ratios to average net assets

																				Ratios net of expenses reduced or reimbursed by adviser						Ratios assuming no expenses reduced or reimbursed by adviser

	Net asset value, beginning of year		Net investment income		Net realized and unrealized gain (loss) on investments and capital gain distributions received from underlying mutual funds			Total from operations			Net asset value, end of year			Total Return^#			Net assets at end of year (in millions)			Expenses^†			Net investment income^†			Expenses^†			Portfolio turnover rate

ON Conservative Model Portfolio
Year Ended December 31, 2018		$10.53		0.20		(0.52	)		(0.32	)		$	10.21		-3.04	%		$	79.0		0.27	%		1.70	%		0.52	%		35	%
Period From March 1, 2017 (inception) to December 31, 2017		$10.00		0.16		0.37			0.53			$	10.53		5.30	%*		$	99.7		0.25	%**		1.71	%**		0.51	%**		29	%*

ON Moderately Conservative Model Portfolio
Year Ended December 31, 2018		$10.69		0.15		(0.75	)		(0.60	)		$	10.09		-5.61	%		$	237.2		0.28	%		1.26	%		0.45	%		38	%
Period From March 1, 2017 (inception) to December 31, 2017		$10.00		0.13		0.56			0.69			$	10.69		6.90	%*		$	326.0		0.25	%**		1.40	%**		0.45	%**		22	%*

ON Balanced Model Portfolio
Year Ended December 31, 2018		$10.81		0.09		(0.93	)		(0.84	)		$	9.97		-7.77	%		$	1,146.9		0.31	%		0.77	%		0.42	%		37	%
Period From March 1, 2017 (inception) to December 31, 2017		$10.00		0.09		0.72			0.81			$	10.81		8.10	%*		$	1,562.6		0.25	%**		1.01	%**		0.42	%**		25	%*

ON Moderate Growth Model Portfolio
Year Ended December 31, 2018		$11.05		0.05		(1.17	)		(1.12	)		$	9.93		-10.14	%		$	1,945.0		0.35	%		0.42	%		0.42	%		49	%
Period From March 1, 2017 (inception) to December 31, 2017		$10.00		0.07		0.98			1.05			$	11.05		10.50	%*		$	2,646.8		0.26	%**		0.80	%**		0.42	%**		23	%*

ON Growth Model Portfolio
Year Ended December 31, 2018		$11.15		0.02		(1.31	)		(1.29	)		$	9.86		-11.57	%		$	424.2		0.31	%		0.17	%		0.43	%		62	%
Period From March 1, 2017 (inception) to December 31, 2017		$10.00		0.05		1.10			1.15			$	11.15		11.50	%*		$	543.8		0.25	%**		0.51	%**		0.43	%**		24	%*

*	Not annualized

**	Annualized

# Performance does not include fees and expenses imposed by a variable annuity contract. Had those fees and expenses been included, performance would have been lower than the returns presented.

† Ratios presented only reflect the direct income and expenses for the Portfolio, and do not include the indirect expenses related to the underlying funds in which the Portfolio invests.

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

144

Ohio National Fund, Inc.

Notes to Financial Statements

December 31, 2018

(1)

Organization

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

⬛

ON Equity Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its assets in equity securities.

⬛

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

⬛

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

⬛

ON Capital Appreciation Portfolio – Long-term growth of capital 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.

⬛

ON International Equity Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its assets in equity securities of foreign companies.

⬛

ON Foreign Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its assets in foreign securities.

⬛

ON Janus Henderson Forty Portfolio – Long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.

⬛

ON Janus Henderson Venture Portfolio – Long-term capital appreciation by investing, under normal circumstances, at least 80% of its assets in stocks of small capitalization companies.

⬛

ON Janus Henderson Enterprise Portfolio – Long-term total return by investing, under normal circumstances, at least 80% of its assets in equity securities of mid-cap companies, primarily those that are strategically positioned for long-term growth.

⬛

ON S&P 500^®Index Portfolio – Total return approximating that of the Standard & Poor’s 500^®Index (S&P 500^®Index), including reinvestment of dividends, at a risk level consistent with that of the S&P 500^®Index by investing, under normal circumstances, more than 80% of its assets in securities included in the S&P 500^®Index.

⬛

ON Federated Strategic Value Dividend Portfolio – Growth of capital and income by investing primarily in high dividend paying common stocks with dividend growth potential.

⬛

ON Federated High Income Bond Portfolio – High current income by investing, under normal circumstances, at least 80% of its 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.

⬛

ON ClearBridge Small Cap Portfolio – Long-term capital appreciation by investing, under normal circumstances, at least 80% of its 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.

⬛

ON Nasdaq-100^®Index Portfolio – Long-term growth of capital by investing, under normal circumstances, more than 80% of its assets in the common stocks of companies composing the Nasdaq-100^®Index.

⬛

ON 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.

⬛

ON 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.

⬛

ON ICON Balanced Portfolio – Capital appreciation and income by investing, under normal circumstances, up to 75% of its assets in equity securities of domestic companies of any market capitalization while maintaining a minimum of 25% of its assets in fixed income securities.

⬛

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


		145		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

⬛

ON Bristol Growth Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its assets in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.

⬛

ON Risk Managed Balanced Portfolio – Long-term capital growth, consistent with preservation of capital and balanced by current income. The Portfolio invests in a balanced portfolio of equity and fixed-income securities and a risk management portfolio intended to enhance the risk adjusted return of the Portfolio.

⬛

ON Conservative Model Portfolio* – Current income and preservation of capital. The Portfolio is a fund of funds that pursues its investment objective by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 0-25%, International Equity 0-10%, and Fixed Income 65-90%.

⬛

ON Moderately Conservative Model Portfolio* – Current income and moderate growth of capital with a greater emphasis on current income. The Portfolio is a fund of funds that pursues its investment objective by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 20-40%, International Equity 5-20%, and Fixed Income 30-70%.

⬛

ON Balanced Model Portfolio* – A balance between growth of capital and current income with a greater emphasis on growth of capital. The Portfolio is a fund of funds that pursues its investment objective by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 25-50%, International Equity 10-25%, and Fixed Income 25-50%.

⬛

ON Moderate Growth Model Portfolio* – Growth of capital and moderate current income with a greater emphasis on growth of capital. The Portfolio is a fund of funds that pursues its investment objective by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 40-60%, International Equity 15-35%, and Fixed Income 10-30%.

⬛

ON Growth Model Portfolio* – Growth of capital and some current income. The Portfolio is a fund of funds that pursues its investment objective by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 50-80%, International Equity 15-45%, and Fixed Income 0-15%.

Collectively, the “ON Model Portfolios”.

The names presented above reflect the current Portfolio names. Effective May 1, 2018, several Portfolios of the Fund underwent name changes. The changes, approved by the Fund’s Board of Directors (the “Board”), are detailed below:


Portfolio Name Prior to May 1, 2018		Current Portfolio Name
Equity Portfolio		ON Equity Portfolio
Bond Portfolio		ON Bond Portfolio
Omni Portfolio		ON Omni Portfolio
Capital Appreciation Portfolio		ON Capital Appreciation Portfolio
Aggressive Growth Portfolio		ON Janus Henderson Forty Portfolio
Small Cap Growth Portfolio		ON Janus Henderson Venture Portfolio
Mid Cap Opportunity Portfolio		ON Janus Henderson Enterprise Portfolio
S&P 500^®Index Portfolio		ON S&P 500^®Index Portfolio
Stategic Value Portfolio		ON Federated Stategic Value Dividend Portfolio
High Income Bond Fund Portfolio		ON Federated High Income Bond Portfolio
ClearBridge Small Cap Portfolio		ON ClearBridge Small Cap Portfolio
Nasdaq-100^®Index Portfolio		ON Nasdaq-100^®Index Portfolio
Bristol Portfolio		ON Bristol Portfolio
Bryton Growth Portfolio		ON Bryton Growth Portfolio
Balanced Portfolio		ON ICON Balanced Portfolio
S&P MidCap 400^®Index Portfolio		ON S&P MidCap 400^®Index Portfolio
Bristol Growth Portfolio		ON Bristol Growth Portfolio
Risk Managed Balanced Portfolio		ON Risk Managed Balanced 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 ON Nasdaq-100^® Index Portfolio, is classified as diversified for purposes of Section 5(b) of the 40 Act.


		146		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

At present, the Fund issues its shares to separate accounts of The Ohio National Life Insurance Company (“ONLIC”), Ohio National Life Assurance Corporation (“ONLAC”), and National Security Life and Annuity Company (“NSLA”) to support certain benefits under variable contracts issued by those entities, as well as for purchases by other Portfolios of the Fund. In the future, Fund shares may be used for other purposes but, unless there is a change in applicable law, they will not be sold directly to the public.

Effective September 15, 2018 and March 16, 2018, respectively, ONLIC and NSLA no longer market, nor issue, variable annuities. ONLIC and NSLA will continue to service the in-force variable annuity contracts, the variable separate accounts, and underlying subaccounts regardless of new sales.

Interest in each Portfolio is represented by a separate class of the Fund’s capital stock, par value $1. Each share of a Portfolio participates equally in the Portfolio’s dividends, distributions, net assets, and voting matters.

The Fund is authorized to issue 1.55 billion of its capital shares. These authorized shares have been allocated to specific Portfolios of the Fund as follows:


Portfolio		Authorized Shares
ON Equity		35,000,000
ON Bond		30,000,000
ON Omni		15,000,000
ON Capital Appreciation		25,000,000
ON International Equity		90,000,000
ON Foreign		32,000,000
ON Janus Henderson Forty		24,000,000
ON Janus Henderson Venture		30,000,000
ON Janus Henderson Enterprise		21,000,000
ON S&P 500^®Index		90,000,000
ON Federated Strategic Value Dividend		75,000,000
ON Federated High Income Bond		45,000,000
ON ClearBridge Small Cap		15,000,000


Portfolio	Authorized Shares
ON Nasdaq-100^®Index		50,000,000
ON Bristol		23,000,000
ON Bryton Growth		15,000,000
ON ICON Balanced		90,000,000
ON S&P MidCap 400^®Index		30,000,000
ON Bristol Growth		30,000,000
ON Risk Managed Balanced		85,000,000
ON Conservative Model		30,000,000
ON Moderately Conservative Model		70,000,000
ON Balanced Model		200,000,000
ON Moderate Growth Model		300,000,000
ON Growth Model		100,000,000

The Board periodically reallocates authorized shares among the Portfolios of the Fund and may authorize additional shares as deemed necessary.

Under the Fund’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund. However, based on experience, the risk of loss to the Fund is expected to be remote.

(2)

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements:

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation

Investments are valued using pricing procedures approved by the Board.


		147		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

Fixed income instruments that mature in sixty days or less, and of sufficient credit quality, are valued at amortized cost. Amortized cost valuation involves valuing a security at its cost initially and thereafter amortizing to maturity any discounts or premiums on the level-yield method, regardless of the impact of fluctuating market interest rates on the value of the security. In these instances, amortized cost approximates fair value.

Investments, other than those securities aforementioned, are valued as follows:

Domestic equity securities that are traded on U.S. exchanges, other than the Nasdaq Stock Market, are valued at the last trade price reported by the primary exchange of each security (4:00 pm Eastern Time for normal trading sessions). Domestic equity securities that are listed on the Nasdaq Stock Market are valued at the Nasdaq Official Closing Price (“NOCP”). Over-the-counter domestic equity securities are valued at the last trade price reported daily as of 4:00 pm Eastern Time (normal trading sessions).

Over-the-counter traded American Depositary Receipts (“ADRs”) may also be valued at an evaluated price based on the value of the underlying securities. If a domestic equity security is not traded on a particular day, the mean between the bid and ask prices reported at 4:00 pm Eastern Time (normal trading sessions) by the primary exchange will generally be used for valuation purposes. The principal sources for market quotations are independent pricing services that have been approved by the Board.

Fixed income securities that have a remaining maturity exceeding sixty days are generally valued at the evaluated bid price reported at 4:00 pm Eastern Time (normal trading sessions), as provided by independent pricing services approved by the Board. Many fixed income securities, including investment grade and high-yield corporate bonds, U.S. Treasury and government agency obligations, bank loans, and other asset-backed instruments are not actively traded on a daily basis. As such, the approved pricing services may use asset type-specific valuation models to provide good faith determinations that the holders of securities would receive in an orderly transaction under current market conditions. The valuation models may use observable market data such as recent transaction data, benchmark yields, broker/dealer inputs, valuations and yields of comparable instruments, relative credit information, observed market movements, and market research and news. Asset-backed securities and mortgage-backed securities may use valuation models that heavily consider predicted cash flows of each tranche of an issue, benchmark spreads, and unique attributes of the tranche. The last trade or last evaluated bid may be used if an evaluated bid price is not available.

U.S exchange-traded options are valued at the composite basis last sale price as reported to a Board-approved independent pricing service by the OPRA (Options Price Reporting Authority) at 4:15 pm Eastern Time (normal trading sessions). If there are no reported trades for a trading session, the evaluated composite-basis bid price will generally be used for valuation purposes.

Futures contracts are valued at the daily quoted settlement prices as reported by an approved independent pricing source.

Shares of open-end mutual funds are valued at each fund’s last calculated net asset value per share.

Shares of closed-end mutual funds that are traded on U.S. exchanges are valued similarly to other domestic equity securities, typically at the last trade price reported by the primary exchange of each fund (4:00 pm Eastern Time for normal trading sessions).

Foreign equity securities are initially priced at the reported close price of the exchange on which a security is primarily traded. Securities not traded on a particular day are valued at the mean between the last reported bid and ask quotes at daily close, or the last sale price when appropriate. The principal sources for market quotations are independent pricing services that have been approved by the Board.

Equity securities that are primarily traded on foreign exchanges, other than those with close times that are consistent with the normal 4:00 pm Eastern Time close of U.S. equity markets, are further subjected to fair valuation pricing procedures provided by an independent fair valuation service. The service provides data that can be used to estimate the price of a foreign issue that would prevail in a liquid market given market information available 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 Board. Prior results have indicated that these procedures have been effective in reaching valuation objectives.

Restricted securities, illiquid securities, or other investments for which market quotations or other observable market inputs are not readily available are valued at an estimate of value using methods determined in good faith by the Fund’s Pricing Committee under the supervision of the Board.


		148		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

The differences between the aggregate cost and values of investments are reflected as unrealized appreciation or unrealized depreciation.

Pricing inputs used in the Fund’s determination of its investment values are categorized according to a three-tier hierarchy framework. The hierarchy is summarized in three broad levels:

Level 1: Quoted prices in active markets for identical securities.

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

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

The following is a summary of the inputs used in valuing each of the Portfolio’s assets (liabilities) at value as of December 31, 2018:


Portfolio	Financial Instrument Type	Level 1		Level 2		Level 3
ON Equity	Common Stocks**	$	214,186,820	$	3,094,851	$	—
	Preferred Securities**		—		1,956,040		—
	Money Market Funds		17,836,286		—		—

		$	232,023,106	$	5,050,891	$	—

ON Bond	Corporate Bonds**	$	—	$	246,951,986	$	—
	Asset-Backed Securities**		—		7,206,156		—
	Sovereign Issues		—		2,808,030		—
	Money Market Funds		1,131,852		—		—

		$	1,131,852	$	256,966,172	$	—

ON Omni	Common Stocks**	$	39,956,138	$	—	$	—
	Corporate Bonds**		—		11,669,675		—
	Master Limited Partnerships**		901,246		—		—
	Asset-Backed Securities**		—		318,377		—
	U.S. Treasury Obligations		—		195,303		—
	Money Market Funds		116,964		—		—

		$	40,974,348	$	12,183,355	$	—

ON Capital Appreciation	Common Stocks**	$	88,285,680	$	806,220	$	—
	Money Market Funds		1,160,187		—		—

		$	89,445,867	$	806,220	$	—

ON International Equity	Common Stocks**	$	76,078,603	$	416,289,819	$	—
	Preferred Securities**		—		9,797,901		—
	Money Market Funds		16,567,700		—		—

		$	92,646,303	$	426,087,720	$	—

ON Foreign	Common Stocks**	$	6,614,167	$	46,726,638	$	—
	Money Market Funds		1,695,595		—		—

		$	8,309,762	$	46,726,638	$	—

ON Janus Henderson Forty	Common Stocks**	$	144,379,584	$	—	$	—
	Money Market Funds		6,239,189		—		—

		$	150,618,773	$	—	$	—

ON Janus Henderson Venture	Common Stocks**	$	200,922,814	$	1,589,235	$	—
	Master Limited Partnerships**		4,371,183		—		—
	Money Market Funds		211,560		—		—

		$	205,505,557	$	1,589,235	$	—

ON Janus Henderson Enterprise	Common Stocks**	$	99,176,768	$	1,741,839	$	—
	Money Market Funds		1,824,032		—		—

		$	101,000,800	$	1,741,839	$	—


		149		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018


Portfolio	Financial Instrument Type	Level 1			Level 2		Level 3
ON S&P 500^®Index	Common Stocks**	$	1,102,842,898		$	—	$	—
	Money Market Funds		8,180,121			—		—

		$	1,111,023,019		$	—	$	—

	Futures Contracts	$	40,100		$	—	$	—

ON Federated Strategic Value Dividend	Common Stocks**	$	260,650,522		$	53,892,566	$	—
	Money Market Funds		5,547,275			—		—

		$	266,197,797		$	53,892,566	$	—

ON Federated High Income Bond	Corporate Bonds**	$	—		$	194,929,627	$	—
	Money Market Funds		4,411,033			—		—

		$	4,411,033		$	194,929,627	$	—

ON ClearBridge Small Cap	Common Stocks**	$	123,384,247		$	—	$	—
	Money Market Funds		2,448,388			—		—

		$	125,832,635		$	—	$	—

ON Nasdaq-100^®Index	Common Stocks**	$	325,897,635		$	—	$	—
	Money Market Funds		653,327			—		—

		$	326,550,962		$	—	$	—

	Futures Contracts	$	6,651		$	—	$	—

ON Bristol	Common Stocks**	$	148,582,561		$	—	$	—
	Master Limited Partnerships**		3,394,017			—		—
	Money Market Funds		74,785			—		—

		$	152,051,363		$	—	$	—

ON Bryton Growth	Common Stocks**	$	22,847,886		$	—	$	—

ON ICON Balanced	Common Stocks**	$	313,566,300		$	—	$	—
	Corporate Bonds**		—			88,309,569		—
	Closed-End Mutual Funds		17,614,979			—		—
	U.S. Treasury Obligations		—			11,073,660		—
	Preferred Securities**		9,634,382			—		—
	Asset-Backed Securities**		—			6,713,886		—
	Money Market Funds		19,393,514			—		—

		$	360,209,175		$	106,097,115	$	—

ON S&P MidCap 400^®Index	Common Stocks**	$	306,369,193		$	—	$	—
	Money Market Funds		87,493			—		—

		$	306,456,686		$	—	$	—

	Futures Contracts	$	(1,916	)	$	—	$	—

ON Bristol Growth	Common Stocks**	$	84,615,893		$	—	$	—
	Master Limited Partnerships**		2,023,056			—		—

		$	86,638,949		$	—	$	—


		150		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018


Portfolio	Financial Instrument Type	Level 1		Level 2		Level 3
ON Risk Managed Balanced	Common Stocks**	$	157,994,455	$	—	$	—
	U.S. Treasury Obligations		—		49,036,534		—
	Corporate Bonds**		—		30,389,727		—
	U.S. Government Agency Mortgage-Backed Securities		—		27,201,415		—
	Purchased Options		14,167,032		11,342,920		—
	Asset-Backed / Mortgage-Backed Securities**		—		12,766,627		—
	Bank Loans**		—		2,957,261		—
	Master Limited Partnerships**		1,521,651		—		—
	Preferred Securities**		—		555,184		—
	Money Market Funds		39,454,855		—		—

		$	213,137,993	$	134,249,668	$	—

	Futures Contracts	$	2,756,762	$	—	$	—

ON Conservative Model	Open-End Mutual Funds	$	79,029,958	$	—	$	—

ON Moderately Conservative Model	Open-End Mutual Funds	$	237,292,596	$	—	$	—

ON Balanced Model	Open-End Mutual Funds	$	1,147,297,906	$	—	$	—

ON Moderate Growth Model	Open-End Mutual Funds	$	1,945,761,902	$	—	$	—

ON Growth Model	Open-End Mutual Funds	$	424,352,128	$	—	$	—

** For detailed industry descriptions, see the accompanying Schedules of Investments.

Below is a reconciliation that details the activity of securities in Level 3 during the year ended December 31, 2018.


		ON Janus Henderson
		Venture
Beginning Balance – January 1, 2018		$253,247
Total gains or losses (realized/unrealized):
Included in earnings (or changes in net assets)		160,217
Issuances		—
Settlements		(413,464)
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, 2018		$ —

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		$160,217

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.


		151		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

All Portfolios of the Fund may invest in securities of foreign issuers. The ON International Equity and ON Foreign 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 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.

Investment Transactions and Related Income

For financial reporting purposes, investment transactions are accounted for on a trade date basis. For purposes of executing separate account shareholder transactions in the normal course of business, however, the Fund’s investment transactions are recorded no later than the first calculation on the first business day following the trade date in accordance with Rule 2a-4 of the 40 Act. Accordingly, differences between the net asset values for financial reporting and for executing separate account shareholder transactions may arise.

Dividend income is recognized on the ex-dividend date, except in the case of those Portfolios holding foreign securities, in which dividends are recorded as soon after the ex-dividend date as the Fund’s information agents become aware of such dividends. Interest income is accrued daily as earned and includes the amortization of premium and accretion of discount. Net realized gain or loss on investments and foreign exchange transactions are determined using the specific identification method.

Distributions to Shareholders and Federal Taxes

The Fund satisfies its distribution requirements, 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, by using consent dividends rather than cash distributions. The consent dividends, when authorized, become taxable to the Fund’s shareholders as if they were paid in cash. The Fund has the intent to continue to comply with tax provisions pertaining to regulated investment companies and make distributions of taxable income, 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. Also, no tax-related interest or penalties have been incurred or recognized. The Board’s intent is that the Fund will not distribute any realized gain distributions (consent or otherwise) until any applicable capital loss carryforwards have been offset or expired.

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 perform an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e. greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Implementation of the evaluation included a review of tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal tax and the state of Maryland. The determination has been made that there are no uncertain tax positions that would require the Portfolios to record a tax liability or provision.


		152		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

Expense Allocation

Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses that cannot be directly attributed to a Portfolio are allocated among all the benefited Portfolios on a basis of relative net assets or other appropriate method.

Foreign Withholding Taxes

Certain Portfolios in the Fund may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally withheld based on income earned. These Portfolios accrue such taxes as the related income is earned.

TBA Commitments

To-Be-Announced (“TBA”) commitments are agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date beyond the customary settlement period for such securities. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and term and be within industry-accepted “good delivery” standards. When entering into TBA commitments, a Portfolio may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date. The ON Risk Managed Balanced Portfolio was the only Portfolio to engage in TBA transactions and did not take delivery of individual mortgage-backed securities during the year ended December 31, 2018.

Mortgage Dollar Rolls

A Portfolio may enter into a mortgage dollar roll (“MDR”) transaction, in which the Portfolio agrees to both sell and purchase a similar, but not identical, TBA mortgage-backed security with the same issuer, rate, and term on a later date at a set price. MDRs are treated as purchases and sales, which may have the effect of increasing portfolio turnover rates, and result in realized gains and losses based on the agreed-upon fixed prices. The ON Risk Managed Balanced Portfolio was the only Portfolio to engage in MDR transactions during the year ended December 31, 2018.

Bank Loans

A Portfolio may invest in bank loans, which represent an interest in amounts owned by a borrower to a syndicate of lenders. Bank loans are generally non-investment grade and often involve borrowers whose financial condition is highly leveraged. Transactions in bank loans may settle on a delayed basis, which could result in proceeds from the sale not being readily available for a Portfolio to make additional investments or meet its redemption obligations. Bank loans are typically senior in the corporate capital structure of the borrower. Bank loans generally pay interest at variable rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”). Bank loans may involve foreign borrowers, and investments may be denominated in foreign currencies. While the Portfolios expect to invest in fully funded term loans, certain of the loans in which the Portfolios invest may include revolving loans, bridge loans, and delayed draw term loans. These investments are treated as fixed income securities for valuation purposes.

Bank loans may be acquired through either an assignment or a participation. In a participation, a Portfolio would have a contractual relationship with the lender, not with the borrower, and the lender would remain the official holder of the loan, with the participant owning the rights to the amount purchased. As such, the Portfolio would not only assume the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Portfolio and the borrower. In contrast, in an assignment, a Portfolio would become a direct signatory to the loan and receive interest and principal payments directly from the administrative agent. The ON Risk Managed Balanced Portfolio, the only Portfolio to invest in bank loans during the year ended December 31, 2018, invested only via assignments.

New Accounting Pronouncements and Regulations

In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rules on Investment Company Reporting Modernization. The Final Rules, which introduce two new regulatory reporting requirements for investment companies – Form N-Port and Form N-CEN – also contain amendments to Regulation S-X that require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The Fund has adopted the enhanced disclosures regarding derivatives and investments in affiliates, which had no effect on the Fund’s net assets or results of operations.


		153		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

In March 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. This ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Fund’s management has evaluated the impact of the amendment and has concluded that there is no significant impact on the Fund’s financial statements.

In August 2018, the FASB issued ASU 2018-13 “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement“, which modifies the disclosure requirements on fair value measurements included in Topic 820, Fair Value Measurement. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Fund has early-adopted the removal of the disclosure of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, as well as the policy for timing of transfers between levels. The Fund’s management is currently evaluating the impact of the other modifications of this ASU on the Fund’s financial statements.

In November 2018, the SEC released its Final Rules on Disclosure Update and Simplification. In compliance with these Final Rules, the Fund has amended the presentation of distributable earnings on its Statements of Assets and Liabilities to show only the total distributable earnings, rather than the three components of distributable earnings. The Fund has also removed the parenthetical disclosure of undistributed net investment income on its Statements of Changes in Net Assets.

Subsequent Events

At a meeting held on January 25, 2019, the Board, including a majority of the Directors who are not “interested persons” of the Fund (the “Independent Directors”), approved sub-advisory agreements with BlackRock Investment Management, LLC (“BlackRock”) to become the sub-adviser for each of the ON Omni, ON Bristol, ON Bryton Growth, and ON Bristol Growth Portfolios, effective February 1, 2019. The investment objective, Portfolio name, and benchmark for each of those Portfolios did not change as a result of the change in sub-adviser.

The Board also approved revisions to those Portfolios’ annualized advisory and sub-advisory fee schedules, also effective February 1, 2019. The revised breakpoint schedules, based on the Portfolios’ daily net assets, are as follows:


ON Omni	ON Bristol	ON Bryton Growth	ON Bristol Growth

Advisory Fees
0.58% of first $100 million	0.64% of first $500 million	0.78% of first $100 million	0.66% of first $500 million
0.50% of next $150 million	0.62% over $500 million	0.75% of next $400 million	0.64% over $500 million
0.45% of next $250 million		0.70% over $500 million
0.40% of next $500 million
0.30% of next $1 billion
0.25% over $2 billion

Sub-advisory Fees
0.20% of first $500 million	0.20% of first $500 million	0.45% of all net assets	0.20% of first $500 million
0.18% over $500 million	0.18% over $500 million		0.18% over $500 million

At a meeting held on February 21, 2019, the Board, including a majority of the Directors who are not “interested persons” of the Fund (the “Independent Directors”), approved a sub-advisory agreement with BlackRock Investment Management, LLC (“BlackRock”) to become the sub-adviser for the ON Equity Portfolio, effective May 1, 2019. The investment objective, name, and benchmark will remain unchanged as a result.

In connection with this change in sub-adviser, the Board approved the revision of the Portfolio’s annualized advisory and sub-advisory fee schedules, also effective May 1, 2019. The revised breakpoint schedules, based on the Portfolio’s daily net assets, are as follows:

Advisory Fees

0.64% of first $500 million

0.62% over $500 million

Sub-advisory Fees

0.20% of first $500 million

0.18% over $500 million


		154		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

Also on February 21, 2019, The Board approved name changes to the following Portfolios, effective May 1, 2019:

ON Omni Portfolio will become the ON BlackRock Balanced Allocation Portfolio.

ON Bristol Portfolio will become the ON BlackRock Advantage Large Cap Core Portfolio.

ON Bryton Growth Portfolio will become the ON BlackRock Advantage Small Cap Growth Portfolio.

ON Bristol Growth Portfolio will become the ON BlackRock Advantage Large Cap Growth Portfolio.

Management has evaluated events and transactions through the date the financial statements were issued, for purposes of recognition or disclosure in these financial statements, and there are no other subsequent events to report.

(3)

Related Party and Other Transactions

The Fund has an Investment Advisory Agreement with Ohio National Investments, Inc. (“ONI”), a wholly-owned subsidiary of ONLIC. Under the terms of this agreement, ONI provides portfolio management and investment advice to the Fund and administers its operations, subject to the supervision of the Board. This agreement is renewed annually upon the approval by the Board. As compensation for its services, ONI receives advisory fees from the Fund calculated on the basis of each Portfolio’s average daily net assets and the following current schedule of Board-approved annualized fee breakpoints.


ON Equity	ON Janus Henderson Forty	ON Bristol
0.79% of first $200 million	0.80% of first $100 million	0.80% of first $100 million
0.74% of next $800 million	0.75% of next $400 million	0.70% of next $400 million
0.70% over $1 billion	0.70% over $500 million	0.65% over $500 million
ON Bond	ON Janus Henderson Venture	ON Bryton Growth
0.60% of first $100 million	0.80% of first $150 million	0.85% of first $100 million
0.50% of next $150 million	0.75% of next $150 million	0.75% of next $400 million
0.45% of next $250 million	0.70% of next $300 million	0.70% over $500 million
0.40% of next $500 million	0.65% over $600 million	ON ICON Balanced
0.30% of next $1 billion	ON Janus Henderson Enterprise¹	0.65% of first $200 million
0.25% over $2 billion	0.85% of first $100 million	0.60% of next $300 million
ON Omni	0.80% of next $100 million	0.55% over $500 million
0.60% of first $100 million	0.75% of next $300 million	ON S&P MidCap 400^®Index
0.50% of next $150 million	0.70% over $500 million	0.40% of first $100 million
0.45% of next $250 million	ON S&P 500^®Index	0.35% of next $150 million
0.40% of next $500 million	0.40% of first $100 million	0.33% over $250 million
0.30% of next $1 billion	0.35% of next $150 million	ON Bristol Growth
0.25% over $2 billion	0.33% over $250 million	0.80% of first $100 million
ON Capital Appreciation	ON Federated Strategic Value Dividend	0.70% of next $400 million
0.80% of first $100 million	0.75% of first $100 million	0.65% over $500 million
0.75% of next $300 million	0.70% of next $400 million	ON Risk Managed Balanced
0.65% of next $600 million	0.65% over $500 million	0.90% of first $500 million
0.60% over $1 billion	ON Federated High Income Bond	0.75% over $500 million
ON International Equity	0.75% of first $75 million	ON Conservative Model
0.85% of first $100 million	0.70% of next $75 million	0.40% of all net assets
0.80% of next $100 million	0.65% of next $75 million	ON Moderately Conservative Model
0.70% of next $800 million	0.60% over $225 million	0.40% of all net assets
0.67% over $1 billion	ON ClearBridge Small Cap	ON Balanced Model
ON Foreign	0.85% of first $200 million	0.40% of all net assets
0.85% of first $100 million	0.80% of next $300 million	ON Moderate Growth Model
0.80% of next $100 million	0.75% over $500 million	0.40% of all net assets
0.70% of next $800 million	ON Nasdaq-100^®Index	ON Growth Model
0.67% over $1 billion	0.40% of first $100 million	0.40% of all net assets
	0.35% of next $150 million
	0.33% over $250 million


		155		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

At a meeting held on November 15, 2017, the Board, including a majority of the Directors who are not “interested persons” of the Fund, approved the replacement of the investment strategy and sub-adviser to the Portfolio.

Effective May 1, 2018, Janus Capital Management LLC replaced the Portfolio’s previous sub-adviser, Goldman Sachs Asset Management L.P. In conjunction with the change in sub-adviser and investment strategy, the name of the Portfolio was changed from Mid Cap Opportunity Portfolio to ON Janus Henderson Enterprise Portfolio. The advisory fee schedule for the Portfolio did not change.

Under the Investment Advisory Agreement, the Fund authorizes ONI to retain sub-advisers (“the Sub-Advisers”) for all Portfolios of the Fund, subject to the approval of the Board. ONI has entered into sub-advisory agreements with ClearBridge Investments, LLC (“ClearBridge”), Suffolk Capital Management, LLC (“Suffolk”), Lazard Asset Management, LLC (“Lazard”), Templeton Global Advisors Limited (“Templeton”), Jennison Associates LLC (“Jennison”), Janus Capital Management LLC (“Janus”), Geode Capital Management, LLC (“Geode”), Federated Equity Management Company of Pennsylvania (“Federated Equity”), Federated Investment Management Company (“Federated Investment”), ICON Advisers, Inc. (“ICON”), and AnchorPath Financial, LLC (“AnchorPath”) to manage the investment of certain 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.


ON Equity (ClearBridge)	ON Janus Henderson Venture (Janus)	ON Bryton Growth (Suffolk)
0.40% of first $200 million	0.55% of first $150 million	0.50% of first $100 million
0.38% over $200 million	0.45% over $150 million	0.45% of next $400 million
ON Omni (Suffolk)	ON Janus Henderson Enterprise (Janus)²	0.40% over $500 million
0.30% of first $100 million	0.60% of first $100 million	ON ICON Balanced (ICON)
0.25% of next $150 million	0.55% of next $100 million	0.40% of first $200 million
0.225% of next $250 million	0.50% over $200 million	0.35% of next $300 million
0.20% of next $500 million	ON S&P 500^®Index (Geode)³	0.30% over $500 million
0.15% of next $1 billion	0.025% of first $100 million	ON S&P MidCap 400^®Index (Geode)³
0.125% over 2 billion	0.020% of next $150 million	0.039% of first $100 million
ON Capital Appreciation (Jennison)	0.015% over $250 million	0.038% of next $150 million
0.75% of first $10 million	ON Federated Strategic Dividend Value (Federated Equity)	0.037% of next $250 million
0.50% of next $30 million	0.50% of first $35 million	0.036% of next $500 million
0.35% of next $25 million	0.35% of next $65 million	0.035% over $1 billion
0.25% of next $335 million	0.25% over $100 million	ON Bristol Growth (Suffolk)
0.22% of next $600 million	ON Federated High Income Bond (Federated Investment)	0.45% of first $100 million
0.20% over $1 billion	0.50% of first $30 million	0.40% of next $400 million
ON International Equity (Lazard)	0.40% of next $20 million	0.35% over $500 million
0.40% on first $500 Million	0.30% of next $25 million	ON Risk Managed Balanced (Janus)
0.35% on next $500 Million	0.25% over $75 million	0.35% of first $500 million
0.32% over $1 Billion	ON ClearBridge Small Cap (ClearBridge)	0.25% over $500 million
ON Foreign (Templeton)	0.55% of first $200 million	ON Risk Managed Balanced (AnchorPath)
0.43% on first $500 Million	0.50% over $200 million	0.20% of first $500 million
0.38% on next $500 Million	ON Nasdaq-100^®Index (Geode)³	0.15% over $500 million
0.35% over $1 Billion	0.05% of first $100 million
ON Janus Henderson Forty (Janus)	0.04% of next $150 million
0.55% of first $100 million	0.03% over $250 million
0.50% of next $400 million	ON Bristol (Suffolk)
0.45% over $500 million	0.45% of first $100 million
	0.40% of next $400 million
	0.35% over $500 million

Effective May 1, 2018, Janus Capital Managment LLC replaced the Portfolio’s previous sub-adviser, Goldman Sachs Asset Management, L.P. In conjunction with the change in sub-adviser and investment strategy, the name of the Portfolio was changed from Mid Cap Opportunity Portfolio to ON Janus Henderson Enterprise Portfolio. The sub-advisory fee schedule for the Portfolio did not change.


		156		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

The sub-advisory fees for the three Portfolios sub-advised by Geode could be impacted by an agreed-upon minimum aggregate per annum fee of $150,000. For the year ended December 31, 2018, the minimum aggregate fee had no impact on the sub-advisory fees that were calculated based on the breakpoint schedule indicated above.

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, 2018.

For the period from May 1, 2018 to April 30, 2019, ONI has contractually agreed to reimburse the Fund to the extent that the annual ordinary operating expenses of the five ON Model Portfolios, excluding: portfolio transaction and other investment related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); fees and expenses associated with investments in derivative instruments (including for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance with Rule 12b-1 under the 40 Act; any administrative and/or shareholder servicing fees payable pursuant to a plan approved by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Fund officers and Directors and contractual indemnification of Portfolio service providers); and other expenses that the Directors agree have not been incurred in the ordinary course of the Portfolio’s business, exceed the following percentages of the average daily net assets (the “Expense Limitation Agreement.”):


Portfolio
ON Conservative Model	0.87	%
ON Moderately Conservative Model	0.92	%
ON Balanced Model	0.99	%
ON Moderate Growth Model	1.04	%
ON Growth Model	1.08	%

For the period from March 1, 2017 to April 30, 2018, ONI contractually agreed to reimburse the Fund to the extent that the annual ordinary operating expense of the five ON Model Portfolios exceeded the following percentages of the average daily net assets:


Portfolio
ON Conservative Model	0.82	%
ON Moderately Conservative Model	0.87	%
ON Balanced Model	0.94	%
ON Moderate Growth Model	0.99	%
ON Growth Model	1.03	%

For purposes of calculating the expenses subject to the Expense Limitation Agreement, the annual operating expenses are those as presented pursuant to the Fund’s prospectus requirements. The prospectus presentation of Fund expenses includes Acquired Fund Fees and Expenses (“AFFE”), which is a calculation of the indirect costs associated with the Portfolios’ underlying investments in other investment companies. The current Expense Limitation Agreement will continue at least through April 30, 2019. The Expense Limitation Agreement may only be terminated with the consent of the Board. Under the Expense Limitation Agreement, ONI is entitled to a reimbursement of the excess expense payments paid by it in the three years following the date the particular expense payment occurred, but only if such reimbursement can be achieved without exceeding the lesser of the applicable annual expense limitation in effect at the time of the expense payment or the reimbursement. There were no recorded liabilities related to this agreement at December 31, 2018.


		157		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

Pursuant to the Expense Limitation Agreement, as described above, ONI reimbursed the expenses of the ON Model Portfolios as follows:


Portfolio	Year Ended December 31, 2018			Period From March 1, 2017 (inception) to December 31, 2017
ON Conservative Model		$	226,418		$	225,670
ON Moderately Conservative Model			470,818			546,454
ON Balanced Model			1,505,609			2,175,981
ON Moderate Growth Model			1,692,796			3,208,708
ON Growth Model			638,268			787,420

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, 2018, the Fund incurred compliance expenses totaling $377,000, which are 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 $150,000, 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, 2018, directors’ compensation and reimbursement of director expenses by the Portfolios of the Fund totaled $802,499.

The accounting agent and custodian for the Fund is State Street Bank (Kansas City, MO and Boston, MA). For assets held outside of the United States, State Street Bank utilizes a foreign sub-custodian network that is subject to oversight and periodic approval of the Board.

(4)

Capital Share Transactions

Capital share transactions for the year ended December 31, 2018, and the year ended December 31, 2017, respectively, were as follows:


	ON Equity						ON Bond						ON Omni
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Capital shares issued on sales		543,340			10,642,597			2,259,416			11,214,295			333,499			266,862
Capital shares redeemed		(7,201,001	)		(12,872,622	)		(5,188,262	)		(2,741,090	)		(508,020	)		(318,671	)

Net increase/(decrease)		(6,657,661	)		(2,230,025	)		(2,928,846	)		8,473,205			(174,521	)		(51,809	)


	ON Capital Appreciation						ON International Equity						ON Foreign
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Capital shares issued on sales		244,891			2,025,134			34,482,673			1,144,777			218,991			628,575
Capital shares redeemed		(650,640	)		(4,338,944	)		(5,279,130	)		(2,568,809	)		(653,067	)		(634,666	)

Net increase/(decrease)		(405,749	)		(2,313,810	)		29,203,543			(1,424,032	)		(434,076	)		(6,091	)


	ON Janus Henderson Forty						ON Janus Henderson Venture						ON Janus Henderson Enterprise
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Capital shares issued on sales		5,693,993			709,785			807,578			6,189,442			1,370,764			174,034
Capital shares redeemed		(1,615,798	)		(860,290	)		(2,464,805	)		(6,546,021	)		(640,902	)		(469,655	)

Net increase/(decrease)		4,078,195			(150,505	)		(1,657,227	)		(356,579	)		729,862			(295,621	)


		158		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018


	ON S&P 500^®Index						ON Federated Strategic Value Dividend						ON Federated High Income Bond
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Capital shares issued on sales		11,443,848			23,454,764			1,908,206			30,871,564			1,170,318			12,486,892
Capital shares redeemed		(10,664,652	)		(19,338,265	)		(15,617,523	)		(27,981,608	)		(6,860,078	)		(13,338,819	)

Net increase/(decrease)		779,196			4,116,499			(13,709,317	)		2,889,956			(5,689,760	)		(851,927	)


	ON ClearBridge Small Cap						ON Nasdaq-100^®Index						ON Bristol
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Capital shares issued on sales		230,406			3,994,874			11,099,181			6,783,625			829,082			6,848,458
Capital shares redeemed		(2,598,696	)		(4,590,517	)		(6,796,455	)		(3,749,601	)		(1,966,097	)		(8,102,589	)

Net increase/(decrease)		(2,368,290	)		(595,643	)		4,302,726			3,034,024			(1,137,015	)		(1,254,131	)


	ON Bryton Growth						ON ICON Balanced						ON S&P MidCap 400^®Index
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017
Capital shares issued on sales		232,264			3,478,196			2,389,470			24,217,744			16,253,134			3,514,467
Capital shares redeemed		(1,433,520	)		(5,814,782	)		(22,056,812	)		(28,797,829	)		(1,498,050	)		(1,597,043	)

Net increase/(decrease)		(1,201,256	)		(2,336,586	)		(19,667,342	)		(4,580,085	)		14,755,084			1,917,424


	ON Bristol Growth						ON Risk Managed Balanced						ON Conservative Model
	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2018			Period from March 1, 2017 (inception) to December 31, 2017
Capital shares issued on sales		682,377			5,831,380			5,049,116			7,019,790			1,569,020			11,598,693
Capital shares redeemed		(1,728,342	)		(6,841,925	)		(4,626,549	)		(5,162,331	)		(3,300,032	)		(2,132,216	)

Net increase/(decrease)		(1,045,965	)		(1,010,545	)		422,567			1,857,459			(1,731,012	)		9,466,477


	ON Moderately Conservative Model						ON Balanced Model						ON Moderate Growth Model
	Year Ended December 31, 2018			Period from March 1, 2017 (inception) to December 31, 2017			Year Ended December 31, 2018			Period from March 1, 2017 (inception) to December 31, 2017			Year Ended December 31, 2018			Period from March 1, 2017 (inception) to December 31, 2017
Capital shares issued on sales		1,634,214			35,444,144			3,043,170			161,454,788			5,659,528			263,279,015
Capital shares redeemed		(8,637,861	)		(4,941,775	)		(32,518,291	)		(16,972,493	)		(49,240,271	)		(23,746,889	)

Net increase/(decrease)		(7,003,647	)		30,502,369			(29,475,121	)		144,482,295			(43,580,743	)		239,532,126


	ON Growth Model
	Year Ended December 31, 2018			Period from March 1, 2017 (inception) to December 31, 2017
Capital shares issued on sales		3,385,893			53,788,591
Capital shares redeemed		(9,165,822	)		(5,012,375	)

Net increase/(decrease)		(5,779,929	)		48,776,216


		159		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

(5)

Investment Transactions

Cost of purchases and proceeds from sales of investments (excluding short-term and government securities) for the year ended December 31, 2018 were as follows:


	ON Equity			ON Bond			ON Omni			ON Capital Appreciation			ON International Equity
Cost of purchases		$	108,965,617		$	112,686,165		$	146,705,632			$63,063,459		$	635,414,556
Proceeds from sales		$	408,291,802		$	130,926,995		$	150,310,726			$84,448,870		$	193,227,742

	ON Foreign			ON Janus Henderson Forty			ON Janus Henderson Venture			ON Janus Henderson Enterprise			ON S&P 500^®Index
Cost of purchases			$15,198,532		$	147,657,378		$	84,867,989			$131,164,590		$	261,157,575
Proceeds from sales			$27,124,273		$	56,145,136		$	142,086,563			$100,797,101		$	212,697,167

	ON Federated Strategic Value Dividend			ON Federated High Income Bond			ON ClearBridge Small Cap			ON Nasdaq-100^®Index			ON Bristol
Cost of purchases		$	79,249,143		$	36,848,773		$	93,764,085			$157,601,179		$	539,130,159
Proceeds from sales		$	288,390,568		$	124,205,928		$	237,767,338			$ 75,188,539		$	573,290,347

	ON Bryton Growth			ON ICON Balanced			ON S&P MidCap 400^®Index			ON Bristol Growth			ON Risk Managed Balanced
Cost of purchases		$	97,049,352		$	248,500,982		$	310,727,514			$310,454,290		$	236,762,266
Proceeds from sales		$	131,126,546		$	558,448,443		$	40,306,960			$333,660,228		$	244,454,131

	ON Conservative Model			ON Moderately Conservative Model			ON Balanced Model			ON Moderate Growth Model			ON Growth Model
Cost of purchases			$31,174,919		$	108,653,441		$	515,607,753		$	1,157,718,720		$	318,203,194
Proceeds from sales			$47,574,822		$	177,860,885		$	813,119,023		$	1,608,490,113		$	377,473,770

Cost of purchases and proceeds from sales of government securities for the year ended December 31, 2018 were as follows:


	ON Bond			ON Omni			ON ICON Balanced			ON Risk Managed Balanced
Cost of purchases		$	3,690,781		$	928,039		$	84,352,874		$	184,772,487
Proceeds from sales		$	12,912,051		$	1,243,699		$	185,848,407		$	163,259,339

(6)

Financial Instruments

The Portfolios may trade in financial instruments with off-balance sheet risk for hedging purposes or, otherwise, in accordance with stated investing objectives. These financial instruments may include options, futures, and foreign currency contracts that may involve, to a varying degree, elements of risk in excess of the amounts recognized on financial statements.

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


		160		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

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 ON ICON Balanced Portfolio held and purchased put options during the year ended December 31, 2018. 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. Transactions involving purchased options by the ON ICON Balanced Portfolio for the year ended December 31, 2018 were: Cost of purchases: $2.0 million, Proceeds from sales: $0.8 million.

The ON Risk Managed Balanced Portfolio also purchased call and put options associated with the S&P 500 Index or related exchange traded fund during the year ended December 31, 2018. 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 ON Risk Managed Balanced Portfolio for the year ended December 31, 2018 were: Cost of purchases: $28.8 million, Proceeds from sales: $26.5 million.

Written and purchased options are non-income producing securities.

Futures Contracts

A Portfolio may buy or sell two kinds of financial futures contracts: stock index futures contracts and interest rate futures contracts. Stock index futures contracts are contracts developed by and traded on national commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the actual value of the stock index on the last day of the contract and the value of the stock index established by the contract multiplied by the specific dollar amount set by the exchange. Futures contracts may be based on broad-based stock indices such as the S&P 500 Index or on narrow-based stock indices. A particular index will be selected according to the Adviser’s investment strategy for the particular Portfolio. An interest rate futures contract is an agreement whereby one party agrees to sell and another party agrees to purchase a specified amount of a specified financial instrument (debt security) at a specified price at a specified date, time and place. Although interest rate futures contracts typically require actual future delivery of and payment for financial instruments, the contracts are usually closed out before the delivery date. A public market exists in interest rate futures contracts covering primarily the following financial instruments: U.S. Treasury bonds; U.S. Treasury notes; Government National Mortgage Association (“GNMA”) modified pass-through mortgage-backed securities; three-month U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; and Eurodollar certificates of deposit. U.S. futures contracts are traded on exchanges which have been designated “contract markets” by the Commodities Futures Trading Commission (“CFTC”) and must be executed through a futures commission merchant (“FCM”), or brokerage firm, which is a member of the relevant contract market. It is expected that futures contracts trading in additional financial instruments will be authorized.


		161		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

The Fund, on behalf of each Portfolio, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act, as amended, and the rules of the CFTC promulgated thereunder, with respect to each Portfolio’s operation. Accordingly, the Portfolios are not subject to registration or regulation as a commodity pool operator.

The buyer or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the buyer and seller are required to deposit “initial margin” for the benefit of the broker when the contract is entered into. Initial margin deposits are equal to a percentage of the contract’s value, as set by the exchange on which the contract is traded, and are similar to good faith deposits or performance bonds.

Unlike margin extended by a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of a Portfolio’s investment limitations. A Portfolio, its futures commission merchant and the Custodian retain control of the initial margin until the contract is liquidated. If the value of either party’s position declines, the party on the side of the declining position will be required to make additional “variation margin” payments to settle the change in value on a daily basis. The party that has a gain may be entitled to receive all or a portion of this amount. Variation margin is recognized as a receivable and/or payable for variation margin on futures contracts on the Statement of Assets and Liabilities. In the event of 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.

Portions of the ON S&P 500^® Index, ON Nasdaq-100^® Index, and ON S&P MidCap 400^® Index Portfolios’ cash holdings, as noted on those Portfolios’ Schedules of Investments, were pledged at December 31, 2018 as collateral for the Portfolios’ futures contracts. The futures contracts were used by the Portfolios for the purpose of gaining equity exposure for cash and cash equivalents, thereby seeking to lessen a performance difference between the Portfolios and their respective benchmark indices. There were other futures contracts that were executed and closed in the Portfolios during the year ended December 31, 2018. Those contracts were executed for similar purposes as the contracts outstanding at December 31, 2018. For the year ended December 31, 2018, the notional values of futures contracts opened and closed prior to contract settlement date by the ON S&P 500^® Index Portfolio were $255.8 million and $253.8 million, respectively. For the year ended December 31, 2018, the notional values of futures contracts opened and closed prior to contract settlement date by the ON Nasdaq-100^® Index Portfolio were $73.6 million and $74.4 million, respectively. For the year ended December 31, 2018, the notional values of futures contracts opened and closed prior to contract settlement date by the ON S&P MidCap 400^® Index Portfolio were $8.0 million and $8.4 million, respectively.

Portions of the ON Risk Managed Balanced Portfolio’s securities and cash holdings, as noted on the Portfolio’s Schedule of Investments, were pledged at December 31, 2018 as collateral for the Portfolio’s futures 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 ON Risk Managed Balanced Portfolio during the year ended December 31, 2018. Those contracts were executed for similar purposes as the contracts outstanding at December 31, 2018. For the year ended December 31, 2018, the notional values of futures contracts opened and closed prior to contract settlement date by the Portfolio were $1,292.1 million and $1,279.4 million, respectively.


		162		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

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, 2018, were as follows:

Portfolio

Instrument

Primary Risk Type

Value-
Asset
Derivatives

Value-
Liability
Derivatives

Location on
Statements of
Assets and
Liabilities

ON S&P 500^®Index

Futures contracts

Equity price

9,143,980

9,103,880

⁽¹⁾

ON Nasdaq-100^®Index

Futures contracts

Equity price

1,013,320

1,006,669

⁽¹⁾

ON S&P MidCap 400^®Index

Futures contracts

Equity price

332,440

334,356

⁽¹⁾

ON Risk Managed Balanced

Futures contracts

Equity price

226,553,260

223,796,498

⁽¹⁾

Purchased options

Equity price

25,509,952

—

⁽²⁾

⁽¹⁾

Total distributable earnings. The amounts represent the cumulative appreciation (depreciation) of these futures contracts as reported in the Statements of Assets and Liabilities. Only the current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities as receivable (payable) for variation margin on futures contracts.

⁽²⁾

Investments in securities of unaffiliated issuers, 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
ON S&P 500^®Index	Futures contracts	Equity price		$	(575,561	)		$	56,528		^(1),(2)

ON Nasdaq-100^®Index	Futures contracts	Equity price			20,238				692		^(1),(2)

ON ICON Balanced	Purchased options	Equity price			(1,842,234	)			591,246		^(3),(4)

ON S&P MidCap 400^®Index	Futures contracts	Equity price			(124,393	)			(9,669	)	^(1),(2)

ON Risk Managed Balanced	Futures contracts	Equity price			(6,518,525	)			3,601,820		^(1),(2)

	Purchased options	Equity price			2,322,286				(2,945,694	)	^(3),(4)

⁽¹⁾

Net realized gain (loss) on futures contracts.

⁽²⁾

Change in unrealized appreciation/depreciation on futures contracts.

⁽³⁾

Net realized gain (loss) on investments in securities of unaffiliated issuers.

⁽⁴⁾

Change in unrealized appreciation/depreciation on investments in securities of unaffiliated issuers.

The Portfolios may enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar agreements with their derivative contract counterparties whereby the Portfolios may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables and create one single net payment. For financial reporting purposes, the Portfolios offset derivative assets and liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. At December 31, 2018, there were no outstanding derivative transactions subject to netting arrangements.


		163		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

(7)

Federal Income Tax Information

The following information is presented on a federal income tax basis. Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Reclassifications related to permanent differences relate principally to consent dividends, foreign currency gains and losses, net investment losses, and distributions from real estate investment trusts and closed end mutual funds.

At December 31, 2018, 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 and Futures			Total Accumulated Earnings (Deficit)
ON Equity	$ —	$ —	$ —	$	—		$	(6,839,994	)	$	419		$	(6,839,575	)
ON Bond	—	—	—		(1,352,096	)		(12,580,235	)		—			(13,932,331	)
ON Omni	—	—	—		—			(7,420,375	)		—			(7,420,375	)
ON Capital Appreciation	—	—	—		—			(8,673,959	)		141			(8,673,818	)
ON International Equity	—	—	—		(12,495,862	)		(64,996,155	)		1,650			(77,490,367	)
ON Foreign	—	—	—		—			(8,971,339	)		(335	)		(8,971,674	)
ON Janus Henderson Forty	—	—	—		—			(2,767,762	)		—			(2,767,762	)
ON Janus Henderson Venture	—	—	—		—			19,959,759			323			19,960,082
ON Janus Henderson Enterprise	—	—	—		—			(8,970,829	)		7			(8,970,822	)
ON S&P 500^®Index	—	—	—		—			100,560,346			—			100,560,346
ON Federated Strategic Value Dividend	—	—	—		—			(35,354,389	)		6,672			(35,347,717	)
ON Federated High Income Bond	—	—	—		(4,771,655	)		(18,163,371	)		—			(22,935,026	)
ON ClearBridge Small Cap	—	—	—		—			(10,964,253	)		—			(10,964,253	)
ON Nasdaq-100^®Index	—	—	—		—			43,167,716			—			43,167,716
ON Bristol	—	—	—		—			(25,720,995	)		—			(25,720,995	)
ON Bryton Growth	—	—	—		—			(4,818,688	)		—			(4,818,688	)
ON ICON Balanced	—	—	—		—			(17,678,959	)		(15	)		(17,678,974	)
ON S&P MidCap 400^®Index	—	—	—		—			(51,201,535	)		—			(51,201,535	)
ON Bristol Growth	—	—	—		—			(11,533,900	)		—			(11,533,900	)
ON Risk Managed Balanced	—	—	—		—			21,239,232			—			21,239,232
ON Conservative Model	—	—	—		—			(5,649,113	)		—			(5,649,113	)
ON Moderately Conservative Model	—	—	—		—			(25,873,979	)		—			(25,873,979	)
ON Balanced Model	—	—	—		—			(164,596,016	)		—			(164,596,016	)
ON Moderate Growth Model	—	—	—		—			(362,445,946	)		—			(362,445,946	)
ON Growth Model	—	—	—		—			(90,326,918	)		—			(90,326,918	)

⁽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.


		164		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

For federal income tax purposes, the following Portfolios had capital loss carryforwards as of December 31, 2018 that are available to offset future realized gains, if any:


			No		No
	Total Loss		Expiration		Expiration
Portfolio	Carryforward		Short Term		Long Term
ON Bond Portfolio	$	1,352,096	$	1,193,752	$	158,344
ON International Equity Portfolio		12,495,862		12,495,862		—
ON Federated High Income Bond Portfolio		4,771,655		89,495		4,682,160

The cost basis for federal income tax purposes may differ from the cost basis for financial reporting purposes. The table below details the unrealized appreciation (depreciation) and aggregate cost of investments at December 31, 2018 for federal income tax purposes.


													ON Capital				ON International
	ON Equity				ON Bond				ON Omni				Appreciation				Equity				ON Foreign
Gross unrealized:
Appreciation		$	24,194,591			$	489,141			$	905,584			$	6,491,048			$	8,687,136			$	838,894
Depreciation			(31,034,585	)			(13,069,376	)			(8,325,959	)			(15,165,007	)			(73,683,291	)			(9,810,233	)

Net unrealized appreciation (depreciation)		$	(6,839,994	)		$	(12,580,235	)		$	(7,420,375	)		$	(8,673,959	)		$	(64,996,155	)		$	(8,971,339	)

Aggregate cost of investments:		$	243,913,991			$	270,678,259			$	60,578,078			$	98,926,046			$	583,730,178			$	64,007,739


					ON Janus				ON Janus								ON Federated				ON Federated
	ON Janus				Henderson				Henderson				ON S&P 500^®				Strategic Value				High Income
	Henderson Forty				Venture				Enterprise				Index				Dividend				Bond
Gross unrealized:
Appreciation		$	8,958,864			$	39,044,736			$	3,160,463			$	164,029,555			$	11,114,765			$	379,587
Depreciation			(11,726,626	)			(19,084,977	)			(12,131,292	)			(63,469,209	)			(46,469,154	)			(18,542,958	)

Net unrealized appreciation (depreciation)		$	(2,767,762	)		$	19,959,759			$	(8,970,829	)		$	100,560,346			$	(35,354,389	)		$	(18,163,371	)

Aggregate cost of investments:		$	153,386,535			$	187,135,033			$	111,713,468			$	1,010,502,773			$	355,444,752			$	217,504,031


	ON ClearBridge				ON Nasdaq-100^®												ON ICON				ON S&P MidCap
	Small Cap				Index				ON Bristol				ON Bryton Growth				Balanced				400^®Index
Gross unrealized:
Appreciation		$	15,961,251			$	53,890,168			$	2,832,436			$	531,410			$	30,555,696			$	2,823,418
Depreciation			(26,925,504	)			(10,722,452	)			(28,553,431	)			(5,350,098	)			(48,234,655	)			(54,024,953	)

Net unrealized appreciation (depreciation)		$	(10,964,253	)		$	43,167,716			$	(25,720,995	)		$	(4,818,688	)		$	(17,678,959	)		$	(51,201,535	)

Aggregate cost of investments:		$	136,796,888			$	283,389,897			$	177,772,358			$	27,666,574			$	483,985,249			$	357,656,305


													ON Moderately
	ON Bristol				ON Risk Managed				ON Conservative				Conservative				ON Balanced				ON Moderate
	Growth				Balanced				Model				Model				Model				Growth Model
Gross unrealized:
Appreciation		$	2,851,461			$	37,121,661			$	—			$	2,754			$	758,080			$	5,371,596
Depreciation			(14,385,361	)			(15,882,429	)			(5,649,113	)			(25,876,733	)			(165,354,096	)			(367,817,542	)

Net unrealized appreciation (depreciation)		$	(11,533,900	)		$	21,239,232			$	(5,649,113	)		$	(25,873,979	)		$	(164,596,016	)		$	(362,445,946	)

Aggregate cost of investments:		$	98,172,849			$	328,905,191			$	84,679,071			$	263,166,575			$	1,311,893,922			$	2,308,207,848


		165		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018


	ON Growth Model
Gross unrealized:
Appreciation	$	1,059,994
Depreciation		(91,386,912	)

Net unrealized appreciation (depreciation)	$	(90,326,918	)

Aggregate cost of investments:	$	514,679,046

There were no cash distributions paid to shareholders for the years ended December 31, 2018, as the tax liability of the Portfolios is intended to be passed on to shareholders through consent dividends.

The tax character of consent dividend distributions recognized, as well as other reclassifications of capital accounts due to permanent tax differences for the year ended December 31, 2018, were as follows (in aggregate):


	Consent Dividend Distribution Reclassifications						Other Reclassifications
										Accumulated
			Net							Undistributed			Accumulated
	Ordinary		Long-Term		Total					Net Investment			Net Realized
Portfolio	Income*		Capital Gains		Distribution		Paid-in Capital			Income			Gain (Loss)
ON Equity	$	12,595,709		$ 27,021,135	$	39,616,844	$	(686,225	)	$	(40,273	)	$	726,498
ON Bond		9,665,092		—		9,665,092		—			(496	)		496
ON Omni		1,289,971		4,474,333		5,764,304		—			—			—
ON Capital Appreciation		3,678,537		10,039,528		13,718,065		(192,879	)		8,813			184,066
ON International Equity		9,257,690		—		9,257,690		2			59,421			(59,423	)
ON Foreign		1,488,810		279,878		1,768,688		(5	)		184,447			(184,442	)
ON Janus Henderson Forty		—		8,957,000		8,957,000		(181,772	)		181,828			(56	)
ON Janus Henderson Venture		2,608,972		33,102,527		35,711,499		67,081			539,209			(606,290	)
ON Janus Henderson Enterprise		4,192,386		15,801,567		19,993,953		(114	)		(9,865	)		9,979
ON S&P 500^®Index		19,284,882		125,907,062		145,191,944		(86,284	)		(227,548	)		313,832
ON Federated Strategic Value Dividend		18,768,679		13,760,575		32,529,254		19,769			(621,837	)		602,068
ON Federated High Income Bond		15,228,668		—		15,228,668		—			—			—
ON ClearBridge Small Cap		3,117,417		34,831,372		37,948,789		(248,265	)		(90,608	)		338,873
ON Nasdaq-100^®Index		2,359,160		47,353,899		49,713,059		(71,657	)		—			71,657
ON Bristol		4,910,356		18,969,467		23,879,823		1			—			(1	)
ON Bryton Growth		8,402,902		502,874		8,905,776		(2,823	)		278,025			(275,202	)
ON ICON Balanced		11,809,619		28,500,295		40,309,914		(3	)		14,479			(14,476	)
ON S&P MidCap 400^®Index		2,531,429		4,001,743		6,533,172		2,133			(256,283	)		254,150
ON Bristol Growth		3,352,103		13,634,538		16,986,641		—			—			—
ON Risk Managed Balanced		4,454,280		7,507,812		11,962,092		(39,737	)		(44,939	)		84,676
ON Conservative Model		2,803,756		1,674,556		4,478,312		(257	)		969,029			(968,772	)
ON Moderately Conservative Model		8,282,931		9,026,959		17,309,890		(27,633	)		3,623,507			(3,595,874	)
ON Balanced Model		37,204,396		74,393,236		111,597,632		(176,215	)		18,222,695			(18,046,480	)
ON Moderate Growth Model		59,085,158		159,064,320		218,149,478		(478,754	)		33,013,766			(32,535,012	)
ON Growth Model		11,928,158		42,641,392		54,569,550		(117,654	)		7,135,513			(7,017,859	)

* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.


		166		(continued)

Ohio National Fund, Inc.

Notes to Financial Statements (Continued)

December 31, 2018

(8)

Legal Matters

In December 2007, the S&P 500^®Index and Strategic Value Portfolios, shareholders of the Tribune Company, participated in a cash out merger in which shareholders received $34 per share of consideration. The value of the proceeds received by the 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 (“District Court”).

Thereafter, certain defendants in the MDL, including the Fund, filed various motions to dismiss. The District Court dismissed the Creditor Actions on September 23, 2013, holding that the plaintiffs could not pursue their claims so long as the Trustee pursued essentially the same claims in his action. On December 20, 2013, the plaintiffs appealed the dismissal to the Second Circuit Court of Appeals. On March 29, 2016, the Court of Appeals affirmed the dismissal and rejected the plaintiffs’ appeal. On September 9, 2016, plaintiffs filed a petition for writ of certiorari in the Supreme Court and the defendants opposed it. The Supreme Court has not yet decided whether to grant certiorari. On April 3, 2018, the Supreme Court issued a “Statement” from two justices announcing that consideration of the petition for certiorari would be deferred for an undetermined period of time to “allow” the Court of Appeals or the District Court to consider, among other things, whether the Court of Appeal’s decision should be vacated as a result of the Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc. On May 15, 2018, the Second Circuit recalled the mandate on its earlier decision for further panel review. The Second Circuit has not yet provided any specific timing for, or guidance on, next steps.

In the Trustee Action, in 2014, various shareholder defendants filed a motion to dismiss the intentional fraudulent transfer claims. On January 9, 2017, the Court granted the motion to dismiss the Trustee’s actual fraudulent conveyance claim. The plaintiff will almost certainly appeal to the Second Circuit Court of Appeals. Because of a procedural issue, however, the plaintiff cannot automatically appeal the decision, but must first obtain permission from the District Court. On January 14, 2019, the District Court held a status conference during which it indicated that the plaintiff would be allowed to file a motion seeking reconsideration of the prior dismissal of the intentional fraudulent transfer claims; the Trustee has not yet filed its motion. In the meantime, the parties are discussing a potential mediation. If that fails, the remaining parties involved will engage in limited discovery that should not impact the shareholder defendants. Under the District Court’s discovery plan, the shareholder defendants should be treated as third parties for discovery purposes.

The outcome of these proceedings cannot be predicted. Management of the Fund continues to assess litigation matters and any offers of settlement.


		167

Ohio National Fund, Inc.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Ohio National Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the ON Equity Portfolio (formerly Equity Portfolio), ON Bond Portfolio (formerly Bond Portfolio), ON Omni Portfolio (formerly Omni Portfolio), ON Capital Appreciation Portfolio (formerly Capital Appreciation Portfolio), ON International Equity Portfolio, ON Foreign Portfolio, ON Janus Henderson Forty Portfolio (formerly Aggressive Growth Portfolio), ON Janus Henderson Venture Portfolio (formerly Small Cap Growth Portfolio), ON Janus Henderson Enterprise Portfolio (formerly Mid Cap Opportunity Portfolio), ON S&P 500 Index Portfolio (formerly S&P 500 Index Portfolio), ON Federated Strategic Value Dividend Portfolio (formerly Strategic Value Portfolio), ON Federated High Income Bond Portfolio (formerly High Income Bond Portfolio), ON ClearBridge Small Cap Portfolio (formerly Clearbridge Small Cap Portfolio), ON Nasdaq-100 Index Portfolio (formerly Nasdaq-100 Index Portfolio), ON Bristol Portfolio (formerly Bristol Portfolio), ON Bryton Growth Portfolio (formerly Bryton Growth Portfolio), ON ICON Balanced Portfolio (formerly Balanced Portfolio), ON S&P MidCap 400 Index Portfolio (formerly S&P MidCap 400 Index Portfolio), ON Bristol Growth Portfolio (formerly Bristol Growth Portfolio), ON Risk Managed Balanced Portfolio (formerly Risk Managed Balanced Portfolio) (each a “Portfolio” and collectively the “Portfolios” of Ohio National Fund, Inc.), ON Conservative Model Portfolio, ON Moderately Conservative Model Portfolio, ON Balanced Model Portfolio, ON Moderate Growth Model Portfolio and ON Growth Model Portfolio (each a “Model Portfolio” and collectively, the “Model Portfolios” of the Ohio National Fund, Inc.), including the schedules of investments, as of December 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended for the Portfolios and the year ended December 31, 2018 and the period from March 1, 2017 to December 31, 2017 for the Model Portfolios, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios and Model Portfolios as of December 31, 2018, 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 for the Portfolios and for the years or periods in the two year period then ended for the Model Portfolios, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolios’ and Model Portfolios’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios and Model Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with custodians, brokers, and transfer agents, or by other appropriate audit procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more of the Ohio National Fund, Inc. investment companies since 1969.

Columbus, Ohio

February 25, 2019

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Additional Information		December 31, 2018 (Unaudited)

(1)

Review and Approval of Advisory and Sub-Advisory Agreements

At a meeting held on November 15, 2018, the Board of Directors (the “Board” or “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”). The Directors further noted that, for those Portfolios subject to the Securities and Exchange Commission order (the “Order”) permitting them to operate as “funds of funds” and to invest in other investment companies in excess of the limits of Section 12(d)(1), the Adviser bears significant responsibility and administrative burden in the monitoring and reporting required by the Order’s conditions. They also noted that the Adviser reports to the Board on its analysis of each Sub-Adviser’s performance at the regular meetings of the Board, which are held at least quarterly. When 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, received 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 September 30, 2018, (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 peer comparison charts showing where each Portfolio’s advisory fee was located in the dispersion of its peer group’s 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 regarding 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 index(es) and peer group.

The Directors, including all of the Independent Directors, were assisted by experienced independent legal counsel throughout the Advisory Agreement and sub-advisory agreement 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. Each Director, including each of the Independent Directors, relied upon the advice of independent legal counsel and his or her 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, as well as the quality of administrative and other services, including the Adviser’s role in monitoring the performance and quality of compliance of the Sub-Advisers and other support to contract owners. The Directors also considered the quality of the Adviser’s compliance programs and the Adviser’s responsiveness to Board inquiries and requests.


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Additional Information (Continued)

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For each Portfolio with a fund-of-funds structure, the Directors considered that the Adviser performs significant services to the Portfolio that are in addition to, rather than duplicative of, services provided under the advisory contracts of the underlying funds. The Directors noted the representations of the Adviser’s representatives that the Adviser performs regular reviews of each Portfolio and its underlying funds, focusing on the asset class make-up of the Portfolio, the percentages invested in each underlying fund, and each underlying fund’s performance against its benchmark, in order to confirm that the Portfolio is diversified, has the appropriate asset mix, and is performing well. The Directors also noted that the Adviser periodically changes the mix of the underlying funds as a result of its reviews.

For each Portfolio subject to a sub-advisory agreement, 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. With respect to the ON Equity Portfolio, in the course of their deliberations at the meeting, the Directors determined to replace the current Sub-Adviser to the Portfolio with a new sub-adviser as of May 1, 2019. With the exception of the services of the Sub-Adviser to the ON Equity Portfolio, 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.

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 September 30, 2018, 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. The Directors discussed with Adviser representatives the returns of certain Portfolios that underperformed their respective benchmarks. 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 ON S&P 500 Index^® Portfolio, ON S&P MidCap 400^® Index Portfolio, and the ON Nasdaq-100^® Index Portfolio and excluded index funds for all other Portfolios.

The Board looked at the average net assets for the funds in each Portfolio’s 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.

When applicable, the Board 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.

When applicable, the Board also considered the fees paid to Sub-Advisers. The Board relied to a degree on the Adviser’s negotiation of each sub-advisory agreement on an arm’s-length basis and noted that, in the past, the Adviser had negotiated decreases in the sub-advisory fee for certain Portfolios and that Adviser usually passed the decrease on to shareholders by reducing its advisory fee. The Board considered the fees the Adviser and Sub-Advisers charged to their separately managed institutional accounts and other accounts, and expressed no concerns with those rates relative to the fees charged to the Portfolios. The Directors also recognized that it was difficult to make comparisons of advisory fees because there were variations in the services that were included in the fees paid by other funds and separately managed accounts.

Profitability

The Directors 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. The Directors noted that the profit margins for the Portfolios ranged from 24.89% to 85.22% with average profitability of 56.31% (without deducting distribution expenses) and ranged from 21.35% to 79.56% with average profitability of 44.84% (after deducting distribution expenses). The Directors also noted that the Adviser, and not the Portfolios, is responsible for


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Additional Information (Continued)

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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 had contractually agreed to limit Portfolio expenses and reimburse expenses to the extent necessary to keep total Portfolio expenses at or below a specified amount. The Directors further considered the statement of a representative of the Adviser that the profitability calculations may not account for all of the Adviser’s costs in providing services to the Fund, including services outside the investment advisory function (such as Fund operations and legal functions), and that profitability would be less for each Portfolio if these costs were included. The Directors discussed that, if an adviser is extremely efficient, resulting in enhanced profitability, the adviser’s effective use of resources should not be penalized on a comparative basis. The Directors then considered potential benefits that the Adviser may receive in connection with the Fund, noting in particular that its insurance company parent makes money on the variable products through which the Fund is available as an investment vehicle. 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 suitably allocating the Adviser’s expenses across the Portfolios given the Adviser’s shared efforts with respect to the 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. The Directors noted that the sub-advisory fees were paid by the Adviser and not by a Portfolio and, therefore, the Adviser was incentivized to negotiate a favorable fee. They further considered the breakpoints established in the sub-advisory agreements and considered the impact of these breakpoints on the Sub-Adviser’s profitability. The Board discussed economies of scale and agreed it was a matter more appropriately considered at the Advisory Agreement level. The Board concluded that the profitability, fees and 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 its 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 the funds in their respective peer groups. After considering each Portfolio’s current size and potential for growth, the Board concluded that each Portfolio was likely to benefit from economies of scale as the Portfolio’s net assets increased, and that the existing breakpoints are appropriate.

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 September 30, 2018.

ON Equity Portfolio (Adviser – ONI, Sub-Adviser – ClearBridge). The Directors reviewed the comparative performance information for the Portfolio as sub-advised by ClearBridge, but noted that, at the recommendation of the Adviser, they had determined to replace ClearBridge as the sub-adviser for the Portfolio (after identification and approval of a new sub-adviser) effective May 1, 2019 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 Sub-Adviser in determining to recommend the selection of a new sub-adviser. The Directors noted that although the Portfolio’s advisory fee was higher than the peer group average, its net expense ratio was below the peer group average. Overall, the Board concluded that the advisory fee was reasonable and that it was appropriate to continue the ClearBridge sub-advisory agreement for the period until a new sub-adviser assumes the sub-adviser role.

ON Bond Portfolio (Adviser – ONI). The Directors noted that the Portfolio slightly underperformed, but provided returns in line with, its peer group average across all time periods and had also provided returns in line with its benchmark index for all time periods (underperforming in all except the 3-year period). The Directors noted that the Portfolio’s advisory fee was slightly above with the peer group average, while its net 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.


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Additional Information (Continued)

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ON Omni Portfolio (Adviser – ONI, Sub-Adviser – Suffolk). The Directors observed that the Portfolio outperformed its peer group average over each period except the year-to-date period and had underperformed its benchmark index for each period except the 3- and 5-year periods. The Directors noted that the Portfolio’s advisory fee and net expense ratio were below its peer group’s averages. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Capital Appreciation Portfolio (Adviser – ONI, Sub-Adviser – Jennison). The Directors observed that the Portfolio underperformed its peer group average and benchmark index across all time periods. A representative of the Adviser commented that although the Portfolio is an all-cap fund, with 37% of the Portfolio invested in mid- and small-cap stocks at the quarter-end, it was being compared to a large-cap blend peer group. The Adviser representative stated that large- and mega-cap stocks have outperformed mid-and small-cap stocks for an extended period, and that the Portfolio’s returns were more in line with the broader mid-cap index. The Directors acknowledged that the Portfolio’s strategy was under-rewarded in the current market, but expected the strategy to yield better returns when the market changes. The Directors noted that the Portfolio’s advisory fee and net expense ratio were higher than its peer group’s averages. They considered that the Portfolio was an all-cap fund, which justifies a higher fee than the large cap funds making up the majority of its peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable, and that the advisory and sub-advisory fees were reasonable.

ON International Equity Portfolio (Adviser – ONI, Sub-Adviser – Lazard). The Directors recalled that Lazard took over as Sub-Adviser in 2017 and noted that the Portfolio outperformed its peer group over the year-to-date and 1-year period, but underperformed the benchmark index over the same periods. A representative of the Adviser noted that the Portfolio was overweight in emerging markets and attributed the Portfolio’s underperformance relative to the benchmark index to stock selection in Japan. The Directors noted that the Portfolio’s advisory fee and net expense ratio were below its peer group’s averages. Overall, the Directors concluded that Portfolio’s performance was acceptable and that the advisory fee was reasonable.

ON Foreign Portfolio (Adviser – ONI, Sub-Adviser – Templeton). The Directors recalled that Templeton assumed the role of Sub-Adviser to the Portfolio in May of 2017, and that the Portfolio outperformed its benchmark index and peer group average for the year-to-date. The Directors noted that the Portfolio underperformed its benchmark index and peer group average across all other periods. The Directors noted that the Portfolio’s advisory fee and net expense ratio were higher than its peer group’s averages, but that the Portfolio’s size was smaller than the average size of the funds in the peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable, and that the advisory fee was reasonable.

ON Janus Henderson Forty Portfolio (Adviser – ONI, Sub-Adviser – Janus). The Directors reviewed the Portfolio’s performance and noted that it had outperformed its benchmark index and peer group average across all periods with a top-quartile ranking for each period. A representative of the Adviser commented that stock selection within the technology sector was the main driver of the Portfolio’s outperformance. The Directors noted that although the Portfolio’s advisory fee was above the peer group average, its net expense ratio was 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.

ON Janus Henderson Venture Portfolio (Adviser – ONI, Sub-Adviser – Janus). The Directors noted that the Portfolio outperformed its benchmark index over the year-to-date, 1- and 5-year periods and performed in-line with the benchmark over the 3-year period. The Directors observed that the Portfolio outperformed its peer group average, and ranked in the top quartile over the 5-year period. The Directors noted that the Portfolio’s advisory fee and net expense ratio were below its peer group’s averages. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Janus Henderson Enterprise Portfolio (Adviser – ONI, Sub-Adviser – Janus). The Directors recalled that Janus assumed the role of Sub-Adviser to the Portfolio on May 1, 2018. The Directors noted that the Portfolio had underperformed its benchmark index and peer group averages for all periods shown but had shown improvement for the year-to-date, with its performance in the 54th percentile for its peer group. The Directors observed that although the Portfolio’s advisory fee was above its peer group average, its net expense ratio was below its peer group average. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

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


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Additional Information (Continued)

December 31, 2018 (Unaudited)

ON Federated Strategic Value Dividend Portfolio (Adviser – ONI, Sub-Adviser – Federated Equity). The Directors acknowledged that the Portfolio underperformed its benchmark index and peer group average for each of the periods. They also 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 also noted that although the Portfolio’s advisory fee was above the average of its peer group, its net expense ratio was below its peer group average. Overall, the Board concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Federated High Income Bond Portfolio (Adviser – ONI, Sub-Adviser – Federated Investment). The Directors observed that the Portfolio underperformed its benchmark index and peer group for each of the periods, except that it outperformed its peer group for the 3- and 5-year periods and ranked in the top quartile among its peer group for the 5-year period. The Directors noted that the advisory fee was above the peer group average, while the net expense ratio was 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.

ON ClearBridge Small Cap Portfolio (Adviser – ONI, Sub-Adviser – ClearBridge). The Directors observed that the Portfolio outperformed its benchmark index for all periods and underperformed its peer group average for each period except the 3-year period, noting that ClearBridge assumed responsibility as Sub-Adviser in 2015. The Directors considered that the Portfolio’s advisory fee and net expense ratio were above its peer group’s averages. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Nasdaq-100^® Index Portfolio (Adviser – ONI, Sub-Adviser – Geode). The Directors observed that while the Portfolio underperformed its benchmark index across all time periods shown, its performance generally was in line with the index when expenses were excluded. The Directors deemed peer group performance data for index funds to be generally irrelevant and did not rely on peer group comparison performance figures for the Portfolio. The Directors noted that, while the Portfolio’s advisory fee was above the peer group average, the overall expense ratio was the statistic most important to index fund shareholders, and the Portfolio’s net expense ratio was lower than the average for its peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Bristol Portfolio (Adviser – ONI, Sub-Adviser – Suffolk). The Directors noted that the Portfolio underperformed its benchmark index for each period except the 5-year period and underperformed its peer group average for each period except the 3- and 5-year periods. The Directors recognized that for the 5-year period, the Portfolio’s performance ranked in the 3rd percentile of its peer group. The Directors considered that, although the Portfolio’s advisory fee was above the peer group average, the Portfolio’s net expense ratio was in-line with the peer group average. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Bryton Growth Portfolio (Adviser – ONI, Sub-Adviser – Suffolk). The Directors noted that the Portfolio outperformed its benchmark index and peer group average for the year-to-date and 1-year period, and was generally in-line with the benchmark index and its peer group average for the 3- and 5-year periods. A representative of the Adviser pointed out that the Portfolio ranked in the top quartile of its peer group for the year-to-date and 1-year periods. The Directors noted that the Portfolio’s advisory fee and net expense ratio were below its peer group’s averages. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON ICON Balanced Portfolio (Adviser – ONI, Sub-Adviser – ICON). The Portfolio underperformed its benchmark index for each of the periods shown and its peer group average for all time periods except the year-to-date. A representative of the Adviser attributed the underperformance to the equity portion of the Portfolio, but noted the fixed income portion of the Portfolio had continued to perform well. The Directors noted that the Portfolio’s advisory fee and net expense ratio were below its peer group’s averages. Overall, the Board concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON S&P MidCap 400^® Index Portfolio (Adviser – ONI, Sub-Adviser – Geode). The Portfolio had only been operating as an index fund since December 16, 2016, and the Directors therefore did not consider performance for the 3- and 5-year periods. The Directors observed that while the Portfolio underperformed its benchmark index for the year-to-date and 1-year periods, its performance generally was in line with the benchmark index when expenses were excluded. The Directors deemed peer group performance data for index funds to be generally irrelevant and did not rely on peer group comparison performance figures for the Portfolio. The Directors noted that Portfolio’s advisory fee and net expense ratio were higher than the averages of its peer group, but that the size of the peer group was small. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Bristol Growth Portfolio (Adviser – ONI, Sub-Adviser – Suffolk). The Directors discussed that the Portfolio underperformed its benchmark index over each period shown and its peer group average for each period except the 5-year period. The Directors commented that the Portfolio’s performance for the 3-year period was slightly below the average of its peer group and that its


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Additional Information (Continued)

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performance for the 5-year period was above its peer group average. The Directors noted that although the Portfolio’s advisory fee was above its peer group average, the net expense ratio was below the average for its peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Risk Managed Balanced Portfolio (Adviser – ONI, Sub-Advisers – Janus and AnchorPath). The Directors noted that the Portfolio outperformed its peer group average for all periods shown. The Directors noted that much of the Portfolio’s performance was in the top quartile of its peer group for all periods shown and that the Janus-managed sleeve had performed according to expectations in a generally rising market. The Directors noted that the AnchorPath component of the Portfolio was a risk management overlay without available comparison data, but considered the comment of the Adviser’s representative that AnchorPath’s performance was in line with that of other insurance funds with risk management overlays. The Directors noted that the Portfolio’s advisory fee and net expense ratio were higher than its peer group’s averages. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory and sub-advisory fees were reasonable.

ON Model Portfolios

With respect to each of the fund of funds Portfolios (the “ON Model Portfolios”), the Directors noted that the Adviser had made significant changes in the mix of underlying funds, particularly among the equity funds, to reduce or remove underperforming funds and to provide more balance between growth and value. They also noted that each fund of funds Portfolios had shown significant improvement in performance relative to its peer group over the most recent quarter ended September 30, 2018, which a representative of the Adviser attributed to its adjustments. The representative of the Adviser also indicated that it had not determined whether it would extend the expense caps for these Portfolios for an additional year. The representative pointed out, however, that the gross advisory fees for three of the Portfolios were at or below the peer group average, and that the fees for the other two Portfolios were 2 basis points and 4 basis points, respectively, higher than the peer group average.

ON Conservative Model Portfolio (Adviser – ONI). The Directors observed that while the Portfolio underperformed its benchmark index and peer group average for the year-to-date and 1- year period, it outperformed the benchmark index and peer group average for the quarter-to-date. A representative of the Adviser reported that the Portfolio’s performance was in line with the benchmark index and slightly below its peer group average for the since inception period. The Directors noted that although the Portfolio’s advisory fee was higher than the average of its peer group, its net expense ratio was lower than the average of its peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory fee was reasonable.

ON Moderately Conservative Model Portfolio (Adviser – ONI). The Directors noted that the Portfolio underperformed its benchmark index and peer group average for the year-to-date and 1- year periods, but outperformed the benchmark index and peer group average for the quarter-to-date. The Directors observed that the Portfolio’s advisory fee and net expense ratio were lower than the averages of its peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory fee was reasonable.

ON Balanced Model Portfolio (Adviser – ONI). The Directors observed that the Portfolio underperformed its benchmark index and peer group average for all periods. The Directors noted that the Portfolio’s performance for the quarter-to-date was more in line with the benchmark index. The Directors noted that the Portfolio’s advisory fee and net expense ratio were lower than the average of its peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory fee was reasonable.

ON Moderate Growth Model Portfolio (Adviser – ONI). The Directors observed that the Portfolio underperformed its benchmark index and peer group average for all periods. The Directors noted that the Portfolio’s performance improved for the quarter-to-date and was more in line with the benchmark index and peer group average. The Directors also noted that the Portfolio’s advisory fee was on par with the average of its peer group, and that the net expense ratio was lower than the average of its peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory fee was reasonable.

ON Growth Model Portfolio (Adviser – ONI). The Directors observed that the Portfolio underperformed its benchmark index and peer group for all periods shown. The Directors noted that the Portfolio’s performance improved for the quarter-to-date and was more in line with the benchmark index. The Directors noted that the Portfolio’s advisory fee was on par with the average of its peer group, and that the net expense ratio was lower than the average of its peer group. Overall, the Directors concluded that the Portfolio’s performance was acceptable and that the advisory fee was 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


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Additional Information (Continued)

December 31, 2018 (Unaudited)

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 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, 2018 and held through December 31, 2018.

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 7/1/2018		Ending Investment Value 12/31/2018		Expenses Paid During Period* 7/1/2018 – 12/31/2018	Expense Ratio During Period 7/1/2018 – 12/31/2018 (Annualized)
ON Equity	$	1,000.00	$	878.30	$3.88		0.82	%
ON Bond	$	1,000.00	$	1,001.80	$2.98		0.59	%
ON Omni	$	1,000.00	$	855.90	$3.60		0.77	%
ON Capital Appreciation	$	1,000.00	$	852.70	$4.20		0.90	%
ON International Equity	$	1,000.00	$	889.70	$4.00		0.84	%
ON Foreign	$	1,000.00	$	877.60	$5.92		1.25	%
ON Janus Henderson Forty	$	1,000.00	$	926.20	$4.13		0.85	%
ON Janus Henderson Venture	$	1,000.00	$	838.90	$3.94		0.85	%
ON Janus Henderson Enterprise	$	1,000.00	$	919.10	$4.60		0.95	%
ON S&P 500^®Index	$	1,000.00	$	929.60	$1.85		0.38	%
ON Federated Strategic Value Dividend	$	1,000.00	$	960.10	$3.80		0.77	%
ON Federated High Income Bond	$	1,000.00	$	973.00	$3.78		0.76	%
ON ClearBridge Small Cap	$	1,000.00	$	860.30	$4.22		0.90	%
ON Nasdaq-100^®Index	$	1,000.00	$	901.70	$1.97		0.41	%
ON Bristol	$	1,000.00	$	816.00	$3.80		0.83	%
ON Bryton Growth	$	1,000.00	$	822.70	$4.96		1.08	%
ON ICON Balanced	$	1,000.00	$	889.00	$3.09		0.65	%
ON S&P MidCap 400^®Index	$	1,000.00	$	857.90	$2.25		0.48	%
ON Bristol Growth	$	1,000.00	$	819.70	$4.08		0.89	%
ON Risk Managed Balanced	$	1,000.00	$	980.30	$4.94		0.99	%
ON Conservative Model	$	1,000.00	$	983.60	$1.30		0.26	%
ON Moderately Conservative Model	$	1,000.00	$	959.10	$1.43		0.29	%
ON Balanced Model	$	1,000.00	$	934.40	$1.56		0.32	%
ON Moderate Growth Model	$	1,000.00	$	907.70	$1.78		0.37	%


		175		(continued)

Ohio National Fund, Inc.

Additional Information (Continued)

December 31, 2018 (Unaudited)


Portfolio	Beginning Investment Value 7/1/2018		Ending Investment Value 12/31/2018	Expenses Paid During Period* 7/1/2018 – 12/31/2018	Expense Ratio During Period 7/1/2018 – 12/31/2018 (Annualized)
ON Growth Model	$	1,000.00	$889.90	$1.81		0.38	%

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 7/1/2018		Ending Investment Value 12/31/2018		Expenses Paid During Period* 7/1/2018 – 12/31/2018		Expense Ratio During Period 7/1/2018 – 12/31/2018 (Annualized)
ON Equity	$	1,000.00	$	1,021.07		$4.18		0.82	%
ON Bond	$	1,000.00	$	1,022.23		$3.01		0.59	%
ON Omni	$	1,000.00	$	1,021.32		$3.92		0.77	%
ON Capital Appreciation	$	1,000.00	$	1,020.67		$4.58		0.90	%
ON International Equity	$	1,000.00	$	1,020.97		$4.28		0.84	%
ON Foreign	$	1,000.00	$	1,018.90		$6.36		1.25	%
ON Janus Henderson Forty	$	1,000.00	$	1,020.92		$4.33		0.85	%
ON Janus Henderson Venture	$	1,000.00	$	1,020.92		$4.33		0.85	%
ON Janus Henderson Enterprise	$	1,000.00	$	1,020.42		$4.84		0.95	%
ON S&P 500^®Index	$	1,000.00	$	1,023.29		$1.94		0.38	%
ON Federated Strategic Value Dividend	$	1,000.00	$	1,021.32		$3.92		0.77	%
ON Federated High Income Bond	$	1,000.00	$	1,021.37		$3.87		0.76	%
ON ClearBridge Small Cap	$	1,000.00	$	1,020.67		$4.58		0.90	%
ON Nasdaq-100^®Index	$	1,000.00	$	1,023.14		$2.09		0.41	%
ON Bristol	$	1,000.00	$	1,021.02		$4.23		0.83	%
ON Bryton Growth	$	1,000.00	$	1,019.76		$5.50		1.08	%
ON ICON Balanced	$	1,000.00	$	1,021.93		$3.31		0.65	%
ON S&P MidCap 400^®Index	$	1,000.00	$	1,022.79		$2.45		0.48	%
ON Bristol Growth	$	1,000.00	$	1,020.72		$4.53		0.89	%
ON Risk Managed Balanced	$	1,000.00	$	1,020.21		$5.04		0.99	%
ON Conservative Model	$	1,000.00	$	1,023.89		$1.33		0.26	%
ON Moderately Conservative Model	$	1,000.00	$	1,023.74		$1.48		0.29	%
ON Balanced Model	$	1,000.00	$	1,023.59		$1.63		0.32	%
ON Moderate Growth Model	$	1,000.00	$	1,023.34		$1.89		0.37	%
ON Growth Model	$	1,000.00	$	1,023.29		$1.94		0.38	%

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 2018, that were incurred for the 2018 tax year, that qualify for the corporate dividends received deduction are as follows:


ON Equity	47.89	%
ON Bond	0.00	%
ON Omni	52.48	%
ON Capital Appreciation	41.04	%


ON International Equity	0.00	%
ON Foreign	1.24	%
ON Janus Henderson Forty	0.00	%
ON Janus Henderson Venture	45.10	%


		176		(continued)

Ohio National Fund, Inc.

Additional Information (Continued)

December 31, 2018 (Unaudited)


ON Janus Henderson Enterprise	14.50	%
ON S&P 500^®Index	100.00	%
ON Federated Strategic Value Dividend	62.29	%
ON Federated High Income Bond	0.00	%
ON ClearBridge Small Cap	48.81	%
ON Nasdaq-100^®Index	100.00	%
ON Bristol	50.98	%
ON Bryton Growth	2.17	%
ON ICON Balanced	40.25	%


ON S&P MidCap 400^®Index	74.58	%
ON Bristol Growth	38.44	%
ON Risk Managed Balanced	63.88	%
ON Conservative Model	8.68	%
ON Moderately Conservative Model	14.29	%
ON Balanced Model	19.91	%
ON Moderate Growth Model	26.67	%
ON Growth Model	30.96	%

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, 2018:


	Creditable Foreign Taxes Paid		Per Share Amount	Portion of Ordinary Income Distribution Derived from Foreign Sourced Income
ON International Equity	$	1,329,329	$0.0335		97.57	%
ON Foreign	$	221,631	$0.1128		97.83	%
ON Conservative Model	$	8,200	$0.0011		2.05	%
ON Moderately Conservative Model	$	61,696	$0.0026		5.01	%
ON Balanced Model	$	548,969	$0.0048		9.26	%
ON Moderate Growth Model	$	1,240,614	$0.0063		12.89	%
ON Growth Model	$	324,023	$0.0075		16.62	%

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.

(4)

Other Disclosures

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 SEC’s website at http://www.sec.gov.

The Fund has filed its Schedules of Investments as of March 31 and September 30 with the SEC, as required, on Form N-Q. Form N-Q is required to be filed with the SEC for the first and third quarters of each fiscal year within sixty days after the end of each period and is available on the SEC website upon acceptance of each submission. The Fund’s Forms N-Q may be reviewed and copied at the SEC’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 the Fund. For a prospectus containing more complete information, including charges and expenses, please contact Ohio National Investments, Inc., One Financial Way, Cincinnati, OH 45242, telephone 877-781-6392 (toll-free).


		177

Ohio National Fund, Inc.


Information about Directors and Officers		December 31, 2018 (Unaudited)

Name and Address

Age

Position(s) with the Fund

Term of Office

and Length of

Time Served

Number of Portfolios

in the Fund to be

Overseen by Director

Principal Occupation(s) During Past Five Years

and Other Directorships

Independent

Directors

George M. Vredeveld

One Financial Way

Cincinnati, Ohio

Director, Member of Audit and Independent Directors Committees

Indefinite; Since

March

1996

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).

Madeleine W. Ludlow

One Financial Way

Cincinnati, Ohio

Director, Chairman of Audit Committee and Member of Independent Directors Committee

Indefinite; Since

April

2012

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

Lead Independent Director, Member of Audit and Independent Directors Committees

Indefinite; Since January

2015

Executive Vice President and Chief Operating Officer: Gateway Investment Advisers, LLC (1995 - 2013).

Lawrence L. Grypp

One Financial Way

Cincinnati, Ohio

Director, Member of Audit and Independent Directors Committees

Indefinite; Since December

2016

Senior Business Advisor and Board Member: Goering Center for Family and Private Business (January 2018 - Present); President: Goering Center for Family and Private Business (August 2008 - December 2017).

Interested Director

John J. Palmer

One Financial Way

Cincinnati, Ohio

Chairman and Director

Indefinite; Since July 1997

Insurance industry consultant (April 2010 - present), President: Ohio National Fund, Inc. (1997 - 2010); Director and Vice Chairman: ONLIC (1997 - 2010); President and CEO: NSLA (2002 - 2010); Director: NSLA.

Officers

Michael J. DeWeirdt

One Financial Way

Cincinnati, Ohio

President

Indefinite; Since

March

2017

Senior Vice President and Chief Product Officer: ONLIC (September 2018 - Present); President: NSLAC (May 2016 - Present); Senior Vice President and Head of Annuities SBU: ONLIC (January 2016 - September 2018); Senior Vice President, Chief Risk Officer: ONLIC (September 2015 - December 2015); Senior Vice President, Capital and Financial Risk Management: ONLIC (December 2012 - September 2015)

Paul J. Gerard

One Financial Way

Cincinnati, Ohio

Vice President

Indefinite; Since

March

2016

Senior Vice President and Chief Investment Officer: ONLIC and NSLA (January 2016 - present); Senior Vice President, Investments: ONLIC (July 2012 - December 2015)

178

Ohio National Fund, Inc.

Information about Directors and Officers (Continued)

December 31, 2018 (Unaudited)

Name and Address

Age

Position(s) with the Fund

Term of Office

and Length of

Time Served

Number of Portfolios

in the Fund to be

Overseen by Director

Principal Occupation(s) During Past Five Years

and Other Directorships

R. Todd Brockman

One Financial Way

Cincinnati, Ohio

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

Secretary

Indefinite; Since

March

2005

Vice President and Counsel: ONLIC (November 2017 - present); Second Vice President and Counsel: ONLIC (January 2016 - November 2017); Senior Associate Counsel: ONLIC (January 2011 - January 2016); Secretary: ONI; Officer of various other Ohio National-affiliated companies.

Keith Dwyer

One Financial Way

Cincinnati, Ohio

Chief Compliance

Officer

Indefinite; Since

August

2016

Second Vice President, Fund Compliance: ONLIC (August 2016 - present); Director, Fund Compliance: ONLIC (January 2015 - August 2016); Administrator, Fund Compliance: ONLIC (January 2014 - January 2015); Compliance Analyst: ONLIC (April 2013 - January 2014); Chief Compliance Officer: ONI and other Ohio National-affiliated companies (August 2016 - present); Chief Compliance Officer: Fiduciary Capital Management (“FCM”) (August 2016 - December 2017); Chief Compliance Officer: Suffolk (August 2016 - December 2016); Interim Chief Compliance Officer: ONI, Suffolk, FCM and other Ohio National-affiliated companies (November 2015 - August 2016).

Daniel P. Leming

One Financial Way

Cincinnati, Ohio

Assistant Treasurer

Indefinite; Since

March

2016

Director, Fund Operations and Analysis: ONLIC (July 2018 - present); Assistant Director, Fund Operations and Analysis: ONLIC (December 2016 - June 2018); Manager, Fund Operations and Analysis: ONLIC (February 2016 - December 2016); Sr. Mutual Fund Reporting & Operations Analyst: ONLIC (May 2012 - February 2016).


		179

[THIS PAGE LEFT INTENTIONALLY BLANK]

Ohio National Fund, Inc.

Post Office Box 371

Cincinnati, Ohio 45201

Form 1320 Rev. 2-19

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, uponrequest, 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 Madeleine W. Ludlow, who 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, 2018:	$338,500
		Fiscal year ended December 31, 2017:	$328,500

(b)	Audit-Related Fees.
	Consent(s) on N-1A Annual Registration Statement(s) filed with the SEC:
		Fiscal year ended December 31, 2018:	$8,000
		Fiscal year ended December 31, 2017:	$8,000

(c)	Tax Fees.
		Fiscal year ended December 31, 2018:	$126,000
		Fiscal year ended December 31, 2017:	$118,875

(d)	All Other Fees. None.

(e)(1)	Audit Committee Pre-Approval Policies and Procedures:

	The Fund’s Audit Committee has adopted an Audit Committee Charter that requires that the Audit Committee oversee the quality and appropriateness of the accounting methods used in the preparation of the Fund’s financial statements, and the independent audit thereof; approve the selection and compensation of the independent auditors; and pre-approve the performance, by the independent auditors, of non-audit services for the Fund, its investment adviser, or any affiliated entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Fund.

(e)(2)	Services Approved Pursuant to Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

	During the fiscal years ended December 31, 2018 and 2017, there were no non-audit services provided by the Fund’s principal accountant that would have required pre-approval by the Fund’s Audit Committee. The audit-related fees aforementioned were pre-approved by the Fund’s Audit Committee, although not required by paragraph (c) (7) (ii) of Regulation S-X, as the audit-related fees were less than five percent of the total amount of revenues paid to the Fund’s principal accountant.

Item 5.

Audit Committee Of Listed Registrants.

Not Applicable.

Item 6.

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.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13.

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/ Michael J. DeWeirdt

		Michael J. DeWeirdt
		President
		(Principal Executive Officer)
		March 6, 2019

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/ Michael J. DeWeirdt

		Michael J. DeWeirdt
		President
		(Principal Executive Officer)
		March 6, 2019

By:		/s/ R. Todd Brockman

		R. Todd Brockman
		Treasurer
		(Principal Financial Officer)
		March 6, 2019